N-Q 1 tv516986_nq.htm N-Q

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number: 811-23221

  

FS Credit Income Fund

(Exact name of registrant as specified in charter)

 

201 Rouse Boulevard    
Philadelphia, Pennsylvania   19112
(Address of principal executive offices)   (Zip Code)

 

Michael C. Forman

FS Credit Income Fund

201 Rouse Boulevard

Philadelphia, Pennsylvania 19112

(Name and address of agent for service)

 

Registrant’s telephone number, including area code: (215) 495-1150

 

Date of fiscal year end: October 31

 

Date of reporting period: January 31, 2019

 

 

 

 

 

 

Item 1. Schedule of Investments.

 

FS Credit Income Fund (the “Fund”) is a Delaware statutory trust that is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a non-diversified, closed-end management investment company that operates as an interval fund pursuant to Rule 23c-3 under the 1940 Act. The Fund’s unaudited schedule of investments as of January 31, 2019 is set forth below:

 

 

 

 

FS Credit Income Fund

Unaudited Schedule of Investments

As of January 31, 2019

(in thousands, except share and per share amounts)

 

Portfolio Company(a)  Footnotes  Industry  Principal
Amount(b)		   Amortized
Cost		   Fair
Value(c)		 
Senior Secured Loans—First Lien—16.5%                     
Abaco Energy Technologies LLC, L + 950, 1.0% Floor, 11/20/2020  (d)  Independent Oil & Gas  $1,012   $997   $1,014 
Advantage Sales & Marketing, Inc., L + 325, 1.0% Floor, 7/23/2021  (d) (e)  Media Entertainment   230    211    203 
AHP Health Partners, Inc., L + 450, 1.0% Floor, 6/30/2025  (d)  Healthcare   529    524    527 
California Resources Corp., L + 475, 1.0% Floor, 12/31/2022  (d)  Independent Oil & Gas   1,128    1,153    1,109 
Comet Bidco Limited, L + 500, 1.0% Floor, 9/30/2024  (d)  Consumer Cyclical Services   698    680    681 
CONSOL Energy, Inc., L + 600, 1.0% Floor, 11/28/2022  (d)  Metals and Mining   244    250    247 
Contura Energy, Inc., L + 500, 1.0% Floor, 11/10/2025  (d)  Metals and Mining   1,120    1,075    1,117 
Dex Media, Inc., L + 900, 1.0% Floor, 12/29/2023  (d) (e)  Periodical Publishers   2,533    2,495    2,571 
East Valley Tourist Development Authority, L + 800, 1.0% Floor, 9/30/2020  (d)  Leisure   1,104    1,104    1,104 
Equitrans Midstream Corp., L + 450, 1/31/2024  (d)  Midstream   720    698    720 
Holland & Barrett International, E + 425, 8/9/2024  (d)  Consumer Cyclical Services  €400    456    421 
Jo-Ann Stores, Inc., L + 500, 1.0% Floor, 10/20/2023  (d) (e)  Retailers  $287    281    285 
McDermott Technology Americas Inc., L + 500, 1.0% Floor, 5/12/2025  (d)  Oil Field Services   82    83    79 
Neiman Marcus Group Ltd. LLC, L + 325, 1.0% Floor, 10/25/2020  (d) (e)  Retailers   895    823    797 
Patterson Medical Holdings, Inc., L + 475, 1.0% Floor, 8/28/2022  (d) (e)  Healthcare   1,062    1,023    1,017 
Premier Oil plc, L + 500, 5/31/2021  (d) (e)  Independent Oil & Gas   962    905    851 
Premier Oil plc, L + 500, 5/31/2021  (d) (e)  Independent Oil & Gas   293    276    260 
Quorum Health Corp., L + 675, 1.0% Floor, 4/29/2022  (d)  Healthcare   157    159    157 
R.R. Donnelley & Sons Co., L + 500, 1/15/2024  (d)  Media Entertainment   775    767    770 
R1 RCM, Inc., L + 525, 5/8/2025  (d)  Other Financial   711    707    706 
Red Ventures, LLC, L + 300, 11/8/2024  (d)  Media Entertainment   261    262    259 
RegionalCare Hospital Partners Holdings, Inc., L + 450, 11/16/2025  (d)  Healthcare   3,015    2,985    2,949 
Seadrill Partners Finco LLC, L + 600, 1.0% Floor, 2/21/2021  (d)  Oil Field Services   1,401    1,200    1,133 
UTEX Industries Inc., L + 400, 1.0% Floor, 5/22/2021  (d)  Chemicals   561    558    530 
Valeant Pharmaceuticals International, Inc., L + 300, 6/2/2025  (d)  Pharmaceuticals   98    98    97 
Verscend Holding Corp., L + 450, 8/24/2025  (d)  Technology   569    564    565 
Total Senior Secured Loans—First Lien              20,334    20,169 
                      
Senior Secured Loans—Second Lien—3.7%                     
Asurion LLC, L + 650, 8/4/2025  (d)  Property & Casualty Insurance   450    449    454 
BPP Pristine US Mezz A LLC, L + 450, 1.0% Floor, 6/24/2020  (d) (f)  Other Financial   1,900    1,887    1,881 
DG Investment Intermediate Holdings 2, Inc., L + 675, 0.8% Floor, 2/2/2026  (d)  Other Industrial   290    289    283 
Jo-Ann Stores, Inc., L + 925, 1.0% Floor, 5/21/2024  (d)  Retailers   325    320    317 
Onex TSG Holdings II Corp., L + 850, 1.0% Floor, 7/31/2023  (d)  Healthcare   320    320    320 
UTEX Industries Inc., L + 725, 1.0% Floor, 5/22/2022  (d)  Chemicals   960    945    873 
Verifone Systems, Inc., L + 800, 8/20/2026  (d)  Technology   420    417    414 
Total Senior Secured Loans—Second Lien              4,627    4,542 
                      
Senior Secured Bonds—24.0%                     
ADT Corp., 4.9%, 7/15/2032  (e) (g) (h)  Commercial Services   1,552    1,221    1,259 

 

See notes to unaudited schedule of investments.

 

 

 

 

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of January 31, 2019

(in thousands, except share and per share amounts)

 

Portfolio Company(a)  Footnotes  Industry  Principal
Amount(b)		   Amortized
Cost		   Fair
Value(c)		 
Altice Financing SA, 7.5%, 5/15/2026  (g) (h)  Media Entertainment  $255   $231   $243 
Altice France SA, 7.4%, 5/1/2026  (g) (h)  Media Entertainment   200    197    193 
Altice France SA, 5.9%, 2/1/2027  (g)  Media Entertainment  €215    250    249 
Altice France SA, 8.1%, 2/1/2027  (g) (h)  Media Entertainment  $1,685    1,710    1,661 
Ambac LSNI LLC, 7.8%, 2/12/2023  (g) (h)  Insurance   180    183    182 
Avantor, Inc., 4.8%, 10/1/2024     Healthcare-Products  €419    494    497 
Avon International Operations, Inc., 7.9%, 8/15/2022  (g) (h)  Household Products  $559    560    574 
BCD Acquisition, Inc., 9.6%, 9/15/2023  (g) (h)  Auto Manufacturers   451    483    480 
CGG Holding US, Inc., 7.9%, 5/1/2023  (g)  Oil & Gas Services  €105    128    126 
Chembulk Holding LLC, 8.0%, 2/2/2023  (g)  Transportation  $400    401    395 
CSI Compressco LP / CSI Compressco Finance, Inc., 7.5%, 4/1/2025  (g) (h)  Oil & Gas Services   1,432    1,442    1,366 
Denbury Resources, Inc., 7.5%, 2/15/2024  (g) (h)  Oil & Gas   668    632    588 
Denbury Resources, Inc., 9.3%, 3/31/2022  (g) (h)  Oil & Gas   885    909    877 
Denbury Resources, Inc., 9.0%, 5/15/2021  (g) (h)  Oil & Gas   152    150    150 
Drax Finco Plc, 6.6%, 11/1/2025  (g) (h)  Electric   235    235    236 
Eagle Bulk Shipco LLC, 8.3%, 11/28/2022     Transportation   829    837    823 
EP Energy LLC / Everest Acquisition Finance, Inc., 7.8%, 5/15/2026  (g) (h)  Oil & Gas   250    249    231 
Extraction Oil & Gas, Inc., 5.6%, 2/1/2026  (g) (h)  Oil & Gas   198    178    166 
Frontier Communications Corp., 8.5%, 4/1/2026  (g) (h)  Telecommunications   2,277    2,174    2,070 
HCA, Inc., 6.5%, 2/15/2020  (h)  Healthcare-Services   854    879    880 
Hexion, Inc., 6.6%, 4/15/2020     Chemicals   282    253    226 
Hexion, Inc., 10.4%, 2/1/2022  (g)  Chemicals   1,101    1,079    883 
Hot Topic, Inc., 9.3%, 6/15/2021  (g) (h)  Retail   624    613    625 
Hudbay Minerals, Inc., 7.3%, 1/15/2023  (g) (h)  Mining   155    156    159 
Hudbay Minerals, Inc., 7.6%, 1/15/2025  (g) (h)  Mining   1,041    1,050    1,070 
JW Aluminum Continuous Cast Co., 10.3%, 6/1/2026  (g) (h)  Mining   187    188    187 
KME AG, 6.8%, 2/1/2023     Mining  €100    103    106 
Kronos International, Inc., 3.8%, 9/15/2025     Chemicals   519    540    546 
L Brands, Inc., 6.8%, 7/1/2036  (e) (h)  Retail  $922    772    782 
L Brands, Inc., 6.9%, 11/1/2035  (e) (h)  Retail   781    663    673 
Nomad Foods Bondco Plc, 3.3%, 5/15/2024     Food  €421    496    490 
Northern Oil and Gas, Inc., 9.5%, 5/15/2023  (e) (h)  Oil & Gas  $689    698    707 
Pacific Drilling First Lien Escrow Issuer Ltd., 8.4%, 10/1/2023  (g) (h)  Oil & Gas   998    1,010    990 
Perstorp Holding AB, 7.6%, 6/30/2021     Chemicals  €238    280    283 
Perstorp Holding AB, 11.0%, 9/30/2021  (h)  Chemicals  $947    1,015    1,016 
Platin 1426 GmbH, 5.4%, 6/15/2023     Machinery-Diversified  €175    203    187 
Quorum Health Corp., 11.6%, 4/15/2023  (h)  Healthcare-Services  $199    197    183 
Solocal Group, 8.0%, 3/15/2022     Internet  €1,358    1,592    1,285 
Tendam Brands SAU, 5.0%, 9/15/2024     Retail   220    247    243 
Transocean Poseidon Ltd., 6.9%, 2/1/2027  (e) (g)  Oil & Gas  $942    935    960 
Urban One, Inc., 7.4%, 4/15/2022  (g) (h)  Media Entertainment   1,030    1,025    994 
Vantage Drilling International, 9.3%, 11/15/2023  (g) (h)  Oil & Gas   3,137    3,138    3,192 
Wind Tre SpA, 5.0%, 1/20/2026  (g) (h)  Telecommunications   313    267    260 
Yell Bondco Plc, 8.5%, 5/2/2023     Internet  £146    166    169 
Total Senior Secured Bonds              30,229    29,462 
                      
Unsecured Bonds—37.9%                     
ABN AMRO Bank N.V., 4.8%     Commercial Banks  €700    707    752 
Adient Global Holdings, Ltd., 4.9%, 8/15/2026  (g) (h)  Auto Parts & Equipment  $441    365    333 
AHP Health Partners, Inc., 9.8%, 7/15/2026  (g) (h)  Healthcare-Services   1,696    1,683    1,766 

 

See notes to unaudited schedule of investments.

 

 

 

 

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of January 31, 2019

(in thousands, except share and per share amounts)

 

Portfolio Company(a)  Footnotes  Industry  Principal
Amount(b)		   Amortized
Cost		   Fair
Value(c)		 
Apex Tool Group LLC / BC Mountain Finance, Inc., 9.0%, 2/15/2023  (g) (h)  Hand/Machine Tools  $108   $106   $98 
Aruba Investments, Inc., 8.8%, 2/15/2023  (g) (h)  Chemicals   1,389    1,427    1,392 
Banco de Sabadell SA, 6.5%     Commercial Banks  €400    455    445 
Banff Merger Sub, Inc., 9.8%, 9/1/2026  (g) (h)  IT Services  $470    447    448 
Banff Merger Sub, Inc., 8.4%, 9/1/2026     IT Services  €200    231    217 
Bausch Health Companies, Inc., 6.1%, 4/15/2025  (g) (h)  Pharmaceuticals  $462    418    437 
Bausch Health Companies, Inc., 4.5%, 5/15/2023     Pharmaceuticals  €1,169    1,311    1,328 
Bombardier, Inc., 7.8%, 3/15/2020  (g) (h)  Aerospace/Defense  $465    485    480 
CaixaBank SA, 5.3%     Commercial Banks  €1,000    1,067    1,004 
CBS Radio, Inc., 7.3%, 11/1/2024  (g) (h)  Media Entertainment  $983    953    930 
Compass Group Diversified Holdings LLC, 8.0%, 5/1/2026  (g) (h)  Other Industrial   271    273    276 
Consolidated Energy Finance SA, 6.5%, 5/15/2026  (g) (h)  Chemicals   300    299    295 
Denbury Resources, Inc., 5.5%, 5/1/2022  (h)  Oil & Gas   175    154    127 
Endeavor Energy Resources LP / EER Finance, Inc., 5.5%, 1/30/2026  (g) (h)  Oil & Gas   385    377    404 
Ensco PLC, 7.8%, 2/1/2026  (h)  Oil & Gas   1,351    1,279    1,088 
Ferroglobe Plc / Globe Specialty Metals, Inc., 9.4%, 3/1/2022  (g) (h)  Mining   256    270    219 
Frontier California, Inc., 6.8%, 5/15/2027  (h)  Telecommunications   2    2    2 
Frontier Communications Corp., 9.0%, 8/15/2031  (h)  Telecommunications   2,740    1,865    1,501 
Frontier Florida LLC, 6.9%, 2/1/2028  (h)  Telecommunications   4    4    4 
Frontier North, Inc., 6.7%, 2/15/2028  (h)  Telecommunications   691    605    610 
Garrett LX I Sarl / Garrett Borrowing LLC, 5.1%, 10/15/2026  (g)  Auto Parts & Equipment  €261    278    261 
Genesys Telecommunications Laboratories, Inc./Greeneden Lux 3 Sarl/Greeneden US Ho, 10.0%, 11/30/2024  (g) (h)  Software  $702    751    756 
Hilcorp Energy I LP / Hilcorp Finance Co., 6.3%, 11/1/2028  (g) (h)  Oil & Gas   297    293    291 
IAMGOLD Corp., 7.0%, 4/15/2025  (g) (h)  Mining   310    317    305 
Intertape Polymer Group, Inc., 7.0%, 10/15/2026  (g) (h)  Packaging & Containers   260    260    262 
InterXion Holding N.V., 4.8%, 6/15/2025  (g)  Software  €560    662    672 
Jaguar Holding Co. II / Pharmaceutical Product Development LLC, 6.4%, 8/1/2023  (g) (h)  Commercial Services  $294    293    294 
Liberty Interactive LLC, 3.8%, 2/15/2030  (h)  Media Entertainment   1,843    1,277    1,230 
Liberty Interactive LLC, 4.0%, 11/15/2029  (h)  Media Entertainment   988    697    668 
Lloyds Banking Group PLC, 7.5%  (h)  Commercial Banks   738    710    751 
Macy's Retail Holdings, Inc., 5.1%, 1/15/2042  (h)  Retail   1,453    1,178    1,190 
Macy's Retail Holdings, Inc., 4.3%, 2/15/2043  (h)  Retail   139    100    101 
Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 5.5%, 4/15/2025  (g)  Healthcare-Products   140    114    109 
Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 5.6%, 10/15/2023  (g)  Healthcare-Products   505    429    427 
Marriott Ownership Resorts, Inc. / ILG LLC, 6.5%, 9/15/2026  (g) (h)  Lodging   599    601    608 
Methanex Corp., 5.7%, 12/1/2044  (h)  Chemicals   1,019    992    940 
Natural Resource Partners LP / NRP Finance Corp., 10.5%, 3/15/2022  (h)  Coal   735    776    772 
Netflix, Inc., 3.6%, 5/15/2027     Internet  €405    463    462 
Nine Energy Service, Inc., 8.8%, 11/1/2023  (g) (h)  Oil & Gas Services  $1,820    1,820    1,827 
Nordstrom, Inc., 5.0%, 1/15/2044  (h)  Retail   219    189    192 
Parsley Energy LLC / Parsley Finance Corp., 5.4%, 1/15/2025  (g) (h)  Oil & Gas   147    139    146 

 

See notes to unaudited schedule of investments.

 

 

 

 

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of January 31, 2019

(in thousands, except share and per share amounts)

 

Portfolio Company(a)  Footnotes  Industry  Principal
Amount(b)		   Amortized
Cost		   Fair
Value(c)		 
Parsley Energy LLC / Parsley Finance Corp., 5.6%, 10/15/2027  (g) (h)  Oil & Gas  $653   $590   $649 
Performance Food Group, Inc., 5.5%, 6/1/2024  (g) (h)  Distribution/Wholesale   272    268    271 
Polaris Intermediate Corp., 8.5%, 12/1/2022  (g) (h)  Healthcare-Services   165    159    160 
Puerto Rico Commonwealth Aqueduct & Sewer Auth., 6.2%, 7/1/2038  (h)  Municipal   140    126    136 
Puerto Rico Electric Power Auth., 7.0%, 7/1/2043  (h) (i) (j)  Municipal   80    53    51 
Puerto Rico Electric Power Auth., 6.8%, 7/1/2036  (h) (i) (j)  Municipal   190    126    120 
Puerto Rico Electric Power Auth., 5.0%, 7/1/2021  (h) (i) (j)  Municipal   5    3    3 
Puerto Rico Electric Power Auth., 5.0%, 7/1/2027  (h) (i) (j)  Municipal   15    10    9 
Puerto Rico Electric Power Auth., 5.5%, 7/1/2038  (h) (i) (j)  Municipal   200    127    124 
Puerto Rico Electric Power Auth., 5.3%, 7/1/2035  (h) (i) (j)  Municipal   10    6    6 
Puerto Rico Electric Power Auth., 5.3%, 7/1/2019  (h) (i) (j)  Municipal   10    6    6 
Puerto Rico Electric Power Auth., 6.1%, 7/1/2040  (h) (i) (j)  Municipal   195    122    121 
Puerto Rico Electric Power Auth., 5.3%, 7/1/2027  (h) (i) (j)  Municipal   315    205    196 
Puerto Rico Electric Power Auth., 5.3%, 7/1/2031  (h) (i) (j)  Municipal   120    78    75 
Puerto Rico Electric Power Auth., 5.3%, 7/1/2026  (h) (i) (j)  Municipal   160    104    99 
Puerto Rico Electric Power Auth., 5.4%, 7/1/2028  (h) (i) (j)  Municipal   55    34    34 
Puerto Rico Electric Power Auth., 3.8%, 7/1/2022  (h) (i) (j)  Municipal   5    3    3 
Puerto Rico Electric Power Auth., 5.0%, 7/1/2020  (h) (i) (j)  Municipal   110    72    68 
Puerto Rico Electric Power Auth., 5.0%, 7/1/2021  (h) (i) (j)  Municipal   60    39    37 
Puerto Rico Electric Power Auth., 6.0%, 7/1/2030  (h) (i) (j)  Municipal   25    16    16 
Puerto Rico Electric Power Auth., 6.3%, 7/1/2040  (h) (i) (j)  Municipal   5    3    3 
Puerto Rico Electric Power Auth., 5.3%, 7/1/2022  (h) (i) (j)  Municipal   55    35    34 
Puerto Rico Electric Power Auth., 5.3%, 7/1/2028  (h) (i) (j)  Municipal   25    16    16 
Puerto Rico Electric Power Auth., 5.0%, 7/1/2029  (h) (i) (j)  Municipal   400    261    248 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 5.4%, 8/1/2020  (h) (i) (j)  Municipal   50    23    24 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 3.8%, 8/1/2023  (h) (i) (j)  Municipal   45    34    37 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 5.5%, 8/1/2028  (h) (i) (j)  Municipal   30    9    15 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 6.0%, 8/1/2032  (h) (i) (j)  Municipal   170    131    137 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 5.5%, 8/1/2037  (h) (i) (j)  Municipal   75    36    37 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 6.4%, 8/1/2039  (h) (i) (j)  Municipal   90    35    44 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 5.4%, 8/1/2039  (e) (h) (i) (j)  Municipal   35    11    17 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 5.3%, 8/1/2041  (h) (i) (j)  Municipal   230    107    113 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 5.5%, 8/1/2042  (e) (h) (i) (j)  Municipal   175    77    86 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 6.0%, 8/1/2042  (e) (h) (i) (j)  Municipal   270    123    134 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 5.0%, 8/1/2043  (h) (i) (j)  Municipal   50    24    24 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 6.5%, 8/1/2044  (h) (i) (j)  Municipal   185    90    91 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 0.0%, 8/1/2056  (h) (j) (k)  Municipal   1,815    179    183 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 0.0%, 8/1/2039  (e) (j) (k)  Municipal   5    1    1 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 6.0%, 8/1/2039  (h) (i) (j)  Municipal   40    19    20 

 

See notes to unaudited schedule of investments.

 

 

 

 

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of January 31, 2019

(in thousands, except share and per share amounts)

 

Portfolio Company(a)  Footnotes  Industry  Principal
Amount(b)		   Amortized
Cost		   Fair
Value(c)		 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 5.8%, 8/1/2042  (h) (i) (j)  Municipal  $15   $7   $7 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 4.9%, 8/1/2024  (e) (i) (j)  Municipal   5    2    2 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 6.4%, 8/1/2039  (h) (i) (j)  Municipal   15    7    7 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 6.1%, 8/1/2029  (h) (i) (j)  Municipal   5    4    4 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 6.0%, 8/1/2031  (h) (i) (j)  Municipal   10    8    8 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 6.1%, 8/1/2036  (h) (i) (j)  Municipal   1,680    1,205    1,375 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 0.0%, 8/1/2043  (j) (k)  Municipal   2,635    653    678 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 0.0%, 8/1/2044  (j) (k)  Municipal   2,235    504    539 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 0.0%, 8/1/2046  (j) (k)  Municipal   225    45    47 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 5.5%, 8/1/2021  (h) (i) (j)  Municipal   900    275    439 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 5.5%, 8/1/2023  (e) (h) (i) (j)  Municipal   30    10    15 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 5.8%, 8/1/2037  (h) (i) (j)  Municipal   130    55    63 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 6.8%, 8/1/2032  (h) (i) (j)  Municipal   4,910    1,553    2,394 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 5.3%, 8/1/2043  (h) (i) (j)  Municipal   55    17    27 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 0.0%, 8/1/2028  (h) (j) (k)  Municipal   25    10    10 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 0.0%, 8/1/2030  (h) (j) (k)  Municipal   5    2    2 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 5.3%, 8/1/2057  (h) (i) (j)  Municipal   40    33    33 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 6.1%, 8/1/2038  (h) (i) (j)  Municipal   5    4    4 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 0.0%, 8/1/2026  (h) (j) (k)  Municipal   5    2    2 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 0.0%, 8/1/2031  (h) (j) (k)  Municipal   10    3    3 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 6.0%, 8/1/2034  (h) (i) (j)  Municipal   5    4    4 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 0.0%, 8/1/2026  (h) (j) (k)  Municipal   25    11    11 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 0.0%, 8/1/2035  (h) (j) (k)  Municipal   10    3    3 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 6.1%, 8/1/2028  (h) (i) (j)  Municipal   5    4    4 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 0.0%, 8/1/2034  (h) (j) (k)  Municipal   245    37    35 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 5.5%, 8/1/2040  (h) (i) (j)  Municipal   15    7    7 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 6.1%, 8/1/2029  (e) (h) (i) (j)  Municipal   80    39    39 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 6.1%, 8/1/2029  (h) (i) (j)  Municipal   20    9    10 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 5.0%, 8/1/2040  (h) (i) (j)  Municipal   80    66    66 

 

See notes to unaudited schedule of investments.

 

 

 

 

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of January 31, 2019

(in thousands, except share and per share amounts)

 

Portfolio Company(a)  Footnotes  Industry  Principal
Amount(b)		   Amortized
Cost		   Fair
Value(c)		 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 5.3%, 8/1/2040  (h) (i) (j)  Municipal  $90   $75   $74 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 0.0%, 8/1/2039  (h) (j) (k)  Municipal   25    5    5 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 0.0%, 8/1/2041  (h) (j) (k)  Municipal   5    1    1 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 4.9%, 8/1/2036  (h) (i) (j)  Municipal   5    4    4 
Rent-A-Center, Inc./TX, 6.6%, 11/15/2020  (h)  Commercial Services   89    86    88 
Rowan Companies, Inc., 4.8%, 1/15/2024  (h)  Oil & Gas   189    152    152 
Rowan Companies, Inc., 7.4%, 6/15/2025  (h)  Oil & Gas   91    79    79 
Samsonite Finco Sarl, 3.5%, 5/15/2026     Apparel  €185    193    202 
Seagate HDD Cayman, 5.8%, 12/1/2034  (h)  IT Services  $62    49    52 
SemGroup Corp / Rose Rock Finance Corp, 5.6%, 11/15/2023  (h)  Pipelines   1,265    1,215    1,180 
SemGroup Corp., 6.4%, 3/15/2025  (h)  Pipelines   245    234    229 
Shelf Drill Holdings Ltd., 8.3%, 2/15/2025  (e) (g) (h)  Oil & Gas   890    902    809 
Sotera Health Topco, Inc., 8.1%, 11/1/2021  (g) (h)  Biotechnology   339    331    340 
Springleaf Finance Corp., 7.1%, 3/15/2026  (h)  Diversified Financial Services   228    222    218 
Sprint Capital Corp., 8.8%, 3/15/2032  (h)  Telecommunications   1,217    1,315    1,342 
Sprint Capital Corp., 6.9%, 11/15/2028  (h)  Telecommunications   20    20    20 
Sprint Corp., 7.1%, 6/15/2024  (h)  Telecommunications   100    104    103 
Sterling Entertainment Enterprises, LLC, 10.3%, 1/15/2025  (f)  Media Entertainment   813    801    860 
SunCoke Energy Partners LP / SunCoke Energy Partners Finance Corp., 7.5%, 6/15/2025  (g) (h)  Coal   736    749    716 
Teck Resources Ltd., 5.4%, 2/1/2043  (h)  Mining   35    33    33 
Teekay Shuttle Tankers LLC, 7.1%, 8/15/2022  (e)  Transportation   1,200    1,182    1,155 
Uber Technologies, Inc., 7.5%, 11/1/2023  (g) (h)  Internet   124    125    126 
Uber Technologies, Inc., 8.0%, 11/1/2026  (g) (h)  Internet   803    782    817 
Verscend Escrow Corp., 9.8%, 8/15/2026  (g) (h)  Commercial Services   1,135    1,135    1,141 
Vizient, Inc., 10.4%, 3/1/2024  (g) (h)  Pharmaceuticals   580    639    629 
Vodafone Group Plc, 3.1%, 1/3/2079     Wireless  €136    146    149 
Vodafone Group Plc, 6.3%, 10/3/2078     Wireless  $200    189    191 
Total Unsecured Bonds              45,830    46,421 
                      
Collateralized Loan Obligation (CLO) / Structured Credit—25.5%                     
Adagio V CLO DAC, 3.2%, 10/15/2031     EUR CLO  €200    235    225 
ALM XVIII Ltd., 5.8%, 1/15/2028  (g)  USD CLO  $290    290    286 
Anchorage Capital Europe CLO 2 DAC, 3.5%, 5/15/2031  (g)  EUR CLO  €250    292    283 
Ares European CLO B.V., 2.9%, 10/15/2030     EUR CLO   560    655    618 
Ares European CLO B.V., 2.9%, 10/15/2030     EUR CLO   1,290    1,497    1,424 
Ares XXXIII CLO Ltd., 9.0%, 12/5/2025  (g)  USD CLO  $575    575    580 
Ares XXXVII CLO Ltd., 5.4%, 10/15/2030  (g)  USD CLO   250    247    240 
Ares XXXVR CLO Ltd., 5.8%, 7/15/2030  (g)  USD CLO   250    250    242 
Atrium XII, 8.0%, 4/22/2027  (g)  USD CLO   430    410    414 
Atrium XII, 5.6%, 4/22/2027  (g)  USD CLO   250    250    247 
Babson Euro CLO 2015-1 B.V., 1.5%, 10/25/2029     EUR CLO  €305    350    344 
Bain Capital Credit CLO 2018-2, 4.7%, 7/19/2031  (g)  USD CLO  $250    250    243 
Battalion CLO IX Ltd., 6.0%, 7/15/2031  (g)  USD CLO   710    710    694 
Black Diamond CLO 2014-1 Ltd., 8.1%, 10/17/2026     USD CLO   260    258    255 
Black Diamond CLO 2017-2 DAC, 5.1%, 1/20/2032     EUR CLO  €200    223    209 
Blackrock European CLO VII DAC, 2.3%, 10/15/2031  (g)  EUR CLO   250    285    286 
BlueMountain CLO XXIII Ltd., 5.4%, 10/20/2031  (g)  USD CLO  $300    300    292 

 

See notes to unaudited schedule of investments.

 

 

 

 

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of January 31, 2019

(in thousands, except share and per share amounts)

 

Portfolio Company(a)  Footnotes  Industry  Principal
Amount(b)		   Amortized
Cost		   Fair
Value(c)		 
BlueMountain Fuji EUR CLO III DAC, 3.1%, 1/15/2031     EUR CLO  €615   $712   $691 
BlueMountain Fuji US CLO I Ltd., 6.3%, 7/20/2029  (g)  USD CLO  $330    328    331 
Cairn CLO IV B.V., 5.7%, 1/30/2028     EUR CLO  €200    231    211 
Cairn CLO VI B.V., 3.1%, 7/25/2029     EUR CLO   425    496    480 
Canyon Capital CLO 2016-1 Ltd., 4.7%, 7/15/2031  (g)  USD CLO  $250    250    242 
Carlyle Global Market Strategies CLO 2014-4-R Ltd., 5.7%, 7/15/2030  (g)  USD CLO   250    250    243 
Carlyle Global Market Strategies Euro CLO 2014-1 Ltd., 2.9%, 7/15/2031     EUR CLO  €340    396    372 
Carlyle Global Market Strategies Euro CLO 2014-2 Ltd., 3.3%, 11/17/2031     EUR CLO   285    328    320 
Carlyle Global Market Strategies Euro CLO 2015-2 DAC, 2.7%, 9/21/2029     EUR CLO   140    163    157 
Carlyle Global Market Strategies Euro CLO 2015-3 DAC, 2.6%, 7/15/2030     EUR CLO   275    323    299 
Cathedral Lake CLO 2013 Ltd., 5.1%, 10/15/2029  (g)  USD CLO  $275    275    270 
CFIP CLO 2017-1 Ltd., 4.9%, 1/18/2030  (g)  USD CLO   285    285    277 
Clarinda Park CLO DAC, 3.7%, 11/15/2029     EUR CLO  €280    327    320 
Dartry Park CLO DAC, 5.7%, 4/28/2029     EUR CLO   100    116    115 
Dartry Park CLO DAC, 3.0%, 4/28/2029     EUR CLO   100    116    114 
Euro-Galaxy IV CLO B.V., 3.1%, 7/30/2030     EUR CLO   280    329    317 
Grosvenor Place CLO 2015-1 B.V., 5.4%, 10/30/2029     EUR CLO   100    121    110 
Grosvenor Place CLO 2015-1 B.V., 1.6%, 10/30/2029     EUR CLO   100    123    112 
Grosvenor Place CLO 2015-1 B.V., 2.5%, 10/30/2029     EUR CLO   100    118    110 
Harvest CLO IX DAC, 3.0%, 2/15/2030     EUR CLO   195    226    218 
Harvest CLO X DAC, 4.7%, 11/15/2028     EUR CLO   117    139    130 
Harvest CLO X DAC, 2.5%, 11/15/2028     EUR CLO   390    452    444 
Harvest CLO XVII DAC, 3.2%, 5/11/2030     EUR CLO   255    284    285 
Harvest CLO XX DAC, 3.4%, 10/20/2031     EUR CLO   380    437    430 
Harvest CLO XX DAC, 2.5%, 10/20/2031     EUR CLO   100    115    114 
ICG US CLO Ltd., 5.9%, 1/20/2030  (g)  USD CLO  $250    250    244 
Jubilee CLO 2014-XI B.V., 5.4%, 4/15/2030     EUR CLO  €130    150    137 
Jubilee CLO 2014-XII B.V., 2.9%, 4/15/2030     EUR CLO   155    175    175 
Jubilee CLO 2015-XVI B.V., 6.9%, 12/15/2029     EUR CLO   250    284    271 
Jubilee CLO 2016-XVII B.V., 3.5%, 4/15/2031     EUR CLO   100    116    114 
Jubilee CLO 2017-XVIII B.V., 3.1%, 1/15/2030     EUR CLO   200    228    226 
Jubilee CLO 2017-XVIII B.V., 3.1%, 1/15/2030     EUR CLO   345    401    389 
Kingsland IX Ltd., 5.1%, 4/28/2031  (g)  USD CLO  $200    200    192 
Kingsland IX Ltd., 5.9%, 4/28/2031  (g)  USD CLO   200    198    192 
Kingsland IX Ltd., 4.6%, 4/28/2031  (g)  USD CLO   200    200    197 
KKR CLO 16 Ltd., 6.9%, 1/20/2029  (g)  USD CLO   250    253    251 
Madison Park Funding XX Ltd., 5.8%, 7/27/2030  (g)  USD CLO   350    350    343 
Madison Park Funding XXXI Ltd., 5.8%, 1/23/2031  (g)  USD CLO   250    250    245 
Magnetite XX Ltd., 5.3%, 4/20/2031  (g)  USD CLO   250    245    239 
Man GLG US CLO 2018-2 Ltd., 6.0%, 10/15/2028  (g)  USD CLO   510    508    512 
MP CLO VII Ltd., 5.7%, 10/18/2028  (g)  USD CLO   250    250    244 
MP CLO VIII Ltd., 8.2%, 10/28/2027  (g)  USD CLO   250    251    246 
Neuberger Berman CLO XV, 5.8%, 10/15/2029  (g)  USD CLO   670    672    653 
Neuberger Berman CLO XX Ltd., 5.2%, 1/15/2028  (g)  USD CLO   250    250    242 
OAK Hill European Credit Partners VII DAC, 3.2%, 10/20/2031     EUR CLO  €100    116    112 
OAK Hill European Credit Partners VII DAC, 2.4%, 10/20/2031     EUR CLO   125    145    141 
OCP CLO 2015-10 Ltd., 5.4%, 10/26/2027  (g)  USD CLO  $250    250    243 

 

See notes to unaudited schedule of investments.

 

 

 

 

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of January 31, 2019

(in thousands, except share and per share amounts)

 

Portfolio Company(a)  Footnotes  Industry  Principal
Amount(b)		   Amortized
Cost		   Fair
Value(c)		 
OCP CLO 2015-8 Ltd., 4.6%, 4/17/2027  (g)  USD CLO  $595   $595   $588 
OCP CLO 2017-14 Ltd., 4.6%, 11/20/2030  (g)  USD CLO   250    250    241 
Octagon Investment Partners XXI Ltd., 9.2%, 11/14/2026  (g)  USD CLO   580    580    584 
Octagon Investment Partners XXII Ltd., 4.7%, 1/22/2030  (g)  USD CLO   250    251    242 
Octagon Investment Partners XXIII Ltd., 8.5%, 7/15/2027  (g)  USD CLO   465    455    459 
Orwell Park CLO Designated Activity Co., 4.5%, 7/18/2029     EUR CLO  €200    236    223 
OZLM Funding Ltd., 6.4%, 7/22/2029  (g)  USD CLO  $315    306    313 
OZLM VIII Ltd., 5.6%, 10/17/2029  (g)  USD CLO   250    250    250 
Park Avenue Institutional Advisers CLO Ltd. 2017-1, 4.8%, 11/14/2029  (g)  USD CLO   250    250    245 
Phoenix Park CLO DAC, 2.5%, 10/29/2031     EUR CLO  €190    220    217 
Preferred Term Securities XX Ltd. / Preferred Term Securities XX, Inc., 3.2%, 3/22/2038  (g)  USD CDO  $437    334    397 
Preferred Term Securities XXI Ltd. / Preferred Term Securities XXI, Inc., 3.2%, 3/22/2038  (g)  USD CDO   570    458    514 
Preferred Term Securities XXIV Ltd. / Preferred Term Securities XXIV, Inc., 3.2%, 3/22/2037  (g)  USD CDO   436    330    386 
Preferred Term Securities XXVI Ltd. / Preferred Term Securities XXVI, Inc., 3.2%, 9/22/2037  (g)  USD CDO   273    217    242 
Regatta XI Funding Ltd., 5.6%, 7/17/2031  (g)  USD CLO   250    250    241 
Rockford Tower Europe CLO 2018-1 DAC, 2.5%, 12/20/2031  (g)  EUR CLO  €250    284    285 
RR 4 Ltd., 5.7%, 4/15/2030  (g)  USD CLO  $250    250    244 
Shackleton 2013-III CLO Ltd., 5.8%, 7/15/2030  (g)  USD CLO   250    250    243 
Shackleton 2015-VII-R CLO Ltd., 6.1%, 7/15/2031  (g)  USD CLO   250    250    246 
Sorrento Park CLO DAC, 2.7%, 11/16/2027     EUR CLO  €250    285    285 
Sound Point CLO V-R Ltd., 5.9%, 7/18/2031  (g)  USD CLO  $710    710    688 
Sound Point CLO VI-R Ltd., 5.9%, 10/20/2031  (g)  USD CLO   320    320    316 
Sound Point CLO XX Ltd., 5.8%, 7/26/2031  (g)  USD CLO   460    460    442 
St Pauls CLO II DAC, 3.4%, 2/15/2030     EUR CLO  €225    263    258 
Steele Creek CLO 2017-1 Ltd., 5.7%, 1/15/2030  (g)  USD CLO  $250    247    240 
Symphony CLO XIX Ltd., 5.3%, 4/16/2031  (g)  USD CLO   250    248    237 
TCI-Cent CLO 2017-1 Income Note Issuer Ltd., 6.4%, 7/25/2030  (g)  USD CLO   500    503    494 
Tikehau CLO B.V., 4.6%, 8/4/2028     EUR CLO  €170    198    184 
Tikehau CLO B.V., 2.4%, 8/4/2028     EUR CLO   165    193    181 
Tikehau CLO IV B.V., 3.3%, 10/15/2031     EUR CLO   215    249    242 
Toro European CLO 2 DAC, 3.3%, 10/15/2030     EUR CLO   255    300    290 
Toro European CLO 3 DAC, 3.3%, 4/15/2030     EUR CLO   180    209    206 
Tymon Park CLO DAC, 6.8%, 1/21/2029     EUR CLO   250    285    270 
Tymon Park CLO Ltd., 4.6%, 1/21/2029     EUR CLO   100    121    111 
Vibrant CLO VI Ltd., 5.4%, 6/20/2029  (g)  USD CLO  $425    427    422 
VOYA CLO Ltd., 5.1%, 1/18/2029  (g)  USD CLO   250    250    236 
Webster Park CLO Ltd., 5.7%, 7/20/2030  (g)  USD CLO   250    250    243 
Willow Park CLO 1X C, 2.8%, 1/15/2031     EUR CLO  €270    309    293 
York CLO-3 Ltd., 5.2%, 10/20/2029     USD CLO  $288    288    288 
Total Collateralized Loan Obligation / Structured Credit              31,890    31,288 
                      
Emerging Markets Debt—2.9%                     
Eskom Holdings SOC Ltd., 6.8%, 8/6/2023     Electric  $510   $476   $505 
Oi S.A., 10.0%, 7/27/2025  (h)  Wirelines   508    513    514 
Oman Government International Bond, 6.8%, 1/17/2048  (e)  Sovereign   450    387    385 
Provincia de Entre Rios Argentina, 8.8%, 2/8/2025  (h)  Municipal   1,905    1,854    1,492 
Provincia de la Rioja, 9.8%, 2/24/2025  (h)  Provincial   830    857    686 
Total Emerging Markets Debt              4,087    3,582 

 

See notes to unaudited schedule of investments.

 

 

 

 

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of January 31, 2019

(in thousands, except share and per share amounts)

 

Portfolio Company(a)  Footnotes  Industry  Number of
Shares		   Cost(b)   Fair
Value(c)		 
Preferred Stocks—0.2%                     
Verscend Technologies, Inc., 12.3%  (f)  Healthcare-Software   200   $194   $193 
               194    193 
Total Preferred Stocks                     
                      
Common Stocks—0.6%                     
ATD New Holdings, Inc.  (j)  Automotive   4,099    75    82 
Camaieu New, Classes A-J  (f) (j)  Retailers   10,601,789    449    236 
Oi S.A. ADR  (j)  Wirelines   239,176    614    435 
Total Common Stocks              1,138    753 
                      
TOTAL INVESTMENTS—111.3%             $138,329   $136,410 
LIABILITIES IN EXCESS OF OTHER ASSETS—(11.3)%(l)                   (13,851)
NET ASSETS—100.0%                  $122,559 
Shares outstanding at period end (Class A)                   311,556 
Net asset value per common share at period end (Class A)                  $12.54 
Shares outstanding at period end (Class I)                   9,419,921 
Net asset value per common share at period end (Class I)                  $12.57 
Shares outstanding at period end (Class T)                   15,806 
Net asset value per common share at period end (Class T)                  $12.57 

 

Investments Sold Short

 

Portfolio Company(a)  Footnotes  Industry  Principal
Amount(b)		   Proceeds   Fair
Value(c)		 
U.S. Treasury Sold Short—(1.7)%                     
U.S. Treasury Note, 3.1%, 11/15/2028  (j)  Sovereign  $(9)  $(9)  $(9)
U.S. Treasury Note, 3.0%, 8/15/2048  (e) (j)  Sovereign   (832)   (816)   (831)
U.S. Treasury Note, 2.8%, 8/15/2047  (j)  Sovereign   (358)   (336)   (340)
U.S. Treasury Note, 2.9%, 8/15/2028  (j)  Sovereign   (308)   (302)   (314)
U.S. Treasury Note, 2.4%, 5/15/2027  (j)  Sovereign   (647)   (620)   (637)
Total U.S. Treasury Sold Short             $(2,083)  $(2,131)
Total Investments Sold Short             $(2,083)  $(2,131)

 

See notes to unaudited schedule of investments.

 

 

 

 

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of January 31, 2019

(in thousands, except share and per share amounts)

 

Forward Foreign Currency Exchange Contracts

 

Counterparty  Contract
Settlement
Date		  Currency
to be
Received		  Value  Currency
to be
Delivered		  Value   Unrealized
Appreciation		   Unrealized
Depreciation		 
JPMorgan Chase Bank, N.A.  06/19/2019  USD   67  BRL   245   $—   $3 
JPMorgan Chase Bank, N.A.  06/19/2019  USD   55  BRL   202    —    2 
JPMorgan Chase Bank, N.A.  06/19/2019  USD   2  BRL   9    —    — 
JPMorgan Chase Bank, N.A.  06/19/2019  USD   2  BRL   8    —    — 
JPMorgan Chase Bank, N.A.  06/19/2019  USD   2  BRL   9    —    — 
JPMorgan Chase Bank, N.A.  06/19/2019  USD   2  BRL   8    —    — 
JPMorgan Chase Bank, N.A.  06/19/2019  USD   44  BRL   163    —    2 
JPMorgan Chase Bank, N.A.  06/19/2019  USD   36  BRL   133    —    2 
State Street Bank and Trust Company  06/19/2019  USD   1  BRL   5    —    — 
State Street Bank and Trust Company  06/19/2019  USD   1  BRL   4    —    — 
JPMorgan Chase Bank, N.A.  06/19/2019  USD   293  EUR   253    —    2 
State Street Bank and Trust Company  06/19/2019  USD   1,673  EUR   1,444   —   12 
State Street Bank and Trust Company  06/19/2019  USD   1,523  EUR   1,315    —    11 
State Street Bank and Trust Company  06/19/2019  USD   554  EUR   478    —    4 
BNP Paribas  06/19/2019  USD   17  EUR   15    —    — 
BNP Paribas  06/19/2019  USD   94  EUR   81    —    1 
State Street Bank and Trust Company  06/19/2019  USD   192  GBP   145    —    8 
JPMorgan Chase Bank, N.A.  06/19/2019  BRL   7  USD   2    —    — 
JPMorgan Chase Bank, N.A.  06/19/2019  BRL   9  USD   2    —    — 
JPMorgan Chase Bank, N.A.  06/19/2019  BRL   10  USD   3    —    — 
JPMorgan Chase Bank, N.A.  06/19/2019  BRL   9  USD   2    —    — 
State Street Bank and Trust Company  06/19/2019  EUR   447  USD   518    —    1 
State Street Bank and Trust Company  06/19/2019  EUR   409  USD   474    —    1 
State Street Bank and Trust Company  06/19/2019  EUR   766  USD   887    2    — 
State Street Bank and Trust Company  06/19/2019  EUR   472  USD   547    1    — 
State Street Bank and Trust Company  06/19/2019  EUR   266  USD   308    2    — 
State Street Bank and Trust Company  06/19/2019  EUR   507  USD   587    3    — 
Total Forward Foreign Currency Exchange Contracts                    $8   $49 

 

See notes to unaudited schedule of investments.

 

 

 

 

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of January 31, 2019

(in thousands, except share and per share amounts)

 

Futures Contracts

 

Description  Number of
Contracts		   Position   Expiration
Date		  Notional
Amount		   Unrealized
Appreciation		   Unrealized
Depreciation		 
Interest Rate Futures—(2.8)%                            
U.S 10-Year Treasury Note   28    Short   03/20/2019   3,367   $—   $62 
Total Interest Rate Futures                    $—   $62 

 

Cross Currency Swaps

  

Counterparty  Fund Pays  Fund Receives  Notional
Amount of
Currency
Delivered		  Notional
Amount of
Currency
Received		  Expiration
Date		  Periodic
Payment
Frequency		  Fair
Value(c)		   Unrealized
Appreciation		   Unrealized
Depreciation		 
JPMorgan Chase Bank N.A.  3 Month EURIBOR plus a spread of (0.195%)  3 Month USD LIBOR  EUR 3,162  USD 3,642  10/5/2023  Quarterly  $30   $30   $— 
JPMorgan Chase Bank N.A.  3 Month EURIBOR plus a spread of (0.2335%)  3 Month USD LIBOR  EUR 963  USD 1,123  6/1/2023  Quarterly   24    24    — 
JPMorgan Chase Bank N.A.  3 Month EURIBOR plus a spread of (0.16375%)  3 Month USD LIBOR  EUR 6,206  USD 7,232  7/20/2023  Quarterly   133    133    — 
JPMorgan Chase Bank N.A.  3 Month EURIBOR plus a spread of (0.19%)  3 Month USD LIBOR  EUR 5,312  USD 6,038  8/20/2023  Quarterly   (32)   —    32 
JPMorgan Chase Bank N.A.  3 Month EURIBOR plus a spread of (0.33375%)  3 Month USD LIBOR  EUR 347  USD 417  1/16/2023  Quarterly   23    23    — 
JPMorgan Chase Bank N.A.  3 Month EURIBOR plus a spread of (0.1435%)  3 Month USD LIBOR  EUR 2,546  USD 2,896  12/3/2023  Quarterly   (20)   —    20 
JPMorgan Chase Bank N.A.  3 Month EURIBOR plus a spread of (0.33375%)  3 Month USD LIBOR  EUR 1,209  USD 1,455  1/16/2023  Quarterly  $82   $82   $— 
Total Cross-Currency Swaps                        $240   $292   $52 

  

See notes to unaudited schedule of investments.

 

 

 

 

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of January 31, 2019

(in thousands, except share and per share amounts)

 

Interest Rate Swaps

 

Counterparty  Fund Pays   Fund Receives   Notional
Amount		  Expiration
Date		  Periodic
Payment
Frequency		  Fair
Value(c)		   Unrealized
Appreciation		   Unrealized
Depreciation		 
Goldman Sachs & Co. LLC   2.52%   3 Month Libor   USD 2,149  7/9/2023  Semi-Annually  $—   $—   $— 
JPMorgan Chase Bank N.A.   2.86%   3 Month Libor   USD 432  6/29/2023  Semi-Annually   (6)   —    6 
JPMorgan Chase Bank N.A.   2.89%   3 Month Libor   USD 324  6/27/2023  Semi-Annually   (5)   —    5 
JPMorgan Chase Bank N.A.   2.87%   3 Month Libor   USD 756  7/2/2023  Semi-Annually   (11)   —    11 
JPMorgan Chase Bank N.A.   2.88%   3 Month Libor   USD 602  7/9/2023  Semi-Annually   (9)   —    9 
Total Interest Rate Swaps                       $(31)  $—   $31 

  

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 1.30%  San Antonio Housing Finance Corporation Multifamily Housing Revenue Bonds (Artisan at Salado Heights, 5.80%, 5/1/2050), Series 2006  USD 700  6/1/2023  Monthly  $17   $17   $— 
Bank of America, N.A.  SIFMA Municipal Swap Index plus a spread of 1.30%  City of Los Angeles Multifamily Housing Revenue Bonds (Windward Preservation Apartments, 5.85%, 10/1/2044), Series 2006C  USD 403  6/1/2023  Monthly   13    13    — 

 

See notes to unaudited schedule of investments.

 

 

 

 

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of January 31, 2019

(in thousands, except share and per share amounts)

 

Counterparty  Fund Pays  Fund Receives  Notional
Amount		  Expiration
Date		  Periodic
Payment
Frequency		  Fair
Value(c)		   Unrealized
Appreciation		   Unrealized
Depreciation		 
Bank of America, N.A.  SIFMA Municipal Swap Index plus a spread of 1.45%  San Antonio Housing Finance Corporation Multifamily Housing Revenue Bonds (Costa Miranda Apartments Project, 6.10%, 10/1/2050), Series 2006  USD 601  ​ ​
6/1/2023		  Monthly  $12   $12   $— 
Bank of America, N.A.  SIFMA Municipal Swap Index plus a spread of 1.45%  Massachusetts Development Finance Agency Housing Revenue Bonds (East Canton Apartments Project, 5.90%, 5/1/2055) Series 2006A  USD 587  ​ ​
6/1/2023		  Monthly   10    10    — 
Bank of America, N.A.  SIFMA Municipal Swap Index plus a spread of 1.45%  South Carolina State Housing Finance and Development Authority Multifamily Housing Revenue Bonds (Wyndham Pointe Apartments Project, 6.60%, 9/1/2048) Series 2004  USD 362  ​ ​
12/1/2021		  Monthly   7    7    — 
Bank of America, N.A.  SIFMA Municipal Swap Index plus a spread of 1.45%  District of Columbia Housing Finance Agency Multifamily Housing Revenue Bonds (Carver Apartments Project, 5.88%, 10/1/2049), Series 2006  USD 369  6/1/2023  Monthly   6    6    — 

 

See notes to unaudited schedule of investments.

 

 

 

 

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of January 31, 2019

(in thousands, except share and per share amounts)

 

Counterparty  Fund Pays  Fund Receives  Notional
Amount		  Expiration
Date		  Periodic
Payment
Frequency		  Fair
Value(c)		   Unrealized
Appreciation		   Unrealized
Depreciation		 
Bank of America, N.A.  SIFMA Municipal Swap Index plus a spread of 1.45%  Texas Department of Housing and Community Affairs Multifamily Housing Revenue Bonds (Santora Villas Apartments, 5.80%, 5/1/2047) Series 2007  USD 619  6/1/2023  Monthly  $6   $6   $— 
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%, 12/1/2036) Series 2006PP  USD 273  6/1/2023  Monthly   5    5    — 
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  6/1/2023  Monthly   3    3    — 
Bank of America, N.A.  SIFMA Municipal Swap Index plus a spread of 1.45%  California Statewide Communities Development Authority Multifamily Housing Revenue Bonds (Parkview Senior Apartments Project, 5.75%, 2/1/2049), Series 2005U  USD 178  9/1/2022  Monthly   1    1    — 

 

See notes to unaudited schedule of investments.

 

 

 

 

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of January 31, 2019

(in thousands, except share and per share amounts)

 

Counterparty  Fund Pays  Fund Receives  Notional
Amount		  Expiration
Date		  Periodic
Payment
Frequency		  Fair
Value(c)		   Unrealized
Appreciation		   Unrealized
Depreciation		 
Bank of America, N.A.  SIFMA Municipal Swap Index plus a spread of 1.30%  District of Columbia Housing Finance Agency Multifamily Housing Revenue Bonds (Galen Terrace Apartments Project, 6.00%, 2/1/2049), Series 2006  USD 221  3/1/2022  Monthly  $1   $1   $— 
Bank of America, N.A.  SIFMA Municipal Swap Index plus a spread of 1.45%  City of Los Angeles Multifamily Housing Revenue Bonds (Lexington Preservation Apartments, 6.50%, 9/1/2043), Series 2005D  USD 439  6/1/2022  Monthly   1    1    — 
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  6/1/2023  Monthly   (1)   —    1 
Bank of America, N.A.  SIFMA Municipal Swap Index plus a spread of 1.45%  City of Roseville, Minnesota Multifamily Housing Revenue Bonds (Centennial Apartments Project, 5.75%, 1/1/2051) Series 2007  USD 609  9/1/2025  Monthly   (2)   —    2 

 

See notes to unaudited schedule of investments.

 

 

 

 

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of January 31, 2019

(in thousands, except share and per share amounts)

 

Counterparty  Fund Pays  Fund Receives  Notional
Amount		  Expiration
Date		  Periodic
Payment
Frequency		  Fair
Value(c)		   Unrealized
Appreciation		   Unrealized
Depreciation		 
Bank of America, N.A.  SIFMA Municipal Swap Index plus a spread of 1.45%  San Antonio Housing Finance Corporation Multifamily Housing Revenue Bonds (The Villas at Costa Cadiz, 6.50%, 1/1/2049) Series 2004  USD 409  12/1/2021  Monthly  $(2)  $—   $2 
Bank of America, N.A.  SIFMA Municipal Swap Index plus a spread of 1.45%  Texas Department of Housing and Community Affairs Multifamily Housing Revenue Bonds (Churchill at Pinnacle Park, 6.55%, 7/1/2044), Series 2004  USD 494  9/1/2021  Monthly   (2)   —    2 
Bank of America, N.A.  SIFMA Municipal Swap Index plus a spread of 1.45%  Houston Housing Finance Corporation Multifamily Housing Revenue Bonds (Kensington Place Apartments, 6.50%, 2/1/2048), Series 2004  USD 631  9/1/2021  Monthly   (5)   —    5 
Bank of America, N.A.  SIFMA Municipal Swap Index plus a spread of 1.45%  Louisiana Housing Finance Agency Multifamily Housing Revenue Bonds (The Crossings Apartments, 6.15%, 5/1/2048) Series 2006  USD 374  6/1/2023  Monthly   (16)   —    16 
Total Total Return Debt Swaps                   $54   $82   $28 

 

(a) Security may be an obligation of one or more entities affiliated with the named company.
(b) Denominated in U.S. dollars unless otherwise noted.
(c) Fair value is determined by the board of trustees of FS Credit Income Fund (the "Fund"). For information on the Fund’s policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund’s most recent audited financial statements.
(d) Certain variable rate securities in the Fund’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of January 31, 2019, the one-month, two-month and three-month London Interbank Offered Rate (“L”) was 2.51%, 2.63% and 2.74%, respectively, and the three-month Euro Interbank Offered Rate (“E”) was (0.31)%.
(e) Position or portion thereof unsettled as of January 31, 2019.
(f) Security is classified as Level 3 in the Fund's fair value hierarchy (See Notes to Unaudited Schedule of Investments).
(g) Exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Such securities may be deemed liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $57,311, which represents approximately 46.8% of net assets as of January 31, 2019.
(h) 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, 2019, there were no securities rehypothecated by BNP.
(i) Security is in default.
(j) Security is non-income producing.
(k) Issued with a zero coupon. Income is recognized through the accretion of discount.
(l) Includes the effect of forward foreign currency exchange contracts, futures contracts, swap positions and investments sold short.

 

ADR - American Depositary Receipt
EURIBOR - Euro Interbank Offered Rate
LIBOR - London Interbank Offered Rate
BRL - Brazilian Real.
EUR - Euro.
GBP - Great British Pound
USD - U.S. Dollar.
SIFMA - Securities Industry and Financial Markets Association.

 

See notes to unaudited schedule of investments.

 

 

 

 

FS Credit Income Fund

Notes to Unaudited Schedule of Investments

As of January 31, 2019

(in thousands)

 

 

Investment Portfolio

 

The information contained in this section should be read in conjunction with the Fund’s audited financial statements contained in its annual report for the fiscal year ended October 31, 2018.

 

The following table summarizes the composition of the Fund’s investment portfolio at cost and fair value as of January 31, 2019:

 

   Amortized Cost(1)   Fair Value   Percentage
of Portfolio		 
Senior Secured Loans—First Lien  $20,334   $20,169    15%
Senior Secured Loans—Second Lien   4,627    4,542    3%
Senior Secured Bonds   30,229    29,462    21%
Unsecured Bonds   45,830    46,421    34%
Collateralized Loan Obligation (CLO) / Structured Credit   31,890    31,288    23%
Emerging Markets Debt   4,087    3,582    3%
Preferred Stock   194    193    0%
Common Stocks   1,138    753    1%
Total Investments  $138,329   $136,410    100%
Investments Sold Short  $(2,083)  $(2,131)     

____________________________

(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 it had the power to exercise control over the management or policies of such portfolio company, and would be an “affiliated person” of a portfolio company if it owned 5% or more of its voting securities.

 

As of January 31, 2019, the Fund was not deemed to “control” any of its portfolio companies, and was not deemed to be 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, 2019, the Fund did not have any investments with unfunded commitments. The Fund maintains sufficient cash on hand, available borrowings and liquid securities to fund any unfunded commitments should the need arise.

 

 

 

 

FS Credit Income Fund

Notes to Unaudited Schedule of Investments (continued)

As of January 31, 2019

(in thousands)

 

The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets in such industries as of January 31, 2019:

 

Industry Classification  Fair Value   Percentage
of Portfolio		 
USD CLO  $16,401    12.0%
EUR CLO   13,348    9.8%
Oil & Gas   11,606    8.5%
Municipal   9,782    7.2%
Media Entertainment   8,260    6.1%
Chemicals   6,984    5.1%
Telecommunications   5,912    4.3%
Healthcare   4,970    3.6%
Retail   3,806    2.8%
Oil & Gas Services   3,319    2.4%
Independent Oil & Gas   3,234    2.4%
Healthcare-Services   2,989    2.2%
Commercial Banks   2,952    2.2%
Internet   2,859    2.1%
Commercial Services   2,782    2.0%
Other Financial   2,587    1.9%
Periodical Publishers   2,571    1.9%
Pharmaceuticals   2,491    1.8%
Transportation   2,373    1.7%
Mining   2,079    1.5%
Retailers   1,635    1.2%
USD CDO   1,539    1.1%
Coal   1,488    1.1%
Software   1,428    1.1%
Pipelines   1,409    1.0%
Metals and Mining   1,364    1.0%
Oil Field Services   1,212    0.9%
Leisure   1,104    0.8%
Consumer Cyclical Services   1,102    0.8%
Healthcare-Products   1,033    0.8%
Technology   979    0.7%
Wirelines   949    0.7%
Electric   741    0.5%
Midstream   720    0.5%
IT Services   717    0.5%
Provincial   686    0.5%
Lodging   608    0.4%
Auto Parts & Equipment   594    0.4%
Household Products   574    0.4%
Other Industrial   559    0.4%
Food   490    0.4%
Aerospace/Defense   480    0.4%
Auto Manufacturers   480    0.4%
Property & Casualty Insurance   454    0.3%
Sovereign   385    0.3%
Biotechnology   340    0.3%
Wireless   340    0.3%
Distribution/Wholesale   271    0.2%
Packaging & Containers   262    0.2%
Diversified Financial Services   218    0.2%
Apparel   202    0.2%
Healthcare-Software   193    0.1%
Machinery-Diversified   187    0.1%
Insurance   182    0.1%
Hand/Machine Tools   98    0.1%
Automotive   82    0.1%
Total  $136,410    100.0%

 

 

 

 

FS Credit Income Fund

Notes to Unaudited Schedule of Investments (continued)

As of January 31, 2019

(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, 2019, the Fund’s investments were categorized as follows in the fair value hierarchy:

 

Asset Description  Level 1   Level 2   Level 3   Total 
                 
Senior Secured Loans—First Lien  $—   $20,169   $—   $20,169 
Senior Secured Loans—Second Lien   —    2,661    1,881    4,542 
Senior Secured Bonds   —    29,462    —    29,462 
Unsecured Bonds   —    45,561    860    46,421 
Collateralized Loan Obligation (CLO) / Structured Credit   —    31,288    —    31,288 
Emerging Markets Debt   —    3,582    —    3,582 
Preferred Stock   —    —    193    193 
Common Stocks   435    82    236    753 
Total Investments   435    132,805    3,170    136,410 
Forward Foreign Currency Exchange Contracts   —    8    —    8 
Cross Currency Swaps   —    292    —    292 
Total Return Debt Swaps   —    —   $82   $82 
Total  $435   $133,105   $3,252   $136,792 
                     
Liability Description                    
                     
U.S. Treasury Sold Short  $—   $(2,131)  $—   $(2,131)
Forward Foreign Currency Exchange Contracts   —    (49)   —    (49)
Interest Rate Futures   (62)   —    —    (62)
Cross Currency Swaps   —    (52)   —    (52)
Interest Rate Swaps   —    (31)   —    (31)
Total Return Debt Swaps   —    —    (28)   (28)
Total  $(62)  $(2,263)  $(28)  $(2,353)

 

 

 

 

FS Credit Income Fund

Notes to Unaudited Schedule of Investments (continued)

As of January 31, 2019

(in thousands)

 

The following is a reconciliation for the three months ended January 31, 2019 of investments for which significant unobservable inputs (Level 3) were used in determining fair value:

 

   Senior
Secured
Loans—
Second
Lien		   Unsecured
Bonds		  

Collateralized
Loan

Obligation
(CLO) /
Structured
Credit

   Preferred
Stock		   Common
Stocks		   Total 
Fair value at beginning of period  $1,881   $863   $510   $195   $-   $3,449 
Accretion of discount (amortization of premium)   2    -    -    -    -    2 
Realized gain (loss)   -    -    -    -    -    - 
Net change in unrealized appreciation (depreciation)   (2)   (3)   -    (2)   (213)   (220)
Purchases   -    -    -    -    449    449 
Sales   -    -    -    -    -    - 
Net transfers in or out of Level 3   -    -    (510)   -    -    (510)
Fair value at end of period  $1,881   $860   $-   $193   $236   $3,170 
                               
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date  $(2)  $(3)  $-   $(2)  $(213)  $(220)

 

The following is a reconciliation for the three months ended January 31, 2019 of the total return debt swaps for which significant unobservable inputs (Level 3) were used in determining the fair value:

 

Fair value at beginning of period  $(16)
Accretion of discount (amortization of premium)   - 
Realized gain (loss)   - 
Net change in unrealized appreciation (depreciation)   70 
Purchases   - 
Sales   - 
Net transfers in or out of Level 3   - 
Fair value at end of period  $54 
      
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  $70 

 

 

 

 

Item 2. Controls and Procedures.

 

(a) The Fund’s principal executive officer and principal financial officer have evaluated the Fund’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) as of a date within 90 days of the filing of this Form N-Q and have concluded that the Fund’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the Fund in this Form N-Q was recorded, processed, summarized and reported timely.

 

(b) There was no change in the Fund’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the Fund’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Fund’s internal control over financial reporting.

 

Item 3. Exhibits.

 

The certifications of the Fund’s principal executive officer and principal financial officer required by Rule 30a-2(a) under the 1940 Act are attached hereto.

 

  

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

  

  FS Credit Income Fund
     
  By: /s/ MICHAEL C. FORMAN
    Name: Michael C. Forman
    Title: President and Chief Executive Officer
    Date: March 26, 2019

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

  By: /s/ MICHAEL C. FORMAN
    Name: Michael C. Forman
    Title: President and Chief Executive Officer
      (Principal Executive Officer)
    Date: March 26, 2019

 

  By: /s/ EDWARD T. GALLIVAN, JR.
    Name: Edward T. Gallivan, Jr.
    Title: Chief Financial Officer
      (Principal Financial Officer)
    Date: March 26, 2019