VCIF Carlyle Credit Income Fund

 

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.

 

 

 

 

 

 

 

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