FS Credit Income Fund–U



Closed-end interval fund

Investment objective

Provide attractive total returns, including current income and capital appreciation


FS Credit Income Fund is a continuously offered, non-diversified, closed-end investment management company operating as an interval fund.


FS Credit Income Advisor, LLC
An affiliate of FS Investments


GoldenTree Asset Management Credit Advisor LLC

Fund information updated 7/7/2020

Daily NAV 1 $11.88
Daily NAV change ($) $0.00
Daily NAV change (%) 0.00%
Distribution rate (at NAV) 2 5.89%

View Pricing Disclosure For Footnotes 12
1FS 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. For performance data current to the most recent month end, please call 877-628-8575 or visit our website at www.fsinvestments.com.
2The 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 quarterly cash distribution per share declared as of the date indicated, without compounding), divided by the fund's net asset value per share of Class U shares as of the date indicated. The annualized distribution rate shown may be rounded. The payment of future 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 future distributions. The determination of the tax attributes of FS Credit Income Fund's distributions is made annually at the end of FS Credit Income Fund's fiscal 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 12 months ended December 31, 2019, 98.3% of FS Credit Income Fund’s distributions were funded primarily through ordinary income and 1.7% were funded through long-term capital gains proceeds.

Key facts

Ticker FCRUX
Min. initial investment amount 1 $25,000
Distributions 3 Quarterly
Share class inception date 9/17/2019
CUSIP 30300R609
Net expense ratio 2 3.28%
Net expense ratio, excluding estimated interest expense associated with expected use of leverage 2 2.60%
Share repurchase program 4 Quarterly; no less than 5% of shares outstanding

Upcoming repurchase offer 5

Repurchase period notice 5/26/2020
Repurchase request deadline 6/17/2020
Repurchasing pricing date 6/17/2020
Payment by 6/24/2020
View key facts disclosure for Footnotes 12345
1Any minimum initial investment requirement may be waived in FS Credit Income Fund’s sole discretion.
2Calculated as an estimated percentage of average net assets attributable to shares. 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, LLC, the Fund’s investment adviser, 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.
3The 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.
4No 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 NAV, 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.
5Dates are subject to change. Each repurchase offer is subject to the terms and conditions set forth in the applicable repurchase offer notice. Repurchase period notice: the date on which the repurchase offer period notification will be sent to shareholders via email and/or mail. Investors who have elected electronic delivery will receive their documentation via email. All other investors will receive physical copies in the mail. Advisors will receive an email notification with a way to access copies of the repurchase offer documentation sent to investors for their reference. 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. Repurchase pricing date: the date on which the Fund determines the net asset value applicable to the repurchase of the Fund's common shares. 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.
View risk factors disclosure

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; and
  • and inflation, deflation and interest rate risks.

Other risks relating to the Fund include risks resulting from:

  • The Fund’s lack of operating history and FS Credit Income Advisor’s prior investment adviser experience;​
  • 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.

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