How is multiplexing on FM signals performed?
In U.S. broadcast FM, the various subcarriers (pilot tone, stereo L-R, RDS, etc.) are modulated into the upper sidebands (above the 15 kHz L+R/mono audio, but below 100 kHz, for instance 38 kHz DSB for the stereo subcarrier) of the baseband signal before that entire multiplex is used to wideband frequency  modulate a single, much higher frequency, FM carrier.

The FM carrier is modulated, but not shifted in center frequency.