Fs Credit Income Fund
FCRIX
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ROIC.AI
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- FS Credit Income Fund (FCRIX) is a closed-end interval fund that seeks to generate attractive total returns, including current income and capital appreciation, through a semi-liquid and event-driven credit strategy focused on assets outside traditional liquid credit markets. The fund offers multiple share classes, including Class I (FCRIX), Class A (FCREX), and Class T (FCRTX), with quarterly distributions reported on Form 1099-DIV and quarterly repurchase offers for no less than 5% and no more than 25% of outstanding shares; its portfolio is diversified across bonds (approximately 52%), loans (23%), U.S. CLOs (12%), European CLOs (8%), other structured credit, emerging markets debt, and non-U.S. credits, with strategies emphasizing event-driven opportunities (49%), structured credit (24%), non-U.S. investments (11%), and non-rated assets (16%). Key holdings include senior loans and bonds from issuers such as Hexion Holdings Corporation, Cloud Software Group, and Mallinckrodt International Finance, alongside names like Royal Caribbean Cruises and Frontier Communications; the fund maintains a portfolio duration of around 3.3 years, with nearly half in floating-rate instruments for interest rate flexibility. It targets sophisticated investors seeking alternative credit exposure, with a non-diversified structure under the Investment Company Act of 1940. Launched on November 1, 2017, the fund is managed by FS Investments, with historical sub-advisory from GoldenTree Asset Management, and operates from its principal headquarters at 201 Rouse Boulevard, Philadelphia, Pennsylvania 19112. In recent developments, the fund underwent significant operational changes in 2024, including internalization of management, the resignation of its sub-adviser GoldenTree Asset Management, a reduction in the management fee from 1.6% of gross assets, and an expansion of the November 2024 quarterly repurchase offer from 5% to up to 25% of outstanding shares to enhance shareholder liquidity options.