FS Credit Income Fund

Unaudited Consolidated Schedule of Investments

As of January 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—27.2%
ACProducts, Inc., L+425, 0.5% Floor, 5/17/28	(d)	Building Materials	$	2,887	$	2,746	$	2,350
Advantage Sales & Marketing, Inc., L+450, 0.8% Floor, 10/28/27	(d)	Advertising		77		62		65
AHP Health Partners, Inc., L+350, 0.5% Floor, 8/24/28	(d)	Healthcare-Services		1,034		1,029		1,027
American Tire Distributors Holdings, Inc., L+625, 0.8% Floor, 10/20/28	(d)	Distribution/ Wholesale		1,149		1,103		1,064
AP Core Holdings II, LLC, L+550, 0.8% Floor, 9/1/27	(d)	Media Entertainment		2,586		2,554		2,504
AssuredPartners, Inc., L+350, 2/12/27	(d) (e)	Insurance		1,328		1,287		1,316
Avalara, Inc., S+725, 0.8% Floor, 10/19/28	(d) (f)	Software		4,653		4,541		4,546
Avalara, Inc., S+725, 0.8% Floor, 10/19/28	(d) (f) (g)	Software		465		454		455
Bausch & Lomb, Inc., S+325, 0.5% Floor, 5/10/27	(d)	Healthcare-Services		4,062		3,828		3,962
Bausch Health Companies, Inc., S+525, 0.5% Floor, 2/1/27	(d) (e)	Pharmaceuticals		3,088		2,470		2,390
Charlotte Buyer, Inc., S+525, 0.5% Floor, 2/11/28	(d)	Healthcare-Services		3,090		2,888		3,023
Clydesdale Acquisition Holdings, Inc., S+418, 0.5% Floor, 4/13/29	(d)	Packaging & Containers		1,627		1,590		1,601
Covetrus, Inc., S+500, 0.5% Floor, 10/13/29	(d)	Pharmaceuticals		1,998		1,884		1,914
Digicel International Finance Limited, L+325, 5/28/24	(d)	Telecommunications		3,253		3,058		2,766
DirecTV Financing LLC, L+500, 0.8% Floor, 8/2/27	(d)	Media Entertainment		1,167		1,139		1,150
Discovery Purchaser Corp., S+438, 0.5% Floor, 10/4/29	(d)	Finance Companies		1,934		1,787		1,856
East Valley Tourist Development Authority, L+750, 1.0% Floor, 11/23/26	(d) (f)	Media Entertainment		6,107		6,025		5,899
Endo Luxembourg Finance Company I S.a r.l., P+600, 3/27/28	(d)	Pharmaceuticals		1,853		1,567		1,508
Endure Digital, Inc., L+325, 0.8% Floor, 2/10/26	(d) (g)	Internet		31		31		26
Endure Digital, Inc., L+325, 0.8% Floor, 2/10/26	(d)	Internet		1,029		889		880
Endure Digital, Inc., L+350, 0.8% Floor, 2/10/28	(d)	Internet		1,363		1,206		1,290
Gordian Medical, Inc., L+625, 0.8% Floor, 1/31/27	(d)	Healthcare-Services		789		777		572
GoTo Group, Inc., L+475, 8/31/27	(d)	Telecommunications		263		257		147
Hanger, Inc., S+625, 1.0% Floor, 10/3/28	(d) (f)	Healthcare-Services		3,065		2,993		2,988
Hexion Holdings Corp., S+450, 0.5% Floor, 3/15/29	(d)	Chemicals		3,771		3,639		3,417
Houghton Mifflin Harcourt Publishing Co., S+525, 0.5% Floor, 4/9/29	(d)	Media Entertainment		6,331		6,159		5,789
Jack Ohio Finance LLC, L+475, 0.8% Floor, 10/4/28	(d)	Lodging		1,292		1,288		1,284
LBM Acquisition, LLC, L+375, 0.8% Floor, 12/17/27	(d) (e)	Retail		2,514		2,261		2,280
LHS Borrower, LLC, S+475, 0.5% Floor, 2/16/29	(d)	Diversified Financial Services		2,344		2,041		1,984
Lightstone Holdco, LLC, S+575, 1.0% Floor, 1/29/27	(d) (e)	Electric		4,254		3,680		3,790
LSF11 Skyscraper Holdco S.a r.l., E+700, 3.5% PIK, 9/29/28	(d)	Leisure Time	€	428		480		465
Magenta Buyer LLC, L+475, 0.8% Floor, 7/27/28	(d)	Computers	$	2,581		2,415		2,272
Magenta Buyer LLC, L+120, 7/27/28	(d)	Computers		2,120		1,910		1,985
Mattress Firm, Inc., L+425, 0.8% Floor, 9/25/28	(d)	Home Furnishings		1,821		1,804		1,685
Mercury Financial Credit Card Master Trust, L+713, 9/30/23	(d) (g)	Diversified Financial Services		3,142		3,142		3,047
Mercury Financial Credit Card Master Trust, L+713, 9/30/23	(d)	Diversified Financial Services		2,140		2,140		2,076
NCL Corp. Ltd., L+175, 1/2/24	(d)	Leisure Time		2,289		2,219		2,186
NCL Corp. Ltd., L+200, 1/2/24	(d)	Leisure Time		3,268		3,216		3,153
Neptune Bidco US Inc, S+500, 0.5% Floor, 4/11/29	(d)	Commercial Services		2,320		2,066		2,129
OLA Netherlands B.V., S+625, 0.8% Floor, 12/15/26	(d)	Transportation		452		445		439
Pacira BioSciences, Inc., S+700, 0.8% Floor, 12/7/26	(d)	Pharmaceuticals		578		564		575
PMHC II, Inc., S+425, 4/23/29	(d)	Chemicals		3,418		3,210		3,009
Premium Apparel LLC, S+800, 1.0% Floor, 9/1/27	(d) (f)	Retail		4,641		4,511		4,511
Profrac Services, LLC, S+725, 1.0% Floor, 3/4/25	(d) (e)	Oil & Gas		6,158		6,035		6,374
Quorum Health Corp., L+800, 1.0% Floor, 4/29/25	(d)	Healthcare-Services		986		978		698
Restoration Hardware, Inc., S+325, 0.5% Floor, 10/20/28	(d)	Retail		1,102		1,024		1,078
Riverbed Technology, Inc., L+600, 2.0% PIK, 12/7/26	(d)	Software		518		510		229
Royal Caribbean Cruises Ltd., L+130, 4/5/24	(d) (e) (g)	Leisure Time		114		114		109

See notes to unaudited consolidated financial statements. 

1 

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2023

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost			Fair Value(c)
Royal Caribbean Cruises Ltd., L+130, 4/5/24	(d)	Leisure Time	$	9,306	$	8,715		$	8,899
Speed Midco 3 S.a r.l., E+700, 4/26/29	(d) (f)	Services	€	3,920		4,141			4,198
Spirit RR Holdings, Inc., S+650, 0.8% Floor, 9/13/28	(d) (f) (g)	Computers	$	169		164			164
Spirit RR Holdings, Inc., S+650, 0.8% Floor, 9/13/28	(d) (f)	Computers		2,051		1,993			2,000
Springs Windows Fashions, LLC, L+400, 0.8% Floor, 10/6/28	(d)	Housewares		2,367		2,194			2,031
SVF II Finco Cayman L.P., (fixed, converts to FRN on 12/22/23), 12/22/23	(d) (f)	Diversified Financial Services		3,685		3,689			3,608
Talen Energy Supply, LLC, S+475, 0.8% Floor, 11/10/23	(d)	Electric		2,120		2,093			2,145
Talen Energy Supply, LLC, 9/30/24	(d) (e)	Electric		2,210		2,681			2,670
Thryv, Inc., L+850, 1.0% Floor, 3/1/26	(d)	Advertising		9,841		9,681			9,779
Tibco Software, Inc., S+450, 0.5% Floor, 3/30/29	(d)	Software		1,570		1,433			1,453
Torrid LLC, L+550, 0.8% Floor, 6/14/28	(d)	Retail		2,602		2,583			2,109
US Radiology Specialists, Inc., L+525, 0.5% Floor, 12/15/27	(d)	Healthcare-Services		703		692			673
W.R. Grace Holdings LLC, L+375, 0.5% Floor, 9/22/28	(d)	Chemicals		1,457		1,441			1,453
Total Senior Secured Loans—First Lien						143,516			141,045
Unfunded Loan Commitments						(3,905	)		(3,905	)
Total Senior Secured Loans—First Lien						139,611			137,140
Senior Secured Loans—Second Lien—2.6%
Charlotte Buyer, Inc., S+825, 0.5% Floor, 8/11/28	(d)	Healthcare-Services		6,400		5,976			6,112
Hexion Holdings Corp., S+744, 0.5% Floor, 3/15/30	(d)	Chemicals		2,490		2,427			2,079
Magenta Buyer LLC, L+825, 0.8% Floor, 7/27/29	(d)	Computers		1,110		1,099			892
Neptune Bidco US, Inc., S+975, 0.8% Floor, 10/11/29	(d) (f)	Media Entertainment		1,073		1,041			1,038
Omni Intermediate Holdings, LLC, L+900, 1.0% Floor, 12/30/27	(d) (f)	Transportation Services		1,711		1,664			1,663
Optiv Security, Inc., L+725, 1.0% Floor, 1/31/25	(d)	Computers		400		394			369
Verscend Holding Corp., L+700, 0.5% Floor, 4/2/29	(d)	Commercial Services		1,030		1,013			1,025
Total Senior Secured Loans—Second Lien						13,614			13,178
Senior Secured Bonds—14.6%
Academy Ltd., 6.0%, 11/15/27	(h) (i)	Retail		1,988		1,820			1,936
Advantage Sales & Marketing, Inc., 6.5%, 11/15/28	(h) (j)	Advertising		2,968		2,748			2,260
Altice France SA, 3.4%, 1/15/28	(j)	Telecommunications	€	560		448			479
Altice France SA, 4.1%, 1/15/29	(j)	Telecommunications		832		662			713
Altice France SA, 4.3%, 10/15/29	(j)	Telecommunications		399		321			336
Altice France SA, 5.1%, 1/15/29	(h) (j)	Telecommunications	$	573		453			450
Altice France SA, 5.1%, 7/15/29	(h) (j)	Telecommunications		566		444			445
Altice France SA, 5.5%, 1/15/28	(h) (j)	Telecommunications		451		372			375
Altice France SA, 5.5%, 10/15/29	(h) (j)	Telecommunications		466		357			369
Bausch Health Companies, Inc., 5.8%, 8/15/27	(h) (j)	Pharmaceuticals		472		347			320
Bausch Health Companies, Inc., 6.1%, 2/1/27	(h) (j)	Pharmaceuticals		3,061		2,220			2,093
Bausch Health Companies, Inc., 11.0%, 9/30/28	(h) (j)	Pharmaceuticals		1,282		2,066			1,010
Bausch Health Companies, Inc., 14.0%, 10/15/30	(h)	Pharmaceuticals		125		214			79
Carnival Corp., 10.5%, 2/1/26	(h) (j)	Leisure Time		1,410		1,472			1,477
Charter Communications Operating LLC / Charter Communications Operating Capital, 3.9%, 4/1/61	(j)	Media Entertainment		485		283			308
Charter Communications Operating LLC / Charter Communications Operating Capital, 4.4%, 12/1/61	(j)	Media Entertainment		381		244			268
Charter Communications Operating LLC / Charter Communications Operating Capital, 5.4%, 5/1/47	(j)	Media Entertainment		705		547			603
Charter Communications Operating LLC / Charter Communications Operating Capital, 5.5%, 4/1/63	(j)	Media Entertainment		1,562		1,188			1,308
Charter Communications Operating LLC / Charter Communications Operating Capital, 5.8%, 4/1/48	(j)	Media Entertainment		302		250			269
Charter Communications Operating LLC / Charter Communications Operating Capital, 6.5%, 10/23/45	(j)	Media Entertainment		181		162			178

See notes to unaudited consolidated financial statements. 

2 

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2023

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
CHS/Community Health Systems, Inc., 4.8%, 2/15/31	(h) (j)	Healthcare-Services	$	755	$	605	$	579
CHS/Community Health Systems, Inc., 5.3%, 5/15/30	(h) (j)	Healthcare-Services		1,128		898		912
Coronado Finance Proprietary Ltd., 10.8%, 5/15/26	(h)	Coal		482		424		498
Digicel International Finance Ltd./Digicel International Holdings Ltd., 8.8%, 5/25/24	(h) (j)	Telecommunications		3,168		3,169		2,729
Directv Financing LLC / Directv Financing Co-Obligor, Inc., 5.9%, 8/15/27	(h) (j)	Media Entertainment		3,227		2,877		2,928
DISH DBS Corp., 5.3%, 12/1/26	(h) (j)	Media Entertainment		2,433		2,061		2,102
DISH DBS Corp., 5.8%, 12/1/28	(h) (j)	Media Entertainment		3,753		3,462		3,078
Eagle Intermediate Global Holding BV/Eagle US Finance LLC, 7.5%, 5/1/25	(h) (j)	Textiles		1,339		1,284		845
EC Finance Plc, 3.0%, 10/15/26	(j)	Commercial Services	€	882		819		874
Endo Luxembourg Finance Co. I S.a.r.l.  / Endo US, Inc., 6.1%, 4/1/29	(h) (j) (k)	Pharmaceuticals	$	3,440		3,346		2,704
Frontier Communications Holdings LLC, 5.0%, 5/1/28	(h) (j)	Telecommunications		378		326		344
Frontier Communications Holdings LLC, 6.8%, 5/1/29	(h) (j)	Telecommunications		1,763		1,699		1,514
Frontier Communications Holdings LLC, 8.8%, 5/15/30	(h) (j)	Telecommunications		2,326		2,347		2,414
Frontier Southwest, Inc., 8.5%, 11/15/31	(j)	Telecommunications		308		315		310
Gamma Bondco Sarl, PIK, 8.1%, 11/15/26	(j)	Entertainment	€	575		665		600
IMA Industria Macchine Automatiche SpA, 3.8%, 1/15/28	(j)	Hand/Machine Tools		2,410		2,234		2,304
Jerrold Finco Plc, 4.9%, 1/15/26	(j)	Diversified Financial Services	£	831		924		903
Jerrold Finco Plc, 5.3%, 1/15/27	(j)	Diversified Financial Services		1,170		1,540		1,232
LCPR Senior Secured Financing DAC, 5.1%, 7/15/29	(h) (j)	Media Entertainment	$	1,681		1,375		1,481
Lottomatica SpA, 9.8%, 9/30/27	(h)	Entertainment	€	465		465		537
NFP Corp., 4.9%, 8/15/28	(h) (j)	Diversified Financial Services	$	1,171		1,030		1,024
NMG Holding Co., Inc. / Neiman Marcus Group LLC, 7.1%, 4/1/26	(h) (i) (j)	Retail		5,338		5,240		5,105
Par Pharmaceutical, Inc., 7.5%, 4/1/27	(h) (j) (k)	Pharmaceuticals		1,377		1,443		1,079
QVC, Inc., 4.4%, 9/1/28	(j)	Retail		808		584		522
QVC, Inc., 5.5%, 8/15/34	(j)	Retail		622		381		366
Shelf Drilling Holdings Ltd., 8.9%, 11/15/24	(h) (j)	Oil & Gas		4,537		4,476		4,554
Shelf Drilling North Sea Holdings Ltd., 10.3%, 10/31/25	(h)	Oil & Gas		915		890		916
Solocal Group, Series 8Y, 9.0%, 3/15/25 (E+7.0%)	(j) (l)	Internet	€	421		382		401
Solocal Group, 9.0%, 3/15/25 (E+7.0%)	(j) (l)	Internet		109		121		96
Talen Energy Supply LLC, 6.6%, 1/15/28	(h) (k) (m)	Electric	$	1,325		1,263		1,357
Talen Energy Supply LLC, 7.3%, 5/15/27	(h) (k) (m)	Electric		59		60		62
Tenet Healthcare Corp., 6.3%, 2/1/27	(e) (j)	Healthcare-Services		1,629		1,568		1,599
Valaris, Ltd., PIK, 8.3%, 4/30/28	(h)	Oil & Gas		3		3		3
Valaris, Ltd., Series 1145, PIK, 8.3%, 4/30/28	(j)	Oil & Gas		4,064		3,966		4,117
Vantage Drilling Intl, 9.3%, 11/15/23	(h) (j)	Oil & Gas		1,195		1,183		1,180
Verisure Holding AB, 3.3%, 2/15/27	(j)	Commercial Services	€	914		828		881
Vmed O2 UK Financing I Plc, 3.3%, 1/31/31	(j)	Telecommunications		2,364		2,648		2,103
VOC Escrow Ltd., 5.0%, 2/15/28	(h) (i) (j)	Leisure Time	$	3,701		3,143		3,260
VZ Secured Financing B.V., 5.0%, 1/15/32	(h) (j)	Media Entertainment		1,045		928		896
Total Senior Secured Bonds						77,590		73,685
Unsecured Bonds—39.7%
Accor SA, 2.4%, 11/29/28	(j)	Lodging	€	2,300		1,918		2,200
AdaptHealth LLC, 5.1%, 3/1/30	(h) (j)	Pharmaceuticals	$	1,305		1,323		1,163
Advisor Group Holdings, Inc., 10.8%, 8/1/27	(h) (j)	Diversified Financial Services		1,206		1,314		1,246
Ahead DB Holdings LLC, 6.6%, 5/1/28	(h) (j)	Computers		890		869		753
AHP Health Partners, Inc., 5.8%, 7/15/29	(h) (j)	Healthcare-Services		2,611		2,416		2,151
Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.6%, 1/15/27	(h) (j)	Food		1,637		1,590		1,554

See notes to unaudited consolidated financial statements. 

3 

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2023

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 5.9%, 2/15/28	(h) (j)	Food	$	596	$	555	$	583
American Greetings Corp., 8.8%, 4/15/25	(h) (j)	Housewares		3,448		3,375		3,418
Antero Resources Corp., 5.4%, 3/1/30	(h)	Oil & Gas		1,192		1,170		1,113
Antero Resources Corp., 7.6%, 2/1/29	(h)	Oil & Gas		109		119		112
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance Plc, 3.0%, 9/1/29	(j)	Packaging & Containers	€	988		798		839
Aretec Escrow Issuer, Inc., 7.5%, 4/1/29	(h) (j)	Diversified Financial Services	$	1,207		1,202		1,073
Avient Corp., 7.1%, 8/1/30	(h) (j)	Chemicals		913		913		921
Bank of Ireland Group Plc, 7.5% 5/19/25 (fixed, converts to FRN on 5/19/25)	(j) (l) (n)	Banks	€	965		887		1,049
Bath & Body Works, Inc., 6.9%, 11/1/35	(j)	Retail	$	2,192		1,891		2,001
BellRing Brands, Inc., 7.0%, 3/15/30	(h) (i) (j)	Pharmaceuticals		2,998		2,998		2,980
Blackstone Property Partners Europe Holdings Sarl, 1.6%, 4/20/30	(j)	Real Estate	€	1,964		1,560		1,576
BNP Paribas SA, 4.6%, 2/25/31	(j) (n)	Banks	$	1,584		1,209		1,300
BNP Paribas SA, 9.3% 11/17/27 (fixed, converts to FRN on 11/17/27)	(h) (j) (l) (n)	Banks		774		774		842
Bombardier, Inc., 6.0%, 2/15/28	(h) (j)	Aerospace/Defense		740		732		703
Bombardier, Inc., 7.9%, 4/15/27	(h) (j)	Aerospace/Defense		327		294		327
Bracken MidCo1 Plc, PIK, 6.8%, 11/1/27		Diversified Financial Services	£	1,116		1,543		1,134
Builders FirstSource, Inc., 5.0%, 3/1/30	(h) (j)	Building Materials	$	671		611		627
Builders FirstSource, Inc., 6.4%, 6/15/32	(h) (j)	Building Materials		3,147		3,006		3,084
California Resources Corp., 7.1%, 2/1/26	(h) (j)	Oil & Gas		3,684		3,739		3,591
Cano Health LLC, 6.3%, 10/1/28	(h) (j)	Healthcare-Services		898		857		577
Carnival Corp., 6.0%, 5/1/29	(h) (j)	Leisure Time		1,336		1,052		1,057
Carnival Holdings Ltd., 10.4%, 5/1/28	(h)	Leisure Time		1,515		1,496		1,638
CCO Holdings LLC / CCO Holdings Capital Corp., 4.3%, 2/1/31	(h) (j)	Media Entertainment		1,142		889		953
CCO Holdings LLC / CCO Holdings Capital Corp., 4.5%, 8/15/30	(h) (j)	Media Entertainment		269		214		230
CCO Holdings LLC / CCO Holdings Capital Corp., 5.4%, 6/1/29	(h) (j)	Media Entertainment		990		1,017		917
CDI Escrow Issuer, Inc., 5.8%, 4/1/30	(h) (j)	Entertainment		1,315		1,297		1,248
Chart Industries, Inc., 7.5%, 1/1/30	(h)	Machinery-Diversified		1,686		1,663		1,726
Chemours Co., 5.8%, 11/15/28	(h) (j)	Chemicals		2,387		2,142		2,178
Chesapeake Energy Corp., 5.9%, 2/1/29	(h) (j)	Oil & Gas		1,532		1,624		1,469
Continental Finance Credit Card ABS Master Trust, Series 2022-A, Class B, ABS, 8.1%, 10/15/30	(h)	Asset-Backed - Credit Card		253		253		253
CSC Holdings LLC, 6.5%, 2/1/29	(h) (j)	Media Entertainment		2,012		1,953		1,743
CTP N.V., 1.5%, 9/27/31	(j)	Real Estate	€	1,452		957		1,080
DaVita, Inc., 4.6%, 6/1/30	(h) (j)	Healthcare-Services	$	2,742		2,198		2,313
Deutsche Bank AG, 3.7%, 1/14/32 (fixed, converts to FRN on 10/14/30)	(j) (l)	Banks		1,140		888		917
DT Midstream, Inc., 4.1%, 6/15/29	(h) (j)	Pipelines		625		583		549
DT Midstream, Inc., 4.4%, 6/15/31	(h) (j)	Pipelines		963		976		844
Dufry One B.V., 2.0%, 2/15/27	(j)	Retail	€	185		213		173
Dufry One B.V., 3.4%, 4/15/28	(j)	Retail		3,823		4,016		3,616
Earthstone Energy Holdings LLC, 8.0%, 4/15/27	(h) (i) (j)	Oil & Gas	$	4,108		4,075		4,011
Endurance International Group Holdings, Inc., 6.0%, 2/15/29	(h) (j)	Internet		1,702		1,459		1,212
EnLink Midstream Partners LP, 5.1%, 4/1/45	(j)	Pipelines		1,642		1,196		1,293
EnLink Midstream Partners LP, 5.5%, 6/1/47	(j)	Pipelines		691		532		576
EnLink Midstream Partners LP, 5.6%, 4/1/44	(j)	Pipelines		286		218		240
FMG Resources August 2006 Pty Ltd., 4.4%, 4/1/31	(h) (j)	Mining		2,962		2,570		2,610
FMG Resources August 2006 Pty Ltd., 5.9%, 4/15/30	(h) (j)	Mining		851		794		832
FMG Resources August 2006 Pty Ltd., 6.1%, 4/15/32	(h) (j)	Mining		836		804		816

See notes to unaudited consolidated financial statements. 

4 

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2023

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Foot Locker, Inc., 4.0%, 10/1/29	(h) (j)	Retail	$	763	$	630	$	646
Ford Motor Co., 3.3%, 2/12/32	(j)	Auto Manufacturers		1,263		956		1,004
Ford Motor Co., 6.1%, 8/19/32	(j)	Auto Manufacturers		951		879		934
Ford Motor Credit Co. LLC, 4.0%, 11/13/30	(j)	Auto Manufacturers		558		442		488
Ford Motor Credit Co. LLC, 4.3%, 1/9/27	(j)	Auto Manufacturers		222		232		208
Ford Motor Credit Co. LLC, 4.5%, 8/1/26	(j)	Auto Manufacturers		200		193		190
Ford Motor Credit Co. LLC, 5.1%, 5/3/29	(j)	Auto Manufacturers		1,907		1,881		1,810
Ford Motor Credit Co. LLC, 7.4%, 11/4/27	(j)	Auto Manufacturers		1,719		1,719		1,807
Ford Motor Credit Co. LLC, 7.4%, 3/6/30	(j)	Auto Manufacturers		1,360		1,376		1,429
Fox Corp., 5.5%, 1/25/39	(i)	Media Entertainment		3,378		2,859		3,283
Frontier Florida LLC, Series E, 6.9%, 2/1/28	(j)	Telecommunications		1,477		1,404		1,373
Frontier North, Inc., Series G, 6.7%, 2/15/28	(j)	Telecommunications		5,029		4,836		4,648
GLP Capital LP / GLP Financing II, Inc., 3.3%, 1/15/32	(j)	Real Estate Investment Trusts		137		103		114
GLP Capital LP / GLP Financing II, Inc., 4.0%, 1/15/30	(j)	Real Estate Investment Trusts		420		348		380
GLP Capital LP / GLP Financing II, Inc., 4.0%, 1/15/31	(j)	Real Estate Investment Trusts		197		159		174
Granite US Holdings Corp., 11.0%, 10/1/27	(h) (j)	Machinery-Diversified		1,009		1,091		1,067
Grifols Escrow Issuer SA, 3.9%, 10/15/28	(j)	Biotechnology	€	1,719		1,499		1,596
Hess Midstream Operations LP, 4.3%, 2/15/30	(h) (j)	Pipelines	$	946		890		830
Hess Midstream Operations LP, 5.1%, 6/15/28	(h) (j)	Pipelines		892		864		841
Hilton Domestic Operating Co., Inc., 4.0%, 5/1/31	(h) (j)	Lodging		626		548		543
Hilton Domestic Operating Co., Inc., 5.8%, 5/1/28	(h) (j)	Lodging		734		742		729
Hilton Grand Vacations Borrower Escrow LLC, 5.0%, 6/1/29	(h) (j)	Lodging		1,062		890		951
Intesa Sanpaolo SpA, 4.2%, 6/1/32 (fixed, converts to FRN on 6/1/31)	(h) (j) (l)	Banks		813		642		648
JPMorgan Chase & Co., Series FF, 5.0% 8/1/24 (fixed, converts to FRN on 8/01/24)	(j) (l) (n)	Banks		3,114		2,803		3,030
LBM Acquisition LLC, 6.3%, 1/15/29	(h) (j)	Retail		134		100		102
LifePoint Health, Inc., 5.4%, 1/15/29	(h) (j)	Healthcare-Services		825		679		552
Macy’s Retail Holdings LLC, 4.5%, 12/15/34	(j)	Retail		2,155		1,423		1,586
Macy’s Retail Holdings LLC, 5.9%, 3/15/30	(h) (j)	Retail		674		651		616
Macy’s Retail Holdings LLC, 6.1%, 3/15/32	(h) (j)	Retail		689		620		618
Macy’s Retail Holdings, Inc., 4.3%, 2/15/43	(j)	Retail		264		224		164
Macy’s Retail Holdings, Inc., 5.1%, 1/15/42	(j)	Retail		295		279		200
Marriott Ownership Resorts, Inc., 4.8%, 1/15/28	(j)	Lodging		880		882		795
Methanex Corp., 5.3%, 12/15/29	(j)	Chemicals		2,032		1,907		1,871
Methanex Corp., 5.7%, 12/1/44	(j)	Chemicals		1,429		1,035		1,182
MGM Resorts International, 4.8%, 10/15/28	(j)	Lodging		1,440		1,342		1,308
MGM Resorts International, 5.5%, 4/15/27	(j)	Lodging		387		398		374
Mineral Resources Ltd., 8.0%, 11/1/27	(h) (j)	Iron/Steel		957		956		981
Mineral Resources Ltd., 8.5%, 5/1/30	(h) (j)	Iron/Steel		2,296		2,296		2,375
Moss Creek Resources Holdings, Inc., 7.5%, 1/15/26	(h) (j)	Oil & Gas		1,006		938		931
Moss Creek Resources Holdings, Inc., 10.5%, 5/15/27	(h) (j)	Oil & Gas		848		831		820
Mylan, Inc., 5.2%, 4/15/48	(j)	Pharmaceuticals		531		363		438
Nationstar Mortgage Holdings, Inc., 5.5%, 8/15/28	(h) (j)	Diversified Financial Services		492		425		430
NatWest Group Plc, 8.0% 8/10/25 (fixed, converts to FRN on 8/10/25)	(j) (l) (n)	Banks		1,065		1,012		1,078
Nexstar Media, Inc., 4.8%, 11/1/28	(h) (j)	Media Entertainment		996		871		900
NOVA Chemicals Corp., 4.3%, 5/15/29	(h) (j)	Chemicals		1,256		1,068		1,079
NOVA Chemicals Corp., 5.3%, 6/1/27	(h) (j)	Chemicals		776		783		723
Novelis Sheet Ingot GmbH, 3.4%, 4/15/29	(j)	Mining	€	1,075		929		1,022
Occidental Petroleum Corp., 6.2%, 3/15/40	(j)	Oil & Gas	$	935		949		946
Occidental Petroleum Corp., 6.5%, 9/15/36	(j)	Oil & Gas		144		160		152
Occidental Petroleum Corp., 6.6%, 3/15/46	(j)	Oil & Gas		1,020		1,087		1,088
Occidental Petroleum Corp., 7.5%, 5/1/31	(j)	Oil & Gas		485		550		540

See notes to unaudited consolidated financial statements. 

5 

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2023

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Occidental Petroleum Corp., 7.9%, 9/15/31	(j)	Oil & Gas	$	185	$	240	$	210
Occidental Petroleum Corp., 8.0%, 6/15/39	(j)	Oil & Gas		811		973		932
Occidental Petroleum Corp., 8.9%, 7/15/30	(j)	Oil & Gas		152		201		179
Olin Corp., 5.0%, 2/1/30	(j)	Chemicals		956		870		905
Olin Corp., 5.6%, 8/1/29	(j)	Chemicals		76		74		74
OneMain Finance Corp., 4.0%, 9/15/30	(j)	Diversified Financial Services		99		99		79
OneMain Finance Corp., 5.4%, 11/15/29	(j)	Diversified Financial Services		660		548		579
OneMain Finance Corp., 6.6%, 1/15/28	(j)	Diversified Financial Services		1,157		1,102		1,129
Outfront Media Capital LLC / Outfront Media Capital Corp., 4.3%, 1/15/29	(h) (j)	Advertising		255		255		219
Outfront Media Capital LLC / Outfront Media Capital Corp., 5.0%, 8/15/27	(h) (j)	Advertising		726		717		669
PetSmart, Inc. / PetSmart Finance Corp., 7.8%, 2/15/29	(h) (j)	Retail		2,789		2,796		2,745
Plains All American Pipeline LP / PAA Finance Corp., 4.3%, 1/31/43	(j)	Pipelines		189		127		146
Playtika Holding Corp., 4.3%, 3/15/29	(h) (j)	Software		1,944		1,909		1,617
Post Holdings, Inc., 5.5%, 12/15/29	(h) (j)	Food		1,399		1,384		1,299
Prosus N.V., 2.8%, 1/19/34	(j)	Internet	€	880		727		729
Range Resources Corp., 4.8%, 2/15/30	(h) (j)	Oil & Gas	$	1,149		1,155		1,031
RingCentral, Inc., 0.0%, 3/1/25	(j) (o)	Software		1,194		1,038		1,050
Rockcliff Energy II LLC, 5.5%, 10/15/29	(h) (j)	Oil & Gas		302		285		288
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc., 3.6%, 3/1/29	(h) (j)	Diversified Financial Services		248		197		210
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc., 3.9%, 3/1/31	(h) (j)	Diversified Financial Services		1,060		834		865
Royal Caribbean Cruises Ltd., 5.5%, 4/1/28	(h) (j)	Leisure Time		817		696		704
Royal Caribbean Cruises Ltd., 9.3%, 1/15/29	(h) (j)	Leisure Time		4,620		4,616		4,880
Samsonite Finco Sarl, 3.5%, 5/15/26	(j)	Apparel	€	1,008		884		1,024
Scientific Games International, Inc., 7.0%, 5/15/28	(h) (j)	Entertainment	$	589		577		584
Scientific Games International, Inc., 7.3%, 11/15/29	(h) (j)	Entertainment		611		611		613
Seagate HDD Cayman Co., 9.6%, 12/1/32	(h) (j)	Computers		710		800		805
SeaWorld Parks & Entertainment, Inc., 5.3%, 8/15/29	(h) (j)	Entertainment		1,675		1,424		1,516
Sensata Technologies B.V., 4.0%, 4/15/29	(h) (j)	Electronics		764		709		687
Sensata Technologies B.V., 5.9%, 9/1/30	(h) (j)	Electronics		620		620		609
Service Properties Trust, 7.5%, 9/15/25	(j)	Real Estate Investment Trusts		1,310		1,358		1,290
Signal Parent, Inc., 6.1%, 4/1/29	(h) (j)	Commercial Services		1,136		1,126		434
Silgan Holdings, Inc., 2.3%, 6/1/28	(j)	Packaging & Containers	€	377		309		355
Sirius XM Radio, Inc., 5.0%, 8/1/27	(h) (j)	Media Entertainment	$	245		254		232
Sirius XM Radio, Inc., 5.5%, 7/1/29	(h) (j)	Media Entertainment		1,068		1,111		1,002
Spectrum Brands, Inc., 5.5%, 7/15/30	(h) (j)	Household Products/Wares		1,446		1,474		1,315
Standard Industries, Inc., 2.3%, 11/21/26	(j)	Building Materials	€	535		568		507
Standard Industries, Inc., 4.4%, 7/15/30	(h) (j)	Building Materials	$	669		681		573
Standard Industries, Inc., 4.8%, 1/15/28	(h) (j)	Building Materials		1,323		1,312		1,241
Station Casinos LLC, 4.6%, 12/1/31	(h) (j)	Lodging		1,930		1,556		1,629
Sterling Entertainment Enterprises, LLC, 10.3%, 1/15/25	(f)	Media Entertainment		813		801		812
SWF Escrow Issuer Corp., 6.5%, 10/1/29	(h) (j)	Housewares		818		749		539
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.9%, 2/1/31	(j)	Pipelines		1,210		1,072		1,133
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.5%, 3/1/30	(j)	Pipelines		1,679		1,548		1,640
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 6.9%, 1/15/29	(j)	Pipelines		192		191		197
TEGNA, Inc., 5.0%, 9/15/29	(j)	Media Entertainment		118		112		111
Tenet Healthcare Corp., 6.1%, 6/15/30	(h) (j)	Healthcare-Services		923		923		897

See notes to unaudited consolidated financial statements. 

6 

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2023

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Terex Corp., 5.0%, 5/15/29	(h) (j)	Machinery-Construction & Mining	$	1,963	$	1,907	$	1,836
Teva Pharmaceutical Finance Netherlands II B.V., 4.4%, 5/9/30	(j)	Pharmaceuticals	€	3,288		2,700		3,090
TI Automotive Finance Plc, 3.8%, 4/15/29	(j)	Auto Parts & Equipment		1,355		1,047		1,145
TransDigm, Inc., 5.5%, 11/15/27	(j)	Aerospace/Defense	$	946		907		904
TUI Cruises GmbH, 6.5%, 5/15/26	(j)	Leisure Time	€	2,772		3,083		2,730
Twilio, Inc., 3.6%, 3/15/29	(j)	Software	$	1,101		929		936
Twilio, Inc., 3.9%, 3/15/31	(j)	Software		207		158		171
Uber Technologies, Inc., 4.5%, 8/15/29	(h) (j)	Internet		47		41		42
Uber Technologies, Inc., 6.3%, 1/15/28	(h) (j)	Internet		973		1,022		953
Valvoline, Inc., 3.6%, 6/15/31	(h) (j)	Chemicals		1,985		1,636		1,673
Viatris, Inc., 4.0%, 6/22/50	(j)	Pharmaceuticals		2,374		1,409		1,648
Vibrantz Technologies, Inc., 9.0%, 2/15/30	(h) (j)	Chemicals		1,982		1,953		1,530
VICI Properties LP / VICI Note Co., Inc., 4.1%, 8/15/30	(h) (j)	Real Estate Investment Trusts		787		724		705
Victoria’s Secret & Co., 4.6%, 7/15/29	(h) (j)	Retail		3,040		2,530		2,530
Viking Cruises Ltd., 5.9%, 9/15/27	(h) (j)	Leisure Time		3,780		3,194		3,226
Viking Cruises Ltd., 7.0%, 2/15/29	(h)	Leisure Time		308		269		268
Vistra Corp., 7.0% 12/15/26 (fixed, converts to FRN on 12/15/26)	(h) (j) (l) (n)	Electric		1,812		1,650		1,697
Vistra Corp., 8.0% 10/15/26 (fixed, converts to FRN on 10/15/26)	(h) (j) (l) (n)	Electric		3,232		3,222		3,172
Vistra Operations Co. LLC, 5.0%, 7/31/27	(h) (j)	Electric		650		657		613
Vistra Operations Co. LLC, 5.5%, 9/1/26	(h) (j)	Electric		21		22		20
Wells Fargo & Co., Series BB, 3.9% 3/15/26 (fixed, converts to FRN on 3/15/26)	(j) (l) (n)	Banks		1,897		1,666		1,750
Western Midstream Operating LP, 4.3%, 2/1/30	(j)	Pipelines		670		663		615
Western Midstream Operating LP, 5.5%, 8/15/48	(j)	Pipelines		185		164		161
Western Midstream Operating LP, 5.5%, 2/1/50	(j)	Pipelines		123		106		107
WR Grace Holdings LLC, 5.6%, 8/15/29	(h) (j)	Chemicals		632		499		528
XPO CNW, Inc., 6.7%, 5/1/34	(j)	Transportation		2,019		2,034		1,824
ZF Europe Finance B.V., 3.0%, 10/23/29	(j)	Auto Parts & Equipment	€	1,400		1,422		1,259
ZF Finance GmbH, 3.8%, 9/21/28	(j)	Auto Parts & Equipment		1,200		1,109		1,155
ZoomInfo Technologies LLC / ZoomInfo Finance Corp., 3.9%, 2/1/29	(h) (j)	Software	$	1,032		878		891
Total Unsecured Bonds						202,700		200,468
Collateralized Loan Obligation (CLO) / Structured Credit—25.0%
37 Capital CLO I, Series 2021-1A, Class D, ABS, S+3.5%, 8.3%, 10/15/34	(h) (l)	USD CLO		655		618		601
610 Funding CLO 1 Ltd., Series 2015-1A, Class CR, ABS, L+3.9%, 8.7%, 9/21/29	(h) (l)	USD CLO		425		422		422
Accunia European CLO III DAC, Series 3X, Class D, ABS, E+3.1%, 5.4%, 1/20/31	(l)	EUR CLO	€	240		274		242
AIG CLO 2021-2 LLC, Series 2021-2A, Class C, ABS, L+2.0%, 6.8%, 7/20/34	(h) (l)	USD CLO	$	625		610		596
Allegro CLO V Ltd., Series 2017-1A, Class BR, ABS, L+1.5%, 6.2%, 10/16/30	(h) (l)	USD CLO		250		241		242
Alme Loan Funding B.V., Series 5X, Class ER, ABS, E+5.4%, 7.7%, 7/15/31	(l)	EUR CLO	€	220		213		210
Ammc CLO 19 Ltd., Series 2016-19A, Class D, ABS, L+3.8%, 8.5%, 10/15/28	(h) (j) (l)	USD CLO	$	205		203		202
Ammc CLO 20 Ltd., Series 2017-20A, Class E, ABS, L+5.8%, 10.6%, 4/17/29	(h) (l)	USD CLO		250		248		243
Ammc CLO XIII Ltd., Series 2013-13A, Class B1LR, ABS, L+3.6%, 8.4%, 7/24/29	(h) (l)	USD CLO		540		512		516
Anchorage Capital CLO 4-R Ltd., Series 2014-4RA, Class C, ABS, L+1.9%, 6.7%, 1/28/31	(h) (l)	USD CLO		855		818		820
Anchorage Capital CLO 4-R Ltd., Series 2014-4RA, Class D, ABS, L+2.6%, 7.4%, 1/28/31	(h) (j) (l)	USD CLO		250		241		227

See notes to unaudited consolidated financial statements. 

7 

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2023

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Anchorage Capital CLO 5-R Ltd., Series 2014-5RA, Class E, ABS, L+5.4%, 10.2%, 1/15/30	(h) (l)	USD CLO	$	255	$	250	$	228
Anchorage Capital Europe CLO 2 DAC, 4.7%, 4/15/34		EUR CLO	€	410		374		424
Anchorage Capital Europe CLO 3 DAC, Series 3X, Class D, ABS, E+3.8%, 6.1%, 7/15/32	(l)	EUR CLO		745		793		749
Anchorage Credit Funding 10 Ltd., Series 2020-10A, Class EV, ABS, 7.1%, 4/25/38	(h)	USD CLO	$	250		235		212
Anchorage Credit Funding 12 Ltd., Series 2020-12A, Class D, ABS, 5.9%, 10/25/38	(h)	USD CLO		295		295		261
Anchorage Credit Funding 2 Ltd., Series 2015-2A, Class ERV, ABS, 7.0%, 4/25/38	(h)	USD CLO		250		232		201
Anchorage Credit Funding 3 Ltd., Series 2016-3A, Class DR, ABS, 5.8%, 1/28/39	(h)	USD CLO		250		250		221
Anchorage Credit Funding 3 Ltd., Series 2016-3A, Class ER, ABS, 7.2%, 1/28/39	(h)	USD CLO		410		387		329
Anchorage Credit Funding 6 Ltd., Series 2018-6A, Class E, ABS, 6.9%, 7/25/36	(h)	USD CLO		570		547		466
Apex Credit CLO 2015-II Ltd., Series 2015-2A, Class ER, ABS, L+6.1%, 10.9%, 10/17/26	(h) (l)	USD CLO		330		329		326
Apidos CLO XII, Series 2013-12A, Class BR, ABS, L+1.4%, 6.2%, 4/15/31	(h) (l)	USD CLO		500		483		488
Apidos CLO XXXVI, Series 2021-36A, Class B, ABS, L+1.6%, 6.4%, 7/20/34	(h) (l)	USD CLO		355		341		347
Arbour CLO VII DAC, Series 7A, Class B2E, ABS, E+1.8%, 3.8%, 3/15/33	(h) (l)	EUR CLO	€	250		237		262
Ares European CLO IX B.V., Series 9X, Class D, ABS, E+2.4%, 4.7%, 10/14/30	(l)	EUR CLO		520		552		512
Ares European CLO IX DAC, Series 9X, Class E, ABS, E+4.4%, 6.7%, 10/14/30	(l)	EUR CLO		290		321		264
Ares European CLO VI B.V., Series 2013-6X, Class ER, ABS, E+5.3%, 7.6%, 4/15/30	(l)	EUR CLO		340		383		326
Ares XL CLO Ltd., Series 2016-40A, Class BRR, ABS, L+1.8%, 6.6%, 1/15/29	(h) (l)	USD CLO	$	350		334		339
Ares XLIX CLO Ltd., Series 2018-49A, Class D, ABS, L+3.0%, 7.8%, 7/22/30	(h) (j) (l)	USD CLO		250		245		233
Ares XXXVII CLO Ltd., Series 2015-4A, Class CR, ABS, L+2.7%, 7.4%, 10/15/30	(h) (l)	USD CLO		250		247		229
Ares XXXVII CLO Ltd., Series 2015-4A, Class BR, ABS, L+1.8%, 6.6%, 10/15/30	(h) (l)	USD CLO		250		246		240
Ares XXXVR CLO Ltd., Series 2015-35RA, Class D, ABS, L+3.0%, 7.8%, 7/15/30	(h) (l)	USD CLO		250		250		235
Armada Euro CLO III DAC, Series 3A, Class DR, ABS, E+3.3%, 5.6%, 7/15/31	(h) (l)	EUR CLO	€	300		262		302
Atlas Senior Loan Fund III Ltd., Series 2013-1A, Class DR, ABS, L+2.6%, 7.3%, 11/17/27	(h) (j) (l)	USD CLO	$	500		483		475
Atlas Senior Loan Fund IX Ltd., Series 2018-9A, Class D, ABS, L+2.6%, 7.4%, 4/20/28	(h) (j) (l)	USD CLO		250		238		239
Atrium IX, Series 9A, Class CR2, ABS, L+2.0%, 6.7%, 5/28/30	(h) (l)	USD CLO		1,560		1,460		1,494
Atrium XIII, Series 13A, Class C, ABS, L+1.8%, 6.6%, 11/21/30	(h) (l)	USD CLO		430		416		414
Atrium XIV LLC, Series 14A, Class D, ABS, L+3.0%, 7.7%, 8/23/30	(h) (j) (l)	USD CLO		250		238		242
Avoca CLO XI Ltd., Series 11X, Class ER, ABS, E+5.0%, 7.3%, 7/15/30	(l)	EUR CLO	€	210		226		200
Avoca CLO XIII DAC, Series 13X, Class ERR, ABS, E+6.2%, 8.5%, 4/15/34	(l)	EUR CLO		240		229		230
Avoca CLO XV DAC, Series 15X, Class ER, ABS, E+4.1%, 6.4%, 4/15/31	(l)	EUR CLO		360		388		324
Avoca CLO XVIII DAC, Series 18X, Class E, ABS, E+4.6%, 6.9%, 4/15/31	(l)	EUR CLO		195		216		180
Avoca CLO XXII DAC, Series 22A, Class D, ABS, E+2.9%, 5.2%, 4/15/35	(h) (l)	EUR CLO		360		318		358

See notes to unaudited consolidated financial statements. 

8 

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2023

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Avoca CLO XXIII DAC, Series 23X, Class B1, ABS, E+1.5%, 3.8%, 4/15/34	(l)	EUR CLO	€	455	$	436	$	469
Bain Capital Credit CLO 2021-1 Ltd., Series 2021-1A, Class B, ABS, L+1.4%, 6.2%, 4/18/34	(h) (j) (l)	USD CLO	$	220		209		210
Bain Capital Euro CLO 2021-2 DAC, Series 2021-2X, Class D, ABS, E+3.4%, 5.7%, 7/17/34	(l)	EUR CLO	€	355		373		339
Barings Euro CLO 2018-1 DAC, Series 2018-1X, Class D, ABS, E+2.3%, 4.6%, 4/15/31	(l)	EUR CLO		190		196		185
Barings Euro CLO 2018-2 BV, E+3.2%, 5.5%, 10/15/31	(l)	EUR CLO		920		1,080		897
Barings Euro CLO 2018-3 DAC, Series 2018-3A, Class DE, ABS, E+3.7%, 6.2%, 7/27/31	(h) (l)	EUR CLO		480		525		483
Barings Euro CLO 2019-1 DAC, Series 2019-1X, Class CR, ABS, E+3.0%, 5.2%, 10/15/34	(l)	EUR CLO		245		250		256
Benefit Street Partners CLO II Ltd., Series 2013-IIA, Class CR, ABS, L+3.7%, 8.5%, 7/15/29	(h) (j) (l)	USD CLO	$	250		243		245
Benefit Street Partners CLO XII Ltd., Series 2017-12A, Class B, ABS, L+2.0%, 6.8%, 10/15/30	(h) (l)	USD CLO		400		384		382
Betony CLO 2 Ltd., Series 2018-1A, Class C, ABS, L+2.9%, 7.7%, 4/30/31	(h) (l)	USD CLO		250		233		233
Bilbao CLO, Series 1X, Class B, ABS, E+1.7%, 4.0%, 7/20/31	(l)	EUR CLO	€	515		525		524
Bilbao CLO DAC, 3.4%, 8/20/35		EUR CLO		465		421		484
Birch Grove CLO 2 Ltd., Series 2021-2A, Class D2, ABS, L+5.0%, 9.8%, 10/19/34	(h) (l)	USD CLO	$	605		599		551
Birch Grove CLO 3 Ltd., Series 2021-3A, Class D2, ABS, L+5.1%, 9.9%, 1/19/35	(h) (l)	USD CLO		885		876		817
Black Diamond CLO 2017-1 Ltd., Series 2017-1A, Class C, ABS, L+4.0%, 8.8%, 4/24/29	(h) (l)	USD CLO		590		581		548
Black Diamond CLO 2017-2 DAC, Series 2017-2X, Class CNE, ABS, E+2.0%, 4.3%, 1/20/32	(l)	EUR CLO	€	590		608		588
BlackRock European CLO X DAC, Series 10X, Class B1R, ABS, E+1.8%, 4.1%, 10/15/34	(l)	EUR CLO		260		266		268
BlueMountain Fuji EUR CLO, Series 5X, Class C, ABS, E+2.5%, 4.7%, 1/15/33	(l)	EUR CLO		485		477		501
BlueMountain Fuji US CLO III Ltd., Series 2017-3A, Class D, ABS, L+2.4%, 7.2%, 1/15/30	(h) (j) (l)	USD CLO	$	250		238		230
BNPP IP CLO 2014-II Ltd., Series 2014-2A, Class DR, ABS, L+3.5%, 8.3%, 10/30/25	(h) (l)	USD CLO		204		202		203
Bosphorus CLO V DAC, Series 5A, Class DE, ABS, E+4.8%, 6.8%, 12/12/32	(h) (l)	EUR CLO	€	320		354		338
Bridgepoint CLO, Series 2X, Class C, ABS, E+2.0%, 4.3%, 4/15/35	(l)	EUR CLO		300		292		302
Brookside Mill CLO 2013-1 Ltd., Series 2013-1A, Class ER, ABS, L+5.5%, 10.3%, 1/17/28	(h) (l)	USD CLO	$	720		715		714
Cairn CLO IX DAC, Series 2018-9X, Class C, ABS, E+1.5%, 3.9%, 4/25/32	(l)	EUR CLO	€	415		394		423
Cairn CLO VI B.V., Series 2016-6X, Class FR, ABS, E+8.3%, 10.7%, 7/25/29	(l)	EUR CLO		190		227		177
Cairn CLO VII DAC, Series 2016-7X, Class E, ABS, E+6.4%, 8.8%, 1/31/30	(l)	EUR CLO		440		486		437
Cairn CLO XI DAC, Series 2019-11X, Class D, ABS, E+4.2%, 6.4%, 7/15/32	(l)	EUR CLO		625		681		635
Cairn CLO XIV DAC, Series 2021-14A, Class B1, ABS, E+1.7%, 4.2%, 10/29/34	(h) (l)	EUR CLO		250		240		261
Cairn CLO XV B.V., 4.0%, 4/15/36		EUR CLO		410		358		423
Canyon Capital CLO 2016-2 Ltd., Series 2016-2A, Class CR, ABS, L+2.2%, 7.0%, 10/15/31	(h) (l)	USD CLO	$	285		281		273
Canyon Capital CLO Ltd., Series 2014-1A, Class BR, ABS, L+1.8%, 6.6%, 1/30/31	(h) (l)	USD CLO		665		631		639
Capital Four CLO, 5.0%, 1/15/34		EUR CLO	€	290		263		301
Capital Four CLO III DAC, Series 3X, Class B1, ABS, E+1.8%, 4.0%, 10/15/34	(l)	EUR CLO		545		491		563

See notes to unaudited consolidated financial statements. 

9 

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2023

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Carbone CLO Ltd., Series 2017-1A, Class B, ABS, L+1.8%, 6.6%, 1/20/31	(h) (l)	USD CLO	$	545	$	512	$	521
Carlyle Euro CLO 2017-3 DAC, Series 2017-3X, Class C, ABS, E+2.5%, 4.8%, 1/15/31	(l)	EUR CLO	€	160		158		153
Carlyle Global Market Strategies CLO 2013-1 Ltd., Series 2013-1A, Class CR, ABS, L+3.4%, 8.0%, 8/14/30	(h) (l)	USD CLO	$	435		417		412
Carlyle Global Market Strategies Euro CLO 2015-3 DAC, Series 2015-3X, Class C1RE, ABS, E+2.6%, 4.8%, 7/15/30	(l)	EUR CLO	€	275		323		270
Carlyle Global Market Strategies Euro CLO 2016-2 DAC, Series 2016-2X, Class BRR, ABS, E+2.4%, 4.7%, 4/15/34	(l)	EUR CLO		525		565		539
Carlyle Global Market Strategies Euro CLO 2020-1 DAC, Series 2020-1X, Class D, ABS, E+5.4%, 7.7%, 4/15/33	(l)	EUR CLO		250		290		223
Carlyle US CLO 2017-5 Ltd., Series 2017-5A, Class B, ABS, L+1.8%, 6.6%, 1/20/30	(h) (l)	USD CLO	$	440		408		417
Carlyle US CLO 2022-1 Ltd., Series 2022-1A, Class C, ABS, S+2.2%, 6.8%, 4/15/35	(h) (l)	USD CLO		365		332		347
Carmax Auto Owner Trust, 8.1%, 4/16/29		Other ABS		660		656		701
Carval CLO Ltd., Series 2021-2A, Class C, ABS, L+2.2%, 7.0%, 10/15/34	(h) (l)	USD CLO		355		333		338
Catalyst Healthcare Manchester Financing Plc, Series AMBC, 2.4%, 9/30/40	(j)	Healthcare-Services	£	241		624		580
Catamaran CLO 2014-1 Ltd., Series 2014-1A, Class CR, ABS, L+3.4%, 8.2%, 4/22/30	(h) (l)	USD CLO	$	250		243		231
CBAM 2017-1 Ltd., Series 2017-1A, Class C, ABS, L+2.4%, 7.2%, 7/20/30	(h) (l)	USD CLO		535		522		516
Cedar Funding VII CLO Ltd., Series 2018-7A, Class C, ABS, L+1.8%, 6.6%, 1/20/31	(h) (j) (l)	USD CLO		395		387		378
Cedar Funding VII CLO Ltd., Series 2018-7A, Class D, ABS, L+.2.6%, 7.4%, 1/20/31	(h) (l)	USD CLO		250		236		236
CFIP CLO 2014-1 Ltd., Series 2014-1A, Class DR, ABS, L+4.1%, 8.9%, 7/13/29	(h) (j) (l)	USD CLO		495		488		486
CIFC European Funding CLO IV DAC, Series 4X, Class D, ABS, E+3.1%, 5.4%, 8/18/35	(l)	EUR CLO	€	280		246		277
CIFC European Funding CLO V DAC, Series 5X, Class D, ABS, E+3.2%, 5.4%, 11/23/34	(l)	EUR CLO		400		353		398
CIFC Funding 2013-IV Ltd., Series 2013-4A, Class DRR, ABS, L+2.8%, 7.6%, 4/27/31	(h) (l)	USD CLO	$	250		237		229
CIFC Funding 2015-IV Ltd., Series 2015-4A, Class BR2, ABS, L+1.9%, 6.7%, 4/20/34	(h) (j) (l)	USD CLO		270		263		257
CIFC Funding Ltd., 6.7%, 4/20/30	(l)	USD CLO		250		231		240
Connecticut Avenue Securities Trust 2021-R03, Series 2021-R03, Class 1M2, CMO, S+1.7%, 6.0%, 12/25/41	(h) (l)	USD CLO		184		167		177
Connecticut Avenue Securities Trust 2022-R02, Series 2022-R02, Class 2M2, CMO, S+3.0%, 7.3%, 1/25/42	(h) (l)	USD CLO		1,155		1,123		1,123
Connecticut Avenue Securities Trust 2022-R04, Series 2022-R04, Class 1M2, CMO, S+3.1%, 7.4%, 3/25/42	(h) (l)	USD CLO		435		420		439
Covenant Credit Partners CLO III Ltd., Series 2017-1A, Class D, ABS, L+3.8%, 8.5%, 10/15/29	(h) (l)	USD CLO		1,710		1,691		1,595
CVC Cordatus Loan Fund VII DAC, Series 7X, Class DRR, ABS, E+2.9%, 4.9%, 9/15/31	(l)	EUR CLO	€	285		260		278
CVC Cordatus Loan Fund X DAC, Series 10X, Class C, ABS, E+1.6%, 4.1%, 1/27/31	(l)	EUR CLO		200		205		203
CVC Cordatus Loan Fund X DAC, Series 10X, Class D, ABS, E+2.5%, 5.0%, 1/27/31	(l)	EUR CLO		190		206		186
Dartry Park CLO DAC, Series 1X, Class BRR, ABS, E+2.3%, 4.8%, 1/28/34	(l)	EUR CLO		355		336		365
Diamond CLO 2019-1 Ltd., Series 2019-1A, Class E, ABS, L+8.1%, 12.9%, 4/25/29	(h) (l)	USD CLO	$	805		805		788

See notes to unaudited consolidated financial statements. 

10 

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2023

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Dryden 59 Euro CLO 2017 B.V., Series 2017-59X, Class D1, ABS, E+2.4%, 4.2%, 5/15/32	(l)	EUR CLO	€	365	$	391	$	355
Dryden 61 CLO Ltd., Series 2018-61A, Class CR, ABS, L+1.8%, 6.5%, 1/17/32	(h) (l)	USD CLO	$	410		400		391
Dryden XXVI Senior Loan Fund, Series 2013-26A, Class CR, ABS, L+1.9%, 6.6%, 4/15/29	(h) (l)	USD CLO		350		336		338
Eaton Vance CLO 2014-1R Ltd., Series 2014-1RA, Class C, ABS, L+2.1%, 6.9%, 7/15/30	(h) (l)	USD CLO		325		318		314
Eaton Vance CLO 2014-1R Ltd., Series 2014-1RA, Class D, ABS, L+3.1%, 7.8%, 7/15/30	(h) (l)	USD CLO		250		236		234
Elevation CLO 2021-14 Ltd., Series 2021-14A, Class D2, ABS, L+5.0%, 9.8%, 10/20/34	(h) (l)	USD CLO		630		622		577
Elevation CLO 2021-15 Ltd., Series 2018-3A, Class CR, ABS, L+2.5%, 7.3%, 1/25/35	(h) (l)	USD CLO		500		489		471
Ellington CLO I Ltd., Series 2017-1A, Class DR, ABS, L+3.4%, 8.1%, 10/15/29	(h) (l)	USD CLO		410		398		387
Ellington CLO II Ltd., Series 2017-2A, Class D, ABS, L+3.7%, 8.3%, 2/15/29	(h) (l)	USD CLO		500		487		475
Ellington CLO IV Ltd., Series 2019-4A, Class D1, ABS, L+5.5%, 10.3%, 4/15/29	(h) (l)	USD CLO		585		580		575
Erna Srl, Series 1, Class A, E+2.3%, 3.8%, 7/25/31	(l)	Commercial MBS	€	206		239		221
Erna Srl, Series 1, Class B, E+3.6%, 5.1%, 7/25/31	(l)	Commercial MBS		310		356		328
Euro Galaxy CLO B.V., 4.2%, 2/15/34	(h)	EUR CLO		345		310		354
Euro-Galaxy VII CLO DAC, Series 2019-7X, Class CR, ABS, E+2.4%, 4.8%, 7/25/35	(l)	EUR CLO		285		252		293
First Eagle Clarendon Fund CLO LLC, Series 2014-1A, Class E, ABS, L+6.1%, 10.9%, 1/25/27	(h) (l)	USD CLO	$	428		428		429
Freddie Mac STACR REMIC Trust 2022-DNA2, Series 2022-DNA2, Class M1B, CMO, REMIC, S+2.4%, 6.7%, 2/25/42	(h) (l)	USD CLO		560		525		551
Galaxy XV CLO Ltd., Series 2013-15A, Class CRR, ABS, L+1.9%, 6.6%, 10/15/30	(h) (l)	USD CLO		925		871		883
Galaxy XVIII CLO Ltd., Series 2018-28A, Class B, ABS, L+1.6%, 6.4%, 7/15/31	(h) (j) (l)	USD CLO		525		505		512
Galaxy XVIII CLO Ltd., Series 2018-28A, Class C, ABS, L+2.0%, 6.7%, 7/15/31	(h) (j) (l)	USD CLO		250		242		237
Galaxy XXIV CLO Ltd., L+2.5%, 7.2%, 1/15/31	(l)	USD CLO		550		510		511
Galaxy XXVII CLO Ltd., Series 2018-27A, Class D, ABS, L+2.8%, 7.4%, 5/16/31	(h) (l)	USD CLO		1,290		1,214		1,224
Gallatin CLO IX 2018-1 Ltd., Series 2018-1A, Class D1, ABS, L+3.1%, 7.9%, 1/21/28	(h) (l)	USD CLO		250		248		245
Gallatin CLO IX 2018-1 Ltd., Series 2018-1A, Class E, ABS, L+5.5%, 10.3%, 1/21/28	(h) (l)	USD CLO		1,160		1,139		1,101
GAM FRR2 H Co.	(f) (p) (q)	USD CLO		1		569		553
GAM Re-REMIC Trust 2021-FRR1, Series 2021-FRR1, Class 1C, REMIC, 0.0%, 11/29/50	(h) (o) (p)	Commercial MBS		41		29		27
GAM Re-REMIC Trust 2021-FRR1, Series 2021-FRR1, Class 1D, REMIC, 0.0%, 11/29/50	(h) (o) (p)	Commercial MBS		60		41		38
GAM Re-REMIC Trust 2021-FRR1, Series 2021-FRR1, Class 2C, REMIC, 0.0%, 11/29/50	(h) (o) (p)	Commercial MBS		44		30		27
GAM RE-REMIC Trust 2021-FRR2, Series 2021-FRR2, Class CK44, PO, REMIC, 0.0%, 9/27/51	(h) (o) (p)	Commercial MBS		43		36		35
GAM RE-REMIC Trust 2021-FRR2, Series 2021-FRR2, Class DK49, PO, REMIC, 0.0%, 9/27/51	(h) (o) (p)	Commercial MBS		34		27		26
GAM RE-REMIC Trust 2021-FRR2, Series 2021-FRR2, Class D730, PO, REMIC, 0.0%, 9/27/51	(h) (o) (p)	Commercial MBS		35		29		28
GAM RE-REMIC Trust 2021-FRR2, Series 2021-FRR2, Class CK78, PO, REMIC, 0.0%, 9/27/51	(h) (o) (p)	Commercial MBS		29		19		16
GAM RE-REMIC Trust 2021-FRR2, Series 2021-FRR2, Class BK78, REMIC, 2.4%, 9/27/51	(h) (l) (p)	Commercial MBS		46		37		33
Golub Capital Partners 48 LP, Series 2020-48A, Class D, ABS, L+3.8%, 8.6%, 4/17/33	(h) (l)	USD CLO		250		233		240

See notes to unaudited consolidated financial statements. 

11 

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2023

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Golub Capital Partners CLO 50B-R Ltd., Series 2020-50A, Class CR, ABS, S+2.4%, 7.0%, 4/20/35	(h) (l)	USD CLO	$	310	$	287	$	295
Greywolf CLO V Ltd., Series 2015-1A, Class BR, ABS, L+2.0%, 6.8%, 1/27/31	(h) (j) (l)	USD CLO		740		726		707
Grosvenor Place CLO 2015-1 B.V., Series 2015-1X, Class DRR, ABS, E+5.4%, 7.9%, 10/30/29	(l)	EUR CLO	€	575		577		582
Halcyon Loan Advisors Funding 2015-2 Ltd., Series 2015-2A, Class D1R, ABS, L+3.1%, 7.9%, 7/25/27	(h) (l)	USD CLO	$	615		601		585
Halcyon Loan Advisors Funding 2015-2 Ltd., Series 2015-2A, Class D2R, ABS, L+3.1%, 7.9%, 7/25/27	(h) (l)	USD CLO		405		396		385
Halcyon Loan Advisors Funding 2017-2 Ltd., Series 2017-2A, Class B, ABS, L+2.1%, 6.9%, 1/17/30	(h) (l)	USD CLO		440		425		420
Halseypoint CLO 2 Ltd., Series 2020-2A, Class D, ABS, L+3.0%, 7.8%, 7/20/31	(h) (j) (l)	USD CLO		680		637		646
Harvest CLO XIX DAC, Series 19X, Class D, ABS, E+2.6%, 4.8%, 4/14/31	(l)	EUR CLO	€	450		476		435
Harvest CLO XXIII DAC, Series 23A, Class CE, ABS, E+2.1%, 4.4%, 10/20/32	(h) (l)	EUR CLO		250		249		253
Henley CLO VI DAC, Series 6X, Class D, ABS, E+3.2%, 5.6%, 6/10/34	(l)	EUR CLO		180		186		176
Henley CLO VI DAC, Series 6A, Class E, ABS, E+6.1%, 8.6%, 6/10/34	(h) (l)	EUR CLO		250		287		236
Highbridge Loan Management 12-2018 Ltd., Series 12A-18, Class B, ABS, L+1.9%, 6.6%, 7/18/31	(h) (j) (l)	USD CLO	$	435		426		412
HPS Loan Management 13-2018 Ltd., Series 13A-18, Class C, ABS, L+2.2%, 6.9%, 10/15/30	(h) (l)	USD CLO		1,015		958		959
Hull Street CLO Ltd., Series 2014-1A, Class D, ABS, L+3.6%, 8.4%, 10/18/26	(h) (l)	USD CLO		195		194		193
JFIN CLO 2012 Ltd., Series 2012-1A, Class DR, ABS, L+6.5%, 11.3%, 7/20/28	(h) (l)	USD CLO		700		693		689
JMP Credit Advisors CLO IV Ltd., Series 2017-1A, Class C, ABS, L+2.7%, 7.4%, 7/17/29	(h) (l)	USD CLO		355		351		347
JMP Credit Advisors ClO IV Ltd., Series 2017-1A, Class D, ABS, L+4.2%, 8.9%, 7/17/29	(h) (l)	USD CLO		610		599		586
JP Morgan Mortgage Trust 2019-INV1, Series 2019-INV1, Class B4, CMO, 5.0%, 10/25/49	(h) (l)	USD CLO		410		364		366
Jubilee CLO 2014-XI DAC, Series 2014-11X, Class DR, ABS, E+3.3%, 5.6%, 4/15/30	(l)	EUR CLO	€	305		281		310
Jubilee CLO 2014-XII B.V., Series 2014-12X, Class DR, ABS, E+2.9%, 5.2%, 4/15/30	(l)	EUR CLO		155		175		156
Jubilee CLO 2017-XVIII B.V., Series 2017-18X, Class D, ABS, E+3.1%, 5.4%, 1/15/30	(l)	EUR CLO		200		225		208
Jubilee CLO 2021-XXV DAC, Series 2021-25A, Class C1, ABS, E+2.3%, 4.5%, 10/15/35	(h) (l)	EUR CLO		285		269		289
Jubilee CLO 2021-XXV DAC, Series 2021-25X, Class D, ABS, E+3.2%, 5.5%, 10/15/35	(l)	EUR CLO		305		259		298
KKR CLO 12 Ltd., Series 12, Class BR2, ABS, L+1.7%, 6.5%, 10/15/30	(h) (l)	USD CLO	$	520		507		512
KKR CLO 32 Ltd., Series 32A, Class C, ABS, L+2.4%, 7.2%, 1/15/32	(h) (j) (l)	USD CLO		250		247		242
KVK CLO 2013-1 Ltd., Series 2013-1A, Class ER, ABS, L+5.9%, 10.7%, 1/14/28	(h) (l)	USD CLO		500		497		485
LCM XX LP, Series 20A, Class DR, ABS, L+2.8%, 7.6%, 10/20/27	(h) (l)	USD CLO		250		241		246
LCM XXI LP, Series 21A, Class ER, ABS, L+5.8%, 10.6%, 4/20/28	(h) (l)	USD CLO		570		549		538
Lehman XS Trust 2007-14H, Series 2007-14H, Class A22, CMO, L+0.8%, 5.3%, 7/25/47	(l)	USD CLO		244		246		227
Lehman XS Trust 2007-6, Series 2007-6, Class 3A2, ABS, 4.3%, 5/25/37		USD CLO		60		63		59
Lehman XS Trust 2007-6, Series 2007-6, Class 3A4, ABS, 4.3%, 5/25/37		USD CLO		170		175		139

See notes to unaudited consolidated financial statements. 

12 

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2023

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Lehman XS Trust 2007-6, Series 2007-6, Class 3A31, ABS, 4.3%, 5/25/37		USD CLO	$	125	$	128	$	113
Lehman XS Trust 2007-6, Series 2007-6, Class 3A32, ABS, L+0.5%, 4.3%, 5/25/37	(l)	USD CLO		142		128		128
Lockwood Grove CLO Ltd., Series 2014-1A, Class CRR, ABS, L+2.0%, 6.8%, 1/25/30	(h) (l)	USD CLO		550		538		525
Long Point Park CLO Ltd., Series 2017-1A, Class C, ABS, L+2.4%, 7.2%, 1/17/30	(h) (l)	USD CLO		305		287		271
Longfellow Place CLO Ltd., Series 2013-1A, Class DRR, ABS, L+4.5%, 9.3%, 4/15/29	(h) (j) (l)	USD CLO		520		513		520
Madison Park Euro Funding DAC, 4.7%, 7/15/32	(h)	EUR CLO	€	345		318		358
Madison Park Euro Funding IX DAC, Series 9X, Class DR, ABS, E+3.2%, 5.5%, 7/15/35	(l)	EUR CLO		315		264		306
Madison Park Euro Funding X DAC, Series 10X, Class C1, ABS, E+1.7%, 4.1%, 10/25/30	(l)	EUR CLO		115		105		118
Madison Park Euro Funding XIII DAC, Series 13X, Class CR, ABS, E+2.4%, 4.7%, 1/15/32	(l)	EUR CLO		355		343		367
Madison Park Funding XI Ltd., Series 2013-11A, Class DR, ABS, L+3.3%, 8.1%, 7/23/29	(h) (l)	USD CLO	$	430		422		413
Madison Park Funding XVIII Ltd., Series 2015-18A, Class DR, ABS, L+3.0%, 7.8%, 10/21/30	(h) (l)	USD CLO		250		236		234
Madison Park Funding XX Ltd., Series 2016-20A, Class DR, ABS, L+3.0%, 7.8%, 7/27/30	(h) (l)	USD CLO		675		642		639
Madison Park Funding XXII Ltd., Series 2016-22A, Class CR, ABS, L+2.0%, 6.8%, 1/15/33	(h) (l)	USD CLO		830		775		793
Madison Park Funding XXVII Ltd., Series 2018-27A, Class C, ABS, L+2.6%, 7.4%, 4/20/30	(h) (l)	USD CLO		250		235		237
Madison Park Funding XXVIII Ltd., Series 2018-28A, Class D, ABS, L+2.7%, 7.5%, 7/15/30	(h) (l)	USD CLO		705		665		663
Madison Park Funding XXX Ltd., Series 2018-30A, Class C, ABS, L+1.7%, 6.5%, 4/15/29	(h) (l)	USD CLO		275		264		266
Madison Park Funding XXXI Ltd., Series 2018-31A, Class C, ABS, L+2.2%, 7.0%, 1/23/31	(h) (l)	USD CLO		495		478		473
Man GLG Euro CLO I DAC, E+2.5%, 4.7%, 10/15/30	(l)	EUR CLO	€	315		351		296
Man GLG Euro CLO III DAC, Series 3X, Class D, ABS, E+3.3%, 5.6%, 10/15/30	(l)	EUR CLO		635		704		630
Marathon CLO V Ltd., Series 2013-5A, Class CR, ABS, L+2.8%, 7.4%, 11/21/27	(h) (l)	USD CLO	$	1,210		1,179		1,155
Marathon CLO VI Ltd., Series 2014-6A, Class CR2, ABS, L+3.5%, 8.2%, 5/13/28	(h) (l)	USD CLO		590		571		548
Marathon CLO X Ltd., Series 2017-10A, Class C, ABS, L+3.7%, 8.3%, 11/15/29	(h) (l)	USD CLO		1,030		1,002		860
Marble Point CLO XXI Ltd., Series 2021-3A, Class D2, ABS, L+5.0%, 9.8%, 10/17/34	(h) (l)	USD CLO		470		464		428
Midocean Credit CLO VIII, Series 2018-8A, Class D, ABS, L+2.9%, 7.6%, 2/20/31	(h) (j) (l)	USD CLO		250		237		222
Milltown Park CLO, Series 1A, Class B, ABS, E+1.8%, 4.1%, 1/15/31	(h) (l)	EUR CLO	€	260		258		262
Mitchells & Butlers Finance Plc, Series C2, L GBP+2.1%, 5.5%, 9/15/34	(j) (l)	Retail	£	972		1,143		959
Mitchells & Butlers Finance Plc, Series D1, L GBP+2.4%, 5.8%, 6/15/36	(j) (l)	Retail		481		543		470
Mitchells & Butlers Finance Plc, Series B2, 6.0%, 12/15/28	(j)	Retail		185		284		216
Mitchells & Butlers Finance Plc, Series C1, 6.5%, 9/15/30	(j)	Retail		884		1,370		991
MKS CLO 2017-1 Ltd., Series 2017-1A, Class D, ABS, L+4.2%, 9.0%, 7/20/30	(h) (l)	USD CLO	$	665		632		632
MKS CLO 2017-2 Ltd., Series 2017-2A, Class D, ABS, L+2.7%, 7.5%, 1/20/31	(h) (j) (l)	USD CLO		535		517		488
Monroe Capital CLO 2014-1 Ltd., Series 2014-1X, Class E, ABS, L+5.4%, 10.2%, 10/22/26	(l)	USD CLO		207		204		202

See notes to unaudited consolidated financial statements. 

13 

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2023

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Monroe Capital MML CLO 2016-1 Ltd., Series 2016-1A, Class ER, ABS, L+7.3%, 12.1%, 7/22/28	(h) (l)	USD CLO	$	485	$	485	$	456
Monroe Capital MML CLO 2017-1 Ltd., Series 2017-1A, Class E, ABS, L+7.4%, 12.2%, 4/22/29	(h) (l)	USD CLO		525		524		477
Monroe Capital MML CLO VI Ltd., Series 2018-1A, Class E, ABS, L+6.9%, 11.7%, 4/15/30	(h) (l)	USD CLO		290		281		260
Mountain View CLO 2017-1 LLC, Series 2017-1A, Class D, ABS, L+3.6%, 8.4%, 10/16/29	(h) (l)	USD CLO		250		247		240
Neuberger Berman Loan Advisers CLO 27 Ltd., Series 2018-27A, Class B, ABS, L+1.4%, 6.2%, 1/15/30	(h) (l)	USD CLO		320		305		313
Newark BSL CLO 2 Ltd., Series 2017-1A, Class BR, ABS, L+1.8%, 6.6%, 7/25/30	(h) (l)	USD CLO		340		329		325
Newstar Exeter Fund CLO LLC, Series 2015-1RA, Class E, ABS, L+7.2%, 12.0%, 1/20/27	(h) (l)	USD CLO		423		423		422
Oak Hill European Credit Partners IV DAC, Series 2015-4X, Class DR, ABS, E+2.5%, 4.8%, 1/20/32	(l)	EUR CLO	€	540		526		533
Oaktree CLO 2019-4 Ltd., Series 2019-4A, Class CR, ABS, L+2.3%, 7.1%, 10/20/32	(h) (l)	USD CLO	$	650		595		616
Oaktree CLO 2020-1 Ltd., Series 2020-1A, Class BR, ABS, L+1.7%, 6.4%, 7/15/34	(h) (j) (l)	USD CLO		295		284		287
OCP CLO Ltd., Series 2014-5A, Class BR, ABS, L+1.8%, 6.6%, 4/26/31	(h) (l)	USD CLO		385		365		364
OCP Euro CLO 2017 2X DAC, 5.0%, 1/15/32		EUR CLO	€	355		313		357
OCP Euro CLO 2022-5 DAC, Series 2022-5A, Class E, ABS, E+6.5%, 8.8%, 4/20/35	(h) (l)	EUR CLO		250		277		241
Octagon Investment Partners XXI Ltd., Series 2014-1A, Class BR3, ABS, L+1.8%, 6.4%, 2/14/31	(h) (l)	USD CLO	$	250		243		238
OFSI BSL VIII Ltd., Series 2017-1A, Class BR, ABS, L+1.5%, 6.3%, 8/16/29	(h) (j) (l)	USD CLO		855		820		836
OHA Credit Funding 4 Ltd., Series 2019-4A, Class CR, ABS, L+2.1%, 6.9%, 10/22/36	(h) (j) (l)	USD CLO		250		246		240
OZLM Funding IV Ltd., Series 2013-4A, Class CR, ABS, L+3.4%, 8.2%, 10/22/30	(h) (j) (l)	USD CLO		250		245		236
OZLM VII Ltd., Series 2014-7RA, Class CR, ABS, L+3.0%, 7.8%, 7/17/29	(h) (l)	USD CLO		250		242		241
OZLM XIV Ltd., Series 2015-14A, Class CRR, ABS, L+3.4%, 8.2%, 7/15/34	(h) (l)	USD CLO		465		420		422
OZLM XVI Ltd., Series 2017-16A, Class C, ABS, L+3.6%, 8.2%, 5/16/30	(h) (l)	USD CLO		250		244		222
OZLM XVIII Ltd., Series 2018-18A, Class B, ABS, L+1.6%, 6.4%, 4/15/31	(h) (l)	USD CLO		250		240		245
OZLM XXII Ltd., Series 2018-22A, Class A2, ABS, L+1.5%, 6.3%, 1/17/31	(h) (l)	USD CLO		250		240		241
OZLM XXIV Ltd., Series 2019-24X, Class C1R, ABS, L+3.4%, 8.2%, 7/20/32	(j) (l)	USD CLO		430		393		391
Palmer Square Loan Funding 2020-4 Ltd., Series 2020-4A, Class E, ABS, L+8.6%, 13.3%, 11/25/28	(h) (l)	USD CLO		250		251		234
Parallel 2015-1 Ltd., Series 2015-1A, Class E, ABS, L+5.2%, 10.0%, 7/20/27	(h) (l)	USD CLO		755		742		719
Parallel 2017-1 Ltd., Series 2017-1A, Class DR, ABS, L+3.1%, 7.9%, 7/20/29	(h) (l)	USD CLO		530		515		479
Park Avenue Institutional Advisers CLO Ltd., Series 2019-2A, Class A2R, ABS, L+1.7%, 6.5%, 10/15/34	(h) (j) (l)	USD CLO		565		537		538
Penta CLO 5 DAC, Series 2018-5X, Class CR, ABS, E+2.4%, 4.7%, 4/20/35	(l)	EUR CLO	€	100		107		103
Penta CLO 7 DAC, Series 2020-7X, Class B1, ABS, E+1.7%, 4.1%, 1/25/33	(l)	EUR CLO		205		190		213
Penta CLO 8 DAC, Series 2020-8X, Class CR, ABS, E+2.2%, 4.4%, 1/15/34	(l)	EUR CLO		240		245		245
Penta CLO 9 DAC, 5.5%, 7/25/36	(h)	EUR CLO		335		281		326
Penta CLO S.A., Series 2018-5X, Class DR, ABS, E+3.7%, 6.0%, 4/20/35	(l)	EUR CLO		525		520		535
Peterborough Progress Health Plc, 5.6%, 10/2/42	(j)	Healthcare-Services	£	579		1,002		679

See notes to unaudited consolidated financial statements. 

14 

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2023

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Preferred Term Securities XXIV Ltd./Preferred Term Securities XXIV, Inc., L+0.4%, 5.1%, 3/22/37	(h) (l)	Diversified Financial Services	$	430	$	343	$	334
Preferred Term Securities XXVI Ltd./Preferred Term Securities XXVI, Inc., L+0.4%, 5.1%, 9/22/37	(h) (l)	Diversified Financial Services		269		222		221
Providus CLO, Series 1X, Class C1, ABS, E+1.6%, 3.4%, 5/14/31	(l)	EUR CLO	€	225		221		230
Providus CLO, Series 4X, Class DR, ABS, E+3.3%, 5.6%, 4/20/34	(l)	EUR CLO		420		412		414
Providus CLO DAC, 4.6%, 7/15/31		EUR CLO		540		495		559
Providus CLO III DAC, Series 3X, Class B1RE, ABS, E+1.7%, 4.0%, 7/18/34	(l)	EUR CLO		270		244		281
Providus CLO IV DAC, Series 4X, Class B1R, ABS, E+1.6%, 4.0%, 4/20/34	(l)	EUR CLO		355		365		366
Providus CLO V DAC, Series 5X, Class D, ABS, E+3.0%, 4.7%, 2/15/35	(l)	EUR CLO		370		379		363
Regatta VIII Funding Ltd., Series 2017-1A, Class D, ABS, L+3.2%, 8.0%, 10/17/30	(h) (l)	USD CLO	$	425		408		409
Rockford Tower CLO 2021-2 Ltd., Series 2021-2A, Class B, ABS, L+1.8%, 6.6%, 7/20/34	(h) (l)	USD CLO		625		591		610
RR 4 Ltd., Series 2018-4A, Class A2, ABS, L+1.6%, 6.3%, 4/15/30	(h) (j) (l)	USD CLO		730		704		714
RR 4 Ltd., Series 2018-4A, Class C, ABS, L+3.0%, 7.7%, 4/15/30	(h) (l)	USD CLO		250		233		231
RRE 1 Loan Management DAC, Series 1X, Class A2R, ABS, E+1.4%, 3.6%, 4/15/35	(l)	EUR CLO	€	180		183		184
RRE 1 Loan Management DAC, 3.7%, 4/15/35		EUR CLO		505		438		519
RRE 1 Loan Management DAC, 4.0%, 1/15/37		EUR CLO		620		546		638
Saranac CLO I Ltd., Series 2013-1A, Class CR, ABS, L+2.9%, 7.7%, 7/26/29	(h) (l)	USD CLO	$	575		555		560
Sculptor CLO XXIX Ltd., Series 29A, Class D2, ABS, L+4.9%, 9.7%, 10/22/34	(h) (l)	USD CLO		350		307		308
Sculptor European CLO, 3.9%, 4/18/34		EUR CLO	€	300		272		308
Sculptor European CLO I DAC, Series 1A, Class DRR, ABS, E+3.5%, 5.8%, 4/18/34	(h) (l)	EUR CLO		475		454		482
Sculptor European CLO VI DAC, Series 6X, Class CR, ABS, E+2.3%, 4.6%, 10/15/34	(l)	EUR CLO		590		576		602
Shackleton 2015-VIII CLO Ltd., Series 2015-8A, Class ER, ABS, L+5.3%, 10.1%, 10/20/27	(h) (l)	USD CLO	$	440		435		400
Shackleton 2021-XVI CLO Ltd., Series 2021-16A, Class D2, ABS, L+5.0%, 9.8%, 10/20/34	(h) (l)	USD CLO		1,220		1,202		1,116
Shackleton CLO Ltd., 7.5%, 10/20/27	(l)	USD CLO		460		440		446
Signal Peak CLO 7 Ltd., Series 2019-1A, Class B, ABS, L+2.0%, 6.8%, 4/30/32	(h) (j) (l)	USD CLO		565		549		559
Silvermore CLO Ltd., Series 2014-1A, Class C, ABS, L+3.5%, 8.1%, 5/15/26	(h) (l)	USD CLO		824		815		822
Smeralda SPV Srl, 1.0%, 12/22/33	(f)	Commercial MBS	€	569		681		621
Smeralda SPV Srl, 5.3%, 12/22/34	(f)	Commercial MBS		2,146		2,412		2,335
Sound Point Clo XV Ltd., Series 2017-1A, Class CR, ABS, L+2.1%, 6.9%, 1/23/29	(h) (l)	USD CLO	$	365		357		352
Sound Point Euro CLO I Funding DAC, 4.7%, 7/25/35		EUR CLO	€	210		187		216
Sound Point Euro CLO I Funding DAC, Series 1X, Class DR, ABS, E+3.1%, 5.5%, 5/25/34	(l)	EUR CLO		215		206		212
St Paul’s CLO III-R DAC, Series 3RX, Class B1R, ABS, E+1.2%, 3.4%, 1/15/32	(l)	EUR CLO		330		319		343
St Paul’s CLO III-R DAC, Series 3RX, Class CR, ABS, E+1.6%, 3.9%, 1/15/32	(l)	EUR CLO		100		97		101
St Paul’s CLO III-R DAC, Series 3RX, Class DR, ABS, E+2.4%, 4.7%, 1/15/32	(l)	EUR CLO		445		488		426
St Paul’s CLO SPAUL 6A CRR 144A, 4.4%, 5/20/34	(h)	EUR CLO		305		273		316
St Paul’s CLO V DAC, Series 5X, Class DR, ABS, E+3.0%, 4.8%, 2/20/30	(l)	EUR CLO		140		162		139

See notes to unaudited consolidated financial statements. 

15 

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2023

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
St Paul’s CLO VI DAC, Series 6A, Class DRRE, ABS, E+3.3%, 5.1%, 5/20/34	(h) (l)	EUR CLO	€	520	$	491	$	502
St Paul’s CLO VIII DAC, Series 8X, Class D, ABS, E+2.5%, 4.7%, 7/17/30	(l)	EUR CLO		330		291		324
Steele Creek Clo 2017-1 Ltd., Series 2017-1A, Class C, ABS, L+1.9%, 6.7%, 10/15/30	(h) (l)	USD CLO	$	250		238		235
Steele Creek CLO Ltd., 6.8%, 4/21/31	(h)	USD CLO		250		224		236
Symphony CLO XIV Ltd., Series 2014-14A, Class E, ABS, L+4.6%, 9.4%, 7/14/26	(h) (l)	USD CLO		250		245		246
Symphony CLO XIX Ltd., Series 2018-19A, Class D, ABS, L+2.6%, 7.3%, 4/16/31	(h) (l)	USD CLO		250		248		232
TBW Mortgage-Backed Trust 2006-6, Series 2006-6, Class A4, CMO, 6.4%, 1/25/37		USD CLO		51		39		44
TCI-Symphony CLO 2017-1 Ltd., Series 2017-1A, Class D, ABS, L+3.4%, 8.2%, 7/15/30	(h) (l)	USD CLO		400		384		382
Terwin Mortgage Trust 2006-6, Series 2006-6, Class 1A2, ABS, 0.2%, 7/25/37	(h) (l)	Other ABS		45		16		19
THL Credit Wind River 2017-4 CLO Ltd., Series 2017-4A, Class C, ABS, L+1.8%, 6.4%, 11/20/30	(h) (l)	USD CLO		305		293		285
TICP CLO XII Ltd., Series 2018-12A, Class BR, ABS, L+1.7%, 6.4%, 7/15/34	(h) (j) (l)	USD CLO		470		450		459
Tikehau CLO II DAC, Series 2X, Class DRR, ABS, E+3.4%, 5.4%, 9/7/35	(l)	EUR CLO	€	425		385		428
Tikehau CLO III DAC, Series 3X, Class D, ABS, E+2.7%, 4.7%, 12/1/30	(l)	EUR CLO		220		235		220
Toro European CLO 6 DAC, Series 6X, Class CR, ABS, E+2.5%, 4.7%, 1/12/32	(l)	EUR CLO		400		428		415
Trinitas Euro CLO II DAC, Series 2A, Class DR, ABS, E+4.6%, 6.9%, 4/15/35	(h) (l)	EUR CLO		250		272		269
Tymon Park CLO DAC, Series 1X, Class CRR, ABS, E+3.2%, 5.6%, 7/21/34	(l)	EUR CLO		340		303		337
Unique Pub Finance Co. Plc, Series A4, 5.7%, 6/30/27	(j)	Real Estate	£	1,033		1,560		1,259
Unique Pub Finance Co. Plc, Series N, 6.5%, 3/30/32	(j)	Real Estate		1,036		1,409		1,329
Unique Pub Finance Co. Plc, Series M, 7.4%, 3/28/24	(j)	Real Estate		271		375		332
Upstart Structured Pass Through Trust, 7.0%, 11/15/30	(h)	Other ABS	$	288		287		286
Venture 44 CLO Ltd., Series 2021-44A, Class D2, ABS, L+5.0%, 9.8%, 10/20/34	(h) (l)	USD CLO		630		624		578
Venture CDO Ltd., Series 2016-25A, Class D2, ABS, L+4.2%, 9.0%, 4/20/29	(h) (l)	USD CLO		135		135		131
Venture XVII CLO Ltd., Series 2014-17A, Class CRR, ABS, L+1.9%, 6.6%, 4/15/27	(h) (l)	USD CLO		160		155		154
Venture XVII CLO Ltd., Series 2014-17A, Class DRR, ABS, L+2.8%, 7.6%, 4/15/27	(h) (l)	USD CLO		1,330		1,309		1,228
Venture XXIV CDO Ltd., Series 2016-24A, Class D2, ABS, L+4.1%, 8.9%, 10/20/28	(h) (l)	USD CLO		530		523		499
Vesey Park CLO DAC, Series 1X, Class B, ABS, E+2.3%, 4.1%, 11/16/32	(l)	EUR CLO	€	140		150		144
Vibrant CLO VI Ltd., Series 2017-6A, Class D, ABS, L+3.9%, 8.6%, 6/20/29	(h) (l)	USD CLO	$	250		248		250
Voya CLO 2019-1 Ltd., Series 2019-1A, Class DR, ABS, L+2.9%, 7.6%, 4/15/31	(h) (l)	USD CLO		250		233		233
Voya Euro CLO, Series 2X, Class DR, ABS, E+3.2%, 5.5%, 7/15/35	(l)	EUR CLO	€	330		326		326
Voya Euro CLO IV DAC, Series 4X, Class DR, ABS, E+3.1%, 5.4%, 10/15/34	(l)	EUR CLO		115		118		110
Webster Park CLO Ltd., Series 2015-1A, Class BR, ABS, L+1.8%, 6.6%, 7/20/30	(h) (l)	USD CLO	$	320		296		300
Wellfleet CLO 2017-2A Ltd., Series 2017-2A, Class C, ABS, L+3.4%, 8.2%, 10/20/29	(h) (l)	USD CLO		395		375		367
WhiteHorse X Ltd., Series 2015-10A, Class E, ABS, L+5.3%, 10.1%, 4/17/27	(h) (l)	USD CLO		1,384		1,384		1,355

See notes to unaudited consolidated financial statements. 

16 

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2023

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Wind River 2016-1K CLO Ltd., Series 2016-1KRA, Class D2R2, ABS, L+5.1%, 9.9%, 10/15/34	(h) (l)	USD CLO	$	915	$	904	$	829
Wind River 2021-4 CLO Ltd., Series 2021-4A, Class B, ABS, L+1.7%, 6.5%, 1/20/35	(h) (l)	USD CLO		330		309		320
Z Capital Credit Partners CLO 2019-1 Ltd., Series 2019-1A, Class CR, ABS, L+2.9%, 7.7%, 7/16/31	(h) (l)	USD CLO		455		439		445
Zais CLO 14 Ltd., Series 2020-14A, Class DR, ABS, L+4.5%, 9.3%, 4/15/32	(h) (l)	USD CLO		475		475		456
Zais CLO 5 Ltd., Series 2016-2A, Class C, ABS, L+4.5%, 9.3%, 10/15/28	(h) (l)	USD CLO		510		501		480
Total Collateralized Loan Obligation / Structured Credit						129,414		126,321

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Convertible Bonds—2.3%
Coupa Software, Inc., 0.4%, 6/15/26	(j)	Software	$	919	$	727	$	898
Groupon, Inc., 1.1%, 3/15/26	(j)	Internet		6,209		4,552		3,625
Liberty Interactive LLC, 3.8%, 2/15/30	(j)	Media Entertainment		1,162		901		401
Liberty Interactive LLC, 4.0%, 11/15/29	(j)	Media Entertainment		3,707		2,981		1,297
Liberty Latin America Ltd., 2.0%, 7/15/24	(j)	Media Entertainment		5,514		5,379		5,080
Total Convertible Bonds						14,540		11,301
Portfolio Company(a)	Footnotes		Principal Amount(b)		Amortized Cost		Fair Value(c)
Municipal Bonds—1.2%
City of Detroit MI, COPs, 4.8%, 6/15/20	(j) (k) (m)		$	203	$	154	$	203
City of Detroit MI, COPs, 4.9%, 6/15/25	(j) (k) (m)			711		536		711
Puerto Rico Electric Power Authority, Series UU, 0.0%, 7/1/20	(k) (l)			110		78		74
Puerto Rico Electric Power Authority, 5.0%, 7/1/42	(j) (k) (m)			10		7		7
Puerto Rico Electric Power Authority, 5.1%, 7/1/42	(j) (k) (m)			15		11		10
Puerto Rico Electric Power Authority, 5.3%, 7/1/27	(j) (k) (m)			355		233		249
Puerto Rico Electric Power Authority, 5.4%, 1/1/18	(j) (k) (m)			30		23		21
Puerto Rico Electric Power Authority, 5.4%, 7/1/18	(j) (k) (m)			20		16		14
Puerto Rico Electric Power Authority, 5.4%, 1/1/20	(j) (k) (m)			5		4		3
Puerto Rico Electric Power Authority, 5.5%, 7/1/21	(j) (k) (m)			80		67		56
Puerto Rico Electric Power Authority, 5.5%, 7/1/38	(j) (k) (m)			215		137		152
Puerto Rico Electric Power Authority, 10.0%, 7/1/19	(j) (k) (m)			10		8		7
Puerto Rico Electric Power Authority, 10.0%, 7/1/19	(j) (k) (m)			10		8		7
Puerto Rico Electric Power Authority, Series A, 5.0%, 7/1/29	(k) (m)			440		300		308
Puerto Rico Electric Power Authority, Series A, 6.8%, 7/1/36	(k) (m)			445		330		319
Puerto Rico Electric Power Authority, Series A, 7.0%, 7/1/43	(k) (m)			80		53		58
Puerto Rico Electric Power Authority, Series AAA, 5.3%, 7/1/22	(k) (m)			55		35		38
Puerto Rico Electric Power Authority, Series AAA, 5.3%, 7/1/31	(k) (m)			120		78		84
Puerto Rico Electric Power Authority, Series BBB, 5.4%, 7/1/28	(k) (m)			1,690		1,269		1,175
Puerto Rico Electric Power Authority, Series CCC, 5.0%, 7/1/25	(k) (m)			5		4		4
Puerto Rico Electric Power Authority, Series CCC, 5.0%, 7/1/28	(k) (m)			25		20		18
Puerto Rico Electric Power Authority, Series CCC, 5.3%, 7/1/26	(k) (m)			160		104		112
Puerto Rico Electric Power Authority, Series CCC, 5.3%, 7/1/27	(k) (m)			145		111		102

See notes to unaudited consolidated financial statements. 

17 

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 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 CCC, 5.3%, 7/1/28	(k) (m)	$	30	$	20	$	21
Puerto Rico Electric Power Authority, Series DDD, 3.8%, 7/1/22	(k) (m)		5		3		3
Puerto Rico Electric Power Authority, Series DDD, 5.0%, 7/1/19	(k) (m)		10		8		7
Puerto Rico Electric Power Authority, Series DDD, 5.0%, 7/1/20	(k) (m)		110		71		76
Puerto Rico Electric Power Authority, Series DDD, 5.0%, 7/1/21	(k) (m)		60		39		41
Puerto Rico Electric Power Authority, Series E-1, 10.0%, 1/1/21	(m)		69		61		51
Puerto Rico Electric Power Authority, Series E-2, 10.0%, 7/1/21	(k) (m)		69		61		51
Puerto Rico Electric Power Authority, Series E-3, 10.0%, 1/1/22	(k) (m)		18		16		13
Puerto Rico Electric Power Authority, Series E-4, 10.0%, 7/1/22	(k) (m)		18		16		13
Puerto Rico Electric Power Authority, Series EEE, 6.0%, 7/1/30	(k) (m)		25		16		17
Puerto Rico Electric Power Authority, Series EEE, 6.3%, 7/1/40	(k) (m)		5		3		3
Puerto Rico Electric Power Authority, Series NN, 5.5%, 7/1/20	(j) (k) (m)		30		21		21
Puerto Rico Electric Power Authority, Series TT, 5.0%, 7/1/20	(k) (m)		5		4		3
Puerto Rico Electric Power Authority, Series TT, 5.0%, 7/1/21	(k) (m)		5		3		3
Puerto Rico Electric Power Authority, Series TT, 5.0%, 7/1/23	(j) (k) (m)		25		22		18
Puerto Rico Electric Power Authority, Series TT, 5.0%, 7/1/24	(j) (k) (m)		20		16		14
Puerto Rico Electric Power Authority, Series TT, 5.0%, 7/1/25	(k) (m)		80		68		56
Puerto Rico Electric Power Authority, Series TT, 5.0%, 7/1/27	(k) (m)		35		27		25
Puerto Rico Electric Power Authority, Series TT, 5.0%, 7/1/32	(j) (k) (m)		180		140		126
Puerto Rico Electric Power Authority, Series TT, 5.0%, 7/1/37	(j) (k) (m)		150		121		105
Puerto Rico Electric Power Authority, Series UU, 0.0%, 7/1/17	(k) (l) (m)		15		10		10
Puerto Rico Electric Power Authority, Series UU, 0.0%, 7/1/18	(k) (l) (m)		15		10		10
Puerto Rico Electric Power Authority, Series UU, 3.2%, 7/1/25 (L+0.7%)	(k) (m)		25		18		17
Puerto Rico Electric Power Authority, Series UU, 3.2%, 7/1/31 (L+0.7%)	(k) (m)		110		80		75
Puerto Rico Electric Power Authority, Series VV, 5.5%, 7/1/20	(k) (m)		15		12		10
Puerto Rico Electric Power Authority, Series WW, 5.3%, 7/1/33	(k) (m)		465		373		327
Puerto Rico Electric Power Authority, Series XX, 5.3%, 7/1/35	(k) (m)		15		10		11
Puerto Rico Electric Power Authority, Series XX, 5.3%, 7/1/40	(k) (m)		210		152		148
Puerto Rico Electric Power Authority, Series YY, 6.1%, 7/1/40	(k) (m)		195		122		136
Puerto Rico Electric Power Authority, Series ZZ, 5.0%, 7/1/17	(k) (m)		15		11		10
Puerto Rico Electric Power Authority, Series ZZ, 5.3%, 7/1/19	(k) (m)		10		6		7

See notes to unaudited consolidated financial statements. 

18 

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 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 ZZ, 5.3%, 7/1/24	(k) (m)	$	5	$	4	$	4
Puerto Rico Electric Power Authority, Series ZZ, 5.3%, 7/1/25	(j) (k) (m)		5		4		4
Puerto Rico Electric Power Authority, Series ZZ, 5.3%, 7/1/26	(j) (k) (m)		375		291		263
Puerto Rico Highway & Transportation Authority, Series N, 0.0%, 12/6/49	(k)		595		564		387
Total Municipal Bonds					5,989		5,818

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Emerging Markets Debt—2.2%
Argentine Republic Government International Bond, 0.9%, 7/9/46	(j)	Sovereign	€	81	$	35	$	24
Argentine Republic Government International Bond, 0.1%, 7/9/30	(j)	Sovereign		1,904		986		610
Argentine Republic Government International Bond, 0.5%, 7/9/30	(j)	Sovereign	$	443		191		159
Argentine Republic Government International Bond, 1.5%, 7/9/35	(j)	Sovereign		1,719		672		533
Argentine Republic Government International Bond, 1.5%, 7/9/46		Sovereign		704		334		219
Argentine Republic Government International Bond, 3.9%, 1/9/38	(j)	Sovereign		183		85		68
Petroleos Mexicanos, 10.0%, 2/7/33	(e) (h)	Oil & Gas		2,369		2,315		2,315
Petroleos Mexicanos, 6.5%, 3/13/27	(j)	Oil & Gas		3,004		2,957		2,840
Petroleos Mexicanos, 6.7%, 2/16/32	(j)	Oil & Gas		825		662		686
Petroleos Mexicanos, 6.8%, 1/23/30	(j)	Oil & Gas		3,241		2,840		2,824
Provincia de Buenos Aires/Government Bond, 3.0%, 9/1/37	(j)	Provincial	€	31		12		9
Provincia de Buenos Aires/Government Bond, 3.5%, 9/1/37	(j)	Provincial		10		4		3
Provincia de Buenos Aires/Government Bond, 4.0%, 9/1/37	(j)	Provincial		252		136		87
Provincia de Buenos Aires/Government Bond, 4.5%, 9/1/37	(j)	Provincial	$	1,750		699		590
Provincia de Buenos Aires/Government Bond, 4.5%, 9/1/37	(h) (j)	Provincial		28		11		9
Provincia de Buenos Aires/Government Bond, 5.3%, 9/1/37	(j)	Provincial		528		246		210
Total Emerging Markets Debt						12,185		11,186

Portfolio Company(a)		Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Government Bonds—0.0%
U.S. Treasury Bond, 2.3%, 2/15/52		Sovereign		121		93		90
Total Government Bonds						93		90
Portfolio Company(a)	Footnotes	Industry	Number of Shares		Cost(b)		Fair Value(c)
Preferred Equity—0.3%
Midwest Veterinary Co. LLC, 12.0%	(f) (r)	Healthcare-Services		1,765		1,730		1,488
Riverbed Technology, Inc.		Software		4,494		86		2
Verscend Technologies, Inc., 12.3%	(f)	Software		200		194		200
Total Preferred Equity						2,010		1,690

See notes to unaudited consolidated financial statements. 

19 

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2023

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Number of Shares		Cost(b)		Fair Value(c)
Common Equity—0.7%
Aquadrill, LLC	(m)	Oil & Gas		6,967	$	199	$	374
ATD New Holdings, Inc.	(m)	Distribution/Wholesale		1,964		36		128
California Resources Corp., Warrants, 10/27/24, Strike $36.00	(m)	Oil & Gas		1,064		4		12
Quorum Health Corp.	(f) (m)	Healthcare-Services		48,950		492		187
Quorum Litigation Trust, Initial Funding	(f) (m)	Healthcare-Services		157,000		—		—
Quorum Litigation Trust, Units	(f) (m)	Healthcare-Services		2,399		2		2
Solocal Group	(m)	Internet		492,144		1,566		370
Superior Energy Equity New 144A	(h) (m)	Oil & Gas		1,228		—		80
Superior Energy Equity New Sec 1145	(m)	Oil & Gas		26,438		333		1,714
UTEX Industries Inc.	(m)	Miscellaneous Manufacturing		8,041		240		531
UTEX Industries Inc., Warrants, 12/3/25, Strike $114.76	(f) (m)	Miscellaneous Manufacturing		2,245		2		22
Valaris, Ltd.	(m)	Oil & Gas		135		2		10
Total Common Equity						2,876		3,430
Portfolio Company(a)	Footnotes	Yield	Number of Shares		Cost(b)		Fair Value(c)
Short-Term Investments—0.8%
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class	(s)	4.14%		4,090,640		4,091		4,091
Total Short-Term Investments						4,091		4,091
TOTAL INVESTMENTS—116.6%					$	604,713		588,398
LIABILITIES IN EXCESS OF OTHER ASSETS—(16.6)%(t)								(83,564	)
NET ASSETS—100.0%							$	504,834

Shares outstanding at period end (Class A)		725,457
Net asset value per common share at period end (Class A)	$	11.96
Shares outstanding at period end (Class I)		25,680,706
Net asset value per common share at period end (Class I)	$	11.99
Shares outstanding at period end (Class T)		251,251
Net asset value per common share at period end (Class T)	$	11.98
Shares outstanding at period end (Class U)		12,414,942
Net asset value per common share at period end (Class U)	$	11.93
Shares outstanding at period end (Class U-2)		3,079,395
Net asset value per common share at period end (Class U-2)	$	12.03

See notes to unaudited consolidated financial statements. 

20 

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2023

(in thousands, except share amounts)

Reverse Repurchase Agreements—(2.5)%
Security Description	Principal Value(b)			Principal Value Including Accrued Interest
BNP Paribas 5.1%, agreement dated 12/30/22, to be repurchased on 3/6/23 (collateralized by Fox Corp., 5.5% due 1/25/39 (fair value $3,283))	$	(2,884	)	$	(2,897	)
Royal Bank of Canada 5.1%, agreement dated 2/1/23, to be repurchased on 2/23/23 (collateralized by Academy Ltd., 6.0% due 11/15/27 (fair value $1,936), Earthstone Energy Holdings LLC, 8.0% due 4/15/27 (fair value $4,304), and VOC Escrow Ltd., 5.0% due 2/15/28 (fair value $1,194))		(5,094	)		(5,117	)
Royal Bank of Canada 5.3%, agreement dated 12/27/22, to be repurchased on 3/27/23 (collateralized by NMG Holding Co., Inc. / Neiman Marcus Group LLC, 7.1% due 4/1/26 (fair value $1,872), and BellRing Brands, Inc., 7.0% due 3/15/30 (fair value $1,922))		(3,050	)		(3,066	)
Royal Bank of Canada 5.1%, agreement dated 1/17/23, to be repurchased on 3/2/23 (collateralized by VOC Escrow Ltd., 5.0% due 2/15/28 (fair value $1,194))		(1,474	)		(1,477	)
Total Reverse Repurchase Agreements	$	(12,502	)	$	(12,557	)

Investments Sold Short—(0.4)%
Portfolio Company(a)	Industry	Principal Amount(b)			Proceeds			Fair Value(c)
Government Bonds Sold Short—(0.4)%
Bundesrepublik Deutschland Bundesanleihe, 0.0%, 2/15/2030	Sovereign	$	(23	)	$	(22	)	$	(21	)
U.S. Treasury Bond, 2.3%, 2/15/2052	Sovereign		(228	)		(158	)		(170	)
U.S. Treasury Bond, 2.8%, 8/15/2032	Sovereign		(526	)		(477	)		(494	)
U.S. Treasury Bond, 2.9%, 5/15/2052	Sovereign		(191	)		(150	)		(163	)
U.S. Treasury Bond, 3.4%, 8/15/2042	Sovereign		(89	)		(75	)		(84	)
U.S. Treasury Bond, 4.1%, 11/15/2032	Sovereign		(872	)		(913	)		(915	)
United Kingdom Gilt Bond, 1.3%, 7/22/2027	Sovereign		(15	)		—			(17	)
Total Government Bonds Sold Short						(1,795	)		(1,864	)
Total Investments Sold Short					$	(1,795	)	$	(1,864	)

Forward Foreign Currency Exchange Contracts
Counterparty	Contract Settlement Date	Currency and Amount to be Received		Currency and Amount to be Delivered		Unrealized Appreciation		Unrealized Depreciation
BNP Paribas	6/21/23	CHF	171	USD	189	$	1	$	—
BNP Paribas	6/21/23	USD	2,502	EUR	2,350		—		73
BNP Paribas	6/21/23	USD	2,637	EUR	2,477		—		77
JPMorgan Chase Bank, N.A.	6/21/23	EUR	12,444	USD	13,239		398		—
JPMorgan Chase Bank, N.A.	6/21/23	EUR	8,277	USD	8,806		265		—
JPMorgan Chase Bank, N.A.	6/21/23	USD	1,359	EUR	1,241		—		1
JPMorgan Chase Bank, N.A.	6/21/23	USD	2,560	EUR	2,331		5		—
JPMorgan Chase Bank, N.A.	6/21/23	USD	1,885	EUR	1,731		—		12
JPMorgan Chase Bank, N.A.	6/21/23	USD	2,208	EUR	2,075		—		66
JPMorgan Chase Bank, N.A.	6/21/23	USD	1,890	EUR	1,769		—		48
JPMorgan Chase Bank, N.A.	6/21/23	USD	504	EUR	472		—		13
JPMorgan Chase Bank, N.A.	6/21/23	USD	4,867	EUR	4,555		—		125
JPMorgan Chase Bank, N.A.	6/21/23	USD	649	GBP	528		—		4
JPMorgan Chase Bank, N.A.	6/21/23	USD	73	GBP	59		—		—
JPMorgan Chase Bank, N.A.	6/21/23	USD	227	GBP	185		—		1
State Street Bank and Trust Company	6/21/23	CHF	174	USD	192		1		—
State Street Bank and Trust Company	6/21/23	CHF	36	USD	39		—		—
State Street Bank and Trust Company	6/21/23	CHF	188	USD	204		4		—
State Street Bank and Trust Company	6/21/23	EUR	2,569	USD	2,809		7		—
State Street Bank and Trust Company	6/21/23	EUR	1,093	USD	1,177		21		—
State Street Bank and Trust Company	6/21/23	EUR	1,405	USD	1,502		38		—
State Street Bank and Trust Company	6/21/23	USD	621	CHF	569		—		10
State Street Bank and Trust Company	6/21/23	USD	8,051	EUR	7,548		—		221

See notes to unaudited consolidated financial statements. 

21 

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 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
State Street Bank and Trust Company	6/21/23	USD	380	EUR	356	$	—	$	10
State Street Bank and Trust Company	6/21/23	USD	9,343	EUR	8,759		—		256
State Street Bank and Trust Company	6/21/23	USD	146	GBP	118		—		—
State Street Bank and Trust Company	6/21/23	USD	935	GBP	759		—		4
State Street Bank and Trust Company	6/21/23	USD	656	GBP	533		—		3
Total Forward Foreign Currency Exchange Contracts						$	740	$	924

Interest Rate Swaps
Counterparty	Fund Pays	Fund Receives	Notional Amount	Expiration Date	Periodic Payment Frequency	Fair Value(c)			Unrealized Appreciation		Unrealized Depreciation
Bank of America, N.A.	3.20%	SOFR	USD 8,890	6/20/28	Annually	$	26		$	26	$	—
Goldman Sachs International	3.09%	SOFR	USD 286	7/18/33	Annually		1			1		—
Goldman Sachs International	4.14%	SONIA	GBP 4,808	2/17/25	Annually		(9	)		—		9
Goldman Sachs International	2.35%	12 Month SOFR	USD 27	10/18/52	Annually		3			3		—
Goldman Sachs International	2.35%	SOFR	USD 17	10/18/52	Annually		2			2		—
Goldman Sachs International	2.41%	12 Month SOFR	USD 287	5/18/24	Annually		9			9		—
Goldman Sachs International	2.41%	SOFR	USD 174	5/18/24	Annually		5			5		—
Goldman Sachs International	2.53%	12 Month SOFR	USD 88	10/18/29	Annually		4			4		—
Goldman Sachs International	2.53%	SOFR	USD 53	10/18/29	Annually		3			3		—
Goldman Sachs International	2.55%	12 Month SOFR	USD 75	10/18/27	Annually		3			3		—
Goldman Sachs International	2.55%	SOFR	USD 122	10/18/27	Annually		5			5		—
Goldman Sachs International	3.64%	SOFR	USD 70	10/17/25	Annually		1			1		—
Goldman Sachs International	4.05%	SOFR	USD 489	10/28/26	Annually		(7	)		—		7
JPMorgan Chase Bank, N.A.	0.57%	12 Month ESTRON	EUR 3,502	4/13/24	Annually		112			112		—
JPMorgan Chase Bank, N.A.	1.01%	12 Month ESTRON	EUR 1,453	4/13/27	Annually		99			99		—
JPMorgan Chase Bank, N.A.	1.90%	ESTRON	EUR 345	2/28/30	Annually		17			17		—
JPMorgan Chase Bank, N.A.	3.89%	SONIA	GBP 1,761	12/21/27	Annually		(24	)		—		24
Morgan Stanley & Co.	1.64%	3 Month SOFR	USD 593	8/8/27	Annually		46			46		—
Morgan Stanley & Co.	2.74%	SOFR	USD 3,668	9/6/27	Annually		124			124		—
Morgan Stanley & Co.	3.32%	SOFR	USD 2,597	6/5/28	Annually		(3	)		—		3
Total Interest Rate Swaps						$	417		$	460	$	43

Cross-Currency Swaps

Counterparty

Fund Pays

Fund Receives

Notional Amount of Currency Delivered

Notional Amount of Currency Received

Expiration Date

Periodic Payment Frequency

Fair Value(c)

Unrealized Appreciation

Unrealized Depreciation

JPMorgan Chase Bank, N.A.

3 Month ESTRON plus a spread of (0.255%)

SOFR

EUR 11,312

USD 11,844

12/6/25

Quarterly

$

(369

)

$

—

$

369

See notes to unaudited consolidated financial statements. 

22 

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2023

(in thousands, except share amounts)

Counterparty

Fund Pays

Fund Receives

Notional Amount of Currency Delivered

Notional Amount of Currency Received

Expiration Date

Periodic Payment Frequency

Fair Value(c)

Unrealized Appreciation

Unrealized Depreciation

JPMorgan Chase Bank, N.A.

3 Month SONIA plus a spread of (0.183%)

SOFR

GBP 4,590

USD 5,614

12/6/25

Quarterly

$

(24

)

$

—

$

24

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

(918

)

—

918

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.085%)

3 Month LIBOR

EUR 1,744

USD 1,683

3/23/23

Quarterly

153

153

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.195%)

3 Month LIBOR

EUR 794

USD 914

10/5/23

Quarterly

55

55

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.2335%)

3 Month LIBOR

EUR 464

USD 541

6/1/23

Quarterly

40

40

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.16375%)

3 Month LIBOR

EUR 4,212

USD 4,909

7/20/23

Quarterly

339

339

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.19%)

3 Month LIBOR

EUR 720

USD 818

8/20/23

Quarterly

42

42

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.1435%)

3 Month LIBOR

EUR 1,977

USD 2,249

12/3/23

Quarterly

113

113

—

JPMorgan Chase Bank, N.A.

3 Month SONIA plus a spread of 0.1018%

3 Month LIBOR

GBP 2,027

USD 2,823

3/12/23

Quarterly

351

351

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.0677%)

3 Month LIBOR

EUR 4,618

USD 5,472

7/23/23

Quarterly

466

466

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.075%)

3 Month LIBOR

EUR 1,199

USD 1,407

8/13/23

Quarterly

114

114

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.072%)

3 Month LIBOR

EUR 5,365

USD 3,657

12/15/23

Quarterly

152

152

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.0925%)

3 Month LIBOR

EUR 4,475

USD 5,170

11/5/23

Quarterly

355

355

—

Total Cross-Currency Swaps

$

869

$

2,180

$

1,311

See notes to unaudited consolidated financial statements. 

23 

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2023

(in thousands, except share amounts)

Total Return Debt Swaps(f)

Counterparty

Fund Pays

Fund Receives

Notional Amount

Expiration Date

Periodic Payment Frequency

Fair Value(c)

Unrealized Appreciation

Unrealized Depreciation

Bank of America, N.A.

SIFMA Municipal Swap Index plus a spread of 1.45%

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

USD 619

5/1/47

Monthly

$

(9

)

$

—

$

9

Bank of America, N.A.

SIFMA Municipal Swap Index plus a spread of 1.30%

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

USD 403

6/1/23

Monthly

(10

)

—

10

Bank of America, N.A.

SIFMA Municipal Swap Index plus a spread of 1.30%

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

USD 247

6/1/23

Monthly

(10

)

—

10

Bank of America, N.A.

SIFMA Municipal Swap Index plus a spread of 1.30%

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

USD 223

6/1/23

Monthly

(12

)

—

12

Bank of America, N.A.

SIFMA Municipal Swap Index plus a spread of 1.45%

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

USD 369

6/1/23

Monthly

(13

)

—

13

See notes to unaudited consolidated financial statements. 

24 

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 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
Bank of America, N.A.	SIFMA Municipal Swap Index plus a spread of 1.30%	San Antonio Housing Finance Corporation Multifamily Housing Revenue Bonds (Artisan at Salado Heights, 5.80%, 5/1/2050), Series 2006	USD 700	6/1/23	Monthly	$	(13	)	$	—	$	13
Bank of America, N.A.	SIFMA Municipal Swap Index plus a spread of 1.45%	Louisiana Housing Finance Agency Multifamily Housing Revenue Bonds (The Crossings Apartments, 6.15%, 5/1/2048) Series 2006	USD 374	5/1/48	Monthly		(14	)		—		14
Bank of America, N.A.	SIFMA Municipal Swap Index plus a spread of 1.45%	California Statewide Communities Development Authority Multifamily Housing Revenue Bonds (Rose of Sharon Senior Homes, 5.85%, 3/1/2045) Series 2006PP	USD 273	12/1/36	Monthly		(17	)		—		17
Bank of America, N.A.	SIFMA Municipal Swap Index plus a spread of 1.45%	San Antonio Housing Finance Corporation Multifamily Housing Revenue Bonds (Costa Miranda Apartments Project, 6.10%, 10/1/2050), Series 2006	USD 601	10/1/50	Monthly		(31	)		—		31
Bank of America, N.A.	SIFMA Municipal Swap Index plus a spread of 1.45%	Massachusetts Development Finance Agency Housing Revenue Bonds (East Canton Apartments Project, 5.90%, 5/1/2055) Series 2006A	USD 587	5/1/55	Monthly		(33	)		—		33
Total Total Return Debt Swaps						$	(162	)	$	—	$	162

See notes to unaudited consolidated financial statements. 

25 

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2023

(in thousands, except share amounts)

(a)	Security may be an obligation of one or more entities affiliated with the named company.
(b)	Denominated in U.S. dollars unless otherwise noted.
(c)	Fair value is determined by the board of trustees of FS Credit Income Fund’s (the “Fund”) investment adviser, FS Credit Income Advisor, LLC, 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.
(d)	Certain variable rate securities in the Fund’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of January 31, 2023, the one-month, three-month and six-month London Interbank Offered Rate (“LIBOR” or “L”) was 4.57%, 4.81% and 5.10%, respectively, the one-month, three-month and six-month Euro Interbank Offered Rate (“EURIBOR” or “E”) was 2.18%, 2.51% and 2.99%, respectively, the three-month GBP London Interbank Offered Rate (“GBP LIBOR” or “L GBP”) was 4.12%, the Swiss Average Rate Overnight (“SARON”) was 0.95%, the SIFMA Municipal Swap Index was 1.66%, the Sterling Overnight Index Average (“SONIA”) was 3.43%, the U.S. Prime rate (“P”) was 7.50%, the one-month, three-month and six-month Secured Overnight Financing Rate (“SOFR” or “S”) was 4.57%, 4.69% and 4.84%, respectively, and the Euro Short-Term Rate Volume Weighted Trimmed Mean Rate (“ESTRON”) was 1.89%.
(e)	Position or portion thereof unsettled as of January 31, 2023.
(f)	Security is classified as Level 3 in the Fund’s fair value hierarchy (See Notes to Unaudited Consolidated Schedule of Investments).
(g)	Security is an unfunded commitment. The stated rate reflects the spread disclosed at the time of commitment and may not indicate the actual rate received upon funding.
(h)	Exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Such securities may be deemed liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $255,206, which represents approximately 50.6% of net assets as of January 31, 2023.
(i)	Security or portion thereof is pledged as collateral supporting the amounts outstanding under the reverse repurchase agreement.
(j)	Security or portion thereof is pledged as collateral supporting the amounts outstanding under the prime brokerage facility with BNP Paribas Prime Brokerage International, Ltd. (“BNP”). Securities may be rehypothecated from time to time as permitted under Rule 15c-1(a)(1) promulgated under the Securities Exchange Act of 1934, as amended, subject to terms and conditions governing the prime brokerage facility with BNP. As of January 31, 2023, there were no securities rehypothecated by BNP.
(k)	Security is in default.
(l)	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.
(m)	Security is non-income producing.
(n)	The security has a perpetual maturity; the date displayed is the next call date.
(o)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(p)	Issuer of the security is an affiliate of the Fund’s investment sub-adviser, GoldenTree Sub-Advisor.
(q)	Security is reflected in shares.
(r)	Security held within FS Credit Income Equity Blocker, LLC, a wholly-owned subsidiary of the Fund.
(s)	Rate represents the seven-day yield as of January 31, 2023. The Morgan Stanley Institutional Liquid Reserves Fund’s financial statements are available on the SEC’s website at http://www.sec.gov.
(t)	Includes the effect of investments sold short, forward foreign currency exchange contracts, swap contracts and reverse repurchase agreements payable.

CDO	- Collateralized Debt Obligation
CHF	- Swiss Franc
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 financial statements. 

26 

FS Credit Income Fund

Notes to Unaudited Consolidated Schedule of Investments

As of January 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. 

The following table summarizes the composition of the Fund’s investment portfolio at cost and fair value as of January 31, 2023:

	Amortized  Cost(1)		Fair Value		Percentage of Portfolio
Senior Secured Loans—First Lien	$	139,611	$	137,140		23	%
Senior Secured Loans—Second Lien		13,614		13,178		2	%
Senior Secured Bonds		77,590		73,685		13	%
Unsecured Bonds		202,700		200,468		34	%
Collateralized Loan Obligation (CLO) / Structured Credit		129,414		126,321		21	%
Convertible Bonds		14,540		11,301		2	%
Municipal Bonds		5,989		5,818		1	%
Emerging Markets Debt		12,185		11,186		2	%
Government Bonds		93		90		0	%
Preferred Equity		2,010		1,690		0	%
Common Equity		2,876		3,430		1	%
Short-Term Investments		4,091		4,091		1	%
Total	$	604,713	$	588,398		100	%

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

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

As of January 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. 

The Fund’s investment portfolio may contain loans and other unfunded arrangements that are in the form of lines of credit or revolving credit facilities, or other investments, which require the Fund to provide funding when requested by portfolio companies in accordance with the terms of the underlying agreements. As of January 31, 2023, the Fund had unfunded commitments of $3,905. The Fund maintains sufficient cash on hand, available borrowings and liquid securities to fund any unfunded commitments should the need arise. 

The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets in such industries as of January 31, 2023: 

Industry Classification	Fair Value		Percentage of Portfolio
USD CLO	$	79,272		13	%
Media Entertainment		46,760		8	%
Oil & Gas		39,038		7	%
EUR CLO		34,938		6	%
Leisure Time		33,938		6	%
Retail		31,029		5	%
Healthcare-Services		24,988		4	%
Pharmaceuticals		22,991		4	%
Chemicals		22,622		4	%
Telecommunications		21,515		4	%
Diversified Financial Services		16,048		3	%
Advertising		12,992		2	%
Electric		12,856		2	%
Software		11,994		2	%
Banks		10,614		2	%
Lodging		9,813		2	%
Internet		9,593		2	%
Pipelines		9,172		2	%
Other		138,225		22	%
Total	$	588,398		100	%

27 

FS Credit Income Fund

Notes to Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2023

(in thousands)

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

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

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

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

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

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

As of January 31, 2023, the Fund’s investments and derivatives were categorized as follows in the fair value hierarchy: 

Asset Description	Level 1		Level 2			Level 3			Total
Senior Secured Loans—First Lien	$	—	$	109,389		$	27,751		$	137,140
Senior Secured Loans—Second Lien		—		10,477			2,701			13,178
Senior Secured Bonds		—		73,685			—			73,685
Unsecured Bonds		—		199,656			812			200,468
Collateralized Loan Obligation (CLO) / Structured Credit		—		122,812			3,509			126,321
Convertible Bonds		—		11,301			—			11,301
Municipal Bonds		—		5,818			—			5,818
Emerging Markets Debt		—		11,186			—			11,186
Government Bonds		—		90			—			90
Preferred Equity		—		2			1,688			1,690
Common Equity		1,413		1,806			211			3,430
Short-Term Investments		—		4,091			—			4,091
Total Investments		1,413		550,313			36,672			588,398
Forward Foreign Currency Exchange Contracts		—		740			—			740
Interest Rate Swaps		—		460			—			460
Cross-Currency Swaps		—		2,180			—			2,180
Total Assets	$	1,413	$	553,693		$	36,672		$	591,778
Liability Description
Reverse Repurchase Agreements	$	—	$	(12,557	)	$	—		$	(12,557	)
Government Bonds Sold Short		—		(1,864	)		—			(1,864	)
Forward Foreign Currency Exchange Contracts		—		(924	)		—			(924	)
Interest Rate Swaps		—		(43	)		—			(43	)
Cross-Currency Swaps		—		(1,311	)		—			(1,311	)
Total Return Debt Swaps		—		—			(162	)		(162	)
Total Liabilities	$	—	$	(16,699	)	$	(162	)	$	(16,861	)

28 

FS Credit Income Fund

Notes to Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2023

(in thousands)

The following is a reconciliation for the three months ended January 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)		20			2			—			—			—			—			22
Realized gain (loss)		2			—			—			(10	)		—			—			(8	)
Net change in unrealized appreciation (depreciation)		303			(3	)		(3	)		309			(208	)		(105	)		293
Purchases		534			—			—			82			—			—			616
Sales		(98	)		—			—			(77	)		—			—			(175	)
Fair value at end of period	$	27,751		$	2,701		$	812		$	3,509		$	1,688		$	211		$	36,672
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	$	303		$	(4	)	$	(3	)	$	309		$	(83	)	$	(105	)	$	417

The following is a reconciliation for the three months ended January 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: 

	Interest Rate Swaps			Total Return Debt Swaps
Fair value at beginning of period	$	(33	)	$	(158	)
Accretion of discount (amortization of premium)		—			—
Realized gain (loss)		3			18
Net change in unrealized appreciation (depreciation)		33			(4	)
Sales and repayments		(3	)		(18	)
Net transfers in or out of Level 3		—			—
Fair value at end of period	$	—		$	(162	)
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	$	—		$	(4	)

29