# Portfolio overlap — FSMMX vs PFUIX Comparing **FS Multi-Strategy Alternatives Fund** (2026-03-31) and **PIMCO International Bond Fund (Unhedged)** (2026-03-31). - Shared positions: 3 - FS Multi-Strategy Alternatives Fund covered by PIMCO International Bond Fund (Unhedged): 0.1248466096689237485676223173 - PIMCO International Bond Fund (Unhedged) covered by FS Multi-Strategy Alternatives Fund: 0.1248466096689237485676223173 ## 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 | | ## PIMCO International Bond Fund (Unhedged) — top positions | Security | Weight | Shared | |----------|--------|--------| | Uniform Mortgage-Backed Security, TBA | 0.125207 | ✓ | | Uniform Mortgage-Backed Security, TBA | 0.033961 | | | CHINA DEVELOPMENT BANK UNSECURED 01/34 2.63 | 0.025439 | | | Government National Mortgage Association, TBA | 0.023747 | | | PIMCO PRV SHORT TERM FLT III MUTUAL FUND | 0.020485 | | | CHINA DEVELOPMENT BANK UNSECURED 05/33 2.82 | 0.019460 | | | GNMA II POOL MB0304 G2 04/55 FIXED 3.5 | 0.017135 | | | Uniform Mortgage-Backed Security, TBA | 0.016830 | | | FR SD8455 | 0.016603 | | | UNITED KINGDOM GILT BONDS REGS 03/30 4.375 | 0.014442 | | | FRANCE (GOVT OF) BONDS 144A REGS 02/30 2.75 | 0.010471 | | | G2 MA8345 | 0.010325 | | | CHINA GOVERNMENT BOND BONDS 05/35 1.65 | 0.009600 | | | US TREASURY N/B | 0.009106 | | | GNMA II POOL MB0867 G2 01/56 FIXED 3 | 0.008855 | | | SR UNSECURED REGS 04/28 3.4 | 0.008844 | | | FNCL 5 4/26 | 0.008443 | | | REPUBLIC OF SOUTH AFRICA BONDS 02/35 8.875 | 0.008299 | | | KOREA TREASURY BOND BONDS 06/28 2.625 | 0.007928 | | | MALAYSIA GOVERNMENT BONDS 04/28 3.519 | 0.007831 | | | GNMA II, Single Family, 30 Year | 0.007830 | | | BONOS Y OBLIG DEL ESTADO SR UNSECURED 144A REGS 04/35 3 | 0.007746 | | | PROJECT CASHMERE CLASS A1 144A | 0.007450 | | | EUROPEAN UNION SR UNSECURED REGS 12/35 3.375 | 0.007366 | | | RPLDCI 6.581 05/30/49 144A | 0.007181 | | | US ULTRA BOND CBT Sep25 | 0.006755 | ✓ | | PROVINCE OF ONTARIO CANADA | 0.006410 | | | U.S. TREASURY INFLATION-PROTECTED SECURITIES 0-1/2% 01/15/2028 | 0.006376 | | | JAPAN GOVT CPI LINKED BONDS 03/28 0.1 | 0.006275 | | | CHINA GOVERNMENT BOND BONDS 01/55 1.92 | 0.006147 | | | BONOS Y OBLIG DEL ESTADO SR UNSECURED 144A REGS 10/34 3 | 0.005565 | | | CHINA GOVERNMENT BOND BONDS 10/51 3.53 | 0.005541 | | | LETRA TESOURO NACIONAL BILLS 10/26 0.00000 | 0.005478 | | | US TREASURY N/B | 0.005465 | | | PERU 6.85 08/12/35 REGS | 0.005290 | | | Government National Mortgage Association, TBA | 0.004817 | | | QUEBEC PROVINCE CDA 3.6% 09/01/2033 | 0.004709 | | | SAUDI INTERNATIONAL BOND SR UNSECURED 144A 01/30 4.75 | 0.004346 | | | BONOS Y OBLIG DEL ESTADO SR UNSECURED 144A REGS 10/35 3 | 0.004098 | | | EUROPEAN UNION SR UNSECURED REGS 10/45 3.75 | 0.004054 | | | COMMONWEALTH BANK AUST COVERED 144A 01/30 4.971 | 0.004000 | | | JP MORGAN MORTGAGE TRUST JPMMT 2021 INV8 A2 144A | 0.003990 | | | THAILAND GOVERNMENT BOND SR UNSECURED 06/40 2.7 | 0.003981 | | | FRANCE (GOVT OF) BONDS 144A REGS 02/29 2.75 | 0.003939 | | | LETRA TESOURO NACIONAL BILLS 07/26 0.00000 | 0.003521 | | | Eagle Funding LuxCo S.a.r.l. | 0.003512 | | | Uniform Mortgage-Backed Security, TBA | 0.003490 | | | TREASURY CORP VICTORIA LOCAL GOVT G 11/37 2 | 0.003287 | | | NEW S WALES TREASURY CRP LOCAL GOVT G REGS 11/32 2.5 | 0.003238 | | | TITULOS DE TESORERIA BONDS 02/33 13.25 | 0.003224 | | ## Sources - N-PORT (fund A) — accession `0002048251-26-004707` (as of 2026-03-31) - N-PORT (fund B) — accession `0001099263-26-007254` (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). FundWatcher is not affiliated with the SEC._ _Use of this data is subject to the FundWatcher Terms of Service. Information may be used only for personal, non-commercial research and may not be redistributed. See _