FS Credit Income Fund

Unaudited Consolidated Schedule of Investments

As of January 31, 2024

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Senior Secured Loans—First Lien—20.1%
ACProducts, Inc., S+425, 0.5% Floor, 5/17/28	(d)	Building Materials	$	3,448	$	3,181	$	2,992
AI Silk Holdco 2 Ltd., E+1025, 1.0% Floor, 5/19/29	(d)(e)	Software	€	1,610		1,691		1,709
American Greetings Corp., S+600, 1.0% Floor, 4/6/28	(d)	Consumer Products	$	1,057		1,029		1,061
AP Core Holdings II LLC, S+550, 0.8% Floor, 9/1/27	(d)	Media Entertainment		7,226		7,108		7,096
Arsenal AIC Parent LLC, S+450, 8/18/30	(d)	Mining		948		945		949
Augusta Sportswear Group, Inc., S+650, 1.0% Floor, 11/21/29	(d)	Retail		2,822		2,766		2,770
Avalara, Inc., S+725, 0.8% Floor, 10/19/28	(d)(e)	Software		4,653		4,556		4,616
Avalara, Inc., S+725, 0.8% Floor, 10/19/28	(d)(e)(f)	Software		465		456		462
Bausch & Lomb Corp., S+325, 0.5% Floor, 5/10/27	(d)	Healthcare-Services		4,561		4,366		4,463
Bausch Health Companies, Inc., S+525, 0.5% Floor, 2/1/27	(d)	Pharmaceuticals		2,995		2,396		2,367
Casper BidCo SAS, E+550, 7/31/26	(d)	Consumer, Cyclical	€	985		1,043		1,073
CD&R Firefly Bidco Ltd., SONIA+600, 6/21/28	(d)	Retail	£	1,405		1,770		1,752
Charlotte Buyer, Inc., S+525, 0.5% Floor, 2/11/28	(d)	Healthcare-Services	$	3,653		3,587		3,662
Cinemark USA, Inc., S+375, 0.5% Floor, 5/24/30	(d)	Leisure Time		1,087		1,072		1,088
Cloud Software Group, Inc., S+450, 0.5% Floor, 3/30/29	(d)	Software		1,157		1,114		1,137
ClubCorp Holdings, Inc., S+500, 9/18/26	(d)	Leisure Time		5,232		5,035		5,177
ClubCorp Holdings, Inc., S+500, 0.8% Floor, 7/27/28	(d)(g)	Technology		314		208		206
Coupa Holdings LLC, S+750, 0.8% Floor, 2/27/30	(d)(e)	Technology		1,339		1,308		1,350
Coupa Holdings LLC, S+750, 0.8% Floor, 2/27/30	(d)(e)(f)	Technology		120		118		120
Coupa Holdings LLC, S+750, 0.8% Floor, 2/27/29	(d)(e)(f)	Technology		92		90		92
Covetrus, Inc., S+500, 0.5% Floor, 10/13/29	(d)	Pharmaceuticals		1,228		1,166		1,228
Crewline Buyer, Inc., S+675, 1.0% Floor, 11/8/30	(d)(e)	Software		2,241		2,187		2,206
Crewline Buyer, Inc., S+675, 1.0% Floor, 11/8/30	(d)(e)(f)	Software		233		228		230
Crown Finance U.S., Inc., S+150, 1.0% Floor, 7/31/28	(d)	Consumer, Cyclical		7,592		7,675		7,694
DirecTV Financing LLC, S+525, 0.8% Floor, 8/2/29	(d)	Media Entertainment		1,660		1,632		1,662
Disco Parent, Inc., S+750, 1.0% Floor, 3/30/29	(d)(e)	Software		5,540		5,416		5,490
Disco Parent, Inc., S+750, 1.0% Floor, 3/30/29	(d)(e)(f)	Software		554		542		549
Discovery Purchaser Corp., S+438, 0.5% Floor, 10/4/29	(d)	Finance		3,585		3,390		3,554
East Valley Tourist Development Authority, S+750, 1.0% Floor, 11/23/26	(d)(e)	Leisure Time		5,491		5,427		5,348
Endo Luxembourg Finance Co. I S.à r.l., P+600, 0.8% Floor, 3/27/28	(d)(m)	Pharmaceuticals		1,853		1,616		1,279
Endure Digital, Inc., S+350, 2/10/26	(d)(e)	Internet		860		764		821
Endure Digital, Inc., S+350, 2/10/26	(d)(e)(f)	Internet		200		200		192
Endure Digital, Inc., S+350, 0.8% Floor, 2/10/28	(d)	Internet		1,349		1,220		1,315
Evanston Hosp Corp., S+1025, 4/29/25	(d)(e)	Healthcare-Services		121		121		121
Garrett Motion, Inc., S+450, 0.5% Floor, 4/30/28	(d)	Automotive		1,550		1,501		1,554
Global Blue Acquisition BV, E+500, 11/22/30	(d)	Finance	€	1,495		1,590		1,624
Gordian Medical, Inc., S+625, 1/31/27	(d)	Healthcare-Services	$	859		850		449
GoTo Group, Inc., S+475, 8/31/27	(d)	Telecommunications		1,369		978		625
Greenway Health LLC, S+600, 0.8% Floor, 4/1/29	(d)	Software		1,057		1,026		1,040
Hanger, Inc., S+625, 1.0% Floor, 10/3/28	(d)(e)	Healthcare-Services		3,042		2,981		3,052
Hexion Holdings Corp., S+450, 0.5% Floor, 3/15/29	(d)	Chemicals		1,275		1,216		1,224
Hilton Grand Vacations Borrower LLC, S+275, 1/17/31	(d)	Lodging		1,390		1,386		1,389
Houghton Mifflin Harcourt Publishing Co., S+525, 0.5% Floor, 4/9/29	(d)	Media Entertainment		3,531		3,448		3,428
Houghton Mifflin Harcourt Publishing Co., S+800, 1.0% Floor, 4/7/28	(d)	Media Entertainment		398		384		405
Jack Ohio Finance LLC, S+475, 0.8% Floor, 10/4/28	(d)	Lodging		1,278		1,274		1,264
Knitwell Borrower LLC, S+800, 1.0% Floor, 7/28/27	(d)(e)	Retail		6,597		6,391		6,524
LBM Acquisition LLC, S+375, 0.8% Floor, 12/17/27	(d)	Retail		1,444		1,296		1,434
LHS Borrower LLC, S+475, 0.5% Floor, 2/16/29	(d)	Building Materials		2,605		2,320		2,442
Lightstone Holdco LLC, S+575, 1.0% Floor, 1/29/27	(d)	Electric		3,940		3,537		3,767
Mallinckrodt International Finance SA, S+950, 4.5% Floor,  11/14/28	(d)(g)	Pharmaceuticals		1,711		1,841		1,841
Neptune Bidco U.S., Inc., S+500, 0.5% Floor, 4/11/29	(d)	Commercial Services		2,320		2,075		2,138

1

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2024

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost			Fair Value(c)
Neptune Bidco U.S., Inc., S+475, 0.5% Floor, 4/11/29	(d)	Commercial Services	$	2,755	$	2,427		$	2,531
Ontario Gaming GTA LP, S+425, 0.5% Floor, 8/1/30	(d)	Gaming		805		797			807
PMHC II, Inc., S+425, 0.5% Floor, 4/23/29	(d)	Chemicals		2,891		2,625			2,765
PT Intermediate Holdings III LLC, S+650, 0.8% Floor, 11/1/28	(d)(f)	Restaurants		313		311			316
PT Intermediate Holdings III LLC, S+650, 0.8% Floor, 11/1/28	(d)	Restaurants		761		752			767
Quorum Health Corp., S+825, 1.0% Floor, 4/29/25	(d)	Healthcare-Services		1,066		1,058			666
Riverbed Technology, Inc., S+450, 7/1/28	(d)	Technology		213		496			146
SCUR-Alpha 1503 GmbH, S+550, 0.5% Floor, 3/29/30	(d)	Services		4,510		4,125			4,233
Signal Parent, Inc., S+350, 0.8% Floor, 4/3/28	(d)	Services		2,340		1,951			2,115
Speed Midco 3 S.à r.l., E+640, 5/16/29	(d)(e)	Services	€	3,920		4,148			4,296
Springs Windows Fashions LLC, S+400, 0.8% Floor, 10/6/28	(d)	Housewares	$	1,136		1,037			1,015
SVF II Finco Cayman LP, 6.0% Fixed, 12/23/25	(d)(e)	Diversified Financial Services		2,776		2,778			2,729
Talen Energy Supply LLC, S+450, 0.5% Floor, 5/17/30	(d)	Electric		1,484		1,462			1,489
Torrid LLC, S+550, 0.8% Floor, 6/14/28	(d)	Retail		2,103		2,089			1,776
US Radiology Specialists, Inc., S+525, 0.5% Floor, 12/15/27	(d)	Healthcare-Services		2,885		2,784			2,879
W.R. Grace & Co.-Conn., S+375, 0.5% Floor, 9/22/28	(d)	Chemicals		1,442		1,429			1,445
Worldwide Express Operations LLC, S+400, 0.8% Floor, 7/26/28	(d)	Transportation		585		552			576
Total Senior Secured Loans—First Lien						140,338			140,582
Unfunded Loan Commitments						(1,945	)		(1,945	)
Net Senior Secured Loans—First Lien						138,393			138,637
Senior Secured Loans—Second Lien—2.9%
Charlotte Buyer, Inc., S+825, 0.5% Floor, 8/11/28	(d)	Healthcare-Services		6,550		6,183			6,550
Hexion Holdings Corp., S+744, 0.5% Floor, 3/15/30	(d)	Chemicals		15,665		13,351			13,464
Mcafee LLC, S+825, 0.8% Floor, 7/27/29	(d)	Computers		555		550			202
Quorum Health Corp., S+1025, 1.0% Floor, 4/29/25	(d)(e)(g)	Healthcare-Services		134		134			134
Total Senior Secured Loans—Second Lien						20,218			20,350
Senior Secured Bonds—17.5%
3R Lux SARL, 9.8%, 2/5/31	(g)(h)	Oil & Gas		1,010		1,004			1,008
Advantage Sales & Marketing, Inc., 6.5%, 11/15/28	(h)(i)	Advertising		1,537		1,306			1,447
Allwyn Entertainment Financing U.K. PLC, 7.3%, 4/30/30	(i)(j)	Entertainment	€	1,030		1,168			1,179
Altice France SA, 5.1%, 1/15/29	(h)(i)	Telecommunications	$	573		469			425
Altice France SA, 5.1%, 7/15/29	(h)(i)	Telecommunications		366		295			268
Altice France SA, 5.5%, 10/15/29	(h)(i)	Telecommunications		3,217		2,442			2,374
American Airlines, Inc. / AAdvantage Loyalty IP Ltd., 5.8%, 4/20/29	(h)(i)	Airlines		2,148		2,070			2,111
Bausch & Lomb Escrow Corp., 8.4%, 10/1/28	(h)(i)	Healthcare-Products		748		745			777
Bausch Health Cos., Inc., 5.8%, 8/15/27	(h)(i)	Pharmaceuticals		472		368			282
Bausch Health Cos., Inc., 6.1%, 2/1/27	(h)(i)	Pharmaceuticals		2,983		2,323			1,890
Bausch Health Cos., Inc., 11.0%, 9/30/28	(h)(i)	Pharmaceuticals		500		407			341
Bausch Health Cos., Inc., 14.0%, 10/15/30	(h)(i)	Pharmaceuticals		125		180			70
Bishopsgate Asset Finance Ltd., 4.8%, 8/14/44	(i)	Diversified Financial Services	£	193		169			174
Borr IHC Ltd. / Borr Finance LLC, 10.0%, 11/15/28	(h)(i)	Oil & Gas	$	1,820		1,879			1,890
Borr IHC Ltd. / Borr Finance LLC, 10.4%, 11/15/30	(h)(i)	Oil & Gas		417		405			434
Calderys Financing LLC, 11.3%, 6/1/28	(h)(i)	Miscellaneous Manufacturing		1,493		1,493			1,589
Cerdia Finanz GmbH, 10.5%, 2/15/27	(h)	Chemicals		506		517			520
Charter Communications Operating LLC / Charter Communications Operating Capital, 4.4%, 12/1/61	(i)	Media Entertainment		381		245			256
Charter Communications Operating LLC / Charter Communications Operating Capital, 5.5%, 4/1/63	(i)	Media Entertainment		812		618			660

2

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2024

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Charter Communications Operating LLC / Charter Communications Operating Capital, 6.5%, 10/23/45	(i)	Media Entertainment	$	684	$	583	$	658
CHS/Community Health Systems, Inc., 6.0%, 1/15/29	(h)(i)	Healthcare-Services		2,315		2,016		2,094
Cloud Software Group, Inc., 6.5%, 3/31/29	(h)(i)(k)	Software		4,032		3,611		3,768
Cloud Software Group, Inc., 9.0%, 9/30/29	(h)(i)(k)	Software		8,059		7,069		7,635
Connect Finco SARL / Connect US Finco LLC, 6.8%, 10/1/26	(h)(i)	Telecommunications		831		785		813
Coronado Finance Pty. Ltd., 10.8%, 5/15/26	(h)(i)	Coal		482		483		507
Digicel International Finance Ltd. / Digicel international Holdings Ltd., 9.0%, 5/25/27		Telecommunications		4,413		4,226		4,136
Directv Financing LLC, 8.9%, 2/1/30	(h)(i)	Media Entertainment		1,060		1,060		1,082
Directv Financing LLC / Directv Financing Co-Obligor, Inc., 5.9%, 8/15/27	(h)(i)(k)	Media Entertainment		5,013		4,458		4,770
DISH DBS Corp., 5.3%, 12/1/26	(h)	Media Entertainment		6,865		5,826		5,419
Diversified Healthcare Trust, 0.0%, 1/15/26	(h)(i)(l)	Real Estate Investment Trusts		3,104		2,567		2,612
Eagle Intermediate Global Holding BV / Eagle U.S. Finance LLC, 7.5%, 5/1/25	(h)	Textiles		1,339		1,307		891
Endo Luxembourg Finance Co. I SARL / Endo U.S., Inc., 6.1%, 4/1/29	(h)(m)	Pharmaceuticals		3,440		3,358		2,262
Evergreen Acqco 1 LP / TVI, Inc., 9.8%, 4/26/28	(h)(i)	Retail		2,778		2,820		2,986
Frontier Communications Holdings LLC, 6.0%, 1/15/30	(h)(i)	Telecommunications		215		175		182
Frontier Communications Holdings LLC, 6.8%, 5/1/29	(h)(i)	Telecommunications		347		291		308
Frontier Communications Holdings LLC, 8.6%, 3/15/31	(h)(i)	Telecommunications		812		783		825
GN Bondco LLC, 9.5%, 10/15/31	(h)(i)	Transportation		468		450		462
GoTo Group, Inc., 5.5%, 9/1/27	(h)	Telecommunications		260		160		107
GrafTech Global Enterprises, Inc., 9.9%, 12/15/28	(h)(i)	Machinery-Diversified		834		815		624
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Escrow, Inc., 6.6%, 1/15/32	(h)	Lodging		248		248		249
Jerrold Finco PLC, 4.9%, 1/15/26	(i)(j)	Diversified Financial Services	£	510		551		630
Jerrold Finco PLC, 5.3%, 1/15/27	(i)(j)	Diversified Financial Services		2,690		3,213		3,196
Latam Airlines Group SA, 13.4%, 10/15/27	(h)(i)	Airlines	$	1,142		1,205		1,280
Latam Airlines Group SA, 13.4%, 10/15/29	(h)(i)	Airlines		1,824		1,973		2,100
LCPR Senior Secured Financing DAC, 5.1%, 7/15/29	(h)(i)(k)	Media Entertainment		2,079		1,681		1,831
LCPR Senior Secured Financing DAC, 6.8%, 10/15/27	(h)(i)	Media Entertainment		1,062		970		1,024
LifePoint Health, Inc., 9.9%, 8/15/30	(h)(i)	Healthcare-Services		260		253		266
LifePoint Health, Inc., 11.0%, 10/15/30	(h)(i)	Healthcare-Services		1,104		1,088		1,176
Lottomatica SpA, 7.1%, 6/1/28	(j)	Entertainment	€	860		932		986
Macy's Retail Holdings LLC, 6.7%, 7/15/34	(h)	Retail	$	1,738		1,449		1,439
Nabors Industries, Inc., 9.1%, 1/31/30	(h)(i)	Oil & Gas		4,097		4,086		4,172
Neptune Bidco U.S., Inc., 9.3%, 4/15/29	(h)(i)	Commercial Services		1,421		1,312		1,358
Newfold Digital Holdings Group, Inc., 11.8%, 10/15/28	(h)(i)(k)	Internet		3,895		3,933		4,215
Olympus Water U.S. Holding Corp., 9.8%, 11/15/28	(h)(i)(k)	Chemicals		5,780		5,819		6,122
Par Pharmaceutical, Inc., 7.5%, 4/1/27	(h)(m)	Pharmaceuticals		1,377		1,428		910
QVC, Inc., 4.4%, 9/1/28	(i)	Retail		731		556		543
QVC, Inc., 5.5%, 8/15/34	(i)	Retail		622		392		413
Seadrill Finance Ltd., 8.4%, 8/1/30	(h)(i)(k)	Oil & Gas		3,651		3,690		3,802
Shelf Drilling Holdings Ltd., 9.6%, 4/15/29	(h)(i)(k)	Oil & Gas		3,426		3,351		3,326
Shelf Drilling North Sea Holdings Ltd., 10.3%, 10/31/25	(h)(i)	Oil & Gas		5,046		5,056		5,046
Solocal Group, 10.8%, 3/15/25 (E+7.0%)	(n)	Internet	€	115		128		26
Solocal Group, Series 8Y, 10.8%, 3/15/25 (E+7.0%)	(n)(r)	Internet		357		318		80
Talen Energy Supply LLC, 8.6%, 6/1/30	(h)(i)(k)	Electric	$	2,711		2,719		2,879
Tendam Brands SAU, 11.4%, 3/31/28 (E+7.5%)	(j)(n)	Retail	€	202		224		222
Tenet Healthcare Corp., 4.9%, 1/1/26	(i)	Healthcare-Services	$	2,951		2,925		2,927
Tenet Healthcare Corp., 6.1%, 6/15/30	(i)	Healthcare-Services		693		693		694
Tenet Healthcare Corp., 6.3%, 2/1/27	(i)	Healthcare-Services		718		689		717
Tenet Healthcare Corp., 6.8%, 5/15/31	(h)(i)	Healthcare-Services		206		192		211

3

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2024

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
TK Elevator Midco GmbH, 4.4%, 7/15/27	(i)(j)	Machinery-Diversified	€	300	$	318	$	317
TMNL Holding BV, 3.8%, 1/15/29	(i)(j)	Telecommunications		825		769		841
TransDigm, Inc., 6.3%, 3/15/26	(h)(k)	Aerospace/Defense	$	1,898		1,891		1,887
UKG, Inc., 6.9%, 2/1/31	(g)(h)	Software		1,282		1,282		1,298
Valaris Ltd., 8.4%, 4/30/30	(h)(i)	Oil & Gas		2,312		2,345		2,372
Venture Global Calcasieu Pass LLC, 3.9%, 11/1/33	(h)(i)	Pipelines		710		584		602
Venture Global Calcasieu Pass LLC, 4.1%, 8/15/31	(h)(i)	Pipelines		1,521		1,305		1,346
WR Grace Holdings LLC, 7.4%, 3/1/31	(h)(i)	Chemicals		445		445		454
Total Senior Secured Bonds						120,959		120,793
Unsecured Bonds—41.4%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 6.5%, 7/15/25	(i)	Diversified Financial Services		1,818		1,843		1,844
AHP Health Partners, Inc., 5.8%, 7/15/29	(h)(i)(k)	Healthcare-Services		3,650		3,271		3,275
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 5.9%, 2/15/28	(h)(i)	Food		564		532		564
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 7.5%, 3/15/26	(h)(i)	Food		471		480		480
Ally Financial, Inc., Series B, 4.7%, 5/15/26 (fixed, converts to FRN on 5/15/26)	(n)(o)	Diversified Financial Services		774		628		630
Alteryx, Inc., 8.8%, 3/15/28	(h)(i)	Software		997		978		1,069
Antero Midstream Partners LP / Antero Midstream Finance Corp., 6.6%, 2/1/32	(h)(i)	Pipelines		1,489		1,489		1,481
Archrock Partners LP / Archrock Partners Finance Corp., 6.3%, 4/1/28	(h)(i)(k)	Oil & Gas		1,732		1,678		1,714
Avient Corp., 7.1%, 8/1/30	(h)(i)	Chemicals		913		913		937
Ball Corp., 5.3%, 7/1/25	(i)(k)	Packaging & Containers		4,102		4,076		4,095
Bank of America Corp., MTN, 1.8%, 2/4/25 (fixed, converts to FRN on 2/4/24)	(i)(k)(n)	Banks		5,607		5,536		5,605
Bank of America Corp., 3.4%, 1/23/26 (fixed, converts to FRN on 1/23/25)	(n)	Banks		3,348		3,280		3,280
Bank of America Corp., MTN, 3.4%, 4/2/26 (fixed, converts to FRN on 4/2/25)	(n)	Banks		1,645		1,606		1,608
Bank of Ireland Group PLC, 7.5%, 5/19/25 (fixed, converts to FRN on 5/19/25)	(i)(j)(n)(o)	Banks	€	1,665		1,671		1,818
Bausch Health Cos., Inc., 5.3%, 1/30/30	(h)(i)	Pharmaceuticals	$	358		126		146
BAWAG Group AG, EMTN, 2.4%, 3/26/29 (fixed, converts to FRN on 3/26/24)	(j)(n)	Banks	€	300		306		323
BAWAG Group AG, 5.0%, 5/14/25 (fixed, converts to FRN on 5/14/25)	(i)(j)(n)(o)	Banks		1,200		1,035		1,142
BellRing Brands, Inc., 7.0%, 3/15/30	(h)(i)(k)	Pharmaceuticals	$	2,581		2,581		2,644
Berkeley Group PLC, 2.5%, 8/11/31	(i)(j)	Home Builders	£	821		727		798
Blackstone Property Partners Europe Holdings SARL, EMTN, 1.6%, 4/20/30	(i)(j)	Real Estate	€	894		731		805
Bombardier, Inc., 6.0%, 2/15/28	(h)(i)	Aerospace/Defense	$	1,105		1,086		1,078
Buckeye Partners LP, 5.6%, 10/15/44	(i)	Pipelines		1,488		1,071		1,148
Buckeye Partners LP, 5.9%, 11/15/43	(i)	Pipelines		2,172		1,716		1,775
Builders FirstSource, Inc., 6.4%, 6/15/32	(h)(i)	Building Materials		930		865		949
C&W Senior Financing DAC, 6.9%, 9/15/27	(h)(i)	Telecommunications		784		712		744
Calpine Corp., 5.0%, 2/1/31	(h)(i)	Electric		938		763		852
Capital One Financial Corp., Series M, 4.0%, 9/1/26 (fixed, converts to FRN on 9/1/26)	(i)(n)(o)	Diversified Financial Services		1,633		1,250		1,419
Capital One Financial Corp., 5.0%, 7/24/26 (fixed, converts to FRN on 7/24/25)	(i)(n)	Diversified Financial Services		937		929		932
Carnival Holdings Bermuda Ltd., 10.4%, 5/1/28	(h)(i)(k)	Leisure Time		4,632		4,977		5,070
Catalent Pharma Solutions, Inc., 3.1%, 2/15/29	(h)	Healthcare-Services		131		112		115
Catalent Pharma Solutions, Inc., 3.5%, 4/1/30	(h)(i)	Healthcare-Services		1,146		984		1,008
CCO Holdings LLC / CCO Holdings Capital Corp., 4.3%, 2/1/31	(h)(i)	Media Entertainment		380		304		322
CCO Holdings LLC / CCO Holdings Capital Corp., 4.5%, 5/1/32	(i)	Media Entertainment		1,990		1,526		1,661

4

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2024

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Chemours Co., 5.8%, 11/15/28	(h)(i)(k)	Chemicals	$	3,479	$	3,147	$	3,286
Cinemark USA, Inc., 5.3%, 7/15/28	(h)(i)(k)	Entertainment		2,867		2,586		2,647
Crocs, Inc., 4.1%, 8/15/31	(h)(i)	Apparel		639		517		545
Crocs, Inc., 4.3%, 3/15/29	(h)(i)	Apparel		671		579		608
CSC Holdings LLC, 4.1%, 12/1/30	(h)(i)	Media Entertainment		1,040		756		752
CSC Holdings LLC, 4.5%, 11/15/31	(h)(i)	Media Entertainment		3,894		2,814		2,798
CSC Holdings LLC, 6.5%, 2/1/29	(h)(i)(k)	Media Entertainment		4,157		3,763		3,538
CSC Holdings LLC, 11.8%, 1/31/29	(h)	Media Entertainment		576		576		585
DaVita, Inc., 4.6%, 6/1/30	(h)(i)(k)	Healthcare-Services		3,442		2,845		3,048
Dealer Tire LLC / DT Issuer LLC, 8.0%, 2/1/28	(h)(i)	Distribution/Wholesale		1,403		1,317		1,391
Deutsche Bank AG, 7.1%, 2/10/34 (fixed, converts to FRN on 11/10/32)	(i)(n)	Banks		827		762		844
Deutsche Bank AG, 10.0%, 12/1/27 (fixed, converts to FRN on 12/1/27)	(i)(j)(n)(o)	Banks	€	400		431		467
DISH DBS Corp., 5.1%, 6/1/29		Media Entertainment	$	901		498		346
DISH DBS Corp., 7.4%, 7/1/28		Media Entertainment		547		333		241
DT Midstream, Inc., 4.1%, 6/15/29	(h)(i)	Pipelines		625		589		575
DT Midstream, Inc., 4.4%, 6/15/31	(h)(i)	Pipelines		1,349		1,313		1,210
Encino Acquisition Partners Holdings LLC, 8.5%, 5/1/28	(h)(i)	Oil & Gas		615		571		611
Energy Transfer LP, Series G, 7.1%, 5/15/30 (fixed, converts to FRN on 5/15/30)	(i)(n)(o)	Pipelines		4,300		3,645		4,167
Energy Transfer LP, Series A, 9.7%, 2/2/24 (L+4.0%)	(i)(n)(o)	Pipelines		3,425		3,217		3,356
EnLink Midstream Partners LP, 5.1%, 4/1/45	(i)	Pipelines		1,642		1,204		1,336
EnLink Midstream Partners LP, 5.5%, 6/1/47	(i)	Pipelines		1,021		804		888
EnLink Midstream Partners LP, 5.6%, 4/1/44	(i)	Pipelines		636		505		565
EnLink Midstream Partners LP, Series C, 9.8%, 2/20/24 (S+4.4%)	(i)(n)(o)	Pipelines		3,659		3,157		3,433
EP Infrastructure AS, 1.8%, 3/2/31	(i)(j)	Gas	€	2,428		1,972		2,086
EPR Properties, 3.6%, 11/15/31	(k)	Real Estate Investment Trusts	$	2,510		1,908		2,101
EPR Properties, 4.5%, 6/1/27	(i)	Real Estate Investment Trusts		531		479		506
EQM Midstream Partners LP, 6.0%, 7/1/25	(h)(k)	Pipelines		2,449		2,436		2,446
First Horizon Corp., 4.0%, 5/26/25	(i)	Banks		3,720		3,616		3,666
Ford Motor Credit Co. LLC, 3.6%, 6/17/31	(i)	Auto Manufacturers		803		660		691
Ford Motor Credit Co. LLC, 4.1%, 8/4/25	(i)	Auto Manufacturers		413		401		404
Ford Motor Credit Co. LLC, 4.3%, 1/9/27	(i)	Auto Manufacturers		222		229		214
Ford Motor Credit Co. LLC, 7.4%, 11/4/27	(i)	Auto Manufacturers		471		471		496
Ford Motor Credit Co. LLC, 7.4%, 3/6/30		Auto Manufacturers		960		971		1,028
Frontier Florida LLC, Series E, 6.9%, 2/1/28	(i)	Telecommunications		1,477		1,417		1,423
Frontier North, Inc., Series G, 6.7%, 2/15/28	(i)	Telecommunications		5,029		4,868		4,831
Gates Global LLC / Gates Corp., 6.3%, 1/15/26	(h)(i)(k)	Miscellaneous Manufacturing		4,810		4,787		4,815
Grifols SA, 3.9%, 10/15/28	(i)(j)	Pharmaceuticals	€	2,474		2,309		2,266
HCA, Inc., 5.4%, 2/1/25	(i)(k)	Healthcare-Services	$	3,597		3,586		3,595
Helix Energy Solutions Group, Inc., 9.8%, 3/1/29	(h)(i)	Oil & Gas		2,435		2,439		2,557
Hess Midstream Operations LP, 4.3%, 2/15/30	(h)(k)	Pipelines		1,020		908		939
Hess Midstream Operations LP, 5.1%, 6/15/28	(h)(i)	Pipelines		202		187		196
Hilton Domestic Operating Co., Inc., 5.4%, 5/1/25	(h)(i)	Lodging		360		360		360
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, Inc., 5.0%, 6/1/29	(h)(i)	Lodging		1,054		905		975
Howard Midstream Energy Partners LLC, 8.9%, 7/15/28	(h)(i)	Pipelines		1,550		1,556		1,629
ING Groep NV, 5.8%, 11/16/26 (fixed, converts to FRN on 11/16/26)	(i)(n)(o)	Banks		1,315		1,194		1,238
Intesa Sanpaolo SpA, 4.2%, 6/1/32 (fixed, converts to FRN on 6/1/31)	(h)(i)(n)	Banks		813		655		674
Intesa Sanpaolo SpA, 5.0%, 6/26/24	(h)(i)	Banks		5,010		4,951		4,979
JPMorgan Chase & Co., 2.0%, 3/13/26 (fixed, converts to FRN on 3/13/25)	(n)	Banks		683		657		658

5

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2024

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Kaiser Aluminum Corp., 4.5%, 6/1/31	(h)(i)	Mining	$	692	$	528	$	592
LBM Acquisition LLC, 6.3%, 1/15/29	(h)(i)	Retail		1,611		1,394		1,464
Life Time, Inc., 8.0%, 4/15/26	(h)(i)(k)	Leisure Time		2,184		2,179		2,189
Lloyds Banking Group PLC, 7.5%, 6/27/24 (fixed, converts to FRN on 6/27/24)	(i)(n)(o)	Banks		1,926		1,862		1,909
Lloyds Banking Group PLC, 7.5%, 9/27/25 (fixed, converts to FRN on 9/27/25)	(i)(n)(o)	Banks		1,230		1,182		1,204
Lloyds Banking Group PLC, 8.5%, 9/27/27 (fixed, converts to FRN on 9/27/27)	(i)(n)(o)	Banks	£	2,464		2,723		3,156
Logicor Financing SARL, EMTN, 0.9%, 1/14/31	(i)(j)	Real Estate	€	948		744		801
Logicor Financing SARL, EMTN, 2.0%, 1/17/34	(i)(j)	Real Estate		1,234		932		1,041
Matador Resources Co., 6.9%, 4/15/28	(h)(i)	Oil & Gas	$	1,285		1,273		1,317
Methanex Corp., 5.7%, 12/1/44	(i)	Chemicals		956		696		806
MGM Resorts International, 4.8%, 10/15/28	(i)	Lodging		1,237		1,154		1,173
MGM Resorts International, 5.8%, 6/15/25	(i)	Lodging		618		616		619
MGM Resorts International, 6.8%, 5/1/25	(i)	Lodging		956		958		959
Mineral Resources Ltd., 8.5%, 5/1/30	(h)(i)	Iron/Steel		585		588		602
Mineral Resources Ltd., 9.3%, 10/1/28	(h)(i)	Iron/Steel		1,556		1,556		1,645
MIWD Holdco II LLC / MIWD Finance Corp., 5.5%, 2/1/30	(h)	Building Materials		3,919		3,291		3,571
Moss Creek Resources Holdings, Inc., 7.5%, 1/15/26	(h)(i)	Oil & Gas		188		178		187
Moss Creek Resources Holdings, Inc., 10.5%, 5/15/27	(h)(i)	Oil & Gas		750		743		772
MPT Operating Partnership LP / MPT Finance Corp., 1.0%, 10/15/26	(i)	Real Estate Investment Trusts	€	2,670		2,251		2,185
MPT Operating Partnership LP / MPT Finance Corp., 3.5%, 3/15/31	(i)	Real Estate Investment Trusts	$	2,224		1,533		1,365
MPT Operating Partnership LP / MPT Finance Corp., 3.7%, 6/5/28	(i)	Real Estate Investment Trusts	£	922		850		789
MPT Operating Partnership LP / MPT Finance Corp., 4.6%, 8/1/29	(i)	Real Estate Investment Trusts	$	3,620		2,765		2,452
MPT Operating Partnership LP / MPT Finance Corp., 5.0%, 10/15/27	(i)	Real Estate Investment Trusts		1,407		1,096		1,066
Nabors Industries Ltd., 7.5%, 1/15/28	(h)(i)	Oil & Gas		1,817		1,649		1,665
Nationstar Mortgage Holdings, Inc., 5.5%, 8/15/28	(h)(i)	Diversified Financial Services		579		520		550
Nationstar Mortgage Holdings, Inc., 7.1%, 2/1/32	(h)	Diversified Financial Services		362		359		359
NatWest Group PLC, 5.1%, 5/12/27 (fixed, converts to FRN on 5/12/27)	(i)(n)(o)	Banks	£	1,750		1,666		2,006
NatWest Group PLC, 8.0%, 8/10/25 (fixed, converts to FRN on 8/10/25)	(i)(n)(o)	Banks	$	4,262		4,163		4,282
Necessity Retail REIT, Inc. / American Finance Operating Partner LP, 4.5%, 9/30/28	(h)(i)	Real Estate Investment Trusts		1,502		1,240		1,272
Newfold Digital Holdings Group, Inc., 6.0%, 2/15/29	(h)(i)	Internet		1,564		1,191		1,184
NFP Corp., 6.9%, 8/15/28	(h)(i)	Diversified Financial Services		1,673		1,479		1,684
Nokia OYJ, 6.6%, 5/15/39	(i)	Telecommunications		1,280		1,238		1,259
Northern Oil & Gas, Inc., 8.1%, 3/1/28	(h)(i)	Oil & Gas		332		330		337
Northern Oil & Gas, Inc., 8.8%, 6/15/31	(h)(i)(k)	Oil & Gas		2,755		2,778		2,883
NOVA Chemicals Corp., 4.3%, 5/15/29	(h)(i)	Chemicals		1,800		1,531		1,518
NOVA Chemicals Corp., 4.9%, 6/1/24	(h)	Chemicals		692		685		689
NOVA Chemicals Corp., 5.3%, 6/1/27	(h)(i)	Chemicals		1,176		1,140		1,095
NRG Energy, Inc., 3.6%, 2/15/31	(h)	Electric		1,955		1,556		1,679
NRG Energy, Inc., 3.9%, 2/15/32	(h)	Electric		1,977		1,553		1,697
NRG Energy, Inc., 5.3%, 6/15/29	(h)(i)	Electric		1,183		1,066		1,135
NRG Energy, Inc., 10.3%, 3/15/28 (fixed, converts to FRN on 3/15/28)	(h)(i)(n)(o)	Electric		6,552		6,368		6,911
Occidental Petroleum Corp., 6.5%, 9/15/36	(i)	Oil & Gas		961		983		1,026
Occidental Petroleum Corp., 6.6%, 3/15/46	(i)	Oil & Gas		138		142		149
Occidental Petroleum Corp., 8.0%, 6/15/39	(i)	Oil & Gas		632		754		739

6

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2024

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Olympus Water U.S. Holding Corp., 5.4%, 10/1/29	(i)(j)	Chemicals	€	326	$	265	$	312
OneMain Finance Corp., 4.0%, 9/15/30	(i)	Diversified Financial Services	$	20		20		17
OneMain Finance Corp., 5.4%, 11/15/29	(i)	Diversified Financial Services		916		804		848
OneMain Finance Corp., 6.6%, 1/15/28	(i)	Diversified Financial Services		667		642		665
Open Text Corp., 3.9%, 12/1/29	(h)(i)	Software		137		112		124
Open Text Holdings, Inc., 4.1%, 12/1/31	(h)(i)	Software		606		487		539
Outfront Media Capital LLC / Outfront Media Capital Corp., 4.3%, 1/15/29	(h)(i)	Advertising		104		84		93
Outfront Media Capital LLC / Outfront Media Capital Corp., 4.6%, 3/15/30	(h)(i)	Advertising		703		586		623
Pediatrix Medical Group, Inc., 5.4%, 2/15/30	(h)(i)	Healthcare-Services		911		784		817
Penn Entertainment, Inc., 4.1%, 7/1/29	(h)(i)	Entertainment		1,701		1,415		1,456
Permian Resources Operating LLC, 9.9%, 7/15/31	(h)(i)	Oil & Gas		1,412		1,446		1,565
Petroleos Mexicanos, EMTN, 3.8%, 2/21/24	(i)(j)	Oil & Gas	€	2,600		2,810		2,806
Petroleos Mexicanos, 6.6%, 6/15/35	(i)	Oil & Gas	$	727		519		548
PetSmart, Inc. / PetSmart Finance Corp., 7.8%, 2/15/29	(h)(i)(k)	Retail		4,160		4,092		4,025
Pike Corp., 8.6%, 1/31/31	(h)(i)	Electric		1,199		1,218		1,270
Plains All American Pipeline LP, Series B, 9.8%, 4/1/24 (S+4.4%)	(i)(n)(o)	Pipelines		502		461		499
Post Holdings, Inc., 5.5%, 12/15/29	(h)(i)	Food		823		777		796
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp., 5.9%, 9/1/31	(h)(i)	Entertainment		908		663		660
Raising Cane's Restaurants LLC, 9.4%, 5/1/29	(h)(i)	Retail		1,358		1,358		1,457
RingCentral, Inc., 8.5%, 8/15/30	(h)(i)(k)	Software		3,223		3,222		3,326
Royal Caribbean Cruises Ltd., 9.3%, 1/15/29	(h)(i)(k)	Leisure Time		3,238		3,312		3,480
SeaWorld Parks & Entertainment, Inc., 5.3%, 8/15/29	(h)(i)	Entertainment		2,288		1,986		2,133
Service Properties Trust, 5.5%, 12/15/27	(i)(k)	Real Estate Investment Trusts		1,500		1,355		1,412
Signal Parent, Inc., 6.1%, 4/1/29	(h)(i)	Commercial Services		1,136		1,126		805
Sirius XM Radio, Inc., 3.9%, 9/1/31	(h)(i)	Media Entertainment		1,799		1,400		1,501
Spectrum Brands, Inc., 5.0%, 10/1/29	(h)(i)	Household Products/Wares		61		56		59
Spectrum Brands, Inc., 5.5%, 7/15/30	(h)(i)	Household Products/Wares		1,446		1,459		1,422
Sprint LLC, 7.1%, 6/15/24	(i)(k)	Telecommunications		3,756		3,772		3,774
Station Casinos LLC, 4.6%, 12/1/31	(h)(i)(k)	Lodging		1,899		1,561		1,706
Sterling Entertainment Enterprises LLC, 10.3%, 1/15/25	(e)	Media Entertainment		813		801		807
Terex Corp., 5.0%, 5/15/29	(h)(i)	Machinery-Construction & Mining		723		675		684
Teva Pharmaceutical Finance Netherlands II BV, 7.9%, 9/15/31	(i)	Pharmaceuticals	€	3,219		3,596		3,948
Thor Industries, Inc., 4.0%, 10/15/29	(h)	Home Builders	$	2,312		1,912		2,049
TI Automotive Finance PLC, 3.8%, 4/15/29	(i)(j)	Auto Parts & Equipment	€	3,055		2,799		3,028
Tidewater, Inc., 10.4%, 7/3/28	(h)	Oil & Gas	$	1,100		1,090		1,171
TransDigm, Inc., 5.5%, 11/15/27	(i)	Aerospace/Defense		946		914		921
TUI Cruises GmbH, 6.5%, 5/15/26	(i)(j)	Leisure Time	€	4,752		5,056		5,110
Uber Technologies, Inc., 8.0%, 11/1/26	(h)(i)	Internet	$	2,134		2,170		2,174
UniCredit SpA, 8.0%, 6/3/24 (fixed, converts to FRN on 6/3/24)	(i)(j)(n)(o)	Banks		1,818		1,790		1,817
Vibrantz Technologies, Inc., 9.0%, 2/15/30	(h)(i)	Chemicals		2,945		2,754		2,448
VICI Properties LP / VICI Note Co., Inc., 4.6%, 6/15/25	(h)(i)	Real Estate Investment Trusts		907		888		894
Victoria's Secret & Co., 4.6%, 7/15/29	(h)(i)(k)	Retail		2,724		2,308		2,306
Viking Cruises Ltd., 7.0%, 2/15/29	(h)(i)(k)	Leisure Time		5,063		4,557		5,059
Viper Energy, Inc., 7.4%, 11/1/31	(h)(i)	Oil & Gas		706		706		731
Vistra Corp., 7.0%, 12/15/26 (fixed, converts to FRN on 12/15/26)	(h)(i)(n)(o)	Electric		972		891		944

7

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2024

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Vistra Corp., 8.0%, 10/15/26 (fixed, converts to FRN on 10/15/26)	(h)(i)(n)(o)	Electric	$	4,925	$	4,859	$	4,915
Vistra Corp., Series C, 8.9%, 1/15/29 (fixed, converts to FRN on 1/15/29)	(g)(h)(n)(o)	Electric		1,231		1,236		1,271
Webster Financial Corp., 4.1%, 3/25/29	(i)	Banks		844		694		798
Wp/ap Telecom Holdings III BV, 5.5%, 1/15/30	(i)(j)	Telecommunications	€	3,053		2,714		3,023
WR Grace Holdings LLC, 5.6%, 8/15/29	(h)(i)	Chemicals	$	1,573		1,332		1,388
XPO, Inc., 7.1%, 2/1/32	(h)(i)(k)	Transportation		1,090		1,090		1,112
ZoomInfo Technologies LLC / ZoomInfo Finance Corp., 3.9%, 2/1/29	(h)(i)	Software		1,124		965		1,000
Total Unsecured Bonds						276,705		285,660
Collateralized Loan Obligation (CLO) / Structured Credit—29.5%
37 Capital CLO 1 Ltd., Series 2021-1A, Class D, ABS, S+3.8%, 9.1%, 10/15/34	(h)(n)	USD CLO		655		620		639
Accunia European CLO II DAC, Series 2X, Class D, ABS, E+3.0%, 6.9%, 10/15/30	(j)(n)	EUR CLO	€	670		663		727
Accunia European CLO III DAC, Series 3X, Class D, ABS, E+3.1%, 7.0%, 1/20/31	(j)(n)	EUR CLO		240		274		255
Alba PLC, Series 2007-1, Class C, CMO, SONIA+0.4%, 5.6%, 3/17/39	(j)(n)	GBP CLO	£	490		531		576
Alinea CLO Ltd., Series 2018-1A, Class D, ABS, S+3.4%, 8.7%, 7/20/31	(h)(n)	USD CLO	$	595		585		592
Allegro CLO IV Ltd., Series 2016-1X, Class DR, ABS, S+4.1%, 9.4%, 1/15/30	(j)(n)	USD CLO		470		461		470
Allegro CLO V Ltd., Series 2017-1A, Class BR, ABS, S+1.7%, 7.0%, 10/16/30	(h)(n)	USD CLO		250		242		250
ALME Loan Funding III DAC, Series 3X, Class DRRE, ABS, E+2.8%, 6.7%, 4/15/32	(j)(n)	EUR CLO	€	450		441		485
ALME Loan Funding V DAC, Series 5A, Class DR, ABS, E+3.1%, 7.0%, 7/15/31	(h)(n)	EUR CLO		256		256		276
ALME Loan Funding V DAC, Series 5X, Class ER, ABS, E+5.4%, 9.4%, 7/15/31	(j)(n)	EUR CLO		220		215		238
AMMC CLO XIII Ltd., Series 2013-13A, Class B1LR, ABS, S+3.9%, 9.2%, 7/24/29	(h)(n)	USD CLO	$	540		515		541
Anchorage Capital CLO 20 Ltd., Series 2021-20A, Class D, ABS, S+3.9%, 9.2%, 1/20/35	(h)(n)	USD CLO		455		423		449
Anchorage Capital CLO 4-R Ltd., Series 2014-4RA, Class C, ABS, S+2.1%, 7.4%, 1/28/31	(h)(i)(k)(n)	USD CLO		855		821		847
Anchorage Capital CLO 4-R Ltd., Series 2014-4RA, Class D, ABS, S+2.9%, 8.2%, 1/28/31	(h)(n)	USD CLO		250		241		246
Anchorage Capital CLO 8 Ltd., Series 2016-8A, Class DR2, ABS, S+3.9%, 9.2%, 10/27/34	(h)(n)	USD CLO		250		228		248
Anchorage Capital Europe CLO 2 DAC, Series 2X, Class CR, ABS, E+2.4%, 6.3%, 4/15/34	(j)(n)	EUR CLO	€	410		376		437
Anchorage Capital Europe CLO 3 DAC, Series 3X, Class D, ABS, E+3.8%, 7.7%, 7/15/32	(j)(n)	EUR CLO		745		795		805
Anchorage Credit Funding 10 Ltd., Series 2020-10A, Class EV, ABS, 7.1%, 4/25/38	(h)	USD CLO	$	250		235		221
Anchorage Credit Funding 12 Ltd., Series 2020-12A, Class D, ABS, 5.9%, 10/25/38	(h)	USD CLO		295		295		269
Anchorage Credit Funding 2 Ltd., Series 2015-2A, Class ERV, ABS, 7.0%, 4/25/38	(h)	USD CLO		250		233		219
Anchorage Credit Funding 3 Ltd., Series 2016-3A, Class DR, ABS, 5.8%, 1/28/39	(h)	USD CLO		250		250		228
Anchorage Credit Funding 3 Ltd., Series 2016-3A, Class ER, ABS, 7.2%, 1/28/39	(h)	USD CLO		410		388		358
Anchorage Credit Funding 6 Ltd., Series 2018-6A, Class E, ABS, 6.9%, 7/25/36	(h)	USD CLO		570		548		518
Apex Credit CLO Ltd., Series 2018-1A, Class C, ABS, S+2.2%, 7.5%, 4/25/31	(h)(n)	USD CLO		1,375		1,322		1,347
Apidos CLO XXVIII Ltd., Series 2017-28A, Class C, ABS, S+2.8%, 8.1%, 1/20/31	(h)(n)	USD CLO		835		811		820

8

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2024

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Aqueduct European CLO DAC, Series 2019-4X, Class CR, ABS, E+2.0%, 5.9%, 7/15/32	(j)(n)	EUR CLO	€	525	$	526	$	552
Arbour CLO VII DAC, Series 7A, Class B2E, ABS, E+1.8%, 5.6%, 3/15/33	(h)(n)	EUR CLO		250		239		269
ARES European CLO IX DAC, Series 9X, Class D, ABS, E+2.4%, 6.3%, 10/14/30	(j)(n)	EUR CLO		520		556		545
ARES European CLO IX DAC, Series 9X, Class E, ABS, E+4.4%, 8.3%, 10/14/30	(j)(n)	EUR CLO		290		321		299
ARES European CLO VI DAC, Series 2013-6X, Class ER, ABS, E+5.3%, 9.2%, 4/15/30	(j)(n)	EUR CLO		340		385		366
ARES European CLO X DAC, Series 10X, Class CR, ABS, E+1.9%, 5.8%, 10/15/31	(j)(n)	EUR CLO		795		814		844
ARES European CLO XII DAC, Series 12X, Class DR, ABS, E+3.0%, 7.0%, 4/20/32	(j)(n)	EUR CLO		290		304		307
ARES XL CLO Ltd., Series 2016-40A, Class BRR, ABS, S+2.1%, 7.4%, 1/15/29	(h)(n)	USD CLO	$	350		336		351
ARES XLIX CLO Ltd., Series 2018-49A, Class D, ABS, S+3.3%, 8.6%, 7/22/30	(h)(n)	USD CLO		250		246		244
ARES XXXVII CLO Ltd., Series 2015-4A, Class BR, ABS, S+2.1%, 7.4%, 10/15/30	(h)(n)	USD CLO		250		246		248
ARES XXXVII CLO Ltd., Series 2015-4A, Class CR, ABS, S+2.9%, 8.2%, 10/15/30	(h)(n)	USD CLO		2,070		2,007		2,034
ARES XXXVR CLO Ltd., Series 2015-35RA, Class D, ABS, S+3.3%, 8.6%, 7/15/30	(h)(n)	USD CLO		250		250		247
Armada Euro CLO III DAC, Series 3A, Class DR, ABS, E+3.3%, 7.2%, 7/15/31	(h)(n)	EUR CLO	€	880		860		947
Atrium IX, Series 9A, Class CR2, ABS, S+2.3%, 7.6%, 5/28/30	(h)(i)(k)(n)	USD CLO	$	2,520		2,412		2,511
Atrium IX, Series 9A, Class DR, ABS, S+3.9%, 9.2%, 5/28/30	(h)(n)	USD CLO		1,195		1,180		1,183
Atrium XIII, Series 13A, Class C, ABS, S+2.1%, 7.4%, 11/21/30	(h)(n)	USD CLO		430		417		428
Atrium XIV LLC, Series 14A, Class D, ABS, S+3.2%, 8.5%, 8/23/30	(h)(n)	USD CLO		250		239		250
Aurium CLO III DAC, Series 3X, Class D, ABS, E+3.1%, 7.0%, 4/16/30	(j)(n)	EUR CLO	€	300		318		318
Aurium CLO IV DAC, Series 4X, Class D, ABS, E+2.3%, 6.2%, 1/16/31	(j)(n)	EUR CLO		305		306		311
Aurium CLO VII DAC, Series 7X, Class D, ABS, E+3.1%, 7.1%, 5/15/34	(j)(n)	EUR CLO		380		395		401
Avoca Capital CLO X Ltd., Series 10X, Class DRR, ABS, E+3.1%, 7.0%, 4/15/35	(j)(n)	EUR CLO		1,130		1,128		1,191
Avoca CLO XI DAC, Series 11X, Class DR, ABS, E+3.1%, 7.0%, 7/15/30	(j)(n)	EUR CLO		490		498		530
Avoca CLO XI DAC, Series 11X, Class ER, ABS, E+5.0%, 8.9%, 7/15/30	(j)(n)	EUR CLO		210		227		227
Avoca CLO XIII DAC, Series 13X, Class ERR, ABS, E+6.2%, 10.2%, 4/15/34	(j)(n)	EUR CLO		240		231		254
Avoca CLO XIX DAC, Series 19X, Class D, ABS, E+3.2%, 7.1%, 10/15/31	(j)(n)	EUR CLO		840		865		895
Avoca CLO XV DAC, Series 15X, Class ER, ABS, E+4.1%, 8.1%, 4/15/31	(j)(n)	EUR CLO		360		389		366
Avoca CLO XVII DAC, Series 17X, Class CRR, ABS, E+2.2%, 6.1%, 10/15/32	(j)(n)	EUR CLO		860		890		911
Avoca CLO XVIII DAC, Series 18X, Class E, ABS, E+4.6%, 8.5%, 4/15/31	(j)(n)	EUR CLO		195		216		210
Avoca CLO XXII DAC, Series 22A, Class D, ABS, E+2.9%, 6.8%, 4/15/35	(h)(n)	EUR CLO		360		321		375
Avoca CLO XXIII DAC, Series 23X, Class B1, ABS, E+1.5%, 5.4%, 4/15/34	(j)(n)	EUR CLO		455		438		485
Avoca CLO XXIII DAC, Series 23X, Class D, ABS, E+3.1%, 7.0%, 4/15/34	(j)(n)	EUR CLO		285		274		304

9

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2024

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Avoca CLO XXIV DAC, Series 24X, Class DR, ABS, E+3.0%, 6.9%, 7/15/34	(j)(n)	EUR CLO	€	165	$	164	$	171
Avoca CLO XXVI DAC, Series 26X, Class B1, ABS, E+1.8%, 5.7%, 4/15/35	(j)(n)	EUR CLO		355		380		379
Bain Capital Euro CLO DAC, Series 2018-2X, Class D, ABS, E+3.2%, 7.2%, 1/20/32	(j)(n)	EUR CLO		370		360		390
Bain Capital Euro CLO DAC, Series 2021-2X, Class D, ABS, E+3.4%, 7.3%, 7/17/34	(j)(n)	EUR CLO		355		374		367
Barings Euro CLO DAC, Series 2018-1X, Class D, ABS, E+2.3%, 6.2%, 4/15/31	(j)(n)	EUR CLO		190		197		199
Barings Euro CLO DAC, Series 2019-1X, Class CR, ABS, E+3.0%, 6.9%, 10/15/34	(j)(n)	EUR CLO		245		251		262
Barings Euro CLO DAC, Series 2018-2X, Class D, ABS, E+3.2%, 7.1%, 10/15/31	(j)(n)	EUR CLO		920		1,080		978
Barings Euro CLO DAC, Series 2018-3A, Class DE, ABS, E+3.7%, 7.6%, 7/27/31	(h)(n)	EUR CLO		480		525		503
Benefit Street Partners CLO XII Ltd., Series 2017-12A, Class B, ABS, S+2.3%, 7.6%, 10/15/30	(h)(n)	USD CLO	$	400		386		400
Betony CLO 2 Ltd., Series 2018-1A, Class C, ABS, S+3.2%, 8.5%, 4/30/31	(h)(n)	USD CLO		250		234		248
Bilbao CLO I DAC, Series 1X, Class B, ABS, E+1.7%, 5.7%, 7/20/31	(j)(n)	EUR CLO	€	515		527		547
Bilbao CLO I DAC, Series 1X, Class C, ABS, E+2.6%, 6.5%, 7/20/31	(j)(n)	EUR CLO		550		567		588
Bilbao CLO II DAC, Series 2X, Class A2AR, ABS, E+1.6%, 5.6%, 8/20/35	(j)(n)	EUR CLO		465		423		494
Bilbao CLO II DAC, Series 2X, Class BR, ABS, E+2.1%, 6.1%, 8/20/35	(j)(n)	EUR CLO		495		516		516
Bilbao CLO III DAC, Series 3X, Class BR, ABS, E+2.0%, 6.0%, 5/17/34	(j)(n)	EUR CLO		490		509		509
Birch Grove CLO 2 Ltd., Series 2021-2A, Class D2, ABS, S+5.2%, 10.5%, 10/19/34	(h)(n)	USD CLO	$	605		599		595
Birch Grove CLO 3 Ltd., Series 2021-3A, Class D2, ABS, S+5.4%, 10.7%, 1/19/35	(h)(n)	USD CLO		885		876		867
Black Diamond CLO DAC, Series 2017-2X, Class CNE, ABS, E+2.0%, 5.9%, 1/20/32	(j)(n)	EUR CLO	€	590		609		634
Black Diamond CLO Ltd., Series 2017-1A, Class C, ABS, S+4.2%, 9.5%, 4/24/29	(h)(n)	USD CLO	$	590		581		591
BlackRock European CLO 1 DAC, Series 1X, Class DR, ABS, E+2.3%, 6.2%, 3/15/31	(j)(n)	EUR CLO	€	300		299		312
BlackRock European CLO IV DAC, Series 4X, Class D, ABS, E+2.7%, 6.6%, 7/15/30	(j)(n)	EUR CLO		900		939		939
BlackRock European CLO X DAC, Series 10X, Class B1R, ABS, E+1.8%, 5.7%, 10/15/34	(j)(n)	EUR CLO		260		267		278
BlueMountain CLO Ltd., Series 2015-4A, Class CR, ABS, S+2.2%, 7.5%, 4/20/30	(h)(n)	USD CLO	$	1,080		1,057		1,070
BlueMountain CLO Ltd., Series 2018-1A, Class C, ABS, S+2.3%, 7.6%, 7/30/30	(h)(n)	USD CLO		250		243		247
BlueMountain Fuji EUR CLO V DAC, Series 5X, Class C, ABS, E+2.5%, 6.4%, 1/15/33	(j)(n)	EUR CLO	€	865		868		926
BlueMountain Fuji EUR CLO V DAC, Series 5X, Class D, ABS, E+3.9%, 7.8%, 1/15/33	(j)(n)	EUR CLO		160		163		175
BlueMountain Fuji U.S. CLO III Ltd., Series 2017-3A, Class D, ABS, S+2.7%, 8.0%, 1/15/30	(h)(n)	USD CLO	$	250		240		241
BNPP AM Euro CLO DAC, Series 2017-1X, Class B, ABS, E+1.6%, 5.5%, 10/15/31	(j)(n)	EUR CLO	€	380		395		405
Bosphorus CLO V DAC, Series 5A, Class DE, ABS, E+4.8%, 8.6%, 12/12/32	(h)(n)	EUR CLO		320		354		346
BRAVO Residential Funding Trust, Series 2024-NQM1, Class B1, ABS, 8.0%, 12/1/63	(h)	USD CLO	$	511		511		513
BRAVO Residential Funding Trust, Series 2024-NQM1, Class B2, ABS, 8.2%, 12/1/63	(h)(n)	USD CLO		220		210		211

10

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2024

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Bridgepoint CLO 2 DAC, Series 2X, Class C, ABS, E+2.0%, 5.9%, 4/15/35	(j)(n)	EUR CLO	€	300	$	294	$	313
Bridgepoint CLO 2 DAC, Series 2X, Class D, ABS, E+3.0%, 6.9%, 4/15/35	(j)(n)	EUR CLO		310		309		324
Bridgepoint CLO 3 DAC, Series 3X, Class D, ABS, E+3.4%, 7.3%, 1/15/36	(j)(n)	EUR CLO		290		293		306
Buttermilk Park CLO Ltd., Series 2018-1A, Class C, ABS, S+2.4%, 7.7%, 10/15/31	(h)(n)	USD CLO	$	250		241		250
BX Trust, Series 2019-OC11, Class E, 4.1%, 12/9/41	(h)(n)	Commercial MBS		1,130		935		980
BX Trust, Series 2021-ARIA, Class D, S+2.0%, 7.3%, 10/15/36	(h)(n)	Commercial MBS		765		730		751
BX Trust, Series 2021-ARIA, Class E, S+2.4%, 7.7%, 10/15/36	(h)(n)	Commercial MBS		855		810		836
BX Trust, Series 2021-ARIA, Class F, S+2.7%, 8.0%, 10/15/36	(h)(n)	Commercial MBS		2,070		1,947		2,019
BX Trust, Series 2018-BILT, Class E, S+2.7%, 8.1%, 5/15/30	(h)(n)	Commercial MBS		1,130		1,115		1,127
Cairn CLO IX DAC, Series 2018-9X, Class C, ABS, E+1.5%, 5.4%, 4/25/32	(j)(n)	EUR CLO	€	415		397		438
Cairn CLO VII DAC, Series 2016-7X, Class E, ABS, E+6.4%, 10.3%, 1/31/30	(j)(n)	EUR CLO		440		487		476
Cairn CLO XI DAC, Series 2019-11X, Class D, ABS, E+4.2%, 8.1%, 7/15/32	(j)(n)	EUR CLO		625		683		673
Cairn CLO XIV DAC, Series 2021-14A, Class B1, ABS, E+1.7%, 5.6%, 10/29/34	(h)(n)	EUR CLO		250		241		267
Cairn CLO XIV DAC, Series 2021-14X, Class C, ABS, E+2.1%, 6.0%, 10/29/34	(j)(n)	EUR CLO		320		334		332
Cairn CLO XV DAC, Series 2022-15X, Class B1, ABS, E+1.8%, 5.7%, 4/15/36	(j)(n)	EUR CLO		410		360		436
Canyon Capital CLO Ltd., Series 2014-1A, Class BR, ABS, S+2.1%, 7.4%, 1/30/31	(h)(n)	USD CLO	$	665		634		653
Canyon Capital CLO Ltd., Series 2016-2A, Class CR, ABS, S+2.5%, 7.8%, 10/15/31	(h)(n)	USD CLO		285		281		284
Canyon Capital CLO Ltd., Series 2017-1A, Class DR, ABS, S+3.3%, 8.6%, 7/15/30	(h)(n)	USD CLO		1,090		1,070		1,078
Canyon Capital CLO Ltd., Series 2012-1RA, Class D, ABS, S+3.3%, 8.6%, 7/15/30	(h)(n)	USD CLO		795		782		791
Capital Four CLO I DAC, Series 1X, Class C, ABS, E+2.6%, 6.5%, 1/15/33	(j)(n)	EUR CLO	€	440		476		469
Capital Four CLO II DAC, Series 2X, Class C, ABS, E+2.7%, 6.6%, 1/15/34	(j)(n)	EUR CLO		290		265		315
Capital Four CLO III DAC, Series 3X, Class B1, ABS, E+1.8%, 5.7%, 10/15/34	(j)(n)	EUR CLO		545		493		582
Carbone CLO Ltd., Series 2017-1A, Class B, ABS, S+2.1%, 7.4%, 1/20/31	(h)(n)	USD CLO	$	545		514		542
Carlyle Euro CLO DAC, Series 2017-3X, Class C, ABS, E+2.5%, 6.4%, 1/15/31	(j)(n)	EUR CLO	€	160		159		164
Carlyle Global Market Strategies CLO Ltd., Series 2013-1A, Class CR, ABS, S+3.6%, 9.0%, 8/14/30	(h)(n)	USD CLO	$	435		419		434
Carlyle Global Market Strategies Euro CLO DAC, Series 2016-2X, Class BRR, ABS, E+2.4%, 6.3%, 4/15/34	(j)(n)	EUR CLO	€	525		565		555
Carlyle Global Market Strategies Euro CLO DAC, Series 2015-3X, Class C1RE, ABS, E+2.6%, 6.5%, 7/15/30	(j)(n)	EUR CLO		275		323		289
Carlyle Global Market Strategies Euro CLO DAC, Series 2020-1X, Class D, ABS, E+5.4%, 9.4%, 4/15/33	(j)(n)	EUR CLO		250		291		242
Carlyle U.S. CLO Ltd., Series 2017-5A, Class B, ABS, S+2.1%, 7.4%, 1/20/30	(h)(n)	USD CLO	$	440		411		437
Carlyle U.S. CLO Ltd., Series 2017-4A, Class C, ABS, S+3.1%, 8.4%, 1/15/30	(h)(n)	USD CLO		250		235		248
CarVal CLO VC Ltd., Series 2021-2A, Class C, ABS, S+2.5%, 7.8%, 10/15/34	(h)(n)	USD CLO		355		334		353
Catalyst Healthcare Manchester Financing PLC, Series AMBC, 2.4%, 9/30/40	(i)	Healthcare-Services	£	237		601		569

11

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2024

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Catamaran CLO Ltd., Series 2014-1A, Class CR, ABS, S+3.7%, 9.0%, 4/22/30	(h)(n)	USD CLO	$	250	$	244	$	241
Cedar Funding VII CLO Ltd., Series 2018-7A, Class C, ABS, S+2.0%, 7.3%, 1/20/31	(h)(n)	USD CLO		395		387		391
Cedar Funding VII CLO Ltd., Series 2018-7A, Class D, ABS, S+2.8%, 8.1%, 1/20/31	(h)(n)	USD CLO		250		237		246
CIFC European Funding CLO III DAC, Series 3X, Class D, ABS, E+3.6%, 7.5%, 1/15/34	(j)(n)	EUR CLO	€	355		355		383
CIFC European Funding CLO IV DAC, Series 4X, Class D, ABS, E+3.1%, 7.0%, 8/18/35	(j)(n)	EUR CLO		280		247		295
CIFC European Funding CLO V DAC, Series 5X, Class D, ABS, E+3.2%, 7.1%, 11/23/34	(j)(n)	EUR CLO		520		472		551
CIFC Funding Ltd., Series 2017-2X, Class CR, ABS, S+2.1%, 7.4%, 4/20/30	(j)(n)	USD CLO	$	250		233		249
CIFC Funding Ltd., Series 2013-4A, Class DRR, ABS, S+3.1%, 8.4%, 4/27/31	(h)(n)	USD CLO		605		569		599
CIFC Funding Ltd., Series 2018-2A, Class C, ABS, S+3.1%, 8.4%, 4/20/31	(h)(n)	USD CLO		325		304		323
Clover CLO LLC, Series 2021-2A, Class C, ABS, S+2.3%, 7.6%, 7/20/34	(h)(n)	USD CLO		625		610		619
Clover Credit Partners CLO III Ltd., Series 2017-1A, Class D, ABS, S+4.0%, 9.3%, 10/15/29	(h)(n)	USD CLO		1,710		1,691		1,711
Contego CLO V DAC, Series 5X, Class D, ABS, E+2.7%, 6.6%, 1/15/31	(j)(n)	EUR CLO	€	275		277		289
CVC Cordatus Loan Fund III DAC, Series 3X, Class DRR, ABS, E+2.6%, 6.6%, 8/15/32	(j)(n)	EUR CLO		850		840		912
CVC Cordatus Loan Fund VII DAC, Series 7X, Class DRR, ABS, E+2.9%, 6.7%, 9/15/31	(j)(n)	EUR CLO		285		262		299
CVC Cordatus Loan Fund X DAC, Series 10X, Class C, ABS, E+1.6%, 5.5%, 1/27/31	(j)(n)	EUR CLO		200		206		210
CVC Cordatus Loan Fund X DAC, Series 10X, Class D, ABS, E+2.5%, 6.4%, 1/27/31	(j)(n)	EUR CLO		190		207		200
CVC Cordatus Loan Fund XI DAC, Series 11X, Class CR, ABS, E+1.9%, 5.8%, 10/15/31	(j)(n)	EUR CLO		420		433		445
CVC Cordatus Loan Fund XVI DAC, Series 16X, Class D, ABS, E+4.2%, 8.0%, 6/17/32	(j)(n)	EUR CLO		165		166		179
CVC Cordatus Loan Fund XVIII DAC, Series 18X, Class CR, ABS, E+2.2%, 6.1%, 7/29/34	(j)(n)	EUR CLO		310		319		326
CVC Cordatus Loan Fund XXII DAC, Series 22X, Class D, ABS, E+3.2%, 7.0%, 12/15/34	(j)(n)	EUR CLO		475		455		496
Dartry Park CLO DAC, Series 1X, Class BRR, ABS, E+2.3%, 6.2%, 1/28/34	(j)(n)	EUR CLO		355		338		377
Dewolf Park CLO Ltd., Series 2017-1A, Class DR, ABS, S+3.1%, 8.4%, 10/15/30	(h)(n)	USD CLO	$	1,065		1,043		1,060
Diamond CLO Ltd., Series 2019-1A, Class E, ABS, S+8.3%, 13.6%, 4/25/29	(h)(n)	USD CLO		805		805		805
Dryden 41 Senior Loan Fund, Series 2015-41A, Class CR, ABS, S+2.0%, 7.3%, 4/15/31	(h)(n)	USD CLO		250		241		248
Dryden 59 Euro CLO DAC, Series 2017-59X, Class D1, ABS, E+2.4%, 6.4%, 5/15/32	(j)(n)	EUR CLO	€	365		392		377
Dryden XXVI Senior Loan Fund, Series 2013-26A, Class CR, ABS, S+2.1%, 7.4%, 4/15/29	(h)(n)	USD CLO	$	350		338		350
Dryden XXVIII Senior Loan Fund, Series 2013-28A, Class B1LR, ABS, S+3.4%, 8.8%, 8/15/30	(h)(n)	USD CLO		435		421		432
Eaton Vance CLO Ltd., Series 2014-1RA, Class C, ABS, S+2.4%, 7.7%, 7/15/30	(h)(n)	USD CLO		325		319		324
Eaton Vance CLO Ltd., Series 2014-1RA, Class D, ABS, S+3.3%, 8.6%, 7/15/30	(h)(n)	USD CLO		250		238		247
Elevation CLO Ltd., Series 2018-3A, Class CR, ABS, S+2.7%, 8.1%, 1/25/35	(h)(n)	USD CLO		500		489		495
Elevation CLO Ltd., Series 2021-14A, Class D2, ABS, S+5.3%, 10.6%, 10/20/34	(h)(n)	USD CLO		630		622		602

12

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2024

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Ellington CLO I Ltd., Series 2017-1A, Class DR, ABS, S+3.6%, 8.9%, 10/15/29	(h)(n)	USD CLO	$	410	$	400	$	397
Ellington CLO II Ltd., Series 2017-2A, Class D, ABS, S+3.9%, 9.3%, 2/15/29	(h)(n)	USD CLO		500		488		495
Ellington CLO IV Ltd., Series 2019-4A, Class D1, ABS, S+5.8%, 11.1%, 4/15/29	(h)(n)	USD CLO		585		580		589
Erna SRL, Series 1, Class A, E+2.3%, 6.2%, 7/25/31	(j)(n)	Commercial MBS	€	164		190		176
Erna SRL, Series 1, Class B, E+3.6%, 7.6%, 7/25/31	(j)(n)	Commercial MBS		453		496		481
Euro-Galaxy III CLO DAC, Series 2013-3X, Class BR2, ABS, E+1.4%, 5.3%, 4/24/34	(j)(n)	EUR CLO		955		988		1,016
Euro-Galaxy III CLO DAC, Series 2013-3X, Class DRRR, ABS, E+3.3%, 7.2%, 4/24/34	(j)(n)	EUR CLO		230		243		250
Euro-Galaxy V CLO DAC, Series 2016-5A, Class CRR, ABS, E+2.4%, 6.4%, 2/15/34	(h)(n)	EUR CLO		345		312		365
Euro-Galaxy V CLO DAC, Series 2016-5X, Class DRR, ABS, E+3.7%, 7.7%, 2/15/34	(j)(n)	EUR CLO		440		465		465
Euro-Galaxy VII CLO DAC, Series 2019-7X, Class CR, ABS, E+2.4%, 6.3%, 7/25/35	(j)(n)	EUR CLO		895		885		954
Euro-Galaxy VII CLO DAC, Series 2019-7X, Class DR, ABS, E+3.5%, 7.4%, 7/25/35	(j)(n)	EUR CLO		1,210		1,197		1,298
Fair Oaks Loan Funding I DAC, Series 1X, Class DR, ABS, E+3.4%, 7.3%, 4/15/34	(j)(n)	EUR CLO		385		380		408
Fair Oaks Loan Funding II DAC, Series 2X, Class DR, ABS, E+3.1%, 7.0%, 4/15/34	(j)(n)	EUR CLO		370		382		387
Fair Oaks Loan Funding III DAC, Series 3X, Class DR, ABS, E+3.0%, 6.9%, 10/15/34	(j)(n)	EUR CLO		945		936		982
Federal Home Loan Mortgage Corp. Multifamily Structured Credit Risk, Series 2023-MN7, Class M1, ABS, S+3.6%, 8.9%, 9/25/43	(h)(n)	Commercial MBS	$	1,602		1,602		1,606
Federal Home Loan Mortgage Corp. STACR REMICS Trust, Series 2021-DNA7, Class M2, CMO, S+1.8%, 7.1%, 11/25/41	(h)(n)	USD CLO		985		941		991
Federal Home Loan Mortgage Corp. STACR REMICS Trust, Series 2021-HQA2, Class M2, CMO, S+2.1%, 7.4%, 12/25/33	(h)(n)	USD CLO		645		617		655
Federal Home Loan Mortgage Corp. STACR REMICS Trust, Series 2021-HQA1, Class M2, CMO, S+2.3%, 7.6%, 8/25/33	(h)(n)	USD CLO		394		381		404
Federal Home Loan Mortgage Corp. STACR REMICS Trust, Series 2022-DNA2, Class M1B, CMO, S+2.4%, 7.7%, 2/25/42	(h)(n)	USD CLO		560		525		574
Federal Home Loan Mortgage Corp. STACR REMICS Trust, Series 2021-DNA5, Class B1, ABS, S+3.1%, 8.4%, 1/25/34	(h)(n)	USD CLO		555		551		588
Federal Home Loan Mortgage Corp. STACR REMICS Trust, Series 2021-HQA2, Class B1, ABS, S+3.2%, 8.5%, 12/25/33	(h)(n)	USD CLO		520		513		555
Federal Home Loan Mortgage Corp. STACR REMICS Trust, Series 2023-DNA2, Class M1B, ABS, S+3.3%, 8.6%, 4/25/43	(h)(n)	USD CLO		270		270		285
Federal Home Loan Mortgage Corp. STACR REMICS Trust, Series 2021-DNA3, Class B1, ABS, S+3.5%, 8.8%, 10/25/33	(h)(n)	USD CLO		200		207		221
Federal Home Loan Mortgage Corp. STACR REMICS Trust, Series 2020-HQA5, Class B1, ABS, S+4.0%, 9.3%, 11/25/50	(h)(n)	USD CLO		310		323		344
Federal National Mortgage Association Connecticut Avenue Securities, Series 2024-R01, Class 1B1, ABS, S+2.7%, 8.0%, 1/25/44	(h)(n)	USD CLO		455		455		457
Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2021-R03, Class 1M2, CMO, S+1.7%, 7.0%, 12/25/41	(h)(n)	USD CLO		184		168		185

13

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2024

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2021-R02, Class 2M2, ABS, S+2.0%, 7.3%, 11/25/41	(h)(n)	USD CLO	$	275	$	266	$	278
Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M2, ABS, S+2.7%, 8.0%, 7/25/43	(h)(n)	USD CLO		230		230		240
Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2022-R02, Class 2M2, CMO, S+3.0%, 8.3%, 1/25/42	(h)(n)	USD CLO		1,460		1,419		1,499
Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2022-R05, Class 2M2, ABS, S+3.0%, 8.3%, 4/25/42	(h)(n)	USD CLO		260		256		268
Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M2, ABS, S+3.1%, 8.4%, 6/25/43	(h)(n)	USD CLO		330		330		348
Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2022-R04, Class 1M2, CMO, S+3.1%, 8.4%, 3/25/42	(h)(n)	USD CLO		435		420		454
Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M2, ABS, S+3.6%, 8.9%, 5/25/43	(h)(n)	USD CLO		570		570		611
Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2019-R06, Class 2B1, CMO, S+3.9%, 9.2%, 9/25/39	(h)(n)	USD CLO		345		345		359
Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2023-R06, Class 1B1, ABS, S+3.9%, 9.2%, 7/25/43	(h)(n)	USD CLO		105		105		111
Fidelity Grand Harbour CLO DAC, Series 2021-1X, Class C, ABS, E+2.5%, 6.4%, 10/15/34	(j)(n)	EUR CLO	€	375		383		396
Fontainebleau Miami Beach Trust, Series 2019-FBLU, Class F, 4.1%, 12/10/36	(h)(n)	Commercial MBS	$	310		290		299
Fontainebleau Miami Beach Trust, Series 2019-FBLU, Class G, 4.1%, 12/10/36	(h)(n)	Commercial MBS		570		527		546
Galaxy XIX CLO Ltd., Series 2015-19A, Class BRR, ABS, S+2.1%, 7.4%, 7/24/30	(h)(n)	USD CLO		520		495		517
Galaxy XX CLO Ltd., Series 2015-20A, Class D1R, ABS, S+2.9%, 8.2%, 4/20/31	(h)(n)	USD CLO		982		975		982
Galaxy XXIV CLO Ltd., Series 2017-24X, Class D, ABS, S+2.7%, 8.0%, 1/15/31	(j)(n)	USD CLO		550		513		551
Galaxy XXVII CLO Ltd., Series 2018-27A, Class D, ABS, S+3.0%, 8.4%, 5/16/31	(h)(n)	USD CLO		1,290		1,220		1,288
Galaxy XXVIII CLO Ltd., Series 2018-28A, Class C, ABS, S+2.2%, 7.5%, 7/15/31	(h)(n)	USD CLO		250		243		250
Gallatin CLO IX Ltd., Series 2018-1A, Class D1, ABS, S+3.4%, 8.7%, 1/21/28	(h)(n)	USD CLO		250		248		250
Gallatin CLO IX Ltd., Series 2018-1A, Class E, ABS, S+5.7%, 11.0%, 1/21/28	(h)(n)	USD CLO		1,160		1,141		1,163
GAM FRR2 H Co.	(e)(p)(q)	USD CLO		1		569		549
GAM Re-REMIC Trust, Series 2021-FRR1, Class 1C, 0.0%, 11/29/50	(h)(l)(p)	Commercial MBS		41		30		30
GAM Re-REMIC Trust, Series 2021-FRR1, Class 1D, 0.0%, 11/29/50	(h)(l)(p)	Commercial MBS		60		42		43
GAM Re-REMIC Trust, Series 2021-FRR1, Class 2C, 0.0%, 11/29/50	(h)(l)(p)	Commercial MBS		44		30		31
GAM Re-REMIC Trust, Series 2021-FRR2, Class CK44, 0.0%, 9/27/51	(h)(l)(p)	Commercial MBS		43		36		39
GAM Re-REMIC Trust, Series 2021-FRR2, Class DK49, 0.0%, 9/27/51	(h)(l)(p)	Commercial MBS		34		27		29
GAM Re-REMIC Trust, Series 2021-FRR2, Class D730, 0.0%, 9/27/51	(h)(l)(p)	Commercial MBS		35		29		32
GAM Re-REMIC Trust, Series 2021-FRR2, Class CK78, 0.0%, 9/27/51	(h)(l)(p)	Commercial MBS		29		19		19
GAM Re-REMIC Trust, Series 2021-FRR2, Class BK78, 2.4%, 9/27/51	(h)(n)(p)	Commercial MBS		46		37		36

14

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2024

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
GCAT Trust, Series 2024-NQM1, Class B1, ABS, 8.0%, 1/25/59	(h)(n)	USD CLO	$	755	$	737	$	740
Golub Capital Partners 48 LP, Series 2020-48A, Class D, ABS, S+4.1%, 9.4%, 4/17/33	(h)(n)	USD CLO		250		234		248
Golub Capital Partners CLO 50B-R Ltd., Series 2020-50A, Class CR, ABS, S+2.4%, 7.7%, 4/20/35	(h)(n)	USD CLO		310		288		308
Great Wolf Trust, Series 2019-WOLF, Class E, S+3.0%, 8.4%, 12/15/36	(h)(n)	Commercial MBS		1,530		1,497		1,524
Great Wolf Trust, Series 2019-WOLF, Class F, S+3.4%, 8.8%, 12/15/36	(h)(n)	Commercial MBS		480		471		476
Halcyon Loan Advisors Funding Ltd., Series 2015-2A, Class D1R, ABS, S+3.4%, 8.7%, 7/25/27	(h)(n)	USD CLO		615		603		592
Halcyon Loan Advisors Funding Ltd., Series 2015-2A, Class D2R, ABS, S+3.4%, 8.7%, 7/25/27	(h)(n)	USD CLO		405		397		390
HalseyPoint CLO II Ltd., Series 2020-2A, Class D, ABS, S+3.3%, 8.6%, 7/20/31	(h)(n)	USD CLO		680		640		677
Harvest CLO XI DAC, Series 11X, Class DR, ABS, E+3.2%, 7.1%, 6/26/30	(j)(n)	EUR CLO	€	465		482		498
Harvest CLO XII DAC, Series 12X, Class DR, ABS, E+2.7%, 6.7%, 11/18/30	(j)(n)	EUR CLO		595		601		629
Harvest CLO XIX DAC, Series 19X, Class D, ABS, E+2.6%, 6.5%, 4/14/31	(j)(n)	EUR CLO		660		686		689
Harvest CLO XV DAC, Series 15X, Class DR, ABS, E+2.8%, 6.7%, 11/22/30	(j)(n)	EUR CLO		320		319		336
Harvest CLO XVIII DAC, Series 18X, Class C, ABS, E+1.7%, 5.6%, 10/15/30	(j)(n)	EUR CLO		1,100		1,110		1,159
Harvest CLO XX DAC, Series 20X, Class DR, ABS, E+3.1%, 7.1%, 10/20/31	(j)(n)	EUR CLO		335		337		362
Harvest CLO XXII DAC, Series 22X, Class CR, ABS, E+2.3%, 6.2%, 1/15/32	(j)(n)	EUR CLO		235		249		246
Harvest CLO XXIII DAC, Series 23A, Class CE, ABS, E+2.1%, 6.0%, 10/20/32	(h)(n)	EUR CLO		250		250		260
Harvest CLO XXVII DAC, Series 27X, Class D, ABS, E+3.4%, 7.3%, 7/15/34	(j)(n)	EUR CLO		285		274		302
Henley CLO I DAC, Series 1X, Class DR, ABS, E+3.0%, 6.9%, 7/25/34	(j)(n)	EUR CLO		425		409		449
Henley CLO III DAC, Series 3X, Class CR, ABS, E+2.3%, 6.2%, 12/25/35	(j)(n)	EUR CLO		400		413		422
Henley CLO III DAC, Series 3X, Class DR, ABS, E+3.3%, 7.2%, 12/25/35	(j)(n)	EUR CLO		280		292		296
Henley CLO VI DAC, Series 6X, Class D, ABS, E+3.2%, 7.1%, 6/10/34	(j)(n)	EUR CLO		485		490		505
Highbridge Loan Management Ltd., Series 12A-18, Class B, ABS, S+2.1%, 7.4%, 7/18/31	(h)(n)	USD CLO	$	435		426		433
Hilton Orlando Trust, Series 2018-ORL, Class E, ABS, S+2.9%, 8.3%, 12/15/34	(h)(n)	Commercial MBS		540		537		535
Hilton Orlando Trust, Series 2018-ORL, Class F, ABS, S+3.9%, 9.3%, 12/15/34	(h)(n)	Commercial MBS		930		910		917
HPS Loan Management Ltd., Series 13A-18, Class C, ABS, S+2.4%, 7.7%, 10/15/30	(h)(i)(k)(n)	USD CLO		1,015		963		1,013
JMP Credit Advisors CLO IV Ltd., Series 2017-1A, Class D, ABS, S+4.4%, 9.7%, 7/17/29	(h)(n)	USD CLO		610		599		611
JP Morgan Mortgage Trust, Series 2019-INV1, Class B4, CMO, 4.9%, 10/25/49	(h)(n)	USD CLO		399		355		377
Jubilee CLO DAC, Series 2017-19X, Class C, ABS, E+1.8%, 5.7%, 7/25/30	(j)(n)	EUR CLO	€	580		585		601
Jubilee CLO DAC, Series 2021-25A, Class C1, ABS, E+2.3%, 6.2%, 10/15/35	(h)(n)	EUR CLO		285		271		297
Jubilee CLO DAC, Series 2016-17X, Class CR, ABS, E+2.4%, 6.3%, 4/15/31	(j)(n)	EUR CLO		1,050		1,062		1,112
Jubilee CLO DAC, Series 2018-20X, Class D, ABS, E+2.8%, 6.7%, 7/19/31	(j)(n)	EUR CLO		780		777		819

15

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2024

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Jubilee CLO DAC, Series 2014-12X, Class DR, ABS, E+2.9%, 6.8%, 4/15/30	(j)(n)	EUR CLO	€	155	$	175	$	165
Jubilee CLO DAC, Series 2021-25X, Class D, ABS, E+3.2%, 7.1%, 10/15/35	(j)(n)	EUR CLO		305		261		319
Jubilee CLO DAC, Series 2014-11X, Class DR, ABS, E+3.3%, 7.2%, 4/15/30	(j)(n)	EUR CLO		305		283		329
Jubilee CLO DAC, Series 2018-21X, Class DR, ABS, E+3.3%, 7.2%, 4/15/35	(j)(n)	EUR CLO		830		815		864
Jubilee CLO DAC, Series 2013-10X, Class DRR, ABS, E+3.6%, 7.5%, 7/15/34	(j)(n)	EUR CLO		175		183		186
Jubilee CLO XXIV DAC, Series 2020-24X, Class D, ABS, E+3.9%, 7.8%, 1/16/34	(j)(n)	EUR CLO		475		508		516
KKR CLO 32 Ltd., Series 32A, Class C, ABS, S+2.7%, 8.0%, 1/15/32	(h)(n)	USD CLO	$	250		247		250
LCM XVII LP, Series 17A, Class CRR, ABS, S+2.4%, 7.7%, 10/15/31	(h)(n)	USD CLO		580		549		570
Lehman XS Trust, Series 2007-6, Class 3A2, ABS, 4.3%, 5/25/37		USD CLO		36		38		36
Lehman XS Trust, Series 2007-6, Class 3A4, ABS, 4.3%, 5/25/37		USD CLO		167		171		133
Lehman XS Trust, Series 2007-6, Class 3A31, ABS, 4.3%, 5/25/37		USD CLO		123		125		110
Lehman XS Trust, Series 2007-6, Class 3A32, ABS, S+0.6%, 4.3%, 5/25/37	(n)	USD CLO		140		126		126
Lehman XS Trust, Series 2007-14H, Class A22, CMO, S+0.9%, 6.3%, 7/25/47	(n)	USD CLO		205		206		193
Lockwood Grove CLO Ltd., Series 2014-1A, Class CRR, ABS, S+2.3%, 7.6%, 1/25/30	(h)(n)	USD CLO		550		539		549
Long Point Park CLO Ltd., Series 2017-1A, Class C, ABS, S+2.7%, 8.0%, 1/17/30	(h)(n)	USD CLO		305		289		299
Longfellow Place CLO Ltd., Series 2013-1A, Class DRR, ABS, S+2.6%, 10.1%, 4/15/29	(h)(n)	USD CLO		520		513		521
LUX, Series 2023-LION, Class C, S+3.9%, 9.3%, 8/15/40	(h)(n)	Commercial MBS		590		589		600
Madison Park Euro Funding IX DAC, Series 9X, Class DR, ABS, E+3.2%, 7.1%, 7/15/35	(j)(n)	EUR CLO	€	315		266		329
Madison Park Euro Funding VI DAC, Series 6X, Class CRE, ABS, E+2.0%, 5.9%, 10/15/30	(j)(n)	EUR CLO		297		306		314
Madison Park Euro Funding VI DAC, Series 6X, Class DR, ABS, E+2.9%, 6.8%, 10/15/30	(j)(n)	EUR CLO		280		283		295
Madison Park Euro Funding X DAC, Series 10X, Class C1, ABS, E+1.7%, 5.6%, 10/25/30	(j)(n)	EUR CLO		115		106		120
Madison Park Euro Funding XI DAC, Series 11X, Class C, ABS, E+1.9%, 5.9%, 2/15/31	(j)(n)	EUR CLO		850		871		897
Madison Park Euro Funding XIII DAC, Series 13X, Class CR, ABS, E+2.4%, 6.3%, 1/15/32	(j)(n)	EUR CLO		355		345		380
Madison Park Funding XI Ltd., Series 2013-11A, Class DR, ABS, S+3.5%, 8.8%, 7/23/29	(h)(n)	USD CLO	$	430		422		430
Madison Park Funding XIV Ltd., Series 2014-14A, Class DRR, ABS, S+3.2%, 8.5%, 10/22/30	(h)(n)	USD CLO		919		889		916
Madison Park Funding XVIII Ltd., Series 2015-18A, Class DR, ABS, S+3.2%, 8.5%, 10/21/30	(h)(n)	USD CLO		250		237		247
Madison Park Funding XX Ltd., Series 2016-20A, Class DR, ABS, S+3.3%, 8.6%, 7/27/30	(h)(n)	USD CLO		675		645		671
Madison Park Funding XXII Ltd., Series 2016-22A, Class CR, ABS, S+2.3%, 7.6%, 1/15/33	(h)(n)	USD CLO		830		778		830
Madison Park Funding XXVII Ltd., Series 2018-27A, Class C, ABS, S+2.9%, 8.2%, 4/20/30	(h)(n)	USD CLO		250		237		247
Madison Park Funding XXVIII Ltd., Series 2018-28A, Class D, ABS, S+3.0%, 8.3%, 7/15/30	(h)(n)	USD CLO		705		669		695
Madison Park Funding XXX Ltd., Series 2018-30A, Class C, ABS, S+2.0%, 7.3%, 4/15/29	(h)(n)	USD CLO		275		265		273
Man GLG Euro CLO I DAC, Series 1X, Class DRR, ABS, E+2.5%, 6.4%, 10/15/30	(j)(n)	EUR CLO	€	315		351		325

16

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2024

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Man GLG Euro CLO III DAC, Series 3X, Class D, ABS, E+3.3%, 7.2%, 10/15/30	(j)(n)	EUR CLO	€	635	$	705	$	681
Marathon CLO V Ltd., Series 2013-5A, Class CR, ABS, S+3.0%, 8.4%, 11/21/27	(h)(n)	USD CLO	$	1,210		1,184		1,211
Marathon CLO VI Ltd., Series 2014-6A, Class CR2, ABS, S+3.8%, 9.1%, 5/13/28	(h)(n)	USD CLO		590		574		592
Marathon CLO X Ltd., Series 2017-10A, Class C, ABS, S+4.0%, 9.3%, 11/15/29	(h)(n)	USD CLO		1,030		1,004		1,020
Marble Point CLO XXI Ltd., Series 2021-3A, Class D2, ABS, S+5.2%, 10.6%, 10/17/34	(h)(n)	USD CLO		470		464		455
MidOcean Credit CLO VIII, Series 2018-8A, Class D, ABS, S+3.2%, 8.5%, 2/20/31	(h)(n)	USD CLO		250		238		246
Milltown Park CLO DAC, Series 1A, Class B, ABS, E+1.8%, 5.7%, 1/15/31	(h)(n)	EUR CLO	€	260		260		275
Mitchells & Butlers Finance PLC, Series C1, 6.5%, 9/15/32	(i)(j)	Retail	£	719		1,104		827
Mitchells & Butlers Finance PLC, Series C2, SONIA+2.0%, 7.2%, 9/15/34	(i)(j)(n)	Retail		972		1,156		1,037
Mitchells & Butlers Finance PLC, Series D1, SONIA+2.4%, 7.6%, 6/15/36	(i)(j)(n)	Retail		481		549		500
MKS CLO Ltd., Series 2017-2A, Class D, ABS, S+2.9%, 8.2%, 1/20/31	(h)(n)	USD CLO	$	535		518		531
MKS CLO Ltd., Series 2017-1A, Class D, ABS, S+4.4%, 9.7%, 7/20/30	(h)(n)	USD CLO		665		634		665
Monroe Capital CLO Ltd., Series 2014-1X, Class E, ABS, S+5.7%, 11.0%, 10/22/26	(j)(n)	USD CLO		141		139		139
Monroe Capital MML CLO Ltd., Series 2017-1A, Class E, ABS, S+7.6%, 12.9%, 4/22/29	(h)(n)	USD CLO		525		524		517
Monroe Capital MML CLO VI Ltd., Series 2018-1A, Class E, ABS, S+7.2%, 12.5%, 4/15/30	(h)(n)	USD CLO		290		282		280
Mountain View CLO LLC, Series 2017-1A, Class D, ABS, S+3.9%, 9.2%, 10/16/29	(h)(n)	USD CLO		250		247		250
Multifamily Connecticut Avenue Securities Trust, Series 2023-01, Class M7, ABS, S+4.0%, 9.3%, 11/25/53	(h)(n)	Commercial MBS		1,948		1,948		1,982
Neuberger Berman Loan Advisers CLO Ltd., Series 2018-29A, Class C, ABS, S+2.4%, 7.7%, 10/19/31	(h)(n)	USD CLO		1,220		1,203		1,220
Newark BSL CLO 2 Ltd., Series 2017-1A, Class BR, ABS, S+2.0%, 7.3%, 7/25/30	(h)(n)	USD CLO		340		330		336
Oak Hill European Credit Partners IV DAC, Series 2015-4X, Class B1R, ABS, E+1.2%, 5.2%, 1/20/32	(j)(n)	EUR CLO	€	645		663		685
Oak Hill European Credit Partners IV DAC, Series 2015-4X, Class DR, ABS, E+2.5%, 6.5%, 1/20/32	(j)(n)	EUR CLO		540		529		562
Oaktree CLO Ltd., Series 2020-1A, Class BR, ABS, S+1.9%, 7.2%, 7/15/34	(h)(n)	USD CLO	$	295		285		294
Oaktree CLO Ltd., Series 2019-4A, Class CR, ABS, S+2.5%, 7.8%, 10/20/32	(h)(n)	USD CLO		650		599		651
OCP CLO Ltd., Series 2014-5A, Class BR, ABS, S+2.1%, 7.4%, 4/26/31	(h)(n)	USD CLO		385		366		383
OCP CLO Ltd., Series 2017-13A, Class CR, ABS, S+3.4%, 8.7%, 7/15/30	(h)(n)	USD CLO		450		420		448
OCP CLO Ltd., Series 2016-11A, Class CR, ABS, S+3.9%, 9.2%, 10/26/30	(h)(n)	USD CLO		440		421		440
OCP Euro CLO DAC, Series 2017-2X, Class D, ABS, E+2.8%, 6.7%, 1/15/32	(j)(n)	EUR CLO	€	355		316		381
OCP Euro CLO DAC, Series 2022-5A, Class E, ABS, E+6.5%, 10.4%, 4/20/35	(h)(n)	EUR CLO		250		277		267
Octagon Investment Partners XXI Ltd., Series 2014-1A, Class BR3, ABS, S+2.0%, 7.4%, 2/14/31	(h)(n)	USD CLO	$	250		244		246
OHA Credit Funding 4 Ltd., Series 2019-4A, Class CR, ABS, S+2.3%, 7.6%, 10/22/36	(h)(n)	USD CLO		250		246		251
OZLM Funding IV Ltd., Series 2013-4A, Class CR, ABS, S+3.6%, 8.9%, 10/22/30	(h)(n)	USD CLO		250		245		250

17

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2024

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
OZLM VI Ltd., Series 2014-6A, Class CS, ABS, S+3.4%, 8.7%, 4/17/31	(h)(n)	USD CLO	$	330	$	320	$	331
OZLM VII Ltd., Series 2014-7RA, Class CR, ABS, S+3.3%, 8.6%, 7/17/29	(h)(n)	USD CLO		250		243		250
OZLM XIV Ltd., Series 2015-14A, Class CRR, ABS, S+3.7%, 9.0%, 7/15/34	(h)(n)	USD CLO		465		423		452
OZLM XV Ltd., Series 2016-15A, Class CR, ABS, S+3.5%, 8.8%, 4/20/33	(h)(n)	USD CLO		770		705		751
OZLM XVI Ltd., Series 2017-16A, Class C, ABS, S+3.8%, 9.2%, 5/16/30	(h)(n)	USD CLO		250		244		250
OZLM XVII Ltd., Series 2017-17A, Class C, ABS, S+3.7%, 9.0%, 7/20/30	(h)(n)	USD CLO		1,840		1,818		1,841
OZLM XXI Ltd., Series 2017-21A, Class C, ABS, S+2.9%, 8.2%, 1/20/31	(h)(n)	USD CLO		810		786		805
OZLM XXII Ltd., Series 2018-22A, Class A2, ABS, S+1.8%, 7.1%, 1/17/31	(h)(n)	USD CLO		250		241		249
OZLM XXII Ltd., Series 2018-22A, Class C, ABS, S+2.9%, 8.2%, 1/17/31	(h)(n)	USD CLO		1,952		1,890		1,937
OZLM XXIV Ltd., Series 2019-24A, Class BR, ABS, S+2.6%, 7.9%, 7/20/32	(h)(n)	USD CLO		295		285		295
OZLM XXIV Ltd., Series 2019-24X, Class C1R, ABS, S+3.7%, 9.0%, 7/20/32	(j)(n)	USD CLO		430		395		423
Palmer Square Loan Funding Ltd., Series 2020-4A, Class E, ABS, S+8.8%, 14.2%, 11/25/28	(h)(n)	USD CLO		250		251		251
Parallel Ltd., Series 2017-1A, Class DR, ABS, S+3.4%, 8.7%, 7/20/29	(h)(n)	USD CLO		530		516		522
Park Avenue Institutional Advisers CLO Ltd., Series 2019-2A, Class A2R, ABS, S+2.0%, 7.3%, 10/15/34	(h)(n)	USD CLO		565		538		564
Penta CLO 5 DAC, Series 2018-5X, Class CR, ABS, E+2.4%, 6.4%, 4/20/35	(j)(n)	EUR CLO	€	100		107		107
Penta CLO 5 DAC, Series 2018-5X, Class DR, ABS, E+3.7%, 7.7%, 4/20/35	(j)(n)	EUR CLO		525		522		565
Penta CLO 7 DAC, Series 2020-7X, Class B1, ABS, E+1.7%, 5.6%, 1/25/33	(j)(n)	EUR CLO		205		191		219
Penta CLO 7 DAC, Series 2020-7X, Class D, ABS, E+3.1%, 7.0%, 1/25/33	(j)(n)	EUR CLO		100		100		104
Penta CLO 7 DAC, Series 2020-7X, Class E, ABS, E+5.3%, 9.3%, 1/25/33	(j)(n)	EUR CLO		890		918		927
Penta CLO 8 DAC, Series 2020-8X, Class CR, ABS, E+2.2%, 6.1%, 1/15/34	(j)(n)	EUR CLO		240		246		253
Penta CLO 9 DAC, Series 2021-9A, Class D, ABS, E+3.1%, 7.0%, 7/25/36	(h)(n)	EUR CLO		335		282		351
Peterborough Progress Health PLC 5.6%, 10/2/42	(i)(j)	Healthcare-Services	£	561		965		654
Polaris PLC, Series 2021-1, Class D, ABS, SONIA+1.7%, 6.8%, 12/23/58	(j)(n)	GBP CLO		100		123		124
Polaris PLC, Series 2021-1, Class E, ABS, SONIA+2.3%, 7.5%, 12/23/58	(j)(n)	GBP CLO		100		122		123
Preferred Term Securities XXIV Ltd. / Preferred Term Securities XXIV, Inc., Class A2, S+0.6%, 5.9%, 3/22/37	(h)(n)	Diversified Financial Services	$	429		347		324
Preferred Term Securities XXVI Ltd. / Preferred Term Securities XXVI, Inc., Series A2, S+0.6%, 5.9%, 9/22/37	(h)(n)	Diversified Financial Services		268		223		216
Providus CLO I DAC, Series 1X, Class C1, ABS, E+1.6%, 5.6%, 5/14/31	(j)(n)	EUR CLO	€	225		223		236
Providus CLO II DAC, Series 2X, Class CR, ABS, E+2.4%, 6.3%, 7/15/31	(j)(n)	EUR CLO		540		498		575
Providus CLO III DAC, Series 3X, Class B1RE, ABS, E+1.7%, 5.5%, 7/18/34	(j)(n)	EUR CLO		270		246		287
Providus CLO IV DAC, Series 4X, Class B1R, ABS, E+1.6%, 5.6%, 4/20/34	(j)(n)	EUR CLO		355		366		376
Providus CLO IV DAC, Series 4X, Class DR, ABS, E+3.3%, 7.2%, 4/20/34	(j)(n)	EUR CLO		420		414		449

18

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2024

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Providus CLO V DAC, Series 5X, Class D, ABS, E+3.0%, 7.0%, 2/15/35	(j)(n)	EUR CLO	€	370	$	380	$	384
Providus CLO VI DAC, Series 6X, Class D, ABS, E+3.2%, 7.2%, 5/20/34	(j)(n)	EUR CLO		780		757		804
Purple Finance CLO 2 DAC, Series 2X, Class E, ABS, E+6.4%, 10.4%, 4/20/32	(j)(n)	EUR CLO		440		467		472
Regatta VIII Funding Ltd., Series 2017-1A, Class D, ABS, S+3.5%, 8.8%, 10/17/30	(h)(n)	USD CLO	$	425		410		425
Rockford Tower Europe CLO DAC, Series 2018-1A, Class C, ABS, E+2.5%, 6.4%, 12/20/31	(h)(n)	EUR CLO	€	360		389		386
RR 4 Ltd., Series 2018-4A, Class C, ABS, S+3.2%, 8.5%, 4/15/30	(h)(n)	USD CLO	$	250		234		249
RRE 6 Loan Management DAC, Series 6X, Class A2E, ABS, E+1.4%, 5.3%, 4/15/35	(j)(n)	EUR CLO	€	505		442		535
RRE 7 Loan Management DAC, Series 7A, Class A2, ABS, E+1.6%, 5.5%, 1/15/36	(h)(n)	EUR CLO		455		486		484
Santander Bank Mortgage Credit-Linked Notes, Series 2023-MTG1, Class M2, ABS, S+2.5%, 10.2%, 2/26/52	(h)(n)	USD CLO	$	568		601		624
Saranac CLO I Ltd., Series 2013-1A, Class CR, ABS, S+3.1%, 8.4%, 7/26/29	(h)(n)	USD CLO		575		557		576
Sculptor CLO XXIX Ltd., Series 29A, Class D2, ABS, S+5.1%, 10.4%, 10/22/34	(h)(n)	USD CLO		350		309		333
Sculptor European CLO I DAC, Series 1X, Class BRR, ABS, E+1.6%, 5.5%, 4/18/34	(j)(n)	EUR CLO	€	300		274		320
Sculptor European CLO I DAC, Series 1A, Class DRR, ABS, E+3.5%, 7.4%, 4/18/34	(h)(n)	EUR CLO		475		456		496
Sculptor European CLO VI DAC, Series 6X, Class CR, ABS, E+2.3%, 6.2%, 10/15/34	(j)(n)	EUR CLO		590		578		625
Shackleton CLO Ltd., Series 2013-3A, Class DR, ABS, S+3.3%, 8.6%, 7/15/30	(h)(n)	USD CLO	$	1,650		1,641		1,636
Shackleton CLO Ltd., Series 2021-16A, Class D2, ABS, S+5.2%, 10.5%, 10/20/34	(h)(n)	USD CLO		1,220		1,202		1,214
Smeralda SPV SARL, E+5.0%, 8.8%, 12/22/34	(e)(n)	Commercial MBS	€	2,321		2,602		2,159
Smeralda SPV SARL, Series 2016-C05, Class B, ABS, E+5.0%, 8.9%, 12/22/33	(e)(n)	Commercial MBS		292		349		177
Sound Point Euro CLO I Funding DAC, Series 1X, Class DR, ABS, E+3.1%, 7.0%, 5/25/34	(j)(n)	EUR CLO		215		207		227
Sound Point Euro CLO II Funding DAC, Series 2X, Class DR, ABS, E+3.3%, 7.3%, 1/26/36	(j)(n)	EUR CLO		605		591		643
Sound Point Euro CLO V Funding DAC, Series 5X, Class C1, ABS, E+2.3%, 6.2%, 7/25/35	(j)(n)	EUR CLO		210		188		222
Sound Point Euro CLO VII Funding DAC, Series 7A, Class D, ABS, E+3.2%, 7.1%, 1/25/35	(h)(n)	EUR CLO		555		545		586
Sound Point Euro CLO VII Funding DAC, Series 7X, Class DE, ABS, E+3.2%, 7.1%, 1/25/35	(j)(n)	EUR CLO		675		657		713
St. Paul's CLO III-R DAC, Series 3RX, Class B1R, ABS, E+1.2%, 5.1%, 1/15/32	(j)(n)	EUR CLO		330		321		348
St. Paul's CLO III-R DAC, Series 3RX, Class CR, ABS, E+1.6%, 5.5%, 1/15/32	(j)(n)	EUR CLO		425		440		448
St. Paul's CLO III-R DAC, Series 3RX, Class DR, ABS, E+2.4%, 6.3%, 1/15/32	(j)(n)	EUR CLO		1,090		1,116		1,118
St. Paul's CLO IV DAC, Series 4X, Class CRRE, ABS, E+2.7%, 6.6%, 4/25/30	(j)(n)	EUR CLO		360		353		376
St. Paul's CLO IV DAC, Series 4X, Class CRRR, ABS, E+2.7%, 6.6%, 4/25/30	(j)(n)	EUR CLO		365		377		381
St. Paul's CLO V DAC, Series 5X, Class DR, ABS, E+3.0%, 7.0%, 2/20/30	(j)(n)	EUR CLO		375		402		397
St. Paul's CLO VI DAC, Series 6A, Class CRR, ABS, E+2.6%, 6.6%, 5/20/34	(h)(n)	EUR CLO		305		275		326
St. Paul's CLO VI DAC, Series 6A, Class DRRE, ABS, E+3.3%, 7.3%, 5/20/34	(h)(n)	EUR CLO		520		494		542
St. Paul's CLO VIII DAC, Series 8X, Class D, ABS, E+2.5%, 6.4%, 7/17/30	(j)(n)	EUR CLO		330		295		343

19

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2024

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
St. Paul's CLO X DAC, Series 10X, Class DR, ABS, E+3.8%, 7.7%, 4/22/35	(j)(n)	EUR CLO	€	600	$	582	$	644
St. Paul's CLO XI DAC, Series 11X, Class C1R, ABS, E+2.1%, 6.0%, 1/17/32	(j)(n)	EUR CLO		495		490		519
St. Paul's CLO XI DAC, Series 11X, Class DR, ABS, E+3.1%, 7.0%, 1/17/32	(j)(n)	EUR CLO		340		335		355
St. Paul's CLO XII DAC, Series 12X, Class D, ABS, E+3.2%, 7.1%, 4/15/33	(j)(n)	EUR CLO		865		841		904
Steele Creek CLO Ltd., Series 2017-1A, Class C, ABS, S+2.2%, 7.5%, 10/15/30	(h)(n)	USD CLO	$	250		239		247
Steele Creek CLO Ltd., Series 2014-1RA, Class C, ABS, S+2.2%, 7.5%, 4/21/31	(h)(n)	USD CLO		250		226		248
Stratton Hawksmoor PLC, Series 2022-1A, Class E, ABS, SONIA+2.0%, 7.2%, 2/25/53	(h)(n)	GBP CLO	£	250		303		307
Symphony CLO XIX Ltd., Series 2018-19A, Class D, ABS, S+2.8%, 8.1%, 4/16/31	(h)(n)	USD CLO	$	250		248		245
Symphony CLO XVI Ltd., Series 2015-16A, Class C1R, ABS, S+2.5%, 7.8%, 10/15/31	(h)(n)	USD CLO		590		579		589
TBW Mortgage-Backed Trust, Series 2006-6, Class A4, CMO, 6.4%, 1/25/37		USD CLO		50		39		37
TCI-Symphony CLO Ltd., Series 2017-1A, Class D, ABS, S+3.7%, 9.0%, 7/15/30	(h)(n)	USD CLO		400		385		398
Terwin Mortgage Trust, Series 2006-6, Class 1A2, ABS, 0.2%, 7/25/37	(h)(n)	USD CLO		45		17		19
THL Credit Wind River CLO Ltd., Series 2017-4A, Class C, ABS, S+2.0%, 7.4%, 11/20/30	(h)(n)	USD CLO		305		294		304
Tikehau CLO II BV, Series 2X, Class DRR, ABS, E+3.4%, 7.2%, 9/7/35	(j)(n)	EUR CLO	€	425		387		450
Tikehau CLO III DAC, Series 3X, Class C, ABS, E+1.9%, 5.8%, 12/1/30	(j)(n)	EUR CLO		165		178		174
Tikehau CLO III DAC, Series 3X, Class D, ABS, E+2.7%, 6.5%, 12/1/30	(j)(n)	EUR CLO		220		235		232
Together Asset-Backed Securitisation, Series 2023-1ST2A, Class X, ABS, SONIA+5.2%, 10.4%, 4/20/65	(h)(n)	GBP CLO	£	39		48		49
Toro European CLO 6 DAC, Series 6X, Class CR, ABS, E+2.5%, 6.4%, 1/12/32	(j)(n)	EUR CLO	€	400		428		423
Trinitas Euro CLO II DAC, Series 2A, Class DR, ABS, E+4.6%, 8.6%, 4/15/35	(h)(n)	EUR CLO		250		272		271
Tymon Park CLO DAC, Series 1X, Class CRR, ABS, E+3.2%, 7.2%, 7/21/34	(j)(n)	EUR CLO		340		306		360
U.S. Bank NA, Series 2023-1, Class C, ABS, 9.8%, 8/25/32	(h)	Asset-Backed - Automobile	$	419		419		420
Unique Pub Finance Co. PLC, Series A4, 5.7%, 6/30/27	(i)(j)	Real Estate	£	678		1,022		849
Unique Pub Finance Co. PLC, Series N, 6.5%, 3/30/32	(i)(j)	Real Estate		986		1,339		1,264
Unique Pub Finance Co. PLC, Series M, Class A1, 7.4%, 3/28/24	(i)(j)	Real Estate		32		44		40
Venture 44 CLO Ltd., Series 2021-44A, Class D2, ABS, S+5.2%, 10.5%, 10/20/34	(h)(n)	USD CLO	$	630		624		604
Venture XVII CLO Ltd., Series 2014-17A, Class CRR, ABS, S+2.1%, 7.4%, 4/15/27	(h)(n)	USD CLO		160		156		160
Venture XVII CLO Ltd., Series 2014-17A, Class DRR, ABS, S+3.1%, 8.4%, 4/15/27	(h)(i)(k)(n)	USD CLO		1,330		1,311		1,332
Venture XXIV CLO Ltd., Series 2016-24A, Class D2, ABS, S+4.3%, 9.6%, 10/20/28	(h)(n)	USD CLO		530		523		530
Venture XXV CLO Ltd., Series 2016-25A, Class D2, ABS, S+4.5%, 9.8%, 4/20/29	(h)(n)	USD CLO		135		135		136
Verus Securitization Trust, Series 2024-1, Class B1, ABS, 7.9%, 1/25/69	(h)(n)	USD CLO		250		250		252
Verus Securitization Trust, Series 2023-8, Class B1, ABS, 8.2%, 12/25/68	(h)(n)	USD CLO		200		194		206
Vesey Park CLO DAC, Series 1X, Class B, ABS, E+2.3%, 6.3%, 11/16/32	(j)(n)	EUR CLO	€	140		151		148

20

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2024

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Vibrant CLO VI Ltd., Series 2017-6A, Class D, ABS, S+4.2%, 9.4%, 6/20/29	(h)(n)	USD CLO	$	250	$	248	$	251
Voya CLO Ltd., Series 2016-1A, Class BR, ABS, S+2.1%, 7.4%, 1/20/31	(h)(n)	USD CLO		499		486		492
Voya CLO Ltd., Series 2019-1A, Class DR, ABS, S+3.1%, 8.4%, 4/15/31	(h)(n)	USD CLO		250		234		243
Voya Euro CLO I DAC, Series 1X, Class D, ABS, E+2.5%, 6.4%, 10/15/30	(j)(n)	EUR CLO	€	475		468		509
Voya Euro CLO II DAC, Series 2X, Class DR, ABS, E+3.2%, 7.1%, 7/15/35	(j)(n)	EUR CLO		610		601		643
Voya Euro CLO IV DAC, Series 4X, Class DR, ABS, E+3.1%, 7.0%, 10/15/34	(j)(n)	EUR CLO		115		119		120
Webster Park CLO Ltd., Series 2015-1A, Class BR, ABS, S+2.1%, 7.4%, 7/20/30	(h)(n)	USD CLO	$	320		298		318
Wellfleet CLO Ltd., Series 2017-2A, Class C, ABS, S+3.7%, 9.0%, 10/20/29	(h)(n)	USD CLO		395		376		396
WhiteHorse X Ltd., Series 2015-10A, Class E, ABS, S+5.6%, 10.9%, 4/17/27	(h)(n)	USD CLO		983		983		986
Wind River CLO Ltd., Series 2016-1KRA, Class D2R2, ABS, S+5.4%, 10.7%, 10/15/34	(h)(n)	USD CLO		915		904		867
Z Capital Credit Partners CLO Ltd., Series 2019-1A, Class CR, ABS, S+3.2%, 8.5%, 7/16/31	(h)(n)	USD CLO		455		440		456
Zais CLO 14 Ltd., Series 2020-14A, Class DR, ABS, S+4.8%, 10.1%, 4/15/32	(h)(n)	USD CLO		475		475		465
Zais CLO 5 Ltd., Series 2016-2A, Class C, ABS, S+4.8%, 10.1%, 10/15/28	(h)(n)	USD CLO		510		502		511
Total Collateralized Loan Obligation / Structured Credit						199,288		204,058

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Convertible Bonds—1.3%
Delivery Hero SE, 1.5%, 1/15/28	(i)(j)	Internet	$	400	$	316	$	316
Delivery Hero SE, Series B, 2.1%, 3/10/29	(i)(j)	Internet		1,300		1,007		982
Delivery Hero SE, 0.9%, 7/15/25	(i)(j)	Internet		2,000		1,966		1,967
Groupon, Inc., 1.1%, 3/15/26	(i)	Internet		6,209		5,021		4,539
Liberty Interactive LLC, 4.0%, 11/15/29	(i)	Media Entertainment		3,707		3,066		1,131
Liberty Interactive LLC, 3.8%, 2/15/30	(i)	Media Entertainment		1,162		930		360
Total Convertible Bonds						12,306		9,295

Portfolio Company(a)	Footnotes	Principal Amount(b)		Amortized Cost		Fair Value(c)
Municipal Bonds—0.4%
City of Detroit, COPs, 4.8%, 6/15/49	(i)(m)(r)	$	185	$	140	$	185
City of Detroit, COPs, 4.9%, 6/15/25	(i)(m)(r)		646		487		646
PRHTA Custodial Trust, Series N, 0.0%, 12/6/49			595		565		308
Puerto Rico Electric Power Authority, Series  A, 5.0%, 7/1/29	(m)(r)		440		300		136
Puerto Rico Electric Power Authority, Series  A, 5.0%, 7/1/42	(m)(r)		10		7		3
Puerto Rico Electric Power Authority, Series  A, 5.1%, 7/1/42	(m)(r)		15		11		5
Puerto Rico Electric Power Authority, Series  A, 6.8%, 7/1/36	(m)(r)		445		330		138
Puerto Rico Electric Power Authority, Series  A, 7.0%, 7/1/43	(m)(r)		80		53		25
Puerto Rico Electric Power Authority, Series  A-3, 10.0%, 7/1/19	(m)(r)		10		8		3
Puerto Rico Electric Power Authority, Series  AAA, 5.3%, 7/1/22	(m)(r)		55		35		17

21

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2024

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Principal Amount(b)		Amortized Cost		Fair Value(c)
Puerto Rico Electric Power Authority, Series  AAA, 5.3%, 7/1/27	(m)(r)	$	355	$	233	$	110
Puerto Rico Electric Power Authority, Series  AAA, 5.3%, 7/1/31	(m)(r)		120		78		37
Puerto Rico Electric Power Authority, Series  B-3, 10.0%, 7/1/19	(m)(r)		10		8		3
Puerto Rico Electric Power Authority, Series  BBB, 5.4%, 7/1/28	(m)(r)		1,690		1,269		494
Puerto Rico Electric Power Authority, Series  C-1, 5.4%, 1/1/18	(m)(r)		30		23		9
Puerto Rico Electric Power Authority, Series  C-2, 5.4%, 7/1/18	(m)(r)		20		16		6
Puerto Rico Electric Power Authority, Series  C-3, 5.4%, 1/1/20	(m)(r)		5		4		1
Puerto Rico Electric Power Authority, Series  CCC, 5.0%, 7/1/25	(m)(r)		5		4		2
Puerto Rico Electric Power Authority, Series  CCC, 5.0%, 7/1/28	(m)(r)		25		20		8
Puerto Rico Electric Power Authority, Series  E-1, 10.0%, 1/1/21	(m)(r)		69		61		21
Puerto Rico Electric Power Authority, Series  E-2, 10.0%, 7/1/21	(m)(r)		69		61		21
Puerto Rico Electric Power Authority, Series  E-3, 10.0%, 1/1/22	(m)(r)		18		16		6
Puerto Rico Electric Power Authority, Series  E-4, 10.0%, 7/1/22	(m)(r)		18		16		6
Puerto Rico Electric Power Authority, Series  EEE, 6.0%, 7/1/30	(m)(r)		25		16		7
Puerto Rico Electric Power Authority, Series  EEE, 6.3%, 7/1/40	(m)(r)		5		3		1
Puerto Rico Electric Power Authority, Series  V, 5.5%, 7/1/20	(m)(r)		15		12		5
Puerto Rico Electric Power Authority, Series  WW, 5.3%, 7/1/33	(m)(r)		380		305		118
Puerto Rico Electric Power Authority, Series  WW, 5.5%, 7/1/21	(m)(r)		80		67		25
Puerto Rico Electric Power Authority, Series  XX, 5.3%, 7/1/35	(m)(r)		15		10		5
Puerto Rico Electric Power Authority, Series  XX, 5.3%, 7/1/40	(m)(r)		75		47		23
Puerto Rico Electric Power Authority, Series  YY, 6.1%, 7/1/40	(m)(r)		195		122		57
Puerto Rico Electric Power Authority, Series DDD, 3.8%, 7/1/22	(m)(r)		5		3		1
Puerto Rico Electric Power Authority, Series DDD, 5.0%, 7/1/19	(m)(r)		10		8		3
Puerto Rico Electric Power Authority, Series DDD, 5.0%, 7/1/49	(m)(r)		110		72		34
Puerto Rico Electric Power Authority, Series DDD, 5.0%, 7/1/49	(m)(r)		60		39		18
Puerto Rico Electric Power Authority, Series NN, 5.5%, 7/1/20	(m)(r)		30		21		9
Puerto Rico Electric Power Authority, Series TT, 5.0%, 7/1/20	(m)(r)		5		4		2
Puerto Rico Electric Power Authority, Series TT, 5.0%, 7/1/23	(m)(r)		25		22		8
Puerto Rico Electric Power Authority, Series TT, 5.0%, 7/1/24	(m)(r)		20		16		6
Puerto Rico Electric Power Authority, Series TT, 5.0%, 7/1/25	(m)(r)		80		68		25
Puerto Rico Electric Power Authority, Series TT, 5.0%, 7/1/27	(m)(r)		35		27		11

22

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2024

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Principal Amount(b)		Amortized Cost		Fair Value(c)
Puerto Rico Electric Power Authority, Series TT, 5.0%, 7/1/49	(m)(r)	$	5	$	3	$	2
Puerto Rico Electric Power Authority, Series UU, 0.0%, 7/1/17	(m)(n)(r)		15		10		4
Puerto Rico Electric Power Authority, Series UU, 0.0%, 7/1/18	(m)(n)(r)		15		10		4
Puerto Rico Electric Power Authority, Series UU, 4.4%, 7/1/31 (L+0.7%)	(m)(n)(r)		110		80		32
Puerto Rico Electric Power Authority, Series UU, 4.5%, 7/1/25 (L+0.7%)	(m)(n)(r)		25		18		7
Puerto Rico Electric Power Authority, Series UU, 5.5%, 7/1/20	(m)(n)(r)		110		78		32
Puerto Rico Electric Power Authority, Series ZZ, 5.0%, 7/1/17	(m)(r)		15		11		5
Puerto Rico Electric Power Authority, Series ZZ, 5.3%, 7/1/19	(m)(r)		10		6		3
Puerto Rico Electric Power Authority, Series ZZ, 5.3%, 7/1/24	(m)(r)		5		4		2
Puerto Rico Electric Power Authority, Series ZZ, 5.3%, 7/1/25	(m)(r)		5		4		2
Total Municipal Bonds					4,831		2,641

Portfolio Company(a)	Footnotes	Industry	Principal Amount(b)		Amortized Cost		Fair Value(c)
Emerging Markets Debt—0.8%
Petroleos Mexicanos, 6.7%, 2/16/32	(i)	Oil & Gas		1,831	$	1,496	$	1,496
Petroleos Mexicanos, 6.8%, 1/23/30	(i)	Oil & Gas		4,790		4,080		4,116
Total Emerging Markets Debt						5,576		5,612

Portfolio Company(a)	Footnotes	Industry	Number of Shares		Cost(b)		Fair Value(c)
Preferred Equity—0.9%
Midwest Veterinary Partners LLC, 12.0%	(e)(s)	Healthcare-Services		1,765		1,729		1,620
Plains All American Pipeline LP, 9.4%		Pipelines		160,664		4,057		4,097
Verscend Intermediate Holding, 12.3%	(e)	Software		200		194		200
Total Preferred Equity						5,980		5,917
Common Equity—0.5%
ATD New Holdings, Inc.	(r)	Distribution/Wholesale		1,964		36		50
Endo International PLC, Rights, 5/12/25	(r)	Pharmaceuticals		4,143		—		39
Mallinckrodt PLC		Pharmaceuticals		7,015		293		266
Quorum Health Corp.	(e)(r)	Healthcare-Services		103,798		492		39
Quorum Litigation Trust	(e)(t)	Healthcare-Services		1,785		2		2
Quorum Litigation Trust, Initial Funding	(e)(r)(t)	Healthcare-Services		157,000		—		—
Quorum Litigation Trust, Units	(e)(r)	Healthcare-Services		2,399		2		2
Riverbed Profit Rights	(e)	Technology		5,652		—		—
Solocal Group	(r)	Internet		492,144		1,566		46
Superior Energy Equity New 144A	(h)(r)	Oil & Gas		1,228		—		95
Superior Energy Equity New Sec 1145	(r)	Oil & Gas		26,438		333		2,052
Utex Industries, Inc.	(r)	Miscellaneous Manufacturing		8,041		240		508

23

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2024

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Number of Shares		Cost(b)		Fair Value(c)
Utex Industries, Inc., Warrants, 12/3/25, Strike $114.76	(e)(r)	Miscellaneous Manufacturing		2,245	$	2	$	2
Total Common Equity						2,966		3,101

Portfolio Company(a)	Footnotes	Yield		Number of Shares		Cost(b)		Fair Value(c)
Short-Term Investments—0.9%
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class	(u)	5.18	%		6,268,836		6,269		6,269
Total Short-Term Investments							6,269		6,269
TOTAL INVESTMENTS—116.2%						$	793,491		802,333
LIABILITIES IN EXCESS OF OTHER ASSETS—(16.2)%(v)									(111,682	)
NET ASSETS—100.0%								$	690,651

24

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2024

(in thousands, except share amounts)

Security Description	Principal Amount(c)			Principal Value including Accrued Interest
Reverse Repurchase Agreements—(9.3)%
BNP Paribas 6.1%, agreement dated 11/10/23, to be repurchased on 2/8/24 (collateralized by Ball Corp., 5.3% due 7/1/25 (fair value $2,208))	$	(3,882	)	$	(3,936	)
BNP Paribas 5.9%, agreements dated 11/22/23 and 12/20/23, to be repurchased on 2/2/24 (collateralized by Bank of America Corp., 1.8% due 2/4/25 (fair value $2,115), Sprint LLC, 7.1% due 6/15/24 (fair value $3,676))		(3,416	)		(3,456	)
BNP Paribas 6.1%, agreement dated 12/27/23, to be repurchased on 3/26/24 (collateralized by BellRing Brands, Inc., 7.0% due 3/15/30 (fair value $1,554))		(1,367	)		(1,375	)
BNP Paribas 6.2%, agreements dated 1/2/24 and 1/4/24, to be repurchased on 4/2/24 (collateralized by DaVita, Inc., 4.6% due 6/1/30 (fair value $1,700), PetSmart, Inc. / PetSmart Finance Corp., 7.8% due 2/15/29 (fair value $1,631), Victoria's Secret & Co., 4.6% due 7/15/29 (fairvalue $2,060), Chemours Co., 5.8% due 11/15/28 (fair value $1,658), RingCentral, Inc. 8.5% due 8/15/30 (fair value $1,739) Olympus Water U.S. Holding Corp., 9.8% due 11/15/28 (fair value $2,480))		(9,867	)		(9,916	)
BNP Paribas 6.2%, agreement dated 1/16/24, to be repurchased on 2/15/24 (collateralized by Anchorage Capital CLO 4-R Ltd., 7.4% due 1/28/31 (fair value $847), Atrium IX, 7.6% due 5/28/30 (fair value $1,554)), HPS Loan Management Ltd., 7.7% due 10/15/30 (fair value $1,013), Venture XVII CLO Ltd., 8.4% due 4/15/27 (fair value $1,332))		(3,945	)		(3,956	)
BNP Paribas 6.0%, agreement dated 1/17/24, to be repurchased on 4/17/24 (collateralized by AHP Health Partners, Inc., 5.8% due 7/15/29 (fair value $1,296), Cloud Software Group, Inc., 9.0% due 9/30/29 (fair value $1,915)), CSC Holdings LLC, 6.5% due 2/1/29 (fair value $2,232), Directv Financing LLC / Directv Financing Co-Obligor, Inc., 5.9% due 8/15/27 (fair value $2,464), Royal Caribbean Cruises Ltd., 9.3% due 1/15/29 (fair value $2,026), Shelf Drilling Holdings Ltd., 9.6% due 4/15/29 (fair value $1,197),  Station Casinos LLC, 4.6% due 12/1/31 (fair value $1,553))		(10,918	)		(10,945	)
BNP Paribas 6.2%, agreements dated 12/19/23, 1/26/24 and 1/31/24, to be repurchased on 3/19/24 (collateralized by Archrock Partners LP / Archrock Partners Finance Corp., 7.4% due 1/28/31 (fair value $847), Cloud Software Group, Inc., 7.0% due 3/31/29 (fair value $1,990), EQM Midstream Partners LP, 6.0% due 7/1/25 (fairvalue $2,446), Newfold Digital Holdings Group, Inc., 11.8% due 10/15/28 (fair value $2,678), Northern Oil & Gas, Inc., 9.0% due 6/15/31 (fair value $2,407) Seadrill Finance Ltd., 8.4% due 8/1/30 (fair value $2,648), Talen Energy Supply LLC, 8.6% due 6/1/31 (fair value $2,023), Viking Cruises Ltd., 7.0% due 2/15/29 (fair value $3,422), XPO, Inc., 7.1% due 2/1/32 (fair value $1,112), Service Properties Trust, 5.5% due 12/15/27 (fair value $1,412), LCPR Senior Secured Financing DAC, 5.1% due 7/15/29 (fair value $1,444))		(20,329	)		(20,465	)
Royal Bank of Canada 6.2%, agreement dated 12/1/23, to be repurchased on 3/1/24 (collateralized by Carnival Holdings Bermuda Ltd., 10.4% due 5/1/28 (fair value $1,283))		(1,031	)		(1,042	)
Royal Bank of Canada 5.9%, agreement dated 12/19/23, to be repurchased on 3/18/24 (collateralized by HCA, Inc., 5.4% due 2/1/25 (fair value $2,155))		(2,089	)		(2,104	)
Royal Bank of Canada 6.0%, agreement dated 1/17/24, to be repurchased on 4/16/24 (collateralized by Cinemark USA, Inc., 5.3% due 7/15/28 (fair value $1,691), EPR Properties, 3.6% due 11/15/31 (fair value $2,101)), Gates Global LLC / Gates Corp., 6.3% due 1/15/26 (fair value $2,164), Hess Midstream Operations LP, 4.3% due 2/15/30 (fair value $939), TransDigm, Inc., 6.3% due 3/15/26 (fair value $1,887))		(7,054	)		(7,072	)
Total Reverse Repurchase Agreements		(63,898	)		(64,267	)

Investments Sold Short

Portfolio Company(a)	Industry	Principal Amount(b)			Proceeds			Fair Value(c)
Government Bonds Sold Short—(1.7)%
U.S. Treasury Notes, 4.9%, 10/31/28	Sovereign	$	(10,951	)	$	(10,950	)	$	(11,415	)
Total Government Bonds Sold Short						(10,950	)		(11,415	)
Total Investments Sold Short					$	(10,950	)	$	(11,415	)

Forward Foreign Currency Exchange Contracts

Counterparty	Contract Settlement Date	Currency and Amount to be Received		Currency and Amount to be Delivered		Unrealized Appreciation		Unrealized Depreciation
JPMorgan Chase Bank, N.A.	6/20/24	EUR	1,385	USD	1,517	$	—	$	12
JPMorgan Chase Bank, N.A.	6/20/24	EUR	3,031	USD	3,362		—		67
JPMorgan Chase Bank, N.A.	6/20/24	EUR	1,279	USD	1,419		—		28
JPMorgan Chase Bank, N.A.	6/20/24	EUR	2,608	USD	2,886		—		51
JPMorgan Chase Bank, N.A.	6/20/24	EUR	7,932	USD	8,778		—		155
JPMorgan Chase Bank, N.A.	6/20/24	GBP	995	USD	1,267		—		5
JPMorgan Chase Bank, N.A.	6/20/24	GBP	329	USD	419		—		2
JPMorgan Chase Bank, N.A.	6/20/24	GBP	683	USD	869		—		3

25

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2024

(in thousands, except share amounts)

Counterparty	Contract Settlement Date	Currency and Amount to be Received		Currency and Amount to be Delivered		Unrealized Appreciation		Unrealized Depreciation
JPMorgan Chase Bank, N.A.	6/20/24	USD	2,381	EUR	2,149	$	45	$	—
JPMorgan Chase Bank, N.A.	6/20/24	USD	327	EUR	295		6		—
JPMorgan Chase Bank, N.A.	6/20/24	USD	2,711	EUR	2,445		53		—
JPMorgan Chase Bank, N.A.	6/20/24	USD	2,424	EUR	2,186		48		—
JPMorgan Chase Bank, N.A.	6/20/24	USD	2,723	EUR	2,456		54		—
JPMorgan Chase Bank, N.A.	6/20/24	USD	2,395	EUR	2,160		47		—
JPMorgan Chase Bank, N.A.	6/20/24	USD	3,329	EUR	3,061		1		—
JPMorgan Chase Bank, N.A.	6/20/24	USD	13	GBP	10		—		—
JPMorgan Chase Bank, N.A.	6/20/24	USD	274	GBP	216		—		—
State Street Bank and Trust Company	6/20/24	EUR	1,660	USD	1,800		5		—
State Street Bank and Trust Company	6/20/24	EUR	5,012	USD	5,434		15		—
State Street Bank and Trust Company	6/20/24	USD	11,914	EUR	10,744		235		—
State Street Bank and Trust Company	6/20/24	USD	3,489	EUR	3,146		69		—
State Street Bank and Trust Company	6/20/24	USD	1,636	EUR	1,475		32		—
State Street Bank and Trust Company	6/20/24	USD	2,092	EUR	1,896		31		—
State Street Bank and Trust Company	6/20/24	USD	1,401	EUR	1,288		1		—
State Street Bank and Trust Company	6/20/24	USD	466	GBP	365		3		—
State Street Bank and Trust Company	6/20/24	USD	897	GBP	705		3		—
State Street Bank and Trust Company	6/20/24	USD	826	GBP	649		3		—
State Street Bank and Trust Company	6/20/24	USD	405	GBP	318		1		—
Total Forward Foreign Currency Exchange Contracts						$	652	$	323

Interest Rate Swaps (Centrally Cleared)

Counterparty	Fund Pays		Fund Receives	Notional Amount	Expiration Date	Periodic Payment Frequency		Fair Value(c)			Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co. LLC	3.80	%	SOFR	USD 1,209	2/26/28	Annually	$	(7	)	$	—	$	7
Goldman Sachs International	2.93	%	SOFR	USD 6	9/28/30	Annually		—			—		—
Goldman Sachs International	2.93	%	SOFR	USD 24	9/28/30	Annually		1			1		—
Goldman Sachs International	2.94	%	SOFR	USD 7	9/28/28	Annually		—			—		—
Goldman Sachs International	2.94	%	SOFR	USD 33	9/28/28	Annually		1			1		—
Goldman Sachs International	2.99	%	SOFR	USD 18	9/20/33	Annually		1			1		—
Goldman Sachs International	2.99	%	SOFR	USD 11	9/28/33	Annually		1			1		—
Goldman Sachs International	3.02	%	SOFR	USD 224	11/2/30	Annually		9			9		—
Goldman Sachs International	3.09	%	SOFR	USD 255	7/18/33	Annually		13			13		—
Goldman Sachs International	3.18	%	SOFR	USD 9	9/15/33	Annually		—			—		—
Goldman Sachs International	3.18	%	SOFR	USD 112	9/15/33	Annually		5			5		—
Goldman Sachs International	3.20	%	SOFR	USD 10	9/15/30	Annually		—			—		—
Goldman Sachs International	3.20	%	SOFR	USD 71	9/15/30	Annually		2			2		—
Goldman Sachs International	3.27	%	SOFR	USD 15	9/15/28	Annually		—			—		—
Goldman Sachs International	3.27	%	SOFR	USD 97	9/15/28	Annually		2			2		—
Goldman Sachs International	3.29	%	SOFR	USD 338	11/25/30	Annually		7			7		—
Goldman Sachs International	4.13	%	SONIA	GBP 4,735	2/17/25	Annually		64			64		—

26

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2024

(in thousands, except share amounts)

Counterparty	Fund Pays		Fund Receives	Notional Amount	Expiration Date	Periodic Payment Frequency	Fair Value(c)			Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs International	2.53	%	SOFR	USD 88	10/18/29	Annually	$	6		$	6	$	—
Goldman Sachs International	2.53	%	SOFR	USD 12	10/18/29	Annually		1			1		—
Goldman Sachs International	2.54	%	SOFR	USD 18	10/18/27	Annually		1			1		—
Goldman Sachs International	2.54	%	SOFR	USD 122	10/18/27	Annually		6			6		—
Goldman Sachs International	2.61	%	ESTRON	EUR 580	10/9/26	Annually		(2	)		—		2
Goldman Sachs International	2.91	%	ESTRON	EUR 819	10/9/25	Annually		(2	)		—		2
Goldman Sachs International	3.16	%	SOFR	USD 50	11/3/30	Annually		2			2		—
Goldman Sachs International	3.33	%	ESTRON	EUR 2,125	10/9/26	Annually		(45	)		—		45
Goldman Sachs International	3.53	%	ESTRON	EUR 3,432	10/9/25	Annually		(40	)		—		40
Goldman Sachs International	3.89	%	SONIA	GBP 1,749	12/21/27	Annually		(5	)		—		5
Goldman Sachs International	3.94	%	SOFR	USD 65	3/8/31	Annually		(1	)		—		1
Goldman Sachs International	4.66	%	SOFR	USD 15,208	11/30/28	Annually		(668	)		—		668
Total Interest Rate Swaps (Centrally Cleared)							$	(648	)	$	122	$	770

Cross-Currency Swaps (Over-The-Counter)

Counterparty

Fund Pays

Fund Receives

Notional Amount of Currency Delivered

Notional Amount of Currency Received

Expiration Date

Periodic Payment Frequency

Fair Value(c)

Unrealized Appreciation

Unrealized Depreciation

JPMorgan Securities LLC

ESTRON plus a spread of (0.098%)

SOFR

EUR 10,932

USD 12,009

12/27/26

Quarterly

$

246

$

246

$

—

JPMorgan Chase Bank, N.A.

ESTRON plus a spread of (0.2525%)

SOFR

EUR 9,601

USD 10,519

6/26/26

Quarterly

223

223

—

JPMorgan Chase Bank, N.A.

ESTRON plus a spread of (0.24%)

SOFR

EUR 13,028

USD 14,151

8/25/26

Quarterly

200

200

—

JPMorgan Chase Bank, N.A.

ESTRON plus a spread of (0.2225%)

SOFR

EUR 13,109

USD 14,272

3/27/26

Quarterly

195

195

—

JPMorgan Chase Bank, N.A.

ESTRON plus a spread of (0.215%)

SOFR

EUR 4,000

USD 4,358

4/11/26

Quarterly

60

60

—

JPMorgan Chase Bank, N.A.

ESTRON plus a spread of (0.2475%)

SOFR

EUR 4,924

USD 5,333

3/31/26

Quarterly

48

48

—

JPMorgan Chase Bank, N.A.

SONIA plus a spread of (0.15875%)

SOFR

GBP 1,110

USD 1,402

8/29/26

Quarterly

1

1

—

JPMorgan Chase Bank, N.A.

ESTRON plus a spread of (0.185%)

SOFR

EUR 14,994

USD 16,014

3/8/26

Quarterly

(58

)

—

58

JPMorgan Chase Bank, N.A.

SONIA plus a spread of (0.12%)

SOFR

GBP 1,879

USD 2,281

10/20/26

Quarterly

(101

)

—

101

JPMorgan Chase Bank, N.A.

SONIO plus a spread of (0.9%)

SOFR

GBP 5,395

USD 6,709

4/21/26

Quarterly

(112

)

—

112

27

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2024

(in thousands, except share amounts)

Counterparty	Fund Pays	Fund Receives	Notional Amount of Currency Delivered	Notional Amount of Currency Received	Expiration Date	Periodic Payment Frequency	Fair Value(c)			Unrealized Appreciation		Unrealized Depreciation
JPMorgan Chase Bank, N.A.	3 Month SONIA plus a spread of (0.183%)	SOFR	GBP 4,590	USD 5,614	12/6/25	Quarterly	$	(181	)	$	—	$	181
JPMorgan Chase Bank, N.A.	3 Month SONIO plus a spread of (0.925%)	SOFR	GBP 2,743	USD 3,278	3/6/26	Quarterly		(191	)		—		191
JPMorgan Chase Bank, N.A.	3 Month ESTRON plus a spread of (0.2550%)	SOFR	EUR 11,312	USD 11,844	12/6/25	Quarterly		(299	)		—		299
JPMorgan Chase Bank, N.A.	ESTRON plus a spread of (0.1975%)	SOFR	EUR 27,724	USD 29,191	1/9/26	Quarterly		(630	)		—		630
Total Cross-Currency Swaps (Over-The-Counter)							$	(599	)	$	973	$	1,572

Total Return Debt Swaps (Over-The-Counter)^(e)

Counterparty	Fund Pays	Fund Receives	Notional Amount	Expiration Date	Periodic Payment Frequency	Fair Value(c)			Unrealized Appreciation		Unrealized Depreciation
Bank of America, N.A.	SIFMA Municipal Swap Index plus a spread of 1.45%	District of Columbia Housing Finance Agency Multifamily Housing Revenue Bonds (Carver Apartments Project, 5.88%, 10/1/2049), Series 2006	USD 363	6/1/24	Monthly	$	(27	)	$	—	$	27
Bank of America, N.A.	SIFMA Municipal Swap Index plus a spread of 1.30%	San Antonio Housing Finance Corporation Multifamily Housing Revenue Bonds (Artisan at Salado Heights, 5.80%, 5/1/2050), Series 2006	USD 689	6/1/24	Monthly		(43	)		—		43
Total Total Return Debt Swaps (Over-The-Counter)						$	(70	)	$	—	$	70

(a)	Security may be an obligation of one or more entities affiliated with the named company.
(b)	Denominated in U.S. dollars unless otherwise noted.
(c)	Fair value is determined by FS Credit Income Fund's (the "Fund") investment adviser, FS Credit Income Advisor, LLC (“FS Credit Income Advisor'”), which has been designated by the Fund’s board of trustees as its valuation designee. For information on the Fund’s policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund’s most recent audited financial statements.
(d)	Certain variable rate securities in the Fund's portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of January 31, 2024, the one-month, three-month and six-month London Interbank Offered Rate ("LIBOR" or "L") was 5.44%, 5.58% and 5.59%, respectively, the one-month, three-month and six-month Euro Interbank Offered Rate ("EURIBOR" or "E") was 3.88%, 3.90% and 3.83%, respectively, the SIFMA Municipal Swap Index was 3.74%, the Sterling Overnight Index Average ("SONIA") was 5.19%, the U.S. Prime rate ("P") was 8.50%, and the one-month, three-month and six-month Secured Overnight Financing Rate ("SOFR" or "S") was 5.33%, 5.31% and 5.16%, respectively.
(e)	Security is classified as Level 3 in the Fund’s fair value hierarchy.

28

FS Credit Income Fund

Unaudited Consolidated Schedule of Investments (continued)

As of January 31, 2024

(in thousands, except share amounts)

(f)	All or a portion of this security is an unfunded commitment. As of January 31, 2024, the Fund had unfunded commitments of $1,945.
(g)	Position or portion thereof unsettled as of January 31, 2024.
(h)	Exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Such securities may be deemed liquid by FS Credit Income Advisor and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $377,882, which represents approximately 54.7% of net assets as of January 31, 2024.
(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, 2024, there were no securities rehypothecated by BNP.
(j)	Exempt from registration under Regulation S of the Securities Act of 1933, as amended, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as amended. Total market value of Regulation S securities amounts to $119,211, which represents approximately 17.3% of net assets as of January 31, 2024.
(k)	Security or portion thereof is pledged as collateral supporting the amounts outstanding under the reverse repurchase agreement.
(l)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(m)	Security is in default.
(n)	Variable or floating rate security for which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.
(o)	The security has a perpetual maturity; the date displayed is the next call date.
(p)	Issuer of the security is an affiliate of the Fund’s investment sub-adviser, GoldenTree Sub-Advisor.
(q)	Security is reflected in shares.
(r)	Security is non-income producing.
(s)	Security held within FS Credit Income Equity Blocker, LLC, a wholly-owned subsidiary of the Fund.
(t)	Number of shares for this security reflects the dollar amount of contributions made to the investment.
(u)	Rate represents the seven-day yield as of January 31, 2024. Morgan Stanley Institutional Liquidity Fund’s financial statements are available on the SEC’s website at http://www.sec.gov.
(v)	Includes the effect of investments sold short, forward foreign currency exchange contracts, swap contracts and reverse repurchase agreements payable.

ABS	- Asset Backed Security
CLO	- Collateralized Loan Obligation
CMO	- Collateralized Mortgage Obligation
COP	- Certificates of Participation
EUR	- Euro
FRN	- Floating Rate Note
GBP	- British Pound
MBS	- Mortgage-Backed Security
USD	- U.S. Dollar
£	- British Pound
€	- Euro
$	- U.S. Dollar

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