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Blu Giant, LLC

united states
securities and exchange commission
washington, d.c. 20549

form n-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-22554

 

Vertical Capital Income Fund

(Exact name of registrant as specified in charter)

 

80 Arkay Drive, Hauppauge, NY 11788

(Address of principal executive offices) (Zip code)

 

Richard Malinowski

Gemini Fund Services, LLC, 80 Arkay Drive, Hauppauge, NY 11788

(Name and address of agent for service)

 

Registrant's telephone number, including area code: 631-470-2734

 

Date of fiscal year end: 09/30

 

Date of reporting period: 12/31/15

 

 

Item 1. Schedule of Investments.

 

*Explanatory note

 

The Registrant is filing this amendment (“Amendment”) to its Form N-Q for the period ended December 31, 2015 (the “Report”) to reflect changes to the Report for the Vertical Capital Income Fund’s schedule of portfolio investments under Item 1 originally filed with the Securities and Exchange Commission on February 29, 2016 (Accession Number 0001580642-16-007205).

 

Except as otherwise noted above, the Report was accurate, timely distributed to shareholders, as applicable, and contained all information required per Form N-Q.

 

 

Vertical Capital Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited)
December 31, 2015

 

Principal      Loan Type  Interest Rate  Maturity  Value 
     MORTGAGE NOTES - 94.0%              
$121,324   Loan ID 200003  Balloon  7.250%  9/1/2035  $112,498 
 276,485   Loan ID 200004  Fixed  7.990%  10/1/2036   290,310 
 72,247   Loan ID 200006  ARM  7.990%  1/1/2036   62,009 
 52,483   Loan ID 200008  ARM  4.000%  3/28/2035   55,107 
 51,915   Loan ID 200012  ARM  9.800%  7/1/2037   33,188 
 57,868   Loan ID 200013  Fixed  5.250%  9/1/2040   50,344 
 38,401   Loan ID 200015  Fixed  7.000%  8/1/2030   17,109 
 40,661   Loan ID 200016  ARM  10.375%  1/1/2031   36,026 
 54,721   Loan ID 200018  Fixed  7.000%  1/1/2033   53,240 
 62,600   Loan ID 200019  Fixed  5.000%  12/1/2036   53,688 
 79,319   Loan ID 200020  Fixed  5.630%  7/1/2033   83,285 
 101,322   Loan ID 200023  Fixed  5.875%  12/1/2050   80,296 
 138,366   Loan ID 200025  ARM  2.875%  3/1/2034   119,996 
 205,980   Loan ID 200026  Fixed  4.750%  1/1/2050   112,796 
 228,102   Loan ID 200028  Fixed  4.750%  6/1/2050   182,816 
 221,788   Loan ID 200029  Fixed  5.310%  7/1/2037   161,033 
 282,054   Loan ID 200031  Fixed  5.000%  1/1/2051   296,157 
 342,589   Loan ID 200032  Fixed  3.130%  1/1/2051   313,960 
 566,878   Loan ID 200035  Fixed  3.000%  11/1/2050   412,427 
 68,303   Loan ID 200036  Fixed  7.940%  1/12/2034   71,718 
 167,394   Loan ID 200037  Fixed  7.800%  5/1/2035   175,763 
 124,025   Loan ID 200041  Fixed  4.875%  8/1/2039   117,955 
 42,300   Loan ID 200042  Fixed  7.000%  12/1/2037   44,415 
 64,601   Loan ID 200043  Fixed  6.125%  7/1/2039   67,831 
 123,330   Loan ID 200045  Fixed  5.625%  12/1/2038   129,496 
 39,864   Loan ID 200046  Fixed  8.000%  7/1/2027   41,857 
 54,200   Loan ID 200048  Fixed  5.500%  8/1/2039   56,910 
 242,800   Loan ID 200049  Fixed  3.875%  3/1/2042   222,829 
 161,222   Loan ID 200052  Fixed  5.125%  5/1/2040   153,340 
 40,322   Loan ID 200053  Fixed  4.000%  9/1/2042   23,597 
 57,113   Loan ID 200054  Fixed  8.250%  3/1/2039   59,969 
 84,883   Loan ID 200055  Fixed  10.000%  1/5/2036   89,128 
 127,883   Loan ID 200057  ARM  2.625%  10/1/2036   114,603 
 60,509   Loan ID 200059  Fixed  6.000%  8/1/2039   55,654 
 35,738   Loan ID 200060  Fixed  5.750%  8/1/2039   37,525 
 33,455   Loan ID 200061  Fixed  5.750%  7/1/2024   35,128 
 27,208   Loan ID 200065  ARM  6.875%  1/1/2037   17,178 
 227,146   Loan ID 200072 **  Fixed  0.000%  2/1/2051   232,773 
 181,970   Loan ID 200073 **  Fixed  0.000%  2/1/2026   186,141 
 165,451   Loan ID 200074 **  Fixed  0.000%  2/1/2031   169,227 
 208,863   Loan ID 200075  Fixed  4.250%  2/1/2042   210,249 

 

 

Vertical Capital Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
December 31, 2015

 

Principal      Loan Type  Interest Rate  Maturity  Value 
     MORTGAGE NOTES - 94.0% (Continued)              
$173,578   Loan ID 200076  Fixed  4.250%  12/1/2041  $155,479 
 75,250   Loan ID 200077  Fixed  3.750%  8/1/2042   74,294 
 34,558   Loan ID 200078  Fixed  7.000%  8/1/2036   29,703 
 137,904   Loan ID 200079  Fixed  2.000%  8/1/2049   106,710 
 141,065   Loan ID 200081  Fixed  2.000%  9/1/2037   43,414 
 68,922   Loan ID 200082  Fixed  8.250%  4/1/2040   61,528 
 190,045   Loan ID 200084  Fixed  7.000%  3/1/2039   162,164 
 200,343   Loan ID 200086  Fixed  2.000%  11/1/2050   107,951 
 226,349   Loan ID 200087  Fixed  5.000%  3/1/2051   143,584 
 125,744   Loan ID 200088  Fixed  7.000%  6/1/2039   107,047 
 269,454   Loan ID 200089  Fixed  2.000%  3/1/2052   141,439 
 275,738   Loan ID 200090  Fixed  2.000%  11/1/2036   62,100 
 287,959   Loan ID 200091  Fixed  2.000%  11/1/2051   223,085 
 267,831   Loan ID 200092  Fixed  2.375%  5/1/2036   208,081 
 138,094   Loan ID 200093  Fixed  4.000%  2/1/2038   99,907 
 234,518   Loan ID 200094  ARM  2.750%  9/1/2037   161,959 
 388,297   Loan ID 200100  Fixed  2.000%  7/1/2037   280,745 
 75,212   Loan ID 200102  Fixed  8.250%  3/1/2040   67,351 
 119,228   Loan ID 200105  Fixed  2.000%  12/1/2050   80,530 
 95,541   Loan ID 200106  Fixed  2.000%  2/1/2052   79,738 
 447,435   Loan ID 200107  Fixed  2.000%  7/1/2052   213,048 
 190,077   Loan ID 200108  Fixed  3.000%  6/1/2047   108,277 
 114,554   Loan ID 200110  Fixed  8.250%  8/1/2039   102,601 
 207,325   Loan ID 200111  Fixed  5.000%  11/1/2050   120,272 
 305,250   Loan ID 200112  Fixed  3.000%  9/1/2049   142,291 
 127,687   Loan ID 200114  Fixed  2.000%  10/1/2051   73,118 
 267,269   Loan ID 200115  Fixed  2.000%  11/1/2051   142,270 
 149,978   Loan ID 200116  Fixed  7.125%  3/1/2039   128,001 
 410,482   Loan ID 200125  Fixed  2.000%  5/1/2051   203,747 
 127,613   Loan ID 200126  Fixed  8.250%  8/1/2039   114,389 
 142,782   Loan ID 200127  Fixed  5.000%  8/1/2039   90,817 
 73,835   Loan ID 200128  Fixed  3.000%  7/1/2037   34,144 
 465,094   Loan ID 200129  Fixed  4.625%  3/1/2052   327,289 
 36,242   Loan ID 200131  Fixed  3.875%  11/1/2027   36,151 
 233,459   Loan ID 200133  Fixed  3.490%  1/1/2043   227,227 
 188,541   Loan ID 200134  Fixed  3.750%  12/1/2042   184,589 
 126,121   Loan ID 200135  Fixed  4.375%  12/1/2042   129,305 
 244,728   Loan ID 200136  Fixed  2.875%  10/1/2027   224,018 
 129,431   Loan ID 200137  Fixed  4.500%  9/1/2042   132,908 
 49,317   Loan ID 200139  Fixed  4.625%  5/1/2027   50,597 
 81,049   Loan ID 200141  Fixed  4.250%  2/1/2042   82,761 
 188,187   Loan ID 200142  Fixed  3.300%  1/1/2037   63,894 
 129,713   Loan ID 200143  Fixed  3.000%  2/1/2037   122,523 
 395,536   Loan ID 200145  Fixed  2.000%  8/1/2051   186,235 

 

 

Vertical Capital Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
December 31, 2015

 

Principal      Loan Type  Interest Rate  Maturity  Value 
     MORTGAGE NOTES - 94.0% (Continued)              
$100,089   Loan ID 200152  ARM  3.250%  9/1/2037  $81,875 
 99,758   Loan ID 200154  Fixed  11.050%  9/1/2037   104,746 
 55,114   Loan ID 200156  Fixed  8.130%  9/19/2032   55,114 
 124,087   Loan ID 200157  Fixed  3.750%  1/1/2043   122,821 
 160,892   Loan ID 200158  Fixed  3.625%  12/1/2042   158,497 
 186,572   Loan ID 200159  Fixed  3.750%  6/1/2042   185,241 
 130,300   Loan ID 200160  Fixed  3.250%  2/1/2043   122,806 
 478,962   Loan ID 200161  Fixed  3.875%  11/1/2041   480,473 
 230,740   Loan ID 200162  Fixed  3.875%  7/1/2042   231,419 
 122,307   Loan ID 200163  Fixed  4.000%  1/1/2042   123,525 
 104,923   Loan ID 200164  Fixed  4.000%  7/1/2042   105,731 
 202,564   Loan ID 200165  Fixed  4.375%  12/1/2041   207,936 
 123,120   Loan ID 200166  Fixed  4.000%  2/1/2032   123,837 
 130,235   Loan ID 200168  Fixed  3.750%  10/1/2042   127,821 
 24,913   Loan ID 200169  Fixed  6.923%  9/1/2034   26,159 
 101,448   Loan ID 200171  Fixed  6.500%  4/1/2036   106,520 
 144,464   Loan ID 200172  Fixed  7.250%  2/1/2037   149,696 
 93,351   Loan ID 200174  Fixed  7.340%  4/1/2037   98,019 
 54,424   Loan ID 200175  Fixed  9.600%  5/1/2037   56,348 
 103,030   Loan ID 200176  Fixed  6.600%  3/1/2037   41,575 
 61,266   Loan ID 200177  Fixed  8.000%  1/11/2022   64,330 
 43,141   Loan ID 200178  Fixed  6.500%  5/10/2016   45,298 
 24,304   Loan ID 200179  Fixed  7.250%  7/27/2019   23,341 
 19,342   Loan ID 200180  Fixed  6.500%  7/8/2016   20,309 
 111,582   Loan ID 200181  Fixed  7.500%  3/1/2016   78,661 
 88,870   Loan ID 200182  Fixed  8.750%  10/10/2016   93,314 
 268,457   Loan ID 200183  Fixed  4.125%  12/1/2032   272,566 
 76,242   Loan ID 200184  Fixed  4.375%  12/1/2042   58,184 
 28,849   Loan ID 200185  Fixed  5.375%  6/1/2042   30,291 
 55,039   Loan ID 200186  Fixed  5.125%  8/1/2042   57,791 
 154,504   Loan ID 200188  Fixed  3.875%  2/1/2043   154,555 
 173,292   Loan ID 200189  Fixed  4.125%  8/1/2042   176,466 
 344,647   Loan ID 200190  Fixed  3.625%  11/1/2042   339,285 
 134,146   Loan ID 200191  Fixed  4.125%  11/1/2042   134,368 
 191,359   Loan ID 200192  Fixed  4.250%  11/1/2042   196,535 
 168,623   Loan ID 200194  Fixed  4.750%  9/1/2041   141,935 
 275,038   Loan ID 200195  Fixed  3.875%  3/1/2042   275,876 
 103,167   Loan ID 200196  Fixed  4.500%  1/1/2043   106,083 
 40,107   Loan ID 200197  Fixed  4.750%  11/1/2042   41,696 
 41,918   Loan ID 200198  Fixed  5.250%  10/1/2042   44,014 
 296,131   Loan ID 200199  Fixed  4.000%  9/1/2042   297,554 
 252,310   Loan ID 200200  Fixed  3.875%  9/1/2042   192,653 
 58,957   Loan ID 200201  Fixed  5.125%  8/1/2041   61,904 

 

 

Vertical Capital Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
December 31, 2015

 

Principal      Loan Type  Interest Rate  Maturity  Value 
     MORTGAGE NOTES - 94.0% (Continued)              
$60,655   Loan ID 200202  Fixed  4.375%  12/1/2042  $62,695 
 24,954   Loan ID 200206  Fixed  3.990%  12/1/2042   22,055 
 50,695   Loan ID 200208  Fixed  4.250%  1/1/2043   51,537 
 215,664   Loan ID 200209  Fixed  3.875%  8/1/2042   216,293 
 76,952   Loan ID 200210  Fixed  4.625%  5/1/2043   79,689 
 138,716   Loan ID 200212  Fixed  3.875%  2/1/2042   106,028 
 293,600   Loan ID 200213  Fixed  4.125%  1/1/2038   230,446 
 60,748   Loan ID 200214  Fixed  5.750%  7/1/2039   63,785 
 118,467   Loan ID 200216  Fixed  5.750%  9/1/2039   115,940 
 148,958   Loan ID 200217  Fixed  5.250%  7/1/2040   156,406 
 77,498   Loan ID 200218  Fixed  4.250%  12/1/2041   40,351 
 204,982   Loan ID 200219  Fixed  4.250%  4/1/2043   210,477 
 220,660   Loan ID 200220  Fixed  3.875%  5/1/2043   188,719 
 170,385   Loan ID 200221  Fixed  4.250%  4/1/2043   155,675 
 129,787   Loan ID 200222  Fixed  4.125%  5/1/2043   115,488 
 254,873   Loan ID 200223  Fixed  4.125%  5/1/2043   259,212 
 217,889   Loan ID 200224  Fixed  4.000%  7/1/2043   189,473 
 84,267   Loan ID 200226  Fixed  5.250%  7/1/2041   88,481 
 52,509   Loan ID 200228  Fixed  4.625%  8/1/2042   54,296 
 167,952   Loan ID 200229  Fixed  3.750%  7/1/2042   146,612 
 150,825   Loan ID 200230  Fixed  3.500%  2/1/2043   124,021 
 134,640   Loan ID 200231  Fixed  3.625%  12/1/2042   82,199 
 71,137   Loan ID 200232  Fixed  3.875%  8/1/2042   71,351 
 185,408   Loan ID 200233  Fixed  2.990%  11/1/2027   147,112 
 96,156   Loan ID 200235  Fixed  3.750%  12/1/2042   95,578 
 325,056   Loan ID 200238  ARM  3.625%  7/1/2035   258,963 
 148,403   Loan ID 200242  Fixed  3.250%  10/1/2042   115,740 
 122,455   Loan ID 200243  Fixed  3.750%  4/1/2043   104,403 
 29,187   Loan ID 200244  Fixed  5.000%  5/1/2042   30,079 
 208,634   Loan ID 200245  Fixed  3.875%  3/1/2043   209,088 
 94,598   Loan ID 200286  Fixed  4.500%  7/1/2043   98,328 
 103,400   Loan ID 200287  Fixed  4.375%  7/1/2043   106,456 
 347,868   Loan ID 200288  Fixed  4.375%  11/1/2041   353,048 
 352,367   Loan ID 200289  Fixed  5.500%  9/1/2043   369,986 
 298,578   Loan ID 200290  Fixed  4.250%  4/1/2043   305,375 
 452,993   Loan ID 200292  Fixed  3.875%  6/1/2043   454,023 
 184,694   Loan ID 200294  Fixed  3.875%  2/1/2043   184,867 
 263,392   Loan ID 200295  Fixed  3.875%  6/1/2043   263,832 
 213,500   Loan ID 200296  Fixed  3.250%  2/1/2043   173,024 
 184,751   Loan ID 200297  Fixed  3.375%  10/1/2042   177,030 
 200,449   Loan ID 200299  Fixed  3.625%  10/1/2042   166,225 
 120,308   Loan ID 200300  Fixed  8.400%  10/20/2037   126,323 

 

 

Vertical Capital Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
December 31, 2015

 

Principal      Loan Type  Interest Rate  Maturity  Value 
     MORTGAGE NOTES - 94.0% (Continued)              
$104,166   Loan ID 200302  Fixed  9.875%  10/1/2035  $57,254 
 72,302   Loan ID 200303  Fixed  5.250%  10/1/2032   41,653 
 145,650   Loan ID 200304  Fixed  7.250%  10/1/2033   152,932 
 250,929   Loan ID 200305  Fixed  7.000%  3/1/2036   137,430 
 731,931   Loan ID 200306  Fixed  4.870%  5/1/2049   629,853 
 49,813   Loan ID 200307  Fixed  6.500%  7/1/2031   52,304 
 111,246   Loan ID 200308  ARM  6.750%  5/1/2035   51,307 
 214,287   Loan ID 200309  Fixed  2.000%  12/1/2048   184,529 
 134,463   Loan ID 200312  Fixed  9.000%  4/1/2039   141,187 
 47,666   Loan ID 200313  Fixed  8.500%  3/1/2028   33,843 
 63,880   Loan ID 200314  Fixed  8.000%  3/1/2040   31,557 
 317,969   Loan ID 200315  ARM  3.500%  6/1/2037   230,063 
 76,600   Loan ID 200317  Fixed  7.000%  9/1/2032   78,951 
 282,019   Loan ID 200318  Fixed  6.500%  10/1/2036   152,924 
 302,956   Loan ID 200321  Fixed  2.375%  6/1/2049   145,868 
 138,697   Loan ID 200322  Fixed  7.375%  8/1/2033   113,798 
 547,556   Loan ID 200324  Fixed  5.500%  11/1/2037   222,015 
 559,114   Loan ID 200325  Fixed  6.000%  5/1/2042   189,649 
 78,754   Loan ID 200326  Fixed  8.375%  10/1/2036   82,692 
 153,356   Loan ID 200327  Fixed  6.790%  10/26/2036   147,397 
 114,833   Loan ID 200329  Fixed  6.880%  3/1/2036   117,705 
 258,519   Loan ID 200330  Fixed  7.000%  8/1/2037   249,883 
 104,938   Loan ID 200332  Fixed  5.775%  10/1/2037   105,007 
 92,756   Loan ID 200334  Fixed  7.000%  1/1/2033   53,966 
 276,997   Loan ID 200335  Fixed  2.000%  11/1/2052   157,651 
 119,784   Loan ID 200336  Fixed  7.000%  12/1/2042   53,782 
 46,515   Loan ID 200337  Fixed  7.000%  10/1/2034   48,841 
 54,793   Loan ID 200338  ARM  10.500%  8/1/2029   32,978 
 167,749   Loan ID 200339  Fixed  2.000%  10/1/2033   137,375 
 35,868   Loan ID 200340  Fixed  7.000%  3/1/2030   33,155 
 296,069   Loan ID 200341  Fixed  7.000%  8/1/2035   168,263 
 15,648   Loan ID 200342  Fixed  5.375%  10/1/2019   16,430 
 64,580   Loan ID 200348  Fixed  6.500%  7/1/2038   61,079 
 241,924   Loan ID 200349  Fixed  7.000%  1/1/2037   127,137 
 60,520   Loan ID 200350  Fixed  7.500%  3/1/2029   63,546 
 75,124   Loan ID 200352  Fixed  7.000%  8/1/2030   44,327 
 44,064   Loan ID 200355  ARM  7.875%  7/1/2032   29,217 
 106,643   Loan ID 200357  Fixed  8.500%  4/1/2027   111,975 
 139,281   Loan ID 200358  Fixed  3.000%  4/1/2025   118,570 
 30,528   Loan ID 200360  ARM  3.000%  1/1/2025   28,705 
 73,223   Loan ID 200361  Fixed  7.500%  1/1/2034   76,884 
 111,671   Loan ID 200362  Fixed  5.000%  6/1/2045   59,281 

 

 

Vertical Capital Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
December 31, 2015

 

Principal      Loan Type  Interest Rate  Maturity  Value 
     MORTGAGE NOTES - 94.0% (Continued)              
$148,076   Loan ID 200363  Fixed  6.000%  3/1/2049  $137,602 
 93,079   Loan ID 200364  Fixed  10.000%  11/1/2037   97,733 
 68,783   Loan ID 200366  Fixed  6.250%  1/1/2033   72,222 
 230,652   Loan ID 200368  Fixed  4.500%  4/1/2036   150,461 
 270,863   Loan ID 200369  Fixed  6.000%  4/1/2044   284,406 
 61,940   Loan ID 200373  Fixed  7.000%  12/1/2036   16,765 
 78,328   Loan ID 200374  ARM  7.000%  5/1/2034   78,328 
 433,960   Loan ID 200376  Fixed  2.900%  6/1/2053   299,445 
 83,439   Loan ID 200377  ARM  4.500%  10/1/2036   33,999 
 234,196   Loan ID 200378  Fixed  5.500%  5/1/2045   180,451 
 109,598   Loan ID 200379  Fixed  8.250%  3/1/2039   110,384 
 188,731   Loan ID 200380  Fixed  4.220%  4/1/2049   82,334 
 290,892   Loan ID 200381  Fixed  4.780%  6/1/2037   246,987 
 114,030   Loan ID 200382  Fixed  4.850%  7/1/2037   29,222 
 396,272   Loan ID 200383  Fixed  5.030%  12/1/2046   345,621 
 300,250   Loan ID 200384  Fixed  5.000%  11/1/2047   296,197 
 148,108   Loan ID 200385  Fixed  8.250%  1/1/2040   155,514 
 226,469   Loan ID 200386  Fixed  6.000%  3/1/2041   224,325 
 76,801   Loan ID 200387  Fixed  4.000%  6/1/2039   61,657 
 196,457   Loan ID 200388  Fixed  4.000%  3/1/2051   123,287 
 123,038   Loan ID 200389  Fixed  4.820%  8/1/2047   105,011 
 204,128   Loan ID 200390  Fixed  4.780%  4/16/2047   146,276 
 180,497   Loan ID 200391  Fixed  4.000%  1/13/2035   148,133 
 68,756   Loan ID 200392  Fixed  10.000%  6/5/2034   39,536 
 106,941   Loan ID 200393  Fixed  5.070%  8/1/2037   73,926 
 131,525   Loan ID 200394  Fixed  7.150%  8/1/2037   127,809 
 81,575   Loan ID 200395  Fixed  4.860%  4/1/2047   69,425 
 74,251   Loan ID 200396  Fixed  10.000%  2/1/2036   77,964 
 123,069   Loan ID 200397  ARM  9.375%  9/1/2037   89,784 
 139,812   Loan ID 200398  Fixed  4.800%  2/1/2037   100,405 
 80,913   Loan ID 200399  Fixed  4.980%  6/1/2037   59,127 
 54,108   Loan ID 200403  Fixed  8.300%  10/15/2032   54,741 
 58,671   Loan ID 200404  Fixed  8.100%  5/1/2037   58,751 
 101,510   Loan ID 200405  Fixed  4.870%  12/1/2035   87,245 
 118,017   Loan ID 200406  Fixed  4.875%  10/1/2051   102,144 
 238,405   Loan ID 200407  Fixed  6.500%  4/1/2042   219,382 
 206,743   Loan ID 200408  Fixed  6.000%  4/1/2039   166,525 
 349,138   Loan ID 200409  Fixed  6.000%  2/1/2049   272,926 
 107,878   Loan ID 200411  Fixed  8.275%  6/1/2037   108,606 
 313,677   Loan ID 200412  Fixed  5.500%  8/1/2040   153,730 
 253,612   Loan ID 200413  Fixed  5.150%  11/1/2047   222,546 
 86,184   Loan ID 200415  Fixed  6.000%  4/1/2050   44,409 
 184,886   Loan ID 200416  Fixed  4.670%  8/1/2053   134,228 
 72,739   Loan ID 200417  Fixed  7.000%  5/1/2035   76,376 

 

 

Vertical Capital Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
December 31, 2015

 

Principal      Loan Type  Interest Rate  Maturity  Value 
     MORTGAGE NOTES - 94.0% (Continued)              
$58,232   Loan ID 200418  Fixed  4.000%  6/1/2035  $51,358 
 171,354   Loan ID 200419  Fixed  4.000%  12/19/2035   135,466 
 171,966   Loan ID 200420  Fixed  4.225%  4/10/2038   140,239 
 77,948   Loan ID 200421  Fixed  7.710%  8/1/2037   76,988 
 137,950   Loan ID 200422  Fixed  3.830%  8/1/2053   119,515 
 132,505   Loan ID 200423  Fixed  4.500%  6/1/2043   135,919 
 118,990   Loan ID 200424  Fixed  4.000%  9/1/2028   120,022 
 257,335   Loan ID 200427  Fixed  3.625%  3/1/2043   252,830 
 231,327   Loan ID 200430  Fixed  3.625%  7/1/2043   226,576 
 193,504   Loan ID 200431  Fixed  4.625%  7/1/2043   200,976 
 312,787   Loan ID 200432  Fixed  4.875%  5/1/2043   328,427 
 131,934   Loan ID 200433  Fixed  4.250%  8/1/2043   135,484 
 163,422   Loan ID 200434  Fixed  5.250%  10/1/2043   171,593 
 201,519   Loan ID 200435  Fixed  4.625%  11/1/2052   187,895 
 219,251   Loan ID 200436  Fixed  3.750%  4/1/2043   217,276 
 336,699   Loan ID 200437  Fixed  5.625%  10/1/2043   353,534 
 45,231   Loan ID 200439  Fixed  5.000%  8/1/2041   47,492 
 2,237   Loan ID 200440  Fixed  8.000%  6/1/2016   2,349 
 197,138   Loan ID 200441  Fixed  6.000%  4/1/2045   157,071 
 443,174   Loan ID 200442  Fixed  5.000%  12/1/2043   326,836 
 278,064   Loan ID 200443  Fixed  3.000%  7/1/2049   158,773 
 264,170   Loan ID 200444  Fixed  4.380%  11/1/2038   180,865 
 166,259   Loan ID 200445  Fixed  5.250%  2/1/2039   174,572 
 55,661   Loan ID 200447  Fixed  5.875%  11/4/2034   58,444 
 79,125   Loan ID 200448  Fixed  5.750%  5/1/2042   54,867 
 128,504   Loan ID 200449  Fixed  5.000%  7/1/2041   134,929 
 370,144   Loan ID 200451  Fixed  6.250%  7/1/2038   370,144 
 137,547   Loan ID 200452  Fixed  2.000%  11/1/2041   86,818 
 16,871   Loan ID 200453  Fixed  4.550%  3/1/2026   17,397 
 247,464   Loan ID 200456  Fixed  2.000%  11/1/2038   186,439 
 213,597   Loan ID 200457  Fixed  5.750%  12/10/2030   195,235 
 192,551   Loan ID 200460  Fixed  7.000%  7/1/2041   202,178 
 389,438   Loan ID 200462  Fixed  6.000%  7/1/2037   312,457 
 157,763   Loan ID 200463  Fixed  6.000%  3/1/2037   30,618 
 411,571   Loan ID 200464  ARM  8.750%  8/1/2037   190,427 
 250,577   Loan ID 200465  Fixed  6.500%  7/1/2037   258,044 
 455,392   Loan ID 200466  Fixed  7.000%  7/1/2037   387,264 
 359,767   Loan ID 200467  Fixed  5.500%  9/1/2044   270,134 
 106,102   Loan ID 200468  Fixed  5.625%  12/1/2044   82,468 
 132,708   Loan ID 200469  Fixed  6.500%  7/1/2037   48,025 
 362,463   Loan ID 200472  Fixed  4.250%  9/1/2042   372,649 
 297,955   Loan ID 200473  Fixed  4.000%  12/1/2042   257,077 
 244,720   Loan ID 200474  Fixed  5.750%  11/1/2050   256,956 

 

 

Vertical Capital Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
December 31, 2015

 

Principal      Loan Type  Interest Rate  Maturity  Value 
     MORTGAGE NOTES - 94.0% (Continued)              
$171,900   Loan ID 200475  Fixed  5.450%  7/1/2049  $105,682 
 193,727   Loan ID 200476  Fixed  6.000%  9/1/2050   192,406 
 229,201   Loan ID 200477  Fixed  4.125%  12/1/2028   232,120 
 135,021   Loan ID 200479  Fixed  3.500%  8/1/2026   131,137 
 118,412   Loan ID 200482  Fixed  4.375%  11/1/2028   122,339 
 111,235   Loan ID 200483  Fixed  4.375%  11/1/2028   114,994 
 76,654   Loan ID 200485  Fixed  4.125%  2/1/2043   77,991 
 255,851   Loan ID 200486  Fixed  3.500%  1/1/2043   248,383 
 471,447   Loan ID 200487  Fixed  6.000%  3/1/2037   267,918 
 162,785   Loan ID 200488  Fixed  4.250%  1/1/2044   141,724 
 117,604   Loan ID 200489  Fixed  4.000%  3/1/2043   100,955 
 86,430   Loan ID 200490  Fixed  4.000%  11/1/2028   87,247 
 209,641   Loan ID 200491  Fixed  5.500%  10/1/2039   220,123 
 124,030   Loan ID 200492  Fixed  4.000%  1/1/2043   124,844 
 70,801   Loan ID 200493  Fixed  4.500%  12/1/2025   72,618 
 282,707   Loan ID 200494  Fixed  4.625%  10/1/2043   263,665 
 361,368   Loan ID 200495  Fixed  4.875%  12/1/2041   379,437 
 206,005   Loan ID 200496  Fixed  3.875%  2/1/2043   205,110 
 331,594   Loan ID 200497  Fixed  3.250%  4/1/2043   314,634 
 277,477   Loan ID 200499  Fixed  4.250%  1/1/2043   282,266 
 224,856   Loan ID 200500  Fixed  5.875%  2/1/2037   222,032 
 154,096   Loan ID 200501  Fixed  7.250%  12/1/2037   161,800 
 192,667   Loan ID 200502  Fixed  5.000%  6/1/2049   110,276 
 266,766   Loan ID 200503  Fixed  7.500%  8/1/2037   280,105 
 393,761   Loan ID 200504  Fixed  3.375%  3/1/2043   377,855 
 75,950   Loan ID 200507  Fixed  4.500%  9/1/2042   78,506 
 254,511   Loan ID 200508  Fixed  2.000%  10/1/2040   196,100 
 305,490   Loan ID 200509  Fixed  2.000%  12/1/2052   118,270 
 252,298   Loan ID 200511  Fixed  4.875%  1/1/2044   263,966 
 174,748   Loan ID 200513  Fixed  3.000%  10/1/2038   91,636 
 340,352   Loan ID 200514  Fixed  3.000%  4/1/2047   279,747 
 101,732   Loan ID 200515  Fixed  8.250%  2/1/2039   106,819 
 394,543   Loan ID 200516  Fixed  5.250%  1/1/2037   250,677 
 106,105   Loan ID 200517  Fixed  8.000%  5/1/2039   94,569 
 206,751   Loan ID 200518  Fixed  3.000%  12/1/2050   164,577 
 320,427   Loan ID 200519  Fixed  3.000%  11/1/2049   259,178 
 68,659   Loan ID 200520  Fixed  3.260%  7/1/2053   43,863 
 123,930   Loan ID 200524  Fixed  3.500%  6/1/2043   118,388 
 291,791   Loan ID 200525  Fixed  3.250%  12/1/2042   236,127 
 161,154   Loan ID 200526  Fixed  3.625%  3/1/2043   157,190 
 113,694   Loan ID 200527  Fixed  4.500%  12/1/2043   118,202 
 139,565   Loan ID 200528  Fixed  4.375%  2/1/2044   142,621 
 404,353   Loan ID 200529  Fixed  4.625%  2/1/2044   409,447 
 33,098   Loan ID 200530  Fixed  5.375%  2/1/2044   34,753 

 

 

Vertical Capital Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
December 31, 2015

 

Principal      Loan Type  Interest Rate  Maturity  Value 
     MORTGAGE NOTES - 94.0% (Continued)              
$177,797   Loan ID 200531  Fixed  4.625%  11/1/2043  $185,332 
 115,148   Loan ID 200532  Fixed  3.250%  7/1/2043   92,794 
 62,201   Loan ID 200536  Fixed  3.750%  10/1/2042   38,490 
 125,871   Loan ID 200537  Fixed  4.500%  3/1/2042   104,714 
 95,115   Loan ID 200538  Fixed  4.750%  1/1/2043   98,888 
 86,190   Loan ID 200540  Fixed  3.875%  2/1/2043   86,327 
 57,601   Loan ID 200543  ARM  7.250%  2/1/2037   5,543 
 388,424   Loan ID 200544  Fixed  5.000%  2/1/2044   398,499 
 60,686   Loan ID 200545  Fixed  4.375%  2/1/2029   60,354 
 123,890   Loan ID 200546  Fixed  5.375%  12/1/2043   130,084 
 265,364   Loan ID 200547  Fixed  3.750%  3/1/2043   231,214 
 173,493   Loan ID 200548  Fixed  5.250%  2/1/2044   180,537 
 161,702   Loan ID 200550  Fixed  3.750%  3/1/2043   160,417 
 313,335   Loan ID 200551  Fixed  4.375%  1/1/2044   313,560 
 286,922   Loan ID 200553  Fixed  4.625%  12/1/2043   270,846 
 224,256   Loan ID 200555  Fixed  4.375%  1/1/2044   228,521 
 387,020   Loan ID 200556  Fixed  3.625%  12/1/2028   379,285 
 110,343   Loan ID 200557  Fixed  9.077%  8/1/2035   115,861 
 104,352   Loan ID 200558  Fixed  6.590%  7/1/2037   105,934 
 195,065   Loan ID 200559  Fixed  9.500%  4/14/2035   204,818 
 123,756   Loan ID 200560  Fixed  5.750%  5/1/2035   129,944 
 226,155   Loan ID 200561  Fixed  6.375%  12/1/2036   237,463 
 229,970   Loan ID 200563  Fixed  5.125%  1/1/2039   217,890 
 141,595   Loan ID 200564  Fixed  4.875%  5/1/2039   134,915 
 538,826   Loan ID 200565  Fixed  4.000%  6/1/2037   384,621 
 378,729   Loan ID 200566  Fixed  6.500%  7/1/2047   320,314 
 135,086   Loan ID 200567  Fixed  3.375%  5/1/2043   129,711 
 62,595   Loan ID 200568  Fixed  4.000%  12/1/2043   62,976 
 101,087   Loan ID 200569  Fixed  5.125%  2/1/2044   104,665 
 437,200   Loan ID 200570  Fixed  3.625%  6/1/2043   429,282 
 139,149   Loan ID 200571  Fixed  4.500%  7/1/2043   144,448 
 169,020   Loan ID 200572  Fixed  4.375%  3/1/2044   173,577 
 98,247   Loan ID 200573  Fixed  3.750%  9/1/2042   96,515 
 132,753   Loan ID 200574  Fixed  4.875%  1/1/2044   136,155 
 228,187   Loan ID 200577  Fixed  3.125%  4/1/2028   213,066 
 187,581   Loan ID 200578  Fixed  4.750%  8/1/2040   196,960 
 49,817   Loan ID 200579  Fixed  4.875%  5/1/2042   46,261 
 180,747   Loan ID 200580  Fixed  4.125%  11/1/2041   159,363 
 39,415   Loan ID 200581  Fixed  4.750%  9/1/2042   40,112 
 381,566   Loan ID 200582  Fixed  4.000%  11/1/2042   297,583 
 91,783   Loan ID 200583  Fixed  3.625%  9/1/2027   90,097 
 357,419   Loan ID 200584  Fixed  3.375%  4/1/2043   254,275 
 162,692   Loan ID 200585  Fixed  4.000%  5/1/2042   88,077 

 

 

Vertical Capital Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
December 31, 2015

 

Principal      Loan Type  Interest Rate  Maturity  Value 
     MORTGAGE NOTES - 94.0% (Continued)              
$335,386   Loan ID 200586  Fixed  3.500%  1/1/2043  $326,616 
 258,059   Loan ID 200588  Fixed  3.750%  5/1/2042   256,584 
 61,746   Loan ID 200590  Fixed  4.125%  7/1/2042   62,712 
 104,995   Loan ID 200591  Fixed  4.875%  3/1/2043   110,245 
 100,380   Loan ID 200592  Fixed  4.375%  6/1/2042   102,127 
 68,832   Loan ID 200593  Fixed  3.875%  6/1/2042   67,383 
 232,414   Loan ID 200594  Fixed  4.250%  4/1/2043   212,053 
 40,260   Loan ID 200597  Fixed  5.625%  2/1/2044   42,164 
 138,297   Loan ID 200598  Fixed  4.625%  2/1/2044   134,254 
 122,931   Loan ID 200599  Fixed  4.125%  2/1/2043   124,899 
 203,444   Loan ID 200600  Fixed  4.625%  4/1/2044   212,287 
 111,345   Loan ID 200601  Fixed  4.000%  3/1/2043   112,558 
 188,901   Loan ID 200602  Fixed  3.750%  3/1/2043   187,753 
 72,684   Loan ID 200603  Fixed  4.125%  6/1/2043   73,488 
 75,252   Loan ID 200604  Fixed  3.500%  1/1/2043   72,993 
 143,534   Loan ID 200605  Fixed  4.875%  11/1/2043   92,280 
 131,345   Loan ID 200606  Fixed  3.625%  12/1/2042   127,198 
 232,127   Loan ID 200607  Fixed  2.875%  11/1/2027   213,065 
 138,653   Loan ID 200608  Fixed  4.125%  11/1/2043   124,617 
 60,104   Loan ID 200611  Fixed  4.625%  5/1/2043   62,712 
 128,566   Loan ID 200612  Fixed  4.500%  2/1/2043   118,592 
 210,188   Loan ID 200613  Fixed  3.369%  1/1/2043   198,662 
 105,509   Loan ID 200614  Fixed  5.000%  1/1/2044   109,006 
 104,108   Loan ID 200615  Fixed  4.250%  8/1/2043   106,878 
 345,886   Loan ID 200616  Fixed  4.875%  2/1/2044   353,929 
 93,334   Loan ID 200617  Fixed  4.750%  9/1/2043   49,035 
 131,829   Loan ID 200618  Fixed  4.375%  5/1/2042   133,835 
 234,348   Loan ID 200620  Fixed  4.250%  10/1/2043   185,032 
 135,816   Loan ID 200621  Fixed  3.625%  1/1/2043   125,328 
 75,351   Loan ID 200623  Fixed  4.375%  12/1/2042   77,746 
 260,012   Loan ID 200624  Fixed  4.125%  4/1/2043   263,985 
 120,949   Loan ID 200625  Fixed  4.500%  11/1/2043   81,437 
 119,336   Loan ID 200626  Fixed  4.500%  10/1/2043   95,874 
 134,742   Loan ID 200627  Fixed  4.250%  10/1/2043   138,135 
 85,214   Loan ID 200628  Fixed  3.250%  2/1/2028   80,642 
 157,803   Loan ID 200629  Fixed  4.375%  9/1/2043   138,669 
 168,656   Loan ID 200630  Fixed  5.250%  9/1/2043   177,089 
 298,101   Loan ID 200631  Fixed  3.250%  6/1/2043   282,815 
 349,492   Loan ID 200632  Fixed  5.250%  5/1/2044   365,417 
 228,575   Loan ID 200633  Fixed  5.125%  5/1/2044   237,395 
 236,687   Loan ID 200634  Fixed  4.375%  1/1/2044   237,483 
 110,371   Loan ID 200635  Fixed  3.750%  5/1/2029   107,482 
 197,897   Loan ID 200636  Fixed  3.750%  2/1/2053   201,097 
 191,782   Loan ID 200638  Fixed  3.875%  3/1/2043   144,389 

 

 

Vertical Capital Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
December 31, 2015

 

Principal      Loan Type  Interest Rate  Maturity  Value 
     MORTGAGE NOTES - 94.0% (Continued)              
$172,508   Loan ID 200641  Fixed  5.250%  4/1/2044  $181,132.9 
 147,956   Loan ID 200642  Fixed  5.000%  3/1/2044   136,921 
 171,550   Loan ID 200644  Fixed  4.750%  3/1/2044   175,216 
 119,905   Loan ID 200645  Fixed  5.000%  4/1/2044   123,273 
 120,252   Loan ID 200647  Fixed  4.250%  1/1/2044   123,120 
 156,574   Loan ID 200648  Fixed  4.750%  3/1/2044   164,402 
 145,547   Loan ID 200649  Fixed  4.375%  3/1/2044   126,323 
 131,856   Loan ID 200650  Fixed  4.875%  5/1/2044   123,349 
 268,000   Loan ID 200651  Fixed  3.625%  7/1/2043   261,254 
 172,423   Loan ID 200652  Fixed  4.125%  5/1/2038   122,524 
 357,098   Loan ID 200653  Fixed  4.000%  4/1/2053   264,439 
 282,373   Loan ID 200654  Fixed  5.125%  2/1/2041   183,456 
 143,674   Loan ID 200655  Fixed  3.375%  5/1/2043   134,791 
 156,133   Loan ID 200656  Fixed  6.875%  7/1/2037   73,292 
 147,161   Loan ID 200657  Fixed  4.875%  8/1/2051   154,519 
 347,388   Loan ID 200658  Fixed  2.000%  1/1/2044   104,082 
 287,675   Loan ID 200659  Fixed  4.000%  3/1/2053   184,274 
 186,091   Loan ID 200660  Fixed  5.875%  3/1/2038   195,395 
 215,428   Loan ID 200662  Fixed  5.000%  3/1/2044   220,786 
 70,177   Loan ID 200663  Fixed  4.750%  5/1/2044   69,791 
 280,559   Loan ID 200664  Fixed  4.750%  4/1/2044   273,593 
 271,522   Loan ID 200665  Fixed  5.299%  12/1/2046   105,028 
 220,175   Loan ID 200666  Fixed  5.890%  8/26/2035   136,674 
 309,031   Loan ID 200668  Fixed  3.625%  4/1/2043   299,254 
 158,045   Loan ID 200669  Fixed  5.250%  4/1/2044   164,141 
 66,818   Loan ID 200670  Fixed  4.375%  2/1/2029   62,995 
 241,996   Loan ID 200671  Fixed  4.625%  8/1/2043   222,562 
 161,547   Loan ID 200672  Fixed  3.750%  7/1/2043   138,199 
 315,089   Loan ID 200674  Fixed  4.500%  5/1/2044   279,069 
 302,978   Loan ID 200675  Fixed  5.125%  4/1/2044   312,008 
 130,128   Loan ID 200677  Fixed  3.625%  5/1/2028   127,963 
 475,243   Loan ID 200678  Fixed  4.375%  2/1/2044   485,590 
 259,169   Loan ID 200679  Fixed  5.000%  4/1/2044   180,709 
 64,805   Loan ID 200680  Fixed  5.375%  3/1/2044   62,561 
 193,524   Loan ID 200682  Fixed  4.875%  5/1/2044   175,854 
 217,156   Loan ID 200683  Fixed  4.500%  4/1/2044   225,759 
 128,625   Loan ID 200684  Fixed  4.875%  4/1/2044   135,056 
 234,183   Loan ID 200685  Fixed  4.875%  5/1/2044   238,850 
 185,779   Loan ID 200688  Fixed  4.250%  3/1/2053   107,784 
 137,212   Loan ID 200689  Fixed  4.375%  12/1/2043   117,741 
 230,675   Loan ID 200690  Fixed  4.250%  4/1/2044   204,795 
 293,570   Loan ID 200691  Fixed  4.500%  5/1/2044   300,723 
 248,638   Loan ID 200692  Fixed  4.625%  7/1/2044   249,529 

 

 

Vertical Capital Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
December 31, 2015

 

Principal      Loan Type  Interest Rate  Maturity  Value 
     MORTGAGE NOTES - 94.0% (Continued)              
$109,141   Loan ID 200694  Fixed  4.500%  9/1/2043  $111,959 
 49,794   Loan ID 200696  Fixed  3.750%  10/1/2042   49,493 
 138,696   Loan ID 200697  Fixed  4.500%  1/1/2044   121,879 
 190,812   Loan ID 200699  Fixed  4.125%  7/1/2044   190,402 
 96,132   Loan ID 200700  Fixed  4.250%  2/1/2044   96,913 
 170,943   Loan ID 200701  Fixed  4.750%  6/1/2044   176,881 
 156,036   Loan ID 200702  Fixed  4.750%  5/1/2044   159,312 
 99,084   Loan ID 200704  Fixed  4.375%  3/1/2043   101,496 
 136,652   Loan ID 200705  Fixed  4.625%  4/1/2044   141,898 
 104,860   Loan ID 200706  Fixed  4.990%  6/1/2044   106,617 
 102,036   Loan ID 200707  Fixed  4.875%  2/1/2044   104,731 
 135,891   Loan ID 200708  Fixed  4.875%  2/1/2044   142,685 
 52,353   Loan ID 200709  Fixed  4.375%  4/1/2043   53,689 
 118,089   Loan ID 200710  Fixed  4.500%  7/1/2044   120,094 
 118,858   Loan ID 200711  Fixed  3.750%  7/1/2043   101,516 
 220,835   Loan ID 200712  Fixed  3.875%  2/1/2044   194,221 
 100,002   Loan ID 200713  Fixed  4.250%  12/1/2043   101,636 
 612,147   Loan ID 200714  Fixed  3.175%  11/1/2036   390,214 
 210,951   Loan ID 200716  ARM  3.198%  8/1/2037   133,399 
 145,825   Loan ID 200720  ARM  3.250%  4/1/2042   84,987 
 188,596   Loan ID 200721  Fixed  3.000%  8/1/2037   119,339 
 191,871   Loan ID 200725  Fixed  7.000%  7/1/2037   89,967 
 150,877   Loan ID 200726  Fixed  4.125%  9/1/2037   90,363 
 178,094   Loan ID 200727  Fixed  2.625%  7/1/2037   137,140 
 349,572   Loan ID 200729  ARM  3.375%  11/1/2037   157,438 
 446,642   Loan ID 200730  ARM  2.750%  9/1/2036   369,766 
 202,308   Loan ID 200732  Fixed  3.125%  9/1/2027   156,148 
 236,914   Loan ID 200733  Fixed  3.750%  12/1/2042   235,303 
 249,036   Loan ID 200734  ARM  3.375%  4/1/2044   203,986 
 104,317   Loan ID 200735  Fixed  4.500%  6/1/2044   95,171 
 147,464   Loan ID 200736  Fixed  4.750%  5/1/2044   120,823 
 145,510   Loan ID 200737  Fixed  4.750%  5/1/2044   90,728 
 601,386   Loan ID 200738  Fixed  4.125%  6/1/2044   613,237 
 360,320   Loan ID 200739  Fixed  4.625%  8/1/2044   301,466 
 134,486   Loan ID 200740  Fixed  4.875%  6/1/2044   138,149 
 111,376   Loan ID 200741  Fixed  4.250%  6/1/2044   57,511 
 181,439   Loan ID 200742  Fixed  4.250%  4/1/2043   184,663 
 197,318   Loan ID 200744  Fixed  3.625%  6/1/2043   194,014 
 126,278   Loan ID 200745  Fixed  3.250%  6/1/2043   103,026 
 375,874   Loan ID 200746  Fixed  5.250%  6/1/2044   318,139 
 340,696   Loan ID 200747  Fixed  4.125%  5/1/2043   337,198 
 460,880   Loan ID 200748  Fixed  4.750%  12/1/2043   483,315 
 157,293   Loan ID 200749  Fixed  4.750%  9/1/2043   164,949 

 

 

Vertical Capital Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
December 31, 2015

 

Principal      Loan Type  Interest Rate  Maturity  Value 
     MORTGAGE NOTES - 94.0% (Continued)              
$249,528   Loan ID 200750  Fixed  4.750%  5/1/2044  $258,772 
 166,264   Loan ID 200751  Fixed  3.750%  7/1/2029   153,182 
 171,903   Loan ID 200752  Fixed  4.750%  10/1/2043   140,813 
 61,182   Loan ID 200753  Fixed  5.250%  5/1/2044   57,224 
 229,067   Loan ID 200754  Fixed  4.750%  8/1/2044   233,831 
 57,479   Loan ID 200755  Fixed  4.250%  6/1/2043   51,849 
 194,197   Loan ID 200756  Fixed  4.875%  11/1/2043   178,485 
 130,544   Loan ID 200759  Fixed  3.750%  6/1/2043   110,322 
 178,320   Loan ID 200760  Fixed  3.750%  6/1/2043   176,559 
 112,843   Loan ID 200761  Fixed  4.625%  1/1/2044   75,704 
 309,960   Loan ID 200762  Fixed  3.875%  5/1/2042   272,681 
 157,641   Loan ID 200763  Fixed  4.250%  11/1/2043   139,900 
 316,834   Loan ID 200764  Fixed  3.875%  6/1/2043   313,892 
 209,770   Loan ID 200765  Fixed  4.875%  11/1/2043   194,719 
 508,802   Loan ID 200766  Fixed  3.625%  12/1/2042   501,075 
 516,835   Loan ID 200768  Fixed  4.000%  6/1/2043   514,099 
 140,254   Loan ID 200770  Fixed  4.000%  5/1/2043   116,120 
 180,207   Loan ID 200771  Fixed  4.500%  4/1/2043   168,688 
 254,389   Loan ID 200772  Fixed  3.750%  3/1/2043   252,701 
 59,614   Loan ID 200773  Fixed  3.750%  10/1/2043   42,138 
 211,627   Loan ID 200774  Fixed  3.875%  7/1/2043   210,709 
 45,763   Loan ID 200775  Fixed  4.250%  4/1/2043   46,874 
 83,602   Loan ID 200776  Fixed  4.250%  3/1/2044   73,404 
 54,819   Loan ID 200777  Fixed  4.750%  6/1/2044   46,808 
 109,416   Loan ID 200778  Fixed  4.625%  6/1/2044   114,119 
 146,268   Loan ID 200779  Fixed  4.625%  8/1/2044   148,477 
 37,111   Loan ID 200780  Fixed  4.250%  8/1/2044   37,294 
 171,528   Loan ID 200781  Fixed  4.625%  9/1/2044   176,598 
 143,476   Loan ID 200783  Fixed  4.750%  9/1/2044   134,907 
 117,397   Loan ID 200785  Fixed  4.500%  8/1/2044   118,279 
 232,489   Loan ID 200786  Fixed  4.625%  7/1/2044   196,496 
 44,145   Loan ID 200787  Fixed  4.750%  9/1/2044   44,817 
 202,558   Loan ID 200788  Fixed  3.625%  12/1/2028   195,296 
 133,905   Loan ID 200789  Fixed  3.750%  9/1/2044   111,905 
 155,058   Loan ID 200790  Fixed  4.250%  8/1/2044   141,374 
 207,826   Loan ID 200791  Fixed  4.875%  6/1/2044   217,176 
 370,709   Loan ID 200792  Fixed  3.375%  1/1/2043   205,441 
 374,643   Loan ID 200793  Fixed  2.000%  10/1/2051   145,588 
 234,875   Loan ID 200794  Fixed  3.000%  4/1/2050   56,002 
 96,383   Loan ID 200795  Fixed  6.750%  8/1/2036   91,008 
 72,925   Loan ID 200796  Fixed  2.170%  12/1/2053   46,078 
 424,062   Loan ID 200797  Fixed  3.000%  6/1/2052   307,621 
 60,263   Loan ID 200799  Fixed  3.000%  2/5/2053   49,184 

 

 

Vertical Capital Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
December 31, 2015

 

Principal      Loan Type  Interest Rate  Maturity  Value 
     MORTGAGE NOTES - 94.0% (Continued)              
$61,327   Loan ID 200800  Fixed  4.000%  1/1/2053  $54,615 
 216,438   Loan ID 200802  Fixed  6.000%  1/1/2042   69,079 
 364,939   Loan ID 200803  Fixed  2.250%  11/1/2050   126,145 
 162,238   Loan ID 200805  Fixed  3.000%  7/1/2050   103,861 
 159,411   Loan ID 200806  Fixed  5.000%  8/1/2049   85,623 
 301,314   Loan ID 200807  Fixed  2.460%  7/1/2047   134,500 
 25,930   Loan ID 200808  Fixed  2.000%  11/1/2050   8,677 
 117,810   Loan ID 200809  Fixed  3.000%  4/1/2050   47,400 
 144,985   Loan ID 200810  Fixed  3.000%  1/1/2050   78,069 
 117,163   Loan ID 200811  Fixed  3.000%  4/1/2050   75,259 
 68,026   Loan ID 200813  Fixed  2.000%  12/1/2049   106,809 
 244,979   Loan ID 200814  Fixed  8.250%  7/1/2039   246,454 
 316,550   Loan ID 200815  Fixed  2.000%  3/1/2053   148,877 
 115,016   Loan ID 200817  Fixed  3.000%  1/1/2050   158,225 
 55,318   Loan ID 200818  Fixed  3.490%  8/1/2051   42,272 
 264,687   Loan ID 200819  Fixed  2.000%  9/1/2053   125,771 
 138,146   Loan ID 200820  Fixed  4.000%  7/1/2044   118,811 
 214,042   Loan ID 200821  Fixed  4.250%  8/1/2044   212,346 
 325,814   Loan ID 200822  Fixed  4.750%  1/1/2042   342,104 
 83,561   Loan ID 200823  Fixed  4.250%  9/1/2044   75,487 
 226,897   Loan ID 200824  Fixed  4.250%  8/1/2044   194,590 
 108,712   Loan ID 200826  Fixed  4.375%  9/1/2044   108,085 
 191,144   Loan ID 200827  Fixed  3.875%  6/1/2044   163,262 
 240,413   Loan ID 200828  Fixed  4.375%  7/1/2044   189,640 
 264,587   Loan ID 200829  Fixed  4.375%  7/1/2043   267,070 
 215,490   Loan ID 200830  ARM  2.875%  7/1/2044   148,711 
 85,195   Loan ID 200831  Fixed  4.250%  10/1/2044   83,714 
 349,513   Loan ID 200832  Fixed  4.250%  10/1/2044   300,992 
 365,839   Loan ID 200833  Fixed  4.250%  1/1/2043   374,795 
 164,623   Loan ID 200834  Fixed  4.125%  7/1/2043   167,513 
 337,928   Loan ID 200835  Fixed  5.000%  8/1/2043   350,078 
 338,437   Loan ID 200837  Fixed  4.625%  8/1/2044   340,047 
 188,026   Loan ID 200838  Fixed  3.750%  8/1/2044   152,483 
 240,820   Loan ID 200839  Fixed  5.000%  5/1/2044   252,861 
 186,499   Loan ID 200842  Fixed  4.250%  8/1/2044   164,254 
 366,935   Loan ID 200843  Fixed  4.750%  10/1/2043   383,080 
 311,214   Loan ID 200844  Fixed  4.500%  7/1/2043   323,376 
 209,166   Loan ID 200846  Fixed  4.375%  11/1/2043   171,231 
 186,093   Loan ID 200847  Fixed  4.750%  10/1/2044   189,099 
 181,055   Loan ID 200848  Fixed  2.000%  6/1/2051   139,801 
 227,359   Loan ID 200849  Fixed  5.014%  11/1/2047   122,029 
 147,976   Loan ID 200850  Fixed  2.000%  6/1/2051   58,738 
 189,317   Loan ID 200851  Fixed  5.000%  7/1/2051   165,604 

 

 

Vertical Capital Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
December 31, 2015

 

Principal      Loan Type  Interest Rate  Maturity  Value 
     MORTGAGE NOTES - 94.0% (Continued)              
$627,779   Loan ID 200852  Fixed  2.868%  2/1/2053  $458,309 
 115,933   Loan ID 200853  Fixed  3.818%  4/1/2037   83,622 
 106,919   Loan ID 200854  Fixed  2.500%  4/1/2053   90,928 
 225,156   Loan ID 200855  ARM  3.548%  7/1/2037   102,610 
 220,304   Loan ID 200856  Fixed  4.000%  6/1/2042   95,027 
 244,616   Loan ID 200857  Fixed  2.125%  7/1/2040   92,662 
 272,443   Loan ID 200858  Fixed  2.000%  1/1/2053   205,760 
 245,404   Loan ID 200859  Fixed  2.170%  12/1/2052   178,095 
 155,725   Loan ID 200860  Fixed  2.000%  3/1/2052   108,842 
 436,306   Loan ID 200861  Fixed  2.000%  6/1/2054   337,326 
 157,783   Loan ID 200862  Fixed  2.748%  8/1/2050   84,221 
 256,975   Loan ID 200863  Fixed  2.000%  7/1/2052   208,052 
 275,595   Loan ID 200864  Fixed  2.000%  1/1/2037   83,767 
 213,153   Loan ID 200865  Fixed  3.060%  11/1/2053   153,001 
 274,011   Loan ID 200866  Fixed  2.000%  5/1/2053   174,798 
 116,680   Loan ID 200867  Fixed  2.370%  9/1/2053   66,694 
 317,074   Loan ID 200869  ARM  3.740%  4/1/2037   116,776 
 2,762,526   Loan ID 200871  Fixed  2.000%  8/1/2053   1,129,417 
 394,377   Loan ID 200872  Fixed  3.200%  8/1/2050   307,015 
 202,801   Loan ID 200873  Fixed  3.525%  11/1/2053   128,823 
 215,412   Loan ID 200874  Fixed  2.000%  11/1/2047   87,214 
 579,156   Loan ID 200875  Fixed  2.000%  5/1/2054   418,883 
 201,973   Loan ID 200876  ARM  2.625%  5/1/2035   181,146 
 399,975   Loan ID 200877  Fixed  4.750%  9/1/2042   330,684 
 138,736   Loan ID 200878  Fixed  3.000%  7/1/2050   89,132 
 196,269   Loan ID 200880  Fixed  4.250%  6/1/2043   201,022 
 182,081   Loan ID 200882  Fixed  5.125%  9/1/2043   191,185 
 90,448   Loan ID 200883  Fixed  3.375%  5/1/2028   86,652 
 177,211   Loan ID 200885  Fixed  4.875%  10/1/2044   175,037 
 98,959   Loan ID 200886  Fixed  4.250%  10/1/2044   98,209 
 258,271   Loan ID 200887  Fixed  4.750%  9/1/2044   266,636 
 242,780   Loan ID 200888  Fixed  4.500%  9/1/2044   192,813 
 137,548   Loan ID 200890  Fixed  4.375%  11/1/2044   104,281 
 212,430   Loan ID 200891  Fixed  4.250%  10/1/2044   184,874 
 261,142   Loan ID 200892  Fixed  3.750%  9/1/2043   215,404 
 227,942   Loan ID 200893  Fixed  5.000%  11/1/2043   234,273 
 101,107   Loan ID 200894  Fixed  5.000%  10/1/2043   105,501 
 231,681   Loan ID 200895  Fixed  3.875%  11/1/2043   226,744 
 198,942   Loan ID 200897  Fixed  4.750%  10/1/2044   173,844 
 224,593   Loan ID 200898  Fixed  4.250%  10/1/2043   171,107 
 383,944   Loan ID 200900  Fixed  4.375%  9/1/2044   345,559 
 676,793   Loan ID 200902  Fixed  4.250%  9/1/2044   685,006 
 256,307   Loan ID 200904  Fixed  5.125%  9/1/2044   235,267 

 

 

Vertical Capital Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
December 31, 2015

 

Principal      Loan Type  Interest Rate  Maturity  Value 
     MORTGAGE NOTES - 94.0% (Continued)              
$409,767   Loan ID 200905  Fixed  5.375%  9/1/2044  $415,195 
 324,467   Loan ID 200906  Fixed  4.875%  2/1/2035   340,691 
 355,333   Loan ID 200907  ARM  3.250%  8/1/2047   280,490 
 107,808   Loan ID 200908  Fixed  4.000%  6/1/2049   96,629 
 117,821   Loan ID 200909  Fixed  4.870%  3/1/2046   123,713 
 207,167   Loan ID 200910  Fixed  3.300%  4/1/2053   161,150 
 150,092   Loan ID 200911  Fixed  3.380%  9/1/2053   76,587 
 723,314   Loan ID 200912  Fixed  3.500%  3/1/2037   560,675 
 60,722   Loan ID 200913  Fixed  4.250%  5/1/2047   49,834 
 156,672   Loan ID 200914  Fixed  2.875%  12/1/2047   98,819 
 144,386   Loan ID 200915  Fixed  2.990%  9/1/2053   63,062 
 98,115   Loan ID 200916  Fixed  4.000%  10/1/2037   96,541 
 162,601   Loan ID 200917  Fixed  4.875%  1/1/2051   170,731 
 519,867   Loan ID 200918  Fixed  3.875%  10/1/2035   447,578 
 561,929   Loan ID 200919  Fixed  3.000%  8/1/2045   454,439 
 100,406   Loan ID 200921  ARM  3.250%  7/1/2051   79,419 
 431,567   Loan ID 200922  Fixed  3.340%  9/1/2053   364,300 
 446,982   Loan ID 200923  Fixed  2.750%  12/1/2036   346,959 
 516,690   Loan ID 200924  Fixed  5.000%  9/1/2051   443,152 
 468,059   Loan ID 200925  Fixed  4.000%  4/1/2055   397,669 
 340,944   Loan ID 200927  Fixed  3.000%  8/1/2038   325,568 
 127,784   Loan ID 200928  Fixed  4.800%  12/1/2036   134,173 
 166,526   Loan ID 200929  Fixed  4.625%  1/1/2043   170,257 
 186,871   Loan ID 200930  Fixed  2.000%  12/1/2050   146,111 
 395,060   Loan ID 200931  Fixed  4.250%  12/1/2052   271,568 
 312,657   Loan ID 200933  Fixed  4.250%  3/1/2043   319,709 
 118,806   Loan ID 200934  Fixed  3.810%  1/1/2043   117,670 
 184,489   Loan ID 200935  Fixed  3.875%  4/1/2043   181,046 
 202,587   Loan ID 200936  Fixed  4.000%  5/1/2042   204,771 
 179,921   Loan ID 200938  Fixed  4.125%  4/1/2043   180,972 
 126,417   Loan ID 200939  Fixed  4.170%  5/1/2042   114,872 
 207,055   Loan ID 200940  Fixed  3.250%  2/1/2043   196,396 
 120,473   Loan ID 200941  Fixed  3.780%  1/1/2043   119,677 
 289,235   Loan ID 200942  Fixed  4.000%  4/1/2043   292,503 
 123,453   Loan ID 200943  Fixed  4.875%  11/1/2043   126,916 
 107,899   Loan ID 200944  Fixed  4.500%  2/1/2044   93,616 
 145,258   Loan ID 200945  Fixed  5.125%  4/1/2044   148,834 
 298,689   Loan ID 200947  Fixed  4.000%  2/1/2043   301,669 
 133,185   Loan ID 200948  Fixed  4.625%  12/1/2042   138,485 
 291,655   Loan ID 200949  Fixed  3.875%  4/1/2043   291,592 
 108,991   Loan ID 200950  Fixed  4.750%  12/1/2042   114,335 
 188,624   Loan ID 200952  Fixed  3.875%  1/1/2043   188,642 
 122,314   Loan ID 200953  Fixed  3.750%  12/1/2042   101,717 

 

 

Vertical Capital Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
December 31, 2015

 

Principal      Loan Type  Interest Rate  Maturity  Value 
     MORTGAGE NOTES - 94.0% (Continued)              
$393,335   Loan ID 200954  Fixed  3.625%  1/1/2043  $385,545 
 344,725   Loan ID 200955  Fixed  3.250%  5/1/2043   326,721 
 267,829   Loan ID 200956  Fixed  5.000%  8/1/2051   252,014 
 173,553   Loan ID 200957  Fixed  3.875%  6/1/2043   173,876 
 99,924   Loan ID 200958  Fixed  3.875%  6/1/2043   98,892 
 434,322   Loan ID 200959  Fixed  4.000%  11/1/2042   439,667 
 390,027   Loan ID 200960  Fixed  3.500%  1/1/2043   377,367 
 185,144   Loan ID 200961  Fixed  4.750%  6/1/2043   190,835 
 216,271   Loan ID 200962  Fixed  4.250%  10/1/2044   187,411 
 121,919   Loan ID 200963  Fixed  4.750%  9/1/2044   107,088 
 366,664   Loan ID 200964  Fixed  3.750%  7/1/2043   364,316 
 212,833   Loan ID 200965  Fixed  4.125%  11/1/2044   175,034 
 150,872   Loan ID 200966  Fixed  4.875%  7/1/2044   134,550 
 97,970   Loan ID 200968  Fixed  4.250%  11/1/2044   72,834 
 373,807   Loan ID 200969  Fixed  4.875%  8/1/2043   391,947 
 137,215   Loan ID 200972  Fixed  4.750%  2/1/2044   143,027 
 158,802   Loan ID 200974  Fixed  4.250%  10/1/2044   137,118 
 58,925   Loan ID 200975  Fixed  4.750%  12/1/2044   60,151 
 206,612   Loan ID 200976  Fixed  4.500%  12/1/2044   206,481 
 361,997   Loan ID 200977  Fixed  4.875%  9/1/2044   378,756 
 124,619   Loan ID 200978  Fixed  4.625%  11/1/2044   121,737 
 183,333   Loan ID 200980  Fixed  4.250%  11/1/2044   181,616 
 318,451   Loan ID 200981  Fixed  4.625%  11/1/2044   288,997 
 147,309   Loan ID 200982  Fixed  4.375%  11/1/2044   108,044 
 224,778   Loan ID 200983  Fixed  4.375%  8/1/2044   196,617 
 157,817   Loan ID 200984  Fixed  5.000%  10/1/2043   165,708 
 267,647   Loan ID 200985  Fixed  4.250%  12/1/2044   215,629 
 158,863   Loan ID 200986  Fixed  4.250%  12/1/2044   162,884 
 117,782   Loan ID 200987  Fixed  4.625%  10/1/2044   119,284 
 229,445   Loan ID 200989  Fixed  3.750%  6/1/2029   226,167 
 294,758   Loan ID 200992  Fixed  4.125%  5/1/2043   299,899 
 174,956   Loan ID 200993  Fixed  2.004%  7/15/2049   152,090 
 206,563   Loan ID 200994  Fixed  4.125%  5/1/2053   185,337 
 201,402   Loan ID 200995  Fixed  2.750%  5/1/2047   155,989 
 58,478   Loan ID 200996  Fixed  2.500%  8/1/2048   39,374 
 101,256   Loan ID 200997  Fixed  2.000%  3/1/2051   69,538 
 373,918   Loan ID 200998  Fixed  3.250%  12/1/2050   269,116 
 100,185   Loan ID 200999  Fixed  4.250%  4/1/2044   100,902 
 76,264   Loan ID 201000  Fixed  5.125%  2/1/2039   80,077 
 107,698   Loan ID 201001  Fixed  7.413%  9/1/2037   86,594 
 36,442   Loan ID 201002 **  Fixed  0.000%  10/1/2024   37,307 
 37,130   Loan ID 201003 **  Fixed  0.000%  12/1/2024   38,081 
 135,527   Loan ID 201005  Fixed  4.750%  7/1/2041   142,303 
 44,898   Loan ID 201006  Fixed  6.875%  3/1/2038   47,143 

 

 

Vertical Capital Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
December 31, 2015

 

Principal      Loan Type  Interest Rate  Maturity  Value 
     MORTGAGE NOTES - 94.0% (Continued)              
$83,521   Loan ID 201007  Fixed  7.125%  4/1/2037  $87,697 
 79,751   Loan ID 201008  Fixed  7.125%  10/1/2038   83,738 
 76,213   Loan ID 201009 **  Fixed  0.000%  4/1/2033   78,287 
 83,585   Loan ID 201010  Fixed  5.500%  4/1/2039   80,349 
 49,583   Loan ID 201011 **  Fixed  0.000%  2/1/2023   50,877 
 47,754   Loan ID 201012  Fixed  7.500%  12/1/2038   50,142 
 58,040   Loan ID 201013  Fixed  7.500%  12/1/2038   60,544 
 99,141   Loan ID 201014 **  Fixed  0.000%  2/1/2033   88,757 
 20,080   Loan ID 201015 **  Fixed  0.000%  3/29/2021   20,635 
 110,975   Loan ID 201016  Fixed  6.500%  2/1/2036   103,388 
 29,208   Loan ID 201017 **  Fixed  0.000%  4/1/2032   26,181 
 318,981   Loan ID 201018  Fixed  6.750%  6/1/2037   325,152 
 103,471   Loan ID 201019  ARM  2.875%  2/1/2037   87,978 
 103,595   Loan ID 201020 **  Fixed  0.000%  10/1/2034   106,091 
 106,609   Loan ID 201021  Fixed  6.870%  8/1/2047   111,939 
 83,772   Loan ID 201022  ARM  2.625%  5/1/2037   68,798 
 148,410   Loan ID 201023  Fixed  6.450%  2/1/2036   150,152 
 101,421   Loan ID 201024  Fixed  9.000%  3/1/2037   104,112 
 192,663   Loan ID 201025  ARM  2.875%  1/1/2042   146,598 
 82,378   Loan ID 201026  Fixed  7.750%  12/1/2035   86,496 
 108,187   Loan ID 201027  Fixed  9.538%  3/1/2037   113,596 
 174,154   Loan ID 201028  Fixed  4.625%  4/1/2044   180,383 
 106,978   Loan ID 201030  Fixed  5.000%  7/1/2042   103,270 
 196,700   Loan ID 201031  Fixed  4.375%  12/1/2044   199,331 
 146,308   Loan ID 201032  Fixed  4.500%  11/1/2044   97,320 
 295,827   Loan ID 201033  Fixed  4.125%  12/1/2044   265,175 
 106,325   Loan ID 201035  Fixed  4.375%  9/1/2044   47,745 
 101,255   Loan ID 201036  Fixed  4.375%  12/1/2044   84,680 
 70,863   Loan ID 201037  Fixed  8.250%  7/1/2039   74,406 
 114,188   Loan ID 201038  Fixed  8.250%  5/1/2039   58,533 
 462,886   Loan ID 201039  ARM  4.500%  10/1/2045   178,895 
 284,972   Loan ID 201040  Fixed  2.000%  11/1/2045   205,322 
 93,103   Loan ID 201041  Fixed  3.750%  11/1/2052   72,258 
 121,013   Loan ID 201043  Fixed  4.000%  4/1/2039   115,574 
 190,814   Loan ID 201044  Fixed  4.870%  3/29/2037   127,666 
 115,243   Loan ID 201045  Fixed  2.000%  7/1/2037   87,391 
 271,745   Loan ID 201046  Fixed  2.000%  4/1/2053   119,926 
 111,555   Loan ID 201047  Fixed  2.000%  4/1/2053   74,293 
 177,962   Loan ID 201048  Fixed  2.000%  4/1/2052   120,973 
 495,731   Loan ID 201049  Fixed  2.000%  4/1/2052   312,640 
 657,874   Loan ID 201050  Fixed  2.000%  8/1/2053   372,455 
 277,984   Loan ID 201051  Fixed  3.174%  9/1/2053   214,623 
 132,135   Loan ID 201052  Fixed  2.000%  4/1/2053   57,629 
 66,950   Loan ID 201053  Fixed  3.860%  7/1/2053   52,924 

 

 

Vertical Capital Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
December 31, 2015

 

Principal      Loan Type  Interest Rate  Maturity  Value 
     MORTGAGE NOTES - 94.0% (Continued)              
$219,813   Loan ID 201054  Fixed  2.400%  5/17/2050  $158,854 
 611,453   Loan ID 201056  Fixed  2.000%  7/1/2054   482,470 
 173,882   Loan ID 201057  Fixed  2.000%  1/1/2050   149,344 
 143,463   Loan ID 201058  Fixed  2.500%  8/1/2037   86,047 
 138,543   Loan ID 201059  Fixed  2.000%  4/1/2053   119,097 
 120,629   Loan ID 201060  ARM  2.625%  7/1/2035   77,493 
 88,837   Loan ID 201061  Fixed  3.000%  3/1/2050   57,213 
 123,412   Loan ID 201062  Fixed  3.100%  4/1/2047   99,381 
 128,499   Loan ID 201063  Fixed  4.000%  9/1/2047   103,056 
 52,067   Loan ID 201064  Fixed  2.000%  12/1/2052   37,856 
 219,917   Loan ID 201065  Fixed  3.000%  7/1/2037   156,479 
 237,546   Loan ID 201066  Fixed  4.250%  12/1/2046   244,400 
 449,979   Loan ID 201067  Fixed  4.750%  1/1/2044   405,686 
 307,379   Loan ID 201068  Fixed  5.250%  5/1/2044   322,748 
 72,470   Loan ID 201069  Fixed  4.625%  12/1/2044   63,971 
 637,351   Loan ID 201070  Fixed  4.250%  2/1/2045   644,758 
 185,150   Loan ID 201071  Fixed  4.625%  11/1/2044   160,127 
 126,597   Loan ID 201072  Fixed  3.500%  3/1/2028   92,929 
 56,015   Loan ID 201073  Fixed  3.125%  4/1/2023   52,199 
 99,033   Loan ID 201075  Fixed  4.375%  10/1/2044   97,451 
 131,685   Loan ID 201076  Fixed  3.500%  12/1/2042   125,282 
 140,138   Loan ID 201077  Fixed  3.625%  7/1/2044   116,357 
 110,346   Loan ID 201078  Fixed  3.990%  7/1/2042   111,592 
 273,241   Loan ID 201081  ARM  3.000%  10/1/2044   236,584 
 127,661   Loan ID 201082  Fixed  3.875%  12/1/2044   104,492 
 374,712   Loan ID 201083  Fixed  5.375%  2/1/2044   238,753 
 234,289   Loan ID 201084  Fixed  5.000%  8/1/2038   225,138 
 151,731   Loan ID 201086  Fixed  4.625%  11/1/2044   137,102 
 279,938   Loan ID 201089  Fixed  4.000%  8/1/2044   207,570 
 260,485   Loan ID 201090  Fixed  3.625%  11/1/2044   250,177 
 164,769   Loan ID 201091  Fixed  4.125%  1/1/2045   135,413 
 231,195   Loan ID 201092  Fixed  5.250%  9/1/2043   231,195 
 143,186   Loan ID 201093  Fixed  4.125%  9/1/2043   67,695 
 156,685   Loan ID 201094  Fixed  4.550%  3/1/2044   136,499 
 242,855   Loan ID 201095  Fixed  3.875%  8/1/2044   205,382 
 243,748   Loan ID 201097  Fixed  3.990%  1/1/2045   198,604 
 156,697   Loan ID 201099  Fixed  2.875%  3/1/2030   136,004 
 102,809   Loan ID 201100  Fixed  4.125%  7/1/2043   104,804 
 361,016   Loan ID 201101  Fixed  4.625%  3/1/2045   279,942 
 161,344   Loan ID 201103  ARM  2.875%  5/1/2044   136,209 
 164,867   Loan ID 201104  Fixed  4.375%  4/1/2045   140,904 
 303,991   Loan ID 201105  Fixed  4.250%  11/1/2044   300,669 
 83,542   Loan ID 201107  Fixed  5.150%  2/1/2036   79,682 

 

 

Vertical Capital Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
December 31, 2015

 

Principal      Loan Type  Interest Rate  Maturity  Value 
     MORTGAGE NOTES (Continued) - 94.0%              
$155,391   Loan ID 201108  Fixed  4.750%  2/1/2054  $76,837 
 555,570   Loan ID 201110  ARM  3.375%  4/1/2037   402,010 
 163,544   Loan ID 201111  Fixed  3.000%  4/1/2050   66,671 
 259,177   Loan ID 201112  Fixed  3.750%  8/1/2037   204,649 
 79,549   Loan ID 201113  Fixed  5.750%  12/1/2052   83,527 
 111,174   Loan ID 201114  Fixed  8.087%  5/1/2054   96,393 
 519,248   Loan ID 201115  Fixed  4.000%  2/1/2051   456,784 
 82,756   Loan ID 201116  Fixed  4.250%  10/1/2052   42,370 
 132,410   Loan ID 201117  Fixed  4.500%  11/1/2037   84,145 
 218,643   Loan ID 201118  Fixed  2.000%  11/1/2054   134,526 
 134,739   Loan ID 201119  Fixed  4.000%  5/1/2034   132,673 
 55,442   Loan ID 201120  Fixed  4.500%  4/1/2037   40,014 
 96,199   Loan ID 201121  Fixed  2.000%  11/1/2048   60,433 
 87,483   Loan ID 201122  Fixed  4.750%  11/1/2048   75,179 
 177,471   Loan ID 201123  Fixed  2.000%  7/1/2054   39,780 
 257,369   Loan ID 201124  Fixed  4.000%  4/1/2040   220,177 
 435,352   Loan ID 201126  Fixed  6.500%  4/1/2049   274,955 
 85,264   Loan ID 201127  ARM  2.625%  4/1/2037   26,526 
 282,381   Loan ID 201128  Fixed  2.000%  10/1/2036   122,443 
 161,962   Loan ID 201129  Fixed  4.875%  6/1/2051   139,026 
 125,681   Loan ID 201130  Fixed  4.850%  2/1/2038   131,691 
 117,838   Loan ID 201131  Fixed  5.353%  5/1/2053   42,270 
 173,676   Loan ID 201132  Fixed  2.000%  7/1/2037   109,153 
 155,707   Loan ID 201133  Fixed  2.000%  6/1/2051   108,779 
 202,738   Loan ID 201134  Fixed  2.000%  10/1/2053   128,822 
 543,662   Loan ID 201135  Fixed  2.000%  6/1/2051   252,489 
 533,844   Loan ID 201136  Fixed  2.000%  2/1/2036   456,423 
 318,546   Loan ID 201137  Fixed  2.000%  12/1/2052   201,556 
 61,175   Loan ID 201138  Fixed  4.250%  3/1/2034   63,037 
 166,818   Loan ID 201139  Fixed  2.000%  11/1/2053   77,229 
 162,783   Loan ID 201140  Fixed  4.870%  1/1/2038   139,669 
 145,756   Loan ID 201141  Fixed  2.000%  5/1/2052   105,340 
 455,023   Loan ID 201142  Fixed  2.000%  9/1/2035   339,317 
 93,028   Loan ID 201143  Fixed  2.000%  11/1/2037   42,164 
 104,897   Loan ID 201144  Fixed  2.000%  9/1/2045   90,069 
 232,445   Loan ID 201145  Fixed  4.000%  4/1/2051   180,459 
 134,528   Loan ID 201146  Fixed  4.875%  8/1/2054   115,522 
 111,772   Loan ID 201147  Fixed  2.000%  11/1/2051   79,327 
 99,826   Loan ID 201148  Fixed  3.950%  10/1/2042   101,368 
 281,192   Loan ID 201149  Fixed  5.719%  6/1/2051   202,754 
 126,020   Loan ID 201150  Fixed  2.000%  7/1/2037   90,435 
 428,138   Loan ID 201151  Fixed  5.000%  5/1/2049   449,545 
 485,646   Loan ID 201152  Fixed  2.000%  8/1/2050   388,769 
 252,733   Loan ID 201153  Fixed  3.000%  6/1/2050   172,690 

 

 

Vertical Capital Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
December 31, 2015

 

Principal      Loan Type  Interest Rate  Maturity  Value 
     MORTGAGE NOTES (Continued) - 94.0%              
$64,148   Loan ID 201154  ARM  4.500%  11/1/2041  $66,809 
 97,775   Loan ID 201155  Fixed  2.000%  11/1/2053   82,579 
 65,625   Loan ID 201156  Fixed  3.000%  4/1/2050   44,030 
 294,613   Loan ID 201157  Fixed  4.000%  3/1/2055   299,159 
 300,559   Loan ID 201158  Fixed  2.000%  8/1/2052   242,879 
 72,385   Loan ID 201159  Fixed  2.000%  6/1/2039   29,712 
 205,766   Loan ID 201160  Fixed  3.000%  10/1/2049   111,202 
 300,619   Loan ID 201161  Fixed  2.000%  6/1/2054   151,912 
 145,829   Loan ID 201162  Fixed  2.125%  12/1/2052   92,615 
 387,290   Loan ID 201163  Fixed  3.000%  12/1/2049   182,356 
 168,233   Loan ID 201164  Fixed  3.000%  11/1/2051   137,107 
 117,407   Loan ID 201165  Fixed  4.750%  1/1/2044   122,434 
 121,685   Loan ID 201166  Fixed  2.000%  12/1/2054   93,916 
 443,296   Loan ID 201168  Fixed  2.000%  4/1/2052   303,336 
 112,974   Loan ID 201169  Fixed  5.934%  9/1/2037   111,669 
 69,585   Loan ID 201170  Fixed  3.365%  7/1/2037   53,925 
 70,639   Loan ID 201171  Fixed  2.000%  5/1/2051   48,562 
 105,993   Loan ID 201172  Fixed  3.000%  6/1/2050   77,504 
 111,036   Loan ID 201173  Fixed  2.000%  11/1/2047   54,074 
 150,550   Loan ID 201174  Fixed  4.750%  1/1/2053   139,683 
 65,865   Loan ID 201175  Fixed  3.000%  9/1/2044   56,520 
 136,893   Loan ID 201176  Fixed  4.250%  8/1/2053   124,006 
 273,968   Loan ID 201177  Fixed  2.000%  7/1/2046   212,332 
 312,608   Loan ID 201178  Fixed  3.193%  6/1/2051   121,450 
 304,983   Loan ID 201179  Fixed  2.000%  5/1/2051   145,967 
 424,042   Loan ID 201180  Fixed  2.000%  6/1/2053   395,205 
 329,341   Loan ID 201181  Fixed  4.500%  4/1/2034   231,431 
 52,668   Loan ID 201182  Fixed  3.290%  3/1/2034   39,473 
 137,518   Loan ID 201183  Fixed  2.375%  10/1/2052   100,142 
 64,835   Loan ID 201184  Fixed  4.000%  6/1/2049   66,014 
 266,179   Loan ID 201185  Fixed  5.760%  10/1/2053   236,346 
 83,851   Loan ID 201187  Fixed  2.000%  11/1/2048   43,632 
 634,420   Loan ID 201188  Fixed  2.000%  8/1/2052   433,494 
 106,509   Loan ID 201189  Fixed  4.500%  12/1/2051   110,980 
 162,657   Loan ID 201190  Fixed  4.250%  6/1/2051   167,599 
 213,692   Loan ID 201191  Fixed  3.000%  2/1/2037   153,851 
 119,704   Loan ID 201192  Fixed  2.000%  2/1/2051   85,615 
 235,332   Loan ID 201193  Fixed  2.000%  5/1/2051   127,237 
 334,269   Loan ID 201194  Fixed  2.000%  6/1/2054   238,201 
 150,662   Loan ID 201195  Fixed  3.500%  5/1/2036   124,327 
 650,761   Loan ID 201196  Fixed  2.000%  11/1/2036   359,354 
 182,303   Loan ID 201197  Fixed  5.125%  8/1/2037   159,715 
 51,525   Loan ID 201198  Fixed  4.125%  9/1/2053   52,845 
 344,720   Loan ID 201199  Fixed  3.000%  11/1/2046   274,611 

 

 

Vertical Capital Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
December 31, 2015

 

Principal      Loan Type  Interest Rate  Maturity  Value 
     MORTGAGE NOTES (Continued) - 94.0%              
$298,158   Loan ID 201200  Fixed  4.500%  3/1/2044  $270,807 
 298,662   Loan ID 201201  Fixed  4.500%  8/1/2044   305,478 
 197,247   Loan ID 201202  Fixed  3.750%  8/1/2044   157,927 
 129,423   Loan ID 201203  Fixed  3.875%  12/1/2044   97,033 
 466,744   Loan ID 201204  Fixed  3.750%  4/1/2045   457,468 
 154,445   Loan ID 201205  Fixed  4.625%  1/1/2045   135,679 
 134,411   Loan ID 201206  Fixed  3.990%  4/1/2045   134,132 
 429,723   Loan ID 201207  Fixed  4.625%  8/1/2051   383,093 
 118,668   Loan ID 201208  Fixed  4.625%  4/1/2045   121,499 
 184,992   Loan ID 201209  Fixed  4.250%  4/1/2045   157,898 
 179,134   Loan ID 201210  Fixed  3.500%  12/1/2042   150,162 
 134,251   Loan ID 201211  Fixed  4.125%  7/1/2044   115,109 
 370,835   Loan ID 201212  Fixed  4.625%  3/1/2045   240,180 
 208,090   Loan ID 201213  Fixed  4.875%  8/1/2044   161,190 
 570,348   Loan ID 201214  ARM  2.875%  9/1/2043   487,612 
 143,354   Loan ID 201215  Fixed  3.250%  3/1/2043   114,222 
 277,320   Loan ID 201216  Fixed  3.500%  2/1/2043   218,085 
 105,501   Loan ID 201217  Fixed  3.875%  5/1/2045   84,367 
 130,755   Loan ID 201218  Fixed  4.125%  1/1/2045   106,894 
 71,562   Loan ID 201219  Fixed  4.000%  7/1/2044   53,437 
 299,873   Loan ID 201220  Fixed  4.125%  8/1/2045   241,187 
 69,737   Loan ID 201221  Fixed  3.250%  5/1/2043   73,224 
 49,463   Loan ID 201222  Fixed  5.125%  1/1/2045   47,540 
 243,041   Loan ID 201223  Fixed  3.875%  4/1/2030   246,486 
 257,292   Loan ID 201224  Fixed  4.625%  9/1/2044   267,170 
 173,040   Loan ID 201225  Fixed  4.750%  9/1/2044   111,925 
 62,990   Loan ID 201226  Fixed  5.000%  3/1/2045   64,544 
 181,673   Loan ID 201227  Fixed  5.125%  3/1/2045   186,183 
 67,397   Loan ID 201228  Fixed  4.625%  3/1/2045   67,577 
 115,015   Loan ID 201229  Fixed  3.250%  7/1/2024   109,102 
 208,604   Loan ID 201230  Fixed  3.875%  3/1/2045   194,974 
 212,863   Loan ID 201231  Fixed  4.250%  8/1/2045   180,780 
 128,318   Loan ID 201232  Fixed  4.500%  1/1/2045   114,510 
 265,922   Loan ID 201233  Fixed  4.500%  12/1/2044   228,585 
 207,075   Loan ID 201234  Fixed  5.000%  10/1/2045   172,920 
 95,273   Loan ID 201235  Fixed  3.750%  7/1/2045   86,511 
 69,960   Loan ID 201236  Fixed  5.250%  2/1/2044   72,903 
 243,166   Loan ID 201237  Fixed  3.750%  5/1/2045   241,770 
 207,429   Loan ID 201238  Fixed  5.125%  12/1/2044   214,717 
 194,997   Loan ID 201239  Fixed  4.500%  3/1/2045   204,747 
 163,470   Loan ID 201240  Fixed  4.250%  10/1/2045   160,951 
 305,712   Loan ID 201241  Fixed  4.375%  7/1/2045   290,860 
     TOTAL MORTGAGE NOTES (Cost - $147,114,312)*      152,609,857 
                    
     OTHER INVESTMENTS* (Cost - $895,000)(a) - 0.5%      901,878 
                    
     TOTAL INVESTMENTS (Cost - $148,009,312)(a) - 94.5%     $153,511,735 
     CASH AND OTHER ASSETS LESS LIABILITIES - 5.5%      8,777,866 
     NET ASSETS - 100.0%     $162,289,601 

  

ARM - Adjustable Rate Mortgage

 

*Illiquid Securities, priced by fair value method approved by Board

 

**Non-income producing security.

 

(a)Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is the same as there are no book to tax differences.

 

Unrealized appreciation:  $18,743,832 
Unrealized depreciation:   (13,350,802)
Net unrealized appreciation:  $5,393,030 

 

 

Vertical Capital Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
December 31, 2015

 

The following is a summary of significant accounting policies followed by the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Fund follows the specialized accounting and reporting requirements under GAAP that are applicable to investment companies.

 

Security Valuation

 

Mortgage Notes – On October 13, 2015, the Fund began using an independent third-party pricing service, approved by the Fund’s Board of Trustees (“the Board”), to value its Mortgage Notes on a daily basis. The Fund had previously used the prior advisor’s proprietary model. The Fund’s NAV increased $0.76 per share upon conversion to the new pricing service on October 13, 2015. The revaluing of certain Mortgage Notes decreased the original October 13, 2015 value $0.42 cents per share (see Note 3 in the Fund’s Form N-CSR for the period ended September 30, 2016 filed with the Securities and Exchange Commission on March 22, 2017 for more details). The third-party pricing servicer uses a cash flow forecast and valuation model that focuses on forecasting the frequency, timing and severity of mortgage loss behavior. The model incorporates numerous observable loan-level factors such as unpaid principal balance, remaining term of the loan and coupon rate as well as macroeconomic data including yield curves, spreads to the Treasury curves and home price indexes. The model includes a number of unobservable factors and assumptions (such as voluntary and involuntary prepayment speeds, delinquency rates, foreclosure timing, and others) to determine a fair value. While the model requires a minimum set of data to develop a reasonable fair value, the model is capable of accepting additional data elements. The model makes certain assumptions unless a specific data element is included, in which case it uses the additional data. Not all assumptions have equal weighting in the model. Using assumptions in this manner is a part of the Fund’s valuation policy and procedures and provides consistency in the application of valuation assumptions. The third-party pricing servicer also benchmarks their pricing model against observable pricing levels being quoted by a range of market participants active in the purchase and sale of residential mortgage loans. The combination of loan level criteria and daily market adjustments produces a daily price for each Mortgage Note relative to current public market conditions.

 

Prior to purchase, each Mortgage Note goes through a due diligence process that includes considerations such as underwriting borrower credit, employment history, property valuation, and delinquency history with an overall emphasis on repayment of the Mortgage Notes. The purchase price of the Mortgage Notes reflects the overall risk relative to the findings of this due diligence process.

 

The Fund invests primarily in Mortgage Notes secured by residential real estate. The market or liquidation value of each type of residential real estate collateral may be adversely affected by numerous factors, including rising interest rates; changes in the national, state and local economic climate and real estate conditions; perceptions of prospective buyers of the safety, convenience and attractiveness of the properties; maintenance and insurance costs; changes in real estate taxes and other expenses; adverse changes in governmental rules and fiscal policies; adverse changes in zoning laws; and other factors beyond the control of the borrowers.

 

The Fund’s investments in Mortgage Notes are subject to liquidity risk because there is a limited secondary market for Mortgage Notes. Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.

 

Securities for which current market quotations are not readily available, such as the Mortgage Notes the Fund invests in, or for which quotations are not deemed to be representative of market values are valued at fair value as determined in good faith by or under the direction of the Board in accordance with the Trust’s Portfolio Securities Valuation Procedures (the “Procedures”). The Procedures consider, among others, the following factors to determine a security’s fair value: the nature and pricing history (if any) of the security; whether any dealer quotations for the security are available; and possible valuation methodologies that could be used to determine the fair value of the security.

 

 

Vertical Capital Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
December 31, 2015

 

The valuation inputs and subsequent outputs are reviewed and maintained on a daily basis. Any calibrations or adjustments to the model that may be necessary are done on an as needed basis to facilitate fair pricing. Financial markets are monitored daily relative to the interest rate environment. If other available market data indicates that the pricing data from the third-party service is materially inaccurate, or pricing data is unavailable, the Fund undertakes a review of other available prices and takes additional steps to determine fair value. In all cases, the Fund validates its understanding of methodology and assumptions underlying the fair value used.

 

The Fund follows guidance in ASC 820, Fair Value Measurement, where fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between the market participants at the measurement date. The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Notwithstanding, the actual sale price of a Mortgage Note will likely be different than its fair value determined under ASC 820. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. ASC 820 classifies the inputs used to measure these fair values into the following hierarchy:

 

Level 1 – Unadjusted quoted prices in active markets for identical and/or similar assets and liabilities that the Fund has the ability to access at the measurement date.

 

Level 2 – Other significant observable inputs other than quoted prices included in Level 1 for the asset or liability, either directly or indirectly. These inputs may include quoted prices for similar investments or identical investments in an active market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

 

Level 3 – Significant unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

 

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

 

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

 

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. The following tables summarize the inputs used as of December 31, 2015 for the Fund’s assets measured at fair value:

 

Assets  Level 1   Level 2   Level 3   Total 
Mortgage Notes  $—   $—   $152,609,857   $152,609,857 
Other Investments   —    —    901,878   $901,878 
Total  $—   $—   $153,511,735   $153,511,735 

 

There were no transfers between levels during the current period presented. It is the Fund’s policy to record transfers into or out of levels at the end of the reporting period.

 

 

Vertical Capital Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
December 31, 2015

 

The following is a reconciliation of assets in which Level 3 inputs were used in determining value:

 

   Mortgage Notes   Other Investments   Total 
Beginning Balance - 10/1/15  $148,189,668   $487,243   $148,676,911 
Net realized gain (loss)   381,861    —    381,861 
Change in unrealized appreciation (depreciation)*   3,473,094    (25,491)   3,447,603 
Cost of purchases   3,273,976    —    3,273,976 
Proceeds from sales and principal paydowns   (2,612,887)   —    (2,612,887)
Amortization   343,198    1,073    344,271 
Net Transfers in/out of Level 3   (439,053)   439,053    — 
Ending balance - 12/31/15  $152,609,857   $901,878   $153,511,735 

 

*includes change in unrealized appreciation (depreciation) attributable to Level 3 investment still held at December 31, 2015 of $4,890,763.

 

The following table provides quantitative information about the Fund’s Level 3 values, as well as its inputs, as of December 31, 2015. The table is not all-inclusive, but provides information on the significant Level 3 inputs.

 

                Weighted
             Range of  Average of
          Unobservable  Unobservable  Unobservable
   Value   Valuation Technique  Inputs  Inputs  Inputs
       Comprehensive         
        pricing model with         
        emphasis on         
        discounted cash         
Mortgage Notes  $152,609,857   flows  Deliquency  0-2,830 days  36 days
           Loan-to-Value  3-606%  94.0%
Other Investments   901,878   Market comparable  Sales prices  $23-$150 sq/ft  $111 sq/ft
Closing Balance  $153,511,735             

 

A change to the unobservable input may result in a significant change to the value of the investment as follows:

 

  Impact to Value if Impact to Value if Input
Unobservable Input Input Increases Decreases
Delinquency Decrease Increase
Loan-to-Value Decrease Increase

 

 

Item 2. Controls and Procedures.

 

(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”)) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

 

(b)       There were no significant changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3. Exhibits.

 

Certifications required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) (and Item 3 of Form N-Q) are filed herewith.

 

 

 

 

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.

 

(Registrant) Vertical Capital Income Fund

 

By (Signature and Title)

*/s/ Michael D. Cohen

Michael D. Cohen, President/Principal Executive Officer

 

Date 5/26/17

 

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 (Signature and Title)

*/s/ Michael D. Cohen

Michael D. Cohen, President/Principal Executive Officer

 

Date 5/26/17

 

By (Signature and Title)

*/s/ S. Jason Hall

S. Jason Hall, Treasurer/Principal Financial Officer

Date 5/26/17

Blu Giant, LLC

CERTIFICATIONS

 

I, Michael D. Cohen, certify that:

 

1.       I have reviewed this report on Form N-Q of the Vertical Capital Income Fund, a Series of the Vertical Capital Income Fund;

 

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;

 

3.       Based on my knowledge, the schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

 

4.       The registrant's other certifying officer(s) 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:

 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;

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;

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

d)       disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

 

5.       The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

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

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.

 

 

Date: 5/26/17

 

*/s/ Michael D. Cohen

Michael D. Cohen, President/Principal Executive Officer

 

 

 

 

 

 

 

 

 

 
 

 

 

I, S. Jason Hall, certify that:

 

1.       I have reviewed this report on Form N-Q of Vertical Capital Income Fund a Series of the Vertical Capital Income Fund;

 

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;

 

3.       Based on my knowledge, the schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

 

4.       The registrant's other certifying officer(s) 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:

 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;

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;

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

d)       disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

 

5.       The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

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

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.

 

 

Date: 5/26/17

 

*/s/ S. Jason Hall

S. Jason Hall, Treasurer/Principal Financial Officer