SEC Filing | Carlyle Credit Income Fund

Accumulated

View:

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

form n-csr

certified shareholder report of registered management
investment companies

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)

Gemini Fund Services, LLC

4221 N 203^rd Street, Elkhorn, Nebraska 68022

(Name and address of agent for service)

Registrant's telephone number, including area code: 631-470-2616

Date of fiscal year end: 9/30

Date of reporting period: 3/31/20

Item 1. Reports to Stockholders.











		Vertical Capital Income Fund



		VCIF
		Cusip: 92535C104


		Semi-Annual Report
		March 31, 2020














		Investor Information: 1-866-277-VCIF



	This report and the financial statements contained herein are submitted for the general information of shareholders. Nothing contained herein is to be considered an offer of sale or solicitation of an offer to buy shares of the Vertical Capital Income Fund.

	Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website https://www.vertical-incomefund.com/, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

	If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically or to continue receiving paper copies of shareholder reports, which are available free of charge, by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by following the instructions included with paper Fund documents that have been mailed to you.

Dear Shareholder,

Against the backdrop of the coronavirus pandemic, we present our mid-year update for the Vertical Capital Income Fund (the “Fund”). Consistent with the Fund’s investment objective to seek income, the Fund made monthly distributions from operations aggregating approximately $0.18 per share for the six-month period ended March 31, 2020. In addition, a special distribution of approximately $0.19 per share was paid in December 2019 as a result of net capital gains realized on loan sales and loan payoffs during the Fund’s last fiscal year ending September 30, 2019. The Fund has made a special distribution each year since inception.

For the six-month period ended March 31, 2020 the Fund produced a total return, based on its traded share price, of -19.19% compared to one of its key benchmarks, the Bloomberg Barclays U.S. Mortgage Backed Securities Index, which reported a total return of 3.55%. (Please see the definition of the index that accompanies the performance table that immediately follows this letter.) During the same period the S&P 500 Total Return Index was -12.31%. The SEC Yield per share as of March 31, 2020 totaled 2.53%. Obviously, the collapse of equity markets in March had a severe negative impact on the Fund’s share price and performance. The Fund’s traded share price was $10.68 at the beginning of the period. The shares traded down to just under $10.00 for a short period of time in October 2019, and then gained some traction trading up to a high of $11.00 in February 2020. At the bottom in March the share price fell to a low of $7.29 and then rebounded slightly, closing at $8.38 on March 31, 2020. Since then the share price recovered during April and early May, but not fully to pre-virus crisis levels.

In comparison the Fund produced a total return based on its net asset value (“NAV”) per share for the same six-month period of -4.39% The Fund’s NAV per share was $12.75 at September 30, 2019, and its NAV per share was $11.80 at March 31, 2020. Since inception, the Fund has produced an annualized total return of 0.94%, based on a hybrid calculation using NAV per share prior to its listing on the NYSE in May 2019 and using its traded share price thereafter. The Fund’s total return since inception, based solely on NAV per share, was 6.88%.

Update on Economic Outlook

As we reported to you last November, the U.S. economy was expected to grow in the ranges of 1.1% and 1.4% for 2020 and 2021, respectfully; reflecting continued growth, albeit at a slower rate than in immediately prior years. The unemployment rate was generally projected to hover around 4.0% for both 2020 and 2021. In March, as awareness of a virus pandemic became known, economists began adjusting their forecasts to reflect slight downturns in GDP beginning in the third quarter. Within one month, as the full impact of the disease was becoming evident, revised forecasts began assuming a severe decline in economic activity and a substantial increase in unemployment.

Many economists believe that we will have a “v-shaped” recovery, one in which the U.S. will experience a sharp drop in GDP beginning in the second quarter of this year followed by a strong rebound recovery late in 2020 and into 2021. However, others see a “u-shaped” recovery where negative conditions will exist much longer. Either way the U.S. will suffer as we witness business closings and job losses.

In order to support the economy and provide liquidity to the U.S. banking system, the Federal Reserve has lowered its Fed Fund Rate to near zero with the likelihood that this benchmark rate will remain unchanged through 2021 and likely into 2022. At the same time, investors seeking safety have been reallocating funds from the equity markets to the capital markets, pushing the interest rate on the 10-year U.S. Treasury note to under 1%.

Update on the U.S. Mortgage Market

The U.S. housing market had been very strong prior to the crisis. Both starts of new construction homes and sales of existing homes were strong. Given the disruption in the economy, home starts in 2020 are expected to slow a bit and then rebound, generally mirroring the timeline and shape of the overall economic recovery. Home sales for 2020 are now expected to be about 2% less than previously projected. In absolute terms, the U.S. should have approximately 700,000 new housing starts and about five million home sales this calendar year – still relatively large numbers.

Total residential mortgage originations for 2020 are currently anticipated to be $2.4 trillion, a more than 10% increase over 2019 primarily as a result of a 30% increase in re-financings due to lower mortgage rates. Since the stability of the housing market is so fundamental to the U.S. economy, the Federal Reserve has interjected itself into

the market, aggressively providing funds to purchase mortgage backed securities issued by the FHA, Freddie Mac and Fannie Mae (collectively the “GSEs”).

Update on Fund Strategy

The Fund meets its investment objective primarily by investing in mortgage notes secured by first liens on residential real estate. These are “whole loans”, not mortgage backed securities, which the Fund does not acquire. We pursue investment opportunities in many types of residential mortgage whole loans, including agency ineligible (“conforming” loans that would have otherwise qualified for funding by one of the GSEs, but were rejected for technical defects in the application or documentation process), non-qualified (loans that do not meet the criteria for purchase or origination by a GSE), performing, re-performing (loans that were non-performing at one point and have now become performing), long-term, short-term, fixed rate and adjustable.

The Fund primarily invests through participation in the secondary residential whole loan market and typically purchases loans at a discount to their current unpaid principal balances. The secondary residential whole loan market is part of the larger $11 trillion one- to four- family residential mortgage market and historically boasts a deep roster of institutional participants, along with a diverse universe of sellers and reasons for sale. As such, we are comfortable that we will continue to see an adequate supply of investment opportunities.

Update on Operations and Liquidity

Total net assets as of March 31, 2020 were approximately $122.5 million, comprised of 790 individual loan investments. Every one of the portfolio’s key metrics, including current weighted average loan-to-value, weighted average effective interest rates, borrower FICO credit scores and percent of performing loans, are generally the same or better as of March 31, 2020 compared to six months ago. Through March, the percentage of non-performing loans (defined as more than 60-days past due, in bankruptcy or foreclosure), was generally consistent with the Fund’s prior history.

Given the current struggling economic environment, it is expected that some borrowers whose financial situations are being negatively impacted by income and/or job loss, would begin seeking some form of debt relief. In April we did receive inquiries mostly questioning “what happens if I have a financial problem”. A smaller number of those inquiries progressed to actual requests for assistance. In these situations, and in others that may arise, we intend to implement humanitarian solutions without compromising the financial viability of the Fund for borrowers that have legitimate needs arising out of the COVID-19 crisis.

We continue to employ a conservative approach to managing the Fund’s balance sheet. At March 31, 2020 the Fund had approximately $10.5 million drawn on its line of credit, against $35 million of committed availability. This is equivalent to a leverage ratio of approximately 12% of total market capitalization and 8.5% of NAV. The line’s term expires in July and contains a one-year extension option, which we intend to exercise. The line is used to fund short-term working capital needs, bridge transactional activity and increase investment in mortgage loans when such investment is accretive to the Fund’s earnings.

The Fund also typically receives cash each month from loan payoffs as a result of borrowers selling their homes or refinancing. A typical 25- to 30- year mortgage loan has historically paid off in six-to-seven years on average, depending on market interest rates. Generally, the volume of re-financings is higher in a low interest rate environment. When received, this capital is typically redeployed into new investments.

We appreciate your support and look forward to reporting to you later this year.

Regards,

Robert J. Chapman

Chairman of the Board of Trustees and Portfolio Manager

Vertical Capital Income Fund

PORTFOLIO REVIEW (Unaudited)

March 31, 2020

The Fund’s performance figures for the period ended March 31, 2020, compared to its benchmark:

	Six Months	One Year	Three Years	Five Years	Since Inception*
Vertical Capital Income Fund-NAV	-4.39%	-1.90%	2.68%	5.75%	6.88%
Vertical Capital Income Fund-Market Price **	-19.19%	-30.42%	-8.14%	-1.25%	-0.94%
Bloomberg Barclays Capital Mortgage Backed Securities Index	3.55%	7.03%	4.04%	2.94%	2.77%

The Fund commenced operations on December 30, 2011. The performance of the Fund is based on average annual returns.

The calculation is made using the NAV until the initial Market Price on May 30, 2019.

The Bloomberg Barclays Capital Mortgage Backed Securities Index is an unmanaged index composed of securities backed by mortgage pools of Ginnie Mae, Freddie Mac and Fannie Mae. Investors cannot invest directly in an index or benchmark.

Past performance is not predictive of future results. The investment return and principal value of an investment will fluctuate. An investor’s shares, when redeemed, may be worth more or less than the original cost. Total return is calculated assuming reinvestment of all dividends and distributions. Total returns would have been lower had the Adviser not waived its fees and reimbursed a portion of the Fund’s expenses. For performance information current to the most recent month-end, please call 1-866-277-VCIF.

PORTFOLIO COMPOSITION***

Mortgage Notes	99.9	%
Other Investments	0.10	%
	100.0	%

******* Based on Investments at Value as of March 31, 2020.

Vertical Capital Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited)

March 31, 2020

Principal			Loan Type	Interest Rate	Maturity	Fair Value
		MORTGAGE NOTES - 103.9%
$	112,946	Loan ID 200003	Fixed	7.250%	9/1/2035	$	98,566
	224,554	Loan ID 200004	Fixed	7.990%	10/1/2036		224,554
	48,325	Loan ID 200012	ARM	9.800%	7/1/2037		45,676
	35,104	Loan ID 200016	ARM	10.375%	1/1/2031		35,104
	46,530	Loan ID 200018	Fixed	7.000%	1/1/2033		46,530
	97,188	Loan ID 200023	Fixed	5.875%	12/1/2050		88,773
	205,980	Loan ID 200026	Fixed	4.750%	1/1/2050		205,980
	228,102	Loan ID 200028	Fixed	4.875%	6/1/2050		228,102
	199,412	Loan ID 200029	Fixed	6.310%	7/1/2037		161,266
	318,252	Loan ID 200032	Fixed	3.130%	1/1/2051		287,755
	536,088	Loan ID 200035	Fixed	4.625%	11/1/2050		435,934
	149,342	Loan ID 200037	Fixed	7.800%	5/1/2035		149,342
	109,804	Loan ID 200041	Fixed	4.875%	8/1/2039		109,804
	38,402	Loan ID 200042	Fixed	7.000%	12/1/2037		38,402
	47,615	Loan ID 200043	Fixed	6.125%	7/1/2039		47,615
	48,965	Loan ID 200048	Fixed	5.500%	8/1/2039		48,965
	145,083	Loan ID 200052	Fixed	5.125%	5/1/2040		145,083
	51,616	Loan ID 200054	Fixed	8.250%	3/1/2039		51,616
	78,068	Loan ID 200055	Fixed	10.000%	1/5/2036		74,164
	117,263	Loan ID 200057	ARM	4.250%	10/1/2036		116,759
	30,712	Loan ID 200060	Fixed	5.750%	8/1/2039		30,712
	24,054	Loan ID 200065	ARM	8.375%	1/1/2037		24,054
	188,373	Loan ID 200075	Fixed	4.250%	2/1/2042		186,489
	157,496	Loan ID 200076	Fixed	4.250%	12/1/2041		80,435
	21,836	Loan ID 200078	Fixed	7.000%	8/1/2036		21,836
	132,906	Loan ID 200079	Fixed	5.000%	2/1/2059		117,516
	64,223	Loan ID 200082	Fixed	8.250%	4/1/2040		57,159
	174,252	Loan ID 200084	Fixed	7.000%	3/1/2039		149,757
	189,821	Loan ID 200086	Fixed	4.250%	11/1/2050		152,517
	217,071	Loan ID 200087	Fixed	6.000%	3/1/2051		199,644
	115,533	Loan ID 200088	Fixed	7.000%	6/1/2039		99,149
	250,283	Loan ID 200089	Fixed	3.875%	3/1/2052		214,001
	270,521	Loan ID 200090	Fixed	4.500%	11/1/2036		73,701
	122,315	Loan ID 200093	Fixed	5.000%	2/1/2038		122,315
	70,030	Loan ID 200102	Fixed	8.250%	3/1/2040		68,567
	106,598	Loan ID 200110	Fixed	8.250%	8/1/2039		106,598
	68,577	Loan ID 200128	Fixed	4.710%	7/1/2037		49,220
	442,278	Loan ID 200129	Fixed	4.625%	3/1/2052		385,908
	25,418	Loan ID 200131	Fixed	3.875%	11/1/2027		24,877
	114,790	Loan ID 200135	Fixed	4.375%	12/1/2042		113,814
	117,972	Loan ID 200137	Fixed	4.500%	9/1/2042		117,097
	72,790	Loan ID 200141	Fixed	4.250%	2/1/2042		70,915
	118,359	Loan ID 200143	Fixed	3.000%	2/1/2037		111,264
	377,725	Loan ID 200145	Fixed	4.625%	8/1/2051		316,002
	94,066	Loan ID 200152	ARM	4.625%	9/1/2037		93,206
	143,974	Loan ID 200158	Fixed	3.625%	12/1/2042		139,698
	116,314	Loan ID 200160	Fixed	3.250%	2/1/2043		110,570
	205,518	Loan ID 200162	Fixed	3.875%	7/1/2042		201,244
	183,410	Loan ID 200165	Fixed	4.375%	12/1/2041		181,831
	99,972	Loan ID 200168	Fixed	3.750%	10/1/2042		97,038

The accompanying notes are an integral part of these financial statements.

Vertical Capital Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

Principal			Loan Type	Interest Rate	Maturity	Fair Value
		MORTGAGE NOTES (Continued) - 103.9%
$	21,049	Loan ID 200169	Fixed	6.923%	9/1/2034	$	21,049
	129,521	Loan ID 200172	Fixed	7.250%	2/1/2037		129,521
	84,317	Loan ID 200174	Fixed	7.340%	4/1/2037		84,317
	48,486	Loan ID 200175	Fixed	9.600%	5/1/2037		48,486
	23,190	Loan ID 200177	Fixed	8.000%	1/11/2022		23,190
	106,356	Loan ID 200181	Fixed	7.500%	6/1/2041		106,356
	68,856	Loan ID 200184	Fixed	4.375%	12/1/2042		68,122
	26,451	Loan ID 200185	Fixed	5.375%	6/1/2042		26,451
	50,377	Loan ID 200186	Fixed	5.125%	8/1/2042		50,377
	309,181	Loan ID 200190	Fixed	3.625%	11/1/2042		300,256
	153,173	Loan ID 200194	Fixed	4.750%	9/1/2041		153,173
	242,886	Loan ID 200195	Fixed	3.875%	3/1/2042		237,791
	94,032	Loan ID 200196	Fixed	4.500%	1/1/2043		93,450
	38,273	Loan ID 200198	Fixed	5.250%	10/1/2042		38,273
	264,462	Loan ID 200199	Fixed	4.000%	9/1/2042		259,712
	227,973	Loan ID 200200	Fixed	3.875%	9/1/2042		222,856
	41,096	Loan ID 200201	Fixed	5.125%	8/1/2041		41,096
	21,087	Loan ID 200206	Fixed	3.990%	12/1/2042		20,630
	43,589	Loan ID 200208	Fixed	4.250%	1/1/2043		43,090
	179,431	Loan ID 200209	Fixed	3.875%	8/1/2042		175,718
	50,358	Loan ID 200214	Fixed	5.750%	7/1/2039		50,358
	106,708	Loan ID 200216	Fixed	5.750%	9/1/2039		106,708
	134,887	Loan ID 200217	Fixed	5.250%	7/1/2040		134,887
	69,004	Loan ID 200218	Fixed	4.250%	12/1/2041		68,273
	186,873	Loan ID 200219	Fixed	4.250%	4/1/2043		184,913
	174,746	Loan ID 200224	Fixed	4.000%	7/1/2043		172,051
	76,500	Loan ID 200226	Fixed	5.250%	7/1/2041		76,500
	47,349	Loan ID 200228	Fixed	4.625%	8/1/2042		47,205
	135,897	Loan ID 200230	Fixed	3.500%	2/1/2043		131,184
	63,721	Loan ID 200232	Fixed	3.875%	8/1/2042		62,405
	110,209	Loan ID 200243	Fixed	3.750%	4/1/2043		106,983
	24,890	Loan ID 200244	Fixed	5.000%	5/1/2042		24,805
	187,710	Loan ID 200245	Fixed	3.875%	3/1/2043		183,690
	84,703	Loan ID 200286	Fixed	4.500%	7/1/2043		84,421
	94,415	Loan ID 200287	Fixed	4.375%	7/1/2043		93,613
	312,342	Loan ID 200288	Fixed	4.375%	11/1/2041		310,180
	190,817	Loan ID 200296	Fixed	3.250%	2/1/2043		181,461
	113,586	Loan ID 200300	Fixed	8.400%	10/20/2037		113,586
	94,306	Loan ID 200302	Fixed	9.875%	10/1/2035		94,306
	125,879	Loan ID 200304	Fixed	7.250%	10/1/2033		125,879
	35,906	Loan ID 200313	Fixed	8.500%	3/1/2028		29,979
	278,116	Loan ID 200315	ARM	5.250%	6/1/2037		248,307
	63,523	Loan ID 200317	Fixed	7.000%	9/1/2032		63,523
	71,598	Loan ID 200326	Fixed	8.375%	10/1/2036		71,598
	240,423	Loan ID 200330	Fixed	7.000%	8/1/2037		103,026
	93,508	Loan ID 200332	Fixed	5.775%	10/1/2037		93,508
	86,371	Loan ID 200334	Fixed	7.000%	1/1/2033		86,371
	257,406	Loan ID 200335	Fixed	5.000%	11/1/2052		242,436
	40,271	Loan ID 200337	Fixed	7.000%	10/1/2034		40,271
	44,890	Loan ID 200338	ARM	10.500%	8/1/2029		44,890

The accompanying notes are an integral part of these financial statements.

Vertical Capital Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

Principal			Loan Type	Interest Rate	Maturity	Fair Value
		MORTGAGE NOTES (Continued) - 103.9%
$	133,427	Loan ID 200339	Fixed	2.000%	10/1/2033	$	119,035
	28,702	Loan ID 200340	Fixed	7.000%	3/1/2030		28,702
	56,757	Loan ID 200348	Fixed	6.500%	7/1/2038		56,757
	227,909	Loan ID 200349	Fixed	7.000%	1/1/2037		155,753
	67,600	Loan ID 200352	Fixed	7.000%	8/1/2030		67,600
	80,870	Loan ID 200358	Fixed	5.000%	4/1/2025		80,157
	63,562	Loan ID 200361	Fixed	7.500%	1/1/2034		63,562
	79,533	Loan ID 200366	Fixed	6.250%	3/1/2034		79,533
	159,330	Loan ID 200368	Fixed	4.500%	4/1/2036		159,119
	67,851	Loan ID 200374	ARM	7.875%	5/1/2034		64,459
	176,212	Loan ID 200380	Fixed	4.220%	4/1/2049		163,998
	280,104	Loan ID 200384	Fixed	5.000%	11/1/2047		260,743
	136,993	Loan ID 200385	Fixed	8.250%	1/1/2040		136,993
	116,927	Loan ID 200389	Fixed	4.820%	8/1/2047		10,140
	190,718	Loan ID 200390	Fixed	4.780%	4/16/2047		167,421
	148,130	Loan ID 200391	Fixed	4.000%	1/13/2035		145,395
	59,690	Loan ID 200392	Fixed	10.000%	6/5/2034		59,690
	74,521	Loan ID 200395	Fixed	4.860%	4/1/2047		69,310
	68,225	Loan ID 200396	Fixed	10.000%	2/1/2036		68,225
	79,836	Loan ID 200397	ARM	5.000%	9/1/2037		78,598
	64,916	Loan ID 200399	Fixed	4.980%	6/1/2037		64,916
	43,840	Loan ID 200403	Fixed	8.300%	10/15/2032		43,840
	52,526	Loan ID 200404	Fixed	8.100%	5/1/2037		52,526
	86,302	Loan ID 200405	Fixed	4.870%	12/1/2035		86,262
	112,394	Loan ID 200406	Fixed	4.875%	10/1/2051		112,394
	221,452	Loan ID 200407	Fixed	6.500%	4/1/2042		221,452
	333,846	Loan ID 200409	Fixed	6.000%	2/1/2049		297,694
	98,829	Loan ID 200411	Fixed	8.275%	6/1/2037		98,829
	64,184	Loan ID 200417	Fixed	7.000%	5/1/2035		64,184
	132,966	Loan ID 200419	Fixed	4.000%	12/19/2035		127,505
	150,297	Loan ID 200420	Fixed	4.225%	4/10/2038		147,745
	71,021	Loan ID 200421	Fixed	7.710%	8/1/2037		71,021
	130,491	Loan ID 200422	Fixed	3.830%	8/1/2053		112,517
	120,627	Loan ID 200423	Fixed	4.500%	6/1/2043		119,945
	208,140	Loan ID 200430	Fixed	3.625%	7/1/2043		201,444
	274,189	Loan ID 200432	Fixed	4.875%	5/1/2043		274,189
	120,300	Loan ID 200433	Fixed	4.250%	8/1/2043		119,100
	191,920	Loan ID 200435	Fixed	4.625%	11/1/2052		191,207
	40,980	Loan ID 200439	Fixed	5.000%	8/1/2041		37,430
	138,418	Loan ID 200445	Fixed	5.250%	2/1/2039		138,418
	37,039	Loan ID 200447	Fixed	5.875%	11/4/2034		37,039
	74,460	Loan ID 200448	Fixed	5.750%	5/1/2042		67,674
	131,291	Loan ID 200449	Fixed	5.000%	2/1/2042		123,153
	332,038	Loan ID 200451	Fixed	6.250%	7/1/2038		332,038
	231	Loan ID 200453	ARM	6.000%	3/1/2026		231
	179,011	Loan ID 200460	Fixed	7.000%	7/1/2041		179,011
	366,809	Loan ID 200462	Fixed	6.000%	7/1/2045		337,448
	227,766	Loan ID 200465	Fixed	6.500%	7/1/2037		223,462
	101,915	Loan ID 200468	Fixed	5.625%	12/1/2044		14,580
	119,357	Loan ID 200469	Fixed	6.500%	7/1/2037		111,669

The accompanying notes are an integral part of these financial statements.

Vertical Capital Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

Principal			Loan Type	Interest Rate	Maturity	Fair Value
		MORTGAGE NOTES (Continued) - 103.9%
$	269,056	Loan ID 200473	Fixed	4.000%	12/1/2042	$	232,399
	234,527	Loan ID 200474	Fixed	5.750%	11/1/2050		234,527
	161,788	Loan ID 200475	Fixed	5.450%	7/1/2049		161,788
	184,865	Loan ID 200476	Fixed	6.000%	9/1/2050		184,865
	87,229	Loan ID 200482	Fixed	4.375%	11/1/2028		86,693
	81,942	Loan ID 200483	Fixed	4.375%	11/1/2028		81,439
	69,692	Loan ID 200485	Fixed	4.125%	2/1/2043		68,751
	228,453	Loan ID 200486	Fixed	3.500%	1/1/2043		220,044
	106,071	Loan ID 200489	Fixed	4.000%	3/1/2043		104,140
	49,821	Loan ID 200490	Fixed	4.000%	11/1/2028		48,922
	188,171	Loan ID 200491	Fixed	5.500%	10/1/2039		188,171
	112,607	Loan ID 200492	Fixed	4.000%	1/1/2043		110,650
	259,770	Loan ID 200494	Fixed	4.625%	10/1/2043		259,770
	296,365	Loan ID 200497	Fixed	3.250%	4/1/2043		281,538
	252,572	Loan ID 200499	Fixed	4.250%	1/1/2043		249,288
	194,944	Loan ID 200500	Fixed	5.875%	2/1/2037		194,944
	344,977	Loan ID 200504	Fixed	3.375%	3/1/2043		329,707
	64,273	Loan ID 200507	Fixed	4.500%	9/1/2042		64,002
	309,499	Loan ID 200514	Fixed	3.000%	4/1/2047		290,985
	92,137	Loan ID 200515	Fixed	8.250%	2/1/2039		92,137
	95,090	Loan ID 200517	Fixed	8.000%	5/1/2039		95,090
	188,447	Loan ID 200518	Fixed	3.000%	12/1/2050		177,182
	296,225	Loan ID 200519	Fixed	3.000%	11/1/2049		279,188
	104,350	Loan ID 200527	Fixed	4.500%	12/1/2043		104,087
	370,171	Loan ID 200529	Fixed	4.625%	2/1/2044		369,922
	163,448	Loan ID 200531	Fixed	4.625%	11/1/2043		162,987
	100,813	Loan ID 200532	Fixed	3.250%	7/1/2043		95,777
	80,936	Loan ID 200537	Fixed	4.500%	3/1/2042		80,856
	77,909	Loan ID 200540	Fixed	3.875%	2/1/2043		76,239
	44,297	Loan ID 200545	Fixed	4.375%	2/1/2029		43,942
	114,999	Loan ID 200546	Fixed	5.375%	12/1/2043		114,999
	155,184	Loan ID 200548	Fixed	5.250%	2/1/2044		155,184
	126,608	Loan ID 200564	Fixed	4.875%	5/1/2039		126,608
	121,363	Loan ID 200567	Fixed	3.375%	5/1/2043		116,143
	126,310	Loan ID 200571	Fixed	4.500%	7/1/2043		125,726
	88,306	Loan ID 200573	Fixed	3.750%	9/1/2042		80,006
	122,086	Loan ID 200574	Fixed	4.875%	1/1/2044		111,069
	170,493	Loan ID 200578	Fixed	4.750%	8/1/2040		170,493
	44,880	Loan ID 200579	Fixed	4.875%	5/1/2042		44,625
	159,338	Loan ID 200580	Fixed	4.125%	11/1/2041		157,409
	52,255	Loan ID 200583	Fixed	3.625%	9/1/2027		50,670
	302,043	Loan ID 200586	Fixed	3.500%	1/1/2043		291,214
	232,817	Loan ID 200588	Fixed	3.750%	5/1/2042		227,162
	61,794	Loan ID 200593	Fixed	3.875%	6/1/2042		60,410
	211,827	Loan ID 200594	Fixed	4.250%	4/1/2043		210,007
	35,836	Loan ID 200597	Fixed	5.625%	2/1/2044		35,836
	170,753	Loan ID 200602	Fixed	3.750%	3/1/2043		166,385
	67,764	Loan ID 200604	Fixed	3.500%	1/1/2043		65,329
	137,975	Loan ID 200605	Fixed	4.875%	12/1/2043		123,490
	124,700	Loan ID 200608	Fixed	4.125%	11/1/2043		123,150

The accompanying notes are an integral part of these financial statements.

Vertical Capital Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

Principal			Loan Type	Interest Rate	Maturity	Fair Value
		MORTGAGE NOTES (Continued) - 103.9%
$	116,938	Loan ID 200612	Fixed	4.500%	2/1/2043	$	116,507
	188,768	Loan ID 200613	Fixed	3.369%	1/1/2043		180,897
	95,098	Loan ID 200615	Fixed	4.250%	8/1/2043		94,106
	318,813	Loan ID 200616	Fixed	4.875%	2/1/2044		318,813
	212,330	Loan ID 200620	Fixed	4.250%	10/1/2043		210,173
	122,091	Loan ID 200621	Fixed	3.625%	1/1/2043		117,890
	67,237	Loan ID 200623	Fixed	4.375%	12/1/2042		66,627
	122,159	Loan ID 200627	Fixed	4.250%	10/1/2043		120,946
	155,587	Loan ID 200630	Fixed	5.250%	9/1/2043		155,587
	324,645	Loan ID 200632	Fixed	5.250%	5/1/2044		324,645
	211,994	Loan ID 200633	Fixed	5.125%	5/1/2044		211,994
	215,477	Loan ID 200634	Fixed	4.375%	1/1/2044		214,100
	136,892	Loan ID 200642	Fixed	5.000%	3/1/2044		128,778
	110,859	Loan ID 200645	Fixed	5.000%	4/1/2044		110,859
	132,692	Loan ID 200649	Fixed	4.375%	3/1/2044		115,809
	121,862	Loan ID 200650	Fixed	4.875%	5/1/2044		121,862
	215,478	Loan ID 200651	Fixed	3.625%	7/1/2043		208,479
	129,384	Loan ID 200655	Fixed	3.375%	5/1/2043		123,700
	143,031	Loan ID 200656	Fixed	6.875%	7/1/2037		37,251
	140,042	Loan ID 200657	Fixed	4.875%	8/1/2051		140,042
	166,880	Loan ID 200660	Fixed	5.875%	3/1/2038		166,880
	197,465	Loan ID 200662	Fixed	5.000%	3/1/2044		197,465
	64,781	Loan ID 200663	Fixed	4.750%	5/1/2044		64,781
	279,248	Loan ID 200668	Fixed	3.625%	4/1/2043		271,098
	146,424	Loan ID 200669	Fixed	5.250%	4/1/2044		146,424
	49,631	Loan ID 200670	Fixed	4.375%	2/1/2029		49,153
	222,152	Loan ID 200671	Fixed	4.625%	8/1/2043		221,813
	144,953	Loan ID 200672	Fixed	3.750%	7/1/2043		140,896
	290,117	Loan ID 200674	Fixed	4.500%	5/1/2044		288,768
	92,724	Loan ID 200677	Fixed	3.625%	5/1/2028		89,843
	433,373	Loan ID 200678	Fixed	4.375%	2/1/2044		429,984
	239,807	Loan ID 200679	Fixed	5.000%	4/1/2044		206,393
	178,466	Loan ID 200682	Fixed	4.875%	5/1/2044		166,716
	118,888	Loan ID 200684	Fixed	4.875%	4/1/2044		118,888
	216,225	Loan ID 200685	Fixed	4.875%	5/1/2044		216,225
	209,774	Loan ID 200690	Fixed	4.250%	4/1/2044		208,002
	229,251	Loan ID 200692	Fixed	4.625%	7/1/2044		228,427
	100,047	Loan ID 200694	Fixed	4.500%	9/1/2043		99,604
	44,369	Loan ID 200696	Fixed	3.750%	10/1/2042		43,289
	84,920	Loan ID 200700	Fixed	4.250%	2/1/2044		83,979
	160,533	Loan ID 200701	Fixed	4.750%	6/1/2044		129,867
	90,435	Loan ID 200704	Fixed	4.375%	3/1/2043		89,465
	124,147	Loan ID 200708	Fixed	4.875%	2/1/2044		124,147
	47,701	Loan ID 200709	Fixed	4.375%	4/1/2043		47,322
	107,918	Loan ID 200710	Fixed	4.500%	7/1/2044		107,384
	574,659	Loan ID 200714	Fixed	4.175%	11/1/2036		527,886
	196,591	Loan ID 200716	ARM	5.050%	8/1/2037		164,213
	133,126	Loan ID 200720	ARM	5.500%	4/1/2042		107,592
	145,049	Loan ID 200726	Fixed	4.375%	9/1/2037		112,075
	151,505	Loan ID 200727	Fixed	3.500%	7/1/2037		146,482

The accompanying notes are an integral part of these financial statements.

Vertical Capital Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

Principal			Loan Type	Interest Rate	Maturity	Fair Value
		MORTGAGE NOTES (Continued) - 103.9%
$	442,662	Loan ID 200730	ARM	4.750%	9/1/2036	$	275,694
	187,259	Loan ID 200732	Fixed	4.125%	9/1/2027		184,877
	213,831	Loan ID 200733	Fixed	3.750%	12/1/2042		208,459
	94,971	Loan ID 200735	Fixed	4.500%	6/1/2044		94,674
	136,150	Loan ID 200736	Fixed	4.750%	5/1/2044		127,035
	165,144	Loan ID 200742	Fixed	4.250%	4/1/2043		163,015
	178,449	Loan ID 200744	Fixed	3.625%	6/1/2043		172,794
	423,793	Loan ID 200748	Fixed	4.750%	12/1/2043		423,793
	56,457	Loan ID 200753	Fixed	5.250%	5/1/2044		56,457
	51,202	Loan ID 200755	Fixed	4.250%	6/1/2043		50,712
	177,156	Loan ID 200756	Fixed	4.875%	11/1/2043		177,156
	116,330	Loan ID 200759	Fixed	3.750%	6/1/2043		113,470
	278,527	Loan ID 200762	Fixed	3.875%	5/1/2042		272,858
	192,237	Loan ID 200765	Fixed	4.875%	11/1/2043		192,237
	456,216	Loan ID 200766	Fixed	3.625%	12/1/2042		442,892
	167,744	Loan ID 200771	Fixed	4.500%	4/1/2043		150,004
	228,743	Loan ID 200772	Fixed	3.750%	3/1/2043		223,094
	190,648	Loan ID 200774	Fixed	3.875%	7/1/2043		186,543
	41,721	Loan ID 200775	Fixed	4.250%	4/1/2043		41,233
	76,165	Loan ID 200776	Fixed	4.250%	3/1/2044		75,265
	50,621	Loan ID 200777	Fixed	4.750%	6/1/2044		49,633
	158,329	Loan ID 200781	Fixed	4.625%	9/1/2044		157,133
	132,700	Loan ID 200783	Fixed	4.750%	9/1/2044		132,700
	105,510	Loan ID 200785	Fixed	4.500%	8/1/2044		105,141
	213,333	Loan ID 200786	Fixed	4.625%	7/1/2044		213,333
	40,826	Loan ID 200787	Fixed	4.750%	9/1/2044		40,556
	121,278	Loan ID 200789	Fixed	3.750%	9/1/2044		118,058
	142,431	Loan ID 200790	Fixed	4.250%	8/1/2044		141,216
	192,164	Loan ID 200791	Fixed	4.875%	6/1/2044		192,164
	84,224	Loan ID 200795	Fixed	6.750%	8/1/2036		84,224
	68,909	Loan ID 200796	Fixed	5.880%	12/1/2053		62,966
	49,788	Loan ID 200799	Fixed	4.000%	2/5/2053		45,983
	62,547	Loan ID 200800	Fixed	4.000%	1/1/2053		29,916
	149,362	Loan ID 200805	Fixed	4.625%	7/1/2050		109,515
	155,106	Loan ID 200806	Fixed	5.000%	8/1/2049		114,785
	55,426	Loan ID 200808	Fixed	4.250%	11/1/2050		25,883
	113,734	Loan ID 200809	Fixed	5.000%	4/1/2050		67,953
	228,161	Loan ID 200814	Fixed	8.250%	7/1/2039		228,161
	275,219	Loan ID 200817	Fixed	5.000%	1/1/2050		180,697
	196,548	Loan ID 200821	Fixed	4.250%	8/1/2044		194,656
	76,334	Loan ID 200823	Fixed	4.250%	9/1/2044		75,630
	208,673	Loan ID 200824	Fixed	4.250%	8/1/2044		205,806
	99,642	Loan ID 200826	Fixed	4.375%	9/1/2044		98,554
	191,450	Loan ID 200829	Fixed	4.375%	7/1/2043		190,003
	188,351	Loan ID 200830	ARM	2.875%	7/1/2044		183,810
	53,489	Loan ID 200831	Fixed	4.250%	10/1/2044		52,768
	319,133	Loan ID 200832	Fixed	4.250%	10/1/2044		315,349
	150,046	Loan ID 200834	Fixed	4.125%	7/1/2043		147,927
	309,173	Loan ID 200835	Fixed	5.000%	8/1/2043		309,173
	218,508	Loan ID 200839	Fixed	5.000%	5/1/2044		218,508

The accompanying notes are an integral part of these financial statements.

Vertical Capital Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

Principal			Loan Type	Interest Rate	Maturity	Fair Value
		MORTGAGE NOTES (Continued) - 103.9%
$	280,094	Loan ID 200844	Fixed	4.500%	7/1/2043	$	279,199
	190,399	Loan ID 200846	Fixed	4.375%	11/1/2043		189,472
	172,189	Loan ID 200847	Fixed	4.750%	10/1/2044		172,189
	101,157	Loan ID 200853	Fixed	5.000%	4/1/2037		101,157
	180,377	Loan ID 200856	Fixed	6.500%	6/1/2042		110,970
	253,544	Loan ID 200858	Fixed	5.000%	1/1/2053		253,544
	159,135	Loan ID 200860	Fixed	3.875%	3/1/2052		135,894
	409,019	Loan ID 200861	Fixed	3.000%	6/1/2054		184,390
	235,553	Loan ID 200863	Fixed	3.380%	7/1/2052		225,043
	249,942	Loan ID 200866	Fixed	3.400%	5/1/2053		240,516
	108,039	Loan ID 200867	Fixed	4.370%	9/1/2053		91,893
	192,311	Loan ID 200873	Fixed	5.525%	11/1/2053		62,453
	178,083	Loan ID 200880	Fixed	4.250%	6/1/2043		176,193
	64,381	Loan ID 200883	Fixed	3.375%	5/1/2028		61,555
	81,726	Loan ID 200886	Fixed	4.250%	10/1/2044		80,833
	238,550	Loan ID 200887	Fixed	4.750%	9/1/2044		238,550
	193,906	Loan ID 200891	Fixed	4.250%	10/1/2044		191,450
	236,014	Loan ID 200892	Fixed	3.750%	9/1/2043		229,505
	209,680	Loan ID 200895	Fixed	3.875%	11/1/2043		205,324
	182,723	Loan ID 200897	Fixed	4.750%	10/1/2044		182,305
	315,816	Loan ID 200900	Fixed	4.375%	9/1/2044		314,394
	381,835	Loan ID 200905	Fixed	5.375%	9/1/2044		381,835
	361,702	Loan ID 200907	ARM	5.020%	8/1/2047		342,861
	101,003	Loan ID 200908	Fixed	4.000%	6/1/2049		99,601
	111,165	Loan ID 200909	Fixed	4.870%	4/1/2047		111,165
	675,060	Loan ID 200912	Fixed	4.500%	3/1/2037		674,274
	56,363	Loan ID 200913	Fixed	4.250%	5/1/2047		51,719
	140,825	Loan ID 200914	Fixed	2.875%	12/1/2047		132,155
	79,604	Loan ID 200916	Fixed	4.000%	10/1/2037		75,602
	153,497	Loan ID 200917	Fixed	4.875%	1/1/2051		153,497
	88,679	Loan ID 200921	ARM	4.625%	7/1/2051		87,726
	406,603	Loan ID 200922	Fixed	3.340%	9/1/2053		396,328
	493,984	Loan ID 200924	Fixed	5.500%	9/1/2051		493,984
	294,306	Loan ID 200927	Fixed	3.000%	8/1/2038		278,080
	111,066	Loan ID 200928	Fixed	4.800%	12/1/2036		111,066
	378,304	Loan ID 200931	Fixed	4.250%	12/1/2052		328,788
	284,425	Loan ID 200933	Fixed	4.250%	3/1/2043		281,576
	107,197	Loan ID 200934	Fixed	3.810%	1/1/2043		104,567
	166,906	Loan ID 200935	Fixed	3.875%	4/1/2043		163,452
	185,459	Loan ID 200940	Fixed	3.250%	2/1/2043		176,176
	106,999	Loan ID 200941	Fixed	3.780%	1/1/2043		104,293
	260,324	Loan ID 200942	Fixed	4.000%	4/1/2043		255,923
	98,504	Loan ID 200944	Fixed	4.500%	2/1/2044		97,731
	271,087	Loan ID 200947	Fixed	4.000%	2/1/2043		266,352
	122,095	Loan ID 200948	Fixed	4.625%	12/1/2042		121,411
	262,482	Loan ID 200949	Fixed	3.875%	4/1/2043		257,085
	170,802	Loan ID 200952	Fixed	3.875%	1/1/2043		167,205
	109,824	Loan ID 200953	Fixed	3.750%	12/1/2042		106,887
	305,669	Loan ID 200955	Fixed	3.250%	5/1/2043		290,949
	254,489	Loan ID 200956	Fixed	5.000%	8/1/2051		254,489

The accompanying notes are an integral part of these financial statements.

Vertical Capital Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

Principal			Loan Type	Interest Rate	Maturity	Fair Value
		MORTGAGE NOTES (Continued) - 103.9%
$	392,900	Loan ID 200959	Fixed	4.000%	11/1/2042	$	386,506
	331,835	Loan ID 200960	Fixed	3.500%	1/1/2043		319,602
	193,006	Loan ID 200962	Fixed	4.250%	10/1/2044		191,126
	332,415	Loan ID 200964	Fixed	3.750%	7/1/2043		323,929
	138,787	Loan ID 200966	Fixed	4.875%	7/1/2044		138,787
	89,844	Loan ID 200968	Fixed	4.250%	11/1/2044		66,547
	344,227	Loan ID 200969	Fixed	4.875%	8/1/2043		344,227
	145,999	Loan ID 200974	Fixed	4.250%	10/1/2044		144,471
	335,326	Loan ID 200977	Fixed	4.875%	9/1/2044		335,326
	190,428	Loan ID 200983	Fixed	4.375%	8/1/2044		189,054
	108,812	Loan ID 200987	Fixed	4.625%	10/1/2044		108,673
	155,101	Loan ID 200993	Fixed	2.004%	7/15/2049		134,205
	51,520	Loan ID 200996	Fixed	2.500%	8/1/2048		41,105
	347,758	Loan ID 200998	Fixed	3.875%	12/1/2050		337,090
	122,410	Loan ID 201005	Fixed	4.750%	7/1/2041		122,410
	40,675	Loan ID 201006	Fixed	6.875%	3/1/2038		40,675
	83,521	Loan ID 201007	Fixed	7.125%	4/1/2037		83,521
	75,370	Loan ID 201010	Fixed	5.500%	4/1/2039		68,489
	43,945	Loan ID 201012	Fixed	7.500%	12/1/2038		43,945
	53,411	Loan ID 201013	Fixed	7.500%	12/1/2038		46,413
	95,696	Loan ID 201016	Fixed	6.500%	2/1/2036		95,696
	72,263	Loan ID 201022	ARM	4.000%	5/1/2037		58,529
	131,738	Loan ID 201023	Fixed	6.450%	2/1/2036		122,926
	102,474	Loan ID 201027	ARM	9.538%	3/1/2037		102,474
	98,017	Loan ID 201030	Fixed	5.000%	7/1/2042		98,017
	134,632	Loan ID 201032	Fixed	4.500%	11/1/2044		132,985
	271,726	Loan ID 201033	Fixed	4.125%	12/1/2044		268,363
	84,320	Loan ID 201036	Fixed	4.375%	12/1/2044		83,606
	65,980	Loan ID 201037	Fixed	8.250%	7/1/2039		65,980
	87,834	Loan ID 201041	Fixed	3.750%	11/1/2052		85,159
	108,445	Loan ID 201043	Fixed	4.000%	4/1/2039		99,751
	166,942	Loan ID 201044	Fixed	4.870%	3/29/2037		166,942
	101,730	Loan ID 201045	Fixed	3.375%	7/1/2037		83,801
	276,448	Loan ID 201046	Fixed	3.000%	10/1/2058		124,447
	105,492	Loan ID 201047	Fixed	3.625%	4/1/2053		96,715
	63,248	Loan ID 201053	Fixed	3.860%	7/1/2053		62,015
	201,538	Loan ID 201054	Fixed	2.400%	5/17/2050		174,833
	565,141	Loan ID 201056	Fixed	3.000%	7/1/2054		476,598
	158,730	Loan ID 201057	Fixed	4.000%	1/1/2050		135,971
	120,581	Loan ID 201058	Fixed	4.250%	8/1/2037		119,579
	101,207	Loan ID 201060	ARM	4.000%	7/1/2035		84,272
	84,283	Loan ID 201061	Fixed	5.000%	2/1/2050		70,542
	112,818	Loan ID 201062	Fixed	3.100%	4/1/2047		106,840
	118,865	Loan ID 201063	Fixed	4.000%	9/1/2047		108,713
	220,637	Loan ID 201066	Fixed	4.250%	12/1/2046		218,804
	414,709	Loan ID 201067	Fixed	4.750%	1/1/2044		359,428
	65,000	Loan ID 201069	Fixed	4.625%	12/1/2044		64,880
	87,427	Loan ID 201072	Fixed	3.500%	3/1/2028		84,388
	90,918	Loan ID 201075	Fixed	4.375%	10/1/2044		90,210
	215,015	Loan ID 201084	Fixed	5.000%	8/1/2038		215,015

The accompanying notes are an integral part of these financial statements.

Vertical Capital Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

Principal			Loan Type	Interest Rate	Maturity	Fair Value
		MORTGAGE NOTES (Continued) - 103.9%
$	140,236	Loan ID 201086	Fixed	4.625%	11/1/2044	$	140,236
	150,619	Loan ID 201091	Fixed	4.125%	1/1/2045		147,539
	240,400	Loan ID 201092	Fixed	5.250%	4/1/2046		219,986
	132,227	Loan ID 201093	Fixed	4.125%	2/1/2045		85,448
	137,809	Loan ID 201094	Fixed	4.550%	3/1/2044		136,777
	332,859	Loan ID 201101	Fixed	4.625%	3/1/2045		332,284
	143,731	Loan ID 201103	ARM	3.750%	5/1/2044		141,778
	152,427	Loan ID 201104	Fixed	4.375%	4/1/2045		150,931
	71,875	Loan ID 201107	Fixed	5.150%	2/1/2036		71,875
	150,051	Loan ID 201108	Fixed	4.750%	2/1/2054		69,936
	487,009	Loan ID 201110	ARM	5.250%	4/1/2037		368,111
	157,098	Loan ID 201111	Fixed	4.875%	4/1/2050		93,601
	226,449	Loan ID 201112	Fixed	4.750%	8/1/2037		226,449
	76,670	Loan ID 201113	Fixed	5.750%	12/1/2052		76,670
	116,299	Loan ID 201114	Fixed	8.087%	5/1/2054		73,293
	489,853	Loan ID 201115	Fixed	4.000%	2/1/2051		354,236
	74,835	Loan ID 201121	Fixed	4.125%	10/1/2037		69,451
	82,391	Loan ID 201122	Fixed	4.750%	11/1/2048		82,321
	227,237	Loan ID 201124	Fixed	4.750%	4/1/2040		227,237
	75,674	Loan ID 201127	ARM	4.250%	4/1/2037		66,770
	109,248	Loan ID 201130	Fixed	4.850%	12/1/2037		109,069
	115,107	Loan ID 201131	Fixed	8.250%	5/1/2053		115,107
	164,977	Loan ID 201132	Fixed	4.250%	7/1/2037		134,560
	190,912	Loan ID 201134	Fixed	4.000%	10/1/2053		163,819
	50,628	Loan ID 201138	Fixed	4.250%	3/1/2034		50,243
	157,161	Loan ID 201139	Fixed	3.000%	11/1/2053		101,786
	143,517	Loan ID 201140	Fixed	4.870%	1/1/2038		143,517
	82,308	Loan ID 201143	Fixed	3.500%	11/1/2037		68,563
	127,163	Loan ID 201146	Fixed	4.875%	8/1/2054		118,440
	105,809	Loan ID 201147	Fixed	4.125%	11/1/2051		94,660
	90,070	Loan ID 201148	Fixed	3.950%	10/1/2042		88,685
	312,518	Loan ID 201149	Fixed	5.000%	5/1/2058		74,076
	90,595	Loan ID 201155	Fixed	4.000%	11/1/2053		58,330
	61,916	Loan ID 201156	Fixed	5.000%	4/1/2050		46,098
	280,529	Loan ID 201157	Fixed	4.000%	3/1/2055		276,309
	196,912	Loan ID 201160	Fixed	4.920%	10/1/2049		139,934
	369,851	Loan ID 201163	Fixed	4.750%	12/1/2049		249,008
	159,982	Loan ID 201164	Fixed	4.250%	11/1/2051		158,776
	104,200	Loan ID 201165	Fixed	4.750%	1/1/2044		104,200
	418,037	Loan ID 201168	Fixed	3.875%	4/1/2052		362,530
	99,055	Loan ID 201169	Fixed	5.934%	9/1/2037		95,444
	60,034	Loan ID 201170	Fixed	4.375%	7/1/2037		59,752
	104,172	Loan ID 201173	Fixed	4.280%	11/1/2047		61,513
	139,570	Loan ID 201174	Fixed	4.750%	1/1/2053		139,570
	130,183	Loan ID 201176	Fixed	4.250%	7/1/2053		129,150
	293,718	Loan ID 201179	Fixed	4.750%	5/1/2051		221,790
	273,603	Loan ID 201181	Fixed	4.500%	4/1/2034		273,438
	128,340	Loan ID 201183	Fixed	3.500%	10/1/2052		123,203
	60,534	Loan ID 201184	Fixed	4.000%	6/1/2049		59,698
	249,274	Loan ID 201185	Fixed	7.250%	10/1/2053		249,274

The accompanying notes are an integral part of these financial statements.

Vertical Capital Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

Principal			Loan Type	Interest Rate	Maturity	Fair Value
		MORTGAGE NOTES (Continued) - 103.9%
$	77,816	Loan ID 201187	Fixed	4.000%	11/1/2048	$	41,154
	598,670	Loan ID 201196	Fixed	4.000%	11/1/2036		505,690
	179,633	Loan ID 201197	Fixed	6.500%	4/1/2049		179,633
	320,367	Loan ID 201199	Fixed	5.125%	11/1/2046		320,367
	427,309	Loan ID 201204	Fixed	3.750%	4/1/2045		415,052
	140,677	Loan ID 201205	Fixed	4.625%	1/1/2045		140,611
	123,466	Loan ID 201206	Fixed	3.990%	4/1/2045		120,997
	405,381	Loan ID 201207	Fixed	4.625%	8/1/2051		398,032
	109,376	Loan ID 201208	Fixed	4.625%	4/1/2045		108,756
	170,517	Loan ID 201209	Fixed	4.250%	4/1/2045		168,873
	358,524	Loan ID 201212	Fixed	4.625%	10/1/2058		340,598
	188,760	Loan ID 201213	Fixed	4.875%	8/1/2044		188,238
	512,276	Loan ID 201214	ARM	3.750%	9/1/2043		480,328
	119,356	Loan ID 201218	Fixed	4.125%	1/1/2045		116,737
	59,953	Loan ID 201221	Fixed	3.250%	5/1/2043		59,002
	45,995	Loan ID 201222	Fixed	5.125%	1/1/2045		45,321
	181,914	Loan ID 201223	Fixed	3.875%	4/1/2030		181,914
	54,269	Loan ID 201226	Fixed	5.000%	3/1/2045		54,269
	45,785	Loan ID 201229	Fixed	3.250%	7/1/2024		44,879
	245,132	Loan ID 201233	Fixed	4.500%	12/1/2044		242,502
	222,247	Loan ID 201237	Fixed	3.750%	5/1/2045		216,400
	150,898	Loan ID 201240	Fixed	4.250%	10/1/2045		102,761
	282,058	Loan ID 201241	Fixed	4.375%	7/1/2045		280,618
	215,950	Loan ID 201242	Fixed	4.625%	11/1/2044		214,418
	105,048	Loan ID 201243	Fixed	4.625%	11/1/2045		104,471
	381,581	Loan ID 201244	Fixed	4.500%	6/1/2045		378,859
	108,520	Loan ID 201245	Fixed	4.750%	8/1/2044		108,520
	96,260	Loan ID 201248	Fixed	4.875%	7/1/2044		96,260
	464,792	Loan ID 201249	Fixed	4.625%	3/1/2059		428,149
	154,364	Loan ID 201254	ARM	9.000%	9/1/2034		146,646
	227,989	Loan ID 201255	ARM	8.500%	6/1/2035		227,989
	13,643	Loan ID 201256	ARM	10.500%	10/1/2021		13,643
	227,908	Loan ID 201257	Fixed	4.500%	5/1/2044		225,618
	86,501	Loan ID 201258	Fixed	4.500%	6/1/2045		78,150
	164,658	Loan ID 201260	Fixed	4.750%	9/1/2045		164,422
	48,019	Loan ID 201263	Fixed	4.750%	10/1/2045		46,797
	342,037	Loan ID 201265	Fixed	4.750%	6/1/2045		342,037
	139,633	Loan ID 201266	Fixed	4.500%	2/1/2046		138,115
	144,314	Loan ID 201270	Fixed	4.125%	2/1/2045		141,809
	243,126	Loan ID 201271	Fixed	4.500%	6/1/2045		196,737
	134,006	Loan ID 201272	Fixed	4.750%	11/1/2044		134,006
	230,839	Loan ID 201273	Fixed	4.500%	12/1/2045		228,702
	207,619	Loan ID 201274	Fixed	4.125%	10/1/2045		203,091
	183,077	Loan ID 201278	Fixed	3.750%	12/1/2045		174,592
	355,349	Loan ID 201280	Fixed	4.500%	4/1/2046		351,384
	124,683	Loan ID 201282	Fixed	5.250%	1/1/2046		124,683
	106,161	Loan ID 201283	Fixed	4.250%	11/1/2045		103,849
	110,954	Loan ID 201284	Fixed	3.625%	2/1/2029		110,348
	27,385	Loan ID 201285	Fixed	4.625%	11/1/2028		27,385
	105,594	Loan ID 201286	Fixed	4.375%	12/1/2045		104,528

The accompanying notes are an integral part of these financial statements.

Vertical Capital Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

Principal			Loan Type	Interest Rate	Maturity	Fair Value
		MORTGAGE NOTES (Continued) - 103.9%
$	81,337	Loan ID 201289	Fixed	4.000%	3/1/2045	$	79,411
	237,483	Loan ID 201290	Fixed	4.750%	7/1/2045		237,483
	292,133	Loan ID 201291	Fixed	5.000%	8/1/2045		292,133
	118,802	Loan ID 201294	Fixed	4.625%	2/1/2046		117,793
	731,306	Loan ID 201296	Fixed	4.250%	2/1/2046		716,861
	325,485	Loan ID 201297	Fixed	4.875%	8/1/2045		325,485
	69,896	Loan ID 201301	Fixed	4.550%	10/1/2044		69,136
	129,939	Loan ID 201302	Fixed	4.250%	5/1/2045		128,106
	216,985	Loan ID 201304	Fixed	4.125%	2/1/2046		212,832
	142,387	Loan ID 201305	Fixed	4.625%	8/1/2044		141,544
	111,769	Loan ID 201306	Fixed	3.875%	9/1/2045		108,166
	169,082	Loan ID 201307	Fixed	4.250%	10/1/2048		165,985
	59,896	Loan ID 201308	Fixed	4.625%	11/1/2045		59,371
	155,653	Loan ID 201309	Fixed	4.000%	9/1/2045		150,679
	310,534	Loan ID 201313	Fixed	4.625%	1/1/2046		285,101
	108,300	Loan ID 201315	Fixed	4.375%	9/1/2045		106,768
	155,994	Loan ID 201316	Fixed	4.500%	2/1/2046		132,762
	165,369	Loan ID 201319	Fixed	4.375%	10/1/2045		161,269
	131,318	Loan ID 201324	Fixed	5.250%	4/1/2046		130,478
	169,814	Loan ID 201326	Fixed	4.625%	3/1/2046		168,287
	183,667	Loan ID 201328	Fixed	4.250%	11/1/2045		69,091
	334,656	Loan ID 201333	Fixed	3.875%	1/1/2046		236,053
	185,816	Loan ID 201335	Fixed	4.750%	1/1/2046		185,213
	183,906	Loan ID 201336	Fixed	4.750%	1/1/2046		155,902
	400,838	Loan ID 201339	Fixed	4.625%	7/1/2045		371,504
	139,595	Loan ID 201342	Fixed	4.750%	7/1/2045		139,595
	80,246	Loan ID 201343	Fixed	4.250%	11/1/2045		78,857
	70,683	Loan ID 201344	Fixed	5.000%	7/1/2044		70,683
	130,798	Loan ID 201345	Fixed	4.125%	5/1/2045		126,550
	232,310	Loan ID 201350	Fixed	4.000%	6/1/2045		86,191
	66,924	Loan ID 201352	Fixed	4.875%	3/1/2045		66,858
	485,055	Loan ID 201354	Fixed	3.375%	7/1/2046		485,055
	130,274	Loan ID 201355	Fixed	5.250%	12/1/2045		130,274
	145,592	Loan ID 201358	Fixed	4.875%	7/1/2045		135,036
	140,046	Loan ID 201361	Fixed	5.250%	7/1/2044		140,046
	108,231	Loan ID 201364	Fixed	3.875%	4/1/2046		103,721
	329,026	Loan ID 201365	Fixed	4.250%	10/1/2045		322,460
	46,499	Loan ID 201368	Fixed	5.125%	2/1/2045		46,499
	176,360	Loan ID 201370	Fixed	4.250%	7/1/2046		161,391
	97,455	Loan ID 201371	Fixed	4.125%	4/1/2046		94,806
	252,108	Loan ID 201372	Fixed	4.625%	8/1/2046		249,905
	151,865	Loan ID 201373	Fixed	5.125%	4/1/2046		151,865
	139,572	Loan ID 201375	Fixed	4.500%	6/1/2045		138,204
	277,163	Loan ID 201377	Fixed	3.875%	5/1/2046		275,649
	66,021	Loan ID 201379	Fixed	5.000%	10/1/2045		66,021
	305,567	Loan ID 201381	Fixed	4.875%	7/1/2045		305,567
	130,541	Loan ID 201383	Fixed	4.125%	12/1/2045		130,541
	76,315	Loan ID 201384	Fixed	4.375%	10/1/2045		76,315
	135,035	Loan ID 201385	Fixed	4.625%	12/1/2045		135,035
	68,108	Loan ID 201386	Fixed	5.250%	5/1/2046		68,108

The accompanying notes are an integral part of these financial statements.

Vertical Capital Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

Principal			Loan Type	Interest Rate	Maturity	Fair Value
		MORTGAGE NOTES (Continued) - 103.9%
$	228,844	Loan ID 201390	Fixed	5.125%	9/1/2045	$	228,844
	384,482	Loan ID 201391	Fixed	5.125%	10/1/2045		384,482
	163,076	Loan ID 201392	Fixed	3.750%	2/1/2046		145,837
	419,434	Loan ID 201393	Fixed	3.750%	4/1/2056		419,434
	74,868	Loan ID 201394	Fixed	6.700%	6/1/2034		74,868
	83,170	Loan ID 201395	Fixed	6.300%	7/1/2044		76,943
	257,529	Loan ID 201397	Fixed	4.125%	1/1/2046		251,978
	83,313	Loan ID 201400	Fixed	4.750%	7/1/2044		83,054
	87,950	Loan ID 201401	Fixed	4.750%	10/1/2044		87,766
	91,238	Loan ID 201403	Fixed	4.750%	8/1/2044		77,382
	131,075	Loan ID 201404	Fixed	4.750%	10/1/2044		111,791
	69,623	Loan ID 201405	Fixed	5.250%	8/1/2044		69,623
	53,167	Loan ID 201406	Fixed	4.250%	6/1/2046		51,703
	235,238	Loan ID 201407	Fixed	4.875%	1/1/2046		235,238
	158,912	Loan ID 201411	Fixed	4.750%	12/1/2045		158,912
	138,639	Loan ID 201412	Fixed	5.750%	12/1/2045		129,172
	329,301	Loan ID 201413	Fixed	4.500%	7/1/2045		282,006
	71,569	Loan ID 201414	Fixed	4.250%	7/1/2044		70,576
	54,922	Loan ID 201415	Fixed	8.000%	4/1/2034		54,922
	58,816	Loan ID 201417	Fixed	6.000%	8/1/2037		58,816
	40,667	Loan ID 201419	Fixed	10.000%	11/1/2033		40,667
	55,636	Loan ID 201422	Fixed	4.625%	10/1/2046		54,949
	666,377	Loan ID 201423	ARM	3.875%	6/1/2045		666,377
	641,103	Loan ID 201425	Fixed	3.875%	4/1/2046		622,299
	305,356	Loan ID 201426	Fixed	4.875%	3/1/2044		305,356
	520,843	Loan ID 201428	ARM	4.000%	4/1/2045		520,759
	190,999	Loan ID 201431	Fixed	4.875%	5/1/2045		174,552
	272,966	Loan ID 201432	Fixed	5.000%	8/1/2046		272,966
	95,606	Loan ID 201434	Fixed	4.375%	6/1/2046		94,073
	87,864	Loan ID 201436	Fixed	4.375%	5/1/2045		87,096
	127,376	Loan ID 201437	Fixed	4.750%	5/1/2046		14,799
	174,738	Loan ID 201439	Fixed	5.000%	12/1/2045		174,738
	309,846	Loan ID 201440	Fixed	4.625%	7/1/2046		90,528
	97,288	Loan ID 201441	Fixed	4.750%	10/1/2045		96,344
	290,779	Loan ID 201442	Fixed	4.875%	12/1/2045		286,790
	536,962	Loan ID 201443	Fixed	3.875%	8/1/2046		520,100
	49,734	Loan ID 201444	Fixed	4.500%	11/1/2044		49,264
	245,787	Loan ID 201447	Fixed	4.875%	10/1/2044		245,787
	90,139	Loan ID 201449	Fixed	4.000%	8/1/2044		88,297
	217,253	Loan ID 201451	Fixed	4.250%	6/1/2045		214,470
	183,272	Loan ID 201453	Fixed	5.250%	9/1/2046		183,272
	183,272	Loan ID 201454	Fixed	5.250%	9/1/2046		183,272
	179,755	Loan ID 201455	Fixed	4.500%	5/1/2046		177,854
	202,544	Loan ID 201456	Fixed	4.125%	7/1/2046		131,654
	228,470	Loan ID 201458	Fixed	3.875%	9/1/2046		220,373
	153,240	Loan ID 201460	Fixed	4.250%	7/1/2045		151,133
	262,269	Loan ID 201461	Fixed	4.125%	12/1/2044		256,665
	291,117	Loan ID 201464	Fixed	4.375%	6/1/2045		268,250
	99,010	Loan ID 201465	Fixed	5.125%	12/1/2044		99,010
	44,917	Loan ID 201467	Fixed	5.250%	3/1/2044		44,917

The accompanying notes are an integral part of these financial statements.

Vertical Capital Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

Principal			Loan Type	Interest Rate	Maturity	Fair Value
		MORTGAGE NOTES (Continued) - 103.9%
$	272,627	Loan ID 201470	Fixed	4.375%	10/1/2044	$	269,632
	218,311	Loan ID 201471	Fixed	4.500%	1/1/2045		216,568
	144,941	Loan ID 201472	Fixed	4.000%	11/1/2044		144,941
	297,858	Loan ID 201473	Fixed	4.500%	2/1/2045		296,296
	91,119	Loan ID 201475	ARM	6.625%	9/1/2036		59,094
	132,579	Loan ID 201476	ARM	8.500%	2/1/2037		122,038
	81,493	Loan ID 201477	Fixed	6.750%	11/1/2036		81,493
	104,272	Loan ID 201478	Fixed	4.625%	10/1/2045		104,014
	154,823	Loan ID 201480	Fixed	4.250%	11/1/2045		152,718
	132,206	Loan ID 201482	Fixed	4.625%	6/1/2045		118,268
	288,046	Loan ID 201483	Fixed	4.125%	12/1/2045		261,726
	74,235	Loan ID 201484	Fixed	4.500%	10/1/2046		73,217
	60,902	Loan ID 201485	Fixed	5.750%	3/1/2038		60,902
	161,599	Loan ID 201487	Fixed	4.625%	2/1/2052		161,599
	89,610	Loan ID 201489	Fixed	4.750%	3/1/2046		89,421
	104,054	Loan ID 201490	Fixed	4.750%	9/1/2045		103,142
	217,628	Loan ID 201491	Fixed	4.250%	2/1/2046		213,449
	371,116	Loan ID 201492	Fixed	4.625%	1/1/2047		341,847
	76,796	Loan ID 201499	Fixed	4.750%	5/1/2045		76,796
	103,677	Loan ID 201502	Fixed	5.250%	4/1/2044		103,677
	145,508	Loan ID 201503	Fixed	5.000%	7/1/2046		144,437
	446,696	Loan ID 201504	Fixed	4.500%	7/1/2045		328,752
	90,574	Loan ID 201505	ARM	5.750%	9/1/2046		90,574
	297,895	Loan ID 201506	Fixed	5.000%	2/1/2047		294,094
	216,912	Loan ID 201508	Fixed	5.000%	2/1/2047		215,697
	230,258	Loan ID 201509	Fixed	5.000%	12/1/2046		215,654
	77,384	Loan ID 201511	Fixed	4.375%	1/1/2046		75,804
	121,296	Loan ID 201513	Fixed	4.000%	1/1/2046		121,296
	134,956	Loan ID 201515	Fixed	5.125%	4/1/2047		134,956
	134,577	Loan ID 201516	Fixed	3.875%	4/1/2046		130,682
	315,002	Loan ID 201517	Fixed	4.625%	6/1/2046		315,002
	399,427	Loan ID 201518	Fixed	4.875%	1/1/2047		399,427
	93,199	Loan ID 201519	Fixed	4.750%	9/1/2045		93,106
	78,712	Loan ID 201523	Fixed	5.125%	7/1/2045		78,712
	482,273	Loan ID 201533	Fixed	4.750%	5/1/2046		479,425
	43,156	Loan ID 201534	Fixed	4.875%	5/1/2047		42,631
	325,230	Loan ID 201535	Fixed	4.875%	8/1/2047		325,230
	462,022	Loan ID 201536	Fixed	3.375%	4/1/2045		405,938
	157,878	Loan ID 201544	Fixed	3.750%	9/1/2047		157,176
	267,294	Loan ID 201545	Fixed	4.000%	9/1/2047		267,294
	149,500	Loan ID 201549^	Interest Only	12.500%	10/1/2019		147,257
	139,578	Loan ID 201550	Fixed	5.000%	2/1/2047		139,578
	197,757	Loan ID 201551	Fixed	4.500%	2/1/2047		145,908
	134,164	Loan ID 201552	Fixed	4.000%	8/1/2047		134,164
	46,780	Loan ID 201556	Fixed	4.990%	12/1/2047		44,722
	129,845	Loan ID 201558	Fixed	4.500%	8/1/2047		129,845
	97,625	Loan ID 201562	Fixed	4.625%	5/1/2047		97,625
	171,263	Loan ID 201563	Fixed	5.875%	12/1/2047		171,263
	107,580	Loan ID 201579	Fixed	4.750%	12/1/2036		104,440

The accompanying notes are an integral part of these financial statements.

Vertical Capital Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

Principal			Loan Type	Interest Rate	Maturity	Fair Value
		MORTGAGE NOTES (Continued) - 103.9%
$	84,426	Loan ID 201581	Fixed	4.125%	10/1/2046	$	80,939
	84,810	Loan ID 201583	Fixed	5.250%	8/1/2047		84,810
	45,598	Loan ID 201585	Fixed	5.500%	3/1/2048		43,826
	379,959	Loan ID 201586	Fixed	4.625%	5/1/2047		376,338
	311,687	Loan ID 201587	Fixed	4.375%	1/1/2048		280,863
	327,266	Loan ID 201588	Fixed	5.125%	2/1/2048		298,063
	63,480	Loan ID 201589	Fixed	5.375%	6/1/2048		63,480
	138,624	Loan ID 201590	Fixed	5.200%	5/1/2048		46,106
	312,731	Loan ID 201591	Fixed	5.375%	8/1/2048		286,653
	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		360,017
	66,857	Loan ID 201598	Fixed	6.000%	1/1/2037		64,642
	337,992	Loan ID 201599	Fixed	5.000%	7/1/2038		263,347
	44,013	Loan ID 201600	Fixed	6.000%	1/1/2036		6,006
	35,810	Loan ID 201602	Fixed	5.000%	4/20/2032		35,809
	59,274	Loan ID 201604	Fixed	8.500%	1/1/2048		59,274
	72,582	Loan ID 201605	Fixed	8.750%	3/1/2048		72,582
	89,336	Loan ID 201606	Fixed	9.990%	5/1/2048		88,109
	66,234	Loan ID 201608	Fixed	9.990%	6/1/2048		17,163
	43,204	Loan ID 201610	Fixed	9.990%	7/1/2048		43,204
	59,207	Loan ID 201611	Fixed	9.990%	7/1/2048		59,207
	255,000	Loan ID 201612	Interest Only	12.000%	10/1/2020		252,450
	33,750	Loan ID 201614^	Interest Only	12.000%	12/1/2019		33,075
	498,155	Loan ID 201615	Interest Only	10.500%	1/1/2021		495,664
	480,788	Loan ID 201616^	Interest Only	9.990%	1/1/2020		478,383
	174,171	Loan ID 201617	Interest Only	9.750%	2/1/2022		172,429
	31,538	Loan ID 201623	Fixed	9.950%	10/11/2031		31,538
	33,053	Loan ID 201624	Fixed	11.000%	7/22/2028		31,400
	41,667	Loan ID 201626	Fixed	8.950%	5/18/2035		41,666
	43,230	Loan ID 201627	Fixed	10.450%	2/19/2047		43,230
	44,537	Loan ID 201628	Fixed	11.000%	9/25/2032		42,310
	43,799	Loan ID 201629	Fixed	11.000%	3/6/2033		43,464
	46,134	Loan ID 201630^	Fixed	9.950%	1/28/2020		43,816
	46,077	Loan ID 201631	Fixed	9.950%	7/25/2031		46,077
	50,132	Loan ID 201632	Fixed	11.000%	10/13/2041		50,132
	55,082	Loan ID 201633	Fixed	11.000%	12/2/2032		55,082
	63,928	Loan ID 201634	Fixed	7.950%	2/28/2048		60,732
	65,590	Loan ID 201635	Fixed	9.950%	3/14/2046		65,590
	83,001	Loan ID 201636	Fixed	9.450%	5/13/2031		83,001
	99,059	Loan ID 201637	Fixed	11.000%	5/22/2045		99,059
	142,968	Loan ID 201638	Fixed	8.500%	9/19/2044		142,968
	324,927	Loan ID 201639	Fixed	5.000%	9/1/2048		324,927
	345,021	Loan ID 201640	Fixed	5.125%	4/1/2049		301,664
	158,632	Loan ID 201641	Fixed	10.500%	6/1/2020		65,249
	420,000	Loan ID 201642	Interest Only	12.000%	4/1/2021		420,000
	285,000	Loan ID 201644	Interest Only	10.000%	2/1/2021		270,750
	670,245	Loan ID 201645	Fixed	8.000%	7/1/2020		439,748
	42,891	Loan ID 201647	Fixed	6.000%	10/1/2031		39,825
	40,097	Loan ID 201648	Fixed	7.150%	8/14/2030		11,868
	61,265	Loan ID 201649	Fixed	4.800%	2/20/2030		61,265

The accompanying notes are an integral part of these financial statements.

Vertical Capital Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

Principal			Loan Type	Interest Rate	Maturity	Fair Value
		MORTGAGE NOTES (Continued) - 103.9%
$	39,048	Loan ID 201650	Fixed	7.000%	11/14/2031	$	39,048
	49,731	Loan ID 201651	Fixed	7.000%	12/1/2036		25,054
	246,554	Loan ID 201652	Fixed	5.000%	10/1/2036		209,558
	199,671	Loan ID 201653	Fixed	4.250%	6/1/2048		199,671
	446,078	Loan ID 201654	Fixed	4.875%	7/1/2049		427,499
	148,555	Loan ID 201655	Fixed	7.700%	1/1/2049		148,555
	126,494	Loan ID 201656	Fixed	4.625%	6/1/2049		124,686
	247,283	Loan ID 201657	Fixed	5.250%	11/1/2048		223,176
	268,935	Loan ID 201659	Fixed	4.875%	5/1/2049		258,739
	85,580	Loan ID 201661	Fixed	5.500%	8/1/2049		84,089
	131,452	Loan ID 201662	Fixed	5.375%	9/1/2048		131,452
	428,654	Loan ID 201663	Fixed	4.750%	10/1/2048		426,172
	20,449	Loan ID 201664	Fixed	10.000%	8/1/2033		19,426
	42,494	Loan ID 201665	Fixed	9.990%	8/1/2048		42,494
	19,393	Loan ID 201666	Fixed	10.000%	6/1/2048		19,393
	17,691	Loan ID 201667	Fixed	10.000%	7/1/2033		17,443
	16,535	Loan ID 201668	Fixed	9.750%	11/1/2033		16,535
	56,715	Loan ID 201670	Fixed	8.000%	9/15/2048		56,715
	22,834	Loan ID 201671	Fixed	9.000%	9/15/2048		22,833
	21,303	Loan ID 201672	Fixed	9.900%	10/15/2048		21,303
	51,891	Loan ID 201673	Fixed	9.990%	6/1/2048		51,480
	24,047	Loan ID 201674	Fixed	9.900%	12/1/2048		24,047
	67,624	Loan ID 201675	Fixed	9.750%	2/1/2049		67,624
	112,342	Loan ID 201676	Fixed	9.625%	10/1/2048		112,342
	80,641	Loan ID 201677	Fixed	9.250%	11/1/2048		80,641
	25,683	Loan ID 201678	Fixed	10.000%	8/1/2048		25,683
	43,751	Loan ID 201679	Fixed	7.700%	3/1/2047		43,751
	39,110	Loan ID 201680	Fixed	9.900%	9/15/2048		38,543
	34,647	Loan ID 201681	Fixed	9.000%	6/1/2048		34,646
	177,481	Loan ID 201682	Fixed	5.000%	7/1/2048		99,205
	491,162	Loan ID 201683	Fixed	4.875%	12/1/2048		491,162
	412,682	Loan ID 201684	Fixed	4.500%	8/1/2049		384,077
	290,685	Loan ID 201685	Fixed	5.500%	2/1/2049		289,849
	103,011	Loan ID 201686	Fixed	4.250%	7/1/2049		79,170
	108,479	Loan ID 201687	Fixed	5.500%	7/1/2048		81,189
	388,499	Loan ID 201688	Fixed	6.000%	11/1/2047		388,499
	211,288	Loan ID 201689	Fixed	4.500%	4/1/2049		198,377
	503,137	Loan ID 201690	Fixed	5.000%	9/1/2049		465,401
	59,892	Loan ID 201691	Fixed	9.000%	11/1/2049		59,892
	210,482	Loan ID 201692	Fixed	8.000%	11/1/2029		210,482
	133,500	Loan ID 201693	Interest Only	10.000%	9/1/2020		133,500
	64,804	Loan ID 201694	Fixed	9.000%	9/1/2024		64,804
	304,446	Loan ID 201695	Fixed	8.000%	9/1/2021		304,445
	66,191	Loan ID 201696	Fixed	5.125%	10/1/2048		64,952
	126,395	Loan ID 201697	Fixed	6.125%	4/1/2049		109,562
	83,857	Loan ID 201698	Fixed	4.375%	12/1/2047		81,982
	269,012	Loan ID 201699	Fixed	5.522%	9/1/2049		269,012
	327,188	Loan ID 201700	Fixed	6.125%	6/1/2049		287,029
	63,454	Loan ID 201701	Fixed	5.000%	8/1/2049		58,000
	570,324	Loan ID 201702	Fixed	6.125%	11/1/2048		550,969

The accompanying notes are an integral part of these financial statements.

Vertical Capital Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2020

Principal			Loan Type	Interest Rate	Maturity	Fair Value
		MORTGAGE NOTES (Continued) - 103.9%
$	395,234	Loan ID 201703	Fixed	6.600%	12/1/2048	$	395,234
	321,289	Loan ID 201704	Fixed	7.535%	3/1/2049		321,289
	565,437	Loan ID 201705	Fixed	6.350%	11/1/2048		557,705
	294,692	Loan ID 201706	Fixed	4.880%	10/1/2048		268,170
	183,871	Loan ID 201707	Fixed	4.875%	8/1/2049		152,255
	460,269	Loan ID 201708	Fixed	4.500%	11/1/2049		346,297
	209,020	Loan ID 201709	Fixed	5.325%	9/1/2049		206,710
	149,738	Loan ID 201710	Fixed	6.700%	11/1/2049		149,738
	739,252	Loan ID 201711	Fixed	4.875%	10/1/2049		667,906
	389,810	Loan ID 201712	Fixed	5.125%	10/1/2049		388,440
	185,072	Loan ID 201713	Fixed	10.111%	12/1/2049		175,818
	283,381	Loan ID 201714	Fixed	10.250%	12/1/2049		254,975
	123,382	Loan ID 201715	Fixed	10.130%	12/1/2049		115,238
	238,425	Loan ID 201716	Fixed	10.150%	12/1/2049		213,440
	442,128	Loan ID 201717	Fixed	6.500%	12/1/2048		394,340
	43,627	Loan ID 201718	Fixed	6.125%	11/1/2048		43,627
	119,392	Loan ID 201719	Fixed	4.750%	9/1/2049		118,317
	140,488	Loan ID 201720	Fixed	4.380%	4/1/2049		127,844
	355,327	Loan ID 201721	Fixed	5.625%	9/1/2048		355,327
	143,371	Loan ID 201722	Fixed	5.500%	7/1/2049		142,718
	368,502	Loan ID 201723	Fixed	5.000%	1/1/2049		365,167
	251,269	Loan ID 201724	Fixed	5.375%	1/1/2049		251,185
	76,594	Loan ID 201725	Fixed	8.490%	12/1/2022		76,594
	55,184	Loan ID 201726	Fixed	8.490%	12/1/2022		55,184
	63,050	Loan ID 201727	Interest Only	9.990%	2/1/2021		62,735
	74,676	Loan ID 201728	Fixed	9.490%	1/1/2022		74,303
	215,737	Loan ID 201729	Fixed	8.490%	1/1/2030		215,737
	65,000	Loan ID 201730	Interest Only	12.000%	12/1/2020		65,000
	322,382	Loan ID 201731	Fixed	4.750%	10/1/2049		266,368
	131,449	Loan ID 201732	Fixed	5.130%	5/1/2047		118,962
	80,256	Loan ID 201733	Fixed	5.250%	4/1/2044		72,230
	295,866	Loan ID 201734	Interest Only	12.000%	6/1/2020		295,866
	364,000	Loan ID 201735	Interest Only	12.000%	7/1/2020		364,000
	555,214	Loan ID 201736	Fixed	7.250%	5/1/2047		555,214
	999,999	Loan ID 201737	Fixed	7.880%	11/1/2047		999,999
	129,909	Loan ID 201738	Fixed	7.490%	11/1/2047		128,610
	127,402	Loan ID 201739	Fixed	7.130%	4/1/2048		126,128
	115,116	Loan ID 201740	Fixed	5.750%	4/1/2048		109,360
	230,445	Loan ID 201741	Fixed	8.000%	7/1/2048		218,923
	647,285	Loan ID 201742	Fixed	8.750%	9/1/2048		653,758
	143,767	Loan ID 201743	Fixed	5.500%	9/1/2048		140,891
	136,144,935	TOTAL MORTGAGE NOTES (Cost - $114,304,642)					127,168,037

		OTHER INVESTMENTS* (Cost - $47,229) - 0.0%**					15,822

		TOTAL INVESTMENTS (Cost - $114,351,871) - 103.9%				$	127,183,859
		LIABILITIES IN EXCESS OF OTHER ASSETS - (3.9)%					(4,725,565	)
		NET ASSETS - 100.0%				$	122,458,294

Illiquid Securities

Loan is in loss mitigation, which means the Fund is restructuring the loan with the delinquent or defaulted borrower.

Amount less than 0.1%

The accompanying notes are an integral part of these financial statements.

Vertical Capital Income Fund

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

March 31, 2020

Assets:
Investments in Securities at Market Value (identified cost $114,351,871)	$	127,183,859
Cash		1,972,624
Interest Receivable		1,500,243
Receivable for Investment Securities Sold and Principal Paydowns		2,029,529
Prepaid Expenses and Other Assets		574,621
Total Assets		133,260,876

Liabilities:
Line of Credit		10,441,027
Payable for Securities Purchased		787
Accrued Advisory Fees		100,030
Related Party Payable		35,112
Accrued Expenses and Other Liabilities		225,626
Total Liabilities		10,802,582

Net Assets	$	122,458,294

Net Assets consisted of:
Paid-in-Capital	$	108,668,945
Accumulated earnings		13,789,349
Net Assets	$	122,458,294

Net Asset Value Per Share
Net Assets	$	122,458,294
Shares of Beneficial Interest Outstanding (no par value)		10,380,003
Net Asset Value (Net Assets/Shares Outstanding)	$	11.80

The accompanying notes are an integral part of these financial statements.

Vertical Capital Income Fund

STATEMENT OF OPERATIONS (Unaudited)

For the Six Months Ended March 31, 2020

Investment Income:
Interest Income	$	3,255,276
Total Investment Income		3,255,276

Expenses:
Investment Advisory Fees		815,241
Security Servicing Fees		180,361
Interest Expense		139,212
Insurance Expense		102,283
Printing Expense		100,490
Audit Fees		93,076
Legal Fees		86,393
Line of Credit Fees		85,691
Administration Fees		68,762
Trustees’ Fees		64,376
Fund Reorganization Expense		59,267
Transfer Agent Fees		39,222
Chief Compliance Officer Fees		27,621
Fund Accounting Fees		26,001
Custody Fees		25,853
Shareholder Servicing Fee		13,377
Security Pricing Expense		12,174
Registration & Filing Fees		5,012
Miscellaneous Expenses		71,186
Total Expenses		2,015,598
Less: Expenses Waived by Adviser		(264,076	)
Net Expenses		1,751,522
Net Investment Income		1,503,754

Net Realized and Unrealized Gain/Loss on Investments:
Net Realized Gain from:
Investments		1,155,242
Net Change in Unrealized Depreciation on:
Investments		(8,313,577	)
Net Realized and Unrealized Loss on Investments		(7,158,335	)

Net Decrease in Net Assets Resulting From Operations	$	(5,654,581	)

The accompanying notes are an integral part of these financial statements.

Vertical Capital Income Fund

STATEMENT OF CHANGES IN NET ASSETS

	For the Six Months			For the Year
	Ended			Ended
	March 31, 2020			September 30, 2019 (a)
	(Unaudited)
Operations:
Net Investment Income	$	1,503,754		$	3,164,910
Net Realized Gain from Investments		1,155,242			1,926,569
Net Change in Unrealized Appreciation/(Depreciation) on Investments		(8,313,577	)		5,629,734
Net Increase/Decrease in Net Assets Resulting From Operations		(5,654,581	)		10,721,213

Distributions to Shareholders From:
Total Distributions Paid
Class A *		(3,831,981	)		(5,747,639	)
Class C *		—			(2,747	)
Total Distributions to Shareholders		(3,831,981	)		(5,750,386	)

Beneficial Interest Transactions:
Proceeds from Shares Issued:
Class A *		—			456,022
Distributions Reinvested:
Class A *		—			2,361,676
Class C *		—			2,747
Cost of Shares Redeemed:
Class A *		—			(13,501,460	)
Class C *		—			(105,641	)
Net Decrease in Net Assets from Beneficial Interest Transactions		—			(10,786,656	)

Total Decrease in Net Assets		(9,486,562	)		(5,815,829	)

Net Assets:
Beginning of Period		131,944,856			137,760,685
End of Period	$	122,458,294		$	131,944,856

(a)

Class C closed on April 2, 2019.

Prior to listing on the NYSE, the Fund discontinued share class structure.

The accompanying notes are an integral part of these financial statements.

Vertical Capital Income Fund

STATEMENT OF CHANGES IN NET ASSETS (Continued)

	For the Six Months		For the Year
	Ended		Ended
	March 31, 2020		September 30, 2019 (a)
	(Unaudited)
Share Activity
Class A (b):
Shares Sold		—		37,357
Shares Reinvested		—		195,274
Shares Redeemed		—		(1,110,358	)
Net Decrease in Shares of Beneficial Interest Outstanding		—		(877,727	)

Class C (b):
Shares Sold		—		—
Shares Reinvested		—		225
Shares Redeemed		—		(8,431	)
Net Decrease in Shares of Beneficial Interest Outstanding		—		(8,206	)

(a)

Class C closed on April 2, 2019.

(b)

Prior to listing on the NYSE, the Fund discontinued share class structure.

The accompanying notes are an integral part of these financial statements.

Vertical Capital Income Fund

Statement of Cash Flows (Unaudited)

For the Six Months Ended March 31, 2020

Decrease in Cash
Cash Flows Provided by (Used for) Operating Activities:
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(5,654,581	)

Adjustments to Reconcile Net Increase (Decrease) in Net Assets Resulting from Operations to Net Cash Provided by (Used for) Operating Activities:

Purchases of Long-Term Portfolio Investments		(16,263,100	)
Proceeds from Sale of Long-Term Portfolio Investments and Principal Paydowns		11,820,981
Decrease in Interest Receivable		174,170
Increase in Receivable for Investment Securities Sold and Principal Paydowns		(386,069	)
Increase in Prepaid Expenses and Other Assets		(159,062	)
Decrease in Payable for Securities Purchased		(549,408	)
Decrease in Accrued Advisory Fees		(460	)
Decrease in Accrued Extraordinary Fees		(684,822	)
Decrease in Related Party Payable		(2,976	)
Increase in Accrued Expenses and Other Liabilities		39,817
Amortization of Deferred Financing Fees		85,692
Net Amortization on Investments		(265,091	)
Net Realized Gain on Investments		(1,155,242	)
Change in Unrealized Appreciation on Investments		8,313,577

Net Cash Provided by (Used for) Operating Activities		(4,686,574	)

Net Cash Provided by Financing Activities:
Dividends Paid to Shareholders, Net of Reinvestments		(3,831,981	)
Payments on Line of Credit		(4,000,000	)
Proceeds from Line of Credit		12,000,000
Net Cash Used for Financing Activities		4,168,019

Net Decrease in Cash		(518,555	)
Cash at Beginning of Period		2,491,179
Cash at End of Period	$	1,972,624

Supplemental disclosure of Cash Flow Information:
Non-Cash Financing Activities Included Reinvestment of Distributions During the Fiscal Year of $0.
Cash Paid for Interest of $145,140.

The accompanying notes are an integral part of these financial statements.

Vertical Capital Income Fund

Financial Highlights

The table below sets forth financial data for one share of beneficial interest outstanding throughout each year presented.

	Six Months			Year			Year			Year			Year			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	March 31, 2020			September 30, 2019			September 30, 2018			September 30, 2017			September 30, 2016			September 30, 2015
	(Unaudited)
Net Asset Value, Beginning of Period	$	12.71		$	12.23		$	12.34		$	12.49		$	11.53		$	11.04

From Operations:
Net investment income (a)		0.14			0.30			0.43			0.39			0.36			0.41
Net gain (loss) from investments (both realized and unrealized)		(0.68	)		0.72			0.06			(0.04	) (b)		1.33			0.56
Total from operations		(0.54	)		1.02			0.49			0.35			1.69			0.97
Distributions to shareholders from:
Net investment income		(0.18	)		(0.34	)		(0.39	)		(0.40	)		(0.38	)		(0.44	)
Net realized gains		(0.19	)		(0.20	)		(0.21	)		(0.10	)		(0.35	)		(0.04	)
Total distributions		(0.37	)		(0.54	)		(0.60	)		(0.50	)		(0.73	)		(0.48	)

Net Asset Value, End of Period	$	11.80		$	12.71		$	12.23		$	12.34		$	12.49		$	11.53
Market Price, End of Period	$	8.38		$	10.68			N/A			N/A			N/A			N/A

Total Return-NAV (c)		-4.39	%		8.62	%		4.03	%		2.81	%		15.10	%		8.86	%
Total Return-Market Price (c)		-19.19	%		-8.73	%		NA			NA			NA			NA

Ratios/Supplemental Data
Net assets, end of period (in 000’s)	$	122,458		$	131,945		$	137,659		$	160,630		$	182,008		$	160,382
Ratio of gross expenses to average net assets (d)		3.09	% (e,i)		3.87	% (f)		3.03	% (e)		2.74	% (e)		2.95	% (e)		2.67	%
Ratio of net expenses to average net assets (d)		2.69	% (e,i)		3.34	% (f)		2.09	% (e)		2.04	% (e)		2.26	% (e)		2.33	%
Ratio of net investment income to average net assets (d)		2.31	% (e,i)		2.43	% (f)		3.52	% (e)		3.24	% (e)		2.98	% (e)		3.54	%
Portfolio turnover rate		9.11	% (j)		7.12	%		5.11	%		17.69	%		13.72	%		2.58	%
Loan Outstanding, End of Period (000s)	$	10,441		$	2,355		$	6,664		$	—		$	—		$	13,522
Asset Coverage Ratio for Loan Outstanding (g)		1273	%		5702	%		2167	%		0	%		0	%		1286	%
Asset Coverage, per $1,000 Principal Amount of Loan Outstanding (g)	$	12,663		$	53,778		$	20,680		$	—		$	—		$	12,672
Weighted Average Loans Outstanding (000s) (h)	$	6,000		$	7,500		$	4,500		$	14,368		$	12,330		$	12,372
Weighted Average Interest Rate on Loans Outstanding		4.47	%		5.14	%		4.69	%		3.88	%		3.41	%		3.25	%

(a)

Per share amounts are calculated using the annual average shares method, which more appropriately presents the per share data for the period.

(b)

The amount of net gain (loss) on investments (both realized and unrealized) per share does not accord with the amounts reported in the Statement of Operations due to timing of purchases and redemptions of Fund shares.

(c)

Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any, and excludes the effect of sales charges. Had the Adviser not waived expenses, total returns would have been lower.

(d)

Ratio includes 0.42%, 0.46%, 0.24%, 0.14%, 0.20% and 0.27% for the six months ended March 31, 2020 and years ended September 30, 2019, 2018, 2017, 2016, and 2015, respectively, that attributed to interest expenses and fees.

(e)

Ratio includes 0.01%, 0.05%, 0.21% and 0.21% for the years ended September 30, 2018, 2017, 2016 and the year ended 2015, respectively, that attributed to advisory transition expenses.

(f)

Ratio includes 0.77% for the year ended September 30, 2019 that attributed to reorganization expenses.

(g)

Represents value of net assets plus the loan outstanding at the end of the period divided by the loan outstanding at the end of the period.

(h)

Based on monthly weighted average.

(i)

Annualized.

(j)

Not annualized.

The accompanying notes are an integral part of these financial statements.

Vertical Capital Income Fund

Notes to Financial Statements (Unaudited)

March 31, 2020

ORGANIZATION

Vertical Capital Income Fund (the “Fund”), was organized as a Delaware statutory trust on April 8, 2011 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a diversified, closed-end management investment company. The investment objective of the Fund is to seek income. The Fund currently offers one class of shares which commenced operations on December 30, 2011. Prior to March 29, 2019, the Fund offered shares at net asset value plus a maximum sales charge of 5.75%. Oakline Advisors, LLC (the “Advisor”), serves as the Fund’s investment adviser.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services – Investment Companies” including FASB Accounting Standards Update 2013-08. The following is a summary of significant accounting policies and reporting policies used in preparing the financial statements. The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Fund amortizes premiums and discounts using the effective interest rate method. Offering expenses are amortized over 12 months following the time they are incurred.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

Investment Security Valuation

Mortgage Notes – The Fund uses an independent third-party pricing service, approved by the Fund’s Board of Trustees (the “Board”), to value its Mortgage Notes on an as needed 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 its 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 market adjustments produces 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

Vertical Capital Income Fund

Notes to Financial Statements (Unaudited) (Continued)

March 31, 2020

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 Fund’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.

The valuation inputs and subsequent outputs 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 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, 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.

As of March 31, 2020, management estimated that the carrying value of cash and cash equivalents, accounts receivable, prepaid expenses and other assets, line of credit payable, payables for securities purchased, accrued

Vertical Capital Income Fund

Notes to Financial Statements (Unaudited) (Continued)

March 31, 2020

advisory fees, related party payables, and accrued and other liabilities were at amounts that reasonably approximated their fair value based on their highly-liquid nature and short-term maturities. This is considered a Level 1 valuation technique.

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 March 31, 2020 for the Fund’s assets measured at fair value:

Assets	Level 1		Level 2		Level 3		Total
Mortgage Notes	$	—	$	—	$	127,168,037	$	127,168,037
Other Investments		—		—		15,822		15,822
Total	$	—	$	—	$	127,183,859	$	127,183,859

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.

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)		1,155,242			—			1,155,242
Change in unrealized appreciation		(8,313,577	)		—			(8,313,577	)
Cost of purchases		16,263,100			—			16,263,100
Proceeds from sales and principal paydowns		(11,380,072	)		(440,909	)		(11,820,981	)
Purchase discount amortization		265,091			—			265,091
Net Transfers within level 3		(15,822	)		15,822			—
Ending balance	$	127,168,037		$	15,822		$	127,183,859

The total change in unrealized appreciation included in the Statement of Operations attributable to Level 3 investments still held at March 31, 2020 is $(6,925,177).

The following table provides quantitative information about the Fund’s Level 3 values, as well as its inputs, as of March 31, 2020. 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	$	127,168,037	Comprehensive pricing model with emphasis on discounted cash flows	Constant prepayment rate	0-47.7%	19.3%
				Deliquency	0-577 days	21 days
				Loan-to-Value	0.3-504.5%	80.9%
				Discount Rate	2.4-16.6%	5.3%
Other Investments		15,822	Market comparable	Sales prices	$41.9 sq/ft	$41.8 sq/ft
Closing Balance	$	127,183,859

Vertical Capital Income Fund

Notes to Financial Statements (Unaudited) (Continued)

March 31, 2020

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

Security Transactions and
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

Cash and Cash Equivalents – Cash and cash equivalents include cash and overnight investments in interest-bearing demand deposits with a financial institution with maturities of three months or less. The Fund maintains deposits with a high quality financial institution in an amount that is in excess of federally insured limits.

Security Transactions and Investment Income – Investment security transactions are accounted for on a trade date basis. Cost is determined and gains and losses are based upon the specific identification method for both financial statement and federal income tax purposes. Interest income is recorded on the accrual basis. Purchase discounts and premiums on securities are accreted and amortized over the life of the respective securities using the effective interest method.

Interest Income on Non-Accrual Loans – The Fund discontinues the accrual of interest on loans when, in the opinion of management, there is an assessment that the borrower will likely be unable to meet all contractual payments as they become due.

Credit Facility – On July 20, 2018, the Fund entered into a revolving line of credit agreement with NexBank for investment purposes and to help maintain the Fund’s liquidity, subject to the limitations of the 1940 Act for borrowings. The maximum amount of borrowing allowed under the agreement was the lesser of $35 million or 75% of the eligible portion of the Fund’s loans. Borrowings under the Nexbank agreement bear interest at a rate equal to the 30-day LIBOR plus applicable margin of 2.75%, per annum, on the outstanding principal balance. The Nexbank agreement matures on July 17, 2020 and has one one-year extension available. The Nexbank agreement is secured by assets of the Fund.

During the six months ended March 31, 2020 the Fund incurred deferred financing fees of $0. Accumulated amortization of deferred financing fees was $313,013 as of March 31, 2020. The average amount of borrowing outstanding for the period was $6,000,000 and the total interest expense was $139,212. The outstanding balance under the NexBank line of credit was $10,500,000 at March 31, 2020.

Federal Income Taxes – The Fund intends to continue to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute all of its taxable income, if any, to shareholders. Accordingly, no provision for Federal income taxes is required in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Fund’s tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken by the Fund in its 2017 - 2019 tax returns, which remain open for examination, or expected to be taken in the Fund’s 2020 tax returns. The Fund identified its major tax jurisdictions as U.S. Federal jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Fund accounts for interest and penalties for any uncertain tax positions as a component of income tax expense. No interest or penalty expense was recorded during the six months ended March 31, 2020.

Vertical Capital Income Fund

Notes to Financial Statements (Unaudited) (Continued)

March 31, 2020

Distributions to Shareholders – Distributions from investment income, if any, are declared and paid monthly and are recorded on the ex-dividend date. The Fund will declare and pay net realized capital gains not previously distributed, if any, annually. The Board’s decision to declare distributions will be influenced by its obligation to ensure that the Fund maintains its federal tax status as a Registered Investment Company (“RIC”). In order to qualify as a RIC, the Fund must derive a minimum of 90% of its income from capital gains, interest or dividends earned on investments and must distribute a minimum of 90% of its net investment income in the form of interest, dividends or capital gains to its shareholders. Otherwise, the Fund may be subject to an excise tax from the IRS.

The character of income and gains to be distributed is determined in accordance with Federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either temporary (i.e., deferred losses, capital loss carry forwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require classification.

Indemnification – The Trust indemnifies its officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, management of the Fund expects the risk of loss due to these warranties and indemnities to be remote.

INVESTMENT IN RESTRICTED SECURITIES

The Fund may invest in Restricted Securities (those which cannot be offered for public sale without first being registered under the Securities Act of 1933) that are consistent with the Fund’s investment objectives and investment strategies. Investments in Restricted Securities are valued at fair value as determined in good faith in accordance with procedures adopted by the Board of Trustees. The Fund would typically have no rights to compel the obligor or issuer of a Restricted Security to register such a Restricted Security under the 1933 Act. No such securities were owned by the Fund at March 31, 2020.

INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES

The business activities of the Fund are overseen by the Board, which is responsible for the overall management of the Fund.

Advisory Fees - Pursuant to an Advisory Agreement with the Fund, the Advisor, under the oversight of the Board, directs certain of the daily operations of the Fund and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Advisor, the Fund pays the adviser a management fee, computed and accrued daily and paid monthly, at an annual rate of 1.25% of the average daily net assets of the Fund. For the six months ended March 31, 2020 the Advisor earned advisory fees of $815,241.

The Advisor has contractually agreed to waive all or part of its management fees and/or make payments to limit Fund expenses (exclusive of any taxes, leverage interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, expenses of investing in underlying funds, or extraordinary expenses such as litigation and advisor transition expenses) so that the total annual operating expenses of the Fund do not exceed 2.25% of the average daily net assets through September 30, 2020. Waivers and expense reimbursements may be recouped by the Advisor from the Fund within three years of when the amounts were waived only if the Fund expenses are lower than both the lesser of the current expense cap and the expense cap in place at the time of

Vertical Capital Income Fund

Notes to Financial Statements (Unaudited) (Continued)

March 31, 2020

waiver. For the six months ended March 31, 2020, the Advisor waived advisory fees of $264,076. Expenses subject to recapture by the Advisor amounted to $1,196,051 that will expire on September 30, 2020, and $1,409,845 that will expire on September 30, 2021, and $692,741 that will expire on September 30, 2022. Effective February 1, 2020, David Aisner no longer served as co-portfolio manager of the Fund as he left the Advisor to pursue other opportunities. Robert J. Chapman, serves as the sole portfolio manager of the Fund. Mr. Chapman is Executive Vice President of the Advisor, Treasurer of the Fund, and Chairman of the Board of Trustees of the Fund.

In addition, certain affiliates provide services to the Fund as follows:

Gemini Fund Services, LLC (“GFS”) – GFS provides administration and fund accounting services to the Fund. Pursuant to a separate servicing agreement with GFS, the Fund pays GFS customary fees for providing administration and fund accounting services to the Fund. Certain officers of the Fund are also officers of GFS, and are not paid any fees directly by the Fund for serving in such capacities. For the six months ended March 31, 2020 GFS earned $96,581.

Northern Lights Compliance Services, LLC (“NLCS”) – NLCS, an affiliate of GFS, provides a Chief Compliance Officer to the Fund, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Fund. Under the terms of such agreement, NLCS receives customary fees from the Fund. For the six months ended March 31, 2020 NLCS earned $27,621.

Blu Giant, LLC (“Blu Giant”) – Blu Giant, an affiliate of GFS, provides EDGAR conversion and filing services as well as print management services for the Fund on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Fund. For the six months ended March 31, 2020 Blu Giant earned $9,921.

Effective February 1, 2019, NorthStar Financial Services Group, LLC, the parent company of GFS and its affiliated companies including NLCS and Blu Giant (collectively, the “Gemini Companies”), sold its interest in the Gemini Companies to a third party private equity firm that contemporaneously acquired Ultimus Fund Solutions, LLC (an independent mutual fund administration firm) and its affiliates (collectively, the “Ultimus Companies”). As a result of these separate transactions, the Gemini Companies and the Ultimus Companies are now indirectly owned through a common parent entity, The Ultimus Group, LLC.

Trustees – The Fund pays each Trustee who is not affiliated with the Fund or Adviser a quarterly fee of $5,000 and the lead unaffiliated Trustee a quarterly fee of $10,000. Additionally, each unaffiliated Trustee receives $2,500 per meeting as well as reimbursement for any reasonable expenses incurred attending meetings. The “interested persons” who serve as Trustees of the Fund receive no compensation for their services as Trustees. None of the executive officers receive compensation from the Fund.

INVESTMENT TRANSACTIONS

The cost of purchases and proceeds from sales and paydowns of investment securities, other than U.S. Government securities and short-term investments, for the six months ended March 31, 2020 amounted to $16,263,100 and $11,820,981 respectively.

Vertical Capital Income Fund

Notes to Financial Statements (Unaudited) (Continued)

March 31, 2020

DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

The Statement of Assets and Liabilities represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $114,351,871 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	15,650,422
Unrealized depreciation		(2,818,434	)
Net unrealized appreciation	$	12,831,988

The tax character of distributions paid during the fiscal years ended September 30, 2019 and September 30, 2018 was as follows:

	Fiscal Year Ended		Fiscal Year Ended
	September 30, 2019		September 30, 2018
Ordinary Income	$	3,688,381	$	5,580,553
Long-Term Capital Gain		2,062,005		1,823,878
	$	5,750,386	$	7,404,431

As of September 30, 2019, the components of accumulated earnings/ (deficit) on a tax basis were as follows:

Undistributed		Undistributed		Post October Loss		Capital Loss		Other		Unrealized		Total
Ordinary		Long-Term		and		Carry		Book/Tax		Appreciation/		Accumulated
Income		Gains		Late Year Loss		Forwards		Differences		(Depreciation)		Earnings/(Deficits)
$	328,440	$	1,801,906	$	—	$	—	$	—	$	21,145,565	$	23,275,911

The difference between book basis and tax basis unrealized appreciation (depreciation), undistributed net investment income (loss) and accumulated net realized gain (loss) from security transactions are primarily attributable to the adjustments for defaulted bond adjustments.

Permanent book and tax differences, primarily attributable to the book/tax treatment of reclassification of fund distributions and tax adjustments for paydowns resulted in reclassification for the year ended September 30, 2019 as follows:

NEW ACCOUNTING PRONOUNCEMENTS

In August 2018, FASB issued ASU No. 2018-13, which changed certain fair value measurement disclosure requirements. The ASU, in addition to other modifications and additions, removed the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the policy for the timing of transfers between levels. For investment companies, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. These amendments have been adopted with these financial statements.

Vertical Capital Income Fund

Notes to Financial Statements (Unaudited) (Continued)

March 31, 2020

MARKET RISK AND CORONAVIRUS

Unexpected local, regional or global events, such as war; acts of terrorism; financial, political or social disruptions; natural, environmental or man-made disasters; the spread of infectious illnesses or other public health issues; and recessions and depressions could have a significant impact on the Fund and its investments and may impair market liquidity. Such events can cause investor fear, which can adversely affect the economies of nations, regions and the market in general, in ways that cannot necessarily be foreseen. An outbreak of infectious respiratory illness known as COVID-19, which is caused by a novel coronavirus (SARS-CoV-2), was first detected in China in December 2019 and subsequently spread globally. This coronavirus has resulted in, among other things, travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, significant disruptions to business operations, market closures, cancellations and restrictions, supply chain disruptions, lower consumer demand, and significant volatility and declines in global financial markets, as well as general concern and uncertainty. The impact of COVID-19 has adversely affected, and other infectious illness outbreaks that may arise in the future could adversely affect, the economies of the U.S., many other nations and the entire global economy, as well as individual mortgage note borrowers and capital markets in ways that cannot necessarily be foreseen. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in the U.S., certain other countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

SUBSEQUENT EVENTS

The Fund is required to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the Statement of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Fund is required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. Management has determined that other than those disclosed in these financial statements, there were no other subsequent events to report through the issuance of these financial statements.

Supplemental Information (Unaudited)(Continued)

Dividend Reinvestment Plan

Unless the registered owner of shares elects to receive cash by contacting the Plan Agent, all dividends declared for the shares of the Fund will be automatically paid in the form of, or reinvested by American Stock Transfer & Trust Company (“AST”) (the “Plan Agent”), agent for shareholders in administering the Fund’s Dividend Reinvestment Plan (the “Plan”), in additional shares of the Fund. If you are a registered owner of shares and elect not to participate in the Plan, you will receive all dividends or other distributions (together, a “dividend”) in cash paid by check mailed directly to you (or, if the shares are held in street or other nominee name, then to such nominee) by AST, as dividend disbursing agent. You may elect not to participate in the Plan and to receive all dividends in cash by sending written instructions or by contacting AST, as dividend disbursing agent, at the address set forth below. Participation in the Plan is completely voluntary and may be terminated or resumed at any time without penalty by contacting the Plan Agent before the dividend record date; otherwise such termination or resumption will be effective with respect to any subsequently declared dividend. Some brokers or other financial intermediaries through which shareholders may hold their shares, may automatically elect to receive cash on the shareholders’ behalf and may reinvest that cash in additional shares of the Fund for the respective shareholders.

The Plan Agent will open an account for each shareholder under the Plan in the same name in which such shareholder’s shares are registered. Whenever the Fund declares a dividend payable in cash, non-participants in the Plan will receive cash and participants in the Plan will receive the equivalent in shares. The shares will be acquired by the Plan Agent for the participants’ accounts, depending upon the circumstances described below, either (i) through receipt of additional unissued but authorized shares from the Fund (“newly issued shares”) or (ii) by purchase of outstanding shares on the open market (“open-market purchases”) on the New York Stock Exchange or elsewhere.

Whenever the Fund declares a dividend, non-participants in the Plan will receive cash and participants in the Plan will receive the equivalent in shares. The shares will be acquired by the Plan Agent for the participants’ accounts, depending upon the circumstances described below, either (i) through receipt of additional unissued but authorized shares from the Fund (newly issued shares) or (ii) by purchase of outstanding shares on the open market (open-market purchases”) on the NYSE or elsewhere. If, on the payment date for any dividend, the closing market price plus estimated brokerage commissions per share is equal to or greater than the NAV per share, the Plan Agent will invest the dividend amount in newly issued shares on behalf of the participants. The number of newly issued shares to be credited to each participant’s account will be determined by dividing the dollar amount of the dividend by the Fund’s NAV per share on the payment date. If, on the payment date for any dividend, the NAV per share is greater than the closing market value plus estimated brokerage commissions (i.e., the Fund’s shares are trading at a discount), the Plan Agent will invest the dividend amount in shares acquired on behalf of the participants in open-market purchases.

In the event of a market discount on the payment date for any dividend, the Plan Agent will have until the last business day before the next date on which the shares trade on an “ex-dividend” basis or 30 days after the payment date for such dividend, whichever is sooner (the “last purchase date”), to invest the dividend amount in shares acquired in open-market purchases. It is contemplated that

Supplemental Information (Unaudited)(Continued)

the Fund will pay monthly income dividends. If, before the Plan Agent has completed its open-market purchases, the market price per share exceeds the NAV per share, the average per share purchase price paid by the Plan Agent may exceed the NAV of the shares, resulting in the acquisition of fewer shares than if the dividend had been paid in newly issued shares on the dividend payment date. Because of the foregoing difficulty with respect to open-market purchases, the Plan provides that if the Plan Agent is unable to invest the full dividend amount in open-market purchases during the purchase period or if the market discount shifts to a market premium during the purchase period, the Plan Agent may cease making open-market purchases and may invest the uninvested portion of the dividend amount in newly issued shares at the NAV per share.

The Plan Agent maintains all shareholders’ accounts in the Plan and furnishes written confirmation of all transactions in the accounts, including information needed by shareholders for tax records. shares in the account of each Plan participant will be held by the Plan Agent on behalf of the Plan participant, and each shareholder proxy will include those shares purchased or received pursuant to the Plan. The Plan Agent will forward all proxy solicitation materials to participants and vote proxies for shares held under the Plan in accordance with the instructions of the participants.

In the case of shareholders such as banks, brokers or nominees which hold shares for others who are the beneficial owners, the Plan Agent will administer the Plan on the basis of the number of shares certified from time to time by the record shareholder’s name and held for the account of beneficial owners who participate in the Plan.

There will be no brokerage charges with respect to shares issued directly by the Fund. However, each participant will pay a pro rata share of brokerage commissions incurred in connection with open-market purchases. The automatic reinvestment of dividends will not relieve participants of any tax that may be payable (or required to be withheld) on such dividends. Accordingly, any taxable dividend received by a participant that is reinvested in additional shares will be subject to U.S. federal (and possibly state and local) income tax even though such participant will not receive a corresponding amount of cash with which to pay such taxes. Participants who request a sale of shares through the Plan Agent are subject to a $15.00 sales fee and pay a brokerage commission of $0.12 per share sold.

The Fund reserves the right to amend or terminate the Plan. There is no direct service charge to participants in the Plan; however, the Fund reserves the right to amend the Plan to include a service charge payable by the participants.

All correspondence concerning the Plan should be directed to the Plan Agent at American Stock Transfer & Trust Company, 6201 15th Avenue, Brooklyn, New York 11219; telephone 1-866-277-8243.

PRIVACY NOTICE

Rev. May 2012

FACTS	WHAT DOES VERTICAL CAPITAL INCOME FUND DO WITH YOUR PERSONAL INFORMATION?

Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include:

	■	Social Security number	■	Purchase History

	■	Assets	■	Account Balances

	■	Retirement Assets	■	Account Transactions

	■	Transaction History	■	Wire Transfer Instructions

	■	Checking Account Information

	When you are no longer our customer, we continue to share your information as described in this notice.

How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Vertical Capital Income Fund chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Vertical Capital Income Fund share?	Can you limit this sharing?
For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes – to offer our products and services to you	No	We don’t share
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes – information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes – information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions?

Call 1-866-277-VCIF

Rev. May 2012

Who we are
Who is providing this notice?			Vertical Capital Income Fund
What we do
How does Vertical Capital Income Fund protect my personal information?			To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.
How does Vertical Capital Income Fund collect my personal information?			We collect your personal information, for example, when you ■ Open an account ■ Provide account information ■ Give us your contact information ■ Make deposits or withdrawals from your account ■ Make a wire transfer ■ Tell us where to send the money ■ Tells us who receives the money ■ Show your government-issued ID ■ Show your driver’s license We also collect your personal information from other companies.
Why can’t I limit all sharing?			Federal law gives you the right to limit only ■ Sharing for affiliates’ everyday business purposes – information about your creditworthiness ■ Affiliates from using your information to market to you ■ Sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates			Companies related by common ownership or control. They can be financial and nonfinancial companies. ■ Vertical Capital Income Fund does not share with our affiliates.
Nonaffiliates			Companies not related by common ownership or control. They can be financial and nonfinancial companies ■ Vertical Capital Income Fund does not share with nonaffiliates so they can market to you.
Joint marketing			A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ■ Vertical Capital Income Fund doesn’t jointly market.

How to Obtain Proxy Voting Information

Information regarding how the Fund votes proxies relating to portfolio securities for the most-recent 12 month period ended June 30th as well as a description of the policies and procedures that the Fund used to determine how to vote proxies is available without charge, upon request, by calling 1-866-277-VCIF by referring to the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

How to Obtain 1st and 3rd Fiscal Quarter Portfolio Holdings

The Fund files its complete schedule of portfolio holdings with the SEC on a monthly basis on Form N-PORT for the first and third quarters of each fiscal year. Form N-PORT is available on the SEC’s website at http://www.sec.gov. The information on Form N-PORT is available without charge, upon request, by calling 1-866-277-VCIF.

Investment Adviser

Oakline Advisors, LLC

14675 Dallas Parkway, Suite 600

Dallas, Texas 75254

Administrator

Gemini Fund Services, LLC

4221 North 203^rd St., Suite 100

Elkhorn, NE 68022

Item 2. Code of Ethics.

Item 3. Audit Committee Financial Expert. Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services. Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Companies. Not applicable.

Item 6. Schedule of Investments. See Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds. Not applicable for semi-annual reports.

Item 8. Portfolio Managers of Closed-End Management Investment Companies. Not applicable for semi-annual reports.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. Not applicable.

Item 10. Submission of Matters to a Vote of Security Holder. None.

Item 11. Controls and Procedures.

(a) Based on an evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of filing date of this Form N-CSR, the principal executive officer and principal financial officer of the Registrant have concluded that the disclosure controls and procedures of the Registrant are reasonably designed to ensure that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported by the filing date, including that information required to be disclosed is accumulated and communicated to the Registrant’s management, including the Registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no significant changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report (in the registrant’s second fiscal half-year in the case of an annual report) that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. None

Item 13. Exhibits.

(a)(1) Code of Ethics filed herewith.

(a)(2) Certification(s) required by Section 302 of the Sarbanes-Oxley Act of 2002 (and Item 11(a)(2) of Form N-CSR) are filed herewith.

(a)(3) Not applicable.

(b) Certification(s) required by Section 906 of the Sarbanes-Oxley Act of 2002 (and Item 11(b) of Form N-CSR) 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, Principal Executive Officer/President

Date 5/29/20

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, Principal Executive Officer/President

Date 5/29/20

By (Signature and Title)

* /s/ Robert Chapman

Robert Chapman, Principal Financial Officer/Treasurer

Date 5/29/20

* Print the name and title of each signing officer under his or her signature.

Exhibit 99.CERT

CERTIFICATIONS

I, Michael D. Cohen, certify that:

1. I have reviewed this report on Form N-CSR 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 financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

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;

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report (in the registrant’s second fiscal half-year in the case of an annual report) 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: 5/29/20 /s/ Michael D. Cohen

Michael D. Cohen,

Principal Executive Officer/President

I, Robert Chapman, certify that:

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

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: 5/29/20 /s/ Robert Chapman

Robert Chapman,

Principal Financial Officer/Treasurer

EX-99.906CERT

certification

Michael D. Cohen, Principal Executive Officer/President, and Robert Chapman, Principal Financial Officer/Treasurer of the Vertical Capital Income Fund (the “Registrant”), each certify to the best of his or her knowledge that:

1. The Registrant’s periodic report on Form N-CSR for the period ended March 31, 2020 (the “Form N-CSR”) fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

President Treasurer

Vertical Capital Income Fund Vertical Capital Income Fund

/s/ Michael D. Cohen /s/ Robert Chapman

Michael D. Cohen Robert Chapman

Date: 5/29/20 Date: 5/29/20

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Vertical Capital Income Fund and will be retained by the Vertical Capital Income Fund and furnished to the Securities and Exchange Commission (the “Commission”) or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.