| Fund Name: | FS Global Credit Opportunities Fund - ADV |
| Adviser: | FS Global Advisor LLC |
| Sub-Adviser(s): | GSO Capital Partners LP |
| Fees: | 2% management fee on gross assets (at the Master Fund level); 20% of pre-incentive fee net investment income that exceeds 11.25% per year measured quarterly, once return on adjusted capital exceeds 9% per year, with a catch-up provision (at the Master Fund level) |
| Open- or Closed-End: | Closed-End (Quarterly repurchase; Feeder fund) |
| Investor Restrictions: | $5,000 minimum initial investment; $500 minimum subsequent investment |
| Filing Date: | Feb. 22, 2016 |
| Effective Date: | Pending |
| Fund Name: | FS Global Credit Opportunities Fund - T |
| Adviser: | FS Global Advisor LLC |
| Sub-Adviser(s): | GSO Capital Partners LP |
| Fees: | 2% management fee on gross assets (at the Master Fund level); 20% of pre-incentive fee net investment income that exceeds 11.25% per year measured quarterly, once return on adjusted capital exceeds 9% per year, with a catch-up provision (at the Master Fund level) |
| Open- or Closed-End: | Closed-End (Quarterly repurchase; Feeder fund) |
| Investor Restrictions: | $5,000 minimum initial investment; $500 minimum subsequent investment |
| Filing Date: | Feb. 22, 2016 |
| Effective Date: | Pending |
| Fund Name: | Sierra Total Return Fund |
| Adviser: | Sierra Total Return Fund Advisors LLC |
| Sub-Adviser(s): | None |
| Fees: | Not specified |
| Open- or Closed-End: | Closed-End (Quarterly repurchase) |
| Investor Restrictions: | $2,500 minimum initial investment for regular accounts, $1,000 for retirement accounts (Class A); $2,500 minimum initial investment for regular and retirement accounts (Class T); and $2 million minimum initial investment (Class I) |
| Filing Date: | Feb. 12, 2016 |
| Effective Date: | Pending |
| Fund Name: | NorthStar Real Estate Capital Income Master Fund |
| Adviser: | NSAM B-RECF Ltd. |
| Sub-Adviser(s): | NSAM US-RECF LLC |
| Fees: | 2% management fee on gross assets; 20% of pre-incentive fee net investment income that exceeds 8.75% per year measured quarterly, once return on adjusted capital exceeds 7% per year, with a catch-up provision |
| Open- or Closed-End: | Closed-End (Quarterly repurchase; Master fund) |
| Investor Restrictions: | Accredited investors |
| Filing Date: | Feb. 4, 2016 |
| Effective Date: | Pending |
| Fund Name: | NorthStar Real Estate Capital Income Fund-T |
| Adviser: | NSAM B-RECF Ltd. |
| Sub-Adviser(s): | NSAM US-RECF LLC |
| Fees: | 2% management fee on gross assets (at the Master Fund level); 20% of pre-incentive fee net investment income that exceeds 8.75% per year measured quarterly, once return on adjusted capital exceeds 7% per year, with a catch-up provision (at the Master Fund level) |
| Open- or Closed-End: | Closed-End (Quarterly repurchase; Feeder fund) |
| Investor Restrictions: | $4,000 minimum initial investment; $500 minimum subsequent investment |
| Filing Date: | Feb. 4, 2016 |
| Effective Date: | Pending |
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
