Highland Credit Strategies Fund Changes Name To Pyxis Credit Strategies Fund

Highland Credit Strategies Fund announced that it will change its name to Pyxis Credit Strategies Fund (the “Fund”) (NYSE: HCF) effective January 9, 2012. The Fund’s name change will occur in connection with a change of the name of the Fund’s investment adviser from Highland Funds Asset Management, L.P. to Pyxis Capital, L.P. There will be no changes to the portfolio management of the Fund as a result of the name change.

About Pyxis Credit Strategies Fund

The Fund is a non-diversified, closed-end management investment company. The Fund’s investment objectives are to provide both current income and capital appreciation. The Fund seeks to primarily invest in secured and unsecured floating and fixed rate loans, bonds and other debt obligations, debt obligations of stressed, distressed and bankrupt issuers, structured products and equities. The Fund’s shares are listed on the NYSE under the symbol “HCF”. An investment in the Fund is not appropriate for all investors. No assurance can be given that the Fund will achieve its investment objectives.

Shares of closed-end investment companies frequently trade at a discount to net asset value. The price of the Fund’s shares is determined by a number of factors, several of which are beyond the control of the Fund. Therefore, the Fund cannot predict whether its shares will trade at, below or above net asset value.

Past performance does not guarantee future results.

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