# Portfolio overlap — FSMMX vs PMZIX Comparing **FS Multi-Strategy Alternatives Fund** (2026-03-31) and **PIMCO Mortgage Opportunities and Bond Fund** (2026-03-31). - Shared positions: 6 - FS Multi-Strategy Alternatives Fund covered by PIMCO Mortgage Opportunities and Bond Fund: 0.1011493181859560294188717789 - PIMCO Mortgage Opportunities and Bond Fund covered by FS Multi-Strategy Alternatives Fund: 0.1011493181859560294188717789 ## 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 Mortgage Opportunities and Bond Fund — top positions | Security | Weight | Shared | |----------|--------|--------| | Uniform Mortgage-Backed Security, TBA | 0.086853 | ✓ | | FNCL 3 5/26 | 0.029096 | | | Government National Mortgage Association, TBA | 0.024746 | | | FNCL 6.5 6/24 | 0.018868 | | | FNCL 6 6/24 | 0.018269 | | | FNCL 4.5 4/26 | 0.017375 | | | FNCL 5 6/24 | 0.017196 | | | G2SF 5 5/26 | 0.014769 | | | Government National Mortgage Association, TBA | 0.013215 | | | FNMA POOL BZ5550 FN 12/32 FIXED 4.3 | 0.012793 | | | FNCL 4 6/24 | 0.012756 | | | FNCL 5.5 4/26 | 0.012470 | ✓ | | Uniform Mortgage-Backed Security, TBA | 0.012135 | | | PIMCO PRV SHORT TERM FLT III MUTUAL FUND | 0.011941 | | | FNCL 6 7/25 | 0.010658 | | | Uniform Mortgage-Backed Security, TBA | 0.009591 | | | GNMA II TBA 30 YR 3.5 JUMBOS | 0.008486 | | | FNCL 5 4/26 | 0.008474 | | | G2 MB0088 | 0.007995 | | | GNMA II POOL MB0201 G2 02/55 FIXED 3.5 | 0.007624 | | | RFR USD SOFR/1.75000 06/15/22-10Y LCH | 0.006435 | | | GNMA II POOL MB0481 G2 07/55 FIXED 3.5 | 0.005939 | | | FREDDIE MAC POOL UMBS P#SD7570 6.00000000 | 0.005251 | | | FED HM LN PC POOL SB8379 FR 04/40 FIXED 5.5 | 0.004734 | | | FR SD8471 | 0.004506 | | | UPSTART PERSONAL CONSUMER TRUS UPCT 2026 1P CERT 144A | 0.004051 | | | RPLDCI 6.581 05/30/49 144A | 0.004031 | | | Freddie Mac Pool | 0.003904 | | | JP MORGAN MORTGAGE TRUST JPMMT 2025 CES3 PT 144A | 0.003877 | | | FNCL 3 4/26 | 0.003858 | | | GS MORTGAGE BACKED SECURITIES GSMBS 2025 RPL4 PT 144A | 0.003829 | | | G2 MA8099 | 0.003798 | | | UMBS | 0.003662 | | | CITIGROUP MORTGAGE LOAN TRUST CMLTI 2025 RP2 PT 144A | 0.003503 | | | GOVERNMENT NATIONAL MORTGAGE A GNR 2023 H08 DF | 0.003485 | | | Uniform Mortgage-Backed Security, TBA | 0.003465 | | | Government National Mortgage Association, TBA | 0.003410 | | | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2025-205 CL FH V/R 4.83551000 | 0.003271 | | | Fannie Mae REMICS | 0.003028 | | | GS MORTGAGE-BACKED SECURITIES TRUST 2024-RPL7 SER 2024-RPL7 CL PT V/R REGD 144A P/P 3.70177100 | 0.003005 | | | GOVERNMENT NATIONAL MORTGAGE A GNR 2024 H11 FA | 0.002961 | | | FREDDIE MAC FHR 5468 FC | 0.002943 | | | JP MORGAN MORTGAGE TRUST JPMMT 2025 LTV2 PT 144A | 0.002941 | | | GS MORTGAGE-BACKED SECURITIES TRUST 2024-RPL5 SER 2024-RPL5 CL PT V/R REGD 144A P/P 3.16079500 | 0.002909 | | | JP MORGAN MORTGAGE TRUST SERIES 2024 SER 2024-CES2 CL PT V/R REGD 144A P/P 0.00000000 | 0.002896 | | | FED HM LN PC POOL SL0565 FR 01/55 FIXED 6 | 0.002854 | | | FNMA POOL MA5746 FN 06/40 FIXED 5.5 | 0.002796 | | | GS MORTGAGE-BACKED SECURITIES TRUST 2024-RPL6 SER 2024-RPL6 CL PT V/R REGD 144A P/P 3.01124700 | 0.002780 | | | U.S. Treasury Bills | 0.002702 | | | GS MORTGAGE BACKED SECURITIES GSMBS 2025 SJ1 PT 144A | 0.002675 | | ## Sources - N-PORT (fund A) — accession `0002048251-26-004707` (as of 2026-03-31) - N-PORT (fund B) — accession `0001099263-26-007235` (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 _