# EDGAR Filing Document

**Accession Number:** 0002044327
**File Stem:** 0001049169-26-001064
**Filing Date:** 2026-5
**Character Count:** 42738
**Document Hash:** 43ca32e65d5eccc610a738d793c0e049
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001049169-26-001064.hdr.sgml**: 20260515

**ACCESSION NUMBER**: 0001049169-26-001064

**CONFORMED SUBMISSION TYPE**: NT N-CEN

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260515

**DATE AS OF CHANGE**: 20260515

**EFFECTIVENESS DATE**: 20260515

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** C1 Fund Inc.
- **CENTRAL INDEX KEY:** 0002044327

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NT N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24022
- **FILM NUMBER:** 26985194

**BUSINESS ADDRESS:**
- **STREET 1:** 228 HAMILTON AVENUE
- **STREET 2:** 3RD FLOOR
- **CITY:** PALO ALTO
- **STATE:** CA
- **ZIP:** 94301
- **BUSINESS PHONE:** (650) 374-7800

**MAIL ADDRESS:**
- **STREET 1:** 228 HAMILTON AVENUE
- **STREET 2:** 3RD FLOOR
- **CITY:** PALO ALTO
- **STATE:** CA
- **ZIP:** 94301

## Other

**C1 Fund** **Inc.**

El Camino Real, Building 4

Palo Alto, CA 94306

CBIZ CPAS P.C.

One Montgomery Street, Suite 1700

San Francisco, CA 94104

This representation letter is provided in connection with your audit of the financial statements of C1 Fund Inc. (the "Fund"), which comprise the statement of assets and liabilities including the schedule of investments as of December 31, 2025, and the related statements of operations, changes in net assets, cash flows and the financial highlights for the period August 6, 2025 (commencement of operations) through December 31, 2025, and the related notes to the financial statements (collectively referred to as the "financial statements"), for the purpose of expressing an opinion as to whether the financial statements are presented fairly, in all material respects, in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP), including all applicable SEC pronouncements.

Certain representations in this letter are described as being limited to matters that are material. Items are considered material, regardless of size, if they involve an omission or misstatement of accounting information that, in light of surrounding circumstances, makes it probable that the judgment of a reasonable person relying on the information would be changed or influenced by the omission or misstatement. An omission or misstatement that is monetarily small in amount could be considered material as a result of qualitative factors.

We confirm, to the best of our knowledge and belief, the following representations made to you during your audit.

**Financial Statements**

1. We
 have fulfilled our responsibilities, as set out in the terms of the audit engagement letter
 dated March 16, 2026 **,** for the preparation and fair presentation of the financial
 statements in accordance with U.S. GAAP, including all applicable SEC pronouncements **.** 

2. We
 acknowledge our responsibility for the design, implementation, and maintenance of the system
 of internal control relevant to the preparation and fair presentation of financial statements
 that are free from material misstatement, whether due to fraud or error.

3. We
 acknowledge our responsibility for the design, implementation, and maintenance of internal
 control to prevent and detect fraud.

4. The
 methods, data, and significant assumptions used by us in making accounting estimates and
 their related disclosures are appropriate to achieve recognition, measurement, or disclosure
 that is reasonable in the context of U.S. GAAP.

5. Related
 party relationships and transactions have been appropriately accounted for and disclosed
 in accordance with the requirements of U.S. GAAP.

6. The
 Fund has no plans or intentions that may materially affect the carrying value or classification
 of assets and liabilities.

CBIZ CPAs P.C.

7. There
 are no significant deficiencies, including material weaknesses, in the design or operation
 of internal controls, including complementary user entity controls identified in SSAE 18
 reports related to our use of service organizations, if applicable, which could adversely
 affect the Fund's ability to record, process, summarize, and report financial data,
 except as discussed below:

<u>Material Weaknesses related to the following were identified:</u>

&nbsp;&nbsp;&nbsp;&nbsp;· *Lack of sufficient personnel with an appropriate level of internal control and accounting knowledge, skills, training and experience commensurate with the Company's financial reporting requirements and managing a closed-end investment company registered under the Investment Company Act of 1940, and the rules thereunder;* 

&nbsp;&nbsp;&nbsp;&nbsp;· *Segregation of duties and policies and procedures related to the treasury and expense processes;* 

&nbsp;&nbsp;&nbsp;&nbsp;· *Lack of policies and control procedures related to the valuation, safeguarding and existence of investments;* 

&nbsp;&nbsp;&nbsp;&nbsp;· *Review and monitoring for compliance related to taxation for regulated investment companies;* 

&nbsp;&nbsp;&nbsp;&nbsp;· *Lack of policies and control procedures related to the review and approval of the financial statements and financial reporting package* 

8. We
 have reviewed and approved all adjusting journal entries proposed by you during your engagement
 that have been recorded in our general ledger and reflected properly in the financial statements
 and footnotes (summarized in the accompanying attachment A).

9. The Fund is in compliance with all the applicable
 requirements of Sarbanes-Oxley, including but not limited to, the absence of irregularities
 involving management or those employees who have significant roles in the Fund's internal
 control structure and loans or advances to officers and directors.

10. We
 have used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway
 Commission in the Internal Control-Integrated Framework (2013 version) ("COSO 2013")
 to design, test and evaluate the operating effectiveness of our internal controls over financial
 reporting. Based on our testing and evaluation, including our supervision and the participation
 of others, we have concluded that our internal control over financial reporting was not effective.

11. The
 effects of all known actual or possible litigation, claims, and assessments have been accounted
 for and disclosed in accordance with U.S. GAAP.

12. Material
 concentrations have been properly disclosed in accordance with U.S. GAAP.

13. Guarantees,
 whether written or oral, under which the Fund is contingently liable, have been properly
 recorded or disclosed in accordance with U.S. GAAP.

14. With
 regard to items reported at fair value:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The underlying assumptions are reasonable,
 and they appropriately reflect management's intent and ability to carry out its stated
 courses of action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The measurement methods and related assumptions
 used in determining fair value are appropriate in the circumstances and have been consistently
 applied.

CBIZ CPAs P.C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The disclosures related to fair values
 are complete, adequate, and in conformity with U.S. GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. There are no subsequent events that require
 adjustments to the fair value measurements and disclosures included in the financial statements.

15. With
 respect to tax compliance services, we have performed the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Assumed all management responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designated an individual (within senior
 management) with suitable skill, knowledge, or experience to oversee the services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the adequacy and results of
 the services performed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Accepted responsibility for the results
 of the services.

16. We
 have evaluated our tax positions in accordance with ASC 740 "Income Taxes" *.* Specifically, we have determined whether our tax positions would be sustained upon examination,
 including resolution of any related appeals or litigation, based on the technical merits
 of the positions (assuming the taxing authority has full knowledge of all information) based
 upon a "more-likely-than-not" (MLTN) threshold. If this threshold is not met,
 none of the tax benefit provided by the position is reflected in the financial statements.
 For a tax position that meets the MLTN recognition threshold, the benefit is measured at
 the largest amount of benefit that is greater than 50 percent likely of being realized upon
 ultimate settlement. Additionally, related interest and penalties, if any, have been recorded
 in accordance with ASC 740 "Income Taxes".

17. We have furnished to you all communications,
 whether written or oral, from regulatory agencies, such as the Securities and Exchange Commission
 (SEC) or the Internal Revenue Service, nor have there been inquiries from any governmental
 or regulatory bodies concerning potential noncompliance with, or deficiencies in, applicable
 law or financial reporting practices nor any other matters.

18. Neither
 the Fund nor any of its affiliates, as defined under SEC Independence rules, have held CBIZ, Inc.
 (CBZ) securities, including stocks, bonds, notes, options, and other securities for the period
 under audit through the date of this letter. Additionally, for the same period, our officers
 and directors have not been and are not, individually or in the aggregate, record or beneficial
 owners of more than 5% of CBIZ, Inc.'s equity securities.

**Information Provided**

19. We
 have provided you with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Access to all information, of which we
 are aware, that is relevant to the preparation and fair presentation of the financial statements,
 such as records, documentation, and other matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Lists of "Affiliated Companies"
 of the Fund, as defined in the 1940 Act. In general, a company is deemed to be an "Affiliate"
 of the Fund if the Fund owns 5% or more of the voting securities (i.e., securities with the
 right to elect directors) of such company.

CBIZ CPAs P.C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Additional information that you have
 requested from us for the purpose of the audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Unrestricted access to persons within
 the Fund from whom you determined it necessary to obtain audit evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. A written acknowledgement of all the
 documents that we expect to issue that will be included in the annual report and the planned
 timing and method of issuance of that annual report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. A final version of the annual report
 (including all the documents that, together, comprise the annual report) in a timely manner
 prior to the date of the auditors' report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. All minutes of the meetings of stockholders,
 directors and committees of directors, or summaries of actions of recent meetings for which
 minutes have not yet been prepared. The last such meeting was held on April 29, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Investment related agreements for direct
 portfolio investments.

20. The
 financial statements and any other information included in the annual report are consistent
 with one another, and the other information does not contain any material misstatements.

21. All
 material transactions have been recorded in the accounting records and are reflected in the
 financial statements.

22. We
 have disclosed to you the results of our assessment of the risk that the financial statements
 may be materially misstated as a result of fraud.

23. We
 do not have knowledge of any fraud or suspected fraud that affects the Fund and involves:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Management,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Employees who have significant roles
 in internal control, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Others where the fraud could have a material
 effect on the financial statements.

24. We
 do not have knowledge of any allegations of fraud or suspected fraud affecting the Fund's
 financial statements communicated by employees, former employees, vendors (contractors),
 regulators, or others. There are no:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. instances of noncompliance or suspected
 noncompliance with laws and regulations whose effects should be considered for disclosure
 in the financial statements, as a basis for recording a loss contingency, or otherwise considered
 when preparing the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. other liabilities or gain or loss contingencies
 that are required to be accrued or disclosed by ASC 450 "Contingencies".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. material transactions that have not been
 properly recorded in the accounting records underlying the financial statements.

CBIZ CPAs P.C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. cybersecurity breaches or other cyber
 events whose effects should be considered for disclosure in the financial statements, as
 a basis for recording a loss contingency, or otherwise considered when preparing the financial
 statements.

*25.* There
 are no unasserted claims or assessments that our lawyer has advised us are probable of assertion
 and must be disclosed in accordance with ASC 450 "Contingencies" *.* We have
 disclosed to you all attorneys that have been consulted concerning litigation, claims or
 assessments and we are not aware of any pending or threatened litigation, claims or assessments
 or unasserted claims that are required to be accrued or disclosed in accordance with ASC
 450 "Contingencies".

26. We
 have disclosed to you the names of all of the Fund's related parties and all the related
 party relationships and transactions, including any side agreements.

27. We
 have no knowledge of concentrations existing at the date of the financial statements that
 make the Fund vulnerable to the risk of a near-term severe impact that have not been properly
 disclosed in the financial statements. We understand that concentrations refer to volumes
 of business, revenues, available sources of supply, or markets or geographic areas for which
 events could occur that would significantly disrupt normal finances within the next year.
 We understand that *near-term* means the period within one year of the date of the financial
 statements.

28. Financial
 instruments with off-balance-sheet risk and financial instruments with concentrations of
 credit risk have been properly recorded or disclosed in the financial statements.

29. The
 Fund has complied with all aspects of contractual agreements that would have a material effect
 on the financial statements in the event of noncompliance.

30. The
 Fund has satisfactory title to all owned assets, and there are no liens or encumbrances on
 such assets nor has any asset or future revenue been pledged as collateral.

31. We
 have no outstanding past due share of the accounting support fee assessed by the Public Company
 Accounting Oversight Board pursuant to Rule 7101.

32. We
 have reviewed ASC 820 "Fair Value Measurements & Disclosures" and all
 assets and liabilities have been properly categorized into Level 1, 2, or 3 of the Fair Value
 Hierarchy, and all disclosure requirements have been complied with in all material respects.

33. The
 methods and significant assumptions used to determine fair values of Level 3 investments
 result in a measure of fair value appropriate for financial statement measurement and disclosure
 purposes.

34. The
 Fund has complied with the provisions of the 1940 Act, the rules and regulations thereunder,
 and with the provisions of its prospectus and the requirements of various Blue Sky laws under
 which the Fund operates.

35. The Fund has complied with the requirements
 of Subchapter M of the Internal Revenue Code of 1986 (IRC), as amended, through the date
 of this letter, and intends to continue to so comply. The Fund has made sufficient distributions
 to eliminate any material income tax liability. As applicable, the Fund has properly identified
 all passive foreign investment companies, partnerships, and real estate investment trusts
 (REITs) that it holds, as well as all straddle positions that are open at the balance sheet
 date.

CBIZ CPAs P.C.

36. The
 Fund's shares have been issued and redeemed during the period in accordance with its
 registration statement and applicable regulation. The daily net asset value has been properly
 computed throughout the period for open-end funds in accordance with Rule 2a-4 of the
 Act (or Rule 2a-7 for money market funds) and was correctly applied in the computation
 of daily capital stock sales and redemption transactions.

37. The
 Fund did not make any commitments during the year as underwriter, nor did it engage in any
 transactions made on margin, in joint trading or in a joint investment account, or in selling
 short.

38. The
 Fund, except to the extent indicated in the financial statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Does not own any securities of persons
 who are directly affiliated as defined in Section 2(a)(3) of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Does not own any securities either of
 directly affiliated, or, to the best information and belief of management, indirectly affiliated
 entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Has not received income from, or realized
 gain or loss on sales of, investments in or indebtedness of such affiliated entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Has not incurred expenses for management
 or other service fees payable to such affiliated entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. has not otherwise engaged in transactions
 with affiliated entities.

39. The
 Fund has appropriately identified its investments as qualifying or non-qualifying assets
 as defined in Section 55(a) under the Investment Company Act of 1940, as amended.

40. We have either (i) performed an assessment
 of whether there are conditions or events, considered in the aggregate, that raise substantial
 doubt about our ability to continue as a going concern for a reasonable period of time (defined
 as the time within one year after the date that the financial statements are issued, or available
 to be issued, where applicable), or (ii) we have reviewed, accept responsibility for,
 and agree with the conclusions of such assessment. In assessing the appropriateness of the
 going concern basis for the Fund, we have taken account of all relevant information covering
 a reasonable period of time. Additionally, we are not aware of any conditions or events beyond
 such reasonable period of time that may have an effect on our ability to continue as a going
 concern.

CBIZ CPAs P.C.

41. To
 the best of our knowledge and belief, no events have occurred subsequent to the balance sheet
 date and through the date of this letter that would require adjustment to, or disclosure
 in, the financial statements, except as reflected and/or disclosed in the financial statements.
 Such events include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. material changes in operations,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. material changes in profitability of operations,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. significant changes in capital stock (i.e.,
 authorization, issuance, splits, options or warrants),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. significant changes in working capital,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. unusual transactions performed or adjustments
 made,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. material change in accounting estimates,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. new tax examinations,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. new material contracts or agreements,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. significant acquisitions, or divestitures
 contemplated, pending or completed,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. changes in the Fund's related parties
 or significant related party transactions,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. significant unusual transactions, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. significant cyber events that may have
 a material effect on the financial statements.

---

| | |
|:---|:---|
| **C1 Fund Inc.** |  |
| /s/ Najam Kidwai | 5/8/2026 |
| Dr. Najam Kidwai, Chief Executive Officer | Date |

---

---

| | |
|:---|:---|
| /s/ David Hytha | 5/8/2026 |
| David Hytha, Chief Financial Officer | Date |

---

**Attachment A – Summary of Corrected Misstatement**

**For the Quarter Ended December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Account Description** | **Debit** | **Credit** |
| **Summary of adjusted misstatement Journal Entry 1** |  |  |
| Shares issued | $2557314 |  |
| Organizational expenses and offering costs |  | $2557314 |
| **Total** | $**2557314** | $**2557314** |

---

Note: The above corrected misstatement relates to appropriately recording the offering costs capitalized related to the issuance of shares for the period ended December 31, 2025.

---

| | | |
|:---|:---|:---|
| **Summary of adjusted misstatement Journal Entry 2** |  |  |
| Cash (beginning balance) | $104950 |  |
| Deferred offering Costs (beginning balance) | $2546581 |  |
| Accrued offering costs payable – related party (beginning balance) |  | $2546581 |
| Other Liabilities (beginning balance) |  | $4850 |
| Paid-in-capital (beginning balance) |  | $100100 |
| **Total** | $**2651531** | $**2651531** |

---

Note: The above corrected misstatement relates to appropriately recording the opening cash and Net Assets of the Fund as of August 6, 2025.

## Internal

---

| | |
|:---|:---|
| ![](tm2614221d2_intimg001.jpg) | *CBIZ CPAs P.C.* |
| ![](tm2614221d2_intimg001.jpg) |  |
| ![](tm2614221d2_intimg001.jpg) | One Montgomery Street |
| ![](tm2614221d2_intimg001.jpg) | Suite 1700 |
| ![](tm2614221d2_intimg001.jpg) | San Francisco, CA 94104 |
| ![](tm2614221d2_intimg001.jpg) |  |
| ![](tm2614221d2_intimg001.jpg) | P: 415.432.6200 |

---

**<u>Report of Independent Registered Public Accounting Firm</u>**

To the Board of Directors and Shareholders of

**C1 Fund Inc.**

In planning and performing our audit of the financial statements of C1 Fund Inc. (the "Fund") as of and for the period from August 6, 2025 (commencement of operations) to December 31, 2025, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Fund's internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund's internal control over financial reporting is a process designed 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. A fund's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and directors of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the fund's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow for management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Fund's annual or interim financial statements will not be prevented or detected on a timely basis.

*CBIZCPAS.COM*

Our consideration of the Fund's internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted the following matters involving internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be material weaknesses as defined above. These conditions were considered in determining the nature, timing and extent of the procedures to be performed in our audit of the financial statements of the Fund for the period from August 6, 2025 (commencement of operations) to December 31, 2025, and this report does not affect our report thereon dated May 8, 2026.

Lack of sufficient personnel with an appropriate level of internal control and accounting knowledge, skills, training and experience commensurate with the Fund's financial reporting requirements and managing a closed-end investment company registered under the Investment Company Act of 1940, and the rules thereunder.

Segregation of duties and policies and procedures related to the treasury and expense processes.

Lack of policies and control procedures related to the valuation, safeguarding and existence of investments.

Review and monitoring for compliance related to taxation for regulated investment companies.

Lack of policies and control procedures related to the review and approval of the financial statements and financial reporting package.

This report is intended solely for the information and use of management and the Board of Directors of C1 Fund Inc. and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

![](tm2614221d2_intimg002.jpg)

San Francisco, CA

May 8, 2026

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0002044327

## N-CEN: Series/Class (Contract) Information

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2025-12-31

**Item A.1.b - Does this report cover a period of less than 12 months?:** Yes

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** C1 Fund Inc.

- **Item B.1.b - Investment Company Act file number:** 811-24022

- **Item B.1.c - CIK:** 0002044327

- **Item B.1.d - LEI:** 5299005KKUNRHWK7IH10

- **Item B.2.a - Street 1:** 3000 El Camino Real Building 4

- **Item B.2.b - City:** Palo Alto

- **Item B.2.c - State:** CA

- **Item B.2.e - Zip Code:** 94306

- **Item B.2.f - Telephone:** 650-374-7800

- **Item B.2.g - Public Website:** https://c1fund.com

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** SS&C GIDS, Inc.

- **b. Street 1:** 801 Pennsylvania Avenue

- **Street 2:** Suite 219105

- **c. City:** Kansas City

- **d. State, if applicable:** MO

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 64105

- **g. Telephone number:** 800-686-6884

- **h. Briefly describe the books and records kept at this location:** All applicable accounts, books and documents required to be maintained by the Fund by Section 31(a) of the 1940 Act

**Location books Record: 2**

- **a. Name of person (e.g., a custodian of records):** US Bank National Association

- **b. Street 1:** 5065 Wooster Road

- **c. City:** Cincinnati

- **d. State, if applicable:** OH

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 45226

- **g. Telephone number:** 651-466-3000

- **h. Briefly describe the books and records kept at this location:** All applicable accounts, books and documents required to be maintained by the Fund by Section 31(a) of the 1940 Act

**Location books Record: 3**

- **a. Name of person (e.g., a custodian of records):** C1 Advisors LLC

- **b. Street 1:** 3000 El Camino Real Building 4

- **c. City:** Palo Alto

- **d. State, if applicable:** CA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 94306

- **g. Telephone number:** 650-374-7800

- **h. Briefly describe the books and records kept at this location:** All applicable accounts, books and documents required to be maintained by the Fund by Section 31(a) of the 1940 Act

- **Item B.4.a - Is this the first filing by the Registrant?:** Yes

- **Item B.4.b - Is this the last filing by the Registrant?:** No

### Item B.6 - Organization

- [ ] a. Open-end management investment company registered under the Act on Form N-1A

- [x] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** —

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** Yes

### Item B.8 - Directors

| Name                 | Is Interested Person?   | Other Investment Company File Numbers   |
|:---|:---|:---|
| Najamul Hasan Kidwai | Yes                     | N/A                                     |
| Matthew Krna         | No                      | N/A                                     |
| Jeffrey H. Singer    | No                      | N/A                                     |
| Michael (Xu) Zhao    | Yes                     | N/A                                     |
| Scott Reed           | No                      | N/A                                     |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** Alex Morgan

- **b. CRD Number, if any:** N/A

- **c. Street Address 1:** 1290 Broadway

- **   Street Address 2:** Suite 1000

- **d. City:** Denver

- **e. State, if applicable:** CO

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 80203

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** No

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** No

- **Item B.11.a - Have there been any material legal proceedings?:** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.13.a - Are the Registrant's officers or directors covered under any insurance policy?:** Yes

- **Item B.13.a.i - If yes, were any claims filed under the policy during the reporting period?:** No

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a - Did the Registrant rely on any exemptive orders from the Commission?:** No

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

- **i. Full name:** SoFi Securities LLC

- **ii. SEC file number:** 008-68389

- **iii. CRD number:** 000151717

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** No

**Principal underwriter Record: 2**

- **i. Full name:** The Benchmark Company, LLC

- **ii. SEC file number:** 008-40081

- **iii. CRD number:** 000022982

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** No

**Principal underwriter Record: 3**

- **i. Full name:** China Renaissance Securities (US) Inc

- **ii. SEC file number:** 008-69197

- **iii. CRD number:** 000166318

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** No

- **b. Have any principal underwriters been hired or terminated during the reporting period?** No

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** CBIZ CPAs P.C.

- **b. PCAOB Number:** 199

- **c. LEI, if any:** N/A

- **d. State, if applicable:** CA

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** Yes

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** Yes

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

- **Item B.22.a - Were any payments made to shareholders as a result of an error in calculating NAV?:** No

- **Item B.23 - Did the Registrant pay any dividend or make any distribution required to be accompanied by a written statement?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - C1 Fund Inc.

**Item C.1. Background information.**

- **a. Full Name of the Fund:** C1 Fund Inc.

- **c. LEI:** 5299005KKUNRHWK7IH10

- **d. Is this the first filing on this form by the Fund?:** Yes

**Item C.2. Classes of open-end management investment companies.**

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** Yes

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** C1 Advisors LLC

- **ii. SEC file number:** 801-132089

- **iii. CRD number:** 000331914

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** SS&C GIDS, Inc.

- **ii. SEC file number:** 84-5730

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** MO

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** Yes

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** EisnerAmper

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **iii. State, if applicable:** TX

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** Yes

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** U.S. Bank National Association

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** Yes

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** ALPS Fund Services, Inc.

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** CO

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** Yes

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** ALPS Fund Services, Inc.

- **ii. LEI, if any, or other identifying number:** N/A

- **iii. State, if applicable:** CO

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** Yes

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

No Brokers reported.

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $46,802,708.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** —

- **c. Did the Fund engage in interfund borrowing?** —

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** C1 Fund Inc.

**Date:** 2026-05-15

**Signature:** David Hytha

**Title:** Secretary, Treasurer and Chief Financial Officer