# Portfolio overlap — FSMMX vs PXTIX Comparing **FS Multi-Strategy Alternatives Fund** (2026-03-31) and **PIMCO RAE PLUS Fund** (2026-03-31). - Shared positions: 4 - FS Multi-Strategy Alternatives Fund covered by PIMCO RAE PLUS Fund: 0.09365805131166540591138925510 - PIMCO RAE PLUS Fund covered by FS Multi-Strategy Alternatives Fund: 0.09365805131166540591138925510 ## 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 RAE PLUS Fund — top positions | Security | Weight | Shared | |----------|--------|--------| | US ULTRA BOND CBT Sep25 | 0.085108 | ✓ | | FNCL 6.5 6/24 | 0.080384 | | | PIMCO SHORT ASSET PORTFOLIO MUTUAL FUND | 0.079756 | | | FNCL 6 6/24 | 0.061132 | | | Uniform Mortgage-Backed Security, TBA | 0.049333 | ✓ | | FNCL 6 7/25 | 0.040415 | | | Uniform Mortgage-Backed Security, TBA | 0.028416 | | | FNCL 4 4/26 | 0.022948 | | | FR SD8475 | 0.021307 | | | iShares Core S&P 500 ETF | 0.020363 | | | FANNIE MAE FNR 2026 21 YF | 0.016463 | | | G2SF 4 4/23 | 0.016396 | | | G2SF 5 5/26 | 0.015393 | | | Uniform Mortgage-Backed Security, TBA | 0.015373 | | | Uniform Mortgage-Backed Security, TBA | 0.011378 | | | G2SF 3.5 4/24 | 0.010975 | | | FNCL 4 6/24 | 0.010365 | | | TITULOS DE TESORERIA BONDS 01/35 11.75 | 0.009392 | | | US TREASURY N/B | 0.008935 | | | UMBS | 0.008067 | | | FN 190445 | 0.008045 | | | G2SF 4.5 4/26 | 0.007477 | | | Government National Mortgage Association, TBA | 0.007436 | | | G2SF 6 4/25 | 0.007431 | | | FNCL 5.5 4/26 | 0.006929 | ✓ | | BONOS DE TESORERIA SR UNSECURED 144A REGS 08/35 6 | 0.006852 | | | LETRA TESOURO NACIONAL BILLS 10/26 0.00000 | 0.006439 | | | US TREASURY N/B | 0.006035 | | | G2 MB0742 | 0.004876 | | | FNCL 5 4/26 | 0.004867 | | | STWD Ltd., Series 2022-FL3, Class AS | 0.004346 | | | FREDDIE MAC FHR 5580 FC | 0.004324 | | | TORO EUROPEAN CLO TCLO 6A AR 144A | 0.004298 | | | Crown Castle Inc | 0.004252 | | | LETRA TESOURO NACIONAL BILLS 07/26 0.00000 | 0.004125 | | | ASSET BACKED SECURITIES CORP H ABSHE 2006 HE2 A4 | 0.004047 | | | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2025-159 CL FJ V/R 5.26888000 | 0.003960 | | | REPUBLIC OF SOUTH AFRICA BONDS 03/36 6.25 | 0.003756 | | | FEDERAL NAT MTG ASN GTD REM PA SOFR30A+ 09/25/2055 | 0.003521 | | | FEDERAL NAT MTG ASN GTD REM PA SOFR30A+115 09/25/2055 | 0.003374 | | | HSI ASSET SECURITIZATION CORPO HASC 2006 OPT4 M1 | 0.003344 | | | FNMA POOL CB8013 FN 02/54 FIXED 6.5 | 0.003340 | | | INDYMAC INDX MORTGAGE LOAN TRU INDX 2006 AR14 1A3A | 0.003311 | | | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SOFR30A+85 09/20/2055 | 0.003282 | | | BONOS DE TESORERIA SR UNSECURED 144A REGS 08/33 7 | 0.003255 | | | FEDERAL NAT MTG ASN GTD REM PA SOFR30A+140 09/25/2055 | 0.003148 | | | FHLG 30YR 5.5% 01/01/2055#SL0307 | 0.003118 | | | REPUBLIC OF PERU SR UNSECURED 144A 08/32 6.15 | 0.003078 | | | FED HM LN PC POOL RJ0195 FR 11/53 FIXED 6.5 | 0.003022 | | | REPUBLIC OF SOUTH AFRICA BONDS 02/35 8.875 | 0.003016 | | ## Sources - N-PORT (fund A) — accession `0002048251-26-004707` (as of 2026-03-31) - N-PORT (fund B) — accession `0001099263-26-007250` (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 _