FS Multi-Strategy Alternatives Fund

FSMMX

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

Manager

Wilshire Associates Incorporated

Underlying managers

Basso Capital Management, L.P.
MidOcean Credit Fund Management, L.P.


Fund information updated 9/22/2017

Daily NAV 1 $10.09
Daily NAV change (%) 0.10%
Daily NAV change ($) $0.01


View Pricing Disclosure For Footnote 1
1The public offering price for Class A Shares of FS Multi-Strategy Alternatives Fund is equal to NAV plus an upfront sales load of up to 5.75% of the public offering price for Class A Shares. Class A Shares are also subject to an annual distribution/shareholder servicing fee at an annual rate of up to 0.25% of the average daily net assets of FS Multi-Strategy Alternatives Fund attributable to Class A Shares. See FS Multi-Strategy Alternatives Fund’s prospectus for additional information regarding applicable fees and expenses.

The 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 877-372-9880.

Key facts

Ticker FSMMX
Min. initial investment 1 $2,500
Net expense ratio 2 3 0.75%
CUSIP 302691100
Liquidity Daily
Gross expense ratio 4 2.75%
Share class inception date 5/16/2017
View key facts disclosure for Footnotes 1234
1Class A Shares minimum initial investment is $2,500. Any minimum initial investment requirement may be waived in the fund’s sole discretion.
2The Adviser has contractually agreed to waive its management fee until the earlier of (i) the date that is one year from the effective date of the fund’s registration statement or (ii) the date on which the gross proceeds that have been received by the fund from investors, in aggregate, exceed $150 million. The Adviser’s contractual management fee, without giving effect to this waiver, is equal to 1.25 percent of the fund’s average daily net assets. This figure assumes that the gross proceeds received by the fund from investors will not exceed $150 million during its first year of operations.
3The calculation is a percentage of net assets for year 1, and is based on the expense limitation in effect for such period. The fund’s actual expense ratio may be different than the estimate listed, and 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 ordinary operating expenses (exclusive of management fees, distribution or servicing fees, interest, taxes, brokerage fees and commissions, dividends and interest paid on short positions, acquired fund fees and expenses and 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 27, 2018. 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 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 calculation is a percentage of net assets for year 1. The fund’s actual expense ratio may be different than the estimate listed.
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—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