FS Global Credit Opportunities Fund - ADV NPORT-P FS Global Credit Opportunities Fund - ADV (Mar 2020 report)

FS Global Credit Opportunities Fund—ADV

Unaudited Schedule of Investments

As of March 31, 2020

(in thousands, except share and per share amounts)

FS Global Credit Opportunities Fund—ADV (the “Company”), a Delaware statutory trust that is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anon-diversified,closed-end management investment company, invests substantially all of its assets in FS Global Credit Opportunities Fund (the “Fund”), a separatenon-diversified,closed-end management investment company with the same investment objectives and strategies as the Company. As of March 31, 2020, the Company invested $44,057 in the Fund, representing approximately 99.7% of the Company’s net assets and approximately 3.7% of the Fund’s net assets.

The Company invests substantially all of its assets in the Fund. As such, the Company determines the net asset value (“NAV”) of its common shares of beneficial interest, par value $0.001 per share (“common shares”), daily based on the NAV of its interest in the Fund (as provided by the Fund). The Company calculates NAV per common share by subtracting liabilities (including accrued expenses and distributions) from the total assets of the Company (the value of its interest in the Fund, plus cash and other assets, including interest and distributions accrued but not yet received), and dividing the result by the total number of its outstanding common shares. The Company’s investment in the Fund is considered Level 3, as defined under fair value accounting standards.

As of March 31, 2020, the Company had $44,205 of net assets, 7,397,178 common shares outstanding and a NAV per common share of approximately $5.98.

The Fund’s unaudited consolidated schedule of investments as of March 31, 2020 is set forth below:

FS Global Credit Opportunities Fund

Unaudited Consolidated Schedule of Investments

As of March 31, 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—64.9%
Acrisure LLC	(e)(f)	Insurance	L+350				2/15/27	$	2,000	$	1,640	$	1,790
Advisor Group Holdings, Inc.	(e)(f)	Diversified Financials	L+500				7/31/26		25,935		24,066		19,732
Aimmune Therapeutics, Inc.	(r)	Pharmaceuticals, Biotechnology & Life Sciences	L+750		1.0	%	1/3/25		11,558		11,520		11,197
Ascena Retail Group, Inc.	(e)	Retailing	L+450		0.8	%	8/21/22		47,000		31,234		14,687
Aspect Software, Inc.	(r)(u)	Software & Services	L+500		1.0	%	1/15/24		9,035		8,162		8,154
Aspect Software, Inc.	(r)(u)	Software & Services	L+500		1.0	%	7/15/23		747		747		747
Aspect Software, Inc.	(g)(r)(u)	Software & Services	L+500		1.0	%	7/15/23		996		996		996
AthenaHealth, Inc.	(e)	Health Care Equipment & Services	L+450				2/11/26		19,950		20,096		18,753
Avaya Inc.	(e)	Technology Hardware & Equipment	L+425				12/15/24		16,349		16,063		14,101
BCP Raptor II, LLC		Energy	L+475				11/3/25		3,880		3,695		2,231
Belk, Inc.	(e)	Retailing	L+675		1.0	%	7/31/25		5,946		4,452		3,395
CCS-CMGC Holdings, Inc.	(e)	Health Care Equipment & Services	L+550				10/1/25		22,742		22,421		18,251
CITGO Holding, Inc.	(e)	Energy	L+700		1.0	%	8/1/23		13,441		13,330		11,111
CITGO Petroleum Corp.	(e)	Energy	L+500		1.0	%	3/28/24		39,600		39,272		35,046
Corral Petroleum Sweden AB	(r)	Energy	L+925				5/24/24		35,000		34,831		31,896
Cresco Labs, Inc.	(r)	Pharmaceuticals, Biotechnology & Life Sciences	12.7%				7/30/21		30,000		29,458		29,063
Diamond Resorts International, Inc.	(e)	Consumer Services	L+375		1.0	%	9/2/23		10,616		10,406		7,431
Diebold Nixdorf, Inc.	(e)	Technology Hardware & Equipment	L+475				4/30/22		1,934		1,868		1,728
Diebold Nixdorf, Inc.	(e)	Technology Hardware & Equipment	L+925				8/31/22		34,044		35,009		30,639
Fairway Group Acquisition Co.	(i)(p)(r)(u)	Food & Staples Retailing	10.0% PIK (10.0% Max PIK)				11/27/23		5,383		4,193		—
Fairway Group Acquisition Co.	(i)(p)(r)(u)	Food & Staples Retailing	12.0% PIK (12.0% Max PIK)				11/27/23		8,631		8,387		2,287
Fairway Group Acquisition Co.	(r)(u)	Food & Staples Retailing	10.0%				9/23/20		2,202		2,166		2,202
Fairway Group Acquisition Co.	(g)(r)(u)	Food & Staples Retailing	10.0%				9/23/20		550		550		550
Fairway Group Acquisition Co.	(r)(u)	Food & Staples Retailing	10.0%				9/23/20		4,762		4,762		4,762
Gigamon, Inc.	(e)	Software & Services	L+425		1.0	%	12/27/24		15,960		15,843		13,726
Immucor, Inc.	(e)(f)	Health Care Equipment & Services	L+500		1.0	%	6/15/21		15,959		15,335		14,004
Intelsat Jackson Holdings S.A.	(e)(f)	Telecommunication Services	L+375		1.0	%	11/27/23		6,000		5,902		5,561
J. Crew Group, Inc.	(i)(p)	Retailing	L+322		1.0	%	3/5/21		12,286		10,117		7,474
JC Penney Corp., Inc.	(e)	Retailing	L+425		1.0	%	6/23/23		7,934		7,618		3,240
Kindred Healthcare, Inc.	(e)(f)	Health Care Equipment & Services	L+500				7/2/25		21,944		21,389		18,653
Kronos Acquisition Holdings Inc.	(e)	Household & Personal Products	L+400				5/15/23		33,279		31,836		30,103

See notes to unaudited consolidated schedule of investments.

1

FS Global Credit Opportunities Fund

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 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)
LifeScan Global Corp.		(e)	Health Care Equipment & Services		L+600					10/1/24	$	55,745	$	53,136		$	44,805
Limbach Facility Services, LLC		(r)	Capital Goods		L+1100		2.0	%		4/12/23		15,769		15,769			15,769
Limbach Facility Services, LLC		(g)(r)	Capital Goods		L+1100		2.0	%		4/12/23		9,616		9,616			9,616
Mavenir Systems, Inc.		(e)	Software & Services		L+600		1.0	%		5/8/25		26,528		26,104			23,079
Monitronics International, Inc.		(e)	Consumer Services		L+500		1.5	%		7/3/24		27,716		27,789			21,133
Monitronics International, Inc.		(e)	Consumer Services		L+650		1.3	%		3/29/24		52,522		50,671			36,043
Neovia Logistics, LP		(e)	Transportation		L+650					5/8/24		35,000		34,096			25,375
Northpole Newco S.A.R.L.		(e)	Software & Services		L+700					3/18/25		9,500		8,654			8,265
Origami Owl, LLC		(i)(p)(r)	Consumer Durables & Apparel		L+700, 5.0% PIK (5.0% Max PIK)		2.5	%		4/30/20		3,157		2,243			170
Origami Owl, LLC		(i)(p)(r)	Consumer Durables & Apparel		L+700, 5.0% PIK (5.0% Max PIK)		2.5	%		4/30/20		29,987		21,167			1,612
Peninsula Pacific Entertainment, LLC			Consumer Services		L+725					11/13/24		10,620		10,583			9,292
Pioneer Energy Services Corp.			Energy		L+775					11/8/22		17,000		16,937			16,150
Playtika Holding Corp.		(e)	Consumer Services		L+600		1.0	%		12/10/24		24,688		24,218			23,288
Propulsion Acquisition, LLC		(r)	Capital Goods		L+600		1.0	%		7/13/21		15,733		15,416			15,242
Quorum Health Corp.		(e)	Health Care Equipment & Services		L+675		1.0	%		4/29/22		41,872		41,055			35,214
RDV Resources Properties, LLC		(r)	Energy		L+600, 2.0% PIK (2.0% Max PIK)		1.0	%		3/30/24		6,857		6,857			6,857
RentPath, LLC		(i)(p)	Media		L+475		1.0	%		12/17/21		987		868			756
RentPath, LLC			Media		L+700		1.0	%		8/31/20		109		107			104
Salt Creek Aggregator HoldCo, LLC		(i)(p)(r)	Energy		L+550					10/31/22		29,550		29,342			22,643
SCM Topco, LLC		(i)(p)(r)	Energy		L+10.0% PIK (10.0% Max PIK)		1.0	%		5/30/24		43,811		43,565			28,039
Sequa Corp.		(e)(f)	Capital Goods		L+500		1.0	%		11/28/21		13,820		13,820			11,350
Spectacle Gary Holdings, LLC		(e)	Consumer Services		L+900		2.0	%		12/23/25		19,581		19,012			16,742
Spectacle Gary Holdings, LLC		(g)	Consumer Services		L+900		2.0	%		12/23/25		1,419		1,378			1,213
Staples Canada, ULC		(r)	Retailing		L+700		1.0	%		9/12/24	C$	21,251		16,971			13,790
Sungard AS New Holdings III, LLC		(r)(u)	Software & Services		L+750		1.0	%		2/3/22	$	3,039		2,974			3,145
Sungard AS New Holdings III, LLC		(g)(r)(u)	Software & Services		L+750		1.0	%		2/3/22		3,039		2,974			3,145
Trico Group, LLC		(e)	Automobiles & Components		L+700		1.0	%		2/2/24		28,500		27,555			24,937
Wok Holdings, Inc.		(e)	Consumer Services		L+625					3/1/26		19,800		19,625			9,331
Total Senior Secured Loans—First Lien														979,866			790,615
Unfunded Loan Commitments														(15,514	)		(15,514	)
Net Senior Secured Loans—First Lien														964,352			775,101

See notes to unaudited consolidated schedule of investments.

2

FS Global Credit Opportunities Fund

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 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—Second Lien—15.2%
American Bath Group, LLC		Capital Goods		L+975		1.0	%		9/30/24	$	60,000	$	58,287	$	54,000
Fairway Group Acquisition Co.	(i)(p)(r)(u)	Food & Staples Retailing		11.0% PIK (11.0% Max PIK)					2/24/24		4,840		3,679		—
Ivanti Software, Inc.	(e)	Software & Services		L+900		1.0	%		1/20/25		20,000		19,794		17,675
LBM Borrower, LLC		Capital Goods		L+925		1.0	%		8/20/23		27,300		27,200		25,048
Livingston International, Inc.	(e)	Transportation		L+950					4/30/27		25,000		23,831		24,312
MLN US Holdco LLC	(e)	Telecommunication Services		L+875					11/30/26		25,500		24,430		15,428
NGS US Finco, LLC		Energy		L+850		1.0	%		4/1/26		30,000		29,611		30,150
Sungard AS New Holdings III, LLC	(r)(u)	Software & Services		L+400, 2.5% PIK (2.5% Max PIK)		1.0	%		11/3/22		15,044		15,044		15,044
Total Senior Secured Loans—Second Lien													201,876		181,657
Senior Secured Bonds—21.7%
Ardonagh Midco 3 PLC	(o)	Diversified Financials		8.4%					7/15/23	£	17,154		19,486		18,292
Ardonagh Midco 3 PLC	(n)(o)	Diversified Financials		8.6%					7/15/23	$	11,310		9,885		10,165
CITGO Petroleum Corp.	(n)(o)	Energy		9.3%					8/1/24		20,000		20,000		16,450
CSVC Acquisition Corp.	(f)(m)(n)(o)	Diversified Financials		7.8%					6/15/25		41,897		36,243		14,611
Digicel International Finance Limited	(n)(o)	Telecommunication Services		8.8%					5/25/24		30,000		29,350		27,112
Frontier Communications Corp.	(n)(o)	Telecommunication Services		8.5%					4/1/26		14,000		13,807		12,872
Gogo Intermediate Holdings LLC	(n)(o)	Software & Services		9.9%					5/1/24		22,000		21,293		17,518
Guitar Center, Inc.	(n)(o)	Retailing		9.5%					10/15/21		24,500		23,901		18,364
J. Crew Brand, LLC	(i)(n)(o)(p)	Retailing		13.0%					9/15/21		33,259		33,140		30,183
JC Penney Corp., Inc.	(n)(o)	Retailing		5.9%					7/1/23		2,000		1,765		755
JW Aluminum Co.	(n)(o)	Materials		10.3%					6/1/26		30,000		30,000		26,356
Navios Logistics Finance, Inc.	(n)(o)	Transportation		7.3%					5/1/22		40,000		38,474		34,937
StoneMor Partners L.P.	(n)	Consumer Services		11.5% PIK (11.5% Max PIK)					6/30/24		9,485		9,199		9,177
TPC Group Inc.	(n)(o)	Materials		10.5%					8/1/24		17,070		17,719		14,087
Uniti Group LP		Real Estate		7.9%					2/15/25		9,000		9,270		8,438
Total Senior Secured Bonds													313,532		259,317
Subordinated Debt—19.7%
Acrisure LLC	(n)(o)	Insurance		10.1%					8/1/26		27,000		27,000		25,302
Advisor Group Holdings, Inc.	(n)(o)	Diversified Financials		10.8%					8/1/27		20,000		19,811		17,571

See notes to unaudited consolidated schedule of investments.

3

FS Global Credit Opportunities Fund

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 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)
Avantor, Inc.	(f)(n)(o)	Materials		9.0%			10/1/25	$	2,522	$	2,402		$	2,671
Beazer Homes USA, Inc.	(f)(o)	Consumer Durables & Apparel		6.8%			3/15/25		2,000		1,640			1,627
Charter Communications, Inc.	(n)(o)	Media		4.8%			3/1/30		9,827		8,691			9,857
CIS General Insurance Ltd.	(o)	Insurance		12.0%			5/8/25	£	55,200		80,953			69,087
CSI Compressco LP	(o)	Energy		7.3%			8/15/22	$	24,548		22,273			13,708
Extraction Oil & Gas, Inc.	(n)(o)	Energy		7.4%			5/15/24		18,289		16,410			3,406
Freedom Mortgage Corp.	(n)(o)	Diversified Financials		10.8%			4/1/24		25,792		25,386			22,690
Kronos Acquisition Holdings Inc.	(n)(o)	Household & Personal Products		9.0%			8/15/23		48,050		45,448			39,821
MPH Acquisition Holdings LLC	(n)(o)	Health Care Equipment & Services		7.1%			6/1/24		3,000		2,893			2,633
PriSo Acquisition Corp.	(n)(o)	Capital Goods		9.0%			5/15/23		36,867		36,599			25,623
US Renal Care, Inc.	(n)(o)	Health Care Equipment & Services		10.6%			7/15/27		1,000		828			849
Total Subordinated Debt											290,334			234,845
Asset Based Finance—5.2%
BCP Great Lakes Fund LP	(r)(v)	Diversified Financials		11.1%			11/28/28		40,252		40,252			34,870
BCP Great Lakes Fund LP	(g)(r)(v)	Diversified Financials		11.1%			11/28/28		9,748		9,748			8,445
Deutsche Bank AG Frankfurt (CRAFT2017-1)	(m)(n)(r)	Diversified Financials		13.1%			10/20/26		28,845		28,679			28,023
Total Asset Based Finance											78,679			71,338
Unfunded Commitments											(9,748	)		(9,748	)
Net Asset Based Finance											68,931			61,590

Portfolio Company(a)	Footnotes	Industry	Rate(b)		Number of Shares / Contracts		Cost		Fair Value(d)
Equity/Other—2.2%
Aspect Software Parent, Inc., Warrants	(i)(r)(u)	Software & Services				598,778	$	—	$	—
Avantor, Inc., Common Equity	(i)(n)	Materials				195,675		2,739		2,444
Bright Pattern, Inc., Common Equity	(i)(r)(u)	Software & Services				599,720		973		900
Chinos Holdings, Inc., Series A Preferred Equity	(i)(m)(p)(r)	Retailing		5.0%, 2.0% PIK (2.0% Max PIK)		18,651		6,233		—
Chinos Holdings, Inc., Common Equity	(i)(r)	Retailing				1,068,652		117		—
D.R. Horton, Put Option, Strike: $50.00	(i)(m)(s)	Consumer Durables & Apparel				6,250		151		913
Fairway Group Holdings Corp., Common Equity	(i)(r)(u)	Food & Staples Retailing				76,517		2,458		—
RDV Resources Oil & Gas, Inc., Common Equity	(i)(r)	Energy				456,928		5,109		5,109
Ridgeback Resources Inc., Common Equity	(i)(r)	Energy				1,960,162		12,044		5,969
Selecta Group B.V., Contingent Value Notes	(h)(i)(r)	Retailing				7		3		—

See notes to unaudited consolidated schedule of investments.

4

FS Global Credit Opportunities Fund

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2020

(in thousands, except share and per share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Number of Shares / Contracts		Cost		Fair Value(d)
Selecta Group B.V., Warrants, 6/20/2020	(h)(i)(r)	Retailing			98	$	2	$	—
Sungard AS New Holdings, LLC, Common Equity	(i)(r)(u)	Software & Services			272,014		19,011		10,900
TE Holdings, LLC, Preferred Equity	(i)	Energy	8.0% PIK (8.0% Max PIK)		216,711		2,164		—
TE Holdings, LLC, Common Equity	(i)(q)	Energy			326,925		2,779		26
Total Equity/Other							53,783		26,261
TOTAL INVESTMENTS—128.9%						$	1,892,808		1,538,771
Credit Facilities Payable—(28.5)%									(339,839	)
Term Preferred Shares, at Liquidation Value, Net—(16.6)%									(198,776	)
Other Assets in Excess of Liabilities—16.2%	(j)								193,594
NET ASSETS—100.0%								$	1,193,750
Shares Outstanding									199,524,227
Net Asset Value per Common Share at End of Period								$	5.98

C$ – Canadian Dollar.

£ – British Pound.

Investments Sold Short

Portfolio Company(a)	Footnotes	Industry	Number of Shares			Proceeds			Fair Value(d)
Investments Sold Short—(0.2)%
Avantor, Inc., Common Equity	(i)(m)	Materials		(195,675	)	$	(3,034	)	$	(2,444	)
Total						$	(3,034	)	$	(2,444	)

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.	4/14/20	USD		24,851	CAD		34,000	$	768
JPMorgan Chase Bank, N.A.	4/14/20	USD		2,279	EUR		2,000		75
JPMorgan Chase Bank, N.A.	4/14/20	USD		95,194	GBP		73,000		4,265
Total								$	5,108

CAD—Canadian Dollar.

EUR—Euro.

GBP—British Pound.

USD—U.S. Dollar.

See notes to unaudited consolidated schedule of investments.

5

FS Global Credit Opportunities Fund

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2020

(in thousands, except share and per share amounts)

Credit Default Swaps on Corporate Issues—Buy Protection

Reference Entity	Counterparty	Implied Credit Spread at March 31, 2020(k)	Industry	Fixed Deal Pay Rate		Periodic Payment Frequency	Maturity		Notional(l)			Fair Value(d)			Unamortized Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Beazer Homes USA, Inc.	Barclays Bank PLC	7.4%	Consumer Durables & Apparel		5.0%	Quarterly		12/20/24	$	(8,000	)	$	693		$	(634	)	$	1,327
Boyd Gaming Corp.	Credit Suisse International	5.0%	Consumer Services		5.0%	Quarterly		12/20/24	$	(3,000	)		3			(545	)		548
Boyd Gaming Corp.	Goldman Sachs International	5.0%	Consumer Services		5.0%	Quarterly		12/20/24	$	(7,000	)		7			(1,272	)		1,279
CenturyLink, Inc.	JPMorgan Chase Bank, N.A	3.2%	Telecommunication Services		1.0%	Quarterly		12/20/24	$	(10,000	)		933			609			324
KB Home	Barclays Bank PLC	4.7%	Consumer Durables & Apparel		5.0%	Quarterly		12/20/24	$	(4,000	)		(50	)		(637	)		587
United Rentals North America, Inc.	Barclays Bank PLC	2.6%	Capital Goods		5.0%	Quarterly		12/20/24	$	(2,000	)		(198	)		(305	)		107
United Rentals North America, Inc.	Credit Suisse International	2.6%	Capital Goods		5.0%	Quarterly		12/20/24	$	(5,000	)		(496	)		(764	)		268
United Rentals North America, Inc.	JPMorgan Chase Bank, N.A	2.6%	Capital Goods		5.0%	Quarterly		12/20/24	$	(3,000	)		(297	)		(458	)		161
Total												$	595		$	(4,006	)	$	4,601
Credit Default Swaps on Corporate Issues—Sell Protection
Reference Entity		Implied Credit Spread at March 31, 2020(k)	Industry	Fixed Deal Receive Rate		Periodic Payment Frequency	Maturity		Notional(l)			Fair Value(d)			Unamortized Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Frontier Communications Corp.		1,255.6%	Telecommunication Services		5.0%	Quarterly		6/20/20	$	5,000		$	(3,662	)	$	(258	)	$	(3,404	)
High Yield CDX		14.4%	Diversified Financials		5.0%	Quarterly		12/20/24	$	10,000			(624	)		(173	)		(451	)
Total												$	(4,286	)	$	(431	)	$	(3,855	)
Total Return Swaps
Reference Entity		Counterparty		Industry			Interest Rate(t)		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		$	10,031		$	813
iShares iBoxx High Yield Corporate Bond ETF		Goldman Sachs International			Diversified Financials			L+0.10%		3/26/21			137,000		$	9,942			616
Total																		$	1,429

See notes to unaudited consolidated schedule of investments.

6

FS Global Credit Opportunities Fund

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2020

(in thousands, except share and per share amounts)

(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, 2020, the three-month London Interbank Offered Rate (“L”) was 1.45%. PIKmeans 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 March 31, 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 isnon-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 $411,033, which represents approximately 34.3% of net assets as of March 31, 2020. As of March 31, 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 $2,444, which represents approximately 0.2% of net assets as of March 31, 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 Rule15c-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 onnon-accrual status as of March 31, 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) Options expire on May 15, 2020.

(t) 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 March 31, 2020, theone-month London Interbank Offered Rate (“L”) was 0.99%.

See notes to unaudited consolidated schedule of investments.

7

FS Global Credit Opportunities Fund

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 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 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, 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 three months ended March 31, 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 March 31, 2020		Interest Income(3)		PIK Income(3)
Senior Secured Loans—First Lien
Aspect Software, Inc.	$	8,231	$	43	$	(23	)	$	2	$	(99	)	$	8,154	$	193	$	—
Aspect Software, Inc.(4)		—		747		—			—		—			747		2		—
Fairway Group Acquisition Co.		—		—		—			—		—			—		—		—
Fairway Group Acquisition Co.		4,844		—		—			—		(2,557	)		2,287		—		—
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)		—		2,166		—			—		36			2,202		43		—
Fairway Group Acquisition Co.		—		4,762		—			—		—			4,762		115		45
Sungard AS New Holdings III, LLC(6)		3,336		40		(20	)		—		(40	)		3,316		129		—
Senior Secured Loans—Second Lien
Fairway Group Acquisition Co.		—		—		—			—		—			—		—		—
Sungard AS New Holdings III, LLC		14,919		125		—			—		—			15,044		184		125
Equity/Other
Aspect Software Parent, Inc., Warrants		—		—		—			—		—			—		—		—
Bright Pattern, Inc., Common Equity		1,038		—		—			—		(138	)		900		—		—
Fairway Group Holdings Corp., Common Equity		—		—		—			—		—			—		—		—
Sungard AS New Holdings, LLC, Common Equity		17,752		—		—			—		(6,852	)		10,900		—		—
Total	$	54,837	$	7,884	$	(4,760	)	$	138	$	(9,787	)	$	48,312	$	721	$	170

(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 presented for the full three months ended March 31, 2020.

(4) Security includes a partially unfunded commitment with amortized cost of $996 and fair value of $996.

(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 $2,974 and fair value of $3,145.

See notes to unaudited consolidated schedule of investments.

8

FS Global Credit Opportunities Fund

Unaudited Consolidated Schedule of Investments (continued)

As of March 31, 2020

(in thousands, except share and per share amounts)

(v) 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, 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 three months ended March 31, 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 March 31, 2020		Interest Income(3)
Asset Based Finance
BCP Great Lakes Fund LP(4)	$	—	$	40,431	$	(179	)	$	—	$	(5,382	)	$	34,870	$	42
Total	$	—	$	40,431	$	(179	)	$	—	$	(5,382	)	$	34,870	$	42

(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, 2020.

(4) Security includes a partially unfunded commitment with amortized cost of $9,748 and fair value of $8,445.

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.

The following table summarizes the composition of the Fund’s investment portfolio at cost and fair value as of March 31, 2020:

	Amortized Cost(1)			Fair Value			Percentage of Portfolio
Senior Secured Loans—First Lien	$	964,352		$	775,101			50	%
Senior Secured Loans—Second Lien		201,876			181,657			12	%
Senior Secured Bonds		313,532			259,317			17	%
Subordinated Debt		290,334			234,845			15	%
Asset Based Finance		68,931			61,590			4	%
Equity/Other		53,783			26,261			2	%
Total	$	1,892,808		$	1,538,771			100	%
Investments Sold Short	$	(3,034	)	$	(2,444	)

(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, 2020, the Fund held investments in one portfolio company of which it is deemed to “control.” As of March 31, 2020, the Fund 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 (u) and (v) to the unaudited consolidated schedule of investments as of March 31, 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 March 31, 2020, the Fund had five senior secured loan investments with aggregate unfunded commitments of $15,514 and one asset based finance investment with an unfunded commitment of $9,748. 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 March 31, 2020:

Industry Classification	Fair Value		Percentage of Portfolio
Automobiles & Components	$	24,937		2	%
Capital Goods		147,032		9	%
Consumer Durables & Apparel		4,322		0	%
Consumer Services		132,272		9	%
Diversified Financials		164,651		11	%
Energy		228,791		15	%
Food & Staples Retailing		9,251		1	%
Health Care Equipment & Services		153,162		10	%
Household & Personal Products		69,924		4	%
Insurance		96,179		6	%
Materials		45,558		3	%
Media		10,717		1	%
Pharmaceuticals, Biotechnology & Life Sciences		40,260		3	%
Real Estate		8,438		1	%
Retailing		91,888		6	%
Software & Services		119,324		8	%
Technology Hardware & Equipment		46,468		3	%
Telecommunication Services		60,973		4	%
Transportation		84,624		4	%
Total	$	1,538,771		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, 2020:

Geographic Locations(1)	Fair Value		Percentage of Portfolio
United States	$	1,285,674		84	%
Europe		171,289		11	%
Other		81,808		5	%
Total	$	1,538,771		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 March 31, 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	$	—	$	577,355	$	197,746	$	775,101
Senior Secured Loans—Second Lien		—		166,613		15,044		181,657
Senior Secured Bonds		—		259,317		—		259,317
Subordinated Debt		—		234,845		—		234,845
Asset Based Finance		—		—		61,590		61,590
Equity/Other		3,357		26		22,878		26,261
Total Investments		3,357		1,238,156		297,258		1,538,771
Forward Foreign Currency Exchange Contracts		—		5,108		—		5,108
Credit Default Swaps—Buy Protection		—		1,636		—		1,636
Total Return Swaps		—		1,429		—		1,429
Total	$	3,357	$	1,246,329	$	297,258	$	1,546,944

Liability Description	Level 1		Level 2		Level 3		Total
Investments Sold Short	$	2,444	$	—	$	—	$	2,444
Credit Default Swaps—Buy Protection		—		1,041		—		1,041
Credit Default Swaps—Sell Protection		—		4,286		—		4,286
Total	$	2,444	$	5,327	$	—	$	7,771

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, 2020:

	Senior Secured Loans—First Lien			Senior Secured Loans—Second Lien			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)		251			299			—			—			550
Net realized gain (loss)		98			—			—			(2,524	)		(2,426	)
Net change in unrealized appreciation (depreciation)		(31,891	)		(1,173	)		(6,422	)		(25,192	)		(64,678	)
Purchases		86,184			—			40,431			5,109			131,724
Paid-in-kind interest		3,124			125			—			185			3,434
Sales and repayments		(5,302	)		(21,853	)		(4,919	)		—			(32,074	)
Net transfers in or out of Level 3(1)		15,576			—			—			—			15,576
Fair value at end of period	$	197,746		$	15,044		$	61,590		$	22,878		$	297,258
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	$	(31,754	)	$	—		$	(6,422	)	$	(27,716	)	$	(65,892	)

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

12