<SEC-DOCUMENT>0001398344-25-017809.txt : 20250908
<SEC-HEADER>0001398344-25-017809.hdr.sgml : 20250908
<ACCEPTANCE-DATETIME>20250908123148
ACCESSION NUMBER:		0001398344-25-017809
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20250630
FILED AS OF DATE:		20250908
DATE AS OF CHANGE:		20250908
EFFECTIVENESS DATE:		20250908

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22299
		FILM NUMBER:		251299313

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>fp0095025-2_ncsrs.htm
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<P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 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="margin-top: 0; margin-bottom: 0; margin-left: 0; font: 11pt Times New Roman, Times, Serif"></P>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>UNITED
STATES</B></FONT></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>FORM
N-CSR</B></FONT></P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 24pt; font-variant: small-caps"><B>RENN
Fund, Inc.</B></FONT></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>June
30, 2025</B></FONT></P>

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

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Item
1. Reports to Stockholders.</B></FONT></P>

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<p style="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><img src="fp0095025-2_i.jpg">
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt;text-decoration: underline;  FONT: 11pt Times New Roman, Times, Serif"><u><i><b>
</b></i></u></p>
<p style="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt;text-decoration: underline;  FONT: 11pt Times New Roman, Times, Serif"><u><i><b>
</b></i></u></p>
<p style="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt;text-decoration: underline;  FONT: 11pt Times New Roman, Times, Serif"><u><i><b>
</b></i></u></p>
<p style="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt;text-decoration: underline;  FONT: 11pt Times New Roman, Times, Serif"><u><i><b>
</b></i></u></p>
<p style="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt;text-decoration: underline;  FONT: 11pt Times New Roman, Times, Serif"><u><i><b>
</b></i></u></p>
<p style="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt;text-decoration: underline;  FONT: 11pt Times New Roman, Times, Serif"><u><i><b>
</b></i></u></p>

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<p style="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 24pt Times New Roman, Times, Serif"><b>Renn Fund, Inc.
</b></p>

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<p style="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 18pt Times New Roman, Times, Serif"><b>
</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 18pt Times New Roman, Times, Serif"><b>
</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 18pt Times New Roman, Times, Serif"><b>
</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 18pt Times New Roman, Times, Serif"><b>Semi-Annual Report
</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 14pt Times New Roman, Times, Serif">June 30, 2025</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

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<p style="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 18pt Times New Roman, Times, Serif; 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">&nbsp;</p>
<p style="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 14pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;">TABLE OF CONTENTS<br>
June 30, 2025</FONT></p>

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

<TABLE cellspacing="0" cellpadding="4"  STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 95%;">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 5%;">&nbsp;</td>
</TR>
<TR style="background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 95%;"><P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Consolidated Financial Statements:</P></td>
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 5%;">&nbsp;</td>
</TR>
<TR style="background-color: White;">
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 95%;"><P STYLE="text-align: justify; margin-left: 13.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Consolidated Schedule of Investments </P></td>
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 5%;"><P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">1</P></td>
</TR>
<TR style="background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 95%;"><P STYLE="text-align: justify; margin-left: 13.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Consolidated Statement of Assets and Liabilities </P></td>
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 5%;"><P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">5</P></td>
</TR>
<TR style="background-color: White;">
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 95%;"><P STYLE="text-align: justify; margin-left: 13.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Consolidated Statement of Operations </P></td>
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 5%;"><P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">6</P></td>
</TR>
<TR style="background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 95%;"><P STYLE="text-align: justify; margin-left: 13.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Consolidated Statements of Changes in Net Assets </P></td>
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 5%;"><P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">7</P></td>
</TR>
<TR style="background-color: White;">
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 95%;"><P STYLE="text-align: justify; margin-left: 13.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Consolidated Financial Highlights </P></td>
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 5%;"><P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">8</P></td>
</TR>
<TR style="background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 95%;"><P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Consolidated Notes to Financial Statements </P></td>
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 5%;"><P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">9</P></td>
</TR>
<TR style="background-color: White;">
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 95%;"><P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Other Information </P></td>
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 5%;"><P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">20</P></td>
</TR>
<TR style="background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 95%;"><P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Service Providers </P></td>
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 5%;"><P STYLE="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">21</P></td>
</TR>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<p style="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 18pt Times New Roman, Times, Serif; 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">&nbsp;</p>
<p style="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 14pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="text-transform: uppercase;">Consolidated Schedule of Investments
</FONT></p>
<p style="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 14pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;">As of June 30, 2025 (Unaudited)</FONT></p>

<!-- Field: Rule-Page --><DIV ALIGN="left" STYLE="margin-top: 3pt; margin-bottom: 3pt">
<DIV STYLE="font-size: 1pt; border-top: Black 0.25pt solid;  width: 100%;">&nbsp;</DIV>
</DIV><!-- Field: /Rule-Page -->
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<table style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Shares or <br>
Principal <br>
Amount</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Company</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Cost</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Value</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;"></td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>MONEY MARKET FUNDS &#8211; 21.05%</b></P></td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">82,710</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Fidelity Government Cash Reserves Portfolio -  Institutional Class, 4.04% </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 12%;text-align: right;">82,710</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 12%;text-align: right;">82,710</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">3,965,218</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Fidelity Investment Money Market Funds Government Portfolio - Institutional Class, 4.23% </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">3,965,218</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">3,965,218</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Total Money Market Funds </b></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">4,047,928</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">4,047,928</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td colspan="5"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>CONVERTIBLE BONDS &#8211; 0.00%</b></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><i>Oil and Gas &#8211; 0.00%</i></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,000,000</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">PetroHunter Energy Corporation 8.50% Maturity 12/31/2014<sup>(1)(2)(5)</sup> </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">540,225</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Total Convertible Bonds </b></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">540,225</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td colspan="5"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>COMMON EQUITIES &#8211; 76.73%</b></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><i>Accomodations &#8211; 0.24%</i></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">2,000</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Civeo Corp. </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">54,150</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">46,180</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><i>Asset Management &#8211; 0.19%</i></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">973</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Associated Capital Group, Inc. - Class A </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">40,594</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">36,488</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><i>Communication Services &#8211; 0.06%</i></P></td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">400</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">IG Port, Inc.<sup>(4)</sup> </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">6,556</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">6,072</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">200</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">TOEI Animation Co. Ltd.<sup>(4)</sup> </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">4,839</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">4,562</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">11,395</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">10,634</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><i>Financial Services &#8211; 0.08%</i></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">2</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Fairfax Financial Holdings Ltd. </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">2,734</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">3,613</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">416</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Fairfax India Holdings Corp.<sup>(2)(4)</sup> </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">6,734</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">7,694</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">2</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">White Mountains Insurance Group, Inc. </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">3,456</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">3,591</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">12,924</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">14,898</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><i>Hospitality &#8211; 1.15%</i></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">7,300</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Carnival Corp.<sup>(2)</sup> </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">104,635</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">205,276</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">50</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Royal Caribbean Ltd. </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">2,940</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">15,657</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">107,575</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">220,933</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>COMMON EQUITIES &#8211; 76.73% (Continued)</b></P></td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td colspan="5"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><i>Live Sports (Spectator Sports) &#8211; 1.45%</i></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">5,091</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Big League Advance, LLC<sup>(1)(2)(3)</sup> </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 12%;text-align: right;">280,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 12%;text-align: right;">280,005</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><i>Metal Mining &#8211; 3.68%</i></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">3</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Anglo American PLC </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">46</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">44</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">580</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Franco-Nevada Corp. </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">83,192</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">95,074</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">19,414</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Mesabi Trust </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">531,716</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">465,159</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,640</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Wheaton Precious Metals Corp. </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">68,954</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">147,272</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Valterra Platnium Ltd. </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">7</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">7</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">683,915</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">707,556</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><i>Medicinal Chemicals and Botanical Products &#8211; 10.45%</i></P></td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">154,456</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">FitLife Brands, Inc.<sup>(2)</sup> </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">9,131,687</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">2,011,017</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><i>Oil and Gas &#8211; 34.28%</i></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,400</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Liberty Energy, Inc. </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">27,247</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">16,072</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">19,315</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Permian Basin Royalty Trust </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">299,138</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">240,665</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">808,445</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">PetroHunter Energy Corporation<sup>(1)(2)(5)</sup> </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">101,056</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">16,306</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">PrairieSky Royalty Ltd.<sup>(4)</sup> </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">207,079</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">282,823</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">100</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Sabine Royalty Trust </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">8,002</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">6,668</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">5,724</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Texas Pacific Land Corp. </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">1,079,738</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">6,046,776</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">1,722,260</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">6,593,004</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><i>Other Financial Investment Activities &#8211; 2.21%</i></P></td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">85,020</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Urbana Corp.<sup>(4)</sup> </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">310,310</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">392,074</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">6,900</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Urbana Corp. Class A<sup>(4)</sup> </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">23,305</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">32,225</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">333,615</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">424,299</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><i>Real Estate &#8211; 7.55%</i></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">2</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">J.G. Boswell Company </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,118</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,090</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">21,448</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Landbridge Company LLC </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">368,273</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,449,456</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">56</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Tejon Ranch<sup>(2)</sup> </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">945</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">950</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">370,336</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">1,451,496</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><i>Remediation and Other Waster Management Services &#8211; 0.04%</i></P></td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">322</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Aris Water Solutions, Inc. - Class A </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">8,786</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">7,615</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">100</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Pure Cycle Corp.<sup>(2)</sup> </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">1,029</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">1,072</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">9,815</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">8,687</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><i>Securities and Commodity Exchanges &#8211; 1.22%</i></P></td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">720</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Bakkt Holdings, Inc.<sup>(2)</sup> </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">16,978</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">10,044</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">3,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">CNSX Markets, Inc.<sup>(1)(2)(3)(4)</sup> </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">13,502</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">15,421</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
</table><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>
<p style="text-align: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><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">&nbsp;</p>
<p style="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">1</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<!-- Field: Page; -->
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<!-- Field: /Page -->
<p style="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 18pt Times New Roman, Times, Serif; 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">&nbsp;</p>
<p style="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 14pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;">CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)<br>
As of June 30, 2025 (Unaudited)</FONT></p>

<!-- Field: Rule-Page --><DIV ALIGN="left" STYLE="margin-top: 3pt; margin-bottom: 3pt">
<DIV STYLE="font-size: 1pt; border-top: Black 0.25pt solid;  width: 100%;">&nbsp;</DIV>
</DIV><!-- Field: /Rule-Page -->
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<table style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Shares or <br>
Principal <br>
Amount</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Company</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Cost</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Value</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>COMMON EQUITIES &#8211; 76.73% (Continued)</b></P></td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><i>Securities and Commodity Exchanges &#8211; 1.22% (Continued)</i></P></td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">20</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Hellenic Exchange, S.A.<sup>(4)</sup> </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 12%;text-align: right;">131</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 12%;text-align: right;">141</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">240</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Intercontinental Exchange, Inc.<sup>(4)</sup> </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">30,806</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">44,033</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">14,000</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Miami International Holdings, Inc.<sup>(1)(2)(3)</sup> </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">105,000</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">165,060</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">166,417</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">234,699</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><i>Securities, Commodity Contracts, and Other Financial Investments and Related Activities &#8211; 3.62%</i></P></td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,516</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Grayscale Bitcoin Mini Trust<sup>(2)</sup> </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">32,893</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">72,389</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">4</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Grayscale Ethereum Classic Trust<sup>(2)</sup> </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">46</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">33</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">7,282</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Grayscale Bitcoin Trust<sup>(2)</sup> </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">249,806</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">617,732</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">114</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">iShares Bitcoin Trust<sup>(2)</sup> </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">4,037</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">6,978</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">4</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">iShares Silver Trust ETF<sup>(2)</sup> </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">111</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">131</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">286,893</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">697,263</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><i>Software Publisher &#8211; 1.04%</i></P></td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">11,621</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">SB Technology, Inc.<sup>(1)(3)</sup> </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">199,997</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">199,997</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td colspan="5"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><i>Surgical &amp; Medical Instruments &amp; Apparatus &#8211; 7.19%</i></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">615,000</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Apyx Medical Corp.<sup>(2)</sup> </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">1,470,958</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">1,383,750</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><i>Utilities &#8211; 2.28%</i></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">41,300</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Hawaiian Electric Industries, Inc.<sup>(2)</sup> </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">426,713</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">439,019</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Total Common Equities </b></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">15,309,244</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">14,759,925</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>OPEN ENDED MUTUAL FUNDS &#8211; 0.13%</b></P></td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">824</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Kinetics Spin-Off and Corporate Restructuring Fund<sup>(6)</sup> </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">13,168</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">25,569</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Total Open Ended  Mutual Funds </b></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">13,168</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">25,569</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>PREFERRED STOCKS &#8211; 1.73%</b></P></td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">30,966</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Diamond Standard,  Inc.<sup>(1)(2)(3)</sup> </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">185,798</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">332,114</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Total Preferred Stocks </b></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">185,798</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">332,114</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>WARRANTS &#8211; 0.06%</b></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Diamond Standard, Inc., Exercise Price: $9.00, </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">837</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 31.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Expiration Date: January 15, 2026<sup>(1)(2)(3)</sup> </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 12%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 12%;text-align: right;">2,762</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Miami International Holdings, Inc.,  Exercise Price: $7.50, </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">2,132</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 31.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Expiration Date: March 31, 2026<sup>(1)(2)(3)</sup> </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">8,485</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Total Warrants </b></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">11,247</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td colspan="5"  STYLE="VERTICAL-ALIGN: top;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>TOTAL INVESTMENTS &#8211; 99.70% </b></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;"><b>&nbsp;</b></td>
<td style="width: 12%;text-align: right;"><b>20,096,363</b></td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;"><b>&nbsp;</b></td>
<td style="width: 12%;text-align: right;"><b>19,176,783</b></td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td colspan="5"  STYLE="VERTICAL-ALIGN: top;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">OTHER ASSETS LESS  LIABILITIES &#8211; 0.30% </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">57,711</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td colspan="5"  STYLE="VERTICAL-ALIGN: top;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>NET ASSETS &#8211; 100.00% </b></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;"><b>$</b></td>
<td style="width: 12%;border-bottom: Black 2.5pt double; text-align: right;"><b>19,234,494</b></td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
</tr>
</table><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>
<table style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: top;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Shares or <br>
Principal <br>
Amount</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Company</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Proceeds</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Value</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>SECURITIES SOLD SHORT &#8211; 0.11%</b></P></td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>EXCHANGE TRADED FUNDS &#8211; 0.09%</b></P></td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;"> (8</td>
<td style="white-space: nowrap; width: 1%;text-align: left">)</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Direxion Daily Energy Bear 2X Shares ETF </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 12%;text-align: right;">(176</td>
<td style="white-space: nowrap; width: 1%;text-align: left">)</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 12%;text-align: right;">(182</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%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;"> (151</td>
<td style="white-space: nowrap; width: 1%;text-align: left">)</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Direxion Daily Gold Miners Index Bear 2X Shares ETF </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">(9,397</td>
<td style="white-space: nowrap; width: 1%;text-align: left">)</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">(3,725</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%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;"> (323</td>
<td style="white-space: nowrap; width: 1%;text-align: left">)</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Direxion Daily Junior Gold Miners Index Bear 2X Shares ETF </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">(9,020</td>
<td style="white-space: nowrap; width: 1%;text-align: left">)</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">(3,165</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%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;"> (745</td>
<td style="white-space: nowrap; width: 1%;text-align: left">)</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Direxion Daily S&amp;P Biotech Bear 3X Shares ETF </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">(5,249</td>
<td style="white-space: nowrap; width: 1%;text-align: left">)</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">(5,573</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%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;"> (2</td>
<td style="white-space: nowrap; width: 1%;text-align: left">)</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Direxion Daily S&amp;P Oil &amp; Gas Bear 2X Shares ETF </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">(20</td>
<td style="white-space: nowrap; width: 1%;text-align: left">)</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">(20</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%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;"> (55</td>
<td style="white-space: nowrap; width: 1%;text-align: left">)</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">ProShares Ultra VIX Short-Term Futures ETF<sup>(2)</sup> </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">(2,106</td>
<td style="white-space: nowrap; width: 1%;text-align: left">)</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">(1,031</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%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;"> (5</td>
<td style="white-space: nowrap; width: 1%;text-align: left">)</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">ProShares UltraShort ETF<sup>(2)</sup> </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">(189</td>
<td style="white-space: nowrap; width: 1%;text-align: left">)</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">(129</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%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;"> (7</td>
<td style="white-space: nowrap; width: 1%;text-align: left">)</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">ProShares UltraShort Bloomberg Natural Gas ETF<sup>(2)</sup> </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">(281</td>
<td style="white-space: nowrap; width: 1%;text-align: left">)</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">(179</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%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;"> (6</td>
<td style="white-space: nowrap; width: 1%;text-align: left">)</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">ProShares UltraShort Energy ETF<sup>(2)</sup> </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">(215</td>
<td style="white-space: nowrap; width: 1%;text-align: left">)</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">(225</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%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;"> (64</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">ProShares VIX Short-Term Futures ETF<sup>(2)</sup> </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">(4,096</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">(3,000</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="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Total Exchange Traded Funds </b></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">(30,749</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">(17,229</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%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
</table><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>
<p style="text-align: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><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">&nbsp;</p>
<p style="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">2</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<!-- Field: Page; -->
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<!-- Field: /Page -->
<p style="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 18pt Times New Roman, Times, Serif; 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">&nbsp;</p>
<p style="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 14pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;">CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)<br>
As of June 30, 2025 (Unaudited)</FONT></p>

<!-- Field: Rule-Page --><DIV ALIGN="left" STYLE="margin-top: 3pt; margin-bottom: 3pt">
<DIV STYLE="font-size: 1pt; border-top: Black 0.25pt solid;  width: 100%;">&nbsp;</DIV>
</DIV><!-- Field: /Rule-Page -->
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<table style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: top;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Shares or <br>
Principal <br>
Amount</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Company</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Proceeds</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Value</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>SECURITIES SOLD SHORT &#8211; 0.11% (Continued)</b></P></td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>EXCHANGE TRADED NOTES &#8211; 0.02%</b></P></td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;"> (89</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">iPath Series B S&amp;P VIX Short-Term Futures ETN<sup>(2)</sup> </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">$</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">(6,080</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">$</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">(4,277</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%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Total Exchange Traded  Notes </b></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">(6,080</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">(4,277</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%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>TOTAL SECURITIES SOLD SHORT &#8211; 0.09% </b></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;"><b>$</b></td>
<td style="width: 12%;border-bottom: Black 2.5pt double; text-align: right;"><b>(36,829</b></td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left"><b>)</b></td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;"><b>$</b></td>
<td style="width: 12%;border-bottom: Black 2.5pt double; text-align: right;"><b>(21,506</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">&nbsp;</p>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="WIDTH: 13.5pt; VERTICAL-ALIGN: top; text-align: right">
<P STYLE="text-align: left; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt"><sup>(1)</sup></P>
</TD>
<TD STYLE="VERTICAL-ALIGN: top; text-align: left">
<P STYLE="text-align: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt"><sup>     </sup>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">&nbsp;</p>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="WIDTH: 13.5pt; VERTICAL-ALIGN: top; text-align: right">
<P STYLE="text-align: left; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt"><sup>(2)</sup></P>
</TD>
<TD STYLE="VERTICAL-ALIGN: top; text-align: left">
<P STYLE="text-align: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; 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">&nbsp;</p>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="WIDTH: 13.5pt; VERTICAL-ALIGN: top; text-align: right">
<P STYLE="text-align: left; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt"><sup>(3)</sup></P>
</TD>
<TD STYLE="VERTICAL-ALIGN: top; text-align: left">
<P STYLE="text-align: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">  Big League Advance, LLC., CNSX Markets, Inc., Diamond Standard, Inc., Miami International Holdings, Inc. and SB Technology 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">&nbsp;</p>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="WIDTH: 13.5pt; VERTICAL-ALIGN: top; text-align: right">
<P STYLE="text-align: left; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt"><sup>(4)</sup></P>
</TD>
<TD STYLE="VERTICAL-ALIGN: top; text-align: left">
<P STYLE="text-align: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; 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">&nbsp;</p>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="WIDTH: 13.5pt; VERTICAL-ALIGN: top; text-align: right">
<P STYLE="text-align: left; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt"><sup>(5)</sup></P>
</TD>
<TD STYLE="VERTICAL-ALIGN: top; text-align: left">
<P STYLE="text-align: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; 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">&nbsp;</p>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="WIDTH: 13.5pt; VERTICAL-ALIGN: top; text-align: right">
<P STYLE="text-align: left; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt"><sup>(6)</sup></P>
</TD>
<TD STYLE="VERTICAL-ALIGN: top; text-align: left">
<P STYLE="text-align: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; 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">&nbsp;</p>
<p style="text-align: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><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">&nbsp;</p>
<p style="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">3</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

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<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<p style="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 18pt Times New Roman, Times, Serif; 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">&nbsp;</p>
<p style="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 14pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;">CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)<br>
As of June 30, 2025 (Unaudited) </FONT></p>

<!-- Field: Rule-Page --><DIV ALIGN="left" STYLE="margin-top: 3pt; margin-bottom: 3pt">
<DIV STYLE="font-size: 1pt; border-top: Black 0.25pt solid;  width: 100%;">&nbsp;</DIV>
</DIV><!-- Field: /Rule-Page -->
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<TABLE cellspacing="0" cellpadding="2"  STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 87%;"><P STYLE="text-align: left; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Security Type/Sector</b></P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 13%;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><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="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Money Market Funds </P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 13%;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">21.05%</P></td>
</TR>
<TR style="background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 87%;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Convertible Bonds </P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 13%;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">0.00%</P></td>
</TR>
<TR style="background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 87%;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Common Equities</b></P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 13%;">&nbsp;</td>
</TR>
<TR style="background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 87%;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Accommodations </P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 13%;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">0.24%</P></td>
</TR>
<TR style="background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 87%;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Asset Management </P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 13%;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">0.19%</P></td>
</TR>
<TR style="background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 87%;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Communication Services </P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 13%;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">0.06%</P></td>
</TR>
<TR style="background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 87%;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Financial Services </P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 13%;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">0.08%</P></td>
</TR>
<TR style="background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 87%;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Hospitality </P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 13%;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">1.15%</P></td>
</TR>
<TR style="background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 87%;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Live Sports (Spectator Sports) </P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 13%;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">1.45%</P></td>
</TR>
<TR style="background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 87%;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Metal Mining </P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 13%;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">3.68%</P></td>
</TR>
<TR style="background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 87%;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Medicinal Chemicals and Botanical Products </P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 13%;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">10.45%</P></td>
</TR>
<TR style="background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 87%;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Oil and Gas </P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 13%;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">34.28%</P></td>
</TR>
<TR style="background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 87%;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Other Financial Investment Activities </P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 13%;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">2.21%</P></td>
</TR>
<TR style="background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 87%;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Real Estate </P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 13%;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">7.55%</P></td>
</TR>
<TR style="background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 87%;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Remediation and Other Waster Management Services </P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 13%;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">0.04%</P></td>
</TR>
<TR style="background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 87%;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Securities and Commodity Exchanges </P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 13%;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">1.22%</P></td>
</TR>
<TR style="background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 87%;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Securities, Commodity Contracts and Other Financial Investments and Related Activities </P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 13%;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">3.62%</P></td>
</TR>
<TR style="background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 87%;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Software Publisher </P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 13%;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">1.04%</P></td>
</TR>
<TR style="background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 87%;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Surgical &amp; Medical Instruments &amp; Apparatus </P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 13%;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">7.19%</P></td>
</TR>
<TR style="background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 87%;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Utilities </P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 13%;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">2.28%</P></td>
</TR>
<TR style="background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 87%;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Total Common Equities </b></P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 13%;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>76.73%</b></P></td>
</TR>
<TR style="background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 87%;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Open Ended Mutual Funds </P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 13%;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">0.13%</P></td>
</TR>
<TR style="background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 87%;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Preferred Stocks </P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 13%;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">1.73%</P></td>
</TR>
<TR style="background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 87%;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Warrants </P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 13%;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">0.06%</P></td>
</TR>
<TR style="background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 87%;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Total Investments </b></P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 13%;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>99.70%</b></P></td>
</TR>
<TR style="background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 87%;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Liabilities Less Other Assets </P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 13%;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">0.30%</P></td>
</TR>
<TR style="background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 87%;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Total Net Assets </b></P></td>
<td STYLE="border-bottom: #000000 2.5pt double;VERTICAL-ALIGN: bottom;WIDTH: 13%;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>100.00%</b></P></td>
</TR>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<p style="text-align: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><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">&nbsp;</p>
<p style="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">4</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

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<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<!-- Field: /Page -->
<p style="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 18pt Times New Roman, Times, Serif; 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">&nbsp;</p>
<p style="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 14pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="text-transform: uppercase;">Consolidated Statement of Assets and Liabilities
</FONT></p>
<p style="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 14pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;">June 30, 2025 (Unaudited)</FONT></p>

<!-- Field: Rule-Page --><DIV ALIGN="left" STYLE="margin-top: 3pt; margin-bottom: 3pt">
<DIV STYLE="font-size: 1pt; border-top: Black 0.25pt solid;  width: 100%;">&nbsp;</DIV>
</DIV><!-- Field: /Rule-Page -->
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<table style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>ASSETS</b></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Investments in securities, at value:</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Unaffiliated investments (cost $20,083,195) </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 12%;text-align: right;">19,151,214</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Affiliated investments (cost $13,168) </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">25,569</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Foreign Currency, at value (cost $7) </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">7</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Cash </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">58,139</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Cash held at broker </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">51,956</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Receivables:</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Dividends and interest receivable </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">16,928</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Prepaid expenses and other assets </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">26,273</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Total assets </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">19,330,086</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>LIABILITIES</b></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Securities sold short, at value (proceeds $36,829) </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">21,506</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Payables:</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Auditing fees </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">20,417</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Fund administration and accounting fees </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">18,639</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Printing and postage </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">16,380</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Custody fees </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">8,260</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Legal expense </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">6,592</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Investment securities purchased </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,678</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Dividends on securities sold short </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">95</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Accrued other expenses </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">2,025</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Total liabilities </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">95,592</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>NET ASSETS </b></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;"><b>$</b></td>
<td style="width: 12%;border-bottom: Black 2.5pt double; text-align: right;"><b>19,234,494</b></td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Paid-in-capital </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">33,233,193</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Total accumulated deficit </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">(13,998,699</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="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>NET ASSETS </b></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;"><b>$</b></td>
<td style="width: 12%;border-bottom: Black 2.5pt double; text-align: right;"><b>19,234,494</b></td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Shares outstanding no par value (unlimited shares authorized) </b></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;"><b>&nbsp;</b></td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;"><b>7,015,786</b></td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Net asset value, offering and redemption price per share </b></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;"><b>$</b></td>
<td style="width: 12%;border-bottom: Black 2.5pt double; text-align: right;"><b>2.74</b></td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Market Price Per Common Share </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;"><b>$</b></td>
<td style="width: 12%;border-bottom: Black 2.5pt double; text-align: right;"><b>2.66</b></td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Market Price (Discount) to Net Asset Value Per Common Share </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;"><b>&nbsp;</b></td>
<td style="width: 12%;border-bottom: Black 2.5pt double; text-align: right;"><b>(2.92</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">&nbsp;</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><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">&nbsp;</p>
<p style="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">5</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<!-- Field: Page; -->
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<!-- Field: /Page -->
<p style="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 18pt Times New Roman, Times, Serif; 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">&nbsp;</p>
<p style="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 14pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="text-transform: uppercase;">Consolidated Statement of Operations
</FONT></p>
<p style="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 14pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;">For the Six Months Ended June 30, 2025 (Unaudited)</FONT></p>

<!-- Field: Rule-Page --><DIV ALIGN="left" STYLE="margin-top: 3pt; margin-bottom: 3pt">
<DIV STYLE="font-size: 1pt; border-top: Black 0.25pt solid;  width: 100%;">&nbsp;</DIV>
</DIV><!-- Field: /Rule-Page -->
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<table style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>INVESTMENT INCOME</b></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Income</b></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Dividends from unaffiliated investments (net of withholding tax of $38,129) </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 12%;text-align: right;">126,896</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Interest </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">87,649</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 31.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Total investment income </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">214,545</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Expenses</b></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Fund accounting and administration fees </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">49,203</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Shareholder reporting fees </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">23,436</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Custody fees </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">16,463</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Professional fees </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">16,417</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Transfer agent fees and expenses </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">12,329</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Miscellaneous expenses </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">8,833</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Stock exchange listing fees </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">8,706</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Directors&#8217; fees </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">8,702</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Insurance fees </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">8,159</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Dividends on securities sold short </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">263</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 31.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Total expenses </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">152,511</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 40.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Net investment income </b></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">62,034</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Net Realized and Unrealized Gain (Loss):</b></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Net realized loss on:</b></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 31.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Unaffiliated Investments </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">60,384</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 31.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Securities sold short </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">84</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 31.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Foreign currency transactions </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">41</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 40.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Net realized gain </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">60,509</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Net change in unrealized appreciation/depreciation on:</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 31.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Unaffiliated Investments </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">(89,170</td>
<td style="white-space: nowrap; width: 1%;text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 31.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Affiliated Investments </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">(1,079</td>
<td style="white-space: nowrap; width: 1%;text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 31.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Securities sold short </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">12,449</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 31.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Foreign currency translations </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">28</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 40.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Net change in unrealized appreciation/depreciation </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">(77,772</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;"><P STYLE="text-align: left; margin-left: 31.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Net realized and unrealized loss </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">(17,263</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;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Net Increase in Net Assets from Operations </b></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 12%;border-bottom: Black 2.5pt double; text-align: right;">44,771</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
</tr>
</table><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><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">&nbsp;</p>
<p style="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">6</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<!-- Field: Page; -->
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<!-- Field: /Page -->
<p style="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 18pt Times New Roman, Times, Serif; 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">&nbsp;</p>
<p style="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 14pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="text-transform: uppercase;">Consolidated Statements of Changes in Net Assets
</FONT></p>
<p style="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 14pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"> </FONT></p>

<!-- Field: Rule-Page --><DIV ALIGN="left" STYLE="margin-top: 3pt; margin-bottom: 3pt">
<DIV STYLE="font-size: 1pt; border-top: Black 0.25pt solid;  width: 100%;">&nbsp;</DIV>
</DIV><!-- Field: /Rule-Page -->
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<table style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>For the<br>
Six Months Ended<br>
June 30, 2025<br>
(Unaudited)</b></P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>For the <br>
Year Ended<br>
December 31, 2024</b></P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>INCREASE (DECREASE) IN NET ASSETS FROM</b></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Operations</b></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Net investment income </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 12%;text-align: right;">62,034</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 12%;text-align: right;">98,250</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Net realized gain (loss) on investments, securities sold short, long term capital gain on mutual fund and foreign currency transactions </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">60,509</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">(20,410</td>
<td style="white-space: nowrap; width: 1%;text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Net change in unrealized appreciation/depreciation on investments, securities sold short and foreign currency translations </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">(77,772</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">5,431,481</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Net increase resulting from operations </b></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">44,771</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">5,509,321</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Distributions to Shareholders</b></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">From net investment income </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">(156,950</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;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Net decrease resulting from distributions </b></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">(156,950</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;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Total increase in net assets </b></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">44,771</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">5,352,371</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Net Assets</b></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Beginning of period </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">19,189,723</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">13,837,352</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">End of period </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 12%;border-bottom: Black 2.5pt double; text-align: right;">19,234,494</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 12%;border-bottom: Black 2.5pt double; text-align: right;">19,189,723</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
</tr>
</table><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>
<p style="text-align: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><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">&nbsp;</p>
<p style="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">7</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<!-- Field: Page; -->
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<!-- Field: /Page -->
<p style="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 18pt Times New Roman, Times, Serif; 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">&nbsp;</p>
<p style="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 14pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="text-transform: uppercase;">Consolidated Financial Highlights
</FONT></p>
<p style="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 14pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"> </FONT></p>

<!-- Field: Rule-Page --><DIV ALIGN="left" STYLE="margin-top: 3pt; margin-bottom: 3pt">
<DIV STYLE="font-size: 1pt; border-top: Black 0.25pt solid;  width: 100%;">&nbsp;</DIV>
</DIV><!-- Field: /Rule-Page -->
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<table style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr>
<td colspan="25"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><i>For a capital share outstanding throughout each period</i></P></td>
</tr>
<tr>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td colspan="2"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>For the<br>
Six Months <br>
Ended<br>
June 30, 2025</b></P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td colspan="18"  STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>For the Year Ended December 31,</b></P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
</tr>
<tr>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>(Unaudited)</b></P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>2024</b></P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>2023</b></P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>2022</b></P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>2021</b></P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>2020</b></P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Net asset value, beginning of period </b></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">$</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">2.74</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">$</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">1.97</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">$</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">2.11</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">$</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">2.85</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">$</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">1.99</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">$</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">2.08</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Income from Investment Operations:</b></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Net investment income (loss)<sup>(1)</sup> </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">0.01</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">0.01</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">0.00</td>
<td style="white-space: nowrap; width: 1%;text-align: left"><sup>(2)</sup>&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">(0.00</td>
<td style="white-space: nowrap; width: 1%;text-align: left">)<sup>(2)</sup></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">(0.03</td>
<td style="white-space: nowrap; width: 1%;text-align: left">)</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">(0.03</td>
<td style="white-space: nowrap; width: 1%;text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Net realized and unrealized gain (loss) on investments </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">(0.01</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">0.78</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">(0.12</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; 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;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">0.91</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">(0.06</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="text-align: left; margin-left: 31.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Total from investment operations </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">0.00</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">0.79</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">(0.12</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; 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;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">0.88</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">(0.09</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;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Less Distributions:</b></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">From net investment income </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; 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;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; 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;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">0.00</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left"><sup>(2)</sup>&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; 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;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 31.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Total distributions </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; 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;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; 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;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">0.00</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; 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;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Capital Share Transactions</b></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Dilutive effect of rights offering </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">(0.09</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)<sup>(6)</sup></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Net asset value, end of period </b></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 9%;border-bottom: Black 2.5pt double; text-align: right;">2.74</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 9%;border-bottom: Black 2.5pt double; text-align: right;">2.74</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 9%;border-bottom: Black 2.5pt double; text-align: right;">1.97</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 9%;border-bottom: Black 2.5pt double; text-align: right;">2.11</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 9%;border-bottom: Black 2.5pt double; text-align: right;">2.85</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 9%;border-bottom: Black 2.5pt double; text-align: right;">1.99</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Per-share market value,  end of period </b></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 9%;border-bottom: Black 2.5pt double; text-align: right;">2.66</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 9%;border-bottom: Black 2.5pt double; text-align: right;">2.23</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 9%;border-bottom: Black 2.5pt double; text-align: right;">1.71</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 9%;border-bottom: Black 2.5pt double; text-align: right;">1.81</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 9%;border-bottom: Black 2.5pt double; text-align: right;">2.65</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 9%;border-bottom: Black 2.5pt double; text-align: right;">1.71</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Total net asset value return</b><sup><FONT STYLE="font-weight: normal; font-style: normal;">(3) </FONT></sup></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">0.00</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%<sup>(4)</sup></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">40.33</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">(5.82</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%)</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">(25.82</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%)</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">44.40</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">(4.33</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%)</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Total market value return</b><sup><FONT STYLE="font-weight: normal; font-style: normal;">(3) </FONT></sup></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">19.28</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%<sup>(4)</sup></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">31.58</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">(4.70</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%)</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">(31.62</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%)</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">56.40</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">4.25</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Ratios and Supplemental Data</b></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Net assets, end of period  (in thousands) </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 9%;text-align: right;">19,234</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 9%;text-align: right;">19,190</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 9%;text-align: right;">13,837</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 9%;text-align: right;">14,828</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 9%;text-align: right;">16,979</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 9%;text-align: right;">11,858</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Ratio of expenses to  average net assets<sup>(7)</sup> </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">1.54</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%<sup>(5)</sup></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">1.68</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">1.87</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">1.55</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">1.45</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">2.35</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Ratio of net investment income (loss) to  average net assets<sup>(7)</sup> </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">0.63</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%<sup>(5)</sup></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">0.60</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">0.07</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">(0.12</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%)</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">(1.01</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%)</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">(1.64</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%)</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Portfolio turnover rate </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">4</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%<sup>(4)</sup></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">2</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">3</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">2</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">14</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">1</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%</td>
</tr>
</table><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="WIDTH: 13.5pt; VERTICAL-ALIGN: top; text-align: right">
<P STYLE="text-align: left; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt"><sup> (1)</sup></P>
</TD>
<TD STYLE="VERTICAL-ALIGN: top; text-align: left">
<P STYLE="text-align: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">  Based on average shares outstanding for the period.
</P>
</TD>
</TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="WIDTH: 13.5pt; VERTICAL-ALIGN: top; text-align: right">
<P STYLE="text-align: left; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt"><sup>(2)</sup></P>
</TD>
<TD STYLE="VERTICAL-ALIGN: top; text-align: left">
<P STYLE="text-align: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">  Rounds to less than 0.005.
</P>
</TD>
</TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="WIDTH: 13.5pt; VERTICAL-ALIGN: top; text-align: right">
<P STYLE="text-align: left; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt"><sup>(3)</sup></P>
</TD>
<TD STYLE="VERTICAL-ALIGN: top; text-align: left">
<P STYLE="text-align: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">  Total net asset value return measures the change in net asset value per share over the period indicated. Total market value return is computed based upon the Fund&#8217;s unrounded New York Stock Exchange market price per share and excludes the effects of brokerage commissions. Dividends and distributions are assumed, for purposes of these calculations, to be reinvested at prices obtained under the Fund&#8217;s dividend reinvestment plan.
</P>
</TD>
</TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="WIDTH: 13.5pt; VERTICAL-ALIGN: top; text-align: right">
<P STYLE="text-align: left; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt"><sup>(4)</sup></P>
</TD>
<TD STYLE="VERTICAL-ALIGN: top; text-align: left">
<P STYLE="text-align: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">   Not Annualized.
</P>
</TD>
</TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="WIDTH: 13.5pt; VERTICAL-ALIGN: top; text-align: right">
<P STYLE="text-align: left; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt"><sup>(5)</sup></P>
</TD>
<TD STYLE="VERTICAL-ALIGN: top; text-align: left">
<P STYLE="text-align: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">   Annualized.
</P>
</TD>
</TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="WIDTH: 13.5pt; VERTICAL-ALIGN: top; text-align: right">
<P STYLE="text-align: left; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt"><sup>(6)</sup></P>
</TD>
<TD STYLE="VERTICAL-ALIGN: top; text-align: left">
<P STYLE="text-align: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">  Represents the impact of the Fund&#8217;s rights offering of 1,063,830 common shares in January 2022 at a subscription price based on a formula. See Note 11 for more information.
</P>
</TD>
</TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="WIDTH: 13.5pt; VERTICAL-ALIGN: top; text-align: right">
<P STYLE="text-align: left; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt"><sup>(7)</sup></P>
</TD>
<TD STYLE="VERTICAL-ALIGN: top; text-align: left">
<P STYLE="text-align: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">  The expense and net investment income (loss) ratios do not nclude income or expenses of the exchanged traded funds or open end mutual fund in which the Fund invests. </P>
</TD>
</TR>
</TABLE>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><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">&nbsp;</p>
<p style="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">8</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

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</b></FONT></p>
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<p style="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 14pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="text-transform: uppercase;">Consolidated Notes to Financial Statements
</FONT></p>
<p style="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 14pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;">As of June 30, 2025 (Unaudited)</FONT></p>

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<p style="text-align: justify; margin-left: 18pt; text-indent: -18pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Note 1 &#8211; Organization
</b></p>
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<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">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;).
</p>
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<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">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.
</p>
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<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">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, and other instruments, including cryptocurrencies.
</p>
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<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">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 Holding Corporation (&#8220;Horizon Kinetics&#8221;)(OTC: HKHC), 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.
</p>
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<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">The Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the Fund is used by the Investment Advisor to make investment decisions, and the results of the operations, as shown on the Statements of Operations and the Financial Highlights for the Fund is the information utilized for the day-to-day management of the Fund. There are no resources allocated to the Fund based on performance measurements. The Investment Advisor is deemed to be the Chief Operating Decision Maker (&#8220;CODM&#8221;) with respect to the Fund&#8217;s investment decisions.
</p>
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<p style="text-align: justify; margin-left: 18pt; text-indent: -18pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Note 2 &#8211; Accounting Policies
</b></p>
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<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">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.
</p>
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<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">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;.
</p>
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<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>(a) Consolidation of Subsidiary
</b></p>
<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">On December 5, 2017, The Renn Fund, Inc. (Cayman) (the &#8220;Subsidiary&#8221;) was organized as a limited liability company, and is a wholly owned subsidiary of the Fund. The consolidated Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statements of Changes in Net Assets, and Financial Highlights of the Fund include the accounts of the Subsidiary. All inter-company accounts and transactions have been eliminated in the consolidation for the Fund. The Subsidiary is advised by Horizon and acts as an investment vehicle in order to effect certain investments consistent with the Fund&#8217;s investment objectives and policies specified in the Fund&#8217;s prospectus and statement of additional information. As of June 30, 2025 total assets of the Fund were $19,330,086, of which $1,363,979, or approximately 7.06%, represented the Fund&#8217;s ownership of the Subsidiary.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">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.
</p>
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<p style="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">9</p>
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</b></FONT></p>
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<p style="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 14pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;">CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Continued)<br>
As of June 30, 2025 (Unaudited)</FONT></p>

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<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">The Subsidiary is an exempted Cayman investment company and as such is not subject to Cayman Islands taxes at the present time. For U.S. income tax purposes, the Subsidiary is a Controlled Foreign Corporation (&#8220;CFC&#8221;) not subject to U.S. income taxes. As a wholly-owned CFC, however, the Subsidiary&#8217;s net income and net capital gains will be included each year in the Fund&#8217;s investment company taxable income.
</p>
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<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>(b) Valuation of Investments
</b></p>
<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">All investments are stated at their estimated fair value, as described in Note 5.
</p>
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<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>(c) Investment Transactions, Investment Income and Expenses
</b></p>
<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Investment transactions are accounted for on the trade date. Realized gains and losses on investments are determined on the identified cost basis. Dividend income is recorded net of applicable withholding taxes on the ex-dividend date and interest income is recorded on an accrual basis. Withholding taxes on foreign dividends, if applicable, are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country&#8217;s tax rules and rates and are disclosed in the consolidated Statement of Operations. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The Fund records a reclaim receivable based on a number of factors, including a jurisdiction&#8217;s legal obligation to pay reclaims as well as payment history and market convention. Discounts or premiums on debt securities are accreted or amortized to interest income over the lives of the respective securities using the effective interest method.
</p>
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<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>(d) Federal Income Taxes
</b></p>
<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized gains to its shareholders. Therefore, no provision is made for federal income or excise taxes. Due to the timing of dividend distributions and the differences in accounting for income and realized gains and losses for financial statement and federal income tax purposes, the fiscal year in which amounts are distributed may differ from the year in which the income and realized gains and losses are recorded by the Fund.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">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.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">The Income Tax Statement requires management of the Fund to analyze tax positions taken in the prior three open tax years, if any, any tax positions expected to be taken in the Fund&#8217;s current tax year, as defined by the IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of and during the open tax years ended December 31, 2021 through 2024, and as of and during the six months ended June 30, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund has no examinations in progress and is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
</p>
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<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>(e) Distributions to Shareholders
</b></p>
<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">The Fund will make distributions of net investment income and capital gains, if any, at least annually. Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">The character of distributions made during the year from net investment income or net realized gains may differ from the characterization for federal income tax purposes due to differences in the recognition of income, expense and gain (loss) items for financial statement and tax purposes.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>(f) Short Sales
</b></p>
<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">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 </p>
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<p style="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">10</p>
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</b></FONT></p>
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<p style="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 14pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;">CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Continued)<br>
As of June 30, 2025 (Unaudited)</FONT></p>

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<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">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>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>(g) Short-Term Investments
</b></p>
<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">The Fund invested a significant amount (20.62% of its net assets as of June 30, 2025) 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="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">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, 2025 annual report of Fidelity Investment Money Market Government Portfolio Fund was 0.18%.
</p>
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<p style="text-align: justify; margin-left: 18pt; text-indent: -18pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Note 3 &#8211; Principal Investment Risks
</b></p>
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<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">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.
</p>
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<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><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>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><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>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><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>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><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></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><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 </FONT></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">11</p>
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</b></FONT></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 14pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;">CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Continued)<br>
As of June 30, 2025 (Unaudited)</FONT></p>

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<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">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.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><i>Bitcoin Risk</i><FONT STYLE="font-weight: normal; font-style: normal;">: The Fund may invest in investments related to bitcoin. Bitcoin is a decentralized digital currency that enables instant transfers to anyone, anywhere in the world. Managing transactions in bitcoins occurs via an open source, cryptographic protocol central authority. The Bitcoin Network is an online, end-user-to-end-user network that hosts the public transaction ledger, known as the Blockchain, and the source code that comprises the basis for the cryptographic and algorithmic protocols governing the Bitcoin Network. No single entity owns or operates the Bitcoin Network, the infrastructure of which is collectively maintained by a decentralized user base. Since the Bitcoin Network is decentralized, it does not rely on either governmental authorities or financial institutions to create, transmit or determine the value of bitcoins. Rather, the value of bitcoins is determined by the supply of and demand for bitcoins in the global bitcoin exchange 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 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 that could adversely affect the Fund&#8217;s investments related to bitcoin. 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 investments related to bitcoin. The Fund&#8217;s investments related to bitcoin may trade at a premium or discount to the net asset value. The price of bitcoins is set in transfers by mutual agreement or barter as well as the number of merchants that accept bitcoins. Because bitcoins are digital files that can be transferred without the involvement of intermediaries or third parties, there are little or no transaction costs in direct end-user-to-end-user transactions. Bitcoins can be used to pay for goods and services or can be converted to fiat currencies, such as the U.S. dollar, at rates determined by the Bitcoin Exchanges. Additionally, third party service providers such as Bitcoin Exchanges are also used for transfers, but they may charge significant fees for processing transactions.
</FONT></p>
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<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">As bitcoins have grown in popularity, the U.S. Congress and a number of federal and state agencies (including the Financial Crimes Enforcement Network (FinCEN), the U.S. Securities and Exchange Commission, the Commodity Futures Trading Commission, the Financial Industry Regulatory Authority, the Consumer Financial Protection Bureau, the Department of Justice, the Department of Homeland Security, the Federal Bureau of Investigation, the IRS, and state financial institution regulators) have begun to examine the operations of the network that facilitates bitcoins, bitcoin users and the Bitcoin Exchanges, with particular focus on (1) the extent to which bitcoins can be used to launder the proceeds of illegal activities or fund criminal or terrorist enterprises, (2) the safety and soundness of the Bitcoin Exchange or other service-providers that hold bitcoins for users and (3) other risks to investors and consumers who hold and use bitcoins. Ongoing and future regulatory actions may alter, perhaps to a materially adverse extent, the value of the Fund&#8217;s investments related to bitcoin or the ability of the Fund&#8217;s investments related to bitcoin to continue to operate.
</p>
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<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><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></p>
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<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><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 </FONT></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">12</p>
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</b></FONT></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 14pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;">CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Continued)<br>
As of June 30, 2025 (Unaudited)</FONT></p>

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<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">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.
</p>
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<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><i>Investments in Leveraged/Inverse ETFs and ETNs</i><FONT STYLE="font-weight: normal; font-style: normal;">: Oil and Gas Sector Risk: The profitability of companies in the oil and gas industry is related to worldwide energy prices, exploration costs and production spending. Companies in the oil and gas industry may be at risk for environmental damage claims and other types of litigation. Companies in the oil and gas industry may be adversely affected by natural disasters or other catastrophes, economic conditions, government regulation, etc.
</FONT></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><i>Sector Concentration Risk</i><FONT STYLE="font-weight: normal; font-style: normal;">: The Fund may, at certain times, have concentrations in one or more sectors which may cause the Fund to more sensitive to economic changes or events occurring in those sectors. As of June 30, 2025, the Fund had 34.28% invested in the Oil and Gas sector.
</FONT></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><i>Oil and Gas Sector Risk</i><FONT STYLE="font-weight: normal; font-style: normal;">: The profitability of companies in the oil and gas industry is related to worldwide energy prices, exploration costs and production spending. Companies in the oil and gas industry may be at risk for environmental damage claims and other types of litigation. Companies in the oil and gas industry may be adversely affected by natural disasters or other catastrophes, economic conditions, government regulation, etc.
</FONT></p>
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<p style="text-align: justify; margin-left: 18pt; text-indent: -18pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Note 4 &#8211; Investment Advisory Agreement
</b></p>
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<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">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>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: justify; margin-left: 18pt; text-indent: -18pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Note 5 &#8211; Fair Value Measurements
</b></p>
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<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">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>
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<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">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>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">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>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">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">&nbsp;</p>
<p style="text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Restricted common stock of companies listed on an exchange, such as the NYSE or NASDAQ, or in the over-the-counter market is valued based on the quoted price for an otherwise identical unrestricted security of the same issuer that trades in a public market, adjusted to reflect the effect of any significant restrictions.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">The unlisted preferred stock of companies with common stock listed on an exchange, such as the NYSE or NASDAQ, or in the over-the-counter market is valued at the closing price of the common stock into which the preferred stock is convertible on the date of valuation.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">13</p>
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<p style="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 18pt Times New Roman, Times, Serif; 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">&nbsp;</p>
<p style="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 14pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;">CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Continued)<br>
As of June 30, 2025 (Unaudited)</FONT></p>

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<p style="text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">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">&nbsp;</p>
<p style="text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">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">&nbsp;</p>
<p style="text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">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">&nbsp;</p>
<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">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="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">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 June 30, 2025:
</p>
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<table style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr>
<td STYLE="border-bottom: Black 1pt solid; border-top: #000000 1pt solid;VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; border-top: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; border-top: #000000 1pt solid;VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Level 1</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; border-top: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; border-top: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; border-top: #000000 1pt solid;VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Level 2</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; border-top: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; border-top: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; border-top: #000000 1pt solid;VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Level 3</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; border-top: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; border-top: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; border-top: #000000 1pt solid;VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Total</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; border-top: Black 1pt solid; ">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Assets</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Convertible Bonds </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 12%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 12%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 12%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 12%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Common Equities </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">14,099,442</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">660,483</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">14,759,925</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Money Market Funds </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">4,047,928</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">4,047,928</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Open Ended Mutual Funds </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">25,569</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">25,569</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Preferred Stocks </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">332,114</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">332,114</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Warrants </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">11,247</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">11,247</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Total Investments </b></P></td>
<td style="width: 1%;border-bottom: Black 2.5pt double; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 12%;border-bottom: Black 2.5pt double; text-align: right;">18,172,939</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 12%;border-bottom: Black 2.5pt double; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 12%;border-bottom: Black 2.5pt double; text-align: right;">1,003,844</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 12%;border-bottom: Black 2.5pt double; text-align: right;">19,176,783</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td>
</tr>
</table>
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>
<table style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr>
<td STYLE="border-bottom: Black 1pt solid; border-top: #000000 1pt solid;VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; border-top: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; border-top: #000000 1pt solid;VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Level 1</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; border-top: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; border-top: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; border-top: #000000 1pt solid;VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Level 2</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; border-top: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; border-top: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; border-top: #000000 1pt solid;VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Level 3</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; border-top: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; border-top: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; border-top: #000000 1pt solid;VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Total</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; border-top: Black 1pt solid; ">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Liabilities</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Securities Sold Short</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Exchange Traded Funds </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 12%;text-align: right;">17,229</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 12%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 12%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 12%;text-align: right;">17,229</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Exchange Traded Notes </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">4,277</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">4,277</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Total Liabilities</b><FONT STYLE="font-weight: normal; font-style: normal;"> </FONT></P></td>
<td style="width: 1%;border-bottom: Black 2.5pt double; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 12%;border-bottom: Black 2.5pt double; text-align: right;">21,506</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 12%;border-bottom: Black 2.5pt double; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 12%;border-bottom: Black 2.5pt double; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 12%;border-bottom: Black 2.5pt double; text-align: right;">21,506</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td>
</tr>
</table>
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>
<p style="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">14</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

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<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<p style="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 18pt Times New Roman, Times, Serif; 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">&nbsp;</p>
<p style="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 14pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;">CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Continued)<br>
As of June 30, 2025 (Unaudited)</FONT></p>

<!-- Field: Rule-Page --><DIV ALIGN="left" STYLE="margin-top: 3pt; margin-bottom: 3pt">
<DIV STYLE="font-size: 1pt; border-top: Black 0.25pt solid;  width: 100%;">&nbsp;</DIV>
</DIV><!-- Field: /Rule-Page -->
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining value:
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<table style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr>
<td STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">&nbsp;</P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Convertible <br>
Bonds</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Common <br>
Equities</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Preferred <br>
Stocks</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Warrants</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Total</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Beginning balance December 31, 2024 </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 10%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 10%;text-align: right;">443,392</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 10%;text-align: right;">185,798</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 10%;text-align: right;">7,249</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 10%;text-align: right;">636,439</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Transfers into Level 3 during the period </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 10%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 10%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 10%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 10%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 10%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Change in unrealized appreciation/(depreciation) </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 10%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 10%;text-align: right;">17,094</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 10%;text-align: right;">146,316</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 10%;text-align: right;">3,998</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 10%;text-align: right;">167,408</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Total realized gain/(loss) </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 10%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 10%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 10%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 10%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 10%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Purchases </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 10%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 10%;text-align: right;">199,997</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 10%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 10%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 10%;text-align: right;">199,997</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Sales </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 10%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 10%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 10%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 10%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 10%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Return of capital distributions </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 10%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 10%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 10%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 10%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 10%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Transfers out of Level 3 during the period </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 10%;border-bottom: Black 1pt solid; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 10%;border-bottom: Black 1pt solid; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 10%;border-bottom: Black 1pt solid; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 10%;border-bottom: Black 1pt solid; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 10%;border-bottom: Black 1pt solid; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Ending balance June 30, 2025 </P></td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 10%;border-bottom: Black 2.5pt double; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 10%;border-bottom: Black 2.5pt double; text-align: right;">660,483</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 10%;border-bottom: Black 2.5pt double; text-align: right;">332,114</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 10%;border-bottom: Black 2.5pt double; text-align: right;">11,247</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 10%;border-bottom: Black 2.5pt double; text-align: right;">1,003,844</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
</tr>
</table>
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>
<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Investments in portfolio companies are being classified as Level 3. At June 30, 2025, Petrohunter Energy Corporation was valued at $0 due to bankruptcy proceedings and thus qualifies as a Level 3 security. Also at June 30, 2025, Big League Advance, LLC., CNSX Markets, Inc., Diamond Standard, Inc., Miami International Holdings, Inc., and SandboxAQ 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 June 30, 2025:
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<table style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr>
<td colspan="19"  STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Quantitative Information about Level 3 Fair Value Measurements</b></P></td>
</tr>
<tr>
<td STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Portfolio Investment <br>
Company </b></P></td>
<td STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Valuation <br>
Technique</b></P></td>
<td STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Unobservable <br>
Input<font style="font-size: 11pt; vertical-align: bottom;">*</font></b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b> Input Range</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Valuation <br>
Weighted <br>
Average of <br>
Input</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Value at <br>
6/30/25</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Impact to <br>
Valuation <br>
from an <br>
Increase in <br>
Input<font style="font-size: 11pt; vertical-align: bottom;">*</font><font style="font-size: 11pt; vertical-align: bottom;">*</font></b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td colspan="2"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Petrohunter Energy Corporation</P></td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 9%;text-align: center;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Convertible Bond</P></td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"> Asset Approach</P></td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Bankruptcy Recovery</P></td>
<td style="width: 1%;">&nbsp;</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">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 9%;text-align: right;">0.00</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 9%;text-align: right;">0</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 9%;text-align: center;">Increase</td>
<td style="width: 1%;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Common Stock</P></td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"> Asset Approach</P></td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Bankruptcy Recovery</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 9%;text-align: right;">0.00</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 9%;text-align: right;">0.00</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</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">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 9%;text-align: center;">Increase</td>
<td style="width: 1%;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Big League Advance, LLC</P></td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 9%;text-align: center;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Common Stock</P></td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"> Cost Approach</P></td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Precedent Transaction</P></td>
<td style="width: 1%;">&nbsp;</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">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 9%;text-align: right;">55.00</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 9%;text-align: right;">280,005</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 9%;text-align: center;">Increase</td>
<td style="width: 1%;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Diamond Standard, Inc.</P></td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 9%;text-align: center;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Preferred Stock</P></td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"> Cost Approach</P></td>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Precedent Transaction</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 9%;text-align: right;">6.00</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 9%;text-align: right;">6.00</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 9%;text-align: right;">332,114</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 9%;text-align: center;">Increase</td>
<td style="width: 1%;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: top;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Warrant</P></td>
<td STYLE="VERTICAL-ALIGN: top;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"> Black Scholes Method</P></td>
<td STYLE="VERTICAL-ALIGN: top;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Volatility</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">10</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">10</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 9%;text-align: right;">2,762</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 9%;text-align: center;">Increase</td>
<td style="width: 1%;">&nbsp;</td>
</tr>
</table><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>
<p style="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">15</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

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<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<!-- Field: /Page -->
<p style="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 18pt Times New Roman, Times, Serif; 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">&nbsp;</p>
<p style="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 14pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;">CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Continued)<br>
As of June 30, 2025 (Unaudited)</FONT></p>

<!-- Field: Rule-Page --><DIV ALIGN="left" STYLE="margin-top: 3pt; margin-bottom: 3pt">
<DIV STYLE="font-size: 1pt; border-top: Black 0.25pt solid;  width: 100%;">&nbsp;</DIV>
</DIV><!-- Field: /Rule-Page -->
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<table style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr>
<td colspan="19"  STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Quantitative Information about Level 3 Fair Value Measurements</b></P></td>
</tr>
<tr>
<td STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Portfolio Investment <br>
Company </b></P></td>
<td STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Valuation <br>
Technique</b></P></td>
<td STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Unobservable <br>
Input<font style="font-size: 11pt; vertical-align: bottom;">*</font></b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b> Input Range</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Valuation <br>
Weighted <br>
Average of <br>
Input</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Value at <br>
6/30/25</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Impact to <br>
Valuation <br>
from an <br>
Increase in <br>
Input<font style="font-size: 11pt; vertical-align: bottom;">*</font><font style="font-size: 11pt; vertical-align: bottom;">*</font></b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td colspan="2"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Miami International Holdings, Inc.</P></td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 9%;text-align: center;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: top;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Common Stock</P></td>
<td STYLE="VERTICAL-ALIGN: top;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"> Discounted Cash Flow</P></td>
<td STYLE="VERTICAL-ALIGN: top;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Volatility</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">18.8</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 9%;text-align: right;">11.11</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 9%;text-align: right;">165,060</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 9%;text-align: center;">Increase</td>
<td style="width: 1%;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: top;">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: top;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Option Pricing Model</P></td>
<td STYLE="VERTICAL-ALIGN: top;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Discount for Lack of Marketability </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">12.5 </td>
<td style="white-space: nowrap; width: 1%;text-align: left">%</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 9%;text-align: center;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: top;">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: top;">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: top;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Weighted Average Cost of Capital</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">14.3 </td>
<td style="white-space: nowrap; width: 1%;text-align: left">%</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 9%;text-align: center;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: top;">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: top;">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: top;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Years to Maturity</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;"> 6.5 </td>
<td style="white-space: nowrap; width: 1%;text-align: left">%</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 9%;text-align: center;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: top;">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: top;">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: top;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Risk-Free Rate</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">4.18</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 9%;text-align: center;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: top;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Warrant</P></td>
<td STYLE="VERTICAL-ALIGN: top;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Discounted Cash Flow</P></td>
<td STYLE="VERTICAL-ALIGN: top;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Volatility</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">29</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 9%;text-align: right;">3.40</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 9%;text-align: right;">8,485</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 9%;text-align: center;">Increase</td>
<td style="width: 1%;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: top;">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: top;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Option Pricing Model</P></td>
<td STYLE="VERTICAL-ALIGN: top;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Discount for Lack of Marketability</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">12.5</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 9%;text-align: center;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: top;">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: top;">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: top;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Weighted Average Cost of Capital</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">14.3</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 9%;text-align: center;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: top;">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: top;">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: top;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Years to Maturity</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">6.5</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 9%;text-align: center;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: top;">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: top;">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: top;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Risk-Free Rate</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">4.18</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 9%;text-align: center;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: top;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">CNSX Markets, Inc </P></td>
<td STYLE="VERTICAL-ALIGN: top;">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: top;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 9%;text-align: center;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: top;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Common Stock</P></td>
<td STYLE="VERTICAL-ALIGN: top;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"> Discounted Cash Flow</P></td>
<td STYLE="VERTICAL-ALIGN: top;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Public Company Method</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 9%;text-align: right;">6.10 - 6.54</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 9%;text-align: right;">3.74</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 9%;text-align: right;">15,421</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 9%;text-align: center;">Increase</td>
<td style="width: 1%;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: top;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">SB Technology, Inc.</P></td>
<td STYLE="VERTICAL-ALIGN: top;">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: top;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 9%;text-align: center;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="border-bottom: #000000 1pt solid;border-bottom: Black 1pt solid; VERTICAL-ALIGN: top;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Common Stock</P></td>
<td STYLE="border-bottom: #000000 1pt solid;border-bottom: Black 1pt solid; VERTICAL-ALIGN: top;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Cost Approach</P></td>
<td STYLE="border-bottom: #000000 1pt solid;border-bottom: Black 1pt solid; VERTICAL-ALIGN: top;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Precedent Transaction</P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">$</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">17.21</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">$</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">17.21</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">$</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">199,997</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: center;">Increase</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
</tr>
</table><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="WIDTH: 13.5pt; VERTICAL-ALIGN: top; text-align: right">
<P STYLE="text-align: left; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt"><font style="font-size: 11pt; vertical-align: bottom;">*</font>    </P>
</TD>
<TD STYLE="VERTICAL-ALIGN: top; text-align: left">
<P STYLE="text-align: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; 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.
</P>
</TD>
</TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="WIDTH: 13.5pt; VERTICAL-ALIGN: top; text-align: right">
<P STYLE="text-align: left; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt"><font style="font-size: 11pt; vertical-align: bottom;">*</font><font style="font-size: 11pt; vertical-align: bottom;">*</font>     </P>
</TD>
<TD STYLE="VERTICAL-ALIGN: top; text-align: left">
<P STYLE="text-align: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; 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>
</TABLE>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">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">&nbsp;</p>
<p style="text-align: justify; margin-left: 18pt; text-indent: -18pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Note 6 &#8211; Investments in Affiliated Issuers
</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">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 </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">16</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

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<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<p style="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 18pt Times New Roman, Times, Serif; 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">&nbsp;</p>
<p style="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 14pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;">CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Continued)<br>
As of June 30, 2025 (Unaudited)</FONT></p>

<!-- Field: Rule-Page --><DIV ALIGN="left" STYLE="margin-top: 3pt; margin-bottom: 3pt">
<DIV STYLE="font-size: 1pt; border-top: Black 0.25pt solid;  width: 100%;">&nbsp;</DIV>
</DIV><!-- Field: /Rule-Page -->
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">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 June 30, 2025 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">&nbsp;</p>
<table style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 8%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 8%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 8%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 8%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 8%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 8%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td colspan="6"  STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Dividends and <br>
Distributions</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Name of Issuer <br>
and Title of <br>
Issue</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Value<br>
Beginning<br>
of Period</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Purchases</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Sales <br>
Proceeds</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Net Realized <br>
Gain (Loss)</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Change in <br>
Unrealized <br>
Appreciation <br>
(Depreciation)</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Value <br>
End of <br>
Period</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Capital <br>
Gains</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Income</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Kinetics Spin-off and Corporate</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 8%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 8%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 8%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 8%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 8%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 8%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Restructuring Fund </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">$</td>
<td style="width: 8%;border-bottom: Black 1pt solid; text-align: right;">26,648</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">$</td>
<td style="width: 8%;border-bottom: Black 1pt solid; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">$</td>
<td style="width: 8%;border-bottom: Black 1pt solid; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">$</td>
<td style="width: 8%;border-bottom: Black 1pt solid; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">$</td>
<td style="width: 8%;border-bottom: Black 1pt solid; text-align: right;">(1,079</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 1pt solid; text-align: left">)</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">$</td>
<td style="width: 8%;border-bottom: Black 1pt solid; text-align: right;">25,569</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">$</td>
<td style="width: 8%;border-bottom: Black 1pt solid; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">$</td>
<td style="width: 8%;border-bottom: Black 1pt solid; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Total </b></P></td>
<td style="width: 1%;border-bottom: Black 2.5pt double; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 8%;border-bottom: Black 2.5pt double; text-align: right;">26,648</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 8%;border-bottom: Black 2.5pt double; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 8%;border-bottom: Black 2.5pt double; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 8%;border-bottom: Black 2.5pt double; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 8%;border-bottom: Black 2.5pt double; text-align: right;">(1,079</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 2.5pt double; text-align: left">)</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 8%;border-bottom: Black 2.5pt double; text-align: right;">25,569</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 8%;border-bottom: Black 2.5pt double; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 8%;border-bottom: Black 2.5pt double; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td>
</tr>
</table>
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>
<table style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr>
<td STYLE="border-bottom: Black 1pt solid; border-top: #000000 1pt solid;VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Name of Issuer and Title of Issue</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; border-top: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; border-top: #000000 1pt solid;VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Shares<br>
Beginning<br>
of Period</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; border-top: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; border-top: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; border-top: #000000 1pt solid;VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Purchases</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; border-top: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; border-top: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; border-top: #000000 1pt solid;VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Sales Proceeds</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; border-top: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; border-top: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; border-top: #000000 1pt solid;VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Stock Split</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; border-top: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; border-top: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; border-top: #000000 1pt solid;VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Shares <br>
End of <br>
Period</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; border-top: Black 1pt solid; ">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Kinetics Spin-off and Corporate</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 10%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 10%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 10%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 10%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 10%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Restructuring Fund </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 10%;border-bottom: Black 1pt solid; text-align: right;">824</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 10%;border-bottom: Black 1pt solid; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 10%;border-bottom: Black 1pt solid; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 10%;border-bottom: Black 1pt solid; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 10%;border-bottom: Black 1pt solid; text-align: right;">824</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Total </b></P></td>
<td style="width: 1%;border-bottom: Black 2.5pt double; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">&nbsp;</td>
<td style="width: 10%;border-bottom: Black 2.5pt double; text-align: right;">824</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">&nbsp;</td>
<td style="width: 10%;border-bottom: Black 2.5pt double; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">&nbsp;</td>
<td style="width: 10%;border-bottom: Black 2.5pt double; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">&nbsp;</td>
<td style="width: 10%;border-bottom: Black 2.5pt double; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">&nbsp;</td>
<td style="width: 10%;border-bottom: Black 2.5pt double; text-align: right;">824</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td>
</tr>
</table>
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>
<p style="text-align: justify; margin-left: 18pt; text-indent: -18pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><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">&nbsp;</p>
<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">At June 30, 2025, 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">&nbsp;</p>
<table style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: top;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Cost of investments </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 12%;border-bottom: Black 2.5pt double; text-align: right;">20,059,570</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: top;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Gross unrealized appreciation </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 12%;text-align: right;">7,244,598</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: top;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Gross unrealized depreciation </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">(8,148,891</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="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Net unrealized depreciation </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 12%;border-bottom: Black 2.5pt double; text-align: right;">(904,293</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">&nbsp;</p>
<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses in security transactions.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">17</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<!-- Field: Page; -->
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<!-- Field: /Page -->
<p style="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 18pt Times New Roman, Times, Serif; 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">&nbsp;</p>
<p style="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 14pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;">CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Continued)<br>
As of June 30, 2025 (Unaudited)</FONT></p>

<!-- Field: Rule-Page --><DIV ALIGN="left" STYLE="margin-top: 3pt; margin-bottom: 3pt">
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">As of December 31, 2024, 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">&nbsp;</p>
<table style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Undistributed ordinary income </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 12%;text-align: right;">1,333</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Undistributed long-term capital gains </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Tax accumulated earnings </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,333</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Accumulated capital and other losses </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">(13,275,422</td>
<td style="white-space: nowrap; width: 1%;text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Net unrealized depreciation on investments </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">(769,366</td>
<td style="white-space: nowrap; width: 1%;text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Net unrealized appreciation on foreign currency translations </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">(15</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="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Total accumulated deficit </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 12%;border-bottom: Black 2.5pt double; text-align: right;">(14,043,470</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">&nbsp;</p>
<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">As of December 31, 2024, 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">&nbsp;</p>
<table style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Not subject to expiration:</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 31.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Short-term </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 12%;text-align: right;">125,559</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 31.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Long-term </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">13,149,863</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 12%;border-bottom: Black 2.5pt double; text-align: right;">13,275,422</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
</tr>
</table><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>
<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">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">&nbsp;</p>
<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">During the tax year ended December 31, 2024, the Fund utilized $4,681 of its short-term non-expiring capital loss carryforward.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">The tax character of distributions paid during the tax years ended December 31, 2024 and 2023 were as follows:
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<table style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Distributions paid from:</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>2024</b></P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;"><P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>2023</b></P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Ordinary income </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 12%;text-align: right;">156,950</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 12%;text-align: right;">106,408</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 22.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Net long-term capital gains </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="text-align: left; margin-left: 13.5pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Total distributions paid </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 12%;border-bottom: Black 2.5pt double; text-align: right;">156,950</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 12%;border-bottom: Black 2.5pt double; text-align: right;">106,408</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
</tr>
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<p style="text-align: justify; margin-left: 18pt; text-indent: -18pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Note 8 &#8211; Investment Transactions
</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">For the six months ended June 30, 2025, purchases and sales of investments, excluding short-term investments, were $633,101 and $386,605, 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">&nbsp;</p>
<p style="text-align: justify; margin-left: 18pt; text-indent: -18pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Note 9 &#8211; Borrowings
</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">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">&nbsp;</p>
<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">The Fund did not utilize the Fidelity Brokerage Services LLC margin account during the six months ended June 30, 2025. At June 30, 2025 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">&nbsp;</p>
<p style="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">18</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

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<p style="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 18pt Times New Roman, Times, Serif; 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">&nbsp;</p>
<p style="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 14pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;">CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Continued)<br>
As of June 30, 2025 (Unaudited)</FONT></p>

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<p style="text-align: justify; margin-left: 18pt; text-indent: -18pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Note 10 &#8211; Indemnifications
</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">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.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: justify; margin-left: 18pt; text-indent: -18pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Note 11 &#8211; Capital Share Transactions
</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">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.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">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.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: justify; margin-left: 18pt; text-indent: -18pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Note 12 &#8211; Events Subsequent to the Fiscal Period End
</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">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>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">19</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

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<p style="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 18pt Times New Roman, Times, Serif; 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">&nbsp;</p>
<p style="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 14pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="text-transform: uppercase;">Other Information
</FONT></p>
<p style="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 14pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;">June 30, 2025 (Unaudited)
</FONT></p>

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<p style="text-align: justify; margin-left: 18pt; text-indent: -18pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Quarterly Reports
</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">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">&nbsp;</p>
<p style="text-align: justify; margin-left: 18pt; text-indent: -18pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Proxy Voting Policies and Procedures
</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">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">&nbsp;</p>
<p style="text-align: justify; margin-left: 18pt; text-indent: -18pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Portfolio Proxy Voting Records
</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">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>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: justify; margin-left: 18pt; text-indent: -18pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif"><b>Dividend Reinvestment Plan
</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">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, Equiniti Trust Company, LLC (&#8220;EQ&#8221;), 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, Equiniti Trust Company, LLC (&#8220;EQ&#8221;)., whose telephone number is (718) 921-8200 extension 6412 and whose address is 28 Liberty Street, Floor 53, New York, NY 10005.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">20</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

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<p style="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 18pt Times New Roman, Times, Serif; 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">&nbsp;</p>
<p style="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 14pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="text-transform: uppercase;">Service Providers
</FONT></p>
<p style="text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 14pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;">June 30, 2025 (Unaudited)</FONT></p>

<!-- Field: Rule-Page --><DIV ALIGN="left" STYLE="margin-top: 3pt; margin-bottom: 3pt">
<DIV STYLE="font-size: 1pt; border-top: Black 0.25pt solid;  width: 100%;">&nbsp;</DIV>
</DIV><!-- Field: /Rule-Page -->
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt;text-decoration: underline;  FONT: 11pt Times New Roman, Times, Serif"><u><b>Corporate Offices
</b></u></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">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: https://horizonkinetics.com/products/closed-end-funds/renn/
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt;text-decoration: underline;  FONT: 11pt Times New Roman, Times, Serif"><u><b>Registrar and Transfer Agent
</b></u></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Equiniti Trust Company, LLC (&#8220;EQ&#8221;)<br>
28 Liberty Street, Floor 53<br>
New York, NY 10005<br>
Phone: (877) 749-4980
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt;text-decoration: underline;  FONT: 11pt Times New Roman, Times, Serif"><u><b>Fund Administrator
</b></u></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">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">&nbsp;</p>
<p style="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt;text-decoration: underline;  FONT: 11pt Times New Roman, Times, Serif"><u><b>Independent Registered Public Accounting Firm
</b></u></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">Tait, Weller &amp; Baker LLP<br>
50 South 16th Street, Suite 2900<br>
Philadelphia, PA 19102<br>
Phone: (215) 979-8800
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif">21</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Item
2. Code of Ethics.</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Not
applicable to semi-annual reports.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Item
3. Audit Committee Financial Expert.</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Not
applicable to semi-annual reports.&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Item
4. Principal Accountant Fees and Services.</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Not
applicable to semi-annual reports.&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Item
5. Audit Committee of Listed Registrants.</B></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Not
applicable to semi-annual reports.&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Item
6. Investments.</B></FONT></P>
<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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: 0.25in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(a)</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Investments
                                         in securities in unaffiliated issuers are included as part of the financial statements
                                         filed under Item 1.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></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: 0.25in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(b)</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Not
                                         applicable.</FONT></TD></TR></TABLE>

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

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Item
7.</B></FONT><B> Financial Statements and Financial Highlights for Open-End Management Investment Companies.</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Not
applicable.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Item
8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Not
applicable.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Item
9. Proxy Disclosures for Open-End Management Investment Companies.</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Not
applicable.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Item
10. Remuneration Paid to Directors, Officers and Others of Open-End Management Investment Companies.</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Not
applicable.</FONT></P>



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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Item
11. Statement Regarding Basis for Approval of Investment Advisory Contract.</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Not
applicable.</FONT></P>

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



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Item
12. 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-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Not
applicable to semi-annual reports.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Item
13. Portfolio Managers of Closed-End Management Investment Companies.</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Not
applicable to semi-annual reports.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Item&nbsp;14.
Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. </B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">An
&ldquo;Affiliated Purchaser&rdquo; is defined as a person acting directly or indirectly, in concert with the Fund in the purchase
of the Fund&rsquo;s securities, or any person controlling, controlled by, or under common control with the Fund and thereby controlling
the purchase of the Fund&rsquo;s shares, but does not include an officer or director of the Fund who may properly authorize repurchase
of the Fund&rsquo;s shares pursuant to Rule 10b-18 of the Exchange Act of 1934. Purchases of the Fund&rsquo;s shares during the
six months ended June 30, 2025 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-top: 0pt; margin-bottom: 0pt; margin-left: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Item
14. Purchases of Equity Securities by the Fund and Its Affiliated Purchasers.</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">REGISTRANT
PURCHASES OF EQUITY SECURITIES</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="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Period</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(a)
    Total Number <BR> of Shares* (or Units)<BR> Purchased</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(b)
    Average Price Paid<BR> per Share (of unit)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif"><P STYLE="margin-top: 0; margin-bottom: 0; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(c)
Total Number of Shares</FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(or Units) Purchased
as Part</FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">of Publicly Announced Plans</FONT></P>
                                                           <P STYLE="margin-top: 0; margin-bottom: 0; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">or
                                         Programs</FONT></P></TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(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</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 18%; text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">January
    2025</FONT></TD><TD STYLE="width: 1%; text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="width: 14%; text-align: right; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">24,580</FONT></TD><TD STYLE="width: 1%; text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$</FONT></TD><TD STYLE="width: 15%; text-align: right; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2.64</FONT></TD><TD STYLE="width: 1%; text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="width: 20%; text-align: right; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="width: 20%; text-align: right; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">February 2025</FONT></TD><TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">23,958</FONT></TD><TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2.72</FONT></TD><TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">-</FONT></TD><TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">-</FONT></TD><TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">March 2025</FONT></TD><TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">26,764</FONT></TD><TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2.65</FONT></TD><TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">-</FONT></TD><TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">-</FONT></TD><TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">April 2025</FONT></TD><TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">27,258</FONT></TD><TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2.54</FONT></TD><TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">-</FONT></TD><TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">-</FONT></TD><TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">May 2025</FONT></TD><TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">27,188</FONT></TD><TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2.71</FONT></TD><TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">-</FONT></TD><TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">-</FONT></TD><TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">June 2025</FONT></TD><TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">23,704</FONT></TD><TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2.64</FONT></TD><TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">-</FONT></TD><TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">-</FONT></TD><TD STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
</TABLE>

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


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">There
have been no material changes to the procedures by which shareholders may recommend nominees to the Fund&rsquo;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-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Item
16. Controls and Procedures.</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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="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: 0.25in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(a)</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         Registrant&rsquo;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 &ldquo;1940 Act&rdquo;))
                                         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-15(b) under
                                         the Securities Exchange Act of 1934, as amended.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; 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="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -0.5in"><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; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Item
17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -0.5in"><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; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Not
applicable.</FONT></P>



<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Item
18. Recovery of Erroneously Awarded Compensation.</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Not
applicable.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Item
19</B>.&nbsp;<B>Exhibits.</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(a)(1)
Code of Ethics</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Not
applicable to semi-annual reports</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(a)(2)
<A HREF="fp0095025-2_ex99cert.htm">Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.</A></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(b)
<A HREF="fp0095025-2_ex99906cert.htm">Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.</A>&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</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; font: 11pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-variant: small-caps">RENN
    Fund, Inc.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 5%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 65%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/
    Murray Stahl</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Murray
    Stahl</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Principal
                                         Financial Officer and Chief Executive Officer</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></P></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Date:&nbsp;&nbsp;September
    8, 2025</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</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; font: 11pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-variant: small-caps">RENN
    Fund, Inc.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 5%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 65%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/
    Murray Stahl</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Murray
    Stahl</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Principal
                                         Financial Officer and Chief Executive Officer</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></P></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Date:&nbsp;&nbsp;September
    8, 2025</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>fp0095025-2_ex99cert.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><U>Section 302 Certification</U><BR>
<BR>
</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt 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">1.</TD><TD>I have reviewed this report on Form N-CSR of Renn Fund, Inc.;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt 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">2.</TD><TD>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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt 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">3.</TD><TD>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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt 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">4.</TD><TD>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):</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt 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">(a)</TD><TD>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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt 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">(b)</TD><TD>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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt 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">(c)</TD><TD>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</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt 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">(d)</TD><TD>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</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt 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">5.</TD><TD>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:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt 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">(a)</TD><TD>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</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt 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">(b)</TD><TD>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.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Date: September 8, 2025</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">/s/ Murray Stahl</FONT></TD>
    <TD STYLE="width: 65%; padding-bottom: 1pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 11pt">Murray Stahl</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 11pt">Principal Financial Officer and</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 11pt">Chief Executive Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


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<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>fp0095025-2_ex99906cert.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="margin: 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: bold 11pt 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 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-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: 11pt 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Date:
September 8, 2025</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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; width: 35%; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/
    Murray Stahl</FONT></TD>
    <TD STYLE="vertical-align: top; width: 65%; padding-bottom: 1pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Murray Stahl
    </FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Principal Financial
    Officer and</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Chief Executive
    Officer</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
</TABLE>



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

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<TYPE>GRAPHIC
<SEQUENCE>5
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
