FS Credit Opportunities (FSCO) NPORT-P FS Global Credit Opportunities Fund (Mar 2021 report)

FS Global Credit Opportunities Fund

Unaudited Consolidated Schedule of Investments

As of March 31, 2021 (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—59.9%
Advisor Group Holdings, Inc.	(e)	Diversified Financials	L+450		7/31/26	$	14,962	$	14,772	$	14,976
Apex Tool Group, LLC	(e)	Capital Goods	L+525	1.3%	8/31/24	14,159		13,036		14,175
Arrow Purchaser Inc.	(e)(f)	Retailing	L+675	1.0%	2/26/26	10,000		9,850		9,950
Ascena Retail Group, Inc.	(e)(i)(p)	Retailing	L+450	0.8%	8/21/22	33,360		20,735		5,831
Aspect Software, Inc.	(g)(r)	Software & Services	L+500	1.0%	7/15/23	1,743		1,743		1,743
Aveanna Healthcare LLC	(e)	Health Care Equipment & Services	L+425	1.0%	3/18/24	14,626		12,229		14,596
Aveanna Healthcare LLC	(e)	Health Care Equipment & Services	L+625	1.0%	3/18/24	7,463		7,337		7,528
Belk, Inc.	(e)	Retailing	L+750	1.0%	7/31/25	967		961		969
Belk, Inc.	(e)(i)(p)	Retailing	10.0%		7/31/25	4,196		2,129		2,728
BusPatrol LLC	(r)	Commercial & Professional Services	L+1250	1.0%	9/24/24	4,147		4,110		4,080
BusPatrol LLC	(g)(r)	Commercial & Professional Services	L+1250	1.0%	9/24/24	4,453		4,413		4,381
Carnival Corp.	(e)	Consumer Services	L+750		6/26/25	26,810		26,533		27,739
CCS-CMGC Holdings, Inc.	(e)	Health Care Equipment & Services	L+550		10/1/25	24,497		24,065		24,244
Chinos Intermediate 2, LLC	(e)	Retailing	L+1000	1.0%	9/10/27	27,227		27,739		28,497
CITGO Holding, Inc.	(e)	Energy	L+700	1.0%	8/1/23	11,321		11,259		10,919
CITGO Petroleum Corp.	(e)	Energy	L+625	1.0%	3/28/24	34,247		34,027		34,361
Claire's Stores Inc.	(e)	Retailing	L+650		12/18/26	9,975		9,367		9,501
Corral Petroleum Sweden AB	(e)(r)	Energy	L+925		8/14/24	35,000		34,936		34,781
Cresco Labs, Inc.	(r)	Pharmaceuticals, Biotechnology & Life Sciences	12.7%		1/23/23	45,000		44,684		46,350
Diamond Resorts International, Inc.	(e)	Consumer Services	L+375	1.0%	9/2/23	8,523		8,412		8,535
ECL Entertainment, LLC	(e)	Media	L+750	0.8%	3/31/28	13,000		12,870		13,065
Fairway Group Acquisition Co.	(i)(p)(r)(s)	Food & Staples Retailing	10.0% PIK (10.0% Max PIK)		11/27/23	5,658		4,193		—
Fairway Group Acquisition Co.	(i)(p)(r)(s)	Food & Staples Retailing	12.0% PIK (12.0% Max PIK)		11/27/23	9,162		8,387		630
First Brands Group, LLC	(e)	Automobiles & Components	L+500	1.0%	3/30/27	25,000		24,750		25,031
Frontier Communications Corp.	(e)	Telecommunication Services	L+475	1.0%	10/8/21	23,500		23,313		23,470
Harland Clarke Holdings Corp.	(e)(f)	Commercial & Professional Services	L+475	1.0%	11/3/23	9,337		8,295		8,363

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Floor(b)	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
Kindred Healthcare, Inc.	(e)	Health Care Equipment & Services	L+450		7/2/25	$	21,777	$	21,308	$	21,859
LifeScan Global Corp.	(e)	Health Care Equipment & Services	L+600		10/1/24	56,085		53,416		54,512
Mavenir Systems, Inc.	(e)	Software & Services	L+600	1.0%	5/8/25	26,258		25,909		26,307
MLN US Holdco LLC	(e)	Telecommunication Services	L+450		11/30/25	24,543		19,370		21,758
Monitronics International, Inc.	(e)	Consumer Services	L+500	1.5%	7/3/24	29,876		29,900		30,003
Monitronics International, Inc.	(e)	Consumer Services	L+650	1.3%	3/29/24	56,944		53,721		55,591
Neovia Logistics, LP	(e)	Transportation	L+650		5/8/24	35,000		34,287		33,891
One Call Care Management Inc.	(e)	Insurance	L+525	1.0%	11/27/22	7,941		7,440		7,911
Penney Borrower, LLC		Retailing	L+850	1.0%	12/7/26	1,106		978		1,040
Pioneer Energy Services Corp.	(n)(r)	Energy	L+475, 4.8% PIK (4.8% Max PIK)	1.5%	5/15/25	7,212		7,212		7,203
Playa Resorts Holding B.V.	(e)	Consumer Services	L+275	1.0%	4/29/24	11,222		9,619		10,814
Propulsion Acquisition, LLC	(e)(r)	Capital Goods	L+700	1.0%	7/13/24	37,857		37,342		38,425
Quorum Health Corp.	(e)	Health Care Equipment & Services	L+825	1.0%	4/29/25	38,841		38,238		39,792
RDV Resources Properties, LLC	(r)	Energy	L+650	1.0%	3/30/24	7,899		7,899		7,899
RentPath, LLC	(f)	Media	L+700	1.0%	6/30/21	109		108		110
S&S Holdings LLC	(e)	Retailing	L+500	0.5%	3/10/28	27,500		26,679		26,847
Salt Creek Aggregator HoldCo, LLC	(e)(r)	Energy	8.0% PIK (8.0% Max PIK)		7/12/26	15,422		15,616		16,830
Spectacle Gary Holdings, LLC	(e)	Consumer Services	L+900	2.0%	12/23/25	1,419		1,384		1,554
Spectacle Gary Holdings, LLC	(e)	Consumer Services	L+900	2.0%	12/23/25	19,581		19,092		21,441
Staples Canada, ULC	(e)(r)	Retailing	L+700	1.0%	9/12/24	C$	18,852	14,665		14,807
Sungard AS New Holdings III, LLC	(e)(r)(s)	Software & Services	L+375	1.0%	7/1/24	$	3,883	4,017		4,029
Sungard AS New Holdings III, LLC	(e)(g)(r)(s)	Software & Services	L+375	1.0%	7/1/24	2,063		2,135		2,141
Surgery Center Holdings, Inc.		Health Care Equipment & Services	L+800	1.0%	8/31/24	495		487		507
Syncapay, Inc.		Software & Services	L+650	1.0%	12/10/27	32,297		31,037		32,297
Tensar Corp.	(e)	Materials	L+675	1.0%	8/20/25	17,955		17,538		18,090
Thryv, Inc.	(e)	Media	L+850	1.0%	3/1/26	17,500		16,979		17,566
Wok Holdings, Inc.	(e)	Consumer Services	L+625		3/1/26	19,600		19,452		18,787
Total Senior Secured Loans—First Lien								909,973		908,454
Unfunded Loan Commitments								(8,291)		(8,291)
Net Senior Secured Loans—First Lien								901,682		900,163

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Floor(b)	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
Senior Secured Loans—Second Lien—10.1%
Fairway Group Acquisition Co.	(i)(p)(r)(s)	Food & Staples Retailing	11.0% PIK (11.0% Max PIK)		2/24/24	$	5,113	$	3,679	$	—
First Brands Group, LLC	(e)	Automobiles & Components	L+850	1.0%	3/30/28	20,000		19,600		19,900
Infinite Bidco LLC	(e)	Capital Goods	L+700	0.5%	3/2/29	10,000		9,951		10,063
Livingston International, Inc.	(e)	Transportation	L+950		4/30/27	25,000		23,949		24,625
MLN US Holdco LLC	(e)	Telecommunication Services	L+875		11/30/26	25,500		24,554		13,017
NGS US Finco, LLC	(e)	Energy	L+850	1.0%	4/1/26	30,000		29,655		28,050
Salt Creek Aggregator HoldCo, LLC	(e)(i)(p)(r)	Energy			7/12/27	23,486		18,450		19,669
Salt Creek Aggregator HoldCo, LLC	(e)(i)(p)(r)	Energy			7/12/27	3,701		1,996		2,306
Sungard AS New Holdings III, LLC	(e)(r)(s)	Software & Services	L+400	1.0%	8/1/24	14,617		14,617		14,617
TruGreen, LP	(e)	Commercial & Professional Services	L+850	0.8%	10/30/28	10,000		9,809		10,350
Women's Care Investments, Inc.	(e)	Health Care Equipment & Services	L+825	0.8%	1/12/29	8,000		7,843		8,000
Zaxby's Operating Company L.P.	(e)	Consumer Services	L+650	0.8%	12/9/28	1,000		995		1,016
Total Senior Secured Loans—Second Lien								165,098		151,613
Senior Secured Bonds—26.1%
Carnival Corp.	(n)(o)	Consumer Services	10.5%		2/1/26	7,500		7,628		8,831
Carnival Corp.	(n)(o)	Consumer Services	9.9%		8/1/27	10,000		10,000		11,786
CITGO Holding Inc.	(e)(n)	Energy	9.3%		8/1/24	20,000		20,000		19,888
CITGO Petroleum Corp.	(e)(n)	Energy	7.0%		6/15/25	2,000		2,000		2,061
Cleaver-Brooks Inc.	(e)(n)	Capital Goods	7.9%		3/1/23	30,049		29,556		29,558
CSI Compressco LP	(e)(n)(p)	Energy	10.0%		4/1/26	17,934		9,860		15,872
CSI Compressco LP	(e)(n)(p)	Energy	7.5%		4/1/25	12,711		11,524		12,941
CSVC Acquisition Corp.	(e)(n)(p)	Diversified Financials	7.8%		6/15/25	41,897		36,410		35,870
Diebold, Inc.	(n)(o)	Technology Hardware & Equipment	9.4%		7/15/25	10,000		9,912		11,156
Digicel International Finance Limited	(e)(n)	Telecommunication Services	8.8%		5/25/24	35,000		34,643		36,225
Guitar Center, Inc.	(e)(n)	Retailing	8.5%		1/15/26	18,000		18,137		19,057
HC2 Holdings, Inc.	(e)(n)	Capital Goods	8.5%		2/1/26	15,000		15,000		14,906
JW Aluminum Co.	(e)(n)(o)	Materials	10.3%		6/1/26	43,500		44,258		46,156
Kronos Acquisition Holdings Inc.	(n)	Household & Personal Products	5.0%		12/31/26	10,000		10,000		10,013
LHS, LLC	(r)	Capital Goods	12.0% PIK (12.0% Max PIK)		2/26/27	26,506		25,990		26,506
Navios Logistics Finance, Inc.	(n)(o)	Transportation	10.8%		7/1/25	25,000		25,000		27,625
Royal Caribbean Cruises Ltd.	(n)(o)	Consumer Services	11.5%		6/1/25	10,000		9,934		11,675
Stonegate Pub Company Ltd.	(o)	Consumer Services	8.3%		7/31/25	£	19,000	24,169		27,769

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Floor(b)	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
StoneMor Partners L.P.	(e)	Consumer Services	9.9%		6/30/24	$	8,958	$	8,743	$	8,935
Triumph Group, Inc.	(n)(o)	Capital Goods	8.9%		6/1/24	5,000		5,000		5,635
Uniti Group LP	(n)(o)	Real Estate	7.9%		2/15/25	9,000		9,186		9,741
Total Senior Secured Bonds								366,950		392,206
Subordinated Debt—6.5%
Acrisure LLC	(n)(o)	Insurance	10.1%		8/1/26	27,000		27,000		31,173
Advisor Group Holdings, Inc.	(e)(n)	Diversified Financials	10.8%		8/1/27	25,200		23,902		28,276
Carnival Corp.	(n)(o)	Consumer Services	5.8%		3/1/27	5,000		5,000		5,138
Carnival Corp.	(n)(o)	Consumer Services	7.6%		3/1/26	3,000		3,000		3,227
Cleanview Sponsor, LLC	(i)(r)	Diversified Financials			6/30/21	125		125		125
Freedom Mortgage Corp.	(n)(o)	Diversified Financials	7.6%		5/1/26	8,000		8,000		8,390
Kronos Acquisition Holdings Inc.	(n)	Household & Personal Products	7.0%		12/31/27	5,000		5,000		4,798
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	5,107		3,515		3,575
Redwood Trust Inc.	(e)	Diversified Financials	4.8%		8/15/23	12,900		12,223		12,932
Total Subordinated Debt								88,217		97,634
Asset Based Finance—6.4%
BCP Great Lakes Fund LP	(r)(t)	Diversified Financials	11.4%		11/28/28	36,191		36,506		36,824
BCP Great Lakes Fund LP	(g)(r)(t)	Diversified Financials	11.4%		11/28/28	13,809		13,929		14,051
Bridge Street CLO I Ltd.	(n)(r)	Diversified Financials	13.3%		4/3/27	28,200		26,645		28,083
Deutsche Bank AG Frankfurt (CRAFT 2017-1)	(e)(n)(r)	Diversified Financials	11.3%		10/20/26	22,189		22,029		19,371
Stabilis BH Lender, LLC	(r)(t)	Consumer Services	L+925	1.0%	12/26/21	11,800		11,800		11,844
Total Asset Based Finance								110,909		110,173
Unfunded Commitments								(13,929)		(13,929)
Net Asset Based Finance								96,980		96,244

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Floor(b)	Shares/Units	Cost		Fair Value(d)
Special Purpose Acquisition Vehicles—5.9%
ABG Acquisition Corp. I	(i)	Diversified Financials			50,000	$	500	$	494
Advanced Merger Partners Inc.	(i)	Diversified Financials			155,000	1,554		1,550
Agile Growth Corp.	(i)	Diversified Financials			150,000	1,502		1,490
Alkuri Global Acquisition Corp.	(i)	Diversified Financials			113,360	1,135		1,120
Altimar Acquisition Corp. III	(i)	Diversified Financials			210,000	2,104		2,100
Anzu Special Acquisition Corp. I	(i)	Diversified Financials			105,400	1,053		1,052
ArcLight Clean Transition Corp. II	(i)	Diversified Financials			1,000	10		10

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Floor(b)	Shares/Units	Cost		Fair Value(d)
Arrowroot Acquisition Corp.	(i)	Diversified Financials			100,000	$	1,000	$	995
Atlantic Coastal Acquisition Corp.	(i)	Diversified Financials			100,000	1,000		985
Aurora Acquisition Corp.	(i)	Diversified Financials			1,000	10		10
Austerlitz Acquisition Corp.	(i)	Diversified Financials			100,000	1,017		1,003
BOA Acquisition Corp.	(i)	Diversified Financials			100,000	1,000		991
Cartesian Growth Corp.	(i)	Diversified Financials			175,000	1,752		1,741
CF Acquisition Corp. VI	(i)	Diversified Financials			10,000	100		99
Colicity Inc.	(i)	Diversified Financials			1,000	10		10
Colonnade Acquisition Corp. II	(i)	Diversified Financials			5,000	50		49
Digital Transformation Opportunities Corp.	(i)	Diversified Financials			200,000	2,004		1,978
dMY Technology Group Inc. IV	(i)	Diversified Financials			25,000	250		251
EJF Acquisition Corp.	(i)	Diversified Financials			141,640	1,422		1,409
FAST Acquisition Corp. II	(i)	Diversified Financials			300,000	3,000		2,982
First Reserve Sustainable Growth Corp.	(i)	Diversified Financials			5,000	50		50
Forest Road Acquisition Corp. II	(i)	Diversified Financials			10,000	100		100
Forum Merger IV Corp.	(i)	Diversified Financials			400,000	4,000		3,960
FTAC Athena Acquisition Corp.	(i)	Diversified Financials			25,000	250		250
FTAC Hera Acquisition Corp.	(i)	Diversified Financials			100,000	999		999
Fusion Acquisition Corp. II	(i)	Diversified Financials			125,000	1,253		1,241
Glass Houses Acquisition Corp.	(i)	Diversified Financials			100,000	1,000		1,003
Global Partner Acquisition Corp. II	(i)	Diversified Financials			1,076	11		11
Golden Arrow Merger Corp.	(i)	Diversified Financials			1,000,000	10,000		9,950
Goldenbridge Acquisition Ltd.	(i)	Diversified Financials			25,000	250		250
GX Acquisition Corp. II	(i)	Diversified Financials			1,000,000	10,000		9,990
Isos Acquisition Corp.	(i)	Diversified Financials			150,000	1,503		1,494
Landcadia Holdings IV Inc.	(i)	Diversified Financials			500,000	5,000		4,950
Lazard Growth Acquisition Corp.	(i)	Diversified Financials			5,000	50		50
Leo Holdings III Corp.	(i)	Diversified Financials			101,200	1,016		992
Live Oak Mobility Acquisition Corp.	(i)	Diversified Financials			50,000	500		499
M3-Brigade Acquisition II Corp.	(i)	Diversified Financials			100,000	1,000		992
Mason Industrial Technology, Inc.	(i)	Diversified Financials			150,000	1,522		1,491
MCAP Acquisition Corp.	(i)	Diversified Financials			147,072	1,473		1,463
Mission Advancement Corp.	(i)	Diversified Financials			100,000	1,000		995
Monument Circle Acquisition Corp.	(i)	Diversified Financials			50,000	504		493
MSD Acquisition Corp.	(i)	Diversified Financials			50,000	500		508
New Vista Acquisition Corp.	(i)	Diversified Financials			1,000	10		10
NextGen Acquisition Corp. II	(i)	Diversified Financials			400,000	4,000		3,960
North Atlantic Acquisition Corp.	(i)	Diversified Financials			150,000	1,503		1,493
Northern Star Investment Corp. III	(i)	Diversified Financials			100,000	1,004		995
Peridot Acquisition Corp. II	(i)	Diversified Financials			150,000	1,504		1,491

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Floor(b)	Shares/Units	Cost		Fair Value(d)
Pine Technology Acquisition Corp.	(i)	Diversified Financials			525,000	$	5,250	$	5,213
Plum Acquisition Corp. I	(i)	Diversified Financials			50,000	500		498
Progress Acquisition Corp.	(i)	Diversified Financials			150,000	1,505		1,478
PWP Forward Acquisition Corp. I	(i)	Diversified Financials			100,000	1,002		997
Rosecliff Acquisition Corp. I	(i)	Diversified Financials			100,000	1,016		992
RXR Acquisition Corp.	(i)	Diversified Financials			81,888	819		807
Simon Property Group Acquisition Holdings, Inc.	(i)	Diversified Financials			5,000	50		50
Slam Corp.	(i)	Diversified Financials			151,000	1,528		1,498
Soaring Eagle Acquisition Co.	(i)	Diversified Financials			10,000	100		101
Tailwind Two Acquisition Corp.	(i)	Diversified Financials			250,000	2,500		2,470
TCW Special Purpose Acquisition Corp.	(i)	Diversified Financials			201,000	2,015		2,000
Tribe Capital Growth Corp. I	(i)	Diversified Financials			50,000	500		503
Twin Ridge Capital Acquisition Corp.	(i)	Diversified Financials			81,521	816		811
USHG Acquisition Corp.	(i)	Diversified Financials			10,000	100		101
Virtuoso Acquisition Corp.	(i)	Diversified Financials			50,000	505		493
VPC Impact Acquisition Holdings II	(i)	Diversified Financials			25,204	253		249
Total Special Purpose Acquisition Vehicles						88,934		88,260
Equity/Other—20.0%
Aspect Software Parent, Inc., Warrants	(i)(r)	Software & Services			598,778	—		813
Avantor, Inc., Common Equity	(i)	Materials			2,844	40		82
Belk, Inc., Common Equity	(e)(i)	Retailing			580	15		15
Bright Pattern, Inc., Common Equity	(i)(r)	Software & Services			599,720	973		1,094
Chinos Holdings, Inc., Common Equity	(f)(i)	Retailing			2,778,253	31,255		31,701
Chinos Holdings, Inc., Warrants	(i)	Retailing			1,162,738	4,070		4,070
EQ Health Sponsor Group, LLC, Common Equity	(i)(r)	Health Care Equipment & Services			904,952	905		1,343
Extraction Oil & Gas, Inc., Common Equity	(i)(o)	Energy			184,442	2,997		6,629
Fairway Group Holdings Corp., Common Equity	(i)(r)(s)	Food & Staples Retailing			76,517	2,458		—
Guitar Center, Inc., Preferred Equity	(e)(r)	Retailing	15.0% PIK (15.0% Max PIK)		61,250	6,125		6,125
Invesco Senior Loan ETF	(e)	Diversified Financials			4,013,714	88,560		88,823
iShares iBoxx High Yield Corporate Bond ETF	(e)	Diversified Financials			409,800	34,333		35,726
J.C. Penney Company, Inc., Common Equity	(i)	Retailing			159,498	2,632		2,893
Penney Borrower, LLC, Earnouts	(i)	Diversified Financials			21,267	170		237
Penn Foster Inc., Preferred Equity	(e)(r)	Consumer Services	L+975	1.0%	433,462	42,500		43,671
Pioneer Energy Services Corp., Common Equity	(e)(i)(r)	Energy			17,857	22		—
RDV Resources Oil & Gas, Inc., Common Equity	(i)(r)	Energy			457,704	5,109		6,491

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Floor(b)	Shares/Units	Cost		Fair Value(d)
Ridgeback Resources Inc., Common Equity	(i)(r)	Energy			1,960,162	$	12,044	$	9,316
SCM EPIC, LLC, Common Equity	(i)(q)(r)(t)	Energy			34,800	35,860		48,890
SCM Topco, LLC, Series B Preferred Equity, 7/13/28	(i)(p)(q)(r)	Energy			27,398	2,449		3,202
SCM Topco, LLC, Series C Common Equity	(i)(q)(r)	Energy			196	—		—
SCM Topco, LLC, Warrants, 7/10/28, Strike: $75,000	(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)(s)	Software & Services			272,014	19,011		9,032
Total Equity/Other						291,533		300,153
TOTAL INVESTMENTS—134.9%						$	1,999,394	2,026,273
Credit Facilities Payable—(24.3)%								(365,000)
Term Preferred Shares, at Liquidation Value, Net—(19.8)%								(297,754)
Other Assets in Excess of Liabilities—9.2%	(j)							137,966
NET ASSETS—100.0%								$	1,501,485
Shares Outstanding								199,789,926
Net Asset Value per Common Share at End of Period								$	7.52

_________________

C$ – Canadian Dollar.

£ – British Pound.

Investments Sold Short	Footnotes	Industry	Number of Shares	Proceeds		Fair Value(d)
Portfolio Company(a)
Investments Sold Short—(0.0)%
Avantor, Inc., Common Equity	(i)	Materials	(2,844)	$	(44)	$	(82)
Total				$	(44)	$	(82)

Forward Foreign Currency Exchange Contracts	Contract Settlement Date	Currency to be Received	Value	Currency to be Delivered	Value	Unrealized Appreciation (Depreciation)
Counterparty
JPMorgan Chase Bank, N.A.	4/15/21	USD	24,067	CAD	30,250	$	5
JPMorgan Chase Bank, N.A.	4/15/21	USD	2,992	EUR	2,500	54
JPMorgan Chase Bank, N.A.	4/15/21	USD	28,294	GBP	20,250	352
Total						$	411

_________________

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 March 31, 2021(k)	Industry	Fixed Deal Pay Rate	Periodic Payment Frequency	Maturity	Notional(l)		Fair Value(d)		Unamortized Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
United Rentals North America, Inc.	Credit Suisse International	1.0%	Capital Goods	5.0%	Quarterly	12/20/24	$	(5,000)	$	(772)	$	(601)	$	(171)
United Rentals North America, Inc.	JPMorgan Chase Bank, N.A.	1.0%	Capital Goods	5.0%	Quarterly	12/20/24	$	(3,000)	(463)		(361)		(102)
United Rentals North America, Inc.	Barclays Bank PLC	1.0%	Capital Goods	5.0%	Quarterly	12/20/24	$	(2,000)	(309)		(241)		(68)
Total									$	(1,544)	$	(1,203)	$	(341)

Total Return Swaps			Interest Rate(m)	Maturity	Number of Shares	Notional		Unrealized Appreciation (Depreciation)
Reference Entity	Counterparty	Industry
Invesco Senior Loan ETF	Goldman Sachs International	Diversified Financials	L+0.30%	3/24/22	530,000	$	11,724	$	5
Total								$	5

_________________

(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 March 31, 2021, the three-month London Interbank Offered Rate (“L”) was 0.19%. 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 annual financial statements.
(e)	Security or portion thereof held by Blair Funding LLC (“Blair Funding”), a wholly-owned subsidiary of the Fund, and is pledged as collateral supporting the amounts outstanding under Blair Funding’s credit facility with Barclays Bank PLC, as administrative agent and Wells Fargo Bank, National Association, as collateral agent.
(f)	Position or portion thereof unsettled as of March 31, 2021.
(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)	The variable rate securities underlying the total return swap bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of March 31, 2021, the one-month London Interbank Offered Rate (“L”) was 0.11%.

(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 $468,230, which represents approximately 31.2% of net assets as of March 31, 2021. As of March 31, 2021, 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 $82, which represents approximately 0.0% of net assets as of March 31, 2021.
(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.
(p)	Security was on non-accrual status as of March 31, 2021.
(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) 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 March 31, 2021, 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 as of March 31, 2021:

Portfolio Company	Fair Value at December 31, 2020		Gross Additions(1)		Gross Reductions(2)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value at March 31, 2021		Interest Income(3)		PIK Income(3)
Senior Secured Loans—First Lien
Fairway Group Acquisition Co.	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Fairway Group Acquisition Co.	401		—		—		—		229		630		—		—
Sungard AS New Holdings III, LLC	4,016		2		—		—		11		4,029		41		36
Sungard AS New Holdings III, LLC(4)	1		—		—		—		5		6		13		—
Senior Secured Loans—Second Lien
Fairway Group Acquisition Co.	—		—		—		—		—		—		—		—
Sungard AS New Holdings III, LLC	14,582		35		—		—		—		14,617		183		100
Equity/Other
Fairway Group Holdings Corp., Common Equity	—		—		—		—		—		—		—		—
Sungard AS New Holdings, LLC, Common Equity	9,028		—		—		—		4		9,032		—		—
Total	$	28,028	$	37	$	—	$	—	$	249	$	28,314	$	237	$	136

_________________

(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 and PIK income are presented for the full three months ended March 31, 2021.

(4)Security is an unfunded commitment with amortized cost of $2,135 and fair value of $2,141.

(t) 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 March 31, 2021, 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 as of March 31, 2021:

Portfolio Company	Fair Value at December 31, 2020		Gross Additions(1)		Gross Reductions(2)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value at March 31, 2021		Interest Income(3)
Asset Based Finance
BCP Great Lakes Fund LP(4)	$	40,903	$	3,070	$	(9,703)	$	—	$	2,676	$	36,946	$	1,534
Stabilis BH Lender, LLC	11,800		—		—		—		44		11,844		277
Equity/Other
SCM EPIC, LLC, Common Equity	39,267		1,492		—		—		8,131		48,890		—
Total	$	91,970	$	4,562	$	(9,703)	$	—	$	10,851	$	97,680	$	1,811

_________________

(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 three months ended March 31, 2021.

(4)Security includes a partially unfunded commitment with amortized cost of $13,929 and fair value of $14,051.

See notes to unaudited consolidated schedule of investments.

FS Global Credit Opportunities Fund

Notes to Unaudited Consolidated Schedule of Investments

As of March 31, 2021 (in thousands)

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, 2020.

The following table summarizes the composition of the Fund’s investment portfolio at cost and fair value as of March 31, 2021:

	Amortized Cost(1)		Fair Value		Percentage of Portfolio
Senior Secured Loans—First Lien	$	901,682	$	900,163	44	%
Senior Secured Loans—Second Lien	165,098		151,613		8	%
Senior Secured Bonds	366,950		392,206		19	%
Subordinated Debt	88,217		97,634		5	%
Asset Based Finance	96,980		96,244		5	%
Special Purpose Acquisition Vehicles	88,934		88,260		4	%
Equity/Other	291,533		300,153		15	%
Total	$	1,999,394	$	2,026,273	100	%
Investments Sold Short	$	(44)	$	(82)

__________________________

(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 March 31, 2021, the Fund held investments in three portfolio companies of which it is deemed to “control,” and held investments in two 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 (s) and (t) to the unaudited consolidated schedule of investments as of March 31, 2021 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 March 31, 2021, the Fund had three senior secured loan investments with aggregate unfunded commitments of $8,291 and one asset based finance investment with an unfunded commitment of $13,929. The Fund maintains sufficient cash on hand and/or available borrowings to fund such unfunded commitments should the need arise.

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 March 31, 2021:

Industry Classification	Fair Value		Percentage of Portfolio
Automobiles & Components	$	44,931	2%
Capital Goods	139,268		7%
Commercial & Professional Services	22,761		1%
Consumer Services	308,356		15%
Diversified Financials	397,778		20%
Energy	290,883		14%
Food & Staples Retailing	630		0%
Health Care Equipment & Services	172,381		9%
Household & Personal Products	14,811		1%
Insurance	39,084		2%
Materials	64,328		3%
Media	30,741		2%
Pharmaceuticals, Biotechnology & Life Sciences	46,350		2%
Real Estate	9,741		0%
Retailing	164,268		8%
Software & Services	88,195		4%
Technology Hardware & Equipment	11,156		1%
Telecommunication Services	94,470		5%
Transportation	86,141		4%
Total	$	2,026,273	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 March 31, 2021:

Geographic Locations(1)	Fair Value		Percentage of Portfolio
United States	$	1,856,379	92%
Europe	81,921		4%
Other	87,973		4%
Total	$	2,026,273	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.

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 March 31, 2021, 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	$	—	$	725,155	$	175,008	$	900,163
Senior Secured Loans—Second Lien	—		115,021		36,592		151,613
Senior Secured Bonds	—		365,700		26,506		392,206
Subordinated Debt	—		93,934		3,700		97,634
Asset Based Finance	—		—		96,244		96,244
Special Purpose Acquisition Vehicles	88,260		—		—		88,260
Equity/Other	131,260		38,916		129,977		300,153
Total Investments	219,520		1,338,726		468,027		2,026,273
Forward Foreign Currency Exchange Contracts	—		411		—		411
Total Return Swaps	—		5		—		5
Total Assets	$	219,520	$	1,339,142	$	468,027	$	2,026,689

Liability Description	Level 1		Level 2		Level 3		Total
Investments Sold Short	$	82	$	—	$	—	$	82
Credit Default Swaps—Buy Protection	—		1,544		—		1,544
Total Liabilities	$	82	$	1,544	$	—	$	1,626

The following is a reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining fair value for the three months ended March 31, 2021:

	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	$	188,408	$	36,451	$	—	$	2,554	$	136,702	$	106,085	$	470,200
Accretion of discount (amortization of premium)	171		—		8		61		(31)		16		225
Net realized gain (loss)	4		—		—		—		—		36		40
Net change in unrealized appreciation (depreciation)	1,459		106		516		960		3,403		11,867		18,311
Purchases	(9,657)		—		25,676		125		29,747		5,958		51,849
Paid-in-kind interest	680		35		306		—		—		—		1,021
Sales and repayments	(6,057)		—		—		—		(73,577)		(416)		(80,050)
Net transfers in or out of Level 3(1)	—		—		—		—		—		6,431		6,431
Fair value at end of period	$	175,008	$	36,592	$	26,506	$	3,700	$	96,244	$	129,977	$	468,027
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	$	2,198	$	106	$	516	$	960	$	3,403	$	11,867	$	19,050

(1)Transfers in or out of Level 3 were deemed to have occurred as a result of, among other factors, changes in liquidity, the depth and consistency of prices from third-party pricing services and the existence of observable trades in the market.