Private Wealth Investments

1. Class I shares have no sales charges; therefore performance is at NAV. The maximum sales load is 3.50% for Class A shares and 3.50% for Class D shares. Please see the FS MVP Private Markets Fund’s (“The Fund”) prospectus dated 2/13/2025 for detailed fee and expense information. Investments in Class A Shares and Class D Shares of the Fund are sold subject to a sales charge of up to 3.50% of the investment. For some investors, the sales charge may be waived or reduced (in whole or in part). The full amount of sales charge may be re-allowed to brokers or dealers participating in the offering. Your financial intermediary may impose additional charges when you purchase shares of the Fund.
2. Effective July 3, 2023, the Fund has been renamed FS MVP Private Markets Fund. Prior to that date, the Fund operated under the name MVP Private Markets Fund.
3. The performance for periods prior to 1/3/2022 reflect the performance of the predecessor fund, MVP Private Markets, L.P., with an inception date of 7/1/2021, the day the predecessor fund began investing.
   
   The MVP Private Markets Fund L.P., (The "Predecessor Fund") was reorganized into the FS MVP Private Markets Fund on 1/3/2022. FS MVP Private Markets Fund is under the common management of the prior Predecessor Fund. Performance for each investor will vary from overall fund performance depending on fee structure and timing of investment. The historical returns attributable to prior Predecessor Fund do not represent the actual performance nor indicate future results, of FS MVP Private Markets Fund. There is no certainty that FS MVP Private Markets Fund investment objectives will be met. Additional information is available upon request. Predecessor Fund and FS MVP Private Markets Fund both have a management fee of 1.25%. The fee for Predecessor Fund was calculated based off of the greater of the Fund’s NAV or NAV plus uncalled commitments, whereas FS MVP Private Markets Fund is calculated based on the average daily managed assets. Any differences between the calculations as a result of the different fee bases is expected to be minimal.

Returns (shown with and without sales charge) represent the total returns an investor received for the highlighted period taking into account all distributions paid during such period. Returns (with sales charge) are net of all FS Credit REIT expenses, including general and administrative expenses, transaction-related expenses, management fees, performance fees, and share class-specific fees. The calculation is net of any ongoing stockholder servicing fees and assumes that the investor purchased shares at NAV or the transaction price (which generally equals the prior month’s NAV), as applicable, at the beginning of the applicable period and reinvested all cash distributions pursuant to FS Credit REIT’s distribution reinvestment plan (“DRP”). Valuation as of the end of each period is the transaction price pursuant to FS Credit REIT’s share repurchase program on such date. Returns (without sales charge) do not include selling commissions and dealer manager fees, which could total up to 3.50% of the transaction price of Class S and Class T shares. Had such selling commissions and dealer manager fees been included, performance would be lower. Returns (with sales charge) assume payment of the maximum upfront sales charge of 3.50% at the beginning of the applicable period.

1. NAV is determined as of the last calendar day of each month by FS Real Estate Advisor in accordance with FS Credit REIT’s valuation guidelines. There is no rule, regulation or industry practice that requires the NAV be calculated in a certain way, and FS Credit REIT’s board of directors may adopt changes to the valuation guidelines.
2. Reflects the current month’s distribution annualized and divided by the prior month’s net asset value, which is inclusive of all fees and expenses. For the 12 months ended December 31, 2024, 100% of FS Credit REIT’s distributions were funded through net investment income.

1. The fund’s NAV per common share as of the date indicated is the NAV determined by the fund for purposes of complying with the requirements of Section 23(b) of the Investment Company Act of 1940, as amended, and has not been approved by the fund’s board of trustees. The fund’s NAV per common share may increase or decrease in the future, and any such change may be material.
2. The annualized distribution rate shown is expressed as a percentage equal to the projected annualized distribution amount per share (which is calculated by annualizing the most recent monthly cash distribution per share declared as of the month indicated, without compounding), divided by the Fund’s NAV per share as of the end of the month indicated. The payment of future distributions on the Fund’s common shares is subject to the discretion of the Fund’s board of trustees and applicable legal restrictions and, therefore, there can be no assurance as to the amount or timing of any such future distributions. The determination of the tax attributes of FS Credit Income Fund’s distributions is made annually at the end of the calendar year, and a determination made on an interim basis may not be representative of the actual tax attributes of FS Credit Income Fund’s distributions for a full year. The actual tax characteristics of distributions to shareholders are reported to shareholders annually on Form 1099-DIV. The Fund may pay distributions in significant part from sources that may not be available in the future and that are unrelated to the Fund’s performance, such as return of capital, borrowings or expense reimbursements and waivers. For the nine months ended July 31, 2025, FS Credit Income Fund’s distributions were funded through 84.3% net investment income and 15.7% return of capital or other capital sources.
   
   Class I shares and Class A shares are not subject to a distribution fee. Class U and Class T shares pay to the distributor a distribution fee that accrues at an annual rate equal to 0.75% and 0.25%, respectively, of the fund’s average daily net assets attributable to the respective share class and is payable on a monthly basis.

Performance data quoted represents past performance and is no guarantee of future results. Returns for time periods greater than one year are annualized. FS Multi-Strategy Alternatives Fund total annual fund operating expenses, Class I: 1.72%; Class A: 1.97%. FS Multi-Strategy Alternatives Fund total annual fund operating expenses, excluding dividend and interest expenses on securities sold short, Class I: 1.49%; Class A: 1.74%.

The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost, and current performance may be lower or higher than the performance quoted.

When maximum sales charge is selected, performance is calculated with a maximum sales charge of 5.00% for Class A shares of FS Multi-Strategy Alternatives Fund. Please visit the fund page in order to view sales charges for a specific asset class.

A contingent deferred sales charge (CDSC) of 1.00% may be assessed on Class A share purchases of $1,000,000 or more if redeemed within 18 months of purchase. The CDSC is not reflected in the performance shown.

1. The fund’s NAV per common share as of the date indicated is the NAV determined by the fund for purposes of complying with the requirements of Section 23(b) of the Investment Company Act of 1940, as amended, and has not been approved by the fund’s board of trustees. The fund’s NAV per common share may increase or decrease in the future, and any such change may be material.