FS Credit Income Fund’s NAV per common share as of the date indicated is the NAV determined by FS Credit Income Fund for purposes of complying with the requirements of Section 23(b) of the Investment Company Act of 1940, as amended, and has not been approved by FS Credit Income Fund’s board of trustees. FS Credit Income Fund’s NAV per common share may increase or decrease in the future, and any such change may be material.  

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. 
As of June 30, 2025. Past performance is not a guarantee of future results. The annualized distribution rate shown is expressed as a percentage equal to the projected annualized distribution amount per share (which is calculated by annualizing the most recent monthly cash distribution per share declared as of the month indicated, without compounding), divided by the Fund’s NAV per share as of the end of the month indicated. The payment of future distributions on the Fund’s common shares is subject to the discretion of the Fund’s board of trustees and applicable legal restrictions and, therefore, there can be no assurance as to the amount or timing of any such future distributions. The determination of the tax attributes of FS Credit Income Fund’s distributions is made annually at the end of the calendar year, and a determination made on an interim basis may not be representative of the actual tax attributes of FS Credit Income Fund’s distributions for a full year. The actual tax characteristics of distributions to shareholders are reported to shareholders annually on Form 1099-DIV. The Fund may pay distributions in significant part from sources that may not be available in the future and that are unrelated to the Fund’s performance, such as return of capital, borrowings or expense reimbursements and waivers. For the six months ended April 30, 2025, FS Credit Income Fund’s distributions were funded through 85.9% net investment income and 14.1% return of capital or other capital sources. Class U-2 shares are not subject to a distribution fee.

opportunistic strategy

Dynamically invests across public and private credit based on greatest relative value opportunities across public and private credit in search of return premiums

attractive returns

Seeks to generate strong total returns with an attractive level of current income

specialized global credit expert

Managed by the FS Global Credit team

performance

returns

As of 03/31/2025

daily

month-end

quarter-end

‍

MTD

QTD

YTD

1YR

3YR

5YR

Since inception

(annualized 11/01/2017)

FCUUX (Class U-2)

0.61%

3.57%

6.20%

9.76%

5.38%

FCUUX (Class U-2)

0.69%

1.91%

2.95%

6.46%

10.01%

5.30%

FCUUX (Class U-2)

0.69%

1.91%

2.95%

6.46%

10.01%

5.30%

Max sales charge

-1.81%

-0.61%

0.36%

3.79%

9.10%

4.72%

Max sales charge

-1.89%

0.97%

3.55%

8.83%

4.80%

Max sales charge

-1.81%

-0.61%

0.36%

3.79%

9.10%

4.72%

Morningstar LSTA U.S. Leveraged Loan Index

0.83%

2.31%

2.81%

7.34%

9.69%

7.45%

6.46%

Morningstar LSTA U.S. Leveraged Loan Index

0.77%

3.60%

7.63%

9.73%

7.34%

6.57%

Morningstar LSTA U.S. Leveraged Loan Index

0.83%

2.31%

2.81%

7.34%

9.69%

7.45%

6.46%

ICE BofAML U.S. High Yield index

1.86%

3.57%

4.55%

10.24%

9.85%

6.01%

4.26%

ICE BofAML U.S. High Yield index

1.86%

3.57%

4.55%

10.24%

9.85%

6.01%

4.26%

ICE BofAML U.S. High Yield index

0.08%

4.63%

8.70%

9.01%

5.54%

4.23%

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‍

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

YTD

2020

2021

1.37%

0.97%

0.32%

1.12%

0.74%

0.68%

0.15%

0.44%

0.31%

0.15%

-0.89%

1.21%

6.57%

2022

-1.19%

-1.06%

-0.36%

-2.48%

-1.83%

-5.31%

4.19%

0.08%

-4.11%

1.95%

2.52%

0.02%

-15.28%

2023

3.53%

-0.33%

-0.36%

1.11%

0.08%

1.23%

1.86%

0.66%

-0.60%

-0.78%

3.42%

3.24%

13.06%

2024

1.04%

1.00%

1.07%

0.19%

0.99%

0.81%

1.05%

1.04%

1.44%

0.08%

-0.08%

-0.16%

8.47%

2025

1.17%

0.21%

-0.36%

-0.13%

1.34%

0.69%

2.95%

export data

csv

Performance data quoted represents past performance and is no guarantee of future results. Returns less than one year are cumulative; all others are annualized. YTD information is provided on a calendar year basis. Total return figures reflect changes in share price and reinvestment of dividend and capital gain distributions. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost, and current performance may be lower or higher than the performance quoted.

For purchases made prior to March 1, 2024, a contingent deferred sales charge (CDSC) of 1.50% may be assessed on Class U-2 Shares purchased without a sales charge if they are repurchased before the first day of the month of the one-year anniversary of the purchase. For purchases on or after March 1, 2024, a CDSC of 1.00% may be assessed on Class U-2 shares purchased without a sales charge if they are repurchased before the first day of the month of the 18-month anniversary of the purchase. The CDSC is not reflected in the performance shown.

Hypothetical Growth oF $100,000

As of 2/5/24

The chart reflects a hypothetical investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Bloomberg. Performance data quoted represents past performance and is no guarantee of future results. Class I shares have no sales charges; therefore performance is at NAV. Total return figures reflect changes in share price and reinvestment of dividend and capital gain distributions. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost, and current performance may be lower or higher than the performance quoted. The benchmarks are shown for illustrative purposes only. An investment cannot be made directly in an index. FS Credit Income Fund (the “Fund”) is represented by the Class U-2 share class (FCUUX).

Nav history

As of 2/5/24

portfolio manager

global credit team

‍

learn more

key facts

Objective

Provide strong total returns with an attractive level of income

ticker

FCUUX

structure

Closed-end interval fund

cusip

30300R708

Adviser

FS Credit Income Advisor, LLC, an affiliate of Future Standard

share class inception date

12/18/2020

distributions¹

Monthly

min. initial investment²

Non-qualified $2,500, Qualified $1,000

share repurchase Program³

Quarterly; no less than 5% of shares outstanding

tax reporting

Form 1099-DIV

upcoming repurchase offer⁴

Repurchase request deadline: 9/10/2025
Payment by: 9/18/2025

with management fee waiver

With management fee waiver gross expense ratio with leverage

⁵

3.45%

With management fee waiver gross expense ratio with leverage

With management fee waiver net expense ratio with leverage (after fee waiver and/or expense reimbursement)

⁵

1.97%

With management fee waiver net expense ratio with leverage (after fee waiver and/or expense reimbursement)

With management fee waiver gross expense ratio without leverage

⁵

2.33%

With management fee waiver gross expense ratio without leverage

With management fee waiver net expense ratio without leverage (after fee waiver and/or expense reimbursement)

⁵

1.00%

With management fee waiver net expense ratio without leverage (after fee waiver and/or expense reimbursement)

without management fee waiver

Without management fee waiver gross expense ratio with leverage

⁵

3.45%

Without management fee waiver gross expense ratio with leverage

Without management fee waiver net expense ratio with leverage (after fee waiver and/or expense reimbursement)

⁵

3.12%

Without management fee waiver net expense ratio with leverage (after fee waiver and/or expense reimbursement)

Without management fee waiver gross expense ratio without leverage

⁵

2.33%

Without management fee waiver gross expense ratio without leverage

Without management fee waiver net expense ratio without leverage (after fee waiver and/or expense reimbursement)

⁵

2.00%

Without management fee waiver net expense ratio without leverage (after fee waiver and/or expense reimbursement)

The payment of distributions on FS Credit Income Fund’s common shares is subject to the discretion of FS Credit Income Fund’s board of trustees and applicable legal restrictions and, therefore, there can be no assurance as to the amount or timing of any such distributions.
Any minimum initial investment requirement may be waived in FS Credit Income Fund’s sole discretion.
No secondary market is expected to develop for the Fund’s common shares; liquidity for the common shares will be provided only through quarterly repurchase offers for no less than 5% and no more than 25% of the common shares at net asset value, and there is no guarantee that an investor will be able to sell all the common shares that the investor desires to sell in the repurchase offer. Due to these restrictions, an investor should consider an investment in the Fund to be of limited liquidity.
Dates are subject to change. Each repurchase offer is subject to the terms and conditions set forth in the applicable repurchase offer notice. Repurchase request deadline: The date the quarterly repurchase offers are scheduled to expire. The Fund must receive all repurchase requests in response to the repurchase offer or withdrawals/modifications of previously submitted repurchase requests for such repurchase offer from shareholders by this date. Payment by: The date by which the Fund must pay shareholders for any common shares repurchased. Proceeds sent to brokerage accounts may take 7 to 10 days to appear in accounts. Checks are sent via USPS and usually arrive within 7 to 10 days after mailing for registered shareholders. Proceeds sent via ACH to a bank account are typically credited to the bank account in 3 to 5 days for registered shareholders.
Calculated as an estimated percentage of average net assets attributable to shares pursuant to the Fund’s prospectus dated March 1, 2024, as supplemented. The Fund’s actual expenses may be different than the estimate above.
Net expense ratios calculated as an estimated percentage of average net assets attributable to shares pursuant to the Fund’s prospectus dated March 1, 2024, as supplemented. The Fund’s actual expenses may be different than the estimate above. The calculation also takes into account the fee waiver and/or expense reimbursement during such time period. FS Credit Income Advisor has entered into an expense limitation agreement with the Fund under which it has agreed to pay or waive the “ordinary operating expenses” (exclusive of (1) investment advisory fees, (2) portfolio transaction and other investment related costs, (3) interest expense and other financing costs, (4) taxes, (5) distribution or shareholder servicing fees and (6) extraordinary expenses) of the Fund attributable to a share class to the extent that such expenses exceed 0.25% per annum of the Fund’s average daily net assets attributable to the applicable share class thereafter. The expense limitation agreement will continue indefinitely until terminated by the Fund’s board of trustees on written notice to FS Credit Income Advisor. The expense limitation agreement permits the adviser to recoup the amounts it has paid or waived pursuant to the agreement in the future, subject to certain limitations. For full detail on the Fund’s fees and expenses, please review the Fund’s prospectus.
FS Credit Income Advisor has entered into a waiver of management fee letter with the Fund, whereby, for the period from December 1, 2024, through December 31, 2025, FS Credit Income Advisor has agreed to waive the management fee to which it is entitled under its investment advisory agreement with the Fund so that the fee received equals 0.00% of the average daily value of the Fund's gross assets. The effects of such waiver are reflected in this net expense ratio.

Literature

Fund materials

See legal filings and documents

Stockholder resources

Account maintenance form

view pdf

Custodian change form

see forms and applications

Risk factors & definitions

During the year ended October 31, 2023, the Fund’s diversification classification under the Investment Company Act of 1940, as amended (the “1940 Act”) automatically converted from non-diversified to diversified status because the Fund operated as a diversified fund for a period of three years.

Investing in the Fund involves risks, including the risk that a shareholder may receive little or no return on their investment or that a shareholder may lose part or all of its investment. Below is a summary of some of the principal risks of investing in the Fund. The following is only a summary of certain risks of investing in the Fund. For a more complete discussion of the risks of investment in the Fund, see the Fund’s prospectus, including the risk factors set forth under the heading entitled ’Types of Investments and Related Risks,’ before deciding to invest in the Fund.

Risks related to the Fund’s investments include risks relating to:

The value of the Fund’s financial instruments, and the financial markets in general, which may be extremely volatile;
The Fund’s investment focus on credit-related financial instruments, which may increase the volatility of investment results over time and create the potential that market movements that impact only specific asset classes or a loss in any such position could have a material adverse impact on the Fund’s financial instruments;
The Fund’s expectation that most of its investments will be in securities that are rated below investment grade or would be rated below investment grade if they were rated. Below investment grade instruments (commonly referred to as ’high yield’ securities or ’junk bonds’) may be particularly susceptible to economic downturns, which could cause losses;
The use of short sales, options, leverage, futures, swaps and other derivative instruments and other investment techniques, which may create special risks and substantially increase the impact of adverse price movements on the Fund’s portfolio;
The Fund’s investments in distressed assets and/or positions that are illiquid, the realization and/or disposition of which may not occur for an extended period of time;
Investments in non-U.S. securities and securities denominated in foreign currencies;
Market disruption and geopolitical events, economic events and market events, and government intervention in the financial markets;
Inflation, deflation and interest rate risks.

Other risks relating to the Fund include risks resulting from:

The Fund’s limited operating history and FS Credit Income Advisor’s prior investment adviser experience;
The ownership by Future Standard and its affiliates of a significant percentage of the Fund’s outstanding shares, which will, for the foreseeable future, allow Future Standard and its affiliates to either control the Fund or be in a position to exercise a significant influence on the outcome of any matter put to a vote by investors;
The Fund’s long-term investment horizon, management and dependence on key personnel;
The liquidity risks associated with the Fund’s closed-end interval fund structure and the fact that the shares of the Fund will not be listed on any national securities exchange at this time, if ever;
The anti-takeover provisions in the Fund’s declaration of trust and bylaws;
The Fund’s status as a non-diversified investment company; and
The Fund’s status as a RIC for U.S. federal income tax purposes.

Accordingly, the Fund should be considered a speculative, long-term investment of limited liquidity that entails substantial risks, and prospective investors should invest in the Fund only if they can sustain a complete loss of their investments.

corporate governance