FS Multi-Strategy Alternatives Fund

FSMSX

Fund:

Mutual fund

Investment objective

Generate positive, low-correlated returns over a complete market cycle

Overview

FS Multi-Strategy Alternatives Fund is a mutual fund that offers streamlined diversification through best-in-class hedge fund managers and alternative beta strategies.

Adviser

FS Fund Advisor, LLC
An affiliate of FS Investments

Sub-adviser

Wilshire Associates Incorporated

Underlying managers

Chilton Investment Company, LLC
MidOcean Credit Fund Management, L.P.


Fund information updated 11/20/2019

Daily NAV 1 $10.46
Daily NAV change (%) -0.10%
Daily NAV change ($) -$0.01


View Pricing Disclosure For Footnote 1
1The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 877-628-8575.

Performance – returns


TOTAL RETURNS As of 11/20/2019 MTD QTD YTD 1 YR SINCE INCEPTION 5/16/2017
FSMSX (Class I at NAV) -0.57% -0.85% 7.61% 7.61% 2.14%
BENCHMARKS 1
ICE BofAML U.S. 3-Month T-Bill Index 0.08% 0.28% 2.09% 2.36% 1.84%
Performance data quoted represents past performance and is no guarantee of future results. Returns for time periods greater than one year are annualized. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost, and current performance may be lower or higher than the performance quoted. The benchmarks are shown for illustrative purposes only. An investment cannot be made directly in an index.
VIEW PERFORMANCE DISCLOSURE Footnotes 12
1The since-inception total return for each of the benchmarks is calculated from the Fund’s Class I inception date, not the inception date of the benchmark. The indices referenced herein are the exclusive property of each respective index provider and have been licensed for use by FS Investments. The index providers do not guarantee the accuracy and/or completeness of the indices and accept no liability in connection with the use, accuracy, or completeness of the data included therein. Inclusion of the indices in these materials does not imply that the index providers endorse or express any opinion in respect of FS Investments. Visit www.fsinvestments.com/index-disclaimers for more information.
2One cannot invest directly in an index.

Key facts

Ticker FSMSX
Min. initial investment amount 1 $1 million
Share class inception date 5/16/2017
CUSIP 302691209
Liquidity Daily
Net expense ratio (excluding dividend and interest expenses) 2 3 1.50%
Total operating expense ratio (after expense reductions) 3 1.86%
Gross expense ratio 4 3.52%
View key facts disclosure for Footnotes 1234
1Class I Shares minimum initial investment ranges from $2,500 (eligible accounts through certain intermediary institutions) to $1 million. Any minimum initial investment requirement may be waived in the fund's sole discretion.
2The net expense ratio (excluding dividend and interest expenses) does not include dividend expense on short sales of 0.29% and interest, commitment fees and other borrowing costs of 0.07%.
3The net expense ratio (excluding dividend and interest expenses) and total operating expense ratio (after expense reductions) are a percentage of average net assets for the year ended December 31, 2018 and are based on the expense limitation for such period. The expense limitation may be different in future years. The Adviser has entered into an Expense Limitation Agreement with the Fund under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits extraordinary expenses (as determined in the sole discretion of the Adviser) to not more than 0.25 percent of the average daily net assets for the Fund at least until April 30, 2020. The Fund may terminate the Expense Limitation Agreement at any time. The Expense Limitation Agreement permits the Adviser to recoup waived or reimbursed amounts within the three-year period from the date of the waiver after the Adviser bears the expense, provided total expenses, including such recoupment, do not exceed the annual expense limit in effect at the time of such waiver/reimbursement or recoupment.
4The gross expense ratio calculation is a percentage of average net assets for the year ended December 31, 2018.
View risk factors disclosure

An investment in FS Multi-Strategy Alternatives Fund (the "Fund") should be considered a speculative investment that entails substantial risks; you may lose part or all of your investment or your investment may not perform as well as other similar investments. An investment in the Fund should be viewed only as part of an overall investment program. No assurance can be given that the Fund's investment program will be successful. The following is a summary of the principal risks of investing in the Fund. Please refer to the 'Additional Information about the Fund's Additional Risks' section in the Fund's statutory Prospectus for additional information. Some or all of these risks may adversely affect the Fund's NAV, yield, total return and ability to meet its investment objective.

• Arbitrage strategies risk;
• Conflicts of interest risk;
• Convertible securities risk;
• Counterparty risk;
• Credit/default risk;
• Currency risk;
• Custody risk;
• Derivatives risk;
• Equity risk;
• Event-driven trading risk;
• Exchange-traded product risk;
• Foreign investments and emerging markets risk;
• Hedging transactions risk;
• Highly leveraged transactions risk;
• Loans and other direct indebtedness risk;
• Interest rate risk;
• Investment style risk;
• Issuer risk;
• Leverage risk;
• Liquidity risk;
• Market risk;
• Market capitalization risk (small-, mid- and large-cap stocks risk);
• Model and technology risk;
• Mortgage-backed and other asset-backed risk;
• Multi-manager and allocation risk;
• Non-diversification risk;
• Non-investment grade fixed income securities risk;
• Preferred stock risk;
• Prepayments risk;
• Regulatory risk;
• Rule 144A and other exempted securities risk;
• Short sales risk;
• U.S. government securities risk;
• Valuation risk; and
• Volatility risk

As with any fund, there is no guarantee that the Fund will achieve its investment objective.

If you want to learn more, contact us at: Support