# Portfolio overlap — FSMSX vs PFIIX Comparing **FS Multi-Strategy Alternatives Fund** (2026-03-31) and **PIMCO Low Duration Income Fund** (2026-03-31). - Shared positions: 4 - FS Multi-Strategy Alternatives Fund covered by PIMCO Low Duration Income Fund: 0.1021544757942381541512346564 - PIMCO Low Duration Income Fund covered by FS Multi-Strategy Alternatives Fund: 0.1021544757942381541512346564 ## 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 Low Duration Income Fund — top positions | Security | Weight | Shared | |----------|--------|--------| | PIMCO PRV SHORT TERM FLT III MUTUAL FUND | 0.125468 | | | Uniform Mortgage-Backed Security, TBA | 0.064882 | ✓ | | FNCL 6.5 6/24 | 0.054984 | | | US ULTRA BOND CBT Sep25 | 0.054654 | ✓ | | FNCL 6 6/24 | 0.043562 | | | FNCL 6 7/25 | 0.028775 | | | FNCL 4 6/24 | 0.016515 | | | Uniform Mortgage-Backed Security, TBA | 0.015568 | | | FNCL 5 6/24 | 0.013935 | | | LETRA TESOURO NACIONAL BILLS 07/26 0.00000 | 0.012956 | | | Uniform Mortgage-Backed Security, TBA | 0.012623 | | | Government National Mortgage Association, TBA | 0.011033 | | | Government National Mortgage Association, TBA | 0.010810 | | | FNCL 2.5 4/26 | 0.010726 | | | Uniform Mortgage-Backed Security, TBA | 0.009493 | | | Uniform Mortgage-Backed Security, TBA | 0.008197 | | | CITIGROUP MORTGAGE LOAN TRUST CMLTI 2022 RP1 PT 144A | 0.007826 | | | RPLDCI 6.581 05/30/49 144A | 0.007711 | | | U.S. Treasury Inflation-Protected Indexed Notes | 0.006838 | | | Government National Mortgage Association, TBA | 0.006392 | | | FNCL 3 6/24 | 0.005990 | | | GS MORTGAGE BACKED SECURITIES GSMBS 2022 RPL4 PT 144A | 0.005981 | | | LETRA TESOURO NACIONAL BILLS 10/26 0.00000 | 0.005913 | | | Uniform Mortgage-Backed Security, TBA | 0.005101 | | | Uniform Mortgage-Backed Security, TBA | 0.004926 | | | US TREASURY N/B | 0.004782 | | | FED HM LN PC POOL RA4240 FR 01/51 FIXED 2.5 | 0.004667 | | | US TREASURY N/B | 0.004536 | | | JP MORGAN MORTGAGE TRUST JPMMT 2025 CES3 PT 144A | 0.004201 | | | TITULOS DE TESORERIA BONDS 01/35 11.75 | 0.004089 | | | GS MORTGAGE BACKED SECURITIES GSMBS 2022 RPL1 A5 144A | 0.004057 | | | RFR USD SOFR/1.75000 06/15/22-30Y LCH | 0.003962 | | | FINANCE OF AMERICA STRUCTURED SECURITIES TRUST SER | 0.003580 | | | UPCT 2026 2P CERT | 0.003352 | | | Uniform Mortgage-Backed Security, TBA | 0.003195 | | | U.S. TREASURY INFLATION-PROTECTED SECURITIES 1.375 07/15/33 | 0.003077 | | | U.S. TREASURY INFLATION-PROTECTED SECURITIES 0-5/8% 07/15/2032 | 0.003023 | | | FN MA5217 | 0.002924 | | | Uniform Mortgage-Backed Security, TBA | 0.002851 | | | SMB Private Education Loan Trust 2026-B | 0.002768 | | | RFRF USD SF+26.161/1.70 8/01/23-29Y* CME | 0.002742 | | | US TREASURY N/B | 0.002739 | | | FNCL 5 4/26 | 0.002615 | | | Eagle Funding LuxCo S.a.r.l. | 0.002550 | | | PROJECT CASHMERE CLASS A1 144A | 0.002519 | | | VALERIE ASSET LTD 09/50 1 | 0.002448 | | | U.S. TREASURY INFLATION-PROTECTED SECURITIES 0-1/8% 07/15/2031 | 0.002389 | | | RFRF USD SF+26.161/1.90 05/18/22-10Y LCH | 0.002344 | | | FINANCE OF AMERICA STRUCTURED FASST 2025 S2 A1 144A | 0.002306 | | | G2SF 5 5/26 | 0.002283 | | ## Sources - N-PORT (fund A) — accession `0002048251-26-004707` (as of 2026-03-31) - N-PORT (fund B) — accession `0001099263-26-007247` (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 _