# FS Multi-Strategy Alternatives Fund

FS Multi-Strategy Alternatives Fund is a registered fund series of ADVISORS' INNER CIRCLE III (series S000075444). Net assets $1.5B as of 2026-03-31.

## Profile

- Series ID: S000075444
- Registrant: ADVISORS' INNER CIRCLE III
- LEI: 549300E0668BUMX3FG88
- Net assets: $1.5B
- Total assets: $7.1B
- As of: 2026-03-31

## Advisers

- [Mariner Investment Group, LLC (Subadvisor)](https://search.stillhousedata.com/firm/124744)
- [Waterfall Asset Management, LLC (Subadvisor)](https://search.stillhousedata.com/firm/137746)
- [MidOcean Credit Fund Management LP (Subadvisor)](https://search.stillhousedata.com/firm/151578)
- [Magnetar Asset Management, LLC (Subadvisor)](https://search.stillhousedata.com/firm/285287)
- [FS Fund Advisor, LLC (Advisor)](https://search.stillhousedata.com/firm/286673)
- [Wilshire Associates Incorporated (Subadvisor)](https://search.stillhousedata.com/firm/6210)

## Top holdings (200 reported)

_Showing 15 of 200 holdings by value._

| Holding | Ticker | Value | % of fund |
| --- | --- | --- | --- |
| [Federal National Mortgage Association](https://search.stillhousedata.com/security/01F052649) | — | $1.4B | 9658.52% |
| [Federal National Mortgage Association](https://search.stillhousedata.com/security/01F052649) | — | $1.4B | 9658.52% |
| [Federal National Mortgage Association](https://search.stillhousedata.com/security/01F050650) | — | $400.7M | 2687.66% |
| [Federal National Mortgage Association](https://search.stillhousedata.com/security/01F050650) | — | $400.7M | 2687.66% |
| [BARCLAYS BANK PLC](https://search.stillhousedata.com/security/DC6516678) | — | $159.5M | 1069.70% |
| [BARCLAYS BANK PLC](https://search.stillhousedata.com/security/DC6516678) | — | $159.5M | 1069.70% |
| S&P 500 ANNL DIV  DEC27 PHYSICAL INDEX FUTURE. | SDAZ27 | $57.4M | 385.08% |
| S&P 500 ANNL DIV  DEC27 PHYSICAL INDEX FUTURE. | SDAZ27 | $57.4M | 385.08% |
| [BARCLAYS BANK PLC](https://search.stillhousedata.com/security/DC6516686) | — | $37.5M | 251.84% |
| [BARCLAYS BANK PLC](https://search.stillhousedata.com/security/DC6516686) | — | $37.5M | 251.84% |
| [BARCLAYS BANK PLC](https://search.stillhousedata.com/security/DC6516694) | — | $34.2M | 229.48% |
| [BARCLAYS BANK PLC](https://search.stillhousedata.com/security/DC6516694) | — | $34.2M | 229.48% |
| BLCKRCK CASH-TRSRY-INST MONEY MARKET | — | $30.1M | 201.56% |
| BLCKRCK CASH-TRSRY-INST MONEY MARKET | — | $30.1M | 201.56% |
| MORGAN STANLEY COLLATERAL BALANCE FS FUNDS | — | $26.0M | 174.65% |

## Net asset history

| Report date | Net assets |
| --- | --- |
| 2026-03-31 | $1.5B |
| 2025-12-31 | $1.6B |
| 2025-09-30 | $1.7B |
| 2025-06-30 | $1.8B |
| 2025-03-31 | $1.9B |
| 2024-12-31 | $2.0B |
| 2024-09-30 | $2.0B |
| 2024-06-30 | $1.8B |

## More

- [Registrant: ADVISORS' INNER CIRCLE III](https://search.stillhousedata.com/registrant/1593547)
- [This page as markdown (for LLM agents)](https://search.stillhousedata.com/fund/S000075444.md)
- [Search all SEC filings, advisers and people on Adviser Search](https://search.stillhousedata.com/)

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Source: public SEC filing data via Adviser Search (https://search.stillhousedata.com).
Agents: this data is also queryable via MCP tools and read-only SQL — see https://search.stillhousedata.com/llms.txt.