# EDGAR Filing Document

**Accession Number:** 0001748680
**File Stem:** 0001398344-26-000391
**Filing Date:** 2026-1
**Character Count:** 273574
**Document Hash:** a7a5315c2eab1fb1d68d7874729dc5ab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-000391.hdr.sgml**: 20260212

**ACCESSION NUMBER**: 0001398344-26-000391

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 9

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260108

**DATE AS OF CHANGE**: 20260203

**EFFECTIVENESS DATE**: 20260108

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** 1WS Credit Income Fund
- **CENTRAL INDEX KEY:** 0001748680

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23368
- **FILM NUMBER:** 26520725

**BUSINESS ADDRESS:**
- **STREET 1:** 299 PARK AVENUE, 25TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10171
- **BUSINESS PHONE:** 212-377-4810

**MAIL ADDRESS:**
- **STREET 1:** 299 PARK AVENUE, 25TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10171

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

<u>Investment Company Act file number: 811-23368</u>

<u>1WS Credit Income Fund</u>

(Exact name of registrant as specified in charter)

299 Park Avenue, 25<sup>th</sup> Floor

<u>New York, New York 10171</u>

(Address of principal executive offices)

Kurt A. Locher

Chief Executive Officer

c/o 1WS Credit Income Fund

299 Park Avenue, 25<sup>th</sup> Floor

New York, New York 10171

(Name and Address of Agent for Service)

Registrant's telephone number, including area code: (212) 377-4810

Date of fiscal year end: <u>October 31</u>

Date of reporting period: <u>October 31, 2024 – October 31, 2025</u>

**Item 1. Reports to Stockholders.**

(a) ![](fp0096542-1_01.jpg)

**Table of Contents**

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| | |
|:---|:---|
| Management Commentary | 1 |
| Consolidated Schedule of Investments | 8 |
| Consolidated Statement of Assets and Liabilities | 28 |
| Consolidated Statement of Operations | 29 |
| Consolidated Statements of Changes in Net Assets | 30 |
| Consolidated Statement of Cash Flows | 32 |
| Consolidated Financial Highlights | 34 |
| Notes to Consolidated Financial Statements | 36 |
| Report of Independent Registered Public Accounting Firm | 49 |
| Approval of Investment Advisory Agreement | 50 |
| Additional Information | 51 |
| Trustees and Officers | 52 |
| Privacy Policy | 54 |

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1WS Credit Income Fund Management Commentary

October 31, 2025 (Unaudited)

***The 1WS Credit Income Fund (the "Fund") is a closed-end interval fund launched in March 2019. As of October 31, 2025, the Fund has gross assets under management of approximately $1.08 billion (approximately $783 million net assets). The Fund is a non-diversified, closed-end investment management company. Its investment objective is to seek attractive risk-adjusted total returns through generating income and capital appreciation by investing primarily in a wide array of predominantly structured credit and securitized debt instruments.***

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**Overview:**

The Federal Reserve resumed its rate cutting cycle, now cumulatively cutting policy rates by 50 basis points (bps) through October, as downside risks to employment rise and risks to inflation diminish. While the Federal Reserve's Summary of Economic Projections released in September signaled an additional 25 bps of policy rate cuts by the end of 2025, many Federal Reserve members expressed a cautious approach moving forward, highlighting a necessity to remain data dependent in making monetary policy decisions. Moreover, in the press conference following the October FOMC decision, Federal Reserve Chair Powell conveyed a hawkish tone, stating that a December interest rate cut is not a foregone conclusion. With the government officially shutting down as of October 1st, it remains to be seen how this will ultimately affect the Fed's outlook and the broader economy. A prolonged shutdown could also limit access to key economic data.

Going into 2026, macro uncertainty remains elevated. Will corporations continue to absorb the costs associated with tariffs or will they eventually pass it on to the consumer, in turn driving up inflation and potentially affecting personal consumption? If they do continue to absorb the tariff costs, how does that affect their profitability and ultimately their ability to invest in new projects (i.e., drive economic growth) or their ability and willingness to retain employees? How does a prolonged government shutdown affect the Federal Reserve's ability to remain data dependent? In our view, risk assets appear to be pricing a sublime outcome, as equity markets continue to rally to new highs and high-yield credit spreads remain near all time tights.

We remain optimistic about the investment opportunities available across structured credit. In our view, this uncertainty has led to elevated risk premia across several sectors, creating attractive opportunities for investors with strong underwriting capabilities. Our underwriting process is rooted in thorough, bottom-up security-level analysis and comprehensive stress testing to ensure adequate asset coverage and principal preservation across a range of potential adverse scenarios. We believe this disciplined approach allows us to accurately assess each security's risk profile and consistently identify the most compelling risk-adjusted return opportunities.

**Net Return Performance as of 10/31/25<sup>\*</sup>**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Calendar**<br> **YTD** | **Fiscal**<br> **YTD** | **5 Year**<br> **Annualized** | **ITD (3/4/19)**<br> **Annualized** | **ITD**<br> **(3/4/19)** |
| 1WS Credit Income Fund (OWSCX) Class I shares | 7.38% | 8.76% | 9.30% | 7.75% | 64.50% |
| 1WS Credit Income Fund (OWSAX) Class A-2 shares\*\* | 6.82% | 8.12% | 8.62% | 7.04% | 57.49% |
| Bloomberg Barclays U.S. Aggregate Bond Index<sup>1</sup> | 6.80% | 6.16% | -0.24% | 1.89% | 13.32% |
| ICE BofAML U.S. High Yield Index<sup>2</sup> | 7.27% | 8.03% | 5.48% | 5.24% | 40.62% |

---

*Source: Bloomberg, Finance L.P., Bank of America, OWS* 

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***Past performance is not indicative of future returns.***

 

*\** *OWSCX and OWSAX returns are presented net of all fees and expenses, benchmark returns are gross. Please see pp. 5-7 for important risk disclosures and definitions.*

*\*\** *OWSAX returns prior to May 2021 reflect the performance of Class I shares, adjusted to reflect the distribution and shareholder servicing fees applicable to Class A2 shares. Class A2 shares are subject to a maximum sales load of 3.00% and a maximum deferred sales load of 1.50%, neither of which are reflected in the returns shown above and, if applied, would lower such returns. Class I shares are not subject to an upfront sales load. Gross Annual Expenses for Class I and Class A2 are 3.74% and 4.34%, respectively, which are based on the expenses shown in the Fund's most recent prospectus, dated February 28, 2025. Actual expenses may differ.*

 

*Management Fee under the Advisory Agreement will be calculated at an annual rate of 1.50% of the daily gross assets of the Fund. "Gross Assets" means the total assets of the Fund prior to deducting liabilities. Derivatives will be valued at market value for purposes of determining "Gross Assets" in the calculation of management fees. Because the Management Fee is based on the Fund's daily gross assets, the Fund's use of leverage, if any, will increase the Management Fee paid to the Adviser. For the initial year of the Fund, the Adviser voluntarily agreed to reduce the Management Fee to .75%. For the one year period beginning on March 1, 2020, and continuing through the present, the Adviser has voluntarily agreed to reduce the Management Fee to 1.25% of the Fund's daily gross assets. The Adviser's board is under no obligation to continue the fee waiver but may continue to do so.*

 

*<sup>1, 2</sup> Please refer to the risk disclosures and definitions on pp. 5-7 for a description of the benchmark indices chosen and the risks associated with comparing 1WS Credit Income Fund returns to those of an index. Investors cannot invest directly in an index.*

** 

***Performance data quoted represents past performance, which is not a guarantee of future results.*** *Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by calling (833) 834-4923 or visiting www.1wscapital.com. Investors cannot invest directly in an index. All performance shown assumes reinvestment of dividends and capital gains distribution in present value. Dividends are not guaranteed and will constitute a return of capital if dividend distributions exceed current-year earnings. Please refer to the Fund's most recent Section 19(a) notice for an estimate of the composition of the Fund's most recent distribution, available at www.1WSCapital.com.*

Annual Report \| October 31, 2025 1

1WS Credit Income Fund Management Commentary

October 31, 2025 (Unaudited)

**Comparison of the Change in Value of a $10,000 Investment**

![](fp0096542-1_02.jpg)

*The chart above assumes an initial hypothetical investment of $10,000 made in Class I shares of the Fund on March 4, 2019 (commencement of operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or share repurchases. In the absence of fee waivers and reimbursements, which can be necessary to keep expenses at the expense cap, total return would be reduced.*

2 www.1wscapital.com

1WS Credit Income Fund Management Commentary

October 31, 2025 (Unaudited)

**Portfolio Composition<sup>1</sup> and Net Return Attribution<sup>2</sup>**

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| | |
|:---|:---|
| **Asset Type** | **Net Return<sup>2</sup> Attribution <br> Calendar YTD** |
| Asset-Backed Securities (ABS) | 2.16% |
| Collateralized Loan Obligations (CLOs) | 0.55% |
| Commercial Mortgage-Backed Securities (CMBS) | 0.88% |
| European ABS & RMBS | 2.35% |
| Residential Mortgage-Backed Securities (RMBS) | 1.41% |
| Other | 0.46% |
| Interest Rate Hedges | -0.43% |
| **Total** | **7.38%** |

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*<sup>1</sup>* *The Portfolio composition as of 10/31/25 differs from the portfolio composition for any point prior to such date and is subject to change at any time.*

*<sup>2</sup>* *Net performance data reflects the deduction of all fees and expenses. Net return attribution represents portfolio PnL by sector divided by the Fund's average net asset value for the period reduced by operating expenses and management fees allocated to the sectors based on the market value of the portfolio for the period. See pages 5-7 for important risk disclosures and definitions.*

** 

Given the level of credit spreads generally and ongoing macro uncertainties, we remain cautious with respect to generic market risk exposure. We believe the current market environment benefits specialized credit underwriters who prioritize security selection, risk management, and the identification of unique sources of alpha. Shifts in the macro environment—including changes in economic conditions, the labor market, wages, and inflation—can all impact future performance. As such, we believe it is essential to stress test expected returns under various fundamental scenarios to ensure resilience.

**Portfolio Activity:**

It remains unclear exactly how the collection of student loan payments will affect the consumer at large—and importantly, those with exposure to debt instruments like unsecured consumer loans and credit cards, which may fall below student loans in the priority of payments. We have already observed a significant effect on credit scores as student loan delinquencies have begun to reappear on credit reports, with borrowers from all credit score segments experiencing delinquencies, according to data compiled by Liberty Street Economics.

Early readings on fundamental performance of the latest 2025-originated unsecured consumer debt ABS are showing that the latest vintages' delinquencies are trending better than other recent vintages that have exhibited deterioration, like the 2022-2024 cohorts. The same has not been true in subprime auto ABS. To date, early readings of aggregate 2025-originated subprime auto ABS delinquencies are indicating that this vintage is trending in-line with the 2022 vintages, which was the weakest performing of recent vintages. We have generally been finding opportunities in unsecured consumer debt ABS robust, and have been favoring adding exposure versus alternative ABS sectors. Issuance within unsecured consumer debt ABS remains strong, providing opportunities to add new issue exposure. When investing in subprime auto ABS, we tend to favor originators that proactively tightened credit standards in light of deterioration seen in the subprime auto ABS market in 2022 and 2023, focusing on what we would expect to be cleaner loan pools.

Homebuyers started to see signs of reprieve, as 30-year mortgage rates reached levels not seen since the beginning of 2023. 30-year mortgage rates are down ~100 bps through October. While beneficial to the marginal buyer, homeowners remain "locked-in" with mortgages well below the prevailing rate. Approximately 60% of homeowners have a mortgage rate of 4.5% or lower—with ~44% of all homeowners' mortgages at a rate of 3.5% or lower. Although home prices remain at record highs, home price appreciation (HPA) appears to be moderating. Additionally, existing home supply has witnessed meaningful improvements, with months supply of existing home sales reaching levels not seen since pre COVID. Nevertheless, affordability continues to be strained, with mortgage payments as a percentage of income remaining elevated.

Generally, mortgage credit performance continues to remain stable, with delinquency and foreclosure metrics not exhibiting the signs of stress witnessed in other segments of consumer debt instruments. While delinquencies are off their absolute lows, they still remain well below pre COVID averages. Persistently tight mortgage lending standards paired with solid mortgage credit fundamentals have kept the underlying credit performance stable, while other consumer sectors have shown signs of weakness.

In RMBS, we continue to add exposure in securities backed by residential transitional loans (RTLs) and home equity lines of credit/loans (HELOC/HELOANS). We believe that alternative methods for borrowers to access home equity—rather than traditional mortgage refinancing—will remain a substantial investment opportunity over the intermediate term, given that elevated home prices and persistently high mortgage rates are encouraging homeowners to stay in their homes longer. Additionally, we remain focused on opportunities in the seasoned residential sector, where historical HPA has reduced underlying credit risk. Many seasoned loans and securitizations have already experienced significant credit risk deleveraging, as higher asset values have lowered loan-to-value ratios, strengthened asset coverage, and improved overall credit quality. This deleveraging is expected to enhance cash flow recoveries in legacy pools that have accumulated forbearance losses.

Annual Report \| October 31, 2025 3

1WS Credit Income Fund Management Commentary

October 31, 2025 (Unaudited)

CMBS spreads remain wide relative to comparable unsecured corporate credit. A-rated single-asset single-borrower (SASB) is trading approximately +50 bps wide of BB-rated unsecured corporate credit, compared to the pre-COVID average of roughly -115 bps. We continued to identify what we believe to be attractive opportunities in both the new issue and secondary CMBS markets, including adding exposure in SASB across property types. Although active in new issue, we believe the most compelling relative value lies in seasoned CMBS transactions. We believe that by targeting property-specific and capital structure specific exposures, we seek to apply our differentiated view on cash flow timing or capitalize where the market undervalues outcomes to asset performance or recoveries relative to our position in the capital structure. This strategy often involves in-depth underwriting of stressed, or defaulted properties. Currently, we are identifying such opportunities across property types, including office, retail, hospitality, and multifamily.

The European Commission released proposals for amending regulations pertaining to asset securitization and the Simple Transparent Standardized (STS) framework, and capital requirements for credit institutions, as well as draft amendments on liquidity coverage ratios (LCR) regulation. The proposal aims to revitalize the EU securitization market by creating a more welcoming regulatory environment for both investors and originators. The proposal includes a new classification of securitizations as "resilient", which, the proposal defines as "senior positions in securitizations which satisfy a set of eligibility criteria that ensure low agency and model risk and a robust loss absorbing capacity for the senior positions". Ultimately, we expect that securitizations that are both STS and resilient will benefit the most from these proposals. The final implementation is to be seen as the proposals will have to go through a review process by European Commission, European Parliament, and European Council. Morgan Stanley estimates that the implementation of the proposals could result in EU securitization markets growing by ~€250 - €650 billion to ~€1.2 trillion by 2030.

In our non-dollar ABS & RMBS strategies, we have been active in the RPL/NPL sector, where we find the opportunity set continues to be attractive compared to similar investments in the performing Euro RMBS market. As European credits strengthened in the fourth quarter of last year, the RPL/NPL sector did not keep pace with the broader tightening, resulting in what we see as appealing opportunities both on an absolute and relative basis.

We continue to deliberately underweight CLOs to reduce both fundamental credit beta and mark-to-market risk in the portfolio. For some time, we have found the convexity profile of CLOs less attractive relative to other sectors where we invest. In our view, leveraged loan prices have yet to fully reflect the risks posed by persistently high interest expenses and a slowing economic backdrop for companies with floating-rate liabilities. Although the year-over-year growth in interest expense has moderated, it remains elevated on an absolute basis. As a result, we continue to take a more tactical approach to CLO positioning, seeking relative value opportunities within the sector and across the broader corporate credit landscape.

**Outlook:**

Looking ahead, we anticipate that a return to Federal Reserve policy normalization will broadly support the economy, especially in sectors most affected by elevated floating-rate financing costs. We believe that floating-rate corporate debt, commercial real estate, and even certain segments of consumer debt should benefit. The trajectory and timing of future rate changes will remain subject to debate, given elevated macroeconomic uncertainty, ongoing risks to employment, and the unresolved direction of tariff policy—and the potential impact it may ultimately have on the economy.

The key question is whether investors are receiving sufficient compensation for the risks at hand. Broader equity indices continue to reach new all-time highs, while corporate credit spreads remain at or near historically low levels. In our view, current valuations in both the equity and corporate credit markets reflect an optimistic fundamental outlook with minimal risk premium for potential future uncertainties.

Given current credit spread levels and ongoing macroeconomic uncertainty, we remain cautious regarding broad market risk exposure. In our view, this environment favors specialized credit underwriters who emphasize security selection, robust risk management, and the pursuit of differentiated sources of alpha.

In light of the recent bankruptcy filing of Tricolor, there remains a heightened focused around the state of the consumer—with specific focus on the low-income spectrum. We do not believe it is emblematic of broader credit risk within the subprime auto sector generally. We acknowledge a high degree of fundamental credit bifurcation within the broader consumer sector generally. Aggregate consumer fundamentals remain strong, while lower income families have been stretched by high inflation post-COVID, and are potentially disproportionally exposed to a slowing labor market. As a result, we continue to stress the need for credit underwriting at the security level.

4 www.1wscapital.com

1WS Credit Income Fund Management Commentary

October 31, 2025 (Unaudited)

Beyond outright spread and yield, we see that structured credit securities can offer compelling risk-adjusted returns compared to traditional, non-amortizing, fixed-maturity instruments such as corporate or sovereign bonds. Within securitized credit, features like amortizing cash flows, principal payment prioritization, excess interest, overcollateralization, and deal-specific performance triggers all shape a security's risk profile. Notably, risk profiles can evolve over time as the collateral seasons and the structures pay down. In many cases, as deals amortize, the risk profile of an individual security deleverages, resulting in higher credit quality and lower risk. Such deleveraging can materially enhance a security's expected holding period return and offer protection against general credit spread widening. The benefits of credit deleveraging and spread roll down in structured credit stand in contrast to portfolios of fixed-maturity corporate bonds. The key challenge, in our view, is finding investment opportunities and deal structures that foster ongoing credit improvement and deleveraging over time.

While we are optimistic about the investment opportunities in structured credit markets, we remain mindful of macroeconomic factors that may increase volatility in fixed income, credit, and equity markets. Although we do not foresee a broad deterioration in credit fundamentals, we acknowledge the meaningful risks posed by current economic conditions, tariff uncertainty, and rising downside risks to employment. With risk premia across many credit and equity sectors at what we believe are historic lows, we are not presently inclined to increase overall portfolio risk. Instead, we believe this environment favors specialized credit underwriters who focus on security selection, risk management, and the pursuit of differentiated sources of return. It is important to emphasize that as a dedicated structured credit investment manager, we hedge non-credit risks across our portfolio. For example, we use derivatives to hedge interest rate exposure as well as currency risk arising from non-dollar investment strategies.

***Investing in the Fund may be considered speculative and involves a high degree of risk, including the risk of possible substantial loss of your investment.***

***Prior to investing, Investors should carefully consider the investment objectives, risks, charges and expenses of the 1WS Credit Income Fund. This and other important information about the Fund is contained in the prospectus, which can be obtained by calling (833) 834-4923 or visiting www.1wscapital.com. The prospectus should be read carefully before investing.***

 

***Net performance data are pre-tax, fund-level, net of operating expenses, management fees, and any applicable shareholder servicing and distribution fees charged to investors. Actual returns experienced by an investor may vary due to these factors, among others. ITD Net return is a linked monthly return.***

 

*1WS Credit Income Fund is distributed by ALPS Distributors, Inc. ALPS Distributors, Inc. is not affiliated with 1WS Capital Advisors, LLC or One William Street Capital Management, L.P.*

 

**RISK DISCLOSURES**

***Past performance is not a guarantee of future results.*** *There is no assurance that the Fund will meet its investment objective.*

 

*Limited liquidity is provided to shareholders only through the Fund's quarterly repurchase offers for no less than 5% of the Fund's shares outstanding at net asset value. There is no guarantee that shareholders will be able to sell all of the shares they desire to sell in a quarterly repurchase offer. The Fund is suitable only for investors who can bear the risks associated with the limited liquidity of the Fund and should be viewed as a long-term investment.*

 

*The Fund's investments may be negatively affected by the broad investment environment in the real estate market, the debt market and/or the equity securities market. The value of the Fund's investments will increase or decrease based on changes in the prices of the investments it holds. This will cause the value of the Fund's shares to increase or decrease. The Fund is "non-diversified" under the Investment Company Act of 1940 and, thus, changes in the financial condition or market value of a single issuer may cause a greater fluctuation in the Fund's net asset value than in a "diversified" fund. Diversification does not eliminate the risk of experiencing investment losses. The Fund is not intended to be a complete investment program.*

 

*The Fund expects most of its investments to be in securities that are rated below investment grade or would be rated below investment grade if they were rated. Below investment grade instruments or "junk securities" are particularly susceptible to economic downturns compared to higher rated investments. While the Fund may employ hedging techniques to seek to minimize interest rate risk, there can be no assurance that it will engage in such techniques at any given time or that such techniques would be successful. As such, the Fund is subject to interest rate risk and may decline in value as interest rates rise. The Fund may use leverage to achieve its investment objective, which involves risks, including the increased likelihood of net asset value volatility and the increased risk that fluctuations in interest rates on borrowings will reduce the return to investors. In addition to the normal risks associated with investing, investing in international and emerging markets involves risk of capital loss from unfavorable fluctuations in currency values, differences in generally accepted accounting principles or from social, economic or political instability in other nations. The Fund may employ hedging techniques to seek to minimize foreign currency risk.*

 

*There can be no assurance that the Fund will engage in such techniques at any given time or that such techniques would be successful. The Fund may invest in derivatives, which, depending on market conditions and the type of derivative, are more volatile than other investments and could magnify the Fund's gains or losses. An investment in shares should be considered only by investors who can assess and bear the illiquidity and other risks associated with such an investment.*

Annual Report \| October 31, 2025 5

1WS Credit Income Fund Management Commentary

October 31, 2025 (Unaudited)

*Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Mortgage-backed and asset-backed securities are affected by interest rates, financial health of issuers/originators, creditworthiness of entities providing credit enhancements and the value of underlying assets. Fixed income securities present issuer default risk. Prepayment and extension risk exists because a loan, bond or other investment may be called, prepaid or redeemed before maturity and similar yielding investments may not be available for purchase. Structured finance securities may present risks similar to those of the other types of debt obligations in which the Fund may invest and, in fact, such risks may be of greater significance in the case of structured finance securities. Investing in structured finance securities may be affected by a variety of factors, including priority in the capital structure of the issuer thereof, the availability of any credit enhancement, and the level and timing of payments and recoveries on and the characteristics of the underlying receivables, loans or other assets that are being securitized, among others. Market or other (e.g., interest rate) environments may adversely affect the liquidity of Fund investments, negatively impacting their price. Generally, the less liquid the market at the time the Fund sells a holding, the greater the risk of loss or decline of value to the Fund. See the Fund's prospectus for information on these and other risks.*

 

*There can be no assurance that the Fund will achieve its investment objective. Many of the Fund's investments may be considered speculative and subject to increased risk. Neither One William Street Capital Management, L.P. nor 1WS Capital Advisors, LLC has managed a 1940-Act registered product prior to managing the Fund. Investing in the Fund involves risks, including the risk that you may receive little or no return on your investment or that you may lose part or all of your investment. The ability of the Fund to achieve its investment objective depends, in part, on the ability of the Adviser to allocate effectively the assets of the Fund among the various securities and investments in which the Fund invests. There can be no assurance that the actual allocations or investment selections will be effective in achieving the Fund's investment objective or delivering positive returns.*

 

*The information provided is not intended to be a forecast of future events, a guarantee of future results or investment advice, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the portfolio manager disclaims any responsibility to update such views. The views expressed in this report reflect the current views of the portfolio manager as of October 31, 2025.*

 

*There are limitations when comparing the 1WS Credit Income Fund to indices. Many open-end funds which track these indices offer daily liquidity, while closed-end interval funds offer liquidity on a periodic basis. Deteriorating general market conditions will reduce the value of stock securities. When interest rates rise, the value of bond securities tends to fall. Investing in lower-rated securities involves special risks in addition to the risks associated with investments in investment grade securities, including a high degree of credit risk. Lower-rated securities may be regarded as predominately speculative with respect to the issuer's continuing ability to meet principal and interest payments. Analysis of the creditworthiness of issuers/ issues of lower-rated securities may be more complex than for issuers/issues of higher quality debt securities. There is a risk that issuers will not make payments, resulting in losses to the Fund. In addition, the credit quality of securities may be lowered if an issuer's financial condition changes. Assets and securities contained within indices are different than the assets and securities contained in the 1WS Credit Income Fund and will therefore have different risk and reward profiles. An investment cannot be made in an index, which is unmanaged and has returns that do not reflect any trading, management or other costs. Please see definitions for a description of the investment indexes selected.*

6 www.1wscapital.com

1WS Credit Income Fund Management Commentary

October 31, 2025 (Unaudited)

**Definitions**

***ABS:*** *Asset-Backed Securities are instruments secured by financial, physical, and/or intangible assets (e.g., receivables or pools of receivables), and investments in any assets/instruments underlying the foregoing structured/secured obligations.*

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***Basis Points (bps):*** *A basis point is a common unit of measurement for interest rates and credit spreads and is equal to one hundredth of one percent.*

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***CLO:*** *Collateralized Loan Obligations are instruments that represent debt and equity tranches of collateralized loan obligations and collateralized debt obligations.*

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***CMBS:*** *Commercial Mortgage-Backed Securities are fixed income instruments that are secured by mortgage loans on commercial real property.*

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***Credit Risk Transfer (CRT) Securities:*** *CRT securities effectively transfer a portion of the risk associated with credit losses within pools of residential mortgage loans to investors.*

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***Foreign Exchange Rate Hedges:*** *Foreign exchange rate hedges include a variety of different products to help protect against foreign currency exposure within our portfolio. In principle, foreign exchange rate hedging products provide greater certainty over future loan repayments.*

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***Interest Rate Hedges:*** *Interest rate hedges include a variety of different products to help protect against interest rate risk. In principle, interest rate hedging products provide greater certainty over future loan repayments.*

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***Non-Dollar ABS:*** *Non-Dollar Asset-Backed Securities are instruments secured by financial, physical, and/or intangible assets (e.g., receivables or pools of receivables), and investments in any assets/instruments underlying the foregoing structured/secured obligations outside of the U.S. Non-Dollar Asset-Backed Securities are denominated in currencies other than the U.S. Dollar.*

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***Residential Transitional Loans (RTL):*** *Mortgage loans, specifically real estate investment loans, that are usually short duration financing for investors pursuing construction, renovation, and other rehabilitation projects on a property.*

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***RMBS:*** *Residential Mortgage-Backed Securities are securities that may be secured by interests in a single residential mortgage loan or a pool of mortgage loans secured by residential property.*

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***Risk Premia:*** *Risk Premia is the investment return an asset is expected to yield in excess of the risk-free rate of return.*

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***SASB:*** *Single Asset Single Borrower (SASB) CMBS transactions involve the securitization of a single loan (SA) or collateralized by a group of assets all owned by the same borrower (SB).*

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***Tranche:*** *Tranches are segments created from a pool of assets - usually debt instruments such as bonds or mortgages - that are divvied up by risk, time to maturity, or other characteristics in order to be marketable to different investors.*

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Annual Report \| October 31, 2025 7

1WS Credit Income Fund Consolidated Schedule of Investments

October 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Rate** | **Maturity <br> Date<sup>(a)</sup>** | **Principal <br> Amount** | **Fair <br> Value** |
| **MORTGAGE-BACKED SECURITIES (49.80%)** |  |  |  |  |
| **Residential (35.42%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;ABL, Series 2025-RTL1, Class A2<sup>(b)(c)(d)</sup> | 8.02% | 06/25/30 | $1574000 | $1595879 |
| &nbsp;&nbsp;&nbsp;ACE Securities Corp. Home Equity Loan Trust, Series 2006-OP2, Class M1<sup>(d)(e)</sup> | 1M CME TERM SOFR + 0.49% | 08/25/36 | 684603 | 565756 |
| &nbsp;&nbsp;&nbsp;AIMS, Series 2007-1, Class B<sup>(e)</sup> | 1M BBSW + 0.57% | 07/10/38 | 655186 | 353555 |
| &nbsp;&nbsp;&nbsp;Alba PLC, Series 2007-1, Class C<sup>(d)(e)</sup> | SONIA IR + 0.41% | 03/17/39 | £1562864 | 1941049 |
| &nbsp;&nbsp;&nbsp;Alternative Loan Trust, Series 2007-21CB, Class 2A3<sup>(e)</sup> | 1M CME TERM SOFR + 0.61% | 09/25/37 | $993082 | 260287 |
| &nbsp;&nbsp;&nbsp;Alternative Loan Trust, Series 2007-21CB, Class 2A4<sup>(e)(f)</sup> | 5.49% - 1M CME TERM SOFR | 09/25/37 | 917923 | 94087 |
| &nbsp;&nbsp;&nbsp;Ameriquest Mortgage Securities Trust, Series 2006-R1, Class M4<sup>(e)</sup> | 1M CME TERM SOFR + 0.95% | 03/25/36 | 711158 | 883898 |
| &nbsp;&nbsp;&nbsp;Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Ctfs, Series 2005-R5, Class M7<sup>(e)</sup> | 1M CME TERM SOFR + 1.94% | 07/25/35 | 533178 | 655223 |
| &nbsp;&nbsp;&nbsp;Anchor Mortgage Trust, Series 2025-RTL1, Class M1<sup>(b)(d)(e)</sup> | 7.96% | 05/25/40 | 750000 | 764325 |
| &nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Series 2019-6, Class B2<sup>(b)(e)</sup> | 5.04% | 11/25/59 | 846000 | 821974 |
| &nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Series 2025-HB1, Class M1<sup>(b)(e)</sup> | 30D US SOFR + 2.40% | 02/25/55 | 905000 | 939028 |
| &nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Series 2025-HB1, Class M2<sup>(b)(e)</sup> | 30D US SOFR + 2.70% | 02/25/55 | 750000 | 780450 |
| &nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Series 2025-HB1, Class M3<sup>(b)(e)</sup> | 30D US SOFR + 3.05% | 02/25/55 | 1077000 | 1118895 |
| &nbsp;&nbsp;&nbsp;Archwest Mortgage Trust, Series 2025-RTL1, Class A2<sup>(b)(c)(d)</sup> | 5.64% | 03/25/28 | 1430000 | 1433003 |
| &nbsp;&nbsp;&nbsp;Archwest Mortgage Trust, Series 2025-RTL1, Class M1<sup>(b)(d)(e)</sup> | 6.81% | 03/25/28 | 1986000 | 2000299 |
| &nbsp;&nbsp;&nbsp;Argent Securities Trust, Series 2006-W2, Class A2B<sup>(e)</sup> | 1M CME TERM SOFR + 0.49% | 03/25/36 | 1167019 | 640460 |
| &nbsp;&nbsp;&nbsp;Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-W5, Class M1<sup>(d)(e)</sup> | 1M CME TERM SOFR + 0.80% | 01/25/36 | 1355377 | 1412845 |
| &nbsp;&nbsp;&nbsp;Asset Backed Securities Corp. Home Equity Loan Trust Series OOMC, Series 2006-HE3, Class M1<sup>(e)</sup> | 1M CME TERM SOFR + 0.56% | 03/25/36 | 635187 | 579037 |
| &nbsp;&nbsp;&nbsp;Atlas Funding PLC, Series 2023-1, Class F<sup>(e)</sup> | N/A<sup>(g)</sup> | 01/25/61 | £402000 | 555210 |
| &nbsp;&nbsp;&nbsp;Atlas Funding PLC, Series 2025-1, Class E<sup>(d)(e)</sup> | SONIA IR + 4.00% | 02/20/30 | 768000 | 1047783 |
| &nbsp;&nbsp;&nbsp;Banc of America Funding, Series 2007-5, Class CA8<sup>(e)(f)</sup> | 5.35% - 1M CME TERM SOFR | 07/25/37 | $2133749 | 173260 |
| &nbsp;&nbsp;&nbsp;Bear Stearns Mortgage Funding Trust, Series 2006-AR5, Class 2A2<sup>(d)(e)</sup> | 1M CME TERM SOFR + 0.57% | 01/25/37 | 815073 | 772282 |
| &nbsp;&nbsp;&nbsp;Bear Stearns Mortgage Funding Trust, Series 2007-AR4, Class 2A2A<sup>(e)</sup> | 1M CME TERM SOFR + 0.35% | 04/25/37 | 799259 | 738355 |
| &nbsp;&nbsp;&nbsp;Bletchley Park Funding PLC, Series 2024-1, Class E<sup>(e)</sup> | SONIA IR + 4.12% | 07/27/28 | £430000 | 577158 |
| &nbsp;&nbsp;&nbsp;Braccan Mortgage Funding 2025-1 PLC, Series 2025-1A, Class X<sup>(b)(d)(e)</sup> | SONIA IR + 3.93% | 02/17/29 | 778000 | 1030659 |
| &nbsp;&nbsp;&nbsp;Brants Bridge PLC, Series 2023-1, Class E<sup>(e)</sup> | SONIA IR + 4.25% | 09/14/26 | 915000 | 1211790 |
| &nbsp;&nbsp;&nbsp;Brean Asset Backed Securities Trust, Series 2025-RM13, Class A1<sup>(b)(d)</sup> | 4.25% | 01/25/30 | $775000 | 749115 |
| &nbsp;&nbsp;&nbsp;Carrington Mortgage Loan Trust, Series 2007-FRE1, Class M1<sup>(e)</sup> | 1M CME TERM SOFR + 0.61% | 02/25/37 | 743883 | 599867 |
| &nbsp;&nbsp;&nbsp;Castell PLC, Series 2023-1, Class F<sup>(d)(e)</sup> | SONIA IR + 8.00% | 05/25/55 | £527000 | 726396 |
| &nbsp;&nbsp;&nbsp;Castell PLC, Series 2023-1, Class G<sup>(d)(e)</sup> | N/A<sup>(g)</sup> | 05/25/55 | 1014000 | 1401653 |
| &nbsp;&nbsp;&nbsp;Castell PLC, Series 2023-2, Class F<sup>(d)(e)</sup> | SONIA IR + 7.85% | 11/25/55 | 821000 | 1153099 |
| &nbsp;&nbsp;&nbsp;Castell PLC, Series 2023-2, Class G<sup>(e)</sup> | SONIA IR + 9.90% | 11/25/55 | 407000 | 568693 |
| &nbsp;&nbsp;&nbsp;Castell PLC, Series 2025-1, Class X1<sup>(d)(e)</sup> | SONIA IR + 4.15% | 01/27/29 | 523439 | 693910 |
| &nbsp;&nbsp;&nbsp;C-BASS, Series 2007-CB4, Class A1B<sup>(e)</sup> | 1M CME TERM SOFR + 0.29% | 04/25/37 | $1655380 | 785147 |

---

*See Notes to Consolidated Financial Statements.*

8 www.1wscapital.com

1WS Credit Income Fund Consolidated Schedule of Investments

October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Rate** | **Maturity <br> Date<sup>(a)</sup>** | **Principal <br> Amount** | **Fair <br> Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CFST Mortgage Trust, Series 2025-RTL1, Class A1<sup>(b)(c)(d)</sup> | 5.88% | 04/25/28 | $847000 | $848270 |
| &nbsp;&nbsp;&nbsp;Clavel Residential 4 DAC, Series 2025-1X, Class D<sup>(d)(e)</sup> | 3M EUR L + 2.50% | 10/28/66 | 2476000 | 2753926 |
| &nbsp;&nbsp;&nbsp;Clavel Residential 4 DAC, Series 2025-1X, Class E<sup>(d)(e)</sup> | 3M EUR L + 3.50% | 10/28/66 | 3299000 | 3513061 |
| &nbsp;&nbsp;&nbsp;Clavel Residential 4 DAC, Series 2025-1X, Class F<sup>(d)(e)</sup> | 3M EUR L + 4.00% | 10/28/66 | 5502000 | 5756928 |
| &nbsp;&nbsp;&nbsp;COLT Mortgage Loan Trust, Series 2022-2, Class B1<sup>(b)(d)(e)</sup> | 3.95% | 02/25/67 | $1042000 | 881845 |
| &nbsp;&nbsp;&nbsp;COLT Mortgage Loan Trust, Series 2025-10, Class B1<sup>(b)(d)(e)</sup> | 6.86% | 10/25/70 | 1442000 | 1448921 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities, Series 2021-R02, Class 2B2<sup>(b)(e)</sup> | 30D US SOFR + 6.20% | 11/25/41 | 2926000 | 3069667 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2022-R05, Class 2B2<sup>(b)(e)</sup> | 30D US SOFR + 7.00% | 04/25/42 | 1323000 | 1428840 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2022-R07, Class 1B2<sup>(b)(d)(e)</sup> | 30D US SOFR + 12.00% | 06/25/42 | 1982000 | 2303679 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2023-R02, Class 1B2<sup>(b)(e)</sup> | 30D US SOFR + 7.90% | 01/25/43 | 1197000 | 1336810 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2023-R03, Class <sup>2B1(b)(d)(e)</sup> | 30D US SOFR + 6.35% | 04/25/43 | 626000 | 700557 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2023-R06, Class 1B2<sup>(b)(e)</sup> | 30D US SOFR + 5.90% | 07/25/43 | 687000 | 752883 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R01, Class 1B2<sup>(b)(e)</sup> | 30D US SOFR + 4.00% | 01/25/44 | 1875000 | 1995562 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2024-R02, Class <sup>1B2(b)(d)(e)</sup> | 30D US SOFR + 3.70% | 02/25/44 | 2655000 | 2801025 |
| &nbsp;&nbsp;&nbsp;Countrywide Alternative Loan Trust, Series 2005-64CB, Class 1A17 | 5.50% | 12/25/35 | 114037 | 98881 |
| &nbsp;&nbsp;&nbsp;CWABS Asset-Backed Certificates Trust, Series 2004-15, Class MV7<sup>(e)</sup> | 1M CME TERM SOFR + 2.51% | 02/25/35 | 732568 | 600559 |
| &nbsp;&nbsp;&nbsp;CWABS Asset-Backed Certificates Trust, Series 2005-2, Class M6<sup>(d)(e)</sup> | 30D US SOFR + 2.03% | 08/25/35 | 542784 | 539636 |
| &nbsp;&nbsp;&nbsp;CWABS Asset-Backed Certificates Trust 2006-11, Series 2006-12, Class M1<sup>(e)</sup> | 1M CME TERM SOFR + 0.56% | 12/25/36 | 687576 | 635045 |
| &nbsp;&nbsp;&nbsp;Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA4, Class 2A2<sup>(e)</sup> | 1M CME TERM SOFR + 0.75% | 08/25/47 | 904277 | 657500 |
| &nbsp;&nbsp;&nbsp;Dilosk RMBS No 7 DAC, Series 2023-7, Class F<sup>(d)(e)</sup> | 3M EUR L + 5.00% | 02/26/27 | 624000 | 735461 |
| &nbsp;&nbsp;&nbsp;Dilosk RMBS No 8 Sts DAC, Series 2024-STS, Class F<sup>(e)</sup> | 9.57% | 05/20/62 | 459000 | 559183 |
| &nbsp;&nbsp;&nbsp;Dilosk RMBS No 8 Sts DAC, Series 2024-STS, Class X<sup>(e)</sup> | 11.92% | 05/20/62 | 283415 | 329500 |
| &nbsp;&nbsp;&nbsp;Dilosk RMBS No 9 DAC, Series 2024-9, Class X2<sup>(e)</sup> | N/A<sup>(g)</sup> | 01/25/28 | 496833 | 572468 |
| &nbsp;&nbsp;&nbsp;Domi BV, Series 2021-1, Class E<sup>(d)(e)</sup> | 3M EUR L + 6.50% | 06/15/53 | 704000 | 816690 |
| &nbsp;&nbsp;&nbsp;Domi BV, Series 2024-1, Class X<sup>(e)</sup> | 3M EUR L + 3.98% | 09/17/29 | 235812 | 273749 |
| &nbsp;&nbsp;&nbsp;Dominion Mortgage Trust, Series 2025-RTL1, Class A2<sup>(b)(c)</sup> | 8.02% | 09/25/27 | $750000 | 758775 |
| &nbsp;&nbsp;&nbsp;Eagle RE, Ltd., Series 2023-1, Class M2<sup>(b)(e)</sup> | 30D US SOFR + 5.20% | 09/26/33 | 1533500 | 1620909 |
| &nbsp;&nbsp;&nbsp;East One PLC, Series 2024-1, Class E<sup>(e)</sup> | SONIA IR + 4.50% | 06/27/27 | £783000 | 1052817 |
| &nbsp;&nbsp;&nbsp;Easy Street Mortgage Loan Trust, Series 2025-RTL1, Class A1<sup>(b)(c)(d)</sup> | 6.46% | 05/25/40 | $1546000 | 1580940 |
| &nbsp;&nbsp;&nbsp;Elstree Funding No 5 PLC, Series 2024-5, Class F<sup>(e)</sup> | SONIA IR + 4.69% | 03/21/28 | £403998 | 544964 |
| &nbsp;&nbsp;&nbsp;E-MAC Program BV, Series 2007-NL3X, Class D<sup>(d)(e)</sup> | 3M EUR L + 0.50% | 07/25/47 | 477158 | 455003 |
| &nbsp;&nbsp;&nbsp;Eurohome UK Mortgages 2007 -1 PLC, Series 2007-1, Class B2<sup>(e)</sup> | SONIA IR + 3.22% | 06/15/44 | £430000 | 552978 |
| &nbsp;&nbsp;&nbsp;Eurosail 2006-2bl PLC, Series 2006-2X, Class D1C<sup>(d)(e)</sup> | SONIA IR + 0.92% | 12/15/44 | 1528000 | 1906181 |
| &nbsp;&nbsp;&nbsp;Eurosail 2006-3nc PLC, Series 2006-3X, Class D1A<sup>(d)(e)</sup> | 3M EUR L + 0.90% | 09/10/44 | 1414000 | 1503794 |
| &nbsp;&nbsp;&nbsp;Eurosail 2006-4np PLC, Series 2006-4X, Class D1C<sup>(d)(e)</sup> | SONIA IR + 0.92% | 12/10/44 | £645564 | 797877 |
| &nbsp;&nbsp;&nbsp;Eurosail-UK 2007-5np PLC, Series 2007-5X, Class B1C<sup>(e)</sup> | SONIA IR + 2.14% | 09/13/45 | 389132 | 474041 |
| &nbsp;&nbsp;&nbsp;Exmoor Funding PLC, Series 2024-1, Class X<sup>(e)</sup> | 3M EUR L + 5.65% | 06/25/28 | 178659 | 236538 |
| &nbsp;&nbsp;&nbsp;Fieldstone Mortgage Investment Trust, Series 2005-3, Class M2<sup>(e)</sup> | 1M CME TERM SOFR + 0.79% | 02/25/36 | $1626000 | 547962 |
| &nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-HE1, Class A<sup>(b)(d)(e)</sup> | 5.83% | 01/25/55 | 1795957 | 1810684 |
| &nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-HE2, Class A<sup>(b)(e)</sup> | 5.78% | 03/25/55 | 21427919 | 21757908 |
| &nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-HE3, Class E<sup>(b)(d)(e)</sup> | 8.10% | 05/25/55 | 750000 | 782550 |
| &nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-PF1, Class A<sup>(b)(e)</sup> | 5.76% | 06/25/55 | 1117708 | 1136933 |
| &nbsp;&nbsp;&nbsp;Finance Ireland RMBS NO 7 DAC, Series 2024-7, Class X<sup>(e)</sup> | 3M EUR L + 3.72% | 12/24/63 | 45029 | 51967 |
| &nbsp;&nbsp;&nbsp;Finsbury Square PLC, Series 2025-1, Class E<sup>(d)(e)</sup> | SONIA IR + 3.00% | 06/16/75 | £3035000 | 3992319 |

---

*See Notes to Consolidated Financial Statements.*

Annual Report \| October 31, 2025 9

1WS Credit Income Fund Consolidated Schedule of Investments

October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Rate** | **Maturity <br> Date<sup>(a)</sup>** | **Principal <br> Amount** | **Fair <br> Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;First Franklin Mortgage Loan Trust, Series 2005-FF12, Class M3<sup>(d)(e)</sup> | 1M CME TERM SOFR + 0.86% | 11/25/36 | $1966644 | $1460430 |
| &nbsp;&nbsp;&nbsp;First Franklin Mortgage Loan Trust, Series 2006-FFH1, Class M2<sup>(e)</sup> | 1M CME TERM SOFR + 0.71% | 01/25/36 | 552686 | 534724 |
| &nbsp;&nbsp;&nbsp;Freddie Mac STACR REMIC Trust, Series 2020-DNA1, Class B2<sup>(b)(e)</sup> | 30D US SOFR + 5.36% | 01/25/50 | 838000 | 934454 |
| &nbsp;&nbsp;&nbsp;Freddie Mac STACR REMIC Trust, Series 2020-DNA6, Class B2<sup>(b)(e)</sup> | 30D US SOFR + 5.65% | 12/25/50 | 1789000 | 2074703 |
| &nbsp;&nbsp;&nbsp;Freddie Mac STACR REMIC Trust, Series 2020-HQA3, Class B2<sup>(b)(e)</sup> | 30D US SOFR + 10.11% | 07/25/50 | 1806000 | 2405592 |
| &nbsp;&nbsp;&nbsp;Freddie Mac STACR REMIC Trust, Series 2020-HQA4, Class B2<sup>(b)(e)</sup> | 30D US SOFR + 9.51% | 09/25/50 | 477000 | 627017 |
| &nbsp;&nbsp;&nbsp;Freddie Mac STACR REMIC Trust, Series 2021-DNA1, Class B2<sup>(b)(e)</sup> | 30D US SOFR + 4.75% | 01/25/51 | 1583000 | 1763620 |
| &nbsp;&nbsp;&nbsp;Freddie Mac STACR REMIC Trust, Series 2021-DNA2, Class B2<sup>(b)(e)</sup> | 30D US SOFR + 4.91% | 02/25/50 | 2575000 | 2876018 |
| &nbsp;&nbsp;&nbsp;Freddie Mac STACR REMIC Trust, Series 2022-HQA1, Class B2<sup>(b)(d)(e)</sup> | 30D US SOFR + 11.00% | 03/25/42 | 4941260 | 5531246 |
| &nbsp;&nbsp;&nbsp;Freddie Mac STACR REMIC Trust, Series 2023-DNA1, Class B1<sup>(b)(d)(e)</sup> | 13.47% | 03/25/43 | 2432000 | 2782451 |
| &nbsp;&nbsp;&nbsp;Freddie Mac STACR REMIC Trust, Series 2023-DNA2, Class B1<sup>(b)(e)</sup> | 30D US SOFR + 7.60% | 04/25/43 | 1021000 | 1156180 |
| &nbsp;&nbsp;&nbsp;Fremont Home Loan Trust, Series 2004-C, Class M3<sup>(e)</sup> | 1M CME TERM SOFR + 1.84% | 08/25/34 | 170 |  |
| &nbsp;&nbsp;&nbsp;FT RMBS Miravet, Series 2023-1, Class E<sup>(d)(e)</sup> | 3M EUR L + 3.00% | 11/26/66 | 600000 | 683805 |
| &nbsp;&nbsp;&nbsp;FT RMBS Miravet, Series 2023-1, Class F<sup>(d)(e)</sup> | 3M EUR L + 4.00% | 11/26/66 | 600000 | 681799 |
| &nbsp;&nbsp;&nbsp;Fylde Funding PLC, Series 2024-1, Class E<sup>(e)</sup> | SONIA IR + 4.15% | 07/25/52 | £741000 | 978625 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2025-NQM5, Class B1<sup>(b)(e)</sup> | 6.74% | 07/25/65 | $1057000 | 1064928 |
| &nbsp;&nbsp;&nbsp;GSAA Home Equity Trust, Series 2007-8, Class A4<sup>(e)</sup> | 1M CME TERM SOFR + 1.31% | 08/25/37 | 547743 | 299670 |
| &nbsp;&nbsp;&nbsp;Harben Finance, Series 2022-1RA, Class G<sup>(b)(e)</sup> | SONIA IR + 4.30% | 09/28/26 | £391000 | 515924 |
| &nbsp;&nbsp;&nbsp;Hermitage 2024 PLC, Series 2024-1, Class E<sup>(e)</sup> | SONIA IR + 3.90% | 04/21/33 | 215974 | 284524 |
| &nbsp;&nbsp;&nbsp;Home Equity Mortgage Loan Asset-Backed Trust Series INABS, Series 2005-D, Class M2<sup>(e)</sup> | 1M CME TERM SOFR + 0.82% | 03/25/36 | $459102 | 331793 |
| &nbsp;&nbsp;&nbsp;Home Equity Mortgage Loan Asset-Backed Trust Series INABS, Series 2006-A, Class M1<sup>(e)</sup> | 1M CME TERM SOFR + 0.71% | 03/25/36 | 785663 | 655008 |
| &nbsp;&nbsp;&nbsp;Home Equity Mortgage Loan Asset-Backed Trust Series INABS, Series 2006-C, Class M1<sup>(e)</sup> | 1M CME TERM SOFR + 0.55% | 08/25/36 | 549668 | 645695 |
| &nbsp;&nbsp;&nbsp;Home RE, Ltd., Series 2023-1, Class M1B<sup>(b)(d)(e)</sup> | 30D US SOFR + 4.60% | 10/25/33 | 546940 | 560833 |
| &nbsp;&nbsp;&nbsp;Homeward Opportunities Fund Trust, Series 2025-RRTL1, Class M1<sup>(b)(e)</sup> | 6.83% | 02/25/27 | 1393000 | 1409577 |
| &nbsp;&nbsp;&nbsp;Hops Hill No2 PLC, Series 2022-2, Class E<sup>(e)</sup> | SONIA IR + 5.25% | 11/27/54 | £1072000 | 1425348 |
| &nbsp;&nbsp;&nbsp;HSI Asset Securitization Corp. Trust, Series 2007-HE1, Class 1A1<sup>(e)</sup> | 1M CME TERM SOFR + 0.25% | 01/25/37 | $943587 | 752322 |
| &nbsp;&nbsp;&nbsp;ICAP , Series 2025-RTL1, Class A1<sup>(b)(c)(d)</sup> | 6.47% | 01/25/28 | 2783000 | 2830589 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Mortgage Acquisition Corp., Series 2006-FRE2, Class M3<sup>(e)</sup> | 1M CME TERM SOFR + 0.67% | 02/25/36 | 922849 | 718899 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Mortgage Acquisition Trust, Series 2006-HE2, Class <sup>M2(d)(e)</sup> | 1M CME TERM SOFR + 0.59% | 07/25/36 | 1145953 | 1175748 |
| &nbsp;&nbsp;&nbsp;Jeronimo Funding DAC, Series 2025-1, Class D<sup>(e)</sup> | 3M EUR L + 3.00% | 10/25/64 | 757000 | 864216 |
| &nbsp;&nbsp;&nbsp;Kinbane 2024-RPL 1 DAC, Series 2024-RPL1X, Class D<sup>(e)</sup> | 1M EUR L + 3.25% | 01/26/65 | 557000 | 642629 |
| &nbsp;&nbsp;&nbsp;Kinbane 2024-RPL 1 DAC, Series 2024-RPL1X, Class E<sup>(e)</sup> | 1M EUR L + 4.25% | 01/26/65 | 557000 | 647507 |
| &nbsp;&nbsp;&nbsp;Kinbane 2024-RPL 1 DAC, Series 2024-RPL1X, Class F<sup>(e)</sup> | 1M EUR L + 5.25% | 01/26/65 | 749000 | 885724 |
| &nbsp;&nbsp;&nbsp;Kinbane 2024-Rpl 2 DAC, Series 2024-RPL2X, Class D<sup>(d)(e)</sup> | 1M EUR L + 3.25% | 01/24/63 | 936000 | 1072020 |
| &nbsp;&nbsp;&nbsp;Kinbane 2024-Rpl 2 DAC, Series 2024-RPL2X, Class E<sup>(d)(e)</sup> | 1M EUR L + 4.25% | 01/24/63 | 1310000 | 1503389 |
| &nbsp;&nbsp;&nbsp;Kinbane 2024-Rpl 2 DAC, Series 2024-RPL2X, Class F<sup>(d)(e)</sup> | 1M EUR L + 5.25% | 01/24/63 | 2806000 | 3208273 |
| &nbsp;&nbsp;&nbsp;Kinbane 2025-RPL1 DAC, Series 2025-RPL1X, Class D<sup>(d)(e)</sup> | 1M EUR L + 3.00% | 06/24/78 | 1942000 | 2217275 |

---

*See Notes to Consolidated Financial Statements.*

10 www.1wscapital.com

1WS Credit Income Fund Consolidated Schedule of Investments

October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Rate** | **Maturity <br> Date<sup>(a)</sup>** | **Principal <br> Amount** | **Fair <br> Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Kinbane 2025-RPL1 DAC, Series 2025-RPL1X, Class E<sup>(d)(e)</sup> | 1M EUR L + 4.25% | 06/24/78 | 1798000 | $2044576 |
| &nbsp;&nbsp;&nbsp;Kinbane 2025-RPL1 DAC, Series 2025-RPL1X, Class F<sup>(d)(e)</sup> | 1M EUR L + 5.50% | 06/24/78 | 642792 | 728499 |
| &nbsp;&nbsp;&nbsp;Landmark Mortgage Securities No 3 PLC, Series 2007-3, Class D<sup>(d)(e)</sup> | SONIA IR + 4.12% | 04/17/44 | £419293 | 559922 |
| &nbsp;&nbsp;&nbsp;Lansdowne Mortgage Securities No 1 PLC, Series 2006-1, Class <sup>M2(d)(e)</sup> | 3M EUR L + 0.84% | 06/15/45 | 500000 | 407529 |
| &nbsp;&nbsp;&nbsp;Lehman Mortgage Trust, Series 2006-9, Class 1A5<sup>(d)(e)</sup> | 1M CME TERM SOFR + 0.71% | 01/25/37 | $659963 | 336383 |
| &nbsp;&nbsp;&nbsp;Lehman Mortgage Trust, Series 2007-5, Class 6A1<sup>(e)</sup> | 1M CME TERM SOFR + 0.43% | 10/25/36 | 3274330 | 1224927 |
| &nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2024-RTL4, Class M1<sup>(b)(e)</sup> | 7.79% | 01/25/27 | 500000 | 506500 |
| &nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2024-RTL5, Class M1<sup>(b)(e)</sup> | 6.82% | 09/25/39 | 500000 | 504350 |
| &nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2025-RTL1, Class M1<sup>(b)(e)</sup> | 7.02% | 01/25/40 | 760000 | 769120 |
| &nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2025-RTL2, Class M1<sup>(b)(e)</sup> | 7.70% | 04/25/40 | 750000 | 760800 |
| &nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2025-RTL3, Class M1<sup>(b)(d)(e)</sup> | 6.89% | 08/25/40 | 750000 | 756300 |
| &nbsp;&nbsp;&nbsp;London Bridge Mortgages PLC, Series 2025-1, Class F<sup>(d)(e)</sup> | SONIA IR + 4.38% | 04/20/30 | £1231000 | 1625436 |
| &nbsp;&nbsp;&nbsp;Long Beach Mortgage Loan Trust, Series 2006-10, Class 2A3<sup>(e)</sup> | 1M CME TERM SOFR + 0.43% | 11/25/36 | $2855291 | 871435 |
| &nbsp;&nbsp;&nbsp;Long Beach Mortgage Loan Trust, Series 2006-10, Class 2A4<sup>(e)</sup> | 1M CME TERM SOFR + 0.55% | 11/25/36 | 2472861 | 750019 |
| &nbsp;&nbsp;&nbsp;Merrion Square Residential 2024-1 DAC, Series 2024-1X, Class D<sup>(e)</sup> | 1M EUR L + 3.25% | 06/24/27 | 475000 | 545834 |
| &nbsp;&nbsp;&nbsp;Merrion Square Residential 2024-1 DAC, Series 2024-1X, Class E<sup>(e)</sup> | 1M EUR L + 4.25% | 06/24/27 | 811000 | 931378 |
| &nbsp;&nbsp;&nbsp;MFA , Series 2024-RTL3, Class A2<sup>(b)(c)</sup> | 6.54% | 05/25/28 | $752000 | 762603 |
| &nbsp;&nbsp;&nbsp;Miravet 2025-1 DAC, Series 2025-1X, Class C<sup>(d)(e)</sup> | 3M EUR L + 2.00% | 03/28/28 | 2109000 | 2384373 |
| &nbsp;&nbsp;&nbsp;Miravet 2025-1 DAC, Series 2025-1X, Class D<sup>(d)(e)</sup> | 3M EUR L + 2.50% | 03/28/28 | 1535000 | 1727820 |
| &nbsp;&nbsp;&nbsp;Miravet 2025-1 DAC, Series 2025-1X, Class E<sup>(d)(e)</sup> | 3M EUR L + 3.50% | 03/28/28 | 1147000 | 1270329 |
| &nbsp;&nbsp;&nbsp;Miravet 2025-1 DAC, Series 2025-1X, Class F<sup>(d)(e)</sup> | 3M EUR L + 4.00% | 03/28/28 | 1301000 | 1413752 |
| &nbsp;&nbsp;&nbsp;Molossus Btl PLC, Series 2024-1, Class F<sup>(e)</sup> | SONIA IR + 4.93% | 04/18/61 | £399000 | 530989 |
| &nbsp;&nbsp;&nbsp;Molossus Btl PLC, Series 2024-1, Class X<sup>(e)</sup> | SONIA IR + 4.83% | 04/18/61 | 185166 | 247391 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Home Equity Loan Trust, Series 2006-2, Class M2<sup>(e)</sup> | 1M CME TERM SOFR + 0.65% | 02/25/36 | $846256 | 820530 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Series 2025-NQM8, Class B1<sup>(b)(d)(e)</sup> | 6.21% | 10/25/29 | 2255000 | 2228391 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Series 2025-NQM8, Class B2<sup>(b)(d)(e)</sup> | 6.99% | 10/25/29 | 2118000 | 2079241 |
| &nbsp;&nbsp;&nbsp;Mortimer 2024-Mix PLC, Series 2024-MIX, Class E<sup>(e)</sup> | SONIA IR + 5.92% | 06/22/28 | £815000 | 1133215 |
| &nbsp;&nbsp;&nbsp;Mortimer 2024-Mix PLC, Series 2024-MIX, Class X<sup>(e)</sup> | SONIA IR + 3.73% | 06/22/28 | 376357 | 497888 |
| &nbsp;&nbsp;&nbsp;Mulcair Securities, Series 2025-4, Class D<sup>(e)</sup> | 3M EUR L + 2.00% | 07/24/28 | 722000 | 793059 |
| &nbsp;&nbsp;&nbsp;Nationstar Home Equity Loan Trust, Series 2007-B, Class M2<sup>(e)</sup> | 1M CME TERM SOFR + 0.58% | 04/25/37 | $1275876 | 1308411 |
| &nbsp;&nbsp;&nbsp;Newgate Funding PLC, Series 2006-3X, Class CB<sup>(d)(e)</sup> | 3M EUR L + 0.45% | 12/01/50 | 2237012 | 2384225 |
| &nbsp;&nbsp;&nbsp;Newgate Funding PLC, Series 2007-1X, Class DB<sup>(e)</sup> | 3M EUR L + 0.75% | 12/01/50 | 539307 | 522657 |
| &nbsp;&nbsp;&nbsp;Newgate Funding PLC, Series 2007-2X, Class E<sup>(e)</sup> | SONIA IR + 3.87% | 12/15/50 | £419190 | 525749 |
| &nbsp;&nbsp;&nbsp;NYMT 2024-BPL2 M | 8.41% | 05/25/39 | $3750000 | 3840000 |
| &nbsp;&nbsp;&nbsp;NYMT Loan Trust, Series 2025-CP1, Class A2<sup>(b)(d)(e)</sup> | 3.75% | 11/25/69 | 1048000 | 979880 |
| &nbsp;&nbsp;&nbsp;NYMT Loan Trust, Series 2025-CP1, Class M1<sup>(b)(d)(e)</sup> | 3.75% | 11/25/69 | 834000 | 773368 |
| &nbsp;&nbsp;&nbsp;NYMT Loan Trust, Series 2025-CP1, Class M2A<sup>(b)(d)(e)</sup> | 3.75% | 11/25/69 | 1326000 | 1207058 |
| &nbsp;&nbsp;&nbsp;NYMT Loan Trust, Series 2024-BPL3, Class M1<sup>(b)(d)(e)</sup> | 6.90% | 09/25/39 | 1644000 | 1645315 |
| &nbsp;&nbsp;&nbsp;Ownit Mortgage Loan Trust, Series 2005-4, Class M1<sup>(d)(e)</sup> | 1M CME TERM SOFR + 0.94% | 08/25/36 | 840692 | 786299 |

---

*See Notes to Consolidated Financial Statements.*

Annual Report \| October 31, 2025 11

1WS Credit Income Fund Consolidated Schedule of Investments

October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Rate** | **Maturity <br> Date<sup>(a)</sup>** | **Principal <br> Amount** | **Fair <br> Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Park Place Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-WCW, Series 2005-WCW2, Class M5<sup>(e)</sup> | 1M CME TERM SOFR + 1.13% | 07/25/35 | $819571 | $877843 |
| &nbsp;&nbsp;&nbsp;Point Securitization Trust, Series 2025-1, Class A1<sup>(b)(d)</sup> | 6.25% | 05/25/28 | 1439379 | 1451470 |
| &nbsp;&nbsp;&nbsp;Point Securitization Trust, Series 2025-2, Class A1<sup>(b)(c)(d)</sup> | 5.75% | 10/25/28 | 7410000 | 7393698 |
| &nbsp;&nbsp;&nbsp;Point Securitization Trust, Series 2025-2, Class A2<sup>(b)(c)(d)</sup> | 7.00% | 10/25/28 | 2223000 | 2227001 |
| &nbsp;&nbsp;&nbsp;Polaris PLC, Series 2022-1, Class E<sup>(e)</sup> | SONIA IR + 3.40% | 10/23/59 | £553000 | 727867 |
| &nbsp;&nbsp;&nbsp;Polaris PLC, Series 2023-1, Class F<sup>(d)(e)</sup> | SONIA IR + 8.25% | 02/23/61 | 1499000 | 2037801 |
| &nbsp;&nbsp;&nbsp;Polaris PLC, Series 2023-2, Class F<sup>(e)</sup> | SONIA IR + 8.75% | 02/27/27 | 403000 | 559979 |
| &nbsp;&nbsp;&nbsp;Polaris PLC, Series 2024-1, Class F<sup>(e)</sup> | SONIA IR + 5.65% | 02/26/28 | 395000 | 538328 |
| &nbsp;&nbsp;&nbsp;Polaris PLC, Series 2025-1, Class X<sup>(d)(e)</sup> | SONIA IR + 3.68% | 02/26/68 | 1590863 | 2105831 |
| &nbsp;&nbsp;&nbsp;Polaris PLC, Series 2025-2, Class X1<sup>(d)(e)</sup> | SONIA IR + 3.45% | 08/25/68 | 5878616 | 7783090 |
| &nbsp;&nbsp;&nbsp;Polaris PLC, Series 2025-3, Class X1<sup>(e)</sup> | SONIA IR + 3.59% | 09/27/29 | 4166000 | 5480614 |
| &nbsp;&nbsp;&nbsp;Popular ABS Mortgage Pass-Through Trust, Series 2005-5, Class MF1<sup>(c)</sup> | 3.44% | 11/25/35 | $404834 | 301642 |
| &nbsp;&nbsp;&nbsp;Popular ABS Mortgage Pass-Through Trust, Series 2005-D, Class M1<sup>(c)(d)</sup> | 3.51% | 01/25/36 | 371841 | 339008 |
| &nbsp;&nbsp;&nbsp;PRET LLC, Series 2025-NPL3, Class A1<sup>(b)(c)</sup> | 6.71% | 04/25/28 | 2503071 | 2522095 |
| &nbsp;&nbsp;&nbsp;PRPM LLC, Series 2025-2, Class A1<sup>(b)(c)</sup> | 6.47% | 05/25/30 | 1234322 | 1236914 |
| &nbsp;&nbsp;&nbsp;Radnor Re, Ltd., Series 2024-1, Class B1<sup>(b)(e)</sup> | 30D US SOFR + 5.15% | 09/25/34 | 150000 | 156045 |
| &nbsp;&nbsp;&nbsp;Radnor Re, Ltd., Series 2024-1, Class M1B<sup>(b)(e)</sup> | 30D US SOFR + 2.90% | 09/25/34 | 1750000 | 1761725 |
| &nbsp;&nbsp;&nbsp;Radnor Re, Ltd., Series 2024-1, Class M1C<sup>(b)(e)</sup> | 30D US SOFR + 3.50% | 09/25/34 | 500000 | 506800 |
| &nbsp;&nbsp;&nbsp;RALI, Series 2007-QS9, Class A33 | 6.50% | 07/25/37 | 3938954 | 3317387 |
| &nbsp;&nbsp;&nbsp;Residential Accredit Loans, Inc., Series 2006-Q05, Class 1A2<sup>(d)(e)</sup> | 1M CME TERM SOFR + 0.49% | 05/25/46 | 832454 | 860924 |
| &nbsp;&nbsp;&nbsp;Residential Accredit Loans, Inc., Series 2006-QS9, Class 1A16<sup>(d)(e)</sup> | 1M CME TERM SOFR + 0.76% | 07/25/36 | 329455 | 234868 |
| &nbsp;&nbsp;&nbsp;Residential Accredit Loans, Inc., Series 2006-QS9, Class 1A5<sup>(d)(e)</sup> | 1M CME TERM SOFR + 0.81% | 07/25/36 | 485707 | 349612 |
| &nbsp;&nbsp;&nbsp;Residential Asset Securitization Trust, Series 2005-A15, Class 2A10<sup>(e)</sup> | 1M CME TERM SOFR + 0.56% | 02/25/36 | 1382549 | 385870 |
| &nbsp;&nbsp;&nbsp;RMAC Securities No 1 PLC, Series 2006-NS4X, Class B1C<sup>(e)</sup> | 3M EUR L + 0.85% | 06/12/44 | 391407 | 428306 |
| &nbsp;&nbsp;&nbsp;Roc Mortgage Trust, Series 2024-RTL1, Class M1<sup>(b)(e)</sup> | 7.28% | 04/25/27 | $1046500 | 1058535 |
| &nbsp;&nbsp;&nbsp;Rochester Financing No 3 PLC, Series 2021-3, Class E<sup>(e)</sup> | SONIA IR + 2.50% | 12/18/44 | £404000 | 529574 |
| &nbsp;&nbsp;&nbsp;Rochester Financing No 3 PLC, Series 2021-3, Class F<sup>(e)</sup> | SONIA IR + 2.50% | 12/18/44 | 412000 | 539141 |
| &nbsp;&nbsp;&nbsp;Saluds Grade Alternative Mortgage Trust, Series 2025-RRTL1, Class M1<sup>(b)(d)(e)</sup> | 6.92% | 10/25/40 | $1790000 | 1802172 |
| &nbsp;&nbsp;&nbsp;Shamrock Residential 2024-1 DAC, Series 2024-1A, Class E<sup>(b)(d)(e)</sup> | 1M EUR L + 4.25% | 01/24/28 | 712000 | 809889 |
| &nbsp;&nbsp;&nbsp;SMI Equity Release 2018-1 DAC, Series 2023-1, Class BRR<sup>(e)</sup> | 3M EUR L + 5.00% | 06/20/45 | 500000 | 548807 |
| &nbsp;&nbsp;&nbsp;Soundview Home Loan Trust, Series 2005-OPT4, Class M2<sup>(d)(e)</sup> | 1M CME TERM SOFR + 0.94% | 12/25/35 | $1775259 | 1649748 |
| &nbsp;&nbsp;&nbsp;Soundview Home Loan Trust, Series 2006-OPT2, Class M1<sup>(e)</sup> | 1M CME TERM SOFR + 0.56% | 05/25/36 | 629818 | 546178 |
| &nbsp;&nbsp;&nbsp;Soundview Home Loan Trust, Series 2007-OPT1, Class 2A3<sup>(e)</sup> | 1M CME TERM SOFR + 0.32% | 06/25/37 | 1712017 | 1236247 |
| &nbsp;&nbsp;&nbsp;Stratton Mortgage Funding 2024-1 PLC, Series 2024-1A, Class F<sup>(b)(e)</sup> | SONIA IR + 5.00% | 06/20/60 | £465000 | 611123 |
| &nbsp;&nbsp;&nbsp;Stratton Mortgage Funding 2024-2 PLC, Series 2024-2X, Class E<sup>(e)</sup> | SONIA IR + 3.75% | 06/28/50 | 400000 | 525750 |
| &nbsp;&nbsp;&nbsp;Stratton Mortgage Funding PLC, Series 2024-3, Class E<sup>(d)(e)</sup> | SONIA IR + 3.75% | 06/25/49 | 395000 | 519438 |
| &nbsp;&nbsp;&nbsp;Stratton Mortgage Funding PLC, Series 2024-3, Class F<sup>(e)</sup> | SONIA IR + 4.75% | 06/25/49 | 396000 | 519556 |
| &nbsp;&nbsp;&nbsp;Structured Asset Investment Loan Trust, Series 2005-8, Class M2<sup>(e)</sup> | 1M CME TERM SOFR + 0.86% | 10/25/35 | $1667919 | 1444084 |

---

*See Notes to Consolidated Financial Statements.*

12 www.1wscapital.com

1WS Credit Income Fund Consolidated Schedule of Investments

October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Rate** | **Maturity <br> Date<sup>(a)</sup>** | **Principal <br> Amount** | **Fair <br> Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Structured Asset Investment Loan Trust, Series 2005-9, Class M2<sup>(d)(e)</sup> | 1M CME TERM SOFR + 0.79% | 11/25/35 | $1352557 | $1261936 |
| &nbsp;&nbsp;&nbsp;Structured Asset Investment Loan Trust, Series 2006-BNC3, Class A4<sup>(d)(e)</sup> | 1M CME TERM SOFR + 0.42% | 09/25/36 | 1907568 | 1110014 |
| &nbsp;&nbsp;&nbsp;Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-W1, Class M1<sup>(b)(e)</sup> | 1M CME TERM SOFR + 0.41% | 08/25/46 | 2117988 | 2191906 |
| &nbsp;&nbsp;&nbsp;Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-BC6, Class M1<sup>(e)</sup> | 1M CME TERM SOFR + 0.38% | 01/25/37 | 591684 | 552160 |
| &nbsp;&nbsp;&nbsp;SYON, Series 2020-2, Class E | 6.27% | 12/17/27 | £729992 | 977994 |
| &nbsp;&nbsp;&nbsp;Together Asset Backed Securitisation 2024-2nd1 PLC, Series 2024-2ND1A, Class E<sup>(b)(d)(e)</sup> | SONIA IR + 4.73% | 01/20/28 | 2009000 | 2735867 |
| &nbsp;&nbsp;&nbsp;Towd Point Mortgage Funding 2024 - Granite 6 PLC, Series 2024-GR6X, Class E<sup>(e)</sup> | SONIA IR + 3.50% | 01/20/27 | 833000 | 1099362 |
| &nbsp;&nbsp;&nbsp;Towd Point Mortgage Funding 2024 - Granite 6 PLC, Series 2024-GR6X, Class F<sup>(e)</sup> | SONIA IR + 4.50% | 01/20/27 | 556000 | 734591 |
| &nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Series 2018-2, Class B4<sup>(b)(d)(e)</sup> | 3.70% | 03/25/58 | $3285550 | 2289043 |
| &nbsp;&nbsp;&nbsp;Triangle Re, Ltd., Series 2021-2, Class B1<sup>(b)(e)</sup> | 1M CME TERM SOFR + 7.61% | 10/25/33 | 469000 | 489495 |
| &nbsp;&nbsp;&nbsp;Triangle Re, Ltd., Series 2021-3, Class B1<sup>(b)(e)</sup> | 30D US SOFR + 4.95% | 02/25/34 | 591600 | 605207 |
| &nbsp;&nbsp;&nbsp;Triangle Re, Ltd., Series 2023-1, Class M1B<sup>(b)(d)(e)</sup> | 30D US SOFR + 5.25% | 11/25/33 | 1015000 | 1056717 |
| &nbsp;&nbsp;&nbsp;TVC Mortgage Trust, Series 2025-RRTL1, Class A2<sup>(b)(c)</sup> | 6.68% | 04/25/40 | 1005000 | 1016558 |
| &nbsp;&nbsp;&nbsp;TVC Mortgage Trust, Series 2025-RRTL1, Class M1<sup>(b)(c)</sup> | 7.65% | 04/25/40 | 750000 | 758325 |
| &nbsp;&nbsp;&nbsp;Twin Bridges PLC, Series 2022-1, Class X2<sup>(e)</sup> | SONIA IR + 5.00% | 12/01/55 | £44917 | 59410 |
| &nbsp;&nbsp;&nbsp;Twin Bridges PLC, Series 2022-2, Class E<sup>(e)</sup> | SONIA IR + 5.50% | 06/12/55 | 241000 | 317904 |
| &nbsp;&nbsp;&nbsp;Uropa Securities PLC, Series 2007-1, Class B1A<sup>(d)(e)</sup> | SONIA IR + 1.47% | 10/10/40 | 531032 | 644043 |
| &nbsp;&nbsp;&nbsp;Uropa Securities PLC, Series 2007-1, Class B1B<sup>(d)(e)</sup> | 3M EUR L + 1.35% | 10/10/40 | 514921 | 544417 |
| &nbsp;&nbsp;&nbsp;Uropa Securities PLC, Series 2007-1, Class B2A<sup>(e)</sup> | SONIA IR + 4.12% | 10/10/40 | £433748 | 537169 |
| &nbsp;&nbsp;&nbsp;Vecht Residential B.V., Series 2023-1, Class X2<sup>(d)(e)</sup> | 3M EUR L + 5.80% | 05/22/28 | 635000 | 882115 |
| &nbsp;&nbsp;&nbsp;VNTV 2025-RTL1 A2<sup>(b)(c)(d)</sup> | 8.01% | 03/25/30 | $750000 | 758700 |
| &nbsp;&nbsp;&nbsp;Vontive Mortgage Trust, Series 2025-RTL1, Class A1<sup>(b)(c)</sup> | 6.51% | 03/25/27 | 1794000 | 1824139 |
| &nbsp;&nbsp;&nbsp;WaMu Mortgage Pass-Through Certificates, Series 2006-AR3, Class A1C<sup>(e)</sup> | 12M US FED + 1.00% | 02/25/46 | 208809 | 312859 |
| &nbsp;&nbsp;&nbsp;Washington Mutual Asset-Backed Certificates WMABS, Series 2006-HE2, Class A3<sup>(e)</sup> | 1M CME TERM SOFR + 0.41% | 05/25/36 | 932288 | 741355 |
| Total Residential Mortgage Backed Securities |  |  |  | $277414565 |
| **Commercial (14.38%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;20 Times Square Trust, Series 2018-20TS, Class E<sup>(b)(e)</sup> | 3.10% | 05/15/35 | 2000000 | 1881000 |
| &nbsp;&nbsp;&nbsp;BAMLL Commercial Mortgage Securities Trust, Series 2021-JACX, Class B<sup>(b)(e)</sup> | 1M CME TERM SOFR + 1.56% | 09/15/38 | 3207000 | 3083851 |
| &nbsp;&nbsp;&nbsp;BAMLL Commercial Mortgage Securities Trust, Series 2021-JACX, Class C<sup>(b)(e)</sup> | 1M CME TERM SOFR + 2.11% | 09/15/38 | 2461000 | 2334505 |
| &nbsp;&nbsp;&nbsp;BAMLL Commercial Mortgage Securities Trust, Series 2021-JACX, Class D<sup>(b)(e)</sup> | 1M CME TERM SOFR + 2.86% | 09/15/38 | 667000 | 607970 |
| &nbsp;&nbsp;&nbsp;BAMLL Commercial Mortgage Securities Trust, Series 2021-JACX, Class E<sup>(b)(d)(e)</sup> | 1M CME TERM SOFR + 3.86% | 09/15/38 | 2508000 | 2254943 |
| &nbsp;&nbsp;&nbsp;BAMLL Commercial Mortgage Securities Trust, Series 2021-JACX, Class F<sup>(b)(e)</sup> | 1M CME TERM SOFR + 5.11% | 09/15/38 | 2500000 | 1970500 |
| &nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust, Series 2021-AGW, Class A<sup>(b)(e)</sup> | 1M CME TERM SOFR + 1.36% | 06/15/36 | 1560000 | 1518816 |

---

*See Notes to Consolidated Financial Statements.*

Annual Report \| October 31, 2025 13

1WS Credit Income Fund Consolidated Schedule of Investments

October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Rate** | **Maturity <br> Date<sup>(a)</sup>** | **Principal <br> Amount** | **Fair <br> Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust, Series 2021-AGW, Class E<sup>(b)(d)(e)</sup> | 1M CME TERM SOFR + 3.26% | 06/15/26 | $2243000 | $2110887 |
| &nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust, Series 2021-AGW, Class F<sup>(b)(d)(e)</sup> | 1M CME TERM SOFR + 4.11% | 06/15/36 | 1361000 | 1195911 |
| &nbsp;&nbsp;&nbsp;BBSG Mortgage Trust, Series 2016-MRP, Class A<sup>(b)</sup> | 3.28% | 06/05/26 | 2000000 | 1830600 |
| &nbsp;&nbsp;&nbsp;BPR Trust, Series 2021-WILL, Class C<sup>(b)(d)(e)</sup> | 1M CME TERM SOFR + 4.11% | 06/15/38 | 500000 | 501250 |
| &nbsp;&nbsp;&nbsp;BPR Trust, Series 2021-WILL, Class E<sup>(b)(e)</sup> | 1M CME TERM SOFR + 6.86% | 06/15/38 | 500000 | 501250 |
| &nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Series 2014-GC25, Class E<sup>(b)</sup> | 3.30% | 10/10/47 | 564000 | 102761 |
| &nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Series 2016-C1, Class E<sup>(b)(e)</sup> | 5.10% | 05/10/49 | 1364000 | 1328127 |
| &nbsp;&nbsp;&nbsp;COMM Mortgage Trust, Series 2014-CR18, Class E<sup>(b)</sup> | 3.60% | 07/15/47 | 867185 | 818015 |
| &nbsp;&nbsp;&nbsp;COMM Mortgage Trust, Series 2019-521F, Class A<sup>(b)(e)</sup> | 1M CME TERM SOFR + 1.05% | 06/15/34 | 2150000 | 2087650 |
| &nbsp;&nbsp;&nbsp;COMM Mortgage Trust, Series 2021-2400, Class B<sup>(b)(e)</sup> | 1M CME TERM SOFR + 1.86% | 12/15/38 | 3304000 | 3283846 |
| &nbsp;&nbsp;&nbsp;CSMC, Series 2020-FACT, Class B<sup>(b)(e)</sup> | 1M CME TERM SOFR + 2.61% | 10/15/37 | 1000000 | 978700 |
| &nbsp;&nbsp;&nbsp;CSMC, Series 2020-FACT, Class D<sup>(b)(d)(e)</sup> | 1M CME TERM SOFR + 3.82% | 10/15/37 | 1159000 | 1106149 |
| &nbsp;&nbsp;&nbsp;CSMC Trust, Series 2017-PFHP, Class D<sup>(b)(d)(e)</sup> | 1M CME TERM SOFR + 2.30% | 12/15/30 | 734000 | 690253 |
| &nbsp;&nbsp;&nbsp;DBWF Mortgage Trust, Series 2024-LCRS, Class E<sup>(b)(d)(e)</sup> | 1M CME TERM SOFR + 4.19% | 04/15/29 | 2000000 | 2001200 |
| &nbsp;&nbsp;&nbsp;GS Mortgage Securities Corp. Trust, Series 2020-DUNE, Class G<sup>(b)(e)</sup> | 1M CME TERM SOFR + 4.11% | 12/15/36 | 773672 | 724621 |
| &nbsp;&nbsp;&nbsp;GS Mortgage Securities Corp. Trust, Series 2021-ROSS, Class A<sup>(b)(d)(e)</sup> | 1M CME TERM SOFR + 1.41% | 05/15/26 | 538000 | 510293 |
| &nbsp;&nbsp;&nbsp;GS Mortgage Securities Corp. Trust, Series 2021-ROSS, Class B<sup>(b)(e)</sup> | 1M CME TERM SOFR + 1.86% | 05/15/26 | 1000000 | 908200 |
| &nbsp;&nbsp;&nbsp;GS Mortgage Securities Corp. Trust, Series 2021-ROSS, Class C<sup>(b)(e)</sup> | 1M CME TERM SOFR + 2.11% | 05/15/26 | 567000 | 499074 |
| &nbsp;&nbsp;&nbsp;HYT Commercial Mortgage Trust, Series 2024-RGCY, Class E<sup>(b)(d)(e)</sup> | 1M CME TERM SOFR + 4.19% | 09/15/26 | 15054000 | 15111205 |
| &nbsp;&nbsp;&nbsp;HYT Commercial Mortgage Trust, Series 2024-RGCY, Class F<sup>(b)(d)(e)</sup> | 1M CME TERM SOFR + 5.09% | 09/15/26 | 2303000 | 2311521 |
| &nbsp;&nbsp;&nbsp;ILPT Commercial Mortgage Trust, Series 2025-LPF2, Class E<sup>(b)(d)(e)</sup> | 8.20% | 07/13/30 | 4239000 | 4386517 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2017-FL11, Class E<sup>(b)(e)</sup> | PRIME + 0.96% | 10/15/32 | 124980 | 123743 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2019-BKWD, Class A<sup>(b)(e)</sup> | 1M CME TERM SOFR + 1.61% | 09/15/29 | 579351 | 568343 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2019-BKWD, Class C<sup>(b)(e)</sup> | 1M CME TERM SOFR + 2.21% | 09/15/29 | 135000 | 128398 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2019-BKWD, Class D<sup>(b)(e)</sup> | 1M CME TERM SOFR + 2.46% | 09/15/29 | 1000000 | 914600 |
| &nbsp;&nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust, Series 2013-C15, Class E<sup>(b)</sup> | 3.50% | 11/15/45 | 1000000 | 715000 |
| &nbsp;&nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust, Series 2013-C15, Class F<sup>(b)</sup> | 3.59% | 11/15/45 | 1098000 | 176778 |

---

*See Notes to Consolidated Financial Statements.*

14 www.1wscapital.com

1WS Credit Income Fund Consolidated Schedule of Investments

October 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Rate** | **Maturity <br> Date<sup>(a)</sup>** | **Principal <br> Amount** | **Fair <br> Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;JW Trust, Series 2024-BERY, Class E<sup>(b)(e)</sup> | 1M CME TERM SOFR + 3.54% | 11/15/39 | $1500000 | $1503150 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C25, Class E<sup>(b)(e)</sup> | 4.52% | 10/15/48 | 2660000 | 2451988 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C25, Class G<sup>(b)(d)(e)</sup> | 4.52% | 10/15/48 | 1449060 | 1117515 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust, Series 2017-ASHF, Class E<sup>(b)(e)</sup> | 1M CME TERM SOFR + 3.32% | 11/15/34 | 580000 | 556568 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust, Series 2018-H3, Class D<sup>(b)</sup> | 3.00% | 07/15/51 | 1000000 | 872100 |
| &nbsp;&nbsp;&nbsp;Natixis Commercial Mortgage Securities Trust, Series 2019-FAME, Class C<sup>(b)(e)</sup> | 4.25% | 08/15/36 | 946000 | 826899 |
| &nbsp;&nbsp;&nbsp;Natixis Commercial Mortgage Securities Trust, Series 2022-JERI, Class A<sup>(b)(e)</sup> | 1M CME TERM SOFR + 1.40% | 01/15/39 | 2084266 | 1915232 |
| &nbsp;&nbsp;&nbsp;PRM7 Trust, Series 2025-PRM7, Class F<sup>(b)(d)(e)</sup> | 8.12% | 11/10/42 | 7330000 | 7207589 |
| &nbsp;&nbsp;&nbsp;SMR Mortgage Trust, Series 2022-IND, Class E<sup>(b)(d)(e)</sup> | 1M CME TERM SOFR + 5.00% | 02/15/39 | 10530287 | 10562930 |
| &nbsp;&nbsp;&nbsp;SMRT, Series 2022-MINI, Class E<sup>(b)(d)(e)</sup> | 1M CME TERM SOFR + 2.70% | 01/15/39 | 5740000 | 5713596 |
| &nbsp;&nbsp;&nbsp;SMRT, Series 2022-MINI, Class F<sup>(b)(d)(e)</sup> | 1M CME TERM SOFR + 3.35% | 01/15/39 | 1000000 | 988100 |
| &nbsp;&nbsp;&nbsp;VCP Tyler Pref, LLC<sup>(h)</sup> | 13.50% | 12/29/25 | 2267737 | 2267737 |
| &nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2021-3, Class A<sup>(b)(d)(e)</sup> | 1.96% | 06/25/28 | 896836 | 772265 |
| &nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2024-2, Class M4<sup>(b)(d)(e)</sup> | 10.71% | 04/25/54 | 512639 | 526173 |
| &nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2024-6, Class M3<sup>(b)(e)</sup> | 6.92% | 06/25/34 | 743861 | 746390 |
| &nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2025-1, Class A<sup>(b)(e)</sup> | 6.03% | 07/25/32 | 7254717 | 7361361 |
| &nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2025-1, Class M1<sup>(b)(d)(e)</sup> | 6.68% | 02/25/55 | 749041 | 761550 |
| &nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2025-3, Class A<sup>(b)(d)(e)</sup> | 5.87% | 06/25/55 | 2555187 | 2584827 |
| &nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2025-4, Class A<sup>(b)(d)(e)</sup> | 5.19% | 02/25/33 | 2638388 | 2637596 |
| &nbsp;&nbsp;&nbsp;Wilmot Plaza Mezz Loan, Class F<sup>(h)</sup> | 11.15% | 10/01/31 | 2000000 | 2000000 |
| Total Commercial Mortgage Backed Securities |  |  |  | $112640043 |
| **TOTAL MORTGAGE-BACKED SECURITIES (Cost $380,653,033)** |  |  |  | $**390054608** |
| **ASSET-BACKED SECURITIES (40.44%)** |  |  |  |  |
| **Automobile (16.84%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;ACC Trust, Series 2022-1, Class C<sup>(b)</sup> | 3.24% | 10/20/52 | $892201 | $187184 |
| &nbsp;&nbsp;&nbsp;ACM Auto Trust 2024-2, Series 2024-2A, Class B<sup>(b)</sup> | 9.21% | 04/20/26 | 500000 | 493700 |
| &nbsp;&nbsp;&nbsp;ACM Auto Trust 2025-1, Series 2025-1A, Class B<sup>(b)</sup> | 7.87% | 11/20/31 | 750000 | 746625 |
| &nbsp;&nbsp;&nbsp;Ares Lusitani-STC SA / Pelican Finance 2, Series 2021-2, Class E<sup>(e)</sup> | 6.40% | 01/25/35 | 87252 | 98082 |
| &nbsp;&nbsp;&nbsp;Arivo Acceptance Auto Loan Receivables Trust 2024-1, Series 2024-1A, Class D<sup>(b)</sup> | 12.55% | 01/15/28 | $1792000 | 2027469 |
| &nbsp;&nbsp;&nbsp;Arivo Acceptance Auto Loan Receivables Trust 2025-1, Series 2025-1A, Class E<sup>(b)(d)</sup> | 7.30% | 07/15/29 | 795000 | 770116 |
| &nbsp;&nbsp;&nbsp;Asset-Backed European Securitisation Transaction Twenty-Three Sarl, Series 2024-23, Class M<sup>(e)</sup> | 1M EUR L + 6.20% | 03/21/34 | 915293 | 1080579 |
| &nbsp;&nbsp;&nbsp;Auto ABS Spanish Loans Fondo Titulizacion, Series 2022-1, Class D<sup>(e)</sup> | 1M EUR L + 4.25% | 02/28/32 | 193956 | 226276 |
| &nbsp;&nbsp;&nbsp;Auto ABS Spanish Loans FT, Series 2024-1, Class D<sup>(e)</sup> | 1M EUR L + 2.90% | 09/28/38 | 1311020 | 1517401 |
| &nbsp;&nbsp;&nbsp;Auto ABS Spanish Loans FT, Series 2024-1, Class E<sup>(e)</sup> | 1M EUR L + 4.00% | 09/28/38 | 376016 | 431308 |

---

*See Notes to Consolidated Financial Statements.*

Annual Report \| October 31, 2025 15

1WS Credit Income Fund Consolidated Schedule of Investments

October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Rate** | **Maturity <br> Date<sup>(a)</sup>** | **Principal <br> Amount** | **Fair <br> Value** |
| **ASSET-BACKED SECURITIES (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AutoFlorence 2 Srl, Series 2021-2, Class F | 5.00% | 12/24/44 | 18248 | $20677 |
| &nbsp;&nbsp;&nbsp;Autonoria Spain 2021 FT, Series 2021-SP, Class G<sup>(e)</sup> | 5.25% | 01/31/39 | 147992 | 167008 |
| &nbsp;&nbsp;&nbsp;Autonoria Spain 2022 FT, Series 2022-SP, Class G<sup>(e)</sup> | 1M EUR L + 12.00% | 01/31/40 | 1365287 | 1666269 |
| &nbsp;&nbsp;&nbsp;Autonoria Spain 2023 FT, Series 2023-SP, Class F<sup>(e)</sup> | 1M EUR L + 6.90% | 09/30/41 | 541768 | 658143 |
| &nbsp;&nbsp;&nbsp;Autonoria Spain 2025 FT, Series 2025-SP, Class F<sup>(d)(e)</sup> | 1M EUR L + 3.76% | 04/30/43 | 3400000 | 3953643 |
| &nbsp;&nbsp;&nbsp;Autonoria Spain 2025 FT, Series 2025-SP, Class G<sup>(d)(e)</sup> | 1M EUR L + 5.38% | 04/30/43 | 800000 | 925568 |
| &nbsp;&nbsp;&nbsp;Bbva Consumer Auto Fondo De Titulizacion, Series 2022-1, Class E<sup>(e)</sup> | 3M EUR L + 8.00% | 02/17/36 | 299860 | 361854 |
| &nbsp;&nbsp;&nbsp;Bbva Consumer Auto FT, Series 2024-1, Class D<sup>(e)</sup> | 3M EUR L + 5.40% | 04/21/37 | 314891 | 376545 |
| &nbsp;&nbsp;&nbsp;Bbva Consumer Auto FT, Series 2024-1, Class E<sup>(e)</sup> | 3M EUR L + 8.20% | 04/21/37 | 1322542 | 1595965 |
| &nbsp;&nbsp;&nbsp;Bbva Consumer Auto FT, Series 2024-1, Class Z<sup>(e)</sup> | 3M EUR L + 7.90% | 04/21/37 | 517849 | 607067 |
| &nbsp;&nbsp;&nbsp;Cardiff Auto Receivables Securitisation PLC, Series 2024-1, Class E<sup>(e)</sup> | SONIA IR + 4.25% | 08/20/31 | £1976000 | 2624206 |
| &nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, Series 2023-N1, Class E<sup>(b)</sup> | 10.46% | 03/10/28 | $3645000 | 3942432 |
| &nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, Series 2023-N4, Class E<sup>(b)(d)</sup> | 9.56% | 10/10/30 | 2107000 | 2239952 |
| &nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, Series 2024-N3, Class E<sup>(b)(d)</sup> | 7.66% | 09/10/29 | 1250000 | 1248750 |
| &nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, Series 2024-P4, Class R<sup>(b)(h)</sup> | N/A<sup>(g)</sup> | 06/10/30 | 2000 | 866939 |
| &nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, Series 2025-P1, Class R<sup>(b)(h)</sup> | N/A<sup>(g)</sup> | 03/10/33 | 1400 | 781615 |
| &nbsp;&nbsp;&nbsp;Consumer Portfolio Services Auto Trust, Series 2025-A, Class E<sup>(b)</sup> | 7.65% | 03/15/29 | 1000000 | 1022600 |
| &nbsp;&nbsp;&nbsp;Dowson PLC, Series 2024-1, Class E<sup>(e)</sup> | SONIA IR + 3.95% | 08/20/31 | £577000 | 760138 |
| &nbsp;&nbsp;&nbsp;Dowson PLC, Series 2024-1, Class F<sup>(d)(e)</sup> | SONIA IR + 6.95% | 08/20/31 | 1381000 | 1833841 |
| &nbsp;&nbsp;&nbsp;ECARAT DE, Series 2024-1, Class F<sup>(e)</sup> | 1M EUR L + 4.67% | 11/25/35 | 355013 | 413477 |
| &nbsp;&nbsp;&nbsp;ECARAT DE SA Compartment, Series 2025-2, Class F<sup>(d)(e)</sup> | 1M EUR L + 4.46% | 02/25/37 | 2100000 | 2422839 |
| &nbsp;&nbsp;&nbsp;ECARAT DE SA Compartment Lease, Series 2025-1, Class E<sup>(d)(e)</sup> | 1M EUR L + 3.20% | 05/25/34 | 7700000 | 8925445 |
| &nbsp;&nbsp;&nbsp;ECARAT DE SA Compartment Lease, Series 2025-1, Class F<sup>(d)(e)</sup> | 1M EUR L + 4.50% | 05/25/34 | 3300000 | 3883753 |
| &nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust, Series 2025-3A, Class E<sup>(b)(d)</sup> | 7.52% | 02/15/30 | $2157000 | 2185688 |
| &nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust 2022-3, Series 2022-3A, Class E<sup>(b)</sup> | 9.09% | 02/16/27 | 1396000 | 1436065 |
| &nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust 2022-4, Series 2022-4A, Class E<sup>(b)(d)</sup> | 8.23% | 03/15/30 | 4603000 | 4701044 |
| &nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust 2022-5, Series 2022-5A, Class E<sup>(b)</sup> | 10.45% | 04/15/30 | 1989000 | 2102771 |
| &nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust 2022-6, Series 2022-6A, Class E<sup>(b)(d)</sup> | 11.61% | 06/17/30 | 2611000 | 2848340 |
| &nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust 2024-2, Series 2024-2A, Class E<sup>(b)</sup> | 7.98% | 10/15/31 | 1783000 | 1887662 |
| &nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust 2025-1, Series 2025-1A, Class E<sup>(b)</sup> | 7.48% | 09/15/29 | 1558000 | 1600378 |
| &nbsp;&nbsp;&nbsp;FCT Autonoria DE 2023, Series 2023-DE, Class F<sup>(d)(e)</sup> | 1M EUR L + 7.50% | 01/26/43 | 192411 | 233853 |
| &nbsp;&nbsp;&nbsp;FCT Autonoria DE 2023, Series 2023-DE, Class G<sup>(d)(e)</sup> | 1M EUR L + 10.50% | 01/26/43 | 191802 | 234771 |
| &nbsp;&nbsp;&nbsp;FinBe USA Trust 2025-1, Series 2025-1A, Class C<sup>(b)(d)</sup> | 8.74% | 06/15/28 | $6185000 | 6306844 |
| &nbsp;&nbsp;&nbsp;Flagship Credit Auto Trust, Series 2021-1, Class R<sup>(b)(h)</sup> | N/A<sup>(g)</sup> | 04/17/28 | 2740 | 106636 |
| &nbsp;&nbsp;&nbsp;Flagship Credit Auto Trust, Series 2022-2, Class E<sup>(b)</sup> | 8.20% | 06/15/29 | 926000 | 190478 |
| &nbsp;&nbsp;&nbsp;Flagship Credit Auto Trust, Series 2022-4, Class E<sup>(b)</sup> | 12.66% | 01/15/30 | 1879000 | 1632475 |
| &nbsp;&nbsp;&nbsp;Flagship Credit Auto Trust, Series 2023-3, Class E<sup>(b)</sup> | 9.74% | 06/17/30 | 1000000 | 910700 |
| &nbsp;&nbsp;&nbsp;Fondo de Titulizacion Santander Consumo 9, Series 2025-9, Class E<sup>(d)(e)</sup> | 3M EUR L + 4.55% | 10/25/40 | 3200000 | 3709645 |
| &nbsp;&nbsp;&nbsp;FTA Santander Consumer Spain Auto, Series 2022-1, Class E<sup>(e)</sup> | 3M EUR L + 12.00% | 09/20/38 | 246501 | 295361 |
| &nbsp;&nbsp;&nbsp;FTA Santander Consumer Spain Auto, Series 2023-1, Class E<sup>(e)</sup> | 3M EUR L + 7.25% | 09/22/39 | 1339761 | 1648239 |
| &nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust 2025-1, Series 2025-1A, Class E<sup>(b)</sup> | 7.19% | 03/15/32 | $2200000 | 2239160 |
| &nbsp;&nbsp;&nbsp;Golden Bar Securitisation Srl, Series 2021-1, Class E<sup>(d)</sup> | 2.75% | 09/22/41 | 126598 | 143448 |
| &nbsp;&nbsp;&nbsp;Golden Bar Securitisation Srl, Series 2023-2, Class D<sup>(d)(e)</sup> | 3M EUR L + 5.70% | 09/22/43 | 1139379 | 1359180 |
| &nbsp;&nbsp;&nbsp;Golden Bar Securitisation Srl, Series 2023-2, Class E<sup>(d)(e)</sup> | 3M EUR L + 8.50% | 09/22/43 | 1324633 | 1612379 |
| &nbsp;&nbsp;&nbsp;GRDN 2024-1 B | 4.49% | 12/31/49 | 24731820 | 2625641 |
| &nbsp;&nbsp;&nbsp;Merchants Fleet Funding LLC, Series 2024-1A, Class E<sup>(b)</sup> | 9.35% | 01/20/28 | $1000000 | 1012600 |
| &nbsp;&nbsp;&nbsp;Octane Receivables Trust 2024-2, Series 2024-2A, Class E<sup>(b)</sup> | 9.04% | 07/20/32 | 750000 | 787125 |

---

*See Notes to Consolidated Financial Statements.*

16 www.1wscapital.com

1WS Credit Income Fund Consolidated Schedule of Investments

October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Rate** | **Maturity <br> Date<sup>(a)</sup>** | **Principal <br> Amount** | **Fair <br> Value** |
| **ASSET-BACKED SECURITIES (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pony SA, Series 2024-1, Class E<sup>(e)</sup> | 1M EUR L + 3.75% | 08/14/28 | 473815 | $555064 |
| &nbsp;&nbsp;&nbsp;Pony SA Compartment German Auto Loans, Series 2023-1, Class F<sup>(d)(e)</sup> | 1M EUR L + 7.19% | 08/14/28 | 899175 | 1092118 |
| &nbsp;&nbsp;&nbsp;Prestige Auto Receivables Trust 2025-1, Series 2025-1A, Class E<sup>(b)</sup> | 8.45% | 05/15/29 | $888000 | 904162 |
| &nbsp;&nbsp;&nbsp;Red & Black Auto Germany 9 UG, Series 2022-9, Class D<sup>(e)</sup> | 1M EUR L + 5.60% | 09/15/31 | 215879 | 254664 |
| &nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Asset Trust 2023-3, Series 2023-3A, Class C<sup>(b)</sup> | 9.00% | 01/26/32 | $549803 | 549748 |
| &nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Asset Trust 2023-4, Series 2023-4A, Class C<sup>(b)(d)</sup> | 9.00% | 01/25/27 | 549236 | 548742 |
| &nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Asset Trust 2023-4, Series 2024-3A, Class D<sup>(b)(d)</sup> | 9.04% | 03/25/33 | 3160000 | 3159368 |
| &nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Asset Trust 2025-1, Series 2025-1A, Class D<sup>(b)</sup> | 10.18% | 02/25/27 | 1357000 | 1368806 |
| &nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Asset Trust 2025-1, Series 2025-1A, Class E<sup>(b)</sup> | 12.00% | 03/25/26 | 530000 | 503235 |
| &nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Asset Trust 2025-3, Series 2025-3A, Class E<sup>(b)(d)</sup> | 11.09% | 02/27/34 | 5182000 | 5249366 |
| &nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Asset Trust 2025-3, Series 2025-3A, Class F<sup>(b)(d)</sup> | 12.00% | 02/27/34 | 5000000 | 4769000 |
| &nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Asset Trust 2025-4, Series 2025-4A, Class E<sup>(b)(d)</sup> | 10.74% | 07/25/27 | 3035000 | 3106626 |
| &nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Asset Trust VII, Series 2022-3A, Class C<sup>(b)</sup> | 10.04% | 11/25/30 | 2046336 | 2128394 |
| &nbsp;&nbsp;&nbsp;Research-Driven Pagaya Motor Trust 2025-5, Series 2025-5A, Class CERT<sup>(b)(h)</sup> | N/A<sup>(g)</sup> | 06/26/34 | 3097000 | 4814823 |
| &nbsp;&nbsp;&nbsp;SAFCO Auto Receivables Trust 2024-1, Series 2024-1A, Class E<sup>(b)</sup> | 10.85% | 01/18/30 | 500000 | 520500 |
| &nbsp;&nbsp;&nbsp;Santander Consumer Finance SA/NOMA, Series 2023-1, Class B<sup>(e)</sup> | 12.37% | 10/31/33 | 6803617 | 1064978 |
| &nbsp;&nbsp;&nbsp;Satus PLC, Series 2024-1, Class D<sup>(e)</sup> | SONIA IR + 3.30% | 04/19/27 | £739000 | 959672 |
| &nbsp;&nbsp;&nbsp;SCF Rahoituspalvelut X DAC, Series 2021-10, Class D | 5.35% | 10/25/31 | 92956 | 104247 |
| &nbsp;&nbsp;&nbsp;SCF Rahoituspalvelut XIII DAC, Series 2024-13, Class E<sup>(e)</sup> | 1M EUR L + 7.72% | 02/25/29 | 500000 | 601527 |
| &nbsp;&nbsp;&nbsp;TAGUS - Sociedade de Titularizacao de Creditos SA/Silk Finance No 5, Series 2020-5, Class D | 7.25% | 02/25/35 | 135182 | 153705 |
| &nbsp;&nbsp;&nbsp;TAGUS - Sociedade de Titularizacao de Creditos SA/Ulisses Finance No. 2, Series 2021-2, Class F<sup>(e)</sup> | 1M EUR L + 5.49% | 09/20/38 | 141423 | 159937 |
| &nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2025-2A, Class E<sup>(b)(h)</sup> | 8.35% | 10/15/28 | $600000 | 73440 |
| &nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust 2024-2, Series 2024-2A, Class E<sup>(b)(h)</sup> | 10.44% | 04/15/27 | 700000 | 214410 |
| &nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust 2024-2, Series 2024-2A, Class F<sup>(b)(h)</sup> | 16.56% | 04/15/27 | 700000 | 135800 |
| &nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust 2024-3, Series 2024-3A, Class E<sup>(b)(h)</sup> | 8.64% | 07/15/30 | 1400000 | 356860 |
| &nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust 2024-3, Series 2024-3A, Class F<sup>(b)(h)</sup> | 13.51% | 11/15/32 | 1320000 | 203280 |
| &nbsp;&nbsp;&nbsp;Trustee for Metro Finance , Series 2023-1, Class E<sup>(e)</sup> | 1M BBSW + 7.00% | 02/18/29 | 425112 | 283358 |
| &nbsp;&nbsp;&nbsp;Trustee for Metro Finance , Series 2023-1, Class F<sup>(e)</sup> | 1M BBSW + 8.75% | 02/18/29 | 275748 | 184630 |
| &nbsp;&nbsp;&nbsp;United Auto Credit Securitization Trust, Series 2022-1, Class E<sup>(b)(d)</sup> | 5.00% | 11/10/28 | $1199768 | 1184411 |
| &nbsp;&nbsp;&nbsp;United Auto Credit Securitization Trust, Series 2023-1, Class E<sup>(b)</sup> | 10.98% | 09/10/29 | 529000 | 562327 |
| &nbsp;&nbsp;&nbsp;United Auto Credit Securitization Trust, Series 2024-1, Class E<sup>(b)</sup> | 10.45% | 06/10/27 | 2554000 | 2648753 |
| &nbsp;&nbsp;&nbsp;United Auto Credit Securitization Trust, Series 2025-1, Class E<sup>(b)</sup> | 7.71% | 03/10/28 | 1185000 | 1198627 |
| &nbsp;&nbsp;&nbsp;USASF Receivables LLC, Series 2021-1A, Class D<sup>(b)</sup> | 4.36% | 03/15/27 | 1125000 | 16875 |
| &nbsp;&nbsp;&nbsp;Veros Auto Receivables Trust, Series 2025-1, Class D<sup>(b)(d)</sup> | 8.79% | 05/17/32 | 1583000 | 1629065 |
| Total Automobile |  |  |  | $131948467 |
| **Consumer (17.22%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;ACHV ABS Trust, Series 2024-3AL, Class E<sup>(b)(d)</sup> | 7.00% | 12/26/31 | 813647 | 801198 |

---

*See Notes to Consolidated Financial Statements.*

Annual Report \| October 31, 2025 17

1WS Credit Income Fund Consolidated Schedule of Investments

October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Rate** | **Maturity <br> Date<sup>(a)</sup>** | **Principal <br> Amount** | **Fair <br> Value** |
| **ASSET-BACKED SECURITIES (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;ACHV ABS TRUST, Series 2023-4CP, Class E<sup>(b)</sup> | 10.50% | 07/25/26 | $1199276 | $1219664 |
| &nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Series 2024-A, Class 1E<sup>(b)</sup> | 9.17% | 02/17/26 | 1500000 | 1503750 |
| &nbsp;&nbsp;&nbsp;Aurorus 2023 BV, Series 2023-1, Class E<sup>(e)</sup> | 1M EUR L + 5.35% | 10/12/26 | 533605 | 623939 |
| &nbsp;&nbsp;&nbsp;Aurorus 2023 BV, Series 2023-1, Class F<sup>(e)</sup> | 11.19% | 10/12/26 | 331844 | 389819 |
| &nbsp;&nbsp;&nbsp;Aurorus 2023 BV, Series 2023-1, Class G<sup>(e)</sup> | 12.94% | 10/12/26 | 341799 | 404664 |
| &nbsp;&nbsp;&nbsp;Brignole Co., Series 2024-2024, Class D<sup>(d)(e)</sup> | 1M EUR L + 4.00% | 02/24/42 | 345255 | 399009 |
| &nbsp;&nbsp;&nbsp;Brignole Co., Series 2024-2024, Class E<sup>(d)(e)</sup> | 1M EUR L + 5.75% | 02/24/42 | 656842 | 781511 |
| &nbsp;&nbsp;&nbsp;Brignole Co., Series 2024-2024, Class F<sup>(e)</sup> | 1M EUR L + 7.48% | 02/24/42 | 323000 | 380620 |
| &nbsp;&nbsp;&nbsp;Brignole CQ, Series 2024-2024, Class X<sup>(e)</sup> | 1M EUR L + 3.09% | 09/24/40 | 655649 | 757200 |
| &nbsp;&nbsp;&nbsp;Cherry Securitization Trust 2025-1, Series 2025-1A, Class C<sup>(b)</sup> | 9.34% | 10/16/28 | $750000 | 772575 |
| &nbsp;&nbsp;&nbsp;Compartment BL Consumer Credit 2024, Series 2024-1, Class E<sup>(e)</sup> | 1M EUR L + 4.10% | 03/25/27 | 438000 | 514218 |
| &nbsp;&nbsp;&nbsp;Compartment BL Consumer Credit 2024, Series 2024-1, Class F<sup>(e)</sup> | 1M EUR L + 5.80% | 03/25/27 | 462000 | 542980 |
| &nbsp;&nbsp;&nbsp;Equify ABS 2024-1 LLC, Series 2024-1A, Class D<sup>(b)</sup> | 7.77% | 05/15/28 | $500000 | 503700 |
| &nbsp;&nbsp;&nbsp;FCT Noria 2021, Series 2021-1, Class F<sup>(e)</sup> | 1M EUR L + 3.70% | 10/25/49 | 166956 | 193237 |
| &nbsp;&nbsp;&nbsp;FCT Noria 2021, Series 2021-1, Class G | 5.95% | 10/25/49 | 292172 | 323049 |
| &nbsp;&nbsp;&nbsp;FCT Pixel 2021, Series 2021-1, Class G | 5.50% | 02/25/38 | 47462 | 54999 |
| &nbsp;&nbsp;&nbsp;FTA Santander Consumo 4, Series 2021-4, Class E | 4.90% | 09/18/32 | 578439 | 664032 |
| &nbsp;&nbsp;&nbsp;FTA Santander Consumo 6, Series 2024-6, Class F<sup>(e)</sup> | 3M EUR L + 8.10% | 03/21/27 | 2272711 | 2653529 |
| &nbsp;&nbsp;&nbsp;GAMMA Sociedade de Titularizacao de Creditos, Series 2024-2, Class D<sup>(e)</sup> | 3M EUR L + 3.40% | 02/25/34 | 404968 | 470818 |
| &nbsp;&nbsp;&nbsp;GAMMA Sociedade de Titularizacao de Creditos, Series 2024-2, Class E<sup>(e)</sup> | 3M EUR L + 5.35% | 02/25/34 | 1457884 | 1700656 |
| &nbsp;&nbsp;&nbsp;GAMMA Sociedade de Titularizacao de Creditos SA Consumer Totta 1, Series 2022-1, Class D<sup>(e)</sup> | 3M EUR L + 8.00% | 06/28/33 | 178740 | 227331 |
| &nbsp;&nbsp;&nbsp;GAMMA Sociedade de Titularizacao de Creditos SA Consumer Totta 3, Series 2025-3, Class E<sup>(d)(e)</sup> | 3M EUR L + 3.30% | 10/25/35 | 3700000 | 4268811 |
| &nbsp;&nbsp;&nbsp;GoodLeap Home Improvement Solutions Trust 2024-1, Series 2024-1A, Class C<sup>(b)</sup> | 8.94% | 04/20/33 | $844202 | 865560 |
| &nbsp;&nbsp;&nbsp;GoodLeap Home Improvement Solutions Trust 2025-1, Series 2025-1A, Class C<sup>(b)</sup> | 7.83% | 02/20/49 | 1156973 | 1172476 |
| &nbsp;&nbsp;&nbsp;GreenSky Home Improvement Issuer Trust, Series 2024-2, Class E<sup>(b)(d)</sup> | 8.75% | 10/27/59 | 500000 | 519250 |
| &nbsp;&nbsp;&nbsp;GreenSky Home Improvement Issuer Trust 2025-1, Series 2025-1A, Class E<sup>(b)(d)</sup> | 8.65% | 03/25/60 | 1240000 | 1287740 |
| &nbsp;&nbsp;&nbsp;GreenSky Home Improvement Issuer Trust 2025-2, Series 2025-2A, Class E<sup>(b)(d)</sup> | 7.79% | 06/25/60 | 1000000 | 1017100 |
| &nbsp;&nbsp;&nbsp;Latitude Australia Credit Card Master Trust, Series 2024-2, Class E<sup>(e)</sup> | 1M BBSW + 4.20% | 03/22/29 | 879000 | 578076 |
| &nbsp;&nbsp;&nbsp;Lendingpoint Asset Securitization Trust, Series 2022-B, Class C<sup>(b)</sup> | 8.45% | 10/15/29 | $517000 | 161821 |
| &nbsp;&nbsp;&nbsp;Marlette Funding Trust 2021-2, Series 2021-2A, Class R<sup>(b)(h)</sup> | N/A<sup>(g)</sup> | 09/15/31 | 1686 | 22186 |
| &nbsp;&nbsp;&nbsp;NewDay Funding, Series 2022-3A, Class E<sup>(b)(d)(e)</sup> | SONIA IR + 9.50% | 11/15/30 | £1165000 | 1537370 |
| &nbsp;&nbsp;&nbsp;Noria DE 2024, Series 2024-DE1, Class F<sup>(e)</sup> | 1M EUR L + 4.50% | 02/25/43 | 430481 | 506433 |
| &nbsp;&nbsp;&nbsp;Oportun Funding Trust, Series 2024-3, Class D<sup>(b)</sup> | 9.60% | 01/18/28 | $800000 | 822560 |
| &nbsp;&nbsp;&nbsp;Pagaya Ai Debt Grantor Trust, Series 2025-6, Class E<sup>(b)(d)</sup> | 8.48% | 05/15/27 | 3718000 | 3708333 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2024-5, Class D<sup>(b)</sup> | 12.97% | 05/15/26 | 593340 | 618439 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2024-8, Class F<sup>(b)</sup> | 10.00% | 01/15/32 | 1307014 | 1274077 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2024-9, Class F<sup>(b)(d)</sup> | 12.00% | 09/15/27 | 1233742 | 1211905 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2025-2, Class E<sup>(b)</sup> | 10.90% | 10/15/32 | 1809810 | 1843291 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2025-3, Class E<sup>(b)(d)</sup> | 12.63% | 01/15/27 | 1499697 | 1545588 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2025-5, Class E<sup>(b)(d)</sup> | 9.70% | 03/15/33 | 3097000 | 3146552 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2025-5, Class F<sup>(b)(d)</sup> | 12.00% | 03/15/33 | 1200000 | 1169880 |

---

*See Notes to Consolidated Financial Statements.*

18 www.1wscapital.com

1WS Credit Income Fund Consolidated Schedule of Investments

October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Rate** | **Maturity <br> Date<sup>(a)</sup>** | **Principal <br> Amount** | **Fair <br> Value** |
| **ASSET-BACKED SECURITIES (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust 2024-6 and Pagaya AI Debt Trust, Series 2024-6, Class D<sup>(b)</sup> | 11.35% | 06/15/26 | $601974 | $619009 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Selection Trust, Series 2024-7, Class D<sup>(b)(d)</sup> | 10.90% | 12/15/31 | 644529 | 664832 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Selection Trust, Series 2020-3, Class CERT<sup>(b)(e)(f)(h)</sup> | N/A<sup>(g)</sup> | 05/17/27 | 510470 | 3100 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Selection Trust, Series 2021-1, Class C<sup>(b)</sup> | 4.09% | 11/15/27 | 55145 | 54378 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2023-5, Class D<sup>(b)</sup> | 9.00% | 04/15/31 | 2045000 | 2050317 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2023-6, Class D<sup>(b)(d)</sup> | 9.00% | 06/16/31 | 2749295 | 2761117 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2023-8, Class E<sup>(b)(d)</sup> | 11.50% | 06/16/31 | 2498395 | 2515384 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-1, Class C<sup>(b)</sup> | 8.34% | 07/15/31 | 234629 | 236248 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-1, Class E<sup>(b)(d)</sup> | 11.50% | 07/15/31 | 2499375 | 2540615 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-2, Class D<sup>(b)</sup> | 9.00% | 08/15/31 | 316136 | 318412 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-2, Class E<sup>(b)(d)</sup> | 11.50% | 08/15/31 | 2451910 | 2521789 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-3, Class D<sup>(b)</sup> | 9.00% | 03/15/26 | 508784 | 514380 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-3, Class E<sup>(b)</sup> | 11.50% | 10/15/31 | 5500000 | 5619350 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2025-4, Class E<sup>(b)(d)</sup> | 11.60% | 01/17/33 | 15000000 | 15403500 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2025-R1, Class E<sup>(b)</sup> | 12.11% | 06/15/32 | 964236 | 967514 |
| &nbsp;&nbsp;&nbsp;Pagaya Point of Sale Holdings Grantor Trust, Series 2025-1, Class E<sup>(b)(d)</sup> | 11.28% | 01/20/33 | 3000000 | 3105300 |
| &nbsp;&nbsp;&nbsp;Plenti PL-Green ABS Trust, Series 2024-1, Class F<sup>(e)</sup> | 1M BBSW + 7.80% | 06/11/35 | 452435 | 297752 |
| &nbsp;&nbsp;&nbsp;Plenti PL-Green ABS Trust, Series 2024-2, Class F<sup>(e)</sup> | 1M BBSW + 4.90% | 04/11/36 | 1034061 | 678699 |
| &nbsp;&nbsp;&nbsp;Prosper Marketplace Issuance Trust Series 2023-1, Series 2023-1A, Class D<sup>(b)</sup> | 11.24% | 07/16/29 | $500000 | 513150 |
| &nbsp;&nbsp;&nbsp;Prosper Marketplace Issuance Trust Series 2023-1, Series 2023-1A, Class E<sup>(b)</sup> | 15.49% | 07/16/29 | 1000000 | 1032100 |
| &nbsp;&nbsp;&nbsp;Purchasing Power Funding LLC, Series 2024-A, Class E<sup>(b)</sup> | 10.18% | 08/15/28 | 500000 | 502150 |
| &nbsp;&nbsp;&nbsp;Quarzo Srl, Series 2024-1, Class D<sup>(e)</sup> | 3M EUR L + 3.70% | 06/15/41 | 369875 | 431298 |
| &nbsp;&nbsp;&nbsp;RCKT Trust 2025-PL1, Series 2025-1A, Class E<sup>(b)</sup> | 7.12% | 07/25/34 | $1750000 | 1759800 |
| &nbsp;&nbsp;&nbsp;RCKT Trust 2025-PL1, Series 2025-1A, Class R1<sup>(b)(h)</sup> | N/A<sup>(g)</sup> | 07/25/34 | 328000 | 4544603 |
| &nbsp;&nbsp;&nbsp;RCKT Trust 2025-PL2, Series 2025-2A, Class R1<sup>(b)(h)</sup> | N/A<sup>(g)</sup> | 11/27/34 | 164000 | 1343636 |
| &nbsp;&nbsp;&nbsp;Reach ABS Trust 2024-1, Series 2024-1A, Class D<sup>(b)</sup> | 10.64% | 09/15/27 | 200000 | 215120 |
| &nbsp;&nbsp;&nbsp;Reach ABS Trust 2025-2, Series 2025-2A, Class D<sup>(b)(d)</sup> | 7.31% | 06/15/29 | 1000000 | 1015900 |
| &nbsp;&nbsp;&nbsp;Republic Finance Issuance Trust, Series 2024-B, Class D<sup>(b)(d)</sup> | 8.83% | 11/20/37 | 2084000 | 2136308 |
| &nbsp;&nbsp;&nbsp;SABADELL CONSUMO 2 FDT, Series 2022-2, Class E<sup>(e)</sup> | 1M EUR L + 7.75% | 12/24/34 | 604812 | 726854 |
| &nbsp;&nbsp;&nbsp;Sunbit Asset Securitization Trust, Series 2025-1, Class D<sup>(b)</sup> | 7.92% | 02/15/28 | $4140000 | 4197960 |
| &nbsp;&nbsp;&nbsp;TAGUS-Sociedade de Titularizacao de Creditos SA/Vasco Finance No. 1, Series 2023-1, Class E<sup>(d)(e)</sup> | 1M EUR L + 8.50% | 07/27/29 | 606461 | 733170 |
| &nbsp;&nbsp;&nbsp;TAGUS-Sociedade de Titularizacao de Creditos SA/Vasco Finance No. 1, Series 2023-1, Class F | 15.00% | 07/27/29 | 110266 | 136620 |
| &nbsp;&nbsp;&nbsp;TAGUS-Sociedade de Titularizacao de Creditos SA/Vasco Finance No. 2, Series 2024-2, Class D<sup>(e)</sup> | 1M EUR L + 4.00% | 10/27/42 | 1130132 | 1316633 |
| &nbsp;&nbsp;&nbsp;TAGUS-Sociedade de Titularizacao de Creditos SA/Vasco Finance No. 2, Series 2024-2, Class E<sup>(e)</sup> | 1M EUR L + 5.65% | 10/27/42 | 782399 | 922064 |
| &nbsp;&nbsp;&nbsp;TAGUS-Sociedade de Titularizacao de Creditos SA/Vasco Finance No. 2, Series 2024-2, Class F<sup>(e)</sup> | 1M EUR L + 8.50% | 10/27/42 | 782399 | 917556 |
| &nbsp;&nbsp;&nbsp;TAGUS-Sociedade de Titularizacao de Creditos SA/Vasco Finance No. 3, Series 2025-3, Class D<sup>(d)(e)</sup> | 1M EUR L + 3.00% | 10/27/43 | 2000000 | 2307696 |
| &nbsp;&nbsp;&nbsp;TAGUS-Sociedade de Titularizacao de Creditos SA/Vasco Finance No. 3, Series 2025-3, Class E<sup>(d)(e)</sup> | 1M EUR L + 4.40% | 10/27/43 | 1100000 | 1269232 |
| &nbsp;&nbsp;&nbsp;TAGUS-Sociedade de Titularizacao de Creditos SA/Vasco Finance No. 3, Series 2025-3, Class F<sup>(e)</sup> | 1M EUR L + 5.39% | 10/27/43 | 4400000 | 5076931 |

---

*See Notes to Consolidated Financial Statements.*

Annual Report \| October 31, 2025 19

1WS Credit Income Fund Consolidated Schedule of Investments

October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Rate** | **Maturity <br> Date<sup>(a)</sup>** | **Principal <br> Amount** | **Fair <br> Value** |
| **ASSET-BACKED SECURITIES (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;TAGUS-Sociedade de Titularizacao de Creditos SA/Vasco Finance No. 3, Series 2025-3, Class X<sup>(d)(e)</sup> | 1M EUR L + 2.97% | 10/27/43 | 2000000 | $2307696 |
| &nbsp;&nbsp;&nbsp;Upgrade Master Pass-Thru Trust, Series 2025-P1, Class CERT<sup>(b)(h)</sup> | N/A<sup>(g)</sup> | 01/15/30 | $2000000 | 1393123 |
| &nbsp;&nbsp;&nbsp;Upstart Pass-Through Trust, Series 2022-ST2, Class CERT<sup>(b)(h)</sup> | N/A<sup>(g)</sup> | 04/20/30 | 2000000 | 548359 |
| &nbsp;&nbsp;&nbsp;Upstart Pass-Through Trust, Series 2020-ST2, Class CERT<sup>(b)(h)</sup> | N/A<sup>(g)</sup> | 03/20/28 | 5000000 | 11408 |
| &nbsp;&nbsp;&nbsp;Upstart Pass-Through Trust, Series 2020-ST4, Class CERT<sup>(b)(h)</sup> | N/A<sup>(g)</sup> | 11/20/26 | 1150718 | 6404 |
| &nbsp;&nbsp;&nbsp;Upstart Pass-Through Trust, Series 2020-ST5, Class CERT<sup>(b)(h)</sup> | N/A<sup>(g)</sup> | 12/20/26 | 10000000 | 154999 |
| &nbsp;&nbsp;&nbsp;Upstart Pass-Through Trust, Series 2021-ST1, Class CERT<sup>(b)(h)</sup> | N/A<sup>(g)</sup> | 02/20/27 | 8571429 | 296598 |
| &nbsp;&nbsp;&nbsp;Upstart Pass-Through Trust, Series 2021-ST4, Class CERT<sup>(b)(h)</sup> | N/A<sup>(g)</sup> | 07/20/27 | 8621000 | 844392 |
| &nbsp;&nbsp;&nbsp;Upstart Pass-Through Trust, Series 2021-ST5, Class CERT<sup>(b)(h)</sup> | N/A<sup>(g)</sup> | 07/20/27 | 5172000 | 548856 |
| &nbsp;&nbsp;&nbsp;Upstart Pass-Through Trust, Series 2021-ST7, Class CERT<sup>(b)(h)</sup> | N/A<sup>(g)</sup> | 09/20/29 | 7000000 | 753398 |
| &nbsp;&nbsp;&nbsp;Upstart Pass-Through Trust, Series 2021-ST8, Class CERT<sup>(b)(h)</sup> | N/A<sup>(g)</sup> | 10/20/29 | 2966000 | 435936 |
| &nbsp;&nbsp;&nbsp;Upstart Pass-Through Trust, Series 2021-ST9, Class CERT<sup>(b)(h)</sup> | N/A<sup>(g)</sup> | 11/20/29 | 1000000 | 197046 |
| &nbsp;&nbsp;&nbsp;Upstart Securitization Trust, Series 2024-1, Class C<sup>(b)</sup> | 8.68% | 11/20/34 | 1867000 | 1942987 |
| &nbsp;&nbsp;&nbsp;Upstart Securitization Trust, Series 2021-4, Class CERT<sup>(b)(h)</sup> | N/A<sup>(g)</sup> | 09/20/31 | 6175 | 617089 |
| &nbsp;&nbsp;&nbsp;Upstart Securitization Trust, Series 2022-1, Class C<sup>(b)</sup> | 5.71% | 03/20/32 | 500000 | 302050 |
| &nbsp;&nbsp;&nbsp;Upstart Securitization Trust, Series 2023-1, Class C<sup>(b)</sup> | 11.10% | 02/20/33 | 984068 | 999617 |
| &nbsp;&nbsp;&nbsp;Upstart Securitization Trust, Series 2023-2, Class C<sup>(b)(d)</sup> | 11.87% | 04/20/28 | 448000 | 479046 |
| &nbsp;&nbsp;&nbsp;Upstart Securitization Trust, Series 2023-2, Class C<sup>(b)(d)</sup> | 11.87% | 06/20/33 | 1119000 | 1196547 |
| &nbsp;&nbsp;&nbsp;Upstart Securitization Trust, Series 2025-1, Class C<sup>(b)</sup> | 9.27% | 04/20/35 | 1028000 | 1077858 |
| &nbsp;&nbsp;&nbsp;Upstart Securitization Trust, Series 2025-2, Class D<sup>(b)(d)</sup> | 8.00% | 06/20/35 | 2433000 | 2488959 |
| &nbsp;&nbsp;&nbsp;Upstart Securitization Trust, Series 2025-3, Class D<sup>(b)(d)</sup> | 7.41% | 09/20/35 | 1369000 | 1373107 |
| &nbsp;&nbsp;&nbsp;Zip Master Trust, Series 2023-2, Class E<sup>(e)</sup> | 1M BBSW + 12.00% | 10/10/26 | 780000 | 512101 |
| &nbsp;&nbsp;&nbsp;Zip Master Trust, Series 2024-2, Class E<sup>(e)</sup> | 1M BBSW + 6.00% | 09/10/27 | 740000 | 496830 |
| &nbsp;&nbsp;&nbsp;Zip Master Trust, Series 2025-1, Class E<sup>(d)(e)</sup> | 1M BBSW + 4.00% | 07/10/28 | 1140000 | 748604 |
| Total Consumer |  |  |  | $134863433 |
| **Other Asset-Backed Securities (6.38%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Avant Loans Funding Trust, Series 2025-REV1, Class D<sup>(b)</sup> | 8.39% | 05/15/34 | $1500000 | 1531650 |
| &nbsp;&nbsp;&nbsp;BBVA Consumo FTA, Series 2025-1, Class E<sup>(e)</sup> | 3M EUR L + 6.00% | 08/21/38 | 1038005 | 1218872 |
| &nbsp;&nbsp;&nbsp;Business Mortgage Finance 7 PLC, Series 2007-7X, Class M1<sup>(e)</sup> | SONIA IR + 2.37% | 02/15/41 | £398249 | 459875 |
| &nbsp;&nbsp;&nbsp;CFG Investments, Ltd., Series 2025-1, Class B<sup>(b)(d)</sup> | 9.16% | 07/25/29 | $1982000 | 2029568 |
| &nbsp;&nbsp;&nbsp;Conn's Receivables Funding LLC, Series 2023-A, Class B<sup>(b)</sup> | 10.00% | 01/17/28 | 81110 | 81451 |
| &nbsp;&nbsp;&nbsp;Conn's Receivables Funding LLC, Series 2024-A, Class B<sup>(b)</sup> | 9.80% | 01/16/29 | 361905 | 364185 |
| &nbsp;&nbsp;&nbsp;Conn's Receivables Funding LLC, Series 2024-A, Class C<sup>(b)</sup> | 10.34% | 01/16/29 | 1080000 | 557388 |
| &nbsp;&nbsp;&nbsp;Flagstar Bank NA<sup>(d)(e)</sup> | 3M CME TERM SOFR + 3.04% | 11/06/28 | 8566000 | 8228452 |
| &nbsp;&nbsp;&nbsp;Foundation Finance Trust 2025-2, Series 2025-2A, Class E<sup>(b)(d)</sup> | 8.35% | 04/15/52 | 1338000 | 1345894 |
| &nbsp;&nbsp;&nbsp;Island Finance Trust 2025-1, Series 2025-1A, Class B<sup>(b)</sup> | 7.95% | 03/19/35 | 750000 | 768450 |
| &nbsp;&nbsp;&nbsp;Island Finance Trust 2025-1, Series 2025-1A, Class C<sup>(b)</sup> | 10.00% | 03/19/35 | 802000 | 820286 |
| &nbsp;&nbsp;&nbsp;Mariner Finance Issuance Trust 2025-A, Series 2025-AA, Class E<sup>(b)(d)</sup> | 8.64% | 07/20/30 | 750000 | 772050 |
| &nbsp;&nbsp;&nbsp;MMP Capital LLC, Series 2025-A, Class C<sup>(b)</sup> | 8.41% | 12/15/31 | 750000 | 770625 |
| &nbsp;&nbsp;&nbsp;National Collegiate Student Loan Trust, Series 2005-3, Class B<sup>(e)</sup> | 1M CME TERM SOFR + 0.61% | 07/27/37 | 1965527 | 1629226 |
| &nbsp;&nbsp;&nbsp;Navient Private Education Refi Loan Trust 2021-B, Series 2021-BA, Class R<sup>(b)(h)</sup> | N/A<sup>(g)</sup> | 07/15/69 | 2514 | 686929 |
| &nbsp;&nbsp;&nbsp;NMEF Funding LLC, Series 2025-B, Class E<sup>(b)(d)</sup> | 7.66% | 01/18/33 | 3500000 | 3543400 |
| &nbsp;&nbsp;&nbsp;NOW Trust, Series 2025-1, Class E<sup>(e)</sup> | 1M BBSW + 3.50% | 02/14/34 | 1190000 | 779492 |
| &nbsp;&nbsp;&nbsp;Oportun Funding Trust, Series 2025-1, Class D<sup>(b)</sup> | 8.27% | 08/16/32 | $750000 | 755250 |
| &nbsp;&nbsp;&nbsp;Oportun Issuance Trust, Series 2025-B, Class E<sup>(b)(d)</sup> | 9.40% | 05/09/33 | 2250000 | 2252475 |

---

 

*See Notes to Consolidated Financial Statements.*

20 www.1wscapital.com

1WS Credit Income Fund Consolidated Schedule of Investments

October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Rate** | **Maturity <br> Date<sup>(a)</sup>** | **Principal <br> Amount** | **Fair <br> Value** |
| **ASSET-BACKED SECURITIES (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;SBL Holdings, Inc.<sup>(b)(d)(e)(i)</sup> | 5Y US TI + 5.62% | 12/31/99 | $5791000 | $5581368 |
| &nbsp;&nbsp;&nbsp;Small Business Origination Loan Trust DAC, Series 2025-1, Class C<sup>(d)(e)</sup> | SONIA IR + 2.60% | 12/15/36 | £1944009 | 2559755 |
| &nbsp;&nbsp;&nbsp;SoFi Professional Loan Program, Series 2018-D, Class R1<sup>(b)(h)</sup> | N/A<sup>(g)</sup> | 02/25/48 | $27236 | 164211 |
| &nbsp;&nbsp;&nbsp;SoFi Professional Loan Program, Series 2019-A, Class R1<sup>(b)(h)</sup> | N/A<sup>(g)</sup> | 06/15/48 | 32016 | 165405 |
| &nbsp;&nbsp;&nbsp;SoFi Professional Loan Program, Series 2020-A, Class R1<sup>(b)(h)</sup> | N/A<sup>(g)</sup> | 05/15/46 | 25381 | 318645 |
| &nbsp;&nbsp;&nbsp;SoFi Professional Loan Program, Series 2020-B, Class R1<sup>(b)(h)</sup> | N/A<sup>(g)</sup> | 05/15/46 | 15664 | 323346 |
| &nbsp;&nbsp;&nbsp;SoFi Professional Loan Program, Series 2021-A, Class R1<sup>(b)(h)</sup> | N/A<sup>(g)</sup> | 08/17/43 | 35142 | 270331 |
| &nbsp;&nbsp;&nbsp;SoFi Professional Loan Program, Series 2021-B, Class R1<sup>(b)(h)</sup> | N/A<sup>(g)</sup> | 02/15/47 | 14625 | 363947 |
| &nbsp;&nbsp;&nbsp;Stream Innovations 2025-1 Issuer Trust, Series 2025-1A, Class D<sup>(b)(d)</sup> | 8.40% | 09/15/45 | 2348382 | 2413197 |
| &nbsp;&nbsp;&nbsp;Sunrise Spv 97 Srl, Series 2025-2, Class E<sup>(d)(e)</sup> | 1M EUR L + 2.85% | 10/27/50 | 3860000 | 4466308 |
| &nbsp;&nbsp;&nbsp;Upgrade Receivables Trust 2024-1, Series 2024-1A, Class D<sup>(b)</sup> | 8.90% | 03/15/28 | $3020000 | 3080400 |
| &nbsp;&nbsp;&nbsp;Upgrade Receivables Trust 2024-1, Series 2024-1A, Class E<sup>(b)(d)</sup> | 11.53% | 06/15/28 | 1322000 | 1339450 |
| &nbsp;&nbsp;&nbsp;Youni Italy Srl, Series 2025-1, Class X<sup>(e)</sup> | 1M EUR L + 4.00% | 04/25/35 | 303576 | 352450 |
| Total Other Asset-Backed Securities |  |  |  | $49994331 |
| **TOTAL ASSET-BACKED SECURITIES (Cost $329,728,430)** |  |  |  | $**316806231** |
| **COLLATERALIZED LOAN OBLIGATIONS (10.16%)<sup>(e)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AGL CLO 11, Ltd., Series 2025-11A, Class ER<sup>(b)</sup> | 3M CME TERM SOFR + 6.30% | 10/15/38 | $1493000 | $1485236 |
| &nbsp;&nbsp;&nbsp;Audax Senior Debt Clo 8 LLC, Series 2025-8A, Class A1R<sup>(b)</sup> | 3M CME TERM SOFR + 1.45% | 01/20/38 | 6748000 | 6748000 |
| &nbsp;&nbsp;&nbsp;Bain Capital Credit CLO 2018-2, Series 2018-2A, Class F<sup>(b)</sup> | 3M CME TERM SOFR + 7.86% | 07/19/31 | 1538000 | 1362668 |
| &nbsp;&nbsp;&nbsp;Bain Capital Credit CLO 2018-2, Series 2018-2X, Class F | 3M CME TERM SOFR + 7.86% | 07/19/31 | 192000 | 170112 |
| &nbsp;&nbsp;&nbsp;Bain Capital Credit CLO 2020-4, Ltd., Series 2025-4A, Class ERR<sup>(b)</sup> | 3M CME TERM SOFR + 6.75% | 10/20/36 | 2751000 | 2751000 |
| &nbsp;&nbsp;&nbsp;Benefit Street Partners CLO XXIII, Ltd., Series 2025-23A, Class ER<sup>(b)</sup> | 3M CME TERM SOFR + 5.25% | 04/25/34 | 750000 | 748275 |
| &nbsp;&nbsp;&nbsp;BlueMountain CLO XXXI, Ltd., Series 2025-31A, Class BR | 3M CME TERM SOFR + 1.60% | 04/19/34 | 1534000 | 1532466 |
| &nbsp;&nbsp;&nbsp;Carlyle Global Market Strategies CLO 2015-4, Ltd., Series 2019-4A, Class DR<sup>(b)</sup> | 3M CME TERM SOFR + 6.96% | 07/20/32 | 750000 | 745425 |
| &nbsp;&nbsp;&nbsp;Chenango Park CLO, Ltd., Series 2018-1A, Class D<sup>(b)</sup> | 3M CME TERM SOFR + 6.06% | 04/15/30 | 751000 | 748447 |
| &nbsp;&nbsp;&nbsp;Goldentree Loan Management US CLO 1, Ltd., Series 2025-1A, Class DR3<sup>(b)</sup> | 3M CME TERM SOFR + 2.40% | 04/20/34 | 1215000 | 1206130 |
| &nbsp;&nbsp;&nbsp;Goldentree Loan Management US Clo 6, Ltd., Series 2025-6A, Class DR2 | 3M CME TERM SOFR + 2.45% | 04/20/35 | 751000 | 749874 |
| &nbsp;&nbsp;&nbsp;Harbor Park CLO, Ltd., Series 2025-1A, Class CR2<sup>(b)</sup> | 3M CME TERM SOFR + 1.65% | 01/20/31 | 3755000 | 3755000 |
| &nbsp;&nbsp;&nbsp;Harbor Park CLO, Ltd., Series 2025-1A, Class ER2<sup>(b)</sup> | 3M CME TERM SOFR + 5.25% | 01/20/31 | 2008000 | 1995149 |
| &nbsp;&nbsp;&nbsp;Hayfin US XIV, Ltd., Series 2025-14A, Class CR<sup>(b)</sup> | 3M CME TERM SOFR + 2.00% | 03/20/38 | 3670000 | 3671101 |
| &nbsp;&nbsp;&nbsp;Hayfin US XIV, Ltd., Series 2025-14A, Class D1R<sup>(b)</sup> | 3M CME TERM SOFR + 3.05% | 03/20/38 | 1728000 | 1729210 |

---

*See Notes to Consolidated Financial Statements.*

Annual Report \| October 31, 2025 21

1WS Credit Income Fund Consolidated Schedule of Investments

October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Rate** | **Maturity <br> Date<sup>(a)</sup>** | **Principal <br> Amount** | **Fair <br> Value** |
| **COLLATERALIZED LOAN OBLIGATIONS (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;ICG US Clo 2021-1, Ltd., Series 2021-1A, Class E<sup>(b)</sup> | 3M CME TERM SOFR + 6.59% | 04/17/34 | $1150000 | $1075020 |
| &nbsp;&nbsp;&nbsp;Jefferies Credit Partners BDC CLO I, Ltd., Series 2025-1X, Class A | 3M CME TERM SOFR + 1.55% | 04/25/37 | 7671000 | 7661028 |
| &nbsp;&nbsp;&nbsp;Kennedy Lewis CLO 23, Ltd., Series 2025-23A, Class A<sup>(b)</sup> | 3M CME TERM SOFR + 1.24% | 10/20/38 | 8435000 | 8435000 |
| &nbsp;&nbsp;&nbsp;KKR CLO 28, Ltd., Series 2025-28A, Class AR2<sup>(b)</sup> | 3M CME TERM SOFR + 1.12% | 02/09/35 | 4108000 | 4108000 |
| &nbsp;&nbsp;&nbsp;Madison Park Funding XLII, Ltd., Series 2025-13A, Class ER2<sup>(b)</sup> | 3M CME TERM SOFR + 5.95% | 11/21/30 | 2798000 | 2807233 |
| &nbsp;&nbsp;&nbsp;Marble Point Clo XXV, Ltd., Series 2025-2A, Class DRR<sup>(b)</sup> | 3M CME TERM SOFR + 3.25% | 10/20/36 | 1193000 | 1185245 |
| &nbsp;&nbsp;&nbsp;Marble Point Clo XXV, Ltd., Series 2025-2A, Class ERR<sup>(b)</sup> | 3M CME TERM SOFR + 6.60% | 10/20/36 | 1163000 | 1155557 |
| &nbsp;&nbsp;&nbsp;Market Street CLO, Ltd. II, Series 2025-2A, Class D1<sup>(b)</sup> | 3M CME TERM SOFR + 3.25% | 03/20/38 | 2182000 | 2182000 |
| &nbsp;&nbsp;&nbsp;OHA Credit Funding 4, Ltd., Series 2019-4A, Class SUB<sup>(b)</sup> | N/A<sup>(g)</sup> | 10/22/32 | 820000 | 606800 |
| &nbsp;&nbsp;&nbsp;OZLM XI, Ltd., Series 2017-11X, Class ER | 3M CME TERM SOFR + 8.71% | 10/30/30 | 169390 |  |
| &nbsp;&nbsp;&nbsp;Rad CLO 12, Ltd., Series 2025-12A, Class DR<sup>(b)</sup> | 3M CME TERM SOFR + 6.65% | 07/30/40 | 3179000 | 3169145 |
| &nbsp;&nbsp;&nbsp;Symphony CLO XXIX, Ltd., Series 2025-29A, Class ER<sup>(b)</sup> | 3M CME TERM SOFR + 5.80% | 10/15/35 | 1077000 | 1071184 |
| &nbsp;&nbsp;&nbsp;Symphony CLO XXVIII, Ltd., Series 2021-28X, Class E | 3M CME TERM SOFR + 6.36% | 10/23/34 | 1745000 | 1678341 |
| &nbsp;&nbsp;&nbsp;Symphony CLO XXXII, Ltd., Series 2025-32A, Class ER<sup>(b)</sup> | 3M CME TERM SOFR + 5.80% | 10/23/35 | 3429000 | 3391624 |
| &nbsp;&nbsp;&nbsp;Taberna Preferred Funding II, Ltd., Series 2005-2A, Class B<sup>(b)</sup> | 3M CME TERM SOFR + 1.16% | 11/05/35 | 529000 | 79350 |
| &nbsp;&nbsp;&nbsp;TCI-Flatiron Clo 2018-1, Ltd., Series 2025-1A, Class ER2<sup>(b)</sup> | 3M CME TERM SOFR + 5.15% | 07/29/35 | 3519000 | 3505980 |
| &nbsp;&nbsp;&nbsp;Wellfleet CLO 2021-4, Ltd., Series 2025-4A, Class A1R<sup>(b)</sup> | 3M CME TERM SOFR + 1.30% | 10/25/38 | 7325000 | 7325000 |
| &nbsp;&nbsp;&nbsp;Whitebox CLO IV, Ltd., Series 2025-4A, Class D2R<sup>(b)</sup> | 3M CME TERM SOFR + 6.00% | 04/20/36 | 750000 | 748050 |
| **TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $79,576,043)** |  |  |  | $**79582650** |
| **PRIVATE SECURED DEBT (4.51%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Banco Invex, S.A., Series 2025-1, Tranche C<sup>(h)</sup> | 7.90% | 08/28/34 | 54000000 | $2909216 |
| &nbsp;&nbsp;&nbsp;BriteCap SPV 3 LLC, Loan Facility<sup>(e)(h)</sup> | 1M CME TERM SOFR + 6.75% | 06/30/27 | $5000000 | 5000000 |
| &nbsp;&nbsp;&nbsp;Bullock Legal Group, Loan Facility<sup>(h)(j)</sup> | 1M CME TERM SOFR + 13.00%, 18.00% | 03/28/28 | 1888743 | 1888743 |
| &nbsp;&nbsp;&nbsp;Cherry SPV VI LLC<sup>(h)(j)</sup> | 1M CME TERM SOFR + 10.50% | 01/27/28 | 474330 | 474330 |
| &nbsp;&nbsp;&nbsp;Experity Ventures SPV IV LLC, Series 2025-I, Class B<sup>(h)</sup> | 12.00% | 06/22/37 | 2800000 | 2812096 |
| &nbsp;&nbsp;&nbsp;Jonas Catalog Holdings I, LLC, Term Loan<sup>(h)(j)</sup> | 11.00% | 09/19/29 | 1960584 | 1960584 |
| &nbsp;&nbsp;&nbsp;Matthew R. Stubbs, LLC, Tranche B Facility Interest<sup>(h)</sup> | 12.00% | 03/23/26 | 5000000 | 5000000 |

---

*See Notes to Consolidated Financial Statements.*

22 www.1wscapital.com

1WS Credit Income Fund Consolidated Schedule of Investments

October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Rate** | **Maturity <br> Date<sup>(a)</sup>** | **Principal <br> Amount** | **Fair <br> Value** |
| **PRIVATE SECURED DEBT (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reach Consumer 2022-1, LLC, Class B Facility<sup>(e)(h)(j)</sup> | 1M CME TERM SOFR + 8.50% | 11/29/27 | $1697850 | $1697850 |
| &nbsp;&nbsp;&nbsp;RRRR Repo Funding Trust, Series 2025-1 Pass-Through Certificates<sup>(h)</sup> | 14.00% | 07/25/26 | 7698876 | 7698876 |
| &nbsp;&nbsp;&nbsp;RSD Funding 2025, LLC, Participation Interest<sup>(h)(j)</sup> | 12.00% | 09/13/27 | 3019286 | 3019286 |
| &nbsp;&nbsp;&nbsp;SWF Funding LLC, Loan Facility<sup>(e)(h)(j)</sup> | 1M CME TERM SOFR + 8.00% | 09/23/27 | 2866720 | 2866720 |
| **TOTAL PRIVATE SECURED DEBT (Cost $35,170,559)** |  |  |  | $**35327701** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Rate** | **Shares** | **Fair <br> Value** |
| **PREFERRED STOCKS (2.43%)<sup>(e)(i)</sup>** |  |  |  |
| &nbsp;&nbsp;&nbsp;Adamas Trust, Inc. | 6.88% | 50000 | $1111000 |
| &nbsp;&nbsp;&nbsp;Chimera Investment Corp. | 8.88% | 96678 | 2408249 |
| &nbsp;&nbsp;&nbsp;Chimera Investment Corp. | 8.00% | 41612 | 1000384 |
| &nbsp;&nbsp;&nbsp;Enstar Group, Ltd. | 7.00% | 38335 | 920040 |
| &nbsp;&nbsp;&nbsp;KKR Real Estate Finance Trust, Inc. | 6.50% | 134517 | 2632498 |
| &nbsp;&nbsp;&nbsp;New York Mortgage Trust, Inc., Series D | 8.00% | 141083 | 3058679 |
| &nbsp;&nbsp;&nbsp;New York Mortgage Trust, Inc., Series E | 7.88% | 37020 | 931053 |
| &nbsp;&nbsp;&nbsp;Rithm Capital Corp. | 6.38% | 248544 | 6086843 |
| &nbsp;&nbsp;&nbsp;Rithm Capital Corp. | 7.00% | 37000 | 910570 |
| **TOTAL PREFERRED STOCKS (Cost $18,679,886)** |  |  | $**19059316** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Rate** | **Maturity <br> Date** | **Principal <br> Amount** | **Fair <br> Value** |
| **SHORT-TERM INVESTMENTS (17.50%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill | 3.78% | 02/24/26 | $10000000 | $9882000 |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill | 3.94% | 12/04/25 | 40000000 | 39867020 |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill | 4.00% | 11/20/25 | 20000000 | 19963454 |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill | 4.00% | 11/28/25 | 47500000 | 47372771 |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill | 4.01% | 11/13/25 | 20000000 | 19978638 |
| **TOTAL SHORT-TERM INVESTMENTS (Cost $137,023,377)** |  |  |  | $**137063883** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7-Day** <br> **Yield** | **Shares** | **Fair <br> Value** |
| **MONEY MARKET FUNDS (8.33%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;BlackRock Liquidity Funds T-Fund | 3.98% | 52353510 | $52353510 |
| &nbsp;&nbsp;&nbsp;BNY Mellon U.S. Treasury Fund, Institutional Class | 3.90% | 12898484 | 12898484 |
| **TOTAL MONEY MARKET FUNDS (Cost $65,251,994)** |  |  | $**65251994** |

---

*See Notes to Consolidated Financial Statements.*

Annual Report \| October 31, 2025 23

1WS Credit Income Fund Consolidated Schedule of Investments

October 31, 2025

---

| | |
|:---|:---|
| | **Fair** <br> **Value** |
| **TOTAL INVESTMENTS (133.17%) (Cost $1,046,083,322)** | 1043146383 |
| **Liabilities in Excess of Other Assets (-33.17%)<sup>(k)</sup>** | (259835463) |
| **NET ASSETS (100.00%)** | $**783310920** |

---

*Percentages above are stated as a percentage of net assets as of October 31, 2025*

 

**Investment Abbreviations:**

EURIBOR - Euro Interbank Offered Rate

SONIA IR - Sterling Over Night Index Average

BBSW - Bank Bill Swap Rate

SOFR - Secured Overnight Financing Rate

**Reference Rates as of October 31, 2025:**

1M EUR L - 1 Month EURIBOR was 1.92%

3M EUR L - 3 Month EURIBOR was 2.04%

1M BBSW - 1 Month BBSW was 3.54%

5Y US TI - US Treasury Yield was 3.71%

30D US SOFR - 30 Day US SOFR was 4.20%

12M US FED – 12 Month US FED was 4.03%

1M CME TERM SOFR - CME Term SOFR 1 Month was 4.00%

3M CME TERM SOFR - CME Term SOFR 3 Month was 3.89%

SONIA - SONIA Overnight Interest Rate was 3.97%

*<sup>(a)</sup>* *The maturity date for credit investments represents the expected maturity. Many of the instruments are callable through cash flows on the underlying securities or other call features. Expected maturity may be earlier than legal maturity.*

*<sup>(b)</sup>* *Securities not registered under the Securities Act of 1933, as amended (the "Securities Act"). These securities generally involve certain transfer restrictions and may be sold in the ordinary course of business in transactions exempt from registration. As of October 31, 2025, the aggregate market value of those securities was $519,153,634, representing 66.28% of net assets.*

*<sup>(c)</sup>* *Step bond. Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect at October 31, 2025.*

*<sup>(d)</sup>* *On October 31, 2025, all or a portion of these securities were pledged as collateral for reverse repurchase agreements in the amount of $379,936,387.*

*<sup>(e)</sup>* *Floating or variable rate security. The Reference Rate is described above. Interest rate shown reflects the rate in effect at October 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.*

*<sup>(f)</sup>* *Interest only security.*

*<sup>(g)</sup>* *This security is a residual or equity position that does not have a stated interest rate. This residual or equity position is entitled to recurring distributions which are generally equal to the remaining cash flow of payments made by underlying securities less contractual payments to debt holders and fund expenses.*

*<sup>(h)</sup>* *This security has been classified as level 3 in accordance with ASC 820 as a result of unavailable quoted prices from an active market or the unavailability of other significant observable inputs.*

*<sup>(i)</sup>* *Perpetual maturity.*

*<sup>(j)</sup>* *Securities have associated unfunded commitments of $1,330,056 to Reach Consumer 2022-1, LLC, Class B Facility, $918,878 to SWF Funding LLC, Loan Facility, $1,325,670 to Cherry SPV VI LLC, $730,714 to RSD Funding 2025, LLC, Participation Interest, $1,111,257 to Bullock Legal Group, Loan Facility and $2,539,416 to Jonas Catalog Holdings I, Term Loan, respectively.*

*<sup>(k)</sup>* *Includes cash being held as collateral for derivatives and reverse repurchase agreements.*

 

*See Notes to Consolidated Financial Statements.*

24 www.1wscapital.com

1WS Credit Income Fund Consolidated Schedule of Investments

October 31, 2025

**<u>DERIVATIVE INSTRUMENTS</u>**

**CREDIT DEFAULT SWAP CONTRACTS - SELL PROTECTION (OVER THE COUNTER)<sup>(a)</sup>**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligations** | **Counterparty** | **Fixed Deal <br> Receive <br> Rate** | **Currency** | **Maturity Date** | **Implied <br> Credit Spread <br> at October <br> 31, 2025<sup>(b)</sup>** | **Notional <br> Amount<sup>(c)</sup>** | **Value** | **Upfront <br> Premiums<br> Received/(Paid)** | **Unrealized <br> Appreciation/<br> (Depreciation)** |
| Markit CMBX BBB-Index, Series 15 | Morgan Stanley | 3.00% | USD | 11/18/64 | 6.99% | $7000000 | $(1066450) | $1300625 | $234175 |
| Markit CMBX BB Index, Series 14 | Morgan Stanley | 5.00% | USD | 12/16/72 | 20.41% | 2000000 | (676667) | 808750 | 132083 |
|  |  |  |  |  |  |  | $(1743117) | $2109375 | $366258 |

---

**CREDIT DEFAULT SWAP CONTRACTS ON CREDIT INDICES ISSUE - SELL PROTECTION (CENTRALLY CLEARED)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligations** | **Fixed Deal <br> Receive <br> Rate** | **Currency** | **Maturity<br> Date** | **Implied <br> Credit Spread<br> at October <br> 31, 2025<sup>(b)</sup>** | **Notional <br> Amount<sup>(c)</sup>** | **Value** | **Upfront <br> Premiums<br> Received/(Paid)** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| Markit CDX NA High Yield Index, Series 45 ICE | 5.00% | USD | 12/20/30 | 3.29% | $87863080 | $6384255 | $(6737210) | $(352955) |
|  |  |  |  |  |  | $6384255 | $(6737210) | $(352955) |

---

**CREDIT DEFAULT SWAP CONTRACTS ON CREDIT INDICES ISSUE - BUY PROTECTION (CENTRALLY CLEARED)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligations** | **Fixed Deal** **<br> Receive<br> Rate** | **Currency** | **Maturity Date** | **Implied** **<br> Credit Spread<br> at October<br> 31, 2025<sup>(b)</sup>** | **Notional** **<br> Amount<sup>(c)</sup>** | **Value** | **Upfront** **<br> Premiums<br> Received/(Paid)** | **Unrealized** **<br> Appreciation/<br> (Depreciation)** |
| Markit CDX NA High Yield Index, Series 44 ICE | 5.00% | USD | 6/20/30 | 3.08% | $15119560 | $(1140514) | $1197900 | $57386 |
| Markit CDX NA High Yield Index, Series 41 ICE | 5.00% | USD | 12/20/28 | 2.45% | 5940 | (432) | 307 | (125) |
| Markit CDX NA High Yield Index, Series 43 ICE | 5.00% | USD | 12/20/29 | 2.96% | 1494 | (109) | 59 | (50) |
|  |  |  |  |  |  | $(1141055) | $1198266 | $57211 |

---

*Credit default swaps pay quarterly.*

 

*See Notes to Consolidated Financial Statements.*

Annual Report \| October 31, 2025 25

1WS Credit Income Fund Consolidated Schedule of Investments

October 31, 2025

*<sup>(a)</sup>* *If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.*

*<sup>(b)</sup>* *Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements as of year end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.*

*<sup>(c)</sup>* *The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.*

 

**INTEREST RATE SWAP CONTRACTS (CENTRALLY CLEARED)**

 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive Floating <br> Rate** | **Clearing House** | **Floating Rate** | **Expiration Date** | **Notional <br> Amount** | **Currency** | **Fixed Rate** | **Unrealized<br> Appreciation/(Depreciation)** |
| Pay | LCH Ltd. | SOFR | 06/20/2029 | $21700000 | USD | 4.01% | $478328 |
| Pay | LCH Ltd. | SOFR | 04/04/2030 | 48000 | USD | 4.06% | 1141 |
| Pay | LCH Ltd. | SOFR | 04/04/2028 | 415000 | USD | 4.20% | 7953 |
| Pay | LCH Ltd. | SOFR | 04/05/2027 | 21000 | USD | 4.35% | 245 |
|  |  |  |  |  |  |  | $487667 |
| Receive | LCH Ltd. | SOFR | 06/20/2030 | $45380000 | USD | 3.58% | $(368135) |
| Receive | LCH Ltd. | SOFR | 06/20/2027 | 33775000 | USD | 3.59% | (70060) |
| Receive | LCH Ltd. | SOFR | 06/20/2032 | 1911000 | USD | 3.63% | (15981) |
| Receive | LCH Ltd. | SOFR | 06/20/2030 | 2390000 | USD | 3.97% | (59115) |
| Receive | LCH Ltd. | SOFR | 06/20/2028 | 34306000 | USD | 4.08% | (618362) |
| Receive | LCH Ltd. | SOFR | 04/04/2029 | 29896000 | USD | 4.11% | (721910) |
| Receive | LCH Ltd. | SOFR | 06/20/2027 | 300000 | USD | 4.21% | (3577) |
|  |  |  |  |  |  |  | $(1857140) |

---

 

*See Notes to Consolidated Financial Statements.*

26 www.1wscapital.com

1WS Credit Income Fund Consolidated Schedule of Investments

October 31, 2025

**FUTURES CONTRACTS - LONG (CENTRALLY CLEARED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Position** | **Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Unrealized <br> Appreciation/ <br> (Depreciation)** |
| 2-YR U.S. TREASURY NOTE | Wells Fargo Securities, LLC | Long | 23 | December 2025 | $4789570 | $(13470) |
|  |  |  |  |  | $4789570 | $(13470) |

---

**FUTURES CONTRACTS - SHORT (CENTRALLY CLEARED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Position** | **Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Unrealized <br> Appreciation/ <br> (Depreciation)** |
| 5-YR U.S. TREASURY NOTE | Wells Fargo Securities, LLC | Short | 525 | December 2025 | $(57335742) | $74308 |
| 10-YR U.S. TREASURY NOTE | Wells Fargo Securities, LLC | Short | 96 | December 2025 | (10816500) | (24930) |
| AUD/USD CURRENCY | Wells Fargo Securities, LLC | Short | 91 | December 2025 | (5956860) | 76258 |
| EUR/BOB CURRENCY | Wells Fargo Securities, LLC | Short | 4 | December 2025 | (545108) | 297 |
| EUR/USD CURRENCY | Wells Fargo Securities, LLC | Short | 498 | December 2025 | (71911200) | 1396159 |
| GBP/USD CURRENCY | Wells Fargo Securities, LLC | Short | 487 | December 2025 | (39994875) | 1262797 |
| MXN/USD CURRENCY | Wells Fargo Securities, LLC | Short | 108 | December 2025 | (2896560) | 3278 |
| SEK/USD CURRENCY | Wells Fargo Securities, LLC | Short | 16 | December 2025 | (3377600) | 72101 |
|  |  |  |  |  | $(192834445) | $2860268 |

---

**RISK DISCLOSURES**

*Holdings contained herein are subject to change.*

 

*Prior to investing, Investors should carefully consider the investment objectives, risks, charges and expenses of 1WS Credit Income Fund. This and other important information about the Fund is contained in the prospectus, which can be obtained by calling (833) 834-4923 or visiting www.1wscapital.com. The prospectus should be read carefully before investing. Investing in the Fund may be considered speculative and involves a high degree of risk, including the risk of possible substantial loss of your investment.*

 

***1WS Credit Income Fund is distributed by ALPS Distributors, Inc. ALPS Distributors, Inc. is not affiliated with 1WS Capital Advisors, LLC or One William Street Capital Management, L.P.***

 ****

*See Notes to Consolidated Financial Statements.*

Annual Report \| October 31, 2025 27

1WS Credit Income Fund Consolidated Statement of Assets and Liabilities

October 31, 2025

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments, at fair value (Cost $1,046,083,322) | $1043146383 |
| Foreign Currency, at fair value (Cost $17,515,937) | 17418653 |
| Unrealized appreciation on credit default swap contracts | 366258 |
| Receivable on derivative contracts | 679641 |
| Variation margin receivable on futures contracts | 327192 |
| Accrued dividend income | 226030 |
| Receivable for investment securities sold | 7026776 |
| Interest receivable | 5000891 |
| Capital shares sold receivable | 2939958 |
| Receivable on swap contracts premiums | 3429569 |
| Deposits held with brokers for derivatives and reverse repurchase agreements | 8993149 |
| Prepaid expenses and other assets | 83165 |
| Total Assets | 1089637665 |
| **LIABILITIES:** |  |
| Payable for investment securities purchased | 38629700 |
| Payable for reverse repurchase agreements, including accrued interest of $643,671 | 264850462 |
| Variation margin payable on centrally cleared swap contracts | 34383 |
| Payable for shareholder servicing and distribution fees for Class A-2 | 225822 |
| Net payable to Adviser for investment advisory fees | 1456941 |
| Accrued fund accounting, administration and compliance fees payable | 364898 |
| Other payables and accrued expenses | 764539 |
| Total Liabilities | 306326745 |
| Net Assets Attributable to Shareholders | $783310920 |
| **COMPOSITION OF NET ASSETS ATTRIBUTABLE TO SHARES:** |  |
| Paid-in capital | $771707597 |
| Total distributable earnings | 11603323 |
| Net Assets Attributable to Shareholders | $783310920 |
| **NET ASSET VALUE** |  |
| **Class I:** |  |
| Net assets | $413763745 |
| Shares outstanding (unlimited shares authorized, par value $0.001 per share) | 21282119 |
| Net Asset Value per Share | $19.44 |
| **Class A-2:** |  |
| Net assets | $369547175 |
| Shares outstanding (unlimited shares authorized, par value $0.001 per share) | 19656252 |
| Net Asset Value per Share | $18.80 |

---

*See Notes to Consolidated Financial Statements.*

28 www.1wscapital.com

1WS Credit Income Fund Consolidated Statement of Operations

---

| | |
|:---|:---|
|  | **For the <br> Year Ended <br> October 31, 2025** |
| **INVESTMENT INCOME:** |  |
| Dividends on short term money market funds | $2307732 |
| Interest | 66000087 |
| Total Investment Income | 68307819 |
| **EXPENSES:** |  |
| Investment advisory fee | 11499922 |
| Fund Accounting and Administration fees | 1502513 |
| Compliance fees | 37882 |
| Legal fees | 349306 |
| Audit fees | 225784 |
| Trustees' fees and expenses | 105000 |
| Transfer agent fees | 783366 |
| Interest on reverse repurchase agreements | 6501418 |
| Distribution and shareholder servicing fees | 1916180 |
| Other expenses | 629330 |
| Total Expenses | 23550701 |
| Net recoupment of previously waived fees by Adviser (See Note 4) | 297779 |
| Less advisory fees waived (See Note 4) | (1916654) |
| Net Expenses | 21931826 |
| **Net Investment Income** | 46375993 |
| **REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS:** |  |
| Net realized gain/(loss) on: |  |
| &nbsp;&nbsp;&nbsp;Investment securities | 3892879 |
| &nbsp;&nbsp;&nbsp;Credit default swap contracts | 4935143 |
| &nbsp;&nbsp;&nbsp;Interest rate swap contracts | (15368) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (4359695) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | 415168 |
| Net realized gain | 4868127 |
| Net change in unrealized appreciation/(depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Investment securities | (1973461) |
| &nbsp;&nbsp;&nbsp;Credit default swap contracts | (739678) |
| &nbsp;&nbsp;&nbsp;Interest rate swap contracts | (884793) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (49018) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | 886376 |
| Net change in unrealized appreciation/(depreciation) | (2760574) |
| Net Realized and Unrealized Gain on Investments | 2107553 |
| **Net Increase in Net Assets Attributable to Shares from Operations** | $48483546 |

---

*See Notes to Consolidated Financial Statements.*

Annual Report \| October 31, 2025 29

1WS Credit Income Fund Consolidated Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the <br> Year Ended <br> October 31, 2025** | **For the <br> Year Ended <br> October 31, 2024** |
| **FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $46375993 | $20166028 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 4868127 | 814155 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (2760574) | 11065165 |
| **Net Increase in Net Assets Attributable to Shares from Operations** | 48483546 | 32045348 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (21401130) | (18443929) |
| &nbsp;&nbsp;&nbsp;From tax return of capital | (7693960) |  |
| **Class A-2** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (17076644) | (6258306) |
| &nbsp;&nbsp;&nbsp;From tax return of capital | (6139256) | – |
| **Net Decrease in Net Assets from Distributions to Shareholders** | (52310990) | (24702235) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| **Class I** |  |  |
| Proceeds from sale of shares | 150098932 | 136743777 |
| Cost of shares redeemed | (19936469) | (12867476) |
| Net asset value of shares issued to shareholders from reinvestment of dividends | 6330468 | 4005239 |
| Transfer in/(out) | – | 25118 |
| **Net Increase from Capital Share Transactions** | 136492931 | 127906658 |
| **Class A-2** |  |  |
| Proceeds from sale of shares | 231618406 | 120020234 |
| Cost of shares redeemed | (19787277) | (2185288) |
| Net asset value of shares issued to shareholders from reinvestment of dividends | 18773543 | 5315241 |
| Transfer in/(out) | – | (25118) |
| **Net Increase from Capital Share Transactions** | 230604672 | 123125069 |
| **Net Increase in Net Assets** | 363270159 | 258374840 |
| **NET ASSETS:** |  |  |
| Beginning of year | 420040761 | 161665921 |
| End of year | $783310920 | $420040761 |

---

*See Notes to Consolidated Financial Statements.*

30 www.1wscapital.com

1WS Credit Income Fund Consolidated Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the <br> Year Ended <br> October 31, 2025** | **For the <br> Year Ended <br> October 31, 2024** |
| **OTHER INFORMATION:** | | |
| **Capital Share Transactions:** | | |
| **Class I** |  |  |
| Beginning shares | 14281688 | 7633842 |
| Shares sold | 7704382 | 7108177 |
| Shares redeemed | (1031691) | (671069) |
| Shares issued as reinvestment of dividends | 327740 | 209424 |
| Transfer in/(out) | – | 1314 |
| Ending Shares | 21282119 | 14281688 |
| **Class A-2** |  |  |
| Beginning shares | 7497187 | 980262 |
| Shares sold | 12213291 | 6350301 |
| Shares redeemed | (1055947) | (115899) |
| Shares issued as reinvestment of dividends | 1001721 | 283837 |
| Transfer in/(out) | – | (1314) |
| Ending Shares | 19656252 | 7497187 |

---

*See Notes to Consolidated Financial Statements.*

Annual Report \| October 31, 2025 31

1WS Credit Income Fund Consolidated Statement of Cash Flows

For the Year Ended October 31, 2025

---

| | |
|:---|:---|
| **CASH FLOWS FROM OPERATING ACTIVITIES:** | |
| Net increase in net assets from operations | $48483546 |
| Adjustments to reconcile net increase/(decrease) in net assets from operations to net cash provided by/(used in) operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investment securities | (1575844383) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposition of investment securities | 1159722675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discounts (accreted)/premiums amortized | (8121461) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain)/loss on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities | (3892879) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Swaps | 15368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit default swap contracts | (4935143) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | 4359695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (415168) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation)/depreciation on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities | 1973461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (886376) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net purchase of short-term investments and money market funds | (129003301) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net payments received from/(made to) counterparties for derivative contracts | (5868891) |
| &nbsp;&nbsp;&nbsp;(Increase)/Decrease in assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin receivable on centrally cleared swap contracts | 18086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin receivable on futures contracts | 91242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | (2758521) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on credit default swap contracts | 217965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (66527) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued dividend income | (226030) |
| &nbsp;&nbsp;&nbsp;Increase/(Decrease) in liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin payable on centrally cleared swap contracts | 34383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net payable to Adviser for investment advisory fees | 1093911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued fund accounting, administration and compliance fees payable | 168381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest payable on reverse repurchase agreements | 363081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for shareholder servicing and distribution fees for Class A-2 | 145127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other payables and accrued expenses | 319829 |
| **Net Cash Used in Operating Activities** | $(515011930) |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** |  |
| Cash payments from reverse repurchase agreements | $2108212145 |
| Cash payments for reverse repurchase agreements | (1899840366) |
| Proceeds from shares sold (net of capital shares sold receivable) | 384462604 |
| Cost of shares redeemed | (39723746) |
| Distributions paid to shareholders | (27206979) |
| **Net Cash Provided by Financing Activities** | $525903658 |
| **Effect of exchange rates on cash** | $1301544 |
| **Net Increase in Cash, Restricted Cash and Foreign Rates on Cash** | $12193272 |
| **Cash and restricted cash, beginning balance** | $14218530 |
| **Cash and restricted cash, ending balance** | $26411802 |
| **SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:** |  |
| Cash paid on interest expense on reverse repurchase agreements | $6138337 |
| Reinvestment of distributions | $25104011 |

---

*See Notes to Consolidated Financial Statements.*

32 www.1wscapital.com

1WS Credit Income Fund Consolidated Statement of Cash Flows

For the Year Ended October 31, 2025

**THE FOLLOWING TABLE PROVIDES A RECONCILIATION OF RESTRICTED CASH AND UNRESTRICTED CASH AND FOREIGN CURRENCY WITHIN THE CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES**

---

| | | |
|:---|:---|:---|
| | **October 31, 2025** | **October 31, 2024** |
| Unrestricted cash and foreign currency | $17418653 | $6666929 |
| Restricted cash within Deposits held with brokers for derivatives and reverse repurchase agreements | $8993149 | $7551601 |
| **Unrestricted Cash and Restricted Cash<sup>(a)</sup>** | $**26411802** | $**14218530** |

---

*<sup>(a)</sup>* *Restricted cash as of October 31, 2025 includes $3,913,089 of margin posted as collateral on futures contracts and $5,080,060 margin posted as collateral on credit default and interest rate swap contracts. Restricted cash as of October 31, 2024 includes $3,008,869 of margin posted as collateral on futures contracts and $4,542,732 of margin posted as collateral on credit default and interest rate swap contracts. All collateral is considered to be restricted cash, which is included in Deposits held with brokers for derivatives and reverse repurchase agreements on the Consolidated Statement of Assets and Liabilities.*

 

*See Notes to Consolidated Financial Statements.*

Annual Report \| October 31, 2025 33

1WS Credit Income Fund Consolidated Financial Highlights

For a Share Outstanding Throughout the Periods Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I** | **For the <br> Year Ended <br> October 31, <br> 2025** | **For the <br> Year Ended <br> October 31, <br> 2024** | **For the <br> Year Ended <br> October 31, <br> 2023** | **For the <br> Year Ended <br> October 31, <br> 2022** | **For the <br> Year Ended <br> October 31, <br> 2021** |
| **PER SHARE OPERATING PERFORMANCE:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value - beginning of year | $19.45 | $18.80 | $18.86 | $21.62 | $19.22 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 1.56 | 1.38 | 1.37 | 1.47 | 1.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.08 | 0.87 | 0.62 | (2.23) | 2.52 |
| **Total Income/(Loss) from Investment Operations** | 1.64 | 2.25 | 1.99 | (0.76) | 3.60 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (1.24) | (1.60) | (1.20) | (1.30) | (1.20) |
| &nbsp;&nbsp;&nbsp;From net realized gains |  |  | (0.85) | (0.70) |  |
| &nbsp;&nbsp;&nbsp;From tax return of capital | (0.41) | – | – | – | – |
| **Total Distributions to Shareholders** | (1.65) | (1.60) | (2.05) | (2.00) | (1.20) |
| Net asset value per share - end of year | $19.44 | $19.45 | $18.80 | $18.86 | $21.62 |
| **Total Investment Return - Net Asset Value<sup>(b)</sup>** | 8.76% | 12.40% | 11.32% | (3.78%) | 19.10% |
| **RATIOS AND SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets attributable to shares, end of year (000s) | $413764 | $277807 | $143547 | $110680 | $110570 |
| Ratio of actual expenses to average net assets including fee waivers, reimbursements and recoupments | 3.38% | 3.28% | 4.83% | 3.48% | 2.84% |
| Ratio of actual expenses to average net assets excluding fee waivers, reimbursements and recoupments | 3.65% | 3.76% | 5.73% | 4.54% | 3.73% |
| Ratio of net investment income to average net assets | 7.98% | 7.16% | 7.37% | 7.30% | 5.17% |
| Portfolio turnover rate | 192.83% | 67.65% | 55.95% | 77.20% | 107.74% |

---

 

*<sup>(a)</sup>* *Calculated using average shares outstanding.*

*<sup>(b)</sup>* *Total investment return is calculated assuming a purchase of a share at the opening on the first day and a sale at closing on the last day of the period reported. Dividends and distributions are assumed for purposes of this calculation to be reinvested at prices obtained under the Fund's dividend reinvestment plan. Total investment return does not reflect brokerage commissions, if any, and is not annualized.*

 

*See Notes to Consolidated Financial Statements.*

34 www.1wscapital.com

1WS Credit Income Fund Consolidated Financial Highlights

For a Share Outstanding Throughout the Periods Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A-2** | **For the <br> Year Ended <br> October 31, <br> 2025** | **For the <br> Year Ended <br> October 31, <br> 2024** | **For the <br> Year Ended <br> October 31, <br> 2023** | **For the <br> Year Ended <br> October 31, <br> 2022** | **For the Period <br> May 1, 2021 <br> (inception of <br> Class) to <br> October 31, <br> 2021** |
| **PER SHARE OPERATING PERFORMANCE:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value - beginning of year/period | $18.97 | $18.48 | $18.68 | $21.55 | $21.01 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 1.42 | 1.24 | 1.30 | 1.31 | 0.63 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.06 | 0.85 | 0.55 | (2.18) | 0.51 |
| **Total Income/(Loss) from Investment Operations** | 1.48 | 2.09 | 1.85 | (0.87) | 1.14 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (1.24) | (1.60) | (1.20) | (1.30) | (0.60) |
| &nbsp;&nbsp;&nbsp;From net realized gains |  |  | (0.85) | (0.70) |  |
| &nbsp;&nbsp;&nbsp;From tax return of capital | (0.41) | – | – | – | – |
| **Total Distributions to Shareholders** | (1.65) | (1.60) | (2.05) | (2.00) | (0.60) |
| Net asset value per share - end of year/period | $18.80 | $18.97 | $18.48 | $18.68 | $21.55 |
| **Total Investment Return - Net Asset Value<sup>(b)</sup>** | 8.12% | 11.72% | 10.64% | (4.38%) | 5.54% |
| **RATIOS AND SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets attributable to shares, end of year/period (000s) | $369547 | $142234 | $18119 | $896 | $106 |
| Ratio of actual expenses to average net assets including fee waivers, reimbursements and recoupments | 4.06% | 3.75% | 5.46% | 4.67% | 3.32 %<sup>(c)</sup> |
| Ratio of actual expenses to average net assets excluding fee waivers, reimbursements and recoupments | 4.33% | 4.23% | 6.30% | 5.72% | 4.25 %<sup>(c)</sup> |
| Ratio of net investment income to average net assets | 7.49% | 6.58% | 7.05% | 6.69% | 5.86 %<sup>(c)</sup> |
| Portfolio turnover rate | 192.83% | 67.65% | 55.95% | 77.20% | 107.74 %<sup>(d)</sup> |

---

*<sup>(a)</sup>* *Calculated using average shares outstanding.*

*<sup>(b)</sup>* *Total investment return is calculated assuming a purchase of a share at the opening on the first day and a sale at closing on the last day of the period reported. Dividends and distributions are assumed for purposes of this calculation to be reinvested at prices obtained under the Fund's dividend reinvestment plan. Total investment return does not reflect brokerage commissions, if any, and is not annualized.*

*<sup>(c)</sup>* *These ratios to average net assets have been annualized.*

*<sup>(d)</sup>* *Percentage represents the results for the period and is not annualized.*

 

*See Notes to Consolidated Financial Statements.*

Annual Report \| October 31, 2025 35

1WS Credit Income Fund Notes to Consolidated Financial Statements

October 31, 2025

**NOTE 1. ORGANIZATION**

1WS Credit Income Fund ("1WS Credit" or the "Fund") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company that continuously offers its shares of beneficial interest ("Shares"). 1WS Credit operates as an interval fund under Rule 23c-3 of the 1940 Act and, as such, has adopted a policy to make quarterly repurchase offers at a price equal to net asset value ("NAV") per Share of at least 5% of outstanding Shares.

1WS Credit's investment objective is to seek attractive risk-adjusted total returns through generating income and capital appreciation. 1WS Credit will seek to achieve its investment objective by investing in a wide array of predominantly structured credit and securitized debt instruments. There can be no assurance that the Fund's investment objective will be achieved.

1WS Credit was organized as a Delaware statutory trust on July 20, 2018 pursuant to an Agreement and Declaration of Trust governed by the laws of the State of Delaware. 1WS Credit had no operations from that date to March 4, 2019, commencement of operations, other than those related to organizational matters and the registration of its Shares under applicable securities laws. 1WS Credit wholly owns and consolidates 1WSCI Sub I, LLC (the "Cayman Islands SPV"), an exempted company incorporated in the Cayman Islands on February 22, 2019. The Cayman Islands SPV is an investment vehicle formed to make certain investments on behalf of 1WS Credit. 1WS Credit is the managing and sole member of the Cayman Islands SPV pursuant to a limited liability agreement dated March 1, 2019. 1WS Credit also wholly owns and consolidates 1WSCIF REIT, LLC (the "REIT SPV"), a Delaware limited liability company formed on February 21, 2024, to make certain real estate investments on behalf of 1WS Credit. 1WS Credit is the managing and sole member of the REIT SPV pursuant to a limited liability agreement dated February 21, 2024. The REIT SPV completed a private placement of 125 shares of Class A Non-Voting Preferred Units (the "Preferred Units") for aggregate gross proceeds of $125,000. The Preferred Units have a liquidation preference of $1,000 per share, plus an amount equal to accrued but unpaid dividends. The Preferred Units' dividends are cumulative at a rate of 12.0% per annum of the initial $1,000 purchase price. Where context requires, the "Fund" includes the Fund, the Cayman Islands SPV and the REIT SPV.

1WS Capital Advisors, LLC (the "Adviser" or "1WS") serves as the investment adviser of the Fund. 1WS is a Delaware limited liability company that is registered as an investment adviser with the Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940 (the "Advisers Act"). The Adviser is controlled by its managing member, One William Street Capital Management, L.P. ("OWS"), which is also registered with the SEC as an investment adviser. The Fund's portfolio manager and other personnel of the Adviser have substantial experience in managing investments and investment funds, including funds which have investment programs similar to that of the Fund.

The Fund currently offers Institutional ("Class I") Shares and Brokerage Class ("Class A-2") Shares (collectively, the "Share Classes"). Both Share Classes of the Fund are being offered on a continuous basis at the NAV per Share calculated each day. Class A-2 Shares are offered subject to a maximum sales charge of 3.00% of their offering price and an asset-based distribution/shareholder servicing fee not to exceed 0.75% of its net assets and Class I shares are not subject to any sales load or asset-based distribution fee. Class A-2 Shares purchased without a sales charge may be subject to a 1.50% contingent deferred sales charge ("CDSC"). The Fund received exemptive relief from the SEC to issue multiple classes of Shares and to impose asset-based distribution fees as applicable. Class I and Class A-2 shares commenced operations on March 4, 2019 and May 1, 2021, respectively.

Each class represents an interest in the same assets of the Fund and classes are identical except for differences in their sales charge structures and ongoing service and distribution charges. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans. The Fund's income, expenses (other than class specific service and distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

**NOTE 2. SIGNIFICANT ACCOUNTING POLICIES**

**Basis of Presentation:** The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and are stated in United States dollars. The Fund is considered an investment company under GAAP and follows the accounting and reporting guidance for investment companies under Financial Accounting Standards Board's ("FASB") Accounting Standards Codification ("ASC") 946, *Financial Services-Investment Companies*, including accounting for investments at fair value.

The preparation of these consolidated financial statements in accordance with GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The Adviser believes that the estimates utilized in preparing the financial statements are reasonable and prudent; however, actual results could differ from such estimates and the differences could be material.

**Consolidation:** 1WS Credit consolidates its investment in the Cayman Islands SPV and its investment in the REIT SPV because 1WS Credit is the sole shareholder of these entities. In accordance with ASC 810, Consolidation, the accompanying consolidated financial statements include the Cayman Islands SPV's and REIT SPV's assets and liabilities and results of operations. All investments held by the Cayman Islands SPV and REIT SPV are disclosed in the Consolidated Schedule of Investments. All intercompany accounts and transactions have been eliminated upon consolidation.

36 www.1wscapital.com

1WS Credit Income Fund Notes to Consolidated Financial Statements

October 31, 2025

**Investment Transactions:** Investment transactions are accounted for on a trade-date basis for financial reporting purposes and amounts payable or receivable for trades not settled at the time of year end are reflected as liabilities and assets, respectively. Interest is recorded on an accrual basis. Realized gains and losses on investment transactions reflected in the Consolidated Statement of Operations are recorded on a first-in, first-out basis. Premiums on fixed-income securities and discounts on non-distressed fixed-income securities are amortized and recorded within interest income in the Consolidated Statement of Operations.

The Fund may enter into derivative contracts for economic hedging purposes or to gain synthetic exposures to certain investments ("Derivatives"). Derivatives are financial instruments whose values are based on an underlying asset, index, or reference rate and include futures, swaps, swaptions, options, or other financial instruments with similar characteristics.

The Board of Trustees (the "Board") has adopted valuation policies and procedures for the Fund and has delegated the day-to-day responsibility for fair value determinations to the Adviser, the Fund's "Valuation Designee" (as such term is defined in Rule 2a-5 of the 1940 Act).

**Fund Valuation:** Class I and Class A-2 Shares are continuously offered at NAV. The NAV per share of each class is determined daily. The Fund's NAV per share is calculated by subtracting liabilities (including accrued expenses and indebtedness) from the total assets of the Fund (the value of the investments plus cash or other assets, including interest accrued but not yet received). The Fund's NAV is then allocated pro-rata between the share classes, adjusting for share class specific liabilities. The NAV of each share class is then divided by the total number of Shares outstanding of each share class at each day's end.

**Federal Income Taxes**: The Fund has elected to be treated as a regulated investment company under the Internal Revenue Code of 1986, as amended (the "Code"). The Fund intends to elect to be treated for federal income tax purposes, and intends to qualify annually, as a regulated investment company (a "RIC") under Subchapter M of the Internal Revenue Code (the "Code"). As a RIC, the Fund generally will not have to pay Fund-level federal income taxes on any ordinary income or capital gains that the Fund distributes to shareholders from our tax earnings and profits.

The REIT SPV intends to qualify and elect to be taxed as a Real Estate Investment Trust ("REIT") for federal income tax purposes under Sections 856 through 860 of the Code, commencing with its taxable year ending December 31, 2024. If the REIT SPV continues to qualify for taxation as a REIT, the REIT SPV will generally not be subject to federal corporate income tax to the extent it distributes its taxable income to its stockholders, and so long as it, among other things, distributes at least 90% of its annual taxable income (computed without regard to the dividends paid deduction and excluding net capital gains).

For the year ended October 31, 2025, the Fund did not have a tax liability. The Fund files U.S. federal, state, and local tax returns as required. The Fund's tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations which is generally three years after the filing of the tax return for federal purposes and four years for most state returns.

**Distributions to Shareholders:** The Fund intends to declare and pay substantially all of its net investment income to shareholders in the form of dividends on a quarterly basis. The Fund also intends to distribute substantially all net realized capital gains at least annually.

**NOTE 3. PORTFOLIO VALUATION**

ASC 820 *Fair Value Measurement* defines fair value as an exit price representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. ASC 820 establishes a fair value hierarchy for inputs used in measuring fair value and maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing the use of the most observable input when available.

Valuation inputs broadly refer to the assumptions market participants would use in pricing the asset or liability, including assumptions about risk. ASC 820 distinguishes between: (i) observable inputs, which are based on market data obtained from parties independent of the reporting entity, and (ii) unobservable inputs, which reflect the Adviser's own assumptions about the judgments market participants would use. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the fair value measurement. When a valuation uses multiple inputs from varying levels of the fair value hierarchy, the hierarchy level is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

---

| | |
|:---|:---|
| Level 1— | Inputs that are unadjusted, quoted prices in active markets for identical assets or liabilities. |
| Level 2— | Inputs (other than quoted prices included in Level 1) that are observable, either directly or indirectly. |
| Level 3— | Inputs that are unobservable and reflect the Adviser's best estimate of what market participants would use in pricing the asset or liability. This includes situations where there is little, if any, market activity for the asset or liability. |

---

Annual Report \| October 31, 2025 37

1WS Credit Income Fund Notes to Consolidated Financial Statements

October 31, 2025

Generally, the Fund expects to be able to obtain pricing from independent third-party sources on the majority of its investments. These third-party pricing sources utilize a confluence of model driven analysis, matrix pricing as well as actual trade and market color to price investments. However, in certain circumstances where such pricing from the third-party sources is difficult or impractical to obtain, the Fund may fair value certain investments using internal manager marks. As of October 31, 2025, 3.80% of the investments held by the Fund were valued using internal manager marks.

The following factors may be pertinent in determining fair value: security covenants, call protection provisions and information rights; cash flows, the nature and realizable value of any collateral; the debt instrument's ability to make payments; the principal markets and financial environment in which the debt instrument operates; publicly available financial ratios of peer companies; changes in interest rates for similar debt instruments; and enterprise values, among other relevant factors.

Determination of fair value involves subjective judgments and estimates. Due to the inherent uncertainty of determining the fair value of investments that do not have readily available market quotations, the fair value of these investments may differ significantly from the values that would have been used had such market quotations existed for such investments, and any such differences could be material. Accordingly, under current accounting standards, the notes to the Fund's consolidated financial statements will refer to the uncertainty with respect to the possible effect of such valuations, and any change in such valuations, on the Fund's financial statements.

The following tables summarize the Fund's financial instruments classified as assets and liabilities measured at fair value by level within the fair value hierarchy as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Fair Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Residential Mortgage-Backed Securities | $– | $277414565 | $– | $277414565 |
| Commercial Mortgage-Backed Securities |  | 108372306 | 4267737 | 112640043 |
| Asset-Backed Securities |  | 295238481 | 21567750 | 316806231 |
| Collateralized Loan Obligations |  | 79582650 |  | 79582650 |
| Private Secured Debt |  |  | 35327701 | 35327701 |
| Preferred Stocks | 19059316 |  |  | 19059316 |
| Short-Term Investments | 137063883 |  |  | 137063883 |
| Money Market Funds | 65251994 | – | – | 65251994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $221375193 | $760608002 | $61163188 | $1043146383 |
| **Derivative Instruments** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Credit Default Swap Contracts | $– | $423644 | $– | $423644 |
| Interest Rate Swap Contracts |  | 487667 |  | 487667 |
| Future Contracts | 2885198 |  |  | 2885198 |
| **Liabilities:** |  |  |  |  |
| Credit Default Swap Contracts | $– | $(353130) | $– | $(353130) |
| Interest Rate Swap Contracts |  | (1857140) | $– | (1857140) |
| Future Contracts | (38400) | – | $– | (38400) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $2846798 | $(1298959) | $– | $1547839 |

---

There were no changes in valuation technique.

38 www.1wscapital.com

1WS Credit Income Fund Notes to Consolidated Financial Statements

October 31, 2025

The following table discloses the purchase of Level 3 portfolio investments as well as the value of transfers into or out of Level 3 for the year ended October 31, 2025 of the Fund's Level 3 portfolio investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Commercial <br> Mortgage-Backed <br> Securities** | **Asset Backed Securities** | **Private Secured Debt** | **Total** |
| Balance as of October 31, 2024 | $4166784 | $10576071 | $11942247 | $26685102 |
| &nbsp;&nbsp;&nbsp;Accrued discount/ premium |  | 3567488 | 134805 | 3702293 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain/(Loss) |  | (165844) | (1126) | (166970) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation/(Depreciation) |  | (8200083) | 60601 | (8139482) |
| &nbsp;&nbsp;&nbsp;Purchases | 100953 | 18582862 | 33910018 | 52593833 |
| &nbsp;&nbsp;&nbsp;Sales Proceeds<sup>(1)</sup> |  | (3145706) | (10718844) | (13864550) |
| &nbsp;&nbsp;&nbsp;Transfer into Level 3<sup>(2)</sup> |  | 910350 |  | 910350 |
| &nbsp;&nbsp;&nbsp;Transfer out of Level 3<sup>(3)</sup> | – | (557388) | – | (557388) |
| Balance as of October 31, 2025 | $4267737 | $21567750 | $35327701 | $61163188 |
| Net change in unrealized appreciation/(depreciation) included in the Consolidated Statement of Operations attributable to Level 3 investments held at October 31, 2025 | $– | $(11184288) | $64087 | $(11120201) |

---

*<sup>(1)</sup>* *Sales Proceeds include all sales of securities, maturities, paydowns and securities tendered in corporate actions.*

*<sup>(2)</sup>* *Transfer into Level 3 relates to portfolio investments valued using a third-party pricing source as of October 31, 2024 and broker pricing as of October 31, 2025.*

*<sup>(3)</sup>* *Transfer out of Level 3 relates to portfolio investments valued using an internal manager mark as of October 31, 2024 and a third-party pricing source as of October 31, 2025.*

 

The following table presents additional information about the valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of October 31, 2025:

**Quantitative Information about Level 3 Fair Value Measurements**

---

| | | | |
|:---|:---|:---|:---|
| **Asset Class** | **Fair Value** | **Valuation Technique** | **Unobservable Inputs** |
| Commercial Mortgage-Backed Securities | $4267737 | Internal Model | Loss Severity analysis$100<sup>(1)</sup> |
| Asset Backed Securities | $21567750 | Broker Pricing | Indicative Quotes$0.23 - $55830<sup>(2)</sup> |
| Private Secured Debt | $35327701 | Internal Model | Loss Severity analysis$100<sup>(3)</sup> |

---

*<sup>(1)</sup>* *Inputs are based on yields ranging from 11.48% - 11.77%*

*<sup>(2)</sup>* *Input is based on the total market value of the outstanding position, of which the Fund owns 0.67% - 34.53%*

*<sup>(3)</sup>* *Inputs are based on underlying collateral performance.*

 

**NOTE 4. FEES AND EXPENSES INCLUDING RELATED PARTY TRANSACTIONS**

**Related Party Fees and Expenses**

**Investment Advisory:** Under an investment advisory agreement between the Fund and the Adviser (the "Advisory Agreement"), the Fund pays the Adviser a fee at the annualized rate of 1.50% of the daily gross assets of the Fund (the "Management Fee"). For the one-year period beginning on March 1, 2025, the Adviser has voluntarily agreed to reduce the Management Fee to 1.25% of the Fund's daily gross assets.

**Expense Limitation and Reimbursement Agreement:** Pursuant to an expense limitation and reimbursement agreement (the "Expense Limitation Agreement"), the Adviser agrees to waive the fees payable to it under the Investment Advisory Agreement and/or to pay or absorb operating expenses of the Fund, including, without limitation, organization and offering expenses (excluding brokerage and transactional expenses; borrowing and other investment-related costs and fees including interest and commitment fees; short dividend expense; acquired fund fees; taxes; litigation and indemnification expenses; judgments; and extraordinary expenses not incurred in the ordinary course of the Fund's business – collectively, the "Exclusions"), to the extent necessary to limit the Other Expenses of the Fund (as set forth in the Fund's Prospectus) less the Exclusions to 0.50% per annum of the Fund's daily gross assets. The Adviser shall be permitted to recoup in later periods Fund expenses that the Adviser has paid or otherwise borne to the extent that the expenses for the Fund fall below the annual limitation rate in effect at the time of the actual waiver/reimbursement and to the extent that they do not cause the Fund to exceed the annual rate in effect at the time of the recoupment. Under the Expense Limitation Agreement, the Adviser is not permitted to recoup such expenses beyond three years from the date on which the Adviser reduced a fee or reimbursed an expense. The Expense Limitation Agreement will remain in effect until March 1, 2026, unless and until the Trustees approve its modification or termination.

Annual Report \| October 31, 2025 39

1WS Credit Income Fund Notes to Consolidated Financial Statements

October 31, 2025

During the year ended October 31, 2025, the Adviser reimbursed fees of $24,110 and $31,693 of Class A-2 and Class I fees, respectively, and recouped $158,016 and $195,566 of Class A-2 and Class I previously waived fees, respectively, which is reflected in Net recoupment of previously waived fees by Adviser on the Consolidated Statement of Operations. The Adviser reimbursed fees under the Expense Limitation Agreement which are recoupable as follows:

---

| | | |
|:---|:---|:---|
| **Expires October 31, 2026** | **Expires October 31, 2027** | **Expires October 31, 2028** |
| $675280 | $421773 | $55803 |

---

**Other Fees and Expenses**

**Officer and Trustee Compensation:** The Fund pays each member of the Board of Trustees who is not a director, officer, employee or affiliate of OWS a $50,000 annual fee. None of the executive officers receive compensation from the Fund.

**Distribution and Servicing Fees:** The Fund has entered into a distribution agreement (the "Distribution Agreement") with ALPS Distributors, Inc. ("the Distributor"), pursuant to which the Distributor is serving as the Fund's principal underwriter and acts as the distributor of the Fund's Shares on a best efforts basis, subject to various conditions.

Class A-2 Shares of the Fund are subject to ongoing distribution and shareholder servicing fees that may be used to compensate Intermediaries for selling shares of the Fund, and providing, or arranging for the provision of, Shareholder Services (the "Shareholder Servicing Fees"), and ongoing distribution and/or marketing services to the Fund (the "Distribution Fees"). The Distribution Fees and Shareholder Servicing Fees, as applicable, are accrued daily and paid monthly in an amount not to exceed, in the aggregate for Class A-2 Shares, 0.75% (on an annualized basis) of the net asset value of Class A-2 Shares of the Fund. For each class of shares of the Fund, under no circumstances shall Shareholder Servicing Fees exceed 0.25% of the net asset value of such class. The Distribution Fees and Shareholder Servicing Fees will be accrued daily as an expense of the Fund. For the year ended October 31, 2025, Class A-2 shares expensed $1,916,180 for Shareholder Servicing Fees and Distribution Fees.

**Fund Administration and Accounting Fees and Expenses:** ALPS Fund Services, Inc. ("ALPS" or the "Administrator") serves as the Fund's administrator and provides various administration, fund accounting, investor accounting and taxation services to the Fund (which are in addition to the services provided by the Adviser, as described above). In consideration of these services, the Fund pays the Administrator, on a monthly basis. The Fund will reimburse the Administrator for certain out-of-pocket expenses incurred on behalf of the Fund.

**Compliance Fees:** ALPS Fund Services, Inc. provides Chief Compliance Officer Services to the Fund. Additionally, ALPS provides services in monitoring and testing the policies and procedures of the Fund in conjunction with requirements under Rule 38a-1 under the 1940 Act. ALPS is compensated under the Chief Compliance Officer Services Agreement.

**Legal Fees:** Alston & Bird LLP serves as counsel to the Fund.

**Audit Fees:** Deloitte & Touche LLP acts as independent registered public accountant for the Fund and in such capacity audits the Fund's annual consolidated financial statements.

**Custodian:** The Bank of New York Mellon serves as the Fund's primary custodian.

**Transfer Agent:** DST Systems, Inc. ("DST"), the parent company of ALPS, serves as the Transfer Agent to the Fund. Under the Transfer Agency Agreement, DST is responsible for maintaining all shareholder records of the Fund. DST is a wholly-owned subsidiary of SS&C Technologies Holdings, Inc. ("SS&C"), a publicly traded company listed on the NASDAQ Global Select Market.

40 www.1wscapital.com

1WS Credit Income Fund Notes to Consolidated Financial Statements

October 31, 2025

**NOTE 5. SECURITIES TRANSACTIONS**

Purchases and sales of investments, excluding short-term obligations and including maturities and paydowns, transacted for the year ended October 31, 2025, were as follows:

---

| | |
|:---|:---|
| **Cost of Investments**<br>**Purchased** | **Proceeds from**<br>**Investments Sold** |
| $1587671469 | $1163815663 |

---

**NOTE 6. INVESTMENTS**

Under normal investment conditions, the Fund will invest at least 80% of its assets (including borrowings for investment purposes) in debt obligations.

The securities/instruments acquired by the Fund may include all types of debt and other obligations ("Credit Investments"), and may have varying terms with respect to collateralization, seniority or subordination, purchase price, convertibility, interest payments and maturity, and may consist of the following: (i) residential and commercial mortgage-backed securities ("MBS"), as well as real estate loans or pools of such loans; (ii) asset-backed securities ("ABS"), or other instruments secured by financial, physical, and/or intangible assets (e.g., receivables or pools of receivables), and investments in any assets/instruments underlying the foregoing structured/secured obligations; (iii) debt and subordinated tranches of collateralized loan obligations ("CLOs") and collateralized debt obligations ("CDOs"); (iv) public and private senior and mezzanine, senior secured or unsecured bonds/loans; and (v) other income producing securities, including investment grade debt, debentures and notes, and deferred interest, payment-in-kind or zero coupon bonds/notes. The Fund may invest without limit in CLOs or CDOs, including the subordinated tranches of such vehicles.

The Fund may also invest indirectly in any of the foregoing instruments through: (i) investing in other funds, including exchange traded funds ("ETFs") and up to 15% of its net assets in funds that are excluded from the definition of "investment company" under the 1940 Act solely by reason of Section 3(c)(1) or Section 3(c)(7) of the 1940 Act, that are primarily invested in Credit Investments (except that investments in MBS, ABS, CLOs or CDOs and other Credit Investments that are not hedge funds or private equity funds are not subject to such 15% limitation); or (ii) entering into derivatives, including long and short positions in credit default swaps, total return swaps, forward contracts, futures and other similar transactions. The Fund may also use derivatives for cash management purposes, to modify interest rate exposure or to hedge positions. The Fund may invest in derivatives without limit, subject to adherence to applicable asset coverage and/or segregation requirements of the 1940 Act. (The Fund counts the foregoing indirect investments in debt obligations towards the Fund's requirement to invest at least 80% of its assets in debt obligations.) The Fund may invest in derivatives subject to the limitations set forth in Rule 18f-4 under the 1940 Act.

The Fund anticipates that many Credit Investments will be rated below investment grade by rating agencies or would be rated below investment grade if they were rated. Credit Investments that are rated below investment grade (commonly referred to as "high yield" securities or "junk bonds") are regarded as having predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal.

In seeking to achieve the Fund's objective, the Fund may also invest a portion of its net assets in (i) U.S. and foreign government obligations, and highly-rated debt instruments (e.g., commercial paper); and (ii) long and short positions in public or private equity securities, which can include ETFs and real estate investment trusts.

The Fund intends to add leverage to its portfolio through direct borrowing and/or through entering into reverse repurchase agreements. Certain of the Fund's investments may require leverage to achieve the desired risk-adjusted return profile deployed by the Fund.

At any given time, a substantial portion of our portfolio may be illiquid, subjecting the Fund to increased credit risk. If a borrower or obligor or other counterparty on an instrument underlying a Credit Investment is unable to make its payments, we may be greatly limited in our ability to recover any outstanding principal and interest (or other applicable amounts) under such Credit Investment. Our Shares therefore should be purchased only by investors who could afford a possible substantial loss of their investment. There is no geographic or currency limitation on the securities or instruments acquired by the Fund. The Fund may purchase debt or equity securities of non-U.S. governments and corporate entities domiciled outside of the United States, including emerging markets issuers.

Annual Report \| October 31, 2025 41

1WS Credit Income Fund Notes to Consolidated Financial Statements

October 31, 2025

**NOTE 7. DERIVATIVE INSTRUMENTS**

The Fund may enter into derivative transactions in connection with its investing activities. These instruments derive their value, primarily or partially, from the underlying asset, indices, reference rate, or a combination of these factors. Derivatives are subject to various risks similar to non-derivative instruments, such as interest, market, and credit risk.

The Fund is subject to interest rate exposures, both directly and indirectly. Direct interest rate exposure can result from holding fixed rate bonds, the value of which may decrease if interest rates rise. Additionally, indirect interest rate exposure can result from certain securitization transactions that contain mismatches between the rate of interest earned on the underlying loans and/or receivables as compared to the rate of interest due on the securities. To hedge this risk for cases in which the Fund deems it effective, the Fund may enter into futures contracts, interest rate swaps, other interest rate options, or securities sold, not yet purchased.

The Fund is also subject to credit risk in the normal course of pursuing its investment objectives. In addition to the specific credit risk, in particular investment securities, the Fund is exposed to broader market credit risk. To hedge this risk, the Fund may enter into a variety of instruments, including credit default swaps, futures, options, and swaptions.

The market value of derivative instruments generally may change in a manner that amplify market movements relative to the underlying asset or reference rate. As a result of adverse market movements, the Fund's derivatives instruments could cause the Fund to suffer losses that magnify the market value changes of the underlying asset or reference rate. This use of embedded leverage allows the Fund to increase its market value exposure relative to its net assets and can substantially increase the volatility of the Fund's performance.

Additionally, in instances where the Fund is using derivatives to hedge risk exposures held by the Fund, there are also risks that those derivatives may not perform as expected relative to the Fund positions intended to be hedged which could result in losses for the hedged positions.

Derivatives are also subject to the risk of possible regulatory changes which could adversely affect the availability and performance of derivative securities, make them more costly and limit or restrict their use by the Fund, which could prevent the Fund from implementing its investment strategies and adversely affect returns.

**Futures Contracts:** Futures contracts are commitments to either purchase or sell a financial instrument or commodity at a future date for a specified price. Upon entering into futures contracts, the Fund is required to deposit with the broker, either in cash or securities, an initial margin in an amount equal to a certain percentage of the contract amount. Subsequent changes in market value of the contract (which may require additional margin to be deposited) are recorded for financial statement purposes as unrealized gains or losses.

The Fund may use futures contracts to hedge against changes in the value of financial instruments or changes in interest rates. Upon entering into such futures contracts, the Fund bears the risk of interest rates or financial instruments' prices moving adversely to the positions. With futures, counterparty risk is mitigated as these contracts are exchange-traded and the exchange's clearinghouse guarantees against non-performance by the counterparty.

**Credit Default Swaps and Credit Default Tranches:** In a typical credit default swap, the Fund receives (if a buyer) or provides (if a seller) protection against certain credit events involving one or more specified reference entities. The buyer of a credit default swap is generally obligated to pay the seller a periodic stream of payments over the term of the contract in return for a contingent payment upon the occurrence of a defined credit event on the reference obligation which may be a single security, a basket of securities, or a specified credit index. The applicable credit events are established at the inception of the transaction and generally include bankruptcy, insolvency, and failure to meet payment obligations when due, among other events. After a credit event occurs, the contingent payment payable by the seller to the buyer may be mitigated or reduced by segregated collateral and netting arrangements between the counterparties to the transaction.

A credit default tranche is a type of credit default swap that allows an investor to gain exposure to a particular portion of the loss distribution on a specified credit index. Tranches are defined by attachment and detachment points that specify the range of exposure to which an investor is receiving or providing protection with respect to the specified credit index.

The Fund may enter into credit default swaps or credit default tranches to hedge against changes in the value of, or to gain exposure to, the market, certain sectors of the market, or specific issuers. Upon the occurrence of a defined credit event, the difference between the value of the reference obligation and the swap's notional amount is recorded as realized gain or loss. Upon entering into a credit default swap, as a seller of protection or a buyer of protection, the Fund bears exposure to changes in market pricing of risk related to the reference obligations. Additionally, the Fund is exposed to counterparty risk to the extent the fair value of the credit default swap exceeds the collateral posted. Credit default swaps are either centrally cleared swaps or executed bilaterally under standard form ISDA master agreements entered into with each counterparty.

42 www.1wscapital.com

1WS Credit Income Fund Notes to Consolidated Financial Statements

October 31, 2025

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Consolidated Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are disclosed within variation margin receivable/payable on centrally cleared swap contracts on the Consolidated Statement of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Consolidated Statement of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Consolidated Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Consolidated Statement of Operations. Net periodic payments received or paid by a Fund are included as part of realized gain (loss) on the Consolidated Statement of Operations. For credit default swap contracts, the upfront payments serve as an indicator of the current status of the payment/performance risk. The fair value of a credit default swap contract represents the amount of upfront payment that would be required to enter into such swap as of a measurement date. Upfront payments vary inversely to the price of debt issued by the reference entity. Increasing fair values for credit default swap contracts, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the market pricing of the reference entity's debt.

The following is a summary of the derivative instruments fair value and the location and effect of derivative instruments held directly by the Fund for the year ended October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
| | **Derivative Assets Fair Value<sup>(a)</sup>** | **Derivative Liabilities Fair Value<sup>(a)</sup>** | **Net Realized Gain/ (Loss)** | **Net Change in Unrealized Appreciation / (Depreciation)** |
| Credit default swap contracts | $423644 | $(353130) | $4935143 | $(739678) |
| Interest swap contracts | 487667 | (1857140) | (15368) | (884793) |
| Futures contracts | 2885198 | (38400) | (4359695) | (49018) |
| Total derivatives | $3796509 | $(2248670) | $560080 | $(1673489) |

---

*<sup>(a)</sup>* *Includes the cumulative appreciation/depreciation of futures contracts and swap contracts as reported in the Consolidated Schedule of Investments. Only the current day's variation margin receivable/(payable) of $327,192 for futures, $(66727) for credit default swaps and $32,344 for interest rate swaps is reported within the Consolidated Statement of Assets and Liabilities. Total cumulative appreciation/depreciation on futures contracts as shown on the table above is reported on the Consolidated Statement of Investments.*

** 

For the Fund's derivative instruments, the following is a summary of the average notional and average contracts outstanding for the year ended October 31, 2025.

---

| | | |
|:---|:---|:---|
| | **Average Notional Value** | **Average Contracts Outstanding** |
| Credit Default Swap Contracts - Sell Protection | $(74895063) | N/A |
| Credit Default Swap Contracts - Buy Protection | 1266899 | N/A |
| Interest Rate Swap Contracts | 137239500 | N/A |
| Futures Contracts - Long | 7395456 | 36 |
| Futures Contracts - Short | 166788512 | 1539 |

---

Annual Report \| October 31, 2025 43

1WS Credit Income Fund Notes to Consolidated Financial Statements

October 31, 2025

**Offsetting Arrangements:** Certain derivative contracts and reverse repurchase agreements are executed under standardized netting agreements. A netting arrangement creates an enforceable right of set-off that becomes effective, and affects the realization of settlement on individual assets, liabilities and collateral amounts, only following a specified event of default or early termination. Default events may include the failure to make payments or deliver securities timely, material adverse changes in financial condition or insolvency, the breach of minimum regulatory capital requirements, or loss of license, charter or other legal authorization necessary to perform under the contract. These agreements mitigate counterparty credit risk by providing for a single net settlement with a counterparty of all financial transactions covered by the agreement in an event of default as defined under such agreement. The Fund invests in futures, interest rate swaps and credit default swaps that are centrally cleared and not subject to master netting agreements, thus are not included on the tables below.

**Offsetting of Derivatives and Reverse Repurchase Agreements Assets**

October 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Amounts Not Offset in the Consolidated** | **Amounts Not Offset in the Consolidated** | **Amounts Not Offset in the Consolidated** |
|  | | | | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| |<br>**Gross Amounts of<br> Recognized Assets** |<br>**Gross Amounts<br> Offset in the<br> Consolidated<br> Statement of<br> Assets and<br> Liabilities** |<br>**Net Amounts<br> Presented in the<br> Consolidated<br> Statement of<br> Assets and<br> Liabilities** | **Financial** <br> **Instruments<sup>(a)</sup>** | **Cash Collateral** <br> **Received<sup>(a)</sup>** | **Net Amount<br> Receivable** |
| Credit default swap contracts | $366258 | $– | $366258 | $(366258) | $– | $– |
| Total | $366258 | $– | $366258 | $(366258) | $– | $– |

---

**Offsetting of Derivatives and Reverse Repurchase Agreements Liabilities**

October 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Amounts Not Offset in the Consolidated Statement** | **Amounts Not Offset in the Consolidated Statement** | **Amounts Not Offset in the Consolidated Statement** |
|  | | | | **of Assets and Liabilities** | **of Assets and Liabilities** | **of Assets and Liabilities** |
| |<br>**Gross Amounts of<br> Recognized<br> Liabilities** |<br>**Gross Amounts<br> Offset in the<br> Consolidated<br> Statement of<br> Assets and<br> Liabilities** |<br>**Net Amounts<br> Presented in the<br> Consolidated<br> Statement of<br> Assets and<br> Liabilities** | **Financial<br> Instruments<sup>(a)</sup>** | **Cash Collateral<br> Pledged<sup>(a)</sup>** | **Net Amount<br> Payable** |
| Reverse repurchase agreements | $264850462 | $– | $264850462 | $(264850462) | $– | $– |
| Total | $264850462 | $– | $264850462 | $(264850462) | $– | $– |

---

*<sup>(a)</sup>* *These amounts are limited to the derivatives asset/liability balance and, accordingly, do not include excess collateral received/pledged.*

** 

**NOTE 8. LEVERAGE**

The Fund may obtain leverage in seeking to achieve its investment objective, including obtaining financing to make investments in Credit Investments. The Fund may obtain leverage through direct borrowing and/or through entering into reverse repurchase agreements.

In a reverse repurchase agreement, the Fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. Reverse repurchase agreements are generally recorded at their contractual amounts, including accrued interest, as specified in each respective agreement. Securities sold are held on terms that may permit the counterparty to sell or re-pledge the securities subject to certain limitations. Such securities sold are held as collateral and are generally valued daily by the counterparty. The Fund may be required to deliver additional collateral or may demand the counterparty to return collateral pledged, as deemed necessary to ensure that the fair value of the underlying collateral remains sufficient to cover the contractual amount. Cash received in exchange for securities delivered plus accrued interest payments to be made by the Fund to counterparties are reflected as a liability on the Consolidated Statement of Assets and Liabilities. Interest payments made by the Fund to counterparties are recorded as a component of interest expense on the Consolidated Statement of Operations. The total amount of securities pledged, or partially pledged, at October 31, 2025 was $379,936,387. During the year ended October 31, 2025, the average amount of reverse repurchase agreements outstanding was $131,461,543, at a weighted average interest rate of 5.11%.

44 www.1wscapital.com

1WS Credit Income Fund Notes to Consolidated Financial Statements

October 31, 2025

The following table indicates the total amount of reverse repurchase agreements, including accrued interest, reconciled to the Fund's liability as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Less than 30 days** | **30-90 days** | **Greater than 90 days** | **Total** |
| Residential Mortgage-Backed Securities | $3209582 | $68408552 | $26461621 | $98079755 |
| Commercial Mortgage-Backed Securities |  | 41016760 | 6445600 | 47462360 |
| Asset Backed Securities | 10336729 | 85403189 | 23568429 | 119308347 |
| Total | $13546311 | $194828501 | $56475650 | $264850462 |

---

*\** *Reverse repurchase agreements in the amount of $254,513,733 have financing with extendable provisions that automatically renew per the respective reverse repurchase agreements.*

 

Leverage can have the effect of magnifying the Fund's exposure to changes in the value of its assets and may also result in increased volatility in the Fund's NAV. This means the Fund will have the potential for greater gains, as well as the potential for greater losses, than if the Fund owned its assets on an unleveraged basis. The value of an investment in the Fund will be more volatile and other risks tend to be compounded if and to the extent that the Fund is exposed to leverage directly or indirectly.

**NOTE 9. REPURCHASE OFFERS**

The Fund is an interval fund and, as such, has adopted a fundamental policy to make quarterly repurchase offers at a price equal to the NAV per Share as of the Repurchase Pricing Date (i.e., the date that will be used to determine the Fund's NAV applicable to the repurchase offer), of between 5% and 25% of the Shares outstanding. Subject to applicable law and approval of the Board, for each quarterly repurchase offer, the Fund currently expects to offer to repurchase 5% of the Fund's outstanding Shares at NAV, which is the minimum amount permitted. The Fund will make quarterly repurchase offers in the months of March, June, September and December. There is no guarantee that shareholders will be able to sell all of the shares they desire in a repurchase offer because shareholders, in total, may wish to sell more than the percentage of the Fund's Shares being repurchased.

During the year ended October 31, 2025, the Fund completed four quarterly repurchase offers. In each offer, the Fund offered to repurchase no less than 5% of the number of its outstanding Shares as of the Repurchase Pricing Date. No repurchase offers during the year ended October 31, 2025 were oversubscribed. The result of these repurchase offers were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Repurchase Offer #1** | &nbsp;&nbsp;**Repurchase Offer #2** | &nbsp;&nbsp;**Repurchase Offer #3** | &nbsp;&nbsp;**Repurchase Offer #4** |
| Repurchase Commencement Date | &nbsp;&nbsp;12/17/24 | &nbsp;&nbsp;3/18/25 | &nbsp;&nbsp;6/17/25 | &nbsp;&nbsp;9/16/25 |
| Repurchase Pricing Date | &nbsp;&nbsp;1/8/25 | &nbsp;&nbsp;4/9/25 | &nbsp;&nbsp;7/9/25 | &nbsp;&nbsp;10/8/25 |
| % of Outstanding Shares Offered to be Repurchased | &nbsp;&nbsp;5.00% | &nbsp;&nbsp;5.00% | &nbsp;&nbsp;5.00% | &nbsp;&nbsp;5.00% |
| % of Outstanding Shares Repurchased | &nbsp;&nbsp;0.54% | &nbsp;&nbsp;2.18% | &nbsp;&nbsp;1.17% | &nbsp;&nbsp;2.23% |
| Repurchased Amount | &nbsp;&nbsp;$2683002 | &nbsp;&nbsp;$12515222 | &nbsp;&nbsp;$7735858 | &nbsp;&nbsp;$16789664 |
| Repurchased Shares | &nbsp;&nbsp;139586 | &nbsp;&nbsp;661824 | &nbsp;&nbsp;405306 | &nbsp;&nbsp;880921 |

---

**NOTE 10. PRINCIPAL RISKS**

In the normal course of business, the Fund invests in financial instruments and enters into financial transactions where risk of potential loss may exist from things such as changes in the market (market risk) or failure or inability of the other party to a transaction to perform (credit and counterparty risk). See below for a detailed description of select principal risks. For a more comprehensive list of potential risks the Fund may be subject to, please refer to the Fund's Prospectus and Statement of Additional Information ("SAI").

**Investment and Market Risk:** The Fund may invest in credit-sensitive investments. Until such investments are sold or mature, the Fund is exposed to risks, including interest rate and spread risks, as well as credit and structural risks relating to whether the cash flows from the underlying assets will be sufficient in amount and timing to make expected payments on the securities. The Adviser monitors the risk parameters and expected volatility of the Fund's overall portfolio and attempts to manage concentrations of the portfolio in any particular investment holding, strategy, or market. Additionally, the Adviser seeks to control portfolio risks through selective sizing of positions based on a regular evaluation of each investment's risk and reward characteristics. Regular mark-to-market portfolio monitoring helps the Adviser monitor the investments. The Adviser has also developed a proprietary risk management system and uses statistical and cash flow models to monitor portfolio risk, as well as individual position specific risk.

Annual Report \| October 31, 2025 45

1WS Credit Income Fund Notes to Consolidated Financial Statements

October 31, 2025

While the Adviser generally seeks to hedge certain portfolio risks, the Adviser will not, in general, attempt to hedge all market, interest rate or other risks in the portfolio, and it may elect to only partially hedge certain risks. Specifically, the Adviser may determine that it is economically unattractive, or otherwise undesirable, to hedge certain risks and instead may rely on diversification to offset such risks.

**Repurchase Offers Risk:** An investment in the Fund is suitable only for long-term investors who can bear the risks associated with the limited liquidity of the Shares. The Fund is an "interval fund" and, in order to provide liquidity to shareholders, the Fund, subject to applicable law, will conduct repurchase offers of the Fund's outstanding Shares at NAV, subject to approval of the Board. The Fund believes that these repurchase offers are generally beneficial to the Fund's shareholders, and repurchases generally will be funded from available cash, cash from the sale of Shares or sales of portfolio securities. However, repurchase offers and the need to fund repurchase obligations may affect the ability of the Fund to be fully invested or force the Fund to maintain a higher percentage of its assets in liquid investments, which may harm the Fund's investment performance. Moreover, diminution in the size of the Fund through repurchases may result in untimely sales of portfolio securities (with associated imputed transaction costs, which may be significant), and may limit the ability of the Fund to participate in new investment opportunities or to achieve its investment objective. The Fund may accumulate cash by holding back (i.e., not reinvesting) payments received in connection with the Fund's investments and cash from the sale of Shares. The Fund believes that it can meet the maximum potential amount of the Fund's repurchase obligations. If at any time cash and other liquid assets held by the Fund are not sufficient to meet the Fund's repurchase obligations, the Fund intends, if necessary, to sell investments. In addition, if the Fund borrows to finance repurchases, interest on that borrowing will negatively affect shareholders who do not tender their Shares by increasing the Fund's expenses and reducing any net investment income.

**Leverage Risk:** Under current market conditions, the Fund may utilize leverage principally through outstanding senior securities representing indebtedness ("Borrowings"). The Fund may obtain leverage through direct borrowing and/or through entering into reverse repurchase agreements that create leverage. Reverse repurchase agreements are agreements in which a Fund sells a security to a counterparty, such as a bank or broker-dealer, in return for cash and agrees to repurchase that security at a mutually agreed upon price and time. Reverse repurchase agreements carry the risk that the market value of the security sold by the Fund may decline in value, requiring the Fund to post the additional collateral or to repurchase the security. Reverse repurchase agreements also may be viewed as a form of borrowing, and borrowed assets used for investment creates leverage risk. Leverage can create an interest expense that may lower the Fund's overall returns. Leverage presents the opportunity for increased net income and capital gains, but may also exaggerate the Fund's volatility and risk of loss.

**Counterparty Credit Risk:** The Fund attempts to control credit risk exposure to trading counterparties and brokers through internal monitoring procedures. A significant portion of the Fund's positions, including cash, are held at major financial institutions. All security transactions of the Fund are transacted with approved brokers and cleared through major securities firms. In the event the brokers are unable to fulfill their obligations, the Fund could be subject to credit risk.

A primary difference in risks associated with bilateral OTC contracts and exchange-traded contracts/centrally cleared swaps involves the nature of credit and liquidity risks. Unlike exchange-traded instruments or centrally cleared swaps, in which performance may be backed by the exchange or clearing corporation, bilateral OTC contracts require the performance of a specific counterparty and its posting of collateral. In the event of a default by such counterparty, the Fund could be exposed to potential losses. The Fund seeks to reduce its credit risk on bilateral OTC contracts by only transacting with high credit-standing counterparties. In addition, the Fund further mitigates the risk of counterparty non- performance by requiring counterparties to pledge cash and/or securities to collateralize unrealized gains on bilateral OTC contracts, in accordance with the terms of International Swaps and Derivatives Association ("ISDA") agreements.

**Liquidity Risk:** The Fund needs cash liquidity in order to settle trading obligations, meet margin calls on derivatives, meeting margin calls and repayments on maturing financial arrangements, and meet repurchase offers. The Adviser actively monitors and manages the current and future sources of and draws on liquidity (cash and cash equivalents) as well as liquid securities.

**Credit Risk:** Credit risk is the risk that the value of debt securities in the Fund's portfolio may decline because the issuer may default and fail to pay interest or repay principal when due. Rating agencies assign credit ratings to debt securities to indicate their credit risk. Lower rated or unrated debt securities held by the Fund may present increased credit risk as compared to higher-rated debt securities.

**Non-Diversified Fund Risk:** The Fund is classified as "non-diversified" under the 1940 Act. As a result, the Fund can invest a greater portion of its assets in obligations of a single issuer than a "diversified" fund. The Fund may therefore be more susceptible than a diversified fund to being adversely affected by any single corporate, economic, political or regulatory occurrence.

**Interest Rate Risk:** Interest rate risk arises from the possibility that changes in interest rates will affect the value of financial instruments. The Fund may be exposed to risks associated with the effects of fluctuations in the prevailing levels of market interest rates on their financial position and cash flows. The Fund may be exposed to interest rate risk as a result of mismatches or gaps in the amounts of assets and liabilities that mature or reprice in a given period.

**Foreign Currency Risk:** The Fund may invest a portion of its assets in non-U.S. currencies, or in instruments denominated in non-U.S. currencies, the prices of which are determined with reference to currencies other than the U.S. Dollar. The Fund, however, values its securities and other assets in U.S. Dollars. The Fund generally seeks to hedge its foreign currency exposure. To the extent the Fund's investments in foreign currency exposure are not hedged, the value of the Fund's assets will fluctuate with U.S. Dollar exchange rates as well as the price changes of the Fund's investments in the various local markets and currencies.

46 www.1wscapital.com

1WS Credit Income Fund Notes to Consolidated Financial Statements

October 31, 2025

**CDO and CLO Risk:** The Fund may invest in CDOs and/or CLOs which are subject to the following risks: (i) distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) CDOs and/or CLOs typically will have no significant underlying assets other than their underlying debt obligations or loans and payments on the CDOs and/or CLOs are and will be payable solely from the cash flows from such debt obligations and/or loans; (iv) CDOs and/or CLOs are typically highly levered, and therefore the CDO and/or CLO interests that the Fund may invest in are subject to a higher risk of total loss; (v) investments in CDOs and/or CLOs may be riskier and less transparent to the Fund and its shareholders than direct investments in the underlying companies; (vi) the potential for interruption and deferral of cash flow to Fund investments in the equity and junior debt tranches of CDOs and/or CLOs; (vii) interests in CDOs and/or CLOs may be illiquid; (viii) investments in foreign CDOs and/or CLOs may involve significant risks in addition to the risks inherent in U.S. CDOs and/or CLOs; (ix) the Fund may invest with collateral managers that have no or limited performance or operating history; (x) the inability of a CDO or CLO collateral manager to reinvest the proceeds of any prepayments may adversely affect the Fund; (xi) the loans underlying the CDOs and/or CLOs may be sold and replaced resulting in a loss to the Fund; (xii) the Fund may not have direct rights against the underlying borrowers or obligors comprising the CDOs and/or CLOs' investments or the entities that sponsored the CDOs and/or CLOs; and (xiii) investments in junior tranches of CDOs and/or CLOs will likely be subordinate to the other debt tranches of such CDOs and/or CLOs, and are subject to a higher degree of risk of total loss.

**Commercial Mortgage-Backed Securities ("CMBS") and Residential Mortgage-Backed Securities ("RMBS") Risk:** CMBS and RMBS are mortgage-backed securities that may be secured by interests in a single commercial or residential mortgage loan or a pool of mortgage loans secured by commercial or residential property. CMBS and RMBS may be senior, subordinate, interest-only, principal-only, investment-grade, non-investment grade or unrated. The Fund may acquire CMBS and RMBS from private originators as well as from other mortgage loan investors, including savings and loan associations, mortgage bankers, commercial banks, finance companies and investment banks. The credit quality of any CMBS and RMBS issue depends primarily on the credit quality of the underlying mortgage loans. At any one time, a portfolio of mortgage-backed securities may be backed by commercial or residential mortgage loans with disproportionately large aggregate principal amounts secured by properties in only a few states or regions. As a result, the commercial or residential mortgage loans may be more susceptible to geographic risks relating to such areas, such as adverse economic conditions, adverse events affecting industries located in such areas and natural hazards affecting such areas, than would be the case for a pool of mortgage loans having more diverse property locations.

**NOTE 11. TAX BASIS INFORMATION**

Distributions are determined in accordance with federal income tax regulations, which differ from GAAP, and, therefore, may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. The amounts and characteristics of tax basis distributions and composition of distributable earnings/ (accumulated losses) are finalized at the Fund's fiscal year-end.

For the year ended October 31, 2025, the following reclassifications, which had no impact on results of operations or net assets, were recorded to reflect tax character:

---

| | |
|:---|:---|
| **Increase <br> Paid-in Capital** | **Decrease**<br> **Total Distributable Earnings** |
| $176348 | $(176348) |

---

The reclassifications were primarily related to non-deductible offering costs.

As of October 31, 2025, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | $– |
| Accumulated capital losses | (375319) |
| Unrealized appreciation/(depreciation) | 12285503 |
| Other Cumulative effect of timing differences | (306861) |
| Total | $11603323 |

---

The Fund used capital loss carryovers of $1,678,373 during the year ended October 31, 2025.

Annual Report \| October 31, 2025 47

1WS Credit Income Fund Notes to Consolidated Financial Statements

October 31, 2025

The amount of net unrealized appreciation/(depreciation) and the cost of investment securities for tax purposes, including short-term securities at October 31, 2025, were as follows:

---

| | |
|:---|:---|
| Cost of investments for income tax purposes | $1030512158 |
| Gross appreciation (excess of value over tax cost) | $41276515 |
| Gross depreciation (excess of tax cost over value) | (28642290) |
| Net depreciation of foreign currency | (348722) |
| Net unrealized appreciation/(depreciation) | $12285503 |

---

**Capital Losses:** under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration. As of the current fiscal year end, the following amounts are available as carry forwards to the next tax year:

---

| | |
|:---|:---|
| **Short Term Loss Carry Forward** | **Long Term Loss Carry Forward** |
| $– $| 375319 |

---

The tax character of distributions paid for the fiscal years ended October 31, 2025 and October 31, 2024 were as follows:

---

| | |
|:---|:---|
| **2025** |  |
| Distributions Paid From: |  |
| &nbsp;&nbsp;&nbsp;Ordinary Income | $38477774 |
| &nbsp;&nbsp;&nbsp;Tax Return of Capital | 13833216 |
| Total | $52310990 |

---

---

| | |
|:---|:---|
| **2024** |  |
| Distributions Paid From: |  |
| &nbsp;&nbsp;&nbsp;Ordinary Income | $24702235 |
| &nbsp;&nbsp;&nbsp;Tax Return of Capital | – |
| Total | $24702235 |

---

**NOTE 12. SUBSEQUENT EVENTS**

In preparing these consolidated financial statements, the Fund's management has evaluated events and transactions through the date the consolidated financial statements were issued.

The Fund notified shareholders of a quarterly repurchase offer on December 16, 2025. The Fund intends to complete the quarterly repurchase offer on January 7, 2026.

Management has determined that there were no other subsequent events requiring disclosure.

48 www.1wscapital.com

Report of Independent Registered <br> 1WS Credit Income Fund Public Accounting Firm

To the Shareholders and the Board of Trustees of 1WS Credit Income Fund

**Opinion on the Consolidated Financial Statements and Consolidated Financial Highlights**

We have audited the accompanying consolidated statement of assets and liabilities of 1WS Credit Income Fund (the "Fund"), including the consolidated schedule of investments, as of October 31, 2025, the related consolidated statements of operations and cash flows for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for the periods presented, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for the periods presented in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

New York, New York<br> December 22, 2025

We have served as the auditor of 1WS Credit Income Fund since 2018.

Annual Report \| October 31, 2025 49

1WS Credit Income Fund Approval of Investment Advisory Agreement

October 31, 2025 (Unaudited)

At a meeting held on September 30, 2025, the Board of Trustees (the "Board") of 1WS Credit Income Fund, a Delaware statutory trust (the "Fund"), considered and approved the continuation of the investment advisory agreement (the "Advisory Agreement") between the Fund and 1WS Capital Advisors, LLC, a Delaware limited liability company (the "Adviser"), for an additional one-year term. Also, by a unanimous vote, the members of the Board (the "Trustees") who are not "interested persons," as defined by the Investment Company Act of 1940 (the "1940 Act"), of the Fund (the "Independent Trustees"), separately voted to approve the Advisory Agreement.

In considering whether to approve the Advisory Agreement, the Board reviewed various materials from the Adviser, which included: (i) information concerning the services provided to the Fund by the Adviser; (ii) the investment performance of the Fund and Adviser; (iii) the fees and expenses of the Fund; (iv) information on the profitability of the Adviser and its affiliates; and (v) other potential benefits to the Adviser from its relationship with the Fund. In particular, the Board considered the following:

**(a) The Nature, Extent and Quality of Services Provided by the Adviser**

The Trustees reviewed various presentations the Adviser provided to the Board regarding services provided to the Fund. The Trustees noted the importance of the Adviser having adequate resources and, in this regard, noted One William Street Capital Management, L.P.'s, the sole managing member of the Adviser ("OWS"), assets under management, positive earnings and sound capital position. The Trustees also took into account OWS's representation, as the sole managing member of the Adviser, that its current financial condition enables the Adviser to provide quality services to the Fund. In connection with the broad scope of investment advisory services provided to the Fund, the Board discussed, in detail, with representatives of the Adviser, the management of the Fund's investments in accordance with the Fund's stated investment objective and policies. In this regard, the Board also considered the experience of the individuals responsible for the management and operation of the Fund's assets in managing funds and other alternative investment vehicles. The Board noted that the Adviser provides, at its own expense, facilities necessary for the operation of the Fund and it makes certain of its personnel available to serve as the senior officers of the Fund, including the Chief Executive Officer and the Chief Financial Officer. The Board found it was reasonable to expect that the Fund would continue to receive the services required from the Adviser under the Advisory Agreement and that these services would be of high quality.

**(b) Investment Performance of the Fund and Adviser**

In connection with the evaluation of the services provided by the Adviser, the Trustees reviewed the performance of the Fund. The Trustees observed that the Fund had experienced outperformance versus the Fund's benchmarks over various periods, noting that performance has met expectations.

**(c) Cost of the Services Provided and Profits Realized by the Adviser from its Relationship with the Fund**

The Trustees reviewed the cost of services provided by the Adviser and the fees paid under the Advisory Agreement. The Trustees considered that under the Advisory Agreement the Fund pays the Adviser a fixed management fee of 1.50% of gross assets per annum, and that, for the one-year period beginning on March 1, 2025, the Adviser has voluntarily agreed to reduce the management fee to 1.25% of the Fund's daily gross assets. The Trustees also considered information showing a comparison of the advisory fees compared with fees of other similar 1940 Act-registered products, as well as the fees of similar funds managed by the Adviser (or its affiliates). The Board noted that the fees and expenses paid under the Advisory Agreement were somewhat higher than the average advisory fee on gross assets of other similar closed-end funds, but comparable to those charged by the Adviser to comparable accounts which the Adviser (or its affiliates) manages. It was noted that, unlike other funds managed by the Adviser (or its affiliates) and certain other funds in the peer group, the Fund is not subject to a performance or incentive fee. The Trustees observed that the Fund has in place an agreement with the Adviser under which the Fund benefits from a 50 basis point expense limitation/cap on non-management gross assets. Based on its review, the Board concluded that the level of the management fee for the Fund was fair and reasonable in light of the extent and quality of services provided to the Fund. In reaching this conclusion, the Trustees also considered the profitability of the Adviser and its affiliates from the relationship with the Fund as well as other factors discussed below. The Trustees observed the lack of significant profitability from the Fund during the period, given the relatively small asset size of the Fund and the effect of the expense cap.

**(d) Other Benefits**

The Trustees then considered the direct and indirect benefits to the Adviser and its affiliates from its relationship with the Fund, including the fees paid pursuant to the Advisory Agreement. The Board concluded that the Fund benefits from those services and that the benefits to the Adviser derived from these relationships seemed fair and reasonable.

**(e) Economies of Scale**

The Trustees then noted that economies of scale may be realized when a fund's assets increase significantly. The Trustees observed that because the Fund has not yet reached meaningful asset levels, the Trustees did not consider specific information concerning the extent to which economies of scale would be realized as the Fund grows and whether fee levels would reflect such economies of scale, if any.

**Conclusion**

Based on all of the foregoing, and such other matters as were deemed relevant, the Board found the fee structure under the Advisory Agreement to be fair and reasonable in light of the services provided by the Adviser. No single factor was determinative to the decision of the Board. Based on this determination, all of the Trustees, including all of the Independent Trustees, approved the continuation of the Advisory Agreement for an additional one-year term.

50 www.1wscapital.com

1WS Credit Income Fund Additional Information

October 31, 2025 (Unaudited)

**Portfolio Information.** The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (the "SEC") for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Forms N-PORT will be available on the Fund's website located at https://www.1wscapital.com or on the SEC's website at https://www.sec.gov.

**Proxy Information.** The policies and procedures used to determine how to vote proxies relating to securities held by the Fund are available without charge, upon request, by calling 1-833-834-4923, on the Fund's website located at https://www.1wscapital.com, and on the SEC's website at https://www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available on Form N-PX by August 31 of each year without charge, upon request, by calling 1-833-834-4923, on the Fund's website located at www.1wscapital.com, and on the SEC's website at https://www.sec.gov.

Annual Report \| October 31, 2025 51

1WS Credit Income Fund Trustees and Officers

October 31, 2025 (Unaudited)

**Information About Each Board Member's Experience, Qualifications, Attributes or Skills.** Board members of the Fund, together with information as to their positions with the Fund, principal occupations and other board memberships, are shown below. Unless otherwise noted, each Trustee has held each principal occupation and board membership indicated for at least the past five years. Each Trustee's mailing address is c/o 1WS Credit Income Fund, 299 Park Avenue, 25th Floor, New York, New York 10171.

**INDEPENDENT TRUSTEES**

---

| | | | |
|:---|:---|:---|:---|
| **Name**<br> **and Year**<br> **of Birth** | **Position(s) Held**<br> **and Length of**<br> **Time Served<sup>(1)</sup>** | **Principal Occupation(s)**<br> **During the Past 5 Years** | **Other Directorships**<br> **During Past 5 Years** |
| Michael M. Knetter<br>Year of Birth: 1960 | Trustee <br> (since inception) | President and Chief Executive Officer, University of Wisconsin Foundation, since October 2010; formerly, Dean, School of Business, University of Wisconsin - Madison; formerly, Professor of International Economics and Associate Dean, Amos Tuck School of Business - Dartmouth College, 1998 to 2002. None<sup>(3)</sup> | Trustee, Neuberger Berman Mutual Funds (2007 - present); Director, American Family Insurance (a mutual company, not publicly traded), since March 2009; Senior Advisor and CEO, UW Foundation, January 2025 – present. |
| George W. Morriss<br>Year of Birth: 1947 | Trustee <br> (since inception) | Adjunct Professor, Columbia University School of International and Public Affairs, 2012 - 2018; formerly, Executive Vice President and Chief Financial Officer, People's United Bank (currently known as M&T Bank), Connecticut (a financial services company), 1991 to 2001. None<sup>(3)</sup> | Trustee, Neuberger Berman Mutual Funds (March 2007 – January 2025); Trustee and Chairman of the Board, Thrivent Church Loan and Income Fund (September 2018 – June 2023); Chairman of Investment Committee, Episcopal Diocese of Western Michigan (a charitable trust, March 2022 to January 2025); Chairman of Endowment Committee, Episcopal Diocese of the Great Lakes (a charitable trust, January 2025 – present). |

---

52 www.1wscapital.com

1WS Credit Income Fund Trustees and Officers

October 31, 2025 (Unaudited)

**INTERESTED TRUSTEES**

---

| | | | |
|:---|:---|:---|:---|
| **Name**<br> **and Year**<br> **of Birth** | **Position(s) Held**<br> **and Length of**<br> **Time Served<sup>(1)</sup>** | **Principal Occupation(s)**<br> **During the Past 5 Years** | **Other Directorships**<br> **During Past 5 Years** |
| Kurt A. Locher<sup>(4)</sup> <br>Year of Birth: 1966 | Trustee and Chief Executive Officer (since inception) | Chief Operating Officer, Chief Compliance Officer, Partner and Co-President of One William Street Capital Management, L.P. ("OWS"), since 2008; Chief Operating Officer and Chief Compliance Officer of 1WS Capital Advisors, LLC ("the Adviser") since 2018. None<sup>(3)</sup> | Director of One William Street Capital Offshore Fund, Ltd. and other affiliated private funds of OWS. |

---

**OFFICERS OF THE FUND WHO ARE NOT TRUSTEES**

---

| | | |
|:---|:---|:---|
| **Name and**<br> **Year of Birth** | **Position(s) Held and Length**<br> **of Time Served<sup>(1)</sup>** | **Principal Occupation(s)**<br> **During the Past 5 Years** |
| Stephanie Dolan<br>Year of Birth: 1963 | Chief Financial Officer and Principal Accounting Officer (since inception) | Chief Financial Officer/Controller of OWS, the managing member of the Adviser; Director of Alzheimer's Association, June 2024 to present. |
| Alex Morgan<br>Year of Birth: 1989 | Chief Compliance Officer (since March, 2025) | Director, Fund Chief Compliance Officer - SS&C (since November 2024); Chief Compliance Officer of Goehring and Rozencwajg Resources Fund and C1 Fund Inc.; Vice President, Compliance - Northern Trust Asset Management (2023-2024); 2nd Vice President, Compliance - Northern Trust Asset Management (2020-2023). |

---

*<sup>(1)</sup>* *Each Trustee serves until resignation or removal from the Board.*

*<sup>(2)</sup>* *Fund Complex means any two or more registered investment companies that: (i) share the same investment adviser or principal underwriter; and (ii) hold themselves out to investors as related companies for purposes of investment and investor services. Currently, the Fund is not part of any "Fund Complex."*

*<sup>(3)</sup>* *Other than the Fund.*

*<sup>(4)</sup>* *Mr. Locher is an "interested person" of the Trust, as defined in Section 2(a)(19) of the 1940 Act, due to his position as an officer of the Adviser and an officer of OWS.*

Annual Report \| October 31, 2025 53

1WS Credit Income Fund Privacy Policy

Your privacy is very important to us. This Privacy Notice sets forth the policies of 1WS Credit Income Fund (the "Fund") with respect to non-public personal information of its investors, prospective investors and former investors. These policies apply to all investors and may be changed at any time, provided a notice of such change is given to you.

To the extent you provide us with personal information, such as your address, social security number, assets and/or income information: (i) in a subscription agreement and related documents; and (ii) in correspondence and conversations with the Fund's representatives; and (iii) through transactions in the Fund, please be advised that:

We do not disclose any of this personal information about our investors, prospective investors or former investors to anyone, other than to our affiliates, such as our attorneys, auditors, brokers, regulators and certain service providers, in such case, only as necessary to facilitate the acceptance of your investment and management of the Fund and in accordance with applicable laws. It may be necessary, under anti-money laundering and similar laws, to disclose information about the Fund's investors in order to accept subscriptions from them. We will also release information about you if you direct us to do so, if compelled to do so by law, or in connection with any government or self-regulatory organization request or investigation.

We may also disclose information you provide to us to third party institutions, such as prime brokers. If such a disclosure is made, the Fund will require such third parties to treat your private information with confidentiality.

We seek to carefully safeguard your private information and, to that end, restrict access to non-public personal information about you to those employees and other persons who need to know the information to enable the Fund to provide services to you. We maintain physical, electronic and procedural safeguards to protect your non-public personal information.

54 www.1wscapital.com

*Intentionally Left Blank*

![](fp0096542-1_04.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics ("Code
of Ethics") that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer
or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third
party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During the period covered by this report, there were no amendments to the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) During the period covered by this report, the registrant did not grant any express or implicit waivers
from any provisions of the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Attached as Exhibit 19(a)(1) is a copy of the registrant's Code of Ethics.

**Item 3. Audit Committee Financial Expert.**

The Board of Trustees ("Board") of the registrant has determined that the registrant has at least one Audit Committee Financial Expert serving on its audit committee. The Board has designated George W. Morriss as the registrant's Audit Committee Financial Expert. Mr. Morriss is "independent" within the meaning of that term as defined in paragraph (a)(2) of Item 3 to Form N-CSR.

**Item 4. Principal Accountant Fees and Services.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u>: Audit fees billed for the registrant for the fiscal years ended October 31, 2025
and October 31, 2024 were $230,000 and $210,000, respectively. This amount represents aggregate fees billed by the registrant's independent
registered public accounting firm, (the "Accountant") in connection with the annual audit of the registrant's financial
statements and for services normally provided by the Accountant in connection with the registrant's statutory and regulatory filings
for that fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u>: Audit-Related fees billed in the fiscal years ended October 31, 2025
and October 31, 2024 for assurance and related services by the Accountant that were reasonably related to the performance of the audit
of the registrant's financial statements that were not reported under paragraph (a) of this Item were $10,000 and $10,000, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>: The tax fees billed for the fiscal years ended October 31, 2025 and October 31,
2024 were $48,360 and $55,294, respectively, for professional services rendered by the Accountant for tax compliance, tax advice, and tax
planning. These services were for the completion of the 1WS Credit Income Fund's (the "Fund") federal and state income
tax returns, excise tax returns, and assistance with distribution calculations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>: For the registrant's fiscal years ended October 31, 2025 and October
31, 2024, the aggregate fees billed for products and services provided by the Accountant, other than the services reported in paragraphs
(a) through (c) of this Item, were $0 and $0.

(e)(1) <u>Audit Committee Pre-Approval Policies and Procedures</u>: All services to be performed by the registrant's principal accountant must be pre-approved by the registrant's audit committee.

(e)(2) No services described in paragraphs (b) through (d) of this Item met the waiver requirements for preapproval pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) No non-audit fees were billed by the Accountant for services rendered to the registrant's investment
adviser pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

 **Item 5. Audit Committee of Listed Registrants.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Schedule of Investments as of the close of the reporting period is included in
the Report to Stockholders filed under Item 1(a) of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

Not applicable.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Not applicable.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

A statement regarding the basis for approval of the Fund's investment advisory contract is included as part of the Report to Stockholders filed under Item 1(a) of this report.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Attached as Exhibit 19(c) is a copy of the investment adviser's proxy voting policies and procedures.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

---

| | |
|:---|:---|
| (a)(1) | **<u>David Sherr</u>.** As of the date of this filing, Mr. Sherr serves as the Portfolio Manager of the Fund and has served as the Fund's Portfolio Manager since the Fund's inception. Mr. Sherr founded One William Street Capital Management, L.P. ("OWS"), the managing partner of 1WS Capital Advisors, LLC, the Fund's adviser (the "Adviser"). OWS commenced operations in 2008. Mr. Sherr has over 30 years of experience in the investing and origination businesses, fixed income markets, and managing global trading. Prior to founding OWS, Mr. Sherr was a Managing Director and Global Head of Securitized Products at Lehman Brothers. In that capacity, Mr. Sherr had senior management responsibilities in Fixed Income, Principal Investing and Lending and Investment Banking. Mr. Sherr graduated with a B.S. in Finance from Babson College. |

---

(a)(2)(ii) As of October 31, 2025, Mr. Sherr was responsible for the management of the following types of accounts in addition to the Fund:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Registered Investment Companies** | **Registered Investment Companies** | **Other Pooled Investment Vehicles** | **Other Pooled Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| Portfolio Manager | Number of <br> Accounts | Total Assets <br> (in millions) | Number of <br> Accounts | Total Assets <br> (in millions) | Number of <br> Accounts | Total Assets <br> (in millions) |
| David Sherr |  | $0 | 7<sup>1</sup> | $7304 | 1<sup>2</sup> | $17 |

---

<sup>1</sup> 7 accounts invested in pooled investment vehicles of total market value $7,304 million are subject to a performance-based advisory fee.

<sup>2</sup> One separately managed account of total market value of $17 million is subject to a performance-based advisory fee.

(2)(iv) **Potential Conflicts of Interest**

The Adviser (which includes its managing member, OWS, as applicable) and the Fund have adopted compliance policies and procedures that are designed to avoid, mitigate, monitor and oversee areas that could present potential conflicts of interest. These potential conflicts include:

*Allocation of Limited Time and Attention*. A portfolio manager who is responsible for managing multiple client accounts may devote unequal time and attention to the management of those accounts.

*Allocation of Opportunities*. The Adviser will seek to allocate orders and investment opportunities among clients in a manner that it believes is equitable and in the best interests of all of its clients.

*Conflicts of Interest Among Accounts*. At times, the Adviser and/or its affiliates may determine that an investment opportunity may be appropriate for only some clients (including the Fund), or may decide that certain clients should take differing positions with respect to a particular security even though they share investment objectives. In these cases, the portfolio manager may place separate transactions for one or more clients, which may affect the market price of the security or the execution of the transaction, or both, to the detriment or benefit of one or more other clients.

*Related Business Opportunities*. The Adviser or its affiliates may provide more services (such as recordkeeping) for some types of clients than for others. In such cases, a portfolio manager may benefit, either directly or indirectly, by devoting disproportionate attention to the management of clients that provide greater overall returns to the Adviser and its affiliates.

*Variation in Compensation*. A conflict of interest may arise where the financial or other benefits available to a portfolio manager differ among the accounts that he manages. If the structure of the Adviser's management fee and/or a portfolio manager's compensation differs among clients (such as where certain clients pay higher management fees), a portfolio manager might be motivated to help certain clients over others. A portfolio manager might be motivated to favor accounts in which he has an interest or in which the Adviser and/or its affiliates have interests. Similarly, the desire to maintain or raise assets under management or to enhance a portfolio manager's performance record or to derive other rewards, financial or otherwise, could influence a portfolio manager to lend preferential treatment to those accounts that could most significantly benefit a portfolio manager.

*Investments by Adviser or Related Entities*. The Adviser or a related entity may make investments in Credit Investments for its own accounts.

(a)(3) **Compensation**

OWS (the ''Managing Member'') is the managing member of the Adviser. The Portfolio Manager controls the Managing Member and the Adviser and shares in the overall profitability of the Adviser and the Managing Member, which includes profits generated from the Fund's fees. The compensation of the Portfolio Manager is not based, other than in an indirect manner as part of the overall profitability of the Adviser/Managing Member, upon the specific pre- or after-tax performance of client accounts that the Portfolio Manager manages.

(a)(4) **Portfolio Manager Securities Ownership**

As of October 31, 2025, the Portfolio Manager beneficially owned over $1,000,000 of equity securities in the Fund.

(b) Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

None.

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial
officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are
effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based
on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b)
or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in
the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))
that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect the
registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 19. Exhibits.**

---

| | |
|:---|:---|
| (a)(1) | [Registrant's Financial Officer Code of Ethics is filed herewith as Exhibit 19(a)(1).](fp0096542-1_ex99code.htm) |
| (a)(2) | Not applicable. |
| (a)(3) | [The certifications required by Rule 30a-2(a) under the 1940 Act, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Ex99.Cert.](fp0096542-1_ex99cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | [The certifications by the registrant's principal executive officer and principal financial officer, as required by Rule 30a-2(b) of the 1940 Act, and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as Ex99.906Cert.](fp0096542-1_ex99906cert.htm) |
| (c) | [The proxy voting policies and procedures of the Fund's investment adviser are attached as Exhibit 19(c).](fp0096542-1_ex9919c.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

1WS Credit Income Fund

---

| | |
|:---|:---|
| By: | /s/ Kurt A. Locher |
|  | Kurt A. Locher, Chief Executive Officer |
|  | (Principal Executive Officer) |
| Date: | January 8, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Kurt A. Locher |
|  | Kurt A. Locher, Chief Executive Officer |
|  | (Principal Executive Officer) |
| Date: | January 8, 2026 |

---

---

| | |
|:---|:---|
| By: | /s/ Crystal Frumberg |
|  | Crystal Frumberg, Chief Financial Officer and Principal Accounting Officer |
| Date: | January 8, 2026 |

---

## Ex-99.Code

Exhibit 19(a)(1)

Effective December 14, 2018

**1WS CREDIT INCOME FUND**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND**

**CHIEF FINANCIAL OFFICER ADOPTED PURSUANT TO RULES PROMULGATED**

**UNDER SECTION 406 OF THE SARBANES-OXLEY ACT OF 2002**

**I.** **Covered Officers/Purpose of the Code** 

This code of ethics (the "Code") of the 1WS Credit Income Fund (the "Fund"), applies to the Fund's principal executive officer and chief financial officer (the "Covered Officers," each of whom is set forth in Exhibit A) for the purpose of promoting:

● honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Fund;

● compliance with applicable laws and governmental rules and regulations;

● the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

● accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or the Covered Officer's service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of the Covered Officer's family, receives improper personal benefits as a result of the Covered Officer's position with the Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended ("Investment Company Act") and the Investment Advisers Act of 1940, as amended ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as "affiliated persons" of the Fund. The compliance programs and procedures of the Fund and its investment adviser are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code. Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Fund and its investment adviser or a third party service provider of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fund or for its investment adviser or a third party service provider, or for one or more of them), be involved in establishing policies and implementing decisions that will have different effects on the adviser, third party service provider and Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and its adviser or third party service provider and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. The foregoing activities, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, will be deemed to have been handled ethically.

Exhibit 19(a)(1)

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The overarching principle with respect to all conflicts of interest covered by the Code is that the personal interest of a Covered Officer should not be placed improperly before the interests of the Fund, any series comprising the Fund or shareholders of any such series.

Each Covered Officer of the Fund must:

● not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;

● not cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the Fund; and

● report at least annually his or her affiliations or other relationships that could potentially present a conflict of interest with the Fund, any series comprising the Fund or any shareholder of such series.

**III.** **Disclosure and Compliance** 

● Each Covered Officer of the Fund shall become familiar with the disclosure requirements generally applicable to the Fund;

● each Covered Officer of the Fund shall not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund's management and auditors, and to governmental regulators and self-regulatory organizations;

● each Covered Officer of the Fund may, to the extent appropriate within the Covered Officer's area of responsibility and to the extent deemed necessary in the sole discretion of the Covered Officer, consult with other officers and employees of the Fund and its investment adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and

Exhibit 19(a)(1)

● each Covered Officer should seek to promote compliance by the Fund with applicable standards and restrictions imposed by applicable laws, rules and regulations.

**IV.** **Reporting and Accountability** 

Each Covered Officer must:

● upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Chief Compliance Officer of the Fund (the "CCO") that the Covered Officer has received, read and understands the Code;

● annually thereafter affirm to the CCO that the Covered Officer has complied with the requirements of the Code;

● not retaliate against any other Covered Officer or any employee of the Fund or its affiliated persons for reports of potential violations of the Code that are made in good faith; and

● notify the CCO promptly if the Covered Officer knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The CCO is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. The CCO is authorized to consult, as appropriate, with counsel to the Fund and counsel to the Trustees of the Fund who are not "interested persons," as defined by Section 2(a)(19) of the Investment Company Act, of the Fund (the "Independent Trustees"), and is encouraged to do so. However, any approvals or waivers<sup>1</sup> must be considered by the Independent Trustees.

The Fund will follow these procedures in investigating and enforcing this Code:

● the CCO will take all appropriate action to investigate any reported potential violations;

● if, after such investigation, the CCO believes that no violation has occurred, the CCO is not required to take any further action;

● any matter that the CCO believes is a violation will be reported to the Independent Trustees;

● if the Independent Trustees concur that a violation has occurred, the CCO will inform and make a recommendation to the Board of Trustees of the Fund (the "Board"), which will consider appropriate action, which may include a review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Fund's investment adviser or other relevant service provider; or a recommendation to dismiss the Covered Officer; and

<sup>1</sup> For this purpose, the term "waiver" includes the approval of a material departure from a provision of this Code or the Trust's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to management of the Trust.

Exhibit 19(a)(1)

● any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Fund, the Fund's investment adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The code of ethics, under Rule 17j-1 under the Investment Company Act, of the Fund, its investment adviser and principal underwriter is a separate requirement applying to the Covered Officers and others, and is not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Amendments** 

Amendments to this Code may be made from time to time, as deemed appropriate by the CCO. The Board shall be informed of any such amendment to the extent deemed material by the Fund's CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Confidentiality** 

All reports and records relating to the Fund prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fund's investment adviser or Board, counsel to the Fund and counsel to the Independent Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Internal Use** 

The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.

Exhibit 19(a)(1)

**Exhibit A**

Persons Covered by this Code of Ethics

Kurt A. Locher

Principal Executive Officer

Stephanie Dolan

Chief Financial Officer

## Ex-99.Cert

**Ex. 99.Cert**

I, Kurt A. Locher, Chief Executive Officer (Principal Executive Officer) of the 1WS Credit Income Fund (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
Registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors
and the audit committee of the Registrant's Board of Trustees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Kurt A. Locher |
|  | Kurt A. Locher, Chief Executive Officer |
|  | (Principal Executive Officer) |
| Date: | December 31, 2025 |

---

I, Stephanie Dolan, Chief Financial Officer and Principal Accounting Officer, of the 1WS Credit Income Fund (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
Registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors
and the audit committee of the Registrant's Board of Trustees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Stephanie Dolan |
|  | Stephanie Dolan, Chief Financial Officer and Principal Accounting Officer |
| Date: | December 31, 2025 |

---

## Exhibit 99.906

**Exhibit 99.906Cert**

This certification is furnished pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR (the "Report") for the period ended October 31, 2025 of the 1WS Credit Income Fund (the "Registrant").

I, Kurt A. Locher, the Chief Executive Officer (Principal Executive Officer) of the Registrant, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Report fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the
Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging or otherwise adopting the signature that appears in typed form within the electronic form of this written statement required by Section 906, has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

---

| | |
|:---|:---|
| By: | /s/ Kurt A. Locher |
|  | Kurt A. Locher, Chief Executive Officer |
|  | (Principal Executive Officer) |
| Date: | December 31, 2025 |

---

This certification is furnished pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR (the "Report") for the period ended October 31, 2025 of the 1WS Credit Income Fund (the "Registrant").

I, Stephanie Dolan, Chief Financial Officer and Principal Accounting Officer of the Registrant, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Report fully complies with the requirements of Section 13(a) or Section 15(d), as applicable of the
Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging or otherwise adopting the signature that appears in typed form within the electronic form of this written statement required by Section 906, has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

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| | |
|:---|:---|
| By: | /s/ Stephanie Dolan |
|  | Stephanie Dolan, Chief Financial Officer and Principal Accounting Officer |
| Date: | December 31, 2025 |

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## Exhibit 99.19

Exhibit 19(c)

**1WS CAPITAL ADVISORS, LLC**

**PROXY VOTING POLICIES AND PROCEDURES**

The Adviser invests the assets of its clients in securities issued by public and private issuers. The Adviser has authority to vote proxies relating to such securities on behalf of clients and to participate in class action lawsuits on behalf of the funds.

In establishing its Proxy Voting Policies and Procedures, the Adviser considered numerous risks associated with the proxy voting process. This analysis includes risks such as:

• The Adviser lacks written proxy voting policies and procedures;

• Proxies are not identified and processed in a timely manner;

• Proxies are not voted in the client's best interests;

• Conflicts of interest between the Adviser and a client are not
identified or resolved appropriately;

• Proxy voting records are not properly maintained;

• The Adviser lacks policies and procedures regarding a client's
participation in class actions; and

• The Adviser fails to maintain documentation associated with a client's participation in class actions.

The Adviser has established the following guidelines as an attempt to mitigate these risks.

**I. Voting Guidelines**

The Adviser will vote proxies on a case-by-case basis, but will generally vote for any proposals that the Firm believes will reasonably provide value to clients in light of the costs associated with voting the proxy and be in the overall best interests of clients.

**II. Conflicts of Interest**

At times, conflicts may arise between the interests of clients and the interests of the Adviser. If the Adviser determines that it has, or may be perceived to have, a conflict of interest when voting a proxy, the Adviser will address matters involving such conflicts of interest as follows:

A. The Adviser's director of operations (the ''Director of Operations'') will be responsible for alerting the Adviser's chief compliance officer (the ''Chief Compliance Officer'') of any proxy voting and the Chief Compliance Officer will determine whether a conflict of interest exists, and whether it is deemed ''material'';

B. With respect to material conflicts, if the Adviser believes it should vote in a way that may also benefit, or be perceived to benefit, its own interest, then the Adviser must take one of the following actions in voting such proxy:

• delegate the voting decision for such proxy proposal to an independent
third party;

Exhibit 19(c)

• delegate the voting decision to an independent committee of partners, members, directors or other representatives of clients or accounts,
as applicable;

• inform client investors of the conflict of interest and obtain consent to vote the proxy as recommended by the Adviser; or

• obtain approval of the decision from the Chief Compliance Officer and outside counsel or other appropriate advisers.

C. The Firm will memorialize the rationale of such vote in writing.

**III. Procedures for Proxies**

The Portfolio Manager or a delegate of the Portfolio Manager (is responsible for making a decision on how to vote the proxy in question. The Director of Operations is responsible for the actual voting and delivers the proxy in accordance with instructions related to such proxy in a timely and appropriate manner. The Chief Compliance Officer is responsible for monitoring the effectiveness of this Policy.

In the event the Adviser determines that clients should rely on the advice of an independent third party or a committee regarding the voting of a proxy, the Adviser will submit the proxy to such third party or committee for a decision. The Director of Operations will execute the proxy in accordance with such third party's or committee's decision.

**IV. Record of Proxy Voting**

The Chief Compliance Officer will maintain on behalf of the Adviser, or have available, written or electronic copies of each proxy statement received and of each executed proxy.