Carlyle Credit Income Fund (CCIF) NPORT-P Vertical Capital Income Fund (Jun 2021 report)

Vertical Capital Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited)
June 30, 2021
Principal		Loan Type	Interest Rate	Maturity	Fair Value
	MORTGAGE NOTES  - 95.6 %
$          46,822	Loan ID 200012	ARM	9.800%	7/1/2037	$                  47,421
32,522	Loan ID 200016	ARM	10.375%	1/1/2031	33,172
43,418	Loan ID 200018	Fixed	7.000%	1/1/2033	44,287
96,419	Loan ID 200023	Fixed	5.875%	12/1/2050	61,687
201,664	Loan ID 200026	Fixed	4.750%	1/1/2050	205,697
190,295	Loan ID 200029	Fixed	6.310%	7/1/2037	194,101
527,317	Loan ID 200035	Fixed	4.625%	11/1/2050	500,951
105,103	Loan ID 200041	Fixed	4.875%	8/1/2039	68,317
36,896	Loan ID 200042	Fixed	7.000%	12/1/2037	37,634
44,436	Loan ID 200043	Fixed	6.125%	7/1/2039	45,325
47,020	Loan ID 200048	Fixed	5.500%	8/1/2039	47,960
49,340	Loan ID 200054	Fixed	8.250%	3/1/2039	50,327
73,899	Loan ID 200055	Fixed	10.000%	1/5/2036	75,377
28,407	Loan ID 200060	Fixed	5.750%	8/1/2039	28,975
157,871	Loan ID 200076	Fixed	4.250%	12/1/2041	105,040
13,974	Loan ID 200078	Fixed	7.000%	8/1/2036	14,253
131,382	Loan ID 200079	Fixed	5.000%	2/1/2059	121,962
62,370	Loan ID 200082	Fixed	8.250%	4/1/2040	61,920
167,237	Loan ID 200084	Fixed	7.000%	3/1/2039	160,751
213,722	Loan ID 200087	Fixed	6.000%	3/1/2051	209,016
111,586	Loan ID 200088	Fixed	7.000%	6/1/2039	97,217
249,122	Loan ID 200089	Fixed	3.875%	3/1/2052	219,813
269,111	Loan ID 200090	Fixed	4.500%	11/1/2036	189,398
67,960	Loan ID 200102	Fixed	8.250%	3/1/2040	69,319
103,433	Loan ID 200110	Fixed	8.250%	8/1/2039	105,501
66,564	Loan ID 200128	Fixed	4.710%	7/1/2037	62,288
433,960	Loan ID 200129	Fixed	4.625%	3/1/2052	399,831
110,752	Loan ID 200135	Fixed	4.375%	12/1/2042	110,229
112,834	Loan ID 200137	Fixed	4.500%	9/1/2042	112,849
71,545	Loan ID 200141	Fixed	4.250%	2/1/2042	70,521
372,522	Loan ID 200145	Fixed	4.625%	8/1/2051	352,727
89,696	Loan ID 200152	ARM	3.000%	9/1/2037	85,211
137,998	Loan ID 200158	Fixed	3.625%	12/1/2042	132,048
176,507	Loan ID 200165	Fixed	4.375%	12/1/2041	175,851
19,333	Loan ID 200169	Fixed	6.923%	9/1/2034	19,719
80,745	Loan ID 200174	Fixed	7.340%	4/1/2037	82,359
45,851	Loan ID 200175	Fixed	9.600%	5/1/2037	46,768
9,094	Loan ID 200177	Fixed	8.000%	1/11/2022	9,276
104,065	Loan ID 200181	Fixed	7.500%	6/1/2041	88,660
66,409	Loan ID 200184	Fixed	4.375%	12/1/2042	66,061
25,648	Loan ID 200185	Fixed	5.375%	6/1/2042	26,161
48,820	Loan ID 200186	Fixed	5.125%	8/1/2042	49,797
147,560	Loan ID 200194	Fixed	4.750%	9/1/2041	149,587
231,419	Loan ID 200195	Fixed	3.875%	3/1/2042	225,115
36,505	Loan ID 200198	Fixed	5.250%	10/1/2042	37,235
34,526	Loan ID 200201	Fixed	5.125%	8/1/2041	35,217
19,134	Loan ID 200206	Fixed	3.990%	12/1/2042	18,704
40,992	Loan ID 200208	Fixed	4.250%	1/1/2043	40,577
166,217	Loan ID 200209	Fixed	3.875%	8/1/2042	161,612
129,597	Loan ID 200217	Fixed	5.250%	7/1/2040	132,189
Vertical Capital Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Principal		Loan Type	Interest Rate	Maturity	Fair Value
	MORTGAGE NOTES (Continued) - 95.6 %
$          66,072	Loan ID 200218	Fixed	4.250%	12/1/2041	$                  65,529
45,477	Loan ID 200228	Fixed	4.625%	8/1/2042	45,752
105,870	Loan ID 200243	Fixed	3.750%	4/1/2043	101,982
23,396	Loan ID 200244	Fixed	5.000%	5/1/2042	23,863
81,269	Loan ID 200286	Fixed	4.500%	7/1/2043	81,340
88,722	Loan ID 200287	Fixed	4.375%	7/1/2043	88,279
183,003	Loan ID 200296	Fixed	3.250%	2/1/2043	170,001
31,379	Loan ID 200313	Fixed	8.500%	3/1/2028	32,007
261,465	Loan ID 200315	ARM	3.375%	6/1/2037	256,131
59,171	Loan ID 200317	Fixed	7.000%	9/1/2032	60,354
240,423	Loan ID 200330	Fixed	7.000%	8/1/2037	177,340
88,953	Loan ID 200332	Fixed	5.775%	10/1/2037	90,732
84,341	Loan ID 200334	Fixed	7.000%	1/1/2033	86,027
253,052	Loan ID 200335	Fixed	5.000%	11/1/2052	257,552
40,423	Loan ID 200338	ARM	10.500%	8/1/2029	41,231
26,105	Loan ID 200340	Fixed	7.000%	3/1/2030	26,627
53,803	Loan ID 200348	Fixed	6.500%	7/1/2038	54,879
60,968	Loan ID 200352	Fixed	7.000%	8/1/2030	62,187
63,786	Loan ID 200358	Fixed	5.000%	4/1/2025	64,610
59,781	Loan ID 200361	Fixed	7.500%	1/1/2034	60,976
78,974	Loan ID 200366	Fixed	6.250%	3/1/2034	80,553
150,115	Loan ID 200368	Fixed	4.500%	4/1/2036	151,091
64,280	Loan ID 200374	ARM	7.000%	5/1/2034	61,066
171,580	Loan ID 200380	Fixed	4.220%	4/1/2049	170,687
271,804	Loan ID 200384	Fixed	5.000%	11/1/2047	247,296
132,817	Loan ID 200385	Fixed	8.250%	1/1/2040	135,474
116,927	Loan ID 200389	Fixed	4.820%	8/1/2047	22,972
185,830	Loan ID 200390	Fixed	4.780%	4/16/2047	172,609
138,054	Loan ID 200391	Fixed	4.000%	1/13/2035	136,261
59,680	Loan ID 200392	Fixed	10.000%	6/5/2034	56,696
75,048	Loan ID 200395	Fixed	4.860%	4/1/2047	49,033
65,877	Loan ID 200396	Fixed	10.000%	2/1/2036	67,195
67,299	Loan ID 200397	ARM	3.125%	9/1/2037	66,484
55,657	Loan ID 200399	Fixed	4.980%	6/1/2037	56,770
39,639	Loan ID 200403	Fixed	8.300%	10/15/2032	40,432
50,077	Loan ID 200404	Fixed	8.100%	5/1/2037	51,078
82,484	Loan ID 200405	Fixed	4.870%	12/1/2035	83,810
110,324	Loan ID 200406	Fixed	4.875%	10/1/2051	112,531
215,101	Loan ID 200407	Fixed	6.500%	4/1/2042	219,403
328,556	Loan ID 200409	Fixed	6.000%	2/1/2049	303,220
95,212	Loan ID 200411	Fixed	8.275%	6/1/2037	97,117
60,878	Loan ID 200417	Fixed	7.000%	5/1/2035	62,095
142,663	Loan ID 200420	Fixed	4.225%	4/10/2038	141,757
68,219	Loan ID 200421	Fixed	7.710%	8/1/2037	69,583
116,195	Loan ID 200423	Fixed	4.500%	6/1/2043	116,253
200,466	Loan ID 200430	Fixed	3.625%	7/1/2043	191,361
260,287	Loan ID 200432	Fixed	4.875%	5/1/2043	264,238
115,895	Loan ID 200433	Fixed	4.250%	8/1/2043	114,752
188,686	Loan ID 200435	Fixed	4.625%	11/1/2052	191,278
39,495	Loan ID 200439	Fixed	5.000%	8/1/2041	37,521
Vertical Capital Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Principal		Loan Type	Interest Rate	Maturity	Fair Value
	MORTGAGE NOTES (Continued) - 95.6 %
$        126,509	Loan ID 200445	Fixed	5.250%	2/1/2039	$                129,039
29,294	Loan ID 200447	Fixed	5.875%	11/4/2034	29,880
72,612	Loan ID 200448	Fixed	5.750%	5/1/2042	71,409
128,801	Loan ID 200449	Fixed	5.000%	2/1/2042	120,658
317,988	Loan ID 200451	Fixed	6.250%	7/1/2038	324,347
171,772	Loan ID 200460	Fixed	7.000%	7/1/2041	175,207
358,287	Loan ID 200462	Fixed	6.000%	7/1/2045	��   365,453
212,370	Loan ID 200465	Fixed	6.500%	7/1/2037	216,617
101,915	Loan ID 200468	Fixed	5.625%	12/1/2044	36,826
114,510	Loan ID 200469	Fixed	6.500%	7/1/2037	115,102
230,841	Loan ID 200474	Fixed	5.750%	11/1/2050	235,457
181,582	Loan ID 200476	Fixed	6.000%	9/1/2050	185,213
102,164	Loan ID 200489	Fixed	4.000%	3/1/2043	100,002
180,639	Loan ID 200491	Fixed	5.500%	10/1/2039	184,252
251,448	Loan ID 200494	Fixed	4.625%	10/1/2043	253,344
181,602	Loan ID 200500	Fixed	5.875%	2/1/2037	185,234
60,308	Loan ID 200507	Fixed	4.500%	9/1/2042	60,390
90,123	Loan ID 200517	Fixed	8.000%	5/1/2039	90,123
180,757	Loan ID 200518	Fixed	3.000%	12/1/2050	167,427
100,971	Loan ID 200527	Fixed	4.500%	12/1/2043	101,117
95,766	Loan ID 200532	Fixed	3.250%	7/1/2043	88,878
38,656	Loan ID 200545	Fixed	4.375%	2/1/2029	38,477
121,487	Loan ID 200564	Fixed	4.875%	5/1/2039	123,825
84,471	Loan ID 200573	Fixed	3.750%	9/1/2042	81,375
118,808	Loan ID 200574	Fixed	4.875%	1/1/2044	120,912
164,336	Loan ID 200578	Fixed	4.750%	8/1/2040	164,021
42,760	Loan ID 200579	Fixed	4.875%	5/1/2042	43,433
152,557	Loan ID 200580	Fixed	4.125%	11/1/2041	99,162
290,306	Loan ID 200586	Fixed	3.500%	1/1/2043	274,839
59,110	Loan ID 200593	Fixed	3.875%	6/1/2042	57,480
34,422	Loan ID 200597	Fixed	5.625%	2/1/2044	35,110
65,128	Loan ID 200604	Fixed	3.500%	1/1/2043	61,641
112,898	Loan ID 200612	Fixed	4.500%	2/1/2043	113,009
308,809	Loan ID 200616	Fixed	4.875%	2/1/2044	313,999
204,992	Loan ID 200620	Fixed	4.250%	10/1/2043	203,053
117,703	Loan ID 200627	Fixed	4.250%	10/1/2043	116,477
150,307	Loan ID 200630	Fixed	5.250%	9/1/2043	153,313
207,837	Loan ID 200634	Fixed	4.375%	1/1/2044	206,990
107,558	Loan ID 200645	Fixed	5.000%	4/1/2044	109,709
127,756	Loan ID 200649	Fixed	4.375%	3/1/2044	127,198
118,232	Loan ID 200650	Fixed	4.875%	5/1/2044	120,340
204,178	Loan ID 200651	Fixed	3.625%	7/1/2043	194,866
124,370	Loan ID 200655	Fixed	3.375%	5/1/2043	116,436
166,172	Loan ID 200656	Fixed	6.875%	11/1/2045	168,645
137,442	Loan ID 200657	Fixed	4.875%	8/1/2051	140,128
160,141	Loan ID 200660	Fixed	5.875%	3/1/2038	163,344
191,440	Loan ID 200662	Fixed	5.000%	3/1/2044	195,269
62,817	Loan ID 200663	Fixed	4.750%	5/1/2044	63,636
142,125	Loan ID 200669	Fixed	5.250%	4/1/2044	144,968
43,324	Loan ID 200670	Fixed	4.375%	2/1/2029	43,145
Vertical Capital Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Principal		Loan Type	Interest Rate	Maturity	Fair Value
	MORTGAGE NOTES (Continued) - 95.6 %
$        281,668	Loan ID 200674	Fixed	4.500%	5/1/2044	$                282,339
232,705	Loan ID 200679	Fixed	5.000%	4/1/2044	219,764
172,966	Loan ID 200682	Fixed	4.875%	5/1/2044	175,916
115,332	Loan ID 200684	Fixed	4.875%	4/1/2044	117,424
209,763	Loan ID 200685	Fixed	4.875%	5/1/2044	213,068
202,337	Loan ID 200690	Fixed	4.250%	4/1/2044	200,459
222,239	Loan ID 200692	Fixed	4.625%	7/1/2044	223,442
96,766	Loan ID 200694	Fixed	4.500%	9/1/2043	96,917
42,450	Loan ID 200696	Fixed	3.750%	10/1/2042	40,971
80,357	Loan ID 200700	Fixed	4.250%	2/1/2044	79,486
158,743	Loan ID 200701	Fixed	4.750%	6/1/2044	149,005
87,318	Loan ID 200704	Fixed	4.375%	3/1/2043	86,804
46,024	Loan ID 200709	Fixed	4.375%	4/1/2043	45,818
103,459	Loan ID 200710	Fixed	4.500%	7/1/2044	101,770
561,602	Loan ID 200714	Fixed	4.175%	11/1/2036	557,812
185,959	Loan ID 200716	ARM	3.120%	8/1/2037	184,024
129,210	Loan ID 200720	ARM	4.500%	4/1/2042	109,891
143,139	Loan ID 200726	Fixed	4.375%	9/1/2037	134,927
182,511	Loan ID 200732	Fixed	4.125%	9/1/2027	180,704
91,743	Loan ID 200735	Fixed	4.500%	6/1/2044	91,888
132,031	Loan ID 200736	Fixed	4.750%	5/1/2044	131,339
159,764	Loan ID 200742	Fixed	4.250%	4/1/2043	157,911
54,713	Loan ID 200753	Fixed	5.250%	5/1/2044	55,808
47,957	Loan ID 200755	Fixed	4.250%	6/1/2043	47,495
169,096	Loan ID 200756	Fixed	4.875%	11/1/2043	171,938
163,275	Loan ID 200771	Fixed	4.500%	4/1/2043	150,861
40,268	Loan ID 200775	Fixed	4.250%	4/1/2043	39,835
73,494	Loan ID 200776	Fixed	4.250%	3/1/2044	72,668
49,093	Loan ID 200777	Fixed	4.750%	6/1/2044	49,559
153,560	Loan ID 200781	Fixed	4.625%	9/1/2044	154,113
77,740	Loan ID 200783	Fixed	4.750%	9/1/2044	78,641
101,984	Loan ID 200785	Fixed	4.500%	8/1/2044	102,161
206,987	Loan ID 200786	Fixed	4.625%	7/1/2044	208,723
39,618	Loan ID 200787	Fixed	4.750%	9/1/2044	40,049
116,943	Loan ID 200789	Fixed	3.750%	9/1/2044	112,572
185,843	Loan ID 200791	Fixed	4.875%	6/1/2044	188,622
82,340	Loan ID 200795	Fixed	6.750%	8/1/2036	83,986
68,643	Loan ID 200796	Fixed	5.880%	12/1/2053	31,926
55,990	Loan ID 200799	Fixed	4.000%	2/5/2053	53,802
61,213	Loan ID 200800	Fixed	4.000%	1/1/2053	60,486
146,035	Loan ID 200805	Fixed	4.625%	7/1/2050	130,918
53,622	Loan ID 200808	Fixed	4.250%	11/1/2050	45,159
112,356	Loan ID 200809	Fixed	5.000%	4/1/2050	104,113
221,444	Loan ID 200814	Fixed	8.250%	7/1/2039	225,873
271,921	Loan ID 200817	Fixed	5.000%	1/1/2050	243,216
190,284	Loan ID 200821	Fixed	4.250%	8/1/2044	188,455
73,743	Loan ID 200823	Fixed	4.250%	9/1/2044	73,037
202,022	Loan ID 200824	Fixed	4.250%	8/1/2044	199,956
96,464	Loan ID 200826	Fixed	4.375%	9/1/2044	95,922
167,063	Loan ID 200829	Fixed	4.375%	7/1/2043	166,313
Vertical Capital Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Principal		Loan Type	Interest Rate	Maturity	Fair Value
	MORTGAGE NOTES (Continued) - 95.6 %
$        177,714	Loan ID 200830	ARM	1.875%	7/1/2044	$                177,554
40,564	Loan ID 200831	Fixed	4.250%	10/1/2044	40,076
306,349	Loan ID 200832	Fixed	4.250%	10/1/2044	297,875
144,827	Loan ID 200834	Fixed	4.125%	7/1/2043	142,502
269,125	Loan ID 200844	Fixed	4.500%	7/1/2043	269,355
183,675	Loan ID 200846	Fixed	4.375%	11/1/2043	183,148
96,205	Loan ID 200853	Fixed	5.000%	4/1/2037	98,129
173,118	Loan ID 200856	Fixed	6.500%	6/1/2042	158,884
249,091	Loan ID 200858	Fixed	5.000%	1/1/2053	254,073
148,351	Loan ID 200860	Fixed	3.875%	3/1/2052	142,174
232,767	Loan ID 200863	Fixed	3.380%	7/1/2052	220,709
245,715	Loan ID 200866	Fixed	3.400%	5/1/2053	234,350
105,969	Loan ID 200867	Fixed	4.580%	9/1/2053	106,874
171,814	Loan ID 200880	Fixed	4.250%	6/1/2043	169,971
55,237	Loan ID 200883	Fixed	3.375%	5/1/2028	51,748
75,464	Loan ID 200886	Fixed	4.250%	10/1/2044	74,668
210,749	Loan ID 200887	Fixed	4.750%	9/1/2044	213,113
187,372	Loan ID 200891	Fixed	4.250%	10/1/2044	185,000
224,235	Loan ID 200892	Fixed	3.750%	9/1/2043	216,021
176,580	Loan ID 200897	Fixed	4.750%	10/1/2044	178,667
358,598	Loan ID 200907	ARM	3.170%	8/1/2047	347,190
98,370	Loan ID 200908	Fixed	4.000%	6/1/2049	97,445
118,505	Loan ID 200909	Fixed	4.870%	4/1/2047	112,580
638,943	Loan ID 200912	Fixed	4.500%	3/1/2037	��       642,693
54,797	Loan ID 200913	Fixed	4.250%	5/1/2047	54,043
135,089	Loan ID 200914	Fixed	2.875%	12/1/2047	126,079
80,851	Loan ID 200916	Fixed	4.000%	10/1/2037	78,448
150,286	Loan ID 200917	Fixed	4.875%	1/1/2051	153,290
83,846	Loan ID 200921	ARM	3.625%	7/1/2051	83,099
397,116	Loan ID 200922	Fixed	3.340%	9/1/2053	383,091
116,580	Loan ID 200928	Fixed	4.800%	2/1/2041	118,605
178,016	Loan ID 200940	Fixed	3.250%	2/1/2043	165,339
102,514	Loan ID 200941	Fixed	3.780%	1/1/2043	97,020
245,538	Loan ID 200942	Fixed	4.000%	4/1/2043	240,196
95,126	Loan ID 200944	Fixed	4.500%	2/1/2044	95,171
261,239	Loan ID 200947	Fixed	4.000%	2/1/2043	255,590
138,589	Loan ID 200948	Fixed	4.625%	5/1/2061	139,402
249,675	Loan ID 200956	Fixed	5.000%	8/1/2051	254,669
378,122	Loan ID 200959	Fixed	4.000%	11/1/2042	370,182
134,373	Loan ID 200966	Fixed	4.875%	7/1/2044	136,601
333,086	Loan ID 200969	Fixed	4.875%	8/1/2043	338,790
141,695	Loan ID 200974	Fixed	4.250%	10/1/2044	140,298
326,211	Loan ID 200977	Fixed	4.875%	9/1/2044	332,018
153,572	Loan ID 200993	Fixed	2.004%	7/15/2049	132,137
51,455	Loan ID 200996	Fixed	2.500%	8/1/2048	45,711
117,804	Loan ID 201005	Fixed	4.750%	7/1/2041	119,372
39,072	Loan ID 201006	Fixed	6.875%	3/1/2038	39,854
83,521	Loan ID 201007	Fixed	7.125%	4/1/2037	85,192
71,696	Loan ID 201010	Fixed	5.500%	4/1/2039	71,696
42,453	Loan ID 201012	Fixed	7.500%	12/1/2038	43,303
Vertical Capital Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Principal		Loan Type	Interest Rate	Maturity	Fair Value
	MORTGAGE NOTES (Continued) - 95.6 %
$          51,599	Loan ID 201013	Fixed	7.500%	12/1/2038	$                  50,288
101,648	Loan ID 201016	Fixed	6.500%	5/1/2046	103,681
59,156	Loan ID 201022	ARM	2.500%	5/1/2037	54,777
125,591	Loan ID 201023	Fixed	6.450%	2/1/2036	126,078
99,072	Loan ID 201027	ARM	9.538%	3/1/2037	101,054
130,539	Loan ID 201032	Fixed	4.500%	11/1/2044	130,519
263,049	Loan ID 201033	Fixed	4.125%	12/1/2044	258,921
78,137	Loan ID 201036	Fixed	4.375%	12/1/2044	77,793
64,034	Loan ID 201037	Fixed	8.250%	7/1/2039	65,315
85,967	Loan ID 201041	Fixed	3.750%	11/1/2052	83,685
103,961	Loan ID 201043	Fixed	4.000%	4/1/2039	99,661
159,069	Loan ID 201044	Fixed	4.870%	3/29/2037	162,193
97,395	Loan ID 201045	Fixed	3.375%	7/1/2037	86,405
276,448	Loan ID 201046	Fixed	3.000%	10/1/2058	171,316
103,621	Loan ID 201047	Fixed	3.625%	4/1/2053	97,571
61,932	Loan ID 201053	Fixed	3.860%	7/1/2053	60,664
190,995	Loan ID 201054	Fixed	2.400%	5/17/2050	165,360
145,775	Loan ID 201057	Fixed	4.375%	1/1/2050	146,028
104,771	Loan ID 201058	Fixed	4.250%	8/1/2037	104,293
94,104	Loan ID 201060	ARM	2.500%	7/1/2035	89,022
77,531	Loan ID 201061	Fixed	5.000%	2/1/2050	74,956
107,228	Loan ID 201063	Fixed	4.000%	9/1/2047	105,590
214,472	Loan ID 201066	Fixed	4.250%	12/1/2046	213,619
402,697	Loan ID 201067	Fixed	4.750%	1/1/2044	407,540
62,316	Loan ID 201069	Fixed	4.625%	12/1/2044	62,791
73,665	Loan ID 201072	Fixed	3.500%	3/1/2028	69,764
86,950	Loan ID 201075	Fixed	4.375%	10/1/2044	86,528
214,175	Loan ID 201084	Fixed	5.000%	8/1/2038	200,469
145,252	Loan ID 201091	Fixed	4.125%	1/1/2045	142,583
234,250	Loan ID 201092	Fixed	5.250%	4/1/2046	222,538
130,955	Loan ID 201093	Fixed	4.125%	2/1/2045	113,711
131,408	Loan ID 201094	Fixed	4.550%	3/1/2044	124,838
322,323	Loan ID 201101	Fixed	4.625%	3/1/2045	319,066
138,280	Loan ID 201103	ARM	2.750%	5/1/2044	131,790
147,860	Loan ID 201104	Fixed	4.375%	4/1/2045	147,286
67,861	Loan ID 201107	Fixed	5.150%	2/1/2036	69,218
148,532	Loan ID 201111	Fixed	4.875%	4/1/2050	138,108
75,645	Loan ID 201113	Fixed	5.750%	12/1/2052	71,863
114,980	Loan ID 201114	Fixed	8.087%	5/1/2054	109,231
473,197	Loan ID 201115	Fixed	4.000%	2/1/2051	465,684
75,418	Loan ID 201122	Fixed	4.750%	11/1/2048	76,661
210,524	Loan ID 201124	Fixed	4.750%	4/1/2040	213,694
69,571	Loan ID 201127	ARM	2.500%	4/1/2037	67,156
106,391	Loan ID 201130	Fixed	4.850%	12/1/2037	107,890
114,260	Loan ID 201131	Fixed	8.250%	5/1/2053	116,545
156,036	Loan ID 201132	Fixed	4.250%	7/1/2037	143,991
178,740	Loan ID 201134	Fixed	4.625%	10/1/2053	168,060
166,184	Loan ID 201139	Fixed	3.000%	11/1/2053	153,785
78,834	Loan ID 201143	Fixed	3.500%	11/1/2037	70,725
125,041	Loan ID 201146	Fixed	4.875%	8/1/2054	126,457
Vertical Capital Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Principal		Loan Type	Interest Rate	Maturity	Fair Value
	MORTGAGE NOTES (Continued) - 95.6 %
$        104,077	Loan ID 201147	Fixed	4.125%	11/1/2051	$                  99,051
86,635	Loan ID 201148	Fixed	3.950%	10/1/2042	85,598
312,518	Loan ID 201149	Fixed	5.000%	5/1/2058	154,335
88,699	Loan ID 201155	Fixed	5.000%	11/1/2053	59,821
60,642	Loan ID 201156	Fixed	5.000%	4/1/2050	56,049
188,567	Loan ID 201160	Fixed	4.920%	10/1/2049	178,257
358,554	Loan ID 201163	Fixed	4.750%	12/1/2049	304,889
157,282	Loan ID 201164	Fixed	4.250%	11/1/2051	154,757
402,480	Loan ID 201168	Fixed	3.875%	4/1/2052	374,866
93,791	Loan ID 201169	Fixed	5.934%	9/1/2037	95,667
51,454	Loan ID 201170	Fixed	4.375%	7/1/2037	51,511
102,212	Loan ID 201173	Fixed	4.280%	11/1/2047	80,714
122,651	Loan ID 201176	Fixed	4.250%	7/1/2053	122,425
290,352	Loan ID 201179	Fixed	4.750%	5/1/2051	267,741
256,961	Loan ID 201181	Fixed	4.500%	4/1/2034	244,113
125,287	Loan ID 201183	Fixed	3.500%	10/1/2052	120,543
59,037	Loan ID 201184	Fixed	4.000%	6/1/2049	58,446
233,343	Loan ID 201185	Fixed	7.250%	10/1/2053	238,010
76,327	Loan ID 201187	Fixed	5.000%	11/1/2048	56,381
577,053	Loan ID 201196	Fixed	4.375%	11/1/2036	577,781
307,061	Loan ID 201199	Fixed	5.125%	11/1/2046	313,202
136,333	Loan ID 201205	Fixed	4.625%	1/1/2045	137,247
106,051	Loan ID 201208	Fixed	4.625%	4/1/2045	106,521
165,318	Loan ID 201209	Fixed	4.250%	4/1/2045	163,702
388,528	Loan ID 201212	Fixed	4.625%	3/1/2061	391,296
181,929	Loan ID 201213	Fixed	4.875%	8/1/2044	184,424
494,498	Loan ID 201214	ARM	2.750%	9/1/2043	469,839
57,830	Loan ID 201221	Fixed	3.250%	5/1/2043	50,805
44,824	Loan ID 201222	Fixed	5.125%	1/1/2045	45,720
145,308	Loan ID 201240	Fixed	4.250%	10/1/2045	143,032
273,696	Loan ID 201241	Fixed	4.375%	7/1/2045	273,055
101,823	Loan ID 201243	Fixed	4.625%	11/1/2045	102,491
369,659	Loan ID 201244	Fixed	4.500%	6/1/2045	370,488
104,853	Loan ID 201245	Fixed	4.750%	8/1/2044	106,206
93,229	Loan ID 201248	Fixed	4.875%	7/1/2044	94,652
458,617	Loan ID 201249	Fixed	4.625%	3/1/2059	460,002
194,430	Loan ID 201254	Fixed	7.250%	5/1/2060	198,318
217,524	Loan ID 201255	ARM	6.750%	6/1/2035	221,875
3,009	Loan ID 201256	ARM	10.500%	10/1/2021	2,859
159,801	Loan ID 201260	Fixed	4.750%	9/1/2045	161,336
46,497	Loan ID 201263	Fixed	4.750%	10/1/2045	46,956
135,742	Loan ID 201266	Fixed	4.500%	2/1/2046	135,547
139,587	Loan ID 201270	Fixed	4.125%	2/1/2045	137,252
235,093	Loan ID 201271	Fixed	4.500%	6/1/2045	235,596
224,239	Loan ID 201273	Fixed	4.500%	12/1/2045	223,780
200,976	Loan ID 201274	Fixed	4.125%	10/1/2045	197,320
23,892	Loan ID 201285	Fixed	4.625%	11/1/2028	24,370
286,315	Loan ID 201291	Fixed	5.000%	8/1/2045	234,795
114,602	Loan ID 201294	Fixed	4.625%	2/1/2046	113,511
710,167	Loan ID 201296	Fixed	4.250%	2/1/2046	700,106
Vertical Capital Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Principal		Loan Type	Interest Rate	Maturity	Fair Value
	MORTGAGE NOTES (Continued) - 95.6 %
$          67,503	Loan ID 201301	Fixed	4.550%	10/1/2044	$                  67,698
125,982	Loan ID 201302	Fixed	4.250%	5/1/2045	124,472
138,066	Loan ID 201305	Fixed	4.625%	8/1/2044	138,918
108,251	Loan ID 201306	Fixed	3.875%	9/1/2045	104,732
164,692	Loan ID 201307	Fixed	4.250%	10/1/2048	162,843
58,144	Loan ID 201308	Fixed	4.625%	11/1/2045	58,373
150,753	Loan ID 201309	Fixed	4.000%	9/1/2045	147,155
300,823	Loan ID 201313	Fixed	4.625%	1/1/2046	302,678
151,621	Loan ID 201316	Fixed	4.500%	2/1/2046	150,302
160,246	Loan ID 201319	Fixed	4.375%	10/1/2045	159,584
127,590	Loan ID 201324	Fixed	5.250%	4/1/2046	130,142
165,380	Loan ID 201326	Fixed	4.625%	3/1/2046	166,405
177,926	Loan ID 201328	Fixed	4.250%	11/1/2045	112,343
344,056	Loan ID 201333	Fixed	3.875%	11/1/2045	332,274
178,887	Loan ID 201336	Fixed	4.750%	1/1/2046	165,548
224,203	Loan ID 201350	Fixed	4.000%	6/1/2045	157,755
60,913	Loan ID 201352	Fixed	4.875%	3/1/2045	61,661
468,088	Loan ID 201354	Fixed	3.375%	7/1/2046	455,872
126,991	Loan ID 201355	Fixed	5.250%	12/1/2045	129,530
141,599	Loan ID 201358	Fixed	4.875%	7/1/2045	143,919
104,737	Loan ID 201364	Fixed	3.875%	4/1/2046	101,325
317,399	Loan ID 201365	Fixed	4.250%	10/1/2045	312,823
44,146	Loan ID 201368	Fixed	5.125%	2/1/2045	45,029
170,988	Loan ID 201370	Fixed	4.250%	7/1/2046	168,630
94,616	Loan ID 201371	Fixed	4.125%	4/1/2046	92,474
245,249	Loan ID 201372	Fixed	4.625%	8/1/2046	246,669
134,923	Loan ID 201375	Fixed	4.500%	6/1/2045	135,202
259,123	Loan ID 201377	Fixed	3.875%	5/1/2046	258,141
297,504	Loan ID 201381	Fixed	4.875%	7/1/2045	302,285
130,886	Loan ID 201385	Fixed	4.625%	12/1/2045	130,886
220,580	Loan ID 201390	Fixed	5.125%	9/1/2045	224,992
373,968	Loan ID 201391	Fixed	5.125%	10/1/2045	373,968
407,893	Loan ID 201393	Fixed	3.750%	4/1/2056	407,590
70,524	Loan ID 201394	Fixed	6.700%	6/1/2034	71,934
81,165	Loan ID 201395	Fixed	6.300%	7/1/2044	16,419
80,813	Loan ID 201400	Fixed	4.750%	7/1/2044	81,723
84,871	Loan ID 201401	Fixed	4.750%	10/1/2044	85,875
88,687	Loan ID 201403	Fixed	4.750%	8/1/2044	80,731
127,045	Loan ID 201404	Fixed	4.750%	10/1/2044	126,915
67,691	Loan ID 201405	Fixed	5.250%	8/1/2044	69,045
51,612	Loan ID 201406	Fixed	4.250%	6/1/2046	50,900
229,003	Loan ID 201407	Fixed	4.875%	1/1/2046	232,904
154,585	Loan ID 201411	Fixed	4.750%	12/1/2045	156,292
135,368	Loan ID 201412	Fixed	5.750%	12/1/2045	138,075
317,077	Loan ID 201413	Fixed	4.500%	7/1/2045	317,776
69,143	Loan ID 201414	Fixed	4.250%	7/1/2044	68,405
51,880	Loan ID 201415	Fixed	8.000%	4/1/2034	52,917
56,158	Loan ID 201417	Fixed	6.000%	8/1/2037	57,281
38,698	Loan ID 201419	Fixed	10.000%	11/1/2033	39,472
54,081	Loan ID 201422	Fixed	4.625%	10/1/2046	54,131
Vertical Capital Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Principal		Loan Type	Interest Rate	Maturity	Fair Value
	MORTGAGE NOTES (Continued) - 95.6 %
$        504,788	Loan ID 201428	ARM	2.500%	4/1/2045	$                480,373
185,677	Loan ID 201431	Fixed	4.875%	5/1/2045	185,594
92,766	Loan ID 201434	Fixed	4.375%	6/1/2046	92,323
85,070	Loan ID 201436	Fixed	4.375%	5/1/2045	84,699
127,376	Loan ID 201437	Fixed	4.750%	5/1/2046	35,197
169,789	Loan ID 201439	Fixed	5.000%	12/1/2045	173,185
301,600	Loan ID 201440	Fixed	4.625%	7/1/2046	187,787
283,028	Loan ID 201442	Fixed	4.875%	12/1/2045	287,043
48,165	Loan ID 201444	Fixed	4.500%	11/1/2044	48,134
238,688	Loan ID 201447	Fixed	4.875%	10/1/2044	242,192
86,978	Loan ID 201449	Fixed	4.000%	8/1/2044	84,804
210,698	Loan ID 201451	Fixed	4.250%	6/1/2045	208,183
221,796	Loan ID 201458	Fixed	3.875%	9/1/2046	209,887
148,642	Loan ID 201460	Fixed	4.250%	7/1/2045	144,203
253,955	Loan ID 201461	Fixed	4.125%	12/1/2044	244,084
281,796	Loan ID 201464	Fixed	4.375%	6/1/2045	275,579
96,280	Loan ID 201465	Fixed	5.125%	12/1/2044	98,206
43,600	Loan ID 201467	Fixed	5.250%	3/1/2044	44,472
264,094	Loan ID 201470	Fixed	4.375%	10/1/2044	262,554
211,777	Loan ID 201471	Fixed	4.500%	1/1/2045	211,798
288,889	Loan ID 201473	Fixed	4.500%	2/1/2045	289,629
91,119	Loan ID 201475	ARM	6.625%	9/1/2036	11,045
133,930	Loan ID 201476	ARM	8.500%	2/1/2037	123,251
76,462	Loan ID 201477	Fixed	6.750%	11/1/2036	77,991
101,357	Loan ID 201478	Fixed	4.625%	10/1/2045	101,881
140,991	Loan ID 201482	Fixed	4.625%	2/1/2051	141,371
279,300	Loan ID 201483	Fixed	4.125%	12/1/2045	273,702
72,250	Loan ID 201484	Fixed	4.500%	10/1/2046	72,030
57,709	Loan ID 201485	Fixed	5.750%	3/1/2038	58,863
158,391	Loan ID 201487	Fixed	4.625%	2/1/2052	161,559
86,915	Loan ID 201489	Fixed	4.750%	3/1/2046	87,806
73,716	Loan ID 201499	Fixed	4.750%	5/1/2045	74,709
100,210	Loan ID 201502	Fixed	5.250%	4/1/2044	102,214
141,086	Loan ID 201503	Fixed	5.000%	7/1/2046	143,908
425,660	Loan ID 201504	Fixed	4.500%	7/1/2045	426,507
87,099	Loan ID 201505	ARM	5.750%	9/1/2046	87,579
290,736	Loan ID 201506	Fixed	5.000%	2/1/2047	296,550
211,067	Loan ID 201508	Fixed	5.000%	2/1/2047	215,288
117,306	Loan ID 201513	Fixed	4.000%	1/1/2046	117,306
73,188	Loan ID 201515	Fixed	5.125%	4/1/2047	74,637
389,529	Loan ID 201518	Fixed	4.875%	1/1/2047	396,462
90,790	Loan ID 201519	Fixed	4.750%	9/1/2045	91,914
75,506	Loan ID 201523	Fixed	5.125%	7/1/2045	77,017
374,021	Loan ID 201533	Fixed	4.750%	5/1/2046	376,661
40,393	Loan ID 201534	Fixed	4.875%	5/1/2047	40,884
315,392	Loan ID 201535	Fixed	4.875%	8/1/2047	315,392
192,179	Loan ID 201551	Fixed	4.500%	2/1/2047	160,923
130,503	Loan ID 201552	Fixed	4.000%	8/1/2047	130,503
45,631	Loan ID 201556	Fixed	4.990%	12/1/2047	46,454
126,560	Loan ID 201558	Fixed	4.500%	8/1/2047	126,560
Vertical Capital Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Principal		Loan Type	Interest Rate	Maturity	Fair Value
	MORTGAGE NOTES (Continued) - 95.6 %
$        101,790	Loan ID 201579	Fixed	4.750%	12/1/2036	$                102,705
81,397	Loan ID 201581	Fixed	4.125%	10/1/2046	79,865
82,617	Loan ID 201583	Fixed	5.250%	8/1/2047	82,617
42,859	Loan ID 201585	Fixed	5.500%	3/1/2048	43,716
370,380	Loan ID 201586	Fixed	4.625%	5/1/2047	371,253
301,419	Loan ID 201587	Fixed	4.375%	1/1/2048	299,076
320,019	Loan ID 201588	Fixed	5.125%	2/1/2048	324,824
34,192	Loan ID 201589	Fixed	5.375%	6/1/2048	34,876
138,286	Loan ID 201590	Fixed	5.200%	5/1/2048	87,322
305,704	Loan ID 201591	Fixed	5.375%	8/1/2048	311,143
75,000	Loan ID 201593^	Interest Only	13.500%	2/1/2020	72,750
365,500	Loan ID 201594^	Interest Only	11.250%	6/1/2019	360,018
63,806	Loan ID 201598	Fixed	6.000%	1/1/2037	65,082
328,749	Loan ID 201599	Fixed	5.000%	7/1/2038	254,289
44,013	Loan ID 201600	Fixed	6.000%	1/1/2036	40,829
34,800	Loan ID 201602	Fixed	5.000%	4/20/2032	35,496
58,553	Loan ID 201604	Fixed	8.500%	1/1/2048	58,553
68,575	Loan ID 201605	Fixed	8.750%	3/1/2048	69,947
88,396	Loan ID 201606	Fixed	9.990%	5/1/2048	90,163
43,017	Loan ID 201610	Fixed	9.990%	7/1/2048	40,867
58,983	Loan ID 201611	Fixed	9.990%	7/1/2048	10,717
254,001	Loan ID 201612	Fixed	8.990%	10/1/2025	259,081
33,750	Loan ID 201614^	Fixed	12.000%	12/1/2019	33,075
494,204	Loan ID 201615	Fixed	10.500%	1/1/2022	504,088
84,642	Loan ID 201617	Fixed	9.750%	2/1/2022	86,335
29,675	Loan ID 201624	Fixed	11.000%	7/22/2028	29,878
42,830	Loan ID 201627	Fixed	10.450%	2/19/2047	43,687
49,056	Loan ID 201628	Fixed	11.000%	7/25/2040	50,038
38,401	Loan ID 201629	Fixed	11.000%	3/6/2033	38,401
46,187	Loan ID 201630^	Fixed	9.950%	1/28/2020	43,878
43,463	Loan ID 201631	Fixed	9.950%	7/25/2031	41,290
49,312	Loan ID 201632	Fixed	11.000%	10/13/2041	50,298
64,026	Loan ID 201634	Fixed	7.950%	2/28/2048	60,824
64,877	Loan ID 201635	Fixed	9.950%	3/14/2046	66,175
76,207	Loan ID 201636	Fixed	9.450%	5/13/2031	77,731
98,026	Loan ID 201637	Fixed	11.000%	5/22/2045	99,986
138,062	Loan ID 201638	Fixed	8.500%	9/19/2044	140,823
317,343	Loan ID 201639	Fixed	5.000%	9/1/2048	317,343
337,952	Loan ID 201640	Fixed	5.125%	4/1/2049	341,139
158,632	Loan ID 201641^	Fixed	10.500%	6/1/2020	150,700
669,302	Loan ID 201645^	Fixed	8.000%	7/1/2020	107,679
40,741	Loan ID 201647	Fixed	6.000%	10/1/2031	40,080
32,110	Loan ID 201648	Fixed	7.150%	8/14/2030	24,883
55,035	Loan ID 201649	Fixed	4.800%	2/20/2030	56,120
36,544	Loan ID 201650	Fixed	7.000%	11/14/2031	37,275
49,853	Loan ID 201651	Fixed	7.000%	12/1/2036	37,668
247,013	Loan ID 201652	Fixed	5.000%	10/1/2036	165,947
194,668	Loan ID 201653	Fixed	4.250%	6/1/2048	194,668
436,680	Loan ID 201654	Fixed	4.875%	7/1/2049	442,664
146,578	Loan ID 201655	Fixed	7.700%	1/1/2049	149,509
Vertical Capital Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Principal		Loan Type	Interest Rate	Maturity	Fair Value
	MORTGAGE NOTES (Continued) - 95.6 %
$        120,838	Loan ID 201656	Fixed	4.625%	6/1/2049	$                119,995
242,514	Loan ID 201657	Fixed	5.250%	11/1/2048	247,365
262,144	Loan ID 201659	Fixed	4.875%	5/1/2049	265,578
82,644	Loan ID 201661	Fixed	5.500%	8/1/2049	86,314
128,757	Loan ID 201662	Fixed	5.375%	9/1/2048	131,332
418,413	Loan ID 201663	Fixed	4.750%	10/1/2048	418,413
19,394	Loan ID 201664	Fixed	10.000%	8/1/2033	19,394
41,325	Loan ID 201665	Fixed	9.990%	8/1/2048	42,151
18,200	Loan ID 201666	Fixed	10.000%	6/1/2033	18,564
16,801	Loan ID 201667	Fixed	10.000%	7/1/2033	17,137
15,758	Loan ID 201668	Fixed	9.750%	11/1/2033	16,073
55,655	Loan ID 201670	Fixed	8.000%	9/15/2048	55,655
22,593	Loan ID 201671	Fixed	9.000%	9/15/2048	22,593
21,082	Loan ID 201672	Fixed	9.900%	10/15/2048	21,503
51,340	Loan ID 201673	Fixed	9.990%	6/1/2048	52,367
23,850	Loan ID 201674	Fixed	9.900%	12/1/2048	24,327
111,355	Loan ID 201676	Fixed	9.625%	10/1/2048	113,582
79,839	Loan ID 201677	Fixed	9.250%	11/1/2048	81,436
23,938	Loan ID 201678	Fixed	10.000%	8/1/2048	24,417
42,659	Loan ID 201679	Fixed	7.700%	3/1/2047	43,512
39,297	Loan ID 201680	Fixed	9.900%	9/15/2048	40,083
176,296	Loan ID 201682	Fixed	5.000%	7/1/2048	87,860
403,462	Loan ID 201684	Fixed	4.500%	8/1/2049	401,647
284,595	Loan ID 201685	Fixed	5.500%	2/1/2049	290,287
100,442	Loan ID 201686	Fixed	4.250%	7/1/2049	98,233
106,049	Loan ID 201687	Fixed	5.500%	7/1/2048	95,014
380,915	Loan ID 201688	Fixed	6.000%	11/1/2047	388,534
206,056	Loan ID 201689	Fixed	4.500%	4/1/2049	204,516
196,687	Loan ID 201692	Fixed	8.490%	11/1/2029	200,621
64,560	Loan ID 201694	Fixed	9.490%	9/1/2024	65,851
312,795	Loan ID 201695	Fixed	8.900%	9/1/2021	310,892
64,789	Loan ID 201696	Fixed	5.125%	10/1/2048	66,085
123,767	Loan ID 201697	Fixed	6.125%	4/1/2049	126,239
82,766	Loan ID 201698	Fixed	4.375%	12/1/2047	81,734
264,015	Loan ID 201699	Fixed	5.522%	9/1/2049	277,215
321,636	Loan ID 201700	Fixed	6.125%	6/1/2049	315,194
62,154	Loan ID 201701	Fixed	5.000%	8/1/2049	62,891
159,281	Loan ID 201703	Fixed	6.600%	12/1/2048	162,466
317,279	Loan ID 201704	Fixed	7.535%	3/1/2049	317,279
178,384	Loan ID 201707	Fixed	4.875%	8/1/2049	179,029
204,759	Loan ID 201709	Fixed	5.325%	9/1/2049	211,688
146,764	Loan ID 201710	Fixed	6.700%	11/1/2049	154,103
723,031	Loan ID 201711	Fixed	4.875%	10/1/2049	723,031
379,948	Loan ID 201712	Fixed	5.125%	10/1/2049	205,216
183,604	Loan ID 201713	Fixed	10.111%	12/1/2049	187,276
111,548	Loan ID 201715	Fixed	10.130%	12/1/2049	113,779
236,549	Loan ID 201716	Fixed	10.150%	12/1/2049	241,280
435,322	Loan ID 201717	Fixed	6.500%	12/1/2048	434,031
116,701	Loan ID 201719	Fixed	4.750%	9/1/2049	116,701
137,004	Loan ID 201720	Fixed	4.375%	4/1/2049	136,072
Vertical Capital Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Principal		Loan Type	Interest Rate	Maturity	Fair Value
	MORTGAGE NOTES (Continued) - 95.6 %
$        248,381	Loan ID 201724	Fixed	5.375%	1/1/2049	$                133,375
76,451	Loan ID 201725	Fixed	8.490%	12/1/2022	72,629
55,046	Loan ID 201726	Fixed	8.490%	12/1/2022	52,294
74,082	Loan ID 201728	Fixed	9.490%	1/1/2022	75,564
128,143	Loan ID 201732	Fixed	5.125%	5/1/2047	129,697
78,217	Loan ID 201733	Fixed	5.250%	4/1/2044	79,781
541,399	Loan ID 201736	Fixed	7.250%	5/1/2047	552,227
123,905	Loan ID 201739	ARM	7.125%	4/1/2048	126,384
109,284	Loan ID 201740	Fixed	5.749%	4/1/2048	111,470
227,564	Loan ID 201741	ARM	8.000%	7/1/2048	232,116
640,509	Loan ID 201742	ARM	8.750%	9/1/2048	653,319
140,701	Loan ID 201743	Fixed	5.499%	9/1/2048	143,515
293,581	Loan ID 201744	Fixed	5.625%	5/1/2049	293,581
185,952	Loan ID 201745	Fixed	5.500%	6/1/2049	189,671
368,657	Loan ID 201746	Fixed	4.875%	7/1/2049	368,393
544,728	Loan ID 201750	Fixed	6.125%	4/1/2050	555,622
299,465	Loan ID 201751	ARM	5.125%	3/1/2050	307,799
1,104,132	Loan ID 201753	Fixed	4.875%	4/1/2050	1,122,531
835,466	Loan ID 201754	Fixed	4.875%	4/1/2050	848,333
604,055	Loan ID 201755	Fixed	5.750%	3/1/2050	616,136
250,268	Loan ID 201756	Fixed	5.000%	3/1/2050	252,395
274,483	Loan ID 201757	ARM	5.125%	4/1/2050	279,035
417,289	Loan ID 201758	Fixed	5.875%	3/1/2050	425,634
259,798	Loan ID 201759	ARM	5.750%	3/1/2050	267,984
257,244	Loan ID 201761	Fixed	6.875%	2/1/2050	262,389
424,568	Loan ID 201762	Fixed	5.990%	3/1/2050	433,059
145,571	Loan ID 201763	Fixed	7.375%	4/1/2050	148,482
217,153	Loan ID 201767	Fixed	5.250%	7/1/2049	217,153
189,025	Loan ID 201768	Fixed	6.750%	4/1/2050	192,805
215,137	Loan ID 201770	Fixed	9.375%	4/1/2050	218,905
355,392	Loan ID 201772	Fixed	8.125%	3/1/2050	373,162
756,497	Loan ID 201773	ARM	5.500%	6/1/2049	736,953
712,648	Loan ID 201776	Fixed	6.625%	1/1/2050	726,901
125,363	Loan ID 201777	Fixed	5.875%	4/1/2049	127,870
250,000	Loan ID 201779	Fixed	10.500%	7/1/2022	255,000
444,134	Loan ID 201780	Fixed	6.125%	4/1/2050	453,017
124,600	Loan ID 201783	Interest Only	7.500%	9/1/2025	129,356
308,429	Loan ID 201784	Fixed	6.750%	4/1/2050	323,850
273,000	Loan ID 201785	Interest Only	8.000%	8/31/2023	286,650
935,000	Loan ID 201787	ARM	6.346%	3/1/2060	953,700
385,000	Loan ID 201791	Fixed	10.750%	11/1/2021	385,000
157,500	Loan ID 201792	Fixed	10.250%	10/1/2021	155,925
247,500	Loan ID 201793	Fixed	10.990%	11/1/2021	247,500
253,485	Loan ID 201795	Interest Only	7.500%	10/31/2025	266,159
84,518	Loan ID 201796	Fixed	9.990%	12/1/2022	86,208
247,000	Loan ID 201797	Fixed	9.750%	12/1/2021	247,000
468,000	Loan ID 201799	Interest Only	7.500%	11/20/2025	400,464
752,300	Loan ID 201800	Interest Only	7.500%	12/31/2023	669,904
36,760	Loan ID 201802	Fixed	4.250%	10/1/2029	36,806
27,617	Loan ID 201803	Fixed	7.050%	9/1/2034	28,169
Vertical Capital Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Principal		Loan Type	Interest Rate	Maturity	Fair Value
	MORTGAGE NOTES (Continued) - 95.6 %
$        175,517	Loan ID 201804	Fixed	4.000%	3/1/2058	$                177,753
109,697	Loan ID 201805	Fixed	4.375%	8/1/2059	111,891
29,275	Loan ID 201806	DSI	9.000%	6/1/2026	27,812
72,552	Loan ID 201807	Fixed	5.000%	8/1/2043	65,651
119,763	Loan ID 201808	Fixed	3.875%	6/1/2060	120,550
165,039	Loan ID 201809	Fixed	3.750%	11/1/2059	149,000
76,586	Loan ID 201810	Fixed	3.750%	2/1/2042	60,196
62,676	Loan ID 201811	DSI	11.830%	5/1/2035	63,929
33,304	Loan ID 201812	Fixed	9.240%	2/1/2027	33,970
75,885	Loan ID 201813	DSI	6.000%	1/1/2039	72,091
50,511	Loan ID 201814	DSI	7.740%	3/1/2033	47,986
68,092	Loan ID 201815	Fixed	8.000%	9/1/2033	69,454
51,896	Loan ID 201816	Fixed	4.625%	4/1/2029	49,301
99,862	Loan ID 201817	Fixed	4.125%	10/1/2034	100,047
57,413	Loan ID 201818	Fixed	10.390%	12/1/2041	58,561
56,019	Loan ID 201819	Fixed	3.875%	11/1/2029	55,991
95,002	Loan ID 201820	Fixed	3.750%	1/1/2060	95,094
68,779	Loan ID 201821	Fixed	6.450%	5/1/2030	70,154
48,649	Loan ID 201822	DSI	8.920%	1/1/2036	46,217
73,119	Loan ID 201823	Fixed	9.625%	3/1/2040	74,174
282,980	Loan ID 201824	DSI	8.500%	10/1/2037	282,311
127,406	Loan ID 201825	Fixed	3.875%	3/1/2040	117,363
63,990	Loan ID 201826	Fixed	8.498%	11/1/2030	65,269
32,789	Loan ID 201827	Fixed	10.780%	3/1/2026	33,444
30,148	Loan ID 201828	Fixed	8.249%	10/1/2030	30,751
112,098	Loan ID 201829	DSI	10.460%	8/1/2037	114,340
34,079	Loan ID 201830	DSI	10.555%	10/1/2026	34,760
62,919	Loan ID 201831	DSI	11.110%	2/1/2038	64,177
53,852	Loan ID 201832	Fixed	6.250%	6/1/2034	51,159
39,337	Loan ID 201833	DSI	12.679%	6/1/2023	40,123
61,198	Loan ID 201834	DSI	9.150%	4/1/2038	62,422
38,153	Loan ID 201835	DSI	7.500%	1/1/2027	38,916
30,025	Loan ID 201836	DSI	8.836%	7/1/2027	30,626
47,398	Loan ID 201837	DSI	6.996%	9/1/2031	48,346
47,466	Loan ID 201838	DSI	9.070%	7/1/2027	48,415
43,894	Loan ID 201839	DSI	11.110%	8/1/2039	44,772
67,533	Loan ID 201840	DSI	10.870%	10/1/2041	68,883
44,553	Loan ID 201841	Fixed	10.060%	5/1/2025	45,444
74,922	Loan ID 201842	DSI	11.030%	3/1/2028	76,420
35,755	Loan ID 201843	Fixed	9.180%	8/1/2031	36,470
49,487	Loan ID 201844	DSI	11.490%	11/1/2028	50,476
23,528	Loan ID 201845	DSI	7.000%	2/1/2024	23,998
43,207	Loan ID 201846	Fixed	8.496%	5/1/2034	44,071
129,753	Loan ID 201847	Fixed	2.375%	6/1/2033	118,330
55,737	Loan ID 201848	DSI	4.290%	11/1/2032	56,851
52,817	Loan ID 201849	DSI	4.480%	6/1/2035	53,873
94,595	Loan ID 201850	Fixed	4.625%	10/1/2042	95,608
124,298	Loan ID 201851	DSI	4.500%	8/30/2023	126,784
97,396	Loan ID 201853	DSI	4.910%	2/1/2034	99,344
Vertical Capital Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Principal		Loan Type	Interest Rate	Maturity	Fair Value
	MORTGAGE NOTES (Continued) - 95.6 %
$          89,456	Loan ID 201854	DSI	6.190%	2/24/2036	$                  91,246
86,947	Loan ID 201855	DSI	4.390%	7/1/2036	88,686
46,725	Loan ID 201856	Fixed	7.900%	6/1/2037	41,960
52,082	Loan ID 201857	Fixed	3.250%	4/1/2035	52,102
371,994	Loan ID 201858	Fixed	4.625%	2/1/2059	379,434
592,500	Loan ID 201859	Interest Only	7.500%	12/31/2025	604,350
125,709	Loan ID 201861	Fixed	5.000%	5/1/2040	119,202
23,365	Loan ID 201862	DSI	10.000%	5/1/2027	23,832
6,239	Loan ID 201863	Fixed	7.000%	6/1/2022	6,363
21,410	Loan ID 201864	DSI	7.056%	1/1/2035	21,838
30,095	Loan ID 201865	DSI	6.499%	1/1/2032	25,783
53,062	Loan ID 201866	Fixed	4.875%	1/1/2044	53,939
35,848	Loan ID 201867	DSI	4.230%	12/1/2032	35,423
55,670	Loan ID 201868	DSI	7.536%	9/1/2034	52,886
19,426	Loan ID 201869	DSI	8.390%	7/1/2024	19,815
17,332	Loan ID 201870	DSI	9.480%	2/1/2023	17,679
10,729	Loan ID 201871	Fixed	9.970%	5/1/2026	10,943
34,968	Loan ID 201872	DSI	8.100%	9/1/2038	35,667
18,087	Loan ID 201873	Fixed	6.648%	2/1/2027	18,449
26,012	Loan ID 201874	DSI	10.540%	5/1/2027	26,532
9,760	Loan ID 201875	Fixed	10.980%	6/1/2030	9,955
16,579	Loan ID 201876	Fixed	8.310%	2/1/2027	16,910
8,291	Loan ID 201877	DSI	9.830%	11/1/2028	8,456
28,260	Loan ID 201878	DSI	9.050%	8/1/2024	28,825
13,628	Loan ID 201879	Fixed	9.310%	10/1/2026	13,901
22,445	Loan ID 201881	DSI	4.590%	5/1/2026	22,512
11,849	Loan ID 201882	Fixed	8.310%	4/1/2027	12,086
30,067	Loan ID 201883	Fixed	4.625%	6/1/2033	30,421
10,952	Loan ID 201884	DSI	11.389%	2/1/2022	11,171
21,844	Loan ID 201885	Fixed	5.000%	5/1/2034	22,281
7,222	Loan ID 201886	Fixed	10.608%	12/1/2022	7,366
42,312	Loan ID 201887	Fixed	6.250%	1/1/2042	40,196
20,508	Loan ID 201889	DSI	9.499%	2/1/2039	20,918
10,100	Loan ID 201890	Fixed	4.500%	11/1/2025	10,192
18,435	Loan ID 201891	Fixed	10.290%	7/1/2026	18,803
15,547	Loan ID 201892	DSI	9.960%	6/1/2023	15,858
33,858	Loan ID 201893	DSI	5.040%	6/1/2026	34,535
14,118	Loan ID 201895	Fixed	9.690%	5/1/2026	14,401
9,010	Loan ID 201896	Fixed	9.680%	9/1/2025	9,190
19,261	Loan ID 201897	Fixed	8.280%	3/1/2027	19,646
14,882	Loan ID 201898	Fixed	10.312%	10/1/2026	15,179
18,558	Loan ID 201899	DSI	10.500%	10/1/2024	18,929
15,121	Loan ID 201900^	DSI	12.132%	1/29/2019	15,423
20,906	Loan ID 201901	DSI	8.736%	9/1/2028	19,861
17,094	Loan ID 201902	Fixed	10.548%	10/1/2026	17,436
23,290	Loan ID 201903	Fixed	4.999%	7/1/2037	23,755
17,242	Loan ID 201904	DSI	10.190%	8/1/2029	17,587
12,571	Loan ID 201905	DSI	10.890%	1/1/2024	12,822
19,813	Loan ID 201906	DSI	10.210%	7/1/2023	20,209
71,735	Loan ID 201907	Fixed	9.854%	9/1/2030	73,170
Vertical Capital Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Principal		Loan Type	Interest Rate	Maturity	Fair Value
	MORTGAGE NOTES (Continued) - 95.6 %
$          26,073	Loan ID 201908	DSI	11.616%	9/1/2027	$                  26,595
53,996	Loan ID 201909	DSI	9.240%	7/1/2033	55,076
11,970	Loan ID 201910	DSI	6.000%	7/1/2026	12,210
16,807	Loan ID 201911	DSI	7.999%	7/1/2031	17,143
38,958	Loan ID 201912	Fixed	7.750%	8/1/2034	37,010
8,721	Loan ID 201913	Fixed	9.310%	11/1/2026	8,896
25,670	Loan ID 201914	DSI	9.326%	8/1/2026	26,184
6,877	Loan ID 201915	Fixed	3.750%	7/1/2025	6,688
95,328	Loan ID 201916	Fixed	3.750%	5/1/2038	94,538
141,243	Loan ID 201917	Fixed	4.000%	8/1/2033	139,219
28,939	Loan ID 201919	Fixed	11.000%	2/1/2022	28,939
122,500	Loan ID 201921	Fixed	10.000%	2/1/2022	122,500
101,214	Loan ID 201923	Fixed	10.990%	3/1/2026	103,238
221,300	Loan ID 201924	Interest Only	7.500%	2/28/2026	232,365
345,000	Loan ID 201925	Interest Only	7.000%	2/29/2024	340,661
256,000	Loan ID 201926	Fixed	11.990%	3/1/2022	256,000
303,416	Loan ID 201927	Fixed	8.990%	4/1/2051	309,485
1,610,000	Loan ID 201928	ARM	7.875%	4/1/2050	1,642,200
393,750	Loan ID 201929	Fixed	8.990%	4/1/2023	401,625
298,472	Loan ID 201930	Fixed	8.990%	4/1/2051	304,441
252,816	Loan ID 201931	Fixed	5.000%	1/1/2050	234,487
10,846	Loan ID 201932	Fixed	5.000%	1/1/2050	10,060
283,500	Loan ID 201933	Interest Only	7.500%	4/30/2026	297,676
305,000	Loan ID 201934	Fixed	9.000%	5/1/2022	305,000
239,905	Loan ID 201935	Fixed	10.500%	5/1/2026	244,703
164,910	Loan ID 201936	Fixed	8.990%	5/1/2051	168,208
360,000	Loan ID 201937	Interest Only	7.000%	4/30/2024	367,200
472,149	Loan ID 201938	Fixed	7.490%	5/1/2051	481,592
2,797,589	Loan ID 201939	Fixed	6.750%	5/1/2051	2,797,589
69,725	Loan ID 201940	Fixed	5.250%	6/20/2050	69,725
242,419	Loan ID 201941	Fixed	5.000%	12/1/2048	242,419
125,696	Loan ID 201942	Fixed	5.000%	6/1/2050	125,696
101,300	Loan ID 201943	Interest Only	7.000%	5/31/2024	103,326
196,000	Loan ID 201944	Interest Only	8.000%	5/31/2024	205,801
170,000	Loan ID 201945	Fixed	8.000%	5/1/2023	170,000
219,000	Loan ID 201946	Fixed	8.000%	6/1/2022	219,000
353,541	Loan ID 201947	Fixed	7.250%	12/1/2037	335,864
143,226	Loan ID 201948	Fixed	4.250%	6/1/2035	136,065
87,688	Loan ID 201949	Fixed	5.500%	2/1/2040	83,304
184,369	Loan ID 201950	ARM	6.500%	10/1/2026	175,150
12,397	Loan ID 201951	Fixed	7.250%	4/1/2024	11,777
12,093	Loan ID 201952	Fixed	7.250%	4/1/2024	11,488
12,479	Loan ID 201953	Fixed	6.500%	7/1/2024	11,855
31,341	Loan ID 201954	Fixed	6.750%	6/1/2025	29,774
208,804	Loan ID 201955	Fixed	7.750%	3/1/2051	217,156
319,591	Loan ID 201956	Fixed	8.250%	3/1/2051	327,580
405,625	Loan ID 201957	Fixed	8.990%	6/1/2026	353,324
150,000	Loan ID 201958	Fixed	8.990%	5/1/2023	153,000
500,000	Loan ID 201959	Fixed	8.990%	6/1/2031	510,000
222,000	Loan ID 201960	Fixed	7.500%	5/31/2026	222,000
Vertical Capital Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
Principal		Loan Type	Interest Rate	Maturity	Fair Value
	MORTGAGE NOTES (Continued) - 95.6 %
$        157,500	Loan ID 201961	Fixed	7.000%	5/31/2023	$                157,500
230,750	Loan ID 201962	Fixed	9.990%	6/1/2026	235,365
85,800	Loan ID 201963	Fixed	10.490%	6/1/2026	87,516
129,150	Loan ID 201964	Fixed	7.990%	7/1/2022	129,150
411,988	Loan ID 201965	Fixed	11.000%	5/1/2038	351,838
255,833	Loan ID 201966	Fixed	10.990%	1/1/2027	219,377
93,444	Loan ID 201967	Fixed	11.750%	4/1/2027	84,100
231,677	Loan ID 201968	Fixed	12.000%	8/1/2026	207,351
302,013	Loan ID 201969	Fixed	8.250%	5/1/2051	306,543
112,500	Loan ID 201970	Fixed	9.990%	7/1/2031	112,500
174,000	Loan ID 201971	Fixed	9.490%	7/1/2023	174,000
153,750	Loan ID 201972	Fixed	8.990%	7/1/2026	153,750
205,000	Loan ID 201973	Fixed	8.990%	7/1/2031	205,001
121,141,708	TOTAL MORTGAGE NOTES (Cost - $105,297,638)				117,651,921
	OTHER INVESTMENTS^ (Cost - $19,381) - 0.0%**				10,000
	TOTAL INVESTMENTS (Cost - $105,317,019) - 95.6 %				$         117,661,921
	OTHER ASSETS IN EXCESS OF LIABILITIES - 4.4 %				5,376,827
	NET ASSETS - 100.0 %				$         123,038,748
*  Loan is in loss mitigation, which means the Fund is restructuring the loan with the delinquent borrower.
** Percentage rounds to less than 0.1%
^ Illiquid Securities, non-income producing defaulted securities
ARM - Adjustable Rate Mortgage
DSI - Daily Simple Interest