Carlyle Credit Income Fund (CCIF) NPORT-P Vertical Capital Income Fund (Jun 2023 report)

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2023
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 92.7%
	MORTGAGE LOANS (PRIVATE) — 92.7%
44,215	Loan ID 200012	ARM	10.8000	07/01/37	$ 45,983
27,583	Loan ID 200016	ARM	10.8750	01/01/31	28,686
38,172	Loan ID 200018	Fixed	7.0000	01/01/33	37,612
95,526	Loan ID 200023	Fixed	5.8750	12/01/50	66,666
194,655	Loan ID 200026	Fixed	4.7500	01/01/50	174,924
175,959	Loan ID 200029	Fixed	6.3100	07/01/37	168,845
512,941	Loan ID 200035	Fixed	4.6250	11/01/50	470,597
96,786	Loan ID 200041	Fixed	4.8750	08/01/39	86,491
34,292	Loan ID 200042	Fixed	7.0000	12/01/37	33,027
39,188	Loan ID 200043	Fixed	6.1250	07/01/39	36,902
43,823	Loan ID 200048	Fixed	5.5000	08/01/39	40,305
45,661	Loan ID 200054	Fixed	8.2500	03/01/39	46,436
68,141	Loan ID 200055	Fixed	10.0000	01/05/36	70,867
128,220	Loan ID 200079	Fixed	5.0000	02/01/59	114,409
59,142	Loan ID 200082	Fixed	8.2500	04/01/40	58,628
145,271	Loan ID 200084	Fixed	7.0000	03/01/39	138,780
266,880	Loan ID 200090	Fixed	4.5000	11/01/36	180,093
64,398	Loan ID 200102	Fixed	8.2500	03/01/40	64,332
100,609	Loan ID 200110	Fixed	8.2500	08/01/39	81,459
63,279	Loan ID 200128	Fixed	4.7100	07/01/37	50,254
420,543	Loan ID 200129	Fixed	4.6250	03/01/52	366,074
104,237	Loan ID 200135	Fixed	4.3750	12/01/42	88,103
67,044	Loan ID 200141	Fixed	4.2500	02/01/42	56,566
128,477	Loan ID 200158	Fixed	3.6250	12/01/42	104,643
165,369	Loan ID 200165	Fixed	4.3750	12/01/41	140,680
74,687	Loan ID 200174	Fixed	7.3400	04/01/37	73,973
40,840	Loan ID 200175	Fixed	9.6000	05/01/37	41,453
96,588	Loan ID 200181	Fixed	7.5000	06/01/41	89,935
62,476	Loan ID 200184	Fixed	4.3750	12/01/42	53,578
24,246	Loan ID 200185	Fixed	5.3750	06/01/42	21,704
45,765	Loan ID 200186	Fixed	5.1250	08/01/42	40,490
136,814	Loan ID 200194	Fixed	4.7500	09/01/41	121,464
213,908	Loan ID 200195	Fixed	3.8750	03/01/42	177,655

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 92.7% (Continued)
	MORTGAGE LOANS (PRIVATE) — 92.7% (Continued)
30,405	Loan ID 200198	Fixed	5.2500	10/01/42	$ 27,628
27,937	Loan ID 200201	Fixed	5.1250	08/01/41	25,616
16,223	Loan ID 200206	Fixed	3.9900	12/01/42	13,834
36,261	Loan ID 200208	Fixed	4.2500	01/01/43	30,788
146,182	Loan ID 200209	Fixed	3.8750	08/01/42	122,505
60,559	Loan ID 200218	Fixed	4.2500	12/01/41	51,887
42,444	Loan ID 200228	Fixed	4.6250	08/01/42	37,058
98,940	Loan ID 200243	Fixed	3.7500	04/01/43	79,914
20,726	Loan ID 200244	Fixed	5.0000	05/01/42	18,434
78,412	Loan ID 200287	Fixed	4.3750	07/01/43	67,536
23,653	Loan ID 200313	Fixed	8.5000	03/01/28	24,398
240,701	Loan ID 200315	ARM	6.7500	06/01/37	240,701
51,318	Loan ID 200317	Fixed	7.0000	09/01/32	50,031
80,306	Loan ID 200332	Fixed	5.7750	10/01/37	75,363
80,887	Loan ID 200334	Fixed	7.0000	01/01/33	80,887
245,954	Loan ID 200335	Fixed	3.0000	11/01/52	223,882
48,422	Loan ID 200348	Fixed	6.5000	07/01/38	46,255
50,414	Loan ID 200352	Fixed	7.0000	08/01/30	51,273
53,363	Loan ID 200361	Fixed	7.5000	01/01/34	52,972
77,869	Loan ID 200366	Fixed	6.2500	03/01/34	74,964
135,623	Loan ID 200368	ARM	7.2500	04/01/36	136,015
57,913	Loan ID 200374	ARM	8.0000	05/01/34	57,913
164,617	Loan ID 200380	Fixed	4.2200	04/01/49	142,613
258,375	Loan ID 200384	Fixed	5.0000	11/01/47	216,778
124,922	Loan ID 200385	Fixed	8.2500	01/01/40	120,259
177,797	Loan ID 200390	Fixed	4.7800	04/16/47	157,659
119,261	Loan ID 200391	Fixed	4.0000	01/13/35	105,512
54,667	Loan ID 200392	Fixed	10.0000	06/05/34	54,667
97,107	Loan ID 200395	Fixed	4.8600	01/01/52	86,470
61,252	Loan ID 200396	Fixed	10.0000	02/01/36	63,702
33,262	Loan ID 200399	Fixed	4.9800	06/01/37	31,004
32,842	Loan ID 200403	Fixed	8.3000	10/15/32	32,916
45,878	Loan ID 200404	Fixed	8.1000	05/01/37	45,721
106,965	Loan ID 200406	Fixed	4.8750	10/01/51	95,602

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 92.7% (Continued)
	MORTGAGE LOANS (PRIVATE) — 92.7% (Continued)
318,812	Loan ID 200409	Fixed	6.0000	02/01/49	$ 286,116
88,932	Loan ID 200411	Fixed	8.2750	06/01/37	89,945
55,304	Loan ID 200417	Fixed	7.0000	05/01/35	54,274
130,377	Loan ID 200420	Fixed	4.2250	04/10/38	114,046
108,959	Loan ID 200423	Fixed	4.5000	06/01/43	94,463
184,735	Loan ID 200430	Fixed	3.6250	07/01/43	149,622
240,987	Loan ID 200432	Fixed	4.8750	05/01/43	214,701
183,108	Loan ID 200435	Fixed	4.6250	11/01/52	162,860
36,693	Loan ID 200439	Fixed	5.0000	08/01/41	32,497
8,495	Loan ID 200447	ARM	5.8750	11/04/34	8,377
68,995	Loan ID 200448	Fixed	5.7500	05/01/42	64,764
294,754	Loan ID 200451	Fixed	6.2500	07/01/38	277,500
2,495	Loan ID 200460	Fixed	7.0000	07/01/41	2,506
344,167	Loan ID 200462	Fixed	6.0000	07/01/45	322,058
186,341	Loan ID 200465	Fixed	6.5000	07/01/37	178,097
105,165	Loan ID 200469	Fixed	6.5000	07/01/37	100,004
95,900	Loan ID 200489	Fixed	4.0000	03/01/43	79,697
168,254	Loan ID 200491	Fixed	5.5000	10/01/39	153,589
237,965	Loan ID 200494	Fixed	4.6250	10/01/43	207,323
159,124	Loan ID 200500	Fixed	5.8750	02/01/37	149,710
53,490	Loan ID 200507	Fixed	4.5000	09/01/42	45,902
76,582	Loan ID 200517	Fixed	8.0000	05/01/39	76,582
95,507	Loan ID 200527	Fixed	4.5000	12/01/43	81,335
87,773	Loan ID 200532	Fixed	3.2500	07/01/43	69,370
24,954	Loan ID 200545	Fixed	4.3750	02/01/29	22,330
78,951	Loan ID 200573	Fixed	3.7500	09/01/42	64,432
151,027	Loan ID 200578	Fixed	4.7500	08/01/40	131,181
39,889	Loan ID 200579	Fixed	4.8750	05/01/42	29,353
135,924	Loan ID 200580	Fixed	4.1250	11/01/41	115,052
271,643	Loan ID 200586	Fixed	3.5000	01/01/43	217,182
53,596	Loan ID 200593	Fixed	3.8750	06/01/42	44,027
59,007	Loan ID 200604	Fixed	3.5000	01/01/43	47,761
106,364	Loan ID 200612	Fixed	4.5000	02/01/43	91,997

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 92.7% (Continued)
	MORTGAGE LOANS (PRIVATE) — 92.7% (Continued)
141,700	Loan ID 200630	Fixed	5.2500	09/01/43	$ 125,579
195,511	Loan ID 200634	Fixed	4.3750	01/01/44	168,058
101,937	Loan ID 200645	Fixed	5.0000	04/01/44	90,844
120,546	Loan ID 200649	Fixed	4.3750	03/01/44	103,128
112,163	Loan ID 200650	Fixed	4.8750	05/01/44	97,451
173,998	Loan ID 200651	Fixed	3.6250	07/01/43	144,829
116,415	Loan ID 200655	Fixed	3.3750	05/01/43	91,652
161,805	Loan ID 200656	Fixed	6.8750	11/01/45	120,761
133,212	Loan ID 200657	Fixed	4.8750	08/01/51	118,568
148,277	Loan ID 200660	Fixed	5.8750	03/01/38	141,562
59,627	Loan ID 200663	Fixed	4.7500	05/01/44	51,439
134,975	Loan ID 200669	Fixed	5.2500	04/01/44	120,348
32,108	Loan ID 200670	Fixed	4.3750	02/01/29	28,623
266,441	Loan ID 200674	Fixed	4.5000	05/01/44	226,870
109,546	Loan ID 200684	Fixed	4.8750	04/01/44	95,190
199,240	Loan ID 200685	Fixed	4.8750	05/01/44	174,046
189,680	Loan ID 200690	Fixed	4.2500	04/01/44	159,288
209,861	Loan ID 200692	Fixed	4.6250	07/01/44	182,527
91,422	Loan ID 200694	Fixed	4.5000	09/01/43	78,892
39,386	Loan ID 200696	Fixed	3.7500	10/01/42	32,525
41,768	Loan ID 200709	Fixed	4.3750	04/01/43	35,573
96,022	Loan ID 200710	Fixed	4.5000	07/01/44	82,988
541,566	Loan ID 200714	Fixed	4.1750	11/01/36	466,471
168,951	Loan ID 200716	ARM	6.7440	08/01/37	175,709
120,186	Loan ID 200720	ARM	8.7500	04/01/42	109,430
140,444	Loan ID 200726	Fixed	4.3750	09/01/37	108,318
176,413	Loan ID 200732	Fixed	5.8750	09/01/27	176,413
125,344	Loan ID 200736	Fixed	4.7500	05/01/44	109,341
150,542	Loan ID 200742	Fixed	4.2500	04/01/43	127,600
51,859	Loan ID 200753	Fixed	5.2500	05/01/44	46,825
42,686	Loan ID 200755	Fixed	4.2500	06/01/43	36,413
158,755	Loan ID 200756	Fixed	4.8750	11/01/43	141,367
187,326	Loan ID 200771	Fixed	4.5000	12/01/61	158,988
37,930	Loan ID 200775	Fixed	4.2500	04/01/43	32,127

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 92.7% (Continued)
	MORTGAGE LOANS (PRIVATE) — 92.7% (Continued)
69,193	Loan ID 200776	Fixed	4.2500	03/01/44	$ 58,548
46,569	Loan ID 200777	Fixed	4.7500	06/01/44	40,182
145,778	Loan ID 200781	Fixed	4.6250	09/01/44	126,533
55,933	Loan ID 200783	Fixed	4.7500	09/01/44	50,137
195,664	Loan ID 200786	Fixed	4.6250	07/01/44	167,338
37,657	Loan ID 200787	Fixed	4.7500	09/01/44	32,750
176,111	Loan ID 200791	Fixed	4.8750	06/01/44	155,666
75,788	Loan ID 200795	Fixed	6.7500	08/01/36	72,581
68,010	Loan ID 200796	Fixed	5.8800	12/01/53	61,381
54,107	Loan ID 200799	Fixed	4.0000	02/01/53	44,145
57,651	Loan ID 200800	Fixed	4.0000	01/01/53	49,922
142,181	Loan ID 200805	Fixed	4.6250	07/01/50	100,709
51,862	Loan ID 200808	Fixed	4.2500	11/01/50	35,580
110,153	Loan ID 200809	Fixed	5.0000	04/01/50	85,555
209,876	Loan ID 200814	Fixed	8.2500	07/01/39	212,663
180,197	Loan ID 200821	Fixed	4.2500	08/01/44	151,001
69,573	Loan ID 200823	Fixed	4.2500	09/01/44	58,469
90,212	Loan ID 200826	Fixed	4.3750	09/01/44	76,986
160,675	Loan ID 200830	ARM	2.2500	07/01/44	150,585
23,859	Loan ID 200831	Fixed	4.2500	10/01/44	21,213
236,190	Loan ID 200832	Fixed	4.2500	10/01/44	202,468
136,293	Loan ID 200834	Fixed	4.1250	07/01/43	114,126
87,768	Loan ID 200853	Fixed	5.0000	04/01/37	80,308
242,245	Loan ID 200858	Fixed	5.0000	01/01/53	219,826
140,960	Loan ID 200860	Fixed	3.8750	03/01/52	117,181
102,820	Loan ID 200867	Fixed	4.5800	09/01/53	90,877
160,180	Loan ID 200880	Fixed	4.2500	06/01/43	136,543
43,210	Loan ID 200883	Fixed	3.3750	05/01/28	40,444
190,557	Loan ID 200887	Fixed	4.7500	09/01/44	168,350
176,849	Loan ID 200891	Fixed	4.2500	10/01/44	149,677
208,766	Loan ID 200892	Fixed	3.7500	09/01/43	169,275
166,801	Loan ID 200897	Fixed	4.7500	10/01/44	146,720
350,103	Loan ID 200907	ARM	6.7940	08/01/47	351,199
94,514	Loan ID 200908	Fixed	4.0000	06/01/49	81,700

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 92.7% (Continued)
	MORTGAGE LOANS (PRIVATE) — 92.7% (Continued)
113,739	Loan ID 200909	Fixed	4.8700	04/01/47	$ 98,375
581,393	Loan ID 200912	Fixed	5.1250	03/01/37	530,473
51,758	Loan ID 200913	Fixed	4.2500	05/01/47	44,780
127,830	Loan ID 200914	Fixed	2.8750	12/01/47	104,646
145,290	Loan ID 200917	Fixed	4.8750	01/01/51	130,128
97,350	Loan ID 200921	ARM	5.0000	07/01/51	99,432
381,048	Loan ID 200922	Fixed	7.2500	09/01/53	372,308
109,769	Loan ID 200928	Fixed	4.8000	02/01/41	92,644
165,840	Loan ID 200940	Fixed	3.2500	02/01/43	129,289
220,993	Loan ID 200942	Fixed	4.0000	04/01/43	184,772
89,665	Loan ID 200944	Fixed	4.5000	02/01/44	77,714
245,449	Loan ID 200947	Fixed	4.0000	02/01/43	203,812
240,590	Loan ID 200956	Fixed	5.0000	08/01/51	215,393
354,425	Loan ID 200959	Fixed	4.0000	11/01/42	294,913
127,504	Loan ID 200966	Fixed	4.8750	07/01/44	112,489
133,849	Loan ID 200974	Fixed	4.2500	10/01/44	113,159
309,729	Loan ID 200977	Fixed	4.8750	09/01/44	268,974
144,876	Loan ID 200993	Fixed	2.0040	07/15/49	111,677
48,722	Loan ID 200996	Fixed	2.5000	08/01/48	38,348
36,389	Loan ID 201006	Fixed	6.8750	03/01/38	35,313
83,517	Loan ID 201007	Fixed	7.1250	04/01/37	82,250
64,213	Loan ID 201010	Fixed	5.5000	04/01/39	59,324
39,918	Loan ID 201012	Fixed	7.5000	12/01/38	39,105
48,517	Loan ID 201013	Fixed	7.5000	12/01/38	47,522
99,544	Loan ID 201016	Fixed	6.5000	05/01/46	94,376
114,797	Loan ID 201023	Fixed	6.4500	02/01/36	109,254
122,387	Loan ID 201032	Fixed	4.5000	11/01/44	104,713
68,282	Loan ID 201036	Fixed	4.3750	12/01/44	59,416
60,836	Loan ID 201037	Fixed	8.2500	07/01/39	61,338
82,984	Loan ID 201041	Fixed	3.7500	11/01/52	69,111
96,771	Loan ID 201043	Fixed	4.0000	04/01/39	81,146
144,827	Loan ID 201044	Fixed	4.8700	03/29/37	130,746
89,217	Loan ID 201045	Fixed	3.3750	07/01/37	69,867
275,617	Loan ID 201046	Fixed	3.0000	04/01/53	213,546

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 92.7% (Continued)
	MORTGAGE LOANS (PRIVATE) — 92.7% (Continued)
100,306	Loan ID 201047	Fixed	3.6250	04/01/53	$ 81,588
59,678	Loan ID 201053	Fixed	3.8600	07/01/53	50,732
179,863	Loan ID 201054	Fixed	2.4000	05/17/50	140,102
138,944	Loan ID 201057	Fixed	4.3750	01/01/50	121,500
93,206	Loan ID 201058	Fixed	4.2500	08/01/37	83,129
82,787	Loan ID 201060	ARM	4.7500	07/01/35	84,115
74,651	Loan ID 201061	Fixed	5.0000	02/01/50	64,052
101,026	Loan ID 201063	Fixed	4.0000	09/01/47	87,471
204,689	Loan ID 201066	Fixed	4.2500	12/01/46	178,701
381,024	Loan ID 201067	Fixed	4.7500	01/01/44	334,527
57,144	Loan ID 201069	Fixed	4.6250	12/01/44	50,014
51,812	Loan ID 201072	Fixed	3.5000	03/01/28	45,002
200,056	Loan ID 201084	Fixed	5.0000	08/01/38	190,282
223,026	Loan ID 201092	Fixed	5.2500	04/01/46	199,532
117,871	Loan ID 201093	Fixed	4.1250	02/01/45	108,994
140,489	Loan ID 201104	Fixed	4.3750	04/01/45	119,290
60,847	Loan ID 201107	Fixed	5.1500	02/01/36	55,833
144,288	Loan ID 201111	Fixed	4.8750	04/01/50	111,471
73,765	Loan ID 201113	Fixed	5.7500	12/01/52	68,436
113,313	Loan ID 201114	Fixed	8.0870	05/01/54	117,165
456,034	Loan ID 201115	Fixed	4.0000	02/01/51	389,398
73,258	Loan ID 201122	Fixed	4.7500	11/01/48	68,324
190,214	Loan ID 201124	Fixed	4.7500	04/01/40	170,967
62,012	Loan ID 201127	ARM	7.0000	04/01/37	63,167
92,403	Loan ID 201130	Fixed	4.8500	12/01/37	82,517
112,803	Loan ID 201131	Fixed	8.2500	05/01/53	113,102
151,149	Loan ID 201132	Fixed	4.2500	07/01/37	118,395
173,339	Loan ID 201134	Fixed	4.6250	10/01/53	140,938
159,931	Loan ID 201139	Fixed	3.0000	11/01/53	129,512
121,463	Loan ID 201146	Fixed	4.8750	08/01/54	107,902
100,108	Loan ID 201147	Fixed	4.1250	11/01/51	81,943
81,132	Loan ID 201148	Fixed	3.9500	10/01/42	70,477
340,590	Loan ID 201149	Fixed	5.0000	12/01/61	298,858
86,668	Loan ID 201155	Fixed	6.2500	11/01/53	56,961

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 92.7% (Continued)
	MORTGAGE LOANS (PRIVATE) — 92.7% (Continued)
183,435	Loan ID 201160	Fixed	4.9200	10/01/49	$ 167,714
348,046	Loan ID 201163	Fixed	4.7500	12/01/49	275,487
389,300	Loan ID 201168	Fixed	3.8750	04/01/52	358,520
45,405	Loan ID 201170	Fixed	4.3750	07/01/37	40,627
99,053	Loan ID 201173	Fixed	4.2800	11/01/47	77,983
118,286	Loan ID 201176	Fixed	4.2500	07/01/53	102,944
284,888	Loan ID 201179	Fixed	4.7500	05/01/51	215,737
224,993	Loan ID 201181	Fixed	4.5000	04/01/34	202,585
120,672	Loan ID 201183	Fixed	3.5000	10/01/52	100,725
56,033	Loan ID 201184	Fixed	4.0000	06/01/49	48,307
223,215	Loan ID 201185	Fixed	7.2500	10/01/53	217,752
73,951	Loan ID 201187	Fixed	5.0000	11/01/48	55,002
556,680	Loan ID 201196	Fixed	4.3750	11/01/36	479,936
293,319	Loan ID 201199	Fixed	5.1250	11/01/46	266,417
129,295	Loan ID 201205	Fixed	4.6250	01/01/45	110,692
100,372	Loan ID 201208	Fixed	4.6250	04/01/45	87,694
156,946	Loan ID 201209	Fixed	4.2500	04/01/45	131,406
381,815	Loan ID 201212	Fixed	4.6250	03/01/61	319,110
169,485	Loan ID 201213	Fixed	4.8750	08/01/44	148,645
459,764	Loan ID 201214	ARM	3.3750	09/01/43	445,742
52,806	Loan ID 201221	Fixed	3.2500	05/01/43	46,033
41,712	Loan ID 201222	Fixed	5.1250	01/01/45	23,202
139,753	Loan ID 201240	Fixed	4.2500	10/01/45	127,272
260,033	Loan ID 201241	Fixed	4.3750	07/01/45	217,713
96,808	Loan ID 201243	Fixed	4.6250	11/01/45	83,792
351,954	Loan ID 201244	Fixed	4.5000	06/01/45	303,423
98,897	Loan ID 201245	Fixed	4.7500	08/01/44	86,293
88,266	Loan ID 201248	Fixed	4.8750	07/01/44	78,034
449,015	Loan ID 201249	Fixed	4.6250	03/01/59	374,805
192,498	Loan ID 201254	Fixed	7.2500	05/01/60	190,292
199,087	Loan ID 201255	ARM	8.6250	06/01/35	199,087
152,689	Loan ID 201260	Fixed	4.7500	09/01/45	133,733
43,828	Loan ID 201263	Fixed	4.7500	10/01/45	38,131
129,451	Loan ID 201266	Fixed	4.5000	02/01/46	111,318

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 92.7% (Continued)
	MORTGAGE LOANS (PRIVATE) — 92.7% (Continued)
131,498	Loan ID 201270	Fixed	4.1250	02/01/45	$ 110,376
213,566	Loan ID 201273	Fixed	4.5000	12/01/45	184,058
189,711	Loan ID 201274	Fixed	4.1250	10/01/45	158,366
18,232	Loan ID 201285	Fixed	4.6250	11/01/28	17,061
270,979	Loan ID 201291	Fixed	5.0000	08/01/45	238,004
108,509	Loan ID 201294	Fixed	4.6250	02/01/46	94,440
676,130	Loan ID 201296	Fixed	4.2500	02/01/46	567,922
63,432	Loan ID 201301	Fixed	4.5500	10/01/44	54,825
131,041	Loan ID 201305	Fixed	4.6250	08/01/44	113,798
101,997	Loan ID 201306	Fixed	3.8750	09/01/45	83,345
158,026	Loan ID 201307	Fixed	4.2500	10/01/48	132,237
55,183	Loan ID 201308	Fixed	4.6250	11/01/45	46,911
142,895	Loan ID 201309	Fixed	4.0000	09/01/45	117,828
286,631	Loan ID 201313	Fixed	4.6250	01/01/46	249,008
151,980	Loan ID 201319	Fixed	4.3750	10/01/45	129,280
122,338	Loan ID 201324	Fixed	5.2500	04/01/46	77,975
157,739	Loan ID 201326	Fixed	4.6250	03/01/46	136,424
168,682	Loan ID 201328	Fixed	4.2500	11/01/45	150,523
170,819	Loan ID 201336	Fixed	4.7500	01/01/46	146,144
211,157	Loan ID 201350	Fixed	4.0000	06/01/45	192,065
440,427	Loan ID 201354	Fixed	3.3750	07/01/46	380,853
121,378	Loan ID 201355	Fixed	5.2500	12/01/45	109,774
135,103	Loan ID 201358	Fixed	4.8750	07/01/45	117,756
299,648	Loan ID 201365	Fixed	4.2500	10/01/45	251,251
162,298	Loan ID 201370	Fixed	4.2500	07/01/46	136,664
231,816	Loan ID 201372	Fixed	4.6250	08/01/46	201,263
129,096	Loan ID 201375	Fixed	4.5000	06/01/45	119,982
214,020	Loan ID 201377	Fixed	3.8750	05/01/46	189,352
124,208	Loan ID 201385	Fixed	4.6250	12/01/45	113,939
199,870	Loan ID 201390	Fixed	5.1250	09/01/45	179,168
356,989	Loan ID 201391	Fixed	5.1250	10/01/45	315,440
395,540	Loan ID 201393	Fixed	3.7500	04/01/56	331,106
63,236	Loan ID 201394	Fixed	6.7000	06/01/34	60,864
77,972	Loan ID 201395	Fixed	6.3000	07/01/44	60,275

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 92.7% (Continued)
	MORTGAGE LOANS (PRIVATE) — 92.7% (Continued)
76,738	Loan ID 201400	Fixed	4.7500	07/01/44	$ 66,896
79,868	Loan ID 201401	Fixed	4.7500	10/01/44	70,338
84,085	Loan ID 201403	Fixed	4.7500	08/01/44	72,833
64,527	Loan ID 201405	Fixed	5.2500	08/01/44	58,166
49,109	Loan ID 201406	Fixed	4.2500	06/01/46	41,330
218,859	Loan ID 201407	Fixed	4.8750	01/01/46	194,388
147,560	Loan ID 201411	Fixed	4.7500	12/01/45	130,216
129,657	Loan ID 201412	Fixed	5.7500	12/01/45	118,849
305,158	Loan ID 201413	Fixed	4.5000	07/01/45	287,426
64,809	Loan ID 201414	Fixed	4.2500	07/01/44	54,974
44,745	Loan ID 201415	Fixed	8.0000	05/01/34	44,463
51,771	Loan ID 201417	Fixed	6.0000	09/01/37	48,870
35,208	Loan ID 201419	Fixed	10.0000	12/01/33	36,616
51,415	Loan ID 201422	Fixed	4.6250	10/01/46	44,581
88,322	Loan ID 201434	Fixed	4.3750	06/01/46	75,616
80,562	Loan ID 201436	Fixed	4.3750	05/01/45	68,792
161,714	Loan ID 201439	Fixed	5.0000	12/01/45	143,743
270,417	Loan ID 201442	Fixed	4.8750	12/01/45	234,885
45,675	Loan ID 201444	Fixed	4.5000	11/01/44	38,698
227,137	Loan ID 201447	Fixed	4.8750	10/01/44	201,142
81,933	Loan ID 201449	Fixed	4.0000	08/01/44	68,194
210,419	Loan ID 201458	Fixed	3.8750	09/01/46	171,370
240,596	Loan ID 201461	Fixed	4.1250	12/01/44	200,107
90,567	Loan ID 201465	Fixed	5.1250	12/01/44	81,310
274,387	Loan ID 201473	Fixed	4.5000	02/01/45	236,039
133,930	Loan ID 201476	ARM	8.5000	02/01/37	129,697
68,624	Loan ID 201477	Fixed	6.7500	11/01/36	66,153
265,248	Loan ID 201483	Fixed	4.1250	12/01/45	220,650
69,039	Loan ID 201484	Fixed	4.5000	10/01/46	59,062
53,117	Loan ID 201485	Fixed	5.7500	03/01/38	49,414
152,966	Loan ID 201487	Fixed	4.6250	02/01/52	135,878
82,541	Loan ID 201489	Fixed	4.7500	03/01/46	72,469
68,211	Loan ID 201499	Fixed	4.7500	05/01/45	59,302
94,167	Loan ID 201502	Fixed	5.2500	04/01/44	85,642

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 92.7% (Continued)
	MORTGAGE LOANS (PRIVATE) — 92.7% (Continued)
134,267	Loan ID 201503	Fixed	5.0000	07/01/46	$ 119,027
405,091	Loan ID 201504	Fixed	4.5000	07/01/45	348,912
279,062	Loan ID 201506	Fixed	5.0000	02/01/47	248,286
201,716	Loan ID 201508	Fixed	5.0000	02/01/47	179,632
110,255	Loan ID 201513	Fixed	4.0000	01/01/46	98,087
19,864	Loan ID 201515	Fixed	5.1250	04/01/47	18,739
86,626	Loan ID 201519	Fixed	4.7500	09/01/45	75,472
70,415	Loan ID 201523	Fixed	5.1250	07/01/45	63,249
294,798	Loan ID 201533	Fixed	4.7500	05/01/46	265,342
36,228	Loan ID 201534	Fixed	4.8750	05/01/47	32,145
302,476	Loan ID 201535	Fixed	4.8750	08/01/47	271,346
124,634	Loan ID 201552	Fixed	4.0000	08/01/47	110,731
42,889	Loan ID 201556	Fixed	4.9900	12/01/47	37,693
121,247	Loan ID 201558	Fixed	4.5000	08/01/47	110,489
92,389	Loan ID 201579	Fixed	4.7500	12/01/36	81,961
76,996	Loan ID 201581	Fixed	4.1250	10/01/46	63,892
78,803	Loan ID 201583	Fixed	5.2500	08/01/47	70,891
40,622	Loan ID 201585	Fixed	5.5000	03/01/48	36,746
354,859	Loan ID 201586	Fixed	4.6250	05/01/47	306,333
285,245	Loan ID 201587	Fixed	4.3750	01/01/48	241,543
29,791	Loan ID 201589	Fixed	5.3750	06/01/48	27,493
292,644	Loan ID 201591	Fixed	5.3750	08/01/48	264,732
312,708	Loan ID 201599	Fixed	5.0000	07/01/38	277,904
44,013	Loan ID 201600	Fixed	6.0000	01/01/36	21,777
57,199	Loan ID 201604	Fixed	8.5000	01/01/48	57,032
57,859	Loan ID 201611	Fixed	9.9900	07/01/48	29,549
250,150	Loan ID 201612	Fixed	8.9900	10/01/25	253,721
24,148	Loan ID 201624	Fixed	11.0000	07/22/28	24,148
42,156	Loan ID 201627	Fixed	10.4500	02/19/47	43,842
47,257	Loan ID 201628	Fixed	11.0000	07/25/40	46,921
8,531	Loan ID 201629	Fixed	11.0000	03/06/33	8,531
37,482	Loan ID 201631	Fixed	9.9500	07/25/31	37,482
63,413	Loan ID 201635	Fixed	9.9500	03/14/46	65,017
64,275	Loan ID 201636	Fixed	9.4500	05/13/31	65,659

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 92.7% (Continued)
	MORTGAGE LOANS (PRIVATE) — 92.7% (Continued)
96,059	Loan ID 201637	Fixed	11.0000	05/22/45	$ 99,902
303,512	Loan ID 201639	Fixed	5.0000	09/01/48	281,776
669,302	Loan ID 201645(a)	Fixed	8.0000	07/01/20	212,229
37,333	Loan ID 201647	Fixed	6.0000	10/01/31	35,258
28,218	Loan ID 201648	Fixed	7.1500	08/14/30	27,153
41,684	Loan ID 201649	Fixed	4.8000	02/20/30	38,665
32,195	Loan ID 201650	Fixed	7.0000	11/14/31	31,356
49,853	Loan ID 201651	Fixed	7.0000	12/01/36	22,246
187,148	Loan ID 201653	Fixed	4.2500	06/01/48	162,102
421,392	Loan ID 201654	Fixed	4.8750	07/01/49	368,425
102,054	Loan ID 201656	Fixed	4.6250	06/01/49	87,248
233,838	Loan ID 201657	Fixed	5.2500	11/01/48	207,768
124,332	Loan ID 201662	Fixed	5.3750	09/01/48	112,934
17,559	Loan ID 201664	Fixed	10.0000	08/01/33	15,607
40,197	Loan ID 201665	Fixed	9.9900	08/01/48	40,258
15,973	Loan ID 201666	Fixed	10.0000	06/01/33	16,458
15,223	Loan ID 201667	Fixed	10.0000	07/01/33	15,129
14,223	Loan ID 201668	Fixed	9.7500	11/01/33	14,190
53,790	Loan ID 201670	Fixed	8.0000	09/15/48	53,654
21,765	Loan ID 201671	Fixed	9.0000	09/15/48	21,765
20,726	Loan ID 201672	Fixed	9.9000	10/15/48	11,270
50,476	Loan ID 201673	Fixed	9.9900	06/01/48	50,820
23,514	Loan ID 201674	Fixed	9.9000	12/01/48	16,187
109,508	Loan ID 201676	Fixed	9.6250	10/01/48	111,389
78,435	Loan ID 201677	Fixed	9.2500	11/01/48	79,971
40,469	Loan ID 201679	Fixed	7.7000	03/01/47	40,074
38,548	Loan ID 201680	Fixed	9.9000	09/15/48	38,008
167,548	Loan ID 201682	Fixed	5.0000	07/01/48	144,318
388,478	Loan ID 201684	Fixed	4.5000	08/01/49	329,080
274,583	Loan ID 201685	Fixed	5.5000	02/01/49	249,636
95,127	Loan ID 201686	Fixed	4.2500	07/01/49	78,439
101,701	Loan ID 201687	Fixed	5.5000	07/01/48	89,534
62,398	Loan ID 201696	Fixed	5.1250	10/01/48	55,314
81,012	Loan ID 201698	Fixed	4.3750	09/01/59	67,118

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 92.7% (Continued)
	MORTGAGE LOANS (PRIVATE) — 92.7% (Continued)
255,795	Loan ID 201699	Fixed	5.5220	09/01/49	$ 232,601
312,303	Loan ID 201700	Fixed	6.1250	06/01/49	292,522
60,034	Loan ID 201701	Fixed	5.0000	08/01/49	52,215
171,736	Loan ID 201707	Fixed	4.8750	08/01/49	151,189
198,170	Loan ID 201709	Fixed	5.3250	09/01/49	176,044
139,234	Loan ID 201710	Fixed	6.7000	11/01/49	133,259
181,912	Loan ID 201713	Fixed	10.1110	12/01/49	175,972
96,811	Loan ID 201715	Fixed	10.1300	12/01/49	98,932
233,382	Loan ID 201716	Fixed	10.1500	12/01/49	238,828
423,217	Loan ID 201717	Fixed	6.5000	12/01/48	398,784
112,579	Loan ID 201719	Fixed	4.7500	09/01/49	93,096
131,808	Loan ID 201720	Fixed	4.3750	04/01/49	111,819
76,383	Loan ID 201725(a)	Fixed	8.4900	12/01/22	76,383
54,997	Loan ID 201726(a)	Fixed	8.4900	12/01/22	53,670
122,742	Loan ID 201732	Fixed	5.1250	05/01/47	109,226
74,653	Loan ID 201733	Fixed	5.2500	04/01/44	67,241
122,333	Loan ID 201739	ARM	7.1250	04/01/48	127,227
222,380	Loan ID 201741	ARM	8.0000	07/01/48	223,489
128,577	Loan ID 201743	Fixed	5.4990	09/01/48	117,075
278,311	Loan ID 201744	Fixed	5.6250	05/01/49	252,454
355,372	Loan ID 201746	Fixed	4.8750	07/01/49	309,921
426,416	Loan ID 201750	Fixed	6.1250	04/01/50	401,854
1,067,336	Loan ID 201753	Fixed	4.8750	04/01/50	915,153
242,054	Loan ID 201756	Fixed	5.0000	03/01/50	210,112
219,282	Loan ID 201757	ARM	5.1250	04/01/50	211,395
405,395	Loan ID 201758	Fixed	5.8750	03/01/50	372,528
250,148	Loan ID 201759	ARM	5.7500	03/01/50	241,156
251,064	Loan ID 201761	Fixed	6.8750	02/01/50	241,795
412,767	Loan ID 201762	Fixed	5.9900	03/01/50	383,494
142,128	Loan ID 201763	Fixed	7.3750	04/01/50	139,030
209,591	Loan ID 201767	Fixed	5.2500	07/01/49	189,682
184,543	Loan ID 201768	Fixed	6.7500	04/01/50	176,132
211,929	Loan ID 201770	Fixed	9.3750	04/01/50	214,724
432,235	Loan ID 201780	Fixed	6.1250	04/01/50	403,334

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 92.7% (Continued)
	MORTGAGE LOANS (PRIVATE) — 92.7% (Continued)
271,072	Loan ID 201784	Fixed	6.7500	04/01/50	$ 260,578
247,000	Loan ID 201797(a)	Fixed	10.0000	12/01/21	247,000
28,837	Loan ID 201802	Fixed	4.2500	10/01/29	28,925
6,306	Loan ID 201803	Fixed	7.0500	07/01/34	6,275
166,015	Loan ID 201804	Fixed	4.0000	03/01/58	141,917
108,105	Loan ID 201805	Fixed	4.3750	08/01/59	66,927
68,935	Loan ID 201807	Fixed	5.0000	08/01/43	61,756
116,973	Loan ID 201808	Fixed	3.8750	06/01/60	98,921
161,065	Loan ID 201809	Fixed	3.7500	11/01/59	135,159
70,675	Loan ID 201810	Fixed	3.7500	02/01/42	61,187
53,807	Loan ID 201811	DSI	11.8300	05/01/35	55,959
23,369	Loan ID 201812	Fixed	9.2400	02/01/27	23,649
46,691	Loan ID 201814	DSI	7.7400	03/01/33	46,579
39,744	Loan ID 201816	Fixed	4.6250	04/01/29	39,875
88,039	Loan ID 201817	Fixed	4.1250	10/01/34	88,299
50,815	Loan ID 201819	Fixed	3.8750	11/01/29	46,877
2,983	Loan ID 201820	Fixed	3.7500	03/01/42	2,637
55,978	Loan ID 201821	Fixed	6.4500	05/01/30	53,921
48,649	Loan ID 201822	DSI	8.9200	01/01/36	18,693
68,714	Loan ID 201823	Fixed	9.6250	03/01/40	71,226
265,746	Loan ID 201824	DSI	8.5000	10/01/37	252,218
117,344	Loan ID 201825	Fixed	3.8750	03/01/40	99,936
53,041	Loan ID 201826	Fixed	8.4980	11/01/30	53,409
18,392	Loan ID 201827	Fixed	10.7800	03/01/26	18,794
23,974	Loan ID 201828	Fixed	8.2490	10/01/30	23,937
101,922	Loan ID 201829	DSI	10.4600	08/01/37	105,999
60,257	Loan ID 201831	DSI	11.1100	02/01/38	62,667
53,622	Loan ID 201832	Fixed	6.2500	06/01/34	49,248
27,042	Loan ID 201833	DSI	12.6790	06/01/23	27,305
57,903	Loan ID 201834	DSI	9.1500	04/01/38	59,767
29,347	Loan ID 201835	DSI	7.5000	01/01/27	29,040
40,210	Loan ID 201837	DSI	6.9960	09/01/31	39,042
38,018	Loan ID 201838	DSI	9.0700	07/01/27	38,758
40,180	Loan ID 201839	DSI	11.1100	08/01/39	41,787

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 92.7% (Continued)
	MORTGAGE LOANS (PRIVATE) — 92.7% (Continued)
64,891	Loan ID 201840	DSI	10.8700	10/01/41	$ 67,486
22,915	Loan ID 201841	Fixed	10.0600	05/01/25	23,279
28,425	Loan ID 201843	Fixed	9.1800	08/01/31	28,930
37,031	Loan ID 201844	DSI	11.4900	11/01/28	38,159
8,638	Loan ID 201845	DSI	7.0000	02/01/24	8,448
39,501	Loan ID 201846	Fixed	8.4960	05/01/34	38,237
116,451	Loan ID 201847	ARM	2.3750	06/01/33	116,080
47,375	Loan ID 201848	DSI	4.2900	11/01/32	42,542
45,539	Loan ID 201849	DSI	4.4800	06/01/35	40,830
122,388	Loan ID 201851	DSI	4.5000	08/30/23	116,564
80,345	Loan ID 201853	DSI	4.9100	02/01/34	73,873
78,515	Loan ID 201855	DSI	4.3900	07/01/36	69,425
42,275	Loan ID 201856	Fixed	7.9000	06/01/37	37,758
45,688	Loan ID 201857	Fixed	3.2500	04/01/35	45,790
361,732	Loan ID 201858	Fixed	4.6250	02/01/39	318,423
592,500	Loan ID 201859	Interest Only	7.5000	12/31/25	591,593
116,412	Loan ID 201861	Fixed	5.0000	05/01/40	111,125
20,823	Loan ID 201862	DSI	10.0000	07/23/26	13,281
19,565	Loan ID 201864	DSI	7.0560	01/01/35	15,447
25,026	Loan ID 201865	Fixed	6.4990	01/01/32	23,090
48,718	Loan ID 201866	Fixed	4.8750	01/01/44	42,321
26,044	Loan ID 201867	DSI	4.2300	12/01/32	22,788
52,593	Loan ID 201868	DSI	7.5360	09/01/34	52,501
12,005	Loan ID 201869	DSI	8.3900	07/01/24	11,962
1,766	Loan ID 201871	Fixed	9.9700	05/01/26	1,781
32,952	Loan ID 201872(a)	DSI	8.1000	10/05/21	23,394
12,440	Loan ID 201873	Fixed	6.6480	02/01/27	11,779
19,623	Loan ID 201874	DSI	10.5400	05/01/27	20,233
7,249	Loan ID 201875	Fixed	10.9800	06/01/30	7,450
8,629	Loan ID 201876	Fixed	8.3100	02/01/27	8,584
2,867	Loan ID 201877	DSI	10.8300	12/19/28	2,876
18,109	Loan ID 201878	DSI	9.0500	08/01/24	17,690
6,305	Loan ID 201879	Fixed	9.3100	10/01/26	6,335
14,573	Loan ID 201881	DSI	4.5900	05/01/26	13,363

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 92.7% (Continued)
	MORTGAGE LOANS (PRIVATE) — 92.7% (Continued)
24,766	Loan ID 201883	Fixed	4.6250	06/01/33	$ 22,520
18,569	Loan ID 201885	Fixed	5.0000	05/01/34	17,041
39,751	Loan ID 201887	Fixed	6.2500	01/01/42	37,878
19,549	Loan ID 201889	DSI	9.4990	02/01/39	20,331
5,090	Loan ID 201890	Fixed	4.5000	11/01/25	4,885
11,801	Loan ID 201891	Fixed	10.2900	07/01/26	11,975
13,663	Loan ID 201892	DSI	9.9600	06/01/23	8,403
7,876	Loan ID 201895	Fixed	9.6900	05/01/26	7,937
2,153	Loan ID 201896	Fixed	9.6800	09/01/25	2,170
7,740	Loan ID 201898	Fixed	10.3120	10/01/26	7,832
11,114	Loan ID 201899	DSI	10.5000	10/01/24	11,311
20,906	Loan ID 201901	DSI	8.7360	09/01/28	20,363
11,839	Loan ID 201902	Fixed	10.5480	10/01/26	12,065
13,712	Loan ID 201904	DSI	10.1900	08/01/29	14,030
66,689	Loan ID 201907	Fixed	9.8540	09/01/30	59,857
16,325	Loan ID 201908	DSI	11.6160	09/01/27	16,907
49,273	Loan ID 201909	DSI	9.2400	07/01/33	50,990
8,113	Loan ID 201910	DSI	6.0000	07/01/26	7,749
15,631	Loan ID 201911	DSI	7.9990	07/01/31	15,465
37,402	Loan ID 201912	Fixed	7.7500	08/01/34	36,129
655	Loan ID 201913	Fixed	9.3100	11/01/26	660
18,793	Loan ID 201914	DSI	9.3260	08/01/26	18,996
87,647	Loan ID 201916	Fixed	3.7500	05/01/38	77,598
298,997	Loan ID 201927	Fixed	8.9900	04/01/51	301,517
1,610,000	Loan ID 201928	ARM	7.8750	04/01/50	1,582,489
294,125	Loan ID 201930	Fixed	8.9900	04/01/51	296,643
283,482	Loan ID 201933	Interest Only	7.5000	04/30/26	282,119
162,527	Loan ID 201936	Fixed	8.9900	05/01/51	163,870
360,000	Loan ID 201937	Interest Only	7.0000	04/30/24	354,466
463,025	Loan ID 201938	Fixed	7.4900	05/01/51	454,078
67,415	Loan ID 201940	Fixed	5.2500	06/20/50	58,420
120,279	Loan ID 201942	Fixed	5.0000	06/01/50	105,993
99,874	Loan ID 201943	Interest Only	7.0000	05/31/24	96,330
195,222	Loan ID 201944	Interest Only	8.0000	05/31/24	197,108

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 92.7% (Continued)
	MORTGAGE LOANS (PRIVATE) — 92.7% (Continued)
170,000	Loan ID 201945	Fixed	8.9900	09/01/23	$ 173,806
219,000	Loan ID 201946(a)	Fixed	9.9900	05/01/22	219,000
332,151	Loan ID 201947	Fixed	7.2500	12/01/37	321,559
126,840	Loan ID 201948	Fixed	4.2500	06/01/34	113,045
146,340	Loan ID 201950	Fixed	6.5000	10/01/26	140,109
204,762	Loan ID 201955	Fixed	7.7500	03/01/51	201,716
310,099	Loan ID 201956	Fixed	8.2500	03/01/51	308,242
400,967	Loan ID 201957	Fixed	8.9900	06/01/26	407,108
492,833	Loan ID 201959	Fixed	8.9900	06/01/31	499,121
84,892	Loan ID 201963	Fixed	10.0000	06/01/26	85,501
382,273	Loan ID 201966	Interest Only	10.9900	01/01/27	376,361
88,144	Loan ID 201967	Fixed	7.0000	03/01/43	66,925
243,590	Loan ID 201968	Fixed	6.0000	03/01/43	228,528
296,931	Loan ID 201969	Fixed	8.2500	04/01/51	295,349
202,195	Loan ID 201973	Fixed	8.9900	07/01/31	206,545
168,000	Loan ID 201974	Interest Only	8.0000	06/30/24	176,400
32,455	Loan ID 201976	Fixed	9.4900	07/01/31	32,986
136,802	Loan ID 201977	Fixed	8.7500	06/01/51	135,703
301,750	Loan ID 201983	Fixed	9.9900	08/01/26	308,413
160,381	Loan ID 201984	Fixed	8.9900	08/01/26	162,721
496,000	Loan ID 201985	Interest Only	9.0000	07/31/24	497,983
221,994	Loan ID 201986	Interest Only	7.5000	06/30/26	215,449
146,300	Loan ID 201987	Interest Only	7.5000	06/30/26	144,910
199,860	Loan ID 201990	Fixed	8.9900	08/01/51	201,108
246,740	Loan ID 201991	Fixed	8.9900	08/01/31	251,928
864,000	Loan ID 201999	Interest Only	7.5000	08/31/26	858,721
153,000	Loan ID 202003	Interest Only	7.0000	08/31/24	41,985
83,680	Loan ID 202005	Fixed	9.9900	09/01/36	84,483
448,413	Loan ID 202007	Fixed	8.9900	10/01/26	454,035
266,300	Loan ID 202008	Interest Only	7.0000	09/30/24	133,793
385,464	Loan ID 202011	Interest Only	7.0000	10/31/24	375,340
133,124	Loan ID 202012	Fixed	9.4900	12/01/31	133,563
171,022	Loan ID 202020	Fixed	9.9900	12/01/26	172,913

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 92.7% (Continued)
	MORTGAGE LOANS (PRIVATE) — 92.7% (Continued)
4,000,000	Loan ID 202022	Fixed	9.0000	04/14/24	$ 3,520,001
90,616	Loan ID 202023	Fixed	8.7500	08/01/51	90,329
126,784	Loan ID 202024	Fixed	8.9900	01/01/52	126,680
341,238	Loan ID 202025	Fixed	8.5000	01/01/52	341,727
236,282	Loan ID 202026	Interest Only	7.5000	11/30/26	231,602
319,500	Loan ID 202027	Interest Only	7.0000	11/30/24	312,036
129,455	Loan ID 202028	Interest Only	8.0000	11/30/24	127,143
487,176	Loan ID 202032	Fixed	7.9900	02/01/42	485,870
418,584	Loan ID 202033	Fixed	8.9900	02/01/27	422,025
239,230	Loan ID 202036	Fixed	8.2500	09/01/51	236,162
214,561	Loan ID 202038	Fixed	6.0000	02/01/30	195,210
214,561	Loan ID 202039	Fixed	6.0000	02/01/30	195,210
214,835	Loan ID 202040	Fixed	6.0000	02/01/30	195,452
177,093	Loan ID 202043	Fixed	8.9900	02/01/27	177,814
29,691	Loan ID 202044	Fixed	8.9900	03/01/25	27,819
56,058	Loan ID 202045	Fixed	9.4900	03/01/32	57,088
253,500	Loan ID 202049	Interest Only	7.5000	02/28/27	245,852
271,500	Loan ID 202050	Interest Only	7.0000	01/31/25	264,170
630,000	Loan ID 202051	Interest Only	8.5000	01/31/25	614,492
88,071	Loan ID 202053	Fixed	3.0000	05/01/49	58,561
60,338	Loan ID 202057	Fixed	10.0000	04/01/25	29,082
168,000	Loan ID 202058	Fixed	8.9900	07/01/23	168,000
460,401	Loan ID 202064	Fixed	8.9900	04/01/27	463,877
103,198	Loan ID 202065	Fixed	8.9900	04/01/27	103,513
353,351	Loan ID 202066	Fixed	8.9900	04/01/27	355,496
425,000	Loan ID 202067	Fixed	10.0000	04/01/24	374,830
287,000	Loan ID 202068	Fixed	8.9900	04/01/24	289,535
184,800	Loan ID 202070	Fixed	8.9900	04/01/24	183,422
164,500	Loan ID 202072	Fixed	8.9900	07/01/23	164,500
1,125,000	Loan ID 202073	Interest Only	7.0000	03/30/25	1,004,943
117,937	Loan ID 202074	Fixed	10.0000	04/01/32	119,268
174,933	Loan ID 202075	Fixed	9.9900	05/01/27	173,937
132,016	Loan ID 202076	Fixed	9.9900	04/01/32	132,424
77,489	Loan ID 202078	Fixed	9.9900	04/01/24	76,887

VERTICAL CAPITAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023
Principal Amount ($)		Loan Type	Coupon Rate (%)	Maturity	Fair Value
	LOANS — 92.7% (Continued)
	MORTGAGE LOANS (PRIVATE) — 92.7% (Continued)
90,268	Loan ID 202079	Fixed	8.9900	04/01/52	$ 88,819
303,498	Loan ID 202080	Fixed	9.9900	04/01/27	312,398
3,648,135	Loan ID 202082	Fixed	11.0000	04/08/24	2,918,509
450,395	Loan ID 202084	Fixed	9.9900	05/01/27	453,910
260,112	Loan ID 202087	Fixed	7.9900	05/01/52	254,172
324,000	Loan ID 202088	Fixed	10.0000	05/01/24	325,179
1,371,492	Loan ID 202089	Fixed	8.9900	05/01/42	1,380,282
126,320	Loan ID 202090	Fixed	8.9900	05/01/24	123,187
160,500	Loan ID 202091	Fixed	8.9900	05/01/24	164,465
146,908	Loan ID 202093	Interest Only	8.0000	03/31/27	141,321
325,500	Loan ID 202094	Interest Only	8.0000	04/07/25	281,278
325,500	Loan ID 202095	Interest Only	8.0000	04/07/25	281,278
325,500	Loan ID 202096	Interest Only	8.0000	04/07/25	281,278
652,000	Loan ID 202097	Fixed	8.9900	05/01/24	655,333
296,989	Loan ID 202098	Fixed	7.4900	05/01/52	287,218
83,375	Loan ID 202099	Fixed	8.9900	05/01/52	81,421
150,000	Loan ID 202100	Fixed	9.5000	05/01/24	149,416
277,952	Loan ID 202101	Fixed	8.9900	05/01/32	279,965
1,318,973	Loan ID 202102	ARM	8.2500	12/01/47	1,286,237
1,205,656	Loan ID 202103	ARM	7.0000	11/01/49	1,174,116
					95,870,532
	TOTAL LOANS (Cost $95,861,699)				95,870,532
	OTHER INVESTMENTS(b) – 0.4% (Cost $304,870)				391,785
	TOTAL INVESTMENTS - 93.1% (Cost $96,166,569)*				$ 96,262,317
	OTHER ASSETS IN EXCESS OF LIABILITIES- 6.9%				7,192,947
	NET ASSETS - 100.0%				$ 103,455,264

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.
*	Value was determined using significant unobservable inputs.