Crystal Amber Fund Limiteds interim report for the six months ended December 31, 2024, highlights solid progress with a net asset value increase from £126.7 million to an unaudited NAV of £127.4 million. The net asset value per share increased by 2.4%, outperforming the Numis Small Cap Index. According to Trustnet, the Funds share price return outperformed the Investment Trust UK Smaller Companies index over the past six months, one year, three years, and five years. The Funds largest holding, Morphic Medical Inc. (MMI), made encouraging commercial and regulatory progress, including successful completion of the Medical Device Reporting audit. De La Rue Plc, the Funds other major holding, received a binding offer to sell its Authentication Division for £300 million and subsequently received takeover approaches. The Funds investment strategy has delivered strong absolute and relative returns through successful sales and active encouragement of transformation in portfolio companies. The Board will consult with larger shareholders regarding the future strategy of the Company while considering expected regulatory approval at MMI and clarity on cash returns from De La Rue. The Funds remaining holdings offer significant upside potential, particularly the MMI holding.