<SEC-DOCUMENT>0001398344-24-006561.txt : 20240328
<SEC-HEADER>0001398344-24-006561.hdr.sgml : 20240328
<ACCEPTANCE-DATETIME>20240328130224
ACCESSION NUMBER:		0001398344-24-006561
CONFORMED SUBMISSION TYPE:	N-CSR/A
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20221231
FILED AS OF DATE:		20240328
DATE AS OF CHANGE:		20240328
EFFECTIVENESS DATE:		20240328

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RENN Fund, Inc.
		CENTRAL INDEX KEY:			0000919567
		ORGANIZATION NAME:           	
		IRS NUMBER:				752533518
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CSR/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22299
		FILM NUMBER:		24796751

	BUSINESS ADDRESS:	
		STREET 1:		8080 N CENTRAL EXPRWY
		STREET 2:		STE 210 LB59
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75206
		BUSINESS PHONE:		2148918294

	MAIL ADDRESS:	
		STREET 1:		8080 N CENTRAL EXPWY., SUITE 210 LB 59
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75206

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RENN Global Entrepreneurs Fund, Inc.
		DATE OF NAME CHANGE:	20090519

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RENAISSANCE CAPITAL GROWTH & INCOME FUND III INC
		DATE OF NAME CHANGE:	19940228
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>UNITED
STATES</B>&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B>&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>Washington,
D.C. 20549</B></FONT></P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>FORM N-CSR</B></FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>CERTIFIED
SHAREHOLDER REPORT</B>&#160;</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>INVESTMENT
COMPANIES</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt">Investment
Company Act File Number 811-22299</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 24pt; font-variant: small-caps"><B>RENN
Fund, Inc.</B></FONT><FONT STYLE="font-size: 24pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt">(Exact name
of Registrant as specified in charter)&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt">470 Park
Avenue South,&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt">New York,
NY 10016&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt">(Address
of principal executive offices)&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>(646)
291-2300 </B>&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt">(Registrant&#8217;s
telephone number, including area code)</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>Jay Kesslen</B>&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>Horizon
Kinetics, LLC</B>&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>470 Park
Avenue South</B>&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>New York,
NY 10016&#160;</B>&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt">(Name and
address of agent for service of process)&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>(646)
291-2300</B></FONT><FONT STYLE="font-size: 11pt"><B> </B>&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt">(Agent&#8217;s
telephone number, including area code)</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>Date of
fiscal year end: December 31 </B></FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>December
31, 2022</B>&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt">(Date of
reporting period)</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">EXPLANATORY NOTE - &ldquo;The Registrant is filing this amendment to its Form N-CSR for the period ended December 31, 2022, originally filed with the Securities and Exchange Commission on March 9, 2023 (Accession Number 0001398344-23-005915), to amend the signature date on the FORM N-CSR. Other than the aforementioned revision, this Form N-CSR/A does not reflect events occurring after the filing of the original Form N-CSR, or modify or update the disclosures therein in any way.&rdquo;</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt"><B>Item 1. Annual Report to Shareholders</B></FONT></P>

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<P STYLE="font: 24pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>RENN Fund, Inc.
</B></P>

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</B></P>
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<P STYLE="font: 18pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Annual Report
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">December 31, 2022</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

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</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font-variant: small-caps"><FONT STYLE="font-variant: small-caps">TABLE OF CONTENTS<BR>
December 31, 2022 </FONT></P>

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<TR>
<TD STYLE="vertical-align: top; width: 95%">&#160;</TD>
<TD STYLE="vertical-align: top; width: 5%">&#160;</TD>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Dear Shareholders,
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">We are pleased to present the RENN Fund, Inc. (&#8220;Fund&#8221;) Annual Report Commentary for the 12-month period ended December 31, 2022. After a strong 2021, the portfolio declined in 2022, largely driven by the largest holding in the Fund. We believe that we have entered a period of sustained secular inflation, which will prove challenging to many financial assets. Despite the broader headwinds, we believe that capital light hard asset companies are uniquely positioned to thrive in such an environment. Therefore, the portfolio holds many positions in such companies, including royalty companies in energy, precious metals, and mining.
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Apyx Medical Corporation (&#8220;Apyx&#8221;), which continues to be a large position in the Fund, fell significantly during the year. In March, the FDA posted a Medical Device Safety Communication regarding the company&#8217;s Advanced Energy products. The communication highlighted a safety concern regarding use of the product outside of its approved indication. The company has submitted data to FDA in support of the product&#8217;s safety, and it remains on the market; however, revenues were below those of the prior year, and guidance was revised downward more than once, though revenues began to recover in the latter half of the year. The company continued to make progress in its Renuvion technology and recently launched the new &#8220;Apyx One Console&#8221; for cosmetic procedures. The company expects a recovery in 2023, guiding toward growth in global sales of its Advanced Energy products of more than 35%. In addition to idiosyncratic factors impacting the company, Apyx shares are invariably intertwined with the biotechnology sector. The S&amp;P Biotechnology Select Industry Index not only declined 25.6% in 2022but is now negative over a 5-year period, despite the S&amp;P 500 rising over 56% (9.4% annualized) over this time period. We believe that the entire sector has re-rated to depressed pricing, with various small and mid-cap biotech companies currently trading below net cash. Any broader improvement in the sector should act as tailwinds to Apyx shares.
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Texas Pacific Land Corporation (&#8220;TPL&#8221;) appreciated significantly during the year, driven by strong performance across all of the company&#8217;s business lines. The oil and gas royalty production rose approximately 15% compared to 2021, based on the first nine months of 2022. Benchmark oil and gas prices also rose approximately 41.5% and 78.8%, respectively, driving nearly 60% growth in pre-tax cash flow for the 3rd quarter of 2022 compared to a year prior. The asset base of TPL, which was bestowed to the predecessor trust in 1888, is, in our opinion, the largest and highest quality mineral and land portfolio in North America. It simply cannot be recreated and sits at the epicenter of North American energy production &#8211; yet, the portfolio (both minerals and surface land) remains as much as 90% undeveloped. This results in lower cash flow generation today (relative to portfolio potential), but higher and greater potential in the future. We are of the belief that oil and gas will remain critical fuel sources for generations, and investments in securing reliable supply are woefully inadequate. Thus, the Permian Basin will eventually become a fulcrum asset in global energy balances, with value accruing to long-term mineral and land- owners.
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">FitLife Brands shares were flat for the year. During the year, the company announced that it was unable to file its annual report on time, having determined the need to restate financial statements for several prior periods due to a revision related to the timing of revenue recognition. As a result of this, a delisting process was automatically commenced, which was reversed once the restated financials were filed. Nevertheless, the company continues to execute upon its restructuring plan &#8211; growing both revenues and profitability. In December, the company announced plans to acquire Mimi&#8217;s Rock Corp., a Canadian online dietary supplement and wellness company, as part of its previously communicated M&amp;A strategy for growth.
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In addition to the core fund holdings, there are a variety of positions in &#8220;hard asset&#8221; companies which we believe will benefit from what is likely to be a sustained period of rising price levels (inflation). These include royalty companies with exposure to energy, precious metals, and mining, as well as financial exchanges, among others. These companies experienced mixed returns for the year, with energy based hard asset companies appreciating with energy prices, but precious/base metal companies declining with the underlying metals, and financial exchanges declining modestly with broader markets.
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">We believe that, due to a variety of factors, we will be facing sustained, structural inflation, despite central bank efforts to contain it. This must be distinguished from cyclical inflation drivers, which are economically and money supply sensitive, and likely to moderate. In our view, interest rate increases are unlikely to meaningfully impact (structural) inflation, as monetary/fiscal mechanisms solely impact demand, but fail to address critical supply shortages that are only growing. The Fund holds many positions which have the potential to outperform in such an environment.
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</FONT></P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Comparison of a Hypothetical $10,000 Investment<BR>
in the RENN Fund, Inc. and the S&amp;P 500 Index<FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT><BR>
For the Period July 1, 2017<FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT> through December 31, 2022
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<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; width: 16%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>One Year</B></P></TD>
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<TD STYLE="vertical-align: bottom; width: 16%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">7.71%</P></TD>
<TD STYLE="vertical-align: bottom; width: 16%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">6.34%</P></TD>
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<TD STYLE="vertical-align: bottom; width: 52%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">S&amp;P 500 Index </P></TD>
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<TD STYLE="vertical-align: bottom; width: 16%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">9.42%</P></TD>
<TD STYLE="vertical-align: bottom; width: 16%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">10.69%</P></TD>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Horizon Kinetics Asset Management LLC began serving as the Fund&#8217;s investment advisory on July 1, 2017. Previous periods during which time the Fund was advised by another investment advisor are not shown.
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Fund plot points and total returns are based on net change in NAV, assuming reinvestment of distributions. The Fund&#8217;s results as shown are net of fees. The performance included in the chart and graph does not reflect the deduction of taxes on Fund distributions or the redemption of Fund shares.
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The S&amp;P 500 Index is unmanaged and its returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. Investors cannot invest directly in an index.</P>
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</FONT></P>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
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  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
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  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="white-space: nowrap; text-align: left">&#160;</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
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  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&#160;</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="white-space: nowrap; text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="white-space: nowrap; text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="white-space: nowrap; text-align: left">&#160;</TD><TD STYLE="font-style: italic">&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="white-space: nowrap; text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="white-space: nowrap; text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="white-space: nowrap; text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="white-space: nowrap; text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
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  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="white-space: nowrap; text-align: left">&#160;</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="white-space: nowrap; text-align: left">&#160;</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="white-space: nowrap; text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
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  <TR STYLE="vertical-align: bottom; background-color: White">
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt"><I>See accompanying Notes to Consolidated Financial Statements.</I></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">3</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>RENN Fund, </B></FONT><FONT STYLE="font-variant: small-caps"><B>Inc</B></FONT><FONT STYLE="font-variant: small-caps"><B>.
</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font-variant: small-caps"><FONT STYLE="font-variant: small-caps">CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)<BR>
As of December 31, 2022</FONT></P>

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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="white-space: nowrap; text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="white-space: nowrap; text-align: left">&#160;</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="white-space: nowrap; text-align: left">&#160;</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="white-space: nowrap; text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
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    <TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">2,132</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
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    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&#8212;</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="white-space: nowrap; text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="white-space: nowrap; text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&#160;</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&#160;</TD>
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    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&#8212;</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="white-space: nowrap; text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="white-space: nowrap; text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
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</TD><TD STYLE="font-weight: bold">&#160;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">20,209,723</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left">&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">14,804,681</TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
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</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&#160;</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">23,671</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="5" STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-bottom: 0pt; margin-top: 0pt"><B>NET ASSETS - 100.00% </B></P>

</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&#160;</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">14,828,352</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: top"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Shares or <BR>
Principal <BR>
Amount</B></P></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Company</B></P></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Proceeds</B></P></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Value</B></P></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD COLSPAN="9" STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>SECURITIES SOLD SHORT &#8211; 0.00%</B></P></TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD COLSPAN="9" STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>EXCHANGE TRADED FUNDS &#8211; 0.00%</B></P></TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">(12</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Direxion Daily Gold Miners Index Bear 2X Shares ETF </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 12%; text-align: right">(202</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 12%; text-align: right">(176</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">(12</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Direxion Daily Junior Gold Miners Index Bear 2X Shares ETF(2) </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">(123</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">(96</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">(7</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">ProShares Ultra VIX Short-Term Futures ETF(2) </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">(1,102</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">(48</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="vertical-align: bottom">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>Total Exchange Traded Funds  </B></P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">(1,427</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">(319</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="vertical-align: bottom">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&#160;</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>TOTAL SECURITIES SOLD SHORT &#8211; 0.00% </B></P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left"><B>$</B></TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 12%; text-align: right"><B>(1,427</B></TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left"><B>)</B></TD>
<TD STYLE="width: 1%; padding-bottom: 2.5pt">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left"><B>$</B></TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 12%; text-align: right"><B>(319</B></TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left"><B>)</B></TD>
</TR>
</TABLE><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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<TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt; vertical-align: top; text-align: right">
<P STYLE="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><SUP>(1)</SUP></P>
</TD>
<TD STYLE="vertical-align: top; text-align: left">
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">  See Semi-Annual Report Note 5 - Fair Value Measurements.
</P>
</TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt; vertical-align: top; text-align: right">
<P STYLE="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><SUP>(2)</SUP></P>
</TD>
<TD STYLE="vertical-align: top; text-align: left">
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">  Non-Income Producing.
</P>
</TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt; vertical-align: top; text-align: right">
<P STYLE="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><SUP>(3)</SUP></P>
</TD>
<TD STYLE="vertical-align: top; text-align: left">
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">  Big League Advance, LLC., Diamond Standard, Inc. and Miami International Holdings, Inc. are each currently a private company. These securities are illiquid and valued at fair value.
</P>
</TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt; vertical-align: top; text-align: right">
<P STYLE="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><SUP>(4)</SUP></P>
</TD>
<TD STYLE="vertical-align: top; text-align: left">
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">  Foreign security denominated in U.S. Dollars.
</P>
</TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt; vertical-align: top; text-align: right">
<P STYLE="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><SUP>(5)</SUP></P>
</TD>
<TD STYLE="vertical-align: top; text-align: left">
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">  The PetroHunter Energy Corporation (&#8220;PetroHunter&#8221;) securities are in bankruptcy. The securities are valued at fair value.
</P>
</TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt; vertical-align: top; text-align: right">
<P STYLE="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><SUP>(6)</SUP></P>
</TD>
<TD STYLE="vertical-align: top; text-align: left">
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">  Affiliated security, given that the security is managed by the same Investment Advisor as the Fund. </P>
</TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt"><I>See accompanying Notes to Consolidated Financial Statements.</I></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">4</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>
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<DIV STYLE="margin-bottom: 6pt"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt">&#160;</P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&#160;</P></DIV>
<!-- Field: /Page -->
<P STYLE="font: 18pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>RENN Fund, </B></FONT><FONT STYLE="font-variant: small-caps"><B>Inc</B></FONT><FONT STYLE="font-variant: small-caps"><B>.
</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font-variant: small-caps"><FONT STYLE="font-variant: small-caps">CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)<BR>
As of December 31, 2022</FONT></P>

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<DIV STYLE="border-top: Black 0.25pt solid; font-size: 1pt; width: 100%">&#160;</DIV>
</DIV><!-- Field: /Rule-Page -->
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; width: 87%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Security Type/Sector</B></P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Percent of <BR>
Total Net Assets</B></P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: bottom; width: 87%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Money Market Funds </P></TD>
<TD STYLE="vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">33.09%</P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: bottom; width: 87%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Convertible Bonds </P></TD>
<TD STYLE="vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">0.00%</P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: bottom; width: 87%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>Common Equities</B></P></TD>
<TD STYLE="vertical-align: bottom; width: 13%">&#160;</TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: bottom; width: 87%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Accommodations </P></TD>
<TD STYLE="vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">0.77%</P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: bottom; width: 87%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Aerospace &amp; Defense </P></TD>
<TD STYLE="vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">0.03%</P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: bottom; width: 87%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Asset Management </P></TD>
<TD STYLE="vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">1.01%</P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: bottom; width: 87%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Communication Services </P></TD>
<TD STYLE="vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">0.00%</P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: bottom; width: 87%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Marine Shipping </P></TD>
<TD STYLE="vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">0.08%</P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: bottom; width: 87%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Metal Mining </P></TD>
<TD STYLE="vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">3.21%</P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: bottom; width: 87%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Medicinal Chemicals and Botanical Products </P></TD>
<TD STYLE="vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">8.31%</P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: bottom; width: 87%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Oil and Gas </P></TD>
<TD STYLE="vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">35.27%</P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: bottom; width: 87%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Other Financial Investment Activities </P></TD>
<TD STYLE="vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">0.40%</P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: bottom; width: 87%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Real Estate </P></TD>
<TD STYLE="vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">0.46%</P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: bottom; width: 87%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Securities and Commodity Exchanges </P></TD>
<TD STYLE="vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">1.72%</P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: bottom; width: 87%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Securities, Commodity Contracts and Other Financial Investments and Related Activities </P></TD>
<TD STYLE="vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">0.31%</P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: bottom; width: 87%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Live Sports (Spectator Sports) </P></TD>
<TD STYLE="vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">1.88%</P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: bottom; width: 87%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Surgical &amp; Medical Instruments &amp; Apparatus </P></TD>
<TD STYLE="vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">9.71%</P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: bottom; width: 87%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Technology Services </P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">2.12%</P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: bottom; width: 87%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>Total Common Equities </B></P></TD>
<TD STYLE="vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>65.28%</B></P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: bottom; width: 87%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Exchange Traded Funds </P></TD>
<TD STYLE="vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">0.05%</P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: bottom; width: 87%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Open Ended Mutual Funds </P></TD>
<TD STYLE="vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">0.14%</P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: bottom; width: 87%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Preferred Stocks </P></TD>
<TD STYLE="vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">1.25%</P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: bottom; width: 87%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Warrants </P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">0.03%</P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: bottom; width: 87%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>Total Investments </B></P></TD>
<TD STYLE="vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>99.84%</B></P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: bottom; width: 87%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Liabilities Less Other Assets </P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">0.16%</P></TD>
</TR>
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<TD STYLE="vertical-align: bottom; width: 87%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>Total Net Assets </B></P></TD>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt"><I>See accompanying Notes to Consolidated Financial Statements.</I></P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">5</P>
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</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font-variant: small-caps"><FONT STYLE="text-transform: uppercase">Consolidated Statement of Assets and Liabilities
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<TD STYLE="width: 1%; text-align: left">&#160;</TD>
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<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">92,205</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">5,291</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">19,985</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Prepaid expenses and other assets </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">404</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
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<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">14,922,566</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Securities sold short, at value (proceeds $1,427) </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">319</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Payables:</P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Auditing fees </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">33,000</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Fund administration and accounting fees </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">28,969</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Printing and postage </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">10,116</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Legal expense </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">7,700</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Custody fees </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">6,717</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Investment securities purchased </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">624</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Transfer agent fees and expenses </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">4,000</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Accrued other expenses </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">2,769</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Total liabilities </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">94,214</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>NET ASSETS </B></P></TD>
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<TD STYLE="border-bottom: Black 2.5pt double; width: 12%; text-align: right"><B>14,828,352</B></TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Paid-in-capital </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">33,252,612</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Total accumulated deficit </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">(18,424,260</TD>
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<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>NET ASSETS </B></P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left"><B>$</B></TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 12%; text-align: right"><B>14,828,352</B></TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>Shares outstanding no par value (unlimited shares authorized) </B></P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left"><B>&#160;</B></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right"><B>7,015,786</B></TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>Net asset value, offering and redemption price per share </B></P></TD>
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<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left"><B>$</B></TD>
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<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Market Price Per Common Share </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
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<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Market Price (Discount) to Net Asset Value Per Common Share </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left"><B>&#160;</B></TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 12%; text-align: right"><B>(14.22</B></TD>
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</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
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<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
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<TD STYLE="width: 12%; text-align: right">29</TD>
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<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">72,696</TD>
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<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">223,445</TD>
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<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
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<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">86,148</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">35,224</TD>
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<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">33,062</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">31,318</TD>
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<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">25,946</TD>
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<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">17,500</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">11,057</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">1,590</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">42</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
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<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">241,887</TD>
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<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">(18,442</TD>
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<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 31.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Unaffiliated Investments </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">1,413</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 31.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Affiliated long term capital gain on affiliated open end traded fund </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">363</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">(46</TD>
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<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 40.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Net realized gain </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">1,730</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 31.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Unaffiliated Investments </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">(4,223,513</TD>
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<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">7,639</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 31.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Securities sold short </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">125</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">1</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 40.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Net change in unrealized appreciation/depreciation </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">(4,215,748</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 31.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Net realized and unrealized loss </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">(4,214,018</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TD STYLE="width: 1%">&#160;</TD>
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<TD STYLE="border-bottom: Black 2.5pt double; width: 12%; text-align: right">(4,232,460</TD>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">7</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

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December 31, 2022</B></P></TD>
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<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">1,730</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">434,649</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">(4,215,748</TD>
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<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">4,982,001</TD>
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<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">(4,232,460</TD>
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<TD STYLE="width: 1%; padding-bottom: 1pt">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">5,255,691</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>Distributions to Shareholders</B></P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">(24,864</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">(134,526</TD>
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<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">(24,864</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">(134,526</TD>
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</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>Capital Transactions</B></P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Proceeds from shares issued<SUP>(1)</SUP> </P></TD>
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<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">2,106,383</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
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<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">2,106,383</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>Total increase (decrease) in net assets </B></P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">(2,150,941</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">5,121,165</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>Net Assets</B></P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Beginning of period </P></TD>
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<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">16,979,293</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">11,858,128</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">End of period </P></TD>
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<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 12%; text-align: right">14,828,352</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&#160;</TD>
<TD STYLE="width: 1%; padding-bottom: 2.5pt">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 12%; text-align: right">16,979,293</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>Capital Share Activity</B></P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Shares issued </P></TD>
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<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">1,063,830</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>Net increase in capital shares </B></P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 12%; text-align: right">1,063,830</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&#160;</TD>
<TD STYLE="width: 1%; padding-bottom: 2.5pt">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&#160;</TD>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">8</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>RENN Fund, Inc.
</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font-variant: small-caps"><FONT STYLE="text-transform: uppercase">Consolidated Statement of Cash Flows
</FONT></P>
<P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font-variant: small-caps"><FONT STYLE="font-variant: small-caps">For the Year Ended December 31, 2022
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<TD STYLE="width: 1%; text-align: left">$</TD>
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<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">(1,377,433</TD>
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<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
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<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">(1,144,239</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">229,789</TD>
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<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">186,067</TD>
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<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">(18,695</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD>
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<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
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<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">(49</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD>
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<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 40.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Decrease in investment securities purchased payable </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">(1,300</TD>
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<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 40.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Decrease in accrued expenses </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">(4,777</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 40.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Net change in unrealized appreciation/depreciation on unaffiliated securities </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">4,208,110</TD>
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<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">7,639</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">(837</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD>
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<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
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<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">(46</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
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<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">(2,148,231</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">(24,864</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 31.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Net cash used for financing activities </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">(24,864</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Cash flows used for financing activities:</P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 40.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Proceeds from sale of shares<SUP>(1)</SUP> </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">2,106,383</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 40.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Net cash provided by financing activities </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">2,106,383</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Net decrease in cash </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">(66,712</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Cash and cash equivalents </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 31.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Beginning cash balance </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">158,794</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 31.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Beginning cash held at broker </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">5,414</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Total beginning cash and cash equivalents </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">164,208</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 31.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Ending cash balance </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">92,205</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 31.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Ending cash held at broker </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">5,291</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Total ending cash and cash equivalents </P></TD>
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<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</TD>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">9</P>
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</B></FONT></P>
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<TD STYLE="width: 1%; padding-bottom: 1pt">&#160;</TD>
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<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">2.85</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">1.99</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">2.08</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">1.90</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">1.47</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
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<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">(0.00</TD>
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<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">(0.03</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">(0.03</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">(0.02</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">(0.04</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD>
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<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">(0.65</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">0.91</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">(0.06</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">0.40</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">0.47</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
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<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">(0.65</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">0.88</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">(0.09</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">0.38</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">0.43</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>Less Distributions:</B></P></TD>
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<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">0.00</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left"><SUP>(2)</SUP>&#160;</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">(0.02</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
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<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">0.00</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">(0.02</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Dilutive effect of rights offering </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">(0.09</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)<SUP>(5)</SUP></TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">(0.20</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)<SUP>(3)</SUP></TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>Net asset value, end of period </B></P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 10%; text-align: right">2.11</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&#160;</TD>
<TD STYLE="width: 1%; padding-bottom: 2.5pt">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 10%; text-align: right">2.85</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&#160;</TD>
<TD STYLE="width: 1%; padding-bottom: 2.5pt">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 10%; text-align: right">1.99</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&#160;</TD>
<TD STYLE="width: 1%; padding-bottom: 2.5pt">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 10%; text-align: right">2.08</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&#160;</TD>
<TD STYLE="width: 1%; padding-bottom: 2.5pt">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 10%; text-align: right">1.90</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>Per-share market value,  end of period </B></P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 10%; text-align: right">1.81</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&#160;</TD>
<TD STYLE="width: 1%; padding-bottom: 2.5pt">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 10%; text-align: right">2.65</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&#160;</TD>
<TD STYLE="width: 1%; padding-bottom: 2.5pt">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 10%; text-align: right">1.71</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&#160;</TD>
<TD STYLE="width: 1%; padding-bottom: 2.5pt">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 10%; text-align: right">1.64</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&#160;</TD>
<TD STYLE="width: 1%; padding-bottom: 2.5pt">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 10%; text-align: right">1.49</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>Total net asset value return</B><SUP><B>(4)</B></SUP><B> </B></P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">(25.82</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">%)</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">44.40</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">(4.33</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">%)</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">9.47</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">29.25</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>Total market value return</B><SUP><B>(4)</B></SUP><B> </B></P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">(31.62</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">%)</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">56.40</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">4.25</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">10.07</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">(0.93</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">%)</TD>
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<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>Ratios and Supplemental Data</B></P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Net assets, end of period  (in thousands) </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 10%; text-align: right">14,828</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 10%; text-align: right">16,979</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 10%; text-align: right">11,858</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 10%; text-align: right">12,356</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 10%; text-align: right">8,476</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Ratio of expenses to average net assets </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">1.55</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">1.45</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">2.35</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">2.03</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">2.89</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Ratio of net investment loss to average net assets </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">(0.12</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">%)</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">(1.01</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">%)</TD>
<TD STYLE="width: 1%">&#160;</TD>
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<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
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<TD STYLE="width: 10%; text-align: right">2</TD>
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<TD STYLE="width: 1%">&#160;</TD>
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<TD STYLE="width: 10%; text-align: right">14</TD>
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<TD STYLE="width: 10%; text-align: right">1</TD>
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<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">1</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">12</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
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<P STYLE="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> <SUP>(1)</SUP></P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">  Based on average shares outstanding for the period.
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
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<P STYLE="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> <SUP>(2)</SUP></P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

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<P STYLE="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> <SUP>(3)</SUP></P>
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</TD>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
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<P STYLE="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> <SUP>(4)</SUP></P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
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</TD>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt"><I>See accompanying Notes to Consolidated Financial Statements.</I></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">10</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font-variant: small-caps"><FONT STYLE="text-transform: uppercase">Consolidated Notes to Financial Statements
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">RENN Fund, Inc. (the &#8220;Fund&#8221;), is a registered, non-diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;).
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund, a Texas corporation, was organized and commenced operations in 1994 and is registered under and pursuant to the provisions of Section 8(a) of the 1940 Act.
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The investment objective of the Fund is to provide shareholders with above-market rates of return through capital appreciation and income by a long-term, value oriented investment process that invests in a wide variety of financial instruments, including but not limited to, common stocks, fixed income securities including convertible and non-convertible debt securities or loans, distressed debt, warrants and preferred stock, exchange traded funds and exchange traded notes, and other instruments. In addition, the Fund may sell short stocks, exchange traded funds and exchange traded notes.
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Horizon Kinetics Asset Management LLC (&#8220;Horizon&#8221; or the &#8220;Investment Advisor&#8221;), a registered investment adviser and wholly owned subsidiary of Horizon Kinetics LLC (&#8220;Horizon Kinetics&#8221;), serves as the Fund&#8217;s investment manager and is responsible for the Fund&#8217;s investment portfolio, subject to the supervision of the Board of Directors. Horizon has served as the Fund&#8217;s investment advisor since July 1, 2017.
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: -18pt; margin-bottom: 0pt; margin-top: 0pt"><B>Note 2 &#8211; Accounting Policies
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from these estimates.
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 &#8220;Financial Services-Investment Companies&#8221;.
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>(a) Consolidation of Subsidiary
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund can invest up to 25% of its total assets in its Subsidiary. The Subsidiary acts as an investment vehicle in order to invest in commodity-linked, bitcoin, and other cryptocurrency linked instruments consistent with the Fund&#8217;s investment objectives and policies. By investing in its Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary&#8217;s investments. The investments held by the Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. However the Fund wholly owns and controls its Subsidiary, making it unlikely that the Subsidiary will take action contrary to the interests of the Fund. The Subsidiary will be subject to the same investment restrictions and limitations, and follow the same compliance policies and procedures, as the Fund.
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">11</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>
<!-- Field: Page; Sequence: 14 -->
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<DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&#160;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font-variant: small-caps"><FONT STYLE="font-variant: small-caps">CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Continued)<BR>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>(d) Federal Income Taxes</B><FONT STYLE="font-weight: normal; font-style: normal">
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund follows the provisions of Accounting Standards Codification ASC 740, Accounting for Uncertainty in Income Taxes (the &#8220;Income Tax Statement&#8221;), which requires an evaluation of tax positions taken (or expected to be taken) in the course of preparing a Fund&#8217;s tax returns to determine whether these positions meet a &#8220;more-likely-than-not&#8221; standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the &#8220;more-likely-than-not&#8221; recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Consolidated Statement of Operations.
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Short sales are transactions under which the Fund sells a security it does not own in anticipation of a decline in the value of that security. To complete such a transaction, the Fund must borrow the security to make delivery to the buyer. The Fund then is obligated to replace the security borrowed by purchasing the security at market price at the time of replacement. The price at such time may be more or less than the price at which the security was sold by the Fund. When a security is sold short a decrease in the value of the security will be recognized as a gain and an increase in the value of the security will be recognized as a loss, which is potentially limitless. Until the security is replaced, the Fund is required to pay the lender amounts equal to dividend or interest that accrue during the period of the loan which is recorded as an expense. To borrow the security, the Fund also may be required to pay a premium or an interest fee, which are recorded as interest expense. Cash or securities may be segregated for the broker to meet the necessary margin requirements. The Fund is subject to the risk that it may not always be able to close out a short position at a particular time or at an acceptable price.
</P>
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</B></FONT></P>
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<P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font-variant: small-caps"><FONT STYLE="font-variant: small-caps">CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Continued)<BR>
As of December 31, 2022</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>(g) Short-Term Investments</B><FONT STYLE="font-weight: normal; font-style: normal">
</FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund invested a significant amount (32.52% of its net assets as of December 31, 2022) in the Fidelity Investment Money Market Government Portfolio Fund (&#8220;FIGXX&#8221;). FIGXX normally invests at least 99.5% of assets in U.S. government securities and repurchase agreements for those securities. FIGXX invests in compliance with industry-standard regulatory requirements for money market funds for the quality, maturity, and diversification of investments. An investment in FIGXX is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although FIGXX seeks to preserve the value of investment at $1.00 per share, it is possible to lose money by investing in FIGXX.
</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">FIGXX files complete Semi-Annual and Annual Reports with the U.S. Securities and Exchange Commission for semi-annual and annual periods of each fiscal year on Form N-CSR. The Forms N-CSR are available on the website of the U.S. Securities and Exchange Commission at www.sec.gov, and may also be viewed and copied at the Commission&#8217;s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The net expense ratio per the March 31, 2022 annual report of Fidelity Investment Money Market Government Portfolio Fund was 0.08%.
</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: -18pt; margin-bottom: 0pt; margin-top: 0pt"><B>Note 3 &#8211; Principal Investment Risks
</B></P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Investing in common stocks and other equity or equity-related securities has inherent risks that could cause you to lose money. Some of the principal risks of investing in the Fund are listed below and could adversely affect the net asset value (&#8220;NAV&#8221;), total return and value of the Fund and your investment. These are not the only risks associated with an investment in the Fund. Rather, the risks discussed below are certain of the significant risks associated with the investment strategy employed by the Fund. The below does not discuss numerous other risks associated with an investment in the Fund, including risks associated with investments in non-diversified, closed-end registered investment funds generally, other business, operating and tax risks associated with an investment in the Fund, and economic and other risks affecting investment markets generally, all of which are beyond the scope of this discussion.
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<DIV>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I>Liquidity Risks:</I><FONT STYLE="font-weight: normal; font-style: normal"> The Investment Advisor may not be able to sell portfolio securities at an optimal time or price. For example, if the Fund is required or the advisor deems it advisable to liquidate all or a portion of a portfolio security quickly, it may realize significantly less than the value at which the investment was previously recorded.
</FONT></P>

</DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I>Private Issuer Risks:</I><FONT STYLE="font-weight: normal; font-style: normal"> In addition to the risks associated with small public companies, limited or no public information may exist about private companies, and the Fund will rely on the ability of our Investment Advisor to obtain adequate information to evaluate the potential returns from investing in these companies. If the Investment Advisor is unable to uncover all material information about these companies, the Fund may not make a fully informed investment decision and may lose money on the investment.
</FONT></P>

</DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I>Interest Rate Risk: </I><FONT STYLE="font-weight: normal; font-style: normal">When interest rates increase, any fixed-income securities held by the Fund may decline in value. Long-term fixed-income securities will normally have more price volatility because of this risk than short-term fixed-income securities. The negative impact on fixed-income securities from the resulting rate increases for that and other reasons could be swift and significant.
</FONT></P>

</DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I>Leveraging Risks: </I><FONT STYLE="font-weight: normal; font-style: normal">Investments in derivative instruments may give rise to a form of leverage. The Investment Advisor may engage in speculative transactions which involve substantial risk and leverage. The use of leverage by the Investment Advisor may increase the volatility of the Fund. These leveraged instruments may result in losses to the Fund or may adversely affect the Fund&#8217;s NAV or total return, because instruments that contain leverage are more sensitive to changes in interest rates. The Fund may also have to sell assets at inopportune times to satisfy its obligations in connection with such transactions.</FONT><I>
</I></P>

</DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I>Distressed Debt Risks: </I><FONT STYLE="font-weight: normal; font-style: normal">An investment in distressed debt involves considerable risks, including a higher risk of nonpayment by the debtor. The Fund may incur significant expenses seeking recovery upon default or attempting to negotiate new terms. Furthermore, if one of our portfolio companies were to file for bankruptcy protection, a bankruptcy court might re-characterize the debt held by the Fund and subordinate all or a portion of the Fund&#8217;s claim to claims of other creditors, even, in some cases, if the investment is structured as senior secured debt. The bankruptcy process has a number of significant inherent risks, including substantial delays and the risk of loss of all or a substantial portion of the Fund&#8217;s investment in the bankrupt entity.</FONT><I>
</I></P>

</DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I>Bitcoin Risk: </I><FONT STYLE="font-weight: normal; font-style: normal">The value of the Fund&#8217;s investment in the Grayscale Bitcoin Trust is subject directly to fluctuations in the value of bitcoins. The value of bitcoins is determined by the supply of and demand for bitcoins in the global market for the trading of bitcoins, which consists of transactions on electronic bitcoin exchanges (&#8220;Bitcoin Exchanges&#8221;). Pricing on Bitcoin Exchanges and other venues can be volatile and can adversely affect the value of the Grayscale Bitcoin Trust. Currently, there is relatively small use of bitcoins in the retail and commercial marketplace in comparison to the relatively large use of bitcoins by speculators, thus contributing to price volatility </FONT></P>
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</B></FONT></P>
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<P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font-variant: small-caps"><FONT STYLE="font-variant: small-caps">CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Continued)<BR>
As of December 31, 2022</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">that could adversely affect the Fund&#8217;s direct investment in the Grayscale Bitcoin Trust. Bitcoin transactions are irrevocable, and stolen or incorrectly transferred bitcoins may be irretrievable. As a result, any incorrectly executed bitcoin transactions could adversely affect the value of the Fund&#8217;s direct or indirect investment in the Grayscale Bitcoin Trust. Shares of the Grayscale Bitcoin Trust may trade at a premium or discount to the net asset value of the Grayscale Bitcoin Trust.<I>
</I></P>

</DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I> Short-Selling Risk: </I><FONT STYLE="font-weight: normal; font-style: normal">The Fund can sell securities short to the maximum extent permitted under the Investment Company Act of 1940 (the &#8220;1940 Act&#8221;). A short sale by the Fund involves borrowing a security from a lender which is then sold in the open market. At a future date, the security is repurchased by the Fund and returned to the lender. While the security is borrowed, the proceeds from the sale are deposited with the lender and the Fund may be required to pay interest and/or the equivalent of any dividend payments paid by the security to the lender. If the value of the security declines between the time the Fund borrows the security and the time it repurchases and returns the security to the lender, the Fund makes a profit on the difference (less any expenses the Fund is required to pay the lender). There is no assurance that a security will decline in value during the period of the short sale and make a profit for the Fund. If the value of the security sold short increases between the time that the Fund borrows the security and the time it repurchases and returns the security to the lender, the Fund will realize a loss on the difference (plus any expenses the Fund is required to pay to the lender). This loss is theoretically unlimited as there is no limit as to how high the security sold short can appreciate in value, thus increasing the cost of buying that security to cover a short position. The Fund may incur interest or other expenses in selling securities short and such expenses are investment expenses of the Fund.</FONT><I>
</I></P>

</DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I>Investments in Leveraged/Inverse ETFs and ETNs: </I><FONT STYLE="font-weight: normal; font-style: normal">The Fund may invest long or short in leveraged/inverse ETFs and ETNs. Leveraged/inverse ETFs and ETNs are designed for investors who seek leveraged long or leveraged inverse exposure, as applicable, to the daily performance of an index. These instruments do not guarantee any return of principal and do not pay any interest during their term. In general, investors will be entitled to receive a cash payment, upon early redemption or upon acceleration, as applicable, that will be linked to the performance of an underlying index, plus a daily accrual and less a daily investor fee. Investors should be willing to forgo interest payments and, if the index on which the ETF or ETN is based declines or increases, as applicable, be willing to lose up to 100% of their investment. In many instances a leveraged or inverse ETF or ETN will seek to provide an investor with a corresponding multiple of the index it tracks (e.g., a three times leveraged long ETF that tracks the S&amp;P 500 Index seeks to provide investors with three times the positive rate of return of the S&amp;P 500 Index on a daily basis). Such ETFs and ETNs are very sensitive to changes in the level of their corresponding index, and returns may be negatively impacted in complex ways by the volatility of the corresponding index on a daily or intraday basis. </FONT><I>
</I></P>

</DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: -18pt; margin-bottom: 0pt; margin-top: 0pt"><B>Note 4 &#8211; Investment Advisory Agreement
</B></P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund entered in to an Investment Advisor Agreement (the &#8220;Agreement&#8221;) with Horizon. Under the Agreement, Horizon is not paid an advisory fee on net assets less than $25 million and thereafter will charge a management fee of 1.0% on net assets above $25 million. Horizon performs certain services, including certain management, investment advisory and administrative services necessary for the operation of the Fund.
</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: -18pt; margin-bottom: 0pt; margin-top: 0pt"><B>Note 5 &#8211; Fair Value Measurements
</B></P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Investments are carried at fair value, as determined in good faith by Horizon, the Fund&#8217;s Board of Directors&#8217; valuation designee. The fair values reported are subject to various risk including changes in the equity markets, general economic conditions, and the financial performance of the companies. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the fair value of investment securities, it is possible that the amounts reported in the accompanying financial statements could change materially in the near term.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund generally invests in common securities, preferred securities, convertible and nonconvertible debt securities, and warrants. These securities may be unregistered and thinly-to-moderately traded. Generally, the Fund negotiates registration rights at the time of purchase and the portfolio companies are required to register the shares within a designated period, and the cost of registration is borne by the portfolio company.
</P>
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<P STYLE="font: 18pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>RENN Fund, Inc.
</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font-variant: small-caps"><FONT STYLE="font-variant: small-caps">CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Continued)<BR>
As of December 31, 2022</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">On a daily basis, as is necessary, Horizon prepares a valuation to determine fair value of the investments of the Fund. The valuation principles are described below.
</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Unrestricted common stock of companies listed on an exchange, such as the NYSE or NASDAQ, or in the over-the-counter market is valued at the closing price on the date of valuation. Thinly traded unrestricted common stock of companies listed on an exchange, such as the NYSE or NASDAQ, or in the over-the-counter market is valued at the closing price on the date of valuation, less a marketability discount as determined appropriate by the Fund Managers and approved by the Board of Directors.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
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</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
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</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Debt securities are valued at fair value. The Fund considers, among other things, whether a debt issuer is in default or bankruptcy. It also considers the underlying collateral. Fair value is generally determined to be the greater of the face value of the debt or the market value of the underlying common stock into which the instrument may be converted.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The unlisted in-the-money options or warrants of companies with the underlying common stock listed on an exchange, such as the NYSE or NASDAQ, or in the over-the-counter market are valued at fair value (the positive difference between the closing price of the underlying common stock and the strike price of the warrant or option). An out-of-the money warrant or option has no value; thus the Fund assigns no value to it.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Investments in privately held entities are valued at fair value. If there is no independent and objective pricing authority (i.e., a public market) for such investments, fair value is based on the latest sale of equity securities to independent third parties. If a private entity does not have an independent value established over an extended period of time, then the Investment Advisor will determine fair value on the basis of appraisal procedures established in good faith and approved by the Board of Directors.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund follows the provisions of Accounting Standards Codification ASC 820, Fair Value Measurements, under which the Fund has established a fair value hierarchy that prioritizes the sources (&#8220;inputs&#8221;) used to measure fair value into three broad levels: inputs based on quoted market prices in active markets (Level 1 inputs); observable inputs based on corroboration with available market data (Level 2 inputs); and unobservable inputs based on uncorroborated market data or a reporting entity&#8217;s own assumptions (Level 3 inputs).
</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The following table shows a summary of investments measured at fair value on a recurring basis classified under the appropriate level of fair value hierarchy as of December 31, 2022:
</P>
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<TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
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<TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD COLSPAN="2" STYLE="border-top: #000000 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Level 2</B></P></TD>
<TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD COLSPAN="2" STYLE="border-top: #000000 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Level 3</B></P></TD>
<TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
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<TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
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<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Convertible Bonds </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Common Equities </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">9,289,102</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">390,185</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">9,679,287</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Exchange Traded Funds </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">7,276</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">7,276</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Money Market Funds </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">4,907,118</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">4,907,118</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Open Ended Mutual Funds </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">20,806</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">20,806</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Preferred Stocks </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">185,798</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">185,798</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Warrants </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">4,396</TD>
<TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">4,396</TD>
<TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>Total Investments </B></P></TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 12%; text-align: right">14,224,302</TD>
<TD STYLE="border-bottom: Black 2.5pt double; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 12%; text-align: right">580,379</TD>
<TD STYLE="border-bottom: Black 2.5pt double; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 12%; text-align: right">14,804,681</TD>
<TD STYLE="border-bottom: Black 2.5pt double; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">15</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>
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</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font-variant: small-caps"><FONT STYLE="font-variant: small-caps">CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Continued)<BR>
As of December 31, 2022</FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="text-align: left; margin-top: 3pt; margin-bottom: 3pt">
<DIV STYLE="border-top: Black 0.25pt solid; font-size: 1pt; width: 100%">&#160;</DIV>
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<TD STYLE="border-top: #000000 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">&#160;</P></TD>
<TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
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<TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD COLSPAN="2" STYLE="border-top: #000000 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Level 2</B></P></TD>
<TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD COLSPAN="2" STYLE="border-top: #000000 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Level 3</B></P></TD>
<TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD COLSPAN="2" STYLE="border-top: #000000 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Total</B></P></TD>
<TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Liabilities</P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Securities Sold Short</P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Exchange Traded Funds </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">319</TD>
<TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">319</TD>
<TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TD STYLE="border-bottom: Black 2.5pt double; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 12%; text-align: right">319</TD>
<TD STYLE="border-bottom: Black 2.5pt double; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 12%; text-align: right">319</TD>
<TD STYLE="border-bottom: Black 2.5pt double; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining value:
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">&#160;</P></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
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<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
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<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Beginning balance December 31, 2021 </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 12%; text-align: right">154,762</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Transfers into Level 3 during the period </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Change in unrealized appreciation/(depreciation) </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">(176,248</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Total realized gain/(loss) </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
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<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">415,798</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Sales </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Return of capital distributions </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">186,067</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Transfers out of Level 3 during the period </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Ending balance December 31, 2022 </P></TD>
<TD STYLE="width: 1%; padding-bottom: 2.5pt">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 12%; text-align: right">580,379 </TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&#160;</TD>
</TR>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Investments in portfolio companies are being classified as Level 3. At December 31, 2022, Petrohunter Energy Corporation was valued at $0 due to bankruptcy proceedings and thus qualifies as a Level 3 security. As part of the bankruptcy proceedings, the Fund received a payment of $186,067 during the year ended December 31, 2022, which was treated as a return of capital. Also at December 31, 2022, Big League Advance, LLC., Diamond Standard, Inc., and Miami International Holdings, Inc. were private companies and shares and/or warrants are illiquid, thus qualifying as Level 3 securities. The following table summarizes the valuation techniques and significant unobservable inputs used in determining fair value measurements for these investments classified as Level 3 as of December 31, 2022:
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</TR>
<TR>
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Company </B></P></TD>
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Technique</B></P></TD>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Unobservable <BR>
Input<FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT></B></P></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
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<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
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Weighted <BR>
Average of <BR>
Input</B></P></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
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12/31/22</B></P></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
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Valuation <BR>
from an <BR>
Increase in <BR>
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<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD COLSPAN="2" STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Petrohunter Energy Corporation</P></TD>
<TD STYLE="vertical-align: bottom">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 9%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 9%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 9%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 9%; text-align: center">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
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<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Convertible Bond</P></TD>
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<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 9%; text-align: right">0.00</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 9%; text-align: right">0.00</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 9%; text-align: right">0</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 9%; text-align: center">Increase</TD>
<TD STYLE="width: 1%">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Common Stock</P></TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Asset Approach</P></TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Bankruptcy Recovery</P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 9%; text-align: right">0.00</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 9%; text-align: right">0.00</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 9%; text-align: right">0</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 9%; text-align: center">Increase</TD>
<TD STYLE="width: 1%">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Big League Advance, LLC.</P></TD>
<TD STYLE="vertical-align: bottom">&#160;</TD>
<TD STYLE="vertical-align: bottom">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 9%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 9%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 9%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 9%; text-align: center">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
</TR>
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<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Common Stock</P></TD>
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<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 9%; text-align: right">55.00</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 9%; text-align: right">55.00</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 9%; text-align: right">280,005</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 9%; text-align: center">Increase</TD>
<TD STYLE="width: 1%">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Diamond Standard, Inc.</P></TD>
<TD STYLE="vertical-align: bottom">&#160;</TD>
<TD STYLE="vertical-align: bottom">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 9%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 9%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 9%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 9%; text-align: center">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Preferred Stock</P></TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Asset Approach</P></TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Precedent Transaction</P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 9%; text-align: right">6.00</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
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<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
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<TD STYLE="width: 9%; text-align: right">185,798</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 9%; text-align: center">Increase</TD>
<TD STYLE="width: 1%">&#160;</TD>
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<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 9%; text-align: right">10</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 9%; text-align: right">10</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 9%; text-align: right">25</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 9%; text-align: center">Increase</TD>
<TD STYLE="width: 1%">&#160;</TD>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">16</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>
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<DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&#160;</P></DIV>
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<P STYLE="font: 18pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>RENN Fund, Inc.
</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font-variant: small-caps"><FONT STYLE="font-variant: small-caps">CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Continued)<BR>
As of December 31, 2022</FONT></P>

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Company </B></P></TD>
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Technique</B></P></TD>
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Input<FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT></B></P></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
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<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
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Weighted <BR>
Average of <BR>
Input</B></P></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
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12/31/22</B></P></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
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Valuation <BR>
from an <BR>
Increase in <BR>
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<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
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<TD STYLE="vertical-align: bottom">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 9%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 9%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 9%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 9%; text-align: center">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
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<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 9%; text-align: right">6.87-$8.60</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 9%; text-align: right">7.60</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 9%; text-align: right">110,180</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 9%; text-align: center">Increase</TD>
<TD STYLE="width: 1%">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
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<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 9%; text-align: right">25</TD>
<TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: left">%</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 9%; text-align: right">25</TD>
<TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: left">%</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 9%; text-align: right">4,371</TD>
<TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 9%; text-align: center">Increase</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
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<TD STYLE="width: 13.5pt; vertical-align: top; text-align: right">
<P STYLE="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT>    </P>
</TD>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The Investment Advisor considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. The Fund&#8217;s use of fair value pricing may cause the net asset value of Fund shares to differ from the net asset value that would be calculated using market quotations. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security.
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

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<P STYLE="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT><FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT>     </P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect.
</P>
</TD>
</TR>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund has adopted a policy of recording any transfers of investment securities between the different levels in the fair value hierarchy as of the end of the year unless circumstances dictate otherwise.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: -18pt; margin-bottom: 0pt; margin-top: 0pt"><B>Note 6 &#8211; Investments in Affiliated Issuers
</B></P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">An affiliated issuer is an entity in which the Fund has ownership of at least 5% of the voting securities, or any investment which is advised or sponsored by the advisor. In this instance, affiliation is based on the fact that the Kinetics Spin-off and Corporate Restructuring Fund is advised by Horizon, the same Investment Advisor to the Fund. Issuers that are affiliates of the Fund at period-end are noted in the Fund&#8217;s Schedule of Investments. Additional security purchases and the reduction of certain securities shares outstanding of existing portfolio holdings that were not considered affiliated in prior years may result in the Fund owning in excess of 5% of the outstanding shares at period-end. The table below reflects transactions during the period with entities that are affiliates as of December 31, 2022 and may include acquisitions of new investments, prior year holdings that became affiliated during the period and prior period affiliated holdings that are no longer affiliated as of period-end.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
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<TR>
<TD STYLE="vertical-align: bottom">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 8%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 8%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 8%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 8%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 8%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 8%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD COLSPAN="6" STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Dividends and <BR>
Distributions</B></P></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Name of Issuer <BR>
and Title of <BR>
Issue</B></P></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
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Beginning<BR>
of Period</B></P></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Purchases</B></P></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Sales <BR>
Proceeds</B></P></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Net Realized <BR>
Gain (Loss)</B></P></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Change in <BR>
Unrealized <BR>
Appreciation <BR>
(Depreciation)</B></P></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Value <BR>
End of <BR>
Period</B></P></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Capital <BR>
Gains</B></P></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Income</B></P></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
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<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 8%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 8%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 8%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 8%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 8%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 8%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Restructuring Fund</P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 8%; text-align: right">&#8212;</TD>
<TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 8%; text-align: right">13,167</TD>
<TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 8%; text-align: right">&#8212;</TD>
<TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 8%; text-align: right">&#8212;</TD>
<TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 8%; text-align: right">7,639</TD>
<TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 8%; text-align: right">20,806</TD>
<TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 8%; text-align: right">363</TD>
<TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 8%; text-align: right">29</TD>
<TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>Total</B></P></TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 8%; text-align: right">&#8212;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 8%; text-align: right">13,167</TD>
<TD STYLE="border-bottom: Black 2.5pt double; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 8%; text-align: right">&#8212;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 8%; text-align: right">&#8212;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 8%; text-align: right">7,639</TD>
<TD STYLE="border-bottom: Black 2.5pt double; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 8%; text-align: right">20,806</TD>
<TD STYLE="border-bottom: Black 2.5pt double; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 8%; text-align: right">363</TD>
<TD STYLE="border-bottom: Black 2.5pt double; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 8%; text-align: right">29</TD>
<TD STYLE="border-bottom: Black 2.5pt double; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">17</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>
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</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font-variant: small-caps"><FONT STYLE="font-variant: small-caps">CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Continued)<BR>
As of December 31, 2022</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR>
<TD STYLE="border-top: #000000 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Name of Issuer and Title of Issue</B></P></TD>
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Beginning<BR>
of Period</B></P></TD>
<TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
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<TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD COLSPAN="2" STYLE="border-top: #000000 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Sales Proceeds</B></P></TD>
<TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD COLSPAN="2" STYLE="border-top: #000000 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Stock Split</B></P></TD>
<TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD COLSPAN="2" STYLE="border-top: #000000 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Shares <BR>
End of <BR>
Period</B></P></TD>
<TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Kinetics Spin-off and Corporate</P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 10%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Restructuring Fund </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">&#8212;</TD>
<TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">824</TD>
<TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">&#8212;</TD>
<TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">&#8212;</TD>
<TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">824</TD>
<TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>Total </B></P></TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 10%; text-align: right">&#8212;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 10%; text-align: right">824</TD>
<TD STYLE="border-bottom: Black 2.5pt double; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 10%; text-align: right">&#8212;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 10%; text-align: right">&#8212;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 10%; text-align: right">824</TD>
<TD STYLE="border-bottom: Black 2.5pt double; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: -18pt; margin-bottom: 0pt; margin-top: 0pt"><B>Note 7 &#8211; Federal Income Tax Information
</B></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">At December 31, 2022, gross unrealized appreciation and depreciation on investments and securities sold short, based on cost for federal income tax purposes, were as follows:
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: top"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Cost of investments </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 12%; text-align: right">20,019,996</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: top"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Gross unrealized appreciation </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 12%; text-align: right">4,417,283</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: top"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Gross unrealized depreciation </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">(9,632,917</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: top"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Net unrealized depreciation </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 12%; text-align: right">(5,215,634</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD>
</TR>
</TABLE><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The difference between cost amounts for financial statement and federal income tax purposes is due primarily to investments in grantor and passive foreign investment companies (PFICs).
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended December 31, 2022, permanent differences in book and tax accounting have been reclassified to paid-in capital and distributable earnings/(deficit) as follows:
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
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<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
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<TR>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
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<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Distributable <BR>
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<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 12%; text-align: right">(41,870</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 12%; text-align: right">41,870</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">As of December 31, 2022, the components of accumulated earnings/(deficit) on a tax basis were as follows:
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
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<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 12%; text-align: right">277</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Tax accumulated earnings </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">277</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Accumulated capital and other losses </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">(13,208,916 </TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD>
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<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
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<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">(5,215,634</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Net unrealized appreciation on foreign currency translations </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">13</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Total accumulated deficit </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 12%; text-align: right">(18,424,260</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">As of December 31, 2022, the Fund had accumulated capital loss carryforwards as follows:
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Not subject to expiration:</P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 12%; text-align: right">&#160;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 31.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Short-term </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 12%; text-align: right">136,084</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 31.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Long-term </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">13,072,832</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 12%; text-align: right">13,208,916</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&#160;</TD>
</TR>
</TABLE><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">18</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>
<!-- Field: Page; Sequence: 21 -->
<DIV STYLE="margin-bottom: 6pt"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt">&#160;</P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&#160;</P></DIV>
<!-- Field: /Page -->
<P STYLE="font: 18pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>RENN Fund, Inc.
</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font-variant: small-caps"><FONT STYLE="font-variant: small-caps">CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Continued)<BR>
As of December 31, 2022</FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="text-align: left; margin-top: 3pt; margin-bottom: 3pt">
<DIV STYLE="border-top: Black 0.25pt solid; font-size: 1pt; width: 100%">&#160;</DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">To the extent that a fund may realize future net capital gains, those gains will be offset by any of its unused capital loss carryforward. Future capital loss carryforward utilization in any given year may be subject to Internal Revenue Code limitations.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The tax character of distributions paid during the tax years ended December 31, 2022 and 2021 were as follows:
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Distributions paid from:</P></TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&#160;</TD>
<TD COLSPAN="2" STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>2022</B></P></TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&#160;</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&#160;</TD>
<TD COLSPAN="2" STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>2021</B></P></TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Ordinary income </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 12%; text-align: right">24,864</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 12%; text-align: right">134,526</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Net long-term capital gains </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Total distributions paid </P></TD>
<TD STYLE="width: 1%">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 12%; text-align: right">24,864</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&#160;</TD>
<TD STYLE="width: 1%; padding-bottom: 2.5pt">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 12%; text-align: right">134,526</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&#160;</TD>
</TR>
</TABLE><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: -18pt; margin-bottom: 0pt; margin-top: 0pt"><B>Note 8 &#8211; Investment Transactions
</B></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">For the year ended December 31, 2022, purchases and sales of investments, excluding short-term investments, were $973,077 and $229,789, respectively. There were no securities sold short or securities covered for the same period.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: -18pt; margin-bottom: 0pt; margin-top: 0pt"><B>Note 9 &#8211; Borrowings
</B></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund has entered into a margin agreement with Fidelity Brokerage Services, LLC, which allows the Fund to borrow money. The margin agreement is not made for any specific term or duration but is due and payable at the brokerage firm&#8217;s discretion. The Fund has a policy allowing it to borrow not more than 33% of the Fund&#8217;s Net Asset Value as of the time of borrowing for purposes of taking advantage of investments deemed to be in the best interest of the Fund or to borrow such amounts as deemed necessary and prudent as a temporary measure for extraordinary or emergency purposes. Federal regulations under the 1940 Act require that the Fund maintain asset coverage in relation to any borrowed amount.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund did not utilize the Fidelity Brokerage Services LLC margin account during the year ended December 31, 2022. At December 31, 2022 the Fund had no outstanding borrowings under the margin account.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: -18pt; margin-bottom: 0pt; margin-top: 0pt"><B>Note 10 &#8211; Indemnifications
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund&#8217;s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund expects the risk of loss to be remote.
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: -18pt; margin-bottom: 0pt; margin-top: 0pt"><B>Note 11 &#8211; Capital Share Transactions
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">On January 21, 2022, the Fund issued 1,063,830 common shares in connection with a rights offering. Stockholders of record December 10, 2021 were issued non-transferable rights for every share owned on that date. The subscription price was equal to lesser of (i) 105% of average closing NAV per share over the three days of trading leading up to and including the expiration of the expiration date and (ii) 90% of the average closing market price per share over the three days of trading leading up to and including the expiration date. The final subscription price was $1.98 per share, which resulted in proceeds to the Fund of $2,106,383, which included securities transferred in kind with a market value of $171,162. Horizon paid all expenses relating to the offering.
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">On February 14, 2019, the Fund issued 1,487,989 new common shares in connection with a rights offering. Stockholders of record date December 28, 2018 were issued non-transferable rights for every share owned on that date. The rights entitled the stockholders to purchase one new common share for every three rights held, not including additional subscription privileges.
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The subscription price was equal to lesser of (i) 105% of average closing NAV per share over the three days of trading leading up to and including the expiration of the expiration Date and (ii) 90% of the average closing market price per share over the three days of trading leading up to and including the expiration Date. The final subscription price was $1.47 per share, which resulted in proceeds to the Fund of $2,187,343. Horizon paid all expenses relating to the offering.
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">19</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>
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<DIV STYLE="margin-bottom: 6pt"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt">&#160;</P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&#160;</P></DIV>
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</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font-variant: small-caps"><FONT STYLE="font-variant: small-caps">CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Continued)<BR>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: -18pt; margin-bottom: 0pt; margin-top: 0pt"><B>Note 12 &#8211; Market Disruption and Geopolitical Risks
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Certain local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, or other events could have a significant impact on a security or instrument. Since 2020, the novel strain of coronavirus (COVID-19) has negatively affected the worldwide economy, as well as the economies of individual countries, the financial health of individual companies and the market in general in significant and unforeseen ways. Following Russia&#8217;s large-scale invasion of Ukraine, the President of the United States signed an Executive Order in February 2022 prohibiting U.S. persons from entering transactions with the Central Bank of Russia and Executive Orders in March 2022 prohibiting U.S. persons from importing oil and gas from Russia as well as other popular Russian exports, such as diamonds, seafood and vodka. There may also be restrictions on investments in Chinese companies. For example, the President of the United States of America signed an Executive Order in June 2021 affirming and expanding the U.S. policy prohibiting U.S. persons from purchasing or investing in publicly-traded securities of companies identified by the U.S. Government as &#8220;Chinese Military-Industrial Complex Companies.&#8221; The list of such companies can change from time to time, and as a result of forced selling or an inability to participate in an investment the Advisor otherwise believes is attractive, the Fund may incur losses. The duration of the coronavirus outbreak and the Russian-Ukraine conflict could adversely affect the Fund&#8217;s performance, the performance of the securities in which the Fund invests and may lead to losses on your investment. The ultimate impact of COVID-19 and Russia Invasion on the financial performance of the Fund&#8217;s investments is not reasonably estimable at this time. Management is actively monitoring these events.
</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: -18pt; margin-bottom: 0pt; margin-top: 0pt"><B>Note 13 &#8211; New Accounting Pronouncements
</B></P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In March 2020, FASB issued ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates at the end of 2021, when participating banks will no longer be required to submit London Interbank Offered Rate (&#8220;LIBOR&#8221;) quotes by the UK Financial Conduct Authority. The new guidance allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. In addition, derivative contracts that qualified for hedge accounting prior to modification, will be allowed to continue to receive such treatment, even if critical terms change due to a change in the benchmark interest rate. For new and existing contracts, the Fund may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management is currently assessing the impact of the ASU&#8217;s adoption to the Fund&#8217;s financial statements and various filings.
</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: -18pt; margin-bottom: 0pt; margin-top: 0pt"><B>Note 14 &#8211; Events Subsequent to the Fiscal Period End
</B></P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund has adopted financial reporting rules regarding subsequent events which require an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet. Management has evaluated the Fund&#8217;s related events and transactions that occurred through the date of issuance of the Fund&#8217;s financial statements. There were no events or transactions that occurred during this period that materially impacted the amounts or disclosures in the Fund&#8217;s financial statements.
</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">20</P>
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</B></FONT></P>
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<P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font-variant: small-caps"><FONT STYLE="text-transform: uppercase">Report of Independent Registered Public Accounting Firm<BR>
</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>To the Shareholders and Board of Directors <BR>
of RENN Fund, Inc.
</B></P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: -18pt; margin-bottom: 0pt; margin-top: 0pt"><B>Opinion on the Financial Statements
</B></P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">We have audited the accompanying consolidated statement of assets and liabilities of RENN Fund, Inc. (the &#8220;Fund&#8221;), including the consolidated schedule of investments, as of December 31, 2022, the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated statement of cash flows for the year then ended, and the consolidated financial highlights for each of the four years in the period then ended (consolidated for the years ended December 31, 2022, December 31, 2021, December 31, 2020 and December 31, 2019 only), and the related notes (collectively referred to as the &#8220;financial statements&#8221;). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Fund as of December 31, 2022, the consolidated results of its operations for the year then ended, the consolidated changes in its net assets for each of the two years in the period then ended, the consolidated cash flows for the year then ended, and the consolidated financial highlights for each of the five years in the period then ended (consolidated for the years ended December 31, 2022, December 31, 2021, December 31, 2020 and December 31, 2019 only), in conformity with accounting principles generally accepted in the United States of America.
</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: -18pt; margin-bottom: 0pt; margin-top: 0pt"><B>Basis for Opinion
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">These financial statements are the responsibility of the Fund&#8217;s management. Our responsibility is to express an opinion on the Fund&#8217;s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the Fund&#8217;s auditor since 2017.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers ; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Philadelphia, Pennsylvania<BR>
March 1, 2023</B></P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">21</P>
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</B></FONT></P>
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<P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font-variant: small-caps"><FONT STYLE="text-transform: uppercase">Other Information
</FONT></P>
<P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font-variant: small-caps"><FONT STYLE="font-variant: small-caps">December 31, 2022 (Unaudited)
</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: -18pt; margin-bottom: 0pt; margin-top: 0pt"><B>Qualified Dividend Income
</B></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">For the year ended December 31, 2022, 100% of the dividends paid from net investment income, including short-term capital gains (if any), for the Fund, is designated as qualified dividend income.
</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: -18pt; margin-bottom: 0pt; margin-top: 0pt"><B>Corporate Dividends Received Deduction
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">For the year ended December 31, 2022, 100% of the dividends paid from net investment income, including short-term capital gains (if any), for the Fund, qualifies for the dividends received deduction available to corporate shareholders.
</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: -18pt; margin-bottom: 0pt; margin-top: 0pt"><B>Quarterly Reports
</B></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (&#8220;SEC&#8221;) for the first and third quarters of each fiscal year on Form N-PORT. A copy of each such Form N-PORT is available on the SEC&#8217;s website at www.sec.gov.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: -18pt; margin-bottom: 0pt; margin-top: 0pt"><B>Proxy Voting Policies and Procedures
</B></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, upon request by calling collect (646) 495-7330. You may also obtain the description on the Fund&#8217;s website at www.horizonkinetics.com
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: -18pt; margin-bottom: 0pt; margin-top: 0pt"><B>Portfolio Proxy Voting Records
</B></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund&#8217;s record of proxy voting regarding portfolio securities is presented each year for the 12-month period ended June 30. It is filed with the SEC on Form N-PX and is available by calling collect (646) 495-7330 and on the SEC&#8217;s website at www.sec.gov.
</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: -18pt; margin-bottom: 0pt; margin-top: 0pt"><B>Matters Submitted for Shareholder Votes
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">During the six-month period covered by this report, issues were presented to the shareholders for their vote at a Meeting of Shareholders on September 15, 2022.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The record date for determination of shareholders entitled to vote was July 18, 2022. As of the record date, there were outstanding 7,015,786 shares of the Fund&#8217;s Common Stock, constituting all of the outstanding voting securities of the Fund. Each such share was entitled to one vote. At the Meeting, the holders of 7,015,785 shares, or 71.45%, of the Fund&#8217;s Common Stock were represented in person or by proxy, constituting a quorum.
</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">For all Proposals, percentages shown are based on the number of the outstanding voting securities of the Fund. The issues presented and the results of the voting thereon are as follows:
</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">22</P>
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</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font-variant: small-caps"><FONT STYLE="text-transform: uppercase">other information </FONT><FONT STYLE="font-variant: small-caps">(Continued)<BR>
December 31, 2022 (Unaudited)
</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Proposal One - At the Annual Meeting, a vote by ballot was taken to elect Russell Cleveland as a Class Three Director of the Fund, who is to hold office for a term of three (3) years or until his successor is elected and qualified. The Inspector of Elections conducted the voting and counted and determined the number of shares of Common Stock voted in the election of the director and do hereby declare and certify that votes cast in the election of the director were as follows:
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Nominee: Russell Cleveland
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Votes For<BR>
4,647,442 (66.24%)
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Votes <BR>
Against<BR>
363,535 (5.18%)
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Votes <BR>
Abstaining<BR>
1,808 (0.026%)
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Broker<BR>
Non-Votes<BR>
0
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Proposal Two - At the Annual Meeting, a vote by ballot was taken to elect Murray Stahl as a Class Three Director of the Fund, who is to hold office for a term of three (3) years or until his successor is elected and qualified. The Inspector of Elections conducted the voting and counted and determined the number of shares of Common Stock voted in the election of the director and do hereby declare and certify that votes cast in the election of the director were as follows:
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Nominee: Murray Stahl
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Votes For<BR>
4,695,743 (66.93%)
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Votes <BR>
Against<BR>
315,234 (4.49%)
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Votes<BR>
Abstaining<BR>
1,808 (0.026%)
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Broker<BR>
Non-Votes<BR>
0
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Proposal Three - At the Annual Meeting, a vote by ballot was taken for the ratification of the appointment by the Fund&#8217;s Board of Directors of Tait, Weller &amp; Baker LLP, as the auditor of the Fund for the fiscal year ended December 31, 2022. The Inspector of Elections conducted the voting and counted and determined the number of shares of Common Stock voted with respect to the proposal and do hereby declare and certify that the votes cast for the ratification of the appointment by the Fund&#8217;s Board of Directors of Tait, Weller &amp; Baker LLP, as the auditor of the Fund for the fiscal year ended December 31, 2022 were as follows:
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Votes For<BR>
5,001,293 (71.29%)
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Votes <BR>
Against<BR>
8,672 (0.12%)
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">23</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>
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<DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&#160;</P></DIV>
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<P STYLE="font: 18pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>RENN Fund, Inc.
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font-variant: small-caps"><FONT STYLE="text-transform: uppercase">other information </FONT><FONT STYLE="font-variant: small-caps">(Continued)<BR>
December 31, 2022 (Unaudited)
</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Votes<BR>
Abstaining<BR>
2,821 (0.040%)
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Broker<BR>
Non-Votes<BR>
0
</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Pursuant to the Fund&#8217;s Dividend Reinvestment and Cash Purchase Plan (the &#8220;Plan&#8221;), a stockholder whose shares are registered in his or her own name will be deemed to have elected to have all dividends and distributions automatically reinvested in Fund shares unless he or she elects otherwise on a current basis. Stockholders whose shares are held in nominee names will likewise be treated as having elected to have their dividends and distributions reinvested. You may elect to receive cash distributions, net of withholding tax, by requesting an election form from the Fund&#8217;s Plan Agent, American Stock Transfer &amp; Trust Co. You may terminate participation by notifying the Plan Agent in writing. If notice is received by the Plan Agent not less than 10 days prior to any dividend or distribution it will be effective immediately. Information regarding income tax consequences should be directed to your tax consultant &#8211; the Plan will furnish information by January 31 following the year of distribution as to the category of income that the distributions represent. Your questions regarding the Plan should be directed to the Fund&#8217;s Plan Agent, American Stock Transfer &amp; Trust Company, LLC., whose telephone number is (718) 921-8200 extension 6412 and whose address is 6201 15th Ave, Brooklyn, NY 11219-5498.
</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: -18pt; margin-bottom: 0pt; margin-top: 0pt"><B>Consideration of the Investment Advisory Agreement
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">At a meeting of the Board of Directors held on June 15, 2022, the Directors, by a unanimous vote (including a separate vote of those Directors who are not &#8220;interested persons&#8221; (as the term is defined in the 1940 Act), approved the Investment Advisory Agreement (&#8220;Advisory Agreement&#8221;) for the Renn Fund, Inc.
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In approving the Advisory Agreement, the Fund&#8217;s Board of Directors reviewed certain materials furnished by Horizon Kinetics Asset Management LLC (&#8220;Horizon Kinetics&#8221;), which included information on Horizon Kinetics&#8217; investment approach, including the strategy for the Fund. In approving the Advisory Agreement, the Board of Directors considered a number of factors, including those described below. In light of the broad scope of factors and information considered, the Directors did not find it practicable to quantify or assign relative weights to the specific factors. The approval determinations were made on the basis of each Director&#8217;s business judgment after consideration of all the factors taken as a whole, although individual directors may have given different weights to certain factors and assigned various degrees of materiality to factors considered. Among other things, the Board considered the following matters and reached the following conclusions:
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Nature, Extent and Quality of Investment Advisory Services. The Board, including the independent Directors, considered the nature, extent and quality of investment advisory services to be provided by Horizon Kinetics to the Fund. The Board reviewed the personnel and resources of Horizon Kinetics, including the education and experience of its investment professionals, and concluded that the services to be provided by Horizon Kinetics are appropriate and that the Fund is likely to benefit from the same.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Investment Performance. The Board reviewed the historical performance of the Fund and compared such prior performance with the performance of comparable advisers and investment companies. Although Horizon Kinetics does not currently manage any investment funds similar in size and scope to the Fund, the Board concluded that the favorable performance of Horizon Kinetics demonstrated by such comparisons was an important factor in their evaluation of the quality of services expected to be provided by Horizon Kinetics under the Advisory Agreement.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Costs of the Services Provided to the Fund. The Board considered comparative data from publicly available information with respect to services rendered and the advisory fees paid to investment advisors of other investment companies with similar investment objectives. The Board also considered the Fund&#8217;s operating expenses and expense ratio compared to such other companies, as well as how those might change as a result of the Advisory Agreement. Based on its review, the Board concluded that the fee structure under the Advisory Agreement was extremely favorable for shareholders given that the Fund does not pay any management fee on net assets less than $25 million. As of December 31, 2018, the Fund&#8217;s net assets were approximately $8.5 million. The Board also considered whether any indirect benefits would be expected to be realized by Horizon Kinetics from its relationship with the Fund. Although the terms of </P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">24</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>
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<DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&#160;</P></DIV>
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<P STYLE="font: 18pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>RENN Fund, Inc.
</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font-variant: small-caps"><FONT STYLE="text-transform: uppercase">other information </FONT><FONT STYLE="font-variant: small-caps">(Continued)<BR>
December 31, 2022 (Unaudited)
</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">the proposed Investment Advisory Agreement contemplate that Horizon Kinetics may enter into &#8220;soft dollar&#8221; arrangements with non-affiliate brokers or dealers, as is typical in the industry, Horizon Kinetics has informed the Board that its current policies do not permit Horizon Kinetics to enter into such arrangements.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Profitability of the Investment Adviser. The Board reviewed the financial condition of Horizon Kinetics, which it determined to be sound, and the expected profitability of Horizon Kinetics as the Fund&#8217;s investment adviser, and concluded that the lack of management fees payable to Horizon Kinetics currently and the management fees that would be payable to Horizon Kinetics if assets were to increase above $25 million were reasonable taking into account the fees charged by other advisers for managing comparable investment companies.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Conflicts of Interest. The Board evaluated the potential for conflicts of interest and considered such matters as the experience and ability of the advisory personnel that will be assigned to the Fund; the basis of decisions to buy or sell securities for the Fund; and the substance and administration of Horizon Kinetics&#8217; Code of Ethics. The Board concluded that Horizon Kinetics&#8217; standards and practices relating to the identification and mitigation of possible conflicts of interests were satisfactory and reasonable in light of its business.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Based on the information provided to the Board and its evaluation thereof, the Board, including a majority of independent directors, voted to approve the Advisory Agreement.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">25</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>
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<DIV STYLE="margin-bottom: 6pt"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt">&#160;</P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&#160;</P></DIV>
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<P STYLE="font: 18pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>RENN Fund, Inc.
</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font-variant: small-caps"><FONT STYLE="text-transform: uppercase">Directors and Officers
</FONT></P>
<P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font-variant: small-caps"><FONT STYLE="font-variant: small-caps">December 31, 2022 (Unaudited)
</FONT></P>

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</DIV><!-- Field: /Rule-Page -->
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD COLSPAN="4" STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Interested Directors and Officers:</B></P></TD>
</TR>
<TR>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; width: 22%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Name, Age <BR>
and Address</B></P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Positions <BR>
Held </B></P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Term of Office</B><SUP><B>(1)</B></SUP><B> <BR>
and Length <BR>
of Service</B></P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; width: 52%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Position(s) Held with the Fund, Principal Occupation(s) <BR>
Current Portfolios in Fund During Past 5 <BR>
Years, and Other Directorships</B></P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: top; width: 22%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Murray Stahl
</P><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">&#160;</P><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">470 Park Avenue South, New York, New York 10016
</P><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">&#160;</P><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Age: 69</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: top; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Class Three Director of the Fund, President, Chief Executive Officer, Chairman of the Board</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: top; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Since July 2017. </P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: top; width: 52%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Chairman, Chief Executive Officer and Chief Investment Strategist of Horizon Kinetics LLC (including Horizon Asset Management LLC, a registered Investment adviser) (Principal occupation)
</P><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">&#160;</P><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I>Other Directorships: </I><FONT STYLE="font-weight: normal; font-style: normal">
</FONT></P><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Director, MSRH, LLC (2013-Present); Chairman, the FRMO Corp. (OTC Pink: FRMO) (2001 &#8211; Present); Director, Kinetics Mutual Funds, Inc. (2000 &#8211; Present); Director, Bermuda Stock Exchange (2014 &#8211; Present); Director, Texas Pacific Land Corp. (2021 &#8211; Present); Chairman, Minneapolis Grain Exchange (2013-Present); Director, Winland Electronics, Inc. (2015-Present); Director, IL&amp;FS Securities Services Ltd (2008-Present).</P></TD>
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<TD STYLE="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 22%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Russell Cleveland<SUP>1
</SUP></P><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">&#160;</P><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">11520 North Central Expressway, Suite 162, Dallas, Texas 75243.
</P><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">&#160;</P><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Age: 84</P></TD>
<TD STYLE="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Class Three Director of the Fund </P></TD>
<TD STYLE="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Since 1994 </P></TD>
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<TD STYLE="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 22%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Eric Sites
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</P><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">&#160;</P><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Age: 44</P></TD>
<TD STYLE="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Class One Director of the Fund </P></TD>
<TD STYLE="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Since July 2017 </P></TD>
<TD STYLE="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 52%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Portfolio Manager, Horizon Kinetics LLC (including Horizon Asset Management LLC, Kinetics Asset Management LLC and Kinetics Advisers, LLC) (Principal occupation) (2004-Present); Director, Bermuda Stock Exchange (2016-Present); Director, IL&amp;FS Securities Services Ltd (2021-Present); Director, Canadian Securities Exchange (2020-Present).</P></TD>
</TR>
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<TD STYLE="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 22%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Douglas Cohen
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</P><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">New York 10016
</P><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">&#160;</P><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Age: 61</P></TD>
<TD STYLE="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Class Two Director of the Fund </P></TD>
<TD STYLE="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Since December 2022</P></TD>
<TD STYLE="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 52%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Chief Financial Officer, Sunrise Credit Services, Inc. (2005-2022).</P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">26</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>
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<DIV STYLE="margin-bottom: 6pt"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt">&#160;</P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&#160;</P></DIV>
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<P STYLE="font: 18pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font-variant: small-caps"><FONT STYLE="font-variant: small-caps"><B>RENN Fund, Inc.
</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font-variant: small-caps"><FONT STYLE="font-variant: small-caps">DIRECTORS AND OFFICERS (Continued)<BR>
December 31, 2022 (Unaudited)
</FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD COLSPAN="4" STYLE="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Independent Directors</B></P></TD>
</TR>
<TR>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; width: 22%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Name, Age <BR>
and Address</B></P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Positions <BR>
Held </B></P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Term of Office</B><SUP><B>(1)</B></SUP><B> <BR>
and Length <BR>
of Service</B></P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; width: 52%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Principal Occupation(s)<BR>
During Past 5 Years</B></P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 22%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Alice C. Brennan
</P><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">&#160;</P><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">470 Park Avenue South, New York, New York 10016
</P><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">&#160;</P><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Age: 70</P></TD>
<TD STYLE="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Class One Director of the Fund</P></TD>
<TD STYLE="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Since July 2017</P></TD>
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</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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<TR>
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</TR>
<TR>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; width: 22%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Name, Age <BR>
and Address</B></P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Positions <BR>
Held </B></P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Term of Office</B><SUP><B>(1)</B></SUP><B> <BR>
and Length <BR>
of Service</B></P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; width: 52%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Principal Occupation(s) <BR>
During Past 5 Years</B></P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: top; width: 22%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Jay Kesslen
</P><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><BR>
470 Park Avenue South, New York, New York 10016<BR>

</P><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Age: 50</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: top; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Vice-President, Chief Compliance Officer </P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: top; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Since July 2017</P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: top; width: 52%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">General Counsel, Horizon Kinetics LLC (including Horizon Asset Management LLC, a registered Investment adviser) (Principal occupation) (2011-Present); Chief Compliance Officer, Horizon Kinetics LLC (2015-2016)
</P><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">&#160;</P><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">General Counsel, the FRMO Corp. (OTC Pink: FRMO) (2014 &#8211; Present).</P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 22%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Alun Williams<BR>
<BR>
470 Park Avenue South, New York, New York 10016
</P><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><BR>
Age: 51</P></TD>
<TD STYLE="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Treasurer</P></TD>
<TD STYLE="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Since February 2021</P></TD>
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</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 22%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Russell Grimaldi<BR>

</P><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">470 Park Avenue South, New York, New York 10016
</P><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">&#160;</P><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Age: 43</P></TD>
<TD STYLE="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Secretary</P></TD>
<TD STYLE="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: top; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Since July 2017</P></TD>
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</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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<TD STYLE="width: 13.5pt; vertical-align: top; text-align: right">
<P STYLE="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><SUP>(1)</SUP></P>
</TD>
<TD STYLE="vertical-align: top; text-align: left">
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">  Mr. Cleveland is currently considered an &#8220;interested person&#8221; of the Fund as defined by Section 2(a)(19) of the 1940 Act by virtue of being a Director and limited partner in the Cleveland Family Limited Partnership, which owns more than 5% of the Fund&#8217;s securities.</P>
</TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">27</P>
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</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font-variant: small-caps"><FONT STYLE="text-transform: uppercase">Service Providers
</FONT></P>
<P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font-variant: small-caps"><FONT STYLE="font-variant: small-caps">December 31, 2022 (Unaudited)</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-decoration: underline; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><FONT STYLE="text-decoration: underline"><B>Corporate Offices
</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">RENN Fund, Inc.<BR>
c/o Horizon Kinetics Asset Management LLC &#8212; 8th Floor South<BR>
470 Park Avenue South<BR>
New York, NY 10016<BR>
Phone: (646) 291-2300<BR>
Fax: (646) 403-3597<BR>
Website: www.rencapital.com
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-decoration: underline; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><FONT STYLE="text-decoration: underline"><B>Registrar and Transfer Agent
</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">American Stock Transfer &amp;<BR>
Trust Company, LLC<BR>
6201 15th Ave.<BR>
Brooklyn, NY 11219<BR>
Phone: (877) 749-4980 extension 6412
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-decoration: underline; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><FONT STYLE="text-decoration: underline"><B>Fund Administrator
</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">UMB Fund Services<BR>
235 W. Galena Street<BR>
Milwaukee, WI 53212-3949<BR>
Phone: (414) 299-2200
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-decoration: underline; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><FONT STYLE="text-decoration: underline"><B>Independent Registered Public Accounting Firm
</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Tait, Weller &amp; Baker LLP<BR>
50 South 16th Street, Suite 2900<BR>
Philadelphia, PA 19102<BR>
Phone: (215) 979-8800
</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">28</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt"></FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">(b) Not applicable.</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-size: 11pt"><B>Item
2. Code of Ethics.</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">As of the
end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant&#8217;s principal
executive officer and principal financial officer. The registrant has not granted any waivers from any provisions of the code
of ethics during the period covered by this report. A copy of the registrant&#8217;s Code of Ethics is filed herewith.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-size: 11pt"><B>Item
3. Audit Committee Financial Expert.</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">As of
the end of the period covered by the report, the registrant's board of directors has determined that Mr. Douglas Cohen is qualified
to serve as the audit committee financial expert serving on its audit committee and that he is &#34;independent,&#34; as defined
by Item 3 of Form N-CSR.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-size: 11pt"><B>Item
4. Principal Accountant Fees and Services.</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">The registrant
has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during
the year ended December 31, 2022. &#8220;Audit services&#8221; refer to performing an audit of the registrant's annual financial
statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements
for those fiscal years. &#8220;Audit-related services&#8221; refer to the assurance and related services by the principal accountant
that are reasonably related to the performance of the audit. &#8220;Tax services&#8221; refer to professional services rendered
by the principal accountant for tax compliance, tax advice, and tax planning. There were no &#8220;Other services&#8221; provided
by the principal accountant. The following table presents fees paid by the Fund for professional services rendered by Tait, Weller
&amp; Baker LLP for the year ended December 31, 2022 and for the year ended December 31, 2021.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<TABLE CELLPADDING="2" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">2022</TD><TD STYLE="font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">2021</TD><TD STYLE="font-weight: bold">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">Fee Category</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fees</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fees</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD COLSPAN="2">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
    <TD COLSPAN="2">&#160;</TD><TD>&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="width: 74%; text-align: left">Audit Fee</TD><TD STYLE="width: 1%">&#160;</TD>
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    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">29,000</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Audit-Related Fees</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">Tax Fees</TD><TD>&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,000</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,000</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total Fees</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">33,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">33,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 11pt">The audit committee has adopted
pre-approval policies and procedures that require the audit committee to pre<FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT>approve
all audit and non<FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT>audit services of the registrant, including
services provided to any entity affiliated with the registrant.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">The percentage
of fees billed by Tait, Weller &amp; Baker LLP for the year ended December 31, 2022 and for the year ended December 31, 2021,
applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 50%; text-align: left"><FONT STYLE="font-size: 11pt">&#160;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center"><FONT STYLE="font-size: 11pt"><B>FYE&#160;
    12/31/2022</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center"><FONT STYLE="font-size: 11pt"><B>FYE&#160;
    12/31/2021</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt"><B>Audit-Related Fees</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">0%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">0%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt"><B>Tax Fees</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">0%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">0%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font-size: 11pt"><B>All Other Fees</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 11pt">0%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 11pt">0%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<DIV STYLE="margin-bottom: 6pt"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&#160;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">All of the
principal accountant&#8217;s hours spent on auditing the registrant&#8217;s financial statements were attributed to work performed
by full<FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT>time permanent employees of the principal accountant.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">The following
table indicates the non-audit fees billed or expected to be billed by the registrant&#8217;s accountant for services to the registrant
and to the registrant&#8217;s investment adviser (and any other controlling entity, etc.&#8212;not sub-adviser) for the last two
years. The audit committee of the board of directors has considered whether the provision of non-audit services that were rendered
to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded
that the provision of such non-audit services by the accountant has not compromised the accountant&#8217;s independence.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 50%"><FONT STYLE="font-size: 11pt"><B>Non-Audit
    Related Fees</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center"><FONT STYLE="font-size: 11pt"><B>FYE&#160;
    12/31/2022</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center"><FONT STYLE="font-size: 11pt"><B>FYE&#160;
    12/31/2021</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-size: 11pt">Registrant</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">0</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 11pt">Registrant&#8217;s Investment Adviser</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 11pt">0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 11pt">0</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-size: 11pt"><B>Item
5. Audit Committee of Listed Registrants.</B></FONT>&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">The Registrant
has an Audit Committee which was established by the Board of Directors of the Fund in accordance with Section 3(a)(58)(A) of the
Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;). The members of the Registrant&#8217;s Audit Committee
are Douglas Cohen and Alice C. Brennan.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-size: 11pt"><B>Item
6. Schedule of Investments.</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-size: 11pt"><B>&#160;</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">See the Annual Report to Shareholders
under Item 1 of this Form.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 40pt; text-indent: -40pt; text-align: justify"><FONT STYLE="font-size: 11pt"><B>Item
7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-size: 11pt"><B>I.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>INTRODUCTION
                                         AND OVERVIEW</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">Horizon
Kinetics LLC (&#8220;HK&#8221;), on behalf of Horizon Kinetics Asset Management LLC (&#8220;Horizon&#8221;), (Horizon will be
referred to as the &#8220;Adviser&#8221;) has adopted these Proxy Voting Policies and Procedures (&#8220;Proxy Policies and Procedures&#8221;)
for the purpose of establishing formal policies and procedures for performing and documenting its fiduciary duty with respect
to the voting of client proxies. Horizon is the investment adviser to retail and institutional separate accounts, various private
funds, and a registered investment company, Kinetics Mutual Funds, Inc., which invests all of its investable assets in a corresponding
portfolio series of the Kinetics Portfolio Trust (collectively the investment products managed by the Adviser, referred to herein
as the &#8220;Clients&#8221;). Horizon is also sub-adviser to certain UCITs products, a closed-end fund and acts as sub-adviser
to registered investment companies.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">Pursuant
to these Policies and Procedures, the Adviser shall vote proxies (a) on behalf of Kinetics Portfolios Trust (b) the RENN Fund,
Inc. and (c) on behalf of their other Clients, for whom the Adviser has been given and agreed to accept voting authority. The
fundamental guideline followed by the Adviser in voting proxies is to ensure that the manner in which shares are voted is in the
best interests of their Clients and the values of the investments.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-size: 11pt"><B>II.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>ADMINISTRATION</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt"><B>Proxy
Voting Administration Through the Institutional Shareholder Services System: </B>The Adviser has delegated responsibility for
the administration of proxy voting to Institutional Shareholder Services Inc. (&#8220;ISS&#8221;), a Delaware corporation.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt"><B>Responsibilities
of ISS:</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-size: 11pt">a.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">process
                                         all proxies received in connection with underlying portfolio securities held by the Adviser&#8217;s
                                         Clients;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt"></FONT></P>

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<DIV STYLE="margin-bottom: 6pt"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&#160;</P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-size: 11pt">b.</FONT></TD><TD STYLE="text-align: justify; padding-right: 2.6pt"><FONT STYLE="font-size: 11pt">apply
                                         ISS&#8217; proxy voting procedures (hereinafter, the &#8220;ISS Proxy Voting Guidelines&#8221;),
                                         which the Adviser has reviewed, analyzed, and determined to be consistent with the views
                                         of the Adviser on the various types of proxy proposals1; and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-size: 11pt">c.</FONT></TD><TD STYLE="text-align: justify; padding-right: 2.95pt"><FONT STYLE="font-size: 11pt">maintain
                                         appropriate records of proxy voting that are easily-accessible by appropriate authorized
                                         persons of ISS.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="text-align: left; margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt; width: 20%">&#160;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-size: 11pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">In
                                         cases where ISS cannot provide a recommendation, they will notify the Adviser, or otherwise
                                         will vote &#8220;No.&#8221;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt"><B>Responsibilities of the
Adviser:</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">The Adviser&#8217;s
Policies and Procedures incorporate the ISS Proxy Voting Guidelines, to the extent appropriate. A copy of the current ISS Proxy
Voting Guidelines Summary is attached hereto at Appendix A and is incorporated herein by reference.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">The Adviser,
as appropriate, authorize and instruct each Client&#8217;s custodian to forward all proxy statements and ballots directly to ISS,
who votes the proxies. The Adviser reviews and updates ISS&#8217; Client list on a periodic basis.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">When
the ISS Proxy Voting Guidelines do not cover a specific proxy issue, and ISS does not provide a recommendation, ISS notifies the
Adviser&#8217;s Proxy Administrator and the Legal and Compliance Department. The Proxy Administrator will review the proxy with
the Chief Compliance Officer (&#8220;CCO&#8221;), General Counsel (&#8220;GS&#8221;) or Chief Investment Strategist (&#8220;CIS&#8221;),
or their delegate(s), to determine whether the Adviser should vote the proxy. In determining whether to vote a particular proxy,
the Adviser will consider a variety of factors, including, but not limited to, the costs associated with voting, whether the proxy
is in a foreign market and the feasibility of registering in that market, and the potential benefit derived from the vote. If
the Adviser determines to vote the proxy, the Proxy Administrator will instruct ISS accordingly.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">In evaluating
how to vote a proxy, the CCO, GC, CIS, or their delegate(s) may consider a variety of factors, including, but not limited to,
information from various sources, including management of a company presenting a proposal, shareholder groups, and independent
proxy research services. The CCO, GC, CIS, or their delegate(s) will use his or her best judgment in voting proxies on behalf
of Clients.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt"><B><FONT STYLE="text-decoration: underline">Proxy
Administrator</FONT></B>. The Adviser designates the General Counsel, or his designee(s) as its Proxy Administrator (&#8220;Proxy
Administrator&#8221;). In addition to the duties described above, the Proxy Administrator also reviews questions and responds
to inquiries from Clients and mutual fund shareholders pertaining to proxy issues and corporate responsibility.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt"><B><FONT STYLE="text-decoration: underline">Monitoring
the ISS Proxy Voting Guidelines</FONT></B>. Periodically, on request, the Adviser will require ISS to provide a report and/or representation
that all proxies voted by ISS on behalf of the Adviser&#8217;s Clients during the applicable period were voted in accordance with
the ISS Proxy Voting Guidelines.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">The CCO,
GC or CIS of the Adviser and the Proxy Administrator shall review the ISS Proxy Voting Guidelines on a yearly basis to determine
whether these guidelines continue to be consistent with the Adviser&#8217;s views on the various types of proposals covered by
the ISS Proxy Voting Guidelines. The CCO, GC or CIS will also review any material changes made by ISS to the ISS Proxy Voting
Guidelines.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">When
reviewing the ISS Proxy Voting Guidelines, the Adviser will consider, among other things, whether the Guidelines are designed
to vote proxies in a manner consistent with the goal of voting in the best interest of its Clients. The Adviser also shall review
the Adviser&#8217;s Proxy Policies and Procedures and the ISS Proxy Voting Guidelines to make certain that both comply with any
new rules promulgated by, or interpretations issued by, the SEC or other relevant regulatory policies.&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt"><B><FONT STYLE="text-decoration: underline">Conflicts of Interest</FONT></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">ISS issues
voting recommendations and casts proxy votes strictly in accordance with pre- determined proxy voting guidelines, which the Adviser
believes is in the best interests of their clients. The adherence to pre-determined proxy voting guidelines by the Adviser and
ISS helps reduce conflicts of interests and helps ensure that proxy votes are cast in accordance with the best interests of the
Adviser&#8217;s Clients.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">Nevertheless,
if a proxy proposal were to create a conflict of interest between the interests of a Client and those of the Adviser, the proxy
will be voted strictly in conformity with the recommendation of ISS.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">To the
extent ISS has a conflict of interest as it relates to the recommendation of a proxy proposal, the Adviser has established measures
reasonably designed to identify and address ISS&#8217; conflicts of interest. The Adviser has contractually agreed with ISS such
that ISS is required to immediately notify the Adviser if ISS believes there exists a conflict with its obligation to issue proxy
proposal recommendations. Such notice shall contain a disclosure which shall enable the Adviser to (a) understand the relationship
or interest and the steps taken by ISS to mitigate the conflict, and (b) make an assessment of the reliability or objectivity
of the recommendation. The Adviser shall also periodically review the ISS report detailing the reasoning behind particular proposal
recommendations and in instances where the Adviser determines the reasoning is biased or otherwise inconsistent with ISS&#8217;
obligations, the Adviser shall review and vote such proxy proposals without regard to ISS&#8217; recommendation. Moreover, the
Adviser shall conduct periodic due diligence on ISS, with a goal of identifying any material relationships with publicly traded
companies that may create potential conflicts of interest in the future. The Adviser will memorialize instances where they were
conflicted and instances where the Adviser or ISS determine that ISS is conflicted.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">To monitor
compliance with these procedures, any proposed or actual deviation from a recommendation of ISS must be reported to the CCO, GC
or CIS of the Adviser. The CCO, GC or CIS of the Adviser would then provide guidance concerning the proposed deviation and whether
this deviation presents any potential conflict of interest.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt"><I>In
the case of Kinetics Portfolios Trust</I>, the Adviser shall report each deviation from an ISS recommendation regarding a proxy
received in connection with underlying portfolio securities held by a Portfolio to the Board of Trustees of Kinetics Portfolios
Trust at the next formal meeting of the Portfolio&#8217;s Board of Trustees.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt"><I>In
the case of the RENN Fund, Inc.,</I> the Adviser shall report each deviation from an ISS recommendation regarding a proxy received
in connection with underlying portfolio securities held by the fund to the Board of Directors of the RENN Fund, Inc. at the next
formal meeting of the fund&#8217;s Board of Directors.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt"><I>In
the case of accounts and funds other than Kinetics Portfolios Trust and the RENN Fund, Inc.,</I> the Adviser: (i) shall maintain
an appropriate record of each deviation from an ISS recommendation regarding a proxy received in connection with underlying portfolio
securities held by an Other Client.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">As a matter of policy, the
employees of the Adviser who manages proxy voting through ISS shall not be influenced by outside sources.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-size: 11pt"><B>III.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>REPORTING
                                         AND RECORD RETENTION</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">The Adviser
or ISS will maintain the following records relating to proxy votes cast under these Proxy Policies and Procedures.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-size: 11pt">I.</FONT></TD><TD STYLE="padding-right: 171.1pt"><FONT STYLE="font-size: 11pt">A
                                         copy of these Proxy Policies and Procedures.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-size: 11pt">II.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">A
                                         copy of the ISS Proxy Voting Guidelines.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt"></FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-size: 11pt">III.</FONT></TD><TD STYLE="text-align: justify; padding-right: 2.8pt"><FONT STYLE="font-size: 11pt">A
                                         copy of proxy statements received regarding underlying portfolio securities held by Clients
                                         (received through ISS, with either hard copies held by ISS or electronic filings from
                                         the SEC&#8217;s EDGAR system).</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-size: 11pt">IV.</FONT></TD><TD STYLE="text-align: justify; padding-right: 2.75pt"><FONT STYLE="font-size: 11pt">Records
                                         of each vote cast on behalf of Clients including: (i) the name of the issuer of the portfolio
                                         security; (ii) the exchange ticker symbol of the portfolio security; (iii) the Council
                                         on Uniform Security Identification Procedures (&#8220;CUSIP&#8221;) number for the portfolio
                                         security; (iv) the shareholder meeting date; (v) a brief identification of the matter
                                         voted on; (vi) whether the matter was proposed by the issuer or by a security holder;
                                         (vii) whether the Adviser casts its vote on the matter; (viii) how the Adviser casts
                                         their votes (e.g., for or against proposal, or abstain; for or withhold regarding election
                                         of directors); and (ix) whether the Adviser casts their votes for or against management.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-size: 11pt">IV.</FONT></TD><TD STYLE="text-align: justify; padding-right: 2.85pt"><FONT STYLE="font-size: 11pt">A
                                         copy of any document created by the CCO or Proxy Administrator that was material to making
                                         a decision on how to vote proxies on behalf of a Client or that memorialized the basis
                                         for the decision.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-size: 11pt">V.</FONT></TD><TD STYLE="text-align: justify; padding-right: 2.95pt"><FONT STYLE="font-size: 11pt">A
                                         copy of each written Client request for proxy voting information and a copy of any written
                                         response by the Adviser.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">The foregoing
records will be retained for such period of time as is required to comply with applicable laws and regulations. The Proxy Administrator
will cause copies of the foregoing records, as they relate to particular clients, to be provided to those clients upon request.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">The most
recent copy of the Proxy Policies and Procedures are available on HK&#8217;s website at www.horizonkinetics.com, as well as www.kineticsfunds.com.
Questions related to the Advisers&#8217; Proxy Policies and Procedures should be directed in writing addressed to the Proxy Administrator
at the address below:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt">Horizon
Kinetics LLC Attn: </FONT><BR>
<FONT STYLE="font-size: 11pt">Proxy Administrator&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt">470 Park
Avenue South&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt">New York,
NY 10016</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-size: 11pt"><B>Item
8. Portfolio Managers of Closed-End Management Investment Companies.</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">Murray
Stahl serves as the Chairman of the Board, President, Chief Executive Officer, and a Class Three Director of the Fund since 2019.&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">Mr. Stahl
is the co-founder and Chief Investment Strategist for Horizon Kinetics Asset Management LLC, the Investment Adviser to the Fund
and a wholly owned subsidiary of Horizon Kinetics LLC. He is compensated by an annual salary and distributions as an owner of
Horizon Kinetics LLC. The Fund does not have an incentive fee arrangement. In addition to the Fund and as of December 31, 2022,
Mr. Stahl, through Horizon, is responsible for the oversight and management of 11 other registered investment companies with assets
of $2.15 billion, 15 other pooled investment vehicles with assets of $901 million and 20 non-pooled accounts in which an advisory
fee is based on performance with assets of $5.57 million, and 704 other accounts with assets of $1.78 billion. Mr. Stahl&#8217;s
value of his ownership in the Fund was between $500,000 and $1,000,000 at December 31, 2022.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">Steven
Bregman serves as Co-Portfolio Manager of the Fund since 2021.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">Mr. Bregman
is the President and co-founder of Horizon Kinetics Asset Management LLC, the Investment Adviser to the Fund and a wholly owned
subsidiary of Horizon Kinetics LLC. He is compensated by an annual salary and distributions as an owner of Horizon Kinetics LLC.
The Fund does not have an incentive fee arrangement. As of December 31, 2022, Mr. Bregman, through Horizon, is responsible for
the oversight and management of 3 other registered investment companies with assets of $1.31 million, 9 other pooled investment
vehicles with assets of $328 million, 2 non-pooled accounts in which the advisory fee is based on performance with assets of $0.60
million, and 858 other accounts with assets of $1.08 million. Mr. Bregman&#8217;s value of his ownership in the Fund was between
$1 - $10,000 at December 31, 2022.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt"></FONT></P>

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<DIV STYLE="margin-bottom: 6pt"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&#160;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">Peter
Doyle serves as Co-Portfolio Manager of the Fund since 2021.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">Mr. Doyle
is Managing Director and co-founder of Horizon Kinetics Asset Management, LLC, the Investment Adviser to the Fund and a wholly
owned subsidiary of Horizon Kinetics LLC. He is compensated by an annual salary and distributions as an owner of Horizon Kinetics
LLC. The Fund does not have an incentive fee arrangement. As of December 31, 2022, Mr. Doyle, through Horizon, is responsible
for the oversight and management of 6 other registered investment companies with assets of $3.13 billion, 8 other pooled investment
vehicles with assets of $691 million, and 115 other accounts with assets of $132 million. Mr. Doyle&#8217;s value of his ownership
in the Fund was between $10,001 - $50,000.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-size: 11pt"><B>Item
9. Purchases of Equity Securities by the Fund and Its Affiliated Purchasers.</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">An &#8220;Affiliated
Purchaser&#8221; is defined as a person acting directly or indirectly, in concert with the Fund in the purchase of the Fund&#8217;s
securities, or any person controlling, controlled by, or under common control with the Fund and thereby controlling the purchase
of the Fund&#8217;s shares, but does not include an officer or director of the Fund who may properly authorize repurchase of the
Fund&#8217;s shares pursuant to Rule 10b-18 of the Exchange Act of 1934. Purchases of the Fund&#8217;s shares during the year
ended December 31, 2022 by Affiliated Purchasers described in this paragraph are outlined in the table below.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">REGISTRANT PURCHASES OF EQUITY SECURITIES</P>




<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt"></FONT></P>

<TABLE CELLPADDING="2" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">Period</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: left">(a) Total Number <BR> of Shares* (or Units) <BR> Purchased</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: left">(b) Average Price Paid <BR> per Share (of unit)</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: left">(c) Total Number of Shares<BR> (or Units) Purchased as Part <BR> of Publicly Announced <BR>
Plans or Programs</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: left">(d) Maximum Number <BR> (or Approximate Dollar <BR> Value) of shares (or Units) <BR> that May Yet Be Purchased <BR> Under the Plans or Programs</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&#160;</TD></TR>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">*</TD><TD STYLE="text-align: justify">Certain Affiliated Purchasers may own shares indirectly
through other entities and disclaim beneficial ownership over all or a portion of their shares reported herein.</TD>
</TR></TABLE>




<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt"><B>Item
10. Submission of Matters to a Vote of Security Holders.</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">There have
been no material changes to the procedures by which shareholders may recommend nominees to the Fund&#8217;s Board of Directors
since the Fund last provided disclosure in response to this item. The submission of shareholder proposals which require a vote
of all shareholders will be handled in accordance with Rule 14a-8 of the Exchange Act. No such proposals were received.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt"><B>Item
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">The
                                         Registrant&#8217;s President/Chief Executive Officer and Treasurer/Chief Financial Officer
                                         have concluded that the Registrant's disclosure controls and procedures (as defined in
                                         Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;))
                                         are effective as of a date within 90 days of the filing date of this report, that includes
                                         the disclosure required by this paragraph, based on the evaluation of these controls
                                         and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d<FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT>15(b)
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">There
                                         were no changes in the Registrant's internal control over financial reporting (as defined
                                         in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the
                                         period covered by this report that has materially affected, or is reasonably likely to
                                         materially affect, the Registrant's internal control over financial reporting.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt"><B>Item 12. Disclosure of Securities
Lending Activities for Closed-End Management Investment Companies.</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">None.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-size: 11pt"><B>Item
13</B>. <B>Exhibits.</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">(a)(1) <A HREF="fp0087711-1_ex99code.htm">Filed herewith</A>.</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. <A HREF="fp0087711-1_ex99cert.htm">Filed herewith</A>.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt"></FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">(a)(3) Any written solicitation
to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of
the registrant to 10 or more persons. Not applicable.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">(a)(4) Change in the registrant&#8217;s
independent public accountant. Not applicable.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">(b)Certification pursuant to Section 906 of the Sarbanes<FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT>Oxley Act of 2002. <A HREF="fp0087711-1_ex99906cert.htm">Furnished herewith</A>.&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Fund has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

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<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt; font-variant: small-caps">RENN Fund, Inc.</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&#160;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 11pt">&#160;</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 11pt">&#160;</FONT></TD>
    <TD STYLE="width: 60%"><FONT STYLE="font-size: 11pt">&#160;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">By:</FONT></TD>
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    <TD><FONT STYLE="font-size: 11pt">&#160;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">&#160;</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Murray Stahl</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&#160;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">&#160;</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Chief Executive Officer</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&#160;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">&#160;</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&#160;</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&#160;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">Date:&#160;&#160;March 9, 2023</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&#160;</FONT></TD></TR>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed
below by the undersigned on behalf of the Fund and in the capacities and on the date indicated.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt; font-variant: small-caps">RENN Fund, Inc.</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&#160;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 11pt">&#160;</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 11pt">&#160;</FONT></TD>
    <TD STYLE="width: 60%"><FONT STYLE="font-size: 11pt">&#160;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 11pt">/s/ Murray Stahl</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&#160;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">&#160;</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Murray Stahl</FONT></TD>
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<TR STYLE="vertical-align: top">
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and </FONT><BR>
<FONT STYLE="font-size: 11pt">Chief Financial Officer&#160;</FONT></P></TD>
    <TD><FONT STYLE="font-size: 11pt">&#160;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">&#160;</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&#160;</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&#160;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">Date:&#160;&#160;March 9, 2023</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&#160;</FONT></TD></TR>
</TABLE>


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<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>2
<FILENAME>fp0087711-1_ex99code.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>CODE
OF ETHICS</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>FOR</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>THE
BOARD OF DIRECTORS</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>OF</B>&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>RENN
FUND, INC.</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Renn Fund, Inc. (the &ldquo;<U>Fund</U>&rdquo;) is committed to conducting business in accordance with applicable laws, rules
and regulations and the highest standards of business ethics, and to full and accurate disclosure -- financial and otherwise --
in compliance with applicable law. This Code of Ethics (the &ldquo;<U>Code</U>&rdquo;), applicable to the Fund&rsquo;s Board of
Directors (the &ldquo;<U>Board</U>&rdquo;), sets forth policies to guide you in the performance of your duties and is for the
purpose of promoting:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 3.1pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">honest
                                         and ethical conduct, including the ethical handling of actual or apparent conflicts of
                                         interest between personal and professional relationships;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 3.1pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">full,
                                         fair, accurate, timely and understandable disclosure in reports and documents that the
                                         Funds file with, or submit to, the Securities and Exchange Commission and in other public
                                         communications made by the Funds;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">compliance
with applicable laws and governmental rules and regulations;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 3.05pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the
                                         prompt internal reporting of violations of the Code to an appropriate person or persons
                                         identified in this Code; and</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">accountability
for adherence to this Code.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">As
a member of the Board, you must comply with applicable law. You also have a responsibility to conduct yourself in an honest and
ethical manner. You have leadership responsibilities that include creating a culture of high ethical standards and a commitment
to compliance, maintaining a work environment that encourages the internal reporting of compliance concerns and promptly addressing
compliance concerns.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">This
Code recognizes that each member of the Board is subject to certain conflicts of interest inherent in the operation of investment
companies, because, among other reasons, the members of the Board currently or may in the future serve as officers or employees
of the Fund&rsquo;s investment advisor (the &ldquo;<U>Advisor</U>&rdquo;) and/or affiliates of the Funds&rsquo; investment advisor
(&ldquo;<U>Horizon</U>&rdquo;). This Code also recognizes that certain laws and regulations applicable to, and certain policies
and procedures adopted by, the Fund or Horizon govern your conduct in connection with many of the conflict of interest situations
that arise in connection with the operations of the Fund, including:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 3.1pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the
                                         Investment Company Act of 1940, as amended, and the rules and regulation promulgated
                                         thereunder by the Securities and Exchange Commission (the &ldquo;<U>1940 Act</U>&rdquo;);</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 3.05pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the
                                         Investment Advisers Act of 1940, as amended, and the rules and regulations promulgated
                                         thereunder by the Securities and Exchange Commission (the &ldquo;<U>Advisers Act</U>&rdquo;);</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the
Code of Ethics adopted by the Fund pursuant to Rule 17j-1(c) under the 1940 Act (the &ldquo;<U>Funds&rsquo; 1940 Act Code of
Ethics</U>&rdquo;);</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2.75pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">one
                                         or more codes of ethics adopted by Horizon that have been reviewed and approved by the
                                         members of the Board of the Fund that are not &ldquo;interested persons&rdquo; of the
                                         Fund (each an &ldquo;<U>Independent Director</U>&rdquo;), within the meaning of the 1940
                                         Act (the &ldquo;<U>Horizon 1940 Act Code of Ethics</U>&rdquo;); and</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2.95pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Horizon&rsquo;s
                                         general policies and procedures to address, among other things, conflict of interest
                                         situations and related matters (collectively, the &ldquo;<U>Horizon Policies</U>&rdquo;).</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
provisions of the 1940 Act, the Advisers Act, the Horizon 1940 Act Code of Ethics, and the Horizon Policies are referred to herein
collectively as the &ldquo;<U>Additional Conflict Rules</U>&rdquo;.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">This
Code is different from, and is intended to supplement, the Additional Conflict Rules. Accordingly, a violation of the Additional
Conflict Rules by a member of the Board is hereby deemed not to be a violation of this Code, unless and until the Independent
Directors determine that any such violation of the Additional Conflict Rules is also a violation of this Code.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Members
of the Board Should Act Honestly and Candidly</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Each
member of the Board has a responsibility to the Fund to act with integrity. Integrity requires, among other things, being honest
and candid. Deceit and subordination of principle are inconsistent with integrity.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Each
member of the Board must:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2.9pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">act
                                         with integrity, including being honest and candid while still maintaining the confidentiality
                                         of information where required by law or the Additional Conflict Rules;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 3.2pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">comply
                                         with the laws, rules and regulations that govern the conduct of the Fund&rsquo;s operations
                                         and report any suspected violations thereof in accordance with the section below entitled
                                         &ldquo;Compliance&rdquo;; and</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">adhere
to a high standard of business ethics.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Conflicts
Of Interest</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A
conflict of interest for the purpose of this Code occurs when your private interests, or those of your family members, interfere
in any way, or even appear to interfere, with the interests of the Fund.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Members
of the Board are expected to use objective and unbiased standards when making decisions that affect the Fund, keeping in mind
that members of the Board are subject to certain inherent conflicts of interest because members of the Board of the Fund, or a
member of the Board&rsquo;s family, also are or may be officers of Horizon (as a result of which it is incumbent upon you to be
familiar with and to seek to comply with the Additional Conflict Rules).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">You
are required to conduct the business of the Fund in an honest and ethical manner, including the ethical handling of actual or
apparent conflicts of interest between personal and business relationships. When making any investment, accepting any position
or benefits, participating in any transaction or business arrangement or otherwise acting in a manner that creates or appears
to create a conflict of interest with respect to the Fund where you are receiving a personal benefit, you should act in accordance
with the letter and spirit of this Code.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">If
you are in doubt as to the application or interpretation of this Code to you as a member of the Board of the Fund, you should
make full disclosure of all relevant facts and circumstances to the Audit Committee of the Fund and obtain approval prior to taking
action.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Each
member of the Board must:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">avoid
conflicts of interest wherever possible;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">handle
any actual or apparent conflict of interest ethically;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2.95pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">not
                                         use his or her personal influence or personal relationships to influence investment decisions
                                         or financial reporting by the Fund whereby the member of the Board would benefit personally
                                         to the detriment of the Fund;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 3.15pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">not
                                         cause the Fund to take action, or fail to take action, for the personal benefit of the
                                         member of the Board rather than the benefit of the Fund;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2.95pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">not
                                         use material non-public knowledge of portfolio transactions made or contemplated for
                                         the Fund to trade personally or cause others to trade personally in contemplation of
                                         the market effect of such transactions; and</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2.65pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">report
                                         at least annually affiliations or other relationships with the Fund, the Advisor (of
                                         its affiliates) or the distributor, as applicable, including any related conflict of
                                         interest.</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Some
conflict of interest situations that should always be approved by the Audit&nbsp;Committee, if material, include the following:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2.85pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the
                                         receipt of any entertainment or non-nominal gift by the member of the Board, or a member
                                         of his or her family, from any company with which the Fund has current or prospective
                                         business dealings (other than Horizon or its affiliates), unless such entertainment or
                                         gift is business related, reasonable in cost, appropriate as to time and place, and not
                                         so frequent as to raise any question of impropriety;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2.9pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">any
                                         ownership interest in, or any consulting or employment relationship with, the Fund&rsquo;s
                                         service providers, other than Horizon; or</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2.85pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">a
                                         direct or indirect financial interest in commissions, transaction charges or spreads
                                         paid by the Fund for effecting portfolio transactions or for selling or redeeming shares
                                         other than an interest arising from the member of the Board&rsquo;s employment by Horizon,
                                         as applicable, such as compensation or equity ownership.</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Disclosures</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">It
is the policy of the Fund to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable
laws and regulations in all reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission
and in all other public communications made by the Fund. As a member of the Board, you are required to promote compliance with
this policy and to abide by the Fund&rsquo;s standards, policies and procedures designed to promote compliance with this policy.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Each
member of the Board must:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 3pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">familiarize
                                         himself or herself with the disclosure requirements applicable to the Funds as well as
                                         the business and financial operations of the Fund; and</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2.9pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">not
                                         knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others,
                                         including to other members of the Board, the Fund&rsquo;s independent auditors, the Fund&rsquo;s
                                         counsel, counsel to the Independent Directors, governmental regulators or self-regulatory
                                         organizations.</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Unless
otherwise required by law, this Code shall be disclosed as required by the Securities and Exchange Commission.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Compliance</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">It
is the Fund&rsquo;s policy to comply with all applicable governmental laws, rules and regulations. It is the personal responsibility
of each member of the Board to adhere to the standards and restrictions imposed by those laws, rules and regulations, including
those relating to affiliated transactions, accounting and auditing matters.&nbsp;</FONT></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Accountability</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Each
member of the Board must:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2.85pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">upon
                                         receipt of the Code, sign and submit to the Fund&rsquo;s Board an acknowledgement stating
                                         that he has received, read and understands the Code on the certification attached hereto
                                         as Appendix A.</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2.9pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">annually
                                         thereafter affirm to the Fund&rsquo;s Board that he or she has complied with the requirements
                                         of the Code and reported any violations of the Code on the certification attached hereto
                                         as Appendix A.</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2.95pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">notify
                                         the Audit Committee promptly if he or she knows of any violation of this Code. Failure
                                         to do so is itself a violation of this Code.</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2.9pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">not
                                         retaliate against any other member of the Board or any employee of the Fund or affiliated
                                         persons of the Fund or the Fund&rsquo;s service providers for reports of potential violations
                                         that are made in good faith.</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Reporting
Violations</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Fund&rsquo;s Audit Committee is responsible for applying this Code to specific situations in which questions are presented under
it and has the authority to interpret this Code in any particular situation. The Fund&rsquo;s Audit Committee may consult Fund
counsel in order to effectively discharge its responsibilities.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Investigation
Procedures</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Fund will follow these procedures in investigating and enforcing this Code:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2.85pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         Audit Committee will take all appropriate action to investigate any potential violations
                                         of the Code;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 3.05pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">If,
                                         after such investigation, the Audit Committee believes that no violation has occurred,
                                         the Audit Committee is not required to take any further action;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 3.05pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Any
                                         matter that the Audit Committee believes is a violation of this Code will be reported
                                         to the Fund&rsquo;s Board; and</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2.9pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">If
                                         the Board concurs that a violation has occurred, it will take action which it considers
                                         appropriate. Such action may include a review of, and appropriate modifications to, applicable
                                         policies and procedures; notification to appropriate personnel of each service provider
                                         or its governing
body; or a recommendation to dismiss the member of the&nbsp;Board.</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Waivers
of Code of Ethics</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Audit Committee is responsible for granting waivers, implicit or otherwise, of this Code, as appropriate. Such Committee will
be responsible for granting waivers, as appropriate; and any changes to or waivers of this Code will, to the extent required,
be disclosed as provided by SEC rules.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A
waiver is the approval of a material departure from a provision of this Code. An implicit waiver is the Fund&rsquo;s failure to
take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made
known to the Audit Committee.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Recordkeeping</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Fund will maintain and preserve for a period of not less than six (6) years from the date an action is taken, the first two (2)
years in an easily accessible place, a copy of the information or materials supplied to the Audit Committee: (i) that provided
the basis for any amendment or waiver to this Code; and (ii) relating to any violation of this Code and sanctions imposed for
such violation, together with a written record of the approval or action taken by the Audit Committee.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Confidentiality</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">All
reports and records prepared or maintained pursuant to this Code shall be considered confidential and shall be maintained and
protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than
the Audit Committee, the Fund and its counsel, Horizon and its counsel and any other advisors, consultants or counsel retained
by the Board or the Audit Committee.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Amendments</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">This
Code, other than Exhibit A, may not be amended except in written form, which is specifically approved by a majority vote of the
members of the Board of the Fund, including a majority of the Independent Directors.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>No
Rights Created</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">This
Code is a statement of certain fundamental principles, policies and procedures that govern each of the members of the Board in
the conduct of the Fund&rsquo;s business. It is not intended to and does not create any rights in any employee, investor, supplier,
competitor, shareholder or any other person or entity.&nbsp;</FONT></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><U>Appendix
A</U></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><U>RENN
FUND INC.</U></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><U>Certification
and Acknowledgement of Receipt of Code of Ethics</U></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">I
acknowledge and certify that I have received a copy of the Code of Ethics for the members of the Board of Directors of the Renn
Fund, Inc. (the &ldquo;Code&rdquo;). I understand and agree that it is my responsibility to read and familiarize myself with the
policies and procedures contained in the Code and to abide by those policies and procedures.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">I
acknowledge my commitment to comply with the Code.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Applicable
next year</I></B>:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">I
acknowledge that I complied with the Code for the one-year period ended ___________.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">I
acknowledge that I reported all violations of this Code for the one-year period ended _________ of which I am
aware.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(<I>Please
submit on a separate piece of paper, exceptions to these acknowledgements.</I>)</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 40%; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Board Member Name (Please Print) </FONT></TD>
                                                                                                                                                               <TD STYLE="text-align: justify; width: 10%">&nbsp;</TD>
                                                                                                                                                               <TD STYLE="text-align: justify; width: 40%; border-top: Black 1pt solid">Board Member Signature</TD>
                                                                                                                                                               <TD STYLE="text-align: justify; width: 10%">&nbsp;</TD>
</TR>                                   <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify">&nbsp;</TD>
                                                                                                                                                               <TD STYLE="text-align: justify">&nbsp;</TD>
                                                                                                                                                               <TD STYLE="text-align: justify">&nbsp;</TD>
                                                                                                                                                               <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify">&nbsp;</TD>
                                                                                                                                                               <TD STYLE="text-align: justify">&nbsp;</TD>
                                                                                                                                                               <TD STYLE="text-align: justify">&nbsp;</TD>
                                                                                                                                                               <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify">&nbsp;</TD>
                                                                                                                                                               <TD STYLE="text-align: justify">&nbsp;</TD>
                                                                                                                                                               <TD STYLE="text-align: justify; border-top: Black 1pt solid">Date</TD>
                                                                                                                                                               <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-7-&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>





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<SEQUENCE>3
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>Section
302 Certification</U></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">I,
Murray Stahl, certify that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">I
                                         have reviewed this report on Form N-CSR of Renn Fund, Inc.;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Based
                                         on my knowledge, this report does not contain any untrue statement of a material fact
                                         or omit to state a material fact necessary to make the statements made, in light of the
                                         circumstances under which such statements were made, not misleading with respect to the
                                         period covered by this report;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Based
                                         on my knowledge, the financial statements, and other financial information included in
                                         this report, fairly present in all material respects the financial condition, results
                                         of operations, changes in net assets, and cash flows (if the financial statements are
                                         required to include a statement of cash flows) of the registrant as of, and for, the
                                         periods presented in this report;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">4.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         registrant&rsquo;s other certifying officer(s) and I are responsible for establishing
                                         and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
                                         the Investment Company Act of 1940) and internal control over financial reporting (as
                                         defined in Rule 30a-3(d) under the Investment Company Act of 1940 Act):</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(a)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Designed
                                         such disclosure controls and procedures, or caused such disclosure controls and procedures
                                         to be designed under our supervision, to ensure that material information relating to
                                         the registrant, including its consolidated subsidiaries, is made known to us by others
                                         within those entities, particularly during the period in which this report is being prepared;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(b)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Designed
                                         such internal control over financial reporting, or caused such internal control over
                                         financial reporting to be designed under our supervision, to provide reasonable assurance
                                         regarding the reliability of financial reporting and the preparation of financial statements
                                         for external purposes in accordance with generally accepted accounting principles;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(c)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Evaluated
                                         the effectiveness of the registrant&rsquo;s disclosure controls and procedures and presented
                                         in this report our conclusions about the effectiveness of the disclosure controls and
                                         procedures, prior to the filing date of this report based on such evaluation; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(d)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Disclosed
                                         in this report any change in the registrant&rsquo;s internal control over financial reporting
                                         that occurred during the registrant&rsquo;s most recent fiscal half-year (the registrant&rsquo;s
                                         second fiscal half-year in the case of an annual report) that has materially affected,
                                         or is reasonably likely to materially affect, the registrant&rsquo;s internal control
                                         over financial reporting; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">5.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         registrant&rsquo;s other certifying officer(s) and I have disclosed to the registrant&rsquo;s
                                         auditors and the Audit Committee of the registrant&rsquo;s Board:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(a)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">All
                                         significant deficiencies and material weaknesses in the design or operation of internal
                                         control over financial reporting which are reasonably likely to adversely affect the
                                         registrant&rsquo;s ability to record, process, summarize, and report financial information;
                                         and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(b)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Any
                                         fraud, whether or not material, that involves management or other employees who have
                                         a significant role in the registrant&rsquo;s internal control over financial reporting.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Date:
March 9, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 40%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">/s/ <FONT STYLE="font-family: Times New Roman, Times, Serif">Murray
Stahl</FONT></FONT></TD>
<TD STYLE="text-align: justify; width: 60%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
</TR>               <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; padding-bottom: 1pt"><FONT STYLE="font-size: 11pt">Murray Stahl</FONT></TD>
<TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Chief
Executive Officer and Chief Financial Officer</FONT></TD>
<TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>



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<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>4
<FILENAME>fp0087711-1_ex99906cert.htm
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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>Section
906 Certification</U></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">I,
Murray Stahl, certify that the periodic report containing the financial statements filed herewith pursuant to Sections 13(a) or
15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)) (the &ldquo;1934 Act&rdquo;) fully complies with the
requirements of said Sections 13(a) or 15(d) of the 1934 Act and that information contained in the periodic report fairly presents,
in all material respects, the financial condition and results of operations of the issuer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Date:
March 9, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 40%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">/s/ <FONT STYLE="font-family: Times New Roman, Times, Serif">Murray
Stahl</FONT></FONT></TD>
<TD STYLE="text-align: justify; width: 60%">&nbsp;</TD>
</TR>               <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Murray Stahl</FONT></TD>
<TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">Chief Executive Officer and Chief Financial Officer</FONT></TD>
<TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>



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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
