0001752724-21-203808.txt : 20210922 0001752724-21-203808.hdr.sgml : 20210922 20210922151548 ACCESSION NUMBER: 0001752724-21-203808 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20210731 FILED AS OF DATE: 20210922 PERIOD START: 20211031 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FS Multi-Alternative Income Fund CENTRAL INDEX KEY: 0001737268 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-23338 FILM NUMBER: 211269440 BUSINESS ADDRESS: STREET 1: 201 ROUSE BOULEVARD CITY: PHILADELPHIA STATE: PA ZIP: 19112 BUSINESS PHONE: (215) 495-1150 MAIL ADDRESS: STREET 1: 201 ROUSE BOULEVARD CITY: PHILADELPHIA STATE: PA ZIP: 19112 NPORT-P 1 primary_doc.xml NPORT-P false 0001737268 XXXXXXXX FS Multi-Alternative Income Fund 811-23338 0001737268 549300NWG5J8Y74QAP64 201 ROUSE BOULEVARD PHILADELPHIA 19112 215-495-1150 FS Multi-Alternative Income Fund 549300NWG5J8Y74QAP64 2021-10-31 2021-07-31 N 9202354.81 178993.41 9023361.40 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 180192.86000000 N J.P. MORGAN U.S. REAL ESTATE N/A J.P. MORGAN U.S. REAL ESTATE 000000000 20593.15600000 NS USD 2121748.55000000 23.51394847157 Long EC US N 1 N N N RREEF Core Plus Industrial Fund N/A RREEF Core Plus Industrial Fund 000000000 15524.56300000 NS USD 2562570.98000000 28.39929452454 Long EC CORP US N 1 N N N BLACKSTONE PROPERTY PARTNERS N/A BLACKSTONE PROPERTY PARTNERS LIMITED PARTNERSHIP 000000000 2908.86600000 NS USD 4246321.28000000 47.05919547897 Long EC CORP US N 1 N N N 2021-08-30 FS Multi-Alternative Income Fund Edward T Gallivan Jr Edward T Gallivan Jr Chief Financial Officer XXXX NPORT-EX 2 NPORT_FREK_9522890976.htm

 

FS Multi-Alternative Income Fund

Unaudited Consolidated Schedule of Investments

As of July 31, 2021

(in thousands, except share amounts)

 

Portfolio Company(a)  Industry  Number of Shares   Cost   Fair
Value(b)		 
 
Real Estate Funds—86.8%                  
Blackstone Property Partners, LP  Real Estate   2,909   $3,975   $4,246 
JPMorgan U.S. Real Estate Core Mezzanine Debt Fund  Real Estate   20,593    2,134    2,122 
RREEF Core Plus Industrial Fund  Real Estate   8,845    1,139    1,463 
Total Real Estate Funds             7,248    7,831 
TOTAL INVESTMENTS—86.8%          $7,248    7,831 
OTHER ASSETS, LESS LIABILITIES—13.2%                1,192 
NET ASSETS—100.0%               $9,023 
                   
Shares outstanding at period end (Class A)                848,659 
Net asset value per common share at period end (Class A)               $2.78 
Shares outstanding at period end (Class I)                2,403,511 
Net asset value per common share at period end (Class I)               $2.77 

 

 

(a)Security may be an obligation of one or more entities affiliated with the named company.

 

(b)Fair value is determined by the board of trustees of FS Multi-Alternative Income Fund (the “Fund”). For information on the Fund’s policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund’s most recent audited consolidated financial statements.

                             

See notes to unaudited consolidated schedule of investments

 

 

 

 

FS Multi-Alternative Income Fund

Notes to Unaudited Consolidated Schedule of Investments

As of July 31, 2021

(in thousands)

 

Investment Portfolio

 

The information contained in this section should be read in conjunction with the Fund’s audited financial statements contained in its annual report for the fiscal year ended October 31, 2020.

 

In general, under the 1940 Act, a Fund would be presumed to “control” a portfolio company if it owned more than 25% of its voting securities or had the power to exercise control over the management or policies of such portfolio company, and would be an “affiliated person” of a portfolio company if it owned 5% or more of its voting securities.

 

As of July 31, 2021, the Fund did not “control” any of its portfolio companies and was not an “affiliated person” of any of its portfolio companies, each as defined in the 1940 Act.

 

Under existing accounting guidance, fair value is defined as the price that the Fund would receive upon selling an investment or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment. This accounting guidance emphasizes that valuation techniques maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Fund. Unobservable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances. The Fund classifies the inputs used to measure these fair values into the following hierarchy as defined by current accounting guidance:

 

Level 1: Inputs that are quoted prices (unadjusted) in active markets for identical assets or liabilities.

 

Level 2: Inputs that are quoted prices for similar assets or liabilities in active markets.

 

Level 3: Inputs that are unobservable for an asset or liability. 

 

In accordance with ASC 820, private real estate funds are measured at estimated net asset value as a practical expedient and not included in the fair value hierarchy.