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

FS Global Credit Opportunities Fund

Unaudited Consolidated Schedule of Investments

As of September 30, 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—74.0%
Advisor Group Holdings, Inc.	(e)	Diversified Financials	L+450		7/31/26	$	14,886	$	14,711	$	14,929
Aegion Corp.	(e)	Capital Goods	L+475	0.8%	5/17/28	11,000		10,948		11,096
ANCILE Solutions, Inc.	(e)(r)	Software & Services	L+700, 3.0% PIK (3.0% Max PIK)	1.0%	6/11/26	37,059		37,059		38,263
Apex Tool Group, LLC	(e)	Capital Goods	L+525	1.3%	8/31/24	13,974		12,997		14,011
Arrow Purchaser Inc.	(e)	Retailing	L+675	1.0%	2/26/26	9,375		9,245		9,352
Ascena Retail Group, Inc.	(e)(i)(p)	Retailing	L+450	0.8%	8/21/22	35,525		13,456		962
ATI Holdings Acquisition Inc.	(e)(f)	Health Care Equipment & Services	L+350	1.0%	5/10/23	12,186		11,885		11,930
Belk, Inc.	(e)(i)(p)	Retailing	10.0%		7/31/25	4,325		1,996		3,357
Belk, Inc.	(e)	Retailing	L+750	1.0%	7/31/25	967		962		972
BusPatrol LLC	(r)	Commercial & Professional Services	L+1450	1.5%	9/24/24	8,600		8,524		7,934
BusPatrol LLC	(g)(r)	Commercial & Professional Services	L+1450	1.5%	9/24/24	19,841		16,721		18,304
CCS-CMGC Holdings, Inc.	(e)	Health Care Equipment & Services	L+550		10/1/25	24,372		23,979		23,945
Chinos Intermediate 2, LLC	(e)	Retailing	L+1000	1.0%	9/10/27	28,347		28,836		31,302
CITGO Holding, Inc.	(e)	Energy	L+700	1.0%	8/1/23	11,264		11,213		11,145
CITGO Petroleum Corp.	(e)	Energy	L+625	1.0%	3/28/24	34,072		33,886		34,186
Claire's Stores Inc.	(e)	Retailing	L+650		12/18/26	9,924		9,360		9,836
Corral Petroleum Sweden AB	(e)(r)	Energy	L+925		8/14/24	35,000		34,947		35,962
Cresco Labs, LLC	(e)(f)(r)	Pharmaceuticals, Biotechnology & Life Sciences	9.5%		8/12/26	66,000		63,900		66,000
ECL Entertainment, LLC	(e)	Media	L+750	0.8%	3/31/28	12,968		12,844		13,308
Elevate Brands LLC	(r)	Media	14.0%		8/6/26	815		829		813
Elevate Brands LLC	(g)(r)	Media	14.0%		8/6/26	14,185		14,185		14,150
Fairway Group Acquisition Co.	(i)(p)(r)(t)	Food & Staples Retailing	10.0% PIK (10.0% Max PIK)		11/27/23	5,658		4,193		—
Fairway Group Acquisition Co.	(i)(p)(r)(t)	Food & Staples Retailing	12.0% PIK (12.0% Max PIK)		11/27/23	9,162		7,872		447
First Brands Group, LLC	(e)	Automobiles & Components	L+500	1.0%	3/30/27	24,875		23,277		25,180
Gibson Brands, Inc.	(e)	Media	L+500	0.8%	6/25/28	7,000		6,931		6,965
Harland Clarke Holdings Corp.	(e)	Commercial & Professional Services	L+475	1.0%	11/3/23	7,436		6,720		7,026

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	$	21,668	$	21,242	$	21,722
LifeScan Global Corp.	(e)	Health Care Equipment & Services	L+600		10/1/24	53,755		51,456		53,380
Mavenir Systems, Inc.	(e)	Software & Services	L+475	0.5%	8/13/28	6,000		5,941		6,022
Maverick Gaming, LLC	(e)	Consumer Services	L+750	1.0%	8/19/26	15,500		15,193		15,345
Midas Intermediate Holdco II, LLC	(e)(f)	Consumer Services	L+375	0.8%	12/22/25	12,688		11,865		12,146
MLN US Holdco LLC	(e)	Technology Hardware & Equipment	L+450		11/30/25	24,417		19,668		22,274
Monitronics International, Inc.	(e)	Commercial & Professional Services	L+500	1.5%	7/3/24	29,876		29,897		30,156
Monitronics International, Inc.	(e)	Commercial & Professional Services	L+650	1.3%	3/29/24	56,655		54,065		55,606
Nelson Global Products, Inc.	(r)	Automobiles & Components	L+925	1.3%	9/23/26	52,929		51,336		51,341
Nelson Global Products, Inc.	(g)(r)	Automobiles & Components	L+925	1.3%	9/23/26	6,482		6,482		6,227
Neovia Logistics, LP	(e)	Transportation	L+650		5/8/24	35,000		34,381		34,344
One Call Corp.	(e)	Health Care Equipment & Services	L+550	0.8%	4/7/27	35,910		35,233		36,269
Penney Borrower, LLC		Retailing	L+850	1.0%	12/7/26	1,087		969		1,084
Pioneer Energy Services Corp.	(n)(r)	Energy	L+475, 4.8% PIK (4.8% Max PIK)	1.5%	5/15/25	7,050		7,050		7,896
Playa Resorts Holding B.V.	(e)	Consumer Services	L+275	1.0%	4/29/24	10,883		9,536		10,671
Propulsion Acquisition, LLC	(e)(r)	Capital Goods	L+700	1.0%	7/13/24	37,667		37,218		38,232
Pyxus Holdings Inc.	(e)	Food, Beverage & Tobacco	L+800	1.5%	2/24/25	20,000		19,572		19,644
Quorum Health Corp.	(e)	Health Care Equipment & Services	L+825	1.0%	4/29/25	32,532		32,045		32,715
RDV Resources Properties, LLC	(r)	Energy	L+650	1.0%	3/30/24	7,177		7,177		7,177
Retail Services WIS Corp.	(e)	Commercial & Professional Services	L+675	1.0%	5/20/25	14,981		14,630		14,756
S&S Holdings LLC	(e)	Retailing	L+500	0.5%	3/10/28	27,363		26,593		27,226
Salt Creek Aggregator HoldCo, LLC	(e)(r)	Energy	8.0% PIK (8.0% Max PIK)		7/12/26	16,047		16,224		17,582
Schumacher Electric Corp.	(e)(r)	Capital Goods	L+700		6/1/27	39,900		39,514		39,451
Spectacle Gary Holdings, LLC	(e)	Consumer Services	L+900	2.0%	12/23/25	20,947		20,461		22,859
Staples Canada, ULC	(e)(r)	Retailing	L+700	1.0%	9/12/24	C$	17,501	13,629		13,658
Sungard AS New Holdings III, LLC	(e)(r)(t)	Software & Services	L+375	1.0%	7/1/24	$	6,020	6,196		6,246
SuperRego, LLC	(r)	Consumer Services	L+750, 7.5% PIK (7.5% Max PIK)		7/30/26	15,242		14,895		14,956
Syncapay, Inc.	(e)	Software & Services	L+650	1.0%	12/10/27	31,891		30,669		32,050
Tensar Corp.	(e)	Materials	L+675	1.0%	8/20/25	17,865		17,485		18,005
Thryv, Inc.	(e)	Media	L+850	1.0%	3/1/26	14,425		14,029		14,700

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Floor(b)	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
United Gaming LLC	(e)(r)	Consumer Services	L+900		6/9/25	$	30,410	$	30,059	$	30,371
United Gaming LLC	(g)(r)	Consumer Services	L+900		6/9/25	8,191		8,191		8,181
US Renal Care, Inc.	(e)	Health Care Equipment & Services	L+550	1.0%	6/26/26	13,000		12,818		13,075
Wok Holdings, Inc.	(e)	Consumer Services	L+625		3/1/26	19,500		19,364		19,285
Total Senior Secured Loans—First Lien								1,156,559		1,166,027
Unfunded Loan Commitments								(45,579)		(45,579)
Net Senior Secured Loans—First Lien								1,110,980		1,120,448
Senior Secured Loans—Second Lien—9.5%
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		—
First Brands Group, LLC	(e)	Automobiles & Components	L+850	1.0%	3/30/28	20,000		19,620		20,250
Infinite Bidco LLC	(e)	Capital Goods	L+700	0.5%	3/2/29	10,000		9,953		10,100
LaserShip, Inc.	(e)	Transportation	L+750	0.8%	4/30/29	12,000		11,827		12,060
MLN US Holdco LLC	(e)	Technology Hardware & Equipment	L+875		11/30/26	26,896		25,393		17,549
NGS US Finco, LLC	(e)	Energy	L+850	1.0%	4/1/26	30,000		29,676		28,050
Salt Creek Aggregator HoldCo, LLC	(e)(i)(p)(r)	Energy			7/12/27	23,486		18,450		20,139
Salt Creek Aggregator HoldCo, LLC	(e)(i)(p)(r)	Energy			7/12/27	3,701		1,996		2,644
Sungard AS New Holdings III, LLC	(e)(r)(t)	Software & Services	L+400	1.0%	8/1/24	14,820		14,820		14,820
TruGreen, LP	(e)	Commercial & Professional Services	L+850	0.8%	10/30/28	10,000		9,816		10,200
Women's Care Investments, Inc.	(e)	Health Care Equipment & Services	L+825	0.8%	1/12/29	8,000		7,849		8,018
Total Senior Secured Loans—Second Lien								153,079		143,830
Senior Secured Bonds—28.5%
Carnival Corp.	(n)(o)	Consumer Services	10.5%		2/1/26	7,500		7,659		8,711
Carnival Corp.	(n)(o)	Consumer Services	9.9%		8/1/27	10,000		10,000		11,554
CITGO Holding Inc.	(e)(n)	Energy	9.3%		8/1/24	20,000		20,000		20,175
CITGO Petroleum Corp.	(e)(n)	Energy	7.0%		6/15/25	2,000		2,000		2,048
Cleaver-Brooks Inc.	(n)(o)	Capital Goods	7.9%		3/1/23	35,514		35,075		35,026
CSI Compressco LP	(e)(n)	Energy	10.0%		4/1/26	18,248		10,173		16,932
CSI Compressco LP	(e)(n)	Energy	7.5%		4/1/25	12,711		11,558		12,541
CSVC Acquisition Corp.	(e)(n)(o)	Diversified Financials	7.8%		6/15/25	41,897		36,410		34,879
Diebold, Inc.	(n)(o)	Technology Hardware & Equipment	9.4%		7/15/25	10,000		9,920		10,956
Digicel International Finance Ltd.	(e)(n)(o)	Telecommunication Services	8.8%		5/25/24	35,000		34,721		36,278
Guitar Center, Inc.	(e)(n)	Retailing	8.5%		1/15/26	18,000		18,125		19,327

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Floor(b)	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
HC2 Holdings, Inc.	(e)(n)	Capital Goods	8.5%		2/1/26	$	15,000	$	15,000	$	14,944
JW Aluminum Co.	(e)(n)	Materials	10.3%		6/1/26	43,500		44,199		46,776
Kronos Acquisition Holdings Inc.	(n)(o)	Household & Personal Products	5.0%		12/31/26	10,000		10,000		10,000
LHS, LLC	(r)	Capital Goods	12.0% PIK (12.0% Max PIK)		2/26/27	28,096		27,622		28,412
Navios Logistics Finance, Inc.	(n)(o)	Transportation	10.8%		7/1/25	25,000		25,000		27,245
Royal Caribbean Cruises Ltd.	(n)(o)	Consumer Services	11.5%		6/1/25	5,964		5,928		6,812
Stonegate Pub Company Ltd.	(o)	Consumer Services	8.3%		7/31/25	£	19,000	24,273		26,974
StoneMor Inc.	(e)(n)	Consumer Services	8.5%		5/15/29	$	17,000	17,000		17,489
TKC Holdings, Inc.	(n)(o)	Retailing	6.9%		5/15/28	10,000		10,000		10,340
Triumph Group, Inc.	(n)(o)	Capital Goods	8.9%		6/1/24	4,196		4,196		4,621
Trulieve Cannabis Corp.	(f)	Pharmaceuticals, Biotechnology & Life Sciences	8.0%		10/6/26	20,000		20,000		20,000
Uniti Group LP	(n)(o)	Real Estate	7.9%		2/15/25	9,000		9,157		9,521
Total Senior Secured Bonds								408,016		431,561
Subordinated Debt—7.8%
Acrisure LLC	(n)(o)	Insurance	10.1%		8/1/26	27,000		27,000		30,146
Advisor Group Holdings, Inc.	(e)(n)	Diversified Financials	10.8%		8/1/27	25,200		23,964		27,886
Apex Tool Group, LLC	(n)(o)	Capital Goods	9.0%		2/15/23	3,221		3,224		3,233
Carnival Corp.	(n)(o)	Consumer Services	5.8%		3/1/27	5,000		5,000		5,175
Carnival Corp.	(n)(o)	Consumer Services	7.6%		3/1/26	3,000		3,000		3,206
Cleanview Sponsor, LLC	(i)(r)	Diversified Financials			12/31/21	125		125		125
Freedom Mortgage Corp.	(n)(o)	Diversified Financials	7.6%		5/1/26	8,000		8,000		8,161
Kronos Acquisition Holdings Inc.	(n)(o)	Household & Personal Products	7.0%		12/31/27	5,000		5,000		4,799
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	5,235		3,768		6,072
Redwood Trust Inc.	(o)	Diversified Financials	4.8%		8/15/23	12,900		12,355		13,223
TKC Holdings, Inc.	(n)(o)	Retailing	10.5%		5/15/29	15,000		15,000		16,467
Total Subordinated Debt								106,888		118,493
Asset Based Finance—8.0%
BCP Great Lakes Fund LP	(r)(u)	Diversified Financials	11.4%		11/28/28	43,144		43,551		44,060
BCP Great Lakes Fund LP	(g)(r)(u)	Diversified Financials	11.4%		11/28/28	6,856		6,856		7,002
Bridge Street CLO I Ltd.	(n)(r)	Diversified Financials	13.3%		1/20/34	28,200		26,645		27,013
Bridge Street CLO II Ltd.	(n)(r)	Diversified Financials	14.2%		7/20/34	28,560		26,470		27,467

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Floor(b)	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
Bridge Street Warehouse CLO III Ltd.	(i)(r)(s)	Diversified Financials	13.3%		9/10/23	$	5,000	$	5,000	$	5,000
Deutsche Bank AG Frankfurt (CRAFT 2017-1)	(e)(n)(r)	Diversified Financials	11.3%		10/20/26	18,902		18,753		17,896
Total Asset Based Finance								127,275		128,438
Unfunded Commitments								(6,856)		(6,856)
Net Asset Based Finance								120,419		121,582

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Floor(b)	Shares/Units	Cost		Fair Value(d)
Special Purpose Acquisition Vehicles—4.5%
ABG Acquisition Corp. I	(i)	Diversified Financials			50,000	$	500	$	487
Advanced Merger Partners Inc.	(i)	Diversified Financials			155,000	1,554		1,530
Agile Growth Corp.	(i)	Diversified Financials			150,000	1,502		1,485
Altimar Acquisition Corp. III	(i)	Diversified Financials			210,000	2,104		2,102
Anzu Special Acquisition Corp. I	(i)	Diversified Financials			105,400	1,053		1,042
ArcLight Clean Transition Corp. II	(i)	Diversified Financials			1,000	10		10
Arrowroot Acquisition Corp.	(i)	Diversified Financials			100,000	1,000		990
Atlantic Coastal Acquisition Corp.	(i)	Diversified Financials			100,000	1,000		989
Austerlitz Acquisition Corp.	(i)	Diversified Financials			100,000	1,017		985
BOA Acquisition Corp.	(i)	Diversified Financials			100,000	1,000		988
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		1,960
dMY Technology Group Inc. IV	(i)	Diversified Financials			25,000	250		257
EQ Health Sponsor Group, LLC	(i)(r)	Diversified Financials			904,952	905		2,864
FAST Acquisition Corp. II	(i)	Diversified Financials			300,000	3,000		2,970
Forest Road Acquisition Corp. II	(i)	Diversified Financials			10,000	100		99
Forum Merger IV Corp.	(i)	Diversified Financials			400,000	4,000		4,000
FTAC Hera Acquisition Corp.	(i)	Diversified Financials			100,000	999		996
Fusion Acquisition Corp. II	(i)	Diversified Financials			125,000	1,253		1,215
Glass Houses Acquisition Corp.	(i)	Diversified Financials			100,000	1,000		993
Global Partner Acquisition Corp. II	(i)	Diversified Financials			1,076	11		11
Golden Arrow Merger Corp.	(i)	Diversified Financials			1,000,000	10,000		9,900
GX Acquisition Corp. II	(i)	Diversified Financials			1,000,000	10,000		9,877
Lazard Growth Acquisition Corp.	(i)	Diversified Financials			5,000	50		49
Live Oak Mobility Acquisition Corp.	(i)	Diversified Financials			50,000	500		495
Mason Industrial Technology, Inc.	(i)	Diversified Financials			150,000	1,522		1,492
Mission Advancement Corp.	(i)	Diversified Financials			100,000	1,000		990
Monument Circle Acquisition Corp.	(i)	Diversified Financials			50,000	504		501
MSD Acquisition Corp.	(i)	Diversified Financials			50,000	500		501
New Vista Acquisition Corp.	(i)	Diversified Financials			1,000	10		10

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Floor(b)	Shares/Units	Cost		Fair Value(d)
North Atlantic Acquisition Corp.	(i)	Diversified Financials			150,000	$	1,503	$	1,488
Northern Star Investment Corp. III	(i)	Diversified Financials			100,000	1,004		986
Peridot Acquisition Corp. II	(i)	Diversified Financials			150,000	1,504		1,479
Pine Technology Acquisition Corp.	(i)	Diversified Financials			525,000	5,250		5,211
Plum Acquisition Corp. I	(i)	Diversified Financials			50,000	500		490
PWP Forward Acquisition Corp. I	(i)	Diversified Financials			100,000	1,002		993
Rosecliff Acquisition Corp. I	(i)	Diversified Financials			100,000	1,016		990
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		1,495
TCW Special Purpose Acquisition Corp.	(i)	Diversified Financials			201,000	2,015		1,980
Tribe Capital Growth Corp. I	(i)	Diversified Financials			50,000	500		497
Twin Ridge Capital Acquisition Corp.	(i)	Diversified Financials			81,521	816		809
USHG Acquisition Corp.	(i)	Diversified Financials			10,000	100		100
VPC Impact Acquisition Holdings II	(i)	Diversified Financials			24,862	250		246
Total Special Purpose Acquisition Vehicles						66,365		67,567
Equity/Other—9.0%
Aspect Software Parent, Inc., Warrants	(i)(r)	Software & Services			83,829	—		129
Belk, Inc., Common Equity	(e)(i)	Retailing			579	15		9
Bright Pattern, Inc., Common Equity	(i)(r)	Software & Services			599,720	973		1,253
Chinos Holdings, Inc., Common Equity	(f)(i)	Retailing			1,128,253	12,708		19,547
Chinos Holdings, Inc., Warrants	(f)(i)	Retailing			412,738	1,447		3,264
Fairway Group Holdings Corp., Common Equity	(i)(r)(t)	Food & Staples Retailing			76,517	2,458		—
Ginkgo Bioworks Holdings, Inc., Warrants	(i)	Pharmaceuticals, Biotechnology & Life Sciences			2,000	—		7
Guitar Center, Inc., Preferred Equity	(e)(r)	Retailing	15.0%		61,250	6,125		6,125
J.C. Penney Company, Inc., Common Equity	(i)	Retailing			159,498	2,632		3,220
Penn Foster Inc., Preferred Equity, 11/17/28	(e)(r)	Consumer Services	L+975	1.0%	433,462	42,537		43,346
Penney Borrower, LLC, Earnouts	(i)	Retailing			21,267	170		231
Pioneer Energy Services Corp., Common Equity	(e)(i)(r)	Energy			17,857	22		276
RDV Resources Oil & Gas, Inc., Common Equity	(i)(r)	Energy			457,704	5,109		4,987
Ridgeback Resources Inc., Common Equity	(i)(r)	Energy			1,960,162	12,044		9,979
SCM EPIC, LLC, Common Equity	(i)(q)(r)(u)	Energy			34,800	35,861		33,930
SCM Topco, LLC, Series B Preferred Equity, 7/13/28	(i)(p)(q)(r)	Energy			27,398	2,449		3,784
SCM Topco, LLC, Series C Common Equity	(i)(q)(r)	Energy			196	—		—

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Floor(b)	Shares/Units	Cost		Fair Value(d)
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)(t)	Software & Services			272,014	19,011		5,302
SuperRego, LLC, Warrants	(i)(r)	Consumer Services			139,285	56		77
Total Equity/Other						143,622		135,466
TOTAL INVESTMENTS—141.3%						$	2,109,369	2,138,947
Credit Facilities Payable—(29.4)%								(445,000)
Term Preferred Shares, at Liquidation Value, Net—(19.7)%								(298,011)
Other Assets in Excess of Liabilities—7.8%	(j)							118,126
NET ASSETS—100.0%								$	1,514,062
Shares Outstanding								197,183,713
Net Asset Value per Common Share at End of Period								$	7.68

_________________

C$ – Canadian Dollar.

£ – British Pound.

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.	10/12/21	USD	22,109	CAD	28,000	$	10
JPMorgan Chase Bank, N.A.	10/12/21	USD	3,550	EUR	3,000	76
JPMorgan Chase Bank, N.A.	10/12/21	USD	27,556	GBP	20,000	617
Total						$	703

_________________

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, 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	0.3%	Capital Goods	5.0%	Quarterly	12/20/24	$	(5,000)	$	(715)	$	(521)	$	(194)
United Rentals North America, Inc.	JPMorgan Chase Bank, N.A.	0.3%	Capital Goods	5.0%	Quarterly	12/20/24	$	(3,000)	(429)		(312)		(117)
United Rentals North America, Inc.	Barclays Bank PLC	0.3%	Capital Goods	5.0%	Quarterly	12/20/24	$	(2,000)	(286)		(208)		(78)
Total									$	(1,430)	$	(1,041)	$	(389)

Total Return Swaps			Interest Rate(m)	Maturity	Number of Shares	Notional		Unrealized Appreciation (Depreciation)
Reference Entity	Counterparty	Industry
Markit iBoxx USD Liquid Leveraged Loans Total Return Index	Goldman Sachs International	Diversified Financials	0.122%	12/20/21	(544,959)	$	(100,000)	$	(140)
Total								$	(140)

_________________

(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, 2021, the three-month London Interbank Offered Rate (“L”) was 0.13%. 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 September 30, 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 September 30, 2021, the one-month London Interbank Offered Rate (“L”) was 0.08%.
(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 $541,592, which represents approximately 35.8% of net assets as of September 30, 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. As of September 30, 2021, there were no securities rehypothecated by BNP PBIL.
(p)	Security was on non-accrual status as of September 30, 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)	Security is a related party investment.

(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, 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 September 30, 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 September 30, 2021		Interest Income(3)		PIK Income(3)
Senior Secured Loans—First Lien
Fairway Group Acquisition Co.	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Fairway Group Acquisition Co.	401		—		(515)		—		561		447		568		—
Sungard AS New Holdings III, LLC	4,016		57		—		—		32		4,105		137		86
Sungard AS New Holdings III, LLC	1		2,124		—		—		16		2,141		37		—
Senior Secured Loans—Second Lien
Fairway Group Acquisition Co.	—		—		—		—		—		—		—		—
Sungard AS New Holdings III, LLC	14,582		238		—		—		—		14,820		627		237
Equity/Other
Fairway Group Holdings Corp., Common Equity	—		—		—		—		—		—		—		—
Sungard AS New Holdings, LLC, Common Equity	9,028		—		—		—		(3,726)		5,302		—		—
Total	$	28,028	$	2,419	$	(515)	$	—	$	(3,117)	$	26,815	$	1,369	$	323

_________________

(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 nine months ended September 30, 2021.

(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, 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 September 30, 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 September 30, 2021		Interest Income(3)		Fee Income(3)
Asset Based Finance
BCP Great Lakes Fund LP(4)	$	40,903	$	10,972	$	(10,560)	$	—	$	2,891	$	44,206	$	3,548	$	—
Stabilis BH Lender, LLC	11,800		—		(11,800)		—		—		—		914		118
Equity/Other
SCM EPIC, LLC, Common Equity	39,267		1,492		—		—		(6,829)		33,930		—		—
Total	$	91,970	$	12,464	$	(22,360)	$	—	$	(3,938)	$	78,136	$	4,462	$	118

_________________

(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 fee income presented for the full nine months ended September 30, 2021.

(4)Security includes a partially unfunded commitment with amortized cost of $6,856 and fair value of $7,002.

See notes to unaudited consolidated schedule of investments.

FS Global Credit Opportunities Fund

Notes to Unaudited Consolidated Schedule of Investments

As of September 30, 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 and its unaudited consolidated financial statements contained in its semi-annual report for the semi-annual period ended June 30, 2021.

The following table summarizes the composition of the Fund’s investment portfolio at cost and fair value as of September 30, 2021:

	Amortized Cost(1)		Fair Value		Percentage of Portfolio
Senior Secured Loans—First Lien	$	1,110,980	$	1,120,448	52	%
Senior Secured Loans—Second Lien	153,079		143,830		7	%
Senior Secured Bonds	408,016		431,561		20	%
Subordinated Debt	106,888		118,493		6	%
Asset Based Finance	120,419		121,582		6	%
Special Purpose Acquisition Vehicles	66,365		67,567		3	%
Equity/Other	143,622		135,466		6	%
Total	$	2,109,369	$	2,138,947	100	%

__________________________

(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, 2021, the Fund held investments in two 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 (t) and (u) to the unaudited consolidated schedule of investments as of September 30, 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 September 30, 2021, the Fund had four senior secured loan investments with aggregate unfunded commitments of $45,579 and one asset based finance investment with an unfunded commitment of $6,856. 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 September 30, 2021:

Industry Classification	Fair Value		Percentage of Portfolio
Automobiles & Components	$	96,516	5%
Capital Goods	199,126		9%
Commercial & Professional Services	127,261		6%
Consumer Services	248,967		12%
Diversified Financials	288,352		13%
Energy	275,505		13%
Food & Staples Retailing	447		0%
Food, Beverage & Tobacco	19,644		1%
Health Care Equipment & Services	201,054		9%
Household & Personal Products	14,799		1%
Insurance	30,146		1%
Materials	64,781		3%
Media	35,751		2%
Pharmaceuticals, Biotechnology & Life Sciences	86,007		4%
Real Estate	9,521		0%
Retailing	176,279		8%
Software & Services	104,085		5%
Technology Hardware & Equipment	50,779		2%
Telecommunication Services	36,278		2%
Transportation	73,649		4%
Total	$	2,138,947	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, 2021:

Geographic Locations(1)	Fair Value		Percentage of Portfolio
United States	$	1,956,156	91%
Europe	80,832		4%
Other	101,959		5%
Total	$	2,138,947	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 September 30, 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	$	—	$	742,836	$	377,612	$	1,120,448
Senior Secured Loans—Second Lien	—		106,227		37,603		143,830
Senior Secured Bonds	—		403,149		28,412		431,561
Subordinated Debt	—		112,296		6,197		118,493
Asset Based Finance	—		—		121,582		121,582
Special Purpose Acquisition Vehicles	64,703		—		2,864		67,567
Equity/Other	7		26,271		109,188		135,466
Total Investments	64,710		1,390,779		683,458		2,138,947
Forward Foreign Currency Exchange Contracts	—		703		—		703
Total Assets	$	64,710	$	1,391,482	$	683,458	$	2,139,650

Liability Description	Level 1		Level 2		Level 3		Total
Credit Default Swaps—Buy Protection	$	—	$	1,430	$	—	$	1,430
Total Return Swaps	—		140		—		140
Total Liabilities	$	—	$	1,570	$	—	$	1,570

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, 2021:

	Senior Secured Loans—First Lien		Senior Secured Loans—Second Lien		Senior Secured Bonds		Subordinated Debt		Asset Based Finance		Special Purpose Acquisition Vehicles		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)	904		—		50		186		(58)		—		53		1,135
Net realized gain (loss)	1,863		—		—		—		(1,637)		36		1,022		1,284
Net change in unrealized appreciation (depreciation)	6,502		914		790		3,204		5,302		1,959		(8,111)		10,560
Purchases	289,279		—		25,676		125		130,782		1,285		4,730		451,877
Paid-in-kind interest	1,988		238		1,896		128		—		—		—		4,250
Sales and repayments	(111,332)		—		—		—		(149,509)		(416)		(1,022)		(262,279)
Transfers into Level 3(1)	—		—		—		—		—		—		6,431		6,431
Transfers out of Level 3(1)	—		—		—		—		—		—		—		—
Fair value at end of period	$	377,612	$	37,603	$	28,412	$	6,197	$	121,582	$	2,864	$	109,188	$	683,458
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	$	7,759	$	914	$	790	$	3,204	$	5,302	$	1,959	$	(8,111)	$	11,817

(1)Transfers into or out of Level 3 were primarily due to decreased or increased price transparency, respectively.