FS Credit Income Fund (FCREX) NPORT-P FS Credit Income Fund (Jul 2023 report)

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments

As of July 31, 2023

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Senior Secured Loans—First Lien(a)(b)(c)—21.7%
ACProducts, Inc., S+425, 0.5% Floor, 5/17/28	(d)	Building Materials	$	4,041	$	3,742	$	3,488
AI Silk Holdco 2 Limited, E+1025, 1.0% Floor, 5/19/29	(d)(e)	Software	€	1,610		1,688		1,717
American Greetings Corp., S+600, 1.0% Floor, 4/6/28	(d)	Consumer Products	$	1,062		1,032		1,065
AP Core Holdings II, LLC, S+550, 0.8% Floor, 9/1/27	(d)	Media Entertainment		5,248		5,132		5,091
Arsenal AIC Parent LLC, S+450, 1.0% Floor, 7/26/30	(d)	Mining		825		817		825
Avalara, Inc., S+725, 0.8% Floor, 10/19/28	(d)(e)	Software		4,653		4,548		4,574
Avalara, Inc., S+725, 0.8% Floor, 10/19/28	(d)(e)(f)	Software		465		455		457
AVSC Holding Corp., S+450, 1.0% Floor, 10/15/26	(d)	Services		1,155		1,143		1,154
Bausch & Lomb, Inc., S+325, 0.5% Floor, 5/10/27	(d)	Healthcare-Services		4,584		4,361		4,490
Bausch Health Companies, Inc., S+525, 0.5% Floor, 2/1/27	(d)	Pharmaceuticals		4,481		3,616		3,671
Casper BidCo SAS, E+550, 7/31/26	(d)	Consumer, Cyclical	€	1,505		1,591		1,663
Charlotte Buyer, Inc., S+525, 0.5% Floor, 2/11/28	(d)	Healthcare-Services	$	1,791		1,684		1,761
Cinemark USA, Inc., S+375, 0.5% Floor, 5/24/30	(d)	Leisure Time		1,092		1,076		1,091
Coupa Holdings, LLC, S+750, 0.8% Floor, 2/27/30	(d)(e)	Technology		1,339		1,307		1,306
Coupa Holdings, LLC, S+750, 0.8% Floor, 2/27/30	(d)(e)(f)	Technology		120		118		117
Coupa Holdings, LLC, S+750, 0.8% Floor, 2/27/29	(d)(e)(f)	Technology		92		89		89
Covetrus, Inc., S+500, 0.5% Floor, 10/13/29	(d)	Pharmaceuticals		1,405		1,329		1,361
Crown Finance US, Inc., S+850, 1.0% Floor, 7/31/28	(d)	Consumer, Cyclical		2,318		2,319		2,326
DirecTV Financing LLC, S+500, 0.8% Floor, 8/2/27	(d)	Media Entertainment		809		783		805
Disco Parent, Inc., S+750, 1.0% Floor, 3/30/29	(d)(e)	Finance		5,540		5,407		5,407
Disco Parent, Inc., S+750, 1.0% Floor, 3/30/29	(d)(e)(f)	Finance		554		541		541
Discovery Purchaser Corp., S+438, 0.5% Floor, 10/4/29	(d)	Finance		1,924		1,785		1,882
East Valley Tourist Development Authority, S+750, 1.0% Floor, 11/23/26	(d)(e)	Media Entertainment		5,569		5,496		5,396
Endo Luxembourg Finance Co. I S.à r.l., P+600, 3/27/28	(d)	Pharmaceuticals		1,853		1,591		1,384
Endure Digital, Inc., L+350, 2/10/26	(d)(e)	Internet		983		865		909
Endure Digital, Inc., L+350, 2/10/26	(d)(e)(f)	Internet		77		77		71
Endure Digital, Inc., L+350, 0.8% Floor, 2/10/28	(d)	Internet		1,356		1,213		1,290
Garrett Motion Inc., S+450, 0.5% Floor, 4/30/28	(d)	Automotive		1,550		1,497		1,548
Gordian Medical, Inc., S+625, 0.8% Floor, 1/31/27	(d)	Healthcare-Services		785		774		562
GoTo Group, Inc., S+475, 8/31/27	(d)	Telecommunications		261		257		167
Hanger, Inc., S+625, 1.0% Floor, 10/3/28	(d)(e)	Healthcare-Services		183		181		181
Hanger, Inc., S+625, 1.0% Floor, 10/3/28	(d)(e)	Healthcare-Services		2,874		2,810		2,840
Hexion Holdings Corp., S+450, 0.5% Floor, 3/15/29	(d)	Chemicals		3,159		3,047		2,987
Houghton Mifflin Harcourt Publishing Co., S+525, 0.5% Floor, 4/9/29	(d)	Media Entertainment		4,338		4,227		3,846
Houghton Mifflin Harcourt Publishing Co., S+800, 1.0% Floor, 4/7/28	(d)(e)	Media Entertainment		400		385		386
Jack Ohio Finance LLC, S+475, 0.8% Floor, 10/4/28	(d)	Lodging		1,285		1,281		1,247
Knitwell Borrower LLC, S+800, 1.0% Floor, 7/28/27	(d)	Retail		7,090		6,877		6,877
LBM Acquisition, LLC, S+375, 0.8% Floor, 12/17/27	(d)	Retail		2,864		2,598		2,784
LHS Borrower, LLC, S+475, 0.5% Floor, 2/16/29	(d)	Diversified Financial Services		1,981		1,737		1,768
Life Time Fitness Inc, S+475, 0.5% Floor, 1/15/26	(d)	Leisure Time		755		752		759
Lightstone Holdco, LLC, S+575, 1.0% Floor, 1/29/27	(d)	Electric		4,713		4,131		4,273
Medline Borrower, LP, S+325, 0.5% Floor, 10/23/28	(d)	Healthcare-Services		1,107		1,077		1,097
Mercury Financial Credit Card Master Trust, S+713, 9/30/23	(d)	Diversified Financial Services		415		415		402
Mercury Financial Credit Card Master Trust, S+713, 9/30/23	(d)(f)	Diversified Financial Services		4,867		4,867		4,721
NCL Corp. Ltd., S+200, 1/2/24	(d)	Leisure Time		520		487		512
NCL Corp. Ltd., S+200, 1/2/24	(d)(f)	Leisure Time		1,869		1,869		1,841
Neptune Bidco US Inc, S+500, 0.5% Floor, 4/11/29	(d)	Commercial Services		1,925		1,726		1,713
Neptune Bidco US Inc, S+475, 0.5% Floor, 4/11/29	(d)	Technology		1,790		1,549		1,571
Ontario Gaming GTA LP, S+425, 0.5% Floor, 8/1/30	(d)	Gaming		805		797		806
PMHC II, Inc., S+425, 4/23/29	(d)	Chemicals		4,029		3,760		3,740
Profrac Services, LLC, S+725, 1.0% Floor, 3/4/25	(d)	Oil & Gas		5,941		5,848		5,967

See notes to unaudited consolidated schedule of investments.

1  

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of July 31, 2023

(in thousands, except share amounts) 

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost			Fair Value(c)
PT Intermediate Holdings III, LLC, S+650, 0.8% Floor, 11/1/28	(d)	Restaurants	$	748	$	735		$	740
PT Intermediate Holdings III, LLC, S+650, 0.8% Floor, 11/1/28	(d)(f)	Restaurants		330		330			327
Quorum Health Corp., S+825, 1.0% Floor, 4/29/25	(d)	Healthcare-Services		991		983			671
Riverbed Technology, Inc., S+450, 1.0% Floor, 7/1/28	(d)	Technology		212		536			128
Royal Caribbean Cruises Ltd., S+130, 4/5/24	(d)	Leisure Time		1,218		960			1,206
Royal Caribbean Cruises Ltd., S+130, 4/5/24	(d)(f)	Leisure Time		6,378		6,378			6,314
SCUR-Alpha 1503 GmbH, S+550, 0.5% Floor, 3/28/30	(d)	Services		3,292		2,970			3,089
Signal Parent, Inc, S+350, 0.8% Floor, 4/3/28	(d)	Services		792		592			648
Speed Midco 3 S.à.r.l., E+640, 4/26/29	(d)(e)	Services	€	3,920		4,145			4,280
Spirit RR Holdings, Inc., S+650, 0.8% Floor, 9/13/28	(d)(e)	Computers	$	2,069		2,020			2,022
Spirit RR Holdings, Inc., S+650, 0.8% Floor, 9/13/28	(d)(e)(f)	Computers		141		141			137
Springs Windows Fashions, LLC, S+400, 0.8% Floor, 10/6/28	(d)	Housewares		1,582		1,428			1,323
SVF II Finco Cayman L.P., 12/22/23	(d)(e)	Diversified Financial Services		3,646		3,648			3,540
Talen Energy Supply, LLC, S+450, 0.5% Floor, 5/17/30	(d)	Electric		396		385			396
Talen Energy Supply, LLC, S+450, 0.5% Floor, 5/17/30	(d)	Electric		489		475			489
Thryv, Inc., S+850, 1.0% Floor, 3/1/26	(d)	Advertising		2,229		2,206			2,225
Tibco Software, Inc., S+450, 0.5% Floor, 3/30/29	(d)	Software		1,527		1,430			1,465
Torrid LLC, S+550, 0.8% Floor, 6/14/28	(d)	Retail		2,133		2,118			1,807
US Radiology Specialists, Inc., S+525, 0.5% Floor, 12/15/27	(d)	Healthcare-Services		2,726		2,623			2,617
W.R. Grace Holdings LLC, L+375, 0.5% Floor, 9/22/28	(d)	Chemicals		1,449		1,435			1,449
Worldwide Express Operations, LLC, S+400, 0.8% Floor, 7/26/28	(d)	Transportation		588		552			566
Total Senior Secured Loans—First Lien						142,844			141,965
Unfunded Loan Commitments						(14,865	)		(14,865	)
Net Senior Secured Loans—First Lien						127,979			127,100
Senior Secured Loans—Second Lien—4.0%
Charlotte Buyer, Inc., S+825, 0.5% Floor, 8/11/28	(d)	Healthcare-Services		6,400		6,004			6,272
Hexion Holdings Corp., S+744, 0.5% Floor, 3/15/30	(d)	Chemicals		15,665		13,267			12,793
Magenta Buyer LLC, S+825, 0.8% Floor, 7/27/29	(d)	Computers		1,110		1,099			706
Neptune Bidco US, Inc., S+975, 0.8% Floor, 10/11/29	(d)(e)	Media Entertainment		1,073		1,043			1,028
Omni Intermediate Holdings, LLC, S+915, 1.0% Floor, 12/30/27	(d)(e)	Transportation		1,711		1,667			1,622
Quorum Health Corp., S+825, 1.0% Floor, 4/29/25	(d)(e)	Healthcare-Services		135		135			135
Verscend Holding Corp., S+700, 0.5% Floor, 4/2/29	(d)	Commercial Services		1,030		1,014			1,033
Total Senior Secured Loans—Second Lien						24,229			23,589
Senior Secured Bonds—15.3%
Academy Ltd., 6.0%, 11/15/27	(g)(h)	Retail		1,988		1,835			1,923
Advantage Sales & Marketing, Inc., 6.5%, 11/15/28	(g)(i)	Advertising		2,091		1,780			1,821
Altice France SA, 5.1%, 1/15/29	(g)(i)	Telecommunications		573		461			400
Altice France SA, 5.1%, 7/15/29	(g)(i)	Telecommunications		366		291			257
Altice France SA, 5.5%, 1/15/28	(g)(i)	Telecommunications		451		378			331
Altice France SA, 5.5%, 10/15/29	(g)(i)	Telecommunications		2,176		1,649			1,547
Bausch Health Cos., Inc., 4.9%, 6/1/28	(g)(i)	Pharmaceuticals		696		415			423
Bausch Health Cos., Inc., 5.8%, 8/15/27	(g)(i)	Pharmaceuticals		472		357			304
Bausch Health Cos., Inc., 6.1%, 2/1/27	(g)(i)	Pharmaceuticals		2,983		2,239			1,962
Bausch Health Cos., Inc., 11.0%, 9/30/28	(g)(i)	Pharmaceuticals		500		400			370
Bausch Health Cos., Inc., 14.0%, 10/15/30	(g)(i)	Pharmaceuticals		125		209			80
Bishopsgate Asset Finance Ltd., 4.8%, 8/14/44	(i)	Diversified Financial Services	£	197		172			176
Calderys Financing LLC, 11.3%, 6/1/28	(g)(i)	Miscellaneous Manufacturing	$	1,493		1,493			1,537
Carnival Corp., 10.5%, 2/1/26	(g)(i)	Leisure Time		1,408		1,468			1,485

See notes to unaudited consolidated schedule of investments.

2  

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of July 31, 2023

(in thousands, except share amounts) 

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Charter Communications Operating LLC / Charter Communications Operating Capital, 3.9%, 4/1/61	(i)	Media Entertainment	$	485	$	283	$	295
Charter Communications Operating LLC / Charter Communications Operating Capital, 4.4%, 12/1/61	(i)	Media Entertainment		381		244		257
Charter Communications Operating LLC / Charter Communications Operating Capital, 5.4%, 5/1/47	(i)	Media Entertainment		705		549		577
Charter Communications Operating LLC / Charter Communications Operating Capital, 5.5%, 4/1/63	(i)	Media Entertainment		812		618		655
Charter Communications Operating LLC / Charter Communications Operating Capital, 5.8%, 4/1/48	(i)	Media Entertainment		132		110		113
Charter Communications Operating LLC / Charter Communications Operating Capital, 6.5%, 10/23/45	(i)	Media Entertainment		1,747		1,642		1,632
CHS/Community Health Systems, Inc., 4.8%, 2/15/31	(g)(i)	Healthcare-Services		1,075		864		816
CHS/Community Health Systems, Inc., 5.3%, 5/15/30	(g)(i)	Healthcare-Services		1,357		1,073		1,086
Cloud Software Group, Inc., 9.0%, 9/30/29	(g)(h)(i)(j)	Software		5,155		4,382		4,624
Consolidated Communications, Inc., 5.0%, 10/1/28	(g)(i)	Telecommunications		227		167		168
Consolidated Communications, Inc., 6.5%, 10/1/28	(g)(i)	Telecommunications		736		569		575
Coronado Finance Pty. Ltd., 10.8%, 5/15/26	(g)(i)	Coal		482		483		503
Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.5%, 10/20/25	(g)(i)	Airlines		1,479		1,458		1,450
Digicel International Finance Ltd./Digicel international Holdings Ltd., 8.8%, 5/25/24	(g)	Telecommunications		2,531		2,531		2,301
Directv Financing LLC / Directv Financing Co-Obligor, Inc., 5.9%, 8/15/27	(g)(h)	Media Entertainment		5,384		4,827		4,865
DISH DBS Corp., 5.3%, 12/1/26	(g)(h)(i)	Media Entertainment		4,473		3,772		3,672
Eagle Intermediate Global Holding BV / Eagle U.S. Finance LLC, 7.5%, 5/1/25	(g)	Textiles		1,339		1,295		892
Emerald Debt Merger Sub LLC, 6.6%, 12/15/30	(g)(i)	Building Materials		968		968		963
Endo Luxembourg Finance Co. I S.a.r.l. / Endo US, Inc., 6.1%, 4/1/29	(g)(i)(k)	Pharmaceuticals		3,440		3,352		2,507
Frontier Communications Holdings LLC, 5.0%, 5/1/28	(g)(i)	Telecommunications		107		95		91
Frontier Communications Holdings LLC, 6.0%, 1/15/30	(g)(i)	Telecommunications		215		172		156
Frontier Communications Holdings LLC, 6.8%, 5/1/29	(g)(i)	Telecommunications		520		431		402
Frontier Communications Holdings LLC, 8.6%, 3/15/31	(g)(i)	Telecommunications		1,551		1,501		1,486
Frontier Southwest, Inc., 8.5%, 11/15/31	(i)	Telecommunications		308		314		322
GrafTech Global Enterprises, Inc., 9.9%, 12/15/28	(g)(i)	Machinery-Diversified		2,123		2,070		2,159
IMA Industria Macchine Automatiche SpA, 3.8%, 1/15/28	(i)(l)	Hand/Machine Tools	€	1,180		949		1,189
Jerrold Finco Plc, 4.9%, 1/15/26	(i)(l)	Diversified Financial Services	£	831		939		938
Jerrold Finco Plc, 5.3%, 1/15/27	(i)(l)	Diversified Financial Services		1,890		2,307		2,034
Latam Airlines Group SA, 13.4%, 10/15/27	(g)(i)	Airlines	$	1,142		1,212		1,246
Latam Airlines Group SA, 13.4%, 10/15/29	(g)(i)	Airlines		1,194		1,280		1,308
LCPR Senior Secured Financing DAC, 5.1%, 7/15/29	(g)(i)	Media Entertainment		535		441		443
LCPR Senior Secured Financing DAC, 6.8%, 10/15/27	(g)(i)	Media Entertainment		544		506		509
Legacy LifePoint Health LLC, 4.4%, 2/15/27	(g)(i)(j)	Healthcare-Services		2,157		1,847		1,863
Lottomatica SpA, 7.1%, 6/1/28	(g)(i)	Media Entertainment	€	1,080		1,171		1,222
Macy’s Retail Holdings LLC, 6.7%, 7/15/34	(g)(i)	Retail	$	1,868		1,548		1,557
Neptune Bidco U.S., Inc., 9.3%, 4/15/29	(g)(i)	Commercial Services		1,973		1,791		1,817
NFP Corp., 4.9%, 8/15/28	(g)(i)	Diversified Financial Services		1,009		899		909
Olympus Water U.S. Holding Corp., 9.8%, 11/15/28	(g)(i)	Chemicals		3,834		3,816		3,714
Ontario Gaming GTA LP, 8.0%, 8/1/30	(g)(j)	Media Entertainment		646		646		653
Par Pharmaceutical, Inc., 7.5%, 4/1/27	(g)(i)(k)	Pharmaceuticals		1,377		1,436		1,013
PEU Fin PLC, 7.3%, 7/1/28	(g)(i)	Retail	€	1,073		1,183		1,184
QVC, Inc., 4.4%, 9/1/28	(i)	Retail	$	808		599		460
QVC, Inc., 5.5%, 8/15/34	(i)	Retail		622		386		306
Seadrill Finance Ltd., 8.4%, 8/1/30	(g)(i)	Oil & Gas		1,859		1,859		1,899
Seadrill Finance Ltd., Series JUL, 8.4%, 8/1/30	(g)	Oil & Gas		284		286		290
Shelf Drilling Holdings Ltd., 8.9%, 11/15/24	(g)(i)	Oil & Gas		4,537		4,492		4,556

See notes to unaudited consolidated schedule of investments.

3  

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of July 31, 2023

(in thousands, except share amounts) 

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Shelf Drilling North Sea Holdings Ltd., 10.3%, 10/31/25	(g)(i)	Oil & Gas	$	2,069	$	2,059	$	2,080
SLM Corp., 4.2%, 10/29/25	(i)	Diversified Financial Services		1,298		1,200		1,220
Solocal Group, 10.5%, 3/15/25 (E+7.0%)	(m)	Internet	€	115		126		47
Solocal Group, Series 8Y, 10.5%, 3/15/25 (E+7.0%)	(m)	Internet		357		318		145
Talen Energy Supply LLC, 8.6%, 6/1/30	(g)(i)	Electric	$	2,131		2,131		2,214
Tendam Brands SAU, 11.2%, 3/31/28	(i)(l)(m)	Retail	€	550		615		616
Tenet Healthcare Corp., 6.1%, 6/15/30	(i)	Healthcare-Services	$	923		923		898
Tenet Healthcare Corp., 6.3%, 2/1/27	(i)	Healthcare-Services		974		928		957
TransDigm, Inc., 6.3%, 3/15/26	(g)(h)	Aerospace/Defense		1,898		1,893		1,889
Venture Global Calcasieu Pass LLC, 3.9%, 11/1/33	(g)(i)	Pipelines		710		580		577
Venture Global Calcasieu Pass LLC, 4.1%, 8/15/31	(g)(i)	Pipelines		837		719		711
Vmed O2 U.K. Financing I PLC, 3.3%, 1/31/31	(i)(l)	Telecommunications	€	2,364		2,650		2,197
Vmed O2 U.K. Financing I PLC, 4.5%, 7/15/31	(i)(l)	Telecommunications	£	1,075		1,032		1,097
WR Grace Holdings LLC, 7.4%, 3/1/31	(g)(i)	Chemicals	$	559		559		557
Total Senior Secured Bonds						92,243		89,498
Unsecured Bonds—42.3%
AHP Health Partners, Inc., 5.8%, 7/15/29	(g)(h)(i)	Healthcare-Services		4,217		3,816		3,676
Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.5%, 3/15/29	(g)(i)	Food		492		422		429
Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.9%, 2/15/30	(g)(i)	Food		330		309		303
Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.6%, 1/15/27	(g)(i)	Food		965		915		915
Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 5.9%, 2/15/28	(g)(i)	Food		596		558		581
Ally Financial, Inc., 8.0%, 11/1/31	(i)	Diversified Financial Services		662		674		703
Alteryx, Inc., 8.8%, 3/15/28	(g)(i)	Software		3,970		3,888		3,865
Antero Resources Corp., 5.4%, 3/1/30	(g)(h)(i)	Oil & Gas		1,462		1,421		1,364
Antero Resources Corp., 7.6%, 2/1/29	(g)(i)	Oil & Gas		270		283		277
Aretec Escrow Issuer, Inc., 7.5%, 4/1/29	(g)(i)	Diversified Financial Services		1,207		1,202		1,092
Avient Corp., 7.1%, 8/1/30	(g)(i)	Chemicals		913		913		921
Ball Corp., 5.3%, 7/1/25	(i)	Packaging & Containers		1,365		1,352		1,354
Bank of America Corp., Series MTN, 1.8%, 2/4/25 (S+0.7%)	(i)(m)	Banks		8,164		7,966		7,998
Bank of Ireland Group Plc, 7.5% 5/19/25 (fixed, converts to FRN on 5/19/25)	(i)(l)(m)(n)	Banks	€	1,665		1,671		1,820
Bath & Body Works, Inc., 6.9%, 11/1/35	(i)	Retail	$	1,892		1,649		1,758
BAWAG Group AG, Series EMTN, 2.4%, 3/26/29 (fixed, converts to FRN on 3/26/24)	(i)(l)(m)	Banks	€	300		304		313
BAWAG Group AG, 5.0% 5/14/25 (fixed, converts to FRN on 5/14/25)	(i)(l)(m)(n)	Banks		1,200		1,035		1,078
BellRing Brands, Inc., 7.0%, 3/15/30	(g)(h)(i)	Pharmaceuticals	$	2,998		2,998		3,012
Berkeley Group Plc, 2.5%, 8/11/31	(i)(l)	Home Builders	£	821		712		713
Blackstone Property Partners Europe Holdings S.à.r.l, Series EMTN, 1.6%, 4/20/30	(i)(l)	Real Estate	€	2,369		1,904		1,946
Blackstone Property Partners Europe Holdings S.à.r.l, 3.6%, 10/29/29	(i)(l)	Real Estate		375		328		351
Bombardier, Inc., 6.0%, 2/15/28	(g)(i)	Aerospace/Defense	$	1,105		1,084		1,040
Builders FirstSource, Inc., 6.4%, 6/15/32	(g)(i)	Building Materials		2,470		2,334		2,460
C&W Senior Financing DAC, 6.9%, 9/15/27	(g)(i)	Telecommunications		784		704		713
California Resources Corp., 7.1%, 2/1/26	(g)(h)(i)	Oil & Gas		2,354		2,400		2,374
Carnival Holdings Bermuda Ltd., 10.4%, 5/1/28	(g)(h)(i)	Leisure Time		1,877		1,887		2,050
Catalent Pharma Solutions, Inc., 3.1%, 2/15/29	(g)	Healthcare-Services		131		111		109
Catalent Pharma Solutions, Inc., 3.5%, 4/1/30	(g)(i)	Healthcare-Services		761		641		638
CCO Holdings LLC / CCO Holdings Capital Corp., 4.3%, 2/1/31	(g)(i)	Media Entertainment		1,142		901		940

See notes to unaudited consolidated schedule of investments.

4  

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of July 31, 2023

(in thousands, except share amounts) 

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
CCO Holdings LLC / CCO Holdings Capital Corp., 4.5%, 8/15/30	(g)(i)	Media Entertainment	$	269	$	217	$	228
CCO Holdings LLC / CCO Holdings Capital Corp., 5.4%, 6/1/29	(g)(i)	Media Entertainment		494		507		452
Chemours Co., 5.8%, 11/15/28	(g)(i)	Chemicals		2,961		2,692		2,719
Chesapeake Energy Corp., 5.9%, 2/1/29	(g)(h)	Oil & Gas		2,014		2,077		1,928
Cinemark USA, Inc., 5.3%, 7/15/28	(g)(h)	Entertainment		1,832		1,638		1,604
Continental Finance Credit Card ABS Master Trust, Series 2022-A, Class B, ABS, 8.1%, 10/15/30	(g)	Asset-Backed - Credit Card		253		253		249
Corporate Office Properties LP, 2.8%, 4/15/31	(i)	Real Estate Investment Trusts		133		104		102
CSC Holdings LLC, 4.5%, 11/15/31	(g)(i)	Media Entertainment		1,343		964		965
CSC Holdings LLC, 6.5%, 2/1/29	(g)(h)	Media Entertainment		2,622		2,460		2,230
CTP NV, Series EMTN, 1.5%, 9/27/31	(i)(l)	Real Estate	€	962		626		780
DaVita, Inc., 4.6%, 6/1/30	(g)(h)	Healthcare-Services	$	1,920		1,579		1,640
DT Midstream, Inc., 4.1%, 6/15/29	(g)(i)	Pipelines		625		586		555
DT Midstream, Inc., 4.4%, 6/15/31	(g)(i)	Pipelines		1,349		1,311		1,173
Earthstone Energy Holdings LLC, 8.0%, 4/15/27	(g)(i)	Oil & Gas		2,476		2,444		2,452
Earthstone Energy Holdings LLC, 9.9%, 7/15/31	(g)(i)	Oil & Gas		2,753		2,725		2,845
Elastic NV, 4.1%, 7/15/29	(g)(i)	Software		1,032		867		896
Energy Transfer LP, Series G, 7.1% 5/15/30 (fixed, converts to FRN on 5/15/30)	(i)(m)(n)	Pipelines		4,300		3,645		3,787
EnLink Midstream Partners LP, 5.1%, 4/1/45	(i)	Pipelines		1,642		1,200		1,308
EnLink Midstream Partners LP, 5.5%, 6/1/47	(i)	Pipelines		1,021		803		846
EnLink Midstream Partners LP, 5.6%, 4/1/44	(i)	Pipelines		636		504		524
EnLink Midstream Partners LP, Series C, 9.6% 8/31/23 (L+4.1%)	(i)(m)(n)	Pipelines		1,927		1,602		1,667
EPR Properties, 3.6%, 11/15/31	(h)	Real Estate Investment Trusts		3,780		2,832		2,955
EPR Properties, 4.5%, 6/1/27	(i)	Real Estate Investment Trusts		1,992		1,772		1,808
Erste Group Bank AG, 4.3% 10/15/27 (fixed, converts to FRN on 10/15/27)	(i)(l)(m)(n)	Banks	€	1,000		802		872
First Quantum Minerals Ltd., 8.6%, 6/1/31	(g)(i)	Mining	$	1,075		1,075		1,102
Ford Motor Co., 3.3%, 2/12/32	(h)	Auto Manufacturers		1,972		1,519		1,561
Ford Motor Co., 4.8%, 1/15/43	(i)	Auto Manufacturers		500		393		392
Ford Motor Co., 6.1%, 8/19/32	(i)	Auto Manufacturers		698		647		676
Ford Motor Credit Co. LLC, 3.6%, 6/17/31	(i)	Auto Manufacturers		803		653		664
Ford Motor Credit Co. LLC, 4.0%, 11/13/30	(i)	Auto Manufacturers		558		447		480
Ford Motor Credit Co. LLC, 4.1%, 8/4/25	(i)	Auto Manufacturers		413		397		394
Ford Motor Credit Co. LLC, 4.3%, 1/9/27	(i)	Auto Manufacturers		222		230		207
Ford Motor Credit Co. LLC, 5.1%, 5/3/29	(i)	Auto Manufacturers		976		892		912
Ford Motor Credit Co. LLC, 5.1%, 6/16/25	(i)	Auto Manufacturers		1,258		1,224		1,226
Ford Motor Credit Co. LLC, 5.6%, 3/18/24	(i)	Auto Manufacturers		377		376		375
Ford Motor Credit Co. LLC, 7.4%, 11/4/27	(i)	Auto Manufacturers		975		975		1,002
Ford Motor Credit Co. LLC, 7.4%, 3/6/30	(i)	Auto Manufacturers		1,864		1,903		1,931
Frontier Florida LLC, Series E, 6.9%, 2/1/28	(i)	Telecommunications		1,477		1,410		1,360
Frontier North, Inc., Series G, 6.7%, 2/15/28	(i)	Telecommunications		5,029		4,852		4,657
Gates Global LLC / Gates Corp., 6.3%, 1/15/26	(g)(h)	Miscellaneous Manufacturing		2,162		2,143		2,137
Go Daddy Operating Co. LLC / GD Finance Co., Inc., 3.5%, 3/1/29	(g)(i)	Internet		602		522		518
Grifols SA, 3.9%, 10/15/28	(i)(l)	Pharmaceuticals	€	3,484		3,182		3,310
HCA, Inc., 5.4%, 2/1/25	(i)	Healthcare-Services	$	2,156		2,142		2,144
Hess Midstream Operations LP, 4.3%, 2/15/30	(g)(h)	Pipelines		1,848		1,684		1,623
Hess Midstream Operations LP, 5.1%, 6/15/28	(g)(i)	Pipelines		575		549		544
Hilton Grand Vacations Borrower Escrow LLC, 5.0%, 6/1/29	(g)(i)	Lodging		1,062		901		950
Howard Midstream Energy Partners LLC, 8.9%, 7/15/28	(g)(i)	Pipelines		973		973		996

See notes to unaudited consolidated schedule of investments.

5  

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of July 31, 2023

(in thousands, except share amounts) 

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Intesa Sanpaolo SpA, 4.2%, 6/1/32 (fixed, converts to FRN on 6/1/31)	(g)(i)(m)	Banks	$	813	$	648	$	627
Intesa Sanpaolo SpA, 5.0%, 6/26/24	(g)(i)	Banks		5,010		4,880		4,896
LBM Acquisition LLC, 6.3%, 1/15/29	(g)(i)	Retail		134		102		116
Life Time, Inc., 8.0%, 4/15/26	(g)(i)(j)	Leisure Time		1,614		1,608		1,615
Lithia Motors, Inc., 3.9%, 6/1/29	(g)(i)	Retail		756		655		652
Lloyds Banking Group Plc, 7.5% 6/27/24 (fixed, converts to FRN on 6/27/24)	(i)(m)(n)	Banks		2,661		2,533		2,596
Lloyds Banking Group Plc, 7.5% 9/27/25 (fixed, converts to FRN on 9/27/25)	(i)(m)(n)	Banks		275		263		261
Lloyds Banking Group Plc, 8.5% 9/27/27 (fixed, converts to FRN on 9/27/27)	(i)(m)(n)	Banks	£	2,464		2,723		3,061
Lloyds Banking Group Plc, 8.5% 3/27/28 (fixed, converts to FRN on 3/27/28)	(i)(m)(n)	Banks		203		228		250
M&T Bank Corp., Series G, 5.0% 8/1/24 (fixed, converts to FRN on 8/1/24)	(i)(m)(n)	Banks	$	194		155		170
Macy’s Retail Holdings LLC, 4.3%, 2/15/43	(i)	Retail		264		225		164
Macy’s Retail Holdings LLC, 4.5%, 12/15/34	(i)	Retail		1,920		1,290		1,402
Macy’s Retail Holdings LLC, 5.1%, 1/15/42	(i)	Retail		295		279		204
Macy’s Retail Holdings LLC, 6.1%, 3/15/32	(g)(i)	Retail		780		680		697
Marriott Ownership Resorts, Inc., 4.8%, 1/15/28	(i)	Lodging		880		882		797
Matador Resources Co., 6.9%, 4/15/28	(g)(i)	Oil & Gas		1,361		1,348		1,354
Methanex Corp., 5.3%, 12/15/29	(i)	Chemicals		247		234		226
Methanex Corp., 5.7%, 12/1/44	(i)	Chemicals		956		693		801
MGM Resorts International, 4.8%, 10/15/28	(i)	Lodging		1,440		1,349		1,331
MGM Resorts International, 5.8%, 6/15/25	(i)	Lodging		618		616		612
MGM Resorts International, 6.8%, 5/1/25	(i)	Lodging		956		962		961
Mineral Resources Ltd., 8.0%, 11/1/27	(g)(i)	Iron/Steel		382		381		384
Mineral Resources Ltd., 8.5%, 5/1/30	(g)(i)	Iron/Steel		2,061		2,065		2,085
MIWD Holdco II LLC / MIWD Finance Corp., 5.5%, 2/1/30	(g)(i)	Building Materials		2,210		1,839		1,870
Moss Creek Resources Holdings, Inc., 7.5%, 1/15/26	(g)(i)	Oil & Gas		1,006		948		941
Moss Creek Resources Holdings, Inc., 10.5%, 5/15/27	(g)(i)	Oil & Gas		848		832		830
MPT Operating Partnership LP / MPT Finance Corp., 1.0%, 10/15/26	(i)	Real Estate Investment Trusts	€	1,759		1,480		1,510
MPT Operating Partnership LP / MPT Finance Corp., 2.5%, 3/24/26	(i)	Real Estate Investment Trusts	£	335		340		351
MPT Operating Partnership LP / MPT Finance Corp., 3.5%, 3/15/31	(i)	Real Estate Investment Trusts	$	2,012		1,355		1,454
MPT Operating Partnership LP / MPT Finance Corp., 3.7%, 6/5/28	(i)	Real Estate Investment Trusts	£	997		887		931
MPT Operating Partnership LP / MPT Finance Corp., 4.6%, 8/1/29	(i)	Real Estate Investment Trusts	$	3,087		2,329		2,456
Mylan, Inc., 5.2%, 4/15/48	(i)	Pharmaceuticals		531		364		423
Nationstar Mortgage Holdings, Inc., 5.5%, 8/15/28	(g)(i)	Diversified Financial Services		679		605		616
NatWest Group Plc, 5.1% 5/12/27 (fixed, converts to FRN on 5/12/27)	(i)(m)(n)	Banks	£	1,750		1,666		1,911
NatWest Group Plc, 8.0% 8/10/25 (fixed, converts to FRN on 8/10/25)	(i)(m)(n)	Banks	$	1,110		1,066		1,099
Newfold Digital Holdings Group, Inc., 6.0%, 2/15/29	(g)(i)	Internet		3,199		2,586		2,363
NFP Corp., 6.9%, 8/15/28	(g)(i)	Diversified Financial Services		574		490		509
Nokia Oyj, 6.6%, 5/15/39	(i)	Telecommunications		847		857		823
NOVA Chemicals Corp., 4.3%, 5/15/29	(g)(i)	Chemicals		2,437		2,062		2,028
NOVA Chemicals Corp., 5.3%, 6/1/27	(g)(i)	Chemicals		776		782		700
Novelis Sheet Ingot GmbH, 3.4%, 4/15/29	(i)(l)	Mining	€	675		607		656
NRG Energy, Inc., 3.6%, 2/15/31	(g)(i)	Electric	$	1,955		1,535		1,536
NRG Energy, Inc., 3.9%, 2/15/32	(g)(i)	Electric		1,330		1,062		1,030
NRG Energy, Inc., 5.3%, 6/15/29	(g)(i)	Electric		1,183		1,057		1,069

See notes to unaudited consolidated schedule of investments.

6  

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of July 31, 2023

(in thousands, except share amounts) 

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
NRG Energy, Inc., 10.3% 3/15/28 (fixed, converts to FRN on 3/15/28)	(g)(i)(m)(n)	Electric	$	5,317	$	5,147	$	5,158
Occidental Petroleum Corp., 6.5%, 9/15/36	(i)	Oil & Gas		140		155		147
Occidental Petroleum Corp., 6.6%, 3/15/46	(i)	Oil & Gas		790		812		838
Occidental Petroleum Corp., 8.0%, 6/15/39	(i)	Oil & Gas		632		756		721
OneMain Finance Corp., 4.0%, 9/15/30	(i)	Diversified Financial Services		99		99		78
OneMain Finance Corp., 5.4%, 11/15/29	(i)	Diversified Financial Services		745		619		646
OneMain Finance Corp., 6.6%, 1/15/28	(i)	Diversified Financial Services		667		640		633
Penn Entertainment, Inc., 4.1%, 7/1/29	(g)(i)	Entertainment		1,701		1,405		1,407
Petroleos Mexicanos, 6.6%, 6/15/35	(i)(j)	Oil & Gas		2,187		1,546		1,560
PetSmart, Inc. / PetSmart Finance Corp., 7.8%, 2/15/29	(g)(h)(i)	Retail		3,195		3,194		3,119
Plains All American Pipeline LP, Series B, 9.4% 8/31/23 (L+4.1%)	(i)(m)(n)	Pipelines		204		186		185
Playtika Holding Corp., 4.3%, 3/15/29	(g)(i)	Software		470		446		415
Post Holdings, Inc., 5.5%, 12/15/29	(g)(i)	Food		1,399		1,385		1,300
Precision Drilling Corp., 6.9%, 1/15/29	(g)(i)	Oil & Gas		1,726		1,582		1,629
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp., 5.6%, 9/1/29	(g)(i)	Entertainment		302		222		229
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp., 5.9%, 9/1/31	(g)(i)	Entertainment		1,027		737		759
Range Resources Corp., 4.8%, 2/15/30	(g)(i)	Oil & Gas		1,149		1,155		1,057
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc., 3.9%, 3/1/31	(g)(i)	Diversified Financial Services		739		576		608
Royal Caribbean Cruises Ltd., 9.3%, 1/15/29	(g)(h)	Leisure Time		1,885		1,910		2,009
Samsonite Finco S.à.r.l, 3.5%, 5/15/26	(i)(l)	Apparel	€	1,083		995		1,145
SeaWorld Parks & Entertainment, Inc., 5.3%, 8/15/29	(g)(i)	Entertainment	$	1,675		1,439		1,509
Sensata Technologies BV, 5.9%, 9/1/30	(g)(i)	Electronics		220		220		212
Service Properties Trust, 5.5%, 12/15/27	(i)	Real Estate Investment Trusts		1,461		1,314		1,284
Signal Parent, Inc., 6.1%, 4/1/29	(g)(i)	Commercial Services		1,136		1,126		693
Sirius XM Radio, Inc., 3.9%, 9/1/31	(g)(i)	Media Entertainment		539		412		422
Sirius XM Radio, Inc., 5.5%, 7/1/29	(g)(i)	Media Entertainment		1,068		1,108		977
SLM Corp., 3.1%, 11/2/26	(i)	Diversified Financial Services		201		173		177
Spectrum Brands, Inc., 3.9%, 3/15/31	(g)(i)	Household Products/Wares		733		620		605
Spectrum Brands, Inc., 5.0%, 10/1/29	(g)(i)	Household Products/Wares		281		257		253
Spectrum Brands, Inc., 5.5%, 7/15/30	(g)(i)	Household Products/Wares		1,446		1,472		1,322
Sprint LLC, 7.1%, 6/15/24	(i)	Telecommunications		1,113		1,127		1,124
Sprint LLC, 7.9%, 9/15/23	(i)	Telecommunications		1,652		1,656		1,655
Standard Industries, Inc., 2.3%, 11/21/26	(i)(l)	Building Materials	€	535		572		527
Station Casinos LLC, 4.6%, 12/1/31	(g)(h)	Lodging	$	1,899		1,546		1,606
Sterling Entertainment Enterprises LLC, 10.3%, 1/15/25	(e)	Media Entertainment		813		801		810
TEGNA, Inc., 4.6%, 3/15/28	(i)	Media Entertainment		373		329		335
TEGNA, Inc., 5.0%, 9/15/29	(i)	Media Entertainment		1,225		1,074		1,093
Terex Corp., 5.0%, 5/15/29	(g)(i)	Machinery-Construction & Mining		1,073		992		999
Teva Pharmaceutical Finance Netherlands II BV, 4.4%, 5/9/30	(i)	Pharmaceuticals	€	5,455		4,702		5,155
Teva Pharmaceutical Finance Netherlands II BV, 7.9%, 9/15/31	(i)	Pharmaceuticals		7,444		8,249		8,539
Thor Industries, Inc., 4.0%, 10/15/29	(g)(i)	Home Builders	$	1,163		964		1,000
TI Automotive Finance Plc, 3.8%, 4/15/29	(i)(l)	Auto Parts & Equipment	€	1,355		1,070		1,242
Tidewater, Inc., 10.4%, 7/3/28	(g)(i)	Oil & Gas	$	2,200		2,178		2,233
TransDigm, Inc., 5.5%, 11/15/27	(i)	Aerospace/Defense		946		910		898

See notes to unaudited consolidated schedule of investments.

7  

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of July 31, 2023

(in thousands, except share amounts) 

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
TUI Cruises GmbH, 6.5%, 5/15/26	(i)(l)	Leisure Time	€	2,377	$	2,618	$	2,469
UniCredit SpA, 8.0% 6/3/24 (fixed, converts to FRN on 6/03/24)	(i)(l)(m)(n)	Banks	$	2,603		2,545		2,577
Valvoline, Inc., 3.6%, 6/15/31	(g)(i)	Chemicals		651		532		537
Viatris, Inc., 4.0%, 6/22/50	(i)	Pharmaceuticals		1,818		1,124		1,230
Vibrantz Technologies, Inc., 9.0%, 2/15/30	(g)(i)	Chemicals		1,982		1,954		1,620
VICI Properties LP/VICI Note Co., Inc., 4.6%, 6/15/25	(g)(i)	Real Estate Investment Trusts		907		882		882
Victoria’s Secret & Co., 4.6%, 7/15/29	(g)(h)	Retail		5,175		4,347		3,889
Viking Cruises Ltd., 7.0%, 2/15/29	(g)(i)	Leisure Time		5,063		4,519		4,776
Vistra Corp., 7.0% 12/15/26 (fixed, converts to FRN on 12/15/26)	(g)(i)(m)(n)	Electric		1,812		1,650		1,614
Vistra Corp., 8.0% 10/15/26 (fixed, converts to FRN on 10/15/26)	(g)(i)(m)(n)	Electric		4,534		4,489		4,343
Wells Fargo & Co., Series BB, 3.9% 3/15/26 (fixed, converts to FRN on 3/15/26)	(i)(m)(n)	Banks		2,014		1,756		1,812
Western Midstream Operating LP, 4.1%, 2/1/30	(i)	Pipelines		670		663		610
Western Midstream Operating LP, 5.3%, 2/1/50	(i)	Pipelines		123		106		104
Western Midstream Operating LP, 5.5%, 4/1/44	(i)	Pipelines		392		335		343
Western Midstream Operating LP, 5.5%, 8/15/48	(i)	Pipelines		735		624		631
Wp/ap Telecom Holdings III BV, 5.5%, 1/15/30	(i)(l)	Telecommunications	€	820		740		772
WR Grace Holdings LLC, 5.6%, 8/15/29	(g)(i)	Chemicals	$	1,573		1,315		1,329
ZoomInfo Technologies LLC / ZoomInfo Finance Corp., 3.9%, 2/1/29	(g)(i)	Software		1,124		952		966
Total Unsecured Bonds						246,258		247,724
Collateralized Loan Obligation (CLO) / Structured Credit—27.9%
37 Capital CLO I Ltd., Series 2021-1A, Class D, ABS, L+3.5%, 9.1%, 10/15/34	(g)(m)	USD CLO		655		619		608
610 Funding CLO 1 Ltd., Series 2015-1A, Class CR, ABS, L+3.9%, 9.3%, 9/21/29	(g)(m)	USD CLO		425		422		420
Accunia European CLO II DAC, Series 2X, Class D, ABS, E+3.0%, 6.7%, 10/15/30	(l)(m)	EUR CLO	€	670		660		718
Accunia European CLO III DAC, Series 3X, Class D, ABS, E+3.1%, 6.8%, 1/20/31	(l)(m)	EUR CLO		240		274		255
Alba 2007-1 PLC, Series 2007-1, Class C, CMO, SONIA+0.4%, 5.3%, 3/17/39	(l)(m)	GBP CLO	£	534		579		630
Allegro CLO IV Ltd., Series 2016-1X, Class DR, ABS, S+4.1%, 9.4%, 1/15/30	(l)(m)	USD CLO	$	470		461		461
Allegro CLO V Ltd., Series 2017-1A, Class BR, ABS, S+1.7%, 7.0%, 10/16/30	(g)(m)	USD CLO		250		242		243
Alme Loan Funding III DAC, Series 3X, Class DRRE, ABS, E+2.8%, 6.4%, 4/15/32	(l)(m)	EUR CLO	€	450		440		471
Alme Loan Funding V DAC, Series 5A, Class DR, ABS, E+3.1%, 6.7%, 7/15/31	(g)(m)	EUR CLO		256		256		274
Alme Loan Funding V DAC, Series 5X, Class ER, ABS, E+5.4%, 9.1%, 7/15/31	(l)(m)	EUR CLO		220		214		229
Ammc CLO 20 Ltd., Series 2017-20A, Class E, ABS, S+6.1%, 11.4%, 4/17/29	(g)(m)	USD CLO	$	75		75		75
Ammc CLO XIII Ltd., Series 2013-13A, Class B1LR, ABS, S+3.9%, 9.2%, 7/24/29	(g)(m)	USD CLO		540		514		531
Anchorage Capital CLO 20 Ltd., Series 2021-20A, Class D, ABS, S+3.9%, 9.2%, 1/20/35	(g)(m)	USD CLO		455		423		435
Anchorage Capital CLO 4-R Ltd., Series 2014-4RA, Class C, ABS, S+2.1%, 7.5%, 1/28/31	(g)(m)	USD CLO		855		819		842
Anchorage Capital CLO 4-R Ltd., Series 2014-4RA, Class D, ABS, S+2.9%, 8.2%, 1/28/31	(g)(m)	USD CLO		250		241		233
Anchorage Capital CLO 5-R Ltd., Series 2014-5RA, Class E, ABS, S+5.7%, 11.0%, 1/15/30	(g)(m)	USD CLO		255		250		250
Anchorage Capital CLO 8 Ltd., Series 2016-8A, Class DR2, ABS, S+3.9%, 9.2%, 10/27/34	(g)(m)	USD CLO		250		228		239

See notes to unaudited consolidated schedule of investments.

8  

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of July 31, 2023

(in thousands, except share amounts) 

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Anchorage Capital Europe CLO 2 DAC, Series 2X, Class CR, ABS, E+2.4%, 6.1%, 4/15/34	(l)(m)	EUR CLO	€	410	$	375	$	438
Anchorage Capital Europe CLO 3 DAC, Series 3X, Class D, ABS, E+3.8%, 7.5%, 7/15/32	(l)(m)	EUR CLO		745		794		776
Anchorage Credit Funding 10 Ltd., Series 2020-10A, Class EV, ABS, 7.1%, 4/25/38	(g)	USD CLO	$	250		235		206
Anchorage Credit Funding 12 Ltd., Series 2020-12A, Class D, ABS, 5.9%, 10/25/38	(g)	USD CLO		295		295		258
Anchorage Credit Funding 2 Ltd., Series 2015-2A, Class ERV, ABS, 7.0%, 4/25/38	(g)	USD CLO		250		233		204
Anchorage Credit Funding 3 Ltd., Series 2016-3A, Class DR, ABS, 5.8%, 1/28/39	(g)	USD CLO		250		250		219
Anchorage Credit Funding 3 Ltd., Series 2016-3A, Class ER, ABS, 7.2%, 1/28/39	(g)	USD CLO		410		387		334
Anchorage Credit Funding 6 Ltd., Series 2018-6A, Class E, ABS, 6.9%, 7/25/36	(g)	USD CLO		570		547		468
Aqueduct European CLO DAC, Series 2019-4X, Class CR, ABS, E+2.0%, 5.7%, 7/15/32	(l)(m)	EUR CLO	€	525		524		549
Arbour CLO VII DAC, Series 7A, Class B2E, ABS, E+1.8%, 5.3%, 3/15/33	(g)(m)	EUR CLO		250		238		268
Ares European CLO IX DAC, Series 9X, Class D, ABS, E+2.4%, 6.1%, 10/14/30	(l)(m)	EUR CLO		520		554		542
Ares European CLO IX DAC, Series 9X, Class E, ABS, E+4.4%, 8.1%, 10/14/30	(l)(m)	EUR CLO		290		321		285
Ares European CLO VI DAC, Series 2013-6X, Class ER, ABS, E+5.3%, 9.0%, 4/15/30	(l)(m)	EUR CLO		340		384		342
Ares XL CLO Ltd., Series 2016-40A, Class BRR, ABS, S+2.1%, 7.4%, 1/15/29	(g)(m)	USD CLO	$	350		335		344
Ares XLIX CLO Ltd., Series 2018-49A, Class D, ABS, S+3.3%, 8.6%, 7/22/30	(g)(m)	USD CLO		250		245		234
Ares XXXVII CLO Ltd., Series 2015-4A, Class CR, ABS, S+2.9%, 8.2%, 10/15/30	(g)(m)	USD CLO		250		247		238
Ares XXXVII CLO Ltd., Series 2015-4A, Class BR, ABS, S+2.1%, 7.4%, 10/15/30	(g)(m)	USD CLO		250		246		245
Ares XXXVR CLO Ltd., Series 2015-35RA, Class D, ABS, S+3.3%, 8.6%, 7/15/30	(g)(m)	USD CLO		250		250		237
Armada Euro CLO III DAC, Series 3A, Class DR, ABS, E+3.3%, 7.0%, 7/15/31	(g)(m)	EUR CLO	€	880		857		935
Atlas Senior Loan Fund III Ltd., Series 2013-1A, Class DR, ABS, L+2.6%, 7.9%, 11/17/27	(g)(m)	USD CLO	$	500		484		500
Atlas Senior Loan Fund IX Ltd., Series 2018-9A, Class D, ABS, S+2.8%, 8.1%, 4/20/28	(g)(m)	USD CLO		250		239		248
Atrium IX, Series 9A, Class CR2, ABS, L+2.0%, 7.5%, 5/28/30	(g)(m)	USD CLO		1,560		1,465		1,536
Atrium XIII, Series 13A, Class C, ABS, S+2.1%, 7.4%, 11/21/30	(g)(m)	USD CLO		430		416		419
Atrium XIV LLC, Series 14A, Class D, ABS, S+3.2%, 8.5%, 8/23/30	(g)(m)	USD CLO		250		238		244
Aurium CLO IV DAC, Series 4X, Class D, ABS, E+2.3%, 6.0%, 1/16/31	(l)(m)	EUR CLO	€	305		305		307
Avoca Capital CLO X Ltd., Series 10X, Class DRR, ABS, E+3.1%, 6.8%, 4/15/35	(l)(m)	EUR CLO		1,130		1,126		1,154
Avoca CLO XI DAC, Series 11X, Class DR, ABS, E+3.1%, 6.7%, 7/15/30	(l)(m)	EUR CLO		490		496		528
Avoca CLO XI DAC, Series 11X, Class ER, ABS, E+5.0%, 8.7%, 7/15/30	(l)(m)	EUR CLO		210		226		212
Avoca CLO XIII DAC, Series 13X, Class ERR, ABS, E+6.2%, 9.9%, 4/15/34	(l)(m)	EUR CLO		240		230		245
Avoca CLO XIX DAC, Series 19X, Class D, ABS, E+3.2%, 6.9%, 10/15/31	(l)(m)	EUR CLO		400		411		418
Avoca CLO XV DAC, Series 15X, Class ER, ABS, E+4.1%, 7.8%, 4/15/31	(l)(m)	EUR CLO		360		388		346

See notes to unaudited consolidated schedule of investments.

9  

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of July 31, 2023

(in thousands, except share amounts) 

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Avoca CLO XVIII DAC, Series 18X, Class E, ABS, E+4.6%, 8.3%, 4/15/31	(l)(m)	EUR CLO	€	195	$	216	$	196
Avoca CLO XXII DAC, Series 22A, Class D, ABS, E+2.9%, 6.6%, 4/15/35	(g)(m)	EUR CLO		360		320		371
Avoca CLO XXIII DAC, Series 23X, Class B1, ABS, E+1.5%, 5.2%, 4/15/34	(l)(m)	EUR CLO		455		437		480
Avoca CLO XXIV DAC, Series 24X, Class DR, ABS, E+3.0%, 6.7%, 7/15/34	(l)(m)	EUR CLO		165		163		167
Avoca CLO XXVI DAC, Series 26X, Class B1, ABS, E+1.8%, 5.4%, 4/15/35	(l)(m)	Other ABS		355		380		376
Bain Capital Euro CLO DAC, Series 2018-2X, Class D, ABS, E+3.2%, 6.9%, 1/20/32	(l)(m)	EUR CLO		370		359		374
Bain Capital Euro CLO DAC, Series 2021-2X, Class D, ABS, E+3.4%, 7.1%, 7/17/34	(l)(m)	EUR CLO		355		373		348
Barings Euro CLO DAC, Series 2018-1X, Class D, ABS, E+2.3%, 6.0%, 4/15/31	(l)(m)	EUR CLO		190		196		195
Barings Euro CLO DAC, Series 2019-1X, Class CR, ABS, E+3.0%, 6.6%, 10/15/34	(l)(m)	EUR CLO		245		251		257
Barings Euro CLO DAC, Series 2018-2X, Class D, ABS, E+3.2%, 6.9%, 10/15/31	(l)(m)	EUR CLO		920		1,080		956
Barings Euro CLO DAC, Series 2018-3A, Class DE, ABS, E+3.7%, 7.4%, 7/27/31	(g)(m)	EUR CLO		480		525		483
Benefit Street Partners CLO II Ltd., Series 2013-IIA, Class CR, ABS, S+4.0%, 9.3%, 7/15/29	(g)(m)	USD CLO	$	250		244		251
Benefit Street Partners CLO XII Ltd., Series 2017-12A, Class B, ABS, S+2.3%, 7.6%, 10/15/30	(g)(m)	USD CLO		400		385		388
Betony CLO 2 Ltd., Series 2018-1A, Class C, ABS, S+3.2%, 8.5%, 4/30/31	(g)(m)	USD CLO		250		233		235
Bilbao CLO I DAC, Series 1X, Class B, ABS, E+1.7%, 5.4%, 7/20/31	(l)(m)	EUR CLO	€	515		526		546
Bilbao CLO I DAC, Series 1X, Class C, ABS, E+2.6%, 6.3%, 7/20/31	(l)(m)	EUR CLO		550		566		569
Bilbao CLO II DAC, Series 2X, Class A2AR, ABS, E+1.6%, 5.0%, 8/20/35	(l)(m)	EUR CLO		465		422		491
Birch Grove CLO 2 Ltd., Series 2021-2A, Class D2, ABS, S+5.2%, 10.5%, 10/19/34	(g)(m)	USD CLO	$	605		599		568
Birch Grove CLO 3 Ltd., Series 2021-3A, Class D2, ABS, S+5.4%, 10.7%, 1/19/35	(g)(m)	USD CLO		885		876		848
Black Diamond CLO DAC, Series 2017-2X, Class CNE, ABS, E+2.0%, 5.7%, 1/20/32	(l)(m)	EUR CLO	€	590		609		623
Black Diamond CLO Ltd., Series 2017-1A, Class C, ABS, S+4.2%, 9.6%, 4/24/29	(g)(m)	USD CLO	$	590		581		587
BlackRock European CLO 1 DAC, Series 1X, Class DR, ABS, E+2.3%, 5.8%, 3/15/31	(l)(m)	EUR CLO	€	300		298		307
BlackRock European CLO IV DAC, Series 4X, Class D, ABS, E+2.7%, 6.3%, 7/15/30	(l)(m)	EUR CLO		900		936		918
BlackRock European CLO X DAC, Series 10X, Class B1R, ABS, E+1.8%, 5.4%, 10/15/34	(l)(m)	EUR CLO		260		267		274
BlueMountain Fuji EUR CLO V DAC, Series 5X, Class C, ABS, E+2.5%, 6.1%, 1/15/33	(l)(m)	EUR CLO		865		866		913
BlueMountain Fuji EUR CLO V DAC, Series 5X, Class D, ABS, E+3.9%, 7.5%, 1/15/33	(l)(m)	EUR CLO		160		163		170
BlueMountain Fuji U.S. CLO III Ltd., Series 2017-3A, Class D, ABS, S+2.7%, 8.0%, 1/15/30	(g)(m)	USD CLO	$	250		239		233
BNPP IP CLO Ltd., Series 2014-2A, Class DR, ABS, L+3.5%, 9.1%, 10/30/25	(g)(m)	USD CLO		36		34		36
Bosphorus CLO V DAC, Series 5A, Class DE, ABS, E+4.8%, 8.3%, 12/12/32	(g)(m)	EUR CLO	€	320		354		343
Bridgepoint CLO 2 DAC, Series 2X, Class C, ABS, E+2.0%, 5.7%, 4/15/35	(l)(m)	EUR CLO		300		293		312
Bridgepoint CLO 2 DAC, Series 2X, Class D, ABS, E+3.0%, 6.7%, 4/15/35	(l)(m)	EUR CLO		310		308		320

See notes to unaudited consolidated schedule of investments.

10  

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of July 31, 2023

(in thousands, except share amounts) 

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Bridgepoint CLO 3 DAC, Series 3X, Class D, ABS, E+3.4%, 7.1%, 1/15/36	(l)(m)	EUR CLO	€	290	$	292	$	301
Buttermilk Park CLO Ltd., Series 2018-1A, Class C, ABS, S+2.4%, 7.7%, 10/15/31	(g)(m)	USD CLO	$	250		240		245
BX Trust, Series 2019-OC11, Class E, 3.9%, 12/9/41	(g)(m)	Commercial MBS		1,010		835		816
BX Trust, Series 2021-ARIA, Class D, S+2.0%, 7.2%, 10/15/36	(g)(m)	Commercial MBS		765		729		733
BX Trust, Series 2021-ARIA, Class E, S+2.4%, 7.6%, 10/15/36	(g)(m)	Commercial MBS		345		322		325
BX Trust, Series 2021-ARIA, Class F, S+2.7%, 7.9%, 10/15/36	(g)(m)	Commercial MBS		630		582		584
BX Trust, Series 2018-BILT, Class E, S+2.7%, 7.9%, 5/15/30	(g)(m)	Commercial MBS		175		169		171
Cairn CLO IX DAC, Series 2018-9X, Class C, ABS, E+1.5%, 5.2%, 4/25/32	(l)(m)	EUR CLO	€	415		395		432
Cairn CLO VII DAC, Series 2016-7X, Class E, ABS, E+6.4%, 9.6%, 1/31/30	(l)(m)	EUR CLO		440		486		461
Cairn CLO XI DAC, Series 2019-11X, Class D, ABS, E+4.2%, 7.8%, 7/15/32	(l)(m)	EUR CLO		625		682		642
Cairn CLO XIV DAC, Series 2021-14A, Class B1, ABS, E+1.7%, 5.4%, 10/29/34	(g)(m)	EUR CLO		250		241		265
Cairn CLO XIV DAC, Series 2021-14X, Class C, ABS, E+2.1%, 5.8%, 10/29/34	(l)(m)	EUR CLO		320		333		329
Cairn CLO XV DAC, Series 2022-15X, Class B1, ABS, E+1.8%, 5.4%, 4/15/36	(l)(m)	EUR CLO		410		359		432
Canyon Capital CLO Ltd., Series 2014-1A, Class BR, ABS, S+2.1%, 7.4%, 1/30/31	(g)(m)	USD CLO	$	665		632		636
Canyon Capital CLO Ltd., Series 2016-2A, Class CR, ABS, S+2.5%, 7.8%, 10/15/31	(g)(m)	USD CLO		285		281		282
Capital Four CLO I DAC, Series 1X, Class C, ABS, E+2.6%, 6.2%, 1/15/33	(l)(m)	Other ABS	€	440		475		470
Capital Four CLO II DAC, Series 2X, Class C, ABS, E+2.7%, 6.4%, 1/15/34	(l)(m)	EUR CLO		290		264		310
Capital Four CLO III DAC, Series 3X, Class B1, ABS, E+1.8%, 5.4%, 10/15/34	(l)(m)	EUR CLO		545		492		575
Carbone CLO Ltd., Series 2017-1A, Class B, ABS, S+2.1%, 7.4%, 1/20/31	(g)(m)	USD CLO	$	545		513		530
Carlyle Euro CLO DAC, Series 2017-3X, Class C, ABS, E+2.5%, 6.2%, 1/15/31	(l)(m)	EUR CLO	€	160		158		158
Carlyle Global Market Strategies CLO Ltd., Series 2013-1A, Class CR, ABS, L+3.4%, 8.7%, 8/14/30	(g)(m)	USD CLO	$	435		418		416
Carlyle Global Market Strategies Euro CLO DAC, Series 2016-2X, Class BRR, ABS, E+2.4%, 6.1%, 4/15/34	(l)(m)	EUR CLO	€	525		565		536
Carlyle Global Market Strategies Euro CLO DAC, Series 2015-3X, Class C1RE, ABS, E+2.6%, 6.2%, 7/15/30	(l)(m)	EUR CLO		275		323		281
Carlyle Global Market Strategies Euro CLO DAC, Series 2020-1X, Class D, ABS, E+5.4%, 9.1%, 4/15/33	(l)(m)	EUR CLO		250		291		231
Carlyle U.S. CLO Ltd., Series 2017-5A, Class B, ABS, S+2.1%, 7.4%, 1/20/30	(g)(m)	USD CLO	$	440		410		425
Carlyle U.S. CLO Ltd., Series 2017-4A, Class C, ABS, S+3.1%, 8.4%, 1/15/30	(g)(m)	Other ABS		250		234		232
Carmax Auto Owner Trust, Series 2022-4, Class D, ABS, 8.1%, 4/16/29		Asset-Backed - Automobile		660		656		681
CarVal CLO VC Ltd., Series 2021-2A, Class C, ABS, S+2.5%, 7.8%, 10/15/34	(g)(m)	USD CLO		355		334		346
Catalyst Healthcare Manchester Financing PLC, Series AMBC, 2.4%, 9/30/40	(i)	Healthcare-Services	£	237		612		586
Catamaran CLO Ltd., Series 2014-1A, Class CR, ABS, S+3.7%, 9.0%, 4/22/30	(g)(m)	USD CLO	$	250		244		234
CBAM Ltd., Series 2017-1A, Class C, ABS, S+2.7%, 8.0%, 7/20/30	(g)(m)	USD CLO		535		523		527
Cedar Funding VII CLO Ltd., Series 2018-7A, Class C, ABS, S+2.0%, 7.3%, 1/20/31	(g)(m)	USD CLO		395		387		384

See notes to unaudited consolidated schedule of investments.

11  

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of July 31, 2023

(in thousands, except share amounts) 

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Cedar Funding VII CLO Ltd., Series 2018-7A, Class D, ABS, S+2.8%, 8.1%, 1/20/31	(g)(m)	USD CLO	$	250	$	237	$	238
CIFC European Funding CLO III DAC, Series 3X, Class D, ABS, E+3.6%, 7.3%, 1/15/34	(l)(m)	EUR CLO	€	355		354		377
CIFC European Funding CLO IV DAC, Series 4X, Class D, ABS, E+3.1%, 6.8%, 8/18/35	(l)(m)	EUR CLO		280		246		289
CIFC European Funding CLO V DAC, Series 5X, Class D, ABS, E+3.2%, 6.8%, 11/23/34	(l)(m)	EUR CLO		520		471		536
CIFC Funding Ltd., Series 2017-2X, Class CR, ABS, S+2.1%, 7.4%, 4/20/30	(l)(m)	USD CLO	$	250		232		243
CIFC Funding Ltd., Series 2015-4A, Class BR2, ABS, S+2.2%, 7.5%, 4/20/34	(g)(m)	USD CLO		270		263		263
CIFC Funding Ltd., Series 2013-4A, Class DRR, ABS, S+3.1%, 8.4%, 4/27/31	(g)(m)	USD CLO		605		568		573
CIFC Funding Ltd., Series 2018-2A, Class C, ABS, L+2.9%, 8.4%, 4/20/31	(g)(m)	USD CLO		325		303		318
Clover CLO LLC, Series 2021-2A, Class C, ABS, L+2.0%, 7.6%, 7/20/34	(g)(m)	USD CLO		625		610		607
Clover Credit Partners CLO III Ltd., Series 2017-1A, Class D, ABS, S+4.0%, 9.3%, 10/15/29	(g)(m)	USD CLO		1,710		1,691		1,685
Contego CLO V DAC, Series 5X, Class D, ABS, E+2.7%, 6.3%, 1/15/31	(l)(m)	EUR CLO	€	275		276		287
CVC Cordatus Loan Fund III DAC, Series 3X, Class DRR, ABS, E+2.6%, 5.9%, 8/15/32	(l)(m)	EUR CLO		850		837		870
CVC Cordatus Loan Fund VII DAC, Series 7X, Class DRR, ABS, E+2.9%, 6.4%, 9/15/31	(l)(m)	EUR CLO		285		261		293
CVC Cordatus Loan Fund X DAC, Series 10X, Class C, ABS, E+1.6%, 5.3%, 1/27/31	(l)(m)	EUR CLO		200		205		210
CVC Cordatus Loan Fund X DAC, Series 10X, Class D, ABS, E+2.5%, 6.2%, 1/27/31	(l)(m)	EUR CLO		190		207		197
CVC Cordatus Loan Fund XVI DAC, Series 16X, Class D, ABS, E+4.2%, 7.7%, 6/17/32	(l)(m)	EUR CLO		165		166		179
CVC Cordatus Loan Fund XVIII DAC, Series 18X, Class CR, ABS, E+2.2%, 5.9%, 7/29/34	(l)(m)	EUR CLO		310		318		324
CVC Cordatus Loan Fund XXII DAC, Series 22X, Class D, ABS, E+3.2%, 6.7%, 12/15/34	(l)(m)	EUR CLO		475		453		484
Dartry Park CLO DAC, Series 1X, Class BRR, ABS, E+2.3%, 6.0%, 1/28/34	(l)(m)	EUR CLO		355		337		377
Diamond CLO Ltd., Series 2019-1A, Class E, ABS, S+8.3%, 13.7%, 4/25/29	(g)(m)	USD CLO	$	805		805		808
Dryden 41 Senior Loan Fund, Series 2015-41A, Class CR, ABS, S+2.0%, 7.3%, 4/15/31	(g)(m)	USD CLO		250		241		243
Dryden 59 Euro CLO DAC, Series 2017-59X, Class D1, ABS, E+2.4%, 5.7%, 5/15/32	(l)(m)	EUR CLO	€	365		391		365
Dryden XXVI Senior Loan Fund, Series 2013-26A, Class CR, ABS, S+2.1%, 7.4%, 4/15/29	(g)(m)	USD CLO	$	350		337		342
Dryden XXVIII Senior Loan Fund, Series 2013-28A, Class B1LR, ABS, L+3.2%, 8.5%, 8/15/30	(g)(m)	Other ABS		435		420		421
Eaton Vance CLO Ltd., Series 2014-1RA, Class C, ABS, S+2.4%, 7.7%, 7/15/30	(g)(m)	USD CLO		325		318		319
Eaton Vance CLO Ltd., Series 2014-1RA, Class D, ABS, S+3.3%, 8.6%, 7/15/30	(g)(m)	USD CLO		250		237		237
Elevation CLO Ltd., Series 2018-3A, Class CR, ABS, L+2.5%, 8.1%, 1/25/35	(g)(m)	USD CLO		500		489		478
Elevation CLO Ltd., Series 2021-14A, Class D2, ABS, S+5.3%, 10.6%, 10/20/34	(g)(m)	USD CLO		630		622		571
Ellington CLO I Ltd., Series 2017-1A, Class DR, ABS, S+3.6%, 8.9%, 10/15/29	(g)(m)	USD CLO		410		399		382
Ellington CLO II Ltd., Series 2017-2A, Class D, ABS, L+3.7%, 9.0%, 2/15/29	(g)(m)	USD CLO		500		487		470
Ellington CLO IV Ltd., Series 2019-4A, Class D1, ABS, S+5.8%, 11.1%, 4/15/29	(g)(m)	USD CLO		585		580		570
Erna Srl, Series 1, Class A, E+2.3%, 5.5%, 7/25/31	(l)(m)	Commercial MBS	€	177		205		189

See notes to unaudited consolidated schedule of investments.

12  

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of July 31, 2023

(in thousands, except share amounts) 

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Erna Srl, Series 1, Class B, E+3.6%, 6.9%, 7/25/31	(l)(m)	Commercial MBS	€	489	$	535	$	518
Euro-Galaxy III CLO DAC, Series 2013-3X, Class DRRR, ABS, E+3.3%, 6.9%, 4/24/34	(l)(m)	EUR CLO		230		243		241
Euro-Galaxy V CLO DAC, Series 2016-5A, Class CRR, ABS, E+2.4%, 5.7%, 2/15/34	(g)(m)	EUR CLO		345		311		367
Euro-Galaxy VII CLO DAC, Series 2019-7X, Class CR, ABS, E+2.4%, 6.1%, 7/25/35	(l)(m)	EUR CLO		895		883		948
Euro-Galaxy VII CLO DAC, Series 2019-7X, Class DR, ABS, E+3.5%, 7.2%, 7/25/35	(l)(m)	EUR CLO		370		374		389
Fair Oaks Loan Funding I DAC, Series 1X, Class DR, ABS, E+3.4%, 7.1%, 4/15/34	(l)(m)	EUR CLO		385		379		405
Fair Oaks Loan Funding II DAC, Series 2X, Class DR, ABS, E+3.1%, 6.7%, 4/15/34	(l)(m)	EUR CLO		370		382		380
Fair Oaks Loan Funding III DAC, Series 3X, Class DR, ABS, E+3.0%, 6.7%, 10/15/34	(l)(m)	EUR CLO		945		934		959
Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-DNA7, Class M2, CMO, S+1.8%, 6.9%, 11/25/41	(e)(g)(m)	USD CLO	$	985		941		969
Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-HQA2, Class M2, CMO, S+2.1%, 7.1%, 12/25/33	(e)(g)(m)	USD CLO		645		616		638
Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-DNA3, Class M2, CMO, S+2.1%, 7.2%, 10/25/33	(e)(g)(m)	USD CLO		1,285		1,242		1,279
Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-HQA1, Class M2, CMO, S+2.3%, 7.3%, 8/25/33	(e)(g)(m)	USD CLO		426		411		425
Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2022-DNA2, Class M1B, CMO, S+2.4%, 7.5%, 2/25/42	(g)(m)	USD CLO		560		525		563
Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2020-DNA2, Class B1, CMO, S+2.6%, 7.7%, 2/25/50	(g)(m)	USD CLO		80		77		81
Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-DNA5, Class B1, ABS, S+3.1%, 8.1%, 1/25/34	(e)(g)(m)	USD CLO		260		253		263
Federal Home Loan Mortgage Corp. STACR Trust, Series 2019-HQA3, Class B1, CMO, S+3.1%, 8.2%, 9/25/49	(e)(g)(m)	USD CLO		755		750		785
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes, Series 2023-DNA2, Class M1B, ABS, S+3.3%, 8.3%, 4/25/43	(e)(g)(m)	USD CLO		270		270		279
Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2021-R03, Class 1M2, CMO, S+1.7%, 6.7%, 12/25/41	(g)(m)	USD CLO		184		167		181
Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2021-R02, Class 2M2, ABS, S+2.0%, 7.1%, 11/25/41	(g)(m)	USD CLO		275		266		272
Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M2, ABS, S+2.7%, 7.8%, 7/25/43	(g)(m)	USD CLO		230		230		232
Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2022-R02, Class 2M2, CMO, S+3.0%, 8.1%, 1/25/42	(g)(m)	USD CLO		1,460		1,419		1,471
Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2022-R05, Class 2M2, ABS, S+3.0%, 8.1%, 4/25/42	(g)(m)	USD CLO		260		256		263
Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2022-R04, Class 1M2, CMO, S+3.1%, 8.2%, 3/25/42	(g)(m)	USD CLO		435		420		444
Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M2, ABS, S+3.1%, 8.2%, 6/25/43	(g)(m)	USD CLO		330		330		338

See notes to unaudited consolidated schedule of investments.

13  

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of July 31, 2023

(in thousands, except share amounts) 

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M2, ABS, S+3.6%, 8.6%, 5/25/43	(g)(m)	USD CLO	$	570	$	570	$	595
Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2019-R06, Class 2B1, CMO, S+3.9%, 8.9%, 9/25/39	(g)(m)	USD CLO		367		367		378
Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2023-R06, Class 1B1, ABS, S+3.9%, 9.0%, 7/25/43	(g)(m)	USD CLO		105		105		107
Fidelity Grand Harbour CLO DAC, Series 2021-1X, Class C, ABS, E+2.5%, 6.2%, 10/15/34	(l)(m)	EUR CLO	€	375		383		397
First Eagle Clarendon Fund CLO LLC, Series 2014-1A, Class E, ABS, S+6.3%, 11.7%, 1/25/27	(g)(m)	USD CLO	$	245		245		245
Fontainebleau Miami Beach Trust, Series 2019-FBLU, Class F, 4.0%, 12/10/36	(e)(g)(m)	Commercial MBS		195		182		182
Fontainebleau Miami Beach Trust, Series 2019-FBLU, Class G, 4.0%, 12/10/36	(e)(g)(m)	Commercial MBS		570		526		530
Galaxy XIX CLO Ltd., Series 2015-19A, Class BRR, ABS, S+2.1%, 7.5%, 7/24/30	(g)(m)	USD CLO		520		494		503
Galaxy XXIV CLO Ltd., Series 2017-24X, Class D, ABS, S+2.7%, 8.0%, 1/15/31	(l)(m)	USD CLO		550		511		527
Galaxy XXVII CLO Ltd., Series 2018-27A, Class D, ABS, L+2.8%, 8.1%, 5/16/31	(g)(m)	USD CLO		1,290		1,217		1,237
Galaxy XXVIII CLO Ltd., Series 2018-28A, Class B, ABS, S+1.9%, 7.2%, 7/15/31	(g)(m)	USD CLO		525		506		517
Galaxy XXVIII CLO Ltd., Series 2018-28A, Class C, ABS, S+2.2%, 7.5%, 7/15/31	(g)(m)	USD CLO		250		242		243
Gallatin CLO IX Ltd., Series 2018-1A, Class D1, ABS, L+3.1%, 8.7%, 1/21/28	(g)(m)	USD CLO		250		248		248
Gallatin CLO IX Ltd., Series 2018-1A, Class E, ABS, L+5.5%, 11.1%, 1/21/28	(g)(m)	USD CLO		1,160		1,140		1,155
GAM FRR2 H Co.	(e)(o)(p)	USD CLO		1		569		569
GAM Re-REMIC Trust, Series 2021-FRR2, Class CK44, 0.0%, 9/27/51	(g)(o)(q)	Commercial MBS		43		36		37
GAM Re-REMIC Trust, Series 2021-FRR2, Class DK49, 0.0%, 9/27/51	(g)(o)(q)	Commercial MBS		34		27		27
GAM Re-REMIC Trust, Series 2021-FRR2, Class D730, 0.0%, 9/27/51	(g)(o)(q)	Commercial MBS		35		29		30
GAM Re-REMIC Trust, Series 2021-FRR2, Class CK78, 0.0%, 9/27/51	(g)(o)(q)	Commercial MBS		29		19		17
GAM Re-REMIC Trust, Series 2021-FRR1, Class 1C, 0.0%, 11/29/50	(g)(o)(q)	Commercial MBS		41		29		28
GAM Re-REMIC Trust, Series 2021-FRR1, Class 1D, 0.0%, 11/29/50	(g)(o)(q)	Commercial MBS		60		41		40
GAM Re-REMIC Trust, Series 2021-FRR1, Class 2C, 0.0%, 11/29/50	(g)(o)(q)	Commercial MBS		44		30		28
GAM Re-REMIC Trust, Series 2021-FRR2, Class BK78, 2.4%, 9/27/51	(g)(m)(o)	Commercial MBS		46		37		33
Golub Capital Partners 48 LP, Series 2020-48A, Class D, ABS, S+4.1%, 9.4%, 4/17/33	(g)(m)	USD CLO		250		234		242
Golub Capital Partners CLO 50B-R Ltd., Series 2020-50A, Class CR, ABS, S+2.4%, 7.7%, 4/20/35	(g)(m)	USD CLO		310		288		302
Great Wolf Trust, Series 2019-WOLF, Class E, S+2.8%, 8.1%, 12/15/36	(g)(m)	Commercial MBS		915		890		894
Halcyon Loan Advisors Funding Ltd., Series 2017-2A, Class B, ABS, S+2.4%, 7.7%, 1/17/30	(g)(m)	USD CLO		440		425		432
Halcyon Loan Advisors Funding Ltd., Series 2015-2A, Class D1R, ABS, S+3.4%, 8.7%, 7/25/27	(g)(m)	USD CLO		615		602		580
Halcyon Loan Advisors Funding Ltd., Series 2015-2A, Class D2R, ABS, S+3.4%, 8.7%, 7/25/27	(g)(m)	USD CLO		405		396		382
Halseypoint CLO II Ltd., Series 2020-2A, Class D, ABS, S+3.3%, 8.6%, 7/20/31	(g)(m)	USD CLO		680		639		666

See notes to unaudited consolidated schedule of investments.

14  

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of July 31, 2023

(in thousands, except share amounts) 

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Harvest CLO XII DAC, Series 12X, Class DR, ABS, E+2.7%, 6.1%, 11/18/30	(l)(m)	EUR CLO	€	595	$	598	$	615
Harvest CLO XIX DAC, Series 19X, Class D, ABS, E+2.6%, 6.2%, 4/14/31	(l)(m)	EUR CLO		660		685		673
Harvest CLO XV DAC, Series 15X, Class DR, ABS, E+2.8%, 6.1%, 11/22/30	(l)(m)	EUR CLO		320		318		329
Harvest CLO XX DAC, Series 20X, Class DR, ABS, E+3.1%, 6.8%, 10/20/31	(l)(m)	EUR CLO		335		336		350
Harvest CLO XXII DAC, Series 22X, Class CR, ABS, E+2.3%, 6.0%, 1/15/32	(l)(m)	EUR CLO		235		249		243
Harvest CLO XXIII DAC, Series 23A, Class CE, ABS, E+2.1%, 5.8%, 10/20/32	(g)(m)	EUR CLO		250		249		259
Harvest CLO XXVII DAC, Series 27X, Class D, ABS, E+3.4%, 7.1%, 7/15/34	(l)(m)	EUR CLO		285		273		291
Henley CLO I DAC, Series 1X, Class DR, ABS, E+3.0%, 6.7%, 7/25/34	(l)(m)	EUR CLO		425		408		437
Henley CLO III DAC, Series 3X, Class CR, ABS, E+2.3%, 6.0%, 12/25/35	(l)(m)	EUR CLO		400		413		420
Henley CLO VI DAC, Series 6X, Class D, ABS, E+3.2%, 6.9%, 6/10/34	(l)(m)	EUR CLO		485		489		489
Hertz Vehicle Financing III LP, Series 2021-2A, Class D, ABS, 4.3%, 12/27/27	(g)	USD CLO	$	250		218		219
Highbridge Loan Management Ltd., Series 12A-18, Class B, ABS, S+2.1%, 7.4%, 7/18/31	(g)(m)	USD CLO		435		426		427
HPS Loan Management Ltd., Series 13A-18, Class C, ABS, S+2.4%, 7.7%, 10/15/30	(g)(m)	USD CLO		1,015		960		987
Hull Street CLO Ltd., Series 2014-1A, Class D, ABS, S+3.9%, 9.2%, 10/18/26	(g)(m)	USD CLO		74		73		73
JFIN CLO Ltd., Series 2015-2A, Class ER, ABS, S+6.4%, 11.7%, 10/17/26	(g)(m)	USD CLO		330		329		329
JFIN CLO Ltd., Series 2012-1A, Class DR, ABS, S+6.7%, 12.0%, 7/20/28	(g)(m)	USD CLO		700		693		705
JMP Credit Advisors ClO IV Ltd., Series 2017-1A, Class D, ABS, S+4.4%, 9.7%, 7/17/29	(g)(m)	USD CLO		610		599		607
JP Morgan Mortgage Trust, Series 2019-INV1, Class B4, CMO, 5.0%, 10/25/49	(g)(m)	USD CLO		405		360		368
Jubilee CLO DAC, Series 2021-25A, Class C1, ABS, E+2.3%, 5.9%, 10/15/35	(g)(m)	EUR CLO	€	285		270		293
Jubilee CLO DAC, Series 2016-17X, Class CR, ABS, E+2.4%, 6.1%, 4/15/31	(l)(m)	EUR CLO		435		440		463
Jubilee CLO DAC, Series 2014-12X, Class DR, ABS, E+2.9%, 6.6%, 4/15/30	(l)(m)	EUR CLO		155		175		162
Jubilee CLO DAC, Series 2017-18X, Class D, ABS, E+3.1%, 6.8%, 1/15/30	(l)(m)	EUR CLO		200		225		214
Jubilee CLO DAC, Series 2021-25X, Class D, ABS, E+3.2%, 6.9%, 10/15/35	(l)(m)	EUR CLO		305		260		309
Jubilee CLO DAC, Series 2014-11X, Class DR, ABS, E+3.3%, 7.0%, 4/15/30	(l)(m)	EUR CLO		305		282		321
Jubilee CLO DAC, Series 2018-21X, Class DR, ABS, E+3.3%, 7.0%, 4/15/35	(l)(m)	EUR CLO		830		813		854
Jubilee CLO DAC, Series 2013-10X, Class DRR, ABS, E+3.6%, 7.2%, 7/15/34	(l)(m)	EUR CLO		175		183		180
KKR CLO 32 Ltd., Series 32A, Class C, ABS, S+2.7%, 8.0%, 1/15/32	(g)(m)	USD CLO	$	250		247		246
KVK CLO Ltd., Series 2013-1A, Class ER, ABS, S+6.2%, 11.5%, 1/14/28	(g)(m)	USD CLO		500		497		501
LCM XX LP, Series 20A, Class DR, ABS, S+3.1%, 8.4%, 10/20/27	(g)(m)	USD CLO		250		242		249
LCM XXI LP, Series 21A, Class ER, ABS, S+6.0%, 11.3%, 4/20/28	(g)(m)	USD CLO		570		550		562
Lehman XS Trust, Series 2007-6, Class 3A2, ABS, 4.3%, 5/25/37		USD CLO		50		52		49

See notes to unaudited consolidated schedule of investments.

15  

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of July 31, 2023

(in thousands, except share amounts) 

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Lehman XS Trust, Series 2007-6, Class 3A4, ABS, 4.3%, 5/25/37		USD CLO	$	168	$	172	$	137
Lehman XS Trust, Series 2007-6, Class 3A31, ABS, 4.3%, 5/25/37		USD CLO		123		126		111
Lehman XS Trust, Series 2007-6, Class 3A32, ABS, L+0.5%, 4.3%, 5/25/37	(m)	USD CLO		141		127		127
Lehman XS Trust, Series 2007-14H, Class A22, CMO, S+0.9%, 6.2%, 7/25/47	(m)	USD CLO		226		227		210
Lockwood Grove CLO Ltd., Series 2014-1A, Class CRR, ABS, S+2.3%, 7.6%, 1/25/30	(g)(m)	USD CLO		550		539		536
Long Point Park CLO Ltd., Series 2017-1A, Class C, ABS, S+2.7%, 8.0%, 1/17/30	(g)(m)	USD CLO		305		288		273
Longfellow Place CLO Ltd., Series 2013-1A, Class DRR, ABS, S+4.8%, 10.1%, 4/15/29	(g)(m)	USD CLO		520		513		521
LUX, Series 2023-LION, Class C, S+3.9%, 9.2%, 8/15/28	(e)(g)(m)	Commercial MBS		590		589		589
Madison Park Euro Funding IX DAC, Series 9X, Class DR, ABS, E+3.2%, 6.9%, 7/15/35	(l)(m)	EUR CLO	€	315		265		320
Madison Park Euro Funding VI DAC, Series 6X, Class DR, ABS, E+2.9%, 6.6%, 10/15/30	(l)(m)	EUR CLO		280		282		293
Madison Park Euro Funding X DAC, Series 10X, Class C1, ABS, E+1.7%, 5.4%, 10/25/30	(l)(m)	EUR CLO		115		106		121
Madison Park Euro Funding XIII DAC, Series 13X, Class CR, ABS, E+2.4%, 6.0%, 1/15/32	(l)(m)	EUR CLO		355		344		380
Madison Park Euro Funding XIV DAC, Series 14A, Class C1R, ABS, E+2.4%, 6.1%, 7/15/32	(g)(m)	EUR CLO		345		319		365
Madison Park Funding XI Ltd., Series 2013-11A, Class DR, ABS, S+3.5%, 8.9%, 7/23/29	(g)(m)	USD CLO	$	430		422		429
Madison Park Funding XVIII Ltd., Series 2015-18A, Class DR, ABS, S+3.2%, 8.5%, 10/21/30	(g)(m)	USD CLO		250		236		240
Madison Park Funding XX Ltd., Series 2016-20A, Class DR, ABS, S+3.3%, 8.6%, 7/27/30	(g)(m)	USD CLO		675		643		646
Madison Park Funding XXII Ltd., Series 2016-22A, Class CR, ABS, S+2.3%, 7.6%, 1/15/33	(g)(m)	USD CLO		830		776		806
Madison Park Funding XXVII Ltd., Series 2018-27A, Class C, ABS, S+2.9%, 8.2%, 4/20/30	(g)(m)	USD CLO		250		236		238
Madison Park Funding XXVIII Ltd., Series 2018-28A, Class D, ABS, S+3.0%, 8.3%, 7/15/30	(g)(m)	USD CLO		705		667		686
Madison Park Funding XXX Ltd., Series 2018-30A, Class C, ABS, S+2.0%, 7.3%, 4/15/29	(g)(m)	USD CLO		275		264		269
Madison Park Funding XXXI Ltd., Series 2018-31A, Class C, ABS, S+2.4%, 7.8%, 1/23/31	(g)(m)	USD CLO		495		479		491
Man GLG Euro CLO I DAC, Series 1X, Class DRR, ABS, E+2.5%, 6.1%, 10/15/30	(l)(m)	EUR CLO	€	315		351		314
Man GLG Euro CLO III DAC, Series 3X, Class D, ABS, E+3.3%, 7.0%, 10/15/30	(l)(m)	EUR CLO		635		705		660
Marathon CLO V Ltd., Series 2013-5A, Class CR, ABS, L+2.8%, 8.1%, 11/21/27	(g)(m)	USD CLO	$	1,210		1,181		1,167
Marathon CLO VI Ltd., Series 2014-6A, Class CR2, ABS, L+3.5%, 8.8%, 5/13/28	(g)(m)	USD CLO		590		572		579
Marathon CLO X Ltd., Series 2017-10A, Class C, ABS, L+3.7%, 9.0%, 11/15/29	(g)(m)	USD CLO		1,030		1,003		884
Marble Point CLO XXI Ltd., Series 2021-3A, Class D2, ABS, S+5.2%, 10.6%, 10/17/34	(g)(m)	USD CLO		470		464		441
Midocean Credit CLO VIII, Series 2018-8A, Class D, ABS, L+2.9%, 8.3%, 2/20/31	(g)(m)	USD CLO		250		237		224
Milltown Park CLO DAC, Series 1A, Class B, ABS, E+1.8%, 5.5%, 1/15/31	(g)(m)	EUR CLO	€	260		259		276
Mitchells & Butlers Finance PLC, Series C1, 6.5%, 9/15/30	(i)(l)	Retail	£	719		1,108		812
Mitchells & Butlers Finance PLC, Series C2, SONIA+2.0%, 7.1%, 9/15/34	(i)(l)(m)	Retail		972		1,149		1,020
Mitchells & Butlers Finance PLC, Series D1, SONIA+2.4%, 7.2%, 6/15/36	(i)(l)(m)	Retail		481		546		498

See notes to unaudited consolidated schedule of investments.

16  

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of July 31, 2023

(in thousands, except share amounts) 

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
MKS CLO Ltd., Series 2017-2A, Class D, ABS, S+2.9%, 8.2%, 1/20/31	(g)(m)	USD CLO	$	535	$	517	$	503
MKS CLO Ltd., Series 2017-1A, Class D, ABS, S+4.4%, 9.7%, 7/20/30	(g)(m)	USD CLO		665		633		648
Monroe Capital CLO Ltd., Series 2014-1X, Class E, ABS, S+5.7%, 11.0%, 10/22/26	(l)(m)	USD CLO		151		149		147
Monroe Capital MML CLO Ltd., Series 2017-1A, Class E, ABS, S+7.6%, 13.0%, 4/22/29	(g)(m)	USD CLO		525		524		500
Monroe Capital MML CLO VI Ltd., Series 2018-1A, Class E, ABS, L+6.9%, 12.5%, 4/15/30	(g)(m)	USD CLO		290		281		261
Mountain View CLO LLC, Series 2017-1A, Class D, ABS, L+3.6%, 9.2%, 10/16/29	(g)(m)	USD CLO		250		247		244
Newark BSL CLO 2 Ltd., Series 2017-1A, Class BR, ABS, S+2.0%, 7.4%, 7/25/30	(g)(m)	USD CLO		340		330		329
Newstar Exeter Fund CLO LLC, Series 2015-1RA, Class E, ABS, L+7.2%, 12.8%, 1/20/27	(g)(m)	USD CLO		293		293		292
Oak Hill European Credit Partners IV DAC, Series 2015-4X, Class DR, ABS, E+2.5%, 6.2%, 1/20/32	(l)(m)	EUR CLO	€	540		528		548
Oaktree CLO Ltd., Series 2020-1A, Class BR, ABS, S+1.9%, 7.2%, 7/15/34	(g)(m)	USD CLO	$	295		284		289
Oaktree CLO Ltd., Series 2019-4A, Class CR, ABS, S+2.5%, 7.8%, 10/20/32	(g)(m)	USD CLO		650		597		642
OCP CLO Ltd., Series 2014-5A, Class BR, ABS, S+2.1%, 7.4%, 4/26/31	(g)(m)	USD CLO		385		366		373
OCP CLO Ltd., Series 2017-13A, Class CR, ABS, S+3.4%, 8.7%, 7/15/30	(g)(m)	USD CLO		450		418		433
OCP CLO Ltd., Series 2016-11A, Class CR, ABS, S+3.9%, 9.3%, 10/26/30	(g)(m)	USD CLO		440		420		438
OCP Euro CLO DAC, Series 2017-2X, Class D, ABS, E+2.8%, 6.4%, 1/15/32	(l)(m)	EUR CLO	€	355		314		371
OCP Euro CLO DAC, Series 2022-5A, Class E, ABS, E+6.5%, 10.2%, 4/20/35	(g)(m)	EUR CLO		250		277		252
Octagon Investment Partners XXI Ltd., Series 2014-1A, Class BR3, ABS, L+1.8%, 7.1%, 2/14/31	(g)(m)	USD CLO	$	250		243		242
OFSI BSL VIII Ltd., Series 2017-1A, Class BR, ABS, S+1.8%, 7.1%, 8/16/29	(g)(m)	USD CLO		855		822		850
OHA Credit Funding 4 Ltd., Series 2019-4A, Class CR, ABS, L+2.1%, 7.7%, 10/22/36	(g)(m)	USD CLO		250		246		246
OZLM Funding IV Ltd., Series 2013-4A, Class CR, ABS, S+3.6%, 9.0%, 10/22/30	(g)(m)	USD CLO		250		245		241
OZLM VII Ltd., Series 2014-7RA, Class CR, ABS, S+3.3%, 8.6%, 7/17/29	(g)(m)	USD CLO		250		242		252
OZLM XIV Ltd., Series 2015-14A, Class CRR, ABS, S+3.7%, 9.0%, 7/15/34	(g)(m)	USD CLO		465		421		436
OZLM XVI Ltd., Series 2017-16A, Class C, ABS, L+3.6%, 8.9%, 5/16/30	(g)(m)	USD CLO		250		244		239
OZLM XVIII Ltd., Series 2018-18A, Class B, ABS, S+1.8%, 7.1%, 4/15/31	(g)(m)	USD CLO		250		241		246
OZLM XXII Ltd., Series 2018-22A, Class A2, ABS, S+1.8%, 7.1%, 1/17/31	(g)(m)	USD CLO		250		240		242
OZLM XXII Ltd., Series 2018-22A, Class C, ABS, S+2.9%, 8.2%, 1/17/31	(g)(m)	USD CLO		472		445		423
OZLM XXIV Ltd., Series 2019-24A, Class BR, ABS, S+2.6%, 7.9%, 7/20/32	(g)(m)	USD CLO		295		285		284
OZLM XXIV Ltd., Series 2019-24X, Class C1R, ABS, S+3.7%, 9.0%, 7/20/32	(l)(m)	USD CLO		430		394		402
Palmer Square Loan Funding Ltd., Series 2020-4A, Class E, ABS, L+8.6%, 14.0%, 11/25/28	(g)(m)	USD CLO		250		251		236
Parallel Ltd., Series 2017-1A, Class DR, ABS, S+3.4%, 8.7%, 7/20/29	(g)(m)	USD CLO		530		516		465
Parallel Ltd., Series 2015-1A, Class E, ABS, S+5.4%, 10.7%, 7/20/27	(g)(m)	USD CLO		755		743		730

See notes to unaudited consolidated schedule of investments.

17  

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of July 31, 2023

(in thousands, except share amounts) 

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Park Avenue Institutional Advisers CLO Ltd., Series 2019-2A, Class A2R, ABS, S+2.0%, 7.3%, 10/15/34	(g)(m)	USD CLO	$	565	$	538	$	555
Penta CLO 5 DAC, Series 2018-5X, Class CR, ABS, E+2.4%, 6.1%, 4/20/35	(l)(m)	EUR CLO	€	100		107		107
Penta CLO 5 DAC, Series 2018-5X, Class DR, ABS, E+3.7%, 7.4%, 4/20/35	(l)(m)	EUR CLO		525		521		560
Penta CLO 7 DAC, Series 2020-7X, Class B1, ABS, E+1.7%, 5.4%, 1/25/33	(l)(m)	EUR CLO		205		191		218
Penta CLO 7 DAC, Series 2020-7X, Class D, ABS, E+3.1%, 6.8%, 1/25/33	(l)(m)	EUR CLO		100		100		100
Penta CLO 8 DAC, Series 2020-8X, Class CR, ABS, E+2.2%, 5.8%, 1/15/34	(l)(m)	EUR CLO		240		245		253
Penta CLO 9 DAC, Series 2021-9A, Class D, ABS, E+3.1%, 6.8%, 7/25/36	(g)(m)	EUR CLO		335		281		345
Peterborough Progress Health PLC 5.6%, 10/2/42	(i)(l)	Healthcare-Services	£	570		983		649
Polaris PLC, Series 2021-1, Class D, ABS, SONIA+1.7%, 6.6%, 12/23/58	(l)(m)	GBP CLO		100		123		123
Polaris PLC, Series 2021-1, Class E, ABS, SONIA+2.3%, 7.2%, 12/23/58	(l)(m)	GBP CLO		100		122		122
Preferred Term Securities XXIV Ltd./Preferred Term Securities XXIV, Inc., Class A2, L+0.4%, 5.9%, 3/22/37	(g)(m)	Diversified Financial Services	$	430		345		308
Preferred Term Securities XXVI Ltd./Preferred Term Securities XXVI, Inc., Series A2, L+0.4%, 5.9%, 9/22/37	(g)(m)	Diversified Financial Services		269		223		207
Providus CLO I DAC, Series 1X, Class C1, ABS, E+1.6%, 4.9%, 5/14/31	(l)(m)	EUR CLO	€	225		222		235
Providus CLO II DAC, Series 2X, Class CR, ABS, E+2.4%, 6.0%, 7/15/31	(l)(m)	EUR CLO		540		496		578
Providus CLO III DAC, Series 3X, Class B1RE, ABS, E+1.7%, 5.3%, 7/18/34	(l)(m)	EUR CLO		270		245		285
Providus CLO IV DAC, Series 4X, Class B1R, ABS, E+1.6%, 5.3%, 4/20/34	(l)(m)	EUR CLO		355		365		376
Providus CLO IV DAC, Series 4X, Class DR, ABS, E+3.3%, 7.0%, 4/20/34	(l)(m)	EUR CLO		420		413		427
Providus CLO V DAC, Series 5X, Class D, ABS, E+3.0%, 6.3%, 2/15/35	(l)(m)	EUR CLO		370		380		380
Providus CLO VI DAC, Series 6X, Class D, ABS, E+3.2%, 6.6%, 5/20/34	(l)(m)	EUR CLO		780		754		780
Regatta VIII Funding Ltd., Series 2017-1A, Class D, ABS, S+3.5%, 8.8%, 10/17/30	(g)(m)	USD CLO	$	425		409		414
Rockford Tower Europe CLO DAC, Series 2018-1A, Class C, ABS, E+2.5%, 6.0%, 12/20/31	(g)(m)	EUR CLO	€	360		389		386
RR 4 Ltd., Series 2018-4A, Class C, ABS, S+3.2%, 8.5%, 4/15/30	(g)(m)	USD CLO	$	250		234		234
RRE 5 Loan Management DAC, Series 5X, Class A2R, ABS, E+1.8%, 5.4%, 1/15/37	(l)(m)	EUR CLO	€	620		547		661
RRE 6 Loan Management DAC, Series 6X, Class A2E, ABS, E+1.4%, 5.1%, 4/15/35	(l)(m)	EUR CLO		505		440		523
RRE 7 Loan Management DAC, Series 7A, Class A2, ABS, E+1.6%, 5.3%, 1/15/36	(g)(m)	Other ABS		455		485		478
Santander Bank Auto Credit-Linked Notes, Series 2023-MTG1, Class M2, ABS, S+4.9%, 10.0%, 2/26/52	(g)(m)	USD CLO	$	241		255		251
Saranac CLO I Ltd., Series 2013-1A, Class CR, ABS, L+2.9%, 8.5%, 7/26/29	(g)(m)	USD CLO		575		555		565
Sculptor CLO XXIX Ltd., Series 29A, Class D2, ABS, S+5.1%, 10.5%, 10/22/34	(g)(m)	USD CLO		350		308		314
Sculptor European CLO I DAC, Series 1X, Class BRR, ABS, E+1.6%, 5.3%, 4/18/34	(l)(m)	EUR CLO	€	300		273		318
Sculptor European CLO I DAC, Series 1A, Class DRR, ABS, E+3.5%, 7.2%, 4/18/34	(g)(m)	EUR CLO		475		455		496
Sculptor European CLO VI DAC, Series 6X, Class CR, ABS, E+2.3%, 6.0%, 10/15/34	(l)(m)	EUR CLO		590		577		620

See notes to unaudited consolidated schedule of investments.

18  

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of July 31, 2023

(in thousands, except share amounts) 

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Shackleton CLO Ltd., Series 2015-8X, Class DR, ABS, S+3.0%, 8.3%, 10/20/27	(l)(m)	USD CLO	$	460	$	441	$	460
Shackleton CLO Ltd., Series 2021-16A, Class D2, ABS, S+5.2%, 10.5%, 10/20/34	(g)(m)	USD CLO		1,220		1,202		1,150
Shackleton CLO Ltd., Series 2015-8A, Class ER, ABS, S+5.6%, 10.9%, 10/20/27	(g)(m)	USD CLO		440		435		422
Smeralda SPV Srl 5.0%, 12/22/33	(e)	EUR CLO	€	411		492		453
Smeralda SPV Srl 5.3%, 12/22/34	(e)	EUR CLO		2,280		2,558		2,599
Sound Point Clo XV Ltd., Series 2017-1A, Class CR, ABS, S+2.3%, 7.7%, 1/23/29	(g)(m)	USD CLO	$	365		357		365
Sound Point Euro CLO I Funding DAC, Series 1X, Class DR, ABS, E+3.1%, 6.8%, 5/25/34	(l)(m)	EUR CLO	€	215		207		221
Sound Point Euro CLO II Funding DAC, Series 2X, Class DR, ABS, E+3.3%, 6.9%, 1/26/36	(l)(m)	EUR CLO		605		590		631
Sound Point Euro CLO V Funding DAC, Series 5X, Class C1, ABS, E+2.3%, 6.0%, 7/25/35	(l)(m)	EUR CLO		210		188		222
Sound Point Euro CLO VII Funding DAC, Series 7A, Class D, ABS, E+3.2%, 6.9%, 1/25/35	(g)(m)	EUR CLO		555		544		566
Sound Point Euro CLO VII Funding DAC, Series 7X, Class DE, ABS, E+3.2%, 6.9%, 1/25/35	(l)(m)	EUR CLO		675		656		689
St. Paul’s CLO III-R DAC, Series 3RX, Class B1R, ABS, E+1.2%, 4.8%, 1/15/32	(l)(m)	EUR CLO		330		320		350
St. Paul’s CLO III-R DAC, Series 3RX, Class CR, ABS, E+1.6%, 5.3%, 1/15/32	(l)(m)	EUR CLO		425		439		436
St. Paul’s CLO III-R DAC, Series 3RX, Class DR, ABS, E+2.4%, 6.1%, 1/15/32	(l)(m)	EUR CLO		1,090		1,112		1,091
St. Paul’s CLO IV DAC, Series 4X, Class CRRE, ABS, E+2.7%, 6.4%, 4/25/30	(l)(m)	EUR CLO		360		351		365
St. Paul’s CLO IV DAC, Series 4X, Class CRRR, ABS, E+2.7%, 6.4%, 4/25/30	(l)(m)	EUR CLO		365		375		370
St. Paul’s CLO V DAC, Series 5X, Class DR, ABS, E+3.0%, 6.4%, 2/20/30	(l)(m)	EUR CLO		375		401		387
St. Paul’s CLO VI DAC, Series 6A, Class CRR, ABS, E+2.6%, 6.0%, 5/20/34	(g)(m)	EUR CLO		305		274		323
St. Paul’s CLO VI DAC, Series 6A, Class DRRE, ABS, E+3.3%, 6.7%, 5/20/34	(g)(m)	EUR CLO		520		493		530
St. Paul’s CLO VIII DAC, Series 8X, Class D, ABS, E+2.5%, 6.1%, 7/17/30	(l)(m)	EUR CLO		330		293		336
St. Paul’s CLO XI DAC, Series 11X, Class DR, ABS, E+3.1%, 6.7%, 1/17/32	(l)(m)	EUR CLO		340		334		349
St. Paul’s CLO XII DAC, Series 12X, Class D, ABS, E+3.2%, 6.9%, 4/15/33	(l)(m)	EUR CLO		865		838		872
Steele Creek CLO Ltd., Series 2017-1A, Class C, ABS, S+2.2%, 7.5%, 10/15/30	(g)(m)	USD CLO	$	250		239		240
Steele Creek CLO Ltd., Series 2014-1RA, Class C, ABS, S+2.2%, 7.5%, 4/21/31	(g)(m)	USD CLO		250		225		240
Stratton Hawksmoor PLC, Series 2022-1A, Class E, ABS, SONIA+2.0%, 6.8%, 2/25/53	(g)(m)	GBP CLO	£	250		303		303
Symphony CLO XIX Ltd., Series 2018-19A, Class D, ABS, S+2.8%, 8.1%, 4/16/31	(g)(m)	USD CLO	$	250		248		234
TBW Mortgage-Backed Trust, Series 2006-6, Class A4, CMO, 6.4%, 1/25/37		USD CLO		50		39		42
TCI-Symphony CLO Ltd., Series 2017-1A, Class D, ABS, S+3.7%, 9.0%, 7/15/30	(g)(m)	USD CLO		400		384		386
Terwin Mortgage Trust, Series 2006-6, Class 1A2, ABS, 0.2%, 7/25/37	(g)(m)	USD CLO		45		16		18
THL Credit Wind River CLO Ltd., Series 2017-4A, Class C, ABS, L+1.8%, 7.1%, 11/20/30	(g)(m)	USD CLO		305		293		290
Tikehau CLO II BV, Series 2X, Class DRR, ABS, E+3.4%, 6.9%, 9/7/35	(l)(m)	EUR CLO	€	425		386		439
Tikehau CLO III DAC, Series 3X, Class C, ABS, E+1.9%, 5.3%, 12/1/30	(l)(m)	EUR CLO		165		177		175

See notes to unaudited consolidated schedule of investments.

19  

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of July 31, 2023

(in thousands, except share amounts) 

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Tikehau CLO III DAC, Series 3X, Class D, ABS, E+2.7%, 6.2%, 12/1/30	(l)(m)	EUR CLO	€	220	$	235	$	227
Toro European CLO 6 DAC, Series 6X, Class CR, ABS, E+2.5%, 6.1%, 1/12/32	(l)(m)	EUR CLO		400		428		418
Trinitas Euro CLO II DAC, Series 2A, Class DR, ABS, E+4.6%, 8.3%, 4/15/35	(g)(m)	EUR CLO		250		272		276
Tymon Park CLO DAC, Series 1X, Class CRR, ABS, E+3.2%, 6.8%, 7/21/34	(l)(m)	EUR CLO		340		304		352
Unique Pub Finance Co. PLC, Series A4, 5.7%, 6/30/27	(i)(l)	Real Estate	£	945		1,417		1,217
Unique Pub Finance Co. PLC, Series N, 6.5%, 3/30/32	(i)(l)	Real Estate		1,036		1,405		1,335
Unique Pub Finance Co. PLC, Series M, 7.4%, 3/28/24	(i)(l)	Real Estate		96		136		123
Venture 44 CLO Ltd., Series 2021-44A, Class D2, ABS, S+5.2%, 10.6%, 10/20/34	(g)(m)	USD CLO	$	630		624		585
Venture XVII CLO Ltd., Series 2014-17A, Class CRR, ABS, S+2.1%, 7.4%, 4/15/27	(g)(m)	USD CLO		160		156		157
Venture XVII CLO Ltd., Series 2014-17A, Class DRR, ABS, S+3.1%, 8.4%, 4/15/27	(g)(m)	USD CLO		1,330		1,310		1,299
Venture XXIV CLO Ltd., Series 2016-24A, Class D2, ABS, S+4.3%, 9.6%, 10/20/28	(g)(m)	USD CLO		530		523		503
Venture XXV CLO Ltd., Series 2016-25A, Class D2, ABS, S+4.5%, 9.8%, 4/20/29	(g)(m)	USD CLO		135		135		135
Vesey Park CLO DAC, Series 1X, Class B, ABS, E+2.3%, 5.6%, 11/16/32	(l)(m)	EUR CLO	€	140		151		147
Vibrant CLO VI Ltd., Series 2017-6A, Class D, ABS, L+3.9%, 9.4%, 6/20/29	(g)(m)	USD CLO	$	250		248		250
Voya CLO Ltd., Series 2019-1A, Class DR, ABS, S+3.1%, 8.4%, 4/15/31	(g)(m)	USD CLO		250		233		231
Voya Euro CLO I DAC, Series 1X, Class D, ABS, E+2.5%, 6.2%, 10/15/30	(l)(m)	EUR CLO	€	475		466		486
Voya Euro CLO II DAC, Series 2X, Class DR, ABS, E+3.2%, 6.9%, 7/15/35	(l)(m)	EUR CLO		610		600		625
Voya Euro CLO IV DAC, Series 4X, Class DR, ABS, E+3.1%, 6.8%, 10/15/34	(l)(m)	EUR CLO		115		119		117
Webster Park CLO Ltd., Series 2015-1A, Class BR, ABS, S+2.1%, 7.4%, 7/20/30	(g)(m)	USD CLO	$	320		297		311
Wellfleet CLO Ltd., Series 2017-2A, Class C, ABS, S+3.7%, 9.0%, 10/20/29	(g)(m)	USD CLO		395		375		370
WhiteHorse X Ltd., Series 2015-10A, Class E, ABS, S+5.6%, 10.9%, 4/17/27	(g)(m)	USD CLO		1,387		1,387		1,370
Wind River CLO Ltd., Series 2016-1KRA, Class D2R2, ABS, S+5.4%, 10.7%, 10/15/34	(g)(m)	USD CLO		915		904		823
Z Capital Credit Partners CLO Ltd., Series 2019-1A, Class CR, ABS, S+3.2%, 8.5%, 7/16/31	(g)(m)	USD CLO		455		440		448
Zais CLO 14 Ltd., Series 2020-14A, Class DR, ABS, S+4.8%, 10.1%, 4/15/32	(g)(m)	USD CLO		475		475		465
Zais CLO 5 Ltd., Series 2016-2A, Class C, ABS, S+4.8%, 10.1%, 10/15/28	(g)(m)	USD CLO		510		502		486
Total Collateralized Loan Obligation / Structured Credit						162,237		163,379

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Convertible Bonds—2.5%
Groupon, Inc., 1.1%, 3/15/26	(i)	Internet	$	6,209	$	4,778	$	2,505
Liberty Interactive LLC, 4.0%, 11/15/29	(i)	Media Entertainment		3,707		3,022		891
Liberty Interactive LLC, 3.8%, 2/15/30	(i)	Media Entertainment		1,162		915		262
Liberty Latin America Ltd., 2.0%, 7/15/24	(i)	Media Entertainment		5,514		5,423		5,227
RingCentral, Inc., 0.0%, 3/1/25	(i)(q)	Software		6,115		5,615		5,656
Total Convertible Bonds						19,753		14,541

See notes to unaudited consolidated schedule of investments.

20  

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of July 31, 2023

(in thousands, except share amounts) 

Portfolio Company(a)	Footnotes	Principal Amount(b)		Amortized Cost		Fair Value(c)
Municipal Bonds—0.5%
City of Detroit, COPs, 4.8%, 6/15/49	(i)(k)(r)	$	204	$	154	$	204
City of Detroit, COPs, 4.9%, 6/15/25	(i)(k)(r)		710		535		710
PRHTA Custodial Trust, Series N, 0.0%, 12/6/49			595		565		313
Puerto Rico Electric Power Authority, Series A, 5.0%, 7/1/29	(k)(r)		440		300		165
Puerto Rico Electric Power Authority, Series A, 5.0%, 7/1/42	(k)(r)		10		7		4
Puerto Rico Electric Power Authority, Series A, 5.1%, 7/1/42	(k)(r)		15		11		6
Puerto Rico Electric Power Authority, Series A, 6.8%, 7/1/36	(k)(r)		445		330		167
Puerto Rico Electric Power Authority, Series A, 7.0%, 7/1/43	(k)(r)		80		53		30
Puerto Rico Electric Power Authority, Series A-3, 10.0%, 7/1/19	(k)(r)		10		8		4
Puerto Rico Electric Power Authority, Series AAA, 5.3%, 7/1/22	(k)(r)		55		35		20
Puerto Rico Electric Power Authority, Series AAA, 5.3%, 7/1/27	(k)(r)		355		233		133
Puerto Rico Electric Power Authority, Series AAA, 5.3%, 7/1/31	(k)(r)		120		78		45
Puerto Rico Electric Power Authority, Series B-3, 10.0%, 7/1/19	(k)(r)		10		8		4
Puerto Rico Electric Power Authority, Series BBB, 5.4%, 7/1/28	(k)(r)		1,690		1,269		634
Puerto Rico Electric Power Authority, Series C-1, 5.4%, 1/1/18	(k)(r)		30		23		11
Puerto Rico Electric Power Authority, Series C-2, 5.4%, 7/1/18	(k)(r)		20		16		7
Puerto Rico Electric Power Authority, Series C-3, 5.4%, 1/1/20	(k)(r)		5		4		2
Puerto Rico Electric Power Authority, Series CCC, 5.0%, 7/1/25	(k)(r)		5		4		2
Puerto Rico Electric Power Authority, Series CCC, 5.0%, 7/1/28	(k)(r)		25		20		9
Puerto Rico Electric Power Authority, Series DDD, 3.8%, 7/1/22	(k)(r)		5		3		2
Puerto Rico Electric Power Authority, Series DDD, 5.0%, 7/1/19	(k)(r)		10		8		4
Puerto Rico Electric Power Authority, Series DDD, 5.0%, 7/1/20	(k)(r)		110		72		41
Puerto Rico Electric Power Authority, Series DDD, 5.0%, 7/1/21	(k)(r)		60		39		22
Puerto Rico Electric Power Authority, Series E-1, 10.0%, 1/1/21	(k)(r)		69		61		26
Puerto Rico Electric Power Authority, Series E-2, 10.0%, 7/1/21	(k)(r)		69		61		26
Puerto Rico Electric Power Authority, Series E-3, 10.0%, 1/1/22	(k)(r)		18		16		7
Puerto Rico Electric Power Authority, Series E-4, 10.0%, 7/1/22	(k)(r)		18		16		7
Puerto Rico Electric Power Authority, Series EEE, 6.0%, 7/1/30	(k)(r)		25		16		9
Puerto Rico Electric Power Authority, Series EEE, 6.3%, 7/1/40	(k)(r)		5		3		2
Puerto Rico Electric Power Authority, Series NN, 5.5%, 7/1/20	(k)(r)		30		21		11
Puerto Rico Electric Power Authority, Series TT, 5.0%, 7/1/20	(k)(r)		5		4		2
Puerto Rico Electric Power Authority, Series TT, 5.0%, 7/1/21	(k)(r)		5		3		2

See notes to unaudited consolidated schedule of investments.

21  

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of July 31, 2023

(in thousands, except share amounts) 

Portfolio Company(a)	Footnotes	Principal Amount(b)		Amortized Cost		Fair Value(c)
Puerto Rico Electric Power Authority, Series TT, 5.0%, 7/1/23	(k)(r)	$	25	$	22	$	9
Puerto Rico Electric Power Authority, Series TT, 5.0%, 7/1/24	(k)(r)		20		16		7
Puerto Rico Electric Power Authority, Series TT, 5.0%, 7/1/25	(k)(r)		80		68		30
Puerto Rico Electric Power Authority, Series TT, 5.0%, 7/1/27	(k)(r)		35		27		13
Puerto Rico Electric Power Authority, Series UU, 0.0%, 7/1/17	(k)(m)(r)		15		10		5
Puerto Rico Electric Power Authority, Series UU, 0.0%, 7/1/18	(k)(m)(r)		15		10		6
Puerto Rico Electric Power Authority, Series UU, 0.0%, 7/1/20	(k)(m)		110		78		41
Puerto Rico Electric Power Authority, Series UU, 4.2%, 7/1/25 (L+0.7%)	(k)(m)(r)		25		18		9
Puerto Rico Electric Power Authority, Series UU, 4.4%, 7/1/31 (L+0.7%)	(k)(m)(r)		110		80		41
Puerto Rico Electric Power Authority, Series VV, 5.5%, 7/1/20	(k)(r)		15		12		6
Puerto Rico Electric Power Authority, Series WW, 5.3%, 7/1/33	(k)(r)		380		304		142
Puerto Rico Electric Power Authority, Series WW, 5.5%, 7/1/21	(k)(r)		80		67		30
Puerto Rico Electric Power Authority, Series XX, 5.3%, 7/1/35	(k)(r)		15		10		6
Puerto Rico Electric Power Authority, Series XX, 5.3%, 7/1/40	(k)(r)		75		47		28
Puerto Rico Electric Power Authority, Series YY, 6.1%, 7/1/40	(k)(r)		195		122		73
Puerto Rico Electric Power Authority, Series ZZ, 5.0%, 7/1/17	(k)(r)		15		11		6
Puerto Rico Electric Power Authority, Series ZZ, 5.3%, 7/1/19	(k)(r)		10		6		4
Puerto Rico Electric Power Authority, Series ZZ, 5.3%, 7/1/24	(k)(r)		5		4		2
Puerto Rico Electric Power Authority, Series ZZ, 5.3%, 7/1/25	(k)(r)		5		4		2
Total Municipal Bonds					4,892		3,091

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Emerging Markets Debt—0.9%
Argentina Government International Bond, 0.1%, 7/9/30	(i)	Sovereign	€	1,895	$	1,031	$	636
Argentina Government International Bond, 0.8%, 7/9/30	(i)	Sovereign	$	591		202		205
Argentina Government International Bond, 2.5%, 7/9/46	(i)	Sovereign	€	81		36		25
Argentina Government International Bond, 3.6%, 7/9/35	(i)	Sovereign	$	1,096		359		343
Argentina Government International Bond, 3.6%, 7/9/46	(i)	Sovereign		704		339		221
Petroleos Mexicanos, 6.7%, 2/16/32	(i)	Oil & Gas		1,831		1,482		1,412
Petroleos Mexicanos, 6.8%, 1/23/30	(i)	Oil & Gas		2,155		1,806		1,729
Provincia de Buenos Aires/Government Bond, 4.5%, 9/1/37	(i)(l)	Provincial		583		236		181
Provincia de Buenos Aires/Government Bond, 5.3%, 9/1/37	(i)(l)	Provincial		512		242		200
Total Emerging Markets Debt						5,733		4,952

See notes to unaudited consolidated schedule of investments.

22  

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of July 31, 2023

(in thousands, except share amounts) 

Portfolio Company(a)	Footnotes	Industry	Number of Shares		Cost(b)		Fair Value(c)
Preferred Equity—0.3%
Midwest Veterinary Partners LLC, 12.0%	(e)(s)	Healthcare-Services		1,765	$	1,730	$	1,580
Verscend Intermediate Holding Corp., 12.3%	(e)	Software		200		194		199
Total Preferred Equity						1,924		1,779
Common Equity—0.5%
ATD New Holdings, Inc.	(r)	Distribution/Wholesale		1,964		36		85
Endo International PLC, Rights		Pharmaceuticals		4,370		—		46
Quorum Health Corp.	(e)(r)	Healthcare-Services		48,950		492		76
Quorum Litigation Trust, Initial Funding	(e)(r)	Healthcare-Services		157,000		—		—
Quorum Litigation Trust, Units	(e)(r)	Healthcare-Services		2,399		2		2
Seadrill Ltd.	(r)	Oil & Gas		6,624		134		324
Solocal Group	(r)	Internet		492,144		1,566		66
Superior Energy Equity New 144A	(g)(r)	Oil & Gas		1,228		—		85
Superior Energy Equity New Sec 1145	(r)	Oil & Gas		26,438		333		1,823
UTEX Industries Inc.	(r)	Miscellaneous Manufacturing		8,041		240		533
UTEX Industries Inc., Warrants, 12/3/25, Strike $114.76	(e)(r)	Miscellaneous Manufacturing		2,245		2		16
Total Common Equity						2,805		3,056

Portfolio Company(a)	Footnotes	Yield	Number of Shares		Cost(b)		Fair Value(c)
Short-Term Investments—1.9%
Morgan Stanley Institutional Liquidity Funds — Government Portfolio, Institutional Class	(t)	5.19%		10,952,000		10,952		10,952
Total Short-Term Investments						10,952		10,952
TOTAL INVESTMENTS—117.8%					$	699,005		689,661
LIABILITIES IN EXCESS OF OTHER ASSETS—(17.8)%(u)								(103,877	)
NET ASSETS—100.0%							$	585,784

See notes to unaudited consolidated schedule of investments.

23  

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of July 31, 2023

(in thousands, except share amounts) 

Reverse Repurchase Agreements—(7.9)%
Security Description	Principal Value(b)			Principal Value Including Accrued Interest
BNP Paribas 4.6%, agreement dated 7/17/23, to be repurchased on 10/17/23 (collateralized by Station Casinos LLC, 4.6% due 12/1/31 (fair value $1,633))	$	(1,414	)	$	(1,417	)
BNP Paribas 5.3%, agreement dated 7/17/23, to be repurchased on 10/17/23 (collateralized by DISH DBS Corp., 5.3% due 12/1/26 (fair value $2,397))		(1,903	)		(1,907	)
BNP Paribas 5.8%, agreement dated 7/17/23, to be repurchased on 10/17/23 (collateralized by AHP Health Partners, Inc., 5.8% due 7/15/29 (fair value $2,092))		(1,739	)		(1,743	)
BNP Paribas 5.9%, agreement dated 7/17/23, to be repurchased on 10/17/23 (collateralized by Directv Financing LLC / Directv Financing Co-Obligor, Inc., 5.9% due 8/15/27 (fair value $4,865))		(4,278	)		(4,288	)
BNP Paribas 5.9%, agreement dated 6/30/23, to be repurchased on 10/2/23 (collateralized by Chesapeake Energy Corp., 5.9% due 2/1/29 (fair value $1,928), DaVita, Inc., 4.6% due 6/1/30 (fair value $1,640)), Ford Motor Co., 3.3% due 2/12/32 (fair value $1,561), PetSmart, Inc. / PetSmart Finance Corp., 7.8% due 2/15/29 (fair value $1,646), Victoria’s Secret & Co., 4.6% due 7/15/29 (fair value $3,889))		(7,836	)		(7,877	)
BNP Paribas 5.9%, agreement dated 6/30/23, to be repurchased on 10/2/23 (collateralized by Ford Motor Co., 3.3% due 2/12/32 (fair value $1,802))		(1,376	)		(1,383	)
BNP Paribas 6.0%, agreement dated 6/27/23, to be repurchased on 9/27/23 (collateralized by BellRing Brands, Inc., 7.0% due 3/15/30 (fair value $3,952))		(1,678	)		(1,688	)
BNP Paribas 6.5%, agreement dated 7/17/23, to be repurchased on 10/17/23 (collateralized by CSC Holdings LLC, 6.5% due 2/1/29 (fair value $2,230))		(1,820	)		(1,825	)
BNP Paribas 7.1%, agreement dated 7/17/23, to be repurchased on 10/17/23 (collateralized by California Resources Corp., 7.1% due 2/1/26 (fair value $1,759))		(1,688	)		(1,693	)
BNP Paribas 9.0%, agreement dated 7/17/23, to be repurchased on 10/17/23 (collateralized by Cloud Software Group, Inc., 9.0% due 9/30/29 (fair value $731))		(1,495	)		(1,501	)
BNP Paribas 9.3%, agreement dated 6/30/23, to be repurchased on 10/17/23 (collateralized by Royal Caribbean Cruises Ltd., 9.3% due 1/15/29 (fair value $2,009))		(1,729	)		(1,736	)
Royal Bank of Canada 5.9%, agreement dated 5/23/23, to be repurchased on 8/23/23 (collateralized by Academy Ltd., 6.0% due 11/15/27 (fair value $1,923))		(1,563	)		(1,581	)
Royal Bank of Canada 6.1%, agreement dated 6/2/23, to be repurchased on 9/1/23 (collateralized by Antero Resources Corp., 5.4% due 3/1/30 (fair value $1,112), and Carnival Holdings Bermuda Ltd., 10.4% due 5/1/28 (fair value $1,280)		(1,920	)		(1,940	)
Royal Bank of Canada 6.2%, agreement dated 7/18/23, to be repurchased on 10/17/23 (collateralized by Cinemark USA, Inc., 5.3% due 7/15/28 (fair value $1,604), EPR Properties, 3.6% due 11/15/31 (fair value $2,955)), Gates Global LLC / Gates Corp., 6.3% due 1/15/26 (fair value $2,137), Hess Midstream Operations LP, 4.3% due 2/15/30 (fair value $1,623), TransDigm, Inc., 6.3% due 3/15/26 (fair value $1,889))		(8,307	)		(8,271	)
Total Reverse Repurchase Agreements	$	(38,746	)	$	(38,850	)

Investments Sold Short—(1.6)%
Portfolio Company(a)	Industry	Principal Amount(b)			Proceeds			Fair Value(c)
Government Bonds Sold Short—(1.6)%
U.K. Gilt, 1.3%, 7/22/27	Sovereign	$	(12	)	$	2		$	(14	)
U.S. Treasury Bond, 2.3%, 2/15/52	Sovereign		(66	)		(40	)		(46	)
U.S. Treasury Bond, 2.9%, 5/15/52	Sovereign		(90	)		(70	)		(73	)
U.S. Treasury Bond, 3.6%, 2/15/53	Sovereign		(820	)		(778	)		(763	)
U.S. Treasury Note, 3.5%, 4/30/28	Sovereign		(5,956	)		(6,006	)		(5,774	)
U.S. Treasury Note, 3.5%, 2/15/33	Sovereign		(44	)		(44	)		(42	)
U.S. Treasury Note, 4.1%, 11/15/32	Sovereign		(2,822	)		(2,888	)		(2,853	)
Total Government Bonds Sold Short						(9,824	)		(9,565	)
Total Investments Sold Short					$	(9,824	)	$	(9,565	)

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 Parbias SA	12/20/23	USD	497	EUR	456	$	—	$	8
BNP Parbias SA	12/20/23	USD	1,127	EUR	1,035		—		19
JPMorgan Chase Bank, N.A.	12/20/23	EUR	9,408	USD	10,396		22		—
JPMorgan Chase Bank, N.A.	12/20/23	EUR	300	USD	326		6		—

See notes to unaudited consolidated schedule of investments.

24  

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of July 31, 2023

(in thousands, except share amounts) 

Counterparty	Contract Settlement Date	Currency and Amount to be Received		Currency and Amount to be Delivered		Unrealized Appreciation		Unrealized Depreciation
JPMorgan Chase Bank, N.A.	12/20/23	EUR	130	USD	141	$	3	$	—
JPMorgan Chase Bank, N.A.	12/20/23	USD	1,137	EUR	1,045		—		20
JPMorgan Chase Bank, N.A.	12/20/23	USD	992	EUR	912		—		18
JPMorgan Chase Bank, N.A.	12/20/23	USD	1,319	EUR	1,183		9		—
JPMorgan Chase Bank, N.A.	12/20/23	USD	72	GBP	57		—		1
State Street Bank and Trust Company	12/20/23	USD	3,453	EUR	3,078		44		—
State Street Bank and Trust Company	12/20/23	USD	11,271	EUR	7,413		—		155
State Street Bank and Trust Company	12/20/23	USD	7,219	EUR	6,651		—		146
State Street Bank and Trust Company	12/20/23	USD	891	EUR	821		—		18
State Street Bank and Trust Company	12/20/23	USD	2,322	EUR	2,139		—		47
State Street Bank and Trust Company	12/20/23	USD	735	GBP	577		—		6
State Street Bank and Trust Company	12/20/23	USD	322	GBP	252		—		1
State Street Bank and Trust Company	12/20/23	USD	1,697	GBP	1,337		—		19
State Street Bank and Trust Company	12/20/23	USD	133	GBP	106		—		3
State Street Bank and Trust Company	12/20/23	USD	409	GBP	318		1		—
Total Forward Foreign Currency Exchange Contracts						$	85	$	461

Interest Rate Swaps (Centrally Cleared)
Counterparty	Fund Pays	Fund Receives	Notional Amount	Expiration Date	Periodic Payment Frequency	Fair Value(c)		Unrealized Appreciation		Unrealized Depreciation
Bank of America, N.A.	3.29%	SOFR	USD 338	11/25/30	Annually	$	8	$	8	$	—
Goldman Sachs International	2.93%	SOFR	USD 15	9/28/30	Annually		1		1		—
Goldman Sachs International	2.93%	SOFR	USD 24	9/28/30	Quarterly		1		1		—
Goldman Sachs International	2.94%	SOFR	USD 20	9/28/28	Annually		1		1		—
Goldman Sachs International	2.94%	SOFR	USD 33	9/28/28	Annually		1		1		—
Goldman Sachs International	2.99%	SOFR	USD 18	9/20/33	Quarterly		1		1		—
Goldman Sachs International	2.99%	SOFR	USD 11	9/28/33	Annually		1		1		—
Goldman Sachs International	3.02%	SOFR	USD 224	11/2/30	Quarterly		9		9		—
Goldman Sachs International	3.09%	SOFR	USD 255	7/18/33	Annually		13		13		—
Goldman Sachs International	3.18%	SOFR	USD 25	9/15/33	Annually		1		1		—
Goldman Sachs International	3.18%	SOFR	USD 112	9/15/33	Annually		5		5		—
Goldman Sachs International	3.20%	SOFR	USD 10	9/15/30	Annually		0		0		—
Goldman Sachs International	3.20%	SOFR	USD 71	9/15/30	Annually		2		2		—
Goldman Sachs International	3.27%	SOFR	USD 15	9/15/28	Annually		0		0		—
Goldman Sachs International	3.27%	SOFR	USD 97	9/15/28	Annually		3		3		—
Goldman Sachs International	4.00%	SOFR	USD 67	7/27/27	Annually		0		0		—
Goldman Sachs International	4.13%	SONIA	GBP 4,799	2/17/25	Annually		123		123		—
Goldman Sachs International	2.53%	12 Month SOFR	USD 88	10/18/29	Monthly		8		8		—
Goldman Sachs International	2.53%	SOFR	USD 26	10/18/29	Monthly		2		2		—
Goldman Sachs International	2.54%	12 Month SOFR	USD 37	10/18/27	Monthly		3		3		—

See notes to unaudited consolidated schedule of investments.

25  

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of July 31, 2023

(in thousands, except share amounts) 

Counterparty	Fund Pays	Fund Receives	Notional Amount	Expiration Date	Periodic Payment Frequency	Fair Value(c)		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs International	2.54%	SOFR	USD 122	10/18/27	Monthly	$	9	$	9	$	—
Goldman Sachs International	3.16%	SOFR	USD 50	11/3/30	Annually		2		2		—
Goldman Sachs International	3.64%	SOFR	USD 70	10/17/25	Annually		2		2		—
Goldman Sachs International	4.04%	SOFR	USD 489	10/28/26	Annually		6		6		—
JPMorgan Chase Bank, N.A.	0.57%	ESTRON	EUR 3,812	4/13/24	Monthly		118		118		—
JPMorgan Chase Bank, N.A.	1.01%	ESTRON	EUR 1,582	4/13/27	Monthly		126		126		—
JPMorgan Chase Bank, N.A.	3.89%	SONIA	GBP 1,761	12/21/27	Annually		85		85		—
Total Interest Rate Swaps (Centrally Cleared)						$	531	$	531	$	—

Cross-Currency Swaps (Over-The-Counter)

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.

ESTRON plus a spread of (0.2525%)

SOFR

EUR 9,601

USD 10,519

6/26/26

Quarterly

$

66

$

66

$

—

JPMorgan Chase Bank, N.A.

ESTRON plus a spread of (0.215%)

SOFR

EUR 4,000

USD 4,358

4/11/26

Annually

(7

)

—

7

JPMorgan Chase Bank, N.A.

ESTRON plus a spread of (0.2225%)

SOFR

EUR 13,109

USD 14,272

3/27/26

Annually

(21

)

—

21

JPMorgan Chase Bank, N.A.

ESTRON plus a spread of (0.2475%)

SOFR

EUR 4,924

USD 5,333

3/31/26

Annually

(33

)

—

33

JPMorgan Chase Bank, N.A.

SONIO plus a spread of (0.9%)

SOFR

GBP 5,395

USD 6,709

4/21/26

Annually

(186

)

—

186

JPMorgan Chase Bank, N.A.

3 Month SONIO plus a spread of (0.925%)

SOFR

GBP 2,743

USD 3,278

3/6/26

Quarterly

(227

)

—

227

JPMorgan Chase Bank, N.A.

3 Month SONIA plus a spread of (0.1830%)

SOFR

GBP 4,590

USD 5,614

12/6/25

Quarterly

(239

)

—

239

JPMorgan Chase Bank, N.A.

ESTRON plus a spread of (0.185%)

SOFR

EUR 14,994

USD 16,014

3/8/26

Annually

(289

)

—

289

JPMorgan Chase Bank, N.A.

3 Month ESTRON plus a spread of (0.2550%)

SOFR

EUR 11,312

USD 11,844

12/6/25

Quarterly

(477

)

—

477

JPMorgan Chase Bank, N.A.

3 Month ESTRON plus a spread of (0.1975%)

SOFR

EUR 27,724

USD 29,191

1/9/26

Quarterly

(1,117

)

—

1,117

Total Cross-Currency Swaps (Over-The-Counter)

$

(2,530

)

$

66

$

2,596

See notes to unaudited consolidated schedule of investments.

26  

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of July 31, 2023

(in thousands, except share amounts) 

Total Return Debt Swaps (Over-The-Counter)(e)
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 363	6/1/24	Monthly	$	(15	)	$	—	$	15
Bank of America, N.A.	SIFMA Municipal Swap Index plus a spread of 1.30%	Louisiana Housing Finance Agency Multifamily Housing Revenue Bonds (The Crossings Apartments, 6.15%, 5/1/2048), Series 2006	USD 368	6/1/24	Monthly		(16	)		—		16
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 689	6/1/24	Monthly		(19	)		—		19
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 594	6/1/24	Monthly	$	(92	)	$	—	$	92
Total Total Return Debt Swaps (Over-The-Counter)						$	(142	)	$	—	$	142

(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 FS Credit Income Fund’s (the “Fund”) investment adviser, FS Credit Income Advisor, LLC (“FS Credit Income Advisor”), which has been designated by the Fund’s Board as its valuation designee. 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.

See notes to unaudited consolidated schedule of investments.

27  

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of July 31, 2023

(in thousands, except share amounts) 

(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, 2023, the one-month, three-month and six-month London Interbank Offered Rate (“LIBOR” or “L”) was 5.43%, 5.63% and 5.86%, respectively, the one-month, three-month and six-month Euro Interbank Offered Rate (“EURIBOR” or “E”) was 3.58%, 3.71% and 3.93%, respectively, the three-month GBP London Interbank Offered Rate (“GBP LIBOR” or “L GBP”) was 5.52%, the Swiss Average Rate Overnight (“SARON”) was 1.70%, the SIFMA Municipal Swap Index was 3.98%, the Sterling Overnight Index Average (“SONIA”) was 4.93%, the U.S. Prime rate (“P”) was 8.50%, the one-month, three-month and six-month Secured Overnight Financing Rate (“SOFR” or “S”) was 5.32%, 5.36% and 5.43%, respectively, and the Euro Short-Term Rate Volume Weighted Trimmed Mean Rate (“ESTRON”) was 3.39%.

(e) Security is classified as Level 3 in the Fund’s fair value hierarchy.

(f) Security is an unfunded commitment. The stated rate reflects the spread disclosed at the time of commitment and may not indicate the actual rate received upon funding.

(g) 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 $296,396, which represents approximately 50.6% of net assets as of July 31, 2023.

(h) Security or portion thereof is pledged as collateral supporting the amounts outstanding under the reverse repurchase agreement.

(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, 2023, there were no securities rehypothecated by BNP.

(j) Position or portion thereof unsettled as of July 31, 2023.

(k) Security is in default.

(l) Exempt from registration under Regulation S of the Securities Act of 1933, as amended, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as amended. Total market value of Regulation S securities amounts to $93,854, which represents approximately 16.0% of net assets as of July 31, 2023.

(m) 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.

(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) Security is non-income producing.

(s) Security held within FS Credit Income Equity Blocker, LLC, a wholly-owned subsidiary of the Fund.

(t) Rate represents the seven-day yield as of July 31, 2023. Morgan Stanley Institutional Liquidity Fund’s financial statements are available on the SEC’s website at http://www.sec.gov.

(u) Includes the effect of investments sold short, forward foreign currency exchange contracts, swap contracts and reverse repurchase agreements payable.

CMO	- Collateralized Mortgage Obligation
COP	- Certificates of Participation
EUR	- Euro
FRN	- Floating Rate Note
GBP	- British Pound
MBS	- Mortgage-Backed Security
PIK	- Payment In Kind
USD	- U.S. Dollar
£	- British Pound
€	- Euro
$	- U.S. Dollar

See notes to unaudited consolidated schedule of investments.

28  

FS Credit Income Fund

Notes to Unaudited Consolidated Schedule of Investments

As of July 31, 2023

(in thousands)

Investment Portfolio

The information contained in this section should be read in conjunction with the Fund’s audited consolidated financial statements contained in its annual report for the fiscal year ended October 31, 2022.

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, 2023, 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.

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, 2023, the Fund’s investments and derivatives were categorized as follows in the fair value hierarchy:

29  

FS Credit Income Fund

Notes to Unaudited Consolidated Schedule of Investments (continued)

As of July 31, 2023

(in thousands)

Asset Description	Level 1		Level 2			Level 3			Total
Senior Secured Loans—First Lien	$	—	$	94,551		$	32,549		$	127,100
Senior Secured Loans—Second Lien		—		20,804			2,785			23,589
Senior Secured Bonds		—		89,498			—			89,498
Unsecured Bonds		—		246,914			810			247,724
Collateralized Loan Obligation (CLO) / Structured Credit		—		153,819			9,560			163,379
Convertible Bonds		—		14,541			—			14,541
Municipal Bonds		—		3,091			—			3,091
Emerging Markets Debt		—		4,952			—			4,952
Preferred Equity		—		—			1,779			1,779
Common Equity		1,054		1,908			94			3,056
Short-Term Investments		—		10,952			—			10,952
Total Investments	$	1,054	$	641,030		$	47,577		$	689,661
Forward Foreign Currency Exchange Contracts		—		85			—			85
Interest Rate Swaps (Centrally Cleared)		—		531			—			531
Cross-Currency Swaps (Over-The-Counter)		—		66			—			66
Total Assets	$	1,054	$	641,712		$	47,577		$	690,343
Liability Description
Reverse Repurchase Agreements	$	—	$	(38,746	)	$	—		$	(38,746	)
Government Bonds Sold Short		—		(9,565	)		—			(9,565	)
Forward Foreign Currency Exchange Contracts		—		(461	)		—			(461	)
Cross-Currency Swaps (Over-The-Counter)		—		(2,596	)		—			(2,596	)
Total Return Debt Swaps (Over-The-Counter)		—		—			(142	)		(142	)
Total Liabilities	$	—	$	(51,368	)	$	(142	)	$	(51,510	)

The following is a reconciliation for the nine months ended July 31, 2023 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	$	26,990		$	2,702		$	815		$	3,205		$	1,896		$	316		$	35,924
Accretion of discount (amortization of premium)		77			7			—			3			—			—			87
Realized gain (loss)		132			—			—			(26	)		—			—			106
Net change in unrealized appreciation (depreciation)		509			(59	)		(5	)		625			(36	)		(222	)		812
Purchases		9,623			135			—			6,026			—			—			15,784
Sales		(5,699	)		—			—			(273	)		(85	)		—			(6,057	)
Transfers into Level 3(1)		917			—			—			—			4			—			921
Transfers out of Level 3(1)		—			—			—			—			—			—			—
Fair value at end of period	$	32,549		$	2,785		$	810		$	9,560		$	1,779		$	94		$	47,577
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	$	505		$	(60	)	$	(6	)	$	625		$	9		$	(222	)	$	851

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FS Credit Income Fund

Notes to Unaudited Consolidated Schedule of Investments (continued)

As of July 31, 2023

(in thousands)

⁽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. Transfers between levels of the fair value hierarchy are deemed to have occurred at the beginning of the reporting period. For the nine months ended July 31, 2023, transfers into Level 3 were due to decreased price transparency.

The following is a reconciliation for the nine months ended July 31, 2023 of the interest rate swaps and total return debt swaps for which significant unobservable inputs (Level 3) were used in determining fair value:

	Cross Currency Swaps			Total Return Debt Swaps
Fair value at beginning of period	$	(33	)	$	(158	)
Accretion of discount (amortization of premium)		—			—
Realized gain (loss)		(226	)		(120	)
Net change in unrealized appreciation (depreciation)		33			16
Sales and repayments		226			120
Transfers into Level 3		—			—
Transfers out of Level 3		—			—
Fair value at end of period	$	—		$	(142	)
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	$	—		$	16

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