Fund

Shareholder Returns as of 12/31/2016
Annualized
No Load
Annualized
w/Load
Cumulative
No Load
Cumulative
w/Load
YTD 20.6% 11.0% 20.6% 11.0%
1 Year 20.6% 11.0% 20.6% 11.0%
Since Inception 7.1% 3.3% 17.4% 8.0%

Total Returns (without sales charge) are the total returns an investor received for the highlighted period taking into account all distributions paid during such period, compounded monthly. The calculation assumes that the investor purchased shares at NexPoint Capital’s public offering price, excluding sales load and offering expenses, changes in share price and reinvestment of dividends and capital gains distributions. Distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the NexPoint Capital’s Distribution Reinvestment Plan (“DRP”). Total Returns (without sales charge) do not include sales load and offerings expenses, which could total up to 9% of the public offering price. Had such sales load and offerings expenses been included, the performance would have been lower.

Total Return (with sales charge) is the total return an investor received for the highlighted period taking into account all distributions paid during such period, compounded monthly. The calculation assumes that the investor purchased shares at NexPoint Capital’s public offering price (which includes the maximum sales load and offerings expenses) changes in share price and reinvestment of dividends and capital gains distributions. Distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the NexPoint Capital’s DRP.

The performance data quoted here represents past performance and is no guarantee of future results. Investment returns and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

RISK FACTORS