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      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <issuerCredentials>
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          <ccc>XXXXXXXX</ccc>
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        <fileNumber>811-24022</fileNumber>
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    <generalInfo reportEndingPeriod="2025-12-31" isReportPeriodLt12="Y"/>
    <registrantInfo>
      <registrantFullName>C1 Fund Inc.</registrantFullName>
      <investmentCompFileNo>811-24022</investmentCompFileNo>
      <registrantCik>0002044327</registrantCik>
      <registrantLei>5299005KKUNRHWK7IH10</registrantLei>
      <registrantstreet1>3000 El Camino Real Building 4</registrantstreet1>
      <registrantcity>Palo Alto</registrantcity>
      <registrantzipCode>94306</registrantzipCode>
      <registrantstate>US-CA</registrantstate>
      <registrantcountry>US</registrantcountry>
      <registrantphoneNumber>650-374-7800</registrantphoneNumber>
      <websites>
        <website webpage="https://c1fund.com"/>
      </websites>
      <locationBooksRecords>
        <locationBooksRecord>
          <officeName>SS&amp;C GIDS, Inc.</officeName>
          <officeAddress1>801 Pennsylvania Avenue</officeAddress1>
          <officeAddress2>Suite 219105</officeAddress2>
          <officeCity>Kansas City</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-MO"/>
          <officeRecordsZipCode>64105</officeRecordsZipCode>
          <officePhone>800-686-6884</officePhone>
          <booksRecordsDesc>All applicable accounts, books and documents required to be maintained by the Fund by Section 31(a) of the 1940 Act</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>US Bank National Association</officeName>
          <officeAddress1>5065 Wooster Road</officeAddress1>
          <officeCity>Cincinnati</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-OH"/>
          <officeRecordsZipCode>45226</officeRecordsZipCode>
          <officePhone>651-466-3000</officePhone>
          <booksRecordsDesc>All applicable accounts, books and documents required to be maintained by the Fund by Section 31(a) of the 1940 Act</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>C1 Advisors LLC</officeName>
          <officeAddress1>3000 El Camino Real Building 4</officeAddress1>
          <officeCity>Palo Alto</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-CA"/>
          <officeRecordsZipCode>94306</officeRecordsZipCode>
          <officePhone>650-374-7800</officePhone>
          <booksRecordsDesc>All applicable accounts, books and documents required to be maintained by the Fund by Section 31(a) of the 1940 Act</booksRecordsDesc>
        </locationBooksRecord>
      </locationBooksRecords>
      <isRegistrantFirstFiling>Y</isRegistrantFirstFiling>
      <isRegistrantLastFiling>N</isRegistrantLastFiling>
      <isRegistrantFamilyInvComp>N</isRegistrantFamilyInvComp>
      <registrantClassificationType>N-2</registrantClassificationType>
      <isSecuritiesActRegistration>Y</isSecuritiesActRegistration>
      <directors>
        <director>
          <directorName>Najamul Hasan Kidwai</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>Y</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
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        </director>
        <director>
          <directorName>Matthew Krna</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
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        <director>
          <directorName>Jeffrey H. Singer</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
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        </director>
        <director>
          <directorName>Michael (Xu) Zhao</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>Y</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Scott Reed</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
      </directors>
      <chiefComplianceOfficers>
        <chiefComplianceOfficer>
          <ccoName>Alex Morgan</ccoName>
          <crdNumber>N/A</crdNumber>
          <ccoStreet1>1290 Broadway</ccoStreet1>
          <ccoStreet2>Suite 1000</ccoStreet2>
          <ccoCity>Denver</ccoCity>
          <ccoStateCountry ccoCountry="US" ccoState="US-CO"/>
          <ccoZipCode>80203</ccoZipCode>
          <ccoPhone>XXXXXX</ccoPhone>
          <isCcoChangedSinceLastFiling>N</isCcoChangedSinceLastFiling>
          <ccoEmployers>
            <ccoEmployer ccoEmployerName="SS&amp;C Registered Fund Services" ccoEmployerId="N/A"/>
          </ccoEmployers>
        </chiefComplianceOfficer>
      </chiefComplianceOfficers>
      <isRegistrantSubmittedMatter>N</isRegistrantSubmittedMatter>
      <isPreviousLegalProceeding>N</isPreviousLegalProceeding>
      <isPreviousProceedingTerminated>N</isPreviousProceedingTerminated>
      <isClaimFiled>N</isClaimFiled>
      <coveredByInsurancePolicy isCoveredByInsurancePolicy="Y" isClaimFiledDuringPeriod="N"/>
      <isFinancialSupportDuringPeriod>N</isFinancialSupportDuringPeriod>
      <isExemptionFromAct>N</isExemptionFromAct>
      <principalUnderwriters>
        <principalUnderwriter>
          <principalUnderwriterName>SoFi Securities LLC</principalUnderwriterName>
          <principalUnderwriterFileNumber>008-68389</principalUnderwriterFileNumber>
          <principalUnderwriterCrdNumber>000151717</principalUnderwriterCrdNumber>
          <principalUnderwriterLei>N/A</principalUnderwriterLei>
          <principalUnderWriterStateCountry principalUnderWriterCountry="US" principalUnderWriterState="US-CA"/>
          <isPrincipalUnderwriterAffiliatedWithRegistrant>N</isPrincipalUnderwriterAffiliatedWithRegistrant>
        </principalUnderwriter>
        <principalUnderwriter>
          <principalUnderwriterName>The Benchmark Company, LLC</principalUnderwriterName>
          <principalUnderwriterFileNumber>008-40081</principalUnderwriterFileNumber>
          <principalUnderwriterCrdNumber>000022982</principalUnderwriterCrdNumber>
          <principalUnderwriterLei>N/A</principalUnderwriterLei>
          <principalUnderWriterStateCountry principalUnderWriterCountry="US" principalUnderWriterState="US-NY"/>
          <isPrincipalUnderwriterAffiliatedWithRegistrant>N</isPrincipalUnderwriterAffiliatedWithRegistrant>
        </principalUnderwriter>
        <principalUnderwriter>
          <principalUnderwriterName>China Renaissance Securities (US) Inc</principalUnderwriterName>
          <principalUnderwriterFileNumber>008-69197</principalUnderwriterFileNumber>
          <principalUnderwriterCrdNumber>000166318</principalUnderwriterCrdNumber>
          <principalUnderwriterLei>N/A</principalUnderwriterLei>
          <principalUnderwriterRssdId>N/A</principalUnderwriterRssdId>
          <principalUnderWriterStateCountry principalUnderWriterCountry="US" principalUnderWriterState="US-NY"/>
          <isPrincipalUnderwriterAffiliatedWithRegistrant>N</isPrincipalUnderwriterAffiliatedWithRegistrant>
        </principalUnderwriter>
      </principalUnderwriters>
      <isUnderwriterHiredOrTerminated>N</isUnderwriterHiredOrTerminated>
      <publicAccountants>
        <publicAccountant>
          <publicAccountantName>CBIZ CPAs P.C.</publicAccountantName>
          <pcaobNumber>199</pcaobNumber>
          <publicAccountantLei>N/A</publicAccountantLei>
          <publicAccountantRssdId>N/A</publicAccountantRssdId>
          <publicAccountantStateCountry publicAccountantCountry="US" publicAccountantState="US-CA"/>
        </publicAccountant>
      </publicAccountants>
      <isPublicAccountantChanged>Y</isPublicAccountantChanged>
      <isMaterialWeakness>Y</isMaterialWeakness>
      <isOpinionOffered>N</isOpinionOffered>
      <isMaterialChange>N</isMaterialChange>
      <isAccountingPrincipleChange>N</isAccountingPrincipleChange>
      <isPaymentErrorInNetAssetValue>N</isPaymentErrorInNetAssetValue>
      <isPaymentDividend>N</isPaymentDividend>
    </registrantInfo>
    <managementInvestmentQuestionSeriesInfo>
      <managementInvestmentQuestion>
        <mgmtInvFundName>C1 Fund Inc.</mgmtInvFundName>
        <mgmtInvLei>5299005KKUNRHWK7IH10</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>Y</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>C1 Advisors LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-132089</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000331914</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-CA" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>SS&amp;C GIDS, Inc.</transferAgentName>
            <transferAgentFileNo>84-5730</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentRssdId>N/A</transferAgentRssdId>
            <transferAgentStateCountry transferAgentState="US-MO" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>Y</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>EisnerAmper</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceRssdId>N/A</pricingServiceRssdId>
            <pricingServiceStateCountry pricingServiceState="US-TX" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>Y</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>U.S. Bank National Association</custodianName>
            <custodianLei>6BYL5QZYBDK8S7L73M02</custodianLei>
            <custodianRssdId>N/A</custodianRssdId>
            <custodianStateCountry custodianState="US-OH" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>Y</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>ALPS Fund Services, Inc.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>N/A</shareholderServiceAgentLei>
            <shareholderServiceAgentRssdId>N/A</shareholderServiceAgentRssdId>
            <shareholderServiceAgentOther>N/A</shareholderServiceAgentOther>
            <shareholderServiceIdNumberDesc>N/A</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-CO" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>Y</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>ALPS Fund Services, Inc.</adminName>
            <adminLei>N/A</adminLei>
            <adminRssdId>N/A</adminRssdId>
            <adminStateCountry adminState="US-CO" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>Y</isAdminHiredOrTerminated>
        <aggregateCommission>0</aggregateCommission>
        <principalAggregatePurchase>0</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>46802708</mnthlyAvgNetAssets>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <closedEndManagementInvestment>
      <securityRelatedItems>
        <securityRelatedItem>
          <description>Common stock</description>
          <securityClassTitle>N/A</securityClassTitle>
          <commonStocks>
            <commonStock commonStockExchange="ARCX" commonStockTickerSymbol="CFND"/>
          </commonStocks>
        </securityRelatedItem>
        <securityRelatedItem>
          <description>Preferred stock</description>
          <securityClassTitle>N/A</securityClassTitle>
          <commonStocks>
            <commonStock commonStockExchange="ARCX" commonStockTickerSymbol="CFND"/>
          </commonStocks>
        </securityRelatedItem>
      </securityRelatedItems>
      <isRightsOffering>N</isRightsOffering>
      <isSecondaryOffering>N</isSecondaryOffering>
      <isRepurchaseSecurity>N</isRepurchaseSecurity>
      <isDefaultLongTermDebt>N</isDefaultLongTermDebt>
      <isDividendsInArrears>N</isDividendsInArrears>
      <isSecuritiesModified>N</isSecuritiesModified>
      <managementFee>1.01</managementFee>
      <netOperatingExpenses>3.16</netOperatingExpenses>
      <marketPricePerShare>N/A</marketPricePerShare>
      <netAssetValuePerShare>7.81</netAssetValuePerShare>
    </closedEndManagementInvestment>
    <attachmentsTab>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
      <isOtherInfoRequired>true</isOtherInfoRequired>
    </attachmentsTab>
    <signature registrantSignedName="C1 Fund Inc." signedDate="2026-05-15" signature="David Hytha" title="Secretary, Treasurer and Chief Financial Officer"/>
  </formData>
</edgarSubmission>
