VERTICAL CAP INCOME FD

Ticker: CCIF CUSIP: 92535C104 Class: SHS BEN INT

Holders for Q4 2025 Position Changes for Q4 2025

Note: Option positions (PUT/CALL) are excluded.

New Positions (11)

Almitas Capital LLC
Value ($000) $738 Shares 157,285
GatePass Capital, LLC
Value ($000) $321 Shares 68,500
Kovack Advisors, Inc.
Value ($000) $126 Shares 26,902
Marex Group plc
Value ($000) $239 Shares 50,864
XTX Topco Ltd
Value ($000) $83 Shares 17,633
Belpointe Asset Management LLC
Value ($000) $75 Shares 15,900
BlackRock, Inc.
Value ($000) $123 Shares 26,205
Global Retirement Partners, LLC
Value ($000) $2 Shares 430
Virtu Financial LLC
Value ($000) $0 Shares 15,834
Pinnacle Wealth Planning Services, Inc.
Value ($000) $1 Shares 142
COMERICA BANK
Value ($000) $0 Shares 16

Increased Positions (7)

Thomas J. Herzfeld Advisors, Inc.
Value ($000) $943 (+381.1%) Shares 201,113 (+497.1%)
MELFA WEALTH MANAGEMENT, LLC
Value ($000) $248 (+87.9%) Shares 52,974 (+133.1%)
Bulldog Investors, LLP
Value ($000) $1,582 (-17.3%) Shares 337,241 (+2.7%)
J.W. COLE ADVISORS, INC.
Value ($000) $1,432 (-4.9%) Shares 305,394 (+18.0%)
CITADEL ADVISORS LLC
Value ($000) $161 (+81.7%) Shares 34,300 (+125.5%)
Freestate Advisors LLC
Value ($000) $57 (-14.3%) Shares 12,236 (+6.4%)
WEDBUSH SECURITIES INC
Value ($000) $0 (-13.8%) Shares 15,918 (+7.1%)

Decreased Positions (6)

JANE STREET GROUP, LLC
Value ($000) $197 (-67.7%) Shares 41,987 (-59.9%)
Cetera Investment Advisers
Value ($000) $322 (-34.8%) Shares 68,752 (-19.1%)
BNP PARIBAS ARBITRAGE, SA
Value ($000) $4 (-66.8%) Shares 874 (-58.8%)
OSAIC HOLDINGS, INC.
Value ($000) $63 (-21.5%) Shares 13,330 (-4.1%)
WPG Advisers, LLC
Value ($000) $0 (-61.6%) Shares 81 (-52.4%)
Cambridge Investment Research Advisors, Inc.
Value ($000) $2 (-22.1%) Shares 407,234 (-3.3%)

Exited Positions (3)

Arlington Capital Management, Inc.
Value ($000) $278 Shares 47,730
Walkner Condon Financial Advisors LLC
Value ($000) $68 Shares 11,633
HRT FINANCIAL LP
Value ($000) $0 Shares 10,417