FSMSX

ActiveMin. $1M

FS Multi-Strategy Alternatives Fund

Category: US Bond (5,386 funds)

Expense Ratio

1.74%

Annual Cost per $10K

$174.00

30-Year Fee Drag per $10K

$29,575

at 7% annual return

Fund Type

Mutual Fund

Active · Min: $1M

Trailing 12-Month

+4.52%

Asset Allocation

US Bond

91%

Intl Bond

11%

Fee Comparison

FSMSX

1.74%

US Bond average

0.76%

US Bond cheapest

ABIMX

0.00%

Index benchmark

0.03%

129% more expensive than category average

Historical Returns

Monthly total returns (dividends reinvested) from SEC N-PORT filings · As of December 2025 · Updated quarterly

+18.11%3Y

Compare to

Fee Impact Calculator

Investment

Years

Annual Return

FSMSX at 1.74%$232,740

At index rates (0.03%)$377,424

Zero fees (theoretical)$380,613

Total fee drag$147,873

Cost vs index fund−$144,684

Similar Funds (100)

Ranked by allocation similarity weighted by fund size · Returns (dividends reinvested) from SEC N-PORT filings · As of December 2025

Ticker	Name	ER	1yr	3yr	5yr
FSMSX	FS Multi-Strategy Alternatives Fund	1.74%	+4.52%	+5.71%	—
VBTSX	VANGUARD TOTAL BOND MARKET INDEX FUND	—	—	—	—
JCBPX	JPMorgan Core Bond Fund	1.33%	+3.25%	+3.03%	-0.39%
QCBMFX	College Retirement Equities Fund - Core Bond Account	—	+5.65%	+6.14%	—
VBLTX	VANGUARD LONG-TERM BOND INDEX FUND	—	—	—	—
ABNDX	Bond Fund of America	1.04%	+5.29%	+4.96%	-0.25%
ANGLX	Angel Oak Multi-Strategy Income Fund	1.64%	+6.97%	+6.21%	+2.16%
FBKWX	Fidelity Total Bond Fund	0.75%	+3.99%	+4.27%	+0.57%
DOXIX	Dodge & Cox Income Fund	0.33%	+6.08%	+6.94%	—
FSMMX	FS Multi-Strategy Alternatives Fund	1.99%	-43.71%	-43.22%	—
BAGSX	Baird Aggregate Bond Fund	0.55%	+5.24%	+5.74%	-0.32%
UINCX	Victory Income Fund	0.84%	+5.93%	+6.54%	+0.81%
VBISX	VANGUARD SHORT-TERM BOND INDEX FUND	0.15%	+5.29%	+4.92%	+1.31%
JBFRX	Bond Fund	0.46%	+3.37%	+3.61%	-0.09%
JCPPX	JPMorgan Core Plus Bond Fund	1.14%	+3.47%	+3.44%	-0.03%
PARRX	PIMCO Real Return Fund	0.75%	+6.06%	+4.64%	+1.53%
FBNDX	Fidelity Investment Grade Bond Fund	0.75%	+3.44%	+3.44%	-0.20%
VBIIX	VANGUARD INTERMEDIATE-TERM BOND INDEX FUND	0.15%	+6.24%	+5.71%	-0.31%
TBIIX	Nuveen Bond Index Fund	0.32%	+4.99%	+5.23%	-0.51%
FFRAX	Fidelity Advisor Floating Rate High Income Fund	0.73%	-5.49%	-16.23%	-20.26%
CCBFX	Capital Group Central Corporate Bond Fund	—	+3.73%	+4.53%	—
NHCCX	Nuveen High Yield Municipal Bond Fund	1.80%	+0.69%	+4.93%	+0.99%
IIBAX	VOYA INTERMEDIATE BOND FUND	1.43%	+5.27%	+6.06%	-0.11%
PCRRX	PIMCO CommodityRealReturn Strategy Fund	1.25%	+13.60%	+2.93%	+11.89%
GIBRX	Guggenheim Total Return Bond Fund	0.49%	+6.52%	+7.11%	+0.66%
RITBX	American High Income Trust	1.42%	+7.42%	+9.40%	+5.96%
FZICX	Fidelity Intermediate Municipal Income Fund	1.41%	-0.91%	-5.47%	-9.55%
FBND	Fidelity Total Bond ETF	0.36%	+3.85%	+4.04%	+0.36%
QCILFX	College Retirement Equities Fund - Inflation-Linked Bond Account	—	+6.04%	+5.09%	—
GAKPX	Goldman Sachs Core Fixed Income Fund	1.46%	+5.52%	+5.82%	-0.33%
HYLS	First Trust Tactical High Yield ETF	1.05%	+7.61%	+8.57%	+3.96%
AHICX	American High-Income Municipal Bond Fund	1.36%	+3.26%	+6.98%	+2.01%
DDLDX	DoubleLine Low Duration Bond Fund	0.70%	+5.59%	+6.23%	+3.15%
GGLPX	Goldman Sachs High Yield Municipal Fund	1.59%	+1.33%	+6.75%	+1.93%
TRVZX	T. Rowe Price New Income Fund, Inc.	0.32%	+3.45%	+2.95%	-0.33%
TLIBX	American Funds Inflation Linked Bond Fund	0.70%	+5.10%	+1.39%	+0.61%
JGCGX	JPMorgan Income Fund	0.39%	+6.58%	+5.52%	+2.95%
VPVRRDV	PIMCO Real Return Portfolio	1.07%	+5.98%	+4.60%	+1.60%
BICAX	Sterling Capital Total Return Bond Fund	0.70%	-17.52%	-5.29%	-6.49%
VWESX	VANGUARD LONG-TERM INVESTMENT-GRADE FUND	0.21%	+5.20%	+7.18%	-2.69%
LIGRX	Loomis Sayles Investment Grade Bond Fund	0.74%	+5.16%	+6.18%	+1.27%
MHYSX	NYLI MacKay High Yield Corporate Bond Fund	0.56%	+6.61%	+8.80%	+5.29%
WACSX	Western Asset Core Bond Fund	0.42%	+5.84%	+5.74%	-1.05%
JAFLX	Janus Henderson Flexible Bond Portfolio$1M min	0.82%	+5.60%	+5.10%	-0.20%
JAGBX	Select Bond Trust	0.60%	+5.68%	+5.87%	-0.15%
BIMSX	Baird Intermediate Bond Fund	0.55%	+5.68%	+5.54%	+0.81%
MBFAX	Allspring Core Bond Fund	0.65%	+6.07%	+5.62%	+2.12%
UCON	First Trust Smith Unconstrained Bond ETF	0.86%	+5.27%	+5.57%	+2.96%
FRFTX	Franklin Federal Tax-Free Income Fund	1.19%	+2.69%	+5.71%	+0.66%
MKTBX	NYLI MacKay Tax Free Bond Fund	1.03%	+1.50%	-0.49%	+0.25%
PLIAX	Aristotle Core Income Fund	0.85%	+5.24%	—	—
MWCPX	TCW METWEST UNCONSTRAINED BOND FUND	0.89%	+7.44%	+7.78%	+3.02%
IORHX	Invesco Rochester Municipal Opportunities Fund	1.17%	-2.67%	+2.61%	+1.19%
NMBAX	Nuveen Intermediate Duration Municipal Bond Fund	1.44%	+3.53%	+4.84%	+1.19%
VVBVX	Venerable Strategic Bond Fund	0.80%	+4.98%	—	—
BOND	PIMCO Active Bond Exchange-Traded Fund	0.54%	+6.39%	+6.50%	+0.19%
PLFLX	Aristotle Floating Rate Income Fund	1.05%	+6.56%	—	—
JADFX	Janus Henderson Flexible Bond Fund	0.83%	+5.24%	+4.84%	-0.52%
MMHAX	NYLI MacKay High Yield Muni Bond Fund	0.85%	+2.66%	+7.74%	+2.12%
DDCFX	DoubleLine Core Fixed Income Fund	0.50%	+5.99%	+6.30%	+0.72%
SEATX	TAX-ADVANTAGED INCOME FUND	1.08%	-1.38%	+2.96%	+1.37%
FIXD	First Trust Smith Opportunistic Fixed Income ETF	0.65%	+2.83%	+2.67%	-1.00%
ACTFX	Invesco High Yield Municipal Fund	1.13%	-2.99%	+0.94%	-0.03%
SRLN	SPDR Blackstone Senior Loan ETF	0.70%	+7.34%	+8.84%	+5.70%
TOTL	SPDR DoubleLine Total Return Tactical ETF	0.55%	+5.91%	+6.13%	+0.51%
AIMCX	Diversified Municipal Portfolio	1.44%	+2.73%	+3.65%	+0.62%
TSRRX	Thornburg Strategic Income Fund	0.60%	+6.42%	+7.00%	+3.44%
BKLN	Invesco Senior Loan ETF	0.65%	+7.19%	+8.20%	+5.50%
MCFVX	Mercer Core Fixed Income Fund	0.64%	—	—	—
AHLAX	American Beacon AHL Managed Futures Strategy Fund	1.85%	-0.28%	-3.04%	+4.92%
BFCAX	American Funds Corporate Bond Fund	1.48%	+2.89%	+3.82%	-0.85%
RTECX	Tax-Exempt Bond Fund	1.51%	+2.94%	+4.27%	+0.59%
SCOAX	SIIT CORE FIXED INCOME FUND	0.37%	+3.26%	+3.37%	-0.51%
FAJEX	Frost Total Return Bond Fund	0.46%	-22.51%	-20.95%	-23.31%
SMAMX	ALPS \| Smith Total Return Bond Fund	0.89%	-19.26%	-19.45%	-23.51%
TRKZX	T. Rowe Price High Yield Fund, Inc.	0.60%	+8.32%	+9.55%	+5.47%
THRLX	Thornburg Limited Term Income Fund	0.42%	+6.02%	+6.47%	+1.99%
GILDX	Guggenheim Limited Duration Fund	0.75%	+5.61%	+6.62%	+2.73%
FAFJX	Nuveen Limited Term Municipal Bond Fund	1.43%	+3.17%	+3.09%	+0.64%
MXBIX	Empower Bond Index Fund	0.50%	+4.67%	+4.26%	-1.27%
thopx	Thompson Bond Fund	0.74%	+8.43%	+7.09%	+5.01%
VCFAX	VOYA SECURITIZED CREDIT FUND	1.00%	+7.34%	+7.64%	+4.11%
MMHBX	MFS Municipal High Income Fund	1.36%	+2.34%	+6.43%	+1.27%
TCTRX	Nuveen Short Term Bond Fund	0.62%	+5.23%	+5.27%	+2.34%
FAAWX	Nuveen All-American Municipal Bond Fund	1.62%	+2.30%	+5.42%	+0.28%
MXEWX	Empower Core Strategies: Flexible Bond Fund	0.80%	+6.46%	+3.01%	—
DDCPX	Doubleline Shiller Enhanced CAPE	0.49%	+10.92%	+15.63%	+12.01%
ECHMX	Eaton Vance National Municipal Income Fund	1.46%	+0.42%	+4.46%	+0.04%
NVHAX	Nuveen Short Duration High Yield Municipal Bond Fund	1.06%	+2.56%	+4.96%	+3.30%
UASBX	Victory Short-Term Bond Fund	0.47%	+5.45%	+6.10%	+3.14%
MCIFX	Miller Convertible Bond Fund	1.02%	+3.33%	+5.14%	+2.78%
ICMUX	Intrepid Income Fund$1M min	1.01%	+8.99%	+10.04%	+8.22%
DCFZX	Destinations Core Fixed Income Fund	0.84%	+3.02%	+3.16%	-0.52%
ABYAX	Abbey Capital Futures Strategy Fund	1.79%	-4.08%	-2.92%	+2.90%
LFMAX	LoCorr Macro Strategies Fund	2.13%	+4.18%	-1.29%	+4.08%
LCROX	Lord Abbett Core Fixed Income Fund	0.30%	+3.62%	+3.40%	-0.19%
NSTCX	Neuberger Berman Strategic Income Fund	1.70%	+7.93%	+8.19%	+3.07%
PYMAX	PIMCO High Yield Municipal Bond Fund	0.86%	+1.56%	+6.57%	+1.89%
PBFRX	Victory Pioneer Bond Fund	1.11%	—	—	—
SLDAX	SIIT LONG DURATION CREDIT BOND FUND	0.37%	+0.07%	+1.83%	-3.56%
UIITX	Victory Core Plus Intermediate Bond Fund	0.41%	+6.60%	+6.79%	+1.37%

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