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: 631-470-2619
Date of fiscal year end: 09/30
Date of reporting period: 12/31/19
Item 1. Schedule of Investments.
| Vertical Capital Income Fund | ||||||
| PORTFOLIO OF INVESTMENTS (Unaudited) | ||||||
| December 31, 2019 | ||||||
| Principal | Loan Type | Interest Rate | Maturity | Fair Value | ||
| MORTGAGE NOTES - 99.9 % | ||||||
| $ 113,424 | Loan ID 200003 | Fixed | 7.250% | 9/1/2035 | $ 100,181 | |
| 226,721 | Loan ID 200004 | Fixed | 7.990% | 10/1/2036 | 238,057 | |
| 48,499 | Loan ID 200012 | ARM | 9.800% | 7/1/2037 | 48,720 | |
| 35,109 | Loan ID 200016 | ARM | 10.375% | 1/1/2031 | 36,864 | |
| 46,899 | Loan ID 200018 | Fixed | 7.000% | 1/1/2033 | 49,244 | |
| 97,373 | Loan ID 200023 | Fixed | 5.875% | 12/1/2050 | 90,810 | |
| 205,980 | Loan ID 200026 | Interest Only | 4.750% | 1/1/2050 | 215,097 | |
| 228,102 | Loan ID 200028 | Fixed | 4.875% | 6/1/2050 | 238,669 | |
| 200,432 | Loan ID 200029 | Fixed | 6.310% | 7/1/2037 | 204,507 | |
| 319,327 | Loan ID 200032 | Fixed | 3.130% | 1/1/2051 | 301,158 | |
| 538,048 | Loan ID 200035 | Fixed | 4.625% | 11/1/2050 | 558,455 | |
| 151,647 | Loan ID 200037 | Fixed | 7.800% | 5/1/2035 | 159,229 | |
| 110,411 | Loan ID 200041 | Fixed | 4.875% | 8/1/2039 | 115,932 | |
| 38,669 | Loan ID 200042 | Fixed | 7.000% | 12/1/2037 | 40,602 | |
| 48,179 | Loan ID 200043 | Fixed | 6.125% | 7/1/2039 | 50,587 | |
| 49,198 | Loan ID 200048 | Fixed | 5.500% | 8/1/2039 | 51,658 | |
| 146,484 | Loan ID 200052 | Fixed | 5.125% | 5/1/2040 | 153,808 | |
| 51,944 | Loan ID 200054 | Fixed | 8.250% | 3/1/2039 | 54,541 | |
| 78,678 | Loan ID 200055 | Fixed | 10.000% | 1/5/2036 | 78,678 | |
| 118,067 | Loan ID 200057 | ARM | 4.250% | 10/1/2036 | 122,478 | |
| 30,890 | Loan ID 200060 | Fixed | 5.750% | 8/1/2039 | 32,435 | |
| 24,207 | Loan ID 200065 | ARM | 9.000% | 1/1/2037 | 25,418 | |
| 189,282 | Loan ID 200075 | Fixed | 4.250% | 2/1/2042 | 196,083 | |
| 157,505 | Loan ID 200076 | Fixed | 4.250% | 12/1/2041 | 146,334 | |
| 23,222 | Loan ID 200078 | Fixed | 7.000% | 8/1/2036 | 24,383 | |
| 133,180 | Loan ID 200079 | Fixed | 5.000% | 2/1/2059 | 119,622 | |
| 64,441 | Loan ID 200082 | Fixed | 8.250% | 4/1/2040 | 58,128 | |
| 174,975 | Loan ID 200084 | Fixed | 7.000% | 3/1/2039 | 151,382 | |
| 190,249 | Loan ID 200086 | Fixed | 4.250% | 11/1/2050 | 156,197 | |
| 217,471 | Loan ID 200087 | Fixed | 6.000% | 3/1/2051 | 204,100 | |
| 116,001 | Loan ID 200088 | Fixed | 7.000% | 6/1/2039 | 100,266 | |
| 255,324 | Loan ID 200089 | Fixed | 3.875% | 3/1/2052 | 212,316 | |
| 270,869 | Loan ID 200090 | Fixed | 4.500% | 11/1/2036 | 75,482 | |
| 122,666 | Loan ID 200093 | Fixed | 5.000% | 2/1/2038 | 128,800 | |
| 70,273 | Loan ID 200102 | Fixed | 8.250% | 3/1/2040 | 70,556 | |
| 106,968 | Loan ID 200110 | Fixed | 8.250% | 8/1/2039 | 112,316 | |
| 68,820 | Loan ID 200128 | Fixed | 4.710% | 7/1/2037 | 51,612 | |
| 443,278 | Loan ID 200129 | Fixed | 4.625% | 3/1/2052 | 389,030 | |
| 25,885 | Loan ID 200131 | Fixed | 3.875% | 11/1/2027 | 26,381 | |
| 115,278 | Loan ID 200135 | Fixed | 4.375% | 12/1/2042 | 119,804 | |
| 118,721 | Loan ID 200137 | Fixed | 4.500% | 9/1/2042 | 114,022 | |
| 75,172 | Loan ID 200141 | Fixed | 4.250% | 2/1/2042 | 76,811 | |
| 118,841 | Loan ID 200143 | Fixed | 3.000% | 2/1/2037 | 115,800 | |
| 378,353 | Loan ID 200145 | Fixed | 4.625% | 8/1/2051 | 339,155 | |
| 94,896 | Loan ID 200152 | ARM | 5.000% | 9/1/2037 | 98,893 | |
| 144,701 | Loan ID 200158 | Fixed | 3.625% | 12/1/2042 | 145,783 | |
| 116,910 | Loan ID 200160 | Fixed | 3.250% | 2/1/2043 | 115,059 | |
| 206,054 | Loan ID 200162 | Fixed | 3.875% | 7/1/2042 | 210,065 | |
| 184,245 | Loan ID 200165 | Fixed | 4.375% | 12/1/2041 | 191,583 | |
| 100,831 | Loan ID 200168 | Fixed | 3.750% | 10/1/2042 | 101,906 | |
|
Vertical Capital Income Fund | ||||||
| PORTFOLIO OF INVESTMENTS (Unaudited) (Continued) | ||||||
| December 31, 2019 | ||||||
| Principal | Loan Type | Interest Rate | Maturity | Fair Value | ||
| MORTGAGE NOTES (Continued) - 99.9 % | ||||||
| $ 21,229 | Loan ID 200169 | Fixed | 6.923% | 9/1/2034 | $ 22,290 | |
| 130,209 | Loan ID 200172 | Fixed | 7.250% | 2/1/2037 | 136,719 | |
| 84,872 | Loan ID 200174 | Fixed | 7.340% | 4/1/2037 | 89,116 | |
| 48,928 | Loan ID 200175 | Fixed | 9.600% | 5/1/2037 | 51,374 | |
| 25,844 | Loan ID 200177 | Fixed | 8.000% | 1/11/2022 | 27,136 | |
| 107,045 | Loan ID 200181 | Fixed | 7.500% | 6/1/2041 | 83,840 | |
| 69,152 | Loan ID 200184 | Fixed | 4.375% | 12/1/2042 | 71,763 | |
| 26,600 | Loan ID 200185 | Fixed | 5.375% | 6/1/2042 | 27,930 | |
| 50,577 | Loan ID 200186 | Fixed | 5.125% | 8/1/2042 | 53,106 | |
| 310,706 | Loan ID 200190 | Fixed | 3.625% | 11/1/2042 | 313,104 | |
| 153,849 | Loan ID 200194 | Fixed | 4.750% | 9/1/2041 | 161,542 | |
| 244,190 | Loan ID 200195 | Fixed | 3.875% | 3/1/2042 | 248,902 | |
| 94,230 | Loan ID 200196 | Fixed | 4.500% | 1/1/2043 | 98,336 | |
| 38,498 | Loan ID 200198 | Fixed | 5.250% | 10/1/2042 | 40,423 | |
| 265,920 | Loan ID 200199 | Fixed | 4.000% | 9/1/2042 | 272,367 | |
| 229,024 | Loan ID 200200 | Fixed | 3.875% | 9/1/2042 | 230,465 | |
| 41,101 | Loan ID 200201 | Fixed | 5.125% | 8/1/2041 | 43,156 | |
| 21,258 | Loan ID 200206 | Fixed | 3.990% | 12/1/2042 | 21,733 | |
| 43,910 | Loan ID 200208 | Fixed | 4.250% | 1/1/2043 | 45,427 | |
| 182,259 | Loan ID 200209 | Fixed | 3.875% | 8/1/2042 | 185,827 | |
| 51,080 | Loan ID 200214 | Fixed | 5.750% | 7/1/2039 | 53,634 | |
| 107,230 | Loan ID 200216 | Fixed | 5.750% | 9/1/2039 | 112,592 | |
| 135,504 | Loan ID 200217 | Fixed | 5.250% | 7/1/2040 | 142,279 | |
| 69,182 | Loan ID 200218 | Fixed | 4.250% | 12/1/2041 | 71,661 | |
| 187,661 | Loan ID 200219 | Fixed | 4.250% | 4/1/2043 | 194,269 | |
| 175,548 | Loan ID 200224 | Fixed | 4.000% | 7/1/2043 | 180,132 | |
| 76,670 | Loan ID 200226 | Fixed | 5.250% | 7/1/2041 | 80,504 | |
| 47,575 | Loan ID 200228 | Fixed | 4.625% | 8/1/2042 | 49,869 | |
| 136,541 | Loan ID 200230 | Fixed | 3.500% | 2/1/2043 | 136,619 | |
| 63,873 | Loan ID 200232 | Fixed | 3.875% | 8/1/2042 | 65,130 | |
| 110,737 | Loan ID 200243 | Fixed | 3.750% | 4/1/2043 | 112,020 | |
| 25,008 | Loan ID 200244 | Fixed | 5.000% | 5/1/2042 | 26,258 | |
| 188,613 | Loan ID 200245 | Fixed | 3.875% | 3/1/2043 | 192,234 | |
| 85,126 | Loan ID 200286 | Fixed | 4.500% | 7/1/2043 | 88,927 | |
| 94,803 | Loan ID 200287 | Fixed | 4.375% | 7/1/2043 | 98,471 | |
| 314,527 | Loan ID 200288 | Fixed | 4.375% | 11/1/2041 | 327,463 | |
| 191,770 | Loan ID 200296 | Fixed | 3.250% | 2/1/2043 | 188,777 | |
| 181,422 | Loan ID 200299 | Fixed | 3.625% | 10/1/2042 | 182,692 | |
| 114,052 | Loan ID 200300 | Fixed | 8.400% | 10/20/2037 | 119,755 | |
| 103,630 | Loan ID 200302 | Fixed | 9.875% | 10/1/2035 | 108,812 | |
| 127,231 | Loan ID 200304 | Fixed | 7.250% | 10/1/2033 | 133,593 | |
| 39,621 | Loan ID 200307 | Fixed | 6.500% | 7/1/2031 | 41,602 | |
| 36,650 | Loan ID 200313 | Fixed | 8.500% | 3/1/2028 | 34,320 | |
| 279,774 | Loan ID 200315 | ARM | 5.500% | 6/1/2037 | 274,194 | |
| 65,155 | Loan ID 200317 | Fixed | 7.000% | 9/1/2032 | 68,413 | |
| 71,987 | Loan ID 200326 | Fixed | 8.375% | 10/1/2036 | 75,587 | |
| 136,761 | Loan ID 200327 | Fixed | 6.790% | 10/26/2036 | 143,599 | |
| 240,423 | Loan ID 200330 | Fixed | 7.000% | 8/1/2037 | 185,106 | |
| 93,774 | Loan ID 200332 | Fixed | 5.775% | 10/1/2037 | 98,462 | |
| 86,753 | Loan ID 200334 | Fixed | 7.000% | 1/1/2033 | 91,090 | |
|
Vertical Capital Income Fund | ||||||
| PORTFOLIO OF INVESTMENTS (Unaudited) (Continued) | ||||||
| December 31, 2019 | ||||||
| Principal | Loan Type | Interest Rate | Maturity | Fair Value | ||
| MORTGAGE NOTES (Continued) - 99.9 % | ||||||
| $ 258,190 | Loan ID 200335 | Fixed | 5.000% | 11/1/2052 | $ 248,973 | |
| 40,550 | Loan ID 200337 | Fixed | 7.000% | 10/1/2034 | 42,578 | |
| 46,032 | Loan ID 200338 | ARM | 10.500% | 8/1/2029 | 48,333 | |
| 134,864 | Loan ID 200339 | Fixed | 2.000% | 10/1/2033 | 124,916 | |
| 29,154 | Loan ID 200340 | Fixed | 7.000% | 3/1/2030 | 30,612 | |
| 57,282 | Loan ID 200348 | Fixed | 6.500% | 7/1/2038 | 60,146 | |
| 228,578 | Loan ID 200349 | Fixed | 7.000% | 1/1/2037 | 165,801 | |
| 68,338 | Loan ID 200352 | Fixed | 7.000% | 8/1/2030 | 71,755 | |
| 87,082 | Loan ID 200358 | Fixed | 5.000% | 4/1/2025 | 90,531 | |
| 64,259 | Loan ID 200361 | Fixed | 7.500% | 1/1/2034 | 67,472 | |
| 79,599 | Loan ID 200366 | Fixed | 6.250% | 3/1/2034 | 83,579 | |
| 160,444 | Loan ID 200368 | Fixed | 4.500% | 4/1/2036 | 167,391 | |
| 68,691 | Loan ID 200374 | ARM | 8.500% | 5/1/2034 | 68,691 | |
| 176,717 | Loan ID 200380 | Fixed | 4.220% | 4/1/2049 | 166,769 | |
| 281,103 | Loan ID 200384 | Fixed | 5.000% | 11/1/2047 | 263,202 | |
| 137,239 | Loan ID 200385 | Fixed | 8.250% | 1/1/2040 | 144,100 | |
| 116,927 | Loan ID 200389 | Fixed | 4.820% | 8/1/2047 | 38,763 | |
| 191,605 | Loan ID 200390 | Fixed | 4.780% | 4/16/2047 | 169,725 | |
| 152,330 | Loan ID 200391 | Fixed | 4.000% | 1/13/2035 | 155,257 | |
| 62,117 | Loan ID 200392 | Fixed | 10.000% | 6/5/2034 | 65,223 | |
| 76,320 | Loan ID 200395 | Fixed | 4.860% | 4/1/2047 | 73,124 | |
| 68,661 | Loan ID 200396 | Fixed | 10.000% | 2/1/2036 | 72,094 | |
| 81,552 | Loan ID 200397 | ARM | 5.000% | 9/1/2037 | 85,630 | |
| 66,306 | Loan ID 200399 | Fixed | 4.980% | 6/1/2037 | 64,698 | |
| 44,581 | Loan ID 200403 | Fixed | 8.300% | 10/15/2032 | 46,810 | |
| 52,814 | Loan ID 200404 | Fixed | 8.100% | 5/1/2037 | 55,454 | |
| 89,226 | Loan ID 200405 | Fixed | 4.870% | 12/1/2035 | 66,121 | |
| 112,517 | Loan ID 200406 | Fixed | 4.875% | 10/1/2051 | 118,143 | |
| 222,208 | Loan ID 200407 | Fixed | 6.500% | 4/1/2042 | 233,318 | |
| 334,525 | Loan ID 200409 | Fixed | 6.000% | 2/1/2049 | 267,152 | |
| 99,254 | Loan ID 200411 | Fixed | 8.275% | 6/1/2037 | 104,217 | |
| 176,061 | Loan ID 200416 | Fixed | 4.670% | 8/1/2053 | 166,567 | |
| 64,576 | Loan ID 200417 | Fixed | 7.000% | 5/1/2035 | 67,805 | |
| 141,573 | Loan ID 200419 | Fixed | 4.000% | 12/19/2035 | 141,668 | |
| 151,221 | Loan ID 200420 | Fixed | 4.225% | 4/10/2038 | 154,634 | |
| 71,343 | Loan ID 200421 | Fixed | 7.710% | 8/1/2037 | 74,910 | |
| 130,806 | Loan ID 200422 | Fixed | 3.830% | 8/1/2053 | 109,182 | |
| 121,381 | Loan ID 200423 | Fixed | 4.500% | 6/1/2043 | 126,667 | |
| 209,582 | Loan ID 200430 | Fixed | 3.625% | 7/1/2043 | 210,775 | |
| 172,470 | Loan ID 200431 | Fixed | 4.625% | 7/1/2043 | 181,093 | |
| 275,141 | Loan ID 200432 | Fixed | 4.875% | 5/1/2043 | 288,899 | |
| 121,046 | Loan ID 200433 | Fixed | 4.250% | 8/1/2043 | 125,337 | |
| 192,544 | Loan ID 200435 | Fixed | 4.625% | 11/1/2052 | 199,074 | |
| 41,360 | Loan ID 200439 | Fixed | 5.000% | 8/1/2041 | 38,504 | |
| 139,747 | Loan ID 200445 | Fixed | 5.250% | 2/1/2039 | 146,735 | |
| 37,049 | Loan ID 200447 | Fixed | 5.875% | 11/4/2034 | 38,901 | |
| 75,329 | Loan ID 200448 | Fixed | 5.750% | 5/1/2042 | 69,878 | |
| 132,636 | Loan ID 200449 | Fixed | 5.000% | 2/1/2042 | 132,636 | |
| 334,526 | Loan ID 200451 | Fixed | 6.250% | 7/1/2038 | 351,253 | |
| 420 | Loan ID 200453 | ARM | 6.000% | 3/1/2026 | 441 | |
|
Vertical Capital Income Fund | ||||||
| PORTFOLIO OF INVESTMENTS (Unaudited) (Continued) | ||||||
| December 31, 2019 | ||||||
| Principal | Loan Type | Interest Rate | Maturity | Fair Value | ||
| MORTGAGE NOTES (Continued) - 99.9 % | ||||||
| $ 179,599 | Loan ID 200460 | Fixed | 7.000% | 7/1/2041 | $ 188,579 | |
| 367,827 | Loan ID 200462 | Fixed | 6.000% | 7/1/2045 | 345,188 | |
| 228,802 | Loan ID 200465 | Fixed | 6.500% | 7/1/2037 | 231,282 | |
| 101,915 | Loan ID 200468 | Fixed | 5.625% | 12/1/2044 | 37,232 | |
| 119,932 | Loan ID 200469 | Fixed | 6.500% | 7/1/2037 | 114,566 | |
| 270,366 | Loan ID 200473 | Fixed | 4.000% | 12/1/2042 | 225,146 | |
| 235,393 | Loan ID 200474 | Fixed | 5.750% | 11/1/2050 | 247,163 | |
| 162,195 | Loan ID 200475 | Fixed | 5.450% | 7/1/2049 | 170,305 | |
| 185,522 | Loan ID 200476 | Fixed | 6.000% | 9/1/2050 | 194,798 | |
| 140,776 | Loan ID 200477 | Fixed | 4.125% | 12/1/2028 | 144,714 | |
| 88,588 | Loan ID 200482 | Fixed | 4.375% | 11/1/2028 | 92,157 | |
| 83,219 | Loan ID 200483 | Fixed | 4.375% | 11/1/2028 | 86,571 | |
| 69,994 | Loan ID 200485 | Fixed | 4.125% | 2/1/2043 | 72,134 | |
| 229,609 | Loan ID 200486 | Fixed | 3.500% | 1/1/2043 | 229,405 | |
| 106,780 | Loan ID 200489 | Fixed | 4.000% | 3/1/2043 | 109,401 | |
| 51,423 | Loan ID 200490 | Fixed | 4.000% | 11/1/2028 | 52,683 | |
| 190,859 | Loan ID 200491 | Fixed | 5.500% | 10/1/2039 | 187,052 | |
| 113,107 | Loan ID 200492 | Fixed | 4.000% | 1/1/2043 | 115,896 | |
| 260,775 | Loan ID 200494 | Fixed | 4.625% | 10/1/2043 | 273,813 | |
| 187,314 | Loan ID 200496 | Fixed | 3.875% | 2/1/2043 | 190,794 | |
| 297,867 | Loan ID 200497 | Fixed | 3.250% | 4/1/2043 | 292,988 | |
| 253,655 | Loan ID 200499 | Fixed | 4.250% | 1/1/2043 | 262,134 | |
| 196,748 | Loan ID 200500 | Fixed | 5.875% | 2/1/2037 | 206,586 | |
| 347,028 | Loan ID 200504 | Fixed | 3.375% | 3/1/2043 | 343,790 | |
| 64,546 | Loan ID 200507 | Fixed | 4.500% | 9/1/2042 | 67,466 | |
| 310,759 | Loan ID 200514 | Fixed | 3.000% | 4/1/2047 | 302,815 | |
| 92,587 | Loan ID 200515 | Fixed | 8.250% | 2/1/2039 | 97,217 | |
| 95,490 | Loan ID 200517 | Fixed | 8.000% | 5/1/2039 | 100,011 | |
| 190,241 | Loan ID 200518 | Fixed | 3.000% | 12/1/2050 | 185,339 | |
| 297,252 | Loan ID 200519 | Fixed | 3.000% | 11/1/2049 | 290,316 | |
| 264,279 | Loan ID 200525 | Fixed | 3.250% | 12/1/2042 | 200,466 | |
| 104,758 | Loan ID 200527 | Fixed | 4.500% | 12/1/2043 | 109,452 | |
| 371,597 | Loan ID 200529 | Fixed | 4.625% | 2/1/2044 | 389,630 | |
| 164,079 | Loan ID 200531 | Fixed | 4.625% | 11/1/2043 | 171,823 | |
| 101,429 | Loan ID 200532 | Fixed | 3.250% | 7/1/2043 | 99,785 | |
| 83,711 | Loan ID 200537 | Fixed | 4.500% | 3/1/2042 | 87,729 | |
| 78,435 | Loan ID 200540 | Fixed | 3.875% | 2/1/2043 | 79,937 | |
| 44,986 | Loan ID 200545 | Fixed | 4.375% | 2/1/2029 | 46,728 | |
| 115,394 | Loan ID 200546 | Fixed | 5.375% | 12/1/2043 | 121,163 | |
| 157,248 | Loan ID 200548 | Fixed | 5.250% | 2/1/2044 | 165,110 | |
| 127,269 | Loan ID 200564 | Fixed | 4.875% | 5/1/2039 | 133,633 | |
| 122,224 | Loan ID 200567 | Fixed | 3.375% | 5/1/2043 | 121,175 | |
| 126,829 | Loan ID 200571 | Fixed | 4.500% | 7/1/2043 | 132,383 | |
| 88,527 | Loan ID 200573 | Fixed | 3.750% | 9/1/2042 | 89,581 | |
| 122,989 | Loan ID 200574 | Fixed | 4.875% | 1/1/2044 | 129,138 | |
| 171,269 | Loan ID 200578 | Fixed | 4.750% | 8/1/2040 | 179,832 | |
| 44,880 | Loan ID 200579 | Fixed | 4.875% | 5/1/2042 | 47,124 | |
| 160,160 | Loan ID 200580 | Fixed | 4.125% | 11/1/2041 | 165,204 | |
| 347,618 | Loan ID 200582 | Fixed | 4.000% | 11/1/2042 | 352,118 | |
| 53,534 | Loan ID 200583 | Fixed | 3.625% | 9/1/2027 | 53,901 | |
|
Vertical Capital Income Fund | ||||||
| PORTFOLIO OF INVESTMENTS (Unaudited) (Continued) | ||||||
| December 31, 2019 | ||||||
| Principal | Loan Type | Interest Rate | Maturity | Fair Value | ||
| MORTGAGE NOTES (Continued) - 99.9 % | ||||||
| $ 303,472 | Loan ID 200586 | Fixed | 3.500% | 1/1/2043 | $ 303,408 | |
| 233,371 | Loan ID 200588 | Fixed | 3.750% | 5/1/2042 | 236,628 | |
| 62,097 | Loan ID 200593 | Fixed | 3.875% | 6/1/2042 | 63,275 | |
| 212,721 | Loan ID 200594 | Fixed | 4.250% | 4/1/2043 | 220,508 | |
| 36,005 | Loan ID 200597 | Fixed | 5.625% | 2/1/2044 | 37,805 | |
| 174,195 | Loan ID 200600 | Fixed | 4.625% | 4/1/2044 | 182,904 | |
| 171,535 | Loan ID 200602 | Fixed | 3.750% | 3/1/2043 | 173,810 | |
| 15,374 | Loan ID 200603 | Fixed | 4.125% | 6/1/2043 | 15,806 | |
| 68,084 | Loan ID 200604 | Fixed | 3.500% | 1/1/2043 | 68,069 | |
| 139,501 | Loan ID 200605 | Fixed | 4.875% | 12/1/2043 | 126,816 | |
| 125,059 | Loan ID 200608 | Fixed | 4.125% | 11/1/2043 | 128,997 | |
| 117,426 | Loan ID 200612 | Fixed | 4.500% | 2/1/2043 | 122,736 | |
| 189,683 | Loan ID 200613 | Fixed | 3.369% | 1/1/2043 | 188,256 | |
| 95,490 | Loan ID 200615 | Fixed | 4.250% | 8/1/2043 | 98,848 | |
| 320,565 | Loan ID 200616 | Fixed | 4.875% | 2/1/2044 | 336,594 | |
| 213,271 | Loan ID 200620 | Fixed | 4.250% | 10/1/2043 | 220,864 | |
| 122,660 | Loan ID 200621 | Fixed | 3.625% | 1/1/2043 | 123,151 | |
| 67,544 | Loan ID 200623 | Fixed | 4.375% | 12/1/2042 | 70,175 | |
| 122,983 | Loan ID 200627 | Fixed | 4.250% | 10/1/2043 | 127,369 | |
| 156,222 | Loan ID 200630 | Fixed | 5.250% | 9/1/2043 | 164,033 | |
| 325,746 | Loan ID 200632 | Fixed | 5.250% | 5/1/2044 | 342,034 | |
| 212,742 | Loan ID 200633 | Fixed | 5.125% | 5/1/2044 | 223,379 | |
| 216,401 | Loan ID 200634 | Fixed | 4.375% | 1/1/2044 | 225,055 | |
| 137,380 | Loan ID 200642 | Fixed | 5.000% | 3/1/2044 | 133,441 | |
| 111,256 | Loan ID 200645 | Fixed | 5.000% | 4/1/2044 | 116,818 | |
| 133,529 | Loan ID 200649 | Fixed | 4.375% | 3/1/2044 | 126,434 | |
| 122,083 | Loan ID 200650 | Fixed | 4.875% | 5/1/2044 | 127,850 | |
| 216,119 | Loan ID 200651 | Fixed | 3.625% | 7/1/2043 | 217,315 | |
| 129,995 | Loan ID 200655 | Fixed | 3.375% | 5/1/2043 | 128,884 | |
| 143,031 | Loan ID 200656 | Fixed | 6.875% | 7/1/2037 | 70,579 | |
| 140,356 | Loan ID 200657 | Fixed | 4.875% | 8/1/2051 | 147,373 | |
| 168,128 | Loan ID 200660 | Fixed | 5.875% | 3/1/2038 | 176,535 | |
| 198,551 | Loan ID 200662 | Fixed | 5.000% | 3/1/2044 | 208,478 | |
| 65,018 | Loan ID 200663 | Fixed | 4.750% | 5/1/2044 | 68,269 | |
| 280,528 | Loan ID 200668 | Fixed | 3.625% | 4/1/2043 | 282,652 | |
| 146,940 | Loan ID 200669 | Fixed | 5.250% | 4/1/2044 | 154,287 | |
| 50,753 | Loan ID 200670 | Fixed | 4.375% | 2/1/2029 | 52,714 | |
| 223,021 | Loan ID 200671 | Fixed | 4.625% | 8/1/2043 | 233,928 | |
| 145,664 | Loan ID 200672 | Fixed | 3.750% | 7/1/2043 | 147,419 | |
| 291,710 | Loan ID 200674 | Fixed | 4.500% | 5/1/2044 | 304,525 | |
| 95,126 | Loan ID 200677 | Fixed | 3.625% | 5/1/2028 | 95,739 | |
| 435,209 | Loan ID 200678 | Fixed | 4.375% | 2/1/2044 | 452,215 | |
| 239,818 | Loan ID 200679 | Fixed | 5.000% | 4/1/2044 | 210,674 | |
| 179,132 | Loan ID 200682 | Fixed | 4.875% | 5/1/2044 | 172,752 | |
| 119,317 | Loan ID 200684 | Fixed | 4.875% | 4/1/2044 | 125,283 | |
| 216,620 | Loan ID 200685 | Fixed | 4.875% | 5/1/2044 | 227,451 | |
| 210,681 | Loan ID 200690 | Fixed | 4.250% | 4/1/2044 | 218,374 | |
| 230,095 | Loan ID 200692 | Fixed | 4.625% | 7/1/2044 | 240,886 | |
| 100,443 | Loan ID 200694 | Fixed | 4.500% | 9/1/2043 | 104,876 | |
| 44,718 | Loan ID 200696 | Fixed | 3.750% | 10/1/2042 | 45,344 | |
|
Vertical Capital Income Fund | ||||||
| PORTFOLIO OF INVESTMENTS (Unaudited) (Continued) | ||||||
| December 31, 2019 | ||||||
| Principal | Loan Type | Interest Rate | Maturity | Fair Value | ||
| MORTGAGE NOTES (Continued) - 99.9 % | ||||||
| $ 85,318 | Loan ID 200700 | Fixed | 4.250% | 2/1/2044 | $ 88,272 | |
| 160,533 | Loan ID 200701 | Fixed | 4.750% | 6/1/2044 | 144,454 | |
| 90,999 | Loan ID 200704 | Fixed | 4.375% | 3/1/2043 | 94,406 | |
| 124,618 | Loan ID 200708 | Fixed | 4.875% | 2/1/2044 | 130,849 | |
| 47,904 | Loan ID 200709 | Fixed | 4.375% | 4/1/2043 | 49,792 | |
| 108,570 | Loan ID 200710 | Fixed | 4.500% | 7/1/2044 | 113,299 | |
| 576,244 | Loan ID 200714 | Fixed | 4.175% | 11/1/2036 | 532,290 | |
| 197,736 | Loan ID 200716 | ARM | 5.240% | 8/1/2037 | 175,105 | |
| 133,947 | Loan ID 200720 | ARM | 5.500% | 4/1/2042 | 120,636 | |
| 145,416 | Loan ID 200726 | Fixed | 4.375% | 9/1/2037 | 115,773 | |
| 152,561 | Loan ID 200727 | Fixed | 3.500% | 7/1/2037 | 152,789 | |
| 442,662 | Loan ID 200730 | ARM | 4.750% | 9/1/2036 | 332,047 | |
| 188,057 | Loan ID 200732 | Fixed | 4.125% | 9/1/2027 | 193,551 | |
| 214,851 | Loan ID 200733 | Fixed | 3.750% | 12/1/2042 | 217,749 | |
| 95,361 | Loan ID 200735 | Fixed | 4.500% | 6/1/2044 | 99,612 | |
| 136,647 | Loan ID 200736 | Fixed | 4.750% | 5/1/2044 | 131,207 | |
| 165,844 | Loan ID 200742 | Fixed | 4.250% | 4/1/2043 | 171,391 | |
| 179,262 | Loan ID 200744 | Fixed | 3.625% | 6/1/2043 | 180,339 | |
| 425,394 | Loan ID 200748 | Fixed | 4.750% | 12/1/2043 | 446,664 | |
| 145,507 | Loan ID 200749 | Fixed | 4.750% | 9/1/2043 | 145,507 | |
| 56,666 | Loan ID 200753 | Fixed | 5.250% | 5/1/2044 | 59,499 | |
| 51,570 | Loan ID 200755 | Fixed | 4.250% | 6/1/2043 | 53,423 | |
| 179,271 | Loan ID 200756 | Fixed | 4.875% | 11/1/2043 | 176,139 | |
| 116,915 | Loan ID 200759 | Fixed | 3.750% | 6/1/2043 | 118,551 | |
| 160,989 | Loan ID 200760 | Fixed | 3.750% | 6/1/2043 | 163,104 | |
| 279,884 | Loan ID 200762 | Fixed | 3.875% | 5/1/2042 | 285,405 | |
| 143,694 | Loan ID 200763 | Fixed | 4.250% | 11/1/2043 | 148,645 | |
| 193,008 | Loan ID 200765 | Fixed | 4.875% | 11/1/2043 | 202,659 | |
| 458,476 | Loan ID 200766 | Fixed | 3.625% | 12/1/2042 | 461,926 | |
| 169,106 | Loan ID 200771 | Fixed | 4.500% | 4/1/2043 | 162,394 | |
| 229,846 | Loan ID 200772 | Fixed | 3.750% | 3/1/2043 | 233,025 | |
| 191,542 | Loan ID 200774 | Fixed | 3.875% | 7/1/2043 | 195,213 | |
| 41,896 | Loan ID 200775 | Fixed | 4.250% | 4/1/2043 | 43,337 | |
| 76,488 | Loan ID 200776 | Fixed | 4.250% | 3/1/2044 | 79,102 | |
| 50,806 | Loan ID 200777 | Fixed | 4.750% | 6/1/2044 | 52,633 | |
| 158,623 | Loan ID 200781 | Fixed | 4.625% | 9/1/2044 | 165,616 | |
| 133,173 | Loan ID 200783 | Fixed | 4.750% | 9/1/2044 | 139,831 | |
| 105,932 | Loan ID 200785 | Fixed | 4.500% | 8/1/2044 | 110,637 | |
| 214,599 | Loan ID 200786 | Fixed | 4.625% | 7/1/2044 | 225,329 | |
| 40,972 | Loan ID 200787 | Fixed | 4.750% | 9/1/2044 | 43,018 | |
| 122,057 | Loan ID 200789 | Fixed | 3.750% | 9/1/2044 | 123,596 | |
| 142,980 | Loan ID 200790 | Fixed | 4.250% | 8/1/2044 | 148,210 | |
| 192,949 | Loan ID 200791 | Fixed | 4.875% | 6/1/2044 | 202,596 | |
| 86,702 | Loan ID 200795 | Fixed | 6.750% | 8/1/2036 | 91,037 | |
| 68,952 | Loan ID 200796 | Fixed | 5.880% | 12/1/2053 | 64,338 | |
| 57,232 | Loan ID 200799 | Fixed | 4.000% | 2/5/2053 | 55,377 | |
| 62,623 | Loan ID 200800 | Fixed | 4.000% | 1/1/2053 | 58,673 | |
| 149,784 | Loan ID 200805 | Fixed | 4.625% | 7/1/2050 | 119,680 | |
| 155,659 | Loan ID 200806 | Fixed | 5.000% | 8/1/2049 | 135,748 | |
| 55,509 | Loan ID 200808 | Fixed | 4.250% | 11/1/2050 | 28,220 | |
|
Vertical Capital Income Fund | ||||||
| PORTFOLIO OF INVESTMENTS (Unaudited) (Continued) | ||||||
| December 31, 2019 | ||||||
| Principal | Loan Type | Interest Rate | Maturity | Fair Value | ||
| MORTGAGE NOTES (Continued) - 99.9 % | ||||||
| $ 113,896 | Loan ID 200809 | Fixed | 5.000% | 4/1/2050 | $ 70,684 | |
| 228,950 | Loan ID 200814 | Fixed | 8.250% | 7/1/2039 | 240,398 | |
| 275,595 | Loan ID 200817 | Fixed | 5.000% | 1/1/2050 | 201,691 | |
| 197,691 | Loan ID 200821 | Fixed | 4.250% | 8/1/2044 | 204,816 | |
| 76,647 | Loan ID 200823 | Fixed | 4.250% | 9/1/2044 | 79,428 | |
| 209,478 | Loan ID 200824 | Fixed | 4.250% | 8/1/2044 | 214,093 | |
| 100,211 | Loan ID 200826 | Fixed | 4.375% | 9/1/2044 | 103,913 | |
| 192,910 | Loan ID 200829 | Fixed | 4.375% | 7/1/2043 | 200,518 | |
| 190,192 | Loan ID 200830 | ARM | 2.875% | 7/1/2044 | 190,166 | |
| 55,397 | Loan ID 200831 | Fixed | 4.250% | 10/1/2044 | 57,226 | |
| 320,638 | Loan ID 200832 | Fixed | 4.250% | 10/1/2044 | 331,799 | |
| 150,678 | Loan ID 200834 | Fixed | 4.125% | 7/1/2043 | 155,234 | |
| 310,348 | Loan ID 200835 | Fixed | 5.000% | 8/1/2043 | 325,865 | |
| 219,500 | Loan ID 200839 | Fixed | 5.000% | 5/1/2044 | 230,475 | |
| 281,349 | Loan ID 200844 | Fixed | 4.500% | 7/1/2043 | 293,943 | |
| 191,213 | Loan ID 200846 | Fixed | 4.375% | 11/1/2043 | 199,078 | |
| 172,800 | Loan ID 200847 | Fixed | 4.750% | 10/1/2044 | 181,440 | |
| 102,008 | Loan ID 200853 | Fixed | 5.000% | 4/1/2037 | 107,108 | |
| 182,008 | Loan ID 200856 | Fixed | 6.500% | 6/1/2042 | 102,063 | |
| 254,162 | Loan ID 200858 | Fixed | 4.000% | 1/1/2053 | 221,455 | |
| 159,540 | Loan ID 200860 | Fixed | 3.875% | 3/1/2052 | 136,612 | |
| 409,019 | Loan ID 200861 | Fixed | 3.000% | 6/1/2054 | 256,107 | |
| 238,966 | Loan ID 200863 | Fixed | 3.380% | 7/1/2052 | 236,602 | |
| 254,126 | Loan ID 200866 | Fixed | 3.400% | 5/1/2053 | 253,245 | |
| 108,279 | Loan ID 200867 | Fixed | 4.370% | 9/1/2053 | 96,742 | |
| 193,030 | Loan ID 200873 | Fixed | 4.525% | 11/1/2053 | 76,957 | |
| 179,039 | Loan ID 200880 | Fixed | 4.250% | 6/1/2043 | 185,322 | |
| 65,496 | Loan ID 200883 | Fixed | 3.375% | 5/1/2028 | 64,901 | |
| 82,396 | Loan ID 200886 | Fixed | 4.250% | 10/1/2044 | 85,279 | |
| 239,400 | Loan ID 200887 | Fixed | 4.750% | 9/1/2044 | 251,370 | |
| 194,697 | Loan ID 200891 | Fixed | 4.250% | 10/1/2044 | 201,285 | |
| 237,350 | Loan ID 200892 | Fixed | 3.750% | 9/1/2043 | 240,262 | |
| 210,630 | Loan ID 200895 | Fixed | 3.875% | 11/1/2043 | 214,780 | |
| 182,731 | Loan ID 200897 | Fixed | 4.750% | 10/1/2044 | 191,867 | |
| 320,426 | Loan ID 200900 | Fixed | 4.375% | 9/1/2044 | 333,723 | |
| 618,979 | Loan ID 200902 | Fixed | 4.250% | 9/1/2044 | 641,399 | |
| 383,076 | Loan ID 200905 | Fixed | 5.375% | 9/1/2044 | 402,230 | |
| 360,898 | Loan ID 200907 | ARM | 5.290% | 8/1/2047 | 364,436 | |
| 101,010 | Loan ID 200908 | Fixed | 4.000% | 6/1/2049 | 94,430 | |
| 111,502 | Loan ID 200909 | Fixed | 4.870% | 3/1/2046 | 84,948 | |
| 679,423 | Loan ID 200912 | Fixed | 4.500% | 3/1/2037 | 709,581 | |
| 56,552 | Loan ID 200913 | Fixed | 4.250% | 5/1/2047 | 52,391 | |
| 141,105 | Loan ID 200914 | Fixed | 2.875% | 12/1/2047 | 137,149 | |
| 86,259 | Loan ID 200916 | Fixed | 4.000% | 10/1/2037 | 85,632 | |
| 153,883 | Loan ID 200917 | Fixed | 4.875% | 1/1/2051 | 161,578 | |
| 89,196 | Loan ID 200921 | ARM | 5.625% | 7/1/2051 | 93,656 | |
| 407,689 | Loan ID 200922 | Fixed | 3.340% | 9/1/2053 | 415,680 | |
| 494,480 | Loan ID 200924 | Fixed | 5.500% | 9/1/2051 | 519,204 | |
| 297,271 | Loan ID 200927 | Fixed | 3.000% | 8/1/2038 | 290,934 | |
| 112,478 | Loan ID 200928 | Fixed | 4.800% | 12/1/2036 | 118,101 | |
|
Vertical Capital Income Fund | ||||||
| PORTFOLIO OF INVESTMENTS (Unaudited) (Continued) | ||||||
| December 31, 2019 | ||||||
| Principal | Loan Type | Interest Rate | Maturity | Fair Value | ||
| MORTGAGE NOTES (Continued) - 99.9 % | ||||||
| $ 152,956 | Loan ID 200929 | Fixed | 4.625% | 1/1/2043 | $ 160,361 | |
| 379,033 | Loan ID 200931 | Fixed | 4.250% | 12/1/2052 | 350,105 | |
| 285,651 | Loan ID 200933 | Fixed | 4.250% | 3/1/2043 | 295,800 | |
| 107,689 | Loan ID 200934 | Fixed | 3.810% | 1/1/2043 | 109,346 | |
| 167,661 | Loan ID 200935 | Fixed | 3.875% | 4/1/2043 | 170,961 | |
| 186,366 | Loan ID 200940 | Fixed | 3.250% | 2/1/2043 | 183,319 | |
| 107,553 | Loan ID 200941 | Fixed | 3.780% | 1/1/2043 | 109,073 | |
| 263,254 | Loan ID 200942 | Fixed | 4.000% | 4/1/2043 | 269,877 | |
| 99,115 | Loan ID 200944 | Fixed | 4.500% | 2/1/2044 | 103,234 | |
| 272,282 | Loan ID 200947 | Fixed | 4.000% | 2/1/2043 | 278,987 | |
| 123,268 | Loan ID 200948 | Fixed | 4.625% | 12/1/2042 | 128,898 | |
| 265,668 | Loan ID 200949 | Fixed | 3.875% | 4/1/2043 | 270,918 | |
| 171,571 | Loan ID 200952 | Fixed | 3.875% | 1/1/2043 | 174,884 | |
| 110,362 | Loan ID 200953 | Fixed | 3.750% | 12/1/2042 | 111,758 | |
| 356,538 | Loan ID 200954 | Fixed | 3.625% | 1/1/2043 | 358,920 | |
| 306,484 | Loan ID 200955 | Fixed | 3.250% | 5/1/2043 | 301,776 | |
| 255,054 | Loan ID 200956 | Fixed | 5.000% | 8/1/2051 | 267,807 | |
| 394,693 | Loan ID 200959 | Fixed | 4.000% | 11/1/2042 | 404,745 | |
| 332,578 | Loan ID 200960 | Fixed | 3.500% | 1/1/2043 | 332,318 | |
| 194,714 | Loan ID 200962 | Fixed | 4.250% | 10/1/2044 | 201,696 | |
| 112,657 | Loan ID 200963 | Fixed | 4.750% | 9/1/2044 | 118,290 | |
| 333,890 | Loan ID 200964 | Fixed | 3.750% | 7/1/2043 | 338,341 | |
| 139,319 | Loan ID 200966 | Fixed | 4.875% | 7/1/2044 | 146,285 | |
| 90,025 | Loan ID 200968 | Fixed | 4.250% | 11/1/2044 | 92,988 | |
| 345,529 | Loan ID 200969 | Fixed | 4.875% | 8/1/2043 | 362,805 | |
| 146,833 | Loan ID 200974 | Fixed | 4.250% | 10/1/2044 | 152,059 | |
| 336,500 | Loan ID 200977 | Fixed | 4.875% | 9/1/2044 | 353,325 | |
| 192,378 | Loan ID 200983 | Fixed | 4.375% | 8/1/2044 | 200,005 | |
| 109,205 | Loan ID 200987 | Fixed | 4.625% | 10/1/2044 | 114,502 | |
| 173,085 | Loan ID 200989 | Fixed | 3.750% | 6/1/2029 | 174,843 | |
| 159,974 | Loan ID 200993 | Fixed | 2.004% | 7/15/2049 | 144,313 | |
| 53,442 | Loan ID 200996 | Fixed | 2.500% | 8/1/2048 | 42,658 | |
| 351,959 | Loan ID 200998 | Fixed | 3.875% | 12/1/2050 | 353,224 | |
| 122,965 | Loan ID 201005 | Fixed | 4.750% | 7/1/2041 | 129,114 | |
| 40,865 | Loan ID 201006 | Fixed | 6.875% | 3/1/2038 | 42,908 | |
| 83,521 | Loan ID 201007 | Fixed | 7.125% | 4/1/2037 | 87,697 | |
| 75,735 | Loan ID 201010 | Fixed | 5.500% | 4/1/2039 | 79,522 | |
| 44,121 | Loan ID 201012 | Fixed | 7.500% | 12/1/2038 | 46,327 | |
| 53,626 | Loan ID 201013 | Fixed | 7.500% | 12/1/2038 | 47,137 | |
| 99,799 | Loan ID 201016 | Fixed | 6.500% | 2/1/2036 | 104,788 | |
| 73,005 | Loan ID 201022 | ARM | 4.500% | 5/1/2037 | 60,979 | |
| 133,232 | Loan ID 201023 | Fixed | 6.450% | 2/1/2036 | 126,956 | |
| 102,870 | Loan ID 201027 | ARM | 9.538% | 3/1/2037 | 108,013 | |
| 98,412 | Loan ID 201030 | Fixed | 5.000% | 7/1/2042 | 103,333 | |
| 135,613 | Loan ID 201032 | Fixed | 4.500% | 11/1/2044 | 122,790 | |
| 272,771 | Loan ID 201033 | Fixed | 4.125% | 12/1/2044 | 281,433 | |
| 85,068 | Loan ID 201036 | Fixed | 4.375% | 12/1/2044 | 88,400 | |
| 66,208 | Loan ID 201037 | Fixed | 8.250% | 7/1/2039 | 69,519 | |
| 88,061 | Loan ID 201041 | Fixed | 3.750% | 11/1/2052 | 81,038 | |
| 108,989 | Loan ID 201043 | Fixed | 4.000% | 4/1/2039 | 105,165 | |
|
Vertical Capital Income Fund | ||||||
| PORTFOLIO OF INVESTMENTS (Unaudited) (Continued) | ||||||
| December 31, 2019 | ||||||
| Principal | Loan Type | Interest Rate | Maturity | Fair Value | ||
| MORTGAGE NOTES (Continued) - 99.9 % | ||||||
| $ 168,940 | Loan ID 201044 | Fixed | 4.870% | 3/29/2037 | $ 177,387 | |
| 102,253 | Loan ID 201045 | Fixed | 3.375% | 7/1/2037 | 89,259 | |
| 276,448 | Loan ID 201046 | Fixed | 3.000% | 10/1/2058 | 177,203 | |
| 105,857 | Loan ID 201047 | Fixed | 3.625% | 4/1/2053 | 101,440 | |
| 63,407 | Loan ID 201053 | Fixed | 3.860% | 7/1/2053 | 64,561 | |
| 201,895 | Loan ID 201054 | Fixed | 2.400% | 5/17/2050 | 182,515 | |
| 566,715 | Loan ID 201056 | Fixed | 3.000% | 7/1/2054 | 500,326 | |
| 159,208 | Loan ID 201057 | Fixed | 4.000% | 1/1/2050 | 142,915 | |
| 121,391 | Loan ID 201058 | Fixed | 4.250% | 8/1/2037 | 125,587 | |
| 102,373 | Loan ID 201060 | ARM | 4.500% | 7/1/2035 | 90,353 | |
| 84,476 | Loan ID 201061 | Fixed | 5.000% | 2/1/2050 | 73,224 | |
| 113,261 | Loan ID 201062 | Fixed | 3.100% | 4/1/2047 | 111,068 | |
| 119,501 | Loan ID 201063 | Fixed | 4.000% | 9/1/2047 | 109,166 | |
| 221,008 | Loan ID 201066 | Fixed | 4.250% | 12/1/2046 | 228,531 | |
| 417,794 | Loan ID 201067 | Fixed | 4.750% | 1/1/2044 | 438,684 | |
| 65,392 | Loan ID 201069 | Fixed | 4.625% | 12/1/2044 | 68,593 | |
| 89,939 | Loan ID 201072 | Fixed | 3.500% | 3/1/2028 | 89,986 | |
| 91,267 | Loan ID 201075 | Fixed | 4.375% | 10/1/2044 | 94,866 | |
| 219,892 | Loan ID 201084 | Fixed | 5.000% | 8/1/2038 | 211,491 | |
| 140,740 | Loan ID 201086 | Fixed | 4.625% | 11/1/2044 | 147,777 | |
| 151,230 | Loan ID 201091 | Fixed | 4.125% | 1/1/2045 | 155,312 | |
| 241,506 | Loan ID 201092 | Fixed | 5.250% | 4/1/2046 | 232,101 | |
| 132,227 | Loan ID 201093 | Fixed | 4.125% | 2/1/2045 | 99,868 | |
| 138,331 | Loan ID 201094 | Fixed | 4.550% | 3/1/2044 | 144,274 | |
| 334,043 | Loan ID 201101 | Fixed | 4.625% | 3/1/2045 | 350,126 | |
| 144,386 | Loan ID 201103 | ARM | 3.750% | 5/1/2044 | 145,800 | |
| 152,704 | Loan ID 201104 | Fixed | 4.375% | 4/1/2045 | 158,622 | |
| 72,647 | Loan ID 201107 | Fixed | 5.150% | 2/1/2036 | 76,279 | |
| 150,051 | Loan ID 201108 | Fixed | 4.750% | 2/1/2054 | 85,906 | |
| 489,978 | Loan ID 201110 | ARM | 5.500% | 4/1/2037 | 402,766 | |
| 157,534 | Loan ID 201111 | Fixed | 4.875% | 4/1/2050 | 102,446 | |
| 227,844 | Loan ID 201112 | Fixed | 4.750% | 8/1/2037 | 239,236 | |
| 76,801 | Loan ID 201113 | Fixed | 5.750% | 12/1/2052 | 80,641 | |
| 116,505 | Loan ID 201114 | Fixed | 8.087% | 5/1/2054 | 80,752 | |
| 491,174 | Loan ID 201115 | Fixed | 4.000% | 2/1/2051 | 406,216 | |
| 83,984 | Loan ID 201121 | Fixed | 4.125% | 10/1/2037 | 81,462 | |
| 82,726 | Loan ID 201122 | Fixed | 4.750% | 11/1/2048 | 80,067 | |
| 228,748 | Loan ID 201124 | Fixed | 4.750% | 4/1/2040 | 240,185 | |
| 76,419 | Loan ID 201127 | ARM | 4.250% | 4/1/2037 | 71,802 | |
| 111,935 | Loan ID 201130 | Fixed | 4.850% | 12/1/2037 | 117,296 | |
| 115,206 | Loan ID 201131 | Fixed | 8.250% | 5/1/2053 | 120,967 | |
| 165,143 | Loan ID 201132 | Fixed | 4.250% | 7/1/2037 | 144,333 | |
| 191,224 | Loan ID 201134 | Fixed | 4.000% | 10/1/2053 | 173,793 | |
| 51,078 | Loan ID 201138 | Fixed | 4.250% | 3/1/2034 | 52,710 | |
| 157,161 | Loan ID 201139 | Fixed | 3.000% | 11/1/2053 | 121,372 | |
| 144,357 | Loan ID 201140 | Fixed | 4.870% | 1/1/2038 | 151,575 | |
| 82,720 | Loan ID 201143 | Fixed | 3.500% | 11/1/2037 | 72,972 | |
| 127,419 | Loan ID 201146 | Fixed | 4.875% | 8/1/2054 | 121,549 | |
| 106,030 | Loan ID 201147 | Fixed | 4.125% | 11/1/2051 | 99,892 | |
| 90,489 | Loan ID 201148 | Fixed | 3.950% | 10/1/2042 | 92,379 | |
|
Vertical Capital Income Fund | ||||||
| PORTFOLIO OF INVESTMENTS (Unaudited) (Continued) | ||||||
| December 31, 2019 | ||||||
| Principal | Loan Type | Interest Rate | Maturity | Fair Value | ||
| MORTGAGE NOTES (Continued) - 99.9 % | ||||||
| $ 312,518 | Loan ID 201149 | Fixed | 5.000% | 5/1/2058 | $ 142,693 | |
| 90,813 | Loan ID 201155 | Fixed | 4.000% | 11/1/2053 | 60,952 | |
| 62,070 | Loan ID 201156 | Fixed | 5.000% | 4/1/2050 | 50,496 | |
| 281,441 | Loan ID 201157 | Fixed | 4.000% | 3/1/2055 | 288,215 | |
| 197,290 | Loan ID 201160 | Fixed | 4.920% | 10/1/2049 | 147,003 | |
| 370,593 | Loan ID 201163 | Fixed | 4.750% | 12/1/2049 | 255,404 | |
| 160,309 | Loan ID 201164 | Fixed | 4.250% | 11/1/2051 | 165,483 | |
| 104,679 | Loan ID 201165 | Fixed | 4.750% | 1/1/2044 | 109,913 | |
| 418,939 | Loan ID 201168 | Fixed | 3.875% | 4/1/2052 | 383,889 | |
| 100,246 | Loan ID 201169 | Fixed | 5.934% | 9/1/2037 | 69,947 | |
| 60,450 | Loan ID 201170 | Fixed | 4.375% | 7/1/2037 | 62,836 | |
| 104,410 | Loan ID 201173 | Fixed | 4.280% | 11/1/2047 | 59,068 | |
| 139,915 | Loan ID 201174 | Fixed | 4.750% | 1/1/2053 | 146,911 | |
| 130,475 | Loan ID 201176 | Fixed | 4.250% | 8/1/2053 | 134,740 | |
| 294,124 | Loan ID 201179 | Fixed | 4.750% | 5/1/2051 | 241,836 | |
| 277,052 | Loan ID 201181 | Fixed | 4.500% | 4/1/2034 | 288,348 | |
| 128,341 | Loan ID 201183 | Fixed | 3.500% | 10/1/2052 | 127,137 | |
| 60,717 | Loan ID 201184 | Fixed | 4.000% | 6/1/2049 | 62,107 | |
| 249,927 | Loan ID 201185 | Fixed | 7.250% | 10/1/2053 | 262,423 | |
| 78,105 | Loan ID 201187 | Fixed | 4.000% | 11/1/2048 | 43,244 | |
| 601,025 | Loan ID 201196 | Fixed | 4.000% | 11/1/2036 | 532,303 | |
| 180,028 | Loan ID 201197 | Fixed | 6.500% | 4/1/2049 | 189,029 | |
| 320,865 | Loan ID 201199 | Fixed | 5.125% | 11/1/2046 | 336,908 | |
| 429,008 | Loan ID 201204 | Fixed | 3.750% | 4/1/2045 | 433,910 | |
| 141,201 | Loan ID 201205 | Fixed | 4.625% | 1/1/2045 | 148,165 | |
| 123,939 | Loan ID 201206 | Fixed | 3.990% | 4/1/2045 | 126,846 | |
| 406,534 | Loan ID 201207 | Fixed | 4.625% | 8/1/2051 | 419,381 | |
| 110,225 | Loan ID 201208 | Fixed | 4.625% | 4/1/2045 | 115,161 | |
| 171,147 | Loan ID 201209 | Fixed | 4.250% | 4/1/2045 | 177,341 | |
| 359,067 | Loan ID 201212 | Fixed | 4.625% | 10/1/2058 | 376,297 | |
| 189,121 | Loan ID 201213 | Fixed | 4.875% | 8/1/2044 | 198,577 | |
| 514,523 | Loan ID 201214 | ARM | 3.750% | 9/1/2043 | 519,057 | |
| 119,842 | Loan ID 201218 | Fixed | 4.125% | 1/1/2045 | 121,528 | |
| 60,812 | Loan ID 201221 | Fixed | 3.250% | 5/1/2043 | 60,567 | |
| 46,221 | Loan ID 201222 | Fixed | 5.125% | 1/1/2045 | 48,532 | |
| 184,415 | Loan ID 201223 | Fixed | 3.875% | 4/1/2030 | 191,390 | |
| 55,352 | Loan ID 201226 | Fixed | 5.000% | 3/1/2045 | 58,120 | |
| 46,944 | Loan ID 201229 | Fixed | 3.250% | 7/1/2024 | 47,221 | |
| 246,025 | Loan ID 201233 | Fixed | 4.500% | 12/1/2044 | 256,009 | |
| 223,180 | Loan ID 201237 | Fixed | 3.750% | 5/1/2045 | 226,102 | |
| 150,898 | Loan ID 201240 | Fixed | 4.250% | 10/1/2045 | 155,301 | |
| 283,069 | Loan ID 201241 | Fixed | 4.375% | 7/1/2045 | 294,754 | |
| 216,729 | Loan ID 201242 | Fixed | 4.625% | 11/1/2044 | 226,242 | |
| 105,598 | Loan ID 201243 | Fixed | 4.625% | 11/1/2045 | 110,456 | |
| 382,952 | Loan ID 201244 | Fixed | 4.500% | 6/1/2045 | 399,260 | |
| 108,963 | Loan ID 201245 | Fixed | 4.750% | 8/1/2044 | 114,411 | |
| 96,603 | Loan ID 201248 | Fixed | 4.875% | 7/1/2044 | 101,433 | |
| 465,574 | Loan ID 201249 | Fixed | 4.625% | 3/1/2059 | 441,069 | |
| 154,364 | Loan ID 201254 | ARM | 9.000% | 9/1/2034 | 154,364 | |
| 229,200 | Loan ID 201255 | ARM | 9.125% | 6/1/2035 | 240,660 | |
|
Vertical Capital Income Fund | ||||||
| PORTFOLIO OF INVESTMENTS (Unaudited) (Continued) | ||||||
| December 31, 2019 | ||||||
| Principal | Loan Type | Interest Rate | Maturity | Fair Value | ||
| MORTGAGE NOTES (Continued) - 99.9 % | ||||||
| $ 14,570 | Loan ID 201256 | ARM | 10.500% | 10/1/2021 | $ 15,294 | |
| 229,206 | Loan ID 201257 | Fixed | 4.500% | 5/1/2044 | 238,212 | |
| 87,157 | Loan ID 201258 | Fixed | 4.500% | 6/1/2045 | 80,293 | |
| 165,208 | Loan ID 201260 | Fixed | 4.750% | 9/1/2045 | 173,217 | |
| 48,105 | Loan ID 201263 | Fixed | 4.750% | 10/1/2045 | 45,868 | |
| 343,783 | Loan ID 201265 | Fixed | 4.750% | 6/1/2045 | 360,972 | |
| 140,103 | Loan ID 201266 | Fixed | 4.500% | 2/1/2046 | 145,670 | |
| 145,211 | Loan ID 201270 | Fixed | 4.125% | 2/1/2045 | 149,367 | |
| 244,051 | Loan ID 201271 | Fixed | 4.500% | 6/1/2045 | 222,512 | |
| 134,484 | Loan ID 201272 | Fixed | 4.750% | 11/1/2044 | 141,208 | |
| 231,637 | Loan ID 201273 | Fixed | 4.500% | 12/1/2045 | 241,079 | |
| 208,424 | Loan ID 201274 | Fixed | 4.125% | 10/1/2045 | 213,988 | |
| 184,191 | Loan ID 201278 | Fixed | 3.750% | 12/1/2045 | 182,904 | |
| 356,533 | Loan ID 201280 | Fixed | 4.500% | 4/1/2046 | 370,769 | |
| 125,229 | Loan ID 201282 | Fixed | 5.250% | 1/1/2046 | 131,490 | |
| 106,538 | Loan ID 201283 | Fixed | 4.250% | 11/1/2045 | 109,457 | |
| 112,687 | Loan ID 201284 | Fixed | 3.625% | 2/1/2029 | 115,920 | |
| 27,806 | Loan ID 201285 | Fixed | 4.625% | 11/1/2028 | 29,072 | |
| 105,961 | Loan ID 201286 | Fixed | 4.375% | 12/1/2045 | 110,008 | |
| 81,497 | Loan ID 201289 | Fixed | 4.000% | 3/1/2045 | 83,160 | |
| 238,806 | Loan ID 201290 | Fixed | 4.750% | 7/1/2045 | 250,746 | |
| 293,503 | Loan ID 201291 | Fixed | 5.000% | 8/1/2045 | 308,179 | |
| 119,364 | Loan ID 201294 | Fixed | 4.625% | 2/1/2046 | 124,591 | |
| 735,138 | Loan ID 201296 | Fixed | 4.250% | 2/1/2046 | 756,198 | |
| 326,759 | Loan ID 201297 | Fixed | 4.875% | 8/1/2045 | 343,097 | |
| 70,175 | Loan ID 201301 | Fixed | 4.550% | 10/1/2044 | 73,147 | |
| 130,418 | Loan ID 201302 | Fixed | 4.250% | 5/1/2045 | 134,678 | |
| 217,393 | Loan ID 201304 | Fixed | 4.125% | 2/1/2046 | 223,501 | |
| 142,907 | Loan ID 201305 | Fixed | 4.625% | 8/1/2044 | 149,579 | |
| 112,453 | Loan ID 201306 | Fixed | 3.875% | 9/1/2045 | 112,491 | |
| 169,582 | Loan ID 201307 | Fixed | 4.250% | 10/1/2048 | 174,898 | |
| 60,213 | Loan ID 201308 | Fixed | 4.625% | 11/1/2045 | 62,746 | |
| 156,248 | Loan ID 201309 | Fixed | 4.000% | 9/1/2045 | 157,594 | |
| 311,088 | Loan ID 201313 | Fixed | 4.625% | 1/1/2046 | 324,593 | |
| 108,683 | Loan ID 201315 | Fixed | 4.375% | 9/1/2045 | 112,428 | |
| 156,523 | Loan ID 201316 | Fixed | 4.500% | 2/1/2046 | 133,429 | |
| 165,989 | Loan ID 201319 | Fixed | 4.375% | 10/1/2045 | 169,865 | |
| 131,738 | Loan ID 201324 | Fixed | 5.250% | 4/1/2046 | 138,325 | |
| 170,383 | Loan ID 201326 | Fixed | 4.625% | 3/1/2046 | 177,725 | |
| 185,030 | Loan ID 201328 | Fixed | 4.250% | 11/1/2045 | 106,960 | |
| 260,911 | Loan ID 201330 | Fixed | 4.375% | 6/1/2046 | 270,718 | |
| 335,320 | Loan ID 201333 | Fixed | 3.875% | 1/1/2046 | 339,849 | |
| 187,046 | Loan ID 201335 | Fixed | 4.750% | 1/1/2046 | 195,544 | |
| 184,505 | Loan ID 201336 | Fixed | 4.750% | 1/1/2046 | 159,515 | |
| 402,340 | Loan ID 201339 | Fixed | 4.625% | 7/1/2045 | 382,292 | |
| 140,067 | Loan ID 201342 | Fixed | 4.750% | 7/1/2045 | 147,070 | |
| 82,670 | Loan ID 201343 | Fixed | 4.250% | 11/1/2045 | 85,295 | |
| 70,929 | Loan ID 201344 | Fixed | 5.000% | 7/1/2044 | 74,476 | |
| 131,292 | Loan ID 201345 | Fixed | 4.125% | 5/1/2045 | 132,904 | |
| 233,293 | Loan ID 201350 | Fixed | 4.000% | 6/1/2045 | 130,224 | |
|
Vertical Capital Income Fund | ||||||
| PORTFOLIO OF INVESTMENTS (Unaudited) (Continued) | ||||||
| December 31, 2019 | ||||||
| Principal | Loan Type | Interest Rate | Maturity | Fair Value | ||
| MORTGAGE NOTES (Continued) - 99.9 % | ||||||
| $ 67,674 | Loan ID 201352 | Fixed | 4.875% | 3/1/2045 | $ 71,057 | |
| 486,970 | Loan ID 201354 | Fixed | 3.375% | 7/1/2046 | 510,991 | |
| 130,865 | Loan ID 201355 | Fixed | 5.250% | 12/1/2045 | 137,408 | |
| 145,835 | Loan ID 201358 | Fixed | 4.875% | 7/1/2045 | 140,061 | |
| 140,753 | Loan ID 201361 | Fixed | 5.250% | 7/1/2044 | 147,790 | |
| 108,814 | Loan ID 201364 | Fixed | 3.875% | 4/1/2046 | 108,766 | |
| 330,268 | Loan ID 201365 | Fixed | 4.250% | 10/1/2045 | 339,974 | |
| 46,652 | Loan ID 201368 | Fixed | 5.125% | 2/1/2045 | 48,984 | |
| 177,011 | Loan ID 201370 | Fixed | 4.250% | 7/1/2046 | 164,365 | |
| 97,799 | Loan ID 201371 | Fixed | 4.125% | 4/1/2046 | 100,172 | |
| 252,548 | Loan ID 201372 | Fixed | 4.625% | 8/1/2046 | 262,559 | |
| 152,691 | Loan ID 201373 | Fixed | 5.125% | 4/1/2046 | 160,325 | |
| 140,598 | Loan ID 201375 | Fixed | 4.500% | 6/1/2045 | 126,080 | |
| 278,727 | Loan ID 201377 | Fixed | 3.875% | 5/1/2046 | 283,090 | |
| 66,127 | Loan ID 201379 | Fixed | 5.000% | 10/1/2045 | 69,433 | |
| 306,103 | Loan ID 201381 | Fixed | 4.875% | 7/1/2045 | 321,408 | |
| 131,011 | Loan ID 201383 | Fixed | 4.125% | 12/1/2045 | 137,562 | |
| 76,592 | Loan ID 201384 | Fixed | 4.375% | 10/1/2045 | 80,422 | |
| 135,526 | Loan ID 201385 | Fixed | 4.625% | 12/1/2045 | 141,179 | |
| 68,446 | Loan ID 201386 | Fixed | 5.250% | 5/1/2046 | 71,868 | |
| 229,864 | Loan ID 201390 | Fixed | 5.125% | 9/1/2045 | 241,357 | |
| 385,949 | Loan ID 201391 | Fixed | 5.125% | 10/1/2045 | 405,247 | |
| 163,750 | Loan ID 201392 | Fixed | 3.750% | 2/1/2046 | 146,826 | |
| 421,800 | Loan ID 201393 | Fixed | 3.750% | 4/1/2056 | 441,646 | |
| 75,385 | Loan ID 201394 | Fixed | 6.700% | 6/1/2034 | 79,154 | |
| 83,409 | Loan ID 201395 | Fixed | 6.300% | 7/1/2044 | 78,829 | |
| 258,453 | Loan ID 201397 | Fixed | 4.125% | 1/1/2046 | 265,314 | |
| 83,765 | Loan ID 201400 | Fixed | 4.750% | 7/1/2044 | 87,953 | |
| 88,322 | Loan ID 201401 | Fixed | 4.750% | 10/1/2044 | 92,738 | |
| 91,566 | Loan ID 201403 | Fixed | 4.750% | 8/1/2044 | 79,147 | |
| 131,561 | Loan ID 201404 | Fixed | 4.750% | 10/1/2044 | 113,947 | |
| 69,855 | Loan ID 201405 | Fixed | 5.250% | 8/1/2044 | 73,348 | |
| 53,355 | Loan ID 201406 | Fixed | 4.250% | 6/1/2046 | 54,844 | |
| 235,990 | Loan ID 201407 | Fixed | 4.875% | 1/1/2046 | 247,789 | |
| 159,434 | Loan ID 201411 | Fixed | 4.750% | 12/1/2045 | 167,406 | |
| 139,031 | Loan ID 201412 | Fixed | 5.750% | 12/1/2045 | 135,505 | |
| 329,301 | Loan ID 201413 | Fixed | 4.500% | 7/1/2045 | 211,893 | |
| 72,037 | Loan ID 201414 | Fixed | 4.250% | 7/1/2044 | 74,459 | |
| 55,314 | Loan ID 201415 | Fixed | 8.000% | 4/1/2034 | 58,080 | |
| 59,289 | Loan ID 201417 | Fixed | 6.000% | 8/1/2037 | 62,253 | |
| 40,896 | Loan ID 201419 | Fixed | 10.000% | 11/1/2033 | 42,940 | |
| 55,832 | Loan ID 201422 | Fixed | 4.625% | 10/1/2046 | 57,848 | |
| 668,950 | Loan ID 201423 | ARM | 3.875% | 6/1/2045 | 695,806 | |
| 644,796 | Loan ID 201425 | Fixed | 3.875% | 4/1/2046 | 654,769 | |
| 307,082 | Loan ID 201426 | Fixed | 4.875% | 3/1/2044 | 322,436 | |
| 523,081 | Loan ID 201428 | ARM | 3.250% | 4/1/2045 | 524,163 | |
| 191,640 | Loan ID 201431 | Fixed | 4.875% | 5/1/2045 | 180,791 | |
| 274,209 | Loan ID 201432 | Fixed | 5.000% | 8/1/2046 | 287,843 | |
| 95,950 | Loan ID 201434 | Fixed | 4.375% | 6/1/2046 | 99,325 | |
| 88,202 | Loan ID 201436 | Fixed | 4.375% | 5/1/2045 | 91,623 | |
|
Vertical Capital Income Fund | ||||||
| PORTFOLIO OF INVESTMENTS (Unaudited) (Continued) | ||||||
| December 31, 2019 | ||||||
| Principal | Loan Type | Interest Rate | Maturity | Fair Value | ||
| MORTGAGE NOTES (Continued) - 99.9 % | ||||||
| $ 127,376 | Loan ID 201437 | Fixed | 4.750% | 5/1/2046 | $ 46,627 | |
| 175,334 | Loan ID 201439 | Fixed | 5.000% | 12/1/2045 | 184,101 | |
| 311,411 | Loan ID 201440 | Fixed | 4.625% | 7/1/2046 | 153,515 | |
| 97,611 | Loan ID 201441 | Fixed | 4.750% | 10/1/2045 | 101,806 | |
| 291,713 | Loan ID 201442 | Fixed | 4.875% | 12/1/2045 | 304,736 | |
| 538,893 | Loan ID 201443 | Fixed | 3.875% | 8/1/2046 | 546,402 | |
| 50,008 | Loan ID 201444 | Fixed | 4.500% | 11/1/2044 | 52,003 | |
| 246,643 | Loan ID 201447 | Fixed | 4.875% | 10/1/2044 | 258,975 | |
| 90,521 | Loan ID 201449 | Fixed | 4.000% | 8/1/2044 | 92,638 | |
| 218,046 | Loan ID 201451 | Fixed | 4.250% | 6/1/2045 | 225,412 | |
| 183,798 | Loan ID 201453 | Fixed | 5.250% | 9/1/2046 | 192,988 | |
| 183,798 | Loan ID 201454 | Fixed | 5.250% | 9/1/2046 | 192,988 | |
| 180,711 | Loan ID 201455 | Fixed | 4.500% | 5/1/2046 | 187,928 | |
| 202,929 | Loan ID 201456 | Fixed | 4.125% | 7/1/2046 | 208,185 | |
| 229,767 | Loan ID 201458 | Fixed | 3.875% | 9/1/2046 | 229,271 | |
| 153,796 | Loan ID 201460 | Fixed | 4.250% | 7/1/2045 | 158,854 | |
| 263,277 | Loan ID 201461 | Fixed | 4.125% | 12/1/2044 | 269,948 | |
| 462,403 | Loan ID 201463 | Fixed | 4.750% | 11/1/2044 | 485,240 | |
| 292,298 | Loan ID 201464 | Fixed | 4.375% | 6/1/2045 | 273,994 | |
| 99,338 | Loan ID 201465 | Fixed | 5.125% | 12/1/2044 | 104,305 | |
| 45,075 | Loan ID 201467 | Fixed | 5.250% | 3/1/2044 | 47,328 | |
| 274,172 | Loan ID 201470 | Fixed | 4.375% | 10/1/2044 | 284,384 | |
| 219,100 | Loan ID 201471 | Fixed | 4.500% | 1/1/2045 | 228,103 | |
| 145,526 | Loan ID 201472 | Fixed | 4.000% | 11/1/2044 | 149,238 | |
| 299,495 | Loan ID 201473 | Fixed | 4.500% | 2/1/2045 | 312,562 | |
| 91,119 | Loan ID 201475 | ARM | 6.625% | 9/1/2036 | 65,053 | |
| 132,579 | Loan ID 201476 | ARM | 8.500% | 2/1/2037 | 132,579 | |
| 81,983 | Loan ID 201477 | Fixed | 6.750% | 11/1/2036 | 86,082 | |
| 104,451 | Loan ID 201478 | Fixed | 4.625% | 10/1/2045 | 109,363 | |
| 155,414 | Loan ID 201480 | Fixed | 4.250% | 11/1/2045 | 160,607 | |
| 132,207 | Loan ID 201482 | Fixed | 4.625% | 6/1/2045 | 137,732 | |
| 289,202 | Loan ID 201483 | Fixed | 4.125% | 12/1/2045 | 266,018 | |
| 74,475 | Loan ID 201484 | Fixed | 4.500% | 10/1/2046 | 77,148 | |
| 61,221 | Loan ID 201485 | Fixed | 5.750% | 3/1/2038 | 64,282 | |
| 161,986 | Loan ID 201487 | Fixed | 4.625% | 2/1/2052 | 170,086 | |
| 89,778 | Loan ID 201489 | Fixed | 4.750% | 3/1/2046 | 94,035 | |
| 104,427 | Loan ID 201490 | Fixed | 4.750% | 9/1/2045 | 109,219 | |
| 218,632 | Loan ID 201491 | Fixed | 4.250% | 2/1/2046 | 224,890 | |
| 372,271 | Loan ID 201492 | Fixed | 4.625% | 1/1/2047 | 352,300 | |
| 77,126 | Loan ID 201499 | Fixed | 4.750% | 5/1/2045 | 80,983 | |
| 104,126 | Loan ID 201502 | Fixed | 5.250% | 4/1/2044 | 109,333 | |
| 145,744 | Loan ID 201503 | Fixed | 5.000% | 7/1/2046 | 152,647 | |
| 446,696 | Loan ID 201504 | Fixed | 4.500% | 7/1/2045 | 406,939 | |
| 90,871 | Loan ID 201505 | ARM | 5.750% | 9/1/2046 | 94,739 | |
| 298,757 | Loan ID 201506 | Fixed | 5.000% | 2/1/2047 | 308,703 | |
| 217,548 | Loan ID 201508 | Fixed | 5.000% | 2/1/2047 | 225,645 | |
| 230,935 | Loan ID 201509 | Fixed | 5.000% | 12/1/2046 | 221,320 | |
| 77,687 | Loan ID 201511 | Fixed | 4.375% | 1/1/2046 | 80,206 | |
| 121,751 | Loan ID 201513 | Fixed | 4.000% | 1/1/2046 | 124,526 | |
|
Vertical Capital Income Fund | ||||||
| PORTFOLIO OF INVESTMENTS (Unaudited) (Continued) | ||||||
| December 31, 2019 | ||||||
| Principal | Loan Type | Interest Rate | Maturity | Fair Value | ||
| MORTGAGE NOTES (Continued) - 99.9 % | ||||||
| $ 135,337 | Loan ID 201515 | Fixed | 5.125% | 4/1/2047 | $ 141,443 | |
| 135,141 | Loan ID 201516 | Fixed | 3.875% | 4/1/2046 | 137,236 | |
| 316,026 | Loan ID 201517 | Fixed | 4.625% | 6/1/2046 | 331,131 | |
| 400,619 | Loan ID 201518 | Fixed | 4.875% | 1/1/2047 | 420,136 | |
| 93,509 | Loan ID 201519 | Fixed | 4.750% | 9/1/2045 | 98,185 | |
| 79,200 | Loan ID 201522 | Interest Only | 9.750% | 5/1/2018* | 77,616 | |
| 79,971 | Loan ID 201523 | Fixed | 5.125% | 7/1/2045 | 83,970 | |
| 310,185 | Loan ID 201525 | ARM | 7.500% | 9/1/2046 | 257,475 | |
| 151,565 | Loan ID 201526 | Fixed | 5.250% | 9/1/2044 | 145,445 | |
| 486,449 | Loan ID 201533 | Fixed | 4.750% | 5/1/2046 | 463,714 | |
| 43,479 | Loan ID 201534 | Fixed | 4.875% | 5/1/2047 | 45,159 | |
| 326,633 | Loan ID 201535 | Fixed | 4.875% | 8/1/2047 | 342,284 | |
| 464,665 | Loan ID 201536 | Fixed | 3.375% | 4/1/2045 | 404,406 | |
| 159,698 | Loan ID 201544 | Fixed | 3.750% | 9/1/2047 | 162,092 | |
| 268,185 | Loan ID 201545 | Fixed | 4.000% | 9/1/2047 | 276,532 | |
| 149,500 | Loan ID 201549 | Interest Only | 12.500% | 10/1/2019* | 147,258 | |
| 140,025 | Loan ID 201550 | Fixed | 5.000% | 2/1/2047 | 147,026 | |
| 198,419 | Loan ID 201551 | Fixed | 4.500% | 2/1/2047 | 141,790 | |
| 134,609 | Loan ID 201552 | Fixed | 4.000% | 8/1/2047 | 141,257 | |
| 46,909 | Loan ID 201556 | Fixed | 4.990% | 12/1/2047 | 47,881 | |
| 130,440 | Loan ID 201558 | Fixed | 4.500% | 8/1/2047 | 134,634 | |
| 97,901 | Loan ID 201562 | Fixed | 4.625% | 5/1/2047 | 101,497 | |
| 171,880 | Loan ID 201563 | Fixed | 5.875% | 12/1/2047 | 180,360 | |
| 108,946 | Loan ID 201579 | Fixed | 4.750% | 12/1/2036 | 111,743 | |
| 84,573 | Loan ID 201581 | Fixed | 4.125% | 10/1/2046 | 85,313 | |
| 86,680 | Loan ID 201583 | Fixed | 5.250% | 8/1/2047 | 89,899 | |
| 45,782 | Loan ID 201585 | Fixed | 5.500% | 3/1/2048 | 46,714 | |
| 381,116 | Loan ID 201586 | Fixed | 4.625% | 5/1/2047 | 395,308 | |
| 312,757 | Loan ID 201587 | Fixed | 4.375% | 1/1/2048 | 296,351 | |
| 328,139 | Loan ID 201588 | Fixed | 5.125% | 2/1/2048 | 309,054 | |
| 63,638 | Loan ID 201589 | Fixed | 5.375% | 6/1/2048 | 65,695 | |
| 138,624 | Loan ID 201590 | Fixed | 5.200% | 5/1/2048 | 75,348 | |
| 313,993 | Loan ID 201591 | Fixed | 5.375% | 8/1/2048 | 298,173 | |
| 75,000 | Loan ID 201593 | Interest Only | 13.500% | 2/1/2020 | 72,750 | |
| 365,500 | Loan ID 201594 | Interest Only | 11.250% | 6/1/2019* | 360,018 | |
| 67,179 | Loan ID 201598 | Fixed | 6.000% | 1/1/2037 | 63,061 | |
| 339,183 | Loan ID 201599 | Fixed | 5.000% | 7/1/2038 | 260,640 | |
| 44,013 | Loan ID 201600 | Fixed | 6.000% | 1/1/2036 | 16,292 | |
| 35,931 | Loan ID 201602 | Fixed | 5.000% | 4/20/2032 | 37,728 | |
| 59,176 | Loan ID 201604 | Fixed | 8.500% | 1/1/2048 | 62,135 | |
| 73,607 | Loan ID 201605 | Fixed | 8.750% | 3/1/2048 | 77,287 | |
| 89,380 | Loan ID 201606 | Fixed | 9.990% | 5/1/2048 | 93,051 | |
| 57,642 | Loan ID 201607 | Fixed | 9.990% | 5/1/2048 | 15,822 | |
| 66,345 | Loan ID 201608 | Fixed | 9.990% | 6/1/2048 | 61,586 | |
| 43,248 | Loan ID 201610 | Fixed | 9.990% | 7/1/2048 | 45,410 | |
| 59,266 | Loan ID 201611 | Fixed | 9.990% | 7/1/2048 | 62,230 | |
| 255,000 | Loan ID 201612 | Interest Only | 12.000% | 9/1/2019 | 252,450 | |
| 33,750 | Loan ID 201614 | Interest Only | 12.000% | 12/1/2019* | 33,075 | |
| 498,183 | Loan ID 201615 | Fixed | 10.500% | 1/1/2021 | 495,692 | |
| 480,788 | Loan ID 201616 | Interest Only | 9.990% | 1/1/2020 | 478,384 | |
|
Vertical Capital Income Fund | ||||||
| PORTFOLIO OF INVESTMENTS (Unaudited) (Continued) | ||||||
| December 31, 2019 | ||||||
| Principal | Loan Type | Interest Rate | Maturity | Fair Value | ||
| MORTGAGE NOTES (Continued) - 99.9 % | ||||||
| $ 163,121 | Loan ID 201617 | Fixed | 9.750% | 2/1/2022 | $ 161,490 | |
| 97,527 | Loan ID 201622 | Fixed | 9.750% | 3/1/2021 | 96,552 | |
| 31,775 | Loan ID 201623 | Fixed | 9.950% | 10/11/2031 | 33,364 | |
| 33,255 | Loan ID 201624 | Fixed | 11.000% | 7/22/2028 | 33,484 | |
| 41,984 | Loan ID 201626 | Fixed | 8.950% | 5/18/2035 | 44,083 | |
| 43,295 | Loan ID 201627 | Fixed | 10.450% | 2/19/2047 | 45,459 | |
| 44,537 | Loan ID 201628 | Fixed | 11.000% | 9/25/2032 | 44,537 | |
| 44,366 | Loan ID 201629 | Fixed | 11.000% | 3/6/2033 | 46,585 | |
| 46,051 | Loan ID 201630 | Fixed | 9.950% | 1/28/2020 | 46,461 | |
| 46,077 | Loan ID 201631 | Fixed | 9.950% | 7/25/2031 | 48,381 | |
| 50,226 | Loan ID 201632 | Fixed | 11.000% | 10/13/2041 | 52,738 | |
| 55,082 | Loan ID 201633 | Fixed | 11.000% | 12/2/2032 | 57,836 | |
| 63,928 | Loan ID 201634 | Fixed | 7.950% | 2/28/2048 | 63,928 | |
| 65,679 | Loan ID 201635 | Fixed | 9.950% | 3/14/2046 | 68,963 | |
| 83,792 | Loan ID 201636 | Fixed | 9.450% | 5/13/2031 | 87,981 | |
| 99,122 | Loan ID 201637 | Fixed | 11.000% | 5/22/2045 | 104,078 | |
| 143,142 | Loan ID 201638 | Fixed | 8.500% | 9/19/2044 | 150,299 | |
| 325,902 | Loan ID 201639 | Fixed | 5.000% | 9/1/2048 | 337,025 | |
| 345,871 | Loan ID 201640 | Fixed | 5.125% | 4/1/2049 | 312,999 | |
| 158,632 | Loan ID 201641 | Fixed | 10.500% | 6/1/2020 | 111,082 | |
| 420,000 | Loan ID 201642 | Interest Only | 12.000% | 4/1/2021 | 431,734 | |
| 285,000 | Loan ID 201644 | Interest Only | 10.000% | 2/1/2021 | 273,703 | |
| 671,636 | Loan ID 201645 | Fixed | 8.000% | 7/1/2020 | 427,543 | |
| 43,148 | Loan ID 201647 | Fixed | 6.000% | 10/1/2031 | 40,803 | |
| 40,963 | Loan ID 201648 | Fixed | 7.150% | 8/14/2030 | 43,011 | |
| 63,130 | Loan ID 201649 | Fixed | 4.800% | 2/20/2030 | 43,895 | |
| 39,055 | Loan ID 201650 | Fixed | 7.000% | 11/14/2031 | 41,007 | |
| 49,976 | Loan ID 201651 | Fixed | 7.000% | 12/1/2036 | 42,452 | |
| 246,567 | Loan ID 201652 | Fixed | 5.000% | 10/1/2036 | 258,895 | |
| 201,178 | Loan ID 201653 | Fixed | 4.250% | 6/1/2048 | 170,001 | |
| 447,208 | Loan ID 201654 | Fixed | 4.875% | 7/1/2049 | 453,617 | |
| 148,786 | Loan ID 201655 | Fixed | 7.700% | 1/1/2049 | 156,225 | |
| 126,667 | Loan ID 201656 | Fixed | 4.625% | 6/1/2049 | 126,543 | |
| 248,200 | Loan ID 201657 | Fixed | 5.250% | 11/1/2048 | 231,335 | |
| 419,764 | Loan ID 201658 | Fixed | 5.500% | 9/1/2048 | 417,665 | |
| 269,630 | Loan ID 201659 | Fixed | 4.875% | 5/1/2049 | 265,831 | |
| 86,061 | Loan ID 201661 | Fixed | 5.500% | 8/1/2049 | 84,311 | |
| 132,252 | Loan ID 201662 | Fixed | 5.375% | 9/1/2048 | 128,615 | |
| 430,965 | Loan ID 201663 | Fixed | 4.750% | 10/1/2048 | 387,869 | |
| 20,624 | Loan ID 201664 | Fixed | 10.000% | 8/1/2033 | 20,624 | |
| 42,591 | Loan ID 201665 | Fixed | 9.990% | 8/1/2048 | 44,721 | |
| 19,844 | Loan ID 201666 | Fixed | 10.000% | 6/1/2048 | 20,836 | |
| 17,845 | Loan ID 201667 | Fixed | 10.000% | 7/1/2033 | 18,325 | |
| 16,727 | Loan ID 201668 | Fixed | 9.750% | 11/1/2033 | 17,563 | |
| 56,885 | Loan ID 201670 | Fixed | 8.000% | 9/15/2048 | 59,729 | |
| 22,921 | Loan ID 201671 | Fixed | 9.000% | 9/15/2048 | 22,922 | |
| 21,557 | Loan ID 201672 | Fixed | 9.900% | 10/15/2048 | 21,557 | |
| 51,999 | Loan ID 201673 | Fixed | 9.990% | 6/1/2048 | 54,137 | |
| 24,084 | Loan ID 201674 | Fixed | 9.900% | 12/1/2048 | 25,288 | |
| 67,807 | Loan ID 201675 | Fixed | 9.750% | 2/1/2049 | 71,197 | |
|
Vertical Capital Income Fund | ||||||
| PORTFOLIO OF INVESTMENTS (Unaudited) (Continued) | ||||||
| December 31, 2019 | ||||||
| Principal | Loan Type | Interest Rate | Maturity | Fair Value | ||
| MORTGAGE NOTES (Continued) - 99.9 % | ||||||
| $ 112,526 | Loan ID 201676 | Fixed | 9.625% | 10/1/2048 | $ 115,738 | |
| 80,827 | Loan ID 201677 | Fixed | 9.250% | 11/1/2048 | 84,868 | |
| 25,735 | Loan ID 201678 | Fixed | 10.000% | 8/1/2048 | 22,025 | |
| 43,919 | Loan ID 201679 | Fixed | 7.700% | 3/1/2047 | 46,116 | |
| 39,750 | Loan ID 201680 | Fixed | 9.900% | 9/15/2048 | 40,379 | |
| 34,691 | Loan ID 201681 | Fixed | 9.000% | 6/1/2048 | 36,424 | |
| 178,181 | Loan ID 201682 | Fixed | 5.000% | 7/1/2048 | 125,612 | |
| 493,738 | Loan ID 201683 | Fixed | 4.875% | 12/1/2048 | 514,980 | |
| 414,350 | Loan ID 201684 | Fixed | 4.500% | 8/1/2049 | 391,132 | |
| 292,040 | Loan ID 201685 | Fixed | 5.500% | 2/1/2049 | 296,637 | |
| 103,303 | Loan ID 201686 | Fixed | 4.250% | 7/1/2049 | 84,232 | |
| 108,625 | Loan ID 201687 | Fixed | 6.180% | 7/1/2048 | 96,676 | |
| 389,854 | Loan ID 201688 | Fixed | 7.250% | 5/1/2037 | 409,347 | |
| 212,234 | Loan ID 201689 | Fixed | 4.500% | 4/1/2049 | 209,290 | |
| 505,900 | Loan ID 201690 | Fixed | 5.000% | 9/1/2049 | 498,311 | |
| 59,973 | Loan ID 201691 | Fixed | 9.000% | 11/1/2049 | 59,973 | |
| 210,872 | Loan ID 201692 | Fixed | 8.000% | 11/1/2029 | 210,872 | |
| 133,500 | Loan ID 201693 | Interest Only | 10.000% | 9/1/2020 | 133,500 | |
| 64,903 | Loan ID 201694 | Fixed | 9.000% | 9/1/2024 | 64,903 | |
| 304,965 | Loan ID 201695 | Fixed | 8.000% | 9/1/2021 | 304,965 | |
| 66,359 | Loan ID 201696 | Fixed | 5.125% | 10/1/2048 | 57,732 | |
| 126,689 | Loan ID 201697 | Fixed | 6.125% | 4/1/2049 | 98,818 | |
| 83,998 | Loan ID 201698 | Fixed | 4.375% | 12/1/2047 | 66,359 | |
| 269,611 | Loan ID 201699 | Fixed | 5.522% | 9/1/2049 | 264,219 | |
| 327,850 | Loan ID 201700 | Fixed | 6.125% | 6/1/2049 | 298,344 | |
| 63,611 | Loan ID 201701 | Fixed | 5.000% | 8/1/2049 | 56,614 | |
| 571,444 | Loan ID 201702 | Fixed | 6.125% | 11/1/2048 | 571,444 | |
| 131,208,597 | TOTAL MORTGAGE NOTES (Cost - $108,786,708) | 128,493,302 | ||||
| TOTAL INVESTMENTS (Cost - $108,786,708) - 99.9 % | $ 128,493,302 | |||||
| OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1 % | 134,791 | |||||
| NET ASSETS - 100.0 % | $ 128,628,093 | |||||
| * Past maturity date, loan in loss mitigation | ||||||
| ARM - Adjustable Rate Mortgage | ||||||
Vertical Capital Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
December 31, 2019
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 is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 "Financial Services – Investment Companies" including FASB Accounting Standard Update ASU 2013-08.
Security Valuation
Mortgage Notes – During the period ended December 31, 2019, the Fund utilized a third-party pricing service, approved by the Fund’s Board of Trustees (“the Board”), to value its Mortgage Notes on a at least monthly basis. 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 also 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 at least monthly market adjustments produced a monthly 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; natural disasters; 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, 2019
The valuation inputs and subsequent output are reviewed and maintained on a monthly 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 at least monthly 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 – 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 inactive market, 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 securities 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, 2019 for the Fund’s assets measured at fair value:
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Mortgage Notes | $ - | $ - | $ 128,493,302 | $ 128,493,302 |
| Total | $ - | $ - | $ 128,493,302 | $ 128,493,302 |
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, 2019
The following is a reconciliation of assets in which Level 3 inputs were used in determining value:
| Mortgage Notes | Other Investments | Total | |
| Beginning Balance | $ 129,194,075 | $ 440,909 | $ 129,634,984 |
| Net realized gain (loss) | 738,832 | (73,332) | 665,500 |
| Change in unrealized appreciation | (1,486,581) | 47,610 | (1,438,971) |
| Cost of purchases | 5,385,696 | - | 5,385,696 |
| Proceeds from sales and principal paydowns | (5,473,828) | (415,187) | (5,889,015) |
| Purchase discount amortization | 135,108 | - | 135,108 |
| Net Transfers within level 3 | - | - | - |
| Ending balance | $ 128,493,302 | $ - | $ 128,493,302 |
The total change in unrealized appreciation attributable to Level 3 investments still held at December 31, 2019 is $(1,154,918).
The following table provides quantitative information about the Fund's Level 3 values, as well as its inputs, as of December 31, 2019. The table is not all-inclusive, but provides information on the significant Level 3 inputs.
| Value | Valuation Technique | Unobservable Inputs | Range of Unobservable Inputs | Weighted Average of Unobservable Inputs | |
| Mortgage Notes | $ 128,493,302 | Comprehensive pricing model with emphasis on discounted cash flows | Constant prepayment rate | 0 - 93.9% | 13.8% |
| Delinquency | 0 - 698 days | 20 days | |||
| Loan-to-Value | 1 - 5062% | 81.7% | |||
| Discount rate | 1.1 - 14.3% | 4.2% | |||
| Closing Balance | $ 128,493,302 |
| A change to the unobservable input may result in a significant change to the value of the investment as follows: |
| Investment Income - | Impact to Value if | Impact to Value if |
| Investment Security | Input Increases | Input Decreases |
| Constant Prepayment Rate | Increase | Decrease |
| Delinquency | Decrease | Increase |
| Loan to Value | Decrease | Increase |
| Discount Rate | Decrease | Increase |
The identified cost of investments in securities owned by the Fund for federal income tax purposes and its respective gross unrealized appreciation and depreciation at December 31, 2019, were as follows:
| Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation |
| $ 108,786,708 | $ 21,258,571 | $ 1,551,977 | $ 19,706,594 |
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.
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 3/2/2020
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 3/2/2020
By (Signature and Title)
/s/ Robert Chapman
Robert Chapman, Treasurer/Principal Financial Officer
Date 3/2/2020
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: 3/2/2020
/s/ Michael D. Cohen
Michael D. Cohen, President/Principal Executive Officer
I, Robert Chapman, 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: 3/2/2020
/s/ Robert Chapman
Robert Chapman, Treasurer/Principal Financial Officer