FSEYX — FS Energy Total Return Fund

FSEYX Fund Overview

FSEYX — FS Energy Total Return Fund is a US mutual fund managed by FS Series Trust, categorised as Commodity. 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: Commodity
• Assets under management: $19.40M
• Ticker: FSEYX
• SEC CIK: 0001691167
• SEC series ID: S000067804
• Share class ID: C000217533

FSEYX Investment Objective and Strategy

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

Investment objective

FS Energy Total Return Fund (the Fund) seeks to generate an attractive total return consisting of current income and capital appreciation by investing primarily in the equity and debt securities of Natural Resource/Infrastructure Companies (as hereinafter defined).

Principal investment strategy

The Fund offers investors the opportunity to participate in equity and credit investments in Natural Resource/Infrastructure Companies. Natural Resource/Infrastructure Companies are those issuers and businesses that are involved in the development of energy infrastructure and the acquisition, exploration, production, mining, processing, fractionating, refining, transportation, trans-loading, storage, servicing or marketing of natural resources, including, but not limited to, crude oil, refined products, petrochemicals, natural gas, natural gas liquids, coal and metals. In addition, Natural Resource/Infrastructure Companies include power, as well as renewable energy sources, including the related components and infrastructure needed to bring power and renewable energy sources to market. Related components refers to the broader energy ecosystem associated with the production and manufacturing of power and renewable energy, including, but not limited to, solar panels, transmission and distribution lines and batteries.

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its total assets in Natural Resource/Infrastructure Companies. The Fund intends to invest primarily in the equity and debt securities of Natural Resource/Infrastructure Companies, including, but not limited to, (i) publicly traded corporations, (ii) publicly traded partnerships (including master limited partnerships (MLPs) and general partnerships (GPs)), (iii) publicly traded limited liability companies that are classified as corporations for U.S. federal income tax purposes, (iv) private partnerships, MLPs, limited liability companies and corporations, and (v) royalty trusts. Investments that the Fund may hold or have exposure to may include equity, preferred equity, rights or other equity securities, debt and convertible securities, mineral rights, mineral interests and derivatives of such instruments; special purpose vehicles formed for the purpose of facilitating indirect investment in any of the above instruments or investments; exchange-traded funds (ETFs), exchange-traded notes (ETNs), cash or cash equivalents, short term government or public securities; and any other securities or interests that are consistent with the investment objective and portfolio guidelines of the Fund.

Certain portfolio companies in which the Fund invests may have exposure to the commodities markets. The Fund may invest in below-investment grade securities. The Funds investments in below-investment grade securities (securities rated Ba/BB or below by Moodys Investors Services, Inc. (Moodys), Standard & Poors Ratings Group (S&P) or Fitch IBCA, Inc. (Fitch) and those deemed to be of similar quality are considered speculative with respect to the issuers capacity to pay interest and repay principal and are commonly referred to as junk or high-yield securities. The Adviser is responsible for developing a continual investment program for the Fund and has delegated investment discretion to Magnetar Asset Management LLC (Magnetar or the Sub-Adviser) to execute on the Funds strategy within investment guidelines developed by the Adviser and the Sub-Adviser.

Magnetars investment professionals have extensive experience investing in the securities of companies operating in the Natural Resource/Infrastructure sector and employ a rigorous bottom up and top down risk assessment to identify, evaluate, underwrite, monitor and exit all investment opportunities on behalf of the Fund. Magnetars overall approach to the underwriting process is to target those opportunities with attractive total return profiles and involves team-wide collaboration at each step of the investment process to promote continuous idea sharing and thesis validation. Magnetars scale and energy and infrastructure sector expertise also provide access to an established platform for evaluating investments, managing risk and focusing on opportunities it believes have the potential to generate superior investment returns.

The Fund has adopted the following non-fundamental investment policies: Under normal market conditions, the Fund intends to invest primarily in securities of publicly traded issuers and securities eligible for resale to qualified institutional buyers as contemplated by Rule 144A under the Securities Act of 1933, as amended (the 1933 Act), for which a liquid market has developed, as determined pursuant to procedures adopted by the Board of Trustees (the Board) of FS Series Trust (the Trust). ? The Fund may also invest in securities of U.S. and non-U.S. issuers that are holding companies that indirectly own, hold or control securities of Natural Resource/Infrastructure Companies but which themselves are not Natural Resource/Infrastructure Companies. ? The Fund may hold both long and short positions in securities and other assets consistent with its investment objective and policies.

? The Fund may invest up to 15% of its total assets in any single issuer. ? To comply with the requirements applicable to regulated investment companies under the Internal Revenue Code of 1986, as amended (the Code), the Fund will limit its investment in MLPs to no more than 25% of its total assets. ? The Fund may also invest up to 20% of its total assets in securities of U.S. and non-U.S. issuers that may not be considered Natural Resource/Infrastructure Companies. ? The Fund may invest without limitation in securities of U.S. issuers and non-U.S. issuers located in countries throughout the world, including in developed and emerging markets. Foreign securities in which the Fund may invest may be U.S. dollar-denominated or non-U.S. dollar-denominated. The Fund may invest in securities within a broad market capitalization range.

The Fund will generally invest in securities with market capitalization of over $1 billion. The Fund may also engage in short sales of securities. The Fund will not make a short sale if, after giving effect to such sale, the market value of all securities sold short exceeds 25% of the value of its Managed Assets or the Funds aggregate short sales of a particular class of securities exceeds 25% of the outstanding securities of that class. Managed Assets means the total assets of the Fund (including any assets attributable to money borrowed for investment purposes) minus the sum of the Funds accrued liabilities (other than money borrowed for investment purposes). The Fund may make short sales against the box without respect to such limitations. In this type of short sale, at the time of the sale, the Fund owns or has the immediate and unconditional right to acquire at no additional cost the identical security.

The Fund is considered non-diversified, which means that the percentage of its assets that may be invested in the securities of a single issuer is not limited by the Investment Company Act of 1940, as amended (the 1940 Act).

FSEYX Costs and Fees

FSEYX costs about $125 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.25%
• Gross expense ratio: 2.35%
• Portfolio turnover: 135%
• Brokerage commissions: 5.84 bps of average net assets (SEC N-CEN)

FSEYX Cashflows

Over the 12 months to 2020-10, FS Energy Total Return Fund had net outflows of $9.94M, from monthly SEC N-PORT filings.

FSEYX Debt Constituents

No individual debt constituents are reported in FS Energy Total Return Fund's latest SEC N-PORT filing.

FSEYX Prospectus and SEC Filings

Official FS Energy Total Return Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus supplement (497) — filed 2020-05-21
• Portfolio holdings (N-PORT) — filed 2020-12-07
• Portfolio holdings (N-PORT) — filed 2020-10-05
• Annual census (N-CEN) — filed 2021-01-14

Related Funds

Other Commodity funds tracked on ABC INVEST:

• VanEck Vectors Gold Miners ETF (GDX)
• VanEck Vectors Junior Gold Miners ETF (GDXJ)
• Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC)
• PIMCO CommoditiesPLUS Strategy Fund (PCLAX)
• First Eagle Gold Fund (SGGDX)

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.