FS Credit Opportunities (FSCO) NPORT-P FS Global Credit Opportunities Fund (Sep 2020 report)

FS Global Credit Opportunities Fund

Unaudited Consolidated Schedule of Investments

As of September 30, 2020

(in thousands, except share and per share amounts)

Portfolio Company(a)	Footnotes	Industry		Rate(b)	Floor(b)	Maturity		Principal Amount(c)		Amortized Cost		Fair Value(d)
Senior Secured Loans—First Lien—58.2%
Advisor Group Holdings, Inc.	(e)(f)	Diversified Financials		L+500			7/31/26	$	35,110	$	31,611	$	34,101
Aimmune Therapeutics, Inc.	(r)	Pharmaceuticals, Biotechnology & Life Sciences		L+750	1.0%		1/3/25		11,824		11,786		12,223
Apex Tool Group, LLC		Capital Goods		L+525	1.3%		8/31/24		14,344		13,059		13,637
Ascena Retail Group, Inc.		Retailing		L+1175	1.0%		3/16/21		15,027		15,027		20,362
Ascena Retail Group, Inc.	(e)(i)(p)	Retailing		L+450	0.8%		8/21/22		42,940		27,259		17,570
Aspect Software, Inc.	(g)(r)(t)	Software & Services		L+500	1.0%		7/15/23		1,743		1,743		1,743
Aveanna Healthcare LLC		Health Care Equipment & Services		L+625	1.0%		3/18/24		7,500		7,351		7,341
Aveanna Healthcare LLC	(e)	Health Care Equipment & Services		L+425	1.0%		3/18/24		14,702		11,953		13,927
Belk, Inc.	(e)	Retailing		L+675	1.0%		7/31/25		5,838		4,462		2,251
BusPatrol LLC	(r)	Commercial & Professional Services		L+1250	1.0%		9/24/24		4,147		4,105		4,061
BusPatrol LLC	(g)(r)	Commercial & Professional Services		L+1250	1.0%		9/24/24		4,453		4,409		4,361
Carnival Corp.		Consumer Services		L+750			6/26/25		21,945		21,561		22,305
CCS-CMGC Holdings, Inc.	(e)	Health Care Equipment & Services		L+550			10/1/25		24,622		24,147		23,026
Chinos Intermediate 2 LLC		Retailing		L+1000	1.0%		9/10/27		26,355		26,878		26,965
CITGO Holding, Inc.	(e)	Energy		L+700	1.0%		8/1/23		11,379		11,304		10,728
CITGO Petroleum Corp.	(e)(f)	Energy	��	L+500	1.0%		3/28/24		34,421		34,167		32,786
Corral Petroleum Sweden AB	(r)	Energy		L+925			5/24/24		35,000		34,929		33,950
Cresco Labs, Inc.	(r)	Pharmaceuticals, Biotechnology & Life Sciences		12.7%			7/30/21		30,000		29,622		30,000
Diamond Resorts International, Inc.	(e)	Consumer Services		L+375	1.0%		9/2/23		8,567		8,433		7,669
Fairway Group Acquisition Co.	(g)(r)	Food & Staples Retailing		10.0%			10/23/20		550		550		550
Fairway Group Acquisition Co.	(i)(p)(r)(t)	Food & Staples Retailing		10.0%			11/27/23		5,658		4,193		—
Fairway Group Acquisition Co.	(i)(p)(r)(t)	Food & Staples Retailing		12.0%			11/27/23		9,162		8,387		722
Gigamon, Inc.	(e)(f)	Software & Services		L+425	1.0%		12/27/24		10,404		10,335		10,274
JC Penney Corp., Inc.	(e)	Retailing		L+1175	1.3%		11/15/20		1,596		1,596		2,043
JC Penney Corp., Inc.	(e)(i)(p)	Retailing		L+425	1.0%		6/23/23		6,338		6,120		2,034
Kindred Healthcare, Inc.	(e)	Health Care Equipment & Services		L+500			7/2/25		21,833		21,318		21,614
Kronos Acquisition Holdings Inc.	(e)	Household & Personal Products		L+400			5/15/23		14,820		14,260		14,764
LifeScan Global Corp.	(e)	Health Care Equipment & Services		L+600			10/1/24		58,415		55,333		55,436
Limbach Facility Services, LLC	(r)	Capital Goods		L+1100	2.0%		4/12/23		15,385		15,385		15,769
Limbach Facility Services, LLC	(g)(r)	Capital Goods		L+1100	2.0%		4/12/23		9,615		9,615		9,856

See notes to unaudited consolidated schedule of investments.

1

FS Global Credit Opportunities Fund

Unaudited Consolidated Schedule of Investments (continued)

As of September 30, 2020

(in thousands, except share and per share amounts)

Portfolio Company(a)	Footnotes	Industry		Rate(b)	Floor(b)	Maturity	Principal Amount(c)		Amortized Cost			Fair Value(d)
Mavenir Systems, Inc.	(e)	Software & Services		L+600	1.0%	5/8/25	$	26,393	$	26,005		$	26,326
MLN US Holdco LLC		Telecommunication Services		L+450		11/30/25		24,668		19,023			21,199
Monitronics International, Inc.	(e)	Consumer Services		L+650	1.3%	3/29/24		57,233		53,855			43,497
Monitronics International, Inc.	(e)	Consumer Services		L+500	1.5%	7/3/24		27,716		27,782			27,040
Neovia Logistics, LP	(e)	Transportation		L+650		5/8/24		35,000		34,186			30,304
Owens & Minor Distribution, Inc.	(f)(g)	Health Care Equipment & Services		L+425		7/27/22		41,294		36,374			38,610
Peninsula Pacific Entertainment, LLC		Consumer Services		L+725		11/13/24		10,567		10,534			9,695
Pioneer Energy Services Corp.	(n)(r)	Energy	��	L+950	1.5%	5/15/25		7,404		7,404			7,506
Playa Resorts Holding B.V.		Consumer Services		L+275	1.0%	4/29/24		11,280		9,451			9,968
Playtika Holding Corp.	(e)	Consumer Services		L+600	1.0%	12/10/24		24,063		23,646			24,129
Propulsion Acquisition, LLC	(r)	Capital Goods		L+600	1.0%	7/13/21		15,733		15,516			15,242
Quorum Health Corp.	(e)	Health Care Equipment & Services		L+825	1.0%	4/29/25		39,036		38,375			36,564
RDV Resources Properties, LLC	(r)	Energy		L+650	1.0%	3/30/24		7,362		7,362			7,362
RentPath, LLC		Media		L+700	1.0%	11/30/20		109		108			101
RentPath, LLC	(i)(p)	Media		L+475	1.0%	12/17/21		987		868			719
Salt Creek Aggregator HoldCo, LLC	(r)	Energy		8.0% PIK (8.0% Max PIK)		7/12/26		14,826		15,037			15,715
Spectacle Gary Holdings, LLC	(g)	Consumer Services		L+900	2.0%	12/23/25		1,419		1,381			1,351
Spectacle Gary Holdings, LLC	(e)	Consumer Services		L+900	2.0%	12/23/25		19,581		19,048			18,645
Staples Canada, ULC	(r)	Retailing		L+700	1.0%	9/12/24	C$	20,202		16,126			14,726
Sungard AS New Holdings III, LLC	(r)(t)	Software & Services		L+750	1.0%	2/3/22	$	4,000		3,935			4,140
Sungard AS New Holdings III, LLC	(g)(r)(t)	Software & Services		L+750	1.0%	2/3/22		2,127		2,093			2,202
Surgery Center Holdings, Inc.		Health Care Equipment & Services		L+800	1.0%	8/31/24		497		488			505
Trico Group, LLC	(e)	Automobiles & Components		L+750	1.0%	2/2/24		47,563		44,918			47,028
Wok Holdings, Inc.	(e)	Consumer Services		L+625		3/1/26		19,700		19,538			14,859
Total Senior Secured Loans—First Lien										903,951			869,501
Unfunded Loan Commitments										(56,165	)		(56,165	)
Net Senior Secured Loans—First Lien										847,786			813,336
Senior Secured Loans—Second Lien—14.1%
American Bath Group, LLC		Capital Goods		L+975	1.0%	9/30/24		60,000		58,435			58,200
Fairway Group Acquisition Co.	(i)(p)(r)(t)	Food & Staples Retailing		11.0% PIK (11.0% Max PIK)		2/24/24		5,113		3,679			—

See notes to unaudited consolidated schedule of investments.

2

FS Global Credit Opportunities Fund

Unaudited Consolidated Schedule of Investments (continued)

As of September 30, 2020

(in thousands, except share and per share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)		Floor(b)	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
Ivanti Software, Inc.	(e)	Software & Services		L+900	1.0%	1/20/25	$	20,000	$	19,809	$	19,433
LBM Borrower, LLC		Capital Goods		L+925	1.0%	8/20/23		21,081		21,013		20,660
Livingston International, Inc.	(e)	Transportation		L+950		4/30/27		25,000		23,883		24,313
MLN US Holdco LLC	(e)	Telecommunication Services		L+875		11/30/26		25,500		24,485		13,827
NGS US Finco, LLC		Energy		L+850	1.0%	4/1/26		30,000		29,628		24,750
Salt Creek Aggregator HoldCo, LLC	(i)(p)(r)	Energy				7/12/27		23,486		18,450		18,965
Salt Creek Aggregator HoldCo, LLC	(i)(p)(r)	Energy				7/12/27		3,701		1,996		2,061
Sungard AS New Holdings III, LLC	(r)(t)	Software & Services		L+400, 2.5% PIK (2.5% Max PIK)	1.0%	11/3/22		15,173		15,173		15,173
Total Senior Secured Loans—Second Lien										216,551		197,382
Senior Secured Bonds—25.5%
American Airlines, Inc.	(n)(o)	Transportation		11.8%		7/15/25		15,000		14,851		14,501
Carnival Corp.	(n)(o)	Consumer Services		10.5%		2/1/26		7,500		7,610		8,320
Carnival Corp.	(n)(o)	Consumer Services		9.9%		8/1/27		10,000		10,000		10,595
CITGO Holding, Inc.	(n)(o)	Energy		9.3%		8/1/24		20,000		20,000		19,100
CITGO Petroleum Corp.	(n)(o)	Energy		7.0%		6/15/25		10,000		10,000		9,881
CSI Compressco LP	(n)(o)(p)	Energy		7.5%		4/1/25		5,711		4,841		5,043
CSI Compressco LP	(i)(n)(o)(p)	Energy		10.0%		4/1/26		17,934		9,860		13,720
CSVC Acquisition Corp.	(i)(n)(o)(p)	Diversified Financials		7.8%		6/15/25		41,897		36,410		21,939
Diebold, Inc.	(n)(o)	Technology Hardware & Equipment		9.4%		7/15/25		10,000		9,904		10,575
Digicel International Finance Ltd.	(n)(o)	Telecommunication Services		8.8%		5/25/24		30,000		29,406		30,225
Ferrellgas, L.P.	(n)(o)	Utilities		10.0%		4/15/25		9,000		9,041		9,765
Frontier Communications Corp.	(n)(o)	Telecommunication Services		8.5%		4/1/26		14,000		13,813		14,140
Gogo Intermediate Holdings LLC	(n)(o)	Software & Services		9.9%		5/1/24		13,000		12,391		13,921
Guitar Center, Inc.	(n)(o)	Retailing		9.5%		10/15/21		24,500		24,083		20,090
Guitar Center, Inc.	(n)(r)	Retailing		10.0%		5/15/22		2,177		2,177		2,210
INTL FCStone Inc.	(n)(o)	Diversified Financials		8.6%		6/15/25		14,980		14,763		16,206
JC Penney Corp., Inc.	(i)(n)(o)(p)	Retailing		5.9%		7/1/23		2,000		1,796		626
JW Aluminum Co.	(n)(o)	Materials		10.3%		6/1/26		38,500		39,008		40,755
Navios Logistics Finance, Inc.	(n)(o)	Transportation		10.8%		7/1/25		25,000		25,000		26,563
Royal Caribbean Cruises Ltd.	(n)(o)	Consumer Services		11.5%		6/1/25		10,000		9,928		11,629
Stonegate Pub Company Ltd.	(o)	Consumer Services		8.3%		7/31/25	£	15,000		18,507		18,017

See notes to unaudited consolidated schedule of investments.

3

FS Global Credit Opportunities Fund

Unaudited Consolidated Schedule of Investments (continued)

As of September 30, 2020

(in thousands, except share and per share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)		Floor(b)	Maturity		Principal Amount(c)		Amortized Cost			Fair Value(d)
StoneMor Partners L.P.		Consumer Services		9.9% (11.5% Max PIK)			6/30/24	$	9,172	$	8,926		$	9,126
TPC Group Inc.	(n)(o)	Materials		10.5%			8/1/24		17,070		17,633			14,373
Triumph Group, Inc.	(n)(o)	Capital Goods		8.9%			6/1/24		5,000		5,000			5,338
Uniti Group LP	(n)(o)	Real Estate		7.9%			2/15/25		9,000		9,239			9,551
Total Senior Secured Bonds											364,187			356,209
Subordinated Debt—13.5%
Acrisure LLC	(n)(o)	Insurance		10.1%			8/1/26		27,000		27,000			29,970
Advisor Group Holdings, Inc.	(n)(o)	Diversified Financials		10.8%			8/1/27		25,200		23,861			25,904
Extraction Oil & Gas, Inc.	(i)(n)(o)(p)	Energy		7.4%			5/15/24		18,289		16,485			4,639
Ford Motor Co.	(o)	Automobiles & Components		9.0%			4/22/25		5,000		5,000			5,739
Ford Motor Co.	(o)	Automobiles & Components		4.5%			8/1/26		4,000		3,369			3,990
Ford Motor Co.	(o)	Automobiles & Components		5.1%			5/3/29		7,000		6,066			7,201
Freedom Mortgage Corp.	(n)(o)	Diversified Financials		10.8%			4/1/24		16,752		16,515			17,867
Genworth Financial, Inc.	(n)(o)	Insurance		6.5%			8/15/25		5,000		5,000			5,236
Kronos Acquisition Holdings Inc.	(n)(o)	Household & Personal Products		9.0%			8/15/23		48,050		45,769			48,831
Origami Owl, LLC	(i)(p)(r)	Consumer Durables & Apparel					1/15/22		452		452			—
Pioneer Energy Services Corp.	(n)(r)	Energy		5.0% PIK (5.0% Max PIK)			11/15/25		4,992		3,326			2,895
PriSo Acquisition Corp.	(n)(o)	Capital Goods		9.0%			5/15/23		36,867		36,635			35,577
Royal Caribbean Cruises Ltd.	(n)(o)	Consumer Services		9.1%			6/15/23		1,000		1,000			1,061
Total Subordinated Debt											190,478			188,910
Asset Based Finance—5.7%
BCP Great Lakes Fund LP	(r)(u)	Diversified Financials		11.1%			11/28/28		42,968		43,134			40,498
BCP Great Lakes Fund LP	(g)(r)(u)	Diversified Financials		11.1%			11/28/28		7,032		7,059			6,628
Bridge Street Warehouse CLO I Ltd.	(r)(u)	Diversified Financials		13.3%			3/12/21		15,000		15,000			15,581
Deutsche Bank AGFrankfurt (CRAFT 2017-1)	(n)(r)	Diversified Financials		11.3%			10/20/26		26,335		26,169			24,189
Total Asset Based Finance											91,362			86,896
Unfunded Commitments											(7,059	)		(7,059	)
Net Asset Based Finance											84,303			79,837

See notes to unaudited consolidated schedule of investments.

4

FS Global Credit Opportunities Fund

Unaudited Consolidated Schedule of Investments (continued)

As of September 30, 2020

(in thousands, except share and per share amounts)

Portfolio Company(a)	Footnotes	Industry	Number of Shares / Contracts		Cost		Fair Value(d)
Equity/Other—12.9%
Aspect Software Parent, Inc., Warrants	(i)(r)(t)	Software & Services		598,778	$	—	$	287
Avantor, Inc., Common Equity	(i)(m)(n)	Materials		113,383		1,587		2,550
Bright Pattern, Inc., Common Equity	(i)(r)(t)	Software & Services		599,720		973		1,014
Chinos Holdings, Inc., Common Equity	(i)	Retailing		3,628,253		40,818		44,392
Chinos Holdings, Inc., Warrants	(i)	Retailing		1,162,738		4,070		4,123
Fairway Group Holdings Corp., Common Equity	(i)(r)(t)	Food & Staples Retailing		76,517		2,458		—
Invesco Senior Loan ETF	(f)	Diversified Financials		1,566,714		34,014		34,060
iShares iBoxx High Yield Corporate Bond ETF		Diversified Financials		409,800		34,333		34,382
Pioneer Energy Services Corp., Common Equity	(i)(r)	Energy		17,857		22		—
RDV Resources Oil & Gas, Inc., Common Equity	(i)(r)	Energy		456,928		5,109		3,575
Ridgeback Resources Inc., Common Equity	(i)(r)	Energy		1,960,162		12,044		7,503
SCM EPIC, LLC, Common Equity	(i)(q)(r)(u)	Energy		34,800		34,368		34,339
SCM Topco, LLC, Series B Preferred Equity	(i)(p)(q)(r)	Energy		27,398		2,449		2,688
SCM Topco, LLC, Series C Common Equity	(i)(q)(r)	Energy		196		—		—
SCM Topco, LLC, Warrants	(i)(q)(r)	Energy		1		—		—
Selecta Group B.V., Contingent Value Notes	(h)(i)(r)	Retailing		7		3		—
Selecta Group B.V., Warrants	(h)(i)(r)	Retailing		98		2		—
Sungard AS New Holdings, LLC, Common Equity	(i)(r)(t)	Software & Services		272,014		19,011		10,670
Total Equity/Other						191,261		179,583
TOTAL INVESTMENTS—129.9%					$	1,894,566		1,815,257
Credit Facilities Payable—(24.3)%								(339,937	)
Term Preferred Shares, at Liquidation Value, Net—(14.2)%								(198,916	)
Other Assets in Excess of Liabilities—8.6%	(j)							120,873
NET ASSETS—100.0%							$	1,397,277
Shares Outstanding								199,582,629
Net Asset Value per Common Share at End of Period							$	7.00

C$  –  Canadian Dollar.

£  –  British Pound.

See notes to unaudited consolidated schedule of investments.

5

FS Global Credit Opportunities Fund

Unaudited Consolidated Schedule of Investments (continued)

As of September 30, 2020

(in thousands, except share and per share amounts)

Investments Sold Short

Portfolio Company(a)	Footnotes	Industry		Number of Shares			Proceeds			Fair Value(d)
Investments Sold Short—(0.3)%
Avantor, Inc., Common Equity	(i)(m)		Materials		(158,682	)	$	(2,460	)	$	(3,569	)
Total							$	(2,460	)	$	(3,569	)

Forward Foreign Currency Exchange Contracts

Counterparty

Contract Settlement Date

Currency to be Received

Value

Currency to be Delivered

Value

Unrealized Appreciation (Depreciation)

JPMorgan Chase Bank, N.A.

10/13/20

USD

22,758

CAD

30,000

$

242

JPMorgan Chase Bank, N.A.

10/13/20

USD

2,662

EUR

2,250

23

JPMorgan Chase Bank, N.A.

10/13/20

USD

18,032

GBP

14,000

(52

)

Total

$

213

CAD—Canadian Dollar.

EUR—Euro.

GBP—British Pound.

USD—U.S. Dollar.

Credit Default Swaps on Corporate Issues—Buy Protection

Reference Entity	Counterparty	Implied Credit Spread at September 30, 2020(k)		Industry	Fixed Deal Pay Rate		Periodic Payment Frequency		Maturity		Notional(l)			Fair Value(d)			Unamortized Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Boyd Gaming Corp.	Credit Suisse International		1.4%	Consumer Services		5.0%		Quarterly		12/20/24	$	(3,000	)	$	(408	)	$	(487	)	$	79
Boyd Gaming Corp.	Goldman Sachs International		1.4%	Consumer Services		5.0%		Quarterly		12/20/24	$	(7,000	)		(954	)		(1,137	)		183
CenturyLink, Inc.	JPMorgan Chase Bank, N.A		2.9%	Telecommunication Services		1.0%		Quarterly		12/20/24	$	(10,000	)		746			545			201
KB Home	Barclays Bank PLC		1.1%	Consumer Durables & Apparel		5.0%		Quarterly		12/20/24	$	(4,000	)		(597	)		(570	)		(27	)
United Rentals North America, Inc.	Barclays Bank PLC		0.7%	Capital Goods		5.0%		Quarterly		12/20/24	$	(5,000	)		(334	)		(273	)		(61	)
United Rentals North America, Inc.	Credit Suisse International		0.7%	Capital Goods		5.0%		Quarterly		12/20/24	$	(3,000	)		(834	)		(682	)		(152	)
United Rentals North America, Inc.	JPMorgan Chase Bank, N.A		0.7%	Capital Goods		5.0%		Quarterly		12/20/24	$	(2,000	)		(501	)		(409	)		(92	)
Total														$	(2,882	)	$	(3,013	)	$	131

See notes to unaudited consolidated schedule of investments.

6

FS Global Credit Opportunities Fund

Unaudited Consolidated Schedule of Investments (continued)

As of September 30, 2020

(in thousands, except share and per share amounts)

Credit Default Swaps on Corporate Issues—Sell Protection

Reference Entity	Counterparty	Implied Credit Spread at September 30, 2020(k)		Industry	Fixed Deal Receive Rate		Periodic Payment Frequency		Maturity		Notional(l)		Fair Value(d)		Unamortized Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
High Yield CDX	Credit Suisse International		(16.5)%	Diversified Financials		5.0%		Quarterly		12/20/24	$	10,000	$	518	$	(155	)	$	673
Total													$	518	$	(155	)	$	673

Total Return Swaps

Reference Entity

Counterparty

Industry

Interest Rate(s)

Maturity

Number of Shares

Notional

Unrealized Appreciation (Depreciation)

Invesco Senior Loan ETF

Goldman Sachs International

Diversified Financials

L+0.05%

3/26/21

530,000

$

11,522

$

16

Total

$

16

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

(b) Certain variable rate securities in FS Global Credit Opportunities Fund’s (the “Fund”) portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of September 30, 2020, the three-month London Interbank Offered Rate (“L”) was 0.23%. PIK means paid-in-kind. PIK income accruals may be adjusted based on the fair value of the underlying investment. Variable rate securities with no floor rate use the respective benchmark rate in all cases.

(c) Denominated in U.S. dollars, unless otherwise noted.

(d) Fair value is determined by the Fund’s board of trustees. 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 semi-annual financial statements.

(e) Security or portion thereof held by Dauphin Funding LLC (“Dauphin Funding”), a wholly-owned subsidiary of the Fund, and is pledged as collateral supporting the amounts outstanding under Dauphin Funding’s revolving credit facility with Deutsche Bank AG, New York Branch.

(f) Position or portion thereof unsettled as of September 30, 2020.

(g) Security is an unfunded loan commitment.

(h) Security or portion thereof held by FS Global Credit Opportunities (Luxembourg) S.à r.l., a wholly-owned subsidiary of the Fund.

(i) Security is non-income producing.

(j) Includes the effect of investments sold short, forward foreign currency exchange contracts and swap contracts.

(k) Implied credit spread, represented in absolute terms, utilized in determining the fair value of the credit default swap agreements as of period end serves as an indicator of the current status of the payment/performance risk and represents the likelihood or risk of default for the credit derivative. The implied credit spread of a particular reference entity reflects the cost of buying/selling protection and may include upfront payments required in connection with the entrance into the agreement. Wider credit spreads generally represent a deterioration of the reference entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring, as defined under the terms of the applicable agreement.

(l) The maximum potential amount the Fund could receive/pay as a buyer/seller of credit protection if a credit event occurs, as defined under the terms of the applicable agreement.

(m) Security or portion thereof pledged as collateral supporting the amounts outstanding under the Fund’s prime brokerage facility with JPMorgan Chase Bank, N.A.

(n) Exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Such securities may be deemed liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $532,741, which represents approximately 38.1% of net assets as of September 30, 2020. As of September 30, 2020, the Fund held one restricted security as to resale, Avantor, Inc., Common Equity, which the Fund had acquired on May 16, 2019 at a cost of $2,739. Total market value of the restricted security amounts to $2,550, which represents approximately 0.2% of net assets as of September 30, 2020.

(o) Security or portion thereof held by Bucks Funding, a wholly-owned subsidiary of the Fund, and is pledged as collateral supporting the amounts outstanding under Bucks Funding’s prime brokerage facility with BNP Paribas Prime Brokerage International, Ltd. (“BNP PBIL”). Securities held by Bucks Funding may be rehypothecated from time to time as permitted by Rule 15c-1(a)(1) promulgated under the Securities Exchange Act of 1934, as amended, subject to the terms and conditions governing Bucks Funding’s prime brokerage facility with BNP PBIL.

See notes to unaudited consolidated schedule of investments.

7

FS Global Credit Opportunities Fund

Unaudited Consolidated Schedule of Investments (continued)

As of September 30, 2020

(in thousands, except share and per share amounts)

(p) Security was on non-accrual status as of September 30, 2020.

(q) Security held within FS Global Investments, Inc., a wholly-owned subsidiary of the Fund.

(r) Security is classified as Level 3 in the Fund’s fair value hierarchy.

(s) The variable rate securities underlying the total return swaps bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of September 30, 2020, the one-month London Interbank Offered Rate (“L”) was 0.15%.

(t) Under the Investment Company Act of 1940, as amended, the Fund generally is deemed to be an “affiliated person” of a portfolio company if it owns 5% or more of the portfolio company’s voting securities and generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of September 30, 2020, the Fund held investments in portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control.” The following table presents certain information with respect to investments in portfolio companies of which the Fund was deemed to be an affiliated person for the nine months ended September 30, 2020:

Portfolio Company	Fair Value at December 31, 2019		Gross Additions(1)		Gross Reductions(2)			Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)			Fair Value at September 30, 2020		Interest Income(3)		PIK Income(3)		Fee Income(3)
Senior Secured Loans—First Lien
Aspect Software, Inc.	$	8,231	$	70	$	(7,958	)	$	(252	)	$	(91	)	$	—	$	303	$	—	$	—
Aspect Software, Inc.(4)		—		747		(747	)		—			—			—		16		—		—
Fairway Group Acquisition Co.		—		—		—			—			—			—		—		—		—
Fairway Group Acquisition Co.		4,844		—		—			—			(4,122	)		722		—		—		—
Fairway Group Acquisition Co.		1,767		—		(1,767	)		6			(6	)		—		20		—		—
Fairway Group Acquisition Co.		2,950		1		(2,950	)		130			(131	)		—		35		—		—
Fairway Group Acquisition Co.(5)		—		2,173		(2,201	)		28			—			—		91		—		—
Fairway Group Acquisition Co.		—		4,762		(4,762	)		—			—			—		239		45		—
Sungard AS New Holdings III, LLC(6)		3,336		981		—			—			(68	)		4,249		362		—		27
Senior Secured Loans—Second Lien
Fairway Group Acquisition Co.		—		—		—			—			—			—		—		—		—
Sungard AS New Holdings III, LLC		14,919		254		—			—			—			15,173		647		254		—
Equity/Other
Aspect Software Parent, Inc., Warrants		—		—		—			—			287			287		—		—		—
Bright Pattern, Inc., Common Equity		1,038		—		—			—			(24	)		1,014		—		—		—
Fairway Group Holdings Corp., Common Equity		—		—		—			—			—			—		—		—		—
Sungard AS New Holdings, LLC, Common Equity		17,752		—		—			—			(7,082	)		10,670		—		—		—
Total	$	54,837	$	8,988	$	(20,385	)	$	(88	)	$	(11,237	)	$	32,115	$	1,713	$	299	$	27

(1) Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

(2) Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

(3) Interest, PIK and fee income are presented for the full nine months ended September 30, 2020.

(4) Security is an unfunded commitment with amortized cost of $1,743 and fair value of $1,743.

(5) Security includes a partially unfunded commitment with amortized cost of $550 and fair value of $550.

(6) Security includes a partially unfunded commitment with amortized cost of $2,093 and fair value of $2,202.

See notes to unaudited consolidated schedule of investments.

8

FS Global Credit Opportunities Fund

Unaudited Consolidated Schedule of Investments (continued)

As of September 30, 2020

(in thousands, except share and per share amounts)

(u) Under the Investment Company Act of 1940, as amended, the Fund generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of September 30, 2020, the Fund held investments in portfolio companies of which it is deemed to be an “affiliated person” and deemed to “control.” The following table presents certain information with respect to investments in portfolio companies of which the Fund was deemed to be an affiliated person and deemed to control for the nine months ended September 30, 2020:

Portfolio Company	Fair Value at December 31, 2019		Gross Additions(1)		Gross Reductions(2)			Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)			Fair Value at September 30, 2020		Interest Income(3)
Asset Based Finance
BCP Great Lakes Fund LP(4)	$	—	$	43,385	$	(251	)	$	—	$	(3,067	)	$	40,067	$	2,171
Bridge Street Warehouse CLO I Ltd.		—		15,000		—			—		581			15,581		—
Equity/Other
SCM EPIC, LLC, Common Equity		—		34,368		—			—		(29	)		34,339		—
Total	$	—	$	92,753	$	(251	)	$	—	$	(2,515	)	$	89,987	$	2,171

(1) Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

(2) Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

(3) Interest income presented for the full nine months ended September 30, 2020.

(4) Security includes a partially unfunded commitment with amortized cost of $7,059 and fair value of $6,628.

See notes to unaudited consolidated schedule of investments.

9

FS Global Credit Opportunities Fund

Notes to Unaudited Consolidated Schedule of Investments

(in thousands, except share and per share amounts)

Investment Portfolio

The information contained in this section should be read in conjunction with the Fund’s audited consolidated financial statements contained in its annual report for the fiscal year ended December 31, 2019 and its unaudited consolidated financial statements contained in its semi-annual report for the semi-annual period ended June 30, 2020.

The following table summarizes the composition of the Fund’s investment portfolio at cost and fair value as of September 30, 2020:

	Amortized Cost(1)			Fair Value			Percentage of Portfolio
Senior Secured Loans—First Lien	$	847,786		$	813,336			45	%
Senior Secured Loans—Second Lien		216,551			197,382			11	%
Senior Secured Bonds		364,187			356,209			20	%
Subordinated Debt		190,478			188,910			10	%
Asset Based Finance		84,303			79,837			4	%
Equity/Other		191,261			179,583			10	%
Total	$	1,894,566		$	1,815,257			100	%
Investments Sold Short	$	(2,460	)	$	(3,569	)

(1) Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, on investments.

In general, under the 1940 Act, the 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 a portfolio company, and would be an “affiliated person” of a portfolio company if it owned 5% or more of its voting securities.

As of September 30, 2020, the Fund held investments in three portfolio companies of which it is deemed to “control,” and held investments in four portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control.” For additional information with respect to such portfolio companies, see footnotes (t) and (u) to the unaudited consolidated schedule of investments as of September 30, 2020 included herein.

The Fund’s investment portfolio may contain loans that are in the form of lines of credit or revolving credit facilities, which require the Fund to provide funding when requested by portfolio companies in accordance with the terms of the underlying loan agreements. As of September 30, 2020, the Fund had seven senior secured loan investments with aggregate unfunded commitments of $56,165 and one asset based finance investment with an unfunded commitment of $7,059. The Fund maintains sufficient cash on hand and/or available borrowings to fund such unfunded commitments should the need arise.

10

FS Global Credit Opportunities Fund

Notes to Unaudited Consolidated Schedule of Investments (continued)

(in thousands, except share and per share amounts)

The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets in such industries as of September 30, 2020:

Industry Classification	Fair Value		Percentage of Portfolio
Automobiles & Components	$	63,958		3	%
Capital Goods		164,664		9	%
Commercial & Professional Services		4,013		0	%
Consumer Services		236,525		13	%
Diversified Financials		264,296		15	%
Energy		257,206		14	%
Food & Staples Retailing		722		0	%
Health Care Equipment & Services		160,649		9	%
Household & Personal Products		63,595		3	%
Insurance		35,206		2	%
Materials		57,678		3	%
Media		820		0	%
Pharmaceuticals, Biotechnology & Life Sciences		42,223		2	%
Real Estate		9,551		1	%
Retailing		157,392		9	%
Software & Services		101,347		6	%
Technology Hardware & Equipment		10,575		1	%
Telecommunication Services		79,391		4	%
Transportation		95,681		5	%
Utilities		9,765		1	%
Total	$	1,815,257		100	%

The table below describes the geographic concentration of the Fund’s investment portfolio and enumerates the percentage, by fair value, of the total portfolio assets in such geographic locations as of September 30, 2020:

Geographic Locations(1)	Fair Value		Percentage of Portfolio
United States	$	1,660,084		92	%
Europe		76,156		4	%
Other		79,017		4	%
Total	$	1,815,257		100	%

(1) Geographic location based on the portfolio company’s headquarters or principal place of business.

Under existing accounting guidance, fair value is defined as the price that the Fund would receive upon selling an asset 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 valuation techniques that 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.

11

FS Global Credit Opportunities Fund

Notes to Unaudited Consolidated Schedule of Investments (continued)

(in thousands, except share and per share amounts)

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

As of September 30, 2020, the Fund’s investments and derivatives were categorized as follows in the fair value hierarchy:

Asset Description	Level 1		Level 2		Level 3		Total
Senior Secured Loans—First Lien	$	—	$	651,618	$	161,718	$	813,336
Senior Secured Loans—Second Lien		—		161,183		36,199		197,382
Senior Secured Bonds		—		353,999		2,210		356,209
Subordinated Debt		—		186,015		2,895		188,910
Asset Based Finance		—		—		79,837		79,837
Equity/Other		70,992		48,515		60,076		179,583
Total Investments		70,992		1,401,330		342,935		1,815,257
Forward Foreign Currency Exchange Contracts		—		265		—		265
Credit Default Swaps—Buy Protection		—		746		—		746
Credit Default Swaps—Sell Protection		—		518		—		518
Total Return Swaps		—		16		—		16
Total	$	70,992	$	1,402,875	$	342,935	$	1,816,802

Liability Description	Level 1		Level 2		Level 3		Total
Investments Sold Short	$	3,569	$	—	$	—	$	3,569
Forward Foreign Currency Exchange Contracts		—		52		—		52
Credit Default Swaps—Buy Protection		—		3,628		—		3,628
Total	$	3,569	$	3,680	$	—	$	7,249

The following is a reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining fair value for the nine months ended September 30, 2020:

	Senior Secured Loans—First Lien			Senior Secured Loans—Second Lien			Senior Secured Bonds		Subordinated Debt			Asset Based Finance			Equity/ Other			Total
Fair value at beginning of period	$	129,706		$	37,646		$	—	$	—		$	32,500		$	45,300		$	245,152
Accretion of discount (amortization of premium)		639			299			—		73			(16	)		—			995
Net realized gain (loss)		(48,428	)		—			—		—			—			(8,874	)		(57,302	)
Net change in unrealized appreciation (depreciation)		17,351			(593	)		33		(883	)		(3,547	)		(18,483	)		(6,122	)
Purchases		113,508			20,446			1,979		3,705			58,401			41,948			239,987
Paid-in-kind interest		4,232			254			198		—			—			185			4,869
Sales and repayments		(87,271	)		(21,853	)		—		—			(7,501	)		—			(116,625	)
Net transfers in or out of Level 3(1)		31,981			—			—		—			—			—			31,981
Fair value at end of period	$	161,718		$	36,199		$	2,210	$	2,895		$	79,837		$	60,076		$	342,935
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	$	(4,656	)	$	580		$	33	$	(883	)	$	(3,547	)	$	(11,018	)	$	(19,491	)

(1) Transfers in or out of Level 3 were deemed to have occurred at the beginning of the period.

12