Carlyle Credit Income Fund (CCIF) N-CSRS Certified semi-annual shareholder report (management investment company)

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)

225 Pictoria Drive, Suite 450, Cincinatti, OH 45246

(Address of principal executive offices) (Zip code)

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

(Name and address of agent for service)

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

Date of fiscal year end: 9/30

Date of reporting period: 3/31/21

Item 1. Reports to Stockholders.

	Vertical Capital Income Fund
	VCIF
	Cusip: 92535C104
	Semi-Annual Report
	March 31, 2021
	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.

Managed Distribution Plan Disclosure

In December 2020, the Board of Trustees (the “Board”), acting pursuant to a Securities and Exchange Commission exemptive order, approved a Managed Distribution Plan (the “Plan”) for Vertical Capital Income Fund (the “Fund”). Pursuant to the Plan, the Fund pays a minimum monthly distribution to shareholders at a stated annual rate as a percentage of the three-month average net asset value (“NAV”) of the Fund’s shares prior to the month of distribution. The distribution is calculated as 8% of the previous three-month average NAV, divided by 12. Payment of monthly distributions under the Fund’s Plan commenced in January 2021.

The Plan is subject to periodic review by the Board, and the Board may amend the terms of the Plan including amending the annual rate of payment or may terminate the Plan at any time without prior notice to the Fund’s shareholders. The Fund’s distribution rate may be affected by numerous factors, including changes in realized and projected market returns, Fund performance, and other factors. There can be no assurance that an unanticipated change in market conditions or other unforeseen factors will not result in a change in the Fund’s distribution rate at a future time. The Fund does not believe there are any reasonably foreseeable circumstances that would cause the termination of the Plan. The amendment or termination of the Plan could have an adverse effect on the market price of a Fund’s shares.

You should not draw any conclusions about the Fund’s investment performance from the amount of these distributions or from the terms of the Fund’s Managed Distribution Plan.

May 28, 2021

Dear Shareholder,

We are pleased to report to you the results of another six-month period for the Vertical Capital Income Fund (the “Fund”). As previously announced the Fund made a pivotal change in the distribution policy by implementing a Managed Distribution Plan (the “Plan”). Consistent with the Plan and our investment objective to seek income, the Fund made monthly distributions aggregating approximately $0.63 per share for the six-month period ended March 31, 2021. Included in that amount was a special distribution of approximately $0.22 per share paid in December 2020 as a result of net capital gains realized on loan sales and loan payoffs during the Fund’s last fiscal year ended September 30, 2020. In alignment with the Plan’s policy, the Fund will pay net capital gains realized on loan sales and loan payoffs included in the monthly distributions rather than only as a special December distribution going forward.

The Fund’s net asset value (“NAV)” per share was $12.05 at the September 30, 2020 and $11.70 per share at March 31, 2021. In comparison, the Fund’s traded share price was $9.93 at the beginning of the fiscal year and $10.30 at March 31, 2021, reflecting discounts to NAV of 18% and 12%. The management team is encouraged and would like to continue to see the narrowing of discount after the announcement in December of the Plan.

For the six-month period ended March 31, 2021 the Fund produced a total return, based on its traded share price, of 9.44% compared to one of its key benchmarks, the Bloomberg Barclays U.S. Mortgage Backed Securities Index, which reported a total return of -0.86%. (Please see the definition of the index that accompanies the performance table that immediately follows this letter.) The SEC Yield per share as of March 31, 2021 was 2.78%. In comparison the Fund produced a total return based on its NAV per share for the same six-month period of 2.44%. Since inception, the Fund has produced an annualized total return of 6.77% based on its NAV.

Update on Economic Outlook

Forecasters maintain expectations for stronger economic growth in 2021 given the ongoing COVID-19 vaccine rollout, labor market improvement, and passage of the fiscal stimulus bill, American Rescue Plan Act. As households continue to raise their levels of spending this will likely be a significant boost to economic growth in the coming quarters. Positive development in the job market is another indication that businesses are gearing up for these increased levels of activity. Still, supply chain bottlenecks continue more broadly across the economy, pushing prices higher and causing upward pressure on inflation. These factors have in part, led to a steeper increase in Treasury rates than in previous forecasts, and higher mortgage rates along with that.

As the Fed continues to keep short term rates low market participants have been monitoring signs of tightening in monetary policy. The FOMC’s latest projections showed that more members anticipate a first-rate hike in 2023. This reflects the current expectation of more rapid economic growth, faster movement towards full employment, and a higher rate of inflation because of the American Rescue Plan Act and the growing success of the vaccine rollout.

The forecast is for real GDP growth to average 5.7 percent in 2021, a significant rebound from the 2.4 percent contraction in 2020. Household saving rate hit 20 percent in February, due to stimulus support but also the reduced discretionary spending as dining, travel, entertainment, and other industries continue to operate below full capacity. This will likely result in more consumption spending later in the year as more of the country is vaccinated and we see more of a recovery in these sectors.

As growth picks up and inflationary pressures increase, rates have increased more sharply in recent weeks and the 10-year Treasury yield is expected to average 1.9 percent in the fourth quarter. Mortgage rates will likely follow a similar path, with the 30-year fixed mortgage rate increasing to 3.6 percent by the end of 2021. It is expected refinance activity in 2021 to slow. The 30-year fixed rate was below 3.5 percent for most of 2020, and below three percent for the second half of the year. As mortgage rates increase, there will not be many borrowers left who can refinance. The first half of 2021 will still see significant volume with the spillover of refinancing activity in late 2020, but economists still expect refinance originations to total $1.5T in 2021. This is still a significant decrease from an estimated $2.4T in refinance originations in 2020.

Demographics will likely drive purchase growth in 2021, as there is a large band of the population entering prime homeownership age. Many millennials are approaching first-time homebuyer age. The largest cohort of millennials are now 29, and historically, peak first-time homebuyer age is 32 or 33. This wave of young homebuyers will likely support the purchase market for the next few years at least. Additionally, there are still households looking to move into homes with potentially larger and more functional space to facilitate remote work and learning. The forecast is for home sales to increase this year with a still strong spring housing market.

Fund Strategy

There is almost $16 trillion of U.S. residential mortgage debt outstanding, of which approximately $11 trillion is secured by one-to-four family residences. The balance is represented by mortgage debt on multi-family, non-farm/non-residential and farm properties. The Fund invests as a secondary market participant in the one-to-four family residential whole loan market only. This market 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. The Fund generates monthly cash distributions from interest income earned on the Fund’s loan portfolio, net of the costs to operate. Costs include fees paid to third parties for loan servicing and custodial, valuation, audit and legal services, as well as fees to the advisor to manage the Fund. As noted above, the Fund made aggregated distributions for the fiscal six-month period of $0.63 per share.

The Fund also generates capital gains when it sells loans at a price that is excess of its adjusted cost basis or when loans originally purchased at a discount to their unpaid principal balance (“UPB”) pay off in full before maturity of the loan. Asset sales and loan payoffs can occur anytime throughout the year; however, the Fund has historically made a single distribution in December of each year in order to fully account for all net long-term and short-term capital gains and losses during its taxable period. Most of these distributions have been subject to lower long-term capital gain tax rates; thereby, potentially increasing the after-tax yield to our shareholders. As noted above, the capital gain distribution during the fiscal six- month period was $0.22 per share and going forward the Fund will pay net realized capital gains in the monthly distributions rather than a special December distribution.

The Fund meets its investment objective primarily by investing in mortgage notes secured by first liens on residential real estate. The Fund only invests in “whole loans” and does not invest in tranches of RMBS. Investing as a first mortgage lender in whole loans allows the Fund to deal directly with any borrower who is delinquent, in default or needs to restructure their loan for any reason. The Fund can decide on a case by case basis how best to work with the borrower to secure repayment of all amounts due the Fund, which is not always the case in RMBS. This direct interaction has been a significant benefit over the years when the Fund has had to grapple with borrowers affected by crises, such as COVID-19, hurricanes, floods or fires.

The Fund pursues investment opportunities in many types of residential mortgage whole loans. Some known as “Scratch and Dent” are “conforming” loans with typical original terms of 25 or 30 years that would have otherwise qualified for purchase by one of the Government Sponsored Enterprises (“GSEs”), like Fannie Mae or Freddie Mac, but were rejected for technical defects in the application or documentation process. Others are non-qualified loans (“Non QM”), which do not meet the criteria for purchase or origination by a GSE. In addition, there are “Fix and Flip” loans, which typically have 12-24 month terms and “Rental and Bridge” loans which typically have 24-60 month terms. Loans can be performing, re-performing (loans that were non-performing at one point and have now become performing), long-term, short-term, fixed rate or adjustable.

As always, we are appreciative of your continued support and we look forward to working on your behalf.

Regards,

Katherine L. Hawkins
Portfolio Manager

Vertical Capital Income Fund

PORTFOLIO REVIEW (Unaudited)

March 31, 2021

The Fund’s performance figures for the period ended March 31, 2021, compared to its benchmark:

	Six Months	One Year	Three Years	Five Years	Since Inception*
Vertical Capital Income Fund-NAV	2.44%	5.89%	3.50%	4.58%	6.77%
Vertical Capital Income Fund-Market Price **	9.44%	31.38%	N/A	N/A	8.89%
Bloomberg Barclays Capital Mortgage Backed Securities Index	(0.86)%	(0.09)%	3.75%	2.43%	2.46%

* 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 U.S. government agency guaranteed mortgage pools of Ginnie Mae, Freddie Mac and Fannie Mae. Investors cannot invest directly in an index or benchmark. The mortgage notes held by the Fund are not guaranteed by any U.S. government agency.

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	100.0	%
Other Investments	0.00	%
	100.0	%

***   Based on Investments at Value as of March 31, 2021.

Vertical Capital Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited)

March 31, 2021

Principal			Loan Type	Interest Rate	Maturity	Fair Value
		MORTGAGE NOTES - 104.8%
$	110,866	Loan ID 200003	Fixed	7.250%	9/1/2035	$	98,906
	47,120	Loan ID 200012	ARM	9.800%	7/1/2037		43,630
	32,845	Loan ID 200016	ARM	10.375%	1/1/2031		33,502
	44,024	Loan ID 200018	Fixed	7.000%	1/1/2033		44,904
	96,419	Loan ID 200023	Fixed	5.875%	12/1/2050		55,921
	202,494	Loan ID 200026	Fixed	4.750%	1/1/2050		206,544
	191,963	Loan ID 200029	Fixed	6.310%	7/1/2037		195,803
	311,682	Loan ID 200032	Fixed	3.130%	1/1/2051		282,795
	529,380	Loan ID 200035	Fixed	4.625%	11/1/2050		400,175
	144,590	Loan ID 200037	Fixed	7.800%	5/1/2035		147,482
	106,066	Loan ID 200041	Fixed	4.875%	8/1/2039		68,943
	37,189	Loan ID 200042	Fixed	7.000%	12/1/2037		37,933
	45,048	Loan ID 200043	Fixed	6.125%	7/1/2039		45,949
	47,396	Loan ID 200048	Fixed	5.500%	8/1/2039		48,343
	140,862	Loan ID 200052	Fixed	5.125%	5/1/2040		143,679
	49,846	Loan ID 200054	Fixed	8.250%	3/1/2039		50,843
	74,592	Loan ID 200055	Fixed	10.000%	1/5/2036		76,084
	29,011	Loan ID 200060	Fixed	5.750%	8/1/2039		29,591
	181,836	Loan ID 200075	Fixed	4.250%	2/1/2042		179,036
	157,871	Loan ID 200076	Fixed	4.250%	12/1/2041		96,849
	16,843	Loan ID 200078	Fixed	7.000%	8/1/2036		8,646
	131,675	Loan ID 200079	Fixed	5.000%	2/1/2059		112,883
	62,733	Loan ID 200082	Fixed	8.250%	4/1/2040		56,979
	168,975	Loan ID 200084	Fixed	7.000%	3/1/2039		146,831
	214,371	Loan ID 200087	Fixed	6.000%	3/1/2051		198,871
	112,354	Loan ID 200088	Fixed	7.000%	6/1/2039		97,567
	250,181	Loan ID 200089	Fixed	3.875%	3/1/2052		202,373
	269,371	Loan ID 200090	Fixed	4.500%	11/1/2036		153,892
	118,014	Loan ID 200093	Fixed	5.000%	2/1/2038		90,754
	68,366	Loan ID 200102	Fixed	8.250%	3/1/2040		67,909
	104,049	Loan ID 200110	Fixed	8.250%	8/1/2039		106,130
	66,951	Loan ID 200128	Fixed	4.710%	7/1/2037		56,367
	435,551	Loan ID 200129	Fixed	4.625%	3/1/2052		371,773
	22,306	Loan ID 200131	Fixed	3.875%	11/1/2027		21,411
	111,527	Loan ID 200135	Fixed	4.375%	12/1/2042		110,073
	114,601	Loan ID 200137	Fixed	4.500%	9/1/2042		113,724
	72,476	Loan ID 200141	Fixed	4.250%	2/1/2042		70,854
	115,167	Loan ID 200143	Fixed	3.000%	2/1/2037		105,275
	373,522	Loan ID 200145	Fixed	4.625%	8/1/2051		350,484
	90,380	Loan ID 200152	ARM	3.625%	9/1/2037		89,298
	139,141	Loan ID 200158	Fixed	3.625%	12/1/2042		131,216
	112,357	Loan ID 200160	Fixed	3.250%	2/1/2043		102,230
	198,340	Loan ID 200162	Fixed	3.875%	7/1/2042		190,519
	177,832	Loan ID 200165	Fixed	4.375%	12/1/2041		175,855
	91,670	Loan ID 200168	Fixed	3.750%	10/1/2042		86,909
	19,827	Loan ID 200169	Fixed	6.923%	9/1/2034		20,224
	81,436	Loan ID 200174	Fixed	7.340%	4/1/2037		83,064
	46,319	Loan ID 200175	Fixed	9.600%	5/1/2037		47,245
	11,056	Loan ID 200177	Fixed	8.000%	1/11/2022		11,277
	104,429	Loan ID 200181	Fixed	7.500%	6/1/2041		89,809

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

Vertical Capital Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2021

Principal				Loan Type	Interest Rate	Maturity	Fair Value
		MORTGAGE NOTES (Continued) - 104.8%
$	66,879	Loan ID 200184	��	Fixed	4.375%	12/1/2042	$	65,948
	25,812	Loan ID 200185		Fixed	5.375%	6/1/2042		26,329
	49,139	Loan ID 200186		Fixed	5.125%	8/1/2042		50,122
	299,040	Loan ID 200190		Fixed	3.625%	11/1/2042		282,031
	148,640	Loan ID 200194		Fixed	4.750%	9/1/2041		150,165
	233,505	Loan ID 200195		Fixed	3.875%	3/1/2042		224,505
	91,411	Loan ID 200196		Fixed	4.500%	1/1/2043		90,714
	37,265	Loan ID 200198		Fixed	5.250%	10/1/2042		38,011
	254,741	Loan ID 200199		Fixed	4.000%	9/1/2042		246,510
	220,976	Loan ID 200200		Fixed	3.875%	9/1/2042		211,838
	35,991	Loan ID 200201		Fixed	5.125%	8/1/2041		36,711
	19,414	Loan ID 200206		Fixed	3.990%	12/1/2042		18,715
	41,499	Loan ID 200208		Fixed	4.250%	1/1/2043		40,727
	168,615	Loan ID 200209		Fixed	3.875%	8/1/2042		161,997
	47,247	Loan ID 200214		Fixed	5.750%	7/1/2039		48,192
	103,191	Loan ID 200216		Fixed	5.750%	9/1/2039		105,255
	130,582	Loan ID 200217		Fixed	5.250%	7/1/2040		133,194
	66,647	Loan ID 200218		Fixed	4.250%	12/1/2041		65,583
	164,374	Loan ID 200224		Fixed	4.000%	7/1/2043		159,345
	73,879	Loan ID 200226		Fixed	5.250%	7/1/2041		75,357
	45,837	Loan ID 200228		Fixed	4.625%	8/1/2042		45,830
	61,452	Loan ID 200232		Fixed	3.875%	8/1/2042		59,083
	106,700	Loan ID 200243		Fixed	3.750%	4/1/2043		101,068
	23,671	Loan ID 200244		Fixed	5.000%	5/1/2042		24,102
	181,694	Loan ID 200245		Fixed	3.875%	3/1/2043		174,186
	81,880	Loan ID 200286		Fixed	4.500%	7/1/2043		81,364
	90,974	Loan ID 200287		Fixed	4.375%	7/1/2043		89,764
	184,494	Loan ID 200296		Fixed	3.250%	2/1/2043		167,917
	32,767	Loan ID 200313		Fixed	8.500%	3/1/2028		31,129
	265,101	Loan ID 200315		ARM	3.500%	6/1/2037		259,654
	59,773	Loan ID 200317		Fixed	7.000%	9/1/2032		60,969
	240,423	Loan ID 200330		Fixed	7.000%	8/1/2037		130,413
	89,784	Loan ID 200332		Fixed	5.775%	10/1/2037		91,580
	84,620	Loan ID 200334		Fixed	7.000%	1/1/2033		86,312
	253,891	Loan ID 200335		Fixed	5.000%	11/1/2052		243,943
	42,165	Loan ID 200338		ARM	10.500%	8/1/2029		43,008
	123,973	Loan ID 200339		Fixed	2.000%	10/1/2033		108,092
	26,638	Loan ID 200340		Fixed	7.000%	3/1/2030		27,171
	54,198	Loan ID 200348		Fixed	6.500%	7/1/2038		55,282
	223,426	Loan ID 200349		Fixed	7.000%	1/1/2037		205,415
	62,186	Loan ID 200352		Fixed	7.000%	8/1/2030		63,430
	66,338	Loan ID 200358		Fixed	5.000%	4/1/2025		67,193
	60,518	Loan ID 200361		Fixed	7.500%	1/1/2034		61,728
	79,056	Loan ID 200366		Fixed	6.250%	3/1/2034		80,637
	151,885	Loan ID 200368		Fixed	4.500%	4/1/2036		152,521
	64,783	Loan ID 200374		ARM	7.000%	5/1/2034		61,544
	172,827	Loan ID 200380		Fixed	4.220%	4/1/2049		157,357
	273,403	Loan ID 200384		Fixed	5.000%	11/1/2047		246,600
	133,635	Loan ID 200385		Fixed	8.250%	1/1/2040		136,308
	116,927	Loan ID 200389		Fixed	4.820%	8/1/2047		18,598

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

Vertical Capital Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2021

Principal			Loan Type	Interest Rate	Maturity	Fair Value
		MORTGAGE NOTES (Continued) - 104.8%
$	186,769	Loan ID 200390	Fixed	4.780%	4/16/2047	$	161,302
	140,273	Loan ID 200391	Fixed	4.000%	1/13/2035		138,046
	60,360	Loan ID 200392	Fixed	10.000%	6/5/2034		57,342
	75,048	Loan ID 200395	Fixed	4.860%	4/1/2047		44,250
	66,207	Loan ID 200396	Fixed	10.000%	2/1/2036		67,532
	69,709	Loan ID 200397	ARM	3.125%	9/1/2037		68,756
	56,929	Loan ID 200399	Fixed	4.980%	6/1/2037		58,068
	40,460	Loan ID 200403	Fixed	8.300%	10/15/2032		41,269
	50,556	Loan ID 200404	Fixed	8.100%	5/1/2037		51,567
	83,452	Loan ID 200405	Fixed	4.870%	12/1/2035		84,764
	110,720	Loan ID 200406	Fixed	4.875%	10/1/2051		112,934
	216,334	Loan ID 200407	Fixed	6.500%	4/1/2042		220,661
	329,646	Loan ID 200409	Fixed	6.000%	2/1/2049		303,294
	95,921	Loan ID 200411	Fixed	8.275%	6/1/2037		97,840
	61,521	Loan ID 200417	Fixed	7.000%	5/1/2035		62,752
	144,127	Loan ID 200420	Fixed	4.225%	4/10/2038		141,077
	68,784	Loan ID 200421	Fixed	7.710%	8/1/2037		70,160
	117,263	Loan ID 200423	Fixed	4.500%	6/1/2043		116,497
	201,675	Loan ID 200430	Fixed	3.625%	7/1/2043		189,500
	263,138	Loan ID 200432	Fixed	4.875%	5/1/2043		266,020
	116,687	Loan ID 200433	Fixed	4.250%	8/1/2043		114,572
	189,128	Loan ID 200435	Fixed	4.625%	11/1/2052		191,898
	39,800	Loan ID 200439	Fixed	5.000%	8/1/2041		37,444
	129,379	Loan ID 200445	Fixed	5.250%	2/1/2039		131,967
	30,948	Loan ID 200447	Fixed	5.875%	11/4/2034		31,567
	73,056	Loan ID 200448	Fixed	5.750%	5/1/2042		67,255
	128,801	Loan ID 200449	Fixed	5.000%	2/1/2042		120,659
	320,693	Loan ID 200451	Fixed	6.250%	7/1/2038		327,107
	174,796	Loan ID 200460	Fixed	7.000%	7/1/2041		178,292
	359,941	Loan ID 200462	Fixed	6.000%	7/1/2045		351,806
	218,531	Loan ID 200465	Fixed	6.500%	7/1/2037		217,155
	101,915	Loan ID 200468	Fixed	5.625%	12/1/2044		26,561
	115,450	Loan ID 200469	Fixed	6.500%	7/1/2037		109,184
	231,578	Loan ID 200474	Fixed	5.750%	11/1/2050		236,210
	182,193	Loan ID 200476	Fixed	6.000%	9/1/2050		185,837
	67,678	Loan ID 200485	Fixed	4.125%	2/1/2043		66,021
	221,407	Loan ID 200486	Fixed	3.500%	1/1/2043		206,279
	102,913	Loan ID 200489	Fixed	4.000%	3/1/2043		99,539
	182,093	Loan ID 200491	Fixed	5.500%	10/1/2039		185,735
	109,275	Loan ID 200492	Fixed	4.000%	1/1/2043		105,802
	253,048	Loan ID 200494	Fixed	4.625%	10/1/2043		253,401
	286,398	Loan ID 200497	Fixed	3.250%	4/1/2043		260,154
	181,212	Loan ID 200500	Fixed	5.875%	2/1/2037		184,836
	331,362	Loan ID 200504	Fixed	3.375%	3/1/2043		304,704
	61,379	Loan ID 200507	Fixed	4.500%	9/1/2042		61,023
	301,148	Loan ID 200514	Fixed	3.000%	4/1/2047		269,069
	91,168	Loan ID 200517	Fixed	8.000%	5/1/2039		91,168
	181,784	Loan ID 200518	Fixed	3.000%	12/1/2050		165,618
	289,422	Loan ID 200519	Fixed	3.000%	11/1/2049		267,017
	101,620	Loan ID 200527	Fixed	4.500%	12/1/2043		101,050

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

Vertical Capital Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2021

Principal			Loan Type	Interest Rate	Maturity	Fair Value
		MORTGAGE NOTES (Continued) - 104.8%
$	360,628	Loan ID 200529	Fixed	4.625%	2/1/2044	$	360,823
	158,659	Loan ID 200531	Fixed	4.625%	11/1/2043		158,446
	96,729	Loan ID 200532	Fixed	3.250%	7/1/2043		87,750
	9,546	Loan ID 200537	Fixed	4.500%	3/1/2042		9,516
	75,541	Loan ID 200540	Fixed	3.875%	2/1/2043		72,484
	39,739	Loan ID 200545	Fixed	4.375%	2/1/2029		39,224
	122,537	Loan ID 200564	Fixed	4.875%	5/1/2039		124,736
	117,845	Loan ID 200567	Fixed	3.375%	5/1/2043		108,396
	85,160	Loan ID 200573	Fixed	3.750%	9/1/2042		80,856
	119,527	Loan ID 200574	Fixed	4.875%	1/1/2044		121,245
	165,647	Loan ID 200578	Fixed	4.750%	8/1/2040		164,646
	43,191	Loan ID 200579	Fixed	4.875%	5/1/2042		43,649
	153,857	Loan ID 200580	Fixed	4.125%	11/1/2041		150,591
	33,659	Loan ID 200583	Fixed	3.625%	9/1/2027		31,729
	292,549	Loan ID 200586	Fixed	3.500%	1/1/2043		272,739
	224,867	Loan ID 200588	Fixed	3.750%	5/1/2042		214,253
	59,770	Loan ID 200593	Fixed	3.875%	6/1/2042		57,428
	34,695	Loan ID 200597	Fixed	5.625%	2/1/2044		35,389
	65,632	Loan ID 200604	Fixed	3.500%	1/1/2043		61,158
	113,674	Loan ID 200612	Fixed	4.500%	2/1/2043		113,089
	182,692	Loan ID 200613	Fixed	3.369%	1/1/2043		168,442
	311,394	Loan ID 200616	Fixed	4.875%	2/1/2044		315,412
	204,965	Loan ID 200620	Fixed	4.250%	10/1/2043		201,267
	118,310	Loan ID 200621	Fixed	3.625%	1/1/2043		111,062
	118,553	Loan ID 200627	Fixed	4.250%	10/1/2043		116,307
	151,325	Loan ID 200630	Fixed	5.250%	9/1/2043		154,352
	209,304	Loan ID 200634	Fixed	4.375%	1/1/2044		207,032
	108,196	Loan ID 200645	Fixed	5.000%	4/1/2044		110,208
	129,232	Loan ID 200649	Fixed	4.375%	3/1/2044		119,205
	118,931	Loan ID 200650	Fixed	4.875%	5/1/2044		120,394
	206,967	Loan ID 200651	Fixed	3.625%	7/1/2043		194,293
	125,328	Loan ID 200655	Fixed	3.375%	5/1/2043		115,399
	166,604	Loan ID 200656	Fixed	6.875%	11/1/2045		169,366
	137,943	Loan ID 200657	Fixed	4.875%	8/1/2051		140,472
	161,529	Loan ID 200660	Fixed	5.875%	3/1/2038		164,759
	192,600	Loan ID 200662	Fixed	5.000%	3/1/2044		196,377
	63,195	Loan ID 200663	Fixed	4.750%	5/1/2044		63,762
	142,962	Loan ID 200669	Fixed	5.250%	4/1/2044		145,822
	44,514	Loan ID 200670	Fixed	4.375%	2/1/2029		43,879
	216,794	Loan ID 200671	Fixed	4.625%	8/1/2043		216,485
	283,396	Loan ID 200674	Fixed	4.500%	5/1/2044		282,100
	82,057	Loan ID 200677	Fixed	3.625%	5/1/2028		77,161
	234,077	Loan ID 200679	Fixed	5.000%	4/1/2044		200,698
	174,374	Loan ID 200682	Fixed	4.875%	5/1/2044		174,283
	116,017	Loan ID 200684	Fixed	4.875%	4/1/2044		117,719
	211,007	Loan ID 200685	Fixed	4.875%	5/1/2044		213,715
	203,287	Loan ID 200690	Fixed	4.250%	4/1/2044		199,888
	223,604	Loan ID 200692	Fixed	4.625%	7/1/2044		223,392
	97,396	Loan ID 200694	Fixed	4.500%	9/1/2043		96,733
	42,817	Loan ID 200696	Fixed	3.750%	10/1/2042		40,760

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

Vertical Capital Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2021

Principal			Loan Type	Interest Rate	Maturity	Fair Value
		MORTGAGE NOTES (Continued) - 104.8%
$	81,167	Loan ID 200700	Fixed	4.250%	2/1/2044	$	79,667
	158,743	Loan ID 200701	Fixed	4.750%	6/1/2044		149,006
	87,916	Loan ID 200704	Fixed	4.375%	3/1/2043		86,615
	46,346	Loan ID 200709	Fixed	4.375%	4/1/2043		45,767
	104,459	Loan ID 200710	Fixed	4.500%	7/1/2044		101,949
	564,935	Loan ID 200714	Fixed	4.175%	11/1/2036		513,593
	188,150	Loan ID 200716	ARM	3.260%	8/1/2037		168,517
	129,744	Loan ID 200720	ARM	4.500%	4/1/2042		121,729
	143,540	Loan ID 200726	Fixed	4.375%	9/1/2037		121,255
	134,913	Loan ID 200727	Fixed	3.500%	7/1/2037		128,083
	183,357	Loan ID 200732	Fixed	4.125%	9/1/2027		180,531
	207,216	Loan ID 200733	Fixed	3.750%	12/1/2042		197,032
	92,363	Loan ID 200735	Fixed	4.500%	6/1/2044		91,962
	132,823	Loan ID 200736	Fixed	4.750%	5/1/2044		129,503
	160,863	Loan ID 200742	Fixed	4.250%	4/1/2043		157,527
	173,043	Loan ID 200744	Fixed	3.625%	6/1/2043		162,530
	55,050	Loan ID 200753	Fixed	5.250%	5/1/2044		56,151
	48,561	Loan ID 200755	Fixed	4.250%	6/1/2043		47,739
	170,268	Loan ID 200756	Fixed	4.875%	11/1/2043		172,702
	112,431	Loan ID 200759	Fixed	3.750%	6/1/2043		106,901
	269,490	Loan ID 200762	Fixed	3.875%	5/1/2042		259,184
	163,275	Loan ID 200771	Fixed	4.500%	4/1/2043		150,863
	221,406	Loan ID 200772	Fixed	3.750%	3/1/2043		210,418
	184,732	Loan ID 200774	Fixed	3.875%	7/1/2043		177,221
	40,547	Loan ID 200775	Fixed	4.250%	4/1/2043		39,763
	74,006	Loan ID 200776	Fixed	4.250%	3/1/2044		72,597
	49,387	Loan ID 200777	Fixed	4.750%	6/1/2044		48,832
	154,477	Loan ID 200781	Fixed	4.625%	9/1/2044		153,909
	79,096	Loan ID 200783	Fixed	4.750%	9/1/2044		79,636
	102,686	Loan ID 200785	Fixed	4.500%	8/1/2044		102,111
	207,844	Loan ID 200786	Fixed	4.625%	7/1/2044		208,494
	39,851	Loan ID 200787	Fixed	4.750%	9/1/2044		40,047
	117,816	Loan ID 200789	Fixed	3.750%	9/1/2044		111,606
	186,946	Loan ID 200791	Fixed	4.875%	6/1/2044		188,844
	83,103	Loan ID 200795	Fixed	6.750%	8/1/2036		84,765
	68,643	Loan ID 200796	Fixed	5.880%	12/1/2053		63,242
	56,202	Loan ID 200799	Fixed	4.000%	2/5/2053		53,664
	61,454	Loan ID 200800	Fixed	4.000%	1/1/2053		59,934
	146,492	Loan ID 200805	Fixed	4.625%	7/1/2050		129,790
	54,207	Loan ID 200808	Fixed	4.250%	11/1/2050		40,269
	112,616	Loan ID 200809	Fixed	5.000%	4/1/2050		88,205
	222,760	Loan ID 200814	Fixed	8.250%	7/1/2039		227,215
	272,718	Loan ID 200817	Fixed	5.000%	1/1/2050		240,912
	191,486	Loan ID 200821	Fixed	4.250%	8/1/2044		124,466
	74,240	Loan ID 200823	Fixed	4.250%	9/1/2044		72,961
	203,298	Loan ID 200824	Fixed	4.250%	8/1/2044		198,905
	97,099	Loan ID 200826	Fixed	4.375%	9/1/2044		95,683
	181,701	Loan ID 200829	Fixed	4.375%	7/1/2043		179,409
	179,775	Loan ID 200830	ARM	1.875%	7/1/2044		179,262
	42,918	Loan ID 200831	Fixed	4.250%	10/1/2044		41,981

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

Vertical Capital Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2021

Principal			Loan Type	Interest Rate	Maturity	Fair Value
		MORTGAGE NOTES (Continued) - 104.8%
$	308,440	Loan ID 200832	Fixed	4.250%	10/1/2044	$	296,545
	145,828	Loan ID 200834	Fixed	4.125%	7/1/2043		142,207
	301,292	Loan ID 200835	Fixed	5.000%	8/1/2043		307,318
	271,031	Loan ID 200844	Fixed	4.500%	7/1/2043		269,307
	184,966	Loan ID 200846	Fixed	4.375%	11/1/2043		183,064
	97,207	Loan ID 200853	Fixed	5.000%	4/1/2037		99,151
	175,192	Loan ID 200856	Fixed	6.500%	6/1/2042		150,537
	249,900	Loan ID 200858	Fixed	5.000%	1/1/2053		254,898
	149,309	Loan ID 200860	Fixed	3.875%	3/1/2052		140,190
	398,549	Loan ID 200861	Fixed	4.000%	6/1/2054		344,949
	233,814	Loan ID 200863	Fixed	3.380%	7/1/2052		219,084
	246,807	Loan ID 200866	Fixed	3.400%	5/1/2053		232,917
	106,445	Loan ID 200867	Fixed	4.580%	9/1/2053		107,046
	173,006	Loan ID 200880	Fixed	4.250%	6/1/2043		169,798
	56,983	Loan ID 200883	Fixed	3.375%	5/1/2028		52,408
	76,957	Loan ID 200886	Fixed	4.250%	10/1/2044		75,448
	231,720	Loan ID 200887	Fixed	4.750%	9/1/2044		233,167
	188,626	Loan ID 200891	Fixed	4.250%	10/1/2044		184,825
	227,882	Loan ID 200892	Fixed	3.750%	9/1/2043		215,652
	178,231	Loan ID 200897	Fixed	4.750%	10/1/2044		178,738
	359,965	Loan ID 200907	ARM	3.310%	8/1/2047		348,465
	99,003	Loan ID 200908	Fixed	4.000%	6/1/2049		97,854
	118,694	Loan ID 200909	Fixed	4.870%	4/1/2047		121,058
	645,879	Loan ID 200912	Fixed	4.500%	3/1/2037		647,643
	54,997	Loan ID 200913	Fixed	4.250%	5/1/2047		49,203
	135,968	Loan ID 200914	Fixed	2.875%	12/1/2047		125,865
	81,694	Loan ID 200916	Fixed	4.000%	10/1/2037		78,715
	150,904	Loan ID 200917	Fixed	4.875%	1/1/2051		153,791
	84,836	Loan ID 200921	ARM	3.625%	7/1/2051		84,079
	398,823	Loan ID 200922	Fixed	3.340%	9/1/2053		379,048
	487,446	Loan ID 200924	Fixed	5.500%	9/1/2051		497,195
	109,973	Loan ID 200928	Fixed	4.800%	2/1/2041		111,824
	179,437	Loan ID 200940	Fixed	3.250%	2/1/2043		163,141
	103,378	Loan ID 200941	Fixed	3.780%	1/1/2043		96,260
	248,539	Loan ID 200942	Fixed	4.000%	4/1/2043		240,509
	95,775	Loan ID 200944	Fixed	4.500%	2/1/2044		94,893
	263,126	Loan ID 200947	Fixed	4.000%	2/1/2043		254,694
	122,029	Loan ID 200948	Fixed	4.625%	12/1/2042		113,424
	254,588	Loan ID 200949	Fixed	3.875%	4/1/2043		244,213
	165,678	Loan ID 200952	Fixed	3.875%	1/1/2043		158,884
	293,860	Loan ID 200955	Fixed	3.250%	5/1/2043		267,194
	250,599	Loan ID 200956	Fixed	5.000%	8/1/2051		255,611
	380,953	Loan ID 200959	Fixed	4.000%	11/1/2042		369,151
	320,942	Loan ID 200960	Fixed	3.500%	1/1/2043		298,866
	322,600	Loan ID 200964	Fixed	3.750%	7/1/2043		306,127
	135,222	Loan ID 200966	Fixed	4.875%	7/1/2044		136,511
	335,170	Loan ID 200969	Fixed	4.875%	8/1/2043		339,812
	142,283	Loan ID 200974	Fixed	4.250%	10/1/2044		139,640
	327,459	Loan ID 200977	Fixed	4.875%	9/1/2044		332,338
	154,621	Loan ID 200993	Fixed	2.004%	7/15/2049		131,828

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

Vertical Capital Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2021

Principal			Loan Type	Interest Rate	Maturity	Fair Value
		MORTGAGE NOTES (Continued) - 104.8%
$	51,787	Loan ID 200996	Fixed	2.500%	8/1/2048	$	39,722
	118,690	Loan ID 201005	Fixed	4.750%	7/1/2041		119,876
	39,391	Loan ID 201006	Fixed	6.875%	3/1/2038		40,179
	83,521	Loan ID 201007	Fixed	7.125%	4/1/2037		85,192
	72,293	Loan ID 201010	Fixed	5.500%	4/1/2039		72,293
	42,745	Loan ID 201012	Fixed	7.500%	12/1/2038		43,599
	51,952	Loan ID 201013	Fixed	7.500%	12/1/2038		45,920
	98,102	Loan ID 201016	Fixed	6.500%	2/1/2036		93,197
	64,685	Loan ID 201022	ARM	2.500%	5/1/2037		57,680
	126,845	Loan ID 201023	Fixed	6.450%	2/1/2036		119,951
	99,743	Loan ID 201027	ARM	9.538%	3/1/2037		101,738
	131,341	Loan ID 201032	Fixed	4.500%	11/1/2044		129,711
	264,703	Loan ID 201033	Fixed	4.125%	12/1/2044		258,207
	79,324	Loan ID 201036	Fixed	4.375%	12/1/2044		78,419
	64,416	Loan ID 201037	Fixed	8.250%	7/1/2039		65,704
	86,324	Loan ID 201041	Fixed	3.750%	11/1/2052		82,524
	104,820	Loan ID 201043	Fixed	4.000%	4/1/2039		99,792
	160,682	Loan ID 201044	Fixed	4.870%	3/29/2037		163,787
	98,214	Loan ID 201045	Fixed	3.375%	7/1/2037		85,581
	276,448	Loan ID 201046	Fixed	3.000%	10/1/2058		141,495
	104,002	Loan ID 201047	Fixed	3.625%	4/1/2053		96,768
	62,184	Loan ID 201053	Fixed	3.860%	7/1/2053		60,506
	192,266	Loan ID 201054	Fixed	2.400%	5/17/2050		164,451
	555,861	Loan ID 201056	Fixed	4.000%	7/1/2054		483,845
	146,586	Loan ID 201057	Fixed	4.375%	1/1/2050		146,432
	106,147	Loan ID 201058	Fixed	4.250%	8/1/2037		105,270
	95,534	Loan ID 201060	ARM	2.500%	7/1/2035		79,572
	77,904	Loan ID 201061	Fixed	5.000%	2/1/2050		74,721
	110,116	Loan ID 201062	Fixed	3.100%	4/1/2047		101,358
	107,967	Loan ID 201063	Fixed	4.000%	9/1/2047		104,550
	215,638	Loan ID 201066	Fixed	4.250%	12/1/2046		214,093
	404,340	Loan ID 201067	Fixed	4.750%	1/1/2044		407,293
	62,887	Loan ID 201069	Fixed	4.625%	12/1/2044		63,046
	76,290	Loan ID 201072	Fixed	3.500%	3/1/2028		71,183
	87,804	Loan ID 201075	Fixed	4.375%	10/1/2044		86,760
	214,175	Loan ID 201084	Fixed	5.000%	8/1/2038		200,472
	146,222	Loan ID 201091	Fixed	4.125%	1/1/2045		141,293
	235,828	Loan ID 201092	Fixed	5.250%	4/1/2046		222,923
	131,974	Loan ID 201093	Fixed	4.125%	2/1/2045		97,437
	131,408	Loan ID 201094	Fixed	4.550%	3/1/2044		130,375
	323,587	Loan ID 201101	Fixed	4.625%	3/1/2045		317,883
	139,361	Loan ID 201103	ARM	2.750%	5/1/2044		139,301
	148,737	Loan ID 201104	Fixed	4.375%	4/1/2045		146,432
	68,411	Loan ID 201107	Fixed	5.150%	2/1/2036		69,780
	149,034	Loan ID 201111	Fixed	4.875%	4/1/2050		125,809
	75,856	Loan ID 201113	Fixed	5.750%	12/1/2052		72,063
	115,587	Loan ID 201114	Fixed	8.087%	5/1/2054		117,899
	474,628	Loan ID 201115	Fixed	4.000%	2/1/2051		464,170
	73,279	Loan ID 201121	Fixed	4.125%	10/1/2037		70,493
	75,696	Loan ID 201122	Fixed	4.750%	11/1/2048		76,926

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

Vertical Capital Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2021

Principal			Loan Type	Interest Rate	Maturity	Fair Value
		MORTGAGE NOTES (Continued) - 104.8%
$	212,961	Loan ID 201124	Fixed	4.750%	4/1/2040	$	215,817
	70,171	Loan ID 201127	ARM	2.500%	4/1/2037		62,294
	107,397	Loan ID 201130	Fixed	4.850%	12/1/2037		108,672
	114,426	Loan ID 201131	Fixed	8.250%	5/1/2053		116,714
	156,619	Loan ID 201132	Fixed	4.250%	7/1/2037		142,959
	179,380	Loan ID 201134	Fixed	4.625%	10/1/2053		167,279
	166,940	Loan ID 201139	Fixed	3.000%	11/1/2053		151,874
	79,266	Loan ID 201143	Fixed	3.500%	11/1/2037		70,055
	125,449	Loan ID 201146	Fixed	4.875%	8/1/2054		116,194
	104,310	Loan ID 201147	Fixed	4.125%	11/1/2051		98,779
	87,293	Loan ID 201148	Fixed	3.950%	10/1/2042		86,034
	312,518	Loan ID 201149	Fixed	5.000%	5/1/2058		88,308
	89,117	Loan ID 201155	Fixed	5.000%	11/1/2053		60,733
	60,887	Loan ID 201156	Fixed	5.000%	4/1/2050		55,776
	271,433	Loan ID 201157	Fixed	4.000%	3/1/2055		266,023
	189,261	Loan ID 201160	Fixed	4.920%	10/1/2049		160,820
	359,799	Loan ID 201163	Fixed	4.750%	12/1/2049		280,682
	157,800	Loan ID 201164	Fixed	4.250%	11/1/2051		154,914
	403,981	Loan ID 201168	Fixed	3.875%	4/1/2052		371,860
	94,823	Loan ID 201169	Fixed	5.934%	9/1/2037		92,404
	52,182	Loan ID 201170	Fixed	4.375%	7/1/2037		52,064
	102,588	Loan ID 201173	Fixed	4.280%	11/1/2047		67,780
	123,167	Loan ID 201176	Fixed	4.250%	7/1/2053		122,698
	291,000	Loan ID 201179	Fixed	4.750%	5/1/2051		265,245
	259,391	Loan ID 201181	Fixed	4.500%	4/1/2034		261,468
	125,837	Loan ID 201183	Fixed	3.500%	10/1/2052		118,875
	59,324	Loan ID 201184	Fixed	4.000%	6/1/2049		58,599
	236,078	Loan ID 201185	Fixed	7.250%	10/1/2053		240,799
	76,590	Loan ID 201187	Fixed	5.000%	11/1/2048		55,232
	579,477	Loan ID 201196	Fixed	4.375%	11/1/2036		572,509
	308,144	Loan ID 201199	Fixed	5.125%	11/1/2046		314,307
	137,168	Loan ID 201205	Fixed	4.625%	1/1/2045		137,310
	120,309	Loan ID 201206	Fixed	3.990%	4/1/2045		115,997
	106,671	Loan ID 201208	Fixed	4.625%	4/1/2045		106,373
	166,315	Loan ID 201209	Fixed	4.250%	4/1/2045		163,381
	358,524	Loan ID 201212	Fixed	4.625%	10/1/2058		333,068
	183,369	Loan ID 201213	Fixed	4.875%	8/1/2044		184,691
	497,166	Loan ID 201214	ARM	2.750%	9/1/2043		470,719
	116,101	Loan ID 201218	Fixed	4.125%	1/1/2045		112,199
	58,187	Loan ID 201221	Fixed	3.250%	5/1/2043		49,416
	44,984	Loan ID 201222	Fixed	5.125%	1/1/2045		29,240
	163,946	Loan ID 201223	Fixed	3.875%	4/1/2030		167,047
	239,640	Loan ID 201233	Fixed	4.500%	12/1/2044		237,179
	146,815	Loan ID 201240	Fixed	4.250%	10/1/2045		115,429
	275,301	Loan ID 201241	Fixed	4.375%	7/1/2045		272,461
	102,519	Loan ID 201243	Fixed	4.625%	11/1/2045		102,603
	371,819	Loan ID 201244	Fixed	4.500%	6/1/2045		368,288
	105,558	Loan ID 201245	Fixed	4.750%	8/1/2044		106,276
	93,779	Loan ID 201248	Fixed	4.875%	7/1/2044		94,938
	459,741	Loan ID 201249	Fixed	4.625%	3/1/2059		414,901

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

Vertical Capital Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2021

Principal			Loan Type	Interest Rate	Maturity	Fair Value
		MORTGAGE NOTES (Continued) - 104.8%
$	194,652	Loan ID 201254	Fixed	7.250%	5/1/2060	$	198,545
	219,842	Loan ID 201255	ARM	6.750%	6/1/2035		224,239
	3,972	Loan ID 201256	ARM	10.500%	10/1/2021		4,036
	222,566	Loan ID 201257	Fixed	4.500%	5/1/2044		216,122
	84,474	Loan ID 201258	Fixed	4.500%	6/1/2045		73,973
	160,974	Loan ID 201260	Fixed	4.750%	9/1/2045		161,546
	47,046	Loan ID 201263	Fixed	4.750%	10/1/2045		25,625
	136,490	Loan ID 201266	Fixed	4.500%	2/1/2046		135,656
	140,231	Loan ID 201270	Fixed	4.125%	2/1/2045		136,429
	236,548	Loan ID 201271	Fixed	4.500%	6/1/2045		234,361
	225,507	Loan ID 201273	Fixed	4.500%	12/1/2045		224,132
	202,249	Loan ID 201274	Fixed	4.125%	10/1/2045		195,565
	347,347	Loan ID 201280	Fixed	4.500%	4/1/2046		344,710
	99,432	Loan ID 201284	Fixed	3.625%	2/1/2029		100,949
	24,563	Loan ID 201285	Fixed	4.625%	11/1/2028		25,054
	103,088	Loan ID 201286	Fixed	4.375%	12/1/2045		101,791
	79,068	Loan ID 201289	Fixed	4.000%	3/1/2045		75,973
	287,305	Loan ID 201291	Fixed	5.000%	8/1/2045		256,466
	115,150	Loan ID 201294	Fixed	4.625%	2/1/2046		112,551
	714,222	Loan ID 201296	Fixed	4.250%	2/1/2046		695,491
	67,810	Loan ID 201301	Fixed	4.550%	10/1/2044		67,247
	126,741	Loan ID 201302	Fixed	4.250%	5/1/2045		123,919
	138,894	Loan ID 201305	Fixed	4.625%	8/1/2044		138,958
	108,969	Loan ID 201306	Fixed	3.875%	9/1/2045		103,152
	165,486	Loan ID 201307	Fixed	4.250%	10/1/2048		161,287
	58,484	Loan ID 201308	Fixed	4.625%	11/1/2045		58,276
	151,692	Loan ID 201309	Fixed	4.000%	9/1/2045		145,364
	303,165	Loan ID 201313	Fixed	4.625%	1/1/2046		303,469
	152,461	Loan ID 201316	Fixed	4.500%	2/1/2046		134,884
	161,230	Loan ID 201319	Fixed	4.375%	10/1/2045		157,805
	128,492	Loan ID 201324	Fixed	5.250%	4/1/2046		130,624
	166,287	Loan ID 201326	Fixed	4.625%	3/1/2046		165,125
	178,662	Loan ID 201328	Fixed	4.250%	11/1/2045		81,553
	345,618	Loan ID 201333	Fixed	3.875%	11/1/2045		321,225
	179,843	Loan ID 201336	Fixed	4.750%	1/1/2046		147,811
	127,503	Loan ID 201345	Fixed	4.125%	5/1/2045		123,277
	225,756	Loan ID 201350	Fixed	4.000%	6/1/2045		104,674
	62,475	Loan ID 201352	Fixed	4.875%	3/1/2045		57,074
	471,931	Loan ID 201354	Fixed	3.375%	7/1/2046		471,931
	127,624	Loan ID 201355	Fixed	5.250%	12/1/2045		130,176
	142,368	Loan ID 201358	Fixed	4.875%	7/1/2045		131,305
	136,873	Loan ID 201361	Fixed	5.250%	7/1/2044		139,611
	105,580	Loan ID 201364	Fixed	3.875%	4/1/2046		99,543
	319,589	Loan ID 201365	Fixed	4.250%	10/1/2045		311,401
	45,473	Loan ID 201368	Fixed	5.125%	2/1/2045		46,382
	172,018	Loan ID 201370	Fixed	4.250%	7/1/2046		150,545
	95,160	Loan ID 201371	Fixed	4.125%	4/1/2046		92,190
	247,226	Loan ID 201372	Fixed	4.625%	8/1/2046		231,600
	147,460	Loan ID 201373	Fixed	5.125%	4/1/2046		150,410
	135,759	Loan ID 201375	Fixed	4.500%	6/1/2045		134,392

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

Vertical Capital Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2021

Principal			Loan Type	Interest Rate	Maturity	Fair Value
		MORTGAGE NOTES (Continued) - 104.8%
$	263,675	Loan ID 201377	Fixed	3.875%	5/1/2046	$	253,710
	300,241	Loan ID 201381	Fixed	4.875%	7/1/2045		278,212
	74,399	Loan ID 201384	Fixed	4.375%	10/1/2045		61,229
	131,665	Loan ID 201385	Fixed	4.625%	12/1/2045		131,665
	59,260	Loan ID 201386	Fixed	5.250%	5/1/2046		59,260
	222,222	Loan ID 201390	Fixed	5.125%	9/1/2045		226,667
	375,971	Loan ID 201391	Fixed	5.125%	10/1/2045		375,509
	158,591	Loan ID 201392	Fixed	3.750%	2/1/2046		142,434
	413,335	Loan ID 201393	Fixed	3.750%	4/1/2056		406,973
	71,368	Loan ID 201394	Fixed	6.700%	6/1/2034		72,795
	81,554	Loan ID 201395	Fixed	6.300%	7/1/2044		11,456
	81,294	Loan ID 201400	Fixed	4.750%	7/1/2044		81,541
	85,464	Loan ID 201401	Fixed	4.750%	10/1/2044		85,814
	89,036	Loan ID 201403	Fixed	4.750%	8/1/2044		73,859
	127,820	Loan ID 201404	Fixed	4.750%	10/1/2044		106,317
	68,064	Loan ID 201405	Fixed	5.250%	8/1/2044		69,425
	51,910	Loan ID 201406	Fixed	4.250%	6/1/2046		50,518
	230,203	Loan ID 201407	Fixed	4.875%	1/1/2046		232,254
	155,417	Loan ID 201411	Fixed	4.750%	12/1/2045		156,538
	136,001	Loan ID 201412	Fixed	5.750%	12/1/2045		130,045
	318,283	Loan ID 201413	Fixed	4.500%	7/1/2045		316,374
	69,473	Loan ID 201414	Fixed	4.250%	7/1/2044		67,985
	52,465	Loan ID 201415	Fixed	8.000%	4/1/2034		53,515
	56,670	Loan ID 201417	Fixed	6.000%	8/1/2037		57,803
	39,087	Loan ID 201419	Fixed	10.000%	11/1/2033		39,869
	54,287	Loan ID 201422	Fixed	4.625%	10/1/2046		53,808
	616,453	Loan ID 201425	Fixed	3.875%	4/1/2046		574,276
	297,630	Loan ID 201426	Fixed	4.875%	3/1/2044		300,844
	508,414	Loan ID 201428	ARM	4.000%	4/1/2045		490,035
	186,701	Loan ID 201431	Fixed	4.875%	5/1/2045		166,132
	93,311	Loan ID 201434	Fixed	4.375%	6/1/2046		91,557
	85,606	Loan ID 201436	Fixed	4.375%	5/1/2045		84,567
	127,376	Loan ID 201437	Fixed	4.750%	5/1/2046		29,974
	170,742	Loan ID 201439	Fixed	5.000%	12/1/2045		173,587
	303,185	Loan ID 201440	Fixed	4.625%	7/1/2046		112,573
	95,122	Loan ID 201441	Fixed	4.750%	10/1/2045		95,024
	284,520	Loan ID 201442	Fixed	4.875%	12/1/2045		285,351
	48,457	Loan ID 201444	Fixed	4.500%	11/1/2044		48,012
	240,054	Loan ID 201447	Fixed	4.875%	10/1/2044		242,963
	87,581	Loan ID 201449	Fixed	4.000%	8/1/2044		84,418
	211,955	Loan ID 201451	Fixed	4.250%	6/1/2045		207,601
	197,220	Loan ID 201456	Fixed	4.125%	7/1/2046		189,745
	222,704	Loan ID 201458	Fixed	3.875%	9/1/2046		204,139
	149,524	Loan ID 201460	Fixed	4.250%	7/1/2045		143,598
	255,549	Loan ID 201461	Fixed	4.125%	12/1/2044		242,094
	283,594	Loan ID 201464	Fixed	4.375%	6/1/2045		249,763
	96,806	Loan ID 201465	Fixed	5.125%	12/1/2044		98,717
	43,854	Loan ID 201467	Fixed	5.250%	3/1/2044		44,731
	265,732	Loan ID 201470	Fixed	4.375%	10/1/2044		262,315
	213,032	Loan ID 201471	Fixed	4.500%	1/1/2045		211,313

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

Vertical Capital Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2021

Principal			Loan Type	Interest Rate	Maturity	Fair Value
		MORTGAGE NOTES (Continued) - 104.8%
$	141,370	Loan ID 201472	Fixed	4.000%	11/1/2044	$	141,370
	290,612	Loan ID 201473	Fixed	4.500%	2/1/2045		288,749
	91,119	Loan ID 201475	ARM	6.625%	9/1/2036		12,393
	133,930	Loan ID 201476	ARM	8.500%	2/1/2037		127,234
	77,545	Loan ID 201477	Fixed	6.750%	11/1/2036		79,095
	101,917	Loan ID 201478	Fixed	4.625%	10/1/2045		101,954
	150,810	Loan ID 201480	Fixed	4.250%	11/1/2045		147,750
	141,543	Loan ID 201482	Fixed	4.625%	2/1/2051		140,667
	280,977	Loan ID 201483	Fixed	4.125%	12/1/2045		266,362
	72,631	Loan ID 201484	Fixed	4.500%	10/1/2046		71,887
	58,755	Loan ID 201485	Fixed	5.750%	3/1/2038		59,930
	159,008	Loan ID 201487	Fixed	4.625%	2/1/2052		162,188
	87,432	Loan ID 201489	Fixed	4.750%	3/1/2046		87,856
	74,168	Loan ID 201499	Fixed	4.750%	5/1/2045		74,807
	100,922	Loan ID 201502	Fixed	5.250%	4/1/2044		102,940
	141,846	Loan ID 201503	Fixed	5.000%	7/1/2046		142,670
	428,104	Loan ID 201504	Fixed	4.500%	7/1/2045		424,702
	87,593	Loan ID 201505	ARM	5.750%	9/1/2046		88,631
	292,114	Loan ID 201506	Fixed	5.000%	2/1/2047		294,018
	212,443	Loan ID 201508	Fixed	5.000%	2/1/2047		214,371
	225,711	Loan ID 201509	Fixed	5.000%	12/1/2046		208,221
	75,535	Loan ID 201511	Fixed	4.375%	1/1/2046		74,309
	118,027	Loan ID 201513	Fixed	4.000%	1/1/2046		118,027
	93,693	Loan ID 201515	Fixed	5.125%	4/1/2047		95,154
	391,434	Loan ID 201518	Fixed	4.875%	1/1/2047		397,331
	91,119	Loan ID 201519	Fixed	4.750%	9/1/2045		91,551
	76,641	Loan ID 201523	Fixed	5.125%	7/1/2045		77,637
	471,905	Loan ID 201533	Fixed	4.750%	5/1/2046		473,991
	40,997	Loan ID 201534	Fixed	4.875%	5/1/2047		41,534
	316,914	Loan ID 201535	Fixed	4.875%	8/1/2047		316,914
	449,493	Loan ID 201536	Fixed	3.375%	4/1/2045		362,084
	261,845	Loan ID 201545	Fixed	4.000%	9/1/2047		261,845
	149,500	Loan ID 201549^	Interest Only	12.500%	10/1/2019		147,258
	136,183	Loan ID 201550	Fixed	5.000%	2/1/2047		136,183
	193,244	Loan ID 201551	Fixed	4.500%	2/1/2047		134,665
	131,204	Loan ID 201552	Fixed	4.000%	8/1/2047		131,204
	45,915	Loan ID 201556	Fixed	4.990%	12/1/2047		46,413
	127,191	Loan ID 201558	Fixed	4.500%	8/1/2047		127,191
	95,777	Loan ID 201562	Fixed	4.625%	5/1/2047		95,777
	102,903	Loan ID 201579	Fixed	4.750%	12/1/2036		100,788
	82,489	Loan ID 201581	Fixed	4.125%	10/1/2046		78,084
	83,203	Loan ID 201583	Fixed	5.250%	8/1/2047		83,203
	43,380	Loan ID 201585	Fixed	5.500%	3/1/2048		44,247
	372,221	Loan ID 201586	Fixed	4.625%	5/1/2047		371,927
	302,569	Loan ID 201587	Fixed	4.375%	1/1/2048		265,533
	321,877	Loan ID 201588	Fixed	5.125%	2/1/2048		301,136
	35,438	Loan ID 201589	Fixed	5.375%	6/1/2048		36,146
	138,286	Loan ID 201590	Fixed	5.200%	5/1/2048		79,501
	307,060	Loan ID 201591	Fixed	5.375%	8/1/2048		288,217
	75,000	Loan ID 201593^	Interest Only	13.500%	2/1/2020		72,750

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

Vertical Capital Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2021

Principal			Loan Type	Interest Rate	Maturity	Fair Value
		MORTGAGE NOTES (Continued) - 104.8%
$	365,500	Loan ID 201594	Interest Only	11.250%	6/1/2019	$	360,018
	64,397	Loan ID 201598	Fixed	6.000%	1/1/2037		62,940
	330,015	Loan ID 201599	Fixed	5.000%	7/1/2038		250,535
	44,013	Loan ID 201600	Fixed	6.000%	1/1/2036		27,249
	34,994	Loan ID 201602	Fixed	5.000%	4/20/2032		35,694
	58,652	Loan ID 201604	Fixed	8.500%	1/1/2048		58,652
	69,135	Loan ID 201605	Fixed	8.750%	3/1/2048		70,518
	88,570	Loan ID 201606	Fixed	9.990%	5/1/2048		90,341
	43,017	Loan ID 201610	Fixed	9.990%	7/1/2048		40,867
	58,983	Loan ID 201611	Fixed	9.990%	7/1/2048		10,514
	254,435	Loan ID 201612	Fixed	12.000%	10/1/2025		251,891
	33,750	Loan ID 201614^	Interest Only	12.000%	12/1/2019		33,075
	494,959	Loan ID 201615^	Fixed	10.500%	1/1/2021		492,484
	166,064	Loan ID 201617	Fixed	9.750%	2/1/2022		164,404
	30,347	Loan ID 201624	Fixed	11.000%	7/22/2028		30,554
	40,207	Loan ID 201626	Fixed	8.950%	5/18/2035		41,011
	42,954	Loan ID 201627	Fixed	10.450%	2/19/2047		40,806
	49,365	Loan ID 201628	Fixed	11.000%	7/25/2040		46,897
	39,874	Loan ID 201629	Fixed	11.000%	3/6/2033		39,874
	46,187	Loan ID 201630^	Fixed	9.950%	1/28/2020		43,878
	43,660	Loan ID 201631	Fixed	9.950%	7/25/2031		41,477
	49,475	Loan ID 201632	Fixed	11.000%	10/13/2041		50,465
	64,026	Loan ID 201634	Fixed	7.950%	2/28/2048		60,824
	64,978	Loan ID 201635	Fixed	9.950%	3/14/2046		66,277
	77,546	Loan ID 201636	Fixed	9.450%	5/13/2031		79,097
	98,231	Loan ID 201637	Fixed	11.000%	5/22/2045		100,196
	140,303	Loan ID 201638	Fixed	8.500%	9/19/2044		143,109
	318,898	Loan ID 201639	Fixed	5.000%	9/1/2048		318,898
	339,314	Loan ID 201640	Fixed	5.125%	4/1/2049		313,580
	158,632	Loan ID 201641^	Fixed	10.500%	6/1/2020		150,700
	420,000	Loan ID 201642	Interest Only	13.000%	4/1/2021		399,000
	669,302	Loan ID 201645^	Fixed	8.000%	7/1/2020		98,899
	41,157	Loan ID 201647	Fixed	6.000%	10/1/2031		38,699
	33,423	Loan ID 201648	Fixed	7.150%	8/14/2030		17,916
	56,233	Loan ID 201649	Fixed	4.800%	2/20/2030		57,357
	37,032	Loan ID 201650	Fixed	7.000%	11/14/2031		37,772
	49,853	Loan ID 201651	Fixed	7.000%	12/1/2036		42,273
	247,013	Loan ID 201652	Fixed	5.000%	10/1/2036		111,721
	195,628	Loan ID 201653	Fixed	4.250%	6/1/2048		195,628
	438,489	Loan ID 201654	Fixed	4.875%	7/1/2049		437,276
	146,972	Loan ID 201655	Fixed	7.700%	1/1/2049		149,911
	124,018	Loan ID 201656	Fixed	4.625%	6/1/2049		124,202
	243,493	Loan ID 201657	Fixed	5.250%	11/1/2048		229,277
	262,888	Loan ID 201659	Fixed	4.875%	5/1/2049		261,355
	84,256	Loan ID 201661	Fixed	5.500%	8/1/2049		87,030
	129,276	Loan ID 201662	Fixed	5.375%	9/1/2048		131,862
	420,270	Loan ID 201663	Fixed	4.750%	10/1/2048		420,270
	19,529	Loan ID 201664	Fixed	10.000%	8/1/2033		19,529
	41,409	Loan ID 201665	Fixed	9.990%	8/1/2048		42,237
	18,433	Loan ID 201666	Fixed	10.000%	6/1/2033		18,802

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

Vertical Capital Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2021

Principal			Loan Type	Interest Rate	Maturity	Fair Value
		MORTGAGE NOTES (Continued) - 104.8%
$	16,977	Loan ID 201667	Fixed	10.000%	7/1/2033	$	17,316
	15,921	Loan ID 201668	Fixed	9.750%	11/1/2033		16,240
	55,963	Loan ID 201670	Fixed	8.000%	9/15/2048		55,963
	22,626	Loan ID 201671	Fixed	9.000%	9/15/2048		22,626
	21,125	Loan ID 201672	Fixed	9.900%	10/15/2048		13,732
	51,435	Loan ID 201673	Fixed	9.990%	6/1/2048		52,463
	23,891	Loan ID 201674	Fixed	9.900%	12/1/2048		24,369
	67,091	Loan ID 201675	Fixed	9.750%	2/1/2049		68,433
	111,562	Loan ID 201676	Fixed	9.625%	10/1/2048		113,794
	80,049	Loan ID 201677	Fixed	9.250%	11/1/2048		81,650
	24,985	Loan ID 201678	Fixed	10.000%	8/1/2048		25,485
	43,072	Loan ID 201679	Fixed	7.700%	3/1/2047		43,933
	39,373	Loan ID 201680	Fixed	9.900%	9/15/2048		40,062
	176,296	Loan ID 201682	Fixed	5.000%	7/1/2048		67,934
	482,494	Loan ID 201683	Fixed	4.875%	12/1/2048		489,379
	405,233	Loan ID 201684	Fixed	4.500%	8/1/2049		380,676
	285,771	Loan ID 201685	Fixed	5.500%	2/1/2049		291,487
	101,060	Loan ID 201686	Fixed	4.250%	7/1/2049		95,509
	106,828	Loan ID 201687	Fixed	5.500%	7/1/2048		24,422
	382,384	Loan ID 201688	Fixed	6.000%	11/1/2047		390,031
	207,061	Loan ID 201689	Fixed	4.500%	4/1/2049		198,941
	489,974	Loan ID 201690	Fixed	5.000%	9/1/2049		465,951
	208,838	Loan ID 201692	Fixed	8.000%	11/1/2029		208,838
	64,666	Loan ID 201694	Fixed	9.000%	9/1/2024		64,666
	313,351	Loan ID 201695	Fixed	8.000%	9/1/2021		313,351
	65,059	Loan ID 201696	Fixed	5.125%	10/1/2048		66,318
	124,248	Loan ID 201697	Fixed	6.125%	4/1/2049		117,506
	82,975	Loan ID 201698	Fixed	4.375%	12/1/2047		81,250
	264,980	Loan ID 201699	Fixed	5.522%	9/1/2049		275,491
	322,712	Loan ID 201700	Fixed	6.125%	6/1/2049		307,086
	62,405	Loan ID 201701	Fixed	5.000%	8/1/2049		61,270
	164,262	Loan ID 201703	Fixed	6.600%	12/1/2048		167,547
	317,836	Loan ID 201704	Fixed	7.535%	3/1/2049		317,836
	179,138	Loan ID 201707	Fixed	4.875%	8/1/2049		159,950
	205,534	Loan ID 201709	Fixed	5.325%	9/1/2049		210,439
	147,824	Loan ID 201710	Fixed	6.700%	11/1/2049		155,215
	725,976	Loan ID 201711	Fixed	4.875%	10/1/2049		721,919
	379,948	Loan ID 201712	Fixed	5.125%	10/1/2049		379,948
	183,969	Loan ID 201713	Fixed	10.111%	12/1/2049		187,648
	113,544	Loan ID 201715	Fixed	10.130%	12/1/2049		115,815
	236,900	Loan ID 201716	Fixed	10.150%	12/1/2049		236,315
	436,262	Loan ID 201717	Fixed	6.500%	12/1/2048		425,291
	42,959	Loan ID 201718	Fixed	6.125%	11/1/2048		43,818
	117,189	Loan ID 201719	Fixed	4.750%	9/1/2049		117,189
	137,634	Loan ID 201720	Fixed	4.375%	4/1/2049		133,430
	362,170	Loan ID 201723	Fixed	5.000%	1/1/2049		362,006
	249,033	Loan ID 201724	Fixed	5.375%	1/1/2049		133,697
	76,451	Loan ID 201725	Interest Only	7.750%	12/1/2022		76,451
	55,046	Loan ID 201726	Interest Only	8.000%	12/1/2022		55,046

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

Vertical Capital Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2021

Principal			Loan Type	Interest Rate	Maturity	Fair Value
		MORTGAGE NOTES (Continued) - 104.8%
$	63,050	Loan ID 201727^	Interest Only	8.750%	1/1/2021	$	62,735
	74,207	Loan ID 201728	Fixed	8.500%	1/1/2022		73,836
	214,358	Loan ID 201729	Fixed	7.500%	1/1/2030		214,358
	65,000	Loan ID 201730^	Interest Only	10.000%	12/1/2020		65,000
	317,300	Loan ID 201731	Fixed	4.750%	10/1/2049		317,300
	128,781	Loan ID 201732	Fixed	5.125%	5/1/2047		120,438
	78,610	Loan ID 201733	Fixed	5.250%	4/1/2044		80,182
	543,270	Loan ID 201736	Fixed	7.250%	5/1/2047		551,441
	126,269	Loan ID 201739	ARM	7.125%	4/1/2048		112,502
	111,990	Loan ID 201740	Fixed	5.749%	4/1/2048		114,230
	228,156	Loan ID 201741	ARM	8.000%	7/1/2048		231,963
	641,924	Loan ID 201742	ARM	8.750%	9/1/2048		654,762
	141,368	Loan ID 201743	Fixed	5.499%	9/1/2048		144,195
	296,879	Loan ID 201744	Fixed	5.625%	5/1/2049		296,879
	186,646	Loan ID 201745	Fixed	5.500%	6/1/2049		188,929
	370,265	Loan ID 201746	Fixed	4.875%	7/1/2049		296,094
	448,235	Loan ID 201747	Fixed	7.490%	4/1/2030		448,235
	258,546	Loan ID 201748	Fixed	7.125%	4/1/2050		256,124
	958,321	Loan ID 201749	Fixed	4.000%	4/1/2050		902,130
	546,440	Loan ID 201750	Fixed	6.125%	4/1/2050		557,369
	300,601	Loan ID 201751	ARM	5.125%	3/1/2050		308,226
	1,108,485	Loan ID 201753	Fixed	4.875%	4/1/2050		1,110,628
	838,760	Loan ID 201754	Fixed	4.875%	4/1/2050		783,049
	606,101	Loan ID 201755	Fixed	5.750%	3/1/2050		618,223
	251,238	Loan ID 201756	Fixed	5.000%	3/1/2050		234,418
	275,518	Loan ID 201757	ARM	5.125%	4/1/2050		278,542
	418,671	Loan ID 201758	Fixed	5.875%	3/1/2050		427,044
	260,678	Loan ID 201759	ARM	5.750%	3/1/2050		267,097
	931,088	Loan ID 201760	Fixed	5.375%	3/1/2050		889,074
	257,957	Loan ID 201761	Fixed	6.875%	2/1/2050		263,116
	425,944	Loan ID 201762	Fixed	5.990%	3/1/2050		434,463
	145,938	Loan ID 201763	Fixed	7.375%	4/1/2050		148,508
	218,084	Loan ID 201767	Fixed	5.250%	7/1/2049		218,084
	189,503	Loan ID 201768	Fixed	6.750%	4/1/2050		193,294
	215,498	Loan ID 201770	Fixed	9.375%	4/1/2050		212,022
	356,418	Loan ID 201772	Fixed	8.125%	3/1/2050		374,239
	759,322	Loan ID 201773	ARM	5.500%	6/1/2049		720,859
	293,437	Loan ID 201774	Fixed	6.125%	3/1/2050		285,240
	165,063	Loan ID 201775	Fixed	7.375%	4/1/2050		173,316
	714,729	Loan ID 201776	Fixed	6.625%	1/1/2050		729,024
	125,806	Loan ID 201777	Fixed	5.875%	4/1/2049		130,392
	250,000	Loan ID 201779	Interest Only	10.500%	7/1/2022		250,000
	445,522	Loan ID 201780	Fixed	6.125%	4/1/2050		453,770
	378,357	Loan ID 201781	Fixed	6.250%	4/1/2050		393,070
	124,600	Loan ID 201783	Interest Only	7.500%	9/1/2025		122,934
	320,972	Loan ID 201784	Fixed	6.750%	4/1/2050		337,020
	273,000	Loan ID 201785	Interest Only	8.000%	8/31/2023		286,650
	166,600	Loan ID 201786	Interest Only	7.000%	10/1/2023		160,036
	935,000	Loan ID 201787	ARM	6.346%	3/1/2060		912,880
	385,000	Loan ID 201791	Interest Only	10.750%	11/1/2021		385,000

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

Vertical Capital Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2021

Principal			Loan Type	Interest Rate	Maturity	Fair Value
		MORTGAGE NOTES (Continued) - 104.8%
$	157,500	Loan ID 201792	Interest Only	10.250%	10/1/2021	$	155,925
	247,500	Loan ID 201793	Interest Only	10.990%	11/1/2021		247,500
	165,750	Loan ID 201794	Interest Only	10.990%	11/1/2022		165,750
	253,485	Loan ID 201795	Interest Only	7.500%	10/31/2025		266,159
	97,996	Loan ID 201796	Fixed	9.750%	12/1/2022		97,996
	247,000	Loan ID 201797	Interest Only	9.750%	12/1/2021		247,000
	468,000	Loan ID 201799	Interest Only	7.500%	11/20/2025		468,000
	752,300	Loan ID 201800	Interest Only	7.500%	12/31/2023		585,920
	64,972	Loan ID 201801	Fixed	7.125%	5/1/2032		65,059
	37,665	Loan ID 201802	Fixed	4.250%	10/1/2029		37,711
	29,189	Loan ID 201803	Fixed	7.050%	9/1/2034		29,772
	176,066	Loan ID 201804	Fixed	4.000%	3/1/2058		176,543
	109,965	Loan ID 201805	Fixed	4.375%	8/1/2059		110,570
	29,622	Loan ID 201806	Daily Simple Interest	9.000%	6/1/2026		30,214
	73,143	Loan ID 201807	Fixed	5.000%	8/1/2043		58,443
	120,091	Loan ID 201808	Fixed	3.875%	6/1/2060		119,427
	165,520	Loan ID 201809	Fixed	3.750%	11/1/2059		142,629
	76,987	Loan ID 201810	Fixed	3.750%	2/1/2042		58,357
	62,992	Loan ID 201811	Daily Simple Interest	11.830%	5/1/2035		64,251
	34,422	Loan ID 201812	Fixed	9.240%	2/1/2027		35,110
	75,885	Loan ID 201813	Daily Simple Interest	6.000%	1/1/2039		68,474
	50,511	Loan ID 201814	Daily Simple Interest	7.740%	3/1/2033		47,986
	68,630	Loan ID 201815	Fixed	8.000%	9/1/2033		70,002
	51,896	Loan ID 201816	Fixed	4.625%	4/1/2029		51,928
	101,273	Loan ID 201817	Fixed	4.125%	10/1/2034		101,382
	57,614	Loan ID 201818	Fixed	10.390%	12/1/2041		58,767
	57,866	Loan ID 201819	Fixed	3.875%	11/1/2029		54,972
	95,275	Loan ID 201820	Fixed	3.750%	1/1/2060		94,216
	71,243	Loan ID 201821	Fixed	6.450%	5/1/2030		72,668
	48,863	Loan ID 201822	Daily Simple Interest	8.920%	1/1/2036		44,575
	73,453	Loan ID 201823	Fixed	9.625%	3/1/2040		70,189
	283,271	Loan ID 201824	Daily Simple Interest	8.500%	10/1/2037		161,363
	128,558	Loan ID 201825	Fixed	3.875%	3/1/2040		111,545
	65,127	Loan ID 201826	Fixed	8.498%	11/1/2030		66,429
	34,328	Loan ID 201827	Fixed	10.780%	3/1/2026		35,015
	30,870	Loan ID 201828	Fixed	8.249%	10/1/2030		31,487
	112,098	Loan ID 201829	Daily Simple Interest	10.460%	8/1/2037		114,340
	34,837	Loan ID 201830	Daily Simple Interest	10.555%	10/1/2026		35,534
	63,297	Loan ID 201831	Daily Simple Interest	11.110%	2/1/2038		64,563
	54,307	Loan ID 201832	Fixed	6.250%	6/1/2034		54,462
	40,914	Loan ID 201833	Daily Simple Interest	12.679%	6/1/2023		38,869
	61,568	Loan ID 201834	Daily Simple Interest	9.150%	4/1/2038		62,799
	39,173	Loan ID 201835	Daily Simple Interest	7.500%	1/1/2027		39,956
	30,513	Loan ID 201836	Daily Simple Interest	8.836%	7/1/2027		31,123
	48,035	Loan ID 201837	Daily Simple Interest	6.996%	9/1/2031		48,996
	48,457	Loan ID 201838	Daily Simple Interest	9.070%	7/1/2027		49,426
	44,111	Loan ID 201839	Daily Simple Interest	11.110%	8/1/2039		44,993
	67,533	Loan ID 201840	Daily Simple Interest	10.870%	10/1/2041		65,959
	46,965	Loan ID 201841	Fixed	10.060%	5/1/2025		47,904
	76,836	Loan ID 201842	Daily Simple Interest	11.030%	3/1/2028		78,373

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

Vertical Capital Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2021

Principal			Loan Type	Interest Rate	Maturity	Fair Value
		MORTGAGE NOTES (Continued) - 104.8%
$	36,659	Loan ID 201843	Fixed	9.180%	8/1/2031	$	37,392
	50,936	Loan ID 201844	Daily Simple Interest	11.490%	11/1/2028		51,955
	25,497	Loan ID 201845	Daily Simple Interest	7.000%	2/1/2024		26,007
	43,628	Loan ID 201846	Fixed	8.496%	5/1/2034		44,500
	132,857	Loan ID 201847	Fixed	2.375%	6/1/2033		120,469
	56,325	Loan ID 201848	Daily Simple Interest	4.290%	11/1/2032		57,451
	53,937	Loan ID 201849	Daily Simple Interest	4.480%	6/1/2035		55,016
	95,025	Loan ID 201850	Fixed	4.625%	10/1/2042		89,294
	124,298	Loan ID 201851	Daily Simple Interest	4.500%	8/30/2023		118,083
	98,558	Loan ID 201853	Daily Simple Interest	4.910%	2/1/2034		100,529
	90,017	Loan ID 201854	Daily Simple Interest	6.190%	2/1/2036		91,817
	87,925	Loan ID 201855	Daily Simple Interest	4.390%	7/1/2036		89,683
	47,221	Loan ID 201856	Fixed	7.900%	6/1/2037		42,350
	53,063	Loan ID 201857	Fixed	3.250%	4/1/2035		46,917
	372,912	Loan ID 201858	Fixed	4.625%	2/1/2059		380,370
	592,500	Loan ID 201859	Interest Only	7.500%	12/31/2025		604,350
	126,393	Loan ID 201861	Fixed	5.000%	5/1/2040		126,393
	23,820	Loan ID 201862	Daily Simple Interest	10.000%	5/1/2027		24,297
	7,356	Loan ID 201863	Fixed	7.000%	6/1/2022		7,503
	22,254	Loan ID 201864	Daily Simple Interest	7.056%	11/1/2025		22,699
	30,095	Loan ID 201865	Daily Simple Interest	6.499%	1/1/2032		28,590
	53,540	Loan ID 201866	Fixed	4.875%	5/1/2032		54,204
	36,286	Loan ID 201867	Daily Simple Interest	4.230%	12/1/2032		35,557
	55,670	Loan ID 201868	Daily Simple Interest	7.536%	9/1/2034		56,783
	20,252	Loan ID 201869	Daily Simple Interest	8.390%	8/1/2038		20,657
	19,355	Loan ID 201870	Daily Simple Interest	9.480%	2/1/2023		19,743
	11,318	Loan ID 201871	Fixed	9.970%	5/1/2026		11,544
	35,251	Loan ID 201872	Daily Simple Interest	8.100%	9/1/2038		35,956
	18,506	Loan ID 201873	Fixed	6.648%	2/1/2027		18,876
	26,724	Loan ID 201874	Daily Simple Interest	10.540%	5/1/2027		27,259
	10,029	Loan ID 201875	Fixed	10.980%	6/1/2030		10,230
	17,458	Loan ID 201876	Fixed	8.310%	2/1/2027		17,807
	8,880	Loan ID 201877	Daily Simple Interest	9.830%	11/1/2028		9,058
	29,366	Loan ID 201878	Daily Simple Interest	9.050%	11/1/2034		29,954
	14,392	Loan ID 201879	Fixed	9.310%	10/1/2026		14,680
	23,329	Loan ID 201880	Fixed	10.460%	8/1/2023		23,329
	23,755	Loan ID 201881	Daily Simple Interest	4.590%	5/1/2026		23,618
	12,184	Loan ID 201882	Fixed	8.310%	4/1/2027		12,428
	30,538	Loan ID 201883	Fixed	4.625%	2/1/2031		30,854
	12,287	Loan ID 201884	Daily Simple Interest	11.389%	2/1/2022		12,533
	22,154	Loan ID 201885	Fixed	5.000%	5/1/2034		22,597
	8,301	Loan ID 201886	Fixed	10.608%	12/1/2023		8,467
	42,478	Loan ID 201887	Fixed	6.250%	1/1/2042		43,327
	11,061	Loan ID 201888	Fixed	10.750%	7/1/2026		10,946
	20,652	Loan ID 201889	Daily Simple Interest	9.499%	2/1/2039		21,065
	10,693	Loan ID 201890	Fixed	4.500%	11/1/2025		10,791
	19,139	Loan ID 201891	Fixed	10.290%	7/1/2026		19,522
	16,903	Loan ID 201892	Daily Simple Interest	9.960%	6/1/2023		16,058
	34,545	Loan ID 201893	Daily Simple Interest	5.040%	6/1/2026		35,236
	19,778	Loan ID 201894	Fixed	9.350%	8/1/2026		19,778

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

Vertical Capital Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

March 31, 2021

Principal			Loan Type	Interest Rate	Maturity	Fair Value
		MORTGAGE NOTES (Continued) - 104.8%
$	14,825	Loan ID 201895	Fixed	9.690%	5/1/2026	$	15,121
	10,041	Loan ID 201896	Fixed	9.680%	9/1/2025		10,241
	20,184	Loan ID 201897	Fixed	8.280%	3/1/2027		20,588
	15,850	Loan ID 201898	Fixed	10.312%	10/1/2026		16,167
	19,079	Loan ID 201899	Daily Simple Interest	10.500%	10/1/2024		19,461
	16,017	Loan ID 201900	Daily Simple Interest	12.132%	7/1/2023		16,338
	21,168	Loan ID 201901	Daily Simple Interest	8.736%	9/1/2028		21,592
	17,677	Loan ID 201902	Fixed	10.548%	10/1/2026		18,030
	23,539	Loan ID 201903	Fixed	4.999%	7/1/2037		24,010
	17,647	Loan ID 201904	Daily Simple Interest	10.190%	8/1/2029		18,000
	13,767	Loan ID 201905	Daily Simple Interest	10.890%	1/1/2024		14,042
	21,835	Loan ID 201906	Daily Simple Interest	10.210%	3/1/2029		22,272
	73,310	Loan ID 201907	Fixed	9.854%	9/1/2030		74,776
	27,582	Loan ID 201908	Daily Simple Interest	11.616%	9/1/2027		28,134
	54,660	Loan ID 201909	Daily Simple Interest	9.240%	1/1/2035		55,753
	12,279	Loan ID 201910	Daily Simple Interest	6.000%	7/1/2026		12,525
	16,936	Loan ID 201911	Daily Simple Interest	7.999%	7/1/2031		17,275
	39,094	Loan ID 201912	Fixed	7.750%	1/1/2034		37,140
	9,700	Loan ID 201913	Fixed	9.310%	11/1/2026		9,895
	26,653	Loan ID 201914	Daily Simple Interest	9.326%	8/1/2026		27,186
	8,485	Loan ID 201915	Fixed	3.750%	4/1/2021		8,188
	96,340	Loan ID 201916	Fixed	3.750%	7/1/2024		95,598
	143,487	Loan ID 201917	Fixed	4.000%	8/1/2033		140,676
	84,401	Loan ID 201918	Fixed	10.500%	2/1/2031		84,401
	211,250	Loan ID 201919	Interest Only	11.000%	2/1/2022		211,250
	75,000	Loan ID 201920	Interest Only	9.500%	2/1/2022		74,625
	122,500	Loan ID 201921	Interest Only	10.000%	2/1/2022		122,500
	115,200	Loan ID 201922	Interest Only	9.150%	2/1/2022		115,200
	101,250	Loan ID 201923	Interest Only	10.990%	3/1/2026		101,250
	221,300	Loan ID 201924	Interest Only	7.500%	2/28/2026		231,958
	345,000	Loan ID 201925	Interest Only	7.000%	2/29/2024		326,442
	256,000	Loan ID 201926	Interest Only	11.990%	3/1/2022		256,000
	303,750	Loan ID 201927	Fixed	8.990%	4/1/2051		303,750
	1,610,000	Loan ID 201928	Fixed	7.875%	4/1/2050		1,614,025
	393,750	Loan ID 201929	Interest Only	8.490%	4/1/2023		393,750
	134,040,637	TOTAL MORTGAGE NOTES (Cost - $114,911,345)					127,282,767
		OTHER INVESTMENTS* (Cost - $75,207) - 0.0% **					29,492
		TOTAL INVESTMENTS (Cost - $114,986,552) - 104.8%				$	127,312,259
		LIABILITIES IN EXCESS OF OTHER ASSETS - (4.8)%					(5,870,036	)
		NET ASSETS - 100.0%				$	121,442,223

* Illiquid Securities, non-income producing defaulted securities.

^ Loan is in loss mitigation, which means the Fund is restructuring the loan with the delinquent 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, 2021

Assets:
Investments in Securities at Market Value (identified cost $114,986,552)	$	127,312,259
Cash		2,937,820
Receivable for Investment Securities Sold and Principal Paydowns		5,195,315
Interest Receivable		1,444,595
Prepaid Expenses and Other Assets		566,486
Total Assets		137,456,475
Liabilities:
Line of Credit		15,750,000
Payable for Securities Purchased		11,379
Accrued Advisory Fees		120,306
Related Party Payable		14,525
Accrued Expenses and Other Liabilities		118,042
Total Liabilities		16,014,252
Net Assets	$	121,442,223
Net Assets consisted of:
Paid-in-Capital	$	108,668,945
Accumulated Earnings		12,773,278
Net Assets	$	121,442,223
Net Asset Value Per Share
Net Assets	$	121,442,223
Shares of Beneficial Interest Outstanding (no par value)		10,380,003
Net Asset Value (Net Assets/Shares Outstanding)	$	11.70

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, 2021

Investment Income:
Interest Income	$	3,612,881
Total Investment Income		3,612,881
Expenses:
Investment Advisory Fees		773,763
Interest Expense		286,355
Security Servicing Fees		235,871
Insurance Expense		117,386
Legal Fees		96,495
Audit Fees		81,657
Administration Fees		71,769
Trustees’ Fees		70,327
Transfer Agent Fees		40,705
Printing Expense		31,666
Chief Compliance Officer Fees		28,080
Custody Fees		26,802
Fund Accounting Fees		25,524
Security Pricing Expense		17,758
Miscellaneous Expenses		16,166
Total Expenses		1,920,324
Less: Expenses Waived by Adviser		(86,631	)
Net Expenses		1,833,693
Net Investment Income		1,779,188
Net Realized and Unrealized Gain/Loss on Investments:
Net Realized Gain from:
Investments		2,317,603
Net Change in Unrealized Depreciation on:
Investments		(1,102,068	)
Net Realized and Unrealized Gain on Investments		1,215,535
Net Increase in Net Assets Resulting From Operations	$	2,994,723

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, 2021			September 30, 2020
	(Unaudited)
Operations:
Net Investment Income	$	1,779,188		$	3,761,422
Net Realized Gain from Investments		2,317,603			2,487,468
Net Change in Unrealized Depreciation on Investments		(1,102,068	)		(7,717,790	)
Net Increase/Decrease in Net Assets Resulting From Operations		2,994,723			(1,468,900	)
Distributions to Shareholders From:
Total Distributions Paid		(6,586,813	)		(5,441,643	)
Total Distributions to Shareholders		(6,586,813	)		(5,441,643	)
Beneficial Interest Transactions:
Proceeds from Shares Issued:		—			—
Distributions Reinvested:		—			—
Cost of Shares Redeemed:		—			—
Net Decrease in Net Assets from Beneficial Interest Transactions		—			—
Total Decrease in Net Assets		(3,592,090	)		(6,910,543	)
Net Assets:
Beginning of Period/Year		125,034,313			131,944,856
End of Period/Year	$	121,442,223		$	125,034,313
Share Activity
Shares Sold		—			—
Shares Reinvested		—			—
Shares Redeemed		—			—
Net Decrease in Shares of Beneficial Interest Outstanding		—			—

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, 2021

Increase in Cash
Cash Flows Provided by (Used for) Operating Activities:
Net Decrease in Net Assets Resulting from Operations	$	2,994,723
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		(14,408,611	)
Proceeds from Sale of Long-Term Portfolio Investments and Principal Paydowns		19,322,055
Decrease in Interest Receivable		40,654
Increase in Receivable for Investment Securities Sold and Principal Paydowns		(1,494,651	)
Increase in Prepaid Expenses and Other Assets		(264,564	)
Decrease in Payable for Securities Purchased		(676,555	)
Decrease in Accrued Advisory Fees		(28,159	)
Decrease in Related Party Payable		(1,469	)
Decrease in Accrued Expenses and Other Liabilities		(97,848	)
Net Amortization on Investments		(160,752	)
Net Realized Gain on Investments		(2,317,603	)
Change in Unrealized Depreciation on Investments		1,102,068
Net Cash Provided by Operating Activities		4,009,288
Cash Flows Provided by (Used for) Financing Activities:
Dividends Paid to Shareholders		(6,586,813	)
Payments on Line of Credit		(5,000,000	)
Proceeds from Line of Credit		7,750,000
Net Cash Used for Financing Activities		(3,836,813	)
Net Increase in Cash		172,475
Cash at Beginning of Period		2,765,345
Cash at End of Period	$	2,937,820
Cash Paid for Interest of $282,995

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 period/year presented.

	Six Months			Year			Year			Year			Year			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	March 31, 2021			September 30, 2020			September 30, 2019			September 30, 2018			September 30, 2017			September 30, 2016
	(Unaudited)
Net Asset Value, Beginning of Period/Year	$	12.05		$	12.71		$	12.23		$	12.34		$	12.49		$	11.53
From Operations:
Net investment income (a)		0.17			0.36			0.30			0.43			0.39			0.36
Net gain (loss) from investments (both realized and unrealized)		0.11			(0.50	)		0.72			0.06			(0.04	) (b)		1.33
Total from operations		0.28			(0.14	)		1.02			0.49			0.35			1.69
Distributions to shareholders from:
Net investment income		(0.41	)		(0.33	)		(0.34	)		(0.39	)		(0.40	)		(0.38	)
Net realized gains		(0.22	)		(0.19	)		(0.20	)		(0.21	)		(0.10	)		(0.35	)
Total distributions		(0.63	)		(0.52	)		(0.54	)		(0.60	)		(0.50	)		(0.73	)
Net Asset Value, End of Period/Year	$	11.70		$	12.05		$	12.71		$	12.23		$	12.34		$	12.49
Market Price, End of Period/Year	$	10.30		$	9.93		$	10.68			N/A			N/A			N/A
Total Return-NAV (c)		2.35	% (j,k)		(1.09	)%		8.62	%		4.03	%		2.81	%		15.10	%
Total Return-Market Price (c)		9.44	% (j)		(2.99	)%		(8.73	)%		NA			NA			NA
Ratios/Supplemental Data
Net assets, end of Period/Year (in 000’s)	$	121,442		$	125,034		$	131,945		$	137,659		$	160,630		$	182,008
Ratio of gross expenses to average net assets (d)		3.10	% (i)		3.06	%		3.87	% (f)		3.03	% (e)		2.74	% (e)		2.95	% (e)
Ratio of net expenses to average net assets (d)		2.96	% (i)		2.73	%		3.34	% (f)		2.09	% (e)		2.04	% (e)		2.26	% (e)
Ratio of net investment income to average net assets (d)		2.87	% (i)		2.95	%		2.43	% (f)		3.52	% (e)		3.24	% (e)		2.98	% (e)
Portfolio turnover rate		11.02	% (j)		20.13	%		7.12	%		5.11	%		17.69	%		13.72	%
Loan Outstanding, End of Period/Year (000s)	$	15,750		$	13,000		$	2,355		$	6,664		$	—		$	—
Asset Coverage Ratio for Loan Outstanding (g)		871	%		1062	%		5702	%		2167	%		0	%		0	%
Asset Coverage, per $1,000 Principal Amount of Loan Outstanding (g)	$	8,711		$	10,618		$	53,778		$	20,680		$	—		$	—
Weighted Average Loans Outstanding (000s) (h)	$	14,893		$	9,796		$	7,500		$	4,500		$	14,368		$	12,330
Weighted Average Interest Rate on Loans Outstanding		3.75	%		3.79	%		5.14	%		4.69	%		3.88	%		3.41	%

(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 0.46%, 0.48%, 0.46%, 0.24%, 0.14% and 0.20% for the six months ended March 31, 2021 and years ended September 30, 2020, 2019, 2018, 2017, and 2016, respectively, that attributed to interest expenses and fees.

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

(f) Ratio includes 0.77% for the year ended September 30, 2019 that attributed to reorganization (NYSE listing) expenses and contested proxy 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.

(k) Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

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

Vertical Capital Income Fund

Notes to Financial Statements (Unaudited)

March 31, 2021

1. 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 has 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.

2. 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, 2021

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, 2021, 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, 2021

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, 2021 for the Fund’s assets measured at fair value:

Assets	Level 1		Level 2		Level 3		Total
Mortgage Notes	$	—	$	—	$	127,282,767	$	127,282,767
Other Investments		—		—		29,492		29,492
Total	$	—	$	—	$	127,312,259	$	127,312,259

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	$	130,311,594		$	537,822		$	130,849,416
Net realized gain (loss)		2,294,876			22,727			2,317,603
Change in unrealized appreciation		(963,873	)		(138,195	)		(1,102,068	)
Cost of purchases		14,408,611			—			14,408,611
Proceeds from sales and principal paydowns		(18,899,701	)		(422,354	)		(19,322,055	)
Purchase discount amortization		160,752			—			160,752
Net Transfers within level 3		(29,492	)		29,492			—
Ending balance	$	127,282,767		$	29,492		$	127,312,259

The total change in unrealized depreciation included in the Statement of Operations attributable to Level 3 investments still held at March 31, 2021 is $171,926.

The following table provides quantitative information about the Fund’s Level 3 values, as well as its inputs, as of March 31, 2021. 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	$	127,282,767	Comprehensive pricing model with emphasis on discounted cash flows	Constant prepayment rate	0 - 100.0%	15.5%
				Deliquency	0 - 942 days	28 days
				Loan-to-Value	1.0 - 492.6%	78.1%
				Discount Rate	2.6 - 25.2%	5.3%
Other Investments		29,492	Market comparable	Sales prices	$4 - $11 sq/ft	$9.6 sq/ft
Closing Balance	$	127,312,259

Vertical Capital Income Fund

Notes to Financial Statements (Unaudited) (Continued)

March 31, 2021

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 SSB 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 16, 2021. The Nexbank agreement is secured by assets of the Fund.

The average amount of borrowing outstanding for the period was $14,892,857 and the total interest expense was $286,355. The outstanding balance under the NexBank line of credit was $15,750,000 at March 31, 2021.

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 2018 - 2020 tax returns, which remain open for examination, or expected to be taken in the Fund’s 2021 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, 2021.

Distributions to Shareholders – Distributions from investment income and capital gains, if any, are declared and paid monthly and are recorded on the ex-dividend date. The Board’s decision to declare distributions will be influenced

Vertical Capital Income Fund

Notes to Financial Statements (Unaudited) (Continued)

March 31, 2021

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.

3. 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, 2021.

4. 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, 2021 the Advisor earned advisory fees of $773,763.

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 March 31, 2021. This agreement has been extended through September 30, 2021 at 2.50%. 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 waiver. For the six months ended March 31, 2021, the Advisor waived advisory fees of $86,631. Expenses subject to recapture by the Advisor amounted to

Vertical Capital Income Fund

Notes to Financial Statements (Unaudited) (Continued)

March 31, 2021

$1,409,845 that will expire on September 30, 2021, and $692,741 that will expire on September 30, 2022, and $428,908 that will expire on September 30, 2023.

Effective January 8, 2021, Katherine Hawkins, the Advisor’s Senior Vice President assumed the role of Portfolio Manager. Ms. Hawkins has been with the Advisor for approximately six years and with Behringer, the Advisor’s parent company, for eight years. Ms. Hawkins succeeded Robert J. Chapman in the role of Portfolio Manager. Mr. Chapman retired as Trustee, Chairman of the Board of Trustees, Treasurer, and Portfolio Manager, effective January 8, 2021.

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, 2021 GFS earned $97,293.

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, 2021 NLCS earned $28,080.

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, 2021 Blu Giant earned $8,255.

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.

5. 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, 2021 amounted to $14,408,611 and $19,322,055 respectively.

6. 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 $114,986,552 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	14,777,969
Unrealized depreciation		(2,452,262	)
Net unrealized appreciation	$	12,325,707

Vertical Capital Income Fund

Notes to Financial Statements (Unaudited) (Continued)

March 31, 2021

The tax character of distributions paid during the fiscal years ended September 30, 2020 and September 30, 2019 was as follows:

	Fiscal Year Ended		Fiscal Year Ended
	September 30, 2020		September 30, 2019
Ordinary Income	$	3,432,074	$	3,688,381
Long-Term Capital Gain		2,009,569		2,062,005
	$	5,441,643	$	5,750,386

As of September 30, 2020, the components of accumulated earnings/ (deficit) on a tax basis were as follows:

Undistributed		Undistributed		Post October Loss		Capital Loss		Other				Total
Ordinary		Long-Term		and		Carry		Book/Tax		Unrealized		Accumulated
Income		Gains		Late Year Loss		Forwards		Differences		Appreciation/		Earnings
$	770,983	$	2,166,610	$	—	$	—	$	—	$	13,427,775	$	16,365,368

9. 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.

10. 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 evaluated subsequent events through March 31, 2021, which is the date of these financial statements, and determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

Supplemental Information (Unaudited)

CURRENT INVESTMENT OBJECTIVE, PRINCIPAL INVESTMENT POLICIES AND PRINCIPAL RISKS OF THE FUND

Investment Objective and Policies

The Fund’s investment objective is to seek income. The Fund pursues its investment objective by investing primarily in individual interest income-producing debt securities secured by residential real estate (i.e., mortgage loans made to individual borrowers that are represented by a note (the “security”) and a security agreement in the form of a mortgage or deed of trust). These notes are typically sold individually or in groups or packages, all of which are difficult to value. The Fund acquires loans with varying terms and structures, levels of borrower equity and credit profiles. The Fund does not limit the allocation of Fund assets in performing loans along the dimensions of terms and structures, borrower equity, and credit profiles. Up to 10% of the loans the Fund acquires may be delinquent or in default at the time of acquisition. The Fund will not purchase loans that currently are in foreclosure; however, loans acquired by the Fund may go into foreclosure subsequent to acquisition by the Fund. In addition, the Fund may invest up to approximately 10% of its assets in loans that are classified as “sub-prime” at the time of purchase by the Fund. The Fund does not invest in foreign securities.

The Fund defines the individual borrowers issuing these types of mortgage-related notes as a type of industry. Therefore, the Fund concentrates investments in the mortgage-related industry because, under normal circumstances, it invests over 25% of its assets in mortgage-related securities. This policy is fundamental and may not be changed without shareholder approval.

Principal Risk Factors

Investing in the Fund involves risks, including the risk that you may receive little or no return on your investment or that you may lose part or all of your investment.

Borrower Risk. A specific security can perform differently from the market as a whole for reasons related to the borrower, such as an individual’s economic situation. Compared to investment companies that focus only on securities issued by large capitalization companies, the Fund’s net asset value may be more volatile because it invests in notes of individuals. Individuals issuing notes secured by residential real estate are more likely to suffer sudden financial reversals such as (i) job loss, (ii) depletion of savings or (iii) loss of access to refinancing opportunities. Further, compared to securities issued by large companies, notes issued by individuals are more likely to experience more significant changes in market values, be harder to sell at times and at prices that the Adviser believes appropriate, and offer greater potential for losses.

Concentration Risk. Because the Fund will invest more than 25% of its assets in the mortgage-related industry, the Fund will be subject to greater volatility risk than a fund that is not concentrated in a single industry. The Fund’s investments may be concentrated in regions or states, which exposes the Fund to region- or state-specific economic risks.

Supplemental Information (Unaudited)(Continued)

Credit Risk. Individual borrowers may not make scheduled interest and principal payments, resulting in losses to the Fund. In addition, the credit quality of securities may be lowered if a borrower’s financial condition deteriorates, which tends to increase the risk of default and decreases a note’s value. Weak or declining general economic conditions tend to increase default risk. Lower-quality notes, such as those considered “sub-prime” by the Adviser are more likely to default than those considered “prime” by the Adviser or a rating evaluation agency or service provider. An economic downturn or period of rising interest rates could adversely affect the market for sub-prime notes and reduce the Fund’s ability to sell these securities. The lack of a liquid market for these securities could decrease the Fund’s share price. Additionally, borrowers may seek bankruptcy protection which would delay resolution of security holder claims and may eliminate or materially reduce liquidity.

Defaulted Securities Risk. Defaulted securities lack liquidity and may have no secondary market for extended periods. Defaulted securities may have low recovery values and defaulting borrowers may seek bankruptcy protection which would delay resolution of the Fund’s claims. The Fund anticipates a significant likelihood of default by mortgage-related borrowers.

Fixed Income Risk. Typically, a rise in interest rates causes a decline in the value of fixed income securities. Rising interest rates tend to increase the likelihood of borrower default.

Leverage Risk. The use of leverage by borrowing money to purchase additional securities causes the Fund to incur additional expenses and will magnify losses in the event of underperformance of the securities purchased with borrowed money. In addition, a lender to the Fund may terminate or refuse to renew any credit facility. If the Fund is unable to access additional credit, it may be forced to sell investments at inopportune times, which may further depress the returns of the Fund.

Liquidity Risk. The Fund’s investments 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.

Management Risk. The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular real estate segment and securities in which the Fund invests may prove to be incorrect and may not produce the desired results.

Market Risk. An investment in the Fund’s shares is subject to investment risk, including the possible loss of the entire principal amount invested. An investment in the Fund’s shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably. The Fund’s borrowing costs, if any, will increase when interest rates rise. Additionally, unexpected local, regional or global events, such as war; acts of

Supplemental Information (Unaudited)(Continued)

terrorism; financial, political or social disruptions; natural, environmental or man-made disasters; the spread of infectious illnesses or other public health issues (such as the global pandemic coronavirus disease 2019 (COVID-19)); 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.

Prepayment Risk. Securities may be subject to prepayment risk because borrowers are typically able to prepay principal. Consequently, a security’s maturity may be longer or shorter than anticipated. When interest rates fall, obligations tend to be paid off more quickly than originally anticipated and the Fund may have to invest the prepaid proceeds in securities with lower yields. When interest rates rise, obligations will tend to be paid off by the obligor more slowly than anticipated, preventing the Fund from reinvesting at higher yields.

Real Estate Risk. The Fund will not invest in real estate directly, but, because the Fund will invest the majority of its assets in securities secured by real estate, its portfolio will be significantly impacted by the performance of the real estate market and may experience more volatility and be exposed to greater risk than a more diversified portfolio. The value of residential real estate collateral is affected by:

(i) changes in general economic and market conditions including changes in employment;

(ii) changes in the value of real estate properties generally;

(iii) local economic conditions, overbuilding and increased competition;

(iv) increases in property taxes and operating expenses;

(v) changes in zoning laws;

(vi) casualty and condemnation losses including environment remediation costs;

(vii) variations in rental income, neighborhood values or the appeal of property to tenants or potential buyers;

(viii) the availability of financing;

(ix) changes in interest rates and available borrowing leverage; and

(x) natural disasters.

Servicer Risk. Because the Fund engages servicers to collect payments from borrowers, there is a risk that payments to the Fund will be delayed if a servicer fails to perform its functions or fails to perform them in a timely manner. If a servicer becomes insolvent or the Fund otherwise decides to move to a new servicer, the Fund will incur expenses in transferring servicing duties to a new servicer and borrower delinquencies would likely rise during a transition.

Fundamental Policies

The Fund’s stated fundamental policies, which may only be changed by the affirmative vote of a majority of the outstanding voting securities of the Fund (the shares), are listed below. Majority of the outstanding voting securities of the Fund means the vote, at an annual or special meeting of shareholders, duly called, (a) of 67% or more of the shares present at such meeting, if the holders of more than 50% of the outstanding shares

Supplemental Information (Unaudited)(Continued)

are present or represented by proxy; or (b) of more than 50% of the outstanding shares, whichever is less. The Fund may not:

(1) Borrow money, except to the extent permitted by the Investment Company Act of 1940, as amended (the “1940 Act”) (which currently limits borrowing to no more than 33-1/3% of the value of the Fund’s total assets, including the value of the assets purchased with the proceeds of its indebtedness, if any). The Fund may borrow for investment purposes, for temporary liquidity, or to finance repurchases of its shares.

(2) Issue senior securities, except to the extent permitted by Section 18 of the 1940 Act (which currently limits the issuance of a class of senior securities that is indebtedness to no more than 33-1/3% of the value of the Fund’s total assets or, if the class of senior security is stock, to no more than 50% of the value of the Fund’s total assets).

(3) Underwrite securities of other issuers, except insofar as the Fund may be deemed an underwriter under the Securities Act of 1933, as amended (the “Securities Act”) in connection with the disposition of its portfolio securities. The Fund may invest in restricted securities (those that must be registered under the Securities Act before they may be offered or sold to the public) to the extent permitted by the 1940 Act.

(4) Invest more than 25% of the market value of its assets in the securities of companies, entities or issuers engaged in any one industry, except the mortgage-related industry, as defined in the Fund’s Prospectus. Under normal circumstances, the Fund will invest at least 25% of its net assets in mortgage-related securities. This limitation does not apply to investment in the securities of the U.S. Government, its agencies or instrumentalities.

(5) Purchase or sell real estate or interests in real estate. This limitation is not applicable to investments in securities that are secured by or represent interests in real estate (e.g. mortgage loans evidenced by notes or other writings defined to be a type of security). Additionally, the preceding limitation on real estate or interests in real estate does not preclude the Fund from investing in mortgage-related securities or investing in companies engaged in the real estate business or that have a significant portion of their assets in real estate (including real estate investment trusts), nor from disposing of real estate that may be acquired pursuant to a foreclosure (or equivalent procedure) upon a security interest.

(6) Purchase or sell commodities, commodity contracts, including commodity futures contracts, unless acquired as a result of ownership of securities or other investments, except that the Fund may invest in securities or other instruments backed by or linked to commodities, and invest in companies that are engaged in a commodities business or have a significant portion of their assets in commodities, and may invest in commodity pools and other entities that purchase and sell commodities and commodity contracts.

Supplemental Information (Unaudited)(Continued)

(7) Make loans to others, except (a) through the purchase of debt securities in accordance with its investment objectives and policies, including notes secured by real estate, which may be considered loans; (b) to the extent the entry into a repurchase agreement is deemed to be a loan; and (c) by loaning portfolio securities. Additionally, the preceding limitation on loans does not preclude the Fund from modifying note terms.

If a restriction on the Fund’s investments is adhered to at the time an investment is made, a subsequent change in the percentage of Fund assets invested in certain securities or other instruments, or change in average duration of the Fund’s investment portfolio, resulting from changes in the value of the Fund’s total assets, will not be considered a violation of the restriction; provided, however, that the asset coverage requirement applicable to borrowings shall be maintained in the manner contemplated by applicable law.

The following information in this semi-annual report is a summary of certain changes since the date of the September 30, 2020 annual report. This information may not reflect all of the changes that have occurred since you purchased this Fund.

The Fund has adopted a managed distribution plan. In December 2020, the Board of Trustees (the “Board”), acting pursuant to a Securities and Exchange Commission exemptive order, approved a Managed Distribution Plan (the “Plan”) for Vertical Capital Income Fund (the “Fund”). Pursuant to the Plan, the Fund pays a minimum monthly distribution to shareholders at a stated annual rate as a percentage of the three-month average net asset value (“NAV”) of the Fund’s shares prior to the month of distribution. The distribution is calculated as 8% of the previous three-month average NAV, divided by 12. Payment of monthly distributions under the Fund’s Plan commenced in January 2021.

Effective January 8, 2021, Robert J. Chapman retired as Trustee, Chairman of the Board of Trustees, Treasurer, and Portfolio Manager. His role as Chairman of the Board of Trustees was assumed by Robert J. Boulware. His Board seat was eliminated. His role as Treasurer was assumed by Destiny Poninski. Katherine Hawkins, the Advisor’s Senior Vice President assumed the role of Portfolio Manager. Ms. Hawkins has been with the Advisor for approximately six years and with Behringer, the Advisor’s parent company, for eight years.

Supplemental Information (Unaudited)(Continued)

Vertical Capital Income Fund

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),

Supplemental Information (Unaudited)(Continued)

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 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.

Supplemental Information (Unaudited)(Continued)

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 15^th 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

5301 Alpha Rd, Suite 80 - 222

Dallas, Texas 75240

Administrator

Gemini Fund Services, LLC

4221 North 203^rd St., Suite 100

Elkhorn, NE 68022

VERTICAL-SA21

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.

To Shareholders of the Vertical Capital Income Fund:

Notification of Sources of Distribution.

Notice to broker-dealers, financial intermediaries and other holders of record: This notice should be provided to the underlying shareholders.

Distribution Policy. The Fund’s distribution policy is to make monthly distributions to shareholders.

Declaration Date – January 8, 2021

Ex Date – January 15, 2021

Record Date – January 19, 2021

Pay Date – January 29, 2021

Fiscal Year – September 30

CUSIP – 92535C104

Source	Current	Breakdown of	Fiscal YTD	Breakdown of
	Distribution	Current	Cumulative	Fiscal YTD
	Per Share	Distribution	Distributions	Cumulative
		Per	Per Share	Distributions Per
		Share (%)		Share (%)
Net Investment Income	$0.029	36.25%	$0.204	42.95%
Net Realized Short-Term Capital Gains	$0.006	7.50%	$0.006	1.26%
Net Realized Long-Term Capital Gains	$0.045	56.25%	$0.265	55.79%
Return of Capital or Other Capital Source(s)	$0.000	0.00%	$0.000	0.00%
Total Distributions	$0.080	100%	$0.475	100%

(1) You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Distribution Policy. (if applicable include (2))

(2) The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the

1

Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.”

(3) The amounts and sources of distributions reported in this 19(a) Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Average annual total return at NAV for the 5-year period ended on December 31, 20201	5.74%
Annualized current distribution rate expressed as a percentage of NAV as of December 31, 20202	7.99%
Cumulative total return at NAV for the fiscal year through December 31, 20203	3.05%
Cumulative fiscal year to date distribution rate as a percentage of NAV as of December 31, 20204	3.29%

¹ Average annual total return at NAV represents the change in NAV of the Fund, with all distributions reinvested, for the 5-year period ended on December 31, 2020.

² The annualized current distribution rate is the cumulative distribution rate annualized as a percentage of the Fund’s NAV as of December 31, 2020.

³ Cumulative total return at NAV is the percentage change in the Fund’s NAV for the period from the beginning of its fiscal year to December 31, 2020 including distributions paid and assuming reinvestment of those distributions.

⁴ Cumulative fiscal year distribution rate for the period from the beginning of its fiscal year to December 31, 2020 measured on the dollar value of distributions in the year-to-date period as a percentage of the Fund’s NAV as of December 31, 2020.

2

To Shareholders of the Vertical Capital Income Fund:

Notification of Sources of Distribution.

Notice to broker-dealers, financial intermediaries and other holders of record: This notice should be provided to the underlying shareholders.

Distribution Policy. The Fund’s distribution policy is to make monthly distributions to shareholders pursuant to the Fund’s managed distribution plan (the “Plan”). Pursuant to the Plan, the Fund pays a minimum monthly distribution to shareholders at a stated annual rate as a percentage of the 3-month average net asset value (“NAV”) of the Fund’s shares prior to the month of distribution. The distribution is calculated as 8% of the previous three-month average NAV, divided by 12. The primary purpose of the Plan is to provide investors with consistent, but not guaranteed, periodic distributions from the Fund, regardless of when or whether income is earned or capital gains are realized. The Plan will be subject to periodic review by the Fund’s Board of Trustees, and the Board of Trustees may amend the terms of the Plan including amending the annual rate of payment or may terminate the Plan at any time without prior notice to the Fund’s shareholders..

Declaration Date – February 5, 2021

Ex Date – February 12, 2021

Record Date – February 16, 2021

Pay Date – February 26, 2021

Fiscal Year – September 30

CUSIP – 92535C104

Source	Current	Breakdown of	Fiscal YTD	Breakdown of
	Distribution	Current	Cumulative	Fiscal YTD
	Per Share	Distribution	Distributions	Cumulative
		Per	Per Share	Distributions Per
		Share (%)		Share (%)
Net Investment Income	$0.0300	37.50%	$0.2340	42.16%
Net Realized Short-Term Capital Gains	$0.0100	12.50%	$0.0160	2.88%
Net Realized Long-Term Capital Gains	$0.0400	50.00%	$0.3050	54.96%
Return of Capital or Other Capital Source(s)	$0.0000	0.00%	$0.0000	0.00%
Total Distributions	$0.0800	100%	$0.5550	100%

1

(1) You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Distribution Policy.

(2) The amounts and sources of distributions reported in this 19(a) Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Average annual total return at NAV for the 5-year period ended on January 31, 20211	5.17%
Annualized current distribution rate expressed as a percentage of NAV as of January 31, 20212	8.07%
Cumulative total return at NAV for the fiscal year through January 31, 20213	3.14%
Cumulative fiscal year to date distribution rate as a percentage of NAV as of January 31, 20214	4.65%

¹ Average annual total return at NAV represents the change in NAV of the Fund, with all distributions reinvested, for the 5-year period ended on January 31, 2021.

² The annualized current distribution rate is the cumulative distribution rate annualized as a percentage of the Fund’s NAV as of January 31, 2021.

³ Cumulative total return at NAV is the percentage change in the Fund’s NAV for the period from the beginning of its fiscal year to January 31, 2021 including distributions paid and assuming reinvestment of those distributions.

⁴ Cumulative fiscal year distribution rate for the period from the beginning of its fiscal year to January 31, 2021 measured on the dollar value of distributions in the year-to-date period as a percentage of the Fund’s NAV as of January 31, 2021.

2

To Shareholders of the Vertical Capital Income Fund:

Notification of Sources of Distribution.

Notice to broker-dealers, financial intermediaries and other holders of record: This notice should be provided to the underlying shareholders.

Distribution Policy. The Fund’s distribution policy is to make monthly distributions to shareholders pursuant to the Fund’s managed distribution plan (the “Plan”). Pursuant to the Plan, the Fund pays a minimum monthly distribution to shareholders at a stated annual rate as a percentage of the 3-month average net asset value (“NAV”) of the Fund’s shares prior to the month of distribution. The distribution is calculated as 8% of the previous three-month average NAV, divided by 12. The primary purpose of the Plan is to provide investors with consistent, but not guaranteed, periodic distributions from the Fund, regardless of when or whether income is earned or capital gains are realized. The Plan will be subject to periodic review by the Fund’s Board of Trustees, and the Board of Trustees may amend the terms of the Plan including amending the annual rate of payment or may terminate the Plan at any time without prior notice to the Fund’s shareholders..

Declaration Date – March 9, 2021

Ex Date – March 18, 2021

Record Date – March 19, 2021

Pay Date – March 31, 2021

Fiscal Year – September 30

CUSIP – 92535C104

Source	Current	Breakdown of	Fiscal YTD	Breakdown of
	Distribution	Current	Cumulative	Fiscal YTD
	Per Share	Distribution	Distributions	Cumulative
		Per	Per Share	Distributions Per
		Share (%)		Share (%)
Net Investment Income	$0.0273	34.34%	$0.2613	41.18%
Net Realized Short-Term Capital Gains	$0.0000	0.00%	$0.0160	2.52%
Net Realized Long-Term Capital Gains	$0.0460	57.86%	$0.3510	55.32%
Return of Capital or Other Capital Source(s)	$0.0062	7.80%	$0.0062	0.98%
Total Distributions	$0.0795	100%	$0.6345	100%

1

(1) You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Distribution Policy.

(2) The amounts and sources of distributions reported in this 19(a) Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

(3) The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does nor necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.”

Average annual total return at NAV for the 5-year period ended on February 28, 20211	4.82%
Annualized current distribution rate expressed as a percentage of NAV as of February 28, 20212	8.06%
Cumulative total return at NAV for the fiscal year through February 28, 20213	2.18%
Cumulative fiscal year to date distribution rate as a percentage of NAV as of February 28, 20214	5.36%

¹ Average annual total return at NAV represents the change in NAV of the Fund, with all distributions reinvested, for the 5-year period ended on February 28, 2021.

² The annualized current distribution rate is the cumulative distribution rate annualized as a percentage of the Fund’s NAV as of February 28, 2021.

³ Cumulative total return at NAV is the percentage change in the Fund’s NAV for the period from the beginning of its fiscal year to February 28, 2021 including distributions paid and assuming reinvestment of those distributions.

⁴ Cumulative fiscal year distribution rate for the period from the beginning of its fiscal year to February 28, 2021 measured on the dollar value of distributions in the year-to-date period as a percentage of the Fund’s NAV as of February 28, 2021.

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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 5/28/21

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 5/28/21

By (Signature and Title)

* /s/ Destiny Poninski

Destiny Poninski, Principal Financial Officer/Treasurer

Date 5/28/21

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