Feeder Fund Name
|
| |
Shares Outstanding
|
||
FS Global Credit Opportunities Fund — ADV
|
| | | | 7,346,944.890 |
FS Global Credit Opportunities Fund — T
|
| | | | 24,714,250.933 |
FS Global Credit Opportunities Fund — A
|
| | | | 138,792,023.372 |
FS Global Credit Opportunities Fund — D
|
| | | | 26,786,555.159 |
FS Global Credit Opportunities Fund — T2
|
| | | | 860,358.074 |
Feeder Fund Name
|
| |
Date of Organization
|
| |
Commencement of
Operations |
|
FS Global Credit Opportunities Fund — ADV | | |
February 17, 2016
|
| |
July 6, 2016
|
|
FS Global Credit Opportunities Fund — T | | |
February 16, 2016
|
| |
June 1, 2016
|
|
FS Global Credit Opportunities Fund — A | | |
January 28, 2013
|
| |
December 12, 2013
|
|
FS Global Credit Opportunities Fund — D | | |
January 28, 2013
|
| |
December 12, 2013
|
|
FS Global Credit Opportunities Fund — T2 | | |
February 27, 2017
|
| |
August 2, 2017
|
|
Name and Address
|
| |
Principal Occupation with Adviser
|
|
Michael C. Forman* | | | Chairman, President and Chief Executive Officer | |
David J. Adelman* | | | Vice-Chairman | |
| Catch up | | |
=
|
| | 100% × Pre-Incentive Fee Net Investment Income (subject to “catch-up”)(4) | |
|
Incentive Fee
|
| |
=
|
| | 100% × “catch-up” + (20.0% × (Pre-Incentive Fee Net Investment Income – 2.8125%)) | |
| Catch up | | |
=
|
| | 2.8125% – 2.25% | |
| | | |
=
|
| | 0.5625% | |
|
Incentive Fee
|
| |
=
|
| | (100% × 0.5625%) + (20.0% × (3.8% – 2.8125%)) | |
| | | |
=
|
| | 0.5625% + (20.0% × 0.9875%) | |
| | | |
=
|
| | 0.5625% + 0.1975% | |
| | | |
=
|
| | 0.76% | |
| Catch up | | |
=
|
| | 100% × Pre-Incentive Fee Net Investment Income (subject to “catch-up”)(4) | |
|
Incentive Fee
|
| |
=
|
| | 100% × “catch-up” + (10.0% × (Pre-Incentive Fee Net Investment Income – 1.667%)) | |
| Catch up | | |
=
|
| | 1.667% – 1.5% | |
| | | |
=
|
| | 0.1667% | |
|
Incentive Fee
|
| |
=
|
| | (100% × 0.1667%) + (10.0% × (2.175% – 1.667%)) | |
| | | |
=
|
| | 0.1667% + (10.0% × 0.508%) | |
| | | |
=
|
| | 0.1667% + 0.0508% | |
| | | |
=
|
| | 0.2175% | |
Annual Investment Advisory Fees (in thousands)
|
| |
Existing
Agreement(1) |
| |
Pro forma for
the New Agreement |
| |
Difference
|
| |||||||||
Incentive Fees
|
| | | $ | — | | | | | $ | 13,769 | | | | | $ | 13,769 | | |
Base Management Fees
|
| | | $ | 44,640 | | | | | $ | 33,480 | | | | | $ | (11,160) | | |
Total Operating Expenses
|
| | | $ | 75,494 | | | | | $ | 78,103 | | | | | $ | 2,609 | | |
|
Dollar Amount of Quarterly
Pre-Incentive Fee Net Investment Income |
| |
Pre-Incentive Fee Net
Investment Income Expressed as a Percentage of Value of the Master Fund’s Net Assets |
| |
PROPOSED
Dollar Amount of Quarterly Income Incentive Fee Payable to Adviser under New Agreement |
| |
EXISTING
Dollar Amount of Quarterly Income Incentive Fee Payable to Adviser under Existing Agreement |
| |||||||||
|
$24,000
|
| | | | 1.5% | | | | | | — | | | | | | — | | |
|
$26,000
|
| | | | 1.7% | | | | | $ | 447 | | | | | | — | | |
|
$28,000
|
| | | | 1.8% | | | | | $ | 2,447 | | | | | | — | | |
|
$30,000
|
| | | | 1.9% | | | | | $ | 3,000 | | | | | | — | | |
|
$32,000
|
| | | | 2.1% | | | | | $ | 3,200 | | | | | | — | | |
|
$34,000
|
| | | | 2.2% | | | | | $ | 3,400 | | | | | | — | | |
|
$36,000
|
| | | | 2.3% | | | | | $ | 3,600 | | | | | | — | | |
|
$38,000
|
| | | | 2.5% | | | | | $ | 3,800 | | | | | | — | | |
|
$40,000
|
| | | | 2.6% | | | | | $ | 4,000 | | | | | $ | 1,670 | | |
Feeder Fund
|
| |
Name and
Address |
| |
Number of
Shares Owned |
| |
Percent of
Fund Owned |
| ||||||
FS Global Credit Opportunities Fund — ADV
|
| | Jeffrey Green 3342 Dell Road Mountain Brk, Alabama 35223-1320 |
| | | | 454,215.116 | | | | | | 6.18% | | |
| By: | | |
|
| | | |
| Name: | | | Gerald F. StahleckerMichael C. Forman | | | ||
| Title: | | | Executive Vice President and Chief Executive Officer | | |
| By: | | |
|
| | | |
| Name: | | | Gerald F. StahleckerMichael C. Forman | | | | |
| Title: | | | Chief Executive Vice PresidentOfficer | | | | |
| | | | Investment income (including interest, dividends, fees, etc.) = 1.25% | |
| | | | Preferred Return(1) = 2.251.50% | |
| | | | Base Management Fee(2) = 0.50.375% | |
| | | | Other expenses (legal, accounting, custodian, transfer agent, etc.)(3) = 0.2% | |
| | | | Pre-Incentive Fee Net Investment Income (investment income – (Base Management Fee + other expenses)) = 0.550.675% |
|
| | | | Investment income (including interest, dividends, fees, etc.) = 3.0152.2% | |
| | | | Preferred Return(1) = 2.251.50% Base Management Fee(2) = 0.50.375% | |
| | | | Other expenses (legal, accounting, custodian, transfer agent, etc.)(3) = 0.2% | |
| | | | Pre-Incentive Fee Net Investment Income (investment income – (Base Management Fee + other expenses)) = 2.3151.625% |
|
| | | | Incentive Fee = 100% × Pre-Incentive Fee Net Investment Income (subject to “catch-up”)(4) | |
| | | | = 100% x (2.3151.625% – 2.251.5%) | |
| | | | = 0.0650.125% | |
| | | | Investment income (including interest, dividends, fees, etc.) = 4.52.75% | |
| | | | Preferred Return(1) = 2.251.50% | |
| | | | Base Management Fee(2) = 0.50.375% | |
| | | | Other expenses (legal, accounting, custodian, transfer agent, etc.)(3) = 0.2% | |
| | | | Pre-Incentive Fee Net Investment Income | |
| | | | (investment income – (Base Management Fee + other expenses)) = 3.82.175% | |
| | | | Catch up= 100% × Pre-Incentive Fee Net Investment Income (subject to “catch-up”)(4) | |
| | | | Incentive Fee= 100% × “catch-up” + (20.010.0% × (Pre-Incentive Fee Net Investment Income – 2.81251.667%)) | |
| | | | Catch up = 2.81251.667% – 2.251.5% | |
| | | | = 0.56250.1667% | |
| | | | Incentive Fee = (100% × 0.56250.1667%) + (20.010.0% × (3.82.175% – 2.81251.667%)) | |
| | | | = 0.56250.1667% + (20.010.0% × 0.98750.508%) | |
| | | | = 0.56250.1667% + 0.19750.0508% | |
| | | | = 0.760.2175% | |