FS Credit Income Fund (FCREX) NPORT-P FS Credit Income Fund (Jul 2022 report)

FS Credit Income Fund

Unaudited Schedule of Investments

As of July 31, 2022

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Senior Secured Loans—First Lien—18.8%
ACProducts, Inc., L+425, 0.5% Floor, 5/17/28	(d) (e)	Building Materials	$	2,901	$	2,750	$	2,098
AHP Health Partners, Inc., L+350, 0.5% Floor, 8/24/28	(d)	Healthcare-Services		1,295		1,289		1,226
American Tire Distributors Holdings, Inc., L+625, 0.8% Floor, 10/20/28	(d)	Distribution/Wholesale		612		605		581
AP Core Holdings II, LLC, L+550, 0.8% Floor, 9/1/27	(d)	Media Entertainment		2,044		2,036		1,935
Bausch & Lomb, Inc., S+325, 0.5% Floor, 5/10/27	(d)	Healthcare-Services		2,175		2,117		2,068
Bausch Health Companies, Inc., S+525, 0.5% Floor, 1/27/27	(d) (e)	Pharmaceuticals		3,054		2,824		2,579
Chinos Intermediate Holdings A, Inc., L+800, 1.0% Floor, 9/10/27	(d)	Specialty Apparel Stores		2,001		2,117		1,916
Clydesdale Acquisition Holdings, Inc., S+425, 4/13/29	(d)	Packaging & Containers		1,910		1,864		1,840
Diamond Sports Group, LLC, S+800, 1.0% Floor, 5/25/26	(d)	Media Entertainment		819		837		780
Digicel International Finance Limited, L+325, 5/27/24	(d)	Telecommunications		1,755		1,609		1,601
DirecTV Financing LLC, L+500, 0.8% Floor, 8/2/27	(d)	Media Entertainment		698		700		662
East Valley Tourist Development Authority, L+750, 1.0% Floor, 11/23/26	(d) (f)	Media Entertainment		6,185		6,095		6,092
Endure Digital, Inc., L+325, 2/10/26	(d) (e)	Internet		1,060		922		885
Endure Digital, Inc., L+350, 0.8% Floor, 2/10/28	(d)	Internet		1,094		1,005		1,008
Gordian Medical, Inc., L+625, 0.8% Floor, 1/31/27	(d)	Healthcare-Services		793		780		685
Hexion Holdings Corp., S+450, 0.5% Floor, 3/15/29	(d)	Chemicals		3,790		3,650		3,393
Houghton Mifflin Harcourt Publishing Co., S+525, 0.5% Floor, 4/9/29	(d)	Media Entertainment		6,420		6,234		6,046
Jack Ohio Finance LLC, L+475, 0.8% Floor, 10/4/28	(d)	Lodging		1,298		1,295		1,247
LBM Acquisition, LLC, L+375, 0.8% Floor, 12/17/27	(d)	Retail		692		685		597
Lightstone Holdco, LLC, S+575, 1.0% Floor, 2/1/27	(d) (e)	Electric		2,852		2,386		2,549
Lightstone Holdco, LLC, S+575, 1.0% Floor, 2/1/27	(d) (e)	Electric		159		132		142
LogMeIn, Inc., L+475, 8/31/27	(d)	Telecommunications		330		323		254
LSF11 Skyscraper Holdco S.a r.l., E+700, 3.5% PIK, 9/29/28	(d)	Leisure Time	€	420		471		427
Magenta Buyer LLC, L+475, 0.8% Floor, 7/27/28	(d) (e)	Computers	$	2,320		2,178		2,212
Mattress Firm, Inc., L+425, 0.8% Floor, 9/25/28	(d)	Home Furnishings		2,607		2,583		2,234
Mercury Financial Credit Card Master Trust, L+650, 9/30/23	(d) (g)	Diversified Financial Services		1,563		1,563		1,563
Mercury Financial Credit Card Master Trust, L+650, 9/30/23	(d)	Diversified Financial Services		3,718		3,718		3,665
NCL Corp. Ltd., L+175, 1/2/24	(d)	Leisure Time		2,373		2,284		2,228
NCL Corp. Ltd., L+200, 1/2/24	(d)	Leisure Time		833		805		782
NCL Corp. Ltd., L+200, 1/2/24	(d)	Leisure Time		1,869		1,779		1,719
NCL Corp. Ltd., L+250, 1/2/24	(d)	Leisure Time		81		78		76
OLA Singapore PTE, Ltd., S+625, 0.8% Floor, 12/15/26	(d)	Transportation		960		943		832
Optiv Security, Inc., L+325, 1.0% Floor, 2/1/24	(d)	Computers		100		95		96
Pacira BioSciences, Inc., L+700, 0.8% Floor, 12/7/26	(d)	Pharmaceuticals		712		693		697
PMHC II, Inc., S+425, 0.5% Floor, 4/23/29	(d)	Chemicals		2,365		2,304		2,055
Pug, LLC, E+350, 2/12/27	(d)	Internet	€	380		329		346
Quorum Health Corp., L+825, 1.0% Floor, 4/29/25	(d)	Healthcare-Services	$	1,059		1,049		691
Riverbed Technology, Inc., L+600, 2.0% PIK, 1.0% Floor, 12/7/26	(d)	Software		514		505		245
Royal Caribbean Cruises Ltd., L+130, 4/5/24	(d) (e) (g)	Leisure Time		156		156		156
Royal Caribbean Cruises Ltd., L+130, 4/5/24	(d) (e)	Leisure Time		6,429		5,877		5,837
Speed Midco 3 S.a r.l., E+700, 5/16/29	(d) (f)	Services	€	3,920		4,138		3,914
Springs Windows Fashions, LLC, L+400, 0.8% Floor, 10/6/28	(d)	Housewares	$	2,379		2,194		1,998
SVF II Finco Cayman L.P., (fixed, converts to FRN on 12/22/23), 5.0% Floor, 12/22/23	(d) (f)	Diversified Financial Services		3,697		3,700		3,649
Talen Energy Supply, LLC, S+475, 0.8% Floor, 11/13/23	(d) (l)	Electric		3,320		3,278		3,310
Talen Energy Supply, LLC, L+375, 7/8/26	(d) (l)	Electric		300		275		287
Think & Learn Private Ltd., L+550, 0.8% Floor, 11/24/26	(d)	Software		1,908		1,883		1,613
Thryv, Inc., L+850, 1.0% Floor, 3/1/26	(d)	Advertising		4,441		4,319		4,367

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2022

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost			Fair Value(c)
TopGolf International, Inc., L+625, 0.8% Floor, 2/9/26	(d)	Leisure Time	$	1,820	$	1,819		$	1,803
Torrid LLC, L+550, 0.8% Floor, 6/14/28	(d)	Retail		2,671		2,651			2,537
US Radiology Specialists, Inc., L+525, 0.5% Floor, 12/15/27	(d)	Healthcare-Services		706		695			665
Verscend Holding Corp., L+400, 8/27/25	(d)	Commercial Services		677		673			660
W.R. Grace Holdings LLC, L+375, 0.5% Floor, 9/22/28	(d)	Chemicals		1,464		1,448			1,411
Washington Prime Group, L.P., L+600, 0.8% Floor, 10/20/25	(d) (e)	Real Estate Investment Trusts		1,289		1,302			1,262
Total Senior Secured Loans—First Lien						98,040			93,521
Unfunded Loan Commitments						(1,719	)		(1,719	)
Total Senior Secured Loans—First Lien						96,321			91,802
Senior Secured Loans—Second Lien—1.5%
Hexion Holdings Corp., S+744, 0.5% Floor, 3/15/30	(d)	Chemicals		2,490		2,424			2,179
Magenta Buyer LLC, L+825, 0.8% Floor, 7/27/29	(d)	Computers		1,110		1,099			1,055
Omni Intermediate Holdings, LLC, L+900, 1.0% Floor, 12/30/27	(d) (f)	Transportation Services		1,711		1,660			1,660
Optiv Security, Inc., L+725, 1.0% Floor, 1/31/25	(d)	Computers		400		392			379
Verscend Holding Corp., L+700, 0.5% Floor, 4/2/29	(d)	Commercial Services		1,030		1,012			994
Vision Solutions, Inc., L+725, 0.8% Floor, 4/23/29	(d)	Computers		1,397		1,385			1,241
Total Senior Secured Loans—Second Lien						7,972			7,508
Senior Secured Bonds—18.9%
1011778 BC ULC / New Red Finance, Inc., 3.9%, 1/15/28	(h) (i)	Retail		1,363		1,278			1,263
Academy Ltd., 6.0%, 11/15/27	(h) (i)	Retail		5,453		5,042			5,064
Advantage Sales & Marketing, Inc., 6.5%, 11/15/28	(h) (i) (j)	Advertising		2,733		2,630			2,493
Altice France SA, 5.1%, 1/15/29	(h) (i)	Telecommunications		573		446			486
Altice France SA, 5.1%, 7/15/29	(h) (i)	Telecommunications		1,693		1,307			1,451
Altice France SA, 5.5%, 1/15/28	(h) (i)	Telecommunications		451		366			399
Altice France SA, 5.5%, 10/15/29	(h) (i)	Telecommunications		994		802			856
Arconic Corp., 6.1%, 2/15/28	(h) (i)	Mining		3,574		3,687			3,581
Builders FirstSource, Inc., 5.0%, 3/1/30	(h) (i)	Building Materials		671		608			623
Carnival Corp., 9.9%, 8/1/27	(h) (i)	Leisure Time		957		975			993
Cheniere Energy, Inc., 4.6%, 10/15/28	(i)	Pipelines		1,113		1,051			1,085
CHS/Community Health Systems, Inc., 4.8%, 2/15/31	(h) (i)	Healthcare-Services		466		463			376
CHS/Community Health Systems, Inc., 5.3%, 5/15/30	(h) (i)	Healthcare-Services		1,466		1,333			1,235
CHS/Community Health Systems, Inc., 5.6%, 3/15/27	(h) (i)	Healthcare-Services		465		481			415
Clydesdale Acquisition Holdings, Inc., 6.6%, 4/15/29	(h) (i)	Packaging & Containers		1,001		1,001			1,012
Coronado Finance Proprietary Ltd., 10.8%, 5/15/26	(h) (i)	Coal		543		484			566
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, 4.8%, 1/15/29	(h) (i)	Cosmetics/Personal Care		2,514		2,329			2,286
Digicel International Finance Ltd./Digicel Holdings Bermuda Ltd., 8.8%, 5/25/24	(h) (i)	Telecommunications		3,168		3,169			2,967
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 5.9%, 8/15/27	(h) (i)	Media Entertainment		5,034		4,480			4,699
DISH DBS Corp., 5.3%, 12/1/26	(h) (i)	Media Entertainment		784		670			680
DISH DBS Corp., 5.8%, 12/1/28	(h) (i)	Media Entertainment		2,996		2,816			2,436
Eagle Intermediate Global Holding BV / Ruyi US Finance LLC, 7.5%, 5/1/25	(h) (i)	Textiles		1,559		1,482			1,107
EC Finance Plc, 3.0%, 10/15/26	(e) (i)	Commercial Services	€	1,332		1,268			1,258
Endo Luxembourg Finance Co. I S.a.r.l.  / Endo US, Inc., 6.1%, 4/1/29	(h) (i)	Pharmaceuticals	$	3,128		3,081			2,519
Frontier Communications Corp., 6.8%, 5/1/29	(h) (i)	Telecommunications		2,188		2,184			1,953
Frontier Communications Holdings LLC, 8.8%, 5/15/30	(h) (i)	Telecommunications		4,171		4,172			4,436
Frontier Southwest, Inc., 8.5%, 11/15/31	(i)	Telecommunications		308		315			314
Gamma Bidco SpA, 5.1%, 7/15/25	(i)	Entertainment	€	1,005		1,155			949
Gamma Bondco Sarl, PIK, 8.1%, 11/15/26	(i)	Entertainment		2,005		2,319			1,762
GrafTech Finance, Inc., 4.6%, 12/15/28	(h) (i)	Machinery-Diversified	$	575		587			500

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2022

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
IMA Industria Macchine Automatiche SpA, 3.8%, 1/15/28	(i)	Hand/Machine Tools	€	1,135	$	1,226	$	953
Jazz Securities DAC, 4.4%, 1/15/29	(h) (i)	Pharmaceuticals	$	953		877		920
Jerrold Finco Plc, 4.9%, 1/15/26	(i)	Diversified Financial Services	£	321		395		338
Jerrold Finco Plc, 5.3%, 1/15/27	(i)	Diversified Financial Services		880		1,233		908
LCPR Senior Secured Financing DAC, 5.1%, 7/15/29	(h) (i)	Media Entertainment	$	2,898		2,864		2,549
NCL Corp. Ltd., 5.9%, 2/15/27	(h) (i)	Leisure Time		212		185		195
NESCO Holdings II, Inc., 5.5%, 4/15/29	(h) (i)	Commercial Services		3,070		2,903		2,670
NMG Holding Co., Inc. / Neiman Marcus Group LLC, 7.1%, 4/1/26	(h) (i) (j)	Retail		6,706		6,680		6,570
Organon & Co. / Organon Foreign Debt Co-Issuer B.V., 2.9%, 4/30/28	(i)	Pharmaceuticals	€	413		395		386
Par Pharmaceutical, Inc., 7.5%, 4/1/27	(h) (i)	Pharmaceuticals	$	1,377		1,450		1,113
Petsmart, Inc. / Petsmart FI Co., 4.8%, 2/15/28	(h) (i)	Retail		1,306		1,147		1,243
SeaWorld Parks & Entertainment, Inc., 5.3%, 8/15/29	(h) (i)	Entertainment		3,500		3,028		3,143
Shelf Drilling Holdings Ltd., 8.9%, 11/15/24	(h) (i)	Oil & Gas		3,700		3,653		3,654
Solocal Group, 8.0%, 3/15/25 (3 mo. EURIBOR+7.0%)	(i) (k)	Internet	€	109		120		92
Solocal Group, Series 8Y, 8.0%, 3/15/25 (3 mo. EURIBOR+7.0%)	(i) (k)	Internet		409		382		345
Talen Energy Supply LLC, 6.6%, 1/15/28	(h) (i) (l) (m)	Electric	$	2,969		2,746		2,902
Tenet Healthcare Corp., 6.3%, 2/1/27	(h) (i)	Healthcare-Services		1,228		1,181		1,244
Valaris, Ltd., Series 1145, PIK, 8.3%, 4/30/28	(i)	Oil & Gas		5,682		5,740		5,592
Valaris, Ltd., PIK, 8.3%, 4/30/28	(h) (i)	Oil & Gas		353		353		347
Vantage Drilling Intl, 9.3%, 11/15/23	(h) (i)	Oil & Gas		2,330		2,312		2,296
Verisure Holding AB, 3.3%, 2/15/27	(i)	Commercial Services	€	975		909		877
Virgin Media Secured Finance Plc, 5.5%, 5/15/29	(h) (i)	Media Entertainment	$	1,545		1,504		1,471
Vmed O2 UK Financing I Plc, 3.3%, 1/31/31	(i)	Telecommunications	€	2,364		2,647		2,073
VOC Escrow Ltd., 5.0%, 2/15/28	(h) (i)	Leisure Time	$	113		92		100
VZ Secured Financing B.V., 5.0%, 1/15/32	(h) (i)	Media Entertainment		1,045		923		934
Total Senior Secured Bonds						96,926		92,679
Unsecured Bonds—48.4%
Accor SA, 2.4%, 11/29/28	(i)	Lodging	€	1,200		1,027		1,044
AdaptHealth LLC, 5.1%, 3/1/30	(h) (i)	Pharmaceuticals	$	1,742		1,763		1,600
AG Merger Sub II, Inc., 10.8%, 8/1/27	(h) (i)	Diversified Financial Services		3,177		3,429		3,225
Ahead DB Holdings LLC, 6.6%, 5/1/28	(h) (i)	Computers		1,033		1,011		956
AHP Health Partners, Inc., 5.8%, 7/15/29	(h) (i)	Healthcare-Services		2,908		2,706		2,165
Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.6%, 1/15/27	(h) (i)	Food		1,903		1,827		1,801
Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 5.9%, 2/15/28	(h) (i)	Food		596		551		579
Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 7.5%, 3/15/26	(h) (i)	Food		1,277		1,363		1,320
Alpha Services and Holdings SA, 5.5%, 6/11/31 (fixed, converts to FRN on 3/11/26)	(i) (k)	Banks	€	905		1,077		740
American Greetings Corp., 8.8%, 4/15/25	(h) (i)	Housewares	$	2,502		2,448		2,415
Antero Resources Corp., 5.4%, 3/1/30	(h) (i)	Oil & Gas		2,165		2,182		2,130
Antero Resources Corp., 7.6%, 2/1/29	(h) (i)	Oil & Gas		185		203		195
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance Plc, 3.0%, 9/1/29	(i)	Packaging & Containers	€	2,161		1,766		1,821
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance Plc, 4.0%, 9/1/29	(h) (i)	Packaging & Containers	$	802		672		691
Aretec Escrow Issuer, Inc., 7.5%, 4/1/29	(h) (i)	Diversified Financial Services		997		1,025		884
Aryzta AG, 5.9% 10/25/22 (SARON+6.0%)	(i) (k) (n)	Food	CHF	730		931		687
Avient Corp., 7.1%, 8/1/30	(e) (h)	Chemicals	$	1,237		1,237		1,277

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2022

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Banco Bilbao Vizcaya Argentaria SA, 6.0% 1/15/26 (fixed, converts to FRN on 1/15/26)	(i) (k) (n)	Banks	€	800	$	959	$	786
Bausch Health Companies, Inc., 5.0%, 2/15/29	(h) (i)	Pharmaceuticals	$	400		400		204
Bausch Health Companies, Inc., 6.3%, 2/15/29	(h) (i)	Pharmaceuticals		298		283		160
Bausch Health Companies, Inc., 7.0%, 1/15/28	(h) (i)	Pharmaceuticals		1,163		1,199		647
Bausch Health Companies, Inc., 7.3%, 5/30/29	(h) (i)	Pharmaceuticals		298		326		163
BellRing Brands, Inc., 7.0%, 3/15/30	(h) (i) (j)	Pharmaceuticals		4,329		4,329		4,193
Bombardier, Inc., 6.0%, 2/15/28	(h) (i)	Aerospace/Defense		1,515		1,515		1,311
Bombardier, Inc., 7.9%, 4/15/27	(h) (i)	Aerospace/Defense		2,310		2,233		2,145
Boyd Gaming Corp., 4.8%, 6/15/31	(h) (i)	Lodging		1,823		1,762		1,682
Bracken MidCo1 Plc, PIK, 6.8%, 11/1/27	(h) (i)	Diversified Financial Services	£	1,116		1,543		1,162
Builders FirstSource, Inc., 6.4%, 6/15/32	(h) (i)	Building Materials	$	1,326		1,326		1,323
Burford Capital Finance LLC, 6.1%, 8/12/25	(i)	Diversified Financial Services		504		490		474
California Resources Corp., 7.1%, 2/1/26	(h) (i)	Oil & Gas		3,954		4,017		3,948
Callon Petroleum Co., 7.5%, 6/15/30	(h) (i)	Oil & Gas		627		627		602
Cano Health LLC, 6.3%, 10/1/28	(h) (i)	Healthcare-Services		2,028		1,951		1,821
Carnival Corp., 6.0%, 5/1/29	(h) (i)	Leisure Time		1,090		993		842
Carnival Corp., 10.5%, 6/1/30	(h) (i)	Leisure Time		2,738		2,738		2,443
CCO Holdings LLC / CCO Holdings Capital Corp., 5.4%, 6/1/29	(h) (i)	Media Entertainment		2,771		2,536		2,646
CDI Escrow Issuer, Inc., 5.8%, 4/1/30	(h) (i)	Entertainment		655		648		641
Centene Corp., 3.4%, 2/15/30	(i)	Healthcare-Services		1,091		937		993
Centene Corp., 4.6%, 12/15/29	(i)	Healthcare-Services		782		748		773
Chemours Co., 5.8%, 11/15/28	(h) (i)	Chemicals		1,386		1,299		1,324
Chesapeake Energy Corp., 5.9%, 2/1/29	(h) (i)	Oil & Gas		1,532		1,631		1,541
Churchill Downs, Inc., 4.8%, 1/15/28	(h) (i)	Entertainment		713		719		677
Colt Merger Sub, Inc., 8.1%, 7/1/27	(h) (i)	Entertainment		771		795		772
Coty, Inc., 6.5%, 4/15/26	(h) (i) (j)	Cosmetics/Personal Care		3,822		3,837		3,748
CSC Holdings LLC, 6.5%, 2/1/29	(h) (i) (j)	Media Entertainment		3,522		3,574		3,410
DaVita, Inc., 4.6%, 6/1/30	(h) (i)	Healthcare-Services		3,175		2,724		2,610
Deutsche Bank AG, 3.7%, 1/14/32 (fixed, converts to FRN on 10/14/30)	(i) (k)	Banks		845		641		659
Dick's Sporting Goods, Inc., 4.1%, 1/15/52	(i)	Retail		1,670		1,083		1,167
DT Midstream, Inc., 4.1%, 6/15/29	(h) (i)	Pipelines		599		602		556
DT Midstream, Inc., 4.4%, 6/15/31	(h) (i)	Pipelines		963		977		866
Dufry One B.V., 2.0%, 2/15/27	(i)	Retail	€	185		212		160
Dufry One B.V., 3.4%, 4/15/28	(i)	Retail		4,555		4,853		4,009
Earthstone Energy Holdings LLC, 8.0%, 4/15/27	(h) (i)	Oil & Gas	$	4,485		4,476		4,298
Endurance Acquisition Merger Sub, 6.0%, 2/15/29	(h) (i)	Internet		1,702		1,445		1,248
EnLink Midstream LLC, 5.4%, 6/1/29	(i)	Pipelines		785		732		747
EnLink Midstream LLC, 5.6%, 1/15/28	(h) (i)	Pipelines		172		172		167
EnLink Midstream Partners LP, 5.1%, 4/1/45	(i)	Pipelines		274		191		202
EnLink Midstream Partners LP, 5.6%, 4/1/44	(i)	Pipelines		208		155		162
Entegris Escrow Corp., 6.0%, 6/15/30	(h) (i)	Semiconductors		1,616		1,469		1,606
Eurobank SA, 2.3%, 3/14/28 (fixed, converts to FRN on 3/14/27)	(i) (k)	Banks	€	1,065		1,163		884
FMG Resources August 2006 Pty Ltd., 4.4%, 4/1/31	(h) (i)	Mining	$	1,568		1,346		1,364
FMG Resources August 2006 Pty Ltd., 5.9%, 4/15/30	(h) (i)	Mining		1,709		1,601		1,633
FMG Resources August 2006 Pty Ltd., 6.1%, 4/15/32	(h) (i)	Mining		836		803		797
Ford Motor Credit Co. LLC, 3.4%, 11/17/23	(i)	Auto Manufacturers		1,300		1,276		1,275
Ford Motor Credit Co. LLC, 4.3%, 1/9/27	(i)	Auto Manufacturers		222		233		213
Ford Motor Credit Co. LLC, 4.5%, 8/1/26	(i)	Auto Manufacturers		200		192		195
Ford Motor Credit Co. LLC, 5.1%, 5/3/29	(i)	Auto Manufacturers		1,328		1,364		1,293
Frontier Florida LLC, Series E, 6.9%, 2/1/28	(i)	Telecommunications		1,632		1,543		1,555
Frontier North, Inc., Series G, 6.7%, 2/15/28	(i)	Telecommunications		5,029		4,820		4,807

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2022

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Gates Global LLC / Gates Corp., 6.3%, 1/15/26	(h) (i)	Miscellaneous Manufacturing	$	969	$	1,001	$	948
Global Aircraft Leasing Co. Ltd., PIK, 6.5%, 9/15/24	(h) (i)	Diversified Financial Services		1,346		1,259		1,040
Granite US Holdings Corp., 11.0%, 10/1/27	(h) (i)	Machinery-Diversified		1,417		1,541		1,321
Grifols Escrow Issuer SA, 3.9%, 10/15/28	(i)	Biotechnology	€	1,409		1,226		1,258
Hess Midstream Operations LP, 4.3%, 2/15/30	(h) (i)	Pipelines	$	946		887		844
Hess Midstream Operations LP, 5.1%, 6/15/28	(h) (i)	Pipelines		892		862		871
Hilton Domestic Operating Co., Inc., 5.8%, 5/1/28	(h) (i)	Lodging		1,246		1,278		1,255
Hilton Grand Vacations Borrower Escrow LLC, 5.0%, 6/1/29	(h) (i)	Lodging		1,062		880		942
Intesa Sanpaolo SpA, 4.2%, 6/1/32 (fixed, converts to FRN on 6/1/31)	(h) (i) (k)	Banks		1,260		960		964
L Brands, Inc., 6.9%, 11/1/35	(i)	Retail		2,641		2,322		2,427
Laredo Petroleum, Inc., 7.8%, 7/31/29	(h) (i)	Oil & Gas		3,476		3,330		3,307
Laredo Petroleum, Inc., 9.5%, 1/15/25	(i)	Oil & Gas		856		885		878
Laredo Petroleum, Inc., 10.1%, 1/15/28	(i)	Oil & Gas		153		160		156
LifePoint Health, Inc., 5.4%, 1/15/29	(h) (i)	Healthcare-Services		3,588		3,303		2,777
Lloyds Banking Group Plc, 6.8% 6/27/26 (fixed, converts to FRN on 6/27/26)	(i) (k) (n)	Banks		631		655		621
Macy's Retail Holdings LLC, 5.9%, 3/15/30	(h) (i)	Retail		2,232		2,208		1,917
Macy's Retail Holdings LLC, 6.1%, 3/15/32	(h) (i)	Retail		2,540		2,468		2,139
Macy's Retail Holdings, Inc., 4.3%, 2/15/43	(i)	Retail		264		224		164
Macy's Retail Holdings, Inc., 5.1%, 1/15/42	(i)	Retail		295		279		202
Marriott Ownership Resorts, Inc., 4.8%, 1/15/28	(i)	Lodging		880		882		799
Mednax, Inc., 5.4%, 2/15/30	(h) (i)	Healthcare-Services		1,720		1,563		1,589
Methanex Corp., 5.3%, 12/15/29	(i)	Chemicals		2,032		1,901		1,796
Methanex Corp., 5.7%, 12/1/44	(i)	Chemicals		1,429		1,032		1,050
MGM Resorts International, 4.8%, 10/15/28	(i)	Lodging		1,725		1,620		1,565
MGM Resorts International, 5.5%, 4/15/27	(i)	Lodging		387		399		376
MGM Resorts International, 6.0%, 3/15/23	(i)	Lodging		324		329		327
Mineral Resources Ltd., 8.0%, 11/1/27	(h) (i)	Iron/Steel		957		956		973
Mineral Resources Ltd., 8.5%, 5/1/30	(h) (i)	Iron/Steel		1,098		1,098		1,114
Moss Creek Resources Holdings, Inc., 7.5%, 1/15/26	(h) (i)	Oil & Gas		640		594		584
Moss Creek Resources Holdings, Inc., 10.5%, 5/15/27	(h) (i)	Oil & Gas		628		614		606
Nabors Industries, Inc., 7.4%, 5/15/27	(h) (i)	Oil & Gas		775		769		769
Natural Resource Partners LP/NRP Finance Corp., 9.1%, 6/30/25	(h) (i)	Coal		450		437		460
NCL Corp. Ltd., 5.9%, 3/15/26	(h) (i)	Leisure Time		4,832		4,574		3,955
NCR Corp., 5.0%, 10/1/28	(h) (i)	Computers		172		162		164
NCR Corp., 5.1%, 4/15/29	(h) (i)	Computers		848		785		816
Netflix, Inc., 3.6%, 6/15/30	(i)	Internet	€	1,757		1,609		1,706
Netflix, Inc., 3.9%, 11/15/29	(i)	Internet		486		460		484
Netflix, Inc., 4.6%, 5/15/29	(i)	Internet		859		852		902
News Corp., 3.9%, 5/15/29	(h) (i)	Media Entertainment	$	1,343		1,352		1,242
Nexstar Media, Inc., 4.8%, 11/1/28	(h) (i)	Media Entertainment		1,337		1,195		1,249
NOVA Chemicals Corp., 4.3%, 5/15/29	(h) (i)	Chemicals		1,044		879		908
NOVA Chemicals Corp., 5.3%, 6/1/27	(h) (i)	Chemicals		776		783		746
NRG Energy, Inc., 5.3%, 6/15/29	(h) (i)	Electric		1,033		1,020		970
NRG Energy, Inc., 5.8%, 1/15/28	(i)	Electric		570		588		551
Occidental Petroleum Corp., 6.1%, 1/1/31	(i)	Oil & Gas		1,448		1,612		1,554
Occidental Petroleum Corp., 6.2%, 3/15/40	(i)	Oil & Gas		1,262		1,293		1,294
Occidental Petroleum Corp., 6.5%, 9/15/36	(i)	Oil & Gas		1,087		1,270		1,210
Occidental Petroleum Corp., 6.6%, 3/15/46	(i)	Oil & Gas		3,634		4,084		4,020
Occidental Petroleum Corp., 7.5%, 5/1/31	(i)	Oil & Gas		1,764		2,001		2,049
Occidental Petroleum Corp., 7.9%, 9/15/31	(i)	Oil & Gas		185		242		215
Occidental Petroleum Corp., 8.0%, 6/15/39	(i)	Oil & Gas		1,361		1,641		1,563
Occidental Petroleum Corp., 8.5%, 7/15/27	(i)	Oil & Gas		164		201		188

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2022

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Occidental Petroleum Corp., 8.9%, 7/15/30	(i)	Oil & Gas	$	152	$	204	$	182
Olin Corp., 5.0%, 2/1/30	(i)	Chemicals		956		865		889
Olin Corp., 5.6%, 8/1/29	(i)	Chemicals		76		74		73
OneMain Finance Corp., 4.0%, 9/15/30	(i)	Diversified Financial Services		99		99		78
OneMain Finance Corp., 6.6%, 1/15/28	(i)	Diversified Financial Services		747		717		703
OneMain Finance Corp., 7.1%, 3/15/26	(i)	Diversified Financial Services		854		897		828
Open Text Corp., 3.9%, 12/1/29	(h) (i)	Software		709		614		640
Organon & Co. / Organon Foreign Debt Co-Issuer B.V., 5.1%, 4/30/31	(h) (i)	Pharmaceuticals		1,494		1,466		1,401
Outfront Media Capital LLC / Outfront Media Capital Corp., 4.3%, 1/15/29	(h) (i)	Advertising		255		256		218
Outfront Media Capital LLC / Outfront Media Capital Corp., 5.0%, 8/15/27	(h) (i)	Advertising		1,635		1,642		1,547
Owens & Minor, Inc., 6.6%, 4/1/30	(h) (i)	Pharmaceuticals		1,705		1,688		1,708
Petsmart, Inc. / Petsmart FI Co., 7.8%, 2/15/29	(h) (i)	Retail		3,100		3,144		2,992
Pitney Bowes, Inc., 6.9%, 3/15/27	(h) (i)	Office/Business Equipment		517		517		418
Pitney Bowes, Inc., 7.3%, 3/15/29	(h) (i)	Office/Business Equipment		597		558		470
Playtika Holding Corp., 4.3%, 3/15/29	(h) (i)	Software		1,786		1,767		1,604
PMHC II, Inc., 9.0%, 2/15/30	(h) (i)	Chemicals		1,840		1,840		1,343
Post Holdings, Inc., 5.5%, 12/15/29	(h) (i)	Food		2,019		2,042		1,912
Prosus N.V., 1.3%, 7/13/29	(i)	Internet	€	2,659		2,273		2,105
Prosus N.V., 2.0%, 8/3/32	(i)	Internet		450		321		333
Prosus N.V., 2.1%, 1/19/30	(i)	Internet		2,125		1,715		1,732
Prosus N.V., 2.8%, 1/19/34	(i)	Internet		1,630		1,409		1,225
Prosus N.V., 4.2%, 1/19/32	(i)	Internet	$	1,525		1,288		1,297
Range Resources Corp., 4.8%, 2/15/30	(h) (i)	Oil & Gas		1,149		1,155		1,099
Rockcliff Energy II LLC, 5.5%, 10/15/29	(h) (i)	Oil & Gas		1,407		1,304		1,361
Sands China Ltd., 3.1%, 3/8/29	(h) (i)	Lodging		546		469		435
Sands China Ltd., 5.4%, 8/8/28	(i)	Lodging		1,216		1,141		1,099
Science Applications International Corp., 4.9%, 4/1/28	(h) (i)	Computers		1,295		1,325		1,234
Scientific Games International, Inc., 7.0%, 5/15/28	(h) (i)	Entertainment		928		899		945
Sensata Technologies B.V., 4.0%, 4/15/29	(h) (i)	Electronics		1,431		1,344		1,304
Service Properties Trust, 5.5%, 12/15/27	(i)	Real Estate Investment Trusts		583		587		507
Service Properties Trust, 7.5%, 9/15/25	(i)	Real Estate Investment Trusts		1,760		1,886		1,709
Shelf Drill Holdings Ltd., 8.3%, 2/15/25	(h) (i)	Oil & Gas		523		466		409
Signal Parent, Inc., 6.1%, 4/1/29	(h) (i)	Commercial Services		1,523		1,512		910
Silgan Holdings, Inc., 2.3%, 6/1/28	(i)	Packaging & Containers	€	486		404		427
Sirius XM Radio, Inc., 3.9%, 9/1/31	(h) (i)	Media Entertainment	$	637		591		555
Sirius XM Radio, Inc., 5.0%, 8/1/27	(h) (i)	Media Entertainment		245		255		243
Sirius XM Radio, Inc., 5.5%, 7/1/29	(h) (i)	Media Entertainment		2,119		2,242		2,085
SM Energy Co., 6.5%, 7/15/28	(i)	Oil & Gas		309		294		305
Spectrum Brands, Inc., 5.5%, 7/15/30	(h) (i)	Household Products/Wares		2,143		2,220		1,934
Standard Industries, Inc., 2.3%, 11/21/26	(i)	Building Materials	€	535		563		459
Standard Industries, Inc., 4.4%, 7/15/30	(h) (i)	Building Materials	$	669		682		585
Standard Industries, Inc., 4.8%, 1/15/28	(h) (i)	Building Materials		1,993		1,999		1,898
Station Casinos LLC, 4.6%, 12/1/31	(h) (i)	Lodging		1,146		928		1,002
Sterling Entertainment Enterprises, LLC, 10.3%, 1/15/25	(f)	Media Entertainment		813		801		825
Summit Materials LLC / Summit Materials Finance Corp., 5.3%, 1/15/29	(h) (i)	Building Materials		493		518		465
SWF Escrow Issuer Corp., 6.5%, 10/1/29	(h) (i)	Housewares		1,054		982		751
TEGNA, Inc., 5.0%, 9/15/29	(i)	Media Entertainment		150		142		147

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2022

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Tenet Healthcare Corp., 6.1%, 6/15/30	(h) (i)	Healthcare-Services	$	923	$	923	$	934
Terex Corp., 5.0%, 5/15/29	(h) (i)	Machinery-Construction & Mining		1,963		1,904		1,754
TI Automotive Finance Plc, 3.8%, 4/15/29	(i)	Auto Parts & Equipment	€	1,355		1,025		1,092
TransDigm, Inc., 5.5%, 11/15/27	(i)	Aerospace/Defense	$	946		903		895
TUI Cruises GmbH, 6.5%, 5/15/26	(i)	Leisure Time	€	2,056		2,462		1,646
Uber Technologies, Inc., 4.5%, 8/15/29	(h) (i)	Internet	$	814		735		729
Uber Technologies, Inc., 6.3%, 1/15/28	(h) (i)	Internet		2,243		2,382		2,209
Valvoline, Inc., 3.6%, 6/15/31	(h) (i)	Chemicals		2,303		1,881		1,913
Valvoline, Inc., 4.3%, 2/15/30	(h) (i)	Chemicals		1,189		1,029		1,080
VICI Properties LP / VICI Note Co., Inc., 3.8%, 2/15/27	(h) (i)	Real Estate Investment Trusts		340		341		312
VICI Properties LP / VICI Note Co., Inc., 4.1%, 8/15/30	(h) (i)	Real Estate Investment Trusts		1,567		1,551		1,434
Victoria's Secret & Co., 4.6%, 7/15/29	(h) (i)	Retail		4,259		3,511		3,532
Vistra Corp., 7.0% 12/15/26 (fixed, converts to FRN on 12/15/26)	(h) (i) (k) (n)	Electric		1,275		1,155		1,187
Vistra Corp., 8.0% 10/15/26 (fixed, converts to FRN on 10/15/26)	(h) (i) (k) (n)	Electric		2,901		2,901		2,817
Vistra Operations Co. LLC, 5.0%, 7/31/27	(h) (i)	Electric		904		920		892
Vistra Operations Co. LLC, 5.5%, 9/1/26	(h) (i)	Electric		21		22		21
Wells Fargo & Co., Series BB, 3.9% 3/15/26 (fixed, converts to FRN on 3/15/26)	(i) (k) (n)	Banks		1,439		1,338		1,334
Western Midstream Operating LP, 4.3%, 2/1/30	(i)	Pipelines		1,197		1,196		1,122
Western Midstream Operating LP, 4.5%, 3/1/28	(i)	Pipelines		264		214		255
Western Midstream Operating LP, 4.8%, 8/15/28	(i)	Pipelines		195		191		191
Western Midstream Operating LP, 5.5%, 8/15/48	(i)	Pipelines		185		164		162
Western Midstream Operating LP, 5.5%, 2/1/50	(i)	Pipelines		123		106		110
WeWork Companies LLC / WW Co-Obligor, Inc., 5.0%, 7/10/25	(h) (i)	Real Estate		1,671		1,473		1,151
Wynn Macau Ltd., 5.6%, 8/26/28	(h) (i)	Lodging		1,466		1,357		1,147
XPO CNW, Inc., 6.7%, 5/1/34	(i)	Transportation		2,019		2,034		1,917
ZF Europe Finance B.V., 3.0%, 10/23/29	(i)	Auto Parts & Equipment	€	1,400		1,415		1,188
ZF Finance GmbH, 2.8%, 5/25/27	(i)	Auto Parts & Equipment		300		274		266
ZF Finance GmbH, 3.8%, 9/21/28	(i)	Auto Parts & Equipment		1,100		1,013		1,001
Total Unsecured Bonds						251,756		236,941
Collateralized Loan Obligation (CLO) / Structured Credit—19.4%
37 Capital CLO I, Series 2021-1A, Class D, ABS, 6.0%, 10/15/34 (3 mo. S+3.5%)	(h) (k)	USD CLO	$	655		617		585
610 Funding CLO 1 Ltd., Series 2015-1A, Class CR, ABS, 5.4%, 9/21/29 (3 mo. L+3.9%)	(h) (k)	USD CLO		425		422		396
Accunia European CLO III DAC, Series 3X, Class D, ABS, 3.1%, 1/20/31 (3 mo. EURIBOR+3.1%)	(k)	EUR CLO	€	240		274		219
AIG CLO 2021-2 LLC, Series 2021-2A, Class C, ABS, 4.7%, 7/20/34 (3 mo. L+2.0%)	(h) (k)	USD CLO	$	625		610		582
Ambac Assurance Corp., 8.5%, 2/1/55	(h) (i)	Insurance		782		759		598
Ambac Assurance Corp., 8.5%, 2/12/55	(i)	Insurance		1,596		1,549		1,221
Ammc CLO 19 Ltd., Series 2016-19A, Class D, ABS, 6.3%, 10/15/28 (3 mo. L+3.8%)	(h) (i) (k)	USD CLO		205		203		203
Ammc CLO 20 Ltd., Series 2017-20A, Class E, ABS, 8.6%, 4/17/29 (3 mo. L+5.8%)	(h) (k)	USD CLO		250		248		240
Anchorage Capital CLO 4-R Ltd., Series 2014-4RA, Class D, ABS, 5.4%, 1/28/31 (3 mo. L+2.6%)	(h) (i) (k)	USD CLO		250		240		230
Anchorage Capital CLO 5-R Ltd., Series 2014-5RA, Class E, ABS, 7.9%, 1/15/30 (3 mo. L+5.4%)	(h) (k)	USD CLO		545		533		492
Anchorage Capital Europe CLO 3 DAC, Series 3X, Class D, ABS, 3.8%, 7/15/32 (3 mo. EURIBOR+3.8%)	(k)	EUR CLO	€	435		519		395
Anchorage Credit Funding 10 Ltd., Series 2020-10A, Class EV, ABS, 7.1%, 4/25/38	(h)	USD CLO	$	250		235		208

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2022

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Anchorage Credit Funding 12 Ltd., Series 2020-12A, Class D, ABS, 5.9%, 10/25/38	(h)	USD CLO	$	295	$	295	$	268
Anchorage Credit Funding 2 Ltd., Series 2015-2A, Class ERV, ABS, 7.0%, 4/25/38	(h)	USD CLO		250		232		206
Anchorage Credit Funding 3 Ltd., Series 2016-3A, Class DR, ABS, 5.8%, 1/28/39	(h)	USD CLO		250		250		227
Anchorage Credit Funding 3 Ltd., Series 2016-3A, Class ER, ABS, 7.2%, 1/28/39	(h)	USD CLO		410		386		359
Anchorage Credit Funding 6 Ltd., Series 2018-6A, Class E, ABS, 6.9%, 7/25/36	(h)	USD CLO		570		546		477
Apex Credit CLO 2015-II Ltd., Series 2015-2A, Class ER, ABS, 8.8%, 10/17/26 (3 mo. L+6.1%)	(h) (k)	USD CLO		330		329		325
Ares European CLO IX B.V., Series 9X, Class D, ABS, 2.4%, 10/14/30 (3 mo. EURIBOR+2.4%)	(k)	EUR CLO	€	520		551		478
Ares European CLO IX DAC, Series 9X, Class E, ABS, 4.4%, 10/14/30 (3 mo. EURIBOR+4.4%)	(k)	EUR CLO		290		320		252
Ares European CLO VI B.V., Series 2013-6X, Class ER, ABS, 5.3%, 4/15/30 (3 mo. EURIBOR+5.3%)	(k)	EUR CLO		340		382		298
Ares XLIX CLO Ltd., Series 2018-49A, Class D, ABS, 5.8%, 7/22/30 (3 mo. L+3.0%)	(h) (i) (k)	USD CLO	$	250		245		228
Ares XXXVII CLO Ltd., Series 2015-4A, Class CR, ABS, 5.2%, 10/15/30 (3 mo. L+2.7%)	(h) (k)	USD CLO		250		247		217
Ares XXXVII CLO Ltd., Series 2015-4A, Class BR, ABS, 4.3%, 10/15/30 (3 mo. L+1.8%)	(h) (k)	USD CLO		250		246		236
Ares XXXVR CLO Ltd., Series 2015-35RA, Class D, ABS, 5.5%, 7/15/30 (3 mo. L+3.0%)	(h) (k)	USD CLO		250		250		230
ArrowMark Colorado Holdings, Series 2018-3A, Class CR, ABS, 5.3%, 1/25/35 (3 mo. L+2.5%)	(h) (k)	USD CLO		500		489		463
Atlas Senior Loan Fund III Ltd., Series 2013-1A, Class DR, ABS, 4.0%, 11/17/27 (3 mo. L+2.6%)	(h) (i) (k)	USD CLO		500		482		476
Atlas Senior Loan Fund IX Ltd., Series 2018-9A, Class D, ABS, 5.3%, 4/20/28 (3 mo. L+2.6%)	(h) (i) (k)	USD CLO		250		237		237
Atrium CDO Corp., Series 14A, Class D, ABS, 5.7%, 8/23/30 (3 mo. L+3.0%)	(h) (i) (k)	USD CDO		250		237		233
Atrium XII, Series 12A, Class ER, ABS, 8.0%, 4/22/27 (3 mo. L+5.3%)	(h) (k)	USD CLO		1,240		1,222		1,078
Avery Point IV CLO Ltd., Series 2014-1A, Class CR, ABS, 5.1%, 4/25/26 (3 mo. L+2.4%)	(h) (k)	USD CLO		47		47		47
Avoca CLO XI Ltd., Series 11X, Class ER, ABS, 5.0%, 7/15/30 (3 mo. EURIBOR+5.0%)	(k)	EUR CLO	€	210		225		184
Avoca CLO XIII DAC, Series 13X, Class ERR, ABS, 6.2%, 4/15/34 (3 mo. EURIBOR+6.2%)	(k)	EUR CLO		240		229		202
Avoca CLO XV DAC, Series 15X, Class ER, ABS, 4.1%, 4/15/31 (3 mo. EURIBOR+4.1%)	(k)	EUR CLO		360		387		301
Avoca CLO XVIII DAC, Series 18X, Class E, ABS, 4.6%, 4/15/31 (3 mo. EURIBOR+4.6%)	(k)	EUR CLO		195		215		163
Bain Capital Credit CLO 2021-1 Ltd., Series 2021-1A, Class B, ABS, 4.1%, 4/18/34 (3 mo. L+1.4%)	(h) (i) (k)	USD CLO	$	220		209		206
Bain Capital Euro CLO 2021-2 DAC, Series 2021-2X, Class D, ABS, 3.4%, 7/17/34 (3 mo. EURIBOR+3.4%)	(k)	EUR CLO	€	355		373		313
Barings CLO 2013-I Ltd., Series 2013-IA, Class ER, ABS, 7.9%, 1/20/28 (3 mo. L+5.2%)	(h) (k)	USD CLO	$	1,255		1,231		1,135
Barings Euro CLO 2018-1 DAC, Series 2018-1X, Class D, ABS, 2.3%, 4/15/31 (3 mo. EURIBOR+2.3%)	(k)	EUR CLO	€	190		196		172
Barings Euro CLO 2018-2 BV, 3.2%, 10/15/31 (3 mo. EURIBOR+3.2%)	(k)	EUR CLO		920		1,080		823
Barings Euro CLO 2018-3 DAC, Series 2018-3A, Class DE, ABS, 3.9%, 7/27/31 (3 mo. EURIBOR+3.7%)	(h) (k)	EUR CLO		480		525		450
Barings Euro CLO 2019-1 DAC, Series 2019-1X, Class CR, ABS, 3.0%, 10/15/34 (3 mo. EURIBOR+3.0%)	(k)	EUR CLO		245		250		229
Benefit Street Partners CLO II Ltd., Series 2013-IIA, Class CR, ABS, 6.2%, 7/15/29 (3 mo. L+3.7%)	(h) (i) (k)	USD CLO	$	250		243		233

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2022

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Birch Grove CLO 2 Ltd., Series 2021-2A, Class D2, ABS, 7.7%, 10/19/34 (3 mo. L+5.0%)	(h) (k)	USD CLO	$	605	$	599	$	556
Birch Grove CLO 3 Ltd., Series 2021-3A, Class D2, ABS, 7.8%, 1/19/35 (3 mo. L+5.1%)	(h) (k)	USD CLO		885		876		730
Black Diamond CLO 2017-1 Ltd., Series 2017-1A, Class C, ABS, 6.7%, 4/24/29 (3 mo. L+4.0%)	(h) (k)	USD CLO		590		581		567
Black Diamond CLO 2017-2 DAC, Series 2017-2X, Class CNE, ABS, 2.0%, 1/20/32 (3 mo. EURIBOR+2.0%)	(k)	EUR CLO	€	590		607		566
BlackRock European CLO X DAC, Series 10X, Class B1R, ABS, 1.8%, 10/15/34 (3 mo. EURIBOR+1.8%)	(k)	EUR CLO		260		266		242
BlueMountain Fuji US CLO III Ltd., Series 2017-3A, Class D, ABS, 4.9%, 1/15/30 (3 mo. L+2.4%)	(h) (i) (k)	USD CLO	$	250		238		222
BNPP AM Euro CLO 2019 DAC, Series 2019-1X, Class E, ABS, 5.8%, 7/22/32 (3 mo. EURIBOR+5.6%)	(k)	EUR CLO	€	360		330		296
BNPP IP CLO 2014-II Ltd., Series 2014-2A, Class DR, ABS, 6.3%, 10/30/25 (3 mo. L+3.5%)	(h) (k)	USD CLO	$	280		277		275
Bosphorus CLO V DAC, Series 5A, Class DE, ABS, 4.8%, 12/12/32 (3 mo. EURIBOR+4.8%)	(h) (k)	EUR CLO	€	320		354		307
Brookside Mill CLO 2013-1 Ltd., Series 2013-1A, Class ER, ABS, 8.2%, 1/17/28 (3 mo. L+5.5%)	(h) (k)	USD CLO	$	720		714		697
Cairn CLO III B.V., Series 2013-3X, Class F, ABS, 6.6%, 10/20/28 (6 mo. EURIBOR+6.6%)	(k)	EUR CLO	€	250		300		216
Cairn CLO VI B.V., Series 2016-6X, Class FR, ABS, 8.4%, 7/25/29 (3 mo. EURIBOR+8.3%)	(k)	EUR CLO		190		227		159
Cairn CLO VII DAC, Series 2016-7X, Class E, ABS, 6.6%, 1/31/30 (3 mo. EURIBOR+6.4%)	(k)	EUR CLO		440		485		400
Cairn CLO X B.V., Series 2018-10X, Class E, ABS, 5.2%, 10/15/31 (3 mo. EURIBOR+5.2%)	(k)	EUR CLO		205		180		171
Cairn CLO XI DAC, Series 2019-11X, Class D, ABS, 4.2%, 7/15/35 (3 mo. EURIBOR+4.2%)	(k)	EUR CLO		625		678		581
Canyon Capital CLO 2016-2 Ltd., Series 2016-2A, Class CR, ABS, 4.7%, 10/15/31 (3 mo. L+2.2%)	(h) (k)	USD CLO	$	285		281		269
Carlyle Euro CLO 2017-3 DAC, Series 2017-3X, Class C, ABS, 2.5%, 1/15/31 (3 mo. EURIBOR+2.5%)	(k)	EUR CLO	€	160		157		142
Carlyle Global Market Strategies Euro CLO 2015-3 DAC, Series 2015-3X, Class C1RE, ABS, 2.6%, 7/15/30 (3 mo. EURIBOR+2.6%)	(k)	EUR CLO		275		323		248
Carlyle Global Market Strategies Euro CLO 2016-2 DAC, Series 2016-2X, Class BRR, ABS, 2.4%, 4/15/34 (3 mo. EURIBOR+2.4%)	(k)	EUR CLO		525		565		494
Carlyle Global Market Strategies Euro CLO 2020-1 DAC, Series 2020-1X, Class D, ABS, 5.4%, 4/15/33 (3 mo. EURIBOR+5.4%)	(k)	EUR CLO		250		290		202
Carlyle US CLO 2016-4 Ltd., Series 2016-4A, Class CR, ABS, 5.5%, 10/20/27 (3 mo. L+2.8%)	(h) (k)	USD CLO	$	280		268		250
Catalyst Healthcare Manchester Financing Plc, Series AMBC, 2.4%, 9/30/40	(i)	Healthcare-Services	£	243		637		608
Catamaran CLO 2014-1 Ltd., Series 2014-1A, Class CR, ABS, 6.2%, 4/22/30 (3 mo. L+3.4%)	(h) (k)	USD CLO	$	250		243		222
CBAM 2017-1 Ltd., Series 2017-1A, Class C, ABS, 5.1%, 7/20/30 (3 mo. L+2.4%)	(h) (k)	USD CLO		535		522		518
Cedar Funding VII Clo Ltd., Series 2018-7A, Class C, ABS, 4.5%, 1/20/31 (3 mo. L+1.8%)	(h) (i) (k)	USD CLO		395		387		371
Cent CLO 21 Ltd., Series 2014-21A, Class CR2, ABS, 6.0%, 7/27/30 (3 mo. L+3.2%)	(h) (i) (k)	USD CLO		620		601		543
CFIP CLO 2014-1 Ltd., Series 2014-1A, Class DR, ABS, 6.6%, 7/13/29 (3 mo. L+4.1%)	(h) (i) (k)	USD CLO		495		488		481
CIFC Funding 2015-IV Ltd., Series 2015-4A, Class BR2, ABS, 4.6%, 4/20/34 (3 mo. L+1.9%)	(h) (i) (k)	USD CLO		270		263		251
Contego CLO II B.V., Series 2X, Class ER, ABS, 4.8%, 11/15/26 (3 mo. EURIBOR+5.2%)	(k)	EUR CLO	€	170		186		157

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2022

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Contego CLO II B.V., Series 2X, Class FR, ABS, 6.5%, 11/15/26 (3 mo. EURIBOR+6.9%)	(k)	EUR CLO	€	615	$	638	$	559
Covenant Credit Partners CLO III Ltd., Series 2017-1A, Class D, ABS, 6.3%, 10/15/29 (3 mo. L+3.8%)	(h) (k)	USD CLO	$	1,710		1,691		1,575
CVC Cordatus Loan Fund X DAC, Series 10X, Class C, ABS, 1.8%, 1/27/31 (3 mo. EURIBOR+1.6%)	(k)	EUR CLO	€	200		205		188
CVC Cordatus Loan Fund X DAC, Series 10X, Class D, ABS, 2.7%, 1/27/31 (3 mo. EURIBOR+2.5%)	(k)	EUR CLO		190		206		173
Denali Capital CLO XI Ltd., Series 2015-1A, Class DR, ABS, 8.3%, 10/20/28 (3 mo. L+5.6%)	(h) (k)	USD CLO	$	750		725		686
Diamond CLO 2019-1 Ltd., Series 2019-1A, Class E, ABS, 10.8%, 4/25/29 (3 mo. L+8.1%)	(h) (k)	USD CLO		805		805		788
Dryden 51 Euro CLO 2017 B.V., Series 2017-51X, Class E, ABS, 4.9%, 7/15/31 (3 mo. EURIBOR+4.9%)	(k)	EUR CLO	€	620		682		529
Dryden 59 Euro CLO 2017 B.V., Series 2017-59X, Class D1, ABS, 2.4%, 5/15/32 (3 mo. EURIBOR+2.4%)	(k)	EUR CLO		365		391		317
Dryden 61 Clo Ltd., Series 2018-61A, Class CR, ABS, 4.5%, 1/17/32 (3 mo. L+1.8%)	(h) (k)	USD CLO	$	410		400		385
Eaton Vance CLO 2014-1R Ltd., Series 2014-1RA, Class C, ABS, 4.6%, 7/15/30 (3 mo. L+2.1%)	(h) (k)	USD CLO		325		317		307
Elevation CLO 2021-14 Ltd., Series 2021-14A, Class D2, ABS, 7.7%, 10/20/34 (3 mo. L+5.0%)	(h) (k)	USD CLO		630		622		571
Ellington CLO I Ltd., Series 2017-1A, Class DR, ABS, 5.9%, 10/15/29 (3 mo. L+3.4%)	(h) (k)	USD CLO		410		398		386
Ellington CLO II Ltd., Series 2017-2A, Class D, ABS, 5.1%, 2/15/29 (3 mo. L+3.7%)	(h) (k)	USD CLO		500		486		469
Ellington CLO IV Ltd., Series 2019-4A, Class D1, ABS, 8.0%, 4/15/29 (3 mo. L+5.5%)	(h) (k)	USD CLO		585		580		571
Erna Srl, Series 1, Class A, 2.4%, 7/25/31 (3 mo. EURIBOR+2.3%)	(k)	Commercial MBS	€	279		323		280
Erna Srl, Series 1, Class B, 3.6%, 7/25/31 (3 mo. EURIBOR+3.6%)	(k)	Commercial MBS		420		479		417
Fair Oaks Loan Funding I DAC, Series 1A, Class ER, ABS, 6.1%, 4/15/34 (3 mo. EURIBOR+6.1%)	(h) (k)	EUR CLO		250		296		215
First Eagle Clarendon Fund CLO LLC, Series 2014-1A, Class E, ABS, 8.8%, 1/25/27 (3 mo. L+6.1%)	(h) (k)	USD CLO	$	827		827		815
Galaxy XVIII CLO Ltd., Series 2018-28A, Class B, ABS, 4.1%, 7/15/31 (3 mo. L+1.6%)	(h) (i) (k)	USD CLO		255		244		244
Galaxy XVIII CLO Ltd., Series 2018-28A, Class C, ABS, 4.5%, 7/15/31 (3 mo. L+2.0%)	(h) (i) (k)	USD CLO		250		241		233
Galaxy XXIV CLO Ltd., 5.0%, 1/15/31 (3 mo. L+2.5%)	(k)	USD CLO		550		508		501
Galaxy XXVII CLO Ltd., Series 2018-27A, Class D, ABS, 4.2%, 5/16/31 (3 mo. L+2.8%)	(h) (k)	USD CLO		250		231		230
Gallatin CLO IX 2018-1 Ltd., Series 2018-1A, Class D1, ABS, 5.8%, 1/21/28 (3 mo. L+3.1%)	(h) (k)	USD CLO		250		248		242
Gallatin CLO IX 2018-1 Ltd., Series 2018-1A, Class E, ABS, 8.2%, 1/21/28 (3 mo. L+5.5%)	(h) (k)	USD CLO		1,160		1,138		1,122
GAM FRR2 H Co.	(f) (o) (p)	Diversified Financial Services		1		569		548
GAM Re-REMIC Trust 2021-FRR1, Series 2021-FRR1, Class 1C, REMIC, 0.0%, 11/29/50	(h) (o) (q)	Commercial MBS		41		29		29
GAM Re-REMIC Trust 2021-FRR1, Series 2021-FRR1, Class 1D, REMIC, 0.0%, 11/29/50	(h) (o) (q)	Commercial MBS		60		41		39
GAM Re-REMIC Trust 2021-FRR1, Series 2021-FRR1, Class 2C, REMIC, 0.0%, 11/29/50	(h) (o) (q)	Commercial MBS		44		29		29
GAM RE-REMIC Trust 2021-FRR2, Series 2021-FRR2, Class CK44, PO, REMIC, 0.0%, 9/27/51	(h) (o) (q)	Commercial MBS		43		36		35
GAM RE-REMIC Trust 2021-FRR2, Series 2021-FRR2, Class DK49, PO, REMIC, 0.0%, 9/27/51	(h) (o) (q)	Commercial MBS		34		27		25
GAM RE-REMIC Trust 2021-FRR2, Series 2021-FRR2, Class D730, PO, REMIC, 0.0%, 9/27/51	(h) (o) (q)	Commercial MBS		35		29		28

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2022

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
GAM RE-REMIC Trust 2021-FRR2, Series 2021-FRR2, Class CK78, PO, REMIC, 0.0%, 9/27/51	(h) (o) (q)	Commercial MBS	$	29	$	18	$	18
GAM RE-REMIC Trust 2021-FRR2, Series 2021-FRR2, Class BK78, REMIC, 2.4%, 9/27/51	(h) (o)	Commercial MBS		46		37		36
Golub Capital Partners 48 LP, Series 2020-48A, Class D, ABS, 6.5%, 4/17/33 (3 mo. L+3.8%)	(h) (k)	USD CLO		250		233		235
Greywolf CLO V Ltd., Series 2015-1A, Class BR, ABS, 4.8%, 1/27/31 (3 mo. L+2.0%)	(h) (i) (k)	USD CLO		740		726		700
Grosvenor Place CLO 2015-1 B.V., Series 2015-1X, Class DRR, ABS, 5.6%, 10/30/29 (3 mo. EURIBOR+5.4%)	(k)	EUR CLO	€	575		576		538
Halcyon Loan Advisors Funding 2015-2 Ltd., Series 2015-2A, Class D1R, ABS, 5.9%, 7/25/27 (3 mo. L+3.1%)	(h) (k)	USD CLO	$	615		600		580
Halcyon Loan Advisors Funding 2015-2 Ltd., Series 2015-2A, Class D2R, ABS, 5.9%, 7/25/27 (3 mo. L+3.1%)	(h) (k)	USD CLO		405		395		382
Halcyon Loan Advisors Funding 2017-2 Ltd., Series 2017-2A, Class B, ABS, 4.8%, 1/17/30 (3 mo. L+2.1%)	(h) (k)	USD CLO		440		424		416
Halseypoint CLO 2 Ltd., Series 2020-2A, Class D, ABS, 5.7%, 7/20/31 (3 mo. L+3.0%)	(h) (i) (k)	USD CLO		680		636		635
Harvest CLO XIV DAC, Series 14X, Class F, ABS, 6.3%, 11/18/29 (3 mo. EURIBOR+6.3%)	(k)	EUR CLO	€	215		255		185
Harvest CLO XIX DAC, Series 19X, Class D, ABS, 2.6%, 4/14/31 (3 mo. EURIBOR+2.6%)	(k)	EUR CLO		450		475		410
Harvest CLO XXIII DAC, Series 23A, Class CE, ABS, 2.1%, 10/20/32 (3 mo. EURIBOR+2.1%)	(h) (k)	EUR CLO		250		248		227
Henley CLO VI DAC, Series 6X, Class D, ABS, 3.3%, 6/10/34 (3 mo. EURIBOR+3.2%)	(k)	EUR CLO		180		186		155
Henley CLO VI DAC, Series 6A, Class E, ABS, 6.3%, 6/10/34 (3 mo. EURIBOR+6.1%)	(h) (k)	EUR CLO		250		287		200
Highbridge Loan Management 12-2018 Ltd., Series 12A-18, Class B, ABS, 4.6%, 7/18/31 (3 mo. L+1.9%)	(h) (i) (k)	USD CLO	$	435		426		407
Hull Street CLO Ltd., Series 2014-1A, Class CR, ABS, 5.4%, 10/18/26 (3 mo. L+2.7%)	(h) (k)	USD CLO		10		10		10
Hull Street CLO Ltd., Series 2014-1A, Class D, ABS, 6.3%, 10/18/26 (3 mo. L+3.6%)	(h) (k)	USD CDO		300		298		295
JFIN CLO 2012 Ltd., Series 2012-1A, Class DR, ABS, 9.2%, 7/20/28 (3 mo. L+6.5%)	(h) (k)	USD CLO		700		693		684
JMP Credit Advisors CLO IV Ltd., Series 2017-1A, Class C, ABS, 5.4%, 7/17/29 (3 mo. L+2.7%)	(h) (k)	USD CLO		355		351		344
JMP Credit Advisors ClO IV Ltd., Series 2017-1A, Class D, ABS, 6.9%, 7/17/29 (3 mo. L+4.2%)	(h) (k)	USD CLO		610		598		580
Jubilee CLO 2014-XII B.V., Series 2014-12X, Class DR, ABS, 2.9%, 4/15/30 (3 mo. EURIBOR+2.9%)	(k)	EUR CLO	€	155		175		141
Jubilee CLO 2015-XV B.V., Series 2015-15X, Class F, ABS, 5.9%, 7/12/28 (3 mo. EURIBOR+6.0%)	(k)	EUR CLO		275		325		236
Jubilee CLO 2017-XVIII B.V., Series 2017-18X, Class D, ABS, 3.1%, 1/15/30 (3 mo. EURIBOR+3.1%)	(k)	EUR CLO		200		224		191
KKR CLO 13 Ltd., Series 13, Class ER, ABS, 7.7%, 1/16/28 (3 mo. L+5.0%)	(h) (k)	USD CLO	$	880		871		852
KKR CLO 32 Ltd., Series 32A, Class C, ABS, 4.9%, 1/15/32 (3 mo. L+2.4%)	(h) (i) (k)	USD CLO		250		247		239
KVK CLO 2013-1 Ltd., Series 2013-1A, Class ER, ABS, 8.4%, 1/14/28 (3 mo. L+5.9%)	(h) (k)	USD CLO		500		497		492
LCM XXI LP, Series 21A, Class ER, ABS, 8.5%, 4/20/28 (3 mo. L+5.8%)	(h) (k)	USD CLO		570		548		518
Lehman XS Trust 2007-14H, Series 2007-14H, Class A22, CMO, 3.1%, 7/25/47 (1 mo. L+0.8%)	(k)	USD CLO		268		270		254
Lehman XS Trust 2007-6, Series 2007-6, Class 3A32, ABS, 2.8%, 5/25/37 (1 mo. L+0.5%)	(k)	USD CLO		148		133		131
Lehman XS Trust 2007-6, Series 2007-6, Class 3A2, ABS, 4.4%, 5/25/37		USD CLO		80		83		78

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2022

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Lehman XS Trust 2007-6, Series 2007-6, Class 3A4, ABS, 4.4%, 5/25/37		USD CLO	$	177	$	182	$	143
Lehman XS Trust 2007-6, Series 2007-6, Class 3A31, ABS, 4.4%, 5/25/37		USD CLO		130		133		118
Lockwood Grove CLO Ltd., Series 2014-1A, Class CRR, ABS, 4.8%, 1/25/30 (3 mo. L+2.0%)	(h) (k)	USD CLO		550		538		523
Longfellow Place CLO Ltd., Series 2013-1A, Class DRR, ABS, 7.0%, 4/15/29 (3 mo. L+4.5%)	(h) (i) (k)	USD CLO		520		513		505
Madison Park Funding XI Ltd., Series 2013-11A, Class DR, ABS, 6.0%, 7/23/29 (3 mo. L+3.3%)	(h) (k)	USD CLO		430		422		396
Madison Park Funding XIX Ltd., Series 2015-19A, Class DR, ABS, 7.1%, 1/22/28 (3 mo. L+4.4%)	(h) (k)	USD CLO		340		337		318
Man GLG Euro CLO I DAC, 2.5%, 10/15/30 (3 mo. EURIBOR+2.5%)	(k)	EUR CLO	€	315		351		285
Man GLG Euro CLO III DAC, Series 3X, Class D, ABS, 3.3%, 10/15/30 (3 mo. EURIBOR+3.3%)	(k)	EUR CLO		635		703		587
Marathon CLO V Ltd., Series 2013-5A, Class CR, ABS, 4.3%, 11/21/27 (3 mo. L+2.8%)	(h) (k)	USD CLO	$	1,210		1,176		1,141
Marathon CLO X Ltd., Series 2017-10A, Class C, ABS, 5.1%, 11/15/29 (3 mo. L+3.7%)	(h) (k)	USD CLO		1,030		1,001		894
Marble Point CLO XXI Ltd., Series 2021-3A, Class D2, ABS, 7.7%, 10/17/34 (3 mo. L+5.0%)	(h) (k)	USD CLO		470		464		432
Marlay Park CLO DAC, Series 1X, Class D, ABS, 4.5%, 10/15/30 (3 mo. EURIBOR+4.5%)	(k)	EUR CLO	€	590		653		493
Midocean Credit CLO VII, Series 2017-7A, Class D, ABS, 6.4%, 7/15/29 (3 mo. L+3.9%)	(h) (k)	USD CLO	$	340		336		299
Midocean Credit CLO VIII, Series 2018-8A, Class D, ABS, 4.4%, 2/20/31 (3 mo. L+2.9%)	(h) (i) (k)	USD CLO		250		236		218
Mitchells & Butlers Finance Plc, Series C2, 3.5%, 9/15/34 (3 mo. L GBP+2.1%)	(i) (k)	Retail	£	972		1,137		947
Mitchells & Butlers Finance Plc, Series D1, 3.7%, 6/15/36 (3 mo. L GBP+2.4%)	(i) (k)	Retail		481		540		474
Mitchells & Butlers Finance Plc, Series B2, 6.0%, 12/15/28	(i)	Retail		191		293		237
Mitchells & Butlers Finance Plc, Series C1, 6.5%, 9/15/30	(i)	Retail		884		1,375		1,111
MKS CLO 2017-2 Ltd., Series 2017-2A, Class D, ABS, 5.4%, 1/20/31 (3 mo. L+2.7%)	(h) (i) (k)	USD CLO	$	535		516		461
Monroe Capital CLO 2014-1 Ltd., Series 2014-1X, Class E, ABS, 8.2%, 10/22/26 (3 mo. L+5.4%)	(k)	USD CLO		250		245		238
Monroe Capital MML CLO 2016-1 Ltd., Series 2016-1A, Class ER, ABS, 10.0%, 7/22/28 (3 mo. L+7.3%)	(h) (k)	USD CLO		485		485		467
Monroe Capital Mml CLO 2017-1 Ltd., Series 2017-1A, Class E, ABS, 10.1%, 4/22/29 (3 mo. L+7.4%)	(h) (k)	USD CLO		525		524		497
Monroe Capital MML CLO VI Ltd., Series 2018-1A, Class E, ABS, 9.4%, 4/15/30 (3 mo. L+6.9%)	(h) (k)	USD CLO		290		280		267
Mountain View CLO 2017-1 LLC, Series 2017-1A, Class D, ABS, 6.3%, 10/16/29 (3 mo. L+3.6%)	(h) (k)	USD CLO		250		247		235
MP CLO VII Ltd., Series 2015-1A, Class DRR, ABS, 5.7%, 10/18/28 (3 mo. L+3.0%)	(h) (k)	USD CLO		250		250		216
Nassau 2017-I Ltd., Series 2017-IA, Class C, ABS, 6.4%, 10/15/29 (3 mo. L+3.9%)	(h) (i) (k)	USD CLO		265		261		234
Newark BSL CLO 2 Ltd., Series 2017-1A, Class BR, ABS, 4.5%, 7/25/30 (3 mo. L+1.8%)	(h) (k)	USD CLO		340		329		321
Newstar Exeter Fund CLO LLC, Series 2015-1RA, Class E, ABS, 9.9%, 1/20/27 (3 mo. L+7.2%)	(h) (k)	USD CLO		725		725		710
Oak Hill European Credit Partners IV DAC, Series 2015-4X, Class DR, ABS, 2.5%, 1/20/32 (3 mo. EURIBOR+3.4%)	(k)	EUR CLO	€	325		343		298
Oaktree CLO 2020-1 Ltd., Series 2020-1A, Class BR, ABS, 4.2%, 7/15/34 (3 mo. L+1.7%)	(h) (i) (k)	USD CLO	$	295		284		280
OCP Euro CLO 2022-5 DAC, Series 2022-5A, Class E, ABS, 6.5%, 4/20/35 (3 mo. EURIBOR+6.5%)	(h) (k)	EUR CLO	€	250		277		208

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2022

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Octagon Investment Partners XXI Ltd., Series 2014-1A, Class BR3, ABS, 3.2%, 2/14/31 (3 mo. L+1.8%)	(h) (k)	USD CLO	$	250	$	243	$	232
OFSI BSL VIII Ltd., Series 2017-1A, Class BR, ABS, 4.2%, 8/16/29 (3 mo. L+1.5%)	(h) (i) (k)	USD CLO		855		818		821
OHA Credit Funding 4 Ltd., Series 2019-4A, Class CR, ABS, 4.8%, 10/22/36 (3 mo. L+2.1%)	(h) (i) (k)	USD CLO		250		246		235
OZLM Funding IV Ltd., Series 2013-4A, Class CR, ABS, 6.1%, 10/22/30 (3 mo. L+3.4%)	(h) (i) (k)	USD CLO		250		245		226
OZLM VII Ltd., Series 2014-7RA, Class CR, ABS, 5.7%, 7/17/29 (3 mo. L+3.0%)	(h) (k)	USD CLO		250		241		236
OZLM XIV Ltd., Series 2015-14A, Class CRR, ABS, 5.9%, 7/15/34 (3 mo. L+3.4%)	(h) (k)	USD CLO		465		419		435
OZLM XVI Ltd., Series 2017-16A, Class C, ABS, 5.0%, 5/16/30 (3 mo. L+3.6%)	(h) (k)	USD CLO		250		244		214
OZLM XXIV Ltd., Series 2019-24X, Class C1R, ABS, 6.1%, 7/20/32 (3 mo. L+3.4%)	(i) (k)	USD CLO		430		392		388
Palmer Square Loan Funding 2020-4 Ltd., Series 2020-4A, Class E, ABS, 10.1%, 11/25/28 (3 mo. L+8.6%)	(h) (k)	USD CLO		250		252		238
Palmerston Park CLO DAC, Series 1X, Class E, ABS, 8.1%, 4/18/30 (3 mo. EURIBOR+8.1%)	(k)	EUR CLO	€	130		120		105
Parallel 2015-1 Ltd., Series 2015-1A, Class E, ABS, 7.9%, 7/20/27 (3 mo. L+5.2%)	(h) (k)	USD CLO	$	755		742		709
Parallel 2017-1 Ltd., Series 2017-1A, Class DR, ABS, 5.8%, 7/20/29 (3 mo. L+3.1%)	(h) (k)	USD CLO		530		514		474
Park Avenue Institutional Advisers CLO Ltd., Series 2019-2A, Class A2R, ABS, 4.2%, 10/15/34 (3 mo. L+1.7%)	(h) (i) (k)	USD CLO		565		536		535
Penta CLO 5 DAC, Series 2018-5X, Class CR, ABS, 2.4%, 4/20/35 (3 mo. EURIBOR+2.4%)	(k)	EUR CLO	€	100		107		92
Penta CLO 8 DAC, Series 2020-8X, Class CR, ABS, 2.2%, 1/15/34 (3 mo. EURIBOR+2.2%)	(k)	EUR CLO		240		244		224
Peterborough Progress Health Plc, 5.6%, 10/2/42	(i)	Healthcare-Services	£	588		1,020		785
Preferred Term Securities XXIV Ltd./Preferred Term Securities XXIV, Inc., 2.2%, 3/22/37 (3 mo. L+0.4%)	(h) (k)	Diversified Financial Services	$	430		341		331
Preferred Term Securities XXVI Ltd./Preferred Term Securities XXVI, Inc., 2.2%, 9/22/37 (3 mo. L+0.4%)	(h) (k)	Diversified Financial Services		269		221		210
Providus CLO IV DAC, Series 4X, Class B1R, ABS, 1.7%, 4/20/34 (3 mo. EURIBOR+1.6%)	(k)	EUR CLO	€	355		365		332
Providus CLO V DAC, Series 5X, Class D, ABS, 3.0%, 2/15/35 (3 mo. EURIBOR+3.0%)	(k)	EUR CLO		370		379		327
RR 4 Ltd., Series 2018-4A, Class A2, ABS, 4.1%, 4/15/30 (3 mo. L+1.6%)	(h) (i) (k)	USD CLO	$	730		702		704
RRE 1 Loan Management DAC, Series 1X, Class A2R, ABS, 1.4%, 4/15/35 (3 mo. EURIBOR+1.4%)	(k)	EUR CLO	€	180		183		167
Saranac CLO I Ltd., Series 2013-1A, Class CR, ABS, 5.6%, 7/26/29 (3 mo. L+2.9%)	(h) (k)	USD CLO	$	575		554		559
Sculptor CLO XXIX Ltd., Series 29A, Class D2, ABS, 7.6%, 10/22/34 (3 mo. L+4.9%)	(h) (k)	USD CLO		350		307		298
Sculptor European CLO I DAC, Series 1A, Class DRR, ABS, 3.5%, 4/18/34 (3 mo. EURIBOR+3.5%)	(h) (k)	EUR CLO	€	475		453		428
Sculptor European CLO VI DAC, Series 6X, Class CR, ABS, 2.3%, 10/15/34 (3 mo. EURIBOR+2.3%)	(k)	EUR CLO		300		321		281
Shackleton 2015-VIII CLO Ltd., Series 2015-8A, Class ER, ABS, 8.1%, 10/20/27 (3 mo. L+5.3%)	(h) (k)	USD CLO	$	440		435		404
Shackleton 2021-XVI CLO Ltd., Series 2021-16A, Class D2, ABS, 7.7%, 10/20/34 (3 mo. L+5.0%)	(h) (k)	USD CLO		1,220		1,202		1,121
Signal Peak CLO 7 Ltd., Series 2019-1A, Class B, ABS, 4.8%, 4/30/32 (3 mo. L+2.0%)	(h) (i) (k)	USD CLO		565		548		548
Silvermore CLO Ltd., Series 2014-1A, Class C, ABS, 4.9%, 5/15/26 (3 mo. L+3.5%)	(h) (k)	USD CLO		855		847		846
Smeralda SPV Srl, 1.0%, 12/22/33	(f)	Commercial MBS	€	742		888		766

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2022

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Smeralda SPV Srl, 5.3%, 12/22/34	(f)	Commercial MBS	€	1,943	$	2,206	$	1,986
Sound Point CLO VIII-R Ltd., Series 2015-1RA, Class R2D2, ABS, 7.7%, 4/15/30 (3 mo. L+5.2%)	(h) (k)	USD CLO	$	435		435		375
Sound Point Clo XV Ltd., Series 2017-1A, Class CR, ABS, 4.8%, 1/23/29 (3 mo. L+2.1%)	(h) (k)	USD CLO		755		736		723
Sound Point Euro CLO I Funding DAC, Series 1X, Class DR, ABS, 3.2%, 5/25/34 (3 mo. EURIBOR+3.1%)	(k)	EUR CLO	€	215		206		189
St Paul's CLO III-R DAC, Series 3RX, Class CR, ABS, 1.6%, 1/15/32 (3 mo. EURIBOR+1.6%)	(k)	EUR CLO		100		96		97
St Paul's CLO III-R DAC, Series 3RX, Class DR, ABS, 2.4%, 1/15/32 (3 mo. EURIBOR+2.4%)	(k)	EUR CLO		445		487		401
St Paul's CLO V DAC, Series 5X, Class DR, ABS, 3.0%, 2/20/30 (3 mo. EURIBOR+3.0%)	(k)	EUR CLO		140		162		129
St Paul's CLO VI DAC, Series 6A, Class DRRE, ABS, 3.3%, 5/20/34 (3 mo. EURIBOR+3.3%)	(h) (k)	EUR CLO		520		490		453
Steele Creek CLO 2014-1 Ltd., Series 2014-1RA, Class D, ABS, 5.5%, 4/21/31 (3 mo. L+2.8%)	(h) (k)	USD CLO	$	1,330		1,280		1,162
Steele Creek Clo 2017-1 Ltd., Series 2017-1A, Class C, ABS, 4.4%, 10/15/30 (3 mo. L+1.9%)	(h) (k)	USD CLO		250		238		235
Symphony CLO XIV Ltd., Series 2014-14A, Class E, ABS, 7.1%, 7/14/26 (3 mo. L+4.6%)	(h) (k)	USD CLO		250		245		244
Symphony CLO XIX Ltd., Series 2018-19A, Class D, ABS, 5.3%, 4/16/31 (3 mo. L+2.6%)	(h) (k)	USD CLO		250		248		220
Symphony CLO XVII Ltd., Series 2016-17A, Class ER, ABS, 8.1%, 4/15/28 (3 mo. L+5.6%)	(h) (k)	USD CLO		910		898		862
TBW Mortgage-Backed Trust 2006-6, Series 2006-6, Class A4, CMO, 6.4%, 1/25/37		USD CLO		52		40		42
Terwin Mortgage Trust 2006-6, Series 2006-6, Class 1A2, ABS, 0.2%, 7/25/37	(h) (k)	USD CLO		45		15		18
TICP CLO XII Ltd., Series 2018-12A, Class BR, ABS, 4.2%, 7/15/34 (3 mo. L+1.7%)	(h) (i) (k)	USD CLO		470		450		448
Tikehau CLO III DAC, Series 3X, Class D, ABS, 2.7%, 12/1/30 (3 mo. EURIBOR+2.7%)	(k)	EUR CLO	€	220		235		203
Toro European CLO 4 DAC, Series 1X, Class ER, ABS, 5.3%, 7/15/30 (3 mo. EURIBOR+5.3%)	(k)	EUR CLO		315		322		274
Toro European CLO 6 DAC, Series 6X, Class CR, ABS, 2.5%, 1/12/32 (3 mo. EURIBOR+2.5%)	(k)	EUR CLO		400		428		379
Trinitas Euro CLO II DAC, Series 2A, Class DR, ABS, 4.6%, 4/15/35 (3 mo. EURIBOR+4.6%)	(h) (k)	EUR CLO		250		272		236
Unique Pub Finance Co. Plc, Series A4, 5.7%, 6/30/27	(i)	Real Estate	£	1,230		1,849		1,580
Unique Pub Finance Co. Plc, Series N, 6.5%, 3/30/32	(i)	Real Estate		1,036		1,413		1,455
Unique Pub Finance Co. Plc, Series M, 7.4%, 3/28/24	(i)	Real Estate		372		521		463
Venture 44 CLO Ltd., Series 2021-44A, Class D2, ABS, 7.7%, 10/20/34 (3 mo. L+5.0%)	(h) (k)	USD CDO	$	630		624		579
Venture CDO Ltd., Series 2016-25A, Class D2, ABS, 6.9%, 4/20/29 (3 mo. L+4.2%)	(h) (k)	USD CDO		135		135		129
Venture XVII CLO Ltd., Series 2014-17A, Class CRR, ABS, 4.4%, 4/15/27 (3 mo. L+1.9%)	(h) (k)	USD CLO		160		155		152
Venture XVII CLO Ltd., Series 2014-17A, Class DRR, ABS, 5.3%, 4/15/27 (3 mo. L+2.8%)	(h) (k)	USD CDO		1,330		1,308		1,230
Venture XXIV CDO Ltd., Series 2016-24A, Class D2, ABS, 6.8%, 10/20/28 (3 mo. L+4.1%)	(h) (k)	USD CDO		530		523		503
Vesey Park CLO DAC, Series 1X, Class B, ABS, 2.3%, 11/16/32 (3 mo. EURIBOR+2.3%)	(k)	EUR CLO	€	140		150		130
Vibrant CLO VI Ltd., Series 2017-6A, Class D, ABS, 6.0%, 6/20/29 (3 mo. L+3.9%)	(h) (k)	USD CLO	$	250		248		242
Voya Euro CLO IV DAC, Series 4X, Class DR, ABS, 3.1%, 10/15/34 (3 mo. EURIBOR+3.1%)	(k)	EUR CLO	€	115		118		99
WhiteHorse X Ltd., Series 2015-10A, Class E, ABS, 8.0%, 4/17/27 (3 mo. L+5.3%)	(h) (k)	USD CLO	$	1,375		1,375		1,232
Wind River 2016-1K CLO Ltd., Series 2016-1KRA, Class D2R2, ABS, 7.6%, 10/15/34 (3 mo. L+5.1%)	(h) (k)	USD CLO		915		904		847

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2022

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Z Capital Credit Partners CLO 2019-1 Ltd., Series 2019-1A, Class CR, ABS, 5.6%, 7/16/31 (3 mo. L+2.9%)	(h) (k)	USD CLO	$	455	$	438	$	442
Zais CLO 14 Ltd., Series 2020-14A, Class DR, ABS, 7.0%, 4/15/32 (3 mo. L+4.5%)	(h) (k)	USD CDO		475		475		437
Zais CLO 5 Ltd., Series 2016-2A, Class C, ABS, 7.0%, 10/15/28 (3 mo. L+4.5%)	(h) (k)	USD CLO		510		500		469
Total Collateralized Loan Obligation / Structured Credit						104,084		95,050
Convertible Bonds—2.7%
Coupa Software, Inc., 0.4%, 6/15/26	(i)	Software		919		702		738
Groupon, Inc., 1.1%, 3/15/26	(i)	Internet		7,000		4,897		4,576
Liberty Interactive LLC, 3.8%, 2/15/30	(i)	Media Entertainment		1,162		888		529
Liberty Interactive LLC, 4.0%, 11/15/29	(i)	Media Entertainment		3,707		2,941		1,613
Liberty Latin America Ltd., 2.0%, 7/15/24	(i)	Media Entertainment		6,614		6,577		5,721
Total Convertible Bonds						16,005		13,177

Portfolio Company(a)	Footnotes	Principal Amount(b)		Amortized Cost		Fair Value(c)
Municipal Bonds—1.4%
City of Detroit MI, COPs, 4.8%, 6/15/20	(i) (l) (m)	$	236	$	178	$	217
City of Detroit MI, COPs, 4.9%, 6/15/25	(i) (l) (m)		824		620		759
Puerto Rico Electric Power Authority, 5.0%, 7/1/42	(i) (l) (m)		10		7		8
Puerto Rico Electric Power Authority, 5.1%, 7/1/42	(i) (l) (m)		15		11		12
Puerto Rico Electric Power Authority, 5.3%, 7/1/27	(i) (l) (m)		355		233		291
Puerto Rico Electric Power Authority, 5.4%, 1/1/18	(i) (l) (m)		30		23		24
Puerto Rico Electric Power Authority, 5.4%, 7/1/18	(i) (l) (m)		20		16		16
Puerto Rico Electric Power Authority, 5.4%, 1/1/20	(i) (l) (m)		5		4		4
Puerto Rico Electric Power Authority, 5.5%, 7/1/21	(i) (l) (m)		80		67		66
Puerto Rico Electric Power Authority, 5.5%, 7/1/38	(i) (l) (m)		215		137		177
Puerto Rico Electric Power Authority, 10.0%, 7/1/19	(i) (l) (m)		10		8		9
Puerto Rico Electric Power Authority, 10.0%, 7/1/19	(i) (l) (m)		10		8		9
Puerto Rico Electric Power Authority, Series A, 5.0%, 7/1/29	(l) (m)		440		300		361
Puerto Rico Electric Power Authority, Series A, 6.8%, 7/1/36	(l) (m)		445		330		379
Puerto Rico Electric Power Authority, Series A, 7.0%, 7/1/43	(l) (m)		80		53		68
Puerto Rico Electric Power Authority, Series AAA, 5.3%, 7/1/22	(l) (m)		55		35		45
Puerto Rico Electric Power Authority, Series AAA, 5.3%, 7/1/31	(l) (m)		120		78		98
Puerto Rico Electric Power Authority, Series BBB, 5.4%, 7/1/28	(l) (m)		1,690		1,269		1,284
Puerto Rico Electric Power Authority, Series CCC, 5.0%, 7/1/25	(l) (m)		5		4		4
Puerto Rico Electric Power Authority, Series CCC, 5.0%, 7/1/28	(l) (m)		25		20		21
Puerto Rico Electric Power Authority, Series CCC, 5.3%, 7/1/26	(l) (m)		160		104		131
Puerto Rico Electric Power Authority, Series CCC, 5.3%, 7/1/27	(l) (m)		145		111		119
Puerto Rico Electric Power Authority, Series CCC, 5.3%, 7/1/28	(l) (m)		30		20		25
Puerto Rico Electric Power Authority, Series DDD, 3.8%, 7/1/22	(l) (m)		5		3		4
Puerto Rico Electric Power Authority, Series DDD, 5.0%, 7/1/19	(l) (m)		10		8		8
Puerto Rico Electric Power Authority, Series DDD, 5.0%, 7/1/20	(l) (m)		110		71		90
Puerto Rico Electric Power Authority, Series DDD, 5.0%, 7/1/21	(l) (m)		60		39		49

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2022

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Principal Amount(b)		Amortized Cost		Fair Value(c)
Puerto Rico Electric Power Authority, Series E-1, 10.0%, 1/1/21	(m)	$	69	$	61	$	61
Puerto Rico Electric Power Authority, Series E-2, 10.0%, 7/1/21	(l) (m)		69		61		61
Puerto Rico Electric Power Authority, Series E-3, 10.0%, 1/1/22	(l) (m)		18		16		16
Puerto Rico Electric Power Authority, Series E-4, 10.0%, 7/1/22	(l) (m)		18		16		16
Puerto Rico Electric Power Authority, Series EEE, 6.0%, 7/1/30	(l) (m)		25		16		19
Puerto Rico Electric Power Authority, Series EEE, 6.3%, 7/1/40	(l) (m)		5		3		4
Puerto Rico Electric Power Authority, Series NN, 5.5%, 7/1/20	(i) (l) (m)		30		21		25
Puerto Rico Electric Power Authority, Series TT, 5.0%, 7/1/20	(l) (m)		5		4		4
Puerto Rico Electric Power Authority, Series TT, 5.0%, 7/1/21	(l) (m)		5		3		4
Puerto Rico Electric Power Authority, Series TT, 5.0%, 7/1/23	(i) (l) (m)		25		21		21
Puerto Rico Electric Power Authority, Series TT, 5.0%, 7/1/24	(i) (l) (m)		20		16		16
Puerto Rico Electric Power Authority, Series TT, 5.0%, 7/1/25	(l) (m)		80		68		66
Puerto Rico Electric Power Authority, Series TT, 5.0%, 7/1/27	(l) (m)		35		27		29
Puerto Rico Electric Power Authority, Series TT, 5.0%, 7/1/32	(i) (l) (m)		180		140		148
Puerto Rico Electric Power Authority, Series TT, 5.0%, 7/1/37	(i) (l) (m)		150		121		123
Puerto Rico Electric Power Authority, Series UU, 0.0%, 7/1/17	(k) (l) (m)		15		10		11
Puerto Rico Electric Power Authority, Series UU, 0.0%, 7/1/18	(k) (l) (m)		15		10		11
Puerto Rico Electric Power Authority, Series UU, 0.0%, 7/1/20	(k) (m)		110		84		87
Puerto Rico Electric Power Authority, Series UU, 2.2%, 7/1/25 (3 mo. L+0.7%)	(k) (l) (m)		25		18		19
Puerto Rico Electric Power Authority, Series UU, 2.2%, 7/1/31 (3 mo. L+0.7%)	(k) (l) (m)		110		80		82
Puerto Rico Electric Power Authority, Series VV, 5.5%, 7/1/20	(l) (m)		15		12		12
Puerto Rico Electric Power Authority, Series WW, 5.3%, 7/1/33	(l) (m)		465		373		381
Puerto Rico Electric Power Authority, Series XX, 5.3%, 7/1/35	(l) (m)		15		10		12
Puerto Rico Electric Power Authority, Series XX, 5.3%, 7/1/40	(l) (m)		210		152		172
Puerto Rico Electric Power Authority, Series YY, 6.1%, 7/1/40	(l) (m)		195		122		151
Puerto Rico Electric Power Authority, Series ZZ, 5.0%, 7/1/17	(l) (m)		15		11		12
Puerto Rico Electric Power Authority, Series ZZ, 5.3%, 7/1/19	(l) (m)		10		6		8
Puerto Rico Electric Power Authority, Series ZZ, 5.3%, 7/1/24	(l) (m)		5		4		4
Puerto Rico Electric Power Authority, Series ZZ, 5.3%, 7/1/25	(i) (l) (m)		5		4		4
Puerto Rico Electric Power Authority, Series ZZ, 5.3%, 7/1/26	(i) (l) (m)		375		291		308

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2022

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Principal Amount(b)		Amortized Cost		Fair Value(c)
Puerto Rico Highway & Transportation Auth., Series N, 5.3%, 7/1/39	(l) (m)	$	595	$	524	$	565
Total Municipal Bonds					6,062		6,730

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Emerging Markets Debt—1.4%
Argentine Republic Government International Bond, 0.9%, 7/9/46	(i)	Sovereign	€	158		64		33
Argentine Republic Government International Bond, 0.1%, 7/9/30	(i)	Sovereign		1,902		958		408
Argentine Republic Government International Bond, 0.5%, 7/9/30	(i)	Sovereign	$	901		453		214
Argentine Republic Government International Bond, 1.5%, 7/9/35	(i)	Sovereign		1,263		515		281
Argentine Republic Government International Bond, 1.5%, 7/9/46		Sovereign		704		329		160
Argentine Republic Government International Bond, 2.8%, 7/9/41	(i)	Sovereign	€	27		12		6
Argentine Republic Government International Bond, 3.0%, 1/9/38	(i)	Sovereign		23		11		5
Argentine Republic Government International Bond, 3.9%, 1/9/38	(i)	Sovereign	$	183		83		52
Ecuador Social Bond Sarl, 0.0%, 1/30/35	(i) (q)	Sovereign		862		703		669
Petroleos Mexicanos, 6.5%, 1/23/27	(i)	Oil & Gas		1,205		1,206		1,096
Petroleos Mexicanos, 6.5%, 3/13/27	(i)	Oil & Gas		2,629		2,634		2,381
Petroleos Mexicanos, 6.8%, 1/23/30	(i)	Oil & Gas		861		903		734
Provincia de Buenos Aires/Government Bond, 2.0%, 9/1/37	(i)	Provincial	€	31		12		8
Provincia de Buenos Aires/Government Bond, 2.5%, 9/1/37	(i)	Provincial		10		4		3
Provincia de Buenos Aires/Government Bond, 2.9%, 9/1/37	(i)	Provincial		252		134		72
Provincia de Buenos Aires/Government Bond, 3.5%, 9/1/37	(i)	Provincial	$	1,757		689		501
Provincia de Buenos Aires/Government Bond, 3.5%, 9/1/37	(h) (i)	Provincial		84		32		24
Provincia de Buenos Aires/Government Bond, 3.9%, 9/1/37	(i)	Provincial		911		439		286
Total Emerging Markets Debt						9,181		6,933
Government Bonds—0.6%
U.S. Treasury Bond, 2.4%, 2/15/42	(i)	Sovereign		2,418		2,124		2,125
U.S. Treasury Bond, 3.3%, 5/15/42		Sovereign		701		697		708
Total Government Bonds						2,821		2,833

Portfolio Company(a)	Footnotes	Industry	Number of Shares		Cost		Fair Value(c)
Preferred Equity—0.4%
Midwest Veterinary Co. LLC 12.0%	(f)	Healthcare-Services		17,650		1,729		1,659
Riverbed Technology, Inc.		Software		4,494		86		25
Verscend Technologies, Inc., 12.3%	(f)	Software		200		194		201
Total Preferred Equity						2,009		1,885
Common Equity—0.8%
Aquadrill, LLC	(m)	Oil & Gas		6,967		199		271
ATD New Holdings, Inc.	(m)	Distribution/Wholesale		1,964		36		142
California Resources Corp.	(i)	Oil & Gas		2,148		29		96

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2022

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Number of Shares		Cost		Fair Value(c)
California Resources Corp., Warrants, 10/27/24, Strike $36.00	(m)	Oil & Gas		1,064	$	4	$	16
Noble Corp.	(m)	Oil & Gas		11,726		159		352
Quorum Health Corp.	(f) (m)	Healthcare-Services		48,950		492		317
Quorum Litigation Trust, Initial Funding	(f) (m)	Healthcare-Services		157,000		—		—
Quorum Litigation Trust, Units	(f) (m)	Healthcare-Services		2,399		2		2
Solocal Group	(m)	Internet		492,144		1,566		498
Superior Energy Equity New 144A	(h) (m)	Oil & Gas		1,228		2		77
Superior Energy Equity New Sec 1145	(m)	Oil & Gas		26,438		676		1,652
UTEX Industries Inc.	(m)	Miscellaneous Manufacturing		8,041		240		551
UTEX Industries Inc., Warrants	(f) (m)	Miscellaneous Manufacturing		2,245		2		29
Valaris, Ltd.	(m)	Oil & Gas		135		2		7
Total Common Equity						3,409		4,010

Portfolio Company(a)	Footnotes	Yield	Number of Shares		Cost		Fair Value(c)
Short-Term Investments—0.5%
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class	(r)	1.60%		2,660,709	$	2,661	$	2,661
Total Short-Term Investments						2,661		2,661
TOTAL INVESTMENTS—114.8%					$	599,207		562,209
LIABILITIES IN EXCESS OF OTHER ASSETS—(14.8%)(s)								(72,568	)
NET ASSETS—100.0%							$	489,641

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2022

(in thousands, except share amounts)

Shares outstanding at period end (Class A)		827,353
Net asset value per common share at period end (Class A)	$	11.87
Shares outstanding at period end (Class I)		25,175,601
Net asset value per common share at period end (Class I)	$	11.91
Shares outstanding at period end (Class T)		247,164
Net asset value per common share at period end (Class T)	$	11.90
Shares outstanding at period end (Class U)		12,256,036
Net asset value per common share at period end (Class U)	$	11.85
Shares outstanding at period end (Class U-2)		2,666,798
Net asset value per common share at period end (Class U-2)	$	11.94

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2022

(in thousands, except share amounts)

Reverse Repurchase Agreements—(1.4)%

Security Description	Principal Value(c)			Principal Value Including Accrued Interest
Agreement dated 6/27/22 with Royal Bank of Canada, 2.6473%, to be repurchased 9/27/22 for $(2,370), collateralized by NMG Holding Co., Inc. / Neiman Marcus Group LLC, 7.125% due 4/1/26 and $(2,431), collateralized by Coty, Inc., 6.5% due 4/15/26 and $(2,394), collateralized by BellRing Brands, Inc., 7.0% due 3/15/30; (value—$(7,158))	$	(5,432	)	$	(5,444	)
Agreement dated 7/29/22 with BNP Paribas, 1.74%, to be repurchased 11/2/22 for $(1,301), collateralized by Advantage Sales & Marketing, Inc., 6.5% due 11/15/28 and $(796), collateralized by CSC Holdings LLC,  6.5% due 2/1/29; (value—$(1,958))		(1,674	)		(1,674	)
Total Reverse Repurchase Agreements		(7,106	)		(7,118	)

Investments Sold Short—(0.8)%

Portfolio Company(a)	Industry		Principal Amount(b)			Proceeds			Fair Value(c)
Government Bonds Sold Short—(0.8)%
Bundesrepublik Deutschland Bundesanleihe, 0.3%, 2/15/2027		Sovereign	€	(925	)	$	(1,081	)	$	(939	)
U.S. Treasury Bond, 2.3%, 2/15/2052		Sovereign	$	(3,320	)		(2,767	)		(2,837	)
Total Government Bonds Sold Short							(3,848	)		(3,776	)
Total Investments Sold Short						$	(3,848	)	$	(3,776	)

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
BNP Paribas	12/21/22	EUR	1,141	USD	1,170	$	9	$	—
BNP Paribas	12/21/22	EUR	1,435	USD	1,525		—		43
BNP Paribas	12/21/22	USD	1,792	EUR	1,679		58		—
BNP Paribas	12/21/22	USD	1,376	EUR	1,286		47		—
BNP Paribas	12/21/22	USD	1,231	EUR	1,137		56		—
BNP Paribas	12/21/22	USD	339	EUR	313		15		—
BNP Paribas	12/21/22	USD	1,663	EUR	1,537		76		—
JPMorgan Chase Bank, N.A.	12/21/22	EUR	1,395	USD	1,513		—		72
JPMorgan Chase Bank, N.A.	12/21/22	USD	46	CAD	58		1		—
JPMorgan Chase Bank, N.A.	12/21/22	USD	892	EUR	866		—		3
JPMorgan Chase Bank, N.A.	12/21/22	USD	3,002	EUR	2,773		137		—
JPMorgan Chase Bank, N.A.	12/21/22	USD	2,576	EUR	2,380		118		—
JPMorgan Chase Bank, N.A.	12/21/22	USD	3,149	EUR	2,909		144		—
JPMorgan Chase Bank, N.A.	12/21/22	USD	110	GBP	87		3		—
JPMorgan Chase Bank, N.A.	12/21/22	USD	520	GBP	412		16		—
JPMorgan Chase Bank, N.A.	12/21/22	USD	780	GBP	618		24		—
State Street Bank and Trust Company	12/21/22	EUR	814	USD	860		—		19
State Street Bank and Trust Company	12/21/22	GBP	146	USD	178		—		—
State Street Bank and Trust Company	12/21/22	GBP	353	USD	431		1		—
State Street Bank and Trust Company	12/21/22	GBP	329	USD	402		1		—
State Street Bank and Trust Company	12/21/22	GBP	91	USD	111		1		—
State Street Bank and Trust Company	12/21/22	USD	758	CHF	723		—		11
State Street Bank and Trust Company	12/21/22	USD	798	EUR	784		—		11
State Street Bank and Trust Company	12/21/22	USD	4,170	EUR	3,928		113		—
State Street Bank and Trust Company	12/21/22	USD	4,957	EUR	4,583		223		—
State Street Bank and Trust Company	12/21/22	USD	1,499	EUR	1,386		67		—
State Street Bank and Trust Company	12/21/22	USD	3,549	EUR	3,281		159		—
State Street Bank and Trust Company	12/21/22	USD	4,650	GBP	3,705		121		—
State Street Bank and Trust Company	12/21/22	USD	1,379	GBP	1,099		36		—
Total Forward Foreign Currency Exchange Contracts						$	1,426	$	159

See notes to unaudited schedule of investments.

FS Credit Income Fund
Unaudited Schedule of Investments (continued)
As of July 31, 2022
(in thousands, except share amounts)

Futures Contracts

Description	Number of Contracts		Position		Expiration   Date	Notional Amount		Unrealized Appreciation		Unrealized Depreciation
U.S. Treasury 10-Year Ultra Bond		36		Short	9/21/22		4,598	$	—	$	127
Total Short Futures								$	—	$	127

Interest Rate Swaps

Counterparty	Fund Pays	Fund Receives	Notional Amount	Expiration Date	Periodic Payment Frequency	Fair Value(c)			Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs International	1.32%	12 Month ESTRON	EUR 160	10/28/29	Annually	$	(1	)	$	—	$	1
Goldman Sachs International(f)	1.36%	12 Month ESTRON	EUR 992	11/3/29	Annually		(9	)		—		9
Goldman Sachs International	1.50%	12 Month ESTRON	EUR 556	10/11/32	Annually		(5	)		—		5
Goldman Sachs International	1.90%	SOFR	USD 289	4/28/52	Annually		3			3		—
Goldman Sachs International	2.02%	SONIA	GBP 1,694	4/8/27	Annually		41			41		—
Goldman Sachs International	2.03%	SOFR	USD 121	4/21/52	Annually		—			—		—
Goldman Sachs International	2.10%	12 Month ESTRON	EUR 62	11/3/29	Annually		(4	)		—		4
Goldman Sachs International	2.10%	SONIA	GBP 4,072	4/8/24	Annually		36			36		—
Goldman Sachs International	2.13%	SOFR	USD 651	6/9/52	Annually		(1	)		—		1
Goldman Sachs International	2.35%	12 Month SOFR	USD 47	10/18/52	Annually		1			1		—
Goldman Sachs International	2.35%	1 Month SOFR	USD 41	10/18/52	Annually		1			1		—
Goldman Sachs International	2.41%	12 Month SOFR	USD 494	5/18/24	Annually		3			3		—
Goldman Sachs International	2.41%	1 Month SOFR	USD 441	5/18/24	Annually		3			3		—
Goldman Sachs International	2.53%	12 Month SOFR	USD 151	10/18/29	Annually		(1	)		—		1
Goldman Sachs International	2.53%	1 Month SOFR	USD 135	10/18/29	Annually		(1	)		—		1
Goldman Sachs International	2.55%	12 Month SOFR	USD 188	10/18/27	Annually		(1	)		—		1
Goldman Sachs International	2.55%	1 Month SOFR	USD 210	10/18/27	Annually		(1	)		—		1
Goldman Sachs International	2.66%	12 Month SOFR	USD 754	10/28/29	Annually		(13	)		—		13
JPMorgan Chase Bank, N.A.	0.57%	12 Month ESTRON	EUR 3,812	4/13/24	Annually		3			3		—
JPMorgan Chase Bank, N.A.	1.01%	12 Month ESTRON	EUR 1,582	4/13/27	Annually		(8	)		—		8
JPMorgan Chase Bank, N.A.	1.69%	12 Month ESTRON	EUR 645	11/3/29	Annually		(20	)		—		20
Merrill Lynch	2.05%	SOFR	USD 320	7/15/52	Annually		1			1		—
Merrill Lynch	2.12%	SOFR	USD 919	7/1/52	Annually		(1	)		—		1
Morgan Stanley & Co. LLC	1.64%	3 Month SOFR	USD 4,853	8/8/27	Annually		182			182		—
Morgan Stanley & Co. LLC	2.04%	SOFR	USD 624	6/16/52	Annually		2			2		—
Morgan Stanley & Co. LLC	2.07%	12 Month SOFR	USD 624	6/3/52	Annually		1			1		—
Morgan Stanley & Co. LLC	2.23%	12 Month SOFR	USD 4,469	8/8/27	Annually		44			44		—
Morgan Stanley & Co. LLC	2.74%	SOFR	USD 35,263	9/6/27	Annually		(507	)		—		507

See notes to unaudited schedule of investments.

FS Credit Income Fund
Unaudited Schedule of Investments (continued)
As of July 31, 2022
(in thousands, except share amounts)

Counterparty	Fund Pays	Fund Receives	Notional Amount	Expiration Date	Periodic Payment Frequency	Fair Value(c)			Unrealized Appreciation		Unrealized Depreciation
Morgan Stanley & Co. LLC	2.76%	SOFR	USD 5,181	9/7/27	Annually	$	(79	)	$	—	$	79
Total Interest Rate Swaps						$	(331	)	$	321	$	652

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 (0.1435%)

3 Month LIBOR

EUR 1,977

USD 2,249

12/3/23

Quarterly

$

231

$

231

$

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.0775%)

3 Month LIBOR

EUR 1,472

USD 1,740

10/26/22

Quarterly

236

236

—

JPMorgan Chase Bank, N.A.

3 Month GBP SONIA plus a spread of 0.1293%

3 Month LIBOR

GBP 1,658

USD 2,167

10/29/22

Quarterly

148

148

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.092625%)

3 Month LIBOR

EUR 8,280

USD 10,075

1/13/23

Quarterly

1,619

1,619

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.07%)

3 Month LIBOR

EUR 1,561

USD 1,842

11/16/22

Quarterly

253

253

—

JPMorgan Chase Bank, N.A.

3 Month SONIA plus a spread of 0.1018%

3 Month LIBOR

GBP 2,228

USD 2,823

3/12/23

Quarterly

374

374

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.085%)

3 Month LIBOR

EUR 1,744

USD 2,077

3/23/23

Quarterly

297

297

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.0677%)

3 Month LIBOR

EUR 4,618

USD 5,472

7/23/23

Quarterly

755

755

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.075%)

3 Month LIBOR

EUR 1,199

USD 1,407

8/13/23

Quarterly

184

184

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.072%)

3 Month LIBOR

EUR 5,365

USD 6,062

12/15/23

Quarterly

572

572

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.0925%)

3 Month LIBOR

EUR 4,475

USD 5,183

11/5/23

Quarterly

639

639

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.195%)

3 Month LIBOR

EUR 794

USD 914

10/5/23

Quarterly

104

104

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.2335%)

3 Month LIBOR

EUR 464

USD 541

6/1/23

Quarterly

68

68

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.16375%)

3 Month LIBOR

EUR 4,212

USD 4,909

7/20/23

Quarterly

608

608

—

See notes to unaudited schedule of investments.

FS Credit Income Fund
Unaudited Schedule of Investments (continued)
As of July 31, 2022
(in thousands, except share amounts)

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 (0.19%)

3 Month LIBOR

EUR 720

USD 818

8/20/23

Quarterly

$

85

$

85

$

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.33375%)

3 Month LIBOR

EUR 347

USD 418

1/16/23

Quarterly

64

64

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.33375%)

3 Month LIBOR

EUR 1,209

USD 1,455

1/16/23

Quarterly

222

222

—

Total Cross-Currency Swaps

$

6,459

$

6,459

$

—

Total Return Debt Swaps^(f)

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%

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

USD 619

6/1/23

Monthly

$

5

$

5

$

—

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

6/1/23

Monthly

(2

)

—

2

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

6/1/23

Monthly

(3

)

—

3

See notes to unaudited schedule of investments.

FS Credit Income Fund
Unaudited Schedule of Investments (continued)
As of July 31, 2022
(in thousands, except 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%

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

USD 178

9/1/22

Monthly

$

(5

)

$

—

$

5

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

6/1/23

Monthly

(6

)

—

6

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

6/1/23

Monthly

(9

)

—

9

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

6/1/23

Monthly

(9

)

—

9

See notes to unaudited schedule of investments.

FS Credit Income Fund
Unaudited Schedule of Investments (continued)
As of July 31, 2022
(in thousands, except 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	6/1/23	Monthly	$	(10	)	$	—	$	10
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	6/1/23	Monthly		(13	)		—		13
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	6/1/23	Monthly		(24	)		—		24
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	6/1/23	Monthly		(24	)		—		24
Total Total Return Debt Swaps						$	(100	)	$	5	$	105

(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 July 31, 2022, the one-month, three-month and six-month London Interbank Offered Rate ("LIBOR" or "L") was 2.36%, 2.79% and 3.33%, the one-month, three-month and six-month Euro Interbank Offered Rate ("EURIBOR" or "E") was (0.07)%, 0.23% and 0.65%, the three-month GBP London Interbank Offered Rate ("GBP LIBOR") was 1.94%, the Swiss Average Rate Overnight ("SARON") was (0.19)%, the SIFMA Municipal Swap Index was 1.33%, the Sterling Overnight Index Average ("SONIA") was 1.19%, the one-month, three-month and six-month Secured Overnight Financing Rate ("SOFR" or "S") was 2.27%, 2.54% and 2.87% and the Euro Short-Term Rate Volume Weighted Trimmed Mean Rate (“ESTRON”) was (0.09)%.

See notes to unaudited schedule of investments.

FS Credit Income Fund
Unaudited Schedule of Investments (continued)
As of July 31, 2022
(in thousands, except share amounts)

(e)	Position or portion thereof unsettled as of July 31, 2022.
(f)	Security is classified as Level 3 in the Fund’s fair value hierarchy (See Notes to Unaudited Schedule of Investments).
(g)	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.
(h)	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 $298,348, which represents approximately 60.9% of net assets as of July 31, 2022.
(i)	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 July 31, 2022, there were no securities rehypothecated by BNP.
(j)	Security or portion thereof is pledged as collateral supporting the amounts outstanding under the reverse repurchase agreement.
(k)	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.
(l)	Security is in default.
(m)	Security is non-income producing.
(n)	The security has a perpetual maturity; the date displayed is the next call date.
(o)	Issuer of the security is an affiliate of the Fund’s investment sub-adviser, GoldenTree Sub-Advisor.
(p)	Security is reflected in shares.
(q)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(r)	Rate represents the seven-day yield as of July 31, 2022. The Morgan Stanley Institutional Liquid Reserves Fund’s financial statements are available on the SEC’s website at http://www.sec.gov.
(s)	Includes the effect of investments sold short, forward foreign currency exchange contracts, futures contracts, swap contracts and reverse repurchase agreements payable.

CAD	- Canadian Dollar
CDO	- Collateralized Debt Obligation
CHF	- Swiss Franc
COPs	- Certificates of Participation
EUR	- Euro
FRN	- Floating Rate Note
GBP	- British Pound
PIK	- Payment In Kind
USD	- U.S. Dollar
£	- British Pound
€	- Euro
$	- U.S. Dollar

See notes to unaudited schedule of investments.

FS Credit Income Fund

Notes to Unaudited Schedule of Investments

As of July 31, 2022

(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, 2021.

The following table summarizes the composition of the Fund’s investment portfolio at cost and fair value as of July 31, 2022:

	Amortized  Cost(1)		Fair Value		Percentage of Portfolio
Senior Secured Loans—First Lien	$	96,321	$	91,802		16	%
Senior Secured Loans—Second Lien		7,972		7,508		1	%
Senior Secured Bonds		96,926		92,679		17	%
Unsecured Bonds		251,756		236,941		42	%
Collateralized Loan Obligation (CLO) / Structured Credit		104,084		95,050		17	%
Convertible Bonds		16,005		13,177		2	%
Municipal Bonds		6,062		6,730		1	%
Emerging Markets Debt		9,181		6,933		1	%
Government Bonds		2,821		2,833		1	%
Preferred Equity		2,009		1,885		0	%
Common Equity		3,409		4,010		1	%
Short-Term Investments		2,661		2,661		1	%
Total	$	599,207	$	562,209		100	%

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

In general, under the 1940 Act, the Fund would be presumed to “control” a portfolio company if it owned more than 25% of its voting securities or had the power to exercise control over the management or policies of such portfolio company, and would be an “affiliated person” of a portfolio company if it owned 5% or more of its voting securities.

As of July 31, 2022, 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 July 31, 2022, the Fund had unfunded commitments of $1,719. The Fund maintains sufficient cash on hand, available borrowings and liquid securities to fund any unfunded commitments should the need arise.

The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets in such industries as of July 31, 2022:

Industry Classification	Fair Value		Percentage of Portfolio
USD CLO	$	58,047		10	%
Oil & Gas		53,034		9	%
Media Entertainment		48,549		9	%
Retail		38,752		7	%
Healthcare-Services		24,953		4	%
Telecommunications		23,152		4	%
Leisure Time		23,046		4	%
Internet		21,720		4	%
Chemicals		21,437		4	%
EUR CLO		19,341		3	%
Pharmaceuticals		18,290		3	%
Diversified Financial Services		18,043		3	%
Electric		15,628		3	%
Lodging		12,920		2	%
Entertainment		8,889		2	%
Advertising		8,625		2	%
Other		147,783		27	%
Total	$	562,209		100	%

FS Credit Income Fund

Notes to Unaudited Schedule of Investments (continued)

As of July 31, 2022

(in thousands)

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.

As of July 31, 2022, 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	$	—		$	78,147		$	13,655		$	91,802
Senior Secured Loans—Second Lien		—			5,848			1,660			7,508
Senior Secured Bonds		—			92,679			—			92,679
Unsecured Bonds		—			236,116			825			236,941
Collateralized Loan Obligation (CLO) / Structured Credit		—			91,750			3,300			95,050
Convertible Bonds		—			13,177			—			13,177
Municipal Bonds		—			6,730			—			6,730
Emerging Markets Debt		—			6,933			—			6,933
Government Bonds		—			2,833			—			2,833
Preferred Equity		—			25			1,860			1,885
Common Equity		1,917			1,745			348			4,010
Short-Term Investments		—			2,661			—			2,661
Total Investments		1,917			538,644			21,648			562,209
Forward Foreign Currency Exchange Contracts		—			1,426			—			1,426
Interest Rate Swaps		—			321			—			321
Cross-Currency Swaps		—			6,459			—			6,459
Total Return Debt Swaps		—			—			5			5
Total Assets	$	1,917		$	546,850		$	21,653		$	570,420
Liability Description
Reverse Repurchase Agreements	$	—		$	(7,106	)	$	—		$	(7,106	)
Government Bonds Sold Short		—			(3,776	)		—			(3,776	)
Forward Foreign Currency Exchange Contracts		—			(159	)		—			(159	)
Short Futures		(127	)		—			—			(127	)
Interest Rate Swaps		—			(643	)		(9	)		(652	)
Total Return Debt Swaps		—			—			(105	)		(105	)
Total Liabilities	$	(127	)	$	(11,684	)	$	(114	)	$	(11,925	)

FS Credit Income Fund

Notes to Unaudited Schedule of Investments (continued)

As of July 31, 2022

(in thousands)

The following is a reconciliation for the nine months ended July 31, 2022 of investments for which significant unobservable inputs (Level 3) were used in determining fair value:

	Senior Secured Loans—  First Lien			Senior Secured Loans—  Second Lien			Unsecured   Bonds			Collateralized Loan Obligation (CLO)/ Structured Credit			Preferred Equity			Common Equity			Total
Fair value at beginning of period	$	—		$	—		$	835		$	6,047		$	209		$	512		$	7,603
Accretion of discount (amortization of premium)		10			1			—			(1	)		—			—			10
Realized gain (loss)		—			—			—			(54	)		—			—			(54	)
Net change in unrealized appreciation (depreciation)		(265	)		(1	)		(10	)		(360	)		(79	)		(164	)		(879	)
Purchases		12,797			1,660			—			286			1,730			—			16,473
Sales		(293	)		—			—			(3,677	)		—			—			(3,970	)
Net transfers into Level 3(1)		1,406			—			—			1,059			—			—			2,465
Net transfers out of Level 3(1)		—			—			—			—			—			—			—
Fair value at end of period	$	13,655		$	1,660		$	825		$	3,300		$	1,860		$	348		$	21,648
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	$	(265	)	$	(1	)	$	(10	)	$	(410	)	$	(78	)	$	(164	)	$	(928	)

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

The following is a reconciliation for the nine months ended July 31, 2022 of the interest rate swaps and total return debt swaps for which significant unobservable inputs (Level 3) were used in determining fair value:

	Interest Rate Swaps			Total Return Debt Swaps
Fair value at beginning of period	$	—		$	(39	)
Accretion of discount (amortization of premium)		—			—
Realized gain (loss)		—			122
Net change in unrealized appreciation (depreciation)		(9	)		(61	)
Sales and repayments		—			(122	)
Net transfers in or out of Level 3		—			—
Fair value at end of period	$	(9	)	$	(100	)
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	)	$	(61	)