Second Articles of Amendment and Restatement Bylaws Audit Committee Charter Code of Business Conduct and Ethics Statement on the Prohibition of Insider Trading FS Real Estate Advisor Compliance manual Corporate Governance Guidelines Amended and Restated Distribution Reinvestments Plan

Performance quoted is past performance and cannot guarantee future results. Current performance may be higher or lower. Performance shown at NAV does not include sales charges, which would have reduced the performance. Class I Shares have no sales charges; therefore, performance is at NAV. Returns less than one year are cumulative; all others are annualized....