DFAN14A 1 dfan14a.txt SCHEDULE 14A INFORMATION PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. ) Filed by the Registrant [ ] Filed by a Party other than the Registrant [x] Bulldog Investors, LLC Attn: Phillip Goldstein 250 Pehle Avenue, Suite 708 Saddle Brook, NJ 07663 Phone: 201 881-7100 Fax: 201 556-0097 Check the appropriate box: Preliminary Proxy Statement Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) Definitive Proxy Statement Definitive Additional Materials [x] Soliciting Material Pursuant to ss.240.14a-11(c) or ss.240.14a- 12 Vertical Capital Income Fund (Name of Registrant as Specified in Its Charter) Bulldog Investors, LLC Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check the appropriate box): No fee required [x]. Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11. (1) Title of each class of securities to which transaction applies: (2) Aggregate number of securities to which transaction applies: (3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the filing fee is calculated and state how it was determined): (4) Proposed maximum aggregate value of transaction: (5) Total fee paid: Fee paid previously with preliminary materials []. Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11 (a) (2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing []. (1) Amount Previously Paid: (2) Form, Schedule or Registration Statement No.: (3) Filing Party: (4) Date Filed: URGENT NOTICE ABOUT YOUR INVESTMENT IN VERTICAL CAPITAL INCOME FUND Until recently, Vertical Capital Income Fund (the "Fund") allowed shareholders to redeem their shares at net asset value ("NAV"). However, in the two most recent quarters, more than 40% of the outstanding shares were submitted for redemption but the Fund was only willing to redeem 5% of the outstanding shares. That limitation understandably left many shareholders frustrated. Consequently, the Board of Trustees considered several options, including liquidating the Fund. Ultimately, it determined to convert the Fund to an exchange-traded closed-end fund. After the conversion the rush by many shareholders to sell their shares caused the stock price to fall by more than 30%. Essentially, shareholders went from the frying pan into the fire. They could sell all their shares but only at a price far below NAV. The Fund's manager now wants shareholders to approve a new investment advisory agreement by September 30th. That will benefit the manager who would like to continue to collect about $1.6 million per year in fees from the Fund, but it will do nothing to narrow the discount. Instead, by voting against the new agreement on the enclosed GREEN proxy card, you can send a message to the Board that you want to liquidate the Fund so that you can to monetize your entire investment at or close to NAV. WE DON'T THINK SHAREHOLDERS SHOULD HAVE TO ACCEPT A BIG DISCOUNT FROM NAV WHEN THEY CHOOSE TO SELL THEIR SHARES. *** TIME IS SHORT. IF YOU WANT TO SEND A STRONG MESSAGE TO THE BOARD THAT YOU DO NOT WANT TO SELL YOUR SHARES AT A BIG DISCOUNT FROM NAV PLEASE SIGN AND RETURN OUR GREEN PROXY CARD IMMEDIATELY -- EVEN IF YOU PREVIOUSLY SIGNED MANAGEMENT'S PROXY CARD. PLEASE SEE THE ENCLOSED INSTRUCTIONS IF YOU WOULD LIKE TO VOTE ONLINE OR BY TELEPHONE. IF YOU HAVE ANY QUESTIONS ABOUT HOW TO VOTE YOUR PROXY, PLEASE CALL INVESTORCOM AT 1-877-972-0090. Very truly yours, /s/Phillip Goldstein Phillip Goldstein Principal Bulldog Investors, LLC