# EDGAR Filing Document

**Accession Number:** 0002015849
**File Stem:** 0001213900-25-104439
**Filing Date:** 2025-10
**Character Count:** 20356
**Document Hash:** 5addbc4c8e42df84a1a1984ab6712588
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-104439.hdr.sgml**: 20251031

**ACCESSION NUMBER**: 0001213900-25-104439

**CONFORMED SUBMISSION TYPE**: 424B3

**PUBLIC DOCUMENT COUNT**: 13

**FILED AS OF DATE**: 20251031

**DATE AS OF CHANGE**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MA Specialty Credit Income Fund
- **CENTRAL INDEX KEY:** 0002015849

**ORGANIZATION NAME:**
- **EIN:** 996194853
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B3
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-280620
- **FILM NUMBER:** 251438394

**BUSINESS ADDRESS:**
- **STREET 1:** 3 W. MAIN STREET, SUITE 301
- **CITY:** IRVINGTON
- **STATE:** NY
- **ZIP:** 10533
- **BUSINESS PHONE:** 914.670.8996

**MAIL ADDRESS:**
- **STREET 1:** 3 W. MAIN STREET, SUITE 301
- **CITY:** IRVINGTON
- **STATE:** NY
- **ZIP:** 10533

?xml version='1.0' encoding='ASCII'?

Filed Pursuant to Rule 424(b)(3)

Registration No. 333-280620

**MA Specialty Credit Income Fund**

**Class S Shares** 

**Class F Shares** 

**Supplement dated October 31, 2025 to the**

**Prospectus dated April 30, 2025, as amended**

This supplement amends the prospectus of MA Specialty Credit Income Fund (the "Fund"). *You should read this supplement in conjunction with the prospectus and retain it for future reference. Capitalized terms and certain other terms used in this supplement, unless otherwise defined in this supplement, have the meanings assigned to them in the prospectus.*

Effective as of November 1, 2025, the Expense Limitation Agreement between the Fund and the Adviser has been amended to: (1) reduce the Expense Cap of the Fund's daily average NAV from 2.00% to 1.50% and (2) extend the term of the Agreement through May 1, 2027. Also effective as of November 1, 2025, the Management Fee Waiver Agreement has been amended to extend the term of the Agreement through November 1, 2026. Additionally, effective as of July 1, 2025, the voluntary waiver of the Fund's incentive fee was discontinued and the Adviser has voluntarily raised the Incentive Fee hurdle rate to 2.00% per quarter (or an annualized hurdle rate of 8.00%). Accordingly, the Fund's prospectus is revised as follows effective as of November 1, 2025:

The second footnote to the pricing table on the cover page of the prospectus is deleted in its entirety and replaced with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp; The Adviser may bear certain ongoing offering costs associated with the Fund's continuous offering. Pursuant to an expense limitation agreement (the "Expense Limitation Agreement") between the Fund and the Adviser, the Fund will be obligated to reimburse the Adviser for any such payments. The Expense Limitation Agreement will remain in effect until May 1, 2027, unless and until the Board approves its modification or termination. See "Fund Expenses."

The last two paragraphs of the "SUMMARY OF TERMS – MANAGEMENT AND INCENTIVE FEES" section are deleted in their entirety and replaced with the following:

Pursuant to a Management Fee Waiver Agreement between the Fund and the Adviser (the "Management Fee Waiver Agreement"), the Adviser has contractually agreed, through the first year after the date on which the Fund's Net Assets equal $250 million, but in no instance sooner than November 1, 2026, to waive (i) the Management Fee it is entitled to receive from the Fund pursuant to the Investment Advisory Agreement to the extent necessary to limit its Management Fee to 0.70% of the average daily value of the Fund's Net Assets and (ii) the catch-up feature related to the Incentive Fee, with the effect that the Incentive Fee will equal 15% of the portion of the Fund's pre-incentive fee net investment income that exceeds the hurdle rate. Additionally, commencing July 1, 2025, the Adviser has voluntarily raised the Incentive Fee hurdle rate to 2.00% per quarter (or an annualized hurdle rate of 8.00%). This voluntary hurdle rate increase arrangement may be discontinued by the Adviser at any time in the Adviser's sole discretion and without notice. See "Management and Incentive Fees—Management Fee Waiver Agreement."

The Adviser and the Fund have entered into the Expense Limitation Agreement in respect of each of Class S Shares and Class F Shares under which the Adviser has agreed contractually until May 1, 2027 to waive its Management Fee and/or reimburse the Fund's initial organizational and offering costs, as well as the Fund's operating expenses on a monthly basis to the extent that the Fund's monthly total annualized fund operating expenses in respect of each class (excluding (i) expenses directly related to the costs of making investments, including interest and structuring costs for borrowings and line(s) of credit, taxes, brokerage costs, the Fund's proportionate share of expenses related to co-investments, litigation and extraordinary expenses, (ii) Incentive Fees and (iii) any distribution and/or shareholder servicing fees) exceed 1.50% of the average NAV of such class (the "Expense Cap").

In consideration of the Adviser's agreement to waive its Management Fee and/or reimburse the Fund's operating expenses, the Fund has agreed to repay the Adviser in the amount of any waived Management Fees and Fund expenses reimbursed in respect of each of Class S Shares and Class F Shares subject to the limitation that a reimbursement (an "Adviser Recoupment") will be made only if and to the extent that: (i) it is payable not more than three years from the date on which the applicable waiver or expense payment was made by the Adviser; and (ii) the Adviser Recoupment does not cause the Fund's total annual operating expenses (on an annualized basis and net of any reimbursements received by the Fund during such fiscal year) during the applicable quarter to exceed the Expense Cap of such class. The Adviser Recoupment for a class of Shares will not cause Fund expenses in respect of that class to exceed the Expense Cap either (i) at the time of the waiver or (ii) at the time of recoupment. See "Fund Expenses—Expense Limitation Agreement" for additional information. The Expense Limitation Agreement will remain in effect until May 1, 2027, unless and until the Board approves its modification or termination. See "Fund Expenses."

The "SUMMARY OF FEES AND EXPENSES" section is deleted in its entirety and replaced with the following:

**SUMMARY OF FEES AND EXPENSES**

The following table illustrates the aggregate fees and expenses that the Fund expects to incur and that Shareholders can expect to bear directly or indirectly. The expenses shown in the table below are based on the assumption that the Fund borrows money for investment purposes at an average rate of 2.09% of Net Assets.

---

| | | |
|:---|:---|:---|
|  | **Class S** | **Class F** |
| **SHAREHOLDER TRANSACTION FEES** |  |  |
| &nbsp;&nbsp;&nbsp;Maximum sales load imposed on purchases<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Early Withdrawal Charge on Shares Repurchased Within 365 Days of Purchase (as a percentage of proceeds) |  |  |
| Maximum contingent deferred sales charge |  |  |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FUND EXPENSES<sup>(2)</sup> (as a percentage of average Net Assets attributable to Shares)**  | | |
| &nbsp;&nbsp;&nbsp;Management Fee | 0.95% | 0.95% |
| &nbsp;&nbsp;&nbsp;Incentive Fee<sup>(3)</sup> | 1.51% | 1.51% |
| &nbsp;&nbsp;&nbsp;Interest Payments on Borrowed Funds<sup>(4)</sup> | 0.14% | 0.14% |
| &nbsp;&nbsp;&nbsp;Acquired Fund Fees and Expenses | 0.00% | 0.00% |
| &nbsp;&nbsp;&nbsp;Other expenses<sup>(5)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fee<sup>(6)</sup> |  | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All other expenses | 0.78% | 0.78% |
| &nbsp;&nbsp;&nbsp;Total annual fund expenses | 3.38% | 3.88% |
| &nbsp;&nbsp;&nbsp;Fee waiver and expense reimbursement<sup>(7) (8)</sup> | (0.94)% | (0.94)% |
| &nbsp;&nbsp;&nbsp;Total annual fund expenses after fee waiver and expense reimbursement<sup>(7) (8)</sup> | 2.44% | 2.94% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) While Class S Shares and Class F Shares are not subject to a front-end sales charge,
if an investor purchases Class S Shares or Class F Shares through certain financial firms, such firms may directly charge the investor
transaction or other fees in such amount as they may determine. An investor should consult its financial firm for additional information.
See "Plan of Distribution."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Assumes the Fund raises $179 million in proceeds during the next 12 months resulting
in estimated average Net Assets of approximately $215 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Fund anticipates that it may have interest income that could result in the
payment of an Incentive Fee to the Adviser during certain periods. However, the Incentive Fee is based on the Fund's performance
and will not be paid unless the Fund achieves certain performance targets. The Fund expects the Incentive Fee the Fund pays to increase
to the extent the Fund earns greater interest income through its investments. The Incentive Fee is calculated and payable quarterly in
arrears based upon the Fund's "pre-incentive fee net investment income" for the immediately preceding quarter, and is
subject to a hurdle rate, expressed as a rate of return on the Fund's Net Assets, equal to 1.50% per quarter, or an annualized hurdle
rate of 6.00%, subject to a "catch-up" feature. See "Management and Incentive Fees" for a full explanation of
how the Incentive Fee is calculated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) These expenses represent estimated interest payments the Fund expects to incur
in connection with its credit facility during the next 12 months. See "Summary of Terms — Leverage." The amount
shown in the table above is based on the assumption that the Fund borrows money for investment purposes at an average rate of 2.09% of
Net Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Other expenses include reasonably estimated costs the Fund can expect to incur
related to accounting, custody, transfer agency, legal, valuation agent, pricing vendor and auditing fees of the Fund, organizational
and offering costs applicable to each class, as well as the reimbursement of the compensation of administrative personnel and fees payable
to the Independent Trustees. The amount presented in the table estimates the amounts the Fund expects to pay during the next 12 months,
assuming the Fund raises $179 million of proceeds during that time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The Fund may charge a distribution and/or shareholder servicing fee totaling up
to 0.50% per year on Class F Shares. With respect to Class F Shares, the entire fee is characterized as a "distribution fee."
The Fund may use these fees, in respect of the relevant class, to compensate Financial Intermediaries or financial institutions for distribution-related
expenses, if applicable, and providing ongoing services in respect of clients with whom they have distributed Class S Shares or Class
F Shares of the Fund. Such services may also include electronic processing of client orders, electronic fund transfers between clients
and the Fund, account reconciliations with the Fund's transfer agent, facilitation of electronic delivery to clients of Fund documentation,
monitoring client accounts for back-up withholding and any other special tax reporting obligations, maintenance of books and records with
respect to the foregoing, and such other information and liaison services as the Fund or the Adviser may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) The Adviser and the Fund have entered into the Expense Limitation Agreement in
respect of each of Class S Shares and Class F Shares under which the Adviser has agreed contractually until May 1, 2027 to waive its Management
Fee and/or reimburse the Fund's initial organizational and offering costs, as well as the Fund's operating expenses on a monthly
basis to the extent that the Fund's monthly total annualized fund operating expenses in respect of each class (excluding (i) expenses
directly related to the costs of making investments, including interest and structuring costs for borrowings and line(s) of credit, taxes,
brokerage costs, the Fund's proportionate share of expenses related to co-investments, litigation and extraordinary expenses, (ii)
Incentive Fees and (iii) any distribution and/or shareholder servicing fees) exceed 1.50% of the average NAV of such class (the "Expense
Cap"). In consideration of the Adviser's agreement to waive its Management Fee and/or reimburse
the Fund's operating expenses, the Fund has agreed to repay the Adviser in the amount
of any waived Management Fees and Fund expenses reimbursed in respect of each of Class S
Shares and Class F Shares subject to the limitation that a reimbursement (an "Adviser
Recoupment") will be made only if and to the extent that: (i) it is payable not more
than three years from the date on which the applicable waiver or expense payment was made
by the Adviser; and (ii) the Adviser Recoupment does not cause the Fund's total annual
operating expenses (on an annualized basis and net of any reimbursements received by the
Fund during such fiscal year) during the applicable quarter to exceed the Expense Cap of
such class. The Adviser Recoupment for a class of Shares will not cause Fund expenses in
respect of that class to exceed the Expense Cap either (i) at the time of the waiver or (ii)
at the time of recoupment. See "Fund Expenses—Expense Limitation Agreement"
for additional information. The Expense Limitation Agreement will remain in effect until
May 1, 2027, unless and until the Board approves its modification or termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) The Adviser has contractually agreed, through the first year after the date on
which the Fund's Net Assets equal $250 million, but in no instance sooner than November 1, 2026, to waive (i) the Management Fee
it is entitled to receive from the Fund pursuant to the Investment Advisory Agreement to the extent necessary to limit its Management
Fee to 0.70% of the average daily value of the Fund's Net Assets and (ii) the catch-up feature related to the Incentive Fee, with
the effect that the Incentive Fee will equal 15% of the portion of the Fund's pre-incentive fee net investment income that exceeds
the hurdle rate. The Adviser may not seek reimbursement from the Fund with respect to the Management Fee and Incentive Fee waived pursuant
to the Management Fee Waiver Agreement. The Management Fee Waiver Agreement will continue through the date set forth above, at which time
it will terminate unless otherwise agreed to in writing by the parties. In addition, the Management Fee Waiver Agreement will terminate
upon termination of the Investment Advisory Agreement.

 ****

***Example:***

The following example demonstrates the projected dollar amount of total expenses that would be incurred over various periods with respect to a hypothetical investment in Shares. In calculating the following expense amounts, the Fund has assumed its direct and indirect annual operating expenses would remain at the percentage levels set forth in the table above.

An investor would pay the following expenses on a $1,000 investment, assuming a 5.0% annual return:

**Class S**

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $25 | $65 | $108 | $227 |

---

**Class F**

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $30 | $80 | $133 | $278 |

---

**The example and the expenses in the tables above should not be considered a representation of the Fund's future expenses, and actual expenses may be greater or less than those shown**. While the example assumes a 5.0% annual return, as required by the SEC, the Fund's performance will vary and may result in a return greater or less than 5.0%. For a more complete description of the various fees and expenses borne directly and indirectly by the Fund, see "Fund Expenses" and "Management and Incentive Fees."

The "FUND EXPENSES – Expense Limitation Agreement" section is deleted in its entirety and replaced with the following:

**Expense Limitation Agreement** 

The Adviser and the Fund have entered into the Expense Limitation Agreement in respect of each of Class S Shares and Class F Shares under which the Adviser has agreed contractually until May 1, 2027 to waive its Management Fee and/or reimburse the Fund's initial organizational and offering costs, as well as the Fund's operating expenses on a monthly basis to the extent that the Fund's monthly total annualized fund operating expenses in respect of each class (excluding (i) expenses directly related to the costs of making investments, including interest and structuring costs for borrowings and line(s) of credit, taxes, brokerage costs, the Fund's proportionate share of expenses related to co-investments, litigation and extraordinary expenses, (ii) Incentive Fees and (iii) any distribution and/or shareholder servicing fees) exceed 1.50% of the average NAV of such class.

In consideration of the Adviser's agreement to waive its Management Fee and/or reimburse the Fund's operating expenses, the Fund has agreed to repay the Adviser in the amount of any waived Management Fees and Fund expenses reimbursed in respect of each of Class S Shares and Class F Shares subject to the limitation that a reimbursement will be made only if and to the extent that: (i) it is payable not more than three years from the date on which the applicable waiver or expense payment was made by the Adviser; and (ii) the Adviser Recoupment does not cause the Fund's total annual operating expenses (on an annualized basis and net of any reimbursements received by the Fund during such fiscal year) during the applicable quarter to exceed the Expense Cap of such class. The Adviser Recoupment for a class of Shares will not cause Fund expenses in respect of that class to exceed the Expense Cap either (i) at the time of the waiver or (ii) at the time of recoupment. The Expense Limitation Agreement will remain in effect until May 1, 2027, unless and until the Board approves its modification or termination. During the fiscal period ended December 31, 2024, the Adviser waived $484,085 in expenses in accordance with the Expense Limitation Agreement.

The "MANAGEMENT AND INCENTIVE FEES – Management Fee Waiver Agreement" section is deleted in its entirety and replaced with the following:

**Management Fee Waiver Agreement**

Pursuant to a Management Fee Waiver Agreement between the Fund and the Adviser, the Adviser has contractually agreed, through the first year after the date on which the Fund's Net Assets equal $250 million, but in no instance sooner than November 1, 2026, to waive (i) the Management Fee it is entitled to receive from the Fund pursuant to the Investment Advisory Agreement to the extent necessary to limit its Management Fee to 0.70% of the average daily value of the Fund's Net Assets and (ii) the catch-up feature related to the Incentive Fee, with the effect that the Incentive Fee will equal 15% of the portion of the Fund's pre-incentive fee net investment income that exceeds the hurdle rate.

The Adviser may not seek reimbursement from the Fund with respect to the Management Fee and Incentive Fee waived pursuant to the Management Fee Waiver Agreement.

The Management Fee Waiver Agreement will continue through the date set forth above, at which time it will terminate unless otherwise agreed to in writing by the parties. In addition, the Management Fee Waiver Agreement will terminate upon termination of the Investment Advisory Agreement.

Additionally, commencing July 1, 2025, the Adviser has voluntarily raised the Incentive Fee hurdle rate to 2.00% per quarter (or an annualized hurdle rate of 8.00%). This voluntary hurdle rate increase arrangement may be discontinued by the Adviser at any time in the Adviser's sole discretion and without notice.