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

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2021
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 96.9%
	MORTGAGE LOANS (PRIVATE) — 96.9%
46,207	Loan ID 200012	ARM	9.8000	07/01/37	$ 47,131
31,089	Loan ID 200016	ARM	10.3800	01/01/31	31,711
42,174	Loan ID 200018	Fixed	7.0000	01/01/33	43,018
96,419	Loan ID 200023	Fixed	5.8800	12/01/50	89,661
199,973	Loan ID 200026	Fixed	4.7500	01/01/50	203,969
186,878	Loan ID 200029	Fixed	6.3100	07/01/37	190,616
522,410	Loan ID 200035	Fixed	4.6300	11/01/50	496,290
103,142	Loan ID 200041	Fixed	4.8800	08/01/39	103,334
36,294	Loan ID 200042	Fixed	7.0000	12/01/37	37,020
42,177	Loan ID 200043	Fixed	6.1300	07/01/39	43,020
46,253	Loan ID 200048	Fixed	5.5000	08/01/39	47,178
48,380	Loan ID 200054	Fixed	8.2500	03/01/39	49,347
72,667	Loan ID 200055	Fixed	10.0000	01/05/36	74,120
27,794	Loan ID 200060	Fixed	5.7500	08/01/39	28,350
157,871	Loan ID 200076	Fixed	4.2500	12/01/41	101,720
10,817	Loan ID 200078	Fixed	7.0000	08/01/36	11,033
130,884	Loan ID 200079	Fixed	5.0000	02/01/59	130,260
61,587	Loan ID 200082	Fixed	8.2500	04/01/40	60,365
162,932	Loan ID 200084	Fixed	7.0000	03/01/39	154,529
105,857	Loan ID 200088	Fixed	7.0000	06/01/39	90,912
246,974	Loan ID 200089	Fixed	3.8800	03/01/52	217,858
268,582	Loan ID 200090	Fixed	4.5000	11/01/36	182,859
67,124	Loan ID 200102	Fixed	8.2500	03/01/40	68,466
102,161	Loan ID 200110	Fixed	8.2500	08/01/39	104,204
66,079	Loan ID 200128	Fixed	4.7100	07/01/37	61,041
430,721	Loan ID 200129	Fixed	4.6300	03/01/52	396,237
109,176	Loan ID 200135	Fixed	4.3800	12/01/42	106,731
70,789	Loan ID 200141	Fixed	4.2500	02/01/42	68,498
135,682	Loan ID 200158	Fixed	3.6300	12/01/42	127,455
173,813	Loan ID 200165	Fixed	4.3800	12/01/41	170,078
79,350	Loan ID 200174	Fixed	7.3400	04/01/37	80,937
44,675	Loan ID 200175	Fixed	9.6000	05/01/37	45,568
383	Loan ID 200177	Fixed	8.0000	01/11/22	391
104,065	Loan ID 200181	Fixed	7.5000	06/01/41	98,862

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2021
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 96.9% (Continued)
	MORTGAGE LOANS (PRIVATE) — 96.9% (Continued)
65,454	Loan ID 200184	Fixed	4.3800	12/01/42	$ 63,955
25,311	Loan ID 200185	Fixed	5.3800	06/01/42	25,768
47,846	Loan ID 200186	Fixed	5.1300	08/01/42	48,295
145,362	Loan ID 200194	Fixed	4.7500	09/01/41	144,840
227,084	Loan ID 200195	Fixed	3.8800	03/01/42	216,984
35,914	Loan ID 200198	Fixed	5.2500	10/01/42	36,392
32,386	Loan ID 200201	Fixed	5.1300	08/01/41	32,727
18,385	Loan ID 200206	Fixed	3.9900	12/01/42	17,658
39,520	Loan ID 200208	Fixed	4.2500	01/01/43	38,436
161,353	Loan ID 200209	Fixed	3.8800	08/01/42	154,117
127,586	Loan ID 200217	Fixed	5.2500	07/01/40	129,436
64,895	Loan ID 200218	Fixed	4.2500	12/01/41	63,247
44,745	Loan ID 200228	Fixed	4.6300	08/01/42	44,238
104,186	Loan ID 200243	Fixed	3.7500	04/01/43	98,548
22,775	Loan ID 200244	Fixed	5.0000	05/01/42	22,836
80,025	Loan ID 200286	Fixed	4.5000	07/01/43	78,679
85,201	Loan ID 200287	Fixed	4.3800	07/01/43	83,256
30,233	Loan ID 200313	Fixed	8.5000	03/01/28	28,721
255,045	Loan ID 200315	ARM	3.3800	06/01/37	248,208
57,004	Loan ID 200317	Fixed	7.0000	09/01/32	58,144
87,254	Loan ID 200332	Fixed	5.7800	10/01/37	89,000
83,338	Loan ID 200334	Fixed	7.0000	01/01/33	85,005
251,344	Loan ID 200335	Fixed	5.0000	11/01/52	253,466
40,039	Loan ID 200338	ARM	10.5000	08/01/29	38,037
15,805	Loan ID 200340	Fixed	7.0000	03/01/30	16,121
52,568	Loan ID 200348	Fixed	6.5000	07/01/38	53,620
58,466	Loan ID 200352	Fixed	7.0000	08/01/30	59,635
54,683	Loan ID 200358	Fixed	5.0000	04/01/25	54,319
58,265	Loan ID 200361	Fixed	7.5000	01/01/34	59,431
78,722	Loan ID 200366	Fixed	6.2500	03/01/34	80,296
146,514	Loan ID 200368	Fixed	4.5000	04/01/36	144,914
62,473	Loan ID 200374	ARM	7.0000	05/01/34	63,722
169,892	Loan ID 200380	Fixed	4.2200	04/01/49	166,098
268,643	Loan ID 200384	Fixed	5.0000	11/01/47	252,920

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2021
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 96.9% (Continued)
	MORTGAGE LOANS (PRIVATE) — 96.9% (Continued)
131,130	Loan ID 200385	Fixed	8.2500	01/01/40	$ 133,752
183,896	Loan ID 200390	Fixed	4.7800	04/16/47	182,045
134,388	Loan ID 200391	Fixed	4.0000	01/13/35	130,301
58,252	Loan ID 200392	Fixed	10.0000	06/05/34	55,339
75,048	Loan ID 200395	Fixed	4.8600	04/01/47	68,632
64,677	Loan ID 200396	Fixed	10.0000	02/01/36	65,971
53,068	Loan ID 200399	Fixed	4.9800	06/01/37	53,418
37,946	Loan ID 200403	Fixed	8.3000	10/15/32	38,705
49,088	Loan ID 200404	Fixed	8.1000	05/01/37	50,070
80,512	Loan ID 200405	Fixed	4.8700	12/01/35	80,403
109,519	Loan ID 200406	Fixed	4.8800	10/01/51	109,878
325,949	Loan ID 200409	Fixed	6.0000	02/01/49	311,325
93,454	Loan ID 200411	Fixed	8.2800	06/01/37	95,323
59,556	Loan ID 200417	Fixed	7.0000	05/01/35	60,747
139,688	Loan ID 200420	Fixed	4.2300	04/10/38	136,393
114,533	Loan ID 200423	Fixed	4.5000	06/01/43	112,503
196,189	Loan ID 200430	Fixed	3.6300	07/01/43	183,890
255,097	Loan ID 200432	Fixed	4.8800	05/01/43	254,524
89,129	Loan ID 200433	Fixed	4.2500	08/01/43	86,700
187,112	Loan ID 200435	Fixed	4.6300	11/01/52	186,565
38,665	Loan ID 200439	Fixed	5.0000	08/01/41	38,879
120,219	Loan ID 200445	Fixed	5.2500	02/01/39	122,048
24,092	Loan ID 200447	Fixed	5.8800	11/04/34	24,573
71,707	Loan ID 200448	Fixed	5.7500	05/01/42	73,141
127,663	Loan ID 200449	Fixed	5.0000	02/01/42	119,637
312,448	Loan ID 200451	Fixed	6.2500	07/01/38	318,697
162,118	Loan ID 200460	Fixed	7.0000	07/01/41	165,360
354,914	Loan ID 200462	Fixed	6.0000	07/01/45	362,012
208,688	Loan ID 200465	Fixed	6.5000	07/01/37	212,862
101,915	Loan ID 200468	Fixed	5.6300	12/01/44	45,825
112,586	Loan ID 200469	Fixed	6.5000	07/01/37	114,837
229,333	Loan ID 200474	Fixed	5.7500	11/01/50	233,920
100,645	Loan ID 200489	Fixed	4.0000	03/01/43	96,790
177,669	Loan ID 200491	Fixed	5.5000	10/01/39	181,222

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2021
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 96.9% (Continued)
	MORTGAGE LOANS (PRIVATE) — 96.9% (Continued)
248,193	Loan ID 200494	Fixed	4.6300	10/01/43	$ 245,588
177,395	Loan ID 200500	Fixed	5.8800	02/01/37	180,943
58,315	Loan ID 200507	Fixed	4.5000	09/01/42	57,380
88,166	Loan ID 200517	Fixed	8.0000	05/01/39	88,166
176,559	Loan ID 200518	Fixed	3.0000	12/01/50	160,706
99,651	Loan ID 200527	Fixed	4.5000	12/01/43	98,013
93,816	Loan ID 200532	Fixed	3.2500	07/01/43	85,563
34,086	Loan ID 200545	Fixed	4.3800	02/01/29	33,309
119,350	Loan ID 200564	Fixed	4.8800	05/01/39	119,578
83,074	Loan ID 200573	Fixed	3.7500	09/01/42	78,603
117,346	Loan ID 200574	Fixed	4.8800	01/01/44	117,388
161,217	Loan ID 200578	Fixed	4.7500	08/01/40	158,147
42,202	Loan ID 200579	Fixed	4.8800	05/01/42	31,465
149,917	Loan ID 200580	Fixed	4.1300	11/01/41	145,302
285,762	Loan ID 200586	Fixed	3.5000	01/01/43	265,987
57,771	Loan ID 200593	Fixed	3.8800	06/01/42	55,185
33,863	Loan ID 200597	Fixed	5.6300	02/01/44	34,541
63,316	Loan ID 200604	Fixed	3.5000	01/01/43	58,920
111,319	Loan ID 200612	Fixed	4.5000	02/01/43	109,464
305,637	Loan ID 200616	Fixed	4.8800	02/01/44	305,422
148,230	Loan ID 200630	Fixed	5.2500	09/01/43	150,305
204,856	Loan ID 200634	Fixed	4.3800	01/01/44	200,315
106,266	Loan ID 200645	Fixed	5.0000	04/01/44	106,690
126,253	Loan ID 200649	Fixed	4.3800	03/01/44	123,339
116,658	Loan ID 200650	Fixed	4.8800	05/01/44	116,706
196,851	Loan ID 200651	Fixed	3.6300	07/01/43	184,440
122,432	Loan ID 200655	Fixed	3.3800	05/01/43	112,711
164,844	Loan ID 200656	Fixed	6.8800	11/01/45	168,141
136,423	Loan ID 200657	Fixed	4.8800	08/01/51	136,725
157,304	Loan ID 200660	Fixed	5.8800	03/01/38	160,450
188,811	Loan ID 200662	Fixed	5.0000	03/01/44	189,376
62,048	Loan ID 200663	Fixed	4.7500	05/01/44	61,774
140,407	Loan ID 200669	Fixed	5.2500	04/01/44	141,932
40,882	Loan ID 200670	Fixed	4.3800	02/01/29	39,974

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2021
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 96.9% (Continued)
	MORTGAGE LOANS (PRIVATE) — 96.9% (Continued)
278,138	Loan ID 200674	Fixed	4.5000	05/01/44	$ 273,772
229,812	Loan ID 200679	Fixed	5.0000	04/01/44	230,824
113,938	Loan ID 200684	Fixed	4.8800	04/01/44	114,022
207,230	Loan ID 200685	Fixed	4.8800	05/01/44	206,811
199,305	Loan ID 200690	Fixed	4.2500	04/01/44	193,953
219,379	Loan ID 200692	Fixed	4.6300	07/01/44	216,606
95,700	Loan ID 200694	Fixed	4.5000	09/01/43	94,101
41,705	Loan ID 200696	Fixed	3.7500	10/01/42	39,527
78,706	Loan ID 200700	Fixed	4.2500	02/01/44	76,470
86,101	Loan ID 200704	Fixed	4.3800	03/01/43	84,079
44,871	Loan ID 200709	Fixed	4.3800	04/01/43	43,878
101,281	Loan ID 200710	Fixed	4.5000	07/01/44	97,743
556,515	Loan ID 200714	Fixed	4.1800	11/01/36	543,243
181,492	Loan ID 200716	ARM	3.0800	08/01/37	178,686
125,827	Loan ID 200720	ARM	3.5000	04/01/42	116,198
142,616	Loan ID 200726	Fixed	4.3800	09/01/37	95,217
180,792	Loan ID 200732	Fixed	4.1300	09/01/27	175,854
90,270	Loan ID 200735	Fixed	4.5000	06/01/44	88,764
130,418	Loan ID 200736	Fixed	4.7500	05/01/44	127,412
157,532	Loan ID 200742	Fixed	4.2500	04/01/43	102,396
54,027	Loan ID 200753	Fixed	5.2500	05/01/44	54,780
46,700	Loan ID 200755	Fixed	4.2500	06/01/43	45,445
167,111	Loan ID 200756	Fixed	4.8800	11/01/43	158,072
190,058	Loan ID 200771	Fixed	4.5000	12/01/61	186,737
39,702	Loan ID 200775	Fixed	4.2500	04/01/43	38,589
72,453	Loan ID 200776	Fixed	4.2500	03/01/44	70,357
48,460	Loan ID 200777	Fixed	4.7500	06/01/44	48,042
151,695	Loan ID 200781	Fixed	4.6300	09/01/44	149,482
74,980	Loan ID 200783	Fixed	4.7500	09/01/44	74,528
100,575	Loan ID 200785	Fixed	4.5000	08/01/44	98,924
203,938	Loan ID 200786	Fixed	4.6300	07/01/44	201,998
39,145	Loan ID 200787	Fixed	4.7500	09/01/44	38,875
183,597	Loan ID 200791	Fixed	4.8800	06/01/44	183,062
80,785	Loan ID 200795	Fixed	6.7500	08/01/36	82,400

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2021
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 96.9% (Continued)
	MORTGAGE LOANS (PRIVATE) — 96.9% (Continued)
68,643	Loan ID 200796	Fixed	5.8800	12/01/53	$ 37,717
55,536	Loan ID 200799	Fixed	4.0000	02/05/53	52,330
60,580	Loan ID 200800	Fixed	4.0000	01/01/53	58,819
144,947	Loan ID 200805	Fixed	4.6300	07/01/50	126,652
53,420	Loan ID 200808	Fixed	4.2500	11/01/50	43,689
111,826	Loan ID 200809	Fixed	5.0000	04/01/50	102,194
218,729	Loan ID 200814	Fixed	8.2500	07/01/39	223,103
270,700	Loan ID 200817	Fixed	5.0000	01/01/50	235,965
187,842	Loan ID 200821	Fixed	4.2500	08/01/44	182,784
72,734	Loan ID 200823	Fixed	4.2500	09/01/44	70,755
198,993	Loan ID 200824	Fixed	4.2500	08/01/44	193,494
94,278	Loan ID 200826	Fixed	4.3800	09/01/44	92,012
173,563	Loan ID 200830	ARM	1.2500	07/01/44	158,720
36,161	Loan ID 200831	Fixed	4.2500	10/01/44	35,084
255,926	Loan ID 200832	Fixed	4.2500	10/01/44	244,163
142,767	Loan ID 200834	Fixed	4.1300	07/01/43	137,986
161,209	Loan ID 200846	Fixed	4.3800	11/01/43	157,808
94,174	Loan ID 200853	Fixed	5.0000	04/01/37	94,787
247,443	Loan ID 200858	Fixed	5.0000	01/01/53	249,250
146,406	Loan ID 200860	Fixed	3.8800	03/01/52	137,626
243,479	Loan ID 200866	Fixed	3.4000	05/01/53	228,222
105,207	Loan ID 200867	Fixed	4.5800	09/01/53	104,272
169,389	Loan ID 200880	Fixed	4.2500	06/01/43	164,616
51,700	Loan ID 200883	Fixed	3.3800	05/01/28	47,629
72,308	Loan ID 200886	Fixed	4.2500	10/01/44	70,279
204,811	Loan ID 200887	Fixed	4.7500	09/01/44	203,481
184,825	Loan ID 200891	Fixed	4.2500	10/01/44	179,198
221,307	Loan ID 200892	Fixed	3.7500	09/01/43	209,344
174,176	Loan ID 200897	Fixed	4.7500	10/01/44	173,212
355,361	Loan ID 200907	ARM	3.1300	08/01/47	342,797
97,405	Loan ID 200908	Fixed	4.0000	06/01/49	94,839
117,356	Loan ID 200909	Fixed	4.8700	04/01/47	111,489
624,831	Loan ID 200912	Fixed	4.5000	03/01/37	617,647
54,083	Loan ID 200913	Fixed	4.2500	05/01/47	52,901

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2021
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 96.9% (Continued)
	MORTGAGE LOANS (PRIVATE) — 96.9% (Continued)
133,611	Loan ID 200914	Fixed	2.8800	12/01/47	$ 122,503
79,452	Loan ID 200916	Fixed	4.0000	10/01/37	75,615
149,027	Loan ID 200917	Fixed	4.8800	01/01/51	149,418
81,840	Loan ID 200921	ARM	3.6300	07/01/51	80,194
393,659	Loan ID 200922	Fixed	3.3400	09/01/53	373,019
114,781	Loan ID 200928	Fixed	4.8000	02/01/41	114,808
175,059	Loan ID 200940	Fixed	3.2500	02/01/43	159,777
100,745	Loan ID 200941	Fixed	3.7800	01/01/43	93,610
239,536	Loan ID 200942	Fixed	4.0000	04/01/43	230,207
93,807	Loan ID 200944	Fixed	4.5000	02/01/44	92,123
257,409	Loan ID 200947	Fixed	4.0000	02/01/43	247,389
137,980	Loan ID 200948	Fixed	4.6300	05/01/61	136,378
247,560	Loan ID 200956	Fixed	5.0000	08/01/51	249,239
372,374	Loan ID 200959	Fixed	4.0000	11/01/42	358,150
132,642	Loan ID 200966	Fixed	4.8800	07/01/44	132,596
139,577	Loan ID 200974	Fixed	4.2500	10/01/44	135,712
323,048	Loan ID 200977	Fixed	4.8800	09/01/44	306,818
151,518	Loan ID 200993	Fixed	2.0000	07/15/49	128,762
50,785	Loan ID 200996	Fixed	2.5000	08/01/48	44,460
115,999	Loan ID 201005	Fixed	4.7500	07/01/41	115,492
38,435	Loan ID 201006	Fixed	6.8800	03/01/38	39,204
83,521	Loan ID 201007	Fixed	7.1300	04/01/37	85,192
69,272	Loan ID 201010	Fixed	5.5000	04/01/39	69,272
41,956	Loan ID 201012	Fixed	7.5000	12/01/38	27,271
50,994	Loan ID 201013	Fixed	7.5000	12/01/38	33,146
102,056	Loan ID 201016	Fixed	6.5000	05/01/46	104,097
54,148	Loan ID 201022	ARM	2.3800	05/01/37	53,151
123,021	Loan ID 201023	Fixed	6.4500	02/01/36	125,481
97,682	Loan ID 201027	ARM	9.5400	03/01/37	99,635
128,947	Loan ID 201032	Fixed	4.5000	11/01/44	126,545
75,724	Loan ID 201036	Fixed	4.3800	12/01/44	73,998
63,248	Loan ID 201037	Fixed	8.2500	07/01/39	64,513
85,242	Loan ID 201041	Fixed	3.7500	11/01/52	81,522
102,217	Loan ID 201043	Fixed	4.0000	04/01/39	96,034

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2021
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 96.9% (Continued)
	MORTGAGE LOANS (PRIVATE) — 96.9% (Continued)
155,225	Loan ID 201044	Fixed	4.8700	03/29/37	$ 155,590
95,735	Loan ID 201045	Fixed	3.3800	07/01/37	83,018
276,448	Loan ID 201046	Fixed	3.0000	10/01/58	156,631
102,717	Loan ID 201047	Fixed	3.6300	04/01/53	94,776
61,421	Loan ID 201053	Fixed	3.8600	07/01/53	59,107
188,013	Loan ID 201054	Fixed	2.4000	05/17/50	160,292
144,118	Loan ID 201057	Fixed	4.3800	01/01/50	141,843
101,975	Loan ID 201058	Fixed	4.2500	08/01/37	99,742
91,205	Loan ID 201060	ARM	2.3800	07/01/35	87,550
76,772	Loan ID 201061	Fixed	5.0000	02/01/50	73,015
105,727	Loan ID 201063	Fixed	4.0000	09/01/47	102,264
212,104	Loan ID 201066	Fixed	4.2500	12/01/46	207,611
396,843	Loan ID 201067	Fixed	4.7500	01/01/44	394,620
61,370	Loan ID 201069	Fixed	4.6300	12/01/44	60,724
68,345	Loan ID 201072	Fixed	3.5000	03/01/28	63,636
85,704	Loan ID 201075	Fixed	4.3800	10/01/44	83,717
204,916	Loan ID 201084	Fixed	5.0000	08/01/38	206,274
143,282	Loan ID 201091	Fixed	4.1300	01/01/45	138,200
230,901	Loan ID 201092	Fixed	5.2500	04/01/46	233,890
127,812	Loan ID 201093	Fixed	4.1300	02/01/45	115,532
318,423	Loan ID 201101	Fixed	4.6300	03/01/45	309,211
136,013	Loan ID 201103	ARM	2.1300	05/01/44	128,103
146,075	Loan ID 201104	Fixed	4.3800	04/01/45	142,944
66,154	Loan ID 201107	Fixed	5.1500	02/01/36	66,986
147,509	Loan ID 201111	Fixed	4.8800	04/01/50	133,965
75,141	Loan ID 201113	Fixed	5.7500	12/01/52	76,644
114,477	Loan ID 201114	Fixed	8.0900	05/01/54	116,766
468,846	Loan ID 201115	Fixed	4.0000	02/01/51	453,283
74,426	Loan ID 201122	Fixed	4.7500	11/01/48	74,371
205,679	Loan ID 201124	Fixed	4.7500	04/01/40	205,202
67,258	Loan ID 201127	ARM	2.3800	04/01/37	64,339
103,996	Loan ID 201130	Fixed	4.8500	12/01/37	103,650
113,918	Loan ID 201131	Fixed	8.2500	05/01/53	116,196
154,853	Loan ID 201132	Fixed	4.2500	07/01/37	139,662

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2021
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 96.9% (Continued)
	MORTGAGE LOANS (PRIVATE) — 96.9% (Continued)
177,436	Loan ID 201134	Fixed	4.6300	10/01/53	$ 163,303
164,656	Loan ID 201139	Fixed	3.0000	11/01/53	149,706
77,303	Loan ID 201143	Fixed	3.5000	11/01/37	67,817
124,161	Loan ID 201146	Fixed	4.8800	08/01/54	124,477
103,126	Loan ID 201147	Fixed	4.1300	11/01/51	96,183
85,300	Loan ID 201148	Fixed	3.9500	10/01/42	82,827
344,579	Loan ID 201149	Fixed	5.0000	12/01/61	135,523
88,115	Loan ID 201155	Fixed	6.0000	11/01/53	60,915
187,167	Loan ID 201160	Fixed	4.9200	10/01/49	173,042
356,020	Loan ID 201163	Fixed	4.7500	12/01/49	322,989
156,230	Loan ID 201164	Fixed	4.2500	11/01/51	151,102
399,033	Loan ID 201168	Fixed	3.8800	04/01/52	363,664
49,982	Loan ID 201170	Fixed	4.3800	07/01/37	49,160
101,447	Loan ID 201173	Fixed	4.2800	11/01/47	83,770
121,426	Loan ID 201176	Fixed	4.2500	07/01/53	119,129
289,034	Loan ID 201179	Fixed	4.7500	05/01/51	260,315
249,559	Loan ID 201181	Fixed	4.5000	04/01/34	237,081
124,360	Loan ID 201183	Fixed	3.5000	10/01/52	117,563
58,455	Loan ID 201184	Fixed	4.0000	06/01/49	56,874
229,644	Loan ID 201185	Fixed	7.2500	10/01/53	234,237
75,792	Loan ID 201187	Fixed	5.0000	11/01/48	54,729
572,126	Loan ID 201196	Fixed	4.3800	11/01/36	562,882
303,197	Loan ID 201199	Fixed	5.1300	11/01/46	306,654
134,634	Loan ID 201205	Fixed	4.6300	01/01/45	133,045
104,491	Loan ID 201208	Fixed	4.6300	04/01/45	103,071
163,291	Loan ID 201209	Fixed	4.2500	04/01/45	158,799
386,665	Loan ID 201212	Fixed	4.6300	03/01/61	382,621
178,996	Loan ID 201213	Fixed	4.8800	08/01/44	178,187
486,423	Loan ID 201214	ARM	2.7500	09/01/43	457,202
56,186	Loan ID 201221	Fixed	3.2500	05/01/43	53,758
44,334	Loan ID 201222	Fixed	5.1300	01/01/45	44,339
143,463	Loan ID 201240	Fixed	4.2500	10/01/45	139,046
270,433	Loan ID 201241	Fixed	4.3800	07/01/45	264,811
100,570	Loan ID 201243	Fixed	4.6300	11/01/45	99,407

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2021
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 96.9% (Continued)
	MORTGAGE LOANS (PRIVATE) — 96.9% (Continued)
365,252	Loan ID 201244	Fixed	4.5000	06/01/45	$ 359,170
103,416	Loan ID 201245	Fixed	4.7500	08/01/44	102,906
92,106	Loan ID 201248	Fixed	4.8800	07/01/44	91,814
456,329	Loan ID 201249	Fixed	4.6300	03/01/59	449,597
193,973	Loan ID 201254	Fixed	7.2500	05/01/60	197,852
212,770	Loan ID 201255	ARM	6.7500	06/01/35	217,025
158,008	Loan ID 201260	Fixed	4.7500	09/01/45	156,752
45,787	Loan ID 201263	Fixed	4.7500	10/01/45	45,479
134,222	Loan ID 201266	Fixed	4.5000	02/01/46	131,562
137,296	Loan ID 201270	Fixed	4.1300	02/01/45	132,473
232,134	Loan ID 201271	Fixed	4.5000	06/01/45	228,196
221,660	Loan ID 201273	Fixed	4.5000	12/01/45	217,246
198,389	Loan ID 201274	Fixed	4.1300	10/01/45	191,531
22,525	Loan ID 201285	Fixed	4.6300	11/01/28	22,976
280,707	Loan ID 201291	Fixed	5.0000	08/01/45	280,438
113,167	Loan ID 201294	Fixed	4.6300	02/01/46	110,039
701,926	Loan ID 201296	Fixed	4.2500	02/01/46	679,807
66,403	Loan ID 201301	Fixed	4.5500	10/01/44	65,423
136,381	Loan ID 201305	Fixed	4.6300	08/01/44	134,525
106,796	Loan ID 201306	Fixed	3.8800	09/01/45	101,516
163,078	Loan ID 201307	Fixed	4.2500	10/01/48	158,411
57,456	Loan ID 201308	Fixed	4.6300	11/01/45	56,672
148,847	Loan ID 201309	Fixed	4.0000	09/01/45	142,781
297,241	Loan ID 201313	Fixed	4.6300	01/01/46	292,921
158,247	Loan ID 201319	Fixed	4.3800	10/01/45	154,416
126,207	Loan ID 201324	Fixed	5.2500	04/01/46	127,723
163,224	Loan ID 201326	Fixed	4.6300	03/01/46	161,252
175,688	Loan ID 201328	Fixed	4.2500	11/01/45	123,177
340,888	Loan ID 201333	Fixed	3.8800	11/01/45	323,827
176,941	Loan ID 201336	Fixed	4.7500	01/01/46	172,652
221,008	Loan ID 201350	Fixed	4.0000	06/01/45	179,818
461,567	Loan ID 201354	Fixed	3.3800	07/01/46	442,878
125,699	Loan ID 201355	Fixed	5.2500	12/01/45	127,330
140,034	Loan ID 201358	Fixed	4.8800	07/01/45	139,944

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2021
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 96.9% (Continued)
	MORTGAGE LOANS (PRIVATE) — 96.9% (Continued)
313,028	Loan ID 201365	Fixed	4.2500	10/01/45	$ 303,061
168,893	Loan ID 201370	Fixed	4.2500	07/01/46	163,803
241,889	Loan ID 201372	Fixed	4.6300	08/01/46	238,233
133,219	Loan ID 201375	Fixed	4.5000	06/01/45	130,947
250,600	Loan ID 201377	Fixed	3.8800	05/01/46	244,365
294,145	Loan ID 201381	Fixed	4.8800	07/01/45	293,375
129,299	Loan ID 201385	Fixed	4.6300	12/01/45	129,299
213,000	Loan ID 201390	Fixed	5.1300	09/01/45	214,045
369,885	Loan ID 201391	Fixed	5.1300	10/01/45	365,593
404,891	Loan ID 201393	Fixed	3.7500	04/01/56	397,752
68,792	Loan ID 201394	Fixed	6.7000	06/01/34	70,168
80,369	Loan ID 201395	Fixed	6.3000	07/01/44	23,434
79,834	Loan ID 201400	Fixed	4.7500	07/01/44	79,409
83,665	Loan ID 201401	Fixed	4.7500	10/01/44	83,160
87,444	Loan ID 201403	Fixed	4.7500	08/01/44	79,338
66,931	Loan ID 201405	Fixed	5.2500	08/01/44	67,727
51,006	Loan ID 201406	Fixed	4.2500	06/01/46	49,324
226,559	Loan ID 201407	Fixed	4.8800	01/01/46	226,492
152,891	Loan ID 201411	Fixed	4.7500	12/01/45	151,922
133,909	Loan ID 201412	Fixed	5.7500	12/01/45	136,588
315,251	Loan ID 201413	Fixed	4.5000	07/01/45	299,489
68,644	Loan ID 201414	Fixed	4.2500	07/01/44	65,212
50,673	Loan ID 201415	Fixed	8.0000	04/01/34	51,686
55,110	Loan ID 201417	Fixed	6.0000	08/01/37	56,212
37,890	Loan ID 201419	Fixed	10.0000	11/01/33	38,647
53,346	Loan ID 201422	Fixed	4.6300	10/01/46	52,439
496,990	Loan ID 201428	ARM	2.5000	04/01/45	471,769
91,639	Loan ID 201434	Fixed	4.3800	06/01/46	89,414
83,979	Loan ID 201436	Fixed	4.3800	05/01/45	82,057
167,847	Loan ID 201439	Fixed	5.0000	12/01/45	168,439
298,374	Loan ID 201440	Fixed	4.6300	07/01/46	213,321
279,990	Loan ID 201442	Fixed	4.8800	12/01/45	279,528
47,569	Loan ID 201444	Fixed	4.5000	11/01/44	46,659
235,904	Loan ID 201447	Fixed	4.8800	10/01/44	235,183

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2021
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 96.9% (Continued)
	MORTGAGE LOANS (PRIVATE) — 96.9% (Continued)
85,754	Loan ID 201449	Fixed	4.0000	08/01/44	$ 82,200
208,142	Loan ID 201451	Fixed	4.2500	06/01/45	201,815
218,568	Loan ID 201458	Fixed	3.8800	09/01/46	203,281
250,718	Loan ID 201461	Fixed	4.1300	12/01/44	236,497
278,224	Loan ID 201464	Fixed	4.3800	06/01/45	266,863
94,925	Loan ID 201465	Fixed	5.1300	12/01/44	95,482
260,764	Loan ID 201470	Fixed	4.3800	10/01/44	254,422
209,224	Loan ID 201471	Fixed	4.5000	01/01/45	205,407
285,385	Loan ID 201473	Fixed	4.5000	02/01/45	280,977
91,119	Loan ID 201475	ARM	6.6300	09/01/36	12,522
133,930	Loan ID 201476	ARM	8.5000	02/01/37	127,234
74,604	Loan ID 201477	Fixed	6.7500	11/01/36	76,096
100,216	Loan ID 201478	Fixed	4.6300	10/01/45	98,965
139,869	Loan ID 201482	Fixed	4.6300	02/01/51	137,666
275,895	Loan ID 201483	Fixed	4.1300	12/01/45	266,090
71,474	Loan ID 201484	Fixed	4.5000	10/01/46	69,954
56,360	Loan ID 201485	Fixed	5.7500	03/01/38	57,487
157,136	Loan ID 201487	Fixed	4.6300	02/01/52	160,279
85,863	Loan ID 201489	Fixed	4.7500	03/01/46	85,213
72,096	Loan ID 201499	Fixed	4.7500	05/01/45	71,813
98,512	Loan ID 201502	Fixed	5.2500	04/01/44	99,842
139,537	Loan ID 201503	Fixed	5.0000	07/01/46	139,985
420,690	Loan ID 201504	Fixed	4.5000	07/01/45	413,828
85,710	Loan ID 201505	ARM	4.0000	09/01/46	86,271
287,926	Loan ID 201506	Fixed	5.0000	02/01/47	288,948
209,274	Loan ID 201508	Fixed	5.0000	02/01/47	210,310
114,883	Loan ID 201513	Fixed	4.0000	01/01/46	114,883
70,428	Loan ID 201515	Fixed	5.1300	04/01/47	70,538
89,785	Loan ID 201519	Fixed	4.7500	09/01/45	89,343
74,383	Loan ID 201523	Fixed	5.1300	07/01/45	75,045
354,967	Loan ID 201533	Fixed	4.7500	05/01/46	351,128
39,678	Loan ID 201534	Fixed	4.8800	05/01/47	39,424
311,768	Loan ID 201535	Fixed	4.8800	08/01/47	311,768
189,985	Loan ID 201551	Fixed	4.5000	02/01/47	166,843

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2021
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 96.9% (Continued)
	MORTGAGE LOANS (PRIVATE) — 96.9% (Continued)
129,079	Loan ID 201552	Fixed	4.0000	08/01/47	$ 128,900
44,990	Loan ID 201556	Fixed	4.9900	12/01/47	44,668
125,276	Loan ID 201558	Fixed	4.5000	08/01/47	125,276
99,522	Loan ID 201579	Fixed	4.7500	12/01/36	98,851
80,240	Loan ID 201581	Fixed	4.1300	10/01/46	77,140
81,652	Loan ID 201583	Fixed	5.2500	08/01/47	53,074
42,258	Loan ID 201585	Fixed	5.5000	03/01/48	43,014
366,633	Loan ID 201586	Fixed	4.6300	05/01/47	359,628
296,992	Loan ID 201587	Fixed	4.3800	01/01/48	289,196
33,557	Loan ID 201589	Fixed	5.3800	06/01/48	33,775
138,286	Loan ID 201590	Fixed	5.2000	05/01/48	83,537
301,723	Loan ID 201591	Fixed	5.3800	08/01/48	305,177
62,393	Loan ID 201598	Fixed	6.0000	01/01/37	63,641
324,234	Loan ID 201599	Fixed	5.0000	07/01/38	245,936
44,013	Loan ID 201600	Fixed	6.0000	01/01/36	24,718
34,404	Loan ID 201602	Fixed	5.0000	04/20/32	34,639
58,302	Loan ID 201604	Fixed	8.5000	01/01/48	50,965
66,846	Loan ID 201605	Fixed	8.7500	03/01/48	68,183
88,114	Loan ID 201606	Fixed	9.9900	05/01/48	89,876
58,983	Loan ID 201611	Fixed	9.9900	07/01/48	10,636
253,102	Loan ID 201612	Fixed	8.9900	10/01/25	258,164
492,634	Loan ID 201615	Fixed	10.5000	01/01/22	502,486
28,515	Loan ID 201624	Fixed	11.0000	07/22/28	27,089
42,675	Loan ID 201627	Fixed	10.4500	02/19/47	43,528
48,024	Loan ID 201628	Fixed	11.0000	07/25/40	48,984
35,106	Loan ID 201629	Fixed	11.0000	03/06/33	35,106
46,187	Loan ID 201630(a)	Fixed	9.9500	01/28/20	43,878
41,615	Loan ID 201631	Fixed	9.9500	07/25/31	39,535
64,026	Loan ID 201634	Fixed	7.9500	02/28/48	60,824
64,513	Loan ID 201635	Fixed	9.9500	03/14/46	65,803
73,431	Loan ID 201636	Fixed	9.4500	05/13/31	74,900
97,519	Loan ID 201637	Fixed	11.0000	05/22/45	99,469
136,830	Loan ID 201638	Fixed	8.5000	09/19/44	139,567
313,639	Loan ID 201639	Fixed	5.0000	09/01/48	313,639

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2021
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 96.9% (Continued)
	MORTGAGE LOANS (PRIVATE) — 96.9% (Continued)
335,174	Loan ID 201640	Fixed	5.1300	04/01/49	$ 336,579
158,632	Loan ID 201641(a)	DSI	10.5000	06/01/20	150,700
669,302	Loan ID 201645(a)	Fixed	8.0000	07/01/20	104,175
39,889	Loan ID 201647	Fixed	6.0000	10/01/31	40,687
29,645	Loan ID 201648	Fixed	7.1500	08/14/30	28,163
52,597	Loan ID 201649	Fixed	4.8000	02/20/30	52,813
35,505	Loan ID 201650	Fixed	7.0000	11/14/31	36,215
49,853	Loan ID 201651	Fixed	7.0000	12/01/36	34,086
247,013	Loan ID 201652	Fixed	5.0000	10/01/36	115,617
192,718	Loan ID 201653	Fixed	4.2500	06/01/48	192,718
432,995	Loan ID 201654	Fixed	4.8800	07/01/49	432,112
145,632	Loan ID 201655	Fixed	7.7000	01/01/49	148,545
115,691	Loan ID 201656	Fixed	4.6300	06/01/49	113,029
240,518	Loan ID 201657	Fixed	5.2500	11/01/48	242,739
127,693	Loan ID 201662	Fixed	5.3800	09/01/48	128,325
415,268	Loan ID 201663	Fixed	4.7500	10/01/48	415,268
18,974	Loan ID 201664	Fixed	10.0000	08/01/33	18,974
41,064	Loan ID 201665	Fixed	9.9900	08/01/48	41,885
17,714	Loan ID 201666	Fixed	10.0000	06/01/33	18,069
16,435	Loan ID 201667	Fixed	10.0000	07/01/33	16,764
15,419	Loan ID 201668	Fixed	9.7500	11/01/33	15,727
55,040	Loan ID 201670	Fixed	8.0000	09/15/48	55,040
22,492	Loan ID 201671	Fixed	9.0000	09/15/48	22,492
21,007	Loan ID 201672	Fixed	9.9000	10/15/48	21,427
51,144	Loan ID 201673	Fixed	9.9900	06/01/48	52,167
23,779	Loan ID 201674	Fixed	9.9000	12/01/48	24,255
110,926	Loan ID 201676	Fixed	9.6300	10/01/48	113,145
79,568	Loan ID 201677	Fixed	9.2500	11/01/48	81,159
23,767	Loan ID 201678	Fixed	10.0000	08/01/48	24,243
42,309	Loan ID 201679	Fixed	7.7000	03/01/47	43,155
39,139	Loan ID 201680	Fixed	9.9000	09/15/48	39,922
176,056	Loan ID 201682	Fixed	5.0000	07/01/48	123,086
399,859	Loan ID 201684	Fixed	4.5000	08/01/49	391,993
282,194	Loan ID 201685	Fixed	5.5000	02/01/49	284,646

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2021
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 96.9% (Continued)
	MORTGAGE LOANS (PRIVATE) — 96.9% (Continued)
99,656	Loan ID 201686	Fixed	4.2500	07/01/49	$ 95,997
104,929	Loan ID 201687	Fixed	5.5000	07/01/48	96,418
203,956	Loan ID 201689	Fixed	4.5000	04/01/49	200,062
154,875	Loan ID 201692	Fixed	8.4900	11/01/29	157,972
64,145	Loan ID 201696	Fixed	5.1300	10/01/48	64,128
82,342	Loan ID 201698	Fixed	4.3800	12/01/47	79,679
262,044	Loan ID 201699	Fixed	5.5200	09/01/49	264,775
319,335	Loan ID 201700	Fixed	6.1300	06/01/49	325,722
61,644	Loan ID 201701	Fixed	5.0000	08/01/49	61,350
177,365	Loan ID 201707	Fixed	4.8800	08/01/49	167,235
203,177	Loan ID 201709	Fixed	5.3300	09/01/49	201,775
145,528	Loan ID 201710	Fixed	6.7000	11/01/49	148,438
717,034	Loan ID 201711	Fixed	4.8800	10/01/49	707,357
183,604	Loan ID 201713	Fixed	10.1100	12/01/49	174,424
108,099	Loan ID 201715	Fixed	10.1300	12/01/49	110,261
235,820	Loan ID 201716	Fixed	10.1500	12/01/49	240,537
431,952	Loan ID 201717	Fixed	6.5000	12/01/48	440,591
115,707	Loan ID 201719	Fixed	4.7500	09/01/49	115,707
135,937	Loan ID 201720	Fixed	4.3800	04/01/49	132,058
248,381	Loan ID 201724	Fixed	5.3800	01/01/49	138,948
76,451	Loan ID 201725	Fixed	8.4900	12/01/22	72,629
55,046	Loan ID 201726	Fixed	8.4900	12/01/22	52,294
73,825	Loan ID 201728	Fixed	9.4900	01/01/22	75,301
126,844	Loan ID 201732	Fixed	5.1300	05/01/47	127,188
77,408	Loan ID 201733	Fixed	5.2500	04/01/44	78,513
124,840	Loan ID 201739	ARM	7.1300	04/01/48	127,337
226,345	Loan ID 201741	ARM	8.0000	07/01/48	230,871
138,886	Loan ID 201743	Fixed	5.5000	09/01/48	140,187
289,664	Loan ID 201744	Fixed	5.6300	05/01/49	289,664
365,238	Loan ID 201746	Fixed	4.8800	07/01/49	362,645
541,223	Loan ID 201750	Fixed	6.1300	04/01/50	552,047
1,095,266	Loan ID 201753	Fixed	4.8800	04/01/50	1,096,664
248,290	Loan ID 201756	Fixed	5.0000	03/01/50	248,710
272,373	Loan ID 201757	ARM	5.1300	04/01/50	276,563

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2021
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 96.9% (Continued)
	MORTGAGE LOANS (PRIVATE) — 96.9% (Continued)
414,940	Loan ID 201758	Fixed	5.8800	03/01/50	$ 417,349
258,302	Loan ID 201759	ARM	5.7500	03/01/50	262,617
255,778	Loan ID 201761	Fixed	6.8800	02/01/50	260,894
421,752	Loan ID 201762	Fixed	5.9900	03/01/50	430,187
144,596	Loan ID 201763	Fixed	7.3800	04/01/50	147,488
215,253	Loan ID 201767	Fixed	5.2500	07/01/49	215,253
188,043	Loan ID 201768	Fixed	6.7500	04/01/50	191,804
214,390	Loan ID 201770	Fixed	9.3800	04/01/50	218,678
348,515	Loan ID 201772	Fixed	8.1300	03/01/50	365,941
708,380	Loan ID 201776	Fixed	6.6300	01/01/50	722,547
124,456	Loan ID 201777	Fixed	5.8800	04/01/49	126,945
441,294	Loan ID 201780	Fixed	6.1300	04/01/50	444,408
303,076	Loan ID 201784	Fixed	6.7500	04/01/50	318,230
273,000	Loan ID 201785	Interest Only	8.0000	08/31/23	286,650
935,000	Loan ID 201787	ARM	6.3500	03/01/60	953,699
253,485	Loan ID 201795	Interest Only	7.5000	10/31/25	266,159
247,000	Loan ID 201797(a)	Fixed	10.9900	12/01/21	247,000
752,300	Loan ID 201800	Interest Only	7.5000	12/31/23	750,420
34,922	Loan ID 201802	Fixed	4.2500	10/01/29	34,965
25,560	Loan ID 201803	Fixed	7.0500	09/01/34	26,071
173,214	Loan ID 201804	Fixed	4.0000	03/01/58	172,504
109,136	Loan ID 201805	Fixed	4.3800	08/01/59	109,810
27,172	Loan ID 201806	DSI	9.0000	06/01/26	27,715
71,645	Loan ID 201807	Fixed	5.0000	08/01/43	67,144
119,048	Loan ID 201808	Fixed	3.8800	06/01/60	117,834
164,064	Loan ID 201809	Fixed	3.7500	11/01/59	161,262
74,518	Loan ID 201810	Fixed	3.7500	02/01/42	72,364
61,326	Loan ID 201811	DSI	11.8300	05/01/35	62,552
30,989	Loan ID 201812	Fixed	9.2400	02/01/27	31,609
75,885	Loan ID 201813	DSI	6.0000	01/01/39	55,406
48,991	Loan ID 201814	DSI	7.7400	03/01/33	49,970
66,155	Loan ID 201815	Fixed	8.0000	09/01/33	67,478
51,896	Loan ID 201816	Fixed	4.6300	04/01/29	49,301
96,997	Loan ID 201817	Fixed	4.1300	10/01/34	97,132

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2021
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 96.9% (Continued)
	MORTGAGE LOANS (PRIVATE) — 96.9% (Continued)
54,542	Loan ID 201818	Fixed	10.3900	12/01/41	$ 55,633
53,204	Loan ID 201819	Fixed	3.8800	11/01/29	53,224
94,448	Loan ID 201820	Fixed	3.7500	03/01/42	92,921
65,731	Loan ID 201821	Fixed	6.4500	05/01/30	67,046
48,649	Loan ID 201822	DSI	8.9200	01/01/36	46,217
72,251	Loan ID 201823	Fixed	9.6300	03/01/40	72,810
276,904	Loan ID 201824	DSI	8.5000	10/01/37	282,442
125,030	Loan ID 201825	Fixed	3.8800	03/01/40	121,419
62,040	Loan ID 201826	Fixed	8.5000	11/01/30	63,281
29,389	Loan ID 201827	Fixed	10.7800	03/01/26	29,977
28,759	Loan ID 201828	Fixed	8.2500	10/01/30	29,335
110,771	Loan ID 201829	DSI	10.4600	08/01/37	112,986
32,813	Loan ID 201830	DSI	10.5600	10/01/26	31,172
62,302	Loan ID 201831	DSI	11.1100	02/01/38	63,548
53,622	Loan ID 201832	Fixed	6.2500	06/01/34	45,671
36,387	Loan ID 201833	DSI	12.6800	06/01/23	37,115
60,495	Loan ID 201834	DSI	9.1500	04/01/38	61,705
35,988	Loan ID 201835	DSI	7.5000	01/01/27	36,708
28,117	Loan ID 201836	DSI	8.8400	07/01/27	28,679
45,568	Loan ID 201837	DSI	7.0000	09/01/31	46,479
45,214	Loan ID 201838	DSI	9.0700	07/01/27	46,119
43,083	Loan ID 201839	DSI	11.1100	08/01/39	43,945
66,855	Loan ID 201840	DSI	10.8700	10/01/41	68,192
39,542	Loan ID 201841	Fixed	10.0600	05/01/25	40,333
70,730	Loan ID 201842	DSI	11.0300	03/01/28	72,144
34,342	Loan ID 201843	Fixed	9.1800	08/01/31	35,028
46,463	Loan ID 201844	DSI	11.4900	11/01/28	47,393
19,407	Loan ID 201845	DSI	7.0000	02/01/24	19,795
42,339	Loan ID 201846	Fixed	8.5000	05/01/34	43,185
122,848	Loan ID 201847	Fixed	2.3800	06/01/33	110,407
53,487	Loan ID 201848	DSI	4.2900	11/01/32	54,116
51,102	Loan ID 201849	DSI	4.4800	06/01/35	51,982
93,505	Loan ID 201850	Fixed	4.6300	10/01/42	92,921
124,298	Loan ID 201851	DSI	4.5000	08/30/23	126,267

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2021
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 96.9% (Continued)
	MORTGAGE LOANS (PRIVATE) — 96.9% (Continued)
90,433	Loan ID 201853	DSI	4.9100	02/01/34	$ 92,242
84,903	Loan ID 201855	DSI	4.3900	07/01/36	85,932
45,652	Loan ID 201856	Fixed	7.9000	06/01/37	40,461
50,840	Loan ID 201857	Fixed	3.2500	04/01/35	44,038
367,509	Loan ID 201858	Fixed	4.6300	02/01/59	374,860
592,500	Loan ID 201859	Interest Only	7.5000	12/31/25	604,350
122,690	Loan ID 201861	Fixed	5.0000	05/01/40	122,690
22,403	Loan ID 201862	DSI	10.0000	05/01/27	22,851
21,221	Loan ID 201864	DSI	7.0600	01/01/35	20,160
27,945	Loan ID 201865	Fixed	6.5000	01/01/32	28,504
52,204	Loan ID 201866	Fixed	4.8800	01/01/44	52,170
33,429	Loan ID 201867	DSI	4.2300	12/01/32	32,460
54,964	Loan ID 201868	DSI	7.5400	09/01/34	56,064
17,717	Loan ID 201869	DSI	8.3900	07/01/24	18,071
13,083	Loan ID 201870	DSI	9.4800	02/01/23	13,345
8,535	Loan ID 201871	Fixed	9.9700	05/01/26	8,705
34,371	Loan ID 201872	DSI	8.1000	09/01/38	35,059
16,584	Loan ID 201873	Fixed	6.6500	02/01/27	16,915
24,529	Loan ID 201874	DSI	10.5400	05/01/27	25,019
9,209	Loan ID 201875	Fixed	10.9800	06/01/30	9,394
14,704	Loan ID 201876	Fixed	8.3100	02/01/27	14,998
7,009	Loan ID 201877	DSI	9.8300	11/01/28	7,149
25,886	Loan ID 201878	DSI	9.0500	08/01/24	26,404
11,882	Loan ID 201879	Fixed	9.3100	10/01/26	12,120
20,797	Loan ID 201881	DSI	4.5900	05/01/26	20,477
10,625	Loan ID 201882	Fixed	8.3100	04/01/27	10,838
28,867	Loan ID 201883	Fixed	4.6300	06/01/33	28,709
7,997	Loan ID 201884	DSI	11.3900	02/01/22	8,157
21,237	Loan ID 201885	Fixed	5.0000	05/01/34	21,407
4,971	Loan ID 201886	Fixed	10.6100	12/01/22	5,070
41,804	Loan ID 201887	Fixed	6.2500	01/01/42	39,714
20,361	Loan ID 201889	DSI	9.5000	02/01/39	20,769
8,606	Loan ID 201890	Fixed	4.5000	11/01/25	8,540
16,718	Loan ID 201891	Fixed	10.2900	07/01/26	17,052

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2021
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 96.9% (Continued)
	MORTGAGE LOANS (PRIVATE) — 96.9% (Continued)
14,216	Loan ID 201892	DSI	9.9600	06/01/23	$ 14,500
30,416	Loan ID 201893	DSI	5.0400	06/30/26	30,632
12,674	Loan ID 201895	Fixed	9.6900	05/01/26	12,927
7,425	Loan ID 201896	Fixed	9.6800	09/01/25	7,574
17,825	Loan ID 201897	Fixed	8.2800	03/01/27	18,182
13,177	Loan ID 201898	Fixed	10.3100	10/01/26	13,440
16,607	Loan ID 201899	DSI	10.5000	10/01/24	16,939
15,121	Loan ID 201900(a)	DSI	12.1300	01/29/19	14,365
20,906	Loan ID 201901	DSI	8.7400	09/01/28	19,861
15,882	Loan ID 201902	Fixed	10.5500	10/01/26	16,200
15,883	Loan ID 201904	DSI	10.1900	08/01/29	16,201
8,725	Loan ID 201905	DSI	10.8900	01/01/24	8,900
68,838	Loan ID 201907	Fixed	9.8500	09/01/30	65,396
24,285	Loan ID 201908	DSI	11.6200	09/01/27	24,771
52,858	Loan ID 201909	DSI	9.2400	07/01/33	53,915
11,043	Loan ID 201910	DSI	6.0000	07/01/26	11,264
16,296	Loan ID 201911	DSI	8.0000	07/01/31	16,622
38,545	Loan ID 201912	Fixed	7.7500	08/01/34	36,617
7,254	Loan ID 201913	Fixed	9.3100	11/01/26	7,399
25,475	Loan ID 201914	DSI	9.3300	08/01/26	24,201
93,618	Loan ID 201916	Fixed	3.7500	05/01/38	91,463
221,300	Loan ID 201924	Interest Only	7.5000	02/28/26	231,581
345,000	Loan ID 201925	Interest Only	7.0000	02/29/24	303,911
187,946	Loan ID 201926	Fixed	11.9900	03/01/22	187,946
302,384	Loan ID 201927	Fixed	8.9900	04/01/51	308,432
1,610,000	Loan ID 201928	ARM	7.8800	04/01/50	1,642,199
393,750	Loan ID 201929	Fixed	8.9900	04/01/23	401,625
297,457	Loan ID 201930	Fixed	8.9900	04/01/51	303,406
283,500	Loan ID 201933	Interest Only	7.5000	04/30/26	297,675
305,000	Loan ID 201934	Fixed	9.0000	05/01/22	305,000
239,315	Loan ID 201935	Fixed	10.5000	05/01/26	244,101
164,353	Loan ID 201936	Fixed	8.9900	05/01/51	166,491
360,000	Loan ID 201937	Interest Only	7.0000	04/30/24	367,200
469,994	Loan ID 201938	Fixed	7.4900	05/01/51	469,394

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2021
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 96.9% (Continued)
	MORTGAGE LOANS (PRIVATE) — 96.9% (Continued)
2,792,726	Loan ID 201939	Fixed	6.7500	05/01/51	$ 1,729,566
69,038	Loan ID 201940	Fixed	5.2500	06/20/50	68,811
242,085	Loan ID 201941	Fixed	5.1300	12/01/48	142,146
123,443	Loan ID 201942	Fixed	5.0000	06/01/50	122,769
100,604	Loan ID 201943	Interest Only	7.0000	05/31/24	102,616
195,999	Loan ID 201944	Interest Only	8.0000	05/31/24	205,799
170,000	Loan ID 201945	Fixed	8.9900	06/01/22	170,000
219,000	Loan ID 201946	Fixed	9.9900	05/01/22	219,000
349,723	Loan ID 201947	Fixed	7.2500	12/01/37	348,933
138,801	Loan ID 201948	Fixed	4.2500	06/01/34	136,120
86,101	Loan ID 201949	Fixed	5.5000	03/01/24	87,823
174,838	Loan ID 201950	Fixed	6.5000	10/01/26	171,195
10,061	Loan ID 201951	Fixed	7.2500	03/01/24	10,263
10,233	Loan ID 201953	Fixed	6.5000	03/01/24	10,438
27,588	Loan ID 201954	Fixed	6.7500	03/01/24	28,139
207,737	Loan ID 201955	Fixed	7.7500	03/01/51	208,208
317,895	Loan ID 201956	Fixed	8.2500	03/01/51	320,662
404,304	Loan ID 201957	Fixed	8.9900	06/01/26	324,940
150,000	Loan ID 201958	Fixed	8.9900	05/01/23	153,000
498,327	Loan ID 201959	Fixed	8.9900	06/01/31	508,293
222,000	Loan ID 201960	Interest Only	7.5000	05/31/26	233,100
157,500	Loan ID 201961	Interest Only	7.0000	05/31/23	165,375
230,123	Loan ID 201962	Fixed	9.9900	06/01/26	234,726
85,590	Loan ID 201963	Fixed	10.4900	06/01/26	87,302
212,502	Loan ID 201965	Fixed	8.0000	05/01/38	201,877
382,162	Loan ID 201966	Fixed	7.0000	01/01/27	363,054
91,223	Loan ID 201967	Fixed	7.0000	03/01/43	77,317
252,842	Loan ID 201968	Fixed	6.0000	03/01/43	257,898
300,820	Loan ID 201969	Fixed	8.2500	04/01/51	300,785
174,000	Loan ID 201971	Fixed	9.4900	07/01/23	177,480
153,508	Loan ID 201972	Fixed	8.9900	07/01/26	156,578
204,546	Loan ID 201973	Fixed	8.9900	07/01/31	208,637
168,000	Loan ID 201974	Interest Only	8.0000	06/30/24	176,400
79,750	Loan ID 201976	Fixed	9.4900	07/01/31	81,345

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2021
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 96.9% (Continued)
	MORTGAGE LOANS (PRIVATE) — 96.9% (Continued)
146,877	Loan ID 201977	Fixed	8.7500	06/01/51	$ 133,867
156,750	Loan ID 201978	Fixed	9.9900	08/01/23	159,885
240,000	Loan ID 201979	Fixed	10.9900	08/01/22	240,000
304,452	Loan ID 201983	Fixed	9.9900	08/01/26	310,541
162,140	Loan ID 201984	Fixed	8.9900	08/01/26	165,383
496,000	Loan ID 201985	Interest Only	9.0000	07/31/24	505,920
221,994	Loan ID 201986	Interest Only	7.5000	06/30/26	233,094
146,300	Loan ID 201987	Interest Only	7.5000	06/30/26	153,615
142,500	Loan ID 201988	Interest Only	7.0000	07/31/24	149,625
176,000	Loan ID 201989	Fixed	9.5000	09/01/22	176,000
202,052	Loan ID 201990	Fixed	8.9900	08/01/51	197,449
249,446	Loan ID 201991	Fixed	8.9900	08/01/31	254,435
295,718	Loan ID 201992	Fixed	9.9900	08/01/26	301,632
160,983	Loan ID 201993	Fixed	8.9900	08/01/31	164,203
198,483	Loan ID 201994	Fixed	9.9900	09/01/24	202,453
161,250	Loan ID 201995	Fixed	8.9900	09/01/22	161,250
311,250	Loan ID 201996	Fixed	8.9900	09/01/23	317,475
1,034,500	Loan ID 201999	Interest Only	7.5000	08/31/26	831,024
198,800	Loan ID 202000	Interest Only	7.0000	08/31/24	188,860
360,000	Loan ID 202001	Interest Only	7.5000	08/31/26	302,111
122,500	Loan ID 202002	Interest Only	7.0000	08/31/24	128,625
153,000	Loan ID 202003	Interest Only	7.0000	08/31/24	145,350
471,392	Loan ID 202004	Fixed	8.2500	09/01/24	480,820
84,387	Loan ID 202005	Fixed	9.9900	09/01/36	86,074
248,000	Loan ID 202006	Fixed	8.9900	10/01/22	248,000
453,251	Loan ID 202007	Fixed	8.9900	10/01/26	462,316
266,300	Loan ID 202008	Interest Only	7.0000	09/30/24	279,615
266,300	Loan ID 202009	Interest Only	7.0000	10/31/24	279,615
61,500	Loan ID 202010	Interest Only	7.0000	10/31/24	64,575
385,464	Loan ID 202011	Interest Only	7.0000	10/31/24	404,737
134,400	Loan ID 202012	Fixed	9.4900	12/01/31	137,088
52,468	Loan ID 202013	Fixed	8.4900	11/01/31	53,517
52,468	Loan ID 202014	Fixed	8.4900	11/01/31	53,517
243,732	Loan ID 202015	Fixed	8.9900	10/01/26	248,607

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2021
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 96.9% (Continued)
	MORTGAGE LOANS (PRIVATE) — 96.9% (Continued)
56,250	Loan ID 202016	Fixed	8.9900	11/01/22	$ 56,250
93,624	Loan ID 202017	Fixed	8.9900	11/01/26	95,496
283,500	Loan ID 202018	Fixed	11.4900	12/01/24	289,170
252,000	Loan ID 202019	Fixed	9.9900	12/01/22	252,000
172,500	Loan ID 202020	Fixed	9.9900	12/01/26	175,950
192,000	Loan ID 202021	Fixed	10.0000	12/01/23	195,840
4,000,000	Loan ID 202022	Fixed	11.0000	03/01/22	3,920,000
114,234	Loan ID 202023	Fixed	0.0875	08/01/51	113,091
128,050	Loan ID 202024	Fixed	8.9900	01/01/52	130,611
345,000	Loan ID 202025	Fixed	8.5000	01/01/52	351,900
236,300	Loan ID 202026	Interest Only	7.5000	11/30/26	241,026
319,500	Loan ID 202027	Interest Only	7.0000	11/30/24	325,890
129,500	Loan ID 202028	Interest Only	8.0000	11/30/24	135,975
	TOTAL LOANS (Cost $105,518,738)				113,885,381
	OTHER INVESTMENTS(b) (Cost - $413,474) – 0.3%				305,078
	TOTAL INVESTMENTS – 97.2% (Cost $105,932,212)				$ 114,190,459
	OTHER ASSETS IN EXCESS OF LIABILITIES- 2.8%				3,301,113
	NET ASSETS - 100.0%				$ 117,491,572

ARM	Adjustable Rate Mortgage
DSI	Daily Simple Interest
(a)	Loan is in loss mitigation, which means the Fund is restructuring the loan with the delinquent borrower.
(b)	Illiquid securities, non-income producing defaulted securities.