Strategy. The Fund seeks to achieve its objective by investing in (a) traditional and next generation real assets, (b) securities of traditional and next generation real asset companies, and (c) instruments with economic characteristics similar to the foregoing. Real assets are defined broadly by the Fund. Traditional real assets include goods with physical properties, such as energy and natural resources, real estate, basic materials, equipment, utilities, infrastructure, automobiles, consumer durables and staples, health care equipment and facilities, life science tools and products and office and lab space, technology hardware and equipment (including semiconductors), telecommunication networks and towers, data centers, commodities and inflation-indexed securities that can generate returns in inflationary environments. Traditional real asset companies commit significant resources, as determined by FS … Show more… The Fund seeks to achieve its objective by investing in (a) traditional and next generation real assets, (b) securities of traditional and next generation real asset companies, and (c) instruments with economic characteristics similar to the foregoing. Real assets are defined broadly by the Fund. Traditional real assets include goods with physical properties, such as energy and natural resources, real estate, basic materials, equipment, utilities, infrastructure, automobiles, consumer durables and staples, health care equipment and facilities, life science tools and products and office and lab space, technology hardware and equipment (including semiconductors), telecommunication networks and towers, data centers, commodities and inflation-indexed securities that can generate returns in inflationary environments. Traditional real asset companies commit significant resources, as determined by FS and Chiron Investment Management, LLC, a co-adviser to the Fund, (Chiron and together with FS with respect to the FS Chiron Real Development Fund only, the Adviser), to developing (which includes operating, extracting, transporting, producing, managing logistics for and manufacturing), maintaining or owning traditional real assets. Next generation real asset companies and assets are generally tied to accelerating adoption of technology by businesses and consumers, an aging population driving changes in health care and consumer trends, a global transition to clean energy and resource scarcity as nations and companies seek to redraw supply chains and strengthen their physical and digital security. These companies are often in sectors and subsectors that fall outside of the traditional definition of real assets discussed above. Next generation real asset companies commit significant resources, as determined by the Adviser, to developing, maintaining or financing next generation real assets and the worlds digital infrastructure and social infrastructure and may include digital assets, such as Bitcoin. The Adviser considers digital infrastructure to be physical and virtual infrastructure based on technologies, including Bitcoin-related investments (defined below), artificial intelligence, cloud computing, digital network infrastructure, network hardware, semi-conductors, semi-conductor capital equipment and data analytics. The Adviser considers social infrastructure to be areas of the economy helping to improve quality of life for individuals across the globe, such as health care, life sciences, access to 5G mobile networks, clean energy, and electric vehicles. Next generation real asset companies also finance traditional real assets companies. The Funds assets will typically be invested in equities, debt, commodities and cash or cash equivalents; the Funds goal is to hold a portfolio of securities and other investments that, over time, seek to provide protection against the impact of inflation. In selecting investments, the Adviser seeks investments in markets across the globe that are expected to outperform the overall market during periods of high or rising inflation. The Fund utilizes a quantamental approach, which combines quantitative and fundamental research. The quantitative process identifies opportunities for growth with the fundamental approach identifying changes not captured by the quantitative research, such as regulatory environment and industry dynamics. As markets are not static and go through various stages, the Fund seeks to identify the current stage in each market in which it invests and makes investment decisions accordingly, in order to capitalize on the underlying factors driving that particular market stage. The Fund aims to reduce volatility and risk through diversifying its investment choices across a range of industries. Companies involved in activities related to real assets may produce cash flows and subsequent valuations that increase when the overall price level in the economy is rising. The Fund may also seek companies whose revenue and earnings are expected to rise if the prices of certain real assets rise during a period of general inflation. Equity securities in which the Fund may invest include common stock issued by companies of any market capitalization (including initial public offerings (IPOs)), American Depositary Receipts (ADRs), ETFs and securities of real estate investment trusts (REITs). The Fund will not invest in Bitcoin directly. Instead, the Fund may gain indirect exposure to Bitcoin by investing up to 15% of its net assets in Bitcoin futures contracts or exchange-traded funds (ETFs) that provide exposure to Bitcoin. For purposes of this 15% limit, these investments are measured at notional value. The Bitcoin futures in which the Fund may invest are exchange-traded and cash settled. The Fund may make such investments either directly or indirectly through a Subsidiary (as defined below). Bitcoins are a digital commodity that are not issued by a government, bank or central organization. Bitcoins exist on an online, peer-to-peer computer network (the Bitcoin Network) that hosts a public transaction ledger where Bitcoin transfers are recorded (the Blockchain). Bitcoins have no physical presence beyond the record of transactions on the Blockchain. The Fund also may invest in other Bitcoin-related investments such as Bitcoin trading platforms, miners, custodians, digital wallet providers, companies that facilitate payments in bitcoin, and companies that provide other technology, equipment or services to companies operating in the bitcoin ecosystem. Other than with respect to the limitation on investments in Bitcoin futures contracts and ETFs that provide exposure to Bitcoin, there is no limit on the amount of the Funds exposures to any one or more specific sectors, and the Fund may at times have significant exposure to a single sector of the economy comprised of real assets (up to 100% of the Funds non-cash related exposure). The Fund may invest without limit in investments tied to any one or more foreign countries, including emerging market countries, and investments denominated in foreign currencies. The Fund may invest in A-Shares of companies based in the Peoples Republic of China (PRC) that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange through the Shanghai Hong Kong and Shenzhen Hong Kong Stock Connect programs (Stock Connect). Stock Connect is a mutual stock market access program designed to, among other things, enable foreign investments in the PRC. The Adviser may allocate a portion of the assets of the Fund among one or more alternative beta providers (Alternative Beta Providers) that offer the Fund exposure to the returns of particular investment strategies (Alternative Beta Strategies). An Alternative Beta Provider is a financial institution that serves as a counterparty to the Fund in a total return swap that offers exposure to the returns of a specified underlying asset. In a typical total return swap transaction with an Alternative Beta Provider, the Fund agrees to pay a fixed or variable interest rate to the Alternative Beta Provider in exchange for return earned on a specified underlying asset. Alternative Beta Providers are swap counterparties, not sub-advisers. Alternative Beta Providers in particular may offer cost advantages over traditional alternative asset managers. The strategies employed by the use of Alternative Beta Providers are referred to in this prospectus as Alternative Investment Strategies. In general, Alternative Beta Strategies seek to identify and capitalize upon market inefficiencies and market behavioral biases (or risk premia). Alternative Beta Strategies typically have less correlation to traditional equity and fixed income markets than traditional investment strategies. In this regard, when the performance of traditional markets improves, Alternative Beta Strategies my decline or improve to a greater or lesser degree. Conversely, when traditional markets decline, Alternative Beta Strategies my improve or decline to a greater or lesser degree. The Fund generally seeks to obtain exposure to Alternative Investment Strategies in a cost-efficient manner, particularly as compared to private investment vehicles that have historically been used to access alternative investment strategies. Alternative Beta Strategies may include historical trend (seeking to benefit from the historical tendency of securities with certain characteristics to outperform others), carry and curve (investing in assets with high carry and selling assets with low carry), low beta (seeking to capture outperformance of assets with low beta over those with high beta), value (investing in undervalued and selling overvalued assets) and volatility premium (monetizing the concept that implied volatility tends to be higher than realized volatility) and momentum strategies (which emphasize investing in securities that have better recent performance compared to other securities). The Adviser may also manage all or a portion of the Funds assets directly. The Adviser and Alternative Beta Providers may use investment programs that are fundamentally dependent on proprietary or licensed technology through such managers use of, among other things, certain hardware, software, model-based strategies, data gathering systems, order execution, and trade allocation systems, and/or risk management systems. The Fund may invest directly in debt instruments. Fixed income investments in which the Fund may invest consist of (i) securities or other income-producing instruments issued or guaranteed by the U.S. Government, its agencies, instrumentalities or sponsored corporations (including inflation-protected securities); (ii) short-term investments, such as commercial paper, repurchase agreements and money market funds; and (iii) various types of loans, consisting of collateral loan obligations and bank loans, including those that are part of highly leveraged transactions where the borrower already has a high level of debt and/or a poor credit rating. Under normal circumstances, the Funds portfolio of fixed income investments is expected to include primarily fixed income and other income-producing instruments rated investment grade and unrated securities considered by the Adviser to be of comparable credit quality. The Fund may, however, invest in fixed income and other income producing instruments rated below investment grade (known as junk bonds) and those that are unrated but determined by the Adviser to be of comparable credit quality. The Fund may invest in privately placed and other securities or instruments exempt from Securities and Exchange Commission (SEC) registration (collectively, private placements). The Fund may engage in short sales, either to earn additional return or to hedge existing investments. The Fund may enter into derivatives transactions of any kind for hedging purposes or otherwise to gain, or reduce, long or short exposure to one or more asset classes or issuers. A derivative is a financial contract whose value depends on changes in the value of one or more underlying assets, reference rates, or indexes. These instruments include, among others, options, futures contracts, forward currency contracts, swap agreements and similar instruments. The Fund may use derivatives transactions with the purpose or effect of creating investment leverage. Although the Fund reserves the right to invest in derivatives of any kind, it currently expects that it may use the following types of derivatives: futures contracts and options on futures contracts, in order to gain efficient long or short investment exposures as an alternative to cash investments or to hedge against portfolio exposures; interest rate swaps, to gain indirect long or short exposures to interest rates, issuers, or currencies, or to hedge against portfolio exposures; and total and excess return swaps and credit derivatives (such as credit default swaps), put and call options, and exchange-traded and structured notes, to take indirect long or short positions on indexes, commodities, securities, currencies, or other indicators of value. Any use of derivatives strategies entails the risks of investing directly in the securities or instruments underlying the derivatives strategies, as well as the risks of using derivatives generally, and in some cases the risks of leverage, described in this prospectus and in the Funds Statement of Additional Information. The Fund may invest in a variety of instruments, such as total and excess return swaps (which are contracts in which one party agrees to make periodic payments to another party based on the change in market value of the assets of the underlying contract), exchange traded products, including ETFs, common or preferred stocks of subsidiaries of the Fund that invest directly or indirectly in commodities, and other investments intended to provide long or short exposure to one or more commodities. The Fund expects that many of the instruments in which it will invest will involve leverage. The Fund may make investments through one or more offshore, wholly-owned subsidiaries organized under the laws of the Cayman Islands (each, a Subsidiary and collectively, the Subsidiaries) and may invest up to 25% of its total assets in the Subsidiaries. Generally, each Subsidiary will invest primarily in commodity futures, forwards and swaps, but it may also invest in financial futures, option and swap contracts, fixed income securities, pooled investment vehicles, including those that are not registered pursuant to the Investment Company Act of 1940, as amended (the 1940 Act), and other investments intended to serve as margin or collateral for the Subsidiarys derivative positions. The Fund will invest in each Subsidiary in order to gain direct or indirect exposure to the commodities markets and/or indirect exposure to Bitcoin through investments in ETFs that provide exposure to Bitcoin and Bitcoin futures contracts within the limitations of the federal tax laws, rules and regulations that apply to registered investment companies. Unlike the Fund, each Subsidiary may invest without limitation in commodity-linked derivative instruments, however, each Subsidiary will comply with the same 1940 Act asset coverage requirements with respect to its investments in commodity-linked derivatives that are applicable to the Funds transactions in derivatives. In addition, the Fund and each Subsidiary will be subject to the same fundamental investment restrictions on a consolidated basis and, to the extent applicable to the investment activities of each Subsidiary, each Subsidiary will follow the same compliance policies and procedures as the Fund. Additionally, the Subsidiary and the Fund in the aggregate will comply with the 15% Bitcoin limits described above. Unlike the Fund, each Subsidiary will not seek to qualify as a RIC under Subchapter M of the Code. The Fund is the sole shareholder of each Subsidiary and does not expect shares of a Subsidiary to be offered or sold to other investors. To the extent the Fund invests in instruments that provide exposure to the commodity markets and Bitcoin futures contracts and ETFs that provide exposure to Bitcoin directly, it will seek to restrict its income from instruments that do not generate qualifying income to a maximum of 10% of its gross income (when combined with its other investments that produce non-qualifying income) to comply with certain qualifying income tests necessary for the Fund to qualify as a RIC under Subchapter M of the Code. The Adviser may engage in active and frequent trading of the Funds portfolio investments. To the extent that it does so, the Fund may incur greater transaction costs and may make greater distributions of income and gains, which will be taxable to shareholders who do not hold their shares through a tax-advantaged or tax-deferred account. Any percentage limitation and requirement as to investments will apply only at the time of an investment to which the limitation or requirement is applicable and shall not be considered violated unless an excess or deficiency occurs or exists immediately after and as a result of such investment. Accordingly, any later increase or decrease resulting from a change in values, net assets or other circumstances will not be considered in determining whether any investment complies with the Funds limitation or requirement, except as otherwise provided herein. Portfolio investments may be sold at any time. By way of example, sales may occur when the Funds portfolio manager determines to take advantage of what the portfolio manager considers to be a better investment opportunity, when the portfolio manager believes the portfolio investments no longer represent relatively attractive investment opportunities, when the portfolio manager perceives deterioration in the credit fundamentals of the issuer, or when the individual security has reached the portfolio managers sell target. Except with respect to the Bitcoin exposure described above, the Fund may access the strategies and instruments described above either through direct investments or Alternative Beta Providers. As described above, the Fund may gain exposure to Bitcoin indirectly through futures contracts and ETFs. Neither the Fund nor the Subsidiary will invest directly in Bitcoin. Although a portion of the Funds assets may be invested in instruments the performance of which is based on an index, the Funds overall portfolio is not designed to replicate the performance of any index. The Funds performance will deviate, potentially significantly, from the performance of any index used by the Fund. The Fund retains the flexibility to allocate as little as none or as much as all of its capital to particular Alternative Beta Providers. The Fund is considered non-diversified, which means that the percentage of its assets that may be invested in the securities of a single issuer is not limited by the 1940 Act. Show less