NPORT-EX 2 NPORT_CI9C_2925567187.htm

FS Credit Income Fund

Unaudited Schedule of Investments

As of July 31, 2021

(in thousands, except share amounts)

Portfolio Company^(a)	Footnotes	Industry	Principal Amount^(b)		Amortized Cost		Fair Value^(c)
Senior Secured Loans—First Lien—14.3%
ACProducts, Inc., L+425, 0.5% Floor, 5/5/28	(d)	Building Materials	$	790	$	782	$	786
Advantage Sales & Marketing, Inc., L+525, 0.8% Floor, 10/28/27	(d)	Advertising		852		837		858
Advisor Group, Inc., L+450, 7/31/26	(d)	Diversified Financial Services		90		87		90
AHP Health Partners, Inc., L+375, 1.0% Floor, 6/30/25	(d)	Healthcare-Services		1,175		1,143		1,177
AP Core Holdings, II LLC, L+550, 0.8% Floor, 7/21/27	(d) (e)	Media Entertainment		1,295		1,276		1,291
Apergy Corp., L+500, 1.0% Floor, 6/3/27	(d)	Oil & Gas Services		4,009		3,817		4,087
Athenahealth, Inc., L+425, 2/11/26	(d)	Software		1,776		1,776		1,778
Atlas Purchaser, Inc., L+525, 0.8% Floor, 5/8/28	(d)	Software		845		833		833
Chinos Intermediate Holdings A, Inc., PIK, 9.00%, 9/10/27	(e)	Specialty Apparel Stores		1,143		1,193		1,249
Colorado Buyer, Inc., L+300, 1.0% Floor, 5/1/24	(d) (e)	Telecommunications		1,285		1,258		1,261
Digicel International Finance Limited, L+325, 5/28/24	(d)	Telecommunications		1,053		932		1,006
East Valley Tourist Development Authority, L+845, 1.0% Floor, 8/26/21	(d)	Entertainment		2,500		2,500		2,475
East Valley Tourist Development Authority, L+845, 1.0% Floor, 8/26/21	(d) (g)	Entertainment		2,500		2,500		2,500
East Valley Tourist Development Authority, L+800, 1.0% Floor, 3/7/22	(d)	Entertainment		1,424		1,421		1,410
Endure Digital Inc., L+325, 2/10/26	(d) (e)	Internet		1,060		921		933
Europcar Mobility Group, E+450, 6/9/23	(d) (e)	Commercial Services	€	735		864		871
Franklin UK Bidco Limited, E+525, 12/18/26	(d) (e)	Software		530		637		629
Gateway Casinos & Entertainment Limited, PIK, 3.00%, 12/1/23		Entertainment	$	628		564		628
Gordian Medical, Inc., L+625, 0.8% Floor, 3/29/27	(d)	Healthcare-Services		830		814		827
Green Energy Partners/Stonewall, LLC, L+550, 1.0% Floor, 11/12/21	(d)	Electric		479		457		441
Hummel Station, LLC, L+375, 4/27/22	(d)	Oil & Gas		794		755		752
Hummel Station, LLC, L+600, 1.0% Floor, 10/27/22	(d)	Oil & Gas		65		62		62
Hummel Station, LLC, L+600, 1.0% Floor, 10/27/22	(d)	Oil & Gas		159		150		151
Hummel Station, LLC, L+375, 4/27/22	(d)	Oil & Gas		53		50		50
Hummel Station, LLC, L+375, 4/27/22	(d) (g)	Oil & Gas		13		13		13
Hummel Station, LLC, L+375, 4/27/22	(d)	Oil & Gas		47		43		43
Hummel Station, LLC, L+375, 4/27/22	(d) (g)	Oil & Gas		36		36		36
Kiwi Holding IV S.a r.l., E+325, 7/29/24	(d)	Commercial Services	€	870		991		988
LBM Acquisition, LLC, L+375, 0.8% Floor, 12/17/27	(d)	Building Materials	$	571		566		567
LBM Acquisition, LLC, L+375, 0.8% Floor, 12/17/27	(d)	Building Materials		127		126		126
Lightstone Holdco, LLC, L+375, 1.0% Floor, 1/30/24	(d)	Electric		3,449		2,965		2,676
Lightstone Holdco, LLC, L+375, 1.0% Floor, 1/30/24	(d)	Electric		195		167		151
LogMeIn, Inc., L+475, 8/31/27	(d)	Telecommunications		333		325		332
LSF11 Skyscraper Holdco S.a r.l., PIK, 3.50%, 9/29/28		Chemicals	€	406		453		481
Magenta Buyer LLC, L+500, 0.8% Floor, 7/27/28	(d) (e)	Computers	$	475		473		473
Mattress Firm Inc, L+525, 1.0% Floor, 11/26/27	(d)	Home Furnishings		1,226		1,197		1,249
Milano Acquisition Corp., L+400, 0.8% Floor, 10/1/27	(d)	Pharmaceuticals		507		502		508
NCL Corp. Ltd., L+175, 1/2/24	(d)	Leisure Time		945		891		898
NCL Corp. Ltd., L+200, 1/2/24	(d)	Leisure Time		833		787		791
NCL Corp. Ltd., L+250, 1/2/24	(d)	Leisure Time		81		76		77
NCL Corp. Ltd., L+200, 1/2/24	(d) (e)	Leisure Time		1,869		1,694		1,738
Northwest Fiber, LLC, L+375, 4/30/27	(d)	Internet		1,732		1,741		1,730
Oi S.A., 1.75% Fixed, 2/26/35		Telecommunications		224		84		87
Optiv Security, Inc., L+325, 1.0% Floor, 2/1/24	(d)	Software		511		477		501
Quorum Health Corp., L+825, 1.0% Floor, 4/29/25	(d)	Healthcare-Services		1,059		1,049		1,072
Riverbed Technology, Inc., L+600, 1.0% Floor, 12/31/25	(d)	Software		815		786		772
Royal Caribbean Cruises Ltd., L+130, 4/5/24	(d) (e)	Leisure Time		4,475		4,048		4,106
Royal Caribbean Cruises Ltd., L+135, 4/5/22	(d)	Leisure Time		415		391		402
Syncsort, Inc., L+425, 0.8% Floor, 4/24/28	(d)	Software		775		771		773
Talen Energy Supply, LLC, L+375, 7/8/26	(d) (e)	Electric		380		342		349
Telemar Norte Leste SA, PIK, 1.75%, 2/26/35		Wirelines		208		78		81

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2021

(in thousands, except share amounts)

Portfolio Company^(a)	Footnotes	Industry	Principal Amount^(b)		Amortized Cost			Fair Value^(c)
Telemar Norte Leste SA, PIK, 1.75%, 2/26/35		Wirelines	$	407	$	153		$	159
Telemar Norte Leste SA, PIK, 1.75%, 2/26/35		Wirelines		231		87			90
Thryv, L+850, 1.0% Floor, 3/1/26	(d)	Media Entertainment		5,478		5,314			5,574
TopGolf International, Inc., L+625, 0.8% Floor, 2/8/26	(d)	Leisure Time		1,838		1,838			1,880
Torrid LLC, L+550, 0.8% Floor, 6/14/28	(d) (e)	Retail		2,485		2,465			2,482
US Radiology Specialists, Inc., L+550, 0.8% Floor, 12/10/27	(d)	Healthcare-Services		711		698			717
UTEX Industries Inc., PIK, 5.75%, 12/3/25		Miscellaneous Manufacturing		47		327			46
UTEX Industries Inc., L+700, 1.5% Floor, 12/3/24	(d)	Miscellaneous Manufacturing		84		84			85
Verscend Holding Corp., L+400, 0.5% Floor, 8/27/25	(d)	Software		683		683			683
Total Senior Secured Loans—First Lien						58,350			58,881
Unfunded Loan Commitments						(2,549	)		(2,549	)
Net Senior Secured Loans—First Lien						55,801			56,332
Senior Secured Loans—Second Lien—1.4%
Magenta Buyer LLC, L+825, 0.8% Floor, 4/29/29	(d) (e)	Computers		1,110		1,099			1,108
NeuStar, Inc., L+800, 1.0% Floor, 8/8/25	(d)	Computers		334		316			322
Optiv Security, Inc., L+725, 1.0% Floor, 2/1/25	(d) (e)	Computers		400		391			394
Verscend Holding Corp., L+700, 4/1/29	(d)	Software		1,030		1,010			1,040
Vine Oil & Gas LP, L+875, 0.8% Floor, 12/30/25	(d)	Oil & Gas		990		965			1,069
Vision Solutions, Inc., L+725, 0.8% Floor, 4/23/29	(d) (e)	Computers		1,550		1,536			1,551
Total Senior Secured Loans—Second Lien						5,317			5,484
Senior Secured Bonds—18.3%
Abercrombie & Fitch Management Co., 8.8%, 7/15/25	(h) (i)	Retail		1,512		1,632			1,671
Academy Ltd., 6.0%, 11/15/27	(h) (i)	Retail		736		736			793
Advantage Sales & Marketing, Inc., 6.5%, 11/15/28	(h) (i)	Advertising		2,047		2,061			2,124
AG Issuer LLC, 6.3%, 3/1/28	(h) (i)	Diversified Financial Services		884		897			929
Altice France SA, 3.4%, 1/15/28	(i)	Telecommunications	€	1,210		1,314			1,415
Altice France SA, 5.1%, 1/15/29	(h) (i)	Telecommunications	$	867		874			875
Altice France SA, 4.1%, 1/15/29	(i)	Telecommunications	€	1,279		1,533			1,541
Altice France SA, 5.1%, 7/15/29	(h) (i)	Telecommunications	$	616		616			621
Altice France SA, 5.5%, 1/15/28	(h)	Telecommunications		200		200			205
Altice France SA, 8.1%, 2/1/27	(h) (i)	Telecommunications		213		234			231
American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.8%, 4/20/29	(h) (i)	Airlines		703		751			759
Arconic Corp., 6.1%, 2/15/28	(h) (i)	Mining		2,114		2,260			2,254
Avaya, Inc., 6.1%, 9/15/28	(h) (i)	Telecommunications		1,310		1,407			1,403
Calpine Corp., 5.3%, 6/1/26	(h)	Electric		176		180			182
CHS/Community Health Systems, Inc., 8.0%, 3/15/26	(h) (i)	Healthcare-Services		409		429			439
CHS/Community Health Systems, Inc., 8.0%, 12/15/27	(h) (i)	Healthcare-Services		398		436			441
Colt Merger Sub, Inc., 6.3%, 7/1/25	(h) (i)	Entertainment		631		631			667
Connect Finco SARL / Connect US Finco LLC, 6.8%, 10/1/26	(h) (i)	Telecommunications		664		684			699
Coronado Finance Pty Ltd., 10.8%, 5/15/26	(h) (i)	Coal		603		602			655
Coty, Inc., 5.0%, 4/15/26	(h) (i)	Household Products/Wares		630		630			637
Dell International LLC / EMC Corp., 8.1%, 7/15/36		Computers		335		496			522
Digicel Group 0.5 Ltd., PIK, 10.0%, 4/1/24 (8.0% Cash + 2.0% PIK)	(i)	Telecommunications		5,350		4,458			5,236
Digicel International Finance Ltd./Digicel Holdings Bermuda Ltd., 8.8%, 5/25/24	(h)	Telecommunications		2,367		2,335			2,468
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 5.9%, 8/15/27	(e) (h)	Media Entertainment		3,005		3,005			3,111
Eagle Bulk Shipco LLC, 8.3%, 11/28/22	(i)	Transportation		870		874			897
Eagle Intermediate Global Holding BV / Ruyi US Finance LLC, 7.5%, 5/1/25	(h) (i)	Textiles		843		802			791

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2021

(in thousands, except share amounts)

Portfolio Company^(a)	Footnotes	Industry	Principal Amount^(b)		Amortized Cost		Fair Value^(c)
Endo Dac / Endo Finance LLC / Endo Finco, Inc., 9.5%, 7/31/27	(h) (i)	Pharmaceuticals	$	2,401	$	2,565	$	2,412
Endo Luxembourg Finance Co. I S.a.r.l. / Endo US, Inc., 6.1%, 4/1/29	(h) (i)	Pharmaceuticals		3,065		3,018		3,050
Frontier Communications Corp., 6.8%, 5/1/29	(h) (i)	Telecommunications		782		782		834
Frontier Communications Corp., 5.9%, 11/1/29	(i)	Telecommunications		747		756		765
Gateway Casinos & Entertainment Ltd., 8.3%, 3/1/24	(h) (i)	Entertainment		2,460		2,276		2,467
Intelsat Jackson Holdings SA, 8.0%, 2/15/24	(h) (i) (j)	Telecommunications		832		848		860
Jerrold Finco Plc, 4.9%, 1/15/26		Diversified Financial Services	£	321		389		462
Jerrold Finco Plc, 5.3%, 1/15/27	(h)	Diversified Financial Services		565		773		820
Jerrold Finco Plc, 5.3%, 1/15/27	(i)	Diversified Financial Services		738		1,052		1,072
LCPR Senior Secured Financing DAC, 5.1%, 7/15/29	(h)	Media Entertainment	$	227		227		233
Live Nation Entertainment, Inc., 6.5%, 5/15/27	(h) (i)	Entertainment		2,380		2,454		2,630
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.5%, 6/20/27	(h) (i)	Airlines		50		49		55
Pacific Gas and Electric Co., 3.3%, 12/1/27	(i)	Electric		100		102		102
Pacific Gas and Electric Co., 4.0%, 12/1/47	(i)	Electric		343		337		324
Pacific Gas and Electric Co., 4.6%, 7/1/30	(i)	Electric		110		120		118
Pacific Gas and Electric Co., 4.5%, 7/1/40	(i)	Electric		164		175		166
Par Pharmaceutical, Inc., 7.5%, 4/1/27	(h) (i)	Pharmaceuticals		1,628		1,720		1,663
Paysafe Finance Plc / Paysafe Holdings US Corp., 4.0%, 6/15/29	(h)	Commercial Services		227		227		221
PG&E Corp., 5.0%, 7/1/28	(i)	Electric		1,045		1,067		1,019
PG&E Corp., 5.3%, 7/1/30	(i)	Electric		867		845		847
PM General Purchaser LLC, 9.5%, 10/1/28	(h)	Auto Manufacturers		337		337		354
Prime Security Services Borrower LLC / Prime Finance, Inc., 6.3%, 1/15/28	(h) (i)	Commercial Services		810		828		847
Royal Caribbean Cruises Ltd., 11.5%, 6/1/25	(h) (i)	Leisure Time		276		320		316
Shelf Drilling Holdings Ltd., 8.9%, 11/15/24	(h) (i)	Oil & Gas		3,700		3,635		3,806
SM Energy Co., 10.0%, 1/15/25	(h) (i)	Oil & Gas		605		666		675
SM Energy Co., 10.0%, 1/15/25	(i)	Oil & Gas		100		99		112
Solocal Group, 8.0%, 3/15/25 (3 mo. EURIBOR + 7.0%)	(k)	Internet	€	109		118		110
Solocal Group, Series 8Y, 8.0%, 3/15/25 (3 mo. EURIBOR + 7.0%)	(k)	Internet		401		382		417
Talen Energy Supply LLC, 7.6%, 6/1/28	(h)	Electric	$	310		310		283
Talen Energy Supply LLC, 6.6%, 1/15/28	(h) (i)	Electric		2,229		2,135		1,984
Taseko Mines Ltd., 7.0%, 2/15/26	(h) (i)	Mining		1,022		1,073		1,053
Tenet Healthcare Corp., 5.1%, 11/1/27	(h) (i)	Healthcare-Services		1,471		1,523		1,543
Transocean Phoenix 2 Ltd., 7.8%, 10/15/24	(h) (i)	Oil & Gas Services		799		820		810
Transocean Pontus Ltd., 6.1%, 8/1/25	(h) (i)	Oil & Gas		1,080		1,083		1,067
Valaris, Ltd., PIK, 12.0%, 4/30/28	(h)	Oil & Gas		3		2		3
Valaris, Ltd., Series 1145, PIK, 12.0%, 4/30/28	(i)	Oil & Gas		1,858		1,853		1,920
Vantage Drilling Intl, 9.3%, 11/15/23	(h) (i)	Oil & Gas		2,330		2,299		2,061
Vertical US Newco, Inc., 5.3%, 7/15/27	(h) (i)	Machinery-Diversified		682		717		721
Viking Cruises Ltd., 13.0%, 5/15/25	(h) (i)	Leisure Time		865		1,010		1,004
WW International, Inc., 4.5%, 4/15/29	(h) (i)	Commercial Services		691		691		702
XHR LP, 6.4%, 8/15/25	(h) (i)	Real Estate Investment Trusts		605		606		646
Yell Bondco Plc, 8.5%, 5/2/23	(i)	Internet	£	155		187		108
Total Senior Secured Bonds						70,553		72,228
Unsecured Bonds—39.2%
Accor SA, 4.4% 1/30/24 (fixed, converts to FRN on 1/30/24)	(i) (l)	Lodging	€	1,400		1,676		1,725
AG Merger Sub II, Inc., 10.8%, 8/1/27	(h) (i)	Diversified Financial Services	$	2,087		2,251		2,311
Ahead DB Holdings LLC, 6.6%, 5/1/28	(h) (i)	Computers		1,050		1,061		1,083

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2021

(in thousands, except share amounts)

Portfolio Company^(a)	Footnotes	Industry	Principal Amount^(b)		Amortized Cost		Fair Value^(c)
AHP Health Partners, Inc., 5.8%, 7/15/29	(h) (i)	Healthcare-Services	$	1,095	$	1,098	$	1,109
Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 7.5%, 3/15/26	(h) (i)	Food		416		458		455
Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.6%, 1/15/27	(h) (i)	Food		1,032		1,020		1,093
Ambience Merger Sub, Inc., 7.1%, 7/15/29	(h) (i)	Retail		552		552		560
Apache Corp., 4.9%, 11/15/27	(i)	Oil & Gas		345		361		371
Ball Corp., 4.0%, 11/15/23	(i)	Packaging & Containers		209		217		222
Barclays Plc, 6.1% 12/15/25 (fixed, converts to FRN on 12/15/25)	(i) (l)	Commercial Banks		552		596		615
Bausch Health Companies, Inc., 5.0%, 2/15/29	(h) (i)	Pharmaceuticals		448		448		424
Bausch Health Companies, Inc., 9.0%, 12/15/25	(h) (i)	Pharmaceuticals		323		353		345
Bausch Health Companies, Inc., 7.0%, 1/15/28	(h) (i)	Pharmaceuticals		1,959		2,019		2,060
Bausch Health Companies, Inc., 7.3%, 5/30/29	(h) (i)	Pharmaceuticals		298		329		309
Bausch Health Companies, Inc., 5.3%, 1/30/30	(h) (i)	Pharmaceuticals		468		471		441
Burford Capital Finance LLC, 6.1%, 8/12/25	(i)	Diversified Financial Services		585		564		617
Burford Capital Global Finance LLC, 6.3%, 4/15/28	(h) (i)	Diversified Financial Services		556		556		587
California Resources Corp., 7.1%, 2/1/26	(h) (i)	Oil & Gas		2,718		2,720		2,788
Carnival Corp., 7.6%, 3/1/26	(i)	Leisure Time	€	410		544		530
Carnival Corp., 7.6%, 3/1/26	(h) (i)	Leisure Time	$	3,282		3,550		3,471
CCO Holdings LLC / CCO Holdings Capital Corp., 5.5%, 5/1/26	(h) (i)	Media Entertainment		344		357		356
CCO Holdings LLC / CCO Holdings Capital Corp., 5.4%, 6/1/29	(h) (i)	Media Entertainment		3,414		3,657		3,725
Centene Corp., 3.4%, 2/15/30	(i)	Healthcare-Services		435		456		454
Centene Corp., 4.6%, 12/15/29	(i)	Healthcare-Services		428		464		470
Chemours Co., 5.8%, 11/15/28	(h) (i)	Chemicals		1,003		1,014		1,066
Chesapeake Energy Corp., 5.5%, 2/1/26	(h)	Oil & Gas		303		303		317
Chesapeake Energy Corp., 5.9%, 2/1/29	(h) (i)	Oil & Gas		1,880		2,006		2,002
Churchill Downs, Inc., 4.8%, 1/15/28	(e) (h) (i)	Entertainment		554		576		575
Colt Merger Sub, Inc., 8.1%, 7/1/27	(h) (i)	Entertainment		771		799		849
CommScope, Inc., 7.1%, 7/1/28	(h) (i)	Telecommunications		998		1,069		1,080
Cornerstone Building Brands, Inc., 6.1%, 1/15/29	(h) (i)	Building Materials		510		514		545
Coty, Inc., 6.5%, 4/15/26	(h) (i)	Household Products/Wares		589		592		593
CSC Holdings LLC, 4.6%, 12/1/30	(h) (i)	Media Entertainment		707		726		697
CSC Holdings LLC, 6.5%, 2/1/29	(h) (i)	Media Entertainment		3,329		3,613		3,681
DaVita, Inc., 4.6%, 6/1/30	(h) (i)	Healthcare-Services		990		1,020		1,025
Delta Air Lines, Inc., 3.8%, 10/28/29	(i)	Airlines		738		735		733
Deutsche Bank AG, Series #, 6.0% 10/30/25 (fixed, converts to FRN on 10/30/25)	(i) (l)	Commercial Banks		800		811		842
DT Midstream, Inc., 4.4%, 6/15/31	(h)	Pipelines		568		568		590
DT Midstream, Inc., 4.1%, 6/15/29	(h)	Pipelines		459		459		471
Dufry One B.V., 3.4%, 4/15/28	(i)	Retail	€	738		864		868
Dufry One B.V., 2.0%, 2/15/27	(i)	Retail		1,335		1,511		1,491
Endeavor Energy Resources LP / EER Finance, Inc., 5.8%, 1/30/28	(h) (i)	Oil & Gas	$	3,420		3,610		3,588
EQM Midstream Partners LP, 4.8%, 1/15/31	(h) (i)	Pipelines		407		409		415
EQM Midstream Partners LP, 4.5%, 1/15/29	(h) (i)	Pipelines		647		650		657
First Quantum Minerals Ltd., 6.5%, 3/1/24	(h) (i)	Mining		759		718		775
Ford Motor Co., 4.3%, 12/8/26	(i)	Auto Manufacturers		399		407		432
Ford Motor Co., 9.6%, 4/22/30	(i)	Auto Manufacturers		380		534		549
Ford Motor Credit Co. LLC, 4.3%, 1/9/27	(i)	Auto Manufacturers		222		235		240
Ford Motor Credit Co. LLC, 4.4%, 1/8/26	(i)	Auto Manufacturers		511		465		555
Ford Motor Credit Co. LLC, 5.1%, 5/3/29	(i)	Auto Manufacturers		1,903		2,029		2,157
Ford Motor Credit Co. LLC, 4.5%, 8/1/26	(i)	Auto Manufacturers		1,330		1,242		1,447
Freeport-McMoRan, Inc., 4.1%, 3/1/28	(i)	Mining		264		262		277

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2021

(in thousands, except share amounts)

Portfolio Company^(a)	Footnotes	Industry	Principal Amount^(b)		Amortized Cost		Fair Value^(c)
Freeport-McMoRan, Inc., 4.3%, 3/1/30	(i)	Mining	$	231	$	229	$	249
Freeport-McMoRan, Inc., 4.4%, 8/1/28		Mining		169		169		179
Freeport-McMoRan, Inc., 4.6%, 8/1/30		Mining		169		169		186
Frontier Florida LLC, Series E, 6.9%, 2/1/28	(i)	Telecommunications		1,979		1,850		2,171
Frontier North, Inc., Series G, 6.7%, 2/15/28	(i)	Telecommunications		5,029		4,791		5,487
Gates Global LLC / Gates Corp., 6.3%, 1/15/26	(h) (i)	Miscellaneous Manufacturing		619		647		645
Granite Merger Sub 2, Inc., 11.0%, 7/15/27	(h) (i)	Software		980		1,046		1,116
HCA, Inc., 5.9%, 5/1/23	(i)	Healthcare-Services		2,673		2,872		2,897
Herbalife Nutrition Ltd. / HLF Financing, Inc., 7.9%, 9/1/25	(h) (i)	Pharmaceuticals		1,199		1,216		1,304
Hexion, Inc., 7.9%, 7/15/27	(h) (i)	Chemicals		2,417		2,551		2,608
Hilton Domestic Operating Co., Inc., 5.8%, 5/1/28	(h) (i)	Lodging		749		788		807
HLF Financing Sarl LLC / Herbalife International, Inc., 4.9%, 6/1/29	(h) (i)	Pharmaceuticals		838		838		847
Intesa Sanpaolo SpA, 7.7% 9/17/25 (fixed, converts to FRN on 9/17/25)	(h) (i) (l)	Commercial Banks		244		253		280
Intesa Sanpaolo SpA, 5.9% 9/1/31 (fixed, converts to FRN on 9/1/31)	(i) (l)	Commercial Banks	€	310		407		424
JPMorgan Chase & Co., Series FF, 5.0% 8/1/24 (fixed, converts to FRN on 8/01/24)	(i) (l)	Commercial Banks	$	1,101		1,126		1,163
Kraft Heinz Foods Co., 3.9%, 5/15/27	(i)	Food		459		460		509
Kraft Heinz Foods Co., 4.3%, 3/1/31	(i)	Food		1,510		1,659		1,744
L Brands, Inc., 6.9%, 11/1/35	(i)	Retail		559		725		720
Laredo Petroleum, Inc., 7.8%, 7/31/29	(h) (i)	Oil & Gas		726		684		704
LD Holdings Group LLC, 6.1%, 4/1/28	(h) (i)	Diversified Financial Services		2,573		2,558		2,558
Liberty Interactive LLC, 8.3%, 2/1/30	(i)	Media Entertainment		4		5		5
LifePoint Health, Inc., 5.4%, 1/15/29	(h) (i)	Healthcare-Services		1,114		1,112		1,110
Marriott Ownership Resorts, Inc., 4.8%, 1/15/28	(i)	Lodging		751		765		761
MEDNAX, Inc., 6.3%, 1/15/27	(h) (i)	Healthcare-Services		1,234		1,270		1,302
MEDNAX, Inc., 6.3%, 1/15/27	(i)	Healthcare-Services		31		33		33
Methanex Corp., 5.3%, 12/15/29	(i)	Chemicals		1,138		1,012		1,260
Moss Creek Resources Holdings, Inc., 7.5%, 1/15/26	(h) (i)	Oil & Gas		464		419		416
Natural Resource Partners LP/NRP Finance Corp., 9.1%, 6/30/25	(h) (i)	Coal		2,393		2,358		2,384
Netflix, Inc., 4.6%, 5/15/29	(i)	Internet	€	633		881		954
New Residential Investment Corp., 6.3%, 10/15/25	(h) (i)	Real Estate Investment Trusts	$	2,555		2,555		2,556
News Corp., 3.9%, 5/15/29	(h) (i)	Media Entertainment		621		621		633
Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc., 10.8%, 6/1/28	(h) (i)	Internet		474		540		535
Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc., 6.0%, 2/15/28	(h) (i)	Internet		551		551		543
NOVA Chemicals Corp., 4.3%, 5/15/29	(h)	Chemicals		213		213		216
NOVA Chemicals Corp., 5.3%, 6/1/27	(h) (i)	Chemicals		814		822		878
NRG Energy, Inc., 5.3%, 6/15/29	(h) (i)	Electric		618		662		664
Occidental Petroleum Corp., 3.5%, 8/15/29	(i)	Oil & Gas		1,230		1,025		1,230
Occidental Petroleum Corp., 6.5%, 9/15/36	(i)	Oil & Gas		350		342		423
Occidental Petroleum Corp., 2.7%, 2/15/23		Oil & Gas		10		9		10
Occidental Petroleum Corp., 3.5%, 6/15/25		Oil & Gas		725		602		740
Occidental Petroleum Corp., 3.4%, 4/15/26		Oil & Gas		381		321		385
Occidental Petroleum Corp., 3.0%, 2/15/27	(i)	Oil & Gas		760		635		756
Occidental Petroleum Corp., 3.2%, 8/15/26		Oil & Gas		422		314		419
Occidental Petroleum Corp., 4.3%, 8/15/39	(i)	Oil & Gas		182		143		181
Occidental Petroleum Corp., 6.6%, 9/1/30	(i)	Oil & Gas		214		242		261
OneMain Finance Corp., 6.6%, 1/15/28	(i)	Diversified Financial Services		207		206		240

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2021

(in thousands, except share amounts)

Portfolio Company^(a)	Footnotes	Industry	Principal Amount^(b)		Amortized Cost		Fair Value^(c)
OneMain Finance Corp., 4.0%, 9/15/30		Diversified Financial Services	$	99	$	99	$	99
OneMain Finance Corp., 7.1%, 3/15/26	(i)	Diversified Financial Services		423		439		499
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA, 7.3%, 2/1/28	(h) (i)	Healthcare-Products		477		515		520
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA, 7.4%, 6/1/25	(h) (i)	Healthcare-Products		784		838		842
Outfront Media Capital LLC / Outfront Media Capital Corp., 4.3%, 1/15/29	(h) (i)	Advertising		506		507		509
Outfront Media Capital LLC / Outfront Media Capital Corp., 5.0%, 8/15/27	(h) (i)	Advertising		836		863		854
Owens & Minor, Inc., 4.5%, 3/31/29	(h) (i)	Pharmaceuticals		639		639		656
Petsmart, Inc. / Petsmart FI Co., 7.8%, 2/15/29	(h) (i)	Retail		912		956		1,001
Pitney Bowes, Inc., 6.9%, 3/15/27	(h) (i)	Office/Business Equipment		625		625		665
Pitney Bowes, Inc., 7.3%, 3/15/29	(h) (i)	Office/Business Equipment		573		573		616
Plantronics, Inc., 4.8%, 3/1/29	(h) (i)	Telecommunications		954		950		931
Playtika Holding Corp., 4.3%, 3/15/29	(h) (i)	Software		1,237		1,236		1,235
Post Holdings, Inc., 4.6%, 4/15/30	(h) (i)	Food		163		168		166
Post Holdings, Inc., 5.5%, 12/15/29	(h) (i)	Food		2,532		2,706		2,713
Quicken Loans LLC / Quicken Loans Co-Issuer, Inc., 3.6%, 3/1/29	(h) (i)	Diversified Financial Services		557		558		559
Quicken Loans, Inc., 5.3%, 1/15/28	(h) (i)	Diversified Financial Services		532		534		561
Science Applications International Corp., 4.9%, 4/1/28	(h) (i)	Computers		1,145		1,175		1,203
Sensata Technologies B.V., 4.0%, 4/15/29	(h) (i)	Electronics		728		737		749
Service Properties Trust, 5.5%, 12/15/27	(i)	Real Estate Investment Trusts		583		587		622
Shelf Drill Holdings Ltd., 8.3%, 2/15/25	(h) (i)	Oil & Gas		2,143		1,948		1,617
Signal Parent, Inc., 6.1%, 4/1/29	(h) (i)	Commercial Services		1,660		1,652		1,608
Sirius XM Radio, Inc., 5.0%, 8/1/27	(h) (i)	Media Entertainment		501		521		524
Sirius XM Radio, Inc., 5.5%, 7/1/29	(h) (i)	Media Entertainment		1,489		1,617		1,633
SM Energy Co., 6.5%, 7/15/28		Oil & Gas		323		323		322
SM Energy Co., 5.6%, 6/1/25	(i)	Oil & Gas		1,006		968		990
SoftBank Group Corp., 5.0%, 4/15/28		Telecommunications	€	200		258		259
SoftBank Group Corp., 5.1%, 9/19/27	(i)	Telecommunications	$	573		593		593
Southern California Edison Co., Series E, 6.3% 2/1/22 (fixed, converts to FRN on 2/1/22)	(i) (l)	Electric		848		839		862
Spectrum Brands, Inc., 5.5%, 7/15/30	(h) (i)	Household Products/Wares		1,498		1,617		1,625
Sprint Communications, Inc., 6.0%, 11/15/22	(i)	Telecommunications		872		918		925
Sprint Corp., 7.6%, 3/1/26	(i)	Telecommunications		636		737		778
Sprint Corp., 7.9%, 9/15/23	(i)	Telecommunications		763		853		864
SRC Energy, Inc., 6.3%, 12/1/25		Oil & Gas		1,153		1,134		1,192
Standard Industries, Inc., 4.4%, 7/15/30	(h) (i)	Building Materials		127		130		131
Standard Industries, Inc., 4.8%, 1/15/28	(h) (i)	Building Materials		517		538		539
Standard Industries, Inc., 3.4%, 1/15/31	(h) (i)	Building Materials		436		436		423
Sterling Entertainment Enterprises, LLC, 10.3%, 1/15/25	(f)	Media Entertainment		813		801		831
Summit Materials LLC / Summit Materials Finance Corp., 5.3%, 1/15/29	(h) (i)	Building Materials		493		521		524
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.0%, 1/15/32	(h) (i)	Pipelines		303		303		314
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 6.9%, 1/15/29	(i)	Pipelines		1,145		1,274		1,288
Tempur Sealy International, Inc., 4.0%, 4/15/29	(h) (i)	Household Products/Wares		687		695		706
TransDigm, Inc., 5.5%, 11/15/27	(i)	Aerospace/Defense		946		897		978
TUI Cruises GmbH, 6.5%, 5/15/26	(i)	Leisure Time	€	325		393		396

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2021

(in thousands, except share amounts)

Portfolio Company^(a)	Footnotes	Industry	Principal Amount^(b)		Amortized Cost		Fair Value^(c)
TUI Cruises GmbH, 6.5%, 5/15/26	(h)	Leisure Time	€	769	$	928	$	937
Uber Technologies, Inc., 6.3%, 1/15/28	(h) (i)	Internet	$	1,606		1,733		1,739
Uber Technologies, Inc., 7.5%, 5/15/25	(h) (i)	Internet		442		476		474
UniCredit SpA, 5.4% 6/3/25 (fixed, converts to FRN on 6/30/25)	(i) (l)	Commercial Banks	€	265		330		336
United Rentals North America, Inc., 5.3%, 1/15/30	(i)	Commercial Services	$	771		840		845
United Rentals North America, Inc., 4.0%, 7/15/30	(i)	Commercial Services		146		153		152
Vail Resorts, Inc., 6.3%, 5/15/25	(h) (i)	Entertainment		299		302		318
ViacomCBS, Inc., 6.3%, 2/28/57	(i) (k)	Media Entertainment		280		318		322
Victors Merger Corp., 6.4%, 5/15/29	(h) (i)	Building Materials		875		875		881
Vistra Operations Co. LLC, 5.5%, 9/1/26	(h) (i)	Electric		21		22		22
Vistra Operations Co. LLC, 5.0%, 7/31/27	(h) (i)	Electric		904		923		936
Weatherford International Ltd., 11.0%, 12/1/24	(h) (i)	Oil & Gas Services		4,955		4,882		5,137
Western Midstream Operating LP, 4.5%, 3/1/28	(i)	Pipelines		264		208		284
Western Midstream Operating LP, 4.8%, 8/15/28	(i)	Pipelines		195		191		212
Western Midstream Operating LP, 4.4%, 2/1/25	(i)	Pipelines		111		98		116
Western Midstream Operating LP, 5.3%, 2/1/30	(i)	Pipelines		254		231		286
Western Midstream Operating LP, 4.0%, 7/1/22	(i)	Pipelines		622		634		630
Wynn Macau Ltd., 5.5%, 1/15/26	(h) (i)	Lodging		844		852		875
Wynn Macau Ltd., 5.6%, 8/26/28	(h) (i)	Lodging		838		859		860
XPO CNW, Inc., 6.7%, 5/1/34	(i)	Transportation		1,538		1,577		1,851
XPO Logistics, Inc., 6.3%, 5/1/25	(h) (i)	Transportation		416		435		442
Yum! Brands, Inc., 7.8%, 4/1/25	(h) (i)	Retail		772		840		837
ZF Europe Finance B.V., 3.0%, 10/23/29	(i)	Auto Parts & Equipment	€	1,100		1,216		1,380
Total Unsecured Bonds						149,809		154,925
Collateralized Loan Obligation (CLO) / Structured Credit—31.0%
610 Funding CLO 1 Ltd., Series 2015-1A, Class CR, 4.0%, 9/21/29 (3 mo. USD LIBOR + 3.9%)	(h) (k)	USD CLO	$	250		248		250
Accunia European CLO III DAC, Series 3X, Class D, 3.1%, 1/20/31 (3 mo. EURIBOR + 3.1%)	(k)	EUR CLO	€	240		274		284
Accunia European CLO IV DAC, Series 4X, Class D, 3.6%, 4/20/33 (3 mo. EURIBOR + 3.6%)	(k)	EUR CLO		125		152		148
Adagio IV CLO Ltd., Series IV-A, Class ERR, 6.2%, 4/15/34 (3 mo. EURIBOR + 6.2%)	(h) (k)	EUR CLO		250		290		295
Adagio IV CLO Ltd., Series IV-A, Class FR, 8.5%, 4/15/34 (3 mo. EURIBOR + 8.5%)	(h) (k)	EUR CLO		250		285		293
AlbaCore EURO CLO II DAC, Series 2A, Class E, 6.0%, 6/15/34 (3 mo. EURIBOR + 6.0%)	(h) (k)	EUR CLO		250		284		284
Allegro CLO II-S Ltd., Series 2014-1RA, Class D, 5.9%, 10/21/28 (3 mo. USD LIBOR + 5.8%)	(h) (k)	USD CLO	$	450		415		435
Allegro CLO VII Ltd., Series 2018-1X, Class D, 3.0%, 6/13/31 (3 mo. USD LIBOR + 2.9%)	(k)	USD CLO		580		525		567
ALM XVIII Ltd., Series 2016-18A, Class DR, 5.6%, 1/15/28 (3 mo. USD LIBOR + 5.5%)	(h) (k)	USD CLO		500		494		499
Ambac Assurance Corp., 8.5%, 2/1/55	(i)	USD CLO		125		127		122
Ambac Assurance Corp., 8.5%, 2/12/55	(i)	USD CLO		234		238		228
Ammc CLO 16 Ltd., Series 2015-16X, Class ER, 6.2%, 4/14/29 (3 mo. USD LIBOR + 6.1%)	(k)	USD CLO		510		503		487
Ammc CLO 19 Ltd., Series 2016-19A, Class D, 3.9%, 10/15/28 (3 mo. USD LIBOR + 3.8%)	(h) (k)	USD CLO		205		203		205
Ammc CLO 20 Ltd., Series 2017-20A, Class E, 5.9%, 4/17/29 (3 mo. USD LIBOR + 5.8%)	(h) (k)	USD CLO		250		248		243
Anchorage Capital CLO 1-R Ltd., Series 2018-1RA, Class E, 5.6%, 4/13/31 (3 mo. USD LIBOR + 5.5%)	(h) (k)	USD CLO		525		511		513
Anchorage Capital CLO 4-R Ltd., Series 2014-4RA, Class E, 5.6%, 1/28/31 (3 mo. USD LIBOR + 5.5%)	(h) (k)	USD CLO		485		474		474
Anchorage Capital CLO 4-R Ltd., Series 2014-4RA, Class D, 2.7%, 1/28/31 (3 mo. USD LIBOR + 2.6%)	(h) (k)	USD CLO		250		239		245
Anchorage Capital CLO 5-R Ltd., Series 2014-5RA, Class E, 5.5%, 1/15/30 (3 mo. USD LIBOR + 5.4%)	(h) (k)	USD CLO		545		532		540

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2021

(in thousands, except share amounts)

Portfolio Company^(a)	Footnotes	Industry	Principal Amount^(b)		Amortized Cost		Fair Value^(c)
Anchorage Capital CLO 8 Ltd., Series 2016-8A, Class ER, 5.9%, 7/28/28 (3 mo. USD LIBOR + 5.8%)	(h) (k)	USD CLO	$	250	$	244	$	248
Anchorage Capital Europe CLO 3 DAC, Series 3X, Class D, 3.8%, 7/15/32 (3 mo. EURIBOR + 3.8%)	(k)	EUR CLO	€	435		519		517
Anchorage Capital Europe CLO DAC, Series 4A, Class E, 5.7%, 4/25/34 (3 mo. EURIBOR + 5.7%)	(h) (k)	EUR CLO		260		305		303
Anchorage Credit Funding 10 Ltd., Series 2020-10A, Class EV, 7.1%, 4/25/38	(h)	USD CLO	$	250		234		242
Anchorage Credit Funding 12 Ltd., Series 2020-12A, Class D, 5.9%, 10/25/38	(h)	USD CLO		295		295		296
Anchorage Credit Funding 2 Ltd., Series 2015-2A, Class ERV, 7.0%, 4/25/38	(h)	USD CLO		250		231		242
Anchorage Credit Funding 3 Ltd., Series 2016-3A, Class ER, 7.2%, 1/28/39	(h)	USD CLO		410		386		398
Anchorage Credit Funding 3 Ltd., Series 2016-3A, Class DR, 5.8%, 1/28/39	(h)	USD CLO		250		250		248
Anchorage Credit Funding 4 Ltd., Series 2016-4A, Class ER, 6.7%, 4/27/39	(h)	USD CLO		250		239		243
Anchorage Credit Funding 6 Ltd., Series 2018-6A, Class E, 6.9%, 7/25/36	(h)	USD CLO		570		546		561
Anchorage Credit Opportunities CLO 1 Ltd., Series 2019-1A, Class E, 7.7%, 1/20/32 (3 mo. USD LIBOR + 7.6%)	(h) (k)	USD CLO		290		281		289
Apex Credit CLO 2015-II Ltd., Series 2015-2A, Class ER, 6.2%, 10/17/26 (3 mo. USD LIBOR + 6.1%)	(h) (k)	USD CLO		330		329		322
Apex Credit CLO Ltd., Series 2016-1A, Class DR, 3.5%, 10/27/28 (3 mo. USD LIBOR + 3.4%)	(h) (k)	USD CLO		665		647		659
Ares European CLO IX B.V., Series 9X, Class D, 2.4%, 10/14/30 (3 mo. EURIBOR + 2.4%)	(k)	EUR CLO	€	520		547		607
Ares European CLO VI B.V., Series 2013-6X, Class ER, 5.3%, 4/15/30 (3 mo. EURIBOR + 5.3%)	(k)	EUR CLO		340		381		402
Ares XL CLO Ltd., Series 2016-40A, Class DR, 6.5%, 1/15/29 (3 mo. USD LIBOR + 6.4%)	(h) (k)	USD CLO	$	585		583		581
Ares XLII CLO Ltd., Series 2017-42X, Class E, 6.2%, 1/22/28 (3 mo. USD LIBOR + 6.1%)	(k)	USD CLO		550		543		543
Ares XLIV CLO Ltd., Series 2017-44A, Class DR, 7.0%, 4/15/34 (3 mo. USD LIBOR + 6.9%)	(h) (k)	USD CLO		615		606		612
Ares XLIX CLO Ltd., Series 2018-49A, Class D, 3.1%, 7/22/30 (3 mo. USD LIBOR + 3.0%)	(h) (k)	USD CLO		250		244		248
Ares XLVIII CLO, Series 2018-48A, Class D, 2.8%, 7/20/30 (3 mo. USD LIBOR + 2.7%)	(h) (k)	USD CLO		315		304		312
Ares XXXVII CLO Ltd., Series 2015-4A, Class CR, 2.8%, 10/15/30 (3 mo. USD LIBOR + 2.7%)	(h) (k)	USD CLO		250		247		248
Ares XXXVR CLO Ltd., Series 2015-35RA, Class D, 3.1%, 7/15/30 (3 mo. USD LIBOR + 3.0%)	(h) (k)	USD CLO		250		250		251
Armada Euro CLO, Series 5A, Class E, 7/28/34 (3 mo. EURIBOR + 6.0%)	(e) (h) (k)	EUR CLO	€	295		347		342
ArrowMark Colorado Holdings, Series 2017-6A, Class E, 6.7%, 7/15/29 (3 mo. USD LIBOR + 6.6%)	(h) (k)	USD CLO	$	280		275		273
Atlas Senior Loan Fund III Ltd., Series 2013-1A, Class DR, 2.8%, 11/17/27 (3 mo. USD LIBOR + 2.6%)	(h) (k)	USD CLO		500		479		488
Atlas Senior Loan Fund IX Ltd., Series 2018-9A, Class D, 2.7%, 4/20/28 (3 mo. USD LIBOR + 2.6%)	(h) (k)	USD CLO		250		236		246
Atrium CDO Corp., Series 14A, Class D, 3.1%, 8/23/30 (3 mo. USD LIBOR + 3.0%)	(h) (k)	USD CDO		250		236		249
Atrium IX, Series 9A, Class ER, 6.6%, 5/28/30 (3 mo. USD LIBOR + 6.5%)	(h) (k)	USD CLO		305		303		302
Atrium XII, Series 12A, Class DR, 2.9%, 4/22/27 (3 mo. USD LIBOR + 2.8%)	(h) (k)	USD CLO		250		240		247
Atrium XII, Series 12A, Class ER, 5.4%, 4/22/27 (3 mo. USD LIBOR + 5.3%)	(h) (k)	USD CLO		250		247		248

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2021

(in thousands, except share amounts)

Portfolio Company^(a)	Footnotes	Industry	Principal Amount^(b)		Amortized Cost		Fair Value^(c)
Avery Point III CLO Ltd., Series 2013-3A, Class E, 5.1%, 1/18/25 (3 mo. USD LIBOR + 5.0%)	(h) (k)	USD CLO	$	328	$	328	$	327
Avery Point VI CLO Ltd., Series 2015-6A, Class E1, 5.7%, 8/5/27 (3 mo. USD LIBOR + 5.5%)	(h) (k)	USD CLO		500		486		486
Avery Point VII CLO Ltd., Series 2015-7A, Class F, 8.1%, 1/15/28 (3 mo. USD LIBOR + 8.0%)	(h) (k)	USD CLO		250		233		233
Avoca CLO XI Ltd., Series 11X, Class ER, 5.0%, 7/15/30 (3 mo. EURIBOR + 5.0%)	(k)	EUR CLO	€	210		225		247
B&M CLO Ltd., Series 2014-1A, Class DR, 4.8%, 4/16/26 (3 mo. USD LIBOR + 4.7%)	(h) (k)	USD CLO	$	250		249		250
Bain Capital Credit Clo 2016-2 Ltd., Series 2016-2A, Class E, 7.2%, 1/15/29 (3 mo. USD LIBOR + 7.0%)	(e) (h) (k)	USD CLO		750		740		746
Ballyrock CLO 2016-1 Ltd., Series 2016-1A, Class ER, 7.1%, 10/15/28 (3 mo. USD LIBOR + 7.0%)	(h) (k)	USD CLO		250		248		251
Ballyrock CLO 2018-1 Ltd., Series 2018-1A, Class C, 3.3%, 4/20/31 (3 mo. USD LIBOR + 3.2%)	(h) (k)	USD CLO		250		242		247
Barings CLO 2013-I Ltd., Series 2013-IA, Class ER, 5.3%, 1/20/28 (3 mo. USD LIBOR + 5.2%)	(h) (k)	USD CLO		1,255		1,228		1,234
Barings CLO Ltd. 2016-II, Series 2016-2A, Class ER, 6.6%, 7/20/28 (3 mo. USD LIBOR + 6.5%)	(h) (k)	USD CLO		250		246		250
Barings CLO Ltd. 2018-III, Series 2018-3A, Class D, 3.0%, 7/20/29 (3 mo. USD LIBOR + 2.9%)	(h) (k)	USD CLO		330		325		326
Barings CLO Ltd. 2018-III, Series 2018-3A, Class E, 5.9%, 7/20/29 (3 mo. USD LIBOR + 5.8%)	(h) (k)	USD CLO		250		242		245
Barings Euro CLO 2018-2 BV, Series 2018-2X, Class D, 3.2%, 10/15/31 (3 mo. EURIBOR + 3.2%)	(k)	EUR CLO	€	920		1,080		1,092
Barings Euro CLO 2020-1 DAC, Series 2020-1X, Class E, 6.9%, 4/21/33 (3 mo. EURIBOR + 6.9%)	(k)	EUR CLO		235		287		279
Barings Euro CLO 2020-1 DAC, Series 2020-1X, Class F, 8.0%, 4/21/33 (3 mo. EURIBOR + 8.0%)	(k)	EUR CLO		100		119		117
Barings Euro CLO 2020-1 DAC, Series 2020-1A, Class E, 6.9%, 4/21/33 (3 mo. EURIBOR + 6.9%)	(h) (k)	EUR CLO		250		307		297
Battalion CLO Ltd., Series 2014-7X, Class DRR, 6.4%, 7/17/28 (3 mo. USD LIBOR + 6.3%)	(k)	USD CLO	$	250		240		250
Battalion Clo XV Ltd., Series 2020-15A, Class E, 6.5%, 1/17/33 (3 mo. USD LIBOR + 6.4%)	(e) (h) (k)	USD CLO		385		386		384
Benefit Street Partners CLO II Ltd., Series 2013-IIA, Class CR, 3.8%, 7/15/29 (3 mo. USD LIBOR + 3.7%)	(h) (k)	USD CLO		250		242		248
Black Diamond CLO 2017-1 Ltd., Series 2017-1A, Class C, 4.1%, 4/24/29 (3 mo. USD LIBOR + 4.0%)	(h) (k)	USD CLO		590		581		581
BlackRock European CLO V DAC, Series 5X, Class E, 4.4%, 7/16/31 (3 mo. EURIBOR + 4.4%)	(k)	EUR CLO	€	130		138		149
BlueMountain CLO 2012-2 Ltd., Series 2012-2A, Class ER2, 5.9%, 11/20/28 (3 mo. USD LIBOR + 5.8%)	(h) (k)	USD CLO	$	470		464		466
BlueMountain CLO 2015-2 Ltd., Series 2015-2A, Class ER, 5.3%, 7/18/27 (3 mo. USD LIBOR + 5.2%)	(e) (h) (k)	USD CLO		340		334		334
BlueMountain Fuji Eur CLO IV DAC, Series 4X, Class D, 4.0%, 3/30/32 (3 mo. EURIBOR + 4.0%)	(k)	EUR CLO	€	180		167		214
BlueMountain Fuji US CLO III Ltd., Series 2017-3A, Class D, 2.5%, 1/15/30 (3 mo. USD LIBOR + 2.4%)	(h) (k)	USD CLO	$	250		237		244
BNPP IP CLO 2014-II Ltd., Series 2014-2A, Class DR, 3.6%, 10/30/25 (3 mo. USD LIBOR + 3.5%)	(h) (k)	USD CLO		280		276		276
Bosphorus CLO IV DAC, Series 4A, Class F, 6.2%, 12/15/30 (3 mo. EURIBOR + 6.2%)	(h) (k)	EUR CLO	€	250		282		277
Bosphorus CLO V DAC, Series 5A, Class DE, 4.8%, 12/12/32 (3 mo. EURIBOR + 4.8%)	(h) (k)	EUR CLO		320		354		384
Brookside Mill CLO 2013-1 Ltd., SeriesMitchells & Butlers Finance Plc, Series B2 2013-1A, Class ER, 5.6%, 1/17/28 (3 mo. USD LIBOR + 5.5%)	(e) (h) (k)	USD CLO	$	385		379		375
Cairn CLO III B.V., Series 2013-3X, Class F, 6.6%, 10/20/28 (6 mo. EURIBOR + 6.6%)	(k)	EUR CLO	€	250		300		293

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2021

(in thousands, except share amounts)

Portfolio Company^(a)	Footnotes	Industry	Principal Amount^(b)		Amortized Cost		Fair Value^(c)
Cairn CLO VI B.V., Series 2016-6X, Class FR, 8.3%, 7/25/29 (3 mo. EURIBOR + 8.3%)	(k)	EUR CLO	€	190	$	227	$	224
Cairn CLO VI B.V., Series 2016-6X, Class DR, 3.1%, 7/25/29 (3 mo. EURIBOR + 3.1%)	(k)	EUR CLO		135		158		160
Cairn CLO X B.V., Series 2018-10X, Class E, 5.2%, 10/15/31 (3 mo. EURIBOR + 5.2%)	(k)	EUR CLO		130		152		152
Cairn CLO XI DAC, Series 2019-11X, Class D, 4.2%, 7/15/35 (3 mo. EURIBOR + 4.2%)	(k)	EUR CLO		625		678		747
Carlyle Global Market Strategies CLO 2013-2 Ltd., Series 2013-2A, Class DR, 2.5%, 1/18/29 (3 mo. USD LIBOR + 2.4%)	(h) (k)	USD CLO	$	250		237		244
Carlyle Global Market Strategies CLO 2014-4-R Ltd., Series 2014-4RA, Class C, 3.0%, 7/15/30 (3 mo. USD LIBOR + 2.9%)	(h) (k)	USD CLO		250		250		239
Carlyle Global Market Strategies Euro CLO 2013-1 B.V., Series 2013-1X, Class DR, 5.8%, 4/15/30 (3 mo. EURIBOR + 5.8%)	(k)	EUR CLO	€	260		314		305
Carlyle Global Market Strategies Euro CLO 2014-1 DAC, Series 2014-1X, Class ER, 4.9%, 7/15/31 (3 mo. EURIBOR + 4.9%)	(k)	EUR CLO		255		287		289
Carlyle Global Market Strategies Euro CLO 2015-2 DAC, Series 2015-2X, Class CR, 2.7%, 9/21/29 (3 mo. EURIBOR + 2.7%)	(k)	EUR CLO		140		163		166
Carlyle Global Market Strategies Euro CLO 2015-3 DAC, Series 2015-3X, Class C1RE, 2.6%, 7/15/30 (3 mo. EURIBOR + 2.6%)	(k)	EUR CLO		275		323		325
Carlyle Global Market Strategies Euro CLO 2020-1 DAC, Series 2020-1X, Class C, 3.3%, 4/15/33 (3 mo. EURIBOR + 3.3%)	(k)	EUR CLO		460		528		547
Carlyle Global Market Strategies Euro CLO 2020-1 DAC, Series 2020-1X, Class D, 5.4%, 4/15/33 (3 mo. EURIBOR + 5.4%)	(k)	EUR CLO		250		289		282
Carlyle US CLO 2016-4 Ltd., Series 2016-4A, Class CR, 2.9%, 10/20/27 (3 mo. USD LIBOR + 2.8%)	(h) (k)	USD CLO	$	280		266		274
Catalyst Healthcare Manchester Financing Plc, Series AMBC, 2.4%, 9/30/40	(i)	GBP CLO	£	253		688		753
Catamaran CLO 2014-1 Ltd., Series 2014-1A, Class CR, 3.6%, 4/22/30 (3 mo. USD LIBOR + 3.4%)	(h) (k)	USD CLO	$	250		242		247
Cathedral Lake CLO 2015-2 Ltd., Series 2015-2A, Class DR, 4.2%, 7/16/29 (3 mo. USD LIBOR + 4.1%)	(h) (k)	USD CLO		250		248		247
Cent CLO 21 Ltd., Series 2014-21A, Class CR2, 3.3%, 7/27/30 (3 mo. USD LIBOR + 3.2%)	(h) (k)	USD CLO		620		600		615
CFIP CLO 2013-1 Ltd., Series 2013-1A, Class ER, 6.8%, 4/20/29 (3 mo. USD LIBOR + 6.7%)	(h) (k)	USD CLO		470		468		470
CFIP CLO 2014-1 Ltd., Series 2014-1A, Class DR, 4.2%, 7/13/29 (3 mo. USD LIBOR + 4.1%)	(h) (k)	USD CLO		495		488		495
CFIP CLO 2014-1 Ltd., Series 2014-1A, Class ER, 6.7%, 7/13/29 (3 mo. USD LIBOR + 6.6%)	(h) (k)	USD CLO		250		249		250
CFIP CLO 2017-1 Ltd., Series 2017-1A, Class C, 2.2%, 1/18/30 (3 mo. USD LIBOR + 2.1%)	(h) (k)	USD CLO		285		285		285
CIFC Funding 2013-II Ltd., Series 2013-2A, Class B1LR, 3.2%, 10/18/30 (3 mo. USD LIBOR + 3.1%)	(h) (k)	USD CLO		200		195		199
CIFC Funding 2014 Ltd., Series 2014-1A, Class DR2, 3.0%, 1/18/31 (3 mo. USD LIBOR + 2.9%)	(h) (k)	USD CLO		250		242		250
CIFC Funding 2015-V Ltd., Series 2015-5A, Class DR, 5.7%, 10/25/27 (3 mo. USD LIBOR + 5.6%)	(h) (k)	USD CLO		650		645		647
CIFC Funding 2017-I Ltd., Series 2017-1A, Class E, 6.5%, 4/23/29 (3 mo. USD LIBOR + 6.4%)	(e) (h) (k)	USD CLO		255		254		255
CIFC Funding 2018-III Ltd., Series 2018-3A, Class D, 3.0%, 7/18/31 (3 mo. USD LIBOR + 2.9%)	(h) (k)	USD CLO		250		235		249
Columbia Cent CLO 31 Ltd., Series 2021-31A, Class E, 6.7%, 4/20/34 (3 mo. USD LIBOR + 6.6%)	(h) (k)	USD CLO		514		498		506

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2021

(in thousands, except share amounts)

Portfolio Company^(a)	Footnotes	Industry	Principal Amount^(b)		Amortized Cost		Fair Value^(c)
Contego CLO II B.V., Series 2X, Class ER, 4.7%, 11/15/26 (3 mo. EURIBOR + 5.2%)	(k)	EUR CLO	€	170	$	185	$	201
Covenant Credit Partners CLO III Ltd., Series 2017-1A, Class D, 3.9%, 10/15/29 (3 mo. USD LIBOR + 3.8%)	(h) (k)	USD CLO	$	1,170		1,151		1,156
Crown Point CLO IV Ltd., Series 2018-4A, Class D, 2.9%, 4/20/31 (3 mo. USD LIBOR + 2.8%)	(h) (k)	USD CLO		285		265		278
Cumberland Park CLO Ltd., Series 2015-2A, Class ER, 5.8%, 7/20/28 (3 mo. USD LIBOR + 5.7%)	(h) (k)	USD CLO		250		249		250
CVC Cordatus Loan Fund III DAV, Series 3X, Class ERR, 4.9%, 8/15/32 (3 mo. EURIBOR + 4.9%)	(k)	EUR CLO	€	145		147		167
CVC Cordatus Loan Fund X DAC, Series 10X, Class D, 2.5%, 1/27/31 (3 mo. EURIBOR + 2.5%)	(k)	EUR CLO		190		205		220
CVC Cordatus Loan Fund XV DAC, Series 15A, Class D, 3.8%, 8/26/32 (3 mo. EURIBOR + 3.8%)	(h) (k)	EUR CLO		250		283		297
CVP Cascade CLO-1 Ltd., Series 2013-CLO1, Class C, 3.6%, 1/16/26 (3 mo. USD LIBOR + 3.5%)	(h) (k)	USD CLO	$	517		515		517
Denali Capital CLO X Ltd., Series 2013-1A, Class B2LR, 4.9%, 10/26/27 (3 mo. USD LIBOR + 4.8%)	(e) (h) (k)	USD CLO		200		197		191
Denali Capital CLO XI Ltd., Series 2015-1A, Class DR, 5.7%, 10/20/28 (3 mo. USD LIBOR + 5.6%)	(h) (k)	USD CLO		750		723		722
Dorchester Park CLO DAC, Series 2015-1A, Class FR, 6.8%, 4/20/28 (3 mo. USD LIBOR + 6.7%)	(h) (k)	USD CLO		540		519		520
Dryden 29 Euro CLO 2013 B.V., Series 2013-29X, Class DRR, 2.6%, 7/15/32 (3 mo. EURIBOR + 2.6%)	(k)	EUR CLO	€	255		271		300
Dryden 30 Senior Loan Fund, Series 2013-30A, Class FR, 7.4%, 11/15/28 (3 mo. USD LIBOR + 7.3%)	(h) (k)	USD CLO	$	250		234		237
Dryden 30 Senior Loan Fund, Series 2013-30A, Class ER, 5.9%, 11/15/28 (3 mo. USD LIBOR + 5.8%)	(h) (k)	USD CLO		250		239		246
Dryden 33 Senior Loan Fund, Series 2014-33A, Class FR2, 8.6%, 4/15/29 (3 mo. USD LIBOR + 8.5%)	(h) (k)	USD CLO		200		200		197
Dryden 51 Euro CLO 2017 B.V., Series 2017-51X, Class E, 4.9%, 7/15/31 (3 mo. EURIBOR + 4.9%)	(k)	EUR CLO	€	275		327		322
Dryden 53 CLO Ltd., Series 2017-53A, Class D, 2.5%, 1/15/31 (3 mo. USD LIBOR + 2.4%)	(h) (k)	USD CLO	$	250		231		244
Dryden 59 Euro CLO 2017 B.V., Series 2017-59X, Class F, 6.1%, 5/15/32 (3 mo. EURIBOR + 6.1%)	(k)	EUR CLO	€	110		122		123
Dryden 59 Euro CLO 2017 B.V., Series 2017-59X, Class D1, 2.4%, 5/15/32 (3 mo. EURIBOR + 2.4%)	(k)	EUR CLO		365		389		428
Dryden 79 Euro CDO 2020 DAC, Series 2020-79X, Class E, 6.8%, 1/18/34 (3 mo. EURIBOR + 6.8%)	(k)	EUR CDO		160		195		190
Dryden XXV Senior Loan Fund, Series 2012-25A, Class DRR, 3.1%, 10/15/27 (3 mo. USD LIBOR + 3.0%)	(h) (k)	USD CLO	$	250		245		250
Dryden XXVI Senior Loan Fund, Series 2013-26A, Class DR, 2.8%, 4/15/29 (3 mo. USD LIBOR + 2.7%)	(h) (k)	USD CLO		250		238		249
East West Investment Management CLO Ltd., Series 2019-FALX, Class E, 7.5%, 1/20/33 (3 mo. USD LIBOR + 7.4%)	(k)	USD CLO		115		103		115
Elevation CLO 2013-1 Ltd., Series 2013-1A, Class D1R2, 7.8%, 8/15/32 (3 mo. USD LIBOR + 7.7%)	(h) (k)	USD CLO		385		385		385
Elevation CLO 2017-7 Ltd., Series 2017-7A, Class D, 3.0%, 7/15/30 (3 mo. USD LIBOR + 2.9%)	(h) (k)	USD CLO		455		433		451
Elevation CLO 2017-8 Ltd., Series 2017-8A, Class D, 3.0%, 10/25/30 (3 mo. USD LIBOR + 2.9%)	(h) (k)	USD CLO		250		243		247
Elmwood CLO VII Ltd., Series 2020-4A, Class E, 7.2%, 1/17/34 (3 mo. USD LIBOR + 7.1%)	(h) (k)	USD CLO		250		256		252
Erna Srl, Series 1, Class B, 3.6%, 7/25/31 (3 mo. EURIBOR + 3.6%)	(k)	EUR CLO	€	452		516		538
Erna Srl, Series 1, Class A, 2.3%, 7/25/31 (3 mo. EURIBOR + 2.3%)	(k)	EUR CLO		418		479		501
Euro-Galaxy VI CLO DAC, Series 2018-6X, Class E, 4.1%, 4/11/31 (3 mo. EURIBOR + 4.1%)	(k)	EUR CLO		750		834		841
Euro-Galaxy VII CLO DAC, Series 2019-7A, Class FR, 8.6%, 7/25/35 (3 mo. EURIBOR + 8.6%)	(h) (k)	EUR CLO		250		289		293

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2021

(in thousands, except share amounts)

Portfolio Company^(a)	Footnotes	Industry	Principal Amount^(b)		Amortized Cost		Fair Value^(c)
Fair Oaks Loan Funding I DAC, Series 1A, Class ER, 6.1%, 4/15/34 (3 mo. EURIBOR + 6.1%)	(h) (k)	EUR CLO	€	250	$	296	$	295
Flagship CLO 2014-8 Ltd., Series 2014-8A, Class DR, 3.2%, 1/16/26 (3 mo. USD LIBOR + 3.1%)	(h) (k)	USD CLO	$	350		346		349
Galaxy XXIV CLO Ltd., Series 2017-24X, Class D, 2.6%, 1/15/31 (3 mo. USD LIBOR + 2.5%)	(k)	USD CLO		550		504		541
Galaxy XXVII CLO Ltd., Series 2018-27A, Class D, 2.9%, 5/16/31 (3 mo. USD LIBOR + 2.8%)	(h) (k)	USD CLO		250		229		249
Gallatin CLO IX 2018-1 Ltd., Series 2018-1A, Class D1, 3.2%, 1/21/28 (3 mo. USD LIBOR + 3.1%)	(h) (k)	USD CLO		540		531		540
Gallatin CLO IX 2018-1 Ltd., Series 2018-1A, Class E, 5.6%, 1/21/28 (3 mo. USD LIBOR + 5.5%)	(h) (k)	USD CLO		850		840		845
Gallatin CLO VIII 2017-1 Ltd., Series 2017-1A, Class E, 5.5%, 7/15/27 (3 mo. USD LIBOR + 5.4%)	(h) (k)	USD CLO		1,715		1,673		1,703
Golub Capital Partners TALF 2020-1 LLC, Series 2020-1A, Class C, 3.8%, 10/20/29 (3 mo. USD LIBOR + 3.7%)	(h) (k)	USD CLO		250		252		250
Greywolf CLO V Ltd., Series 2015-1A, Class CR, 3.1%, 1/27/31 (3 mo. USD LIBOR + 3.0%)	(h) (k)	USD CLO		500		473		494
Harvest CLO IX DAC, Series 9X, Class ER, 5.1%, 2/15/30 (3 mo. EURIBOR + 5.1%)	(k)	EUR CLO	€	455		491		528
Harvest CLO X DAC, Series 10X, Class E, 4.5%, 11/15/28 (3 mo. EURIBOR + 5.0%)	(k)	EUR CLO		117		139		139
Harvest CLO XII DAC, Series 12X, Class FR, 6.6%, 11/18/30 (3 mo. EURIBOR + 6.6%)	(k)	EUR CLO		175		175		197
Harvest CLO XIV DAC, Series 14X, Class F, 6.3%, 11/18/29 (3 mo. EURIBOR + 6.3%)	(k)	EUR CLO		215		254		246
Hayfin Emerald CLO IV DAC, Series 4A, Class E, 6.5%, 2/15/33 (3 mo. EURIBOR + 6.5%)	(h) (k)	EUR CLO		250		274		297
Highbridge Loan Management 4-2014 Ltd., Series 4A-2014, Class CR, 2.7%, 1/28/30 (3 mo. USD LIBOR + 2.6%)	(h) (k)	USD CLO	$	261		244		257
Highbridge Loan Management 7-2015 Ltd., Series 7A-2015, Class ER, 5.2%, 3/15/27 (3 mo. USD LIBOR + 5.0%)	(h) (k)	USD CLO		525		491		514
Jamestown CLO IX Ltd., Series 2016-9A, Class DR, 7.1%, 10/20/28 (3 mo. USD LIBOR + 6.9%)	(h) (k)	USD CLO		1,055		1,040		1,054
Jamestown CLO IX Ltd., Series 2016-9A, Class BR, 2.8%, 10/20/28 (3 mo. USD LIBOR + 2.7%)	(h) (k)	USD CLO		250		232		250
Jamestown CLO Ltd., Series 2013-2A, Class DR, 5.6%, 4/22/30 (3 mo. USD LIBOR + 5.5%)	(h) (k)	USD CLO		585		568		575
Jamestown CLO V Ltd., Series 2014-5A, Class D, 3.9%, 1/17/27 (3 mo. USD LIBOR + 3.8%)	(h) (k)	USD CLO		815		812		815
Jamestown CLO X Ltd., Series 2017-10A, Class C, 3.8%, 7/17/29 (3 mo. USD LIBOR + 3.7%)	(h) (k)	USD CLO		250		245		250
Jamestown CLO XI Ltd., Series 2018-11A, Class C, 3.4%, 7/14/31 (3 mo. USD LIBOR + 3.3%)	(h) (k)	USD CLO		750		730		750
Jamestown CLO XIV Ltd., Series 2019-14A, Class D, 7.2%, 10/20/32 (3 mo. USD LIBOR + 7.0%)	(h) (k)	USD CLO		250		252		251
Jamestown CLO XV Ltd., Series 2020-15A, Class E, 7.1%, 4/15/33 (3 mo. USD LIBOR + 7.0%)	(h) (k)	USD CLO		250		251		250
JMP Credit Advisors Clo IV Ltd., Series 2017-1A, Class D, 4.3%, 7/17/29 (3 mo. USD LIBOR + 4.2%)	(h) (k)	USD CLO		610		598		609
Jubilee Clo 2014-Xii B.V., Series 2014-12X, Class DRE, 2.9%, 4/15/30 (3 mo. EURIBOR + 2.9%)	(k)	EUR CLO	€	350		413		414
Jubilee CLO 2014-XII B.V., Series 2014-12X, Class DR, 2.9%, 4/15/30 (3 mo. EURIBOR + 2.9%)	(k)	EUR CLO		155		175		183
Jubilee CLO 2015-XV B.V., Series 2015-15X, Class F, 5.4%, 7/12/28 (3 mo. EURIBOR + 6.0%)	(k)	USD CLO		275		323		310
Jubilee CLO 2015-XVI B.V., Series 2015-16X, Class F, 6.9%, 12/15/29 (3 mo. EURIBOR + 6.9%)	(k)	EUR CLO		250		284		282
Jubilee CLO 2017-XVIII B.V., Series 2017-18X, Class D, 3.1%, 1/15/30 (3 mo. EURIBOR + 3.1%)	(k)	EUR CLO		200		223		237

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2021

(in thousands, except share amounts)

Portfolio Company^(a)	Footnotes	Industry	Principal Amount^(b)		Amortized Cost		Fair Value^(c)
Jubilee CLO 2018-XX B.V., Series 2018-20X, Class E, 4.6%, 7/19/31 (3 mo. EURIBOR + 4.6%)	(k)	EUR CLO	€	415	$	471	$	477
Kingsland IX Ltd., Series 2018-9A, Class DR, 3.3%, 4/28/31 (3 mo. USD LIBOR + 3.2%)	(h) (k)	USD CLO	$	725		706		706
KVK CLO 2013-1 Ltd., Series 2013-1A, Class ER, 6.1%, 1/14/28 (3 mo. USD LIBOR + 5.9%)	(h) (k)	USD CLO		500		497		500
KVK CLO 2016-1 Ltd., Series 2016-1A, Class D, 4.5%, 1/15/29 (3 mo. USD LIBOR + 4.4%)	(h) (k)	USD CLO		590		550		590
LCM XX LP, Series 20A, Class ER, 5.6%, 10/20/27 (3 mo. USD LIBOR + 5.5%)	(h) (k)	USD CLO		300		285		295
LCM XXI LP, Series 21A, Class ER, 5.9%, 4/20/28 (3 mo. USD LIBOR + 5.8%)	(h) (k)	USD CLO		570		546		556
LCM XXV LP, Series 25A, Class D, 3.6%, 7/20/30 (3 mo. USD LIBOR + 3.5%)	(h) (k)	USD CLO		300		292		293
Longfellow Place CLO Ltd., Series 2013-1A, Class DRR, 4.6%, 4/15/29 (3 mo. USD LIBOR + 4.5%)	(h) (k)	USD CLO		520		513		519
Madison Park Euro Funding XVI DAC, Series 16A, Class E, 6.0%, 5/25/34 (3 mo. EURIBOR + 6.0%)	(h) (k)	EUR CLO	€	300		352		344
Madison Park Funding X Ltd., Series 2012-10A, Class ER2, 6.5%, 1/20/29 (3 mo. USD LIBOR + 6.4%)	(h) (k)	USD CLO	$	500		497		496
Madison Park Funding XI Ltd., Series 2013-11A, Class DR, 3.4%, 7/23/29 (3 mo. USD LIBOR + 3.3%)	(h) (k)	USD CLO		430		422		428
Madison Park Funding XI Ltd., Series 2013-11A, Class ER, 6.6%, 7/23/29 (3 mo. USD LIBOR + 6.5%)	(h) (k)	USD CLO		815		803		816
Madison Park Funding XIII Ltd., Series 2014-13A, Class DR2, 3.0%, 4/19/30 (3 mo. USD LIBOR + 2.9%)	(h) (k)	USD CLO		365		353		363
Madison Park Funding XIII Ltd., Series 2014-13A, Class ER, 5.9%, 4/19/30 (3 mo. USD LIBOR + 5.8%)	(h) (k)	USD CLO		250		242		246
Madison Park Funding XIX Ltd., Series 2015-19A, Class ER, 6.2%, 1/22/28 (3 mo. USD LIBOR + 6.1%)	(h) (k)	USD CLO		250		234		230
Madison Park Funding XXX Ltd., Series 2018-30A, Class E, 5.1%, 4/15/29 (3 mo. USD LIBOR + 5.0%)	(h) (k)	USD CLO		755		734		736
Man GLG Euro CLO III DAC, Series 3X, Class D, 3.3%, 10/15/30 (3 mo. EURIBOR + 3.3%)	(k)	EUR CLO	€	145		171		172
Man GLG US CLO, Series 2018-1A, Class CR, 3.2%, 4/22/30 (3 mo. USD LIBOR + 3.1%)	(h) (k)	USD CLO	$	560		530		542
Man GLG US CLO 2018-2 Ltd., Series 2018-2A, Class CR, 3.6%, 10/15/28 (3 mo. USD LIBOR + 3.5%)	(h) (k)	USD CLO		510		508		508
Marble Point CLO XI Ltd., Series 2017-2A, Class D, 2.9%, 12/18/30 (3 mo. USD LIBOR + 2.8%)	(h) (k)	USD CLO		250		233		233
Marble Point CLO XII Ltd., Series 2018-1A, Class D, 3.1%, 7/16/31 (3 mo. USD LIBOR + 3.0%)	(h) (k)	USD CLO		250		244		240
Marble Point CLO XIV Ltd., Series 2018-2A, Class D, 3.7%, 1/20/32 (3 mo. USD LIBOR + 3.5%)	(h) (k)	USD CLO		360		349		355
Marble Point CLO XX Ltd., Series 2021-1A, Class D2, 5.2%, 4/23/34 (3 mo. USD LIBOR + 5.1%)	(h) (k)	USD CLO		360		356		357
Midocean Credit CLO IX, Series 2018-9A, Class D, 3.4%, 7/20/31 (3 mo. USD LIBOR + 3.3%)	(h) (k)	USD CLO		250		245		248
Midocean Credit CLO V, Series 2016-5A, Class ER, 5.7%, 7/19/28 (3 mo. USD LIBOR + 5.6%)	(h) (k)	USD CLO		290		285		277
Midocean Credit CLO VII, Series 2017-7A, Class D, 4.0%, 7/15/29 (3 mo. USD LIBOR + 3.9%)	(h) (k)	USD CLO		340		336		339
Midocean Credit CLO VIII, Series 2018-8A, Class D, 3.1%, 2/20/31 (3 mo. USD LIBOR + 2.9%)	(h) (k)	USD CLO		250		235		248
Mitchells & Butlers Finance Plc, Series B2, 6.0%, 12/15/30	(i)	GBP CLO	£	173		269		265
Mitchells & Butlers Finance Plc, Series C1, 6.5%, 9/15/32	(i)	GBP CLO		661		1,041		1,048
Mitchells & Butlers Finance Plc, Series C2, 2.0%, 9/15/34 (3 mo. LIBOR GBP + 1.9%)	(i) (k)	GBP CLO		805		931		952
Mitchells & Butlers Finance Plc, Series D1, 2.2%, 6/15/36 (3 mo. LIBOR GBP + 2.1%)	(i) (k)	GBP CLO		273		309		312
MKS CLO 2017-2 Ltd., Series 2017-2A, Class D, 2.8%, 1/20/31 (3 mo. USD LIBOR + 2.7%)	(h) (k)	USD CLO	$	535		515		522

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2021

(in thousands, except share amounts)

Portfolio Company^(a)	Footnotes	Industry	Principal Amount^(b)		Amortized Cost		Fair Value^(c)
Mountain View CLO 2017-1 LLC, Series 2017-1A, Class D, 3.7%, 10/16/29 (3 mo. USD LIBOR + 3.6%)	(h) (k)	USD CLO	$	250	$	247	$	247
Mountain View CLO 2017-2 LLC, Series 2017-2X, Class E, 6.1%, 1/16/31 (3 mo. USD LIBOR + 6.0%)	(k)	USD CLO		250		233		235
Mountain View CLO 2019-1 LLC, Series 2019-1X, Class E, 6.8%, 4/15/29 (3 mo. USD LIBOR + 6.7%)	(k)	USD CLO		250		243		248
MP CLO III Ltd., Series 2013-1A, Class DR, 3.2%, 10/20/30 (3 mo. USD LIBOR + 3.1%)	(h) (k)	USD CLO		250		245		245
MP CLO VII Ltd., Series 2015-1A, Class DRR, 3.1%, 10/18/28 (3 mo. USD LIBOR + 3.0%)	(h) (k)	USD CLO		250		250		246
Mulberry Street CDO II Ltd., Series 2A, Class A1W, 0.8%, 8/12/38 (6 mo. USD LIBOR + 0.6%)	(h) (k)	USD CDO		1,130		733		756
Neuberger Berman CLO XXI Ltd., Series 2016-21A, Class ER2, 6.6%, 4/20/34 (3 mo. USD LIBOR + 6.5%)	(h) (k)	USD CLO		480		470		470
Newfeet CLO 2016-1 Ltd., Series 2016-1A, Class DR, 3.1%, 4/20/28 (3 mo. USD LIBOR + 3.0%)	(h) (k)	USD CLO		700		694		701
Northwoods Capital 19 Euro DAC, Series 2020-21A, Class FR, 8.6%, 7/22/34 (3 mo. EURIBOR + 8.6%)	(h) (k)	EUR CLO	€	345		405		397
Northwoods Capital 19 Euro DAC, Series 2019-19X, Class D, 4.0%, 11/25/33 (3 mo. EURIBOR + 4.0%)	(k)	EUR CLO		550		666		660
Northwoods Capital 23 Euro DAC, Series 2021-23A, Class F, 8.5%, 3/15/34 (3 mo. EURIBOR + 8.5%)	(h) (k)	EUR CLO		250		280		294
OAK Hill European Credit Partners V Designated Activity Co., Series 2016-5X, Class D, 3.6%, 2/21/30 (3 mo. EURIBOR + 3.6%)	(k)	EUR CLO		110		129		131
OAK Hill European Credit Partners V Designated Activity Co., Series 2016-5X, Class E, 6.2%, 2/21/30 (3 mo. EURIBOR + 6.2%)	(k)	EUR CLO		145		163		171
OAK Hill European Credit Partners VI DAC, Series 2017-6X, Class E, 4.6%, 1/20/32 (3 mo. EURIBOR + 4.6%)	(k)	EUR CLO		120		140		135
Oaktree CLO 2014-1, Series 2014-1A, Class CR, 4.1%, 5/13/29 (3 mo. USD LIBOR + 3.9%)	(h) (k)	USD CLO	$	500		492		492
OCP CLO 2015-10 Ltd., Series 2015-10A, Class DR, 5.6%, 10/26/27 (3 mo. USD LIBOR + 5.5%)	(h) (k)	USD CLO		250		250		250
OCP Euro CLO 2020-4 DAC, Series 2020-4A, Class F, 7.5%, 1/22/33 (3 mo. EURIBOR + 7.5%)	(h) (k)	EUR CLO	€	250		304		294
Octagon Investment Partners XVII Ltd., Series 2013-1A, Class DR2, 2.6%, 1/25/31 (3 mo. USD LIBOR + 2.5%)	(h) (k)	USD CLO	$	505		492		494
OZLM Funding II Ltd., Series 2012-2A, Class DR2, 6.0%, 7/30/31 (3 mo. USD LIBOR + 5.9%)	(h) (k)	USD CLO		250		236		235
OZLM Funding IV Ltd., Series 2013-4A, Class CR, 3.5%, 10/22/30 (3 mo. USD LIBOR + 3.4%)	(h) (k)	USD CLO		250		244		250
OZLM VII Ltd., Series 2014-7RA, Class CR, 3.1%, 7/17/29 (3 mo. USD LIBOR + 3.0%)	(h) (k)	USD CLO		250		240		247
OZLM VIII Ltd., Series 2014-8A, Class DRR, 6.2%, 10/17/29 (3 mo. USD LIBOR + 6.1%)	(h) (k)	USD CLO		355		340		344
OZLM VIII Ltd., Series 2014-8A, Class CRR, 3.3%, 10/17/29 (3 mo. USD LIBOR + 3.2%)	(h) (k)	USD CLO		490		472		484
OZLM XII Ltd., Series 2015-12A, Class D, 5.5%, 4/30/27 (3 mo. USD LIBOR + 5.4%)	(h) (k)	USD CLO		250		245		248
OZLM XIII Ltd., Series 2015-13A, Class D, 5.6%, 7/30/27 (3 mo. USD LIBOR + 5.5%)	(h) (k)	USD CLO		250		246		248
OZLM XIX Ltd., Series 2017-19A, Class C, 3.2%, 11/22/30 (3 mo. USD LIBOR + 3.1%)	(h) (k)	USD CLO		250		225		247
OZLM XVI Ltd., Series 2017-16A, Class C, 3.7%, 5/16/30 (3 mo. USD LIBOR + 3.6%)	(h) (k)	USD CLO		250		243		247
OZLM XX Ltd., Series 2018-20A, Class C, 3.1%, 4/20/31 (3 mo. USD LIBOR + 3.0%)	(h) (k)	USD CLO		515		497		501

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2021

(in thousands, except share amounts)

Portfolio Company^(a)	Footnotes	Industry	Principal Amount^(b)		Amortized Cost		Fair Value^(c)
Palmer Square European CLO 2021-1 DAC, Series 2021-1A, Class E, 5.7%, 4/15/34 (3 mo. EURIBOR + 5.7%)	(h) (k)	EUR CLO	€	250	$	295	$	294
Palmer Square Loan Funding 2019-2 Ltd., Series 2019-2A, Class D, 5.6%, 4/20/27 (3 mo. USD LIBOR + 5.5%)	(h) (k)	USD CLO	$	250		230		246
Palmer Square Loan Funding 2019-3 Ltd., Series 2019-3A, Class D, 5.5%, 8/20/27 (3 mo. USD LIBOR + 5.4%)	(h) (k)	USD CLO		250		224		250
Parallel 2015-1 Ltd., Series 2015-1A, Class E, 5.3%, 7/20/27 (3 mo. USD LIBOR + 5.2%)	(h) (k)	USD CLO		755		740		698
Parallel 2017-1 Ltd., Series 2017-1A, Class DR, 3.2%, 7/20/29 (3 mo. USD LIBOR + 3.1%)	(h) (k)	USD CLO		530		513		515
Parallel 2018-1 Ltd., Series 2018-1A, Class C, 2.9%, 4/20/31 (3 mo. USD LIBOR + 2.8%)	(h) (k)	USD CLO		274		254		259
Penta CLO 2 B.V., Series 2015-2X, Class DRNE, 3.0%, 8/4/28 (6 mo. EURIBOR + 3.0%)	(k)	EUR CLO	€	290		314		345
Penta CLO 3 DAC, Series 2017-3X, Class D, 2.8%, 4/17/30 (3 mo. EURIBOR + 2.8%)	(k)	EUR CLO		140		161		166
Peterborough Progress Health Plc, 5.6%, 10/2/42	(i)	GBP CLO	£	607		1,058		1,041
Preferred Term Securities XXI Ltd./Preferred Term Securities XXI, Inc., 0.5%, 3/22/38 (3 mo. USD LIBOR + 0.4%)	(h) (k)	USD CDO	$	824		680		655
Preferred Term Securities XXIV Ltd./Preferred Term Securities XXIV, Inc., 0.5%, 3/22/37 (3 mo. USD LIBOR + 0.4%)	(h) (k)	USD CDO		430		336		333
Preferred Term Securities XXVI Ltd./Preferred Term Securities XXVI, Inc., 0.5%, 9/22/37 (3 mo. USD LIBOR + 0.4%)	(h) (k)	USD CDO		269		218		206
Regatta X Funding Ltd., Series 2017-3A, Class D, 2.9%, 1/17/31 (3 mo. USD LIBOR + 2.8%)	(h) (k)	USD CLO		250		233		249
Regatta XI Funding Ltd., Series 2018-1A, Class D, 3.0%, 7/17/31 (3 mo. USD LIBOR + 2.9%)	(h) (k)	USD CLO		250		250		249
Romark CLO Ltd., Series 2017-1A, Class D, 6.8%, 10/23/30 (3 mo. USD LIBOR + 6.7%)	(h) (k)	USD CLO		250		243		248
Romark WM-R Ltd., Series 2018-1A, Class D, 3.2%, 4/20/31 (3 mo. USD LIBOR + 3.0%)	(h) (k)	USD CLO		250		237		237
Sculptor European CLO I DAC, Series 1X, Class FR, 8.4%, 4/18/34 (3 mo. EURIBOR + 8.4%)	(k)	EUR CLO	€	350		395		397
Shackleton 2013-III CLO Ltd., Series 2013-3A, Class DR, 3.1%, 7/15/30 (3 mo. USD LIBOR + 3.0%)	(h) (k)	USD CLO	$	435		417		425
Shackleton 2017-XI CLO Ltd., Series 2017-11A, Class D, 3.8%, 8/15/30 (3 mo. USD LIBOR + 3.7%)	(h) (k)	USD CLO		250		248		248
Silver Creek CLO Ltd., Series 2014-1X, Class E2R, 6.5%, 7/20/30 (3 mo. USD LIBOR + 6.4%)	(k)	USD CLO		255		252		251
Silvermore CLO Ltd., Series 2014-1A, Class C, 3.6%, 5/15/26 (3 mo. USD LIBOR + 3.5%)	(h) (k)	USD CLO		855		845		856
Smeralda SPV Srl, 5.0%, 12/22/33		EUR CLO	€	989		1,185		1,175
Smeralda SPV Srl, 5.3%, 12/22/34	(f)	EUR CLO		1,502		1,708		1,834
Sound Point CLO V-R Ltd., Series 2014-1RA, Class D, 3.2%, 7/18/31 (3 mo. USD LIBOR + 3.1%)	(h) (k)	USD CLO	$	250		240		243
Sound Point CLO XII Ltd., Series 2016-2A, Class DR, 4.0%, 10/20/28 (3 mo. USD LIBOR + 3.9%)	(h) (k)	USD CLO		355		356		355
Sound Point Clo XIV Ltd., Series 2016-3A, Class E, 6.8%, 1/23/29 (3 mo. USD LIBOR + 6.7%)	(h) (k)	USD CLO		285		282		282
Sound Point CLO, Ltd., Series 2015-1RA, Class D1, 3.9%, 4/15/30 (3 mo. USD LIBOR + 3.8%)	(e) (h) (k)	USD CLO		1,125		1,102		1,089
St Paul’s CLO III-R DAC, Series 3RX, Class CR, 1.6%, 1/15/32 (3 mo. EURIBOR + 1.6%)	(k)	EUR CLO	€	100		95		118
St Paul’s CLO V DAC, Series 5A, Class FR, 6.6%, 8/20/30 (3 mo. EURIBOR + 6.6%)	(h) (k)	EUR CLO		535		620		605
St Paul’s CLO V DAC, Series 5X, Class DR, 3.0%, 2/20/30 (3 mo. EURIBOR + 3.0%)	(k)	EUR CLO		140		163		165

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2021

(in thousands, except share amounts)

Portfolio Company^(a)	Footnotes	Industry	Principal Amount^(b)		Amortized Cost		Fair Value^(c)
St Paul’s CLO XI DAC, Series 11X, Class E, 6.0%, 1/17/32 (3 mo. EURIBOR + 6.0%)	(k)	EUR CLO	€	250	$	268	$	294
St Paul’s CLO XII DAC, Series 12X, Class D, 3.2%, 4/15/33 (3 mo. EURIBOR + 3.2%)	(k)	EUR CLO		115		126		136
Steele Creek CLO 2017-1 Ltd., Series 2017-1A, Class D, 3.0%, 10/15/30 (3 mo. USD LIBOR + 2.9%)	(h) (k)	USD CLO	$	250		247		241
Sudbury Mill CLO Ltd., Series 2013-1A, Class D, 3.6%, 1/17/26 (3 mo. USD LIBOR + 3.5%)	(h) (k)	USD CLO		505		501		505
Symphony CLO XIV Ltd., Series 2014-14A, Class E, 4.7%, 7/14/26 (3 mo. USD LIBOR + 4.6%)	(h) (k)	USD CLO		250		244		246
Symphony CLO XIX Ltd., Series 2018-19X, Class E, 5.3%, 4/16/31 (3 mo. USD LIBOR + 5.2%)	(k)	USD CLO		250		236		240
Symphony CLO XIX Ltd., Series 2018-19A, Class D, 2.7%, 4/16/31 (3 mo. USD LIBOR + 2.6%)	(h) (k)	USD CLO		250		248		246
Symphony CLO XVII Ltd., Series 2016-17A, Class ER, 5.7%, 4/15/28 (3 mo. USD LIBOR + 5.6%)	(h) (k)	USD CLO		910		898		905
Symphony CLO XXII Ltd., Series 2020-22X, Class E, 6.4%, 4/18/33 (3 mo. USD LIBOR + 6.3%)	(k)	USD CLO		250		252		250
TCW CLO 2019-2 Ltd., Series 2019-2A, Class E, 7.5%, 10/20/32 (3 mo. USD LIBOR + 7.4%)	(h) (k)	USD CLO		265		265		266
THL Credit Wind River 2013-2 CLO Ltd., Series 2013-2A, Class DR, 3.1%, 10/18/30 (3 mo. USD LIBOR + 3.0%)	(h) (k)	USD CLO		250		238		243
TICP CLO III-2 Ltd., Series 2018-3R, Class E, 6.0%, 4/20/28 (3 mo. USD LIBOR + 5.9%)	(h) (k)	USD CLO		250		243		243
Tikehau CLO B.V., Series 2015-1X, Class ER, 4.6%, 8/4/28 (3 mo. EURIBOR + 4.6%)	(k)	EUR CLO	€	170		198		202
Tikehau CLO B.V., Series 2015-1X, Class DR, 2.4%, 8/4/28 (3 mo. EURIBOR + 2.4%)	(k)	EUR CLO		165		192		196
Toro European CLO 2 DAC, Series 2X, Class DR, 3.3%, 10/15/30 (3 mo. EURIBOR + 3.3%)	(k)	EUR CLO		170		184		202
Toro European CLO 6 DAC, Series 6X, Class D, 4.0%, 1/12/32 (3 mo. EURIBOR + 4.0%)	(k)	EUR CLO		170		199		202
Toro European CLO 7 DAC, Series 7A, Class D, 4.5%, 2/15/34 (3 mo. EURIBOR + 4.5%)	(h) (k)	EUR CLO		595		709		711
Toro European CLO IV DAC, Series 1X, Class DR, 3.2%, 7/15/30 (3 mo. EURIBOR + 3.2%)	(k)	EUR CLO		145		159		172
Treman Park CLO Ltd., Series 2015-1A, Class FRR, 7.5%, 10/20/28 (3 mo. USD LIBOR + 7.4%)	(h) (k)	USD CLO	$	250		243		248
Treman Park CLO Ltd., Series 2015-1A, Class ERR, 5.6%, 10/20/28 (3 mo. USD LIBOR + 5.5%)	(e) (h) (k)	USD CLO		1,710		1,704		1,709
Trimaran Cavu 2021-1 Ltd., Series 2021-1A, Class D, 3.6%, 4/23/32 (3 mo. USD LIBOR + 3.5%)	(h) (k)	USD CLO		250		248		250
Trinitas CLO VII Ltd., Series 2017-7A, Class D, 3.6%, 1/25/31 (3 mo. USD LIBOR + 3.5%)	(h) (k)	USD CLO		500		458		499
Trinitas CLO XIV Ltd., Series 2020-14A, Class D, 4.4%, 1/25/34 (3 mo. USD LIBOR + 4.3%)	(h) (k)	USD CLO		690		680		691
Tymon Park CLO DAC, Series 1X, Class E, 6.8%, 1/21/29 (3 mo. EURIBOR + 6.8%)	(k)	EUR CLO	€	250		285		297
Tymon Park CLO Ltd., Series 1X, Class DR, 4.6%, 1/21/29 (3 mo. EURIBOR + 4.6%)	(k)	EUR CLO		100		121		119
Unique Pub Finance Co. Plc, Series M, 7.4%, 3/28/24	(i)	GBP CLO	£	387		540		575
Unique Pub Finance Co. Plc, Series N, 6.5%, 3/30/32	(i)	GBP CLO		700		871		1,209
Unique Pub Finance Co. Plc, Series A4, 5.7%, 6/30/27	(i)	GBP CLO		1,246		1,910		1,947
Venture CDO Ltd., Series 2016-25A, Class D2, 4.3%, 4/20/29 (3 mo. USD LIBOR + 4.2%)	(h) (k)	USD CDO	$	135		135		135
Venture XXII CLO Ltd., Series 2015-22X, Class DR, 2.9%, 1/15/31 (3 mo. USD LIBOR + 2.8%)	(k)	USD CLO		250		238		241
Venture XXIII CLO Ltd., Series 2016-23A, Class D2R2, 7/19/34 (3 mo. USD LIBOR + 5.1%)	(e) (h) (k)	USD CLO		540		533		540
Venture XXIV CDO Ltd., Series 2016-24A, Class D2, 4.2%, 10/20/28 (3 mo. USD LIBOR + 4.1%)	(h) (k)	USD CDO		530		523		530

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2021

(in thousands, except share amounts)

Portfolio Company^(a)	Footnotes	Industry	Principal Amount^(b)		Amortized Cost		Fair Value^(c)
Venture XXIX CLO Ltd., Series 2017-29A, Class D, 4.1%, 9/7/30 (3 mo. USD LIBOR + 3.9%)	(h) (k)	USD CLO	$	260	$	254	$	258
Vibrant CLO IV Ltd., Series 2016-4A, Class DR, 4.5%, 7/20/32 (3 mo. USD LIBOR + 4.3%)	(h) (k)	USD CLO		250		245		248
Vibrant CLO VI Ltd., Series 2017-6A, Class D, 4.0%, 6/20/29 (3 mo. USD LIBOR + 3.9%)	(h) (k)	USD CLO		250		248		250
Vibrant CLO VII Ltd., Series 2017-7A, Class C, 3.7%, 9/15/30 (3 mo. USD LIBOR + 3.6%)	(h) (k)	USD CLO		250		245		250
Vibrant CLO XII Ltd., Series 2021-12X, Class D, 7.2%, 1/20/34 (3 mo. USD LIBOR + 7.1%)	(k)	USD CLO		415		411		413
Voya CLO 2014-2 Ltd., Series 2014-2A, Class CR, 3.7%, 4/17/30 (3 mo. USD LIBOR + 3.6%)	(h) (k)	USD CLO		250		245		246
Voya CLO 2014-3 Ltd., Series 2014-3A, Class D, 5.1%, 7/25/26 (3 mo. USD LIBOR + 5.0%)	(h) (k)	USD CLO		250		249		249
Voya CLO 2015-2 Ltd., Series 2015-2A, Class DR, 3.1%, 7/23/27 (3 mo. USD LIBOR + 3.0%)	(h) (k)	USD CLO		250		240		248
Wellfleet CLO 2017-1 Ltd., Series 2017-1A, Class D, 6.2%, 4/20/29 (3 mo. USD LIBOR + 6.1%)	(e) (h) (k)	USD CLO		685		673		673
Whitebox CLO I Ltd., Series 2019-1A, Class D, 7.6%, 7/24/32 (3 mo. USD LIBOR + 7.5%)	(h) (k)	USD CLO		410		397		409
Wind River 2013-1 CLO Ltd., Series 2013-1A, Class DR, 6.4%, 7/20/30 (3 mo. USD LIBOR + 6.3%)	(h) (k)	USD CLO		510		494		492
Wind River 2016-1 CLO Ltd., Series 2016-1A, Class ER, 5.7%, 7/15/28 (3 mo. USD LIBOR + 5.6%)	(h) (k)	USD CLO		2,250		2,216		2,250
York CLO 1 Ltd., Series 2014-1A, Class ERR, 5.7%, 10/22/29 (3 mo. USD LIBOR + 5.6%)	(h) (k)	USD CLO		405		393		394
Z Capital Credit Partners CLO 2015-1 Ltd., Series 2015-1A, Class DR, 3.2%, 7/16/27 (3 mo. USD LIBOR + 3.1%)	(h) (k)	USD CLO		550		539		541
Zais CLO 2 Ltd., Series 2014-2A, Class D, 5.6%, 7/25/26 (3 mo. USD LIBOR + 5.5%)	(h) (k)	USD CLO		520		514		514
Zais CLO 5 Ltd., Series 2016-2A, Class C, 4.6%, 10/15/28 (3 mo. USD LIBOR + 4.5%)	(h) (k)	USD CLO		510		499		501
Total Collateralized Loan Obligation / Structured Credit						119,946		122,195

Portfolio Company^(a)	Footnotes	Industry	Principal Amount^(b)		Proceeds		Fair Value^(c)
Convertible Bonds—1.9%
Colony Capital, Inc., 5.0% Floor, 4/15/23	(i)	Real Estate Investment Trusts		3,110		3,050		3,185
DISH Network Corp., 2.4% Floor, 3/15/24	(i)	Media		848		802		823
Liberty Interactive LLC, 4.0% Floor, 11/15/29	(i)	Telecommunications		3,823		2,914		2,925
Liberty Interactive LLC, 3.8% Floor, 2/15/30	(i)	Telecommunications		897		657		693
Total Convertible Bonds						7,423		7,626

Portfolio Company^(a)	Footnotes		Principal Amount^(b)		Amortized Cost		Fair Value^(c)
Municipal Bonds—2.0%
City of Detroit MI, COPs, TAXABLE, 4.8%, 6/15/20	(i) (j)			249		186		208
City of Detroit MI, COPs, TAXABLE, 4.9%, 6/15/25	(i) (j)			867		649		726
Puerto Rico Commonwealth Aqueduct & Sewer Auth., Series B, 5.4%, 7/1/27	(i)			330		328		331
Puerto Rico Electric Power Authority, 5.4%, 1/1/20	(i) (j) (m)			5		4		5
Puerto Rico Electric Power Authority, Series TT-RSA-1, 5.0%, 7/1/25	(i) (j) (m)			80		66		78
Puerto Rico Electric Power Authority, 5.3%, 7/1/33	(i) (j) (m)			465		368		458
Puerto Rico Electric Power Authority, 5.1%, 7/1/42	(i) (j) (m)			15		11		14
Puerto Rico Electric Power Authority, 5.3%, 7/1/27	(i) (j) (m)			145		107		143
Puerto Rico Electric Power Authority, 10.0%, 7/1/19	(i) (j) (m)			10		8		10
Puerto Rico Electric Power Authority, 10.0%, 7/1/19	(i) (j) (m)			10		8		10

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2021

(in thousands, except share amounts)

Portfolio Company^(a)	Footnotes	Principal Amount^(b)		Amortized Cost		Fair Value^(c)
Puerto Rico Electric Power Authority, 5.4%, 1/1/18	(i) (j) (m)	$	30	$	23	$	28
Puerto Rico Electric Power Authority, 5.4%, 7/1/18	(i) (j) (m)		20		16		19
Puerto Rico Electric Power Authority, 5.0%, 7/1/42	(i) (j) (m)		10		7		9
Puerto Rico Electric Power Authority, Series NN, 5.5%, 7/1/20	(i) (j) (m)		30		30		28
Puerto Rico Electric Power Authority, Series ZZ, 5.3%, 7/1/25	(i) (j) (m)		5		4		5
Puerto Rico Electric Power Authority, 10.0%, 1/1/21	(i) (j) (m)		69		61		72
Puerto Rico Electric Power Authority, 10.0%, 7/1/21	(i) (j) (m)		69		63		72
Puerto Rico Electric Power Authority, 10.0%, 1/1/22	(i) (j) (m)		18		16		19
Puerto Rico Electric Power Authority, 10.0%, 7/1/22	(i) (j) (m)		18		16		19
Puerto Rico Electric Power Authority, Series ZZ-RSA-1, 5.3%, 7/1/19	(j) (m)		10		6		10
Puerto Rico Electric Power Authority, Series DDD-RSA-1, 5.0%, 7/1/20	(j) (m)		110		72		107
Puerto Rico Electric Power Authority, Series TT-RSA-1, 5.0%, 7/1/21	(m)		5		3		5
Puerto Rico Electric Power Authority, Series DDD-RSA-1, 5.0%, 7/1/21	(m)		60		39		59
Puerto Rico Electric Power Authority, 5.3%, 7/1/22	(j) (m)		55		35		54
Puerto Rico Electric Power Authority, Series DDD-RSA-1, 3.8%, 7/1/22	(j) (m)		5		3		5
Puerto Rico Electric Power Authority, Series UU-RSA-1, 1.0%, 7/1/25	(j) (m) (n)		25		18		23
Puerto Rico Electric Power Authority, Series ZZ-RSA-1, 5.3%, 7/1/26	(i) (j) (m)		355		274		350
Puerto Rico Electric Power Authority, 5.3%, 7/1/26	(j) (m)		160		104		158
Puerto Rico Electric Power Authority, Series TT-RSA-1, 5.0%, 7/1/27	(i) (j) (m)		35		27		34
Puerto Rico Electric Power Authority, 5.3%, 7/1/27	(j) (m)		325		212		320
Puerto Rico Electric Power Authority, 5.3%, 7/1/28	(i) (j) (m)		30		20		29
Puerto Rico Electric Power Authority, 5.4%, 7/1/28	(i) (j) (m)		1,690		1,269		1,620
Puerto Rico Electric Power Authority, 5.0%, 7/1/29	(i) (j) (m)		440		297		432
Puerto Rico Electric Power Authority, Series EEE-RSA-1, 6.0%, 7/1/30	(j) (m)		25		16		24
Puerto Rico Electric Power Authority, Series UU-RSA-1, 1.0%, 7/1/31 (3 mo. USD LIBOR*0.67 + 0.7%)	(i) (j) (k) (m)		110		79		101
Puerto Rico Electric Power Authority, Series TT-RSA-1, 5.0%, 7/1/32	(i) (j) (m)		60		46		59
Puerto Rico Electric Power Authority, 5.3%, 7/1/31	(j) (m)		120		78		118
Puerto Rico Electric Power Authority, 6.8%, 7/1/36	(i) (j) (m)		445		330		449
Puerto Rico Electric Power Authority, 5.5%, 7/1/38	(j) (m)		200		126		198
Puerto Rico Electric Power Authority, 5.3%, 7/1/35	(j) (m)		15		10		15
Puerto Rico Electric Power Authority, 7.0%, 7/1/43	(j) (m)		80		53		81
Puerto Rico Electric Power Authority, Series YY-RSA-1, 6.1%, 7/1/40	(j) (m)		195		122		188
Puerto Rico Electric Power Authority, Series EEE-RSA-1, 6.3%, 7/1/40	(j) (m)		5		3		5
Puerto Rico Electric Power Authority, Series TT-RSA-1, 5.0%, 7/1/20	(i) (j) (m)		5		4		5
Puerto Rico Electric Power Authority, Series DDD-RSA-1, 5.0%, 7/1/19	(j) (m)		10		8		10
Puerto Rico Electric Power Authority, Series UU-RSA-1, 1.0%, 7/1/20	(i) (j) (m)		110		84		99
Puerto Rico Electric Power Authority, Series VV-RSA-1, 5.5%, 7/1/20	(i) (j) (m)		15		12		15
Puerto Rico Electric Power Authority, Series ZZ-RSA-1, 5.3%, 7/1/24	(i) (j) (m)		5		4		5
Puerto Rico Electric Power Authority, 5.0%, 7/1/25	(i) (j) (m)		5		4		5
Puerto Rico Electric Power Authority, 5.0%, 7/1/28	(i) (j) (m)		25		20		24
Puerto Rico Electric Power Authority, 5.3%, 7/1/40	(i) (j) (m)		210		152		207

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2021

(in thousands, except share amounts)

Portfolio Company^(a)	Footnotes	Principal Amount^(b)		Amortized Cost		Fair Value^(c)
Puerto Rico Electric Power Authority, Series ZZ-RSA-1, 5.0%, 7/1/17	(i) (j) (m)	$	15	$	11	$	14
Puerto Rico Electric Power Authority, Series UU-RSA-1, 1.0%, 7/1/17	(j) (m)		15		10		13
Puerto Rico Electric Power Authority, Series UU-RSA-1, 1.0%, 7/1/18	(i) (j) (m)		15		10		13
Puerto Rico Electric Power Authority, Series TT, 5.0%, 7/1/23	(i) (j) (m)		25		20		23
Puerto Rico Electric Power Authority, Series TT, 5.0%, 7/1/24	(i) (j) (m)		20		16		19
Puerto Rico Electric Power Authority, Series TT, 5.0%, 7/1/32	(i) (j) (m)		120		94		112
Puerto Rico Electric Power Authority, Series TT, 5.0%, 7/1/37	(i) (j) (m)		150		122		140
Puerto Rico Electric Power Authority, 5.5%, 7/1/21	(i) (j) (m)		45		41		42
Puerto Rico Electric Power Authority, Series ZZ, 5.3%, 7/1/26	(i) (j) (m)		20		16		19
Puerto Rico Electric Power Authority, 5.5%, 7/1/38	(i) (j) (m)		15		10		14
Puerto Rico Electric Power Authority, 5.3%, 7/1/27	(i) (j) (m)		30		21		28
Puerto Rico Highway & Transportation Auth., Series N, 5.3%, 7/1/39	(i) (j) (m)		575		518		527
Total Municipal Bonds					6,390		8,032

Portfolio Company^(a)	Footnotes	Industry	Principal Amount^(b)		Amortized Cost		Fair Value^(c)
Emerging Markets Debt—4.7%
Argentine Republic Government International Bond, 0.8%, 7/9/46	(i)	Sovereign	€	158		65		58
Argentine Republic Government International Bond, 0.5%, 7/9/30	(i)	Sovereign	$	693		348		254
Argentine Republic Government International Bond, 1.1%, 7/9/35	(i)	Sovereign		1,263		481		410
Argentine Republic Government International Bond, 2.0%, 1/9/38	(i)	Sovereign		251		118		100
Argentine Republic Government International Bond, 2.5%, 7/9/41	(i)	Sovereign		334		140		125
Argentine Republic Government International Bond, 1.1%, 7/9/46		Sovereign		704		319		237
Argentine Republic Government International Bond, 0.1%, 7/9/30	(i)	Sovereign	€	1,824		845		742
Argentine Republic Government International Bond, 1.5%, 7/9/41	(i)	Sovereign		27		12		10
Argentine Republic Government International Bond, 1.5%, 1/9/38	(i)	Sovereign		23		11		10
Bahamas Government International Bond, 6.0%, 11/21/28	(i)	Sovereign	$	375		341		369
Bahamas Government International Bond, 9.0%, 10/15/32	(i)	Sovereign		652		705		719
Ecuador Social Bond Sarl, 0%, 1/30/35	(i) (o)	Sovereign		421		341		340
Egypt Government International Bond, 4.8%, 4/11/25	(e) (i)	Sovereign	€	1,028		1,252		1,267
Egypt Government International Bond, 3.9%, 2/16/26	(h)	Sovereign	$	240		240		235
Egypt Government International Bond, 5.6%, 4/16/30	(i)	Sovereign	€	560		674		660
Petroleos Mexicanos, 6.9%, 10/16/25	(i)	Oil & Gas	$	355		391		391
Petroleos Mexicanos, 6.5%, 1/23/27	(i)	Oil & Gas		2,679		2,638		2,849
Petroleos Mexicanos, 6.8%, 1/23/30	(i)	Oil & Gas		5,208		5,290		5,439
Petroleos Mexicanos, 6.5%, 3/13/27	(i)	Oil & Gas		2,842		2,916		3,013
Provincia de Buenos Aires/Argentina, 4.0%, 5/15/35	(m)	Provincial		750		388		305
Provincia de Buenos Aires/Government Bond, 5.4%, 1/20/23		Provincial	€	300		—		158
Provincia de Buenos Aires/Government Bond, 4.0%, 5/15/35	(m)	Provincial		1,000		488		451
Provincia de Buenos Aires/Government Bond, 9.1%, 3/16/24	(m)	Provincial	$	500		—		245

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2021

(in thousands, except share amounts)

Portfolio Company^(a)	Footnotes	Industry	Principal Amount^(b)		Amortized Cost		Fair Value^(c)
Turkiye Ihracat Kredi Bankasi A/S, 5.8%, 7/6/26	(h)	Sovereign	$	200	$	199	$	200
Total Emerging Markets Debt						18,202		18,587

Portfolio Company^(a)	Footnotes	Industry	Number of Shares			Cost^(b)		Fair Value^(c)
Preferred Equity—0.3%
Verscend Technologies, Inc., 12.3%	(f)	Commercial Services		200		194		207
WESCO International, Inc., 10.6%, 6/22/25	(i) (k) (l)	Distribution/Wholesale		36,125		1,117		1,121
Total Preferred Equity						1,311		1,328

Common Equity—1.7%
Aquadrill, LLC		Oil & Gas		11,870		339		377
ATD New Holdings, Inc.	(m)	Commercial Services		2,946		54		180
California Resources Corp.	(m)	Oil & Gas		60,762		709		1,708
California Resources Corp., Warrants	(m)	Oil & Gas		1,750		6		9
Frontier Communications, Inc.	(m)	Telecommunications		19,813		487		593
Hexion Holdings Corp., Class B	(i) (m)	Chemicals		17,363		217		342
Hexion Holdings Corp., Warrants		Chemicals		19,202		253		377
Noble Corp.		Oil & Gas		11,726		159		261
Quorum Health Corp.	(f)	Healthcare-Services		48,950		492		578
Quorum Litigation Trust, Initial Funding	(f)	Healthcare-Services		157,000		—		—
Quorum Litigation Trust, Units	(f)	Healthcare-Services		2,399		2		2
Solocal Group	(m)	Internet		492,144		1,566		930
Superior Energy Equity New 144A	(h)	Oil & Gas		1,228		2		49
Superior Energy Equity New Sec 1145		Oil & Gas		26,438		676		1,051
UTEX Industries Inc.		Miscellaneous Manufacturing		8,041		240		354
UTEX Industries Inc., Warrants	(f)	Miscellaneous Manufacturing		2,245		2		9
Valaris, Ltd.	(m)	Oil & Gas		551		9		15
Total Common Equity						5,213		6,835
TOTAL INVESTMENTS—114.8%					$	439,965		453,572
LIABILITIES IN EXCESS OF OTHER ASSETS—(14.8)%^(p)								(58,630	)
NET ASSETS—100.0%							$	394,942

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2021

(in thousands, except share amounts)

Shares outstanding at period end (Class A)		715,868

Net asset value per common share at period end (Class A)	$	13.49

Shares outstanding at period end (Class I)		18,789,907

Net asset value per common share at period end (Class I)	$	13.53

Shares outstanding at period end (Class T)		219,758

Net asset value per common share at period end (Class T)	$	13.52

Shares outstanding at period end (Class U)		8,846,773

Net asset value per common share at period end (Class U)	$	13.47

Shares outstanding at period end (Class U-2)		649,057

Net asset value per common share at period end (Class U-2)	$	13.56

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2021

(in thousands, except share amounts)

Investments Sold Short

Portfolio Company^(a)	Footnotes	Industry	Principal Amount^(b)			Proceeds			Fair Value^(c)
U.S. Treasury Sold Short—(0.1)%
U.S. Treasury Bond, 1.3%, 5/15/2050		Sovereign	$	(346	)	$	(323	)	$	(295	)
U.S. Treasury Note, 0.6%, 8/15/2030		Sovereign		(196	)		(192	)		(186	)
Total U.S. Treasury Sold Short							(515	)		(481	)
Total Investments Sold Short						$	(515	)	$	(481	)

Forward Foreign Currency Exchange Contracts

Counterparty	Contract Settlement Date	Currency and Amount to be Received		Currency and Amount to be Delivered		Unrealized Appreciation		Unrealized Depreciation
JPMorgan Chase Bank, N.A.	8/2/21	EUR	180	USD	213	$	—	$	—
JPMorgan Chase Bank, N.A.	8/2/21	EUR	170	USD	202		—		—
JPMorgan Chase Bank, N.A.	8/2/21	USD	1,186	EUR	1,000		—		—
JPMorgan Chase Bank, N.A.	12/15/21	EUR	2,960	USD	3,593		—		71
JPMorgan Chase Bank, N.A.	12/15/21	MXN	8,225	USD	404		1		—
JPMorgan Chase Bank, N.A.	12/15/21	USD	535	EUR	450		—		—
JPMorgan Chase Bank, N.A.	12/15/21	USD	2,890	EUR	2,443		—		16
JPMorgan Chase Bank, N.A.	12/15/21	USD	423	EUR	345		12		—
JPMorgan Chase Bank, N.A.	12/15/21	USD	398	EUR	325		12		—
JPMorgan Chase Bank, N.A.	12/15/21	USD	275	GBP	194		5		—
JPMorgan Chase Bank, N.A.	12/15/21	USD	945	GBP	666		18		—
JPMorgan Chase Bank, N.A.	12/15/21	USD	335	GBP	236		7		—
JPMorgan Chase Bank, N.A.	12/15/21	USD	401	MXN	8,225		—		5
State Street Bank and Trust Company	12/15/21	USD	3,425	EUR	2,794		101		—
State Street Bank and Trust Company	12/15/21	USD	1,070	EUR	873		32		—
State Street Bank and Trust Company	12/15/21	USD	773	EUR	631		23		—
State Street Bank and Trust Company	12/15/21	USD	552	EUR	450		16		—
State Street Bank and Trust Company	12/15/21	USD	650	GBP	459		12		—
State Street Bank and Trust Company	12/15/21	USD	230	GBP	162		4		—
State Street Bank and Trust Company	12/15/21	USD	4,088	GBP	2,882		81		—
State Street Bank and Trust Company	12/15/21	USD	235	GBP	166		5		—
State Street Bank and Trust Company	12/15/21	USD	348	GBP	245		7		—
Total Forward Foreign Currency Exchange Contracts						$	336	$	92

Futures Contracts

Description	Number of Contracts	Position	Expiration Date	Notional Amount		Unrealized Appreciation		Unrealized Depreciation
Interest Rate Futures
Euro-Bund	3	Short	9/8/21	USD	628	$	—	$	—
Long Gilt	8	Short	9/28/21	USD	1,442		—		1
Total Interest Rate Futures Contracts						$	—	$	1

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 (0.0775%)

3 Month USD LIBOR

EUR 4,796

USD 5,668

10/26/22

Quarterly

(26

)

—

JPMorgan Chase Bank, N.A.

3 Month GBP LIBOR plus a spread of 0.01%

3 Month USD LIBOR

GBP 1,658

USD 2,167

10/29/22

Quarterly

(140

)

—

140

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.11%)

3 Month USD LIBOR

EUR 5,456

USD 6,025

11/12/21

Quarterly

(434

)

—

434

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2021

(in thousands, except share amounts)

Counterparty

Fund Pays

Fund Receives

Notional
Amount of
Currency
Delivered

Notional
Amount of
Currency
Received

Expiration Date

Periodic
Payment
Frequency

Fair
Value^(c)

Unrealized Appreciation

Unrealized Depreciation

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.92625%)

3 Month USD LIBOR

EUR 8,280

USD 10,075

1/13/23

Quarterly

262

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.07%)

3 Month USD LIBOR

EUR 1,561

USD 1,842

11/16/22

Quarterly

)

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.0175%)

3 Month USD LIBOR

GBP 2,228

USD 3,103

3/12/23

Quarterly

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.085%)

3 Month USD LIBOR

EUR 1,744

USD 2,077

3/23/23

Quarterly

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.1435%)

3 Month USD LIBOR

EUR 1,977

USD 2,249

12/3/23

Quarterly

(89

)

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.0175%)

3 Month USD LIBOR

EUR 494

USD 547

9/16/21

Quarterly

(39

)

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.33375%)

3 Month USD LIBOR

EUR 347

USD 418

1/26/23

Quarterly

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.33375%)

3 Month USD LIBOR

EUR 1,209

USD 1,455

1/26/23

Quarterly

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.0677%)

3 Month USD LIBOR

EUR 4,618

USD 5,472

7/6/23

Quarterly

)

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.195%)

3 Month USD LIBOR

EUR 794

USD 914

10/5/23

Quarterly

(25

)

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.2335%)

3 Month USD LIBOR

EUR 464

USD 541

6/1/23

Quarterly

)

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.16375%)

3 Month USD LIBOR

EUR 4,212

USD 4,909

7/20/23

Quarterly

(78

)

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.19%)

3 Month USD LIBOR

EUR 720

USD 818

8/20/23

Quarterly

(33

)

—

Total Cross-Currency Swaps

(550

)

333

883

Interest Rate Swaps

Counterparty	Fund Pays		Fund Receives	Notional Amount	Expiration Date	Periodic Payment Frequency	Fair Value^(c)			Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs International	1.06	%	3 Month LIBOR	USD 357	9/12/26	Semi-Annually	$	(4	)	$	—	$	4
Goldman Sachs International	1.16	%	3 Month LIBOR	USD 256	8/19/28	Semi-Annually		(2	)		—		2
Goldman Sachs International	1.37	%	3 Month LIBOR	USD 259	9/12/28	Semi-Annually		(6	)		—		6
Goldman Sachs International	1.48	%	3 Month LIBOR	USD 185	8/19/31	Semi-Annually		(4	)		—		4
Goldman Sachs International	1.64	%	3 Month LIBOR	USD 187	9/12/31	Semi-Annually		(6	)		—		6
Goldman Sachs International	1.90	%	3 Month LIBOR	USD 73	8/19/51	Semi-Annually		(5	)		—		5
Goldman Sachs International	1.98	%	3 Month LIBOR	USD 75	9/12/51	Semi-Annually		(6	)		—		6
Goldman Sachs International	0.83	%	3 Month LIBOR	USD 375	8/19/26	Semi-Annually		(1	)		—		1
Goldman Sachs International	0.80	%	12 Month SONIA	GBP 843	7/12/31	Annually		21			21		—
Total Interest Rate Swaps							$	(13	)	$	21	$	34

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2021

(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 1.30%

San Antonio Housing Finance Corporation Multifamily Housing Revenue Bonds (Artisan at Salado Heights, 5.80%, 5/1/50), Series 2006

USD 700

12/1/23

Monthly

—

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%, 5/1/47), Series 2007

USD 619

6/1/24

Monthly

—

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%, 10/1/44), Series 2006C

USD 403

6/1/23

Monthly

—

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%, 4/1/56), Series 2007F

USD 247

12/1/24

Monthly

—

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%, 5/1/48) Series 2006

USD 374

6/1/23

Monthly

—

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%, 2/1/49), Series 2005U

USD 178

9/1/22

Monthly

)

—

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%, 5/1/49), Series 2006Q

USD 223

6/1/23

Monthly

)

—

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%, 10/1/49), Series 2006

USD 369

6/1/23

Monthly

)

—

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%, 5/1/55) Series 2006A

USD 587

12/1/23

Monthly

)

—

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2021

(in thousands, except share amounts)

Counterparty

Fund Pays

Fund Receives

Notional
Amount

Expiration Date

Periodic Payment Frequency

Fair
Value^(c)

Unrealized Appreciation

Unrealized Depreciation

Bank of America, N.A.

SIFMA Municipal Swap Index plus a spread of 1.45%

California Statewide Communities Development Authority Multifamily Housing Revenue Bonds (Rose of Sharon Senior Homes, 5.85%, 3/1/45) Series 2006PP

USD 273

9/1/23

Monthly

)

—

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%, 2/1/49), Series 2006

USD 221

3/1/22

Monthly

)

—

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%, 10/1/50), Series 2006

USD 601

12/1/23

Monthly

)

—

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%, 9/1/43), Series 2005D

USD 439

6/1/22

Monthly

(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%, 9/1/48), Series 2004

USD 362

12/1/21

Monthly

(10

)

—

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2021

(in thousands, except share amounts)

Counterparty	Fund Pays	Fund Receives	Notional Amount	Expiration Date	Periodic Payment Frequency	Fair Value^(c)			Unrealized Appreciation		Unrealized Depreciation
Bank of America, N.A.	SIFMA Municipal Swap Index plus a spread of 1.45%	San Antonio Housing Finance Corporation Multifamily Housing Revenue Bonds (The Villas at Costa Cadiz, 6.50%, 1/1/49), Series 2004	USD 409	12/1/21	Monthly	$	(18	)	$	—	$	18
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%, 7/1/44), Series 2004	USD 494	9/1/21	Monthly		(24	)		—		24
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%, 2/1/48), Series 2004	USD 631	9/1/21	Monthly		(33	)		—		33
Total Total Return Debt Swaps						$	(66	)	$	47	$	113

(a)		Security may be an obligation of one or more entities affiliated with the named company.

(b)		Denominated in U.S. dollars unless otherwise noted.

(c)		Fair value is determined by the board of trustees of FS Credit Income Fund (the “Fund”). For information on the Fund’s policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund’s most recent audited financial statements.

(d)		Certain variable rate securities in the Fund’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of July 31, 2021, the three-month and six-month London Interbank Offered Rate (“LIBOR” or “L”) was 0.12% and 0.15%, respectively, the three-month and six-month Euro Interbank Offered Rate (“EURIBOR” or “E”) was (0.54)% and (0.52)%, respectively, the three-month GBP London Interbank Offered Rate (“GBP LIBOR”) was 0.07%, the SIFMA Municipal Swap Index was 0.02%, and the Sterling Overnight Index Average (“SONIA”) was 0.05%.

(e)		Position or portion thereof unsettled as of July 31, 2021.

(f)		Security is classified as Level 3 in the Fund’s fair value hierarchy (See Notes to Unaudited Schedule of Investments).

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

(h)		Exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Such securities may be deemed liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $242,272, which represents approximately 61.3% of net assets as of July 31, 2021.

(i)		Security or portion thereof is pledged as collateral supporting the amounts outstanding under the prime brokerage facility with BNP Paribas Prime Brokerage International, Ltd. (“BNP”). Securities may be rehypothecated from time to time as permitted under Rule 15c-1(a)(1) promulgated under the Securities Exchange Act of 1934, as amended, subject to terms and conditions governing the prime brokerage facility with BNP. As of July 31, 2021, there were no securities rehypothecated by BNP.

(j)		Security is in default.

(k)		Variable rate security. The stated interest rate represents the rate in effect at July 31, 2021.

(l)		The security has a perpetual maturity; the date displayed is the next call date.

See notes to unaudited schedule of investments.

FS Credit Income Fund

Unaudited Schedule of Investments (continued)

As of July 31, 2021

(in thousands, except share amounts)


(m)		Security is non-income producing.

(n)		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.

(o)		Issued with a zero coupon. Income is recognized through the accretion of discount.

(p)		Includes the effect of investments sold short, forward foreign currency exchange contracts, futures contracts, and swap contracts.



CDO		- Collateralized Debt Obligation

EUR		- Euro

EURIBOR		- Euro Interbank Offered Rate

FRN		- Floating Rate Note

GBP		- British Pound

LIBOR		- London Interbank Offered Rate

MXN		- Mexican Peso

PIK		- Payment In Kind

SIFMA		- Securities Industry and Financial Markets Association

SONIA		- Sterling Overnight Index Average Rate

USD		- U.S. Dollar

See notes to unaudited schedule of investments.

FS Credit Income Fund

Notes to Unaudited Schedule of Investments

As of July 31, 2021

(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, 2020.

The following table summarizes the composition of the Fund’s investment portfolio at cost and fair value as of July 31, 2021:

	Amortized Cost⁽¹⁾		Fair Value		Percentage of Portfolio
Senior Secured Loans—First Lien	$	55,801	$	56,332		12	%
Senior Secured Loans—Second Lien		5,317		5,484		1	%
Senior Secured Bonds		70,552		72,228		16	%
Unsecured Bonds		149,810		154,926		34	%
Municipal Bonds		6,390		8,032		2	%
Collateralized Loan Obligation (CLO) / Structured Credit		119,946		122,194		27	%
Convertible Bonds		7,423		7,626		2	%
Emerging Markets Debt		18,202		18,587		4	%
Preferred Equity		1,311		1,328		0	%
Common Equity		5,213		6,835		2	%
Total	$	439,965	$	453,572		100	%

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

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

As of July 31, 2021, the Fund did not “control” any of its portfolio companies and was not an “affiliated person” of any of its portfolio companies, each as defined in the 1940 Act.

The Fund’s investment portfolio may contain loans and other unfunded arrangements that are in the form of lines of credit or revolving credit facilities, or other investments, which require the Fund to provide funding when requested by portfolio companies in accordance with the terms of the underlying agreements. As of July 31, 2021, the Fund had unfunded commitments of $2,549. Such unfunded commitments have a fair value representing unrealized appreciation (depreciation) of $0. 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 July 31, 2021

(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 July 31, 2021:

Industry Classification	Fair Value		Percentage of Portfolio
USD CLO	$	83,263		18	%
Oil & Gas		45,645		10	%
Telecommunications		33,520		7	%
EUR CLO		27,775		6	%
Media Entertainment		27,057		6	%
Leisure Time		16,546		4	%
Healthcare-Services		15,196		3	%
Pharmaceuticals		14,019		3	%
Entertainment		12,019		3	%
Diversified Financial Services		11,404		2	%
Electric		11,126		2	%
Retail		10,423		2	%
Oil & Gas Services		10,034		2	%
Software		9,360		2	%
Internet		8,473		2	%
GBP CLO		8,102		2	%
Municipal		8,032		2	%
Chemicals		7,228		2	%
Real Estate Investment Trusts		7,010		2	%
Other		87,340		20	%
Total	$	453,572		100	%

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

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

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

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

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

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

FS Credit Income Fund

Notes to Unaudited Schedule of Investments (continued)

As of July 31, 2021

(in thousands)

As of July 31, 2021, 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	$	—		$	56,332		$	—		$	56,332
Senior Secured Loans—Second Lien		—			5,484			—			5,484
Senior Secured Bonds		—			72,228			—			72,228
Unsecured Bonds		—			154,095			831			154,926
Collateralized Loan Obligation (CLO) / Structured Credit		1,009			119,351			1,834			122,194
Convertible Bonds		—			7,626			—			7,626
Municipal Bonds		—			8,032			—			8,032
Emerging Markets Debt		—			18,587			—			18,587
Preferred Equity		1,121			—			207			1,328
Common Equity		4,529			1,717			589			6,835
Total Investments		6,659			443,452			3,461			453,572

Forward Foreign Currency Exchange Contracts		—			336			—			336
Cross-Currency Swaps		—			333			—			333
Interest Rate Swaps		—			21			—			21
Total Return Debt Swaps		—			—			47			47
Total Assets	$	6,659		$	444,142		$	3,508		$	454,309

Liability Description		Level 1			Level 2			Level 3			Total
U.S. Treasury Sold Short	$	—		$	(481	)	$	—		$	(481	)
Forward Foreign Currency Exchange Contracts		—			(92	)		—			(92	)
Short Futures		(1	)		—			—			(1	)
Cross-Currency Swaps		—			(883	)		—			(883	)
Interest Rate Swaps		—			(34	)		—			(34	)
Total Return Debt Swaps		—			—			(113	)		(113	)
Total Liabilities	$	(1	)	$	(1,490	)	$	(113	)	$	(1,604	)

The following is a reconciliation for the nine months ended July 31, 2021 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	$	2,798		$	694		$	829	$	2,475		$	208		$	527		$	7,531
Accretion of discount (amortization of premium)		—			—			—		1			—			—			1
Realized gain (loss)		(9	)		7			—		96			—			—			94
Net change in unrealized appreciation (depreciation)		—			—			2		59			(1	)		63			123
Purchases		223			—			—		498			—			4			725
Sales		(512	)		(701	)		—		(1,295	)		—			—			(2,508	)
Net transfers in or out of Level 3		(2,500	)		—			—		—			—			(5	)		(2,505	)
Fair value at end of period	$	—		$	—		$	831	$	1,834		$	207		$	589		$	3,461
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	$	90		$	(1	)	$	63		$	154

FS Credit Income Fund

Notes to Unaudited Schedule of Investments (continued)

As of July 31, 2021

(in thousands)

The following is a reconciliation for the nine months ended July 31, 2021 of the total return debt swaps for which significant unobservable inputs (Level 3) were used in determining fair value:

Fair value at beginning of period	$	(40	)
Accretion of discount (amortization of premium)		—
Realized gain (loss)		244
Net change in unrealized appreciation (depreciation)		(26	)
Sales and repayments		(244	)
Net transfers in or out of Level 3		—
Fair value at end of period	$	(66	)

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	$	(26	)