RENN Fund, Inc.

Consolidated Schedule of Investments

As of september 30, 2023 (Unaudited)

Shares or Principal Amount		Company	Cost		Value
		MONEY MARKET FUNDS – 33.29%
	88,112	Fidelity Government Cash Reserves Portfolio - Institutional Class, 4.51%	$	88,112	$	88,112
	4,790,320	Fidelity Investment Money Market Funds Government Portfolio - Institutional Class, 4.72%		4,790,320		4,790,320
		Total Money Market Funds		4,878,432		4,878,432
		CONVERTIBLE BONDS – 0.00%
		Oil and Gas – 0.00%
	1,000,000	PetroHunter Energy Corporation 8.50% Maturity 12/31/2014(1)(2)(5)		540,225		-
		Total Convertible Bonds		540,225		-
		COMMON EQUITIES – 65.40%
		Accomodations – 0.57%
	4,050	Civeo Corp.(2)		149,418		83,957
		Aerospace & Defense – 0.03%
	20	Boeing Co.(2)		4,267		3,834
		Asset Management – 1.21%
	973	Associated Capital Group, Inc. - Class A		40,594		35,515
	7,098	Gamco Investors, Inc.		189,620		142,173
				230,214		177,688
		Hospitality – 0.71%
	7,300	Carnival Corp.(2)		104,634		100,156
	50	Royal Caribbean Ltd.(2)		2,940		4,607
				107,574		104,763
		Marine Shipping – 0.07%
	300	Clarkson PLC(4)		16,197		10,011
		Metal Mining – 3.54%
	580	Franco-Nevada Corp.		83,192		77,424
	18,650	Mesabi Trust		513,309		374,305
	1,640	Wheaton Precious Metals Corp.		68,954		66,502
				665,455		518,231
		Medicinal Chemicals and Botanical Products – 9.75%
	77,228	FitLife Brands, Inc.(2)		9,131,688		1,428,718
		Oil and Gas – 28.63%
	19,315	Permian Basin Royalty Trust		299,138		410,444
	808,445	PetroHunter Energy Corporation(1)(2)(5)		101,056		-
	16,300	PrairieSky Royalty Ltd.(4)		206,969		299,527
	100	Sabine Royalty Trust		8,002		6,590
	1,908	Texas Pacific Land Corp.		1,079,739		3,479,352
				1,694,904		4,195,913

	Other Financial Investment Activities – 0.77%
1	Morgan Group Holding Co.(2)		16		1
32,000	Urbana Corp.(4)		101,062		112,376
			101,078		112,377
	Securities and Commodity Exchanges – 1.60%
685	Cboe Global Markets, Inc.		80,892		107,004
240	Intercontinental Exchange, Inc.		30,806		26,405
14,000	Miami International Holdings, Inc.(1)(2)(3)		105,000		100,520
			216,698		233,929
	Securities, Commodity Contracts, and Other Financial Investments and Related Activities – 0.94%
7,200	Grayscale Bitcoin Trust(2)		277,162		138,168
	Live Sports (Spectator Sports) – 1.91%
5,091	Big League Advance, LLC.(1)(2)(3)		280,000		280,005
	Surgical & Medical Instruments & Apparatus – 13.43%
615,000	Apyx Medical Corp.(2)		1,470,958		1,968,000
	Technology Services – 2.24%
1,048	CACI International, Inc. – Class A. (2)		296,485		328,998
	Total Common Equities		14,642,098		9,584,592
	OPEN ENDED MUTUAL FUNDS – 0.12%
824	Kinetics Spin-Off and Corporate Restructuring Fund(6)		13,167		18,054
	Total Open Ended Mutual Funds		13,167		18,054
	PREFERRED STOCKS – 1.27%
30,966	Diamond Standard, Inc.(1)(2)(3)		185,798		185,798
	Total Preferred Stocks		185,798		185,798
	WARRANTS – 0.02%
	Diamond Standard, Inc., Exercise Price: $9.00,
837	Expiration Date: January 15, 2026(1)(2)(3)		-		8
	Miami International Holdings, Inc., Exercise Price: $7.50,
2,132	Expiration Date: March 31, 2026(1)(2)(3)		-		2,921
	Total Warrants		-		2,929
	TOTAL INVESTMENTS – 100.10%	$	20,259,720	$	14,669,805
	LIABILITIES LESS OTHER ASSETS – -0.10%				(14,387	)
	NET ASSETS - 100.00%			$	14,655,419

Shares or Principal Amount			Company	Proceeds			Value
			SECURITIES SOLD SHORT – 0.02%
			EXCHANGE TRADED FUNDS – 0.02%
	(2	)	Convexity Shares 1X Spikes Futures ETF(2)	$	(29	)	$	(18	)
	(94	)	Direxion Daily Gold Miners Index Bear 2X Shares ETF		(1,192	)		(1,387	)
	(117	)	Direxion Daily Junior Gold Miners Index Bear 2X Shares ETF(2)		(820	)		(966	)
	(5	)	ProShares Ultra VIX Short-Term Futures ETF(2)		(1,062	)		(81	)
	(7	)	ProShares VIX Short-Term Futures ETF(2)		(304	)		(163	)
	(1	)	2X Long VIX Futures ETF(2)		(12	)		(3	)
			Total Exchange Traded Funds		(3,417	)		(2,618	)
			EXCHANGE TRADED NOTES – 0.00%
	(13	)	iPath Series B S&P VIX Short-Term Futures ETN(2)	$	(554	)	$	(303	)
			Total Exchange Traded Funds		(554	)		(303	)
			TOTAL SECURITIES SOLD SHORT – 0.02%	$	(3,972	)	$	(2,921	)

(1)	See Semi-Annual Report Note 5 - Fair Value Measurements.
(2)	Non-Income Producing.
(3)	Big League Advance, LLC., Diamond Standard, Inc. and Miami International Holdings, Inc. are each currently a private company. These securities are illiquid and valued at fair value.
(4)	Foreign security denominated in U.S. Dollars.
(5)	The PetroHunter Energy Corporation (“PetroHunter”) securities are in bankruptcy. The securities are valued at fair value.
(6)	Affiliated security, given that the security is managed by the same Investment Advisor as the Fund.

RENN Fund, Inc.

CONSOLIDATED NOTES TO FINANCIAL STATEMENTS

As of September 30, 2023 (Unaudited)

Investments in Affiliated Issuers

An affiliated issuer is an entity in which the Fund has ownership of at least 5% of the voting securities, or any investment which is advised or sponsored by the advisor. In this instance, affiliation is based on the fact that the Kinetics Spin-off and Corporate Restructuring Fund is advised by Horizon, the same Investment Advisor to the Fund. Issuers that are affiliates of the Fund at period-end are noted in the Fund’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 September 30, 2023 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.

														Dividends and Distributions
Name of Issuer and Title of Issue	Value Beginning of Period		Purchases		Sales Proceeds		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value End of Period		Capital Gains		Income
Kinetics Spin-off and Corporate
Restructuring Fund	$	20,806	$	-	$	-	$	-	$	(2,752	)	$	18,054	$	-	$	-
Total	$	20,806	$	-	$	-	$	-	$	(2,752	)	$	18,054	$	-	$	-

Name of Issuer and Title of Issue	Shares Beginning of Period		Purchases		Sales Proceeds		Stock Split		Shares End of Period
Kinetics Spin-off and Corporate
Restructuring Fund		824		-		-		-		824
Total		824		-		-		-		824