FS Real Asset Fund

C000206505 Fund Overview

FS Real Asset Fund is a US mutual fund managed by FS Series Trust, categorised as Money Market. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: FS Series Trust
• Category: Money Market
• Assets under management: $26.78M
• 1-year return: 15.3%
• SEC CIK: 0001691167
• SEC series ID: S000063706
• Share class ID: C000206505

C000206505 Investment Objective and Strategy

FS Real Asset Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by FS Series Trust.

Investment objective

FS Real Asset Fund (the Fund) seeks to provide total returns consisting of capital appreciation and income.

Principal investment strategy

The Fund seeks to achieve its investment objective by actively allocating its assets across a broad spectrum of real asset investments, including instruments providing exposure to such instruments (such as derivative instruments). Real assets include: (i)instruments or companies that derive their value from physical properties such as natural resources (e.g. energy and materials), real estate (e.g. real estate investment trusts or REITs), equipment and industrials (e.g. tools, hardware, machinery and other industrial components), infrastructure (e.g. utilities, transport, communications, pipelines, seaports, airports and toll-roads), commodities (e.g. gas, oil, metals, livestock or agricultural products), and (ii)inflation-indexed securities. Other investments, long and short, may also be utilized for return generation and hedging purposes.

Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowing for investment purposes) in such real asset investments. FS Fund Advisor, LLC (FS or the Adviser) expects to allocate up to 100% of the assets of the Fund among one or more alternative beta providers (Alternative Beta Providers) that offer the Fund exposure to the returns of particular investment strategies (Alternative Beta Strategies). An Alternative Beta Provider is a financial institution that serves as a counterparty to the Fund in a total return swap (or similar instruments or other arrangements) that offers exposure to the returns of a specified underlying asset. In a typical total return swap (or similar instrument) transaction with an Alternative Beta Provider, the Fund agrees to pay a fixed or variable interest rate to the Alternative Beta Provider in exchange for return earned on a specified underlying asset.

Alternative Beta Providers are swap (or similar instrument) counterparties, not sub-advisers. Alternative Beta Providers in particular may offer cost advantages over traditional alternative asset managers. The strategies employed by the use of Alternative Beta Providers are referred to in this Prospectus as Alternative Investment Strategies. In general, Alternative Beta Strategies seek to identify and capitalize upon market inefficiencies and market behavioral biases (or risk premia). Alternative Beta Strategies typically have less correlation to traditional equity and fixed income markets than traditional investment strategies. The Fund generally seeks to obtain exposure to Alternative Investment Strategies in a cost-efficient manner, particularly as compared to private investment vehicles that have historically been used to access alternative investment strategies.

Alternative Beta Strategies may include historical trend (seeking to benefit from the historical tendency of securities with certain characteristics to outperform others), carry and curve, low beta, value and volatility premium and momentum strategies (which emphasize investing in securities that have better recent performance compared to other securities). The Adviser may also manage all or a portion of the Funds assets directly. If the Fund obtains its real asset exposures through futures contracts and other derivatives not requiring significant investments of the Funds cash, the Fund would have free cash available to invest in other assets. The Fund currently expects that those other investments will comprise principally fixed-income investments. See Fixed Income Investments, below. It is possible that the Fund might lose money on both its real asset exposures and on its fixed-income investments.

There is no limit on the amount of the Funds exposures to any one or more specific sectors, and the Fund may at times have significant exposure to a single real asset sector (up to 100% of the Funds non-cash related exposure). The Fund may invest without limit in investments tied to any one or more foreign countries, including emerging market countries, and investments denominated in foreign currencies. The Adviser may seek to invest in a variety of instruments, such as total and excess return swaps (which are contracts in which one party agrees to make periodic payments to another party based on the change in market value of the assets of the underlying contract), futures contracts, options on futures, forward contracts, exchange traded products, including exchange traded funds (ETFs) and exchange traded notes (ETNs), structured notes, common or preferred stocks of subsidiaries of the Fund that invest directly or indirectly in commodities, and other investments intended to provide long or short exposure to one or more commodities.

The Fund expects that many of the instruments in which it will invest will involve leverage. When the Fund utilizes leverage, small changes in the values of the underlying prices may result in significant changes in the values of the Funds investments, and the Fund can lose significantly more than the amount it invests in an instrument, or the margin it supplies to its counterparty on the instrument. Fixed Income Investments. The Fund will normally create its real assets exposures using derivatives that allow the Fund to achieve those exposures without significant payments of cash. As a result, the Fund expects to have available to it cash assets to invest in securities or other instruments. The Fund may invest directly in debt instruments; alternatively, the Adviser may choose to invest all or a portion of the Funds assets in one or more fixed income funds.

Fixed income investments in which the Fund may invest, may include, by way of example, (i)securities or other income-producing instruments issued or guaranteed by the U.S. Government, its agencies, instrumentalities or sponsored corporations (including inflation-protected securities); (ii) other investment companies that invest principally in debt securities; (iii)short-term investments, such as commercial paper, repurchase agreements and money market funds; or (iv)various types of loans, including those that are part of highly leveraged transactions. Under normal circumstances, the Funds portfolio of fixed income investments is expected to include primarily fixed income and other income-producing instruments rated investment grade and unrated securities considered by the Adviser to be of comparable credit quality.

The Fund may, however, invest up to 20% of its total assets in fixed income and other income-producing instruments rated below investment grade (known as junk bonds) and those that are unrated but determined by the Adviser to be of comparable credit quality. The Fund may pursue its investment objective and obtain exposures to some or all of the asset classes described in this Prospectus by investing in other investment companies, including, for example, other open-end or closed-end investment companies, ETFs, and domestic or foreign private investment vehicles, including investment companies sponsored or managed by the Adviser or its related parties. The Fund may also invest in privately placed and other securities or instruments exempt from Securities and Exchange Commission (SEC) registration (collectively, private placements).

The Fund may make investments through one or more offshore, wholly-owned subsidiaries (each, a Subsidiary and collectively, the Subsidiaries) and may invest up to 25% of its total assets in the Subsidiaries. Generally, each Subsidiary will invest primarily in commodity futures, forwards and swaps, but it may also invest in financial futures, option and swap contracts, fixed income securities, pooled investment vehicles, including those that are not registered pursuant to the 1940 Act, and other investments intended to serve as margin or collateral for the Subsidiarys derivative positions. The Fund will invest in each Subsidiary in order to gain exposure to the commodities markets within the limitations of the federal tax laws, rules and regulations that apply to registered investment companies.

Unlike the Fund, each Subsidiary may invest without limitation in commodity-linked derivative instruments, however, each Subsidiary will comply with the same 1940 Act asset coverage requirements with respect to its investments in commodity-linked derivatives that are applicable to the Funds transactions in derivatives. In addition, the Fund and each Subsidiary will be subject to the same fundamental investment restrictions on a consolidated basis and, to the extent applicable to the investment activities of each Subsidiary, each Subsidiary will follow the same compliance policies and procedures as the Fund. Unlike the Fund, each Subsidiary will not seek to qualify as a regulated investment company (RIC) under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). The Fund is the sole shareholder of each Subsidiary and does not expect shares of a Subsidiary to be offered or sold to other investors.

The Fund may engage in short sales, either to earn additional return or to hedge existing investments. The Fund may enter into derivatives transactions of any kind for hedging purposes or otherwise to gain, or reduce, long or short exposure to one or more asset classes or issuers. A derivative is a financial contract whose value depends on changes in the value of one or more underlying assets, reference rates, or indexes. These instruments include, among others, options, futures contracts, forward currency contracts, swap agreements and similar instruments. The Fund may use derivatives transactions with the purpose or effect of creating investment leverage. Although the Fund reserves the right to invest in derivatives of any kind, it currently expects that it may use the following types of derivatives: futures contracts and options on futures contracts, in order to gain efficient long or short investment exposures as an alternative to cash investments or to hedge against portfolio exposures; interest rate swaps, to gain indirect long or short exposures to interest rates, issuers, or currencies, or to hedge against portfolio exposures; and total and excess return swaps and credit derivatives (such as credit default swaps), put and call options, and exchange-traded and structured notes, to take indirect long or short positions on indexes, commodities, securities, currencies, or other indicators of value.

Any use of derivatives strategies entails the risks of investing directly in the securities or instruments underlying the derivatives strategies, as well as the risks of using derivatives generally, and in some cases the risks of leverage, described in this Prospectus and in the Funds Statement of Additional Information. The Fund may allocate up to 100% of its assets to one or more commodities, specific asset classes or market sectors. The Fund may invest without limit in obligations of issuers in any country or group of countries, including emerging market countries. The amount of the Funds investment in a particular asset class, or the types of investments it may make in a particular asset class, may be limited by tax considerations or limitations imposed by applicable law. The Adviser may engage in active and frequent trading of the Funds portfolio investments.

To the extent that it does so, the Fund may incur greater transaction costs and may make greater distributions of income and gains, which will be taxable to shareholders who do not hold their shares through a tax-advantaged or tax-deferred account. Any percentage limitation and requirement as to investments will apply only at the time of an investment to which the limitation or requirement is applicable and shall not be considered violated unless an excess or deficiency occurs or exists immediately after and as a result of such investment.

C000206505 Performance

Total returns for C000206505 (as of 2026-10-01), from SEC filings.

C000206505 Risk Information

Risk metrics for C000206505, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 7.2%

C000206505 Costs and Fees

C000206505 costs about $165 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.65%
• Gross expense ratio: 12.36%
• Portfolio turnover: 0%
• Brokerage commissions: 38.89 bps of average net assets (SEC N-CEN)

C000206505 Cashflows

Over the 12 months to 2022-03, FS Real Asset Fund had net inflows of $23.06M, from monthly SEC N-PORT filings.

C000206505 Debt Constituents

No individual debt constituents are reported in FS Real Asset Fund's latest SEC N-PORT filing.

C000206505 Prospectus and SEC Filings

Official FS Real Asset Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2020-05-21
• Prospectus (485BPOS) — filed 2019-05-21
• Prospectus supplement (497) — filed 2021-05-12
• Portfolio holdings (N-PORT) — filed 2022-05-27
• Portfolio holdings (N-PORT) — filed 2022-02-24
• Portfolio holdings (N-PORT) — filed 2021-11-29
• Annual census (N-CEN) — filed 2022-03-16
• Annual census (N-CEN) — filed 2021-03-16

Related Funds

Other Money Market funds tracked on ABC INVEST:

• Emerald Growth Fund (HSPCX)
• Barings Active Short Duration Bond Fund (BXDIX)
• IVA Worldwide Fund (IVWAX)
• Stadion Tactical Growth Fund (ETFDX)
• BBH Partner Fund - Select Short Term Assets (BBSTX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.