Highland Funds to Spin-off, Form Pyxis Capital

DALLAS, Dec. 13, 2011 /PRNewswire/ -- Highland Funds Asset Management, L.P. ("Highland Funds") today announced that it will spin-off from Highland Capital Management, L.P. ("Highland Capital") and form Pyxis Capital [pronounced PIK'-siss], a registered investment adviser serving financial advisers, institutions, and individual investors seeking registered alternative investment solutions.

Highland Funds will officially shift to Dallas-based Pyxis Capital on January 9, 2012, and all current registered investment company portfolio managers employed by Highland Capital and other related operations and management personnel will move to the new entity. The investment advisers and sub-advisers for all funds will not change. While fund names will change to adopt the Pyxis brand, tickers will remain unchanged. The Pyxis fund platform, Pyxis Funds, will include 20 funds comprising a diverse set of investment strategies—from broad-based equity and fixed income investments to alternative strategies including long/short and trend following.

"For some time now, we have been operating our registered funds business independently from Highland Capital's institutional platform, so this spin-off and rebranding is a natural evolution of that process," said Joe Dougherty, President. "Our full suite of diverse and alternative fund offerings is designed to help meet investors' needs as they continually look to diversify and optimize their portfolios."

Pyxis Capital: Alternative Investment Solutions
Pyxis is a constellation in the southern sky and Latin for a mariner's compass, representative of the investment guidance Pyxis Capital will provide to clients, helping them navigate volatile markets. The firm's management expertise includes in-house portfolio managers, as well as a stable of select sub-advisors from across the investing spectrum.

Pyxis will benefit from a recognized expertise in alternative fund strategies and client service that Highland Funds has established in its history and product expansion, more than doubling its product offering in the last twelve months. Today, Highland Funds is distributed and serviced through a team of 22 wholesale professionals that work with more than 1,200 distribution platforms.

"As we open a new chapter in our fund family's history, we will continue to focus on providing unique value-added investing strategies, delivering top-tier client service and giving investors broad access to our solutions through Pyxis Distributors, our strong national network," said Dougherty. "The innovative approach we have taken at Highland Funds will carry through to everything we do at Pyxis Capital."

Dougherty added that Pyxis plans to launch additional fund offerings in the near future. Additionally, Pyxis will launch PyxisAIS.com, a new website that will reflect Pyxis' alternative investment solutions expertise and provide financial advisers, institutions, and individual investors with enhanced tools to analyze Pyxis' and other funds' offerings.

As of January 9, 2012, the diversified fund offerings on the Pyxis platform will be:

• Pyxis Alpha Trend Strategies Fund (ticker: HATAX)
• Pyxis Credit Strategies Fund (HCF)
• Pyxis Core Value Equity Fund (HCOAX)
• Pyxis Dividend Equity Fund (HDFAX)
• Pyxis Energy & Materials Fund (HEFAX)
• Pyxis Fixed Income Fund (HFBAX)
• Pyxis Floating Rate Opportunities Fund (HFRAX)
• Pyxis Global Equity Fund (HGMAX)
• Pyxis Government Securities Fund (HGPAX)
• Pyxis International Equity Fund (HIQAX)
• Pyxis Long/Short Equity Fund (HEOAX)
• Pyxis Long/Short Healthcare Fund (HHCAX)
• Pyxis Money Market Fund II (HAHXX)
• Pyxis Premier Growth Equity Fund (HPEAX)
• Pyxis Short-Term Government Fund (HSJAX)
• Pyxis Small-Cap Equity Fund (HSZAX)
• Pyxis Tax-Exempt Fund (HTXAX)
• Pyxis Total Return Fund (HTAAX)
• Pyxis Trend Following Fund (HTFAX)
• Pyxis U.S. Equity Fund (HUEAX)

About Highland Funds and Highland Capital Management, L.P.
Based in Dallas, Texas, Highland Funds is known as one of the premier providers of diverse and alternative fund strategies distributed through financial intermediaries. The Highland Funds complex consists of a number of distinct registered investment companies including open-end "mutual" funds and traditional closed-end funds, with a total of $3 billion in retail assets under management. On January 9, 2012, Highland Funds will become Pyxis Capital [pronounced PIK'-siss].

Investors should consider the investment objectives, risks, charges and expenses of the Highland Funds carefully before investing. Please call 1-877-665-1287 or visit www.highlandfunds.com for more information on the Funds. Please read the prospectus carefully before you invest.

Securities may be offered through NexBank Securities, Inc., an affiliate of Highland Capital Management, L.P. NexBank Securities, Inc. is a FINRA member firm.

SOURCE Highland Funds Asset Management, L.P.

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