Published on May 29, 2026
C1 Fund Inc.
Schedule of Investments
March 31, 2026
| Geographic Region | Acquisition Date | Shares | Cost | Fair Value | Percentage of Net Assets | |||||||||||||||
| Private Common Stock | ||||||||||||||||||||
| Financial Technology(a) | ||||||||||||||||||||
| Alchemy Insights, Inc.(b),(c) | United States | 11/10/2025 | 12,480 | $ | 2,545,920 | $ | 2,496,000 | 5.10 | % | |||||||||||
| Blockchain.com Group Holdings, Inc.(b),(c) | Cayman Islands | 11/13/2025 | 156,250 | 2,550,000 | 2,500,000 | 5.11 | % | |||||||||||||
| Chainalysis Inc.(b),(c) | United States | 10/14/2025 | 213,585 | 2,158,267 | 2,135,850 | 4.37 | % | |||||||||||||
| ConsenSys Software Inc.(b),(c) | United States | 11/19/2025 | 57,735 | 1,509,977 | 1,645,447 | 3.36 | % | |||||||||||||
| Figment Inc.(b),(c) | Canada | 9/29/2025 | 952,381 | 2,000,000 | 2,000,000 | 4.09 | % | |||||||||||||
| Fireblocks Ltd. (b),(c) | Israel | 1/15/2026 | 192,654 | 1,107,761 | 1,107,761 | 2.27 | % | |||||||||||||
| Payward Inc. (Kraken)(b),(c) | United States | 10/27/2025 | 56,819 | 2,502,036 | 2,215,941 | 4.53 | % | |||||||||||||
| Ripple Labs, Inc. (b),(c) | United States | 3/12/2026 | 5,405 | 999,925 | 810,750 | 1.66 | % | |||||||||||||
| Uphold Ltd. (b),(c) | Bahamas | 2/11/2026 | 200,000 | 612,000 | 600,000 | 1.23 | % | |||||||||||||
| Total Private Common Stock | 15,985,886 | 15,511,749 | 31.72 | % | ||||||||||||||||
| Private Preferred Stock | ||||||||||||||||||||
| Financial Technology(a) | ||||||||||||||||||||
| Payward Inc. (Kraken), Series A(b),(c) | United States | 10/22/2025 | 166,669 | 7,690,607 | 6,500,091 | 13.29 | % | |||||||||||||
| Ripple Labs Inc., Series A(b),(c) | United States | 11/20/2025 | 66,667 | 10,070,041 | 10,000,050 | 20.45 | % | |||||||||||||
| Uphold Ltd., Series B-3(b),(c) | Bahamas | 2/13/2026 | 154,221 | 484,501 | 485,796 | 0.99 | % | |||||||||||||
| Uphold Ltd., Series C(b),(c) | Bahamas | 2/11/2026 | 354,010 | 1,127,082 | 1,115,132 | 2.28 | % | |||||||||||||
| Total Private Preferred Stock | 19,372,231 | 18,101,069 | 37.01 | % | ||||||||||||||||
| Public Common Stock | ||||||||||||||||||||
| Financial Technology(a) | ||||||||||||||||||||
| BitGo Holdings, Inc.(c) | United States | 1/9/2026 | 125,571 | 2,244,004 | 1,033,449 | 2.11 | % | |||||||||||||
| Total Public Common Stock | 2,244,004 | 1,033,449 | 2.11 | % | ||||||||||||||||
| Total Stock Investments | 37,602,121 | 34,646,267 | 70.84 | % | ||||||||||||||||
| Short Term Investments | 7 Day Yield | Shares | Cost | Fair Value | Percentage of Net Assets | |||||||||||||||
| Government Securities (U.S. Treasury) | ||||||||||||||||||||
| First American US Treasury Money Market Fund(d) | 3.540% | 15,049,802 | 15,049,802 | 15,049,802 | 30.77 | % | ||||||||||||||
| Total Short Term Investments | 15,049,802 | 15,049,802 | 30.77 | % | ||||||||||||||||
| Total Investments | $ | 52,651,923 | $ | 49,696,069 | 101.61 | % | ||||||||||||||
| Liabilities in Excess of Other Assets | (789,732 | ) | (1.61 | )% | ||||||||||||||||
| Net Assets | $ | 48,906,337 | 100.00 | % | ||||||||||||||||
| (a) | Investments have no redemption provisions, are issued in private placement transactions and are restricted as to resale. Total fair value of restricted securities amounts to $34,646,267, which represents approximately 70.84% of the Company's net assets as of March 31, 2026. |
| (b) | As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as Level 3 securities under the fair value hierarchy. |
| (c) | Non-income producing security. |
| (d) | The rate shown is the annualized 7-day yield as of March 31, 2026. |
Securities by Country as a Percentage of Investments Fair Value
| Cost | Fair Value | Percentage of Net Assets | ||||||||||
| United States | ||||||||||||
| Private Common Stock | $ | 9,716,126 | $ | 9,303,989 | 19.02 | % | ||||||
| Private Preferred Stock | 17,760,648 | 16,500,141 | 33.74 | % | ||||||||
| Public Common Stock | 2,244,004 | 1,033,449 | 2 .11 | % | ||||||||
| Short Term Investments | 15,049,802 | 15,049,802 | 30 .77 | % | ||||||||
| Total United States | 44,770,579 | 41,887,380 | 85.65 | % | ||||||||
| Bahamas | ||||||||||||
| Private Common Stock | 612,000 | 612,000 | 1 .23 | % | ||||||||
| Private Preferred Stock | 1,611,583 | 1,600,928 | 3 .27 | % | ||||||||
| Total Bahamas | 2,223,583 | 2,200,928 | 4.50 | % | ||||||||
| Canada | ||||||||||||
| Private Common Stock | 2,000,000 | 2,000,000 | 4 .09 | % | ||||||||
| Total Canada | 2,000,000 | 2,000,000 | 4.09 | % | ||||||||
| Cayman Islands | ||||||||||||
| Private Common Stock | 2,550,000 | 2,500,000 | 5 .11 | % | ||||||||
| Total Cayman Islands | 2,550,000 | 2,500,000 | 5.11 | % | ||||||||
| Israel | ||||||||||||
| Private Common Stock | 1,107,761 | 1,107,761 | 2.27 | % | ||||||||
| Total Israel | 1,107,761 | 1,107,761 | 2.27 | % | ||||||||