FS Credit Income Fund 

Unaudited Schedule of Investments 

As of January 31, 2022

(in thousands, except share amounts) 

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Senior Secured Loans—First Lien—16.2%
ACProducts, Inc., L+425, 0.5% Floor, 5/17/28	(d)	Building Materials	$	1,564	$	1,554	$	1,558
Advantage Sales & Marketing, Inc., L+450, 0.8% Floor, 10/28/27	(d)	Advertising		848		832		855
Advisor Group, Inc., L+450, 7/31/26	(d)	Diversified Financial Services		89		87		89
AHP Health Partners, Inc., L+350, 0.5% Floor, 8/4/28	(d)	Healthcare-Services		1,302		1,295		1,306
American Tire Distributors Holdings, Inc., L+625, 0.8% Floor, 10/8/28	(d)	Distribution/Wholesale		1,060		1,047		1,069
AP Core Holdings, II LLC, L+550, 0.8% Floor, 9/1/27	(d)	Media Entertainment		2,375		2,362		2,400
Apergy Corp., L+500, 1.0% Floor, 6/3/27	(d)	Oil & Gas Services		3,085		2,948		3,131
Astra Acquisition Corp., L+525, 0.5% Floor, 10/25/28	(d)	Diversified Financial Services		835		806		827
Atlas Purchaser, Inc., L+525, 0.8% Floor, 5/8/28	(d)	Software		841		829		831
Bausch Health Companies, Inc., L+525, 0.5% Floor, 1/27/27	(d) (e)	Pharmaceuticals		2,330		2,309		2,315
Chinos Intermediate Holdings A, Inc., L+800, 9.0% PIK, 1.0% Floor, 9/10/27	(d)	Specialty Apparel Stores		2,010		2,137		2,160
Colorado Buyer, Inc., L+300, 1.0% Floor, 5/1/24	(d)	Telecommunications		1,279		1,256		1,275
Digicel International Finance Limited, L+325, 5/28/24	(d)	Telecommunications		1,047		946		1,025
DirecTV Financing LLC, L+500, 0.8% Floor, 8/2/27	(d)	Media Entertainment		732		734		734
East Valley Tourist Development Authority, L+750, 1.0% Floor, 3/7/22	(d) (f)	Entertainment		6,264		6,231		6,251
Endure Digital Inc., L+325, 2/10/26	(d) (e)	Internet		1,060		917		970
Europcar Mobility Group, E+550, 6/9/23	(d) (e)	Commercial Services	€	735		865		826
Fintrax Group Holdings Ltd., E+525, 12/18/26	(d)	Software		11		13		12
Fintrax Group Holdings Ltd., E+525, 12/18/26	(d)	Software		122		147		138
Fintrax Group Holdings Ltd., E+525, 12/18/26	(d)	Software		80		96		90
Franklin UK Bidco Limited, E+525, 12/18/26	(d)	Software		317		381		356
Gordian Medical, Inc., L+625, 0.8% Floor, 1/31/27	(d)	Healthcare-Services	$	828		813		825
Jack Ohio Finance LLC, L+475, 0.8% Floor, 10/4/28	(d)	Lodging		1,305		1,302		1,307
Kiwi Holding IV S.a r.l., E+325, 7/29/24	(d)	Commercial Services	€	870		999		972
LBM Acquisition, LLC, L+375, 0.8% Floor, 12/17/27	(d)	Building Materials	$	695		688		692
Lightstone Holdco, LLC, L+375, 1.0% Floor, 1/30/24	(d)	Electric		2,125		1,871		1,827
Lightstone Holdco, LLC, L+375, 1.0% Floor, 1/30/24	(d)	Electric		120		105		103
LogMeIn, Inc., L+475, 8/31/27	(d)	Telecommunications		332		324		329
LSF11 Skyscraper Holdco S.a r.l., E+700, 3.5% PIK, 9/29/28	(d)	Chemicals	€	413		462		466
Magenta Buyer LLC, L+500, 0.8% Floor, 7/27/28	(d)	Computers	$	474		471		473
Mattress Firm, Inc., L+425, 0.8% Floor, 9/25/28	(d)	Home Furnishings		2,620		2,596		2,622
Mercury Financial Credit Card Master Trust, L+650, 9/30/23	(d) (g)	Diversified Financial Services		899		899		899
Mercury Financial Credit Card Master Trust, L+650, 9/30/23	(d)	Diversified Financial Services		3,185		3,185		3,185
NCL Corp. Ltd., L+200, 1/2/24	(d)	Leisure Time		1,869		1,749		1,766
NCL Corp. Ltd., L+250, 1/2/24	(d)	Leisure Time		81		77		78
NCL Corp. Ltd., L+175, 1/2/24	(d) (e)	Leisure Time		1,837		1,758		1,771
NCL Corp. Ltd., L+200, 1/2/24	(d)	Leisure Time		833		796		802
Neenah Foundry Co., L+750, 1.0% Floor, 4/25/23	(d) (f)	Metal Fabricate/Hardware		2,790		2,767		2,776
Northwest Fiber, LLC, L+375, 4/30/27	(d)	Internet		860		865		859
OLA Singapore PTE, Ltd., SOFR+625, 0.8% Floor, 12/15/26	(d)	Transportation		965		946		979
Optiv Security, Inc., L+325, 1.0% Floor, 2/1/24	(d)	Software		508		481		505
Pacira BioSciences Inc, L+700, 0.8% Floor, 11/13/26	(d)	Pharmaceuticals		730		709		723
Quorum Health Corp., L+775, 1.0% Floor, 4/29/25	(d)	Healthcare-Services		1,059		1,049		1,021
Riverbed Technology, Inc., L+600, 2.0% PIK, 1.0% Floor, 12/8/26	(d)	Software		509		499		497
Royal Caribbean Cruises Ltd., L+130, 4/5/24	(d) (e)	Leisure Time		6,585		6,011		6,066
Royal Caribbean Cruises Ltd., L+135, 4/5/22	(d)	Leisure Time		415		400		413
Springs Windows Fashions, LLC, L+400, 0.8% Floor, 10/6/28	(d)	Housewares		950		940		946
Talen Energy Supply, LLC, L+375, 7/8/26	(d)	Electric		300		272		273

See Notes to Unaudited Schedule of Investments.

1 

FS Credit Income Fund 

Unaudited Schedule of Investments (continued)

As of January 31, 2022

(in thousands, except share amounts) 

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost			Fair Value(c)
Think & Learn Private Ltd., L+550, 0.8% Floor, 11/5/26	(d)	Software	$	1,918	$	1,890		$	1,968
Thryv, Inc., L+850, 1.0% Floor, 3/1/26	(d)	Media Entertainment		4,914		4,766			4,991
TopGolf International, Inc., L+625, 0.8% Floor, 2/9/26	(d)	Leisure Time		1,829		1,829			1,861
Torrid LLC, L+550, 0.8% Floor, 5/19/28	(d) (e)	Retail		2,740		2,720			2,727
US Radiology Specialists, Inc., L+525, 0.5% Floor, 12/10/27	(d)	Healthcare-Services		710		697			710
UTEX Industries Inc., 5.8% PIK, 1.5% Floor, 12/3/25	(e)	Miscellaneous Manufacturing		44		244			44
Verscend Holding Corp., L+400, 8/27/25	(d)	Software		680		680			681
W.R. Grace Holdings LLC, L+375, 0.5% Floor, 9/22/28	(d)	Chemicals		925		923			927
Washington Prime Group, L.P., L+500, 0.8% Floor, 10/20/25	(d) (e)	Real Estate Investment Trusts		3,481		3,534			3,525
Total Senior Secured Loans—First Lien						78,109			78,827
Unfunded Loan Commitments						(899	)		(899	)
Total Senior Secured Loans—First Lien						77,210			77,928
Senior Secured Loans—Second Lien—0.9%
Magenta Buyer LLC, L+825, 0.8% Floor, 7/27/29	(d)	Computers		1,110		1,099			1,111
Optiv Security, Inc., L+725, 1.0% Floor, 2/1/25	(d) (e)	Computers		400		391			400
Quest Software US Holdings, Inc., L+750, 0.5% Floor, 2/1/30	(d) (e)	Software		230		227			226
Verscend Holding Corp., L+700, 0.5% Floor, 4/2/29	(d)	Software		1,030		1,011			1,034
Vision Solutions, Inc., L+725, 0.8% Floor, 4/23/29	(d)	Computers		1,550		1,536			1,556
Total Senior Secured Loans—Second Lien						4,264			4,327
Senior Secured Bonds—19.1%
Abercrombie & Fitch Management Co., 8.8%, 7/15/25	(h) (i)	Retail		1,512		1,619			1,610
Academy Ltd., 6.0%, 11/15/27	(h) (i)	Retail		1,225		1,256			1,282
Advantage Sales & Marketing, Inc., 6.5%, 11/15/28	(h) (j)	Advertising		2,178		2,261			2,165
AG Issuer LLC, 6.3%, 3/1/28	(h) (i)	Diversified Financial Services		802		815			834
Altice France SA, 5.1%, 7/15/29	(h) (i)	Telecommunications		253		253			235
Altice France SA, 5.5%, 1/15/28	(h) (i)	Telecommunications		200		200			191
Altice France SA, 5.1%, 1/15/29	(h) (i)	Telecommunications		512		518			477
American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.8%, 4/20/29	(h) (i)	Airlines		1,562		1,652			1,602
Arconic Corp., 6.1%, 2/15/28	(h) (i)	Mining		2,114		2,250			2,196
Bausch Health Companies, Inc., 6.1%, 2/1/27	(e) (h)	Pharmaceuticals		3,295		3,291			3,313
Calpine Corp., 5.3%, 6/1/26	(h) (i)	Electric		87		—			89
CHS/Community Health Systems, Inc., 5.3%, 5/15/30	(e) (h)	Healthcare-Services		302		302			301
CHS/Community Health Systems, Inc., 4.8%, 2/15/31	(h) (i)	Healthcare-Services		466		463			447
CHS/Community Health Systems, Inc., 5.6%, 3/15/27	(h) (i)	Healthcare-Services		465		482			468
Colt Merger Sub, Inc., 6.3%, 7/1/25	(h) (i)	Entertainment		631		631			654
Connect Finco SARL / Connect US Finco LLC, 6.8%, 10/1/26	(h) (i)	Telecommunications		1,124		1,163			1,166
Coronado Finance Pty Ltd., 10.8%, 5/15/26	(h) (i)	Coal		543		484			586
Coty, Inc., 5.0%, 4/15/26	(h) (i)	Cosmetics/Personal Care		1,093		1,097			1,099
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, 4.8%, 1/15/29	(h)	Cosmetics/Personal Care		925		925			913
Digicel Group 0.5 Ltd., PIK, 10.0%, 4/1/24 (8.0% Cash + 2.0% PIK)	(i)	Telecommunications		3,602		3,137			3,616
Digicel International Finance Ltd./Digicel Holdings Bermuda Ltd., 8.8%, 5/25/24	(h) (i)	Telecommunications		3,168		3,170			3,251
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 5.9%, 8/15/27	(h) (i)	Media Entertainment		3,925		4,005			3,949
DISH DBS Corp., 5.8%, 12/1/28	(h) (i)	Media Entertainment		568		568			545
Eagle Intermediate Global Holding BV / Ruyi US Finance LLC, 7.5%, 5/1/25	(h) (i)	Textiles		1,559		1,470			1,406
EC Finance Plc, 3.0%, 10/15/26	(h) (i)	Commercial Services	€	1,273		1,495			1,443
Endo Dac / Endo Finance LLC / Endo Finco, Inc., 9.5%, 7/31/27	(h) (i)	Pharmaceuticals	$	1,085		1,175			1,074

See Notes to Unaudited Schedule of Investments.

2 

FS Credit Income Fund 

Unaudited Schedule of Investments (continued)

As of January 31, 2022

(in thousands, except share amounts) 

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Endo Luxembourg Finance Co. I S.a.r.l.  / Endo US, Inc., 6.1%, 4/1/29	(h) (i)	Pharmaceuticals	$	3,128	$	3,079	$	2,977
Frontier Communications Corp., 5.9%, 11/1/29	(i)	Telecommunications		747		756		720
Frontier Communications Corp., 6.8%, 5/1/29	(h) (i)	Telecommunications		1,895		1,945		1,903
Gamma Bidco SpA, 5.1%, 7/15/25	(i)	Entertainment	€	1,005		1,157		1,133
Gamma Bondco Sarl, PIK, 8.1%, 11/15/26	(h) (i)	Entertainment		2,005		2,319		2,224
Gannett Holdings LLC, 6.0%, 11/1/26	(h) (i)	Media Entertainment	$	2,416		2,428		2,450
GrafTech Finance, Inc., 4.6%, 12/15/28	(h) (i)	Machinery-Diversified		846		865		818
iHeartCommunications, Inc., 4.8%, 1/15/28	(h) (i)	Media Entertainment		987		996		982
Intelsat Jackson Holdings SA, 8.0%, 2/15/24	(h) (k) (l)	Telecommunications		832		839		846
Jerrold Finco Plc, 4.9%, 1/15/26	(i)	Diversified Financial Services	£	321		392		432
Jerrold Finco Plc, 5.3%, 1/15/27	(i)	Diversified Financial Services		880		1,234		1,186
LCPR Senior Secured Financing DAC, 5.1%, 7/15/29	(h) (i)	Media Entertainment	$	2,487		2,502		2,443
Live Nation Entertainment, Inc., 6.5%, 5/15/27	(h) (i)	Entertainment		2,772		2,873		2,988
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.5%, 6/20/27	(h) (i)	Airlines		50		49		53
NMG Holding Co., Inc. / Neiman Marcus Group LLC, 7.1%, 4/1/26	(h) (i)	Retail		1,632		1,708		1,684
Pacific Gas and Electric Co., 4.6%, 7/1/30	(i)	Electric		110		120		115
Pacific Gas and Electric Co., 4.5%, 7/1/40	(i)	Electric		164		175		161
Pacific Gas and Electric Co., 4.0%, 12/1/47	(i)	Electric		343		337		308
Par Pharmaceutical, Inc., 7.5%, 4/1/27	(h) (i)	Pharmaceuticals		1,377		1,456		1,388
PG&E Corp., 5.0%, 7/1/28	(i)	Electric		1,412		1,444		1,415
PG&E Corp., 5.3%, 7/1/30	(i)	Electric		456		444		453
Prime Security Services Borrower LLC / Prime Finance, Inc., 6.3%, 1/15/28	(h) (i)	Commercial Services		810		826		809
Shelf Drilling Holdings Ltd., 8.9%, 11/15/24	(h) (i)	Oil & Gas		3,700		3,644		3,787
SM Energy Co., 10.0%, 1/15/25	(h) (i)	Oil & Gas		2,280		2,495		2,482
SM Energy Co., 10.0%, 1/15/25	(i)	Oil & Gas		100		99		109
Solocal Group, Series 8Y, 8.0%, 3/15/25 (3 mo. EURIBOR + 7.0%)	(d) (i)	Internet	€	401		382		382
Solocal Group, 8.0%, 3/15/25 (3 mo. EURIBOR + 7.0%)	(d) (i)	Internet		109		119		102
Spirit AeroSystems, Inc., 7.5%, 4/15/25	(h) (i)	Aerospace/Defense	$	1,966		2,066		2,042
Talen Energy Supply LLC, 7.3%, 5/15/27	(h) (i)	Electric		1,083		984		972
Talen Energy Supply LLC, 6.6%, 1/15/28	(h) (i)	Electric		2,988		2,795		2,636
Taseko Mines Ltd., 7.0%, 2/15/26	(h) (i)	Mining		1,022		1,068		1,038
Tenet Healthcare Corp., 5.1%, 11/1/27	(h) (i)	Healthcare-Services		1,675		1,733		1,681
Transocean Phoenix 2 Ltd., 7.8%, 10/15/24	(h) (i)	Oil & Gas Services		1,530		1,566		1,546
Transocean Pontus Ltd., 6.1%, 8/1/25	(h) (i)	Oil & Gas		1,438		1,432		1,420
Valaris, Ltd., PIK, 8.3%, 4/30/28	(h) (i)	Oil & Gas		3		2		3
Valaris, Ltd., Series 1145, PIK, 8.3%, 4/30/28	(i)	Oil & Gas		3,081		3,134		3,208
Vantage Drilling Intl, 9.3%, 11/15/23	(h) (i)	Oil & Gas		2,330		2,305		2,206
Vertical US Newco, Inc., 5.3%, 7/15/27	(h) (i)	Machinery-Diversified		932		977		945
Vmed O2 UK Financing I Plc, 3.3%, 1/31/31	(i)	Telecommunications	€	2,504		2,858		2,641
Weatherford International Ltd., 6.5%, 9/15/28	(h) (i)	Oil & Gas Services	$	1,367		1,367		1,420
XHR LP, 6.4%, 8/15/25	(h) (i)	Real Estate Investment Trusts		370		371		383
Zenith Finco Plc, 6.5%, 6/30/27	(h) (i)		£	380		515		502
Total Senior Secured Bonds						92,538		91,905
Unsecured Bonds—43.6%
Accor SA, 2.6% 1/30/25 (fixed, converts to FRN on 1/30/25)	(i) (m)	Lodging	€	600		657		643
Accor SA, 4.4% 1/30/24 (fixed, converts to FRN on 1/30/24)	(i) (m)	Lodging		1,600		1,911		1,841
AdaptHealth LLC, 5.1%, 3/1/30	(h) (i)	Pharmaceuticals	$	1,742		1,764		1,708
AG Merger Sub II, Inc., 10.8%, 8/1/27	(h) (i)	Diversified Financial Services		3,207		3,478		3,537

See Notes to Unaudited Schedule of Investments.

3 

FS Credit Income Fund 

Unaudited Schedule of Investments (continued)

As of January 31, 2022

(in thousands, except share amounts) 

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Ahead DB Holdings LLC, 6.6%, 5/1/28	(h) (i)	IT Services	$	941	$	951	$	913
AHP Health Partners, Inc., 5.8%, 7/15/29	(h) (i)	Healthcare-Services		2,310		2,327		2,272
Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.6%, 1/15/27	(h) (i)	Food		1,032		1,021		1,058
Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 7.5%, 3/15/26	(h) (i) (j)	Food		2,560		2,765		2,720
Alpha Services and Holdings SA, 5.5%, 6/11/31 (fixed, converts to FRN on 6/11/31)	(i)	Commercial Banks	€	905		1,078		1,018
Ambience Merger Sub, Inc., 7.1%, 7/15/29	(h) (i)	Retail	$	1,249		1,244		1,173
Antero Resources Corp., 5.4%, 3/1/30	(h) (i)	Oil & Gas		973		1,016		1,008
Aretec Escrow Issuer, Inc., 7.5%, 4/1/29	(h) (i)	Diversified Financial Services		804		829		821
Aryzta AG, 5.3% 4/25/22 (3 mo. LIBOR CHF + 6.0%)	(d) (i) (m)	Food	CHF	790		1,007		830
Ball Corp., 4.0%, 11/15/23	(i)	Packaging & Containers	$	2,099		2,199		2,167
Bausch Health Companies, Inc., 7.3%, 5/30/29	(h) (i)	Pharmaceuticals		298		328		269
Bausch Health Companies, Inc., 6.3%, 2/15/29	(h) (i)	Pharmaceuticals		298		282		253
Bausch Health Companies, Inc., 7.0%, 1/15/28	(h) (i)	Pharmaceuticals		1,163		1,202		1,045
Bausch Health Companies, Inc., 5.0%, 2/15/29	(h) (i)	Pharmaceuticals		448		448		361
Bombardier, Inc., 6.0%, 2/15/28	(h) (i)	Aerospace/Defense		1,180		1,193		1,145
Bombardier, Inc., 7.9%, 4/15/27	(h) (i)	Aerospace/Defense		866		900		879
Bracken MidCo1 Plc, PIK, 6.8%, 11/1/27	(h) (i)	Diversified Financial Services	£	1,116		1,543		1,495
Burford Capital Finance LLC, 6.1%, 8/12/25	(i)	Diversified Financial Services	$	585		567		603
Burford Capital Global Finance LLC, 6.3%, 4/15/28	(h) (i)	Diversified Financial Services		279		279		293
California Resources Corp., 7.1%, 2/1/26	(h) (i)	Oil & Gas		3,715		3,769		3,867
Cano Health LLC, 6.3%, 10/1/28	(h) (i)	Healthcare-Services		1,664		1,607		1,599
Carnival Corp., 7.6%, 3/1/26	(i)	Leisure Time	€	410		539		485
Carnival Corp., 7.6%, 3/1/26	(h) (i)	Leisure Time	$	8,568		9,048		8,755
CCO Holdings LLC / CCO Holdings Capital Corp., 5.5%, 5/1/26	(h) (i)	Media Entertainment		172		178		176
CCO Holdings LLC / CCO Holdings Capital Corp., 5.4%, 6/1/29	(h) (i)	Media Entertainment		6,591		6,476		6,801
CCO Holdings LLC / CCO Holdings Capital Corp., 4.8%, 3/1/30	(h) (i)	Media Entertainment		2,620		2,706		2,603
Centene Corp., 3.4%, 2/15/30	(i)	Healthcare-Services		713		739		701
Centene Corp., 4.6%, 12/15/29	(i)	Healthcare-Services		428		462		446
Chemours Co., 5.8%, 11/15/28	(h) (i)	Chemicals		1,003		1,013		1,020
Chesapeake Energy Corp., 5.5%, 2/1/26	(h) (i)	Oil & Gas		303		303		313
Chesapeake Energy Corp., 5.9%, 2/1/29	(h) (i)	Oil & Gas		3,161		3,366		3,301
Churchill Downs, Inc., 4.8%, 1/15/28	(h) (i)	Entertainment		1,090		1,131		1,098
Colt Merger Sub, Inc., 8.1%, 7/1/27	(h) (i)	Entertainment		771		797		831
Cornerstone Building Brands, Inc., 6.1%, 1/15/29	(h) (i)	Construction Materials		510		514		528
Coty, Inc., 6.5%, 4/15/26	(h) (i)	Cosmetics/Personal Care		701		715		711
CSC Holdings LLC, 6.5%, 2/1/29	(h) (i) (j)	Media Entertainment		4,029		4,349		4,202
DaVita, Inc., 4.6%, 6/1/30	(h) (i)	Healthcare-Services		2,382		2,462		2,321
Delta Air Lines, Inc., 3.8%, 10/28/29	(i)	Airlines		548		549		533
Deutsche Bank AG, 4.6% 10/30/27 (fixed, converts to FRN on 10/30/27)	(i) (m)	Commercial Banks	€	400		478		444
Deutsche Bank AG, Series 2020, 6.0% 10/30/25 (fixed, converts to FRN on 10/30/25)	(i) (m)	Commercial Banks	$	400		405		405
DT Midstream, Inc., 4.1%, 6/15/29	(h) (i)	Pipelines		599		602		592
DT Midstream, Inc., 4.4%, 6/15/31	(h) (i)	Pipelines		963		978		953
Dufry One B.V., 2.0%, 2/15/27	(i)	Retail	€	1,335		1,520		1,380
Dufry One B.V., 3.4%, 4/15/28	(i)	Retail		2,405		2,753		2,591
Enact Holdings, Inc., 6.5%, 8/15/25	(h) (i)	Diversified Financial Services	$	296		315		314

See Notes to Unaudited Schedule of Investments.

4 

FS Credit Income Fund 

Unaudited Schedule of Investments (continued)

As of January 31, 2022

(in thousands, except share amounts) 

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Endeavor Energy Resources LP / EER Finance, Inc., 5.8%, 1/30/28	(h) (i)	Oil & Gas	$	1,608	$	1,689	$	1,666
Endurance Acquisition Merger Sub, 6.0%, 2/15/29	(h) (i)	Internet		705		652		628
EQM Midstream Partners LP, 4.8%, 1/15/31	(h) (i)	Pipelines		123		124		118
Eurobank SA, 2.3%, 3/14/28 (fixed, converts to FRN on 3/14/27)	(i)	Banks	€	1,065		1,159		1,127
First Quantum Minerals Ltd., 6.5%, 3/1/24	(h) (i)	Mining	$	759		725		769
Ford Motor Co., 4.8%, 1/15/43	(i)	Auto Manufacturers		468		511		479
Ford Motor Co., 4.3%, 12/8/26	(i)	Auto Manufacturers		399		406		415
Ford Motor Credit Co. LLC, 4.4%, 1/8/26	(i)	Auto Manufacturers		511		470		527
Ford Motor Credit Co. LLC, 5.1%, 5/3/29	(j)	Auto Manufacturers		2,179		2,387		2,335
Ford Motor Credit Co. LLC, 4.5%, 8/1/26	(i)	Auto Manufacturers		1,330		1,249		1,385
Ford Motor Credit Co. LLC, 4.3%, 1/9/27	(i)	Auto Manufacturers		222		234		230
Frontier Florida LLC, Series E, 6.9%, 2/1/28	(i)	Telecommunications		1,979		1,858		2,063
Frontier North, Inc., Series G, 6.7%, 2/15/28	(i)	Telecommunications		5,029		4,806		5,252
Gates Global LLC / Gates Corp., 6.3%, 1/15/26	(h) (i)	Miscellaneous Manufacturing		969		1,005		1,002
Global Aircraft Leasing Co. Ltd., PIK, 6.5%, 9/15/24	(h) (i)	Diversified Financial Services		907		889		852
Granite US Holdings Corp., 11.0%, 10/1/27	(h) (i)	Machinery-Diversified		1,417		1,551		1,522
Grifols Escrow Issuer SA, 4.8%, 10/15/28	(h) (i)	Biotechnology		1,402		1,415		1,396
HCA, Inc., 5.9%, 5/1/23	(i) (j)	Healthcare-Services		3,158		3,342		3,292
Herbalife Nutrition Ltd. / HLF Financing, Inc., 7.9%, 9/1/25	(h) (i)	Pharmaceuticals		1,063		1,078		1,118
Hexion, Inc., 7.9%, 7/15/27	(h) (i)	Chemicals		3,302		3,488		3,504
Hilton Domestic Operating Co., Inc., 4.9%, 1/15/30	(i)	Lodging		546		580		564
Hilton Domestic Operating Co., Inc., 5.8%, 5/1/28	(h) (i)	Lodging		749		786		792
HLF Financing Sarl LLC / Herbalife International, Inc., 4.9%, 6/1/29	(h) (i)	Pharmaceuticals		1,403		1,370		1,331
Intesa Sanpaolo SpA, 7.7% 9/17/25 (fixed, converts to FRN on 9/17/25)	(h) (i) (m)	Commercial Banks		244		253		268
Intesa Sanpaolo SpA, 5.9% 9/1/31 (fixed, converts to FRN on 9/1/31)	(i) (m)	Commercial Banks	€	1,165		1,486		1,426
Kraft Heinz Foods Co., 5.2%, 7/15/45		Food	$	521		658		605
Kraft Heinz Foods Co., 4.4%, 6/1/46	(i)	Food		363		421		384
Kraft Heinz Foods Co., 4.6%, 10/1/39	(i)	Food		747		881		818
Kraft Heinz Foods Co., 3.9%, 5/15/27	(i)	Food		459		459		477
L Brands, Inc., 6.9%, 11/1/35	(i)	Retail		975		1,226		1,123
Laredo Petroleum, Inc., 9.5%, 1/15/25	(i)	Oil & Gas		247		255		252
Laredo Petroleum, Inc., 7.8%, 7/31/29	(h) (i)	Oil & Gas		3,093		2,944		2,994
LifePoint Health, Inc., 5.4%, 1/15/29	(h) (i)	Healthcare-Services		1,934		1,919		1,842
Macy's Retail Holdings, Inc., 5.1%, 1/15/42	(i)	Retail		410		387		366
Macy's Retail Holdings, Inc., 4.3%, 2/15/43	(i)	Retail		410		347		342
Marriott Ownership Resorts, Inc., 4.8%, 1/15/28	(i)	Lodging		751		764		747
Methanex Corp., 5.3%, 12/15/29	(i)	Chemicals		1,078		957		1,092
Moss Creek Resources Holdings, Inc., 7.5%, 1/15/26	(h) (i)	Oil & Gas		104		95		95
Nabors Industries, Inc., 7.4%, 5/15/27	(h) (i)	Oil & Gas		1,777		1,777		1,826
Natural Resource Partners LP/NRP Finance Corp., 9.1%, 6/30/25	(h) (i)	Coal		2,558		2,529		2,587
New Residential Investment Corp., 6.3%, 10/15/25	(h) (i)	Real Estate Investment Trusts		3,674		3,680		3,640
News Corp., 3.9%, 5/15/29	(h) (i)	Media Entertainment		1,343		1,352		1,291
NOVA Chemicals Corp., 5.3%, 6/1/27	(h) (i)	Chemicals		776		784		785
NRG Energy, Inc., 5.3%, 6/15/29	(h) (i)	Electric		618		659		637
Occidental Petroleum Corp., 6.1%, 1/1/31	(i)	Oil & Gas		554		671		640
Occidental Petroleum Corp., 6.6%, 3/15/46	(i)	Oil & Gas		793		1,025		998
Occidental Petroleum Corp., 4.4%, 8/15/49	(i)	Oil & Gas		473		480		450
Occidental Petroleum Corp., 4.2%, 3/15/48		Oil & Gas		812		806		757
Occidental Petroleum Corp., 4.4%, 4/15/46	(i)	Oil & Gas		138		141		132
Occidental Petroleum Corp., 7.9%, 9/15/31	(i)	Oil & Gas		185		245		234

See Notes to Unaudited Schedule of Investments.

5 

FS Credit Income Fund 

Unaudited Schedule of Investments (continued)

As of January 31, 2022

(in thousands, except share amounts) 

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Occidental Petroleum Corp., 8.9%, 7/15/30	(i)	Oil & Gas	$	232	$	316	$	301
Occidental Petroleum Corp., 3.0%, 2/15/27		Oil & Gas		760		644		737
Occidental Petroleum Corp., 3.2%, 8/15/26		Oil & Gas		115		90		113
Occidental Petroleum Corp., 6.5%, 9/15/36	(i)	Oil & Gas		491		619		597
Occidental Petroleum Corp., 8.5%, 7/15/27	(i)	Oil & Gas		164		204		197
Occidental Petroleum Corp., 4.3%, 8/15/39		Oil & Gas		182		144		172
Occidental Petroleum Corp., 6.6%, 9/1/30	(i)	Oil & Gas		527		630		619
OneMain Finance Corp., 6.6%, 1/15/28	(i)	Diversified Financial Services		207		206		223
OneMain Finance Corp., 7.1%, 3/15/26	(i)	Diversified Financial Services		423		437		466
OneMain Finance Corp., 4.0%, 9/15/30	(i)	Diversified Financial Services		99		99		92
Organon & Co. / Organon Foreign Debt Co-Issuer B.V., 5.1%, 4/30/31	(h) (i)	Pharmaceuticals		1,394		1,446		1,396
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA, 7.3%, 2/1/28	(h) (i)	Healthcare-Products		570		612		610
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA, 7.4%, 6/1/25	(h) (i)	Healthcare-Products		394		418		413
Outfront Media Capital LLC / Outfront Media Capital Corp., 4.3%, 1/15/29	(h) (i)	Advertising		506		507		477
Outfront Media Capital LLC / Outfront Media Capital Corp., 5.0%, 8/15/27	(h) (i)	Advertising		1,459		1,493		1,451
Owens & Minor, Inc., 4.5%, 3/31/29	(h) (i)	Pharmaceuticals		639		639		622
Petsmart, Inc. / Petsmart FI Co., 7.8%, 2/15/29	(h) (i)	Retail		1,674		1,776		1,799
Pitney Bowes, Inc., 6.9%, 3/15/27	(h) (i)	Office/Business Equipment		625		625		618
Pitney Bowes, Inc., 7.3%, 3/15/29	(h) (i)	Office/Business Equipment		459		459		461
Plantronics, Inc., 4.8%, 3/1/29	(h) (i)	Telecommunications		954		950		867
Playtika Holding Corp., 4.3%, 3/15/29	(h) (i)	Software		1,786		1,766		1,710
Post Holdings, Inc., 4.6%, 4/15/30	(h) (i)	Food		163		168		157
Post Holdings, Inc., 5.5%, 12/15/29	(h) (i)	Food		1,961		2,092		2,018
Quicken Loans LLC / Quicken Loans Co-Issuer, Inc., 3.6%, 3/1/29	(h) (i)	Diversified Financial Services		1,127		1,149		1,055
Range Resources Corp., 4.8%, 2/15/30	(h)	Oil & Gas		1,077		1,083		1,078
Sands China Ltd., 5.4%, 8/8/28		Lodging		519		540		536
Science Applications International Corp., 4.9%, 4/1/28	(h) (i)	IT Services		1,295		1,327		1,303
Sensata Technologies B.V., 4.0%, 4/15/29	(h) (i)	Electronics		728		737		721
Sensata Technologies, Inc., 3.8%, 2/15/31	(h)	Electronics		814		767		766
Service Properties Trust, 7.5%, 9/15/25	(i)	Real Estate Investment Trusts		1,760		1,904		1,857
Service Properties Trust, 5.5%, 12/15/27	(i)	Real Estate Investment Trusts		583		587		578
Shelf Drill Holdings Ltd., 8.3%, 2/15/25	(h) (i)	Oil & Gas		1,736		1,580		1,352
Signal Parent, Inc., 6.1%, 4/1/29	(h) (i)	Commercial Services		1,761		1,750		1,517
Sirius XM Radio, Inc., 3.9%, 9/1/31	(h)	Media Entertainment		1,578		1,457		1,462
Sirius XM Radio, Inc., 5.0%, 8/1/27	(h) (i)	Media Entertainment		245		256		250
Sirius XM Radio, Inc., 5.5%, 7/1/29	(h) (i)	Media Entertainment		2,911		3,118		3,025
SoftBank Group Corp., 4.6%, 7/6/28	(i)	Telecommunications		200		196		188
SoftBank Group Corp., 5.1%, 9/19/27	(i)	Telecommunications		573		592		562
SoftBank Group Corp., 5.0%, 4/15/28	(i)	Telecommunications	€	200		256		222
SoftBank Group Corp., 3.4%, 7/6/29	(i)	Telecommunications		553		617		543
SoftBank Group Corp., 5.3%, 7/6/31	(i)	Telecommunications	$	1,365		1,352		1,285
SoftBank Group Corp., 3.9%, 7/6/32	(i)	Telecommunications	€	1,739		1,951		1,697
SoftBank Group Corp., 4.0%, 9/19/29	(i)	Telecommunications		660		783		674
Spectrum Brands, Inc., 5.5%, 7/15/30	(h) (i)	Household Products/Wares	$	1,498		1,611		1,564
Sprint Corp., 7.6%, 3/1/26	(i)	Telecommunications		886		1,025		1,016
Sprint Corp., 7.9%, 9/15/23	(i)	Telecommunications		525		580		568

See Notes to Unaudited Schedule of Investments.

6 

FS Credit Income Fund 

Unaudited Schedule of Investments (continued)

As of January 31, 2022

(in thousands, except share amounts) 

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Standard Industries, Inc., 4.4%, 7/15/30	(h) (i)	Construction Materials	$	669	$	682	$	640
Standard Industries, Inc., 4.8%, 1/15/28	(h) (i)	Construction Materials		517		537		511
Standard Industries, Inc., 3.4%, 1/15/31	(h) (i)	Construction Materials		436		436		400
Sterling Entertainment Enterprises, LLC, 10.3%, 1/15/25	(f)	Media Entertainment		813		801		837
Summit Materials LLC / Summit Materials Finance Corp., 5.3%, 1/15/29	(h) (i)	Construction Materials		493		520		504
SWF Escrow Issuer Corp., 6.5%, 10/1/29	(h) (i)	Housewares		727		727		677
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 6.9%, 1/15/29	(i)	Pipelines		1,145		1,267		1,254
Tempur Sealy International, Inc., 4.0%, 4/15/29	(h) (i)	Home Furnishings		687		694		660
TransDigm, Inc., 5.5%, 11/15/27	(i)	Aerospace/Defense		946		900		952
TUI Cruises GmbH, 6.5%, 5/15/26	(h) (i)	Leisure Time	€	769		928		856
TUI Cruises GmbH, 6.5%, 5/15/26	(i)	Leisure Time		1,287		1,537		1,433
Uber Technologies, Inc., 4.5%, 8/15/29	(h) (i)	Internet	$	225		225		219
Uber Technologies, Inc., 6.3%, 1/15/28	(h) (i)	Internet		2,097		2,252		2,179
UniCredit SpA, 5.4% 6/3/25 (fixed, converts to FRN on 6/30/25)	(i) (m)	Commercial Banks	€	265		330		308
United Rentals North America, Inc., 5.3%, 1/15/30	(i)	Commercial Services	$	1,128		1,226		1,186
United Rentals North America, Inc., 4.0%, 7/15/30	(i)	Commercial Services		146		152		144
Vail Resorts, Inc., 6.3%, 5/15/25	(h) (i)	Entertainment		299		301		310
VICI Properties LP / VICI Note Co., Inc., 4.1%, 8/15/30	(h) (i)	Real Estate Investment Trusts		822		877		826
Victors Merger Corp., 6.4%, 5/15/29	(h) (i)	Construction Materials		1,528		1,499		1,403
Vistra Corp., 7.0% 12/15/26 (fixed, converts to FRN on 10/15/26)	(h) (m)	Electric		975		975		972
Vistra Corp., 8.0% 10/15/26 (fixed, converts to FRN on 10/15/26)	(h) (i) (m)	Electric		4,153		4,153		4,315
Vistra Operations Co. LLC, 5.0%, 7/31/27	(h) (i)	Electric		904		922		912
Vistra Operations Co. LLC, 5.5%, 9/1/26	(h) (i)	Electric		21		22		21
Weatherford International Ltd., 8.6%, 4/30/30	(h) (i)	Oil & Gas Services		5,138		5,139		5,237
Western Midstream Operating LP, 4.5%, 3/1/28		Pipelines		264		211		278
Western Midstream Operating LP, 4.8%, 8/15/28		Pipelines		195		191		207
Western Midstream Operating LP, 3.6%, 2/1/25		Pipelines		111		—		112
Western Midstream Operating LP, 4.6%, 2/1/30	(i)	Pipelines		770		806		804
WeWork Companies LLC / WW Co-Obligor, Inc., 5.0%, 7/10/25	(h)	Real Estate		2,015		1,741		1,717
Wynn Macau Ltd., 5.6%, 8/26/28	(h) (i)	Lodging		2,783		2,535		2,550
XPO CNW, Inc., 6.7%, 5/1/34	(i)	Transportation		1,538		1,576		1,742
XPO Logistics, Inc., 6.3%, 5/1/25	(h) (i)	Transportation		416		433		431
Yum! Brands, Inc., 7.8%, 4/1/25	(h) (i)	Retail		1,022		1,095		1,072
Total Unsecured Bonds						212,986		209,801
Collateralized Loan Obligation (CLO) / Structured Credit—22.9%
37 Capital CLO I, Series 2021-1A, Class D, ABS, 3.7%, 10/15/34 (3 mo. LIBOR + 3.5%)	(d) (h)	USD CLO	$	275		272		270
Accunia European CLO III DAC, Series 3X, Class D, ABS, 3.1%, 1/20/31 (3 mo. EURIBOR + 3.1%)	(d)	EUR CLO	€	240		274		268
AlbaCore EURO CLO II DAC, Series 2A, Class E, ABS, 6.0%, 6/15/34 (3 mo. EURIBOR + 6.0%)	(d) (h)	EUR CLO		250		284		270
Allegro CLO VII Ltd., 3.1%, 6/13/31 (3 mo. LIBOR + 2.9%)	(d)	USD CLO	$	580		527		565
ALM 2020 Ltd., Series 2020-1A, Class D, ABS, 6.2%, 10/15/29 (3 mo. LIBOR + 6.0%)	(d) (h)	USD CLO		1,640		1,640		1,624
Ambac Assurance Corp., 8.5%, 2/1/55	(h) (i)	Insurance		750		727		712
Ambac Assurance Corp., 8.5%, 2/12/55	(i)	Insurance		1,530		1,483		1,453
Ammc CLO 19 Ltd., Series 2016-19A, Class D, ABS, 4.0%, 10/15/28 (3 mo. LIBOR + 3.8%)	(d) (h)	USD CLO		205		203		205

See Notes to Unaudited Schedule of Investments.

7 

FS Credit Income Fund 

Unaudited Schedule of Investments (continued)

As of January 31, 2022

(in thousands, except share amounts) 

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Ammc CLO 20 Ltd., Series 2017-20A, Class E, ABS, 6.1%, 4/17/29 (3 mo. LIBOR + 5.8%)	(d) (h)	USD CLO	$	250	$	248	$	245
Anchorage Capital CLO 4-R Ltd., Series 2014-4RA, Class D, ABS, 2.9%, 1/28/31 (3 mo. LIBOR + 2.6%)	(d) (h)	USD CLO		250		240		248
Anchorage Capital CLO 5-R Ltd., Series 2014-5RA, Class E, ABS, 5.6%, 1/15/30 (3 mo. LIBOR + 5.4%)	(d) (h)	USD CLO		545		533		535
Anchorage Capital Europe CLO 3 DAC, Series 3X, Class D, ABS, 3.8%, 7/15/32 (3 mo. EURIBOR + 3.8%)	(d)	EUR CLO	€	435		519		489
Anchorage Capital Europe CLO DAC, Series 4A, Class E, ABS, 5.7%, 4/25/34 (3 mo. EURIBOR + 5.7%)	(d) (h)	EUR CLO		260		305		285
Anchorage Credit Funding 10 Ltd., Series 2020-10A, Class EV, ABS, 7.1%, 4/25/38	(h)	USD CLO	$	250		234		234
Anchorage Credit Funding 12 Ltd., Series 2020-12A, Class D, ABS, 5.9%, 10/25/38	(h)	USD CLO		295		295		295
Anchorage Credit Funding 2 Ltd., Series 2015-2A, Class ERV, ABS, 7.0%, 4/25/38	(h)	USD CLO		250		232		232
Anchorage Credit Funding 3 Ltd., Series 2016-3A, Class ER, ABS, 7.2%, 1/28/39	(h)	USD CLO		410		386		378
Anchorage Credit Funding 3 Ltd., Series 2016-3A, Class DR, ABS, 5.8%, 1/28/39	(h)	USD CLO		250		250		249
Anchorage Credit Funding 4 Ltd., Series 2016-4A, Class ER, ABS, 6.7%, 4/27/39	(h)	USD CLO		250		239		229
Anchorage Credit Funding 6 Ltd., Series 2018-6A, Class E, ABS, 6.9%, 7/25/36	(h)	USD CLO		570		546		536
Anchorage Credit Opportunities CLO 1 Ltd., Series 2019-1A, Class E, ABS, 7.8%, 1/20/32 (3 mo. LIBOR + 7.6%)	(d) (h)	USD CLO		290		281		282
Apex Credit CLO 2015-II Ltd., Series 2015-2A, Class ER, ABS, 6.3%, 10/17/26 (3 mo. LIBOR + 6.1%)	(d) (h)	USD CLO		330		329		328
Ares European CLO IX B.V., Series 9X, Class D, ABS, 2.4%, 10/14/30 (3 mo. EURIBOR + 2.4%)	(d)	EUR CLO	€	520		549		576
Ares European CLO VI B.V., Series 2013-6X, Class ER, ABS, 5.3%, 4/15/30 (3 mo. EURIBOR + 5.3%)	(d)	EUR CLO		340		382		380
Ares XLIX CLO Ltd., Series 2018-49A, Class D, ABS, 3.3%, 7/22/30 (3 mo. LIBOR + 3.0%)	(d) (h)	USD CLO	$	250		245		249
Ares XLVIII CLO, Series 2018-48A, Class D, ABS, 3.0%, 7/20/30 (3 mo. LIBOR + 2.7%)	(d) (h)	USD CLO		565		552		557
Ares XXXVII CLO Ltd., Series 2015-4A, Class CR, ABS, 2.9%, 10/15/30 (3 mo. LIBOR + 2.7%)	(d) (h)	USD CLO		250		247		248
Ares XXXVR CLO Ltd., Series 2015-35RA, Class D, ABS, 3.2%, 7/15/30 (3 mo. LIBOR + 3.0%)	(d) (h)	USD CLO		250		250		250
Atlas Senior Loan Fund III Ltd., Series 2013-1A, Class DR, ABS, 2.8%, 11/17/27 (3 mo. LIBOR + 2.6%)	(d) (h)	USD CLO		500		481		497
Atlas Senior Loan Fund IX Ltd., Series 2018-9A, Class D, ABS, 2.8%, 4/20/28 (3 mo. LIBOR + 2.6%)	(d) (h)	USD CLO		250		237		248
Atrium CDO Corp., Series 14A, Class D, ABS, 3.2%, 8/23/30 (3 mo. LIBOR + 3.0%)	(d) (h)	USD CDO		250		236		249
Atrium XII, Series 12A, Class ER, ABS, 5.5%, 4/22/27 (3 mo. LIBOR + 5.3%)	(d) (h)	USD CLO		775		765		765
Atrium XII, Series 12A, Class DR, ABS, 3.1%, 4/22/27 (3 mo. LIBOR + 2.8%)	(d) (h)	USD CLO		250		241		249
Avery Point IV CLO Ltd., 4.9%, 4/25/26 (3 mo. LIBOR + 4.6%)	(d) (h)	USD CLO		545		536		536
Avery Point VI CLO Ltd., Series 2015-6A, Class E1, ABS, 5.6%, 8/5/27 (3 mo. LIBOR + 5.5%)	(d) (h)	USD CLO		500		487		472
Avery Point VII CLO Ltd., Series 2015-7A, Class E, ABS, 6.8%, 1/15/28 (3 mo. USD LIBOR + 6.6%)	(d) (h)	USD CLO		590		589		589
Avoca CLO XI Ltd., Series 11X, Class ER, ABS, 5.0%, 7/15/30 (3 mo. EURIBOR + 5.0%)	(d)	EUR CLO	€	210		225		236
Avoca CLO XV DAC, 4.1%, 4/15/31 (3 mo. EURIBOR + 4.1%)	(d)	EUR CLO		360		387		391
Avoca CLO XVIII DAC, 4.6%, 4/15/31 (3 mo. EURIBOR + 4.6%)	(d)	EUR CLO		195		215		213

See Notes to Unaudited Schedule of Investments.

8 

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

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Ballyrock CLO 2016-1 Ltd., Series 2016-1A, Class ER, ABS, 7.2%, 10/15/28 (3 mo. LIBOR + 7.0%)	(d) (h)	USD CLO	$	250	$	248	$	250
Barings CLO 2013-I Ltd., Series 2013-IA, Class ER, ABS, 5.5%, 1/20/28 (3 mo. LIBOR + 5.2%)	(d) (h)	USD CLO		1,255		1,230		1,215
Barings Euro CLO 2014-1 DAC, 4.8%, 7/15/31 (3 mo. EURIBOR + 4.8%)	(d)	EUR CLO	€	820		916		899
Barings Euro CLO 2014-1 DAC, 4.8%, 7/15/31 (3 mo. EURIBOR + 4.8%)	(d) (h)	EUR CLO		293		324		321
Barings Euro CLO 2018-2 BV, 3.2%, 10/15/31 (3 mo. EURIBOR + 3.2%)	(d)	EUR CLO		920		1,080		1,028
Barings Euro CLO 2020-1 DAC, Series 2020-1A, Class ER, ABS, 6.2%, 10/21/34 (3 mo. EURIBOR + 6.2%)	(d) (h)	EUR CLO		250		282		272
Benefit Street Partners CLO II Ltd., Series 2013-IIA, Class CR, ABS, 3.9%, 7/15/29 (3 mo. LIBOR + 3.7%)	(d) (h)	USD CLO	$	250		243		247
Birch Grove CLO 2 Ltd., Series 2021-2A, Class D2, ABS, 5.2%, 10/19/34 (3 mo. LIBOR + 5.0%)	(d) (h)	USD CLO		605		599		593
Birch Grove CLO 3 Ltd., Series 2021-3A, Class D2, ABS, 5.3%, 1/19/35 (1 mo. USD LIBOR + 5.1%)	(d) (h)	USD CLO		885		876		878
Black Diamond CLO 2017-1 Ltd., Series 2017-1A, Class C, ABS, 4.2%, 4/24/29 (3 mo. LIBOR + 4.0%)	(d) (h)	USD CLO		590		581		590
BlackRock European CLO V DAC, Series 5X, Class E, ABS, 4.4%, 7/16/31 (3 mo. EURIBOR + 4.4%)	(d)	EUR CLO	€	130		138		138
BlueMountain Fuji US CLO III Ltd., Series 2017-3A, Class D, ABS, 2.6%, 1/15/30 (3 mo. LIBOR + 2.4%)	(d) (h)	USD CLO	$	250		237		243
BNPP IP CLO 2014-II Ltd., Series 2014-2A, Class DR, ABS, 3.8%, 10/30/25 (3 mo. LIBOR + 3.5%)	(d) (h)	USD CLO		280		276		277
Bosphorus CLO IV DAC, 4.6%, 12/15/30 (3 mo. EURIBOR + 4.6%)	(d) (h)	EUR CLO	€	380		411		412
Bosphorus CLO V DAC, Series 5A, Class DE, ABS, 4.8%, 12/12/32 (3 mo. EURIBOR + 4.8%)	(d) (h)	EUR CLO		320		354		360
Brookside Mill CLO 2013-1 Ltd., Series 2013-1A, Class ER, ABS, 5.7%, 1/17/28 (3 mo. LIBOR + 5.5%)	(d) (h)	USD CLO	$	720		714		712
Cairn CLO III B.V., Series 2013-3X, Class F, ABS, 6.6%, 10/20/28 (6 mo. EURIBOR + 6.6%)	(d)	EUR CLO	€	250		300		278
Cairn CLO VI B.V., Series 2016-6X, Class DR, ABS, 3.1%, 7/25/29 (3 mo. EURIBOR + 3.1%)	(d)	EUR CLO		135		158		152
Cairn CLO VI B.V., Series 2016-6X, Class FR, ABS, 8.3%, 7/25/29 (3 mo. EURIBOR + 8.3%)	(d)	EUR CLO		190		227		213
Cairn CLO X B.V., Series 2018-10X, Class E, ABS, 5.2%, 10/15/31 (3 mo. EURIBOR + 5.2%)	(d)	EUR CLO		130		152		143
Cairn CLO XI DAC, Series 2019-11X, Class D, ABS, 4.2%, 7/15/35 (3 mo. EURIBOR + 4.2%)	(d)	EUR CLO		625		678		703
Carlyle Global Market Strategies Euro CLO 2013-1 B.V., Series 2013-1X, Class DR, ABS, 5.8%, 4/15/30 (3 mo. EURIBOR + 5.8%)	(d)	EUR CLO		260		314		287
Carlyle Global Market Strategies Euro CLO 2015-2 DAC, Series 2015-2X, Class E, ABS, 6.5%, 9/21/29 (3 mo. EURIBOR + 6.5%)	(d)	EUR CLO		665		773		748
Carlyle Global Market Strategies Euro CLO 2015-2 DAC, Series 2015-2X, Class CR, ABS, 2.7%, 9/21/29 (3 mo. EURIBOR + 2.7%)	(d)	EUR CLO		140		163		157
Carlyle Global Market Strategies Euro CLO 2015-3 DAC, Series 2015-3X, Class C1RE, ABS, 2.6%, 7/15/30 (3 mo. EURIBOR + 2.6%)	(d)	EUR CLO		275		323		307
Carlyle Global Market Strategies Euro CLO 2016-2 DAC, Series 2016-2X, Class DRR, ABS, 6.1%, 4/15/34 (3 mo. EURIBOR + 6.1%)	(d)	EUR CLO		310		351		337
Carlyle Global Market Strategies Euro CLO 2020-1 DAC, Series 2020-1X, Class D, ABS, 5.4%, 4/15/33 (3 mo. EURIBOR + 5.4%)	(d)	EUR CLO		250		290		271
Carlyle US CLO 2016-4 Ltd., Series 2016-4A, Class CR, ABS, 3.1%, 10/20/27 (3 mo. LIBOR + 2.8%)	(d) (h)	USD CLO	$	280		267		275

See Notes to Unaudited Schedule of Investments.

9 

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

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Carlyle US CLO 2017-3 Ltd., Series 2017-3A, Class C, ABS, 3.8%, 7/20/29 (3 mo. USD LIBOR + 3.5%)	(d) (h)	USD CLO	$	630	$	619	$	613
Catalyst Healthcare Manchester Financing Plc, Series AMBC, 2.4%, 9/30/40	(i)	Healthcare-Services	£	249		662		737
Catamaran CLO 2014-1 Ltd., Series 2014-1A, Class CR, ABS, 3.7%, 4/22/30 (3 mo. LIBOR + 3.4%)	(d) (h)	USD CLO	$	250		243		248
Cent CLO 21 Ltd., Series 2014-21A, Class CR2, ABS, 3.5%, 7/27/30 (3 mo. LIBOR + 3.2%)	(d) (h)	USD CLO		620		601		614
CFIP CLO 2013-1 Ltd., Series 2013-1A, Class ER, ABS, 6.9%, 4/20/29 (3 mo. LIBOR + 6.7%)	(d) (h)	USD CLO		470		468		466
CFIP CLO 2014-1 Ltd., Series 2014-1A, Class DR, ABS, 4.3%, 7/13/29 (3 mo. LIBOR + 4.1%)	(d) (h)	USD CLO		495		488		496
CIFC Funding 2013-II Ltd., Series 2013-2A, Class B1LR, ABS, 3.3%, 10/18/30 (3 mo. LIBOR + 3.1%)	(d) (h)	USD CLO		200		196		198
Contego CLO II B.V., Series 2X, Class ER, ABS, 4.6%, 11/15/26 (3 mo. EURIBOR + 5.2%)	(d)	EUR CLO	€	170		186		191
Covenant Credit Partners CLO III Ltd., Series 2017-1A, Class D, ABS, 4.0%, 10/15/29 (3 mo. LIBOR + 3.8%)	(d) (h)	USD CLO	$	1,710		1,691		1,710
CVC Cordatus Loan Fund X DAC, Series 10X, Class D, ABS, 2.5%, 1/27/31 (3 mo. EURIBOR + 2.5%)	(d)	EUR CLO	€	190		206		207
CVC Cordatus Loan Fund XXII DAC, Series 22A, Class E, ABS, 6.2%, 12/15/34 (3 mo. EURIBOR + 6.2%)	(d) (h)	EUR CLO		250		287		278
Deer Park CLO DAC, Series 1A, Class ER, ABS, 6.3%, 10/15/34 (3 mo. EURIBOR + 6.3%)	(d) (h)	EUR CLO		250		287		278
Denali Capital CLO XI Ltd., Series 2015-1A, Class DR, ABS, 5.9%, 10/20/28 (3 mo. LIBOR + 5.6%)	(d) (h)	USD CLO	$	750		725		714
Diamond CLO 2019-1 Ltd., Series 2019-1A, Class E, ABS, 8.3%, 4/25/29 (3 mo. LIBOR + 8.1%)	(d) (h)	USD CLO		325		326		326
Dryden 33 Senior Loan Fund, Series 2014-33X, Class ER2, 7.2%, 4/15/29 (3 mo. LIBOR + 6.9%)	(d)	USD CLO		850		851		850
Dryden 33 Senior Loan Fund, Series 2014-33A, Class ER2, ABS, 7.2%, 4/15/29 (3 mo. USD LIBOR + 7.0%)	(d) (h)	USD CLO		250		250		250
Dryden 51 Euro CLO 2017 B.V., Series 2017-51X, Class E, ABS, 4.9%, 7/15/31 (3 mo. EURIBOR + 4.9%)	(d)	EUR CLO	€	275		327		305
Dryden 53 CLO Ltd., Series 2017-53A, Class D, ABS, 2.6%, 1/15/31 (3 mo. LIBOR + 2.4%)	(d) (h)	USD CLO	$	526		502		517
Dryden 59 Euro CLO 2017 B.V., Series 2017-59X, Class F, ABS, 6.1%, 5/15/32 (3 mo. EURIBOR + 6.1%)	(d)	EUR CLO	€	110		122		117
Dryden 59 Euro CLO 2017 B.V., Series 2017-59X, Class D1, ABS, 2.4%, 5/15/32 (3 mo. EURIBOR + 2.4%)	(d)	EUR CLO		365		390		400
Dryden 89 Euro CLO 2020 DAC, Series 2020-89A, Class E, ABS, 6.2%, 10/18/34 (3 mo. EURIBOR + 6.2%)	(d) (h)	EUR CLO		280		321		309
Elevation CLO 2017-7 Ltd., Series 2017-7A, Class D, ABS, 3.1%, 7/15/30 (3 mo. LIBOR + 2.9%)	(d) (h)	USD CLO	$	455		434		448
Elevation CLO 2017-8 Ltd., Series 2017-8A, Class D, ABS, 3.1%, 10/25/30 (3 mo. LIBOR + 2.9%)	(d) (h)	USD CLO		250		243		244
Elevation CLO 2021-14 Ltd., Series 2021-14A, Class D2, ABS, 5.1%, 10/20/34 (3 mo. LIBOR + 5.0%)	(d) (h)	USD CLO		630		622		611
Ellington CLO I Ltd., 3.6%, 10/15/29 (3 mo. LIBOR + 3.4%)	(d) (h)	USD CLO		410		397		410
Erna Srl, Series 1, Class B, 3.6%, 7/25/31 (3 mo. EURIBOR + 3.6%)	(d)	Commercial MBS	€	424		484		477
Erna Srl, Series 1, Class A, 2.3%, 7/25/31 (3 mo. EURIBOR + 2.3%)	(d)	Commercial MBS		282		326		318
Euro-Galaxy VI CLO DAC, Series 2018-6X, Class E, ABS, 4.1%, 4/11/31 (3 mo. EURIBOR + 4.1%)	(d)	EUR CLO		750		837		802
Fair Oaks Loan Funding I DAC, Series 1A, Class ER, ABS, 6.1%, 4/15/34 (3 mo. EURIBOR + 6.1%)	(d) (h)	EUR CLO		250		296		275
First Eagle Clarendon Fund CLO LLC, Series 2014-1A, Class E, ABS, 6.3%, 1/25/27 (3 mo. LIBOR + 6.1%)	(d) (h)	USD CLO	$	1,000		1,000		1,000
Galaxy XXIV CLO Ltd., 2.7%, 1/15/31 (3 mo. LIBOR + 2.5%)	(d)	USD CLO		550		506		535

See Notes to Unaudited Schedule of Investments. 

10 

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

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Galaxy XXVII CLO Ltd., Series 2018-27A, Class D, ABS, 2.9%, 5/16/31 (3 mo. LIBOR + 2.8%)	(d) (h)	USD CLO	$	250	$	230	$	247
Gallatin CLO IX 2018-1 Ltd., Series 2018-1A, Class E, ABS, 5.7%, 1/21/28 (3 mo. LIBOR + 5.5%)	(d) (h)	USD CLO		850		840		846
GAM FRR2 H Co.	(f) (n) (r)	Financial Services		1		699		790
Greywolf CLO V Ltd., Series 2015-1A, Class CR, ABS, 3.3%, 1/27/31 (3 mo. LIBOR + 3.0%)	(d) (h)	USD CLO		500		474		497
Harvest CLO IX DAC, Series 9X, Class ER, ABS, 5.1%, 2/15/30 (3 mo. EURIBOR + 5.1%)	(d)	EUR CLO	€	245		265		267
Harvest CLO XIV DAC, Series 14X, Class F, ABS, 6.3%, 11/18/29 (3 mo. EURIBOR + 6.3%)	(d)	EUR CLO		215		255		233
Henley CLO VI DAC, Series 6A, Class E, ABS, 6.1%, 6/10/34 (3 mo. EURIBOR + 6.1%)	(d) (h)	EUR CLO		250		287		276
Highbridge Loan Management 4-2014 Ltd., Series 4A-2014, Class CR, ABS, 2.8%, 1/28/30 (3 mo. LIBOR + 2.6%)	(d) (h)	USD CLO	$	261		244		252
Highbridge Loan Management 7-2015 Ltd., Series 7A-2015, Class ER, ABS, 5.2%, 3/15/27 (3 mo. LIBOR + 5.0%)	(d) (h)	USD CLO		1,220		1,186		1,197
Hull Street CLO Ltd., 3.8%, 10/18/26 (3 mo. LIBOR + 3.6%)	(d) (h)	USD CDO		300		298		300
Jamestown CLO Ltd., Series 2013-2A, Class DR, ABS, 5.7%, 4/22/30 (3 mo. LIBOR + 5.5%)	(d) (h)	USD CLO		1,230		1,201		1,198
Jamestown CLO X Ltd., Series 2017-10A, Class C, ABS, 3.9%, 7/17/29 (3 mo. LIBOR + 3.7%)	(d) (h)	USD CLO		250		245		250
Jamestown CLO XI Ltd., Series 2018-11A, Class C, ABS, 3.5%, 7/14/31 (3 mo. LIBOR + 3.3%)	(d) (h)	USD CLO		750		731		745
JFIN CLO 2012 Ltd., Series 2012-1A, Class DR, ABS, 6.7%, 7/20/28 (3 mo. LIBOR + 6.5%)	(d) (h)	USD CLO		700		693		692
JMP Credit Advisors ClO IV Ltd., Series 2017-1A, Class D, ABS, 4.4%, 7/17/29 (3 mo. LIBOR + 4.2%)	(d) (h)	USD CLO		610		598		609
Jubilee CLO 2014-XII B.V., Series 2014-12X, Class DR, ABS, 2.9%, 4/15/30 (3 mo. EURIBOR + 2.9%)	(d)	EUR CLO	€	155		175		173
Jubilee CLO 2015-XV B.V., Series 2015-15X, Class F, ABS, 5.4%, 7/12/28 (3 mo. EURIBOR + 6.0%)	(d)	EUR CLO		275		324		307
Jubilee CLO 2017-XVIII B.V., Series 2017-18X, Class D, ABS, 3.1%, 1/15/30 (3 mo. EURIBOR + 3.1%)	(d)	EUR CLO		200		224		225
Kingsland IX Ltd., Series 2018-9A, Class DR, ABS, 3.4%, 4/28/31 (3 mo. LIBOR + 3.2%)	(d) (h)	USD CLO	$	725		707		703
KKR CLO 13 Ltd., Series 13, Class ER, ABS, 5.2%, 1/16/28 (3 mo. LIBOR + 5.0%)	(d) (h)	USD CLO		630		629		626
KVK CLO 2013-1 Ltd., Series 2013-1A, Class ER, ABS, 6.2%, 1/14/28 (3 mo. LIBOR + 5.9%)	(d) (h)	USD CLO		500		497		498
LCM XX LP, Series 20A, Class ER, ABS, 5.7%, 10/20/27 (3 mo. LIBOR + 5.5%)	(d) (h)	USD CLO		300		286		290
LCM XXI LP, Series 21A, Class ER, ABS, 6.0%, 4/20/28 (3 mo. LIBOR + 5.8%)	(d) (h)	USD CLO		570		547		564
Lehman XS Trust 2007-14H, Series 2007-14H, Class A22, CMO, 0.9%, 7/25/47 (1 mo. USD LIBOR + 0.8%)	(d)	USD CLO		311		313		298
Lehman XS Trust 2007-6, Series 2007-6, Class 3A32, ABS, 0.6%, 5/25/37 (1 mo. USD LIBOR + 0.5%)	(d)	USD CLO		149		133		138
Lehman XS Trust 2007-6, Series 2007-6, Class 3A31, ABS, 4.5%, 5/25/37		USD CLO		130		133		133
Lehman XS Trust 2007-6, Series 2007-6, Class 3A4, ABS, 4.5%, 5/25/37		USD CLO		178		182		182
Lehman XS Trust 2007-6, Series 2007-6, Class 3A2, ABS, 4.5%, 5/25/37		USD CLO		147		153		150
Longfellow Place CLO Ltd., Series 2013-1A, Class DRR, ABS, 4.7%, 4/15/29 (3 mo. LIBOR + 4.5%)	(d) (h)	USD CLO		520		513		519
Madison Park Funding XI Ltd., Series 2013-11A, Class DR, ABS, 3.5%, 7/23/29 (3 mo. LIBOR + 3.3%)	(d) (h)	USD CLO		430		422		430
Madison Park Funding XI Ltd., Series 2013-11A, Class ER, ABS, 6.7%, 7/23/29 (3 mo. LIBOR + 6.5%)	(d) (h)	USD CLO		815		803		809
Madison Park Funding XIX Ltd., Series 2015-19A, Class DR, ABS, 4.6%, 1/22/28 (3 mo. LIBOR + 4.4%)	(d) (h)	USD CLO		340		337		334

See Notes to Unaudited Schedule of Investments. 

11 

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

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Madison Park Funding XIX Ltd., Series 2015-19A, Class ER, ABS, 6.4%, 1/22/28 (3 mo. LIBOR + 6.1%)	(d) (h)	USD CLO	$	250	$	235	$	240
Madison Park Funding XXX Ltd., Series 2018-30A, Class E, ABS, 5.2%, 4/15/29 (3 mo. LIBOR + 5.0%)	(d) (h)	USD CLO		1,005		979		972
Magnetite VII Ltd., 4.7%, 1/15/28 (3 mo. LIBOR + 4.5%)	(d) (h)	USD CLO		305		300		300
Man GLG Euro CLO I DAC, 2.5%, 10/15/30 (3 mo. EURIBOR + 2.5%)	(d)	EUR CLO	€	315		350		346
Man GLG Euro CLO III DAC, Series 3X, Class D, ABS, 3.3%, 10/15/30 (3 mo. EURIBOR + 3.3%)	(d)	EUR CLO		145		171		163
Man GLG US CLO, Series 2018-1A, Class CR, ABS, 3.3%, 4/22/30 (3 mo. LIBOR + 3.1%)	(d) (h)	USD CLO	$	560		532		538
Marathon CLO X Ltd., 3.9%, 11/15/29 (3 mo. LIBOR + 3.7%)	(d) (h)	USD CLO		1,030		1,000		1,007
Marble Point CLO XXI Ltd., Series 2021-3A, Class D2, ABS, 5.2%, 10/17/34 (3 mo. LIBOR + 5.0%)	(d) (h)	USD CLO		470		464		461
Midocean Credit CLO IX, Series 2018-9A, Class D, ABS, 3.6%, 7/20/31 (3 mo. LIBOR + 3.3%)	(d) (h)	USD CLO		250		245		246
Midocean Credit CLO VII, Series 2017-7A, Class D, ABS, 4.1%, 7/15/29 (3 mo. LIBOR + 3.9%)	(d) (h)	USD CLO		340		336		337
Midocean Credit CLO VIII, Series 2018-8A, Class D, ABS, 3.1%, 2/20/31 (3 mo. LIBOR + 2.9%)	(d) (h)	USD CLO		250		236		243
Mitchells & Butlers Finance Plc, Series B2, 6.0%, 12/15/30	(i)	Retail	£	196		303		283
Mitchells & Butlers Finance Plc, Series D1, 2.2%, 6/15/36 (3 mo. LIBOR GBP + 2.1%)	(d) (i)	Retail		481		537		538
Mitchells & Butlers Finance Plc, Series C1, 6.5%, 9/15/32	(i)	Retail		884		1,380		1,329
Mitchells & Butlers Finance Plc, Series C2, 2.0%, 9/15/34 (3 mo. LIBOR GBP + 1.9%)	(d) (i)	Retail		972		1,130		1,072
MKS CLO 2017-2 Ltd., Series 2017-2A, Class D, ABS, 2.9%, 1/20/31 (3 mo. LIBOR + 2.7%)	(d) (h)	USD CLO	$	535		516		516
Monroe Capital CLO 2014-1 Ltd., Series 2014-1X, Class E, ABS, 5.7%, 10/22/26 (3 mo. USD LIBOR + 5.4%)	(d)	USD CLO		250		245		240
Monroe Capital MML CLO 2016-1 Ltd., 7.5%, 7/22/28 (3 mo. USD LIBOR + 7.3%)	(d) (h)	USD CLO		485		486		475
Monroe Capital Mml Clo 2017-1 Ltd., 7.6%, 4/22/29 (3 mo. USD LIBOR + 7.4%)	(d) (h)	USD CLO		525		524		522
Monroe Capital MML CLO VI Ltd., 7.1%, 4/15/30 (3 mo. USD LIBOR + 6.9%)	(d) (h)	USD CLO		290		280		283
Mountain View CLO 2013-1 Ltd., 4.4%, 10/12/30 (3 mo. USD LIBOR + 4.2%)	(d) (h)	USD CLO		300		291		291
Mountain View CLO 2017-1 LLC, Series 2017-1A, Class D, ABS, 3.8%, 10/16/29 (3 mo. LIBOR + 3.6%)	(d) (h)	USD CLO		250		247		247
MP CLO III Ltd., Series 2013-1A, Class DR, ABS, 3.3%, 10/20/30 (3 mo. LIBOR + 3.1%)	(d) (h)	USD CLO		770		745		731
MP CLO VII Ltd., Series 2015-1A, Class DRR, ABS, 3.2%, 10/18/28 (3 mo. LIBOR + 3.0%)	(d) (h)	USD CLO		250		250		243
Mulberry Street CDO II Ltd., Series 2A, Class A1W, ABS, 0.7%, 8/12/38 (6 mo. LIBOR + 0.6%)	(d) (h)	USD CDO		602		394		409
Nassau 2017-I Ltd., Series 2017-IA, Class C, ABS, 4.1%, 10/15/29 (3 mo. LIBOR + 3.9%)	(d) (h)	USD CLO		265		261		259
Newstar Exeter Fund CLO LLC, 7.5%, 1/20/27 (3 mo. USD LIBOR + 7.2%)	(d) (h)	USD CLO		725		726		725
Northwoods Capital 19 Euro DAC, Series 2019-19X, Class D, ABS, 4.0%, 11/25/33 (3 mo. EURIBOR + 4.0%)	(d)	EUR CLO	€	550		666		618
Northwoods Capital XII-B Ltd., 3.4%, 6/15/31 (3 mo. USD LIBOR + 3.2%)	(d) (h)	USD CLO	$	505		487		492
Oaktree CLO 2015-1 Ltd., Series 2015-1A, Class DR, ABS, 5.5%, 10/20/27 (3 mo. LIBOR + 5.2%)	(d) (h)	USD CLO		250		250		248
OZLM Funding IV Ltd., Series 2013-4A, Class CR, ABS, 3.6%, 10/22/30 (3 mo. LIBOR + 3.4%)	(d) (h)	USD CLO		250		245		247
OZLM VII Ltd., Series 2014-7RA, Class CR, ABS, 3.2%, 7/17/29 (3 mo. LIBOR + 3.0%)	(d) (h)	USD CLO		250		241		248

See Notes to Unaudited Schedule of Investments. 

12 

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

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
OZLM XVI Ltd., Series 2017-16A, Class C, ABS, 3.7%, 5/16/30 (3 mo. LIBOR + 3.6%)	(d) (h)	USD CLO	$	250	$	244	$	247
OZLM XX Ltd., Series 2018-20A, Class C, ABS, 3.2%, 4/20/31 (3 mo. LIBOR + 3.0%)	(d) (h)	USD CLO		515		497		503
OZLME III DAC, 4.8%, 8/24/30 (3 mo. EURIBOR + 4.8%)	(d)	EUR CLO	€	455		488		494
Palmer Square European CLO 2021-1 DAC, Series 2021-1A, Class E, ABS, 5.7%, 4/15/34 (3 mo. EURIBOR + 5.7%)	(d) (h)	EUR CLO		250		295		277
Palmer Square Loan Funding 2019-2 Ltd., Series 2019-2A, Class D, ABS, 5.8%, 4/20/27 (3 mo. LIBOR + 5.5%)	(d) (h)	USD CLO	$	250		231		250
Palmer Square Loan Funding 2020-4 Ltd., Series 2020-4A, Class E, ABS, 8.8%, 11/25/28 (3 mo. LIBOR + 8.6%)	(d) (h)	USD CLO		250		252		251
Palmer Square Loan Funding 2021-2 Ltd., Series 2021-2A, Class E, ABS, 7.7%, 5/20/29 (3 mo. LIBOR + 7.5%)	(d) (h)	USD CLO		250		250		248
Palmer Square Loan Funding 2021-3 Ltd., Series 2021-3A, Class E, ABS, 7.8%, 7/20/29 (3 mo. LIBOR + 7.5%)	(d) (h)	USD CLO		600		601		596
Parallel 2015-1 Ltd., Series 2015-1A, Class E, ABS, 5.4%, 7/20/27 (3 mo. LIBOR + 5.2%)	(d) (h)	USD CLO		755		741		742
Parallel 2017-1 Ltd., Series 2017-1A, Class DR, ABS, 3.4%, 7/20/29 (3 mo. LIBOR + 3.1%)	(d) (h)	USD CLO		530		514		519
Peterborough Progress Health Plc, 5.6%, 10/2/42	(i)	Healthcare-Services	£	597		1,039		953
Preferred Term Securities XXIV Ltd./Preferred Term Securities XXIV, Inc., 0.6%, 3/22/37 (3 mo. LIBOR + 0.4%)	(d) (h)	Diversified Financial Services	$	430		338		368
Preferred Term Securities XXVI Ltd./Preferred Term Securities XXVI, Inc., 0.6%, 9/22/37 (3 mo. LIBOR + 0.4%)	(d) (h)	Diversified Financial Services		269		219		234
Romark WM-R Ltd., Series 2018-1A, Class D, ABS, 3.3%, 4/20/31 (3 mo. LIBOR + 3.0%)	(d) (h)	USD CLO		250		237		239
Shackleton 2013-III CLO Ltd., Series 2013-3A, Class DR, ABS, 3.3%, 7/15/30 (3 mo. LIBOR + 3.0%)	(d) (h)	USD CLO		435		418		419
Shackleton 2015-VIII CLO Ltd., Series 2015-8A, Class ER, ABS, 5.6%, 10/20/27 (3 mo. LIBOR + 5.3%)	(d) (h)	USD CLO		440		435		434
Shackleton 2017-XI CLO Ltd., Series 2017-11A, Class D, ABS, 3.8%, 8/15/30 (3 mo. LIBOR + 3.7%)	(d) (h)	USD CLO		250		248		246
Shackleton 2021-XVI CLO Ltd., Series 2021-16A, Class D2, ABS, 5.1%, 10/20/34 (3 mo. LIBOR + 5.0%)	(d) (h)	USD CLO		1,220		1,202		1,196
Silvermore CLO Ltd., Series 2014-1A, Class C, ABS, 3.6%, 5/15/26 (3 mo. LIBOR + 3.5%)	(d) (h)	USD CLO		855		846		855
Smeralda SPV Srl, 5.3%, 12/22/34	(f)	Commercial MBS	€	1,780		2,029		2,000
Smeralda SPV Srl, 1.0%, 12/22/33	(f)	Commercial MBS		845		1,012		951
Sound Point CLO VIII-R Ltd., Series 2015-1RA, Class R2D2, ABS, 5.4%, 4/15/30 (3 mo. LIBOR + 5.2%)	(d) (h)	USD CLO	$	990		991		983
Sound Point CLO, Ltd., Series 2015-1RA, Class D1, ABS, 4.0%, 4/15/30 (3 mo. LIBOR + 3.8%)	(d) (h)	USD CLO		1,125		1,102		1,101
St Paul's CLO III-R DAC, Series 3RX, Class CR, ABS, 1.6%, 1/15/32 (3 mo. EURIBOR + 1.6%)	(d)	EUR CLO	€	100		96		112
St Paul's CLO IX DAC, Series 9X, Class E, ABS, 5.0%, 11/15/30 (3 mo. EURIBOR + 5.0%)	(d)	EUR CLO		535		613		591
St Paul's CLO V DAC, Series 5X, Class DR, ABS, 3.0%, 2/20/30 (3 mo. EURIBOR + 3.0%)	(d)	EUR CLO		140		162		154
St Paul's CLO V DAC, 5.2%, 2/20/30 (3 mo. EURIBOR + 5.2%)	(d)	EUR CLO		325		367		362
St Paul's CLO XI DAC, Series 11X, Class E, ABS, 6.0%, 1/17/32 (3 mo. EURIBOR + 6.0%)	(d)	EUR CLO		250		268		277
Steele Creek CLO 2014-1 Ltd., Series 2014-1RA, Class D, ABS, 3.1%, 4/21/31 (3 mo. LIBOR + 2.8%)	(d) (h)	USD CLO	$	1,330		1,278		1,263
Symphony CLO XIV Ltd., Series 2014-14A, Class E, ABS, 4.8%, 7/14/26 (3 mo. LIBOR + 4.6%)	(d) (h)	USD CLO		250		245		249
Symphony CLO XIX Ltd., Series 2018-19A, Class D, ABS, 2.8%, 4/16/31 (3 mo. LIBOR + 2.6%)	(d) (h)	USD CLO		250		248		243
Symphony CLO XVII Ltd., Series 2016-17A, Class ER, ABS, 5.8%, 4/15/28 (3 mo. LIBOR + 5.6%)	(d) (h)	USD CLO		910		898		902

See Notes to Unaudited Schedule of Investments. 

13 

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

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
TBW Mortgage-Backed Trust 2006-6, Series 2006-6, Class A4, CMO, 6.4%, 1/25/37		USD CLO	$	55	$	43	$	51
Telos CLO 2013-4 Ltd., 3.6%, 1/17/30 (3 mo. LIBOR + 3.4%)	(d) (h)	USD CLO		770		728		728
Terwin Mortgage Trust 2006-6, Series 2006-6, Class 1A2, ABS, 0.2%, 7/25/37	(h)	USD CLO		45		15		18
THL Credit Wind River 2013-2 CLO Ltd., Series 2013-2A, Class DR, ABS, 3.2%, 10/18/30 (3 mo. LIBOR + 3.0%)	(d) (h)	USD CLO		250		238		242
Toro European CLO 5 DAC, Series 5X, Class E, ABS, 4.2%, 10/15/30 (3 mo. EURIBOR + 4.2%)	(d)	EUR CLO	€	615		660		655
Treman Park CLO Ltd., Series 2015-1A, Class ERR, ABS, 5.8%, 10/20/28 (3 mo. LIBOR + 5.5%)	(d) (h)	USD CLO	$	1,710		1,704		1,716
Treman Park CLO Ltd., Series 2015-1A, Class FRR, ABS, 7.7%, 10/20/28 (3 mo. LIBOR + 7.4%)	(d) (h)	USD CLO		250		243		248
Unique Pub Finance Co. Plc, Series M, 7.4%, 3/28/24	(i)	Real Estate	£	471		663		669
Unique Pub Finance Co. Plc, Series N, 6.5%, 3/30/32	(i)	Real Estate		1,036		1,417		1,668
Unique Pub Finance Co. Plc, Series A4, 5.7%, 6/30/27	(i)	Real Estate		1,242		1,888		1,846
Venture 22 CLO Ltd., Series 2015-22A, Class DR, ABS, 3.0%, 1/15/31 (3 mo. LIBOR + 2.8%)	(d) (h)	USD CLO	$	685		652		647
Venture 44 CLO Ltd., Series 2021-44A, Class D2, ABS, 5.1%, 10/20/34 (3 mo. LIBOR + 5.0%)	(d) (h)	USD CDO		630		624		618
Venture CDO Ltd., Series 2016-25A, Class D2, ABS, 4.5%, 4/20/29 (3 mo. LIBOR + 4.2%)	(d) (h)	USD CDO		135		135		135
Venture XVII CLO Ltd., Series 2014-17A, Class DRR, ABS, 3.1%, 4/15/27 (3 mo. LIBOR + 2.8%)	(d) (h)	USD CDO		1,125		1,114		1,109
Venture XXII CLO Ltd., Series 2015-22X, Class DR, ABS, 3.0%, 1/15/31 (3 mo. LIBOR + 2.8%)	(d)	USD CLO		250		239		242
Venture XXIV CDO Ltd., Series 2016-24A, Class D2, ABS, 4.3%, 10/20/28 (3 mo. LIBOR + 4.1%)	(d) (h)	USD CDO		530		523		530
Venture XXIX CLO Ltd., Series 2017-29A, Class D, ABS, 4.1%, 9/7/30 (3 mo. LIBOR + 3.9%)	(d) (h)	USD CLO		260		255		257
Vibrant CLO VI Ltd., Series 2017-6A, Class D, ABS, 4.1%, 6/20/29 (3 mo. LIBOR + 3.9%)	(d) (h)	USD CLO		250		248		250
Vibrant CLO VII Ltd., Series 2017-7A, Class C, ABS, 3.9%, 9/15/30 (3 mo. LIBOR + 3.6%)	(d) (h)	USD CLO		250		245		247
Voya CLO 2014-2 Ltd., Series 2014-2A, Class CR, ABS, 3.8%, 4/17/30 (3 mo. LIBOR + 3.6%)	(d) (h)	USD CLO		250		245		244
WhiteHorse X Ltd., 5.5%, 4/17/27 (3 mo. LIBOR + 5.3%)	(d) (h)	USD CLO		1,375		1,375		1,312
Wind River 2015-2 CLO Ltd., Series 2015-2A, Class ER, ABS, 5.8%, 10/15/27 (3 mo. USD LIBOR + 5.6%)	(d) (h)	USD CLO		655		657		657
Wind River 2016-1 CLO Ltd., Series 2016-1A, Class ER, ABS, 5.8%, 7/15/28 (3 mo. LIBOR + 5.6%)	(d) (h)	USD CLO		2,250		2,217		2,239
Wind River 2016-1K CLO Ltd., Series 2016-1KRA, Class D2R2, ABS, 5.4%, 10/15/34 (3 mo. LIBOR + 5.1%)	(d) (h)	USD CLO		915		904		897
Z Capital Credit Partners CLO 2015-1 Ltd., Series 2015-1A, Class DR, ABS, 3.3%, 7/16/27 (3 mo. LIBOR + 3.1%)	(d) (h)	USD CLO		550		540		550
Zais CLO 14 Ltd., 4.7%, 4/15/32 (3 mo. LIBOR + 4.5%)	(d) (h)	USD CDO		475		475		476
Zais CLO 5 Ltd., Series 2016-2A, Class C, ABS, 4.7%, 10/15/28 (3 mo. LIBOR + 4.5%)	(d) (h)	USD CLO		510		500		504
Total Collateralized Loan Obligation / Structured Credit						110,696		110,548

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Proceeds		Fair Value(c)
Convertible Bonds—2.7%
Accolade, Inc.,  0.5% Floor, 4/1/26	(h) (i)	Healthcare-Services		1,034		799		807
Colony Capital, Inc.,  5.0% Floor, 4/15/23	(i)	Real Estate Investment Trusts		3,110		3,067		3,177
Liberty Interactive LLC,  3.8% Floor, 2/15/30	(i)	Telecommunications		1,162		875		853

See Notes to Unaudited Schedule of Investments. 

14 

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

Portfolio Company(a)	Footnotes		Industry	Principal Amount(b)		Proceeds		Fair Value(c)
Liberty Interactive LLC,  4.0% Floor, 11/15/29		(i)	Telecommunications	$	3,707	$	2,902	$	2,771
Liberty Latin America Ltd.,  2.0% Floor, 7/15/24		(i)	Media Entertainment		5,500		5,628		5,301
Total Convertible Bonds							13,271		12,909

Portfolio Company(a)	Footnotes	Principal Amount(b)		Amortized Cost		Fair Value(c)
Municipal Bonds—1.7%
City of Detroit MI, COPs, 4.8%, 6/15/20	(i) (k) (l)		236		178		202
City of Detroit MI, COPs, 4.9%, 6/15/25	(i) (k) (l)		824		621		707
Puerto Rico Electric Power Authority, Series YY-RSA-1, 6.1%, 7/1/40	(k) (l)		195		122		199
Puerto Rico Electric Power Authority, Series EEE-RSA-1, 6.3%, 7/1/40	(k) (l)		5		3		5
Puerto Rico Electric Power Authority, Series TT, 5.0%, 7/1/20	(i) (k) (l)		5		4		5
Puerto Rico Electric Power Authority, Series DDD-RSA-1, 5.0%, 7/1/19	(i) (k) (l)		10		8		10
Puerto Rico Electric Power Authority, Series UU, 1.0%, 7/1/20	(i) (k) (l) (o)		110		84		100
Puerto Rico Electric Power Authority, Series V V, 5.5%, 7/1/20	(i) (k) (l)		15		12		16
Puerto Rico Electric Power Authority, Series ZZ-RSA-1, 5.3%, 7/1/24	(i) (k) (l)		5		4		5
Puerto Rico Electric Power Authority, 5.0%, 7/1/25	(i) (k) (l)		5		4		5
Puerto Rico Electric Power Authority, 5.0%, 7/1/28	(i) (k) (l)		25		20		26
Puerto Rico Electric Power Authority, 5.3%, 7/1/40	(i) (k) (l)		210		152		218
Puerto Rico Electric Power Authority, Series ZZ-RSA-1, 5.0%, 7/1/17	(i) (k) (l)		15		11		15
Puerto Rico Electric Power Authority, Series UU, 1.0%, 7/1/17	(i) (k) (l) (o)		15		10		14
Puerto Rico Electric Power Authority, Series UU, 1.0%, 7/1/18	(i) (k) (l) (o)		15		10		14
Puerto Rico Electric Power Authority, Series TT, 5.0%, 7/1/23	(i) (k) (l)		25		20		25
Puerto Rico Electric Power Authority, Series TT, 5.0%, 7/1/24	(i) (k) (l)		20		16		20
Puerto Rico Electric Power Authority, Series TT, 5.0%, 7/1/32	(i) (k) (l)		120		94		119
Puerto Rico Electric Power Authority, Series TT, 5.0%, 7/1/37	(i) (k) (l)		150		122		149
Puerto Rico Electric Power Authority, 5.5%, 7/1/21	(i) (k) (l)		45		41		45
Puerto Rico Electric Power Authority, Series ZZ, 5.3%, 7/1/26	(i) (k) (l)		20		16		20
Puerto Rico Electric Power Authority, 10.0%, 7/1/19	(i) (k) (l)		10		8		11
Puerto Rico Electric Power Authority, 10.0%, 7/1/19	(i) (k) (l)		10		8		11
Puerto Rico Electric Power Authority, 5.4%, 1/1/18	(i) (k) (l)		30		23		30
Puerto Rico Electric Power Authority, 5.4%, 7/1/18	(i) (k) (l)		20		16		20
Puerto Rico Electric Power Authority, 5.4%, 1/1/20	(i) (k) (l)		5		4		5
Puerto Rico Electric Power Authority, Series TT, 5.0%, 7/1/25	(i) (k) (l)		80		67		83
Puerto Rico Electric Power Authority, 5.3%, 7/1/33	(i) (k) (l)		465		370		482
Puerto Rico Electric Power Authority, 5.1%, 7/1/42	(i) (k) (l)		15		11		15
Puerto Rico Electric Power Authority, 5.3%, 7/1/27	(i) (k) (l)		145		109		150
Puerto Rico Electric Power Authority, 5.5%, 7/1/38	(i) (k) (l)		15		10		15
Puerto Rico Electric Power Authority, 5.3%, 7/1/27	(i) (k) (l)		30		21		30
Puerto Rico Electric Power Authority, 10.0%, 1/1/21	(i) (k) (l)		69		61		75
Puerto Rico Electric Power Authority, 10.0%, 7/1/21	(i) (k) (l)		69		63		75
Puerto Rico Electric Power Authority, 10.0%, 1/1/22	(i) (k) (l)		18		17		19

See Notes to Unaudited Schedule of Investments. 

15 

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

Portfolio Company(a)	Footnotes	Principal Amount(b)		Amortized Cost		Fair Value(c)
Puerto Rico Electric Power Authority, 10.0%, 7/1/22	(i) (k) (l)	$	18	$	16	$	20
Puerto Rico Electric Power Authority, Series ZZ-RSA-1, 5.3%, 7/1/19	(k) (l)		10		6		10
Puerto Rico Electric Power Authority, Series DDD-RSA-1, 5.0%, 7/1/20	(k) (l)		110		72		113
Puerto Rico Electric Power Authority, Series TT, 5.0%, 7/1/21	(k) (l)		5		3		5
Puerto Rico Electric Power Authority, Series DDD-RSA-1, 5.0%, 7/1/21	(k) (l)		60		39		62
Puerto Rico Electric Power Authority, 5.3%, 7/1/22	(k) (l)		55		35		57
Puerto Rico Electric Power Authority, Series DDD-RSA-1, 3.8%, 7/1/22	(k) (l)		5		3		5
Puerto Rico Electric Power Authority, Series UU-RSA-1, 0.8%, 7/1/25	(k) (l) (o)		25		18		24
Puerto Rico Electric Power Authority, Series ZZ-RSA-1, 5.3%, 7/1/26	(i) (k) (l)		355		274		368
Puerto Rico Electric Power Authority, 5.3%, 7/1/26	(k) (l)		160		104		166
Puerto Rico Electric Power Authority, Series TT, 5.0%, 7/1/27	(i) (k) (l)		35		27		36
Puerto Rico Electric Power Authority, 5.3%, 7/1/27	(k) (l)		325		212		337
Puerto Rico Electric Power Authority, 5.3%, 7/1/28	(i) (k) (l)		30		20		31
Puerto Rico Electric Power Authority, 5.4%, 7/1/28	(i) (k) (l)		1,690		1,269		1,711
Puerto Rico Electric Power Authority, 5.0%, 7/1/29	(i) (k) (l)		440		298		454
Puerto Rico Electric Power Authority, Series EEE-RSA-1, 6.0%, 7/1/30	(k) (l)		25		16		25
Puerto Rico Electric Power Authority, Series UU-RSA-1, 0.8%, 7/1/31	(i) (k) (l) (o)		110		80		106
Puerto Rico Electric Power Authority, Series TT, 5.0%, 7/1/32	(i) (k) (l)		60		46		62
Puerto Rico Electric Power Authority, 5.3%, 7/1/31	(k) (l)		120		78		124
Puerto Rico Electric Power Authority, 6.8%, 7/1/36	(i) (k) (l)		445		330		472
Puerto Rico Electric Power Authority, 5.5%, 7/1/38	(k) (l)		200		127		208
Puerto Rico Electric Power Authority, 5.3%, 7/1/35	(k) (l)		15		10		15
Puerto Rico Electric Power Authority, 7.0%, 7/1/43	(k) (l)		80		53		85
Puerto Rico Electric Power Authority, 5.0%, 7/1/42	(i) (k) (l)		10		7		10
Puerto Rico Electric Power Authority, Series NN, 5.5%, 7/1/20	(i) (k) (l)		30		30		30
Puerto Rico Electric Power Authority, Series ZZ, 5.3%, 7/1/25	(i) (k) (l)		5		4		5
Puerto Rico Highway & Transportation Auth., Series N, 5.3%, 7/1/39	(i) (k) (l)		595		538		585
Total Municipal Bonds					6,055		8,066

Portfolio Company(a)	Footnotes		Industry		Principal Amount(b)		Amortized Cost		Fair Value(c)
Emerging Markets Debt—3.2%
Argentine Republic Government International Bond, 0.8%, 7/9/46		(i)		Sovereign	€	158		68		52
Argentine Republic Government International Bond, 1.5%, 7/9/41		(i)		Sovereign		27		12		9
Argentine Republic Government International Bond, 1.5%, 1/9/38		(i)		Sovereign		23		12		9
Argentine Republic Government International Bond, 0.5%, 7/9/30		(i)		Sovereign	$	967		472		329
Argentine Republic Government International Bond, 1.1%, 7/9/35		(i)		Sovereign		1,263		498		391
Argentine Republic Government International Bond, 2.0%, 1/9/38		(i)		Sovereign		244		121		93
Argentine Republic Government International Bond, 1.1%, 7/9/46				Sovereign		704		323		224

See Notes to Unaudited Schedule of Investments. 

16 

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

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Argentine Republic Government International Bond, 0.1%, 7/9/30	(i)	Sovereign	€	$1,836	$	892	$	651
Ecuador Social Bond Sarl, 0.0%, 1/30/35	(i) (p)	Sovereign	$	862		697		696
Egypt Government International Bond, 5.6%, 4/16/30	(i)	Sovereign	€	560		673		548
Egypt Government International Bond, 4.8%, 4/11/25	(i)	Sovereign		1,904		2,237		2,092
Petroleos Mexicanos, 6.5%, 1/23/27		Oil & Gas	$	102		109		107
Petroleos Mexicanos, 6.8%, 1/23/30		Oil & Gas		6,683		6,909		6,850
Petroleos Mexicanos, 6.5%, 3/13/27		Oil & Gas		2,443		2,524		2,558
Provincia de Buenos Aires/Government Bond, 2.5%, 9/1/37	(i)	Provincial	€	9		4		3
Provincia de Buenos Aires/Government Bond, 3.9%, 9/1/37	(i)	Provincial	$	914		450		392
Provincia de Buenos Aires/Government Bond, 3.5%, 9/1/37		Provincial		1,753		689		605
Provincia de Buenos Aires/Government Bond, 2.9%, 9/1/37		Provincial	€	250		134		106
Provincia de Buenos Aires/Government Bond, 3.5%, 9/1/37	(h) (i)	Provincial	$	28		11		10
Provincia de Buenos Aires/Government Bond, 2.0%, 9/1/37	(i)	Provincial	€	31		12		11
Total Emerging Markets Debt						16,847		15,736

Portfolio Company(a)	Footnotes	Industry	Number of Shares		Cost(b)		Fair Value(c)
Preferred Equity—0.3%
Riverbed Technology, Inc.		Software		134,807		86		84
Verscend Technologies, Inc., 12.3%	(f)	Commercial Services		200		194		207
WESCO International, Inc., 10.6%	(i) (m)	Distribution/Wholesale		36,125		1,117		1,101
Total Preferred Equity						1,397		1,392
Common Equity—1.2%
Aquadrill, LLC	(l)	Oil & Gas		6,967		199		258
ATD New Holdings, Inc.	(l)	Distribution/Wholesale		2,946		54		244
California Resources Corp.	(l)	Oil & Gas		7,871		96		336
California Resources Corp., Warrants	(l)	Oil & Gas		1,064		4		16
Frontier Communications, Inc.	(i) (l)	Telecommunications		19,813		487		528
Hexion Holdings Corp., Class B	(l)	Chemicals		16,059		199		458
Hexion Holdings Corp., Warrants	(l)	Chemicals		19,202		253		552
Noble Corp.	(l)	Oil & Gas		11,726		159		288
Quorum Health Corp.	(f) (l)	Healthcare-Services		48,950		492		487
Quorum Litigation Trust, Initial Funding	(f) (l)	Healthcare-Services		157,000		—		—
Quorum Litigation Trust, Units	(f) (l)	Healthcare-Services		2,399		2		2
Solocal Group	(l)	Internet		492,144		1,566		794
Superior Energy Equity New 144A	(h) (l)	Oil & Gas		1,228		2		56
Superior Energy Equity New Sec 1145	(l)	Oil & Gas		26,438		676		1,203
UTEX Industries Inc.	(l)	Miscellaneous Manufacturing		8,041		240		438
UTEX Industries Inc., Warrants	(f) (l)	Miscellaneous Manufacturing		2,245		2		12
Valaris, Ltd.	(i) (l)	Oil & Gas		551		8		23
Total Common Equity					$	4,439		5,695
TOTAL INVESTMENTS—111.8%					$	539,703	$	538,307
LIABILITIES IN EXCESS OF OTHER ASSETS—(11.8)%(q)								(56,930	)
NET ASSETS—100.0%							$	481,377

See Notes to Unaudited Schedule of Investments. 

17 

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

Shares outstanding at period end (Class A)		790,467
Net asset value per common share at period end (Class A)	$	13.18
Shares outstanding at period end (Class I)		22,074,294
Net asset value per common share at period end (Class I)	$	13.22
Shares outstanding at period end (Class T)		227,218
Net asset value per common share at period end (Class T)	$	13.21
Shares outstanding at period end (Class U)		11,310,147
Net asset value per common share at period end (Class U)	$	13.16
Shares outstanding at period end (Class U-2)		2,069,348
Net asset value per common share at period end (Class U-2)	$	13.24

Reverse Repurchase Agreements—(2.1)%

Security Description	Principal Value(c)			Principal Value Including Accrued Interest
Reverse repurchase agreement dated 12/27/21 with Royal Bank of Canada, 0.7685%, to be repurchased 5/9/22 for $(1,301), collateralized by Advantage Sales & Marketing, Inc., 6.5000% due 11/15/28; (value—$(1,324))	$	(1,151	)	$	(1,152	)
Reverse repurchase agreement dated 12/27/21 with Royal Bank of Canada, 0.7686%, to be repurchased 5/9/22, collateralized by $(727) Advantage Sales & Marketing, Inc., 6.5000% due 11/15/28; (value—$(740))		(643	)		(644	)
Reverse repurchase agreement dated 11/03/21 with Royal Bank of Canada, 0.7685%, to be repurchased 05/2/22, collateralized by $(1,802) Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 6.5000% due 3/15/26 and $(3,329) Altice USA, Inc., 6.5000% due 2/1/29; (value—$(5,526))		(4,609	)		(4,618	)
Reverse repurchase agreement dated 1/06/22 with Royal Bank of Canada, 0.7510%, to be repurchased 2/9/22, collateralized by $(1,903) Ford Motor Credit Co. LLC, 5.1130% due 5/3/29; (value—$(2,061))		(1,785	)		(1,785	)
Reverse repurchase agreement dated 12/03/21 with Royal Bank of Canada, 0.7685%, to be repurchased 2/15/22, collateralized by $(2,287) HCA, Inc., 5.8750% due 5/1/23; (value—$(2,425))		(2,021	)		(2,023	)
Total Reverse Repurchase Agreements	$	(10,209	)	$	(10,222	)

See Notes to Unaudited Schedule of Investments. 

18 

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

Investments Sold Short—(0.3)%

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)			Proceeds			Fair Value(c)
Government Bonds Sold Short—(0.3)%
U.S. Treasury Bond, 1.3%, 5/15/2050		Sovereign	$	(346	)	$	(323	)	$	(282	)
U.S. Treasury Note, 0.6%, 8/15/2030		Sovereign		(196	)		(192	)		(179	)
Bundesrepublik Deutschland Bundesanleihe, 0.3%, 2/15/2027		Sovereign	€	(925	)		(1,084	)		(1,066	)
Total Government Bonds Sold Short							(1,599	)		(1,527	)
Total Investments Sold Short						$	(1,599	)	$	(1,527	)

Forward Foreign Currency Exchange Contracts

Counterparty	Contract Settlement Date	Currency and Amount to be Received		Currency and Amount to be Delivered		Unrealized Appreciation		Unrealized Depreciation
BNP Paribas	6/15/22	EUR	1,704	USD	1,932	$	—	$	10
BNP Paribas	6/15/22	USD	2,770	EUR	2,412		50		—
JPMorgan Chase Bank, N.A.	6/15/22	EUR	2,575	USD	2,923		—		19
JPMorgan Chase Bank, N.A.	6/15/22	EUR	3,402	USD	3,862		—		25
JPMorgan Chase Bank, N.A.	6/15/22	GBP	29	USD	39		—		—
JPMorgan Chase Bank, N.A.	6/15/22	USD	3,884	EUR	3,413		35		—
JPMorgan Chase Bank, N.A.	6/15/22	USD	2,155	EUR	1,903		9		—
JPMorgan Chase Bank, N.A.	6/15/22	USD	2,313	EUR	2,043		9		—
JPMorgan Chase Bank, N.A.	6/15/22	USD	1,568	EUR	1,385		6		—
JPMorgan Chase Bank, N.A.	6/15/22	USD	884	GBP	662		—		6
JPMorgan Chase Bank, N.A.	6/15/22	USD	549	GBP	411		—		4
State Street Bank and Trust Company	6/15/22	EUR	1,881	USD	2,133		—		12
State Street Bank and Trust Company	6/15/22	GBP	36	USD	48		—		—
State Street Bank and Trust Company	6/15/22	USD	841	CHF	773		3		—
State Street Bank and Trust Company	6/15/22	USD	1,501	EUR	1,332		—		1
State Street Bank and Trust Company	6/15/22	USD	967	EUR	851		7		—
State Street Bank and Trust Company	6/15/22	USD	774	EUR	681		6		—
State Street Bank and Trust Company	6/15/22	USD	999	EUR	876		11		—
State Street Bank and Trust Company	6/15/22	USD	948	EUR	838		3		—
State Street Bank and Trust Company	6/15/22	USD	772	EUR	682		3		—
State Street Bank and Trust Company	6/15/22	USD	1,614	EUR	1,426		6		—
State Street Bank and Trust Company	6/15/22	USD	1,326	EUR	1,171		5		—
State Street Bank and Trust Company	6/15/22	USD	663	EUR	586		2		—
State Street Bank and Trust Company	6/15/22	USD	436	EUR	385		2		—
State Street Bank and Trust Company	6/15/22	USD	498	GBP	369		2		—
State Street Bank and Trust Company	6/15/22	USD	647	GBP	488		—		9
State Street Bank and Trust Company	6/15/22	USD	1,080	GBP	809		—		7
State Street Bank and Trust Company	6/15/22	USD	4,441	GBP	3,327		—		30
Total Forward Foreign Currency Exchange Contracts						$	159	$	123

Futures Contracts

Description	Number of Contracts		Position	Expiration   Date	Notional Amount		Unrealized Appreciation		Unrealized Depreciation
Euro-Bund		3	Short	3/8/22		591	$	18	$	—
Long Gilt		9	Short	3/29/22		1,495		32		—
U.S. Treasury 5-Year Note		33	Short	3/31/22		3,975		42		—
U.S. Treasury Note Ultra 10 Year Futures		8	Short	3/22/22		1,174		31		—
Total Short Futures							$	123	$	—

See Notes to Unaudited Schedule of Investments.

19 

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

Interest Rate Swaps

Counterparty	Fund Pays	Fund Receives	Notional Amount	Expiration Date	Periodic Payment Frequency	Fair Value(c)			Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs International	(0.01%)	ESTRON	EUR 931	11/8/31	Annually	$	38		$	38	$	—
Goldman Sachs International	1.06%	3 Month LIBOR	USD 357	9/12/26	Annually		8			8		—
Goldman Sachs International	1.16%	3 Month LIBOR	USD 190	8/19/28	Semi-Annually		6			6		—
Goldman Sachs International	1.37%	3 Month LIBOR	USD 259	9/12/28	Semi-Annually		5			5		—
Goldman Sachs International	1.48%	3 Month LIBOR	USD 137	8/19/31	Semi-Annually		4			4		—
Goldman Sachs International	1.64%	3 Month LIBOR	USD 187	9/12/31	Semi-Annually		2			2		—
Goldman Sachs International	1.90%	3 Month LIBOR	USD 54	8/19/51	Semi-Annually		—			—		—
Goldman Sachs International	1.98%	3 Month LIBOR	USD 75	9/12/51	Semi-Annually		(1	)		—		1
Goldman Sachs International	0.83%	3 Month LIBOR	USD 263	8/19/26	Semi-Annually		9			9		—
Goldman Sachs International	0.80%	12 Month SONIA	GBP 1,158	7/12/31	Annually		80			80		—
Total Interest Rate Swaps						$	151		$	152	$	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 (0.0925%)

3 Month LIBOR

EUR 4,475

USD 5,183

11/5/23

Quarterly

$

166

$

166

$

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR

3 Month LIBOR

EUR 5,365

USD 6,062

12/15/23

Quarterly

27

27

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.0677%)

3 Month LIBOR

EUR 4,618

USD 5,472

7/6/23

Quarterly

283

283

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.92625%)

3 Month LIBOR

EUR 8,280

USD 10,075

1/13/23

Quarterly

774

774

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.07%)

3 Month LIBOR

EUR 1,561

USD 1,842

11/16/22

Quarterly

91

91

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.075%)

3 Month LIBOR

EUR 1,199

USD 1,407

8/13/23

Quarterly

60

60

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.33375%)

3 Month LIBOR

EUR 347

USD 418

1/26/23

Quarterly

29

29

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.33375%)

3 Month LIBOR

EUR 1,209

USD 1,455

1/26/23

Quarterly

100

100

—

See Notes to Unaudited Schedule of Investments.

20 

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

Counterparty

Fund Pays

Fund Receives

Notional Amount of Currency Delivered

Notional Amount of Currency Received

Expiration Date

Periodic Payment Frequency

Fair Value(c)

Unrealized Appreciation

Unrealized Depreciation

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.195%)

3 Month LIBOR

EUR 794

USD 914

10/5/23

Quarterly

$

24

$

24

$

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.2335%)

3 Month LIBOR

EUR 464

USD 541

6/1/23

Quarterly

21

21

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.16375%)

3 Month LIBOR

EUR 4,212

USD 4,909

7/20/23

Quarterly

181

181

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.19%)

3 Month LIBOR

EUR 720

USD 818

8/20/23

Quarterly

11

11

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.1435%)

3 Month LIBOR

EUR 1,977

USD 2,249

12/3/23

Quarterly

32

32

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.0775%)

3 Month LIBOR

EUR 1,472

USD 1,740

10/26/22

Quarterly

85

85

—

JPMorgan Chase Bank, N.A.

3 Month GBP LIBOR plus a spread of 0.01%

3 Month LIBOR

GBP 1,658

USD 2,167

10/29/22

Quarterly

(65

)

—

65

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.0175%)

3 Month LIBOR

GBP 2,228

USD 3,103

3/12/23

Quarterly

128

128

—

JPMorgan Chase Bank, N.A.

3 Month EURIBOR plus a spread of (0.085%)

3 Month LIBOR

EUR 1,744

USD 2,077

3/23/23

Quarterly

119

119

—

Total Cross-Currency Swaps

$

2,066

$

2,131

$

65

Total Return Debt Swaps^(f)

Counterparty

Fund Pays

Fund Receives

Notional Amount

Expiration Date

Periodic Payment Frequency

Premium Paid (Received)

Fair Value(c)

Unrealized Appreciation

Unrealized Depreciation

Bank of America, N.A.

SIFMA Municipal Swap Index plus a spread of 1.45%

Texas Department of Housing and Community Affairs Multifamily Housing Revenue Bonds (Santora Villas Apartments, 5.80%, 5/1/47), Series 2007

USD 619

6/1/24

Monthly

$

—

$

26

$

26

$

—

See Notes to Unaudited Schedule of Investments.

21 

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

Counterparty	Fund Pays	Fund Receives	Notional Amount	Expiration Date	Periodic Payment Frequency	Premium Paid (Received)		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	$	—	$	9		$	9	$	—
Bank of America, N.A.	SIFMA Municipal Swap Index plus a spread of 1.30%	City of Los Angeles Multifamily Housing Revenue Bonds (Windward Preservation Apartments, 5.85%, 10/1/44), Series 2006C	USD 403	6/1/23	Monthly		—		8			8		—
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		—		(1	)		—		1
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		—		(3	)		—		3
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		—		(4	)		—		4

See Notes to Unaudited Schedule of Investments.

22 

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

Counterparty	Fund Pays	Fund Receives	Notional Amount	Expiration Date	Periodic Payment Frequency	Premium Paid (Received)		Fair Value(c)			Unrealized Appreciation		Unrealized Depreciation
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	$	—	$	(4	)	$	—	$	4
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		—		(5	)		—		5
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		—		(6	)		—		6
Bank of America, N.A.	SIFMA Municipal Swap Index plus a spread of 1.45%	California Statewide Communities Development Authority Multifamily Housing Revenue Bonds (Rose of Sharon Senior Homes, 5.85%, 3/1/45) Series 2006PP	USD 273	9/1/23	Monthly		—		(8	)		—		8
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		—		(12	)		—		12

See Notes to Unaudited Schedule of Investments.

23 

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

Counterparty	Fund Pays	Fund Receives	Notional Amount	Expiration Date	Periodic Payment Frequency	Premium Paid (Received)		Fair Value(c)			Unrealized Appreciation		Unrealized Depreciation
Bank of America, N.A.	SIFMA Municipal Swap Index plus a spread of 1.45%	San Antonio Housing Finance Corporation Multifamily Housing Revenue Bonds (Costa Miranda Apartments Project, 6.10%, 10/1/50), Series 2006	USD 601	12/1/23	Monthly	$	—	$	(14	)	$	—	$	14
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		—		(21	)		—		21
Total						$	—	$	(35	)	$	43	$	78

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

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

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

(d) Certain variable rate securities in the Fund’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of January 31, 2022, the one-month, three-month and six-month London Interbank Offered Rate (“LIBOR” or “L”) was 0.11%, 0.31% and 0.54%, respectively, the one-month, three-month and six-month Euro Interbank Offered Rate (“EURIBOR” or “E”) was (0.57)%, (0.55)% and (0.51)%, respectively, the three-month GBP London Interbank Offered Rate (“GBP LIBOR”) was 0.64%, the three month Swiss Franc London Interbank Offered Rate (“CHF LIBOR”) was (0.75)%, the SIFMA Municipal Swap Index was 0.06%, the Sterling Overnight Index Average (“SONIA”) was 0.20%, and the Euro Short-Term Rate Volume Weighted Trimmed Mean Rate (“ESTRON”) was (0.58)%.

(e) Position or portion thereof unsettled as of January 31, 2022.

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

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

(h) Exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Such securities may be deemed liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $296,053, which represents approximately 63.6% of net assets as of January 31, 2022.

(i) Security or portion thereof is pledged as collateral supporting the amounts outstanding under the prime brokerage facility with BNP Paribas Prime Brokerage International, Ltd. (“BNP”). Securities may be rehypothecated from time to time as permitted under Rule 15c-1(a)(1) promulgated under the Securities Exchange Act of 1934, as amended, subject to terms and conditions governing the prime brokerage facility with BNP. As of January 31, 2022, there were no securities rehypothecated by BNP.

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

(k) Security is in default.

(l) Security is non-income producing.

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

(n) GAM FRR2 H Co. is an affiliate of the Fund’s investment sub-adviser (see Notes to Unaudited Schedule of Investments).

(o) 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.

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

See Notes to Unaudited Schedule of Investments.

24 

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

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

(r) Security is reflected in shares.

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

See Notes to Unaudited Schedule of Investments.

25 

FS Credit Income Fund
Notes to Unaudited Schedule of Investments
As of January 31, 2022
(in thousands)

Investment Portfolio

The information contained in this section should be read in conjunction with the Fund’s audited financial statements contained in its annual report for the fiscal year ended October 31, 2021.

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

	Amortized Cost(1)		Fair Value		Percentage of Portfolio
Senior Secured Loans—First Lien	$	77,210	$	77,928		15	%
Senior Secured Loans—Second Lien		4,264		4,327		1	%
Senior Secured Bonds		92,538		91,905		17	%
Unsecured Bonds		212,986		209,801		39	%
Collateralized Loan Obligation (CLO) / Structured Credit		110,696		110,548		21	%
Convertible Bonds		13,271		12,909		2	%
Municipal Bonds		6,055		8,066		1	%
Emerging Markets Debt		16,847		15,736		3	%
Preferred Equity		1,397		1,392		0	%
Common Equity		4,439		5,695		1	%
Total	$	539,703	$	538,307		100	%

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

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

As of January 31, 2022, the Fund did not “control” any of its portfolio companies and was not an “affiliated person” of any of its portfolio companies, each as defined in the 1940 Act.

The Fund’s investment portfolio may contain loans and other unfunded arrangements that are in the form of lines of credit or revolving credit facilities, or other investments, which require the Fund to provide funding when requested by portfolio companies in accordance with the terms of the underlying agreements. As of January 31, 2022, the Fund had unfunded commitments of $899. 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.

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

26 

FS Credit Income Fund
Notes to Unaudited Schedule of Investments (continued)
As of January 31, 2022
(in thousands)

Industry Classification	Fair Value		Percentage of Portfolio
USD CLO	$	71,498		13	%
Oil & Gas		53,846		10	%
Media Entertainment		41,839		8	%
Telecommunications		39,367		7	%
Leisure Time		24,286		5	%
EUR CLO		21,777		4	%
Healthcare-Services		24,393		4	%
Retail		20,371		4	%
Pharmaceuticals		18,185		3	%
Diversified Financial Services		16,906		3	%
Entertainment		15,489		3	%
Electric		15,209		3	%
Real Estate Investment Trusts		13,160		2	%
Food		9,067		2	%
Lodging		8,980		2	%
Chemicals		8,804		2	%
Other		138,130		25	%
Total	$	538,307		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.

As of January 31, 2022, the Fund’s investments and derivatives were categorized as follows in the fair value hierarchy:

Asset Description	Level 1		Level 2		Level 3		Total
Senior Secured Loans—First Lien	$	—	$	68,901	$	9,027	$	77,928
Senior Secured Loans—Second Lien		—		4,327		—		4,327
Senior Secured Bonds		—		91,905		—		91,905
Unsecured Bonds		—		208,964		837		209,801
Collateralized Loan Obligation (CLO) / Structured Credit		—		106,807		3,741		110,548
Convertible Bonds		—		12,909		—		12,909
Municipal Bonds		—		8,066		—		8,066
Emerging Markets Debt		—		15,736		—		15,736
Preferred Equity		1,185		—		207		1,392
Common Equity		3,919		1,275		501		5,695
Total Investments		5,104		518,890		14,313		538,307

27 

FS Credit Income Fund
Notes to Unaudited Schedule of Investments (continued)
As of January 31, 2022
(in thousands)

Forward Foreign Currency Exchange Contracts		—		159			—			159
Short Futures		123		—			—			123
Cross-Currency Swaps		—		2,131			—			2,131
Interest Rate Swaps		—		152			—			152
Total Return Debt Swaps		—		—			43			43
Total	$	5,227	$	521,332		$	14,356		$	540,915
Liability Description
Reverse Repurchase Agreement	$	—	$	(10,209	)	$	—		$	(10,209	)
U.S. Treasury Sold Short		—		(1,527	)		—			(1,527	)
Forward Foreign Currency Exchange Contracts		—		(123	)		—			(123	)
Cross-Currency Swaps		—		(65	)		—			(65	)
Interest Rate Swaps		—		(1	)		—			(1	)
Total Return Debt Swaps		—		—			(78	)		(78	)
Total Liabilities	$	—	$	(11,925	)	$	(78	)	$	(12,003	)

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

	Senior Secured Loans—First Lien			Unsecured Bonds		Collateralized Loan Obligation (CLO)/ Structured Credit			Preferred Equity			Common Equity			Total
Fair value at beginning of period	$	—		$	835	$	6,047		$	209		$	512		$	7,603
Accretion of discount (amortization of premium)		72			—		(1	)		—			—			71
Realized gain (loss)		—			—		(14	)		—			—			(14	)
Net change in unrealized appreciation (depreciation)		9			2		3			(2	)		(11	)		1
Purchases		4,802			—		107			—			—			4,909
Sales		(92	)		—		(3,180	)		—			—			(3,272	)
Net transfers into Level 3(1)		4,236			—		1,059			—			—			5,295
Net transfers out of Level 3(1)		—			—		(280	)		—			—			(280	)
Fair value at end of period	$	9,027		$	837	$	3,741		$	207		$	501		$	14,313
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	$	9		$	2	$	(46	)	$	(2	)	$	(11	)	$	(48	)

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

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

28 

FS Credit Income Fund
Notes to Unaudited Schedule of Investments (continued)
As of January 31, 2022
(in thousands)

Fair value at beginning of period	$	(39	)
Accretion of discount (amortization of premium)		—
Realized gain (loss)		56
Net change in unrealized appreciation (depreciation)		4
Sales and repayments		(56	)
Net transfers in or out of Level 3		—
Fair value at end of period	$	(35	)
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	$	4

29