Private Wealth Investments

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.
2. Total annual fund operating expenses