The Adviser was formed on March 8, 2017, for the purpose of providing investment advisory services to FS Series Trust and the certain funds (together, the “Funds” and individually, a “Fund”) which are currently offered by the AIC III Series Trust, a trust formed to conduct, operate, and carry on the business of a management investment company registered under the Investment Company Act of 1940, as amended (the “Company Act”). The Adviser may, subject to any limitations described in the investment advisory agreement between the Adviser and a Fund, advise other investment companies or entities (collectively, the “Clients”), at which time the Adviser will make any necessary amendments to this Brochure. The Funds advised by the Adviser as of December 31, 2023, are: 1) FS Multi-Strategy Alternatives Fund (“FSMSAF”) seeks to provide shareholders with positive absolute returns over a complete market cycle. In addition to the primary sub- adviser, Wilshire Associates Incorporated, the Adviser employs four sub-advisers: 1) Waterfall Asset Management, LLC; 2) MidOcean Credit Fund Management, L.P.; 3) Electron Capital Partners, LLC; and 4) Mariner Investment Group, LLC and may allocate certain assets of this fund to alternative beta providers (swap or similar instrument counterparties) (“Alternate Beta Providers”), which offer exposure to the “beta” portion of the returns of particular investment strategies (“Alternative Beta Strategies”) and managed by FS Fund Advisor, LLC directly. 2) FS Chiron Real Development Fund (“FSCRDF”) seeks to provide total returns consisting of capital appreciation and income, by allocating its assets across a broad spectrum of real assets investments, including instruments providing exposure to such instruments. Real Assets include: 1) instruments or companies that derive their value from physical properties, such as, natural resources, equipment and industrials, infrastructure, commodities; and 2) inflation-indexed securities. The Adviser, as co-investment manager with Chiron Investment Management, expects to allocate certain of the assets of the Fund among one or more Alternative Beta Providers that offer the Fund exposure to the returns of Alternative Beta Strategies. 3) FS Managed Futures Fund (“FSMFF”) seeks to provide positive absolute returns with low correlation to traditional investments. The Adviser expects to allocate up to 100% of the assets of the Fund among one or more Alternative Beta Providers that offer exposure to the returns of particular investment strategies. The Adviser may

also manage all or portion of the Fund’s assets directly. The Fund typically invests in derivative instruments, including structured notes, futures contracts, futures-related instruments, forwards and swaps and currencies and currency futures and forwards. The Adviser generally expects that this Fund will have exposure in long and short positions, across five (5) asset classes: 1) commodities; 2) currencies; 3) fixed income; 4) equities; and 5) credit. The Adviser is responsible for identifying potential investments for the Funds, except in those instances where the Adviser has delegated such decisions to a sub-adviser, as described more fully herein. Investment professionals of the Adviser have extensive experience in alternative asset classes, Alternative Beta Strategies and funds regulated pursuant to the Company Act. The Adviser incorporates a sophisticated platform with an experienced team of investment professionals to identify opportunities for the Funds, while at the same time assessing and monitoring risk. The Adviser evaluates such investments and their appropriateness based on each Fund’s investment objectives, strategies, restrictions, and guidelines, as described in the Funds’ governing documents. The Adviser does not provide individualized advice to investors; as such, investors must consider whether a particular security meets their investment objectives and risk tolerance prior to investing. In addition to hiring various discretionary sub-advisers, the Adviser entered into an advisory agreement with Wilshire, whereby Wilshire provides advice regarding sub-adviser selection and overall allocation. The Adviser is a subsidiary of Franklin Square Holdings, L.P. (“FSH”), and an affiliate of certain other investment advisers affiliated with FSH. The Adviser has registered with the SEC for the purpose of providing advisory services to the Funds. Investment professionals of the Adviser include its primary portfolio manager, Scott Burr. The Adviser has approximately $2,539,650,500 million in assets under management as of December 31, 2023, which the Adviser manages on a discretionary basis, except in those instances relating to FSMSAF, where the Adviser has engaged sub-advisers to manage certain of its assets. The principal owner of the Adviser is FSH. The Adviser does not provide portfolio management services for wrap fee programs. With respect to any Fund, this Brochure is qualified in its entirety by the Fund’s offering memorandum, prospectus, statement of additional information and /or similar disclosure and governing documents.