Carlyle Credit Income Fund (CCIF) NPORT-P Vertical Capital Income Fund (Jun 2022 report)

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2022
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 105.7%
	MORTGAGE LOANS (PRIVATE) — 105.7%
45,556	Loan ID 200012	ARM	9.8000	07/01/37	$ 47,378
29,860	Loan ID 200016	ARM	10.3750	01/01/31	31,054
40,886	Loan ID 200018	Fixed	7.0000	01/01/33	41,176
96,419	Loan ID 200023	Fixed	5.8750	12/01/50	89,659
198,242	Loan ID 200026	Fixed	4.7500	01/01/50	195,065
183,352	Loan ID 200029	Fixed	6.3100	07/01/37	181,089
520,984	Loan ID 200035	Fixed	4.6250	11/01/50	489,867
101,076	Loan ID 200041	Fixed	4.8750	08/01/39	92,639
35,670	Loan ID 200042	Fixed	7.0000	12/01/37	35,992
41,673	Loan ID 200043	Fixed	6.1250	07/01/39	40,825
45,465	Loan ID 200048	Fixed	5.5000	08/01/39	43,227
47,487	Loan ID 200054	Fixed	8.2500	03/01/39	49,256
71,371	Loan ID 200055	Fixed	10.0000	01/05/36	74,226
27,165	Loan ID 200060	Fixed	5.7500	08/01/39	26,155
157,871	Loan ID 200076	Fixed	4.2500	12/01/41	114,674
7,851	Loan ID 200078	Fixed	7.0000	08/01/36	7,907
130,274	Loan ID 200079	Fixed	5.0000	02/01/59	118,804
60,805	Loan ID 200082	Fixed	8.2500	04/01/40	59,132
157,281	Loan ID 200084	Fixed	7.0000	03/01/39	147,150
244,784	Loan ID 200089	Fixed	3.8750	03/01/52	212,818
268,040	Loan ID 200090	Fixed	4.5000	11/01/36	148,533
66,252	Loan ID 200102	Fixed	8.2500	03/01/40	68,748
101,060	Loan ID 200110	Fixed	8.2500	08/01/39	104,905
65,583	Loan ID 200128	Fixed	4.7100	07/01/37	52,492
427,406	Loan ID 200129	Fixed	4.6250	03/01/52	384,326
107,565	Loan ID 200135	Fixed	4.3750	12/01/42	94,396
69,438	Loan ID 200141	Fixed	4.2500	02/01/42	60,066
133,324	Loan ID 200158	Fixed	3.6250	12/01/42	111,673
171,060	Loan ID 200165	Fixed	4.3750	12/01/41	150,591
77,887	Loan ID 200174	Fixed	7.3400	04/01/37	79,224
43,441	Loan ID 200175	Fixed	9.6000	05/01/37	45,155
99,244	Loan ID 200181	Fixed	7.5000	06/01/41	94,545
64,483	Loan ID 200184	Fixed	4.3750	12/01/42	56,553
24,965	Loan ID 200185	Fixed	5.3750	06/01/42	23,453

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2022
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 105.7% (Continued)
	MORTGAGE LOANS (PRIVATE) — 105.7% (Continued)
47,170	Loan ID 200186	Fixed	5.1250	08/01/42	$ 43,589
142,989	Loan ID 200194	Fixed	4.7500	09/01/41	129,392
222,812	Loan ID 200195	Fixed	3.8750	03/01/42	190,024
34,863	Loan ID 200198	Fixed	5.2500	10/01/42	32,454
31,030	Loan ID 200201	Fixed	5.1250	08/01/41	28,756
17,907	Loan ID 200206	Fixed	3.9900	12/01/42	15,335
38,457	Loan ID 200208	Fixed	4.2500	01/01/43	33,502
156,394	Loan ID 200209	Fixed	3.8750	08/01/42	133,158
63,540	Loan ID 200218	Fixed	4.2500	12/01/41	55,584
43,996	Loan ID 200228	Fixed	4.6250	08/01/42	39,287
102,758	Loan ID 200243	Fixed	3.7500	04/01/43	86,531
22,137	Loan ID 200244	Fixed	5.0000	05/01/42	20,248
82,516	Loan ID 200287	Fixed	4.3750	07/01/43	72,306
28,754	Loan ID 200313	Fixed	8.5000	03/01/28	28,186
248,767	Loan ID 200315	ARM	3.7500	06/01/37	246,989
55,070	Loan ID 200317	Fixed	7.0000	09/01/32	55,447
85,112	Loan ID 200332	Fixed	5.7750	10/01/37	82,212
82,596	Loan ID 200334	Fixed	7.0000	01/01/33	83,186
249,592	Loan ID 200335	Fixed	5.0000	11/01/52	235,088
37,760	Loan ID 200338	ARM	10.5000	08/01/29	39,270
51,197	Loan ID 200348	Fixed	6.5000	07/01/38	50,898
56,749	Loan ID 200352	Fixed	7.0000	08/01/30	56,372
56,692	Loan ID 200361	Fixed	7.5000	01/01/34	57,780
78,679	Loan ID 200366	Fixed	6.2500	03/01/34	72,508
142,832	Loan ID 200368	Fixed	4.5000	04/01/36	129,444
61,675	Loan ID 200374	ARM	7.0000	05/01/34	61,675
168,150	Loan ID 200380	Fixed	4.2200	04/01/49	149,769
265,305	Loan ID 200384	Fixed	5.0000	11/01/47	219,366
131,130	Loan ID 200385	Fixed	8.2500	01/01/40	128,970
181,911	Loan ID 200390	Fixed	4.7800	04/16/47	166,872
129,378	Loan ID 200391	Fixed	4.0000	01/13/35	114,896
56,921	Loan ID 200392	Fixed	10.0000	06/05/34	59,198
75,048	Loan ID 200395	Fixed	4.8600	04/01/47	68,631
63,592	Loan ID 200396	Fixed	10.0000	02/01/36	66,136

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2022
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 105.7% (Continued)
	MORTGAGE LOANS (PRIVATE) — 105.7% (Continued)
47,890	Loan ID 200399	Fixed	4.9800	06/01/37	$ 44,444
36,299	Loan ID 200403	Fixed	8.3000	10/15/32	37,548
48,064	Loan ID 200404	Fixed	8.1000	05/01/37	49,727
78,492	Loan ID 200405	Fixed	4.8700	12/01/35	72,159
108,678	Loan ID 200406	Fixed	4.8750	10/01/51	100,675
323,641	Loan ID 200409	Fixed	6.0000	02/01/49	284,122
92,178	Loan ID 200411	Fixed	8.2750	06/01/37	95,715
58,188	Loan ID 200417	Fixed	7.0000	05/01/35	58,659
136,649	Loan ID 200420	Fixed	4.2250	04/10/38	121,046
112,852	Loan ID 200423	Fixed	4.5000	06/01/43	99,626
192,440	Loan ID 200430	Fixed	3.6250	07/01/43	160,760
249,945	Loan ID 200432	Fixed	4.8750	05/01/43	226,475
185,729	Loan ID 200435	Fixed	4.6250	11/01/52	172,439
38,024	Loan ID 200439	Fixed	5.0000	08/01/41	34,917
18,734	Loan ID 200447	Fixed	5.8750	11/04/34	18,226
70,775	Loan ID 200448	Fixed	5.7500	05/01/42	68,289
306,733	Loan ID 200451	Fixed	6.2500	07/01/38	302,216
153,524	Loan ID 200460	Fixed	7.0000	07/01/41	154,734
351,438	Loan ID 200462	Fixed	6.0000	07/01/45	342,959
204,885	Loan ID 200465	Fixed	6.5000	07/01/37	203,722
101,915	Loan ID 200468	Fixed	5.6250	12/01/44	61,399
110,598	Loan ID 200469	Fixed	6.5000	07/01/37	109,954
227,781	Loan ID 200474	Fixed	5.7500	11/01/50	219,861
99,095	Loan ID 200489	Fixed	4.0000	03/01/43	84,988
174,616	Loan ID 200491	Fixed	5.5000	10/01/39	165,954
244,862	Loan ID 200494	Fixed	4.6250	10/01/43	218,293
170,107	Loan ID 200500	Fixed	5.8750	02/01/37	165,137
56,710	Loan ID 200507	Fixed	4.5000	09/01/42	50,207
85,191	Loan ID 200517	Fixed	8.0000	05/01/39	85,191
173,506	Loan ID 200518	Fixed	3.0000	12/01/50	144,441
98,301	Loan ID 200527	Fixed	4.5000	12/01/43	86,710
91,834	Loan ID 200532	Fixed	3.2500	07/01/43	74,931
30,540	Loan ID 200545	Fixed	4.3750	02/01/29	26,716
81,649	Loan ID 200573	Fixed	3.7500	09/01/42	68,966

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2022
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 105.7% (Continued)
	MORTGAGE LOANS (PRIVATE) — 105.7% (Continued)
115,847	Loan ID 200574	Fixed	4.8750	01/01/44	$ 105,088
158,386	Loan ID 200578	Fixed	4.7500	08/01/40	140,714
40,981	Loan ID 200579	Fixed	4.8750	05/01/42	37,104
146,613	Loan ID 200580	Fixed	4.1250	11/01/41	127,309
281,138	Loan ID 200586	Fixed	3.5000	01/01/43	233,515
56,406	Loan ID 200593	Fixed	3.8750	06/01/42	48,057
62,264	Loan ID 200604	Fixed	3.5000	01/01/43	51,720
109,704	Loan ID 200612	Fixed	4.5000	02/01/43	96,963
301,743	Loan ID 200616	Fixed	4.8750	02/01/44	273,449
146,098	Loan ID 200630	Fixed	5.2500	09/01/43	135,980
201,809	Loan ID 200634	Fixed	4.3750	01/01/44	176,623
104,933	Loan ID 200645	Fixed	5.0000	04/01/44	95,829
124,676	Loan ID 200649	Fixed	4.3750	03/01/44	106,606
115,196	Loan ID 200650	Fixed	4.8750	05/01/44	104,390
190,644	Loan ID 200651	Fixed	3.6250	07/01/43	159,094
120,460	Loan ID 200655	Fixed	3.3750	05/01/43	99,086
163,469	Loan ID 200656	Fixed	6.8750	11/01/45	164,347
135,379	Loan ID 200657	Fixed	4.8750	08/01/51	124,442
154,383	Loan ID 200660	Fixed	5.8750	03/01/38	149,692
61,260	Loan ID 200663	Fixed	4.7500	05/01/44	55,034
138,644	Loan ID 200669	Fixed	5.2500	04/01/44	128,502
37,954	Loan ID 200670	Fixed	4.3750	02/01/29	33,193
274,543	Loan ID 200674	Fixed	4.5000	05/01/44	241,889
112,510	Loan ID 200684	Fixed	4.8750	04/01/44	102,061
204,634	Loan ID 200685	Fixed	4.8750	05/01/44	185,085
196,130	Loan ID 200690	Fixed	4.2500	04/01/44	170,295
216,362	Loan ID 200692	Fixed	4.6250	07/01/44	192,222
93,929	Loan ID 200694	Fixed	4.5000	09/01/43	82,948
40,947	Loan ID 200696	Fixed	3.7500	10/01/42	34,587
84,858	Loan ID 200704	Fixed	4.3750	03/01/43	74,334
43,692	Loan ID 200709	Fixed	4.3750	04/01/43	38,316
99,573	Loan ID 200710	Fixed	4.5000	07/01/44	85,489
552,195	Loan ID 200714	Fixed	4.1750	11/01/36	490,880
176,970	Loan ID 200716	ARM	3.4800	08/01/37	174,925

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2022
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 105.7% (Continued)
	MORTGAGE LOANS (PRIVATE) — 105.7% (Continued)
123,961	Loan ID 200720	ARM	4.0000	04/01/42	$ 111,368
142,218	Loan ID 200726	Fixed	4.3750	09/01/37	86,047
179,332	Loan ID 200732	Fixed	4.1250	09/01/27	158,392
88,975	Loan ID 200735	Fixed	4.5000	06/01/44	78,378
128,767	Loan ID 200736	Fixed	4.7500	05/01/44	113,008
155,251	Loan ID 200742	Fixed	4.2500	04/01/43	134,970
53,323	Loan ID 200753	Fixed	5.2500	05/01/44	49,549
45,415	Loan ID 200755	Fixed	4.2500	06/01/43	39,535
163,850	Loan ID 200756	Fixed	4.8750	11/01/43	148,610
189,266	Loan ID 200771	Fixed	4.5000	12/01/61	167,076
39,124	Loan ID 200775	Fixed	4.2500	04/01/43	34,035
71,389	Loan ID 200776	Fixed	4.2500	03/01/44	61,888
47,846	Loan ID 200777	Fixed	4.7500	06/01/44	42,837
149,733	Loan ID 200781	Fixed	4.6250	09/01/44	132,703
72,153	Loan ID 200783	Fixed	4.7500	09/01/44	64,772
201,709	Loan ID 200786	Fixed	4.6250	07/01/44	179,704
38,661	Loan ID 200787	Fixed	4.7500	09/01/44	34,647
180,906	Loan ID 200791	Fixed	4.8750	06/01/44	163,501
79,175	Loan ID 200795	Fixed	6.7500	08/01/36	78,794
68,643	Loan ID 200796	Fixed	5.8800	12/01/53	19,158
55,065	Loan ID 200799	Fixed	4.0000	02/05/53	46,574
59,960	Loan ID 200800	Fixed	4.0000	01/01/53	53,396
143,991	Loan ID 200805	Fixed	4.6250	07/01/50	106,119
52,880	Loan ID 200808	Fixed	4.2500	11/01/50	34,209
111,282	Loan ID 200809	Fixed	5.0000	04/01/50	87,285
215,900	Loan ID 200814	Fixed	8.2500	07/01/39	223,996
185,347	Loan ID 200821	Fixed	4.2500	08/01/44	160,623
71,702	Loan ID 200823	Fixed	4.2500	09/01/44	62,165
93,170	Loan ID 200826	Fixed	4.3750	09/01/44	81,264
168,569	Loan ID 200830	ARM	1.2500	07/01/44	154,111
32,154	Loan ID 200831	Fixed	4.2500	10/01/44	27,835
250,596	Loan ID 200832	Fixed	4.2500	10/01/44	211,786
140,653	Loan ID 200834	Fixed	4.1250	07/01/43	121,349
118,779	Loan ID 200846	Fixed	4.3750	11/01/43	104,111

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2022
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 105.7% (Continued)
	MORTGAGE LOANS (PRIVATE) — 105.7% (Continued)
92,092	Loan ID 200853	Fixed	5.0000	04/01/37	$ 85,412
245,753	Loan ID 200858	Fixed	5.0000	01/01/53	228,455
144,530	Loan ID 200860	Fixed	3.8750	03/01/52	121,709
241,123	Loan ID 200866	Fixed	3.4000	05/01/53	205,895
104,432	Loan ID 200867	Fixed	4.5800	09/01/53	94,495
167,330	Loan ID 200880	Fixed	4.2500	06/01/43	145,530
48,104	Loan ID 200883	Fixed	3.3750	05/01/28	39,599
67,314	Loan ID 200886	Fixed	4.2500	10/01/44	58,297
200,973	Loan ID 200887	Fixed	4.7500	09/01/44	180,276
182,223	Loan ID 200891	Fixed	4.2500	10/01/44	157,537
217,736	Loan ID 200892	Fixed	3.7500	09/01/43	183,143
171,796	Loan ID 200897	Fixed	4.7500	10/01/44	154,115
351,819	Loan ID 200907	ARM	3.5300	08/01/47	341,196
96,418	Loan ID 200908	Fixed	4.0000	06/01/49	86,575
115,781	Loan ID 200909	Fixed	4.8700	04/01/47	107,188
610,404	Loan ID 200912	Fixed	4.5000	03/01/37	551,046
53,563	Loan ID 200913	Fixed	4.2500	05/01/47	47,697
131,512	Loan ID 200914	Fixed	2.8750	12/01/47	112,015
77,454	Loan ID 200916	Fixed	4.0000	10/01/37	66,132
147,955	Loan ID 200917	Fixed	4.8750	01/01/51	136,258
79,755	Loan ID 200921	ARM	3.2500	07/01/51	77,814
387,657	Loan ID 200922	Fixed	3.3400	09/01/53	329,731
113,249	Loan ID 200928	Fixed	4.8000	02/01/41	102,125
171,971	Loan ID 200940	Fixed	3.2500	02/01/43	140,632
98,864	Loan ID 200941	Fixed	3.7800	01/01/43	81,549
233,532	Loan ID 200942	Fixed	4.0000	04/01/43	199,895
92,457	Loan ID 200944	Fixed	4.5000	02/01/44	81,427
254,159	Loan ID 200947	Fixed	4.0000	02/01/43	217,633
137,462	Loan ID 200948	Fixed	4.6250	05/01/61	122,613
245,556	Loan ID 200956	Fixed	5.0000	08/01/51	227,081
366,510	Loan ID 200959	Fixed	4.0000	11/01/42	314,266
131,168	Loan ID 200966	Fixed	4.8750	07/01/44	118,848
137,675	Loan ID 200974	Fixed	4.2500	10/01/44	119,330
317,852	Loan ID 200977	Fixed	4.8750	09/01/44	288,141

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2022
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 105.7% (Continued)
	MORTGAGE LOANS (PRIVATE) — 105.7% (Continued)
149,095	Loan ID 200993	Fixed	2.0040	07/15/49	$ 116,948
50,106	Loan ID 200996	Fixed	2.5000	08/01/48	40,438
37,776	Loan ID 201006	Fixed	6.8750	03/01/38	37,966
83,521	Loan ID 201007	Fixed	7.1250	04/01/37	84,527
68,202	Loan ID 201010	Fixed	5.5000	04/01/39	63,645
41,233	Loan ID 201012	Fixed	7.5000	12/01/38	42,143
50,115	Loan ID 201013	Fixed	7.5000	12/01/38	50,864
101,110	Loan ID 201016	Fixed	6.5000	05/01/46	98,684
52,694	Loan ID 201022	ARM	2.7500	05/01/37	51,773
120,367	Loan ID 201023	Fixed	6.4500	02/01/36	119,403
96,223	Loan ID 201027	ARM	9.5380	03/01/37	100,072
126,104	Loan ID 201032	Fixed	4.5000	11/01/44	110,935
73,375	Loan ID 201036	Fixed	4.3750	12/01/44	64,032
62,429	Loan ID 201037	Fixed	8.2500	07/01/39	64,789
84,503	Loan ID 201041	Fixed	3.7500	11/01/52	73,533
100,438	Loan ID 201043	Fixed	4.0000	04/01/39	84,307
152,412	Loan ID 201044	Fixed	4.8700	03/29/37	140,499
93,844	Loan ID 201045	Fixed	3.3750	07/01/37	71,609
276,448	Loan ID 201046	Fixed	3.0000	10/01/58	242,526
101,928	Loan ID 201047	Fixed	3.6250	04/01/53	84,279
60,756	Loan ID 201053	Fixed	3.8600	07/01/53	53,203
185,413	Loan ID 201054	Fixed	2.4000	05/17/50	145,142
142,433	Loan ID 201057	Fixed	4.3750	01/01/50	128,192
99,104	Loan ID 201058	Fixed	4.2500	08/01/37	88,177
87,813	Loan ID 201060	ARM	2.7500	07/01/35	85,827
75,993	Loan ID 201061	Fixed	5.0000	02/01/50	61,023
104,181	Loan ID 201063	Fixed	4.0000	09/01/47	91,366
209,684	Loan ID 201066	Fixed	4.2500	12/01/46	187,105
391,694	Loan ID 201067	Fixed	4.7500	01/01/44	351,735
59,603	Loan ID 201069	Fixed	4.6250	12/01/44	53,043
62,930	Loan ID 201072	Fixed	3.5000	03/01/28	52,265
84,530	Loan ID 201075	Fixed	4.3750	10/01/44	73,803
204,916	Loan ID 201084	Fixed	5.0000	08/01/38	192,075
228,256	Loan ID 201092	Fixed	5.2500	04/01/46	212,117

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2022
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 105.7% (Continued)
	MORTGAGE LOANS (PRIVATE) — 105.7% (Continued)
124,816	Loan ID 201093	Fixed	4.1250	02/01/45	$ 112,908
133,631	Loan ID 201103	ARM	2.1250	05/01/44	125,885
144,253	Loan ID 201104	Fixed	4.3750	04/01/45	125,908
64,430	Loan ID 201107	Fixed	5.1500	02/01/36	60,508
146,461	Loan ID 201111	Fixed	4.8750	04/01/50	113,283
74,620	Loan ID 201113	Fixed	5.7500	12/01/52	72,053
114,148	Loan ID 201114	Fixed	8.0870	05/01/54	117,995
463,658	Loan ID 201115	Fixed	4.0000	02/01/51	405,612
73,846	Loan ID 201122	Fixed	4.7500	11/01/48	68,097
200,933	Loan ID 201124	Fixed	4.7500	04/01/40	183,587
65,153	Loan ID 201127	ARM	3.0000	04/01/37	63,544
102,243	Loan ID 201130	Fixed	4.8500	12/01/37	92,903
113,561	Loan ID 201131	Fixed	8.2500	05/01/53	117,804
153,645	Loan ID 201132	Fixed	4.2500	07/01/37	119,059
176,102	Loan ID 201134	Fixed	4.6250	10/01/53	141,930
163,105	Loan ID 201139	Fixed	3.0000	11/01/53	135,607
75,965	Loan ID 201143	Fixed	3.5000	11/01/37	58,490
123,307	Loan ID 201146	Fixed	4.8750	08/01/54	113,667
101,641	Loan ID 201147	Fixed	4.1250	11/01/51	84,860
84,167	Loan ID 201148	Fixed	3.9500	10/01/42	75,201
343,435	Loan ID 201149	Fixed	5.0000	12/01/61	314,571
87,696	Loan ID 201155	Fixed	6.0000	11/01/53	56,398
186,257	Loan ID 201160	Fixed	4.9200	10/01/49	152,787
353,425	Loan ID 201163	Fixed	4.7500	12/01/49	279,594
155,155	Loan ID 201164	Fixed	4.2500	11/01/51	137,742
395,717	Loan ID 201168	Fixed	3.8750	04/01/52	359,342
48,481	Loan ID 201170	Fixed	4.3750	07/01/37	43,481
100,666	Loan ID 201173	Fixed	4.2800	11/01/47	70,112
120,533	Loan ID 201176	Fixed	4.2500	07/01/53	108,551
287,685	Loan ID 201179	Fixed	4.7500	05/01/51	218,929
240,711	Loan ID 201181	Fixed	4.5000	04/01/34	220,547
123,039	Loan ID 201183	Fixed	3.5000	10/01/52	106,359
57,668	Loan ID 201184	Fixed	4.0000	06/01/49	51,617
227,579	Loan ID 201185	Fixed	7.2500	10/01/53	230,583

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2022
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 105.7% (Continued)
	MORTGAGE LOANS (PRIVATE) — 105.7% (Continued)
75,244	Loan ID 201187	Fixed	5.0000	11/01/48	$ 52,453
567,089	Loan ID 201196	Fixed	4.3750	11/01/36	509,397
300,366	Loan ID 201199	Fixed	5.1250	11/01/46	280,663
132,896	Loan ID 201205	Fixed	4.6250	01/01/45	118,090
102,922	Loan ID 201208	Fixed	4.6250	04/01/45	91,273
161,221	Loan ID 201209	Fixed	4.2500	04/01/45	139,536
384,758	Loan ID 201212	Fixed	4.6250	03/01/61	342,040
175,902	Loan ID 201213	Fixed	4.8750	08/01/44	158,680
478,038	Loan ID 201214	ARM	2.3750	09/01/43	449,007
55,078	Loan ID 201221	Fixed	3.2500	05/01/43	47,783
43,831	Loan ID 201222	Fixed	5.1250	01/01/45	39,868
143,463	Loan ID 201240	Fixed	4.2500	10/01/45	118,337
267,097	Loan ID 201241	Fixed	4.3750	07/01/45	233,128
99,340	Loan ID 201243	Fixed	4.6250	11/01/45	88,214
361,291	Loan ID 201244	Fixed	4.5000	06/01/45	317,552
101,946	Loan ID 201245	Fixed	4.7500	08/01/44	91,576
90,852	Loan ID 201248	Fixed	4.8750	07/01/44	82,073
453,916	Loan ID 201249	Fixed	4.6250	03/01/59	401,837
193,499	Loan ID 201254	Fixed	7.2500	05/01/60	196,197
208,653	Loan ID 201255	ARM	6.6250	06/01/35	208,653
156,480	Loan ID 201260	Fixed	4.7500	09/01/45	140,118
45,057	Loan ID 201263	Fixed	4.7500	10/01/45	40,395
132,667	Loan ID 201266	Fixed	4.5000	02/01/46	116,266
135,288	Loan ID 201270	Fixed	4.1250	02/01/45	116,032
219,022	Loan ID 201273	Fixed	4.5000	12/01/45	191,923
195,607	Loan ID 201274	Fixed	4.1250	10/01/45	167,470
21,127	Loan ID 201285	Fixed	4.6250	11/01/28	20,562
277,009	Loan ID 201291	Fixed	5.0000	08/01/45	251,226
111,356	Loan ID 201294	Fixed	4.6250	02/01/46	96,511
693,509	Loan ID 201296	Fixed	4.2500	02/01/46	597,372
65,598	Loan ID 201301	Fixed	4.5500	10/01/44	57,932
134,657	Loan ID 201305	Fixed	4.6250	08/01/44	119,481
105,312	Loan ID 201306	Fixed	3.8750	09/01/45	88,490
161,430	Loan ID 201307	Fixed	4.2500	10/01/48	139,193

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2022
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 105.7% (Continued)
	MORTGAGE LOANS (PRIVATE) — 105.7% (Continued)
56,718	Loan ID 201308	Fixed	4.6250	11/01/45	$ 50,269
147,229	Loan ID 201309	Fixed	4.0000	09/01/45	124,880
294,807	Loan ID 201313	Fixed	4.6250	01/01/46	251,766
156,203	Loan ID 201319	Fixed	4.3750	10/01/45	135,940
125,027	Loan ID 201324	Fixed	5.2500	04/01/46	115,796
161,648	Loan ID 201326	Fixed	4.6250	03/01/46	143,258
173,402	Loan ID 201328	Fixed	4.2500	11/01/45	134,256
337,658	Loan ID 201333	Fixed	3.8750	11/01/45	283,569
174,948	Loan ID 201336	Fixed	4.7500	01/01/46	155,350
217,791	Loan ID 201350	Fixed	4.0000	06/01/45	195,460
454,708	Loan ID 201354	Fixed	3.3750	07/01/46	394,048
124,373	Loan ID 201355	Fixed	5.2500	12/01/45	115,328
138,430	Loan ID 201358	Fixed	4.8750	07/01/45	125,283
308,203	Loan ID 201365	Fixed	4.2500	10/01/45	265,755
166,754	Loan ID 201370	Fixed	4.2500	07/01/46	143,694
238,633	Loan ID 201372	Fixed	4.6250	08/01/46	211,096
132,063	Loan ID 201375	Fixed	4.5000	06/01/45	112,866
240,715	Loan ID 201377	Fixed	3.8750	05/01/46	209,678
290,703	Loan ID 201381	Fixed	4.8750	07/01/45	262,181
127,573	Loan ID 201385	Fixed	4.6250	12/01/45	119,508
207,000	Loan ID 201390	Fixed	5.1250	09/01/45	189,620
365,695	Loan ID 201391	Fixed	5.1250	10/01/45	327,173
401,832	Loan ID 201393	Fixed	3.7500	04/01/56	350,727
67,002	Loan ID 201394	Fixed	6.7000	06/01/34	66,993
79,547	Loan ID 201395	Fixed	6.3000	07/01/44	29,414
78,985	Loan ID 201400	Fixed	4.7500	07/01/44	70,898
82,429	Loan ID 201401	Fixed	4.7500	10/01/44	73,934
86,350	Loan ID 201403	Fixed	4.7500	08/01/44	75,874
66,151	Loan ID 201405	Fixed	5.2500	08/01/44	61,367
50,387	Loan ID 201406	Fixed	4.2500	06/01/46	43,312
224,054	Loan ID 201407	Fixed	4.8750	01/01/46	202,442
151,156	Loan ID 201411	Fixed	4.7500	12/01/45	135,522
132,452	Loan ID 201412	Fixed	5.7500	12/01/45	126,847
312,162	Loan ID 201413	Fixed	4.5000	07/01/45	290,117

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2022
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 105.7% (Continued)
	MORTGAGE LOANS (PRIVATE) — 105.7% (Continued)
67,631	Loan ID 201414	Fixed	4.2500	07/01/44	$ 57,015
48,929	Loan ID 201415	Fixed	8.0000	04/01/34	50,502
54,030	Loan ID 201417	Fixed	6.0000	08/01/37	52,712
37,040	Loan ID 201419	Fixed	10.0000	11/01/33	38,521
52,838	Loan ID 201422	Fixed	4.6250	10/01/46	46,612
90,670	Loan ID 201434	Fixed	4.3750	06/01/46	78,778
82,865	Loan ID 201436	Fixed	4.3750	05/01/45	72,247
165,855	Loan ID 201439	Fixed	5.0000	12/01/45	151,032
295,073	Loan ID 201440	Fixed	4.6250	07/01/46	231,243
276,876	Loan ID 201442	Fixed	4.8750	12/01/45	249,653
46,954	Loan ID 201444	Fixed	4.5000	11/01/44	41,243
233,053	Loan ID 201447	Fixed	4.8750	10/01/44	210,510
84,506	Loan ID 201449	Fixed	4.0000	08/01/44	71,955
215,741	Loan ID 201458	Fixed	3.8750	09/01/46	176,145
247,413	Loan ID 201461	Fixed	4.1250	12/01/44	206,439
93,311	Loan ID 201465	Fixed	5.1250	12/01/44	85,633
281,801	Loan ID 201473	Fixed	4.5000	02/01/45	248,186
133,930	Loan ID 201476	ARM	8.5000	02/01/37	121,577
72,768	Loan ID 201477	Fixed	6.7500	11/01/36	72,896
272,419	Loan ID 201483	Fixed	4.1250	12/01/45	232,927
70,681	Loan ID 201484	Fixed	4.5000	10/01/46	61,810
55,254	Loan ID 201485	Fixed	5.7500	03/01/38	53,305
155,635	Loan ID 201487	Fixed	4.6250	02/01/52	144,743
84,786	Loan ID 201489	Fixed	4.7500	03/01/46	75,930
70,823	Loan ID 201499	Fixed	4.7500	05/01/45	63,680
97,016	Loan ID 201502	Fixed	5.2500	04/01/44	90,183
137,655	Loan ID 201503	Fixed	5.0000	07/01/46	125,174
415,606	Loan ID 201504	Fixed	4.5000	07/01/45	365,180
83,908	Loan ID 201505	ARM	4.0000	09/01/46	87,265
285,045	Loan ID 201506	Fixed	5.0000	02/01/47	259,094
207,107	Loan ID 201508	Fixed	5.0000	02/01/47	188,459
113,371	Loan ID 201513	Fixed	4.0000	01/01/46	102,260
47,165	Loan ID 201515	Fixed	5.1250	04/01/47	43,041
88,757	Loan ID 201519	Fixed	4.7500	09/01/45	79,642

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2022
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 105.7% (Continued)
	MORTGAGE LOANS (PRIVATE) — 105.7% (Continued)
73,158	Loan ID 201523	Fixed	5.1250	07/01/45	$ 67,236
333,183	Loan ID 201533	Fixed	4.7500	05/01/46	297,436
38,752	Loan ID 201534	Fixed	4.8750	05/01/47	34,803
309,116	Loan ID 201535	Fixed	4.8750	08/01/47	292,417
127,627	Loan ID 201552	Fixed	4.0000	08/01/47	114,839
44,406	Loan ID 201556	Fixed	4.9900	12/01/47	39,977
123,963	Loan ID 201558	Fixed	4.5000	08/01/47	114,817
97,201	Loan ID 201579	Fixed	4.7500	12/01/36	86,632
79,173	Loan ID 201581	Fixed	4.1250	10/01/46	67,382
80,727	Loan ID 201583	Fixed	5.2500	08/01/47	78,058
41,728	Loan ID 201585	Fixed	5.5000	03/01/48	39,103
362,798	Loan ID 201586	Fixed	4.6250	05/01/47	319,442
293,046	Loan ID 201587	Fixed	4.3750	01/01/48	250,819
31,547	Loan ID 201589	Fixed	5.3750	06/01/48	29,208
298,643	Loan ID 201591	Fixed	5.3750	08/01/48	279,832
61,353	Loan ID 201598	Fixed	6.0000	01/01/37	59,878
320,259	Loan ID 201599	Fixed	5.0000	07/01/38	296,320
44,013	Loan ID 201600	Fixed	6.0000	01/01/36	26,295
57,880	Loan ID 201604	Fixed	8.5000	01/01/48	60,121
58,983	Loan ID 201611	Fixed	9.9900	07/01/48	31,011
252,161	Loan ID 201612	Fixed	8.9900	10/01/25	262,248
26,798	Loan ID 201624	Fixed	11.0000	07/22/28	26,946
42,511	Loan ID 201627	Fixed	10.4500	02/19/47	44,211
47,647	Loan ID 201628	Fixed	11.0000	07/25/40	47,647
31,624	Loan ID 201629	Fixed	11.0000	03/06/33	31,624
46,187	Loan ID 201630(a)	Fixed	9.9500	01/28/20	46,187
40,080	Loan ID 201631	Fixed	9.9500	07/25/31	41,684
64,026	Loan ID 201634	Fixed	7.9500	02/28/48	63,657
64,138	Loan ID 201635	Fixed	9.9500	03/14/46	66,704
70,521	Loan ID 201636	Fixed	9.4500	05/13/31	73,342
97,139	Loan ID 201637	Fixed	11.0000	05/22/45	101,025
135,544	Loan ID 201638	Fixed	8.5000	09/19/44	140,966
310,377	Loan ID 201639	Fixed	5.0000	09/01/48	294,797
332,325	Loan ID 201640	Fixed	5.1250	04/01/49	305,816

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2022
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 105.7% (Continued)
	MORTGAGE LOANS (PRIVATE) — 105.7% (Continued)
158,632	Loan ID 201641(a)	DSI	10.5000	06/01/20	$ 158,632
669,302	Loan ID 201645(a)	Fixed	8.0000	07/01/20	108,829
39,012	Loan ID 201647	Fixed	6.0000	10/01/31	38,221
28,218	Loan ID 201648	Fixed	7.1500	08/14/30	27,246
49,881	Loan ID 201649	Fixed	4.8000	02/20/30	47,110
34,427	Loan ID 201650	Fixed	7.0000	11/14/31	34,646
49,853	Loan ID 201651	Fixed	7.0000	12/01/36	36,983
247,013	Loan ID 201652	Fixed	5.0000	10/01/36	205,654
190,569	Loan ID 201653	Fixed	4.2500	06/01/48	174,224
429,220	Loan ID 201654	Fixed	4.8750	07/01/49	382,318
144,786	Loan ID 201655	Fixed	7.7000	01/01/49	146,187
111,743	Loan ID 201656	Fixed	4.6250	06/01/49	97,908
238,121	Loan ID 201657	Fixed	5.2500	11/01/48	220,895
126,600	Loan ID 201662	Fixed	5.3750	09/01/48	117,091
410,759	Loan ID 201663	Fixed	4.7500	10/01/48	383,570
18,534	Loan ID 201664	Fixed	10.0000	08/01/33	18,534
40,789	Loan ID 201665	Fixed	9.9900	08/01/48	42,421
17,204	Loan ID 201666	Fixed	10.0000	06/01/33	17,892
16,051	Loan ID 201667	Fixed	10.0000	07/01/33	16,693
15,033	Loan ID 201668	Fixed	9.7500	11/01/33	15,634
54,607	Loan ID 201670	Fixed	8.0000	09/15/48	54,607
22,364	Loan ID 201671	Fixed	9.0000	09/15/48	22,364
20,928	Loan ID 201672	Fixed	9.9000	10/15/48	20,928
50,937	Loan ID 201673	Fixed	9.9900	06/01/48	52,975
23,690	Loan ID 201674	Fixed	9.9000	12/01/48	24,637
110,476	Loan ID 201676	Fixed	9.6250	10/01/48	114,895
79,286	Loan ID 201677	Fixed	9.2500	11/01/48	79,286
23,341	Loan ID 201678	Fixed	10.0000	08/01/48	24,275
41,597	Loan ID 201679	Fixed	7.7000	03/01/47	42,341
38,901	Loan ID 201680	Fixed	9.9000	09/15/48	40,457
176,056	Loan ID 201682	Fixed	5.0000	07/01/48	123,084
396,103	Loan ID 201684	Fixed	4.5000	08/01/49	345,650
279,726	Loan ID 201685	Fixed	5.5000	02/01/49	261,215
97,717	Loan ID 201686	Fixed	4.2500	07/01/49	83,284

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2022
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 105.7% (Continued)
	MORTGAGE LOANS (PRIVATE) — 105.7% (Continued)
103,940	Loan ID 201687	Fixed	5.5000	07/01/48	$ 83,499
201,865	Loan ID 201689	Fixed	4.5000	04/01/49	175,328
107,081	Loan ID 201692	Fixed	8.4900	11/01/29	111,248
63,577	Loan ID 201696	Fixed	5.1250	10/01/48	57,756
81,835	Loan ID 201698	Fixed	4.3750	12/01/47	70,504
260,018	Loan ID 201699	Fixed	5.5220	09/01/49	244,014
317,062	Loan ID 201700	Fixed	6.1250	06/01/49	308,539
61,121	Loan ID 201701	Fixed	5.0000	08/01/49	55,431
175,542	Loan ID 201707	Fixed	4.8750	08/01/49	158,679
201,552	Loan ID 201709	Fixed	5.3250	09/01/49	184,139
142,192	Loan ID 201710	Fixed	6.7000	11/01/49	139,216
182,738	Loan ID 201713	Fixed	10.1110	12/01/49	179,926
100,711	Loan ID 201715	Fixed	10.1300	12/01/49	104,739
235,038	Loan ID 201716	Fixed	10.1500	12/01/49	244,440
428,960	Loan ID 201717	Fixed	6.5000	12/01/48	424,547
114,689	Loan ID 201719	Fixed	4.7500	09/01/49	115,294
134,597	Loan ID 201720	Fixed	4.3750	04/01/49	115,376
248,381	Loan ID 201724	Fixed	5.3750	01/01/49	138,937
76,399	Loan ID 201725	Fixed	8.4900	12/01/22	68,597
54,997	Loan ID 201726	Fixed	8.4900	12/01/22	49,381
125,512	Loan ID 201732	Fixed	5.1250	05/01/47	114,787
76,550	Loan ID 201733	Fixed	5.2500	04/01/44	71,188
123,881	Loan ID 201739	ARM	7.1250	04/01/48	124,984
225,075	Loan ID 201741	ARM	8.0000	07/01/48	229,086
135,012	Loan ID 201743	Fixed	5.4990	09/01/48	126,025
286,092	Loan ID 201744	Fixed	5.6250	05/01/49	266,513
361,816	Loan ID 201746	Fixed	4.8750	07/01/49	325,517
537,610	Loan ID 201750	Fixed	6.1250	04/01/50	526,547
1,086,181	Loan ID 201753	Fixed	4.8750	04/01/50	986,364
246,263	Loan ID 201756	Fixed	5.0000	03/01/50	225,374
249,951	Loan ID 201757	ARM	5.1250	04/01/50	242,077
411,554	Loan ID 201758	Fixed	5.8750	03/01/50	388,186
256,148	Loan ID 201759	ARM	5.7500	03/01/50	254,037
254,253	Loan ID 201761	Fixed	6.8750	02/01/50	254,241

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2022
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 105.7% (Continued)
	MORTGAGE LOANS (PRIVATE) — 105.7% (Continued)
418,838	Loan ID 201762	Fixed	5.9900	03/01/50	$ 405,355
143,937	Loan ID 201763	Fixed	7.3750	04/01/50	143,344
213,631	Loan ID 201767	Fixed	5.2500	07/01/49	205,028
187,028	Loan ID 201768	Fixed	6.7500	04/01/50	185,805
213,608	Loan ID 201770	Fixed	9.3750	04/01/50	220,921
338,284	Loan ID 201772	Fixed	8.1250	03/01/50	339,856
438,366	Loan ID 201780	Fixed	6.1250	04/01/50	416,238
283,457	Loan ID 201784	Fixed	6.7500	04/01/50	276,550
247,000	Loan ID 201797	Fixed	10.9900	05/01/22	247,000
33,044	Loan ID 201802	Fixed	4.2500	10/01/29	33,042
19,829	Loan ID 201803	Fixed	7.0500	07/01/34	20,009
170,829	Loan ID 201804	Fixed	4.0000	03/01/58	151,740
108,672	Loan ID 201805	Fixed	4.3750	08/01/59	97,901
25,975	Loan ID 201806	DSI	9.0000	06/01/26	26,742
70,701	Loan ID 201807	Fixed	5.0000	08/01/43	62,180
118,370	Loan ID 201808	Fixed	3.8750	06/01/60	104,229
163,204	Loan ID 201809	Fixed	3.7500	11/01/59	142,897
73,261	Loan ID 201810	Fixed	3.7500	02/01/42	66,580
59,230	Loan ID 201811	DSI	11.8300	05/01/35	61,599
28,565	Loan ID 201812	Fixed	9.2400	02/01/27	29,707
48,365	Loan ID 201814	DSI	7.7400	03/01/33	49,505
64,421	Loan ID 201815	Fixed	8.0000	09/01/33	65,724
51,896	Loan ID 201816	Fixed	4.6250	04/01/29	51,003
94,072	Loan ID 201817	Fixed	4.1250	10/01/34	94,079
50,815	Loan ID 201819	Fixed	3.8750	11/01/29	44,773
2,983	Loan ID 201820	Fixed	3.7500	03/01/42	2,625
62,584	Loan ID 201821	Fixed	6.4500	05/01/30	62,125
48,649	Loan ID 201822	DSI	8.9200	01/01/36	21,814
71,024	Loan ID 201823	Fixed	9.6250	03/01/40	71,005
273,450	Loan ID 201824	DSI	8.5000	10/01/37	267,431
122,570	Loan ID 201825	Fixed	3.8750	03/01/40	112,660
58,337	Loan ID 201826	Fixed	8.4980	11/01/30	60,383
25,843	Loan ID 201827	Fixed	10.7800	03/01/26	26,877
27,213	Loan ID 201828	Fixed	8.2490	10/01/30	28,040

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2022
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 105.7% (Continued)
	MORTGAGE LOANS (PRIVATE) — 105.7% (Continued)
108,132	Loan ID 201829	DSI	10.4600	08/01/37	$ 112,457
30,782	Loan ID 201830	DSI	10.5550	10/01/26	30,782
61,731	Loan ID 201831	DSI	11.1100	02/01/38	64,200
53,622	Loan ID 201832	Fixed	6.2500	06/01/34	52,611
33,646	Loan ID 201833	DSI	12.6790	06/01/23	34,860
59,650	Loan ID 201834	DSI	9.1500	04/01/38	62,036
34,016	Loan ID 201835	DSI	7.5000	01/01/27	34,918
26,738	Loan ID 201836	DSI	8.8360	07/01/27	27,514
43,841	Loan ID 201837	DSI	6.9960	09/01/31	44,105
42,996	Loan ID 201838	DSI	9.0700	07/01/27	44,716
42,095	Loan ID 201839	DSI	11.1100	08/01/39	43,779
66,673	Loan ID 201840	DSI	10.8700	10/01/41	69,340
34,275	Loan ID 201841	Fixed	10.0600	05/01/25	35,646
65,011	Loan ID 201842	DSI	11.0300	03/01/28	67,611
32,338	Loan ID 201843	Fixed	9.1800	08/01/31	33,632
43,086	Loan ID 201844	DSI	11.4900	11/01/28	44,810
15,900	Loan ID 201845	DSI	7.0000	02/01/24	16,061
41,432	Loan ID 201846	Fixed	8.4960	05/01/34	42,037
118,065	Loan ID 201847	Fixed	2.3750	06/01/33	99,086
51,516	Loan ID 201848	DSI	4.2900	11/01/32	48,426
49,871	Loan ID 201849	DSI	4.4800	06/01/35	46,805
124,298	Loan ID 201851	DSI	4.5000	08/30/23	124,298
88,300	Loan ID 201853	DSI	4.9100	02/01/34	84,924
82,825	Loan ID 201855	DSI	4.3900	07/01/36	77,039
44,773	Loan ID 201856	Fixed	7.9000	06/01/37	37,223
48,816	Loan ID 201857	Fixed	3.2500	04/01/35	48,772
365,804	Loan ID 201858	Fixed	4.6250	02/01/59	340,416
592,500	Loan ID 201859	Interest Only	7.5000	12/31/25	616,199
120,887	Loan ID 201861	Fixed	5.0000	05/01/40	116,657
21,210	Loan ID 201862	DSI	10.0000	05/01/27	22,058
20,607	Loan ID 201864	DSI	7.0560	01/01/35	19,337
26,902	Loan ID 201865	Fixed	6.4990	01/01/32	26,645
51,032	Loan ID 201866	Fixed	4.8750	01/01/44	46,377
30,055	Loan ID 201867	DSI	4.2300	12/01/32	26,150

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2022
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 105.7% (Continued)
	MORTGAGE LOANS (PRIVATE) — 105.7% (Continued)
53,987	Loan ID 201868	DSI	7.5360	09/01/34	$ 54,741
15,915	Loan ID 201869	DSI	8.3900	07/01/24	16,506
8,543	Loan ID 201870	DSI	9.4800	02/01/23	8,884
6,955	Loan ID 201871	Fixed	9.9700	05/01/26	7,233
33,753	Loan ID 201872	DSI	8.1000	09/01/38	34,619
15,248	Loan ID 201873	Fixed	6.6480	02/01/27	14,721
22,959	Loan ID 201874	DSI	10.5400	05/01/27	23,878
8,523	Loan ID 201875	Fixed	10.9800	06/01/30	8,864
12,718	Loan ID 201876	Fixed	8.3100	02/01/27	13,224
5,884	Loan ID 201877	DSI	9.8300	12/19/28	5,884
23,388	Loan ID 201878	DSI	9.0500	08/01/24	23,896
9,597	Loan ID 201879	Fixed	9.3100	10/01/26	9,981
18,401	Loan ID 201881	DSI	4.5900	05/01/26	16,260
9,533	Loan ID 201882	Fixed	8.3100	04/01/27	9,912
27,601	Loan ID 201883	Fixed	4.6250	06/01/33	25,270
4,421	Loan ID 201884(a)	DSI	11.3890	02/01/23	4,598
20,345	Loan ID 201885	Fixed	5.0000	05/01/34	19,055
3,001	Loan ID 201886	Fixed	10.6080	12/01/22	3,121
40,875	Loan ID 201887	Fixed	6.2500	01/01/42	40,353
20,070	Loan ID 201889	DSI	9.4990	02/01/39	20,873
7,589	Loan ID 201890	Fixed	4.5000	11/01/25	6,982
15,162	Loan ID 201891	Fixed	10.2900	07/01/26	15,769
13,663	Loan ID 201892	DSI	9.9600	06/01/23	13,663
11,175	Loan ID 201895	Fixed	9.6900	05/01/26	11,598
5,767	Loan ID 201896	Fixed	9.6800	09/01/25	5,988
16,330	Loan ID 201897	Fixed	8.2800	03/01/27	16,970
11,482	Loan ID 201898	Fixed	10.3120	10/01/26	11,942
14,893	Loan ID 201899	DSI	10.5000	10/01/24	15,489
15,121	Loan ID 201900	DSI	12.1320	01/29/19	15,121
20,906	Loan ID 201901	DSI	8.7360	09/01/28	20,458
14,604	Loan ID 201902	Fixed	10.5480	10/01/26	15,188
15,194	Loan ID 201904	DSI	10.1900	08/01/29	15,802
5,608	Loan ID 201905	DSI	10.8900	01/01/24	5,833
67,997	Loan ID 201907	Fixed	9.8540	09/01/30	65,147

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2022
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 105.7% (Continued)
	MORTGAGE LOANS (PRIVATE) — 105.7% (Continued)
21,401	Loan ID 201908	DSI	11.6160	09/01/27	$ 22,257
51,780	Loan ID 201909	DSI	9.2400	07/01/33	53,852
10,095	Loan ID 201910	DSI	6.0000	07/01/26	9,752
15,689	Loan ID 201911	DSI	7.9990	07/01/31	16,131
37,981	Loan ID 201912	Fixed	7.7500	08/01/34	37,022
5,795	Loan ID 201913	Fixed	9.3100	11/01/26	6,027
25,475	Loan ID 201914	DSI	9.3260	08/01/26	25,262
91,895	Loan ID 201916	Fixed	3.7500	05/01/38	87,993
221,300	Loan ID 201924	Interest Only	7.5000	02/28/26	225,502
343,492	Loan ID 201925	Interest Only	7.0000	02/29/24	345,134
254,311	Loan ID 201926	Fixed	11.9900	07/01/22	254,311
301,305	Loan ID 201927	Fixed	8.9900	04/01/51	306,380
1,610,000	Loan ID 201928	ARM	7.8750	04/01/50	1,669,924
296,395	Loan ID 201930	Fixed	8.9900	04/01/51	300,970
283,500	Loan ID 201933	Interest Only	7.5000	04/30/26	297,675
238,693	Loan ID 201935	Fixed	10.5000	05/01/26	248,241
163,772	Loan ID 201936	Fixed	8.9900	05/01/51	165,946
360,000	Loan ID 201937	Interest Only	7.0000	04/30/24	356,015
467,757	Loan ID 201938	Fixed	7.4900	05/01/51	462,954
2,792,726	Loan ID 201939	Fixed	6.7500	05/01/51	1,766,645
68,506	Loan ID 201940	Fixed	5.2500	06/20/50	62,868
242,085	Loan ID 201941	Fixed	5.1250	12/01/48	29,762
122,414	Loan ID 201942	Fixed	5.0000	06/01/50	111,264
100,578	Loan ID 201943	Interest Only	7.0000	05/31/24	96,751
195,953	Loan ID 201944	Interest Only	8.0000	05/31/24	198,888
170,000	Loan ID 201945	Fixed	8.9900	06/01/22	170,000
219,000	Loan ID 201946(a)	Fixed	9.9900	05/01/22	219,000
341,149	Loan ID 201947	Fixed	7.2500	12/01/37	325,981
134,855	Loan ID 201948	Fixed	4.2500	06/01/34	121,203
163,877	Loan ID 201950	Fixed	6.5000	10/01/26	161,686
206,783	Loan ID 201955	Fixed	7.7500	03/01/51	204,938
316,068	Loan ID 201956	Fixed	8.2500	03/01/51	315,179
403,327	Loan ID 201957	Fixed	8.9900	06/01/26	419,460
150,000	Loan ID 201958	Fixed	8.9900	05/01/23	153,482

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2022
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 105.7% (Continued)
	MORTGAGE LOANS (PRIVATE) — 105.7% (Continued)
496,577	Loan ID 201959	Fixed	8.9900	06/01/31	$ 503,512
85,370	Loan ID 201963	Fixed	10.4900	06/01/26	88,785
212,110	Loan ID 201965	Fixed	8.0000	05/01/38	206,402
381,902	Loan ID 201966	Fixed	7.0000	01/01/27	381,902
90,232	Loan ID 201967	Fixed	7.0000	03/01/43	70,171
249,850	Loan ID 201968	Fixed	6.0000	03/01/43	243,251
299,576	Loan ID 201969	Fixed	8.2500	04/01/51	297,849
203,718	Loan ID 201973	Fixed	8.9900	07/01/31	209,777
168,000	Loan ID 201974	Interest Only	8.0000	06/30/24	173,026
79,499	Loan ID 201976	Fixed	9.4900	07/01/31	82,679
143,920	Loan ID 201977	Fixed	8.7500	06/01/51	141,287
303,596	Loan ID 201983	Fixed	9.9900	08/01/26	315,740
161,580	Loan ID 201984	Fixed	8.9900	08/01/26	168,043
496,000	Loan ID 201985	Interest Only	9.0000	07/31/24	491,067
221,994	Loan ID 201986	Interest Only	7.5000	06/30/26	231,979
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	140,354
201,354	Loan ID 201990	Fixed	8.9900	08/01/51	198,083
248,585	Loan ID 201991	Fixed	8.9900	08/01/31	251,125
294,921	Loan ID 201992	Fixed	9.9900	08/01/26	306,718
153,337	Loan ID 201993	Fixed	8.9900	08/01/31	156,991
1,034,500	Loan ID 201999	Interest Only	7.5000	08/31/26	1,075,879
198,800	Loan ID 202000	Interest Only	7.0000	08/31/24	104,415
360,000	Loan ID 202001	Interest Only	7.5000	08/31/26	376,796
122,500	Loan ID 202002	Interest Only	7.0000	08/31/24	121,359
153,000	Loan ID 202003	Interest Only	7.0000	08/31/24	51,120
469,215	Loan ID 202004	Fixed	8.2500	09/01/24	457,858
84,151	Loan ID 202005	Fixed	9.9900	09/01/36	87,517
451,710	Loan ID 202007	Fixed	8.9900	10/01/26	469,779
266,300	Loan ID 202008	Interest Only	7.0000	09/30/24	89,567
266,300	Loan ID 202009	Interest Only	7.0000	10/31/24	197,556
61,500	Loan ID 202010	Interest Only	7.0000	10/31/24	57,322
385,464	Loan ID 202011	Interest Only	7.0000	10/31/24	373,357
133,995	Loan ID 202012	Fixed	9.4900	12/01/31	136,236

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2022
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 105.7% (Continued)
	MORTGAGE LOANS (PRIVATE) — 105.7% (Continued)
56,250	Loan ID 202016	Fixed	8.9900	11/01/22	$ 56,250
282,942	Loan ID 202018	Fixed	11.4900	12/01/24	287,615
252,000	Loan ID 202019	Fixed	9.9900	12/01/22	252,000
172,031	Loan ID 202020	Fixed	9.9900	12/01/26	178,913
192,000	Loan ID 202021	Fixed	9.9900	12/01/23	197,109
4,000,000	Loan ID 202022	Fixed	11.0000	12/01/22	3,919,999
102,424	Loan ID 202023	Fixed	8.7500	08/01/51	101,664
127,694	Loan ID 202024	Fixed	8.9900	01/01/52	128,142
343,940	Loan ID 202025	Fixed	8.5000	01/01/52	347,055
236,300	Loan ID 202026	Interest Only	7.5000	11/30/26	243,239
319,500	Loan ID 202027	Interest Only	7.0000	11/30/24	297,617
129,500	Loan ID 202028	Interest Only	8.0000	11/30/24	126,289
140,000	Loan ID 202031	Fixed	9.2500	02/01/24	141,494
491,412	Loan ID 202032	Fixed	7.9900	02/01/42	490,658
421,565	Loan ID 202033	Fixed	8.9900	02/01/27	438,427
153,844	Loan ID 202034	Interest Only	7.0000	12/31/24	138,757
241,566	Loan ID 202036	Fixed	8.2500	09/01/51	231,034
220,053	Loan ID 202038	Fixed	6.0000	02/01/30	220,053
220,053	Loan ID 202039	Fixed	6.0000	02/01/30	220,053
220,053	Loan ID 202040	Fixed	6.0000	02/01/30	220,053
178,354	Loan ID 202043	Fixed	8.9900	02/01/27	185,488
29,900	Loan ID 202044	Fixed	8.9900	03/01/25	27,130
56,416	Loan ID 202045	Fixed	9.4900	03/01/32	57,133
54,867	Loan ID 202046	Fixed	7.9900	02/01/24	53,933
253,500	Loan ID 202049	Interest Only	7.5000	02/28/27	253,439
271,500	Loan ID 202050	Interest Only	7.0000	01/31/25	254,211
630,000	Loan ID 202051	Interest Only	8.5000	01/31/25	591,813
99,877	Loan ID 202052	Fixed	8.8750	02/28/23	84,895
90,282	Loan ID 202053	Fixed	3.0000	02/28/23	76,740
357,000	Loan ID 202054	Fixed	10.9900	03/01/24	371,280
82,500	Loan ID 202055	Fixed	8.9900	03/01/23	82,500
532,500	Loan ID 202056	Fixed	9.9900	04/01/24	552,358
60,465	Loan ID 202057	Fixed	11.9900	04/01/25	62,884
168,000	Loan ID 202058	Fixed	8.9900	04/01/23	168,000

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2022
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 105.7% (Continued)
	MORTGAGE LOANS (PRIVATE) — 105.7% (Continued)
400,000	Loan ID 202060	Fixed	9.9900	04/01/24	$ 402,846
400,000	Loan ID 202061	Fixed	9.9900	04/01/24	402,846
400,000	Loan ID 202062	Fixed	9.9900	04/01/24	402,846
400,000	Loan ID 202063	Fixed	9.9900	04/01/24	402,846
463,590	Loan ID 202064	Fixed	8.9900	04/01/27	482,134
103,886	Loan ID 202065	Fixed	8.9900	04/01/27	108,041
355,529	Loan ID 202066	Fixed	8.9900	04/01/27	369,750
425,000	Loan ID 202067	Fixed	10.5000	04/01/24	442,000
287,000	Loan ID 202068	Fixed	8.9900	04/01/24	296,768
262,116	Loan ID 202069	Fixed	9.9900	04/01/27	272,601
184,800	Loan ID 202070	Fixed	8.9900	04/01/24	184,123
164,500	Loan ID 202072	Fixed	8.9900	04/01/23	164,500
1,125,000	Loan ID 202073	Fixed	7.0000	03/31/25	1,125,000
119,721	Loan ID 202074	Fixed	10.9900	04/01/32	124,510
175,922	Loan ID 202075	Fixed	9.9900	05/01/27	182,959
132,632	Loan ID 202076	Fixed	9.9900	04/01/32	134,782
128,701	Loan ID 202077	Fixed	11.9900	04/01/24	132,160
77,931	Loan ID 202078	Fixed	9.9900	04/01/24	81,048
90,900	Loan ID 202079	Fixed	8.9900	04/01/52	87,698
305,228	Loan ID 202080	Fixed	9.9900	04/01/27	317,437
164,500	Loan ID 202081	Fixed	8.9900	05/01/23	164,500
2,332,420	Loan ID 202082	Fixed	11.0000	04/08/23	2,332,420
451,800	Loan ID 202084	Fixed	9.9900	05/01/27	469,872
88,800	Loan ID 202085	Fixed	8.9900	05/01/24	85,997
148,000	Loan ID 202086	Fixed	8.9900	05/01/24	145,319
262,324	Loan ID 202087	Fixed	7.9900	05/01/52	245,266
324,000	Loan ID 202088	Fixed	11.5000	05/01/24	336,960
1,397,901	Loan ID 202089	Fixed	8.9900	05/01/42	1,423,081
126,320	Loan ID 202090	Fixed	8.9900	05/01/24	125,459
160,500	Loan ID 202091	Fixed	8.9900	05/01/24	162,210
157,500	Loan ID 202092	Fixed	7.0000	03/31/25	157,500
147,000	Loan ID 202093	Fixed	8.0000	03/31/27	147,000
325,500	Loan ID 202094	Fixed	8.0000	04/07/25	325,500
325,500	Loan ID 202095	Fixed	8.0000	04/07/25	325,500

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2022
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 105.7% (Continued)
	MORTGAGE LOANS (PRIVATE) — 105.7% (Continued)
325,500	Loan ID 202096	Fixed	8.0000	04/07/25	$ 325,500
652,000	Loan ID 202097	Fixed	8.9900	05/01/24	664,878
299,777	Loan ID 202098	Fixed	7.4900	05/01/52	266,915
83,954	Loan ID 202099	Fixed	8.9900	05/01/52	81,930
150,000	Loan ID 202100	Fixed	9.5000	05/01/24	155,253
279,847	Loan ID 202101	Fixed	8.9900	05/01/32	287,563
1,360,612	Loan ID 202102	Fixed	5.7500	12/01/47	1,326,596
1,668,916	Loan ID 202103	Fixed	7.0000	11/01/49	1,627,193
					116,779,839
	TOTAL LOANS (Cost $114,304,387)				116,779,839
	OTHER INVESTMENTS(b) - 0.4% (Cost $379,279)				486,875
	TOTAL INVESTMENTS - 106.1% (Cost $114,683,666)				$ 117,266,714
	LIABILITIES IN EXCESS OF OTHER ASSETS - (6.1)%				(6,755,184)
	NET ASSETS - 100.0%				$ 110,511,530

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.