FS Credit Income Fund (FCREX) NPORT-P FS Credit Income Fund (Jan 2020 report)

FS Credit Income Fund 

Unaudited Schedule of Investments

As of January 31, 2020

(in thousands, except share and per share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost			Fair Value(c)
Senior Secured Loans—First Lien—12.8%
Advantage Sales & Marketing, Inc., L+325, 1.0% Floor, 7/23/2021	(d)	Advertising	$	1,371	$	1,290		$	1,332
Advisor Group, Inc., L+500, 8/1/2026	(d)	Diversified Financial Services		1,355		1,341			1,357
AHP Health Partners, Inc., L+450, 1.0% Floor, 6/30/2025	(d)	Healthcare-Services		698		693			704
Algoma Steel, Inc., L+850, 1.5% Floor, 12/1/2025	(d)	Iron/Steel		559		556			489
Amneal Pharmaceuticals, LLC, L+350, 5/4/2025	(d) (e)	Pharmaceuticals		903		831			829
BellRing Brands, LLC, L+500, 1.0% Floor, 10/21/2024	(d)	Food		630		618			642
California Resources Corp., L+475, 1.0% Floor, 12/31/2022	(d)	Oil & Gas		3,656		3,531			3,337
Cengage Learning, Inc., L+425, 1.0% Floor, 6/7/2023	(d)	Media Entertainment		244		232			233
Comet Bidco Limited, L+500, 9/30/2024	(d)	Commercial Services		691		675			675
CONSOL Energy, Inc., L+450, 1.0% Floor, 9/27/2024	(d)	Coal		175		178			152
Dex Media, Inc., L+900, 1.0% Floor, 12/29/2023	(d)	Software		1,836		1,811			1,853
DynCorp International, Inc., L+600, 1.0% Floor, 8/18/2025	(d)	Computers		864		839			865
East Valley Tourist Development Authority, L+800, 1.0% Floor, 9/30/2020	(d)	Entertainment		1,030		1,030			1,033
Endo Luxembourg Finance Co. I S.a r.l., L+425, 0.8% Floor, 4/29/2024	(d) (e)	Pharmaceuticals		2,136		1,993			2,066
Holland & Barrett International, E+425, 9/2/2024	(d)	Retail	€	400		457			312
Hummel Station, LLC, L+375, 4/27/2022	(d)	Utilities	$	875		754			801
Hummel Station, LLC, L+375, 4/27/2022	(d) (f)	Utilities		83		71			76
Hummel Station, LLC, L+600, 1.0% Floor, 10/27/2022	(d)	Utilities		232		206			211
Jo-Ann Stores, Inc., L+500, 1.0% Floor, 10/20/2023	(d)	Retail		383		376			281
Kirk Beauty One GmbH, E+325, 8/12/2022	(d)	Retail	€	970		901			975
Liberty Latin America Ltd., L+500, 10/15/2026	(d)	Media Entertainment	$	230		227			232
Lightstone Holdco, LLC, L+375, 1/30/2024	(d) (e)	Real Estate		501		448			471
Patterson Medical Holdings, Inc., L+475, 1.0% Floor, 8/29/2022	(d)	Pharmaceuticals		756		734			728
PetSmart, Inc., L+400, 1.0% Floor, 3/11/2022	(d)	Retail		308		299			307
PG&E Opco, L+347.5, 1.0% Floor, 4/27/2020	(d) (e) (g)	Electric		29		27			30
Playtika Holding Corp., L+600, 1.0% Floor, 12/10/2024	(d)	Entertainment		895		877			906
Quorum Health Corp., L+675, 1.0% Floor, 4/29/2022	(d)	Healthcare-Services		1,089		1,081			1,092
Rent-A-Center, Inc., L+450, 8/5/2026	(d)	Commercial Services		893		884			896
Seadrill Partners Finco LLC, L+600, 1.0% Floor, 2/21/2021	(d)	Oil & Gas		1,386		1,225			666
Summer (BC) Lux Consolidator S.C.A., L+500, 12/4/2026	(d) (e)	Professional & Business Services		775		720			753
Terrier Media Buyer, Inc., L+425, 12/17/2026	(d)	Advertising		690		686			696
Tibco Software, Inc., L+400, 6/30/2026	(d)	Software		289		288			291
TopGolf International, Inc., L+550, 2/8/2026	(d)	Leisure Time		1,290		1,284			1,298
UTEX Industries Inc., L+400, 1.0% Floor, 5/22/2021	(d)	Miscellaneous Manufacturer		607		586			521
Verifone Systems, Inc., L+400, 8/20/2025	(d)	Computers		462		435			457
Verscend Holding Corp., L+450, 8/27/2025	(d)	Commercial Services		650		652			655
Total Senior Secured Loans—First Lien						28,836			28,222
Unfunded Loan Commitment						(71	)		(71	)
Net Senior Secured Loans—First Lien						28,765			28,151

See notes to unaudited schedule of investments.

1

FS Credit Income Fund 

Unaudited Schedule of Investments (continued)

As of January 31, 2020

(in thousands, except share and per share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Senior Secured Loans—Second Lien—1.9%
Advantage Sales & Marketing, Inc., L+650, 7/25/2022	(d) (e)	Media Entertainment	$	120	$	110	$	110
Asurion LLC, L+650, 8/4/2025	(d)	Insurance		450		449		458
BPP Pristine US Mezz A LLC, L+450, 6/9/2020	(d) (h)	Diversified Financial Services		1,900		1,896		1,900
DG Investment Intermediate Holdings 2, Inc., L+675, 0.8% Floor, 2/2/2026	(d)	Engineering & Construction		290		289		281
Jo-Ann Stores, Inc., L+925, 1.0% Floor, 5/21/2024	(d)	Retail		1,413		1,364		529
NeuStar, Inc., L+800, 1.0% Floor, 8/8/2025	(d)	Computers		260		251		217
Onex TSG Holdings II Corp., L+850, 1.0% Floor, 7/31/2023	(d)	Healthcare-Services		320		320		309
UTEX Industries Inc., L+725, 1.0% Floor, 5/22/2022	(d)	Miscellaneous Manufacturer		728		721		408
Total Senior Secured Loans—Second Lien						5,400		4,212
Senior Secured Bonds—18.7%
1011778 BC ULC / New Red Finance Inc., 5.0%, 10/15/2025	(e) (i) (j)	Retail	$	408	$	422	$	421
AG Issuer LLC, 6.3%, 3/1/2028	(i)			1,162		1,162		1,162
Altice France SA, 5.5%, 1/15/2028	(i)	Telecommunications		934		934		953
Altice France SA, 8.1%, 2/1/2027	(i) (j)	Telecommunications		228		238		255
Ambac LSNI LLC, 6.9%, 2/12/2023 (3 mo. USD LIBOR + 5.0%)	(i) (j) (k)	Insurance		562		572		573
Avantor, Inc., 6.0%, 10/1/2024	(i) (j)	Healthcare-Products		359		383		382
Bausch Health Companies, Inc., 6.5%, 3/15/2022	(i) (j)	Pharmaceuticals		469		480		478
Bausch Health Companies, Inc., 7.0%, 3/15/2024	(i) (j)	Pharmaceuticals		1,053		1,103		1,094
BCD Acquisition, Inc., 9.6%, 9/15/2023	(i) (j)	Auto Manufacturers		1,087		1,129		1,132
CSI Compressco LP/CSI Compressco Finance, Inc., 7.5%, 4/1/2025	(i) (j)	Oil & Gas Services		1,594		1,601		1,587
Dell International LLC/EMC Corp., 8.1%, 7/15/2036	(i) (j)	Computers		542		680		745
Dell International LLC/EMC Corp., 4.9%, 10/1/2026	(i) (j)	Computers		246		262		274
Denbury Resources, Inc., 7.8%, 2/15/2024	(i) (j)	Oil & Gas		274		219		221
Denbury Resources, Inc., 9.3%, 3/31/2022	(i) (j)	Oil & Gas		1,303		1,254		1,143
Digicel International Finance Ltd./Digicel Holdings Bermuda Ltd., 8.8%, 5/25/2024	(i) (j)	Telecommunications		2,167		2,141		2,157
Drax Finco Plc, 6.6%, 11/1/2025	(i) (j)	Electric		235		238		249
Eagle Bulk Shipco LLC, 8.3%, 11/28/2022	(j)	Transportation		954		962		980
Frontier Communications Corp., 8.0%, 4/1/2027	(i) (j)	Telecommunications		1,011		1,023		1,057
Frontier Communications Corp., 8.5%, 4/1/2026	(i) (j)	Telecommunications		1,938		1,842		1,990
Hudbay Minerals, Inc., 7.6%, 1/15/2025	(i) (j)	Mining		1,797		1,818		1,832
Jerrold Finco Plc, 4.9%, 1/15/2026	(i)	Diversified Financial Services	£	567		743		757
JW Aluminum Continuous Cast Co., 10.3%, 6/1/2026	(i) (j)	Mining	$	1,221		1,246		1,286
KME AG, 6.8%, 2/1/2023		Mining	€	100		106		88
Kronos International, Inc., 3.8%, 9/15/2025	(j)	Chemicals		1,231		1,358		1,396
L Brands, Inc., 6.9%, 11/1/2035	(j)	Retail	$	1,234		1,086		1,239
L Brands, Inc., 6.8%, 7/1/2036	(j)	Retail		538		465		535
Northern Oil and Gas, Inc., 8.5%, 5/15/2023 (8.5% Cash + 1.0% PIK)	(j)	Oil & Gas		1,030		1,053		1,068
Pacific Drilling SA, 8.4%, 10/1/2023	(i) (j)	Oil & Gas		749		660		631

See notes to unaudited schedule of investments.

2

FS Credit Income Fund 

Unaudited Schedule of Investments (continued)

As of January 31, 2020

(in thousands, except share and per share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Prime Security Services Borrower LLC / Prime Finance, Inc., 6.3%, 1/15/2028	(i) (j)	Commercial Services	$	734	$	735	$	729
Punch Taverns Finance, 5.3%, 3/30/2024	(j)	Retail	£	391		531		548
Quorum Health Corp., 11.6%, 4/15/2023		Healthcare-Services	$	157		155		134
Refinitiv US Holdings, Inc., 6.3%, 5/15/2026	(i) (j)	Commercial Services		1,832		1,983		1,980
Solocal Group, 8.0%, 3/15/2022 (3 mo. EURIBOR + 7.0%)	(k)	Internet	€	1,858		2,123		1,938
Summer (BC) Holdco B S.a r.l., 5.8%, 10/31/2026		Advertising		520		572		604
Talen Energy Supply LLC, 6.6%, 1/15/2028	(i) (j)	Electric	$	1,000		983		1,003
Teekay Corp., 9.3%, 11/15/2022	(i) (j)	Transportation		1,661		1,661		1,732
Tenet Healthcare Corp., 6.3%, 2/1/2027	(i) (j)	Healthcare-Services		698		716		739
Tenet Healthcare Corp., 5.1%, 11/1/2027	(i) (j)	Healthcare-Services		927		927		977
Unique Pub Finance Co. Plc, 5.7%, 6/30/2027	(j)	Real Estate	£	141		203		214
Urban One, Inc., 7.4%, 4/15/2022	(i) (j)	Media Entertainment	$	1,455		1,424		1,455
Vantage Drilling International, 9.3%, 11/15/2023	(i) (j)	Oil & Gas		2,149		2,149		2,053
Warrior Met Coal, Inc., 8.0%, 11/1/2024	(i) (j)	Coal		255		263		265
Wyndham Destinations, Inc., 4.6%, 3/1/2030	(i) (j)	Lodging		576		577		592
Yell Bondco Plc, 8.5%, 5/2/2023	(j)	Internet	£	255		294		216
Total Senior Secured Bonds						40,476		40,864
Unsecured Bonds—41.0%
AG Merger Sub II, Inc., 10.8%, 8/1/2027	(i) (j)	Diversified Financial Services	$	285	$	296	$	303
AHP Health Partners, Inc., 9.8%, 7/15/2026	(i) (j)	Healthcare-Services		1,290		1,359		1,410
Ally Financial, Inc., 4.3%, 4/15/2021	(j)	Diversified Financial Services		511		523		524
Altice Luxembourg SA, 8.0%, 5/15/2027	(j)	Media Entertainment	€	907		1,057		1,139
ArcelorMittal SA, 7.0%, 10/15/2039	(j)	Iron/Steel	$	574		695		724
Aruba Investments, Inc., 8.8%, 2/15/2023	(i) (j)	Chemicals		1,389		1,419		1,400
Avantor, Inc., 9.0%, 10/1/2025	(i) (j)	Healthcare-Products		1,023		1,111		1,133
Ball Corp., 5.0%, 3/15/2022	(e) (j)	Packaging & Containers		176		186		186
Ball Corp., 4.0%, 11/15/2023	(j)	Packaging & Containers		55		58		58
Bausch Health Americas, Inc., 8.5%, 1/31/2027	(i) (j)	Pharmaceuticals		301		334		341
Bausch Health Companies, Inc., 7.0%, 1/15/2028	(i) (j)	Pharmaceuticals		1,126		1,179		1,222
Bausch Health Companies, Inc., 7.3%, 5/30/2029	(i) (j)	Pharmaceuticals		792		880		889
Bausch Health Companies, Inc., 5.0%, 1/30/2028	(i) (j)	Pharmaceuticals		342		342		347
Bausch Health Companies, Inc., 5.3%, 1/30/2030	(i) (j)	Pharmaceuticals		610		617		623
Camaieu New, 8.0%, 7/15/2022		Retailers	€	46		50		15
CCO Holdings LLC/CCO Holdings Capital Corp., 5.4%, 6/1/2029	(i) (j)	Media Entertainment	$	1,897		2,000		2,031
Central Garden & Pet Co., 5.1%, 2/1/2028	(j)	Household Products/Wares		538		530		560
Coty, Inc., 6.5%, 4/15/2026	(i) (j)	Cosmetics/Personal Care		525		540		549
CSC Holdings LLC, 6.5%, 2/1/2029	(i) (j)	Media Entertainment		784		860		878
DCP Midstream Operating LP, 5.1%, 5/15/2029	(j)	Pipelines		472		499		499
Endeavor Energy Resources LP / EER Finance, Inc., 5.8%, 1/30/2028	(i) (j)	Oil & Gas		416		432		433
Endeavor Energy Resources LP/EER Finance, Inc., 5.5%, 1/30/2026	(i) (j)	Oil & Gas		987		1,000		1,015
Eramet, 5.9%, 5/21/2025	(j)	Mining	€	1,000		1,114		1,098

See notes to unaudited schedule of investments.

3

FS Credit Income Fund 

Unaudited Schedule of Investments (continued)

As of January 31, 2020

(in thousands, except share and per share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Forestar Group, Inc., 8.0%, 4/15/2024	(i) (j)	Home Builders	$	277	$	277	$	303
Freeport-McMoRan, Inc., 3.6%, 3/1/2022	(j)	Mining		808		822		819
Freeport-McMoRan, Inc., 5.5%, 3/15/2043	(j)	Mining		472		434		483
Frontier California, Inc., 6.8%, 5/15/2027	(j)	Telecommunications		40		37		38
Frontier Communications Corp., 6.9%, 1/15/2025	(j)	Telecommunications		719		420		338
Frontier Communications Corp., 10.5%, 9/15/2022	(j)	Telecommunications		1,549		895		709
Frontier Communications Corp., 11.0%, 9/15/2025	(j)	Telecommunications		949		492		441
Frontier Communications Corp., 7.6%, 4/15/2024	(j)	Telecommunications		411		240		190
Frontier Florida LLC, 6.9%, 2/1/2028	(j)	Telecommunications		1,971		1,820		1,868
Frontier North, Inc., 6.7%, 2/15/2028	(j)	Telecommunications		5,019		4,741		4,745
Garrett LX I Sarl / Garrett Borrowing LLC, 5.1%, 10/15/2026	(j)	Auto Parts & Equipment	€	213		225		235
Genesis Energy LP / Genesis Energy Finance Corp., 6.5%, 10/1/2025	(j)	Pipelines	$	9		9		9
Genesis Energy LP / Genesis Energy Finance Corp., 6.3%, 5/15/2026	(j)	Pipelines		444		428		425
Genesis Energy LP / Genesis Energy Finance Corp., 7.8%, 2/1/2028	(j)	Pipelines		869		875		877
Genworth Holdings, Inc., 4.9%, 8/15/2023		Insurance		220		208		223
Genworth Holdings, Inc., 7.2%, 2/15/2021	(j)	Insurance		107		109		111
Genworth Holdings, Inc., 7.6%, 9/24/2021	(j)	Insurance		347		360		367
HCA Healthcare, Inc., 6.3%, 2/15/2021	(j)	Healthcare-Services		1,539		1,595		1,600
HCA, Inc., 7.5%, 2/15/2022	(j)	Healthcare-Services		1,902		2,065		2,091
Hexion, Inc., 7.9%, 7/15/2027	(i) (j)	Chemicals		1,970		1,894		2,034
HLF Financing Sarl LLC/Herbalife International, Inc., 7.3%, 8/15/2026	(i) (j)	Pharmaceuticals		681		694		711
LeasePlan Corp. N.V., 7.4% 5/29/2024 (fixed, converts to FRN on 5/29/2024)	(j) (k) (l)	Diversified Financial Services	€	850		1,010		1,077
Liberty Interactive LLC, 3.8%, 2/15/2030	(j)	Media Entertainment	$	1,351		945		951
Liberty Interactive LLC, 4.0%, 11/15/2029	(j)	Media Entertainment		2,277		1,619		1,616
Marriott Ownership Resorts, Inc., 4.8%, 1/15/2028	(i) (j)	Lodging		746		762		765
MEG Energy Corp., 7.1%, 2/1/2027	(i)	Oil & Gas		606		606		602
Methanex Corp., 5.7%, 12/1/2044	(j)	Chemicals		332		322		339
Methanex Corp., 5.3%, 12/15/2029	(j)	Chemicals		2,142		2,146		2,262
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc., 5.8%, 2/1/2027	(j)	Real Estate Investment Trusts		726		807		809
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc., 4.5%, 1/15/2028	(j)	Real Estate Investment Trusts		129		133		133
MGM Resorts International, 7.8%, 3/15/2022	(j)	Lodging		2,343		2,583		2,599
Michaels Stores, Inc., 8.0%, 7/15/2027	(i) (j)	Retail		803		770		722
Natural Resource Partners LP/NRP Finance Corp., 9.1%, 6/30/2025	(i) (j)	Coal		2,412		2,368		2,190
Navient Corp., 5.6%, 8/1/2033	(j)	Diversified Financial Services		1,667		1,378		1,517
Netflix, Inc., 6.4%, 5/15/2029	(j)	Internet		494		545		576
Netflix, Inc., 3.6%, 6/15/2030	(j)	Internet	€	963		1,083		1,111
Netflix, Inc., 4.6%, 5/15/2029	(j)	Internet		927		1,114		1,148
Netflix, Inc., 3.9%, 11/15/2029		Internet		1,214		1,374		1,423
Nexstar Broadcasting, Inc., 5.6%, 7/15/2027	(e) (i)	Media Entertainment	$	385		406		406
Nine Energy Service, Inc., 8.8%, 11/1/2023	(i) (j)	Oil & Gas Services		525		525		447

See notes to unaudited schedule of investments.

4

FS Credit Income Fund 

Unaudited Schedule of Investments (continued)

As of January 31, 2020

(in thousands, except share and per share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
NOVA Chemicals Corp., 5.3%, 6/1/2027	(i) (j)	Chemicals	$	2,337	$	2,357	$	2,382
Pacific Gas & Electric Co., 4.7%, 8/1/2028	(g) (i) (j) (m)	Electric		518		589		602
Pacific Gas & Electric Co., 3.3%, 3/15/2027	(g) (j) (m)	Electric		631		657		659
Pacific Gas & Electric Co., 6.1%, 3/1/2034	(g) (j) (m)	Electric		474		543		546
Pacific Gas & Electric Co., 3.3%, 12/1/2027	(e) (g) (m)	Electric		712		741		740
Parsley Energy LLC/Parsley Finance Corp., 5.4%, 1/15/2025	(i) (j)	Oil & Gas		109		105		112
Parsley Energy LLC/Parsley Finance Corp., 5.6%, 10/15/2027	(i) (j)	Oil & Gas		1,518		1,486		1,611
PDC Energy, Inc., 5.8%, 5/15/2026	(j)	Oil & Gas		233		221		225
Post Holdings, Inc., 5.5%, 12/15/2029	(i) (j)	Food		957		1,010		1,015
PTC, Inc., 4.0%, 2/15/2028		Software		225		225		228
Puerto Rico Commonwealth Aqueduct & Sewer Auth., 6.2%, 7/1/2038	(j)	Municipal		95		84		94
Puerto Rico Commonwealth Aqueduct & Sewer Auth., 6.1%, 7/1/2034	(j)	Municipal		45		38		43
Puerto Rico Electric Power Authority, 5.0%, 7/1/2023	(g) (j) (m)	Municipal		15		12		12
Puerto Rico Electric Power Authority, 5.0%, 7/1/2024	(g) (j) (m)	Municipal		20		16		15
Puerto Rico Electric Power Authority, 5.0%, 7/1/2032	(g) (j) (m)	Municipal		90		73		69
Puerto Rico Electric Power Authority, 5.0%, 7/1/2037	(g) (j) (m)	Municipal		150		122		116
Puerto Rico Electric Power Authority, 5.0%, 7/1/2042	(g) (m)	Municipal		5		4		4
Puerto Rico Electric Power Authority, 5.3%, 7/1/2026	(g) (j) (m)	Municipal		20		16		15
Puerto Rico Electric Power Authority, 5.5%, 7/1/2021	(g) (j) (m)	Municipal		20		16		16
Puerto Rico Electric Power Authority, 10.0%, 1/1/2021	(g) (m)	Municipal		61		54		55
Puerto Rico Electric Power Authority, 10.0%, 7/1/2021	(g) (m)	Municipal		61		54		55
Puerto Rico Electric Power Authority, 10.0%, 1/1/2022	(g) (m)	Municipal		16		14		15
Puerto Rico Electric Power Authority, 10.0%, 7/1/2022	(g) (m)	Municipal		16		14		14
Puerto Rico Electric Power Authority, 5.3%, 7/1/2019	(g) (m)	Municipal		10		6		8
Puerto Rico Electric Power Authority, 5.0%, 7/1/2020	(g) (m)	Municipal		110		72		88
Puerto Rico Electric Power Authority, 5.0%, 7/1/2021	(g) (m)	Municipal		5		3		4
Puerto Rico Electric Power Authority, 5.0%, 7/1/2021	(g) (m)	Municipal		60		39		48
Puerto Rico Electric Power Authority, 5.3%, 7/1/2022	(g) (m)	Municipal		55		35		44
Puerto Rico Electric Power Authority, 3.8%, 7/1/2022	(g) (m)	Municipal		5		3		4
Puerto Rico Electric Power Authority, 0.0%, 7/1/2025	(g) (m) (n)	Municipal		25		18		18
Puerto Rico Electric Power Authority, 5.3%, 7/1/2026	(g) (j) (m)	Municipal		355		274		286
Puerto Rico Electric Power Authority, 5.3%, 7/1/2026	(g) (m)	Municipal		160		104		129
Puerto Rico Electric Power Authority, 5.3%, 7/1/2027	(g) (m)	Municipal		325		213		262
Puerto Rico Electric Power Authority, 5.3%, 7/1/2028	(g) (m)	Municipal		25		16		20
Puerto Rico Electric Power Authority, 5.4%, 7/1/2028	(g) (j) (m)	Municipal		1,690		1,269		1,331
Puerto Rico Electric Power Authority, 5.0%, 7/1/2029	(g) (m)	Municipal		310		202		249
Puerto Rico Electric Power Authority, 6.0%, 7/1/2030	(g) (m)	Municipal		25		16		20
Puerto Rico Electric Power Authority, 2.0%, 7/1/2031 (3 mo. USD LIBOR + 0.7%)	(g) (k) (m)	Municipal		95		69		70
Puerto Rico Electric Power Authority, 5.0%, 7/1/2032	(g) (j) (m)	Municipal		60		46		48
Puerto Rico Electric Power Authority, 5.3%, 7/1/2031	(g) (m)	Municipal		120		78		97
Puerto Rico Electric Power Authority, 6.8%, 7/1/2036	(g) (j) (m)	Municipal		430		318		354
Puerto Rico Electric Power Authority, 5.5%, 7/1/2038	(g) (m)	Municipal		200		127		162
Puerto Rico Electric Power Authority, 5.3%, 7/1/2035	(g) (m)	Municipal		15		10		12
Puerto Rico Electric Power Authority, 7.0%, 7/1/2043	(g) (m)	Municipal		80		53		66

See notes to unaudited schedule of investments.

5

FS Credit Income Fund 

Unaudited Schedule of Investments (continued)

As of January 31, 2020

(in thousands, except share and per share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Puerto Rico Electric Power Authority, 6.1%, 7/1/2040	(g) (m)	Municipal	$	195	$	122	$	157
Puerto Rico Electric Power Authority, 6.3%, 7/1/2040	(g) (m)	Municipal		5		3		4
Puerto Rico Electric Power Authority, 5.0%, 7/1/2020	(g) (j) (m)	Municipal		5		4		4
Puerto Rico Electric Power Authority, 5.0%, 7/1/2019	(g) (m)	Municipal		10		8		8
Puerto Rico Electric Power Authority, 0.0%, 7/1/2020	(g) (j) (m) (n)	Municipal		95		69		70
Puerto Rico Electric Power Authority, 5.5%, 7/1/2020	(g) (j) (m)	Municipal		15		12		12
Puerto Rico Electric Power Authority, 5.3%, 7/1/2024	(g) (j) (m)	Municipal		5		4		4
Puerto Rico Electric Power Authority, 5.0%, 7/1/2025	(g) (j) (m)	Municipal		5		4		4
Puerto Rico Electric Power Authority, 5.0%, 7/1/2028	(g) (j) (m)	Municipal		25		20		20
Puerto Rico Electric Power Authority, 5.3%, 7/1/2040	(g) (j) (m)	Municipal		130		102		105
Puerto Rico Electric Power Authority, 5.0%, 7/1/2017	(g) (j) (m)	Municipal		15		11		12
Puerto Rico Electric Power Authority, 0.0%, 7/1/2017	(g) (m) (n)	Municipal		15		10		10
Puerto Rico Electric Power Authority, 0.0%, 7/1/2018	(g) (m) (n)	Municipal		10		7		7
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 0.0%, 7/1/2051	(j) (n)	Municipal		5,960		1,189		1,268
Quicken Loans, Inc., 5.3%, 1/15/2028	(i) (j)	Diversified Financial Services		1,246		1,277		1,292
Radiology Partners, Inc., 9.3%, 2/1/2028	(i) (j)	Healthcare-Services		280		280		293
SES SA, 5.3%, 4/4/2043	(i) (j)	Telecommunications		223		195		232
SESI LLC, 7.1%, 12/15/2021	(j)	Oil & Gas Services		1,999		1,741		1,779
Shelf Drill Holdings Ltd., 8.3%, 2/15/2025	(i) (j)	Oil & Gas		2,249		2,036		2,097
Sirius XM Radio, Inc., 5.0%, 8/1/2027	(i) (j)	Media Entertainment		824		861		867
Sirius XM Radio, Inc., 5.5%, 7/1/2029	(i) (j)	Media Entertainment		305		331		329
Southern California Edison Co., 6.3% 2/1/2022 (fixed, converts to FRN on 2/1/2022)	(j) (l)	Electric		476		475		493
SRC Energy, Inc., 6.3%, 12/1/2025	(j)	Oil & Gas		1,899		1,851		1,918
Sterling Entertainment Enterprises, LLC, 10.3%, 1/15/2025	(h)	Media Entertainment		813		801		851
Summer (BC) Holdco A S.a.r.l., 9.3%, 10/31/2027	(j)	Advertising	€	550		612		633
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., 7.5%, 6/15/2025	(i) (j)	Coal	$	890		894		857
Teck Resources Ltd., 6.3%, 7/15/2041	(j)	Mining		325		361		380
Terrier Media Buyer, Inc., 8.9%, 12/15/2027	(i) (j)	Advertising		918		918		948
TransDigm, Inc., 5.5%, 11/15/2027	(i) (j)	Aerospace/Defense		865		870		872
Uber Technologies, Inc., 7.5%, 9/15/2027	(i) (j)	Internet		79		79		84
Valaris Plc, 7.8%, 2/1/2026		Oil & Gas		72		67		37
VeriSign, Inc., 4.6%, 5/1/2023	(j)	Internet		556		565		563
Verscend Escrow Corp., 9.8%, 8/15/2026	(i) (j)	Commercial Services		501		528		546
Vistra Operations Co. LLC, 5.6%, 2/15/2027	(i) (j)	Electric		309		318		322
Vistra Operations Co. LLC, 5.0%, 7/31/2027	(i) (j)	Electric		1,021		1,057		1,050
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.3%, 5/15/2027	(e) (i) (j)	Lodging		1,123		1,172		1,167
XPO CNW, Inc., 6.7%, 5/1/2034	(j)	Transportation		902		834		966
Ypso Finance Bis S.A., 6.0%, 2/15/2028	(i)	Telecommunications		825		825		815
Total Unsecured Bonds						88,152		89,726
Collateralized Loan Obligation (CLO) / Structured Credit—38.7%
Accunia European CLO I B.V., 1.0%, 4/20/2033	(i) (n)	EUR CLO	€	320	$	353	$	355
Accunia European CLO I B.V., 6.3%, 7/15/2030 (3 mo. EURIBOR + 6.3%)	(i) (k)	EUR CLO		250		281		278

See notes to unaudited schedule of investments.

6

FS Credit Income Fund 

Unaudited Schedule of Investments (continued)

As of January 31, 2020

(in thousands, except share and per share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Accunia European CLO I B.V., 2.7%, 7/15/2030 (3 mo. EURIBOR + 2.7%)	(i) (k)	EUR CLO	€	485	$	552	$	539
Accunia European CLO III DAC, 3.1%, 1/20/2031 (3 mo. EURIBOR + 3.1%)	(k)	EUR CLO		205		222		227
ACIS CLO 2014-3 Ltd., 4.9%, 2/1/2026 (3 mo. USD LIBOR + 3.1%)	(i) (k)	USD CLO	$	495		489		494
ACIS CLO 2017-7 Ltd., 4.5%, 5/1/2027 (3 mo. USD LIBOR + 2.7%)	(i) (k)	USD CLO		180		180		180
Adagio CLO VIII DAC, 3.8%, 4/15/2032 (3 mo. EURIBOR + 3.8%)	(i) (k)	EUR CLO	€	250		277		278
Adagio V CLO DAC, 3.2%, 10/15/2031 (3 mo. EURIBOR + 3.2%)	(k)	EUR CDO		100		118		112
Ammc CLO 19 Ltd., 5.6%, 10/15/2028 (3 mo. USD LIBOR + 3.8%)	(i) (k)	USD CLO	$	205		203		205
Anchorage Capital CLO 3-R Ltd., 7.3%, 1/28/2031 (3 mo. USD LIBOR + 5.5%)	(i) (k)	USD CLO		320		309		308
Anchorage Capital CLO 4-R Ltd., 4.4%, 1/28/2031 (3 mo. USD LIBOR + 2.6%)	(i) (k)	USD CLO		250		238		243
Anchorage Capital Europe CLO 2 DAC, 3.5%, 5/15/2031 (3 mo. EURIBOR + 3.5%)	(i) (k)	EUR CLO	€	250		292		279
Ares CLO Ltd., 4.3%, 4/20/2030 (3 mo. USD LIBOR + 2.5%)	(i) (k)	USD CLO	$	420		399		406
Ares European CLO B.V., 2.9%, 10/15/2030 (3 mo. EURIBOR + 2.9%)	(k)	EUR CLO	€	1,290		1,497		1,433
Ares European CLO VIII B.V., 3.8%, 4/17/2032 (3 mo. EURIBOR + 3.8%)	(k)	EUR CLO		575		644		643
Ares XLIII CLO Ltd., 5.6%, 10/15/2029 (3 mo. USD LIBOR + 3.7%)	(i) (k)	USD CLO	$	250		245		251
Ares XLIX CLO Ltd., 4.8%, 7/22/2030 (3 mo. USD LIBOR + 3.0%)	(i) (k)	USD CLO		250		243		250
Ares XLVIII CLO, 4.5%, 7/20/2030 (3 mo. USD LIBOR + 2.7%)	(i) (k)	USD CLO		315		302		307
Ares XXXIIR CLO Ltd., 4.8%, 5/15/2030 (3 mo. USD LIBOR + 2.9%)	(i) (k)	USD CLO		495		480		492
Ares XXXVII CLO Ltd., 4.5%, 10/15/2030 (3 mo. USD LIBOR + 2.7%)	(i) (k)	USD CLO		250		247		244
Ares XXXVR CLO Ltd., 4.8%, 7/15/2030 (3 mo. USD LIBOR + 3.0%)	(i) (k)	USD CLO		250		250		250
Atlas Senior Loan Fund XIV, 8.8%, 7/20/2032 (3 mo. USD LIBOR + 6.9%)	(i) (k)	USD CLO		100		98		95
Atrium CDO Corp., 4.8%, 8/23/2030	(i) (o)	USD CDO		250		233		248
Atrium XV, 4.8%, 1/23/2031 (3 mo. USD LIBOR + 3.0%)	(i) (k)	USD CLO		665		647		657
Aurium CLO II DAC, 5.1%, 10/13/2029 (3 mo. EURIBOR + 5.1%)	(k)	EUR CLO	€	100		111		112
Avery Point III CLO Ltd., 6.8%, 1/18/2025 (3 mo. USD LIBOR + 5.0%)	(i) (k)	USD CLO	$	575		575		576
Babson Euro CLO 2015-1 B.V., 1.5%, 10/25/2029 (3 mo. EURIBOR + 1.5%)	(k)	EUR CLO	€	305		350		338
Bain Capital Credit CLO 2016-2 Ltd., 5.9%, 1/15/2029 (3 mo. USD LIBOR + 4.1%)	(i) (k)	USD CLO	$	715		709		717
Bain Capital Credit CLO 2018-2, 3.7%, 7/19/2031 (3 mo. USD LIBOR + 1.9%)	(i) (k)	USD CLO		250		250		245

See notes to unaudited schedule of investments.

7

FS Credit Income Fund 

Unaudited Schedule of Investments (continued)

As of January 31, 2020

(in thousands, except share and per share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Bain Capital Euro CLO, 4.3%, 4/15/2032 (3 mo. EURIBOR + 4.3%)	(i) (k)	EUR CLO	€	$385	$	426	$	434
Ballyrock CLO 2018-1 Ltd., 5.0%, 4/20/2031 (3 mo. USD LIBOR + 3.2%)	(i) (k)	USD CLO	$	250		241		248
Bardin Hill Loan Advisors European Funding 2019-1 DAC, 4.1%, 7/20/2032 (3 mo. EURIBOR + 4.1%)	(i) (k)	EUR CLO	€	745		833		838
Barings CLO 2013-I Ltd., 7.0%, 1/20/2028	(i) (o)	USD CLO	$	380		380		380
Barings CLO Ltd. 2017-I, 5.4%, 7/18/2029 (3 mo. USD LIBOR + 3.6%)	(i) (k)	USD CLO		250		244		250
Barings CLO Ltd. 2018-III, 7.6%, 7/20/2029 (3 mo. USD LIBOR + 5.8%)	(i) (j) (k)	USD CLO		945		919		907
Barings Euro CLO 2019-1 DAC, 4.0%, 10/21/2032 (3 mo. EURIBOR + 4.0%)	(i) (k)	EUR CLO	€	270		301		300
Battalion CLO IX Ltd., 5.1%, 7/15/2031 (3 mo. USD LIBOR + 3.3%)	(i) (k)	USD CLO	$	710		710		706
Black Diamond CLO 2014-1 Ltd., 7.1%, 10/17/2026 (3 mo. USD LIBOR + 5.3%)	(k) (j)	USD CLO		260		258		254
Black Diamond CLO 2017-2 DAC, 5.1%, 1/20/2032 (3 mo. EURIBOR + 5.1%)	(k)	EUR CLO	€	200		224		219
BlackRock European CLO V DAC, 4.4%, 7/16/2031 (3 mo. EURIBOR + 4.4%)	(k)	EUR CLO		130		137		140
BlackRock European CLO VII DAC, 2.3%, 10/15/2031 (3 mo. EURIBOR + 2.3%)	(i) (k)	EUR CLO		250		285		278
BlueMountain CLO 2015-4 Ltd., 4.8%, 4/20/2030 (3 mo. USD LIBOR + 3.0%)	(i) (k)	USD CLO	$	370		359		361
BlueMountain CLO XXIII Ltd., 4.7%, 10/20/2031 (3 mo. USD LIBOR + 2.9%)	(i) (k)	USD CLO		300		300		294
BlueMountain EUR CLO 2016-1 DAC, 4.4%, 4/25/2032 (3 mo. EURIBOR + 4.4%)	(k)	EUR CLO	€	285		300		308
BlueMountain Fuji EUR CLO III DAC, 3.1%, 1/15/2031 (3 mo. EURIBOR + 3.1%)	(k)	EUR CLO		615		712		683
BlueMountain Fuji US CLO II Ltd., 4.8%, 10/20/2030 (3 mo. USD LIBOR + 3.0%)	(i) (k)	USD CLO	$	470		456		468
BlueMountain Fuji US CLO III Ltd., 4.2%, 1/15/2030 (3 mo. USD LIBOR + 2.4%)	(i) (k)	USD CLO		250		234		239
Bosphorus CLO V DAC, 4.8%, 12/12/2032 (3 mo. EURIBOR + 4.8%)	(i) (k)	EUR CLO	€	320		354		360
Bristol Park CLO Ltd., 5.9%, 4/15/2029 (3 mo. USD LIBOR + 4.1%)	(i) (k)	USD CLO	$	250		248		250
Cairn CLO IV B.V., 3.8%, 4/30/2031 (3 mo. EURIBOR + 3.8%)	(i) (k)	EUR CLO	€	250		283		278
Cairn CLO VI B.V., 3.1%, 7/25/2029 (3 mo. EURIBOR + 3.1%)	(k)	EUR CLO		135		158		150
Canyon Capital CLO 2016-1 Ltd., 3.7%, 7/15/2031 (3 mo. USD LIBOR + 1.9%)	(i) (k)	USD CLO	$	250		250		247
Carlyle Global Market Strategies CLO 2013-1 Ltd., 5.3%, 8/14/2030 (3 mo. USD LIBOR + 3.4%)	(i) (k)	USD CLO		255		237		253
Carlyle Global Market Strategies CLO 2013-2 Ltd., 4.2%, 1/18/2029 (3 mo. USD LIBOR + 2.4%)	(i) (k)	USD CLO		250		235		244
Carlyle Global Market Strategies CLO 2014-4-R Ltd., 4.7%, 7/15/2030 (3 mo. USD LIBOR + 2.9%)	(i) (k)	USD CLO		250		250		235
Carlyle Global Market Strategies Euro CLO 2015-2 DAC, 2.7%, 9/21/2029 (3 mo. EURIBOR + 2.7%)	(k)	EUR CLO	€	140		163		155

See notes to unaudited schedule of investments.

8

FS Credit Income Fund 

Unaudited Schedule of Investments (continued)

As of January 31, 2020

(in thousands, except share and per share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Carlyle Global Market Strategies Euro CLO 2015-3 DAC, 2.6%, 7/15/2030 (3 mo. EURIBOR + 2.6%)	(k)	EUR CLO	€	275	$	323	$	305
Carlyle US CLO 2016-4 Ltd., 4.6%, 10/20/2027 (3 mo. USD LIBOR + 2.8%)	(i) (k)	USD CLO	$	280		263		272
Carlyle US CLO 2017-2 Ltd., 5.5%, 7/20/2031 (3 mo. USD LIBOR + 3.7%)	(i) (k)	USD CLO		250		249		249
Catamaran CLO 2014-1 Ltd., 5.2%, 4/22/2030 (3 mo. USD LIBOR + 3.4%)	(i) (k)	USD CLO		250		241		242
Catamaran CLO 2014-1 Ltd., 4.2%, 4/22/2030 (3 mo. USD LIBOR + 2.4%)	(i) (k)	USD CLO		635		616		629
Cathedral Lake CLO 2013 Ltd., 4.1%, 10/15/2029 (3 mo. USD LIBOR + 2.3%)	(i) (k)	USD CLO		275		275		275
Cathedral Lake Ltd., 5.9%, 7/16/2029 (3 mo. USD LIBOR + 4.1%)	(i) (k)	USD CLO		250		249		250
Cathedral Lake V Ltd., 5.1%, 10/21/2030	(i) (o)	USD CLO		250		249		243
CBAM 2018-5 Ltd., 3.2%, 4/17/2031 (3 mo. USD LIBOR + 1.4%)	(i) (k)	USD CLO		285		279		283
Cent CLO 21 Ltd., 5.0%, 7/27/2030 (3 mo. USD LIBOR + 3.2%)	(i) (k)	USD CLO		370		354		370
CFIP CLO 2013-1 Ltd., 8.5%, 4/20/2029 (3 mo. USD LIBOR + 6.7%)	(i) (k)	USD CLO		470		468		468
CFIP CLO 2014-1 Ltd., 8.4%, 7/13/2029 (3 mo. USD LIBOR + 6.6%)	(i) (k)	USD CLO		250		249		249
CFIP CLO 2014-1 Ltd., 5.9%, 7/13/2029 (3 mo. USD LIBOR + 4.1%)	(i) (k)	USD CLO		745		737		746
CFIP CLO 2017-1 Ltd., 3.9%, 1/18/2030 (3 mo. USD LIBOR + 2.1%)	(i) (k)	USD CLO		285		285		284
CIFC Funding 2012-II-R Ltd., 7.3%, 1/20/2028	(i) (o)	USD CLO		250		248		243
CIFC Funding 2013-II Ltd., 8.3%, 10/18/2030	(i) (o)	USD CLO		500		495		495
CIFC Funding 2013-II Ltd., 4.9%, 10/18/2030 (3 mo. USD LIBOR + 3.1%)	(i) (k)	USD CLO		200		195		198
CIFC Funding 2014 Ltd., 4.7%, 1/18/2031 (3 mo. USD LIBOR + 2.9%)	(i) (k)	USD CLO		250		241		244
CIFC Funding 2014-II-R Ltd., 7.5%, 4/24/2030 (3 mo. USD LIBOR + 5.7%)	(i) (k)	USD CLO		250		241		234
CIFC Funding 2015-III Ltd., 4.3%, 4/19/2029 (3 mo. USD LIBOR + 2.5%)	(i) (k)	USD CLO		250		236		243
CIFC Funding 2015-IV Ltd., 5.8%, 10/20/2027 (3 mo. USD LIBOR + 4.0%)	(i) (k)	USD CLO		250		250		251
CIFC Funding 2017-IV Ltd., 7.9%, 10/24/2030	(i) (o)	USD CLO		280		278		278
Contego CLO VII DAC, 4.0%, 5/14/2032 (3 mo. EURIBOR + 4.0%)	(i) (k)	EUR CLO	€	615		679		684
Crown Point CLO IV Ltd., 4.6%, 4/20/2031 (3 mo. USD LIBOR + 2.8%)	(i) (k)	USD CLO	$	285		262		274
CVC Cordatus Loan Fund X DAC, 2.5%, 1/27/2031	(o)	EUR CLO	€	190		205		210
CVC Cordatus Loan Fund XV DAC, 3.8%, 8/26/2032 (3 mo. EURIBOR + 3.8%)	(i) (k)	EUR CLO		250		280		283
CVP Cascade CLO-1 Ltd., 5.3%, 1/16/2026 (3 mo. USD LIBOR + 3.5%)	(i) (k)	USD CLO	$	310		310		306
CVP Cascade CLO-2 Ltd., 5.6%, 7/18/2026 (3 mo. USD LIBOR + 3.8%)	(i) (k)	USD CLO		935		936		934
Dartry Park CLO DAC, 5.7%, 4/28/2029 (3 mo. EURIBOR + 5.7%)	(k)	EUR CLO	€	100		116		112

See notes to unaudited schedule of investments.

9

FS Credit Income Fund 

Unaudited Schedule of Investments (continued)

As of January 31, 2020

(in thousands, except share and per share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Dartry Park CLO DAC, 3.0%, 4/28/2029 (3 mo. EURIBOR + 3.0%)	(k)	EUR CLO	€	100	$	116	$	111
Dryden 29 Euro CLO 2013 B.V., 2.6%, 7/15/2032 (3 mo. EURIBOR + 2.6%)	(k)	EUR CLO		255		270		283
Dryden 30 Senior Loan Fund, 7.7%, 11/15/2028 (3 mo. USD LIBOR + 5.8%)	(i) (k)	USD CLO	$	250		244		250
Dryden 36 Senior Loan Fund, 5.5%, 4/15/2029 (3 mo. USD LIBOR + 3.7%)	(i) (k)	USD CLO		300		300		301
Dryden 53 CLO Ltd., 4.2%, 1/15/2031 (3 mo. USD LIBOR + 2.4%)	(i) (k)	USD CLO		250		228		241
Dryden 59 Euro CLO 2017 B.V., 2.4%, 5/15/2032 (3 mo. EURIBOR + 2.4%)	(k)	EUR CLO	€	365		387		401
Dryden XXV Senior Loan Fund, 4.8%, 10/15/2027 (3 mo. USD LIBOR + 3.0%)	(i) (k)	USD CLO	$	250		245		249
Dryden XXVI Senior Loan Fund, 4.5%, 4/15/2029	(i) (o)	USD CLO		250		235		245
Eaton Vance CDO Ltd., 5.6%, 1/15/2028 (3 mo. USD LIBOR + 3.8%)	(i) (k)	USD CDO		250		246		251
Elevation CLO 2017-7 Ltd., 4.7%, 7/15/2030 (3 mo. USD LIBOR + 2.9%)	(i) (k)	USD CLO		455		429		445
Eloise SPV Srl, 5.0%, 1/20/2035	(h)	EUR CLO	€	838		919		930
Erna Srl, 3.6%, 7/25/2031 (3 mo. EURIBOR + 3.6%)	(k)	EUR CLO		137		153		153
Erna Srl, 2.3%, 7/25/2031 (3 mo. EURIBOR + 2.3%)	(k)	EUR CLO		803		899		901
Euro-Galaxy III CLO B.V., 6.7%, 1/17/2031 (3 mo. EURIBOR + 6.7%)	(k)	EUR CLO		100		112		112
Euro-Galaxy IV CLO B.V., 3.1%, 7/30/2030 (3 mo. EURIBOR + 3.1%)	(k)	EUR CLO		280		329		311
Figueroa CLO 2014-1 Ltd., 8.3%, 1/15/2027 (3 mo. USD LIBOR + 6.5%)	(i) (k)	USD CLO	$	540		539		540
Flagship CLO  2014-8 Ltd., 4.9%, 1/16/2026	(i)	USD CLO		280		280		276
Galaxy XXIII CLO Ltd., 8.0%, 4/24/2029 (3 mo. USD LIBOR + 6.2%)	(i) (k)	USD CLO		250		249		249
Galaxy XXVII CLO Ltd., 3.7%, 5/16/2031 (3 mo. USD LIBOR + 1.8%)	(i) (k)	USD CLO		375		360		369
Galaxy XXVII CLO Ltd., 4.7%, 5/16/2031 (3 mo. USD LIBOR + 2.8%)	(i) (k)	USD CLO		250		227		244
Gallatin CLO VIII 2017-1 Ltd., 7.2%, 7/15/2027	(i) (o)	USD CLO		250		250		249
Grand Harbour CLO 2019-1 DAC, 2.8%, 3/15/2032 (3 mo. EURIBOR + 2.8%)	(i) (k)	EUR CLO	€	250		284		278
Grosvenor Place CLO 2015-1 B.V., 2.5%, 10/30/2029 (3 mo. EURIBOR + 2.5%)	(k)	EUR CLO		100		118		111
Grosvenor Place CLO 2015-1 B.V., 5.4%, 10/30/2029 (3 mo. EURIBOR + 5.4%)	(k)	EUR CLO		100		121		110
Grosvenor Place CLO 2015-1 B.V., 1.6%, 10/30/2029 (3 mo. EURIBOR + 1.6%)	(k)	EUR CLO		100		123		111
Harvest CLO X DAC, 2.4%, 11/15/2028 (3 mo. EURIBOR + 2.9%)	(k)	EUR CLO		390		452		433
Harvest CLO X DAC, 4.6%, 11/15/2028 (3 mo. EURIBOR + 5.0%)	(k)	EUR CLO		117		139		131
Harvest CLO XII DAC, 6.6%, 11/18/2030	(o)	EUR CLO		175		173		183
Harvest CLO XX DAC, 3.4%, 10/20/2031 (3 mo. EURIBOR + 3.4%)	(k)	EUR CLO		380		437		427

See notes to unaudited schedule of investments.

10

FS Credit Income Fund 

Unaudited Schedule of Investments (continued)

As of January 31, 2020

(in thousands, except share and per share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Harvest CLO XX DAC, 2.5%, 10/20/2031 (3 mo. EURIBOR + 2.5%)	(k)	EUR CLO	€	100	$	115	$	111
Harvest CLO XXII DAC, 4.0%, 1/15/2032 (3 mo. EURIBOR + 4.0%)	(i) (k)	EUR CLO		365		409		406
Hayfin Emerald CLO III DAC, 4.0%, 10/15/2032 (3 mo. EURIBOR + 4.0%)	(i) (k)	EUR CLO		250		278		280
Highbridge Loan Management 4-2014 Ltd., 4.3%, 1/28/2030	(i) (o)	USD CLO	$	261		241		252
Highbridge Loan Management 7-2015 Ltd., 6.9%, 3/15/2027	(i) (o)	USD CLO		250		246		247
Holland Park CLO DAC, 4.4%, 11/14/2032 (3 mo. EURIBOR + 4.4%)	(i) (k)	EUR CLO	€	345		380		384
ICG US CLO 2016-1 Ltd., 4.8%, 7/29/2028 (3 mo. USD LIBOR + 3.1%)	(i) (k)	USD CLO	$	250		247		249
ICG US CLO Ltd., 5.0%, 1/20/2030 (3 mo. USD LIBOR + 3.2%)	(i) (k)	USD CLO		250		250		247
Jackson Mill CLO Ltd., 6.8%, 4/15/2027	(i) (o)	USD CLO		285		281		281
Jamestown CLO V Ltd., 5.6%, 1/17/2027 (3 mo. USD LIBOR + 3.8%)	(i) (k)	USD CLO		815		812		816
Jamestown CLO X Ltd., 5.5%, 7/17/2029 (3 mo. USD LIBOR + 3.7%)	(i) (k)	USD CLO		250		245		251
Jubilee CLO 2014-XI B.V., 5.4%, 4/15/2030 (3 mo. EURIBOR + 5.4%)	(k)	EUR CLO	€	130		150		141
Jubilee CLO 2014-XI B.V., 3.3%, 4/15/2030 (3 mo. EURIBOR + 3.3%)	(k)	EUR CLO		220		241		241
Jubilee CLO 2014-XII B.V., 2.9%, 4/15/2030 (3 mo. EURIBOR + 2.9%)	(k)	EUR CLO		155		175		171
Jubilee CLO 2015-XVI B.V., 6.9%, 12/15/2029 (3 mo. EURIBOR + 6.9%)	(k)	EUR CLO		250		284		267
Jubilee CLO 2017-XVIII B.V., 3.1%, 1/15/2030 (3 mo. EURIBOR + 3.1%)	(k)	EUR CLO		200		228		223
Kingsland IX Ltd., 3.6%, 4/28/2031 (3 mo. USD LIBOR + 1.8%)	(i) (k)	USD CLO	$	200		200		200
Kingsland IX Ltd., 4.1%, 4/28/2031 (3 mo. USD LIBOR + 2.4%)	(i) (k)	USD CLO		200		200		200
Kingsland IX Ltd., 5.0%, 4/28/2031 (3 mo. USD LIBOR + 3.2%)	(i) (k)	USD CLO		200		198		194
KKR Financial CLO 2013-1 Ltd., 7.9%, 4/15/2029 (3 mo. USD LIBOR + 6.1%)	(i) (k)	USD CLO		250		245		241
KVK CLO 2013-1 Ltd., 7.9%, 1/14/2028	(i)	USD CLO		500		497		498
LCM 29 Ltd., 5.7%, 4/15/2031	(i) (o)	USD CLO		250		242		252
Mackay Shields EURO CLO 1 DAC, 4.1%, 10/20/2032 (3 mo. EURIBOR + 4.1%)	(i) (k)	EUR CLO	€	785		859		882
Madison Park Euro Funding VIII DAC, 4.7%, 4/15/2032 (3 mo. EURIBOR + 4.7%)	(i) (k)	EUR CLO		290		319		328
Madison Park Euro Funding XIV DAC, 3.6%, 7/15/2032 (3 mo. EURIBOR + 3.6%)	(i) (k)	EUR CLO		285		318		324
Madison Park Euro Funding XIV DAC, 5.8%, 7/15/2032 (3 mo. EURIBOR + 5.8%)	(i) (k)	EUR CLO		250		270		279
Madison Park Euro Funding XIV DAC, 1.8%, 7/15/2032 (3 mo. EURIBOR + 1.8%)	(i) (k)	EUR CLO		250		279		279
Madison Park Funding XVI Ltd., 5.5%, 4/20/2026 (3 mo. USD LIBOR + 3.7%)	(i) (j) (k)	USD CLO	$	425		426		426

See notes to unaudited schedule of investments.

11

FS Credit Income Fund 

Unaudited Schedule of Investments (continued)

As of January 31, 2020

(in thousands, except share and per share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Madison Park Funding XX Ltd., 4.8%, 7/27/2030 (3 mo. USD LIBOR + 3.65%)	(i) (k)	USD CLO	$	350	$	350	$	348
Madison Park Funding XXVII Ltd., 4.4%, 4/20/2030 (3 mo. USD LIBOR + 2.6%)	(i) (k)	USD CLO		315		301		307
Madison Park Funding XXXVII Ltd., 5.3%, 7/15/2032 (3 mo. USD LIBOR + 3.5%)	(i) (k)	USD CLO		250		250		251
Magnetite XX Ltd., 4.3%, 4/20/2031 (3 mo. USD LIBOR + 2.5%)	(i) (k)	USD CLO		250		245		243
Man GLG US CLO 2018-2 Ltd., 5.3%, 10/15/2028 (3 mo. USD LIBOR + 3.5%)	(i) (k)	USD CLO		510		508		510
Marble Point CLO XII Ltd., 4.8%, 7/16/2031 (3 mo. USD LIBOR + 3.0%)	(i) (k)	USD CLO		250		243		246
Marlay Park CLO DAC, 1.6%, 10/15/2030 (3 mo. EURIBOR + 1.6%)	(k)	EUR CLO	€	325		355		353
Midocean Credit CLO VIII, 4.8%, 2/20/2031 (3 mo. USD LIBOR + 2.9%)	(i) (k)	USD CLO	$	250		233		241
Mountain View CLO 2015-9 Ltd., 5.0%, 7/15/2031 (3 mo. USD LIBOR + 3.1%)	(i) (k)	USD CLO		250		248		236
Mountain View CLO XIV Ltd., 5.9%, 4/15/2029 (3 mo. USD LIBOR + 4.1%)	(i) (k)	USD CLO		335		336		335
MP CLO III Ltd., 4.9%, 10/20/2030	(i) (o)	USD CLO		250		244		237
MP CLO VII Ltd., 4.8%, 10/18/2028 (3 mo. USD LIBOR + 3.0%)	(i) (k)	USD CLO		250		250		247
Mulberry Street CDO II Ltd., 2.6%, 8/12/2038 (6 mo. USD LIBOR + 0.6%)	(i) (k)	USD CLO		1,169		736		793
Neuberger Berman CLO XV, 4.9%, 10/15/2029 (3 mo. USD LIBOR + 3.1%)	(i) (k)	USD CLO		670		672		662
Neuberger Berman CLO XVII Ltd., 5.5%, 4/22/2029 (3 mo. USD LIBOR + 3.7%)	(i) (k)	USD CLO		718		716		720
Neuberger Berman CLO XX Ltd., 4.2%, 1/15/2028 (3 mo. USD LIBOR + 2.4%)	(i) (k)	USD CLO		250		250		248
Newark BSL CLO 2 Ltd., 5.4%, 7/25/2030 (3 mo. USD LIBOR + 3.7%)	(i) (k)	USD CLO		500		503		501
NewDay Funding, 3.2%, 6/15/2027 (SONIA/N + 2.5%)	(i) (k)	GBP CLO	£	104		132		139
NewDay Funding, 2.6%, 6/15/2027 (SONIA/N + 1.9%)	(i) (k)	GBP CLO		100		127		133
Newfeet CLO 2016-1 Ltd., 4.8%, 4/20/2028	(i)	USD CLO	$	450		450		451
Niagara Park CLO Ltd., 3.6%, 7/17/2032 (3 mo. USD LIBOR + 1.8%)	(i) (k)	USD CLO		250		250		251
OAK Hill European Credit Partners V Designated Activity Co., 6.2%, 2/21/2030 (3 mo. EURIBOR + 6.2%)	(k)	EUR CLO	€	145		163		161
OAK Hill European Credit Partners VII DAC, 2.4%, 10/20/2031 (3 mo. EURIBOR + 2.4%)	(k)	EUR CLO		125		144		139
Oaktree CLO 2019-1 Ltd., 4.9%, 4/22/2030 (3 mo. USD LIBOR + 3.8%)	(i) (k)	USD CLO	$	420		422		418
Ocean Trails CLO IV, 6.8%, 8/13/2025 (3 mo. USD LIBOR + 5.1%)	(i) (k)	USD CLO		930		927		931
Ocean Trails CLO VI, 5.5%, 7/15/2028 (3 mo. USD LIBOR + 3.7%)	(i) (k)	USD CLO		360		360		361
OCP CLO 2015-10 Ltd., 4.4%, 10/26/2027 (3 mo. USD LIBOR + 2.6%)	(i) (k)	USD CLO		250		250		250
Octagon Investment Partners 26 Ltd, 4.7%, 7/15/2030 (3 mo. USD LIBOR + 2.9%)	(i) (k)	USD CLO		335		324		330

See notes to unaudited schedule of investments.

12

FS Credit Income Fund 

Unaudited Schedule of Investments (continued)

As of January 31, 2020

(in thousands, except share and per share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Octagon Investment Partners 44 Ltd., 5.5%, 7/20/2032 (3 mo. USD LIBOR + 3.7%)	(i) (k)	USD CLO	$	400	$	400	$	400
Octagon Investment Partners XI Ltd., 5.8%, 7/15/2029 (3 mo. USD LIBOR + 4.0%)	(i) (k)	USD CLO		250		247		251
Octagon Investment Partners XV Ltd., 5.5%, 7/19/2030 (3 mo. USD LIBOR + 3.7%)	(i) (k)	USD CLO		250		242		251
Octagon Investment Partners XXIII Ltd., 7.6%, 7/15/2027 (3 mo. USD LIBOR + 5.8%)	(i) (k)	USD CLO		465		456		465
Orwell Park CLO Designated Activity Co., 4.5%, 7/18/2029 (3 mo. EURIBOR + 4.5%)	(k)	EUR CLO	€	100		118		110
OZLM Funding III Ltd., 6.1%, 1/22/2029 (3 mo. USD LIBOR + 4.3%)	(i) (k)	USD CLO	$	250		250		250
OZLM Funding Ltd., 5.4%, 7/22/2029 (3 mo. USD LIBOR + 3.6%)	(i) (k)	USD CLO		315		307		316
OZLM VIII Ltd., 5.0%, 10/17/2029 (3 mo. USD LIBOR + 3.2%)	(i) (k)	USD CLO		490		469		486
OZLM XIII Ltd., 4.8%, 7/30/2027 (3 mo. USD LIBOR + 3.0%)	(i) (k)	USD CLO		250		246		247
OZLM XIX Ltd., 3.8%, 11/22/2030 (3 mo. USD LIBOR + 2.0%)	(i) (k)	USD CLO		930		898		919
OZLM XVI Ltd., 5.5%, 5/16/2030 (3 mo. USD LIBOR + 3.6%)	(i) (k)	USD CLO		250		242		250
OZLM XVIII Ltd., 4.7%, 4/15/2031 (3 mo. USD LIBOR + 2.9%)	(i) (k)	USD CLO		250		231		243
OZLM XX Ltd., 4.8%, 4/20/2031 (3 mo. USD LIBOR + 3.0%)	(i) (k)	USD CLO		515		494		504
OZLME VI DAC, 3.8%, 7/15/2032 (3 mo. EURIBOR + 3.8%)	(k)	EUR CLO	€	100		112		112
Palmer Square CLO 2019-1 Ltd., 5.0%, 4/20/2027 (3 mo. USD LIBOR + 3.2%)	(i) (k)	USD CLO	$	320		320		320
Parallel 2018-1 Ltd., 4.6%, 4/20/2031 (3 mo. USD LIBOR + 2.8%)	(i) (k)	USD CLO		274		252		263
Park Avenue Institutional Advisers CLO Ltd. 2017-1, 4.1%, 11/14/2029 (3 mo. USD LIBOR + 2.2%)	(i) (k)	USD CLO		250		250		251
Penta CLO 6 DAC, 3.9%, 7/25/2032 (3 mo. EURIBOR + 3.9%)	(i) (k)	EUR CLO	€	425		483		474
Phoenix Park CLO DAC, 2.5%, 10/29/2031 (3 mo. EURIBOR + 2.5%)	(k)	EUR CLO		190		220		212
Preferred Term Securities XX Ltd./Preferred Term Securities XX, Inc., 2.3%, 3/22/2038 (3 mo. USD LIBOR + 0.5%)	(i) (k)	USD CDO	$	437		338		322
Preferred Term Securities XXI Ltd./Preferred Term Securities XXI, Inc., 2.3%, 3/22/2038 (3 mo. USD LIBOR + 0.4%)	(i) (k)	USD CDO		1,680		1,366		1,259
Preferred Term Securities XXIV Ltd./Preferred Term Securities XXIV, Inc., 2.3%, 3/22/2037 (3 mo. USD LIBOR + 0.4%)	(i) (k)	USD CDO		430		330		319
Preferred Term Securities XXVI Ltd./Preferred Term Securities XXVI, Inc., 2.3%, 9/22/2037 (3 mo. USD LIBOR + 0.4%)	(i) (k)	USD CDO		269		215		199
Providus CLO Ltd., 3.4%, 7/20/2032 (3 mo. EURIBOR + 3.8%)	(i)	EUR CLO	€	250		284		279
Purple Finance CLO 2 DAC, 4.1%, 4/20/2032 (3 mo. EURIBOR + 4.1%)	(i) (k)	EUR CLO		360		398		406

See notes to unaudited schedule of investments.

13

FS Credit Income Fund 

Unaudited Schedule of Investments (continued)

As of January 31, 2020

(in thousands, except share and per share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Race Point VIII CLO Ltd., 5.7%, 2/20/2030 (3 mo. USD LIBOR + 3.8%)	(i) (j) (k)	USD CLO	$	770	$	768	$	772
Regatta XI Funding Ltd., 4.7%, 7/17/2031 (3 mo. USD LIBOR + 2.9%)	(i) (k)	USD CLO		250		250		247
Rockford Tower Europe CLO 2018-1 DAC, 2.5%, 12/20/2031 (3 mo. EURIBOR + 2.5%)	(i) (k)	EUR CLO	€	250		284		278
RR 4 Ltd., 4.8%, 4/15/2030 (3 mo. USD LIBOR + 3.0%)	(i) (k)	USD CLO	$	250		250		251
SCOF-2 Ltd., 7.5%, 7/15/2028	(i) (o)	USD CLO		250		243		250
SCOF-2 Ltd., 4.9%, 7/15/2028 (3 mo. USD LIBOR + 3.1%)	(i) (k)	USD CLO		250		241		250
Shackleton 2013-III CLO Ltd., 4.9%, 7/15/2030 (3 mo. USD LIBOR + 3.0%)	(i) (k)	USD CLO		250		250		240
Shackleton 2017-X CLO Ltd., 5.1%, 4/20/2029 (3 mo. USD LIBOR + 3.3%)	(e) (i) (k)	USD CLO		250		250		250
Shackleton 2017-XI CLO Ltd., 5.6%, 8/15/2030 (3 mo. USD LIBOR + 3.7%)	(i) (k)	USD CLO		250		248		251
Smeralda SPV Srl, 5.3%, 12/22/2034	(h)	EUR CLO	€	614		672		681
Sorrento Park CLO DAC, 2.6%, 11/16/2027 (3 mo. EURIBOR + 3.0%)	(k)	EUR CLO		250		285		279
Sound Point CLO Ltd., 5.7%, 1/20/2032 (3 mo. USD LIBOR + 3.9%)	(i) (k)	USD CLO	$	310		310		308
Sound Point CLO XII Ltd., 5.7%, 10/20/2028 (3 mo. USD LIBOR + 3.9%)	(i) (k)	USD CLO		355		356		355
Sound Point CLO XVII, 4.8%, 10/20/2030 (3 mo. USD LIBOR + 3.0%)	(i) (k)	USD CLO		250		243		240
Sound Point CLO XX Ltd., 4.8%, 7/26/2031 (3 mo. USD LIBOR + 3.0%)	(i) (k)	USD CLO		460		460		443
Sound Point CLO XXIII, 3.9%, 4/15/2032 (3 mo. USD LIBOR + 2.0%)	(i) (k)	USD CLO		385		386		386
Steele Creek CLO 2017-1 Ltd., 4.7%, 1/15/2030 (3 mo. USD LIBOR + 2.9%)	(i) (k)	USD CLO		250		247		231
Sudbury Mill CLO Ltd., 5.3%, 1/17/2026 (3 mo. USD LIBOR + 3.5%)	(i) (k)	USD CLO		505		501		503
Symphony CLO XIX Ltd., 4.4%, 4/16/2031 (3 mo. USD LIBOR + 2.6%)	(i) (k)	USD CLO		250		248		243
Symphony CLO XVII Ltd., 7.4%, 4/15/2028 (3 mo. USD LIBOR + 5.6%)	(i) (k)	USD CLO		485		478		485
Symphony CLO XVIII Ltd., 5.8%, 1/23/2028 (3 mo. USD LIBOR + 4.0%)	(i) (k)	USD CLO		705		699		706
TCW CLO 2019-1 AMR Ltd., 6.2%, 2/15/2029 (3 mo. USD LIBOR + 4.3%)	(i) (k)	USD CLO		335		336		335
THL Credit Wind River 2012-1 CLO Ltd., 5.5%, 1/15/2026 (3 mo. USD LIBOR + 3.7%)	(i) (k)	USD CLO		250		249		251
THL Credit Wind River 2017-1 CLO Ltd., 5.6%, 4/18/2029 (3 mo. USD LIBOR + 3.8%)	(i) (k)	USD CLO		335		332		336
TICP CLO, Ltd., 4.8%, 4/20/2028 (3 mo. USD LIBOR + 3.0%)	(i) (k)	USD CLO		250		245		249
Tikehau CLO B.V., 4.6%, 8/4/2028 (3 mo. EURIBOR + 4.6%)	(k)	EUR CLO	€	170		198		187
Tikehau CLO B.V., 2.4%, 8/4/2028 (3 mo. EURIBOR + 2.4%)	(k)	EUR CLO		165		192		183
Tikehau CLO IV B.V., 3.3%, 10/15/2031 (3 mo. EURIBOR + 3.3%)	(k)	EUR CLO		215		249		239

See notes to unaudited schedule of investments.

14

FS Credit Income Fund 

Unaudited Schedule of Investments (continued)

As of January 31, 2020

(in thousands, except share and per share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost			Fair Value(c)
Toro European CLO 2 DAC, 3.3%, 10/15/2030 (3 mo. EURIBOR + 3.3%)	(k)	EUR CLO	€	255	$	300		$	285
Treman Park CLO Ltd., 7.3%, 10/20/2028 (3 mo. USD LIBOR + 5.5%)	(i) (k)	USD CLO	$	250		241		247
Trimaran Cavu 2019-1 Ltd., 6.0%, 7/20/2032 (3 mo. USD LIBOR + 4.2%)	(i) (j) (k)	USD CLO		655		655		650
Trimaran Cavu 2019-2 Ltd., 6.6%, 11/26/2032 (3 mo. USD LIBOR + 4.7%)	(i) (k)	USD CLO		250		245		250
Trinitas CLO VII Ltd., 5.3%, 1/25/2031 (3 mo. USD LIBOR + 3.5%)	(i) (k)	USD CLO		250		229		248
Tymon Park CLO DAC, 6.8%, 1/21/2029 (3 mo. EURIBOR + 6.8%)	(k)	EUR CLO	€	250		285		263
Tymon Park CLO Ltd., 4.6%, 1/21/2029 (3 mo. EURIBOR + 4.6%)	(k)	EUR CLO		100		121		110
Venture 37 CLO Ltd., 5.7%, 7/15/2032 (3 mo. USD LIBOR + 3.9%)	(i) (k)	USD CLO	$	490		490		487
Venture 38 CLO Ltd., 6.0%, 7/30/2032 (3 mo. USD LIBOR + 4.3%)	(i) (k)	USD CLO		475		470		477
Venture CDO Ltd., 6.0%, 4/20/2029 (3 mo. USD LIBOR + 4.2%)	(i) (k)	USD CDO		135		135		135
Venture XXVI CLO Ltd., 6.1%, 1/20/2029 (3 mo. USD LIBOR + 4.3%)	(i) (k)	USD CLO		250		245		251
Vibrant CLO V Ltd., 5.8%, 1/20/2029 (3 mo. USD LIBOR + 4.0%)	(i) (k)	USD CLO		250		251		251
Vibrant CLO VI Ltd., 4.5%, 6/20/2029 (3 mo. USD LIBOR + 2.6%)	(i) (k)	USD CLO		425		427		425
Voya CLO 2013-1 Ltd., 3.7%, 10/15/2030 (3 mo. USD LIBOR + 1.9%)	(i) (k)	USD CLO		630		611		626
Voya CLO 2015-2 Ltd., 4.8%, 7/23/2027 (3 mo. USD LIBOR + 3.0%)	(i) (k)	USD CLO		310		300		308
Voya CLO Ltd., 4.2%, 1/18/2029 (3 mo. USD LIBOR + 2.4%)	(i) (k)	USD CLO		250		250		240
Webster Park CLO Ltd., 4.7%, 7/20/2030 (3 mo. USD LIBOR + 2.9%)	(i) (k)	USD CLO		570		559		566
Wellfleet CLO 2017-1 Ltd., 5.6%, 4/20/2029	(i)	USD CLO		450		449		445
Wellfleet CLO 2017-2 Ltd., 5.2%, 10/20/2029 (3 mo. USD LIBOR + 3.4%)	(i) (k)	USD CLO		795		780		787
Whitebox CLO I Ltd., 6.2%, 7/24/2032 (3 mo. USD LIBOR + 4.4%)	(i) (k)	USD CLO		645		638		647
Willow Park CLO 1X C, 2.8%, 1/15/2031 (3 mo. EURIBOR + 2.8%)	(k)	EUR CLO	€	270		309		300
York CLO 1 Ltd., 4.8%, 10/22/2029	(i) (o)	USD CLO	$	250		241		249
York CLO-3 Ltd., 4.3%, 10/20/2029 (3 mo. USD LIBOR + 2.5%)	(k)	USD CLO		288		288		288
Total Collateralized Loan Obligation / Structured Credit						84,745		84,774
Emerging Markets Debt—1.2%
Bioceanico Sovereign Certificate Ltd., 0.0%, 6/5/2034	(j) (n)	Engineering & Construction	$	710	$	492	$	501
Mexican Bonos, 8.5%, 11/18/2038		Sovereign	MEX$	7,590		451		468
Petroamazonas EP, 4.6%, 2/16/2020	(j)	Oil & Gas	$	33		33		33
Petroleos Mexicanos, 4.9%, 1/24/2022	(j)	Oil & Gas		680		705		715

See notes to unaudited schedule of investments.

15

FS Credit Income Fund
Unaudited Schedule of Investments (continued)
As of January 31, 2020
(in thousands, except share and per share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Romanian Government International Bond, 3.4%, 1/28/2050	(i)	Sovereign	€	$115	$	127	$	135
Turkiye Garanti Bankasi AS, 6.1%, 5/24/2027	(j)	Commercial Banks	$	200		189		200
Ukraine Government International Bond, 4.4%, 1/27/2030	(i) (j)	Sovereign	€	443		491		489
Total Emerging Markets Debt						2,488		2,541

Portfolio Company(a)	Footnotes	Industry	Number of Shares		Cost(b)		Fair Value(c)
Preferred Equity—0.1%
Verscend Technologies, Inc., 12.3%	(h)	Software		200	$	194	$	204
Total Preferred Equity						194		204
Common Equity—0.2%
ATD New Holdings, Inc.	(m)	Commercial Services		4,098	$	75	$	104
Camaieu New, Classes A-J	(m)	Retailers		10,604,587		450		27
Camaieu New, Warrants	(m)	Retailers		1,279,509		—		3
Hexion Holdings Corp., Class B	(m)	Chemicals		14,672		193		191
Hexion Holdings Corp., Warrants	(m)	Chemicals		16,226		227		219
Total Common Equity						945		544

Portfolio Company	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Convertible Preferred Stocks—0.1%
Northern Oil and Gas, Inc., 6.5%	(i) (j)	Oil & Gas		2,298	$	231	$	221
Total Convertible Preferred Stocks						231		221
TOTAL INVESTMENTS—114.7%					$	251,396	$	251,237
LIABILITIES IN EXCESS OF OTHER ASSETS—(14.7)%(p)								(32,157	)
NET ASSETS—100.0%							$	219,080
Shares outstanding at period end (Class A)								1,060,616
Net asset value per common share at period end (Class A)							$	13.08
Shares outstanding at period end (Class I)								15,345,174
Net asset value per common share at period end (Class I)							$	13.12
Shares outstanding at period end (Class T)								100,303
Net asset value per common share at period end (Class T)							$	13.11
Shares outstanding at period end (Class U)								192,256
Net asset value per common share at period end (Class U)							$	13.09
Investments Sold Short—(0.1)%

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)			Proceeds			Fair Value(c)
U.S. Treasury Sold Short—(0.1)%
U.S. Treasury Bond, 2.3%, 8/15/2049	(m)	Sovereign	$	(122	)	$	(120	)	$	(129	)
Total Investments Sold Short							(120	)		(129	)

See notes to unaudited schedule of investments.

16

FS Credit Income Fund
Unaudited Schedule of Investments (continued)
As of January 31, 2020
(in thousands, except share and per share amounts)

Forward Foreign Currency Exchange Contracts

Counterparty	Contract Settlement Date	Currency and Amount to be Received		Currency and Amount to be Delivered			Unrealized Appreciation		Unrealized Depreciation
JPMorgan Chase Bank, N.A.	06/17/2020	USD	6	BRL	27	$	—	$	—
JPMorgan Chase Bank, N.A.	06/17/2020	USD	5	BRL	22		—		—
JPMorgan Chase Bank, N.A.	06/17/2020	USD	3	BRL	12		—		—
JPMorgan Chase Bank, N.A.	06/17/2020	USD	2	BRL	9		—		—
State Street Bank and Trust Company	06/17/2020	USD	31	BRL	131		—		—
State Street Bank and Trust Company	06/17/2020	USD	37	BRL	159		1		—
JPMorgan Chase Bank, N.A.	06/17/2020	USD	9	BRL	37		—		—
JPMorgan Chase Bank, N.A.	06/17/2020	USD	11	BRL	45		—		—
JPMorgan Chase Bank, N.A.	02/28/2020	MXN	1,655	EUR	80		—		1
JPMorgan Chase Bank, N.A.	06/17/2020	USD	513	EUR	459		—		—
JPMorgan Chase Bank, N.A.	06/17/2020	USD	722	EUR	641		5		—
JPMorgan Chase Bank, N.A.	06/17/2020	USD	301	EUR	268		1		—
JPMorgan Chase Bank, N.A.	06/17/2020	USD	1,325	EUR	1,181		5		—
JPMorgan Chase Bank, N.A.	06/17/2020	USD	285	EUR	254		1		—
State Street Bank and Trust Company	06/17/2020	USD	856	EUR	763		3		—
State Street Bank and Trust Company	06/17/2020	USD	416	EUR	371		1		—
State Street Bank and Trust Company	06/17/2020	USD	1,906	EUR	1,699		7		—
JPMorgan Chase Bank, N.A.	06/17/2020	USD	200	GBP	153		—		3
State Street Bank and Trust Company	06/17/2020	USD	508	GBP	386		—		3
State Street Bank and Trust Company	06/17/2020	USD	162	GBP	123		—		1
JPMorgan Chase Bank, N.A.	06/17/2020	USD	338	GBP	257		—		2
JPMorgan Chase Bank, N.A.	06/17/2020	USD	415	GBP	315		—		3
JPMorgan Chase Bank, N.A.	02/28/2020	EUR	354	MXN	7,410		2		—
JPMorgan Chase Bank, N.A.	06/17/2020	BRL	175	USD	42		—		1
JPMorgan Chase Bank, N.A.	06/17/2020	BRL	144	USD	34		—		1
JPMorgan Chase Bank, N.A.	06/17/2020	BRL	46	USD	11		—		—
JPMorgan Chase Bank, N.A.	06/17/2020	BRL	56	USD	13		—		—
JPMorgan Chase Bank, N.A.	06/17/2020	BRL	9	USD	2		—		—
JPMorgan Chase Bank, N.A.	06/17/2020	BRL	12	USD	3		—		—
JPMorgan Chase Bank, N.A.	06/17/2020	EUR	509	USD	565		4		—
Total Forward Foreign Currency Exchange Contracts						$	30	$	15

Futures Contracts

Description	Number of Contracts	Position	Expiration Date	Notional Amount		Unrealized Appreciation		Unrealized Depreciation
Interest Rate Futures
Euro-Bund Future	1	Short	03/06/2020	$	191	$	—	$	3
U.S. 10-Year Treasury Note	70	Short	03/20/2020	$	9,070		—		146
U.S. 2-Year Treasury Note	15	Long	03/31/2020	$	3,230		16		—
Total Interest Rate Futures Contracts						$	16	$	149

See notes to unaudited schedule of investments.

17

FS Credit Income Fund
Unaudited Schedule of Investments
As of January 31, 2020
(in thousands, except share and per share amounts)

Cross-Currency Swaps

Counterparty	Fund Pays	Fund Receives	Notional Amount of Currency Delivered		Notional Amount of Currency Received		Expiration Date	Periodic Payment Frequency	Fair Value(c)		Unrealized Appreciation		Unrealized Depreciation
JPMorgan Chase Bank, N.A.	3 Month EURIBOR plus a spread of (0.195%)	3 Month USD LIBOR	EUR	2,570	USD	2,960	10/5/2023	Quarterly	$	124	$	124	$	—
JPMorgan Chase Bank, N.A.	3 Month EURIBOR plus a spread of (0.2335%)	3 Month USD LIBOR	EUR	963	USD	1,123	6/1/2023	Quarterly	63		63		—
JPMorgan Chase Bank, N.A.	3 Month EURIBOR plus a spread of (0.16375%)	3 Month USD LIBOR	EUR	4,468	USD	5,207	7/20/2023	Quarterly	264		264		—
JPMorgan Chase Bank, N.A.	3 Month EURIBOR plus a spread of (0.19%)	3 Month USD LIBOR	EUR	4,237	USD	4,816	8/20/2023	Quarterly	153		153		—
JPMorgan Chase Bank, N.A.	3 Month EURIBOR plus a spread of (0.1435%)	3 Month USD LIBOR	EUR	1,977	USD	2,249	12/3/2023	Quarterly	67		67		—
JPMorgan Chase Bank, N.A.	3 Month EURIBOR plus a spread of (0.10375%)	3 Month USD LIBOR	EUR	2,025	USD	2,279	3/29/2021	Quarterly	39		39		—
JPMorgan Chase Bank, N.A.	3 Month GBP LIBOR plus a spread of 0.03325%	3 Month USD LIBOR	GBP	459	USD	609	3/18/2021	Quarterly	4		4		—
JPMorgan Chase Bank, N.A.	3 Month EURIBOR plus a spread of (0.176%)	3 Month USD LIBOR	EUR	4,872	USD	5,483	7/12/2021	Quarterly	94		94		—
JPMorgan Chase Bank, N.A.	3 Month EURIBOR plus a spread of (0.1750%)	3 Month USD LIBOR	EUR	2,191	USD	2,425	9/16/2021	Quarterly	(3)		—		3
JPMorgan Chase Bank, N.A.	3 Month EURIBOR plus a spread of (0.11%)	3 Month USD LIBOR	EUR	5,456	USD	6,025	11/12/2021	Quarterly	7		7		—
JPMorgan Chase Bank, N.A.	3 Month EURIBOR plus a spread of (0.33375%)	3 Month USD LIBOR	EUR	347	USD	418	1/16/2023	Quarterly	36		36		—
JPMorgan Chase Bank, N.A.	3 Month EURIBOR plus a spread of (0.33375%)	3 Month USD LIBOR	EUR	1,209	USD	1,455	1/16/2023	Quarterly	125		125		—
Total Cross-Currency Swaps									$	973	$	976	$	3

See notes to unaudited schedule of investments.

18

FS Credit Income Fund
Unaudited Schedule of Investments
As of January 31, 2020
(in thousands, except share and per share amounts)

Interest Rate Swaps

Counterparty	Fund Pays	Fund Receives	Notional Amount		Expiration Date	Periodic Payment Frequency	Fair Value(c)		Unrealized Appreciation		Unrealized Depreciation
JPMorgan Chase Bank, N.A.	2.86%	3 Month LIBOR	USD	324	6/29/2023	Semi-Annually	$	(17)	$	—	$	17
Goldman Sachs & Co. LLC	2.89%	3 Month LIBOR	USD	243	6/27/2023	Semi-Annually	(13)		—		13
JPMorgan Chase Bank, N.A.	2.87%	3 Month LIBOR	USD	11	7/2/2023	Semi-Annually		(1)		—		1
JPMorgan Chase Bank, N.A.	2.88%	3 Month LIBOR	USD	452	7/9/2023	Semi-Annually	(24)		—		24
Goldman Sachs & Co. LLC	2.52%	3 Month LIBOR	USD	404	7/9/2023	Semi-Annually	(16)		—		16
JPMorgan Chase Bank, N.A.	2.29%	3 Month LIBOR	USD	114	7/9/2023	Semi-Annually	(4)		—		4
JPMorgan Chase Bank, N.A.	2.41%	3 Month LIBOR	USD	532	7/9/2023	Semi-Annually	(19)		—		19
JPMorgan Chase Bank, N.A.	2.27%	3 Month LIBOR	USD	399	7/9/2023	Semi-Annually	(13)		—		13
Goldman Sachs & Co. LLC	1.64%	3 Month LIBOR	USD	1,117	6/24/2022	Quarterly	8		8		—
Goldman Sachs & Co. LLC	2.06%	3 Month LIBOR	USD	88	6/24/2050	Semi-Annually	(8)		—		8
Morgan Stanley & Co. LLC	1.97%	3 Month LIBOR	USD	100	7/10/2050	Semi-Annually	(7)		—		7
Goldman Sachs & Co. LLC	1.88%	3 Month LIBOR	USD	165	6/20/2030	Semi-Annually	(6)		—		6
Total Interest Rate Swaps							$	(120)	$	8	$	128

Total Return Debt Swaps^(h)

Counterparty

Fund Pays

Fund Receives

Notional Amount

Expiration Date

Periodic Payment Frequency

Fair Value(c)

Unrealized Appreciation

Unrealized Depreciation

Bank of America, N.A.

SIFMA Municipal Swap Index plus a spread of 1.30%

San Antonio Housing Finance Corporation Multifamily Housing Revenue Bonds (Artisan at Salado Heights, 5.80%, 5/1/2050), Series 2006

USD

700

12/1/2023

Monthly

$

25

$

25

$

—

See notes to unaudited schedule of investments.

19

FS Credit Income Fund
Unaudited Schedule of Investments
As of January 31, 2020
(in thousands, except share and per share amounts)

Counterparty

Fund Pays

Fund Receives

Notional Amount

Expiration Date

Periodic Payment Frequency

Fair Value(c)

Unrealized Appreciation

Unrealized Depreciation

Bank of America, N.A.

SIFMA Municipal Swap Index plus a spread of 1.45%

San Antonio Housing Finance Corporation Multifamily Housing Revenue Bonds (Costa Miranda Apartments Project, 6.10%, 10/1/2050), Series 2006

USD

601

12/1/2023

Monthly

$

20

$

20

$

—

Bank of America, N.A.

SIFMA Municipal Swap Index plus a spread of 1.30%

City of Los Angeles Multifamily Housing Revenue Bonds (Windward Preservation Apartments, 5.85%, 10/1/2044), Series 2006C

USD

403

6/1/2023

Monthly

18

18

—

Bank of America, N.A.

SIFMA Municipal Swap Index plus a spread of 1.45%

Massachusetts Development Finance Agency Housing Revenue Bonds (East Canton Apartments Project, 5.90%, 5/1/2055) Series 2006A

USD

587

12/1/2023

Monthly

16

16

—

Bank of America, N.A.

SIFMA Municipal Swap Index plus a spread of 1.45%

Texas Department of Housing and Community Affairs Multifamily Housing Revenue Bonds (Santora Villas Apartments, 5.80%, 5/1/2047), Series 2007

USD

619

6/1/2024

Monthly

16

16

—

See notes to unaudited schedule of investments.

20

FS Credit Income Fund
Unaudited Schedule of Investments
As of January 31, 2020
(in thousands, except share and per share amounts)

Counterparty

Fund Pays

Fund Receives

Notional Amount

Expiration Date

Periodic Payment Frequency

Fair Value(c)

Unrealized Appreciation

Unrealized Depreciation

Bank of America, N.A.

SIFMA Municipal Swap Index plus a spread of 1.45%

District of Columbia Housing Finance Agency Multifamily Housing Revenue Bonds (Carver Apartments Project, 5.88%, 10/1/2049), Series 2006

USD

369

6/1/2023

Monthly

$

11

$

11

$

—

Bank of America, N.A.

SIFMA Municipal Swap Index plus a spread of 1.45%

Louisiana Housing Finance Agency Multifamily Housing Revenue Bonds (The Crossings Apartments, 6.15%, 5/1/2048) Series 2006

USD

374

6/1/2023

Monthly

11

11

—

Bank of America, N.A.

SIFMA Municipal Swap Index plus a spread of 1.45%

Texas Department of Housing and Community Affairs Multifamily Housing Revenue Bonds (Churchill at Pinnacle Park, 6.55%, 7/1/2044), Series 2004

USD

494

9/1/2021

Monthly

8

8

—

Bank of America, N.A.

SIFMA Municipal Swap Index plus a spread of 1.45%

California Statewide Communities Development Authority Multifamily Housing Revenue Bonds (Rose of Sharon Senior Homes, 5.85%, 3/1/2045) Series 2006PP

USD

273

6/1/2023

Monthly

7

7

—

See notes to unaudited schedule of investments.

21

FS Credit Income Fund
Unaudited Schedule of Investments
As of January 31, 2020
(in thousands, except share and per share amounts)

Counterparty

Fund Pays

Fund Receives

Notional Amount

Expiration Date

Periodic Payment Frequency

Fair Value(c)

Unrealized Appreciation

Unrealized Depreciation

Bank of America, N.A.

SIFMA Municipal Swap Index plus a spread of 1.30%

California Statewide Communities Development Authority Multifamily Housing Revenue Bonds (La Mission Village Apartments Project, 5.75%, 5/1/2049), Series 2006Q

USD

223

9/1/2023

Monthly

$

6

$

6

$

—

Bank of America, N.A.

SIFMA Municipal Swap Index plus a spread of 1.45%

South Carolina State Housing Finance and Development Authority Multifamily Housing Revenue Bonds (Wyndham Pointe Apartments Project, 6.60%, 9/1/2048), Series 2004

USD

362

12/1/2021

Monthly

6

6

—

Bank of America, N.A.

SIFMA Municipal Swap Index plus a spread of 1.30%

Sacramento Housing Authority Multifamily Revenue Bonds (Willow Glen Apartments, 5.75%, 4/1/2056), Series 2007F

USD

247

12/1/2024

Monthly

5

5

—

Bank of America, N.A.

SIFMA Municipal Swap Index plus a spread of 1.45%

California Statewide Communities Development Authority Multifamily Housing Revenue Bonds (Parkview Senior Apartments Project, 5.75%, 2/1/2049), Series 2005U

USD

178

9/1/2022

Monthly

3

3

—

See notes to unaudited schedule of investments.

22

FS Credit Income Fund
Unaudited Schedule of Investments (continued)
As of January 31, 2020
(in thousands, except share and per share amounts)

Counterparty

Fund Pays

Fund Receives

Notional Amount

Expiration Date

Periodic Payment Frequency

Fair Value(c)

Unrealized Appreciation

Unrealized Depreciation

Bank of America, N.A.

SIFMA Municipal Swap Index plus a spread of 1.45%

City of Los Angeles Multifamily Housing Revenue Bonds (Lexington Preservation Apartments, 6.50%, 9/1/2043), Series 2005D

USD

439

6/1/2022

Monthly

$

2

$

2

$

—

Bank of America, N.A.

SIFMA Municipal Swap Index plus a spread of 1.30%

District of Columbia Housing Finance Agency Multifamily Housing Revenue Bonds (Galen Terrace Apartments Project, 6.00%, 2/1/2049), Series 2006

USD

221

3/1/2022

Monthly

1

1

—

Bank of America, N.A.

SIFMA Municipal Swap Index plus a spread of 1.45%

San Antonio Housing Finance Corporation Multifamily Housing Revenue Bonds (The Villas at Coasta Cadiz, 6.50%, 1/1/2049), Series 2004

USD

409

12/1/2021

Monthly

—

—

—

Bank of America, N.A.

SIFMA Municipal Swap Index plus a spread of 1.45%

City of Roseville, Minnesota Multifamily Housing Revenue Bonds (Centennial Apartments Project, 5.75%, 1/1/2051) Series 2007

USD

609

9/1/2025

Monthly

(2)

—

2

See notes to unaudited schedule of investments.

23

FS Credit Income Fund
Unaudited Schedule of Investments
As of January 31, 2020
(in thousands, except share and per share amounts)

Counterparty	Fund Pays	Fund Receives	Notional Amount		Expiration Date	Periodic Payment Frequency	Fair Value(c)		Unrealized Appreciation		Unrealized Depreciation
Bank of America, N.A.	SIFMA Municipal Swap Index plus a spread of 1.45%	Houston Housing Finance Corporation Multifamily Housing Revenue Bonds (Kensington Place Apartments, 6.50%, 2/1/2048), Series 2004	USD	631	9/1/2021	Monthly	$	(5)	$	—	$	5
Total Total Return Debt Swaps							$	148	$	155	$	7

(a)	Security may be an obligation of one or more entities affiliated with the named company.
(b)	Denominated in U.S. dollars unless otherwise noted.
(c)	Fair value is determined by the board of trustees of FS Credit Income Fund (the "Fund"). For information on the Fund's policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund's most recent audited financial statements.
(d)	Certain variable rate securities in the Fund’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of January 31, 2020, the one-month, three-month, and six-month London Interbank Offered Rate (“LIBOR” or “L”) was 1.66%, 1.75% and 1.75%, respectively, the three-month Euro Interbank Offered Rate (“EURIBOR” or “E”) was (0.39)% and the three-month GBP Interbank Offered Rate (“GBP LIBOR”) was 0.76%.
(e)	Position or portion thereof unsettled as of January 31, 2020.
(f)	Security is an unfunded commitment. The stated rate reflects the spread disclosed at the time of commitment and may not indicate the actual rate received upon funding.
(g)	Security is in default.
(h)	Security is classified as Level 3 in the Fund’s fair value hierarchy (See Notes to Unaudited Schedule of Investments).
(i)	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 $138,348, which represents approximately 64.3% of net assets as of January 31, 2020.
(j)	Security or portion thereof is pledged as collateral supporting the amounts outstanding under the prime brokerage facility with BNP Paribas Prime Brokerage International, Ltd. (“BNP”). Securities may be rehypothecated from time to time as permitted under Rule 15c-1(a)(1) promulgated under the Securities Exchange Act of 1934, as amended, subject to terms and conditions governing the prime brokerage facility with BNP. As of January 31, 2020, there were no securities rehypothecated by BNP.
(k)	Variable rate security. The stated interest rate represents the rate in effect at January 31, 2020.
(l)	The security has a perpetual maturity; the date displayed is the next call date.
(m)	Security is non-income producing.
(n)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(o)	Variable or floating rate security for which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.
(p)	Includes the effect of forward foreign currency exchange contracts, futures contracts, swap contracts and investment sold short.
ADR	- American Depositary Receipt

See notes to unaudited schedule of investments.

24

FS Credit Income Fund
Unaudited Schedule of Investments (continued)
As of January 31, 2020
(in thousands, except share and per share amounts)

BRL	- Brazilian Real
EUR	- Euro
EURIBOR	- Euro Interbank Offered Rate
FRN	- Floating Rate Note
GBP	- British Pound
LIBOR	- London Interbank Offered Rate
PIK	- Payment In Kind
SIFMA	- Securities Industry and Financial Markets Association
SONIA/N	- Sterling Overnight Interbank Average Rate
USD	- U.S. Dollar

See notes to unaudited schedule of investments.

25

FS Credit Income Fund

Notes to Unaudited Schedule of Investments

As of January 31, 2020

(in thousands)

Investment Portfolio

The information contained in this section should be read in conjunction with the Fund’s audited financial statements contained in its annual report for the fiscal year ended October 31, 2019.

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

	Amortized Cost(1)		Fair Value		Percentage of Portfolio
Senior Secured Loans—First Lien	$	28,765	$	28,151		11	%
Senior Secured Loans—Second Lien		5,400		4,212		2	%
Senior Secured Bonds		40,476		40,864		16	%
Unsecured Bonds		88,152		89,726		36	%
Collateralized Loan Obligation (CLO) / Structured Credit		84,745		84,774		34	%
Emerging Markets Debt		2,488		2,541		1	%
Preferred Equity		194		204		0	%
Common Equity		945		544		0	%
Convertible Preferred Stocks		231		221		0	%
Total	$	251,396	$	251,237		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, a Fund would be presumed to “control” a portfolio company if such Fund owned more than 25% of its voting securities or it had the power to exercise control over the management or policies of such portfolio company, and would be an “affiliated person” of a portfolio company if they owned 5% or more of its voting securities.

As of January 31, 2020, the Fund did not “control” any of its portfolio companies and was not an “affiliated person” of any of its portfolio companies, each as defined in the 1940 Act.

The Fund’s investment portfolio may contain loans and other unfunded arrangements that are in the form of lines of credit or revolving credit facilities, or other investments, which require the Fund to provide funding when requested by portfolio companies in accordance with the terms of the underlying agreements. As of January 31, 2020, the Fund held investments with unfunded commitments. The Fund maintains sufficient cash on hand, available borrowings and liquid securities to fund unfunded commitments.

26

FS Credit Income Fund

Notes to Unaudited Schedule of Investments (continued)

As of January 31, 2020

(in thousands)

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 January 31, 2020:

Industry Classification	Fair Value		Percentage of Portfolio
USD CLO	$	57,085		23	%
EUR CLO		24,572		10	%
Oil & Gas		18,139		7	%
Telecommunications		15,788		6	%
Media Entertainment		11,098		4	%
Chemicals		10,223		4	%
Healthcare-Services		9,349		4	%
Pharmaceuticals		9,328		4	%
Diversified Financial Services		8,727		4	%
Internet		7,059		3	%
Mining		5,986		2	%
Retail		5,869		2	%
Electric		5,694		2	%
Commercial Services		5,585		2	%
Municipal		5,528		2	%
Lodging		5,123		2	%
Advertising		4,214		2	%
Oil & Gas Services		3,812		2	%
Transportation		3,678		2	%
Coal		3,464		1	%
USD CDO		2,733		1	%
Software		2,576		1	%
Computers		2,558		1	%
Other		23,049		9	%
Total	$	251,237		100	%

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

The Fund classifies the inputs used to measure these fair values into the following hierarchy as defined by current accounting guidance:

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

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

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

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.

27

FS Credit Income Fund

Notes to Unaudited Schedule of Investments (continued)

As of January 31, 2020

(in thousands)

As of January 31, 2020, the Fund’s investments andderivatives were categorized as follows in the fair value hierarchy:

Asset Description	Level 1			Level 2			Level 3			Total
Senior Secured Loans—First Lien	$	—		$	28,151		$	—		$	28,151
Senior Secured Loans—Second Lien		—			2,312			1,900			4,212
Senior Secured Bonds		—			40,864			—			40,864
Unsecured Bonds		—			88,875			851			89,726
Collateralized Loan Obligation (CLO) / Structured Credit		—			83,163			1,611			84,774
Emerging Markets Debt		—			2,541			—			2,541
Preferred Equity		—			—			204			204
Common Equity		514			30			—			544
Convertible Preferred Stocks		221			—			—			221
Total Investments		735			245,936			4,566			251,237
Forward Foreign Currency Exchange Contracts		—			30			—			30
Interest Rate Futures		16			—			—			16
Cross-Currency Swaps		—			976			—			976
Interest Rate Swaps		—			8			—			8
Total Return Debt Swaps		—			—			155			155
Total Assets	$	751		$	246,950		$	4,721		$	252,422
Liability Description
U.S. Treasury Sold Short	$	—		$	(129	)	$	—		$	(129	)
Forward Foreign Currency Exchange Contracts		—			(15	)		—			(15	)
Interest Rate Futures		(149	)		—			—			(149	)
Cross-Currency Swaps		—			(3	)		—			(3	)
Interest Rate Swaps		—			(128	)		—			(128	)
Total Return Debt Swaps		—			—			(7	)		(7	)
Total Liabilities	$	(149	)	$	(275	)	$	(7	)	$	(431	)

The following is a reconciliation for the three months ended January 31, 2020 of investments for which significant unobservable inputs (Level 3) were used in determining fair value:

	Senior Secured Loans—Second Lien			Unsecured Bonds			Collateralized Loan Obligation (CLO) / Structured Credit			Preferred Equity		Total
Fair value at beginning of period	$	1,900		$	852		$	2,370		$	204	$	5,326
Accretion of discount (amortization of premium)		2			—			—			—		2
Realized gain (loss)		—			—			—			—		—
Net change in unrealized appreciation (depreciation)		(2	)		(1	)		(8	)		—		(11	)
Purchases		—			—			125			—		125
Sales		—			—			—			—		—
Net transfers in or out of Level 3		—			—			(876	)		—		(876	)
Fair value at end of period	$	1,900		$	851		$	1,611		$	204	$	4,566
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	)	$	(1	)	$	(8	)	$	—	$	(11	)

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FS Credit Income Fund

Notes to Unaudited Schedule of Investments (continued)

As of January 31, 2020

(in thousands)

The following is a reconciliation for the three months ended January 31, 2020 of the total return debt swaps for which significant unobservable inputs (Level 3) were used in determining fair value:

Fair value at beginning of period	$	139
Accretion of discount (amortization of premium)		—
Realized gain (loss)		61
Net change in unrealized appreciation (depreciation)		9
Sales and repayments		(61	)
Net transfers in or out of Level 3		—
Fair value at end of period	$	148
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	$	9

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