# Portfolio overlap — FSMMX vs GSZAX Comparing **FS Multi-Strategy Alternatives Fund** (2026-03-31) and **Goldman Sachs Dynamic Bond Fund** (2026-03-31). - Shared positions: 15 - FS Multi-Strategy Alternatives Fund covered by Goldman Sachs Dynamic Bond Fund: 0.08084604295844827252108182710 - Goldman Sachs Dynamic Bond Fund covered by FS Multi-Strategy Alternatives Fund: 0.08084604295844827252108182710 ## FS Multi-Strategy Alternatives Fund — top positions | Security | Weight | Shared | |----------|--------|--------| | FNCL 5.5 4/26 | 0.422660 | ✓ | | Uniform Mortgage-Backed Security, TBA | 0.117613 | | | BARCLAYS BANK PLC MTN ZERO COUPON 12/29/2026 | 0.046810 | | | US ULTRA BOND CBT Sep25 | 0.036752 | | | BARCLAYS BANK PLC MTN ZERO COUPON 12/29/2026 | 0.011021 | | | BARCLAYS BANK PLC MTN ZERO COUPON 12/29/2026 | 0.010042 | | | U.S. Treasury Bills | 0.007291 | | | 5-Year T-Note Futures, Jun-2026,ETH | 0.006700 | | | SHS BEN INT | 0.006024 | | | U.S. Treasury Bills | 0.005850 | | | U.S. Treasury Bills | 0.004368 | | | NEUBERGER BERMAN LOAN ADVISERS CLO 29 LTD NEUB 2018-29A A2R | 0.003424 | | | ELMWOOD CLO II LTD ELMW2 2019-2A A2RR | 0.003219 | | | WOODS 2018-12BA BR CLO 144A FRN 06-15-31 | 0.003081 | | | SWITCH Data Centers - SWCH 2025-DATA E | 0.003024 | | | USD-SOFR 4.40 01/16/2035 EXPIRATION: 01/16/2035 | 0.003006 | | | WFCM 2025-DWHP A | 0.002949 | | | BSPRT Issuer LLC, Series 2024-FL11, Class A | 0.002942 | | | KENNEDY LEWIS CLO 6 LTD KLLM 6A AR2 | 0.002936 | | | STAR 2024-SFR4 TRUST STAR 2024-SFR4 A | 0.002929 | | | FIP MASTER FUNDING LLC FI 2024-1A A1 | 0.002318 | | | Renew, Series 2024-2A, Class A | 0.002206 | | | QTS Data Centers - BX 2025-VLT7 E | 0.002179 | | | PG&E Corporation, Convertible | 0.002176 | | | JD.COM INC SR UNSECURED 06/29 0.25 | 0.002119 | | | RADNOR RE 2022-1 LTD RMIR 2022-1 M2 | 0.002117 | | | Carvana Co | 0.002090 | | | KSL Commercial Mortgage Trust, Series 2024-HT2, Class A | 0.002089 | | | ACHM TRUST 2024-HE2 ACHM 2024-HE2 A | 0.002066 | | | ADMT 2026-NQM1 A1 | 0.002010 | | | MICROCHIP TECHNOLOGY INC SER A 7.5% PC 03/15/2028 | 0.001988 | | | CMS ENERGY CORP SR UNSECURED 144A 05/31 3.125 | 0.001956 | | | Maxim Crane Works Holdings Capital LLC | 0.001949 | | | FLEXENTIAL ISSUER LLC SER 2025-1A CL A2 REGD 144A P/P 6.03000000 | 0.001895 | | | HERA FINANCING 2024-1 DAC HRFIN 2024-1A A | 0.001880 | | | VINE 2023-SFR1 TRUST VINEB 2023-SFR1 A | 0.001874 | | | GME 0 04/01/30 | 0.001853 | | | RADNOR RE 2021-2 LTD RMIR 2021-2 M2 | 0.001825 | | | TRIP.COM GROUP LTD SR UNSECURED 06/29 0.75 | 0.001787 | | | QTS Data Centers - BX 2025-VLT7 D | 0.001748 | | | AQUA FINANCE TRUST 2024-A SER 2024-A CL A REGD 144A P/P 4.81000000 | 0.001711 | | | HPE 7 5/8 | 0.001704 | | | ROCSOF 9 11/28/28 144A | 0.001685 | | | Coinbase Global, Inc., Convertible | 0.001678 | | | CONSOLIDATED COMMUNICATIONS LLC / FIDIUM FIBER FIN HOLDCO LLC 9.408% 05/20/2055 144A | 0.001527 | | | CARVANA AUTO RECEIVABLES TRUST 2025-N1 CRVNA 2025-N1 E | 0.001496 | | | FS AI Factor Short TRS | 0.001487 | | | US TREASURY N/B | 0.001481 | | | AFFIRM MASTER TRUST AFRMT 2025-1A E | 0.001477 | | | FIRSTENERGY CORP SR UNSECURED 144A 01/31 3.875 | 0.001474 | | ## Goldman Sachs Dynamic Bond Fund — top positions | Security | Weight | Shared | |----------|--------|--------| | FNCL 5.5 4/26 | 0.076916 | ✓ | | Uniform Mortgage-Backed Security, TBA | 0.068968 | | | US TREASURY N/B | 0.044126 | | | US TREASURY N/B | 0.026205 | | | G2SF 5.5 4/25 | 0.023352 | | | US TREASURY N/B | 0.023100 | | | USD-SOFR-OIS Compound---20350226 | 0.020507 | | | FNCL 6 4/26 | 0.019097 | | | G2SF 5 5/26 | 0.017300 | | | FNCL 5 4/26 | 0.017268 | | | U.S. TREASURY INFLATION-PROTECTED SECURITIES 1.50% 2/15/2053 | 0.017119 | | | ZURICH INSURANCE GROUP AG TRS 0.0000% 05-15-2033 | 0.014563 | | | G2SF 6 4/25 | 0.014495 | | | FNCL 4.5 4/26 | 0.014143 | | | FNCL 2.5 4/26 | 0.014042 | | | FNCL 4 4/26 | 0.009599 | | | ZOOM COMMUNICATIONS INC | 0.008481 | | | Enel Finance America LLC | 0.008101 | | | E.ON SE | 0.008084 | | | Spire Inc | 0.006913 | | | Hyundai Capital America | 0.006897 | | | Bunzl Finance PLC | 0.006111 | | | G2SF 4.5 4/26 | 0.005894 | | | US TREASURY N/B | 0.005401 | | | Pikes Peak CLO 19 2025 | 0.004728 | | | Bell Telephone Co of Canada or Bell Canada/The | 0.004664 | | | MONEYMKT | 0.004452 | | | Regatta 30 Funding Ltd., Series 2024-4A, Class A1 | 0.004281 | | | Banco Bilbao Vizcaya Argentaria/New York NY | 0.004115 | | | Air Lease Corporation 0% CP 02/04/2026 | 0.004073 | | | Alexandria Real Estate Equities Inc | 0.004070 | | | Air Lease Corp. | 0.004068 | | | G2SF 4 4/23 | 0.003812 | | | CBAMR 2018-5A A1R | 0.003759 | | | Providus CLO | 0.003695 | | | AGL CLO 23 Ltd., Series 2022-23A, Class A1R | 0.003650 | | | FNCL 3 4/26 | 0.003581 | | | ZSCALER INC CFD | 0.003238 | | | Oracle Corp. 0% CP 02/10/2026 | 0.003103 | | | Palmer Square CLO Ltd., Series 2024-3A, Class A | 0.003056 | | | RWE AG | 0.002998 | | | REGATTA XVI FUNDING LTD. REG16 2019 2A A1R2 144A | 0.002930 | | | ENERGY TRANSFER PART LP | 0.002852 | | | McCormick & Co Inc/MD | 0.002850 | | | Sixth Street CLO XVI Ltd., Series 2020-16A, Class A1R2 | 0.002753 | | | MAN GLG US CLO 2021-1 LTD | 0.002729 | | | Elmwood CLO 35 Ltd | 0.002711 | | | Elmwood CLO X Ltd., Series 2021-3A, Class AR2 | 0.002700 | | | G2SF 2 4/26 | 0.002685 | | | Elmwood CLO Ltd., Series 2020-1A, Class AR | 0.002608 | | ## Sources - N-PORT (fund A) — accession `0002048251-26-004707` (as of 2026-03-31) - N-PORT (fund B) — accession `0001410368-26-051328` (as of 2026-03-31) --- _Informational only — not investment advice. FundWatcher presents publicly available data and makes no recommendation to buy or sell any security. Verify all figures against the source filing before relying on them._ _Data sourced from U.S. SEC EDGAR filings (Forms N-PORT, N-CEN, and prospectus Risk/Return summaries). 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