Average annual total returns for common stock for the periods ended 12/31/2023
|
|||
Net asset value returns
|
1 year
|
5 years
|
10 years
|
Special Opportunities Fund, Inc.
|
18.74%
|
9.55%
|
5.63%
|
Market price returns
|
|||
Special Opportunities Fund, Inc.
|
14.13%
|
9.97%
|
5.42%
|
Index returns
|
|||
S&P 500® Index
|
26.29%
|
15.69%
|
12.03%
|
Share price as of 12/31/2023
|
|||
Net asset value
|
|
||
Market price
|
|
Value
|
Percent
|
|||||||
Investment Companies
|
$
|
152,393,478
|
71.44
|
%
|
||||
Special Purpose Acquisition Vehicles
|
31,564,441
|
14.80
|
||||||
Money Market Funds
|
10,255,081
|
4.81
|
||||||
Other Common Stocks
|
9,243,834
|
4.33
|
||||||
Unsecured Notes
|
4,792,252
|
2.25
|
||||||
Corporate Obligations
|
1,598,381
|
0.75
|
||||||
Trusts
|
1,527,009
|
0.72
|
||||||
Real Estate Investment Trusts
|
1,414,054
|
0.66
|
||||||
Preferred Stocks
|
345,678
|
0.16
|
||||||
Warrants
|
118,787
|
0.06
|
||||||
Rights
|
49,166
|
0.02
|
||||||
Total Investments
|
$
|
213,302,161
|
100.00
|
%
|
(1)
|
As a percentage of total investments.
|
% of Total
|
|||||
Country
|
Investments
|
||||
United States
|
96.22
|
%
|
|||
China
|
1.16
|
%
|
|||
Hong Kong
|
1.01
|
%
|
|||
Guernsey
|
0.86
|
%
|
|||
Ireland
|
0.75
|
%
|
|||
Cayman Islands
|
0.00
|
%
|
|||
100.00
|
%
|
Shares
|
Value
|
|||||||
INVESTMENT COMPANIES—96.76%
|
||||||||
Closed-End Funds—82.41%
|
||||||||
abrdn Global Dynamic Dividend Fund
|
49,874
|
$
|
465,823
|
|||||
Apollo Tactical Income Fund, Inc.
|
37,375
|
521,755
|
||||||
Bancroft Fund Ltd.
|
22,345
|
357,073
|
||||||
BlackRock California Municipal Income Trust
|
229,380
|
2,759,441
|
||||||
BlackRock ESG Capital Allocation Term Trust
|
73,787
|
1,190,184
|
||||||
Blackstone Strategic Credit 2027 Term Fund
|
86,455
|
978,671
|
||||||
BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc.
|
46,559
|
379,456
|
||||||
BNY Mellon Municipal Income, Inc.
|
621,787
|
4,041,615
|
||||||
BNY Mellon Strategic Municipal Bond Fund, Inc.
|
468,928
|
2,677,579
|
||||||
Carlyle Credit Income Fund
|
153,336
|
1,219,021
|
||||||
Central and Eastern Europe Fund, Inc.
|
188,883
|
1,841,609
|
||||||
Central Securities Corp.
|
219,394
|
8,286,511
|
||||||
ClearBridge Energy Midstream Opportunity Fund, Inc. (a)
|
2,349
|
82,027
|
||||||
ClearBridge MLP & Midstream Fund, Inc.
|
8,213
|
329,259
|
||||||
ClearBridge MLP & Midstream Total Return Fund, Inc. (a)
|
186
|
6,739
|
||||||
Destra Multi-Alternative Fund
|
216,567
|
1,349,212
|
||||||
Dividend and Income Fund
|
350,673
|
4,267,690
|
||||||
DWS Municipal Income Trust
|
1,117,608
|
9,935,535
|
||||||
DWS Strategic Municipal Income Trust
|
256,315
|
2,217,125
|
||||||
Eaton Vance New York Municipal Bond Fund
|
423,341
|
4,085,241
|
||||||
Ellsworth Growth and Income Fund Ltd.
|
76,934
|
621,627
|
||||||
Federated Hermes Premier Municipal Income Fund
|
4,839
|
53,181
|
||||||
First Trust High Yield Opportunities 2027 Term Fund
|
71,825
|
1,000,522
|
||||||
First Trust MLP and Energy Income Fund
|
15,392
|
131,909
|
||||||
Gabelli Dividend & Income Trust
|
123,595
|
2,674,596
|
||||||
General American Investors Co., Inc.
|
324,541
|
13,939,036
|
||||||
Herzfeld Caribbean Basin Fund, Inc.
|
1,941
|
5,396
|
||||||
High Income Securities Fund
|
242,733
|
1,558,346
|
||||||
Highland Opportunities and Income Fund
|
310,059
|
2,384,354
|
||||||
Invesco High Income 2024 Target Term Fund
|
201,622
|
1,389,176
|
||||||
Mexico Equity & Income Fund, Inc.
|
100,100
|
1,121,120
|
||||||
MFS High Yield Municipal Trust
|
741,292
|
2,453,677
|
||||||
MFS Investment Grade Municipal Trust
|
213,211
|
1,614,007
|
||||||
Miller/Howard High Dividend Fund
|
8,331
|
88,392
|
||||||
Morgan Stanley Emerging Markets Debt Fund, Inc.
|
175,052
|
1,216,611
|
Shares
|
Value
|
|||||||
INVESTMENT COMPANIES—(continued)
|
||||||||
Closed-End Funds—(continued)
|
||||||||
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.
|
162,390
|
$
|
756,737
|
|||||
Neuberger Berman Municipal Fund, Inc.
|
30,225
|
312,829
|
||||||
Neuberger Berman Next Generation Connectivity Fund, Inc.
|
535,671
|
5,854,884
|
||||||
New America High Income Fund, Inc.
|
91,191
|
641,985
|
||||||
Nuveen Floating Rate Income Fund
|
242,798
|
1,995,800
|
||||||
Nuveen Multi-Asset Income Fund
|
12,779
|
157,182
|
||||||
NXG NextGen Infrastructure Income Fund
|
65,522
|
2,328,652
|
||||||
Pershing Square Holdings Ltd. Fund
|
30,000
|
1,370,502
|
||||||
Pershing Square Holdings Ltd. Fund
|
10,000
|
467,000
|
||||||
Principal Real Estate Income Fund
|
201,915
|
1,908,097
|
||||||
Royce Value Trust, Inc.
|
83,173
|
1,210,999
|
||||||
Saba Capital Income & Opportunities Fund
|
249,557
|
1,924,084
|
||||||
SRH Total Return Fund, Inc.
|
1,116,522
|
15,486,160
|
||||||
Taiwan Fund, Inc.
|
223,819
|
7,741,899
|
||||||
Templeton Global Income Fund
|
48,267
|
182,932
|
||||||
The Swiss Helvetia Fund, Inc.
|
236,992
|
1,943,334
|
||||||
Tortoise Energy Independence Fund, Inc.
|
49,741
|
1,425,577
|
||||||
Tortoise Power and Energy Infrastructure Fund, Inc.
|
147,267
|
2,063,859
|
||||||
Virtus Convertible & Income 2024 Target Term Fund
|
17,054
|
148,711
|
||||||
Virtus Total Return Fund, Inc.
|
805,935
|
4,440,702
|
||||||
Western Asset Global Corporate Defined Opportunity Fund, Inc.
|
287
|
3,665
|
||||||
Western Asset Intermediate Muni Fund, Inc.
|
24,397
|
187,857
|
||||||
129,796,963
|
||||||||
Business Development Companies—14.35%
|
||||||||
Barings BDC, Inc.
|
403,900
|
3,465,462
|
||||||
CION Investment Corp.
|
899,218
|
10,170,156
|
||||||
FS KKR Capital Corp.
|
213,874
|
4,271,064
|
||||||
Logan Ridge Finance Corp.
|
81,161
|
1,835,050
|
||||||
PennantPark Investment Corp.
|
67,321
|
465,188
|
||||||
Portman Ridge Finance Corp.
|
98,369
|
1,789,332
|
||||||
SuRo Capital Corp. (a)
|
152,351
|
600,263
|
||||||
22,596,515
|
||||||||
Total Investment Companies (Cost $136,915,078)
|
152,393,478
|
Shares/Units
|
Value
|
|||||||
SPECIAL PURPOSE ACQUISITION VEHICLES—20.04%
|
||||||||
99 Acquisition Group, Inc. (a)
|
154,727
|
$
|
1,576,668
|
|||||
Agriculture & Natural Solutions Acquisition Corp. Units (a)
|
25,000
|
253,750
|
||||||
Alpha Partners Technology Merger Corp. (a)
|
37,224
|
398,297
|
||||||
AP Acquisition Corp. (a)
|
193,647
|
2,155,291
|
||||||
Ares Acquisition Corp. II (a)
|
161,985
|
1,691,123
|
||||||
Arrowroot Acquisition Corp. (a)
|
50,000
|
523,500
|
||||||
Churchill Capital Corp. VII (a)
|
124,920
|
1,311,660
|
||||||
Colombier Acquisition Corp. II Units (a)
|
61,998
|
624,940
|
||||||
EVe Mobility Acquisition Corp. (a)
|
34,200
|
369,702
|
||||||
Four Leaf Acquisition Corp. (a)
|
67,644
|
710,938
|
||||||
Global Lights Acquisition Corp. (a)
|
246,417
|
2,483,883
|
||||||
Gores Holdings IX, Inc. (a)
|
104,060
|
1,092,630
|
||||||
Haymaker Acquisition Corp. 4 (a)
|
179,631
|
1,844,810
|
||||||
Inflection Point Acquisition Corp. II (a)
|
244,733
|
2,528,092
|
||||||
Investcorp Europe Acquisition Corp. I (a)
|
154,932
|
1,707,351
|
||||||
Quetta Acquisition Corp. (a)
|
167,742
|
1,695,872
|
||||||
Screaming Eagle Acquisition Corp. (a)
|
491,801
|
5,213,091
|
||||||
Spring Valley Acquisition Corp. II (a)
|
130,332
|
1,408,889
|
||||||
TG Venture Acquisition Corp. (a)
|
309,207
|
3,351,804
|
||||||
Trailblazer Merger Corp. I (a)
|
59,479
|
622,150
|
||||||
Total Special Purpose Acquisition Vehicles (Cost $30,976,559)
|
31,564,441
|
|||||||
Shares
|
||||||||
PREFERRED STOCKS—0.22%
|
||||||||
Diversified REITs—0.21%
|
||||||||
NexPoint Diversified Real Estate Trust
|
22,324
|
337,092
|
||||||
Office REITs—0.01%
|
||||||||
Brookfield DTLA Fund Office Trust Investor, Inc.
|
171,723
|
8,586
|
||||||
Total Preferred Stocks (Cost $4,932,717)
|
345,678
|
|||||||
OTHER COMMON STOCKS—5.87%
|
||||||||
Biotechnology—0.39%
|
||||||||
Cyteir Therapeutics, Inc. (a)
|
200,000
|
608,000
|
||||||
Financial Services—0.16%
|
||||||||
Cannae Holdings, Inc. (a)
|
12,980
|
253,240
|
||||||
Shares
|
Value
|
|||||||
Food Products—0.26%
|
||||||||
Limoneira Co.
|
20,000
|
$
|
412,600
|
|||||
Oil, Gas & Consumable Fuels—4.39%
|
||||||||
Texas Pacific Land Corp.
|
4,400
|
6,918,780
|
||||||
Real Estate Management & Development—0.67%
|
||||||||
Howard Hughes Holdings, Inc. (a)
|
12,000
|
1,026,600
|
||||||
Trinity Place Holdings, Inc. (a)
|
221,748
|
24,614
|
||||||
1,051,214
|
||||||||
Total Other Common Stocks (Cost $7,675,035)
|
9,243,834
|
|||||||
TRUSTS—0.97%
|
||||||||
Copper Property CTL Pass Through Trust
|
151,189
|
1,527,009
|
||||||
Lamington Road Grantor Trust (a)(c)
|
320,690
|
0
|
||||||
Total Trusts (Cost $1,758,153)
|
1,527,009
|
|||||||
REAL ESTATE INVESTMENT TRUSTS—0.90%
|
||||||||
NexPoint Diversified Real Estate Trust
|
177,868
|
1,414,054
|
||||||
Total Real Estate Investment Trusts (Cost $2,327,359)
|
1,414,054
|
|||||||
Principal
|
||||||||
Amount
|
||||||||
CORPORATE OBLIGATIONS—1.01%
|
||||||||
Lamington Road DAC (b)(c)
|
||||||||
8.000%, 04/07/2121
|
$
|
17,203,693
|
688,148
|
|||||
9.750%, 04/07/2121
|
1,753,821
|
910,233
|
||||||
Total Corporate Obligations (Cost $6,256,237)
|
1,598,381
|
|||||||
UNSECURED NOTES—3.04%
|
||||||||
Legacy IMBDS, Inc. (c)
|
||||||||
8.500%, 09/30/2026
|
23,458
|
0
|
||||||
Sachem Capital Corp.
|
||||||||
7.125%, 06/30/2024
|
60,000
|
1,500,000
|
||||||
7.750%, 09/30/2025
|
120,000
|
2,864,652
|
||||||
6.000%, 03/30/2027
|
20,000
|
427,600
|
||||||
4,792,252
|
||||||||
Total Unsecured Notes (Cost $5,546,450)
|
4,792,252
|
Shares
|
Value
|
|||||||
WARRANTS—0.07%
|
||||||||
Alset Capital Acquisition Corp.
|
||||||||
Expiration: February 2027
|
||||||||
Exercise Price: $11.50 (a)
|
23,750
|
$
|
237
|
|||||
Andretti Acquisition Corp.
|
||||||||
Expiration: March 2028
|
||||||||
Exercise Price: $11.50 (a)
|
72,334
|
18,084
|
||||||
Blockchain Coinvestors Acquisition Corp. I
|
||||||||
Expiration: November 2028
|
||||||||
Exercise Price: $11.50 (a)
|
32,500
|
1,625
|
||||||
Cactus Acquisition Corp. 1 Ltd.
|
||||||||
Expiration: October 2026
|
||||||||
Exercise Price: $11.50 (a)
|
40,700
|
1,221
|
||||||
Cartesian Growth Corp. II
|
||||||||
Expiration: July 2028
|
||||||||
Exercise Price: $11.50 (a)
|
21,986
|
2,858
|
||||||
Churchill Capital Corp. VII
|
||||||||
Expiration: February 2028
|
||||||||
Exercise Price: $11.50 (a)
|
24,984
|
3,997
|
||||||
Corner Growth Acquisition Corp.
|
||||||||
Expiration: December 2027
|
||||||||
Exercise Price: $11.50 (a)
|
33,333
|
2,067
|
||||||
Corner Growth Acquisition Corp. 2
|
||||||||
Expiration: June 2026
|
||||||||
Exercise Price: $11.50 (a)
|
14,366
|
431
|
||||||
Digital Health Acquisition Corp.
|
||||||||
Expiration: November 2028
|
||||||||
Exercise Price: $11.50 (a)
|
116,000
|
3,074
|
||||||
Global Gas Corp.
|
||||||||
Expiration: October 2027
|
||||||||
Exercise Price: $11.50 (a)
|
19,300
|
618
|
||||||
HNR Acquisition Corp.
|
||||||||
Expiration: July 2028
|
||||||||
Exercise Price: $11.50 (a)
|
63,000
|
3,622
|
||||||
iCoreConnect, Inc.
|
||||||||
Expiration: May 2028
|
||||||||
Exercise Price: $11.50 (a)
|
150,000
|
30
|
||||||
Insight Acquisition Corp.
|
||||||||
Expiration: August 2026
|
||||||||
Exercise Price: $11.50 (a)
|
12,450
|
251
|
Shares
|
Value
|
|||||||
WARRANTS—(continued)
|
||||||||
Investcorp Europe Acquisition Corp. I
|
||||||||
Expiration: November 2028
|
||||||||
Exercise Price: $11.50 (a)
|
150,000
|
$
|
34,380
|
|||||
Keyarch Acquisition Corp.
|
||||||||
Expiration: July 2028
|
||||||||
Exercise Price: $11.50 (a)
|
75,000
|
1,313
|
||||||
Lamington Road
|
||||||||
Expiration: July 2025
|
||||||||
Exercise Price: $0.20 (a)(c)(e)
|
640,000
|
0
|
||||||
Landcadia Holdings IV, Inc.
|
||||||||
Expiration: March 2028
|
||||||||
Exercise Price: $11.50 (a)
|
25,000
|
1,622
|
||||||
NKGen Biotech, Inc.
|
||||||||
Expiration: October 2028
|
||||||||
Exercise Price: $11.50 (a)
|
17,677
|
1,428
|
||||||
Northern Star Investment Corp. III
|
||||||||
Expiration: February 2028
|
||||||||
Exercise Price: $11.50 (a)
|
17,833
|
75
|
||||||
Northern Star Investment Corp. IV
|
||||||||
Expiration: December 2027
|
||||||||
Exercise Price: $11.50 (a)
|
8,833
|
11
|
||||||
Plutonian Acquisition Corp.
|
||||||||
Expiration: October 2027
|
||||||||
Exercise Price: $11.50 (a)
|
101,969
|
3,049
|
||||||
Quantum FinTech Acquisition Corp.
|
||||||||
Expiration: December 2027
|
||||||||
Exercise Price: $11.50 (a)
|
76,000
|
3,906
|
||||||
Screaming Eagle Acquisition Corp.
|
||||||||
Expiration: December 2027
|
||||||||
Exercise Price: $11.50 (a)
|
75,200
|
33,848
|
||||||
TG Venture Acquisition Corp.
|
||||||||
Expiration: August 2028
|
||||||||
Exercise Price: $11.50 (a)
|
100,000
|
1,040
|
||||||
ZyVersa Therapeutics, Inc.
|
||||||||
Expiration: December 2027
|
||||||||
Exercise Price: $11.50 (a)(c)(e)
|
65,250
|
0
|
||||||
Total Warrants (Cost $418,693)
|
118,787
|
Shares
|
Value
|
|||||||
RIGHTS—0.03%
|
||||||||
Alset Capital Acquisition Corp. (a)
|
47,500
|
$
|
9,975
|
|||||
Hudson Acquisition I Corp. (Expiration: April 18, 2024) (a)
|
25,100
|
3,966
|
||||||
Keyarch Acquisition Corp. (a)
|
150,000
|
9,405
|
||||||
Nocturne Acquisition Corp. (a)
|
75,000
|
12,360
|
||||||
Plutonian Acquisition Corp. (Expiration: August 15, 2024) (a)
|
101,969
|
13,460
|
||||||
Total Rights (Cost $74,774)
|
49,166
|
|||||||
MONEY MARKET FUNDS—6.51%
|
||||||||
Fidelity Institutional Government Portfolio—Class I, 5.240% (d)
|
5,127,540
|
5,127,540
|
||||||
Invesco Treasury Portfolio—Institutional Class, 5.262% (d)
|
5,127,541
|
5,127,541
|
||||||
Total Money Market Funds (Cost $10,255,081)
|
10,255,081
|
|||||||
Total Investments (Cost $207,136,136)—135.45%
|
213,302,161
|
|||||||
Other Assets in Excess of Liabilities—0.33%
|
562,133
|
|||||||
Preferred Stock—(35.78)%
|
(56,363,925
|
)
|
||||||
TOTAL NET ASSETS—100.00%
|
$
|
157,500,369
|
(a)
|
Non-income producing security.
|
(b)
|
The coupon rate shown represents the rate at December 31, 2023.
|
(c)
|
Fair valued securities. The total market value of these securities was $1,598,381, representing 1.01% of net assets. Value determined using significant unobservable inputs.
|
(d)
|
The rate shown represents the seven-day yield at December 31, 2023.
|
(e)
|
Illiquid securities. The total market value of these securities was $0, representing 0.00% of net assets.
|
Assets:
|
||||
Investments, at value (Cost $207,136,136)
|
$
|
213,302,161
|
||
Cash
|
8,094
|
|||
Receivables:
|
||||
Investments sold
|
738,047
|
|||
Dividends and interest
|
1,587,906
|
|||
Other assets
|
25,852
|
|||
Total assets
|
215,662,060
|
|||
Liabilities:
|
||||
Payables:
|
||||
Investments purchased
|
1,488,810
|
|||
Advisory
|
180,257
|
|||
Administration
|
33,757
|
|||
Chief Compliance Officer
|
6,093
|
|||
Director
|
10,459
|
|||
Fund accounting
|
711
|
|||
Custody
|
5,995
|
|||
Transfer Agent
|
2,481
|
|||
Legal
|
9,421
|
|||
Audit
|
45,000
|
|||
Reports and notices to shareholders
|
14,774
|
|||
Accrued expenses and other liabilities
|
8
|
|||
Total liabilities
|
1,797,766
|
|||
Preferred Stock:
|
||||
– $0.001 par value, liquidation value per share; |
||||
|
||||
Total preferred stock
|
56,363,925
|
|||
Net assets applicable to common shareholders
|
$
|
157,500,369
|
||
Net assets applicable to common shareholders:
|
||||
– $0.001 par value per common share; shares authorized; |
||||
|
$
|
397,849,371
|
||
Cost of shares held in treasury
|
(245,208,216
|
)
|
||
Total distributable earnings (deficit)
|
4,859,214
|
|||
Net assets applicable to common shareholders
|
$
|
157,500,369
|
||
Net asset value per common share ($157,500,369 applicable to
|
||||
|
$
|
14.30
|
For the year ended
|
||||
December 31, 2023
|
||||
Investment income:
|
||||
Dividends
|
$
|
7,486,235
|
||
Interest
|
2,163,190
|
|||
Total investment income
|
9,649,425
|
|||
Expenses:
|
||||
Investment advisory
|
2,097,272
|
|||
Directors’
|
245,943
|
|||
Administration
|
224,336
|
|||
Compliance
|
69,580
|
|||
Reports and notices to shareholders
|
59,916
|
|||
Audit
|
44,995
|
|||
Transfer agency
|
43,840
|
|||
Custody
|
40,222
|
|||
Legal
|
36,828
|
|||
Stock exchange listing
|
32,273
|
|||
Insurance
|
30,908
|
|||
Accounting
|
4,833
|
|||
Other
|
38,773
|
|||
Net expenses
|
2,969,719
|
|||
Net investment income
|
6,679,706
|
|||
Net realized and unrealized gains (losses) from investment activities:
|
||||
Net realized gain from:
|
||||
Investments
|
1,077,661
|
|||
Foreign currency translations
|
5,001
|
|||
Distributions received from investment companies
|
1,144,856
|
|||
Net realized gain
|
2,227,518
|
|||
Change in net unrealized appreciation (depreciation) on:
|
||||
Investments
|
17,743,241
|
|||
Foreign currency translations
|
8,730
|
|||
Net realized and unrealized gains from investment activities
|
19,979,489
|
|||
Discount on redemption and repurchase of preferred shares
|
179,207
|
|||
Increase in net assets resulting from operations
|
26,838,402
|
|||
Distributions to preferred stockholders
|
(1,587,197
|
)
|
||
Net increase in net assets applicable to common shareholders resulting from operations
|
$
|
25,251,205
|
For the Year Ended
|
||||
December 31, 2023
|
||||
Cash flows from operating activities:
|
||||
Net increase in net assets
|
$
|
26,838,402
|
||
Adjustments to reconcile net increase in net assets applicable to common
|
||||
shareholders resulting from operations to net cash provided by operating activities:
|
||||
Purchases of investments
|
(127,141,189
|
)
|
||
Proceeds from sales of investments
|
138,497,698
|
|||
Net purchases and sales of short-term investments
|
(3,171,952
|
)
|
||
Return of capital and capital gain distributions received from underlying investments
|
3,937,263
|
|||
Accretion of discount
|
149
|
|||
Increase in dividends and interest receivable
|
(815,874
|
)
|
||
Decrease in receivable for investments sold
|
379,838
|
|||
Increase in other assets
|
(1,045
|
)
|
||
Decrease in payable for investments purchased
|
(880,148
|
)
|
||
Increase in payable to Adviser
|
192
|
|||
Decrease in accrued expenses and other liabilities
|
(22,501
|
)
|
||
Net distributions received from investment companies
|
1,144,856
|
|||
Net realized gain from investments
|
(2,222,518
|
)
|
||
Litigation and other proceeds
|
40,372
|
|||
Discount on redemption and repurchase of preferrd shares
|
(179,207 |
) |
||
Net change in unrealized appreciation of investments
|
(17,743,241
|
)
|
||
Net cash provided by operating activities
|
18,661,095
|
|||
Cash flows from financing activities:
|
||||
Distributions paid to common shareholders
|
(11,783,156
|
)
|
||
Distributions paid to preferred shareholders
|
(1,587,197
|
)
|
||
Repurchase of common stock
|
(5,077,215
|
)
|
||
Repurchase of preferred stock
|
(1,830,718
|
)
|
||
Net cash used in financing activities
|
(20,278,286
|
)
|
||
Net change in cash
|
$
|
(1,617,191
|
)
|
|
Cash:
|
||||
Beginning of year
|
1,625,285
|
|||
End of year
|
$
|
8,094
|
For the
|
For the
|
|||||||
year ended
|
year ended
|
|||||||
December 31, 2023
|
December 31, 2022
|
|||||||
From operations:
|
||||||||
Net investment income
|
$
|
6,679,706
|
$
|
3,478,374
|
||||
Net realized gain (loss) from:
|
||||||||
Investments
|
1,077,661
|
(954,692
|
)
|
|||||
Foreign currency translations
|
5,001
|
—
|
||||||
Distributions received from investment companies
|
1,144,856
|
1,828,305
|
||||||
Net change in unrealized appreciation (depreciation) on:
|
||||||||
Investments
|
17,743,241
|
(29,012,831
|
)
|
|||||
Foreign currency translations
|
8,730
|
—
|
||||||
Discount on redemption and repurchases of preferred shares
|
179,207
|
—
|
||||||
Net increase (decrease) in net assets resulting from operations
|
26,838,402
|
(24,660,844
|
)
|
|||||
Distributions paid to preferred shareholders:
|
||||||||
Net dividends and distributions
|
(1,587,197
|
)
|
(1,467,040
|
)
|
||||
Total dividends and distributions paid to preferred shareholders
|
(1,587,197
|
)
|
(1,467,040
|
)
|
||||
Net increase (decrease) in net assets applicable to common
|
||||||||
shareholders resulting from operations
|
25,251,205
|
(26,127,884
|
)
|
|||||
Distributions paid to common shareholders:
|
||||||||
Net dividends and distributions
|
(6,271,117
|
)
|
(15,317,585
|
)
|
||||
Return of capital
|
(5,512,039
|
)
|
(226,028
|
)
|
||||
Total dividends and distributions paid to common shareholders
|
(11,783,156
|
)
|
(15,543,613
|
)
|
||||
Capital Stock Transactions (Note 4)
|
||||||||
Repurchase of common stock through tender offer
|
—
|
(19,612,500
|
)
|
|||||
Repurchase of common stock
|
(5,077,215
|
)
|
—
|
|||||
Total capital stock transactions
|
(5,077,215
|
)
|
(19,612,500
|
)
|
||||
Net increase (decrease) in net assets
|
||||||||
applicable to common shareholders
|
8,390,834
|
(61,283,997
|
)
|
|||||
Net assets applicable to common shareholders:
|
||||||||
Beginning of year
|
149,109,535
|
210,393,532
|
||||||
End of year
|
$
|
157,500,369
|
$
|
149,109,535
|
For the year ended December 31,
|
||||||||||||||||||
2023
|
2022
|
2021
|
2020
|
2019
|
||||||||||||||
$
|
13.01
|
$
|
16.55
|
$
|
16.13
|
$
|
16.06
|
$
|
13.78
|
|||||||||
0.58
|
0.28
|
0.18
|
0.59
|
0.31
|
||||||||||||||
1.80
|
(2.43
|
)
|
4.06
|
0.84
|
3.13
|
|||||||||||||
2.38
|
(2.15
|
)
|
4.24
|
1.43
|
3.44
|
|||||||||||||
(0.14
|
)
|
(0.03
|
)
|
(0.05
|
)
|
(0.21
|
)
|
(0.05
|
)
|
|||||||||
—
|
(0.09
|
)
|
(0.03
|
)
|
(0.02
|
)
|
(0.18
|
)
|
||||||||||
2.24
|
(2.27
|
)
|
4.16
|
1.20
|
3.21
|
|||||||||||||
(0.55
|
)
|
(0.34
|
)
|
(0.23
|
)
|
(0.65
|
)
|
(0.20
|
)
|
|||||||||
—
|
(0.96
|
)
|
(1.57
|
)
|
(0.48
|
)
|
(0.73
|
)
|
||||||||||
(0.49
|
)
|
(0.02
|
)
|
—
|
—
|
—
|
||||||||||||
(1.04
|
)
|
(1.32
|
)
|
(1.80
|
)
|
(1.13
|
)
|
(0.93
|
)
|
|||||||||
0.09
|
—
|
—
|
—
|
—
|
||||||||||||||
—
|
—
|
(1.94
|
)
|
—
|
—
|
|||||||||||||
—
|
0.05
|
—
|
—
|
—
|
||||||||||||||
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||
18.74
|
%
|
-13.81
|
%
|
14.09
|
%
|
9.24
|
%
|
23.72
|
%
|
|||||||||
14.13
|
%
|
-18.33
|
%
|
23.62
|
%
|
5.00
|
%
|
32.93
|
%
|
|||||||||
1.95
|
%
|
1.89
|
%
|
1.57
|
%
|
2.13
|
%
|
1.99
|
%
|
|||||||||
4.40
|
%
|
2.03
|
%
|
0.72
|
%
|
1.96
|
%
|
2.01
|
%
|
|||||||||
$
|
157,500
|
$
|
149,110
|
$
|
210,394
|
$
|
137,129
|
$
|
136,504
|
|||||||||
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||
64
|
%
|
54
|
%
|
80
|
%
|
85
|
%
|
75
|
%
|
|||||||||
|
|
|
|
|
||||||||||||||
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
(1)
|
Recognition of investment income by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.
|
(2)
|
Total net asset value return is calculated assuming a $10,000 purchase of common stock at the current net asset value on the first day of each period reported and a sale at the current net asset value on the last day of each period
reported, and assuming reinvestment of dividends and other distributions at the net asset value on the ex-dividend date. Total investment return based on net asset value is hypothetical as investors can not purchase or sell Fund shares at net
asset value but only at market prices. Returns do not reflect the deduction of taxes that a shareholder could pay on Fund dividends and other distributions, if any, or the sale of Fund shares.
|
(3)
|
Total market price return is calculated assuming a $10,000 purchase of common stock at the current market price on the first day of each period reported and a sale at the current market price on the last day of each period reported, and
assuming reinvestment of dividends and other distributions to common shareholders at the lower of the NAV or the closing market price on the ex-dividend date. Total investment return does not reflect brokerage commissions and has not been
annualized for the period of less than one year. Returns do not reflect the deduction of taxes that a shareholder could pay on Fund dividends and other distributions, if any, or the sale of Fund shares.
|
(4)
|
Does not include expenses of the investment companies in which the Fund invests.
|
Level 1—
|
Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
|
Level 2—
|
Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market,
prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
|
Level 3—
|
Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and
would be based on the best information available.
|
Quoted Prices in
|
||||||||||||||||
Active Markets
|
||||||||||||||||
for Identical
|
Significant Other
|
Unobservable
|
||||||||||||||
Investments
|
Observable Inputs
|
Inputs
|
||||||||||||||
(Level 1)
|
(Level 2)
|
(Level 3)*
|
Total
|
|||||||||||||
Investment Companies
|
||||||||||||||||
Closed-End Funds
|
$
|
129,796,963
|
$
|
—
|
$
|
—
|
$
|
129,796,963
|
||||||||
Business Development
|
||||||||||||||||
Companies
|
22,596,515
|
—
|
—
|
22,596,515
|
||||||||||||
Special Purpose
|
||||||||||||||||
Acquisition Vehicles
|
25,287,187
|
6,277,254
|
—
|
31,564,441
|
||||||||||||
Preferred Stocks
|
||||||||||||||||
Real Estate Investment Trusts
|
345,678
|
—
|
—
|
345,678
|
||||||||||||
Other Common Stocks
|
||||||||||||||||
Biotechnology
|
608,000
|
—
|
—
|
608,000
|
||||||||||||
Financial Services
|
253,240
|
—
|
—
|
253,240
|
||||||||||||
Food Products
|
412,600
|
—
|
—
|
412,600
|
||||||||||||
Oil, Gas & Consumable Fuels
|
6,918,780
|
—
|
—
|
6,918,780
|
||||||||||||
Real Estate Management
|
||||||||||||||||
& Development
|
1,051,214
|
—
|
—
|
1,051,214
|
||||||||||||
Trusts
|
1,527,009
|
—
|
0
|
1,527,009
|
||||||||||||
Real Estate Investment Trusts
|
1,414,054
|
—
|
—
|
1,414,054
|
||||||||||||
Corporate Obligations
|
—
|
—
|
1,598,381
|
1,598,381
|
||||||||||||
Unsecured Notes
|
4,792,252
|
—
|
0
|
4,792,252
|
||||||||||||
Warrants
|
83,051
|
35,736
|
0
|
118,787
|
||||||||||||
Rights
|
35,706
|
13,460
|
—
|
49,166
|
||||||||||||
Money Market Funds
|
10,255,081
|
—
|
—
|
10,255,081
|
||||||||||||
Total
|
$
|
205,377,330
|
$
|
6,326,450
|
$
|
1,598,381
|
$
|
213,302,161
|
*
|
The Fund measures Level 3 activity as of the beginning and end of each financial reporting period.
|
Derivatives not accounted
|
Statement of Assets &
|
|
for as hedging instruments
|
Liabilities Location
|
Value
|
Equity Contracts – Warrants
|
Investments, at value
|
$118,787
|
Amount of Realized Loss on Derivatives Recognized in Income
|
||
Derivatives not accounted
|
Statement of
|
|
for as hedging instruments
|
Operations Location
|
Value
|
Equity Contracts – Warrants
|
Net Realized Loss
|
$(1,166,220)
|
on Investments
|
Change in Unrealized Appreciation on Derivatives Recognized in Income
|
||
Derivatives not accounted
|
Statement of
|
|
for as hedging instruments
|
Operations Location
|
Total
|
Equity Contracts – Warrants
|
Net change in unrealized
|
$957,340
|
appreciation of investments
|
Trust
|
Corporate
|
Unsecured
|
||||||||||||||
Category
|
Certificates
|
Obligations
|
Notes
|
Warrants
|
||||||||||||
Balance as of 12/31/2022
|
$
|
18,279
|
$
|
1,525,819
|
$
|
—
|
$
|
4,639
|
||||||||
Acquisitions
|
—
|
882,319
|
—
|
—
|
||||||||||||
Dispositions
|
—
|
—
|
—
|
|
—
|
|||||||||||
Transfers into (out of) Level 3
|
—
|
—
|
0
|
(252
|
)
|
|||||||||||
Accretion/Amortization
|
—
|
(149
|
)
|
—
|
—
|
|||||||||||
Corporate Actions
|
—
|
—
|
—
|
—
|
||||||||||||
Realized Gain (Loss)
|
—
|
—
|
—
|
|
—
|
|||||||||||
Change in unrealized appreciation (depreciation)
|
(18,279
|
)
|
(809,608
|
)
|
—
|
(4,387
|
)
|
|||||||||
Balance as of 12/31/2023
|
$
|
0
|
$
|
1,598,381
|
$
|
0
|
$
|
0
|
||||||||
Change in unrealized appreciation (depreciation)
|
||||||||||||||||
during the period for Level 3 investments
|
||||||||||||||||
held at December 31, 2023
|
$
|
(18,279
|
)
|
$
|
(809,608
|
)
|
$
|
—
|
$
|
(4,568
|
)
|
Fair Value
|
Valuation
|
Unobservable
|
Impact to valuation
|
|||||
Category
|
12/31/2023
|
Methodologies
|
Inputs
|
Range
|
from an increase to input
|
|||
Trust
|
$
|
0
|
Market Approach
|
Last traded price,
|
$0.00-
|
Increase
|
||
Certificates
|
Company-Specific
|
0.057
|
|
|||||
Information |
|
|||||||
Corporate
|
1,598,381
|
Market Approach
|
Last traded price,
|
4.00-
|
Increase
|
|||
Obligations
|
|
Company-Specific
|
51.90
|
|
||||
|
Information
|
|
||||||
Unsecured
|
0
|
Market Approach
|
Company-Specific
|
0.00-
|
Increase
|
|||
Notes
|
|
Information
|
11.40
|
|
||||
Warrants
|
0
|
Market Approach
|
Company-Specific
|
0.00-
|
Increase
|
|||
Information
|
0.10
|
|
For the
|
For the
|
|||||||
year ended
|
year ended
|
|||||||
Distributions paid to common shareholders from:
|
December 31, 2023
|
December 31, 2022
|
||||||
Ordinary income
|
$
|
6,271,117
|
$
|
4,047,986
|
||||
Long-term capital gains
|
—
|
11,269,599
|
||||||
Return of capital
|
5,512,039
|
226,028
|
||||||
Total distributions paid
|
$
|
11,783,156
|
$
|
15,543,613
|
||||
For the
|
For the
|
|||||||
year ended
|
year ended
|
|||||||
Distributions paid to preferred shareholders from:
|
December 31, 2023
|
December 31, 2022
|
||||||
Ordinary income
|
$
|
1,587,197
|
$
|
387,696
|
||||
Long-term capital gains
|
—
|
1,079,344
|
||||||
Total distributions paid
|
$
|
1,587,197
|
$
|
1,467,040
|
Tax cost of investments
|
$
|
207,940,261
|
||
Unrealized appreciation
|
25,436,273
|
|||
Unrealized depreciation
|
(20,065,643
|
)
|
||
Net unrealized depreciation
|
5,370,630
|
|||
Undistributed ordinary income
|
—
|
|||
Undistributed long-term gains
|
—
|
|||
Total distributable earnings
|
—
|
|||
Other accumulated/gains losses and other temporary differences
|
(511,416
|
)
|
||
Total accumulated losses
|
$
|
4,859,214
|
Proposal to elect Andrew Dakos as a director:
|
|||
FOR
|
% of Quorum
|
% of O/S
|
WITHHELD
|
7,260,165
|
66.86%
|
53.90%
|
3,598,725
|
Proposal to elect Ben Harris as a director:
|
|||
FOR
|
% of Quorum
|
% of O/S
|
WITHHELD
|
7,224,308
|
66.53%
|
53.64%
|
3,634,582
|
Proposal to elect Gerald Hellerman as a director:
|
|||
FOR
|
% of Quorum
|
% of O/S
|
WITHHELD
|
7,180,858
|
66.13%
|
53.31%
|
3,678,132
|
Proposal to elect Charles C. Walden as a director:
|
|||
FOR
|
% of Quorum
|
% of O/S
|
WITHHELD
|
7,199,711
|
66.30%
|
53.45%
|
3,659,179
|
Proposal to elect Phillip Goldstein as a director:
|
|||
FOR
|
% of Quorum
|
% of O/S
|
WITHHELD
|
2,113,869
|
98.05%
|
92.43%
|
42,126
|
Proposal to elect Marc Lunder as a director:
|
|||
FOR
|
% of Quorum
|
% of O/S
|
WITHHELD
|
2,113,869
|
98.05%
|
92.43%
|
42,126
|
Term of
|
Number of
|
Other
|
|||
Office
|
Portfolios
|
Directorships
|
|||
and
|
in Fund
|
held by
|
|||
Position(s)
|
Length
|
Principal Occupation
|
Complex
|
Director During
|
|
Name, Address
|
Held with
|
of Time
|
During the Past
|
Overseen
|
the Past
|
and Age*
|
the Fund
|
Served
|
Five Years
|
by Director**
|
Five Years
|
INTERESTED DIRECTORS
|
|||||
Andrew Dakos***
|
President
|
1 year;
|
Partner of the Adviser since
|
1
|
Director, Brookfield
|
(57)
|
as of
|
Since
|
2009; Partner of Ryan
|
DTLA Fund Office
|
|
October
|
2009
|
Heritage, LLP since 2019;
|
Trust Investor, Inc.;
|
||
2009.
|
Principal of the former
|
Trustee, Crossroads
|
|||
general partner of several
|
Liquidating Trust
|
||||
private investment partnerships
|
(until 2020);
|
||||
in the Bulldog Investors group
|
Trustee, High
|
||||
of private funds.
|
Income Securities
|
||||
Fund; Chairman,
|
|||||
Swiss Helvetia
|
|||||
Fund, Inc.
|
|||||
Phillip Goldstein***
|
Chairman
|
1 year;
|
Partner of the Adviser since
|
1
|
Chairman, Mexico
|
(79)
|
and
|
Since
|
2009; Partner of Ryan
|
Equity and Income
|
|
Secretary
|
2009
|
Heritage, LLP since 2019;
|
Fund, Inc.; Director,
|
||
as of
|
Principal of the former
|
MVC Capital, Inc.
|
|||
October
|
general partner of several
|
(until 2020);
|
|||
2009.
|
private investment partnerships
|
Director, Brookfield
|
|||
in the Bulldog Investors group
|
DTLA Fund Office
|
||||
of private funds.
|
Trust Investor, Inc.;
|
||||
Trustee, Crossroads
|
|||||
Liquidating Trust
|
|||||
(until 2020);
|
|||||
Chairman, High
|
|||||
Income Securities
|
|||||
Fund; Director,
|
|||||
Swiss Helvetia
|
|||||
Fund, Inc.
|
Term of
|
Number of
|
Other
|
|||
Office
|
Portfolios
|
Directorships
|
|||
and
|
in Fund
|
held by
|
|||
Position(s)
|
Length
|
Principal Occupation
|
Complex
|
Director During
|
|
Name, Address
|
Held with
|
of Time
|
During the Past
|
Overseen
|
the Past
|
and Age*
|
the Fund
|
Served
|
Five Years
|
by Director**
|
Five Years
|
INDEPENDENT DIRECTORS
|
|||||
Gerald Hellerman
|
—
|
1 year;
|
Managing Director of Hellerman
|
1
|
Director, Mexico
|
(86)
|
Since
|
Associates (a financial and
|
Equity and Income
|
||
2009
|
corporate consulting firm) since
|
Fund, Inc.; Trustee,
|
|||
1993 (which terminated activities
|
Fiera Capital Series
|
||||
as of December, 31, 2013).
|
Trust (until 2023);
|
||||
Trustee, High
|
|||||
Income Securities
|
|||||
Fund; Director,
|
|||||
Swiss Helvetia
|
|||||
Fund, Inc.; Director,
|
|||||
MVC Capital, Inc.
|
|||||
(until 2020);
|
|||||
Trustee, Crossroads
|
|||||
Liquidating Trust
|
|||||
(until 2020).
|
|||||
Marc Lunder
|
—
|
1 year;
|
Managing Member of Lunder
|
1
|
None
|
(60)
|
Effective
|
Capital LLC.
|
|||
January 1,
|
|||||
2015
|
|||||
Ben Harris
|
—
|
1 year;
|
Executive Chairman of
|
1
|
Trustee,
|
(55)
|
Since
|
Hormel Harris Investments, LLC;
|
High Income
|
||
2009
|
Principal of NBC Bancshares, LLC;
|
Securities Fund.
|
|||
Chief Executive Officer of Crossroads
|
|||||
Capital, Inc.; Administrator of
|
|||||
Crossroads Liquidating Trust.
|
|||||
Charles C. Walden
|
—
|
1 year;
|
President and Owner of Sound
|
1
|
Independent
|
(79)
|
Since
|
Capital Associates, LLC
|
Chairman, Third
|
||
2009
|
(consulting firm).
|
Avenue Funds
|
|||
(fund complex
|
|||||
consisting of three
|
|||||
funds and one
|
|||||
variable series trust)
|
|||||
(until 2019).
|
Term of
|
Number of
|
Other
|
|||
Office
|
Portfolios
|
Directorships
|
|||
and
|
in Fund
|
held by
|
|||
Position(s)
|
Length
|
Principal Occupation
|
Complex
|
Director During
|
|
Name, Address
|
Held with
|
of Time
|
During the Past
|
Overseen
|
the Past
|
and Age*
|
the Fund
|
Served
|
Five Years
|
by Director**
|
Five Years
|
OFFICERS
|
|||||
Andrew Dakos***
|
President
|
1 year;
|
Partner of the Adviser since
|
n/a
|
n/a
|
(57)
|
as of
|
Since
|
2009; Partner of Ryan
|
||
October
|
2009
|
Heritage, LLP since 2019;
|
|||
2009.
|
Principal of the former
|
||||
general partner of several
|
|||||
private investment partnerships
|
|||||
in the Bulldog Investors group
|
|||||
of private funds.
|
|||||
Rajeev Das***
|
Vice-
|
1 year;
|
Principal of the Adviser and
|
n/a
|
n/a
|
(55)
|
President
|
Since
|
Ryan Heritage, LLP.
|
||
as of
|
2009
|
||||
October
|
|||||
2009.
|
|||||
Phillip Goldstein***
|
Chairman
|
1 year;
|
Partner of the Adviser
|
n/a
|
n/a
|
(79)
|
and
|
Since
|
since 2009; Partner of Ryan
|
||
Secretary
|
2009
|
Heritage, LLP since 2019;
|
|||
as of
|
Principal of the
|
||||
October
|
former general partner of
|
||||
2009.
|
several private investment
|
||||
partnerships in the Bulldog
|
|||||
Investors group of funds.
|
|||||
Stephanie Darling***
|
Chief
|
1 year;
|
General Counsel and Chief
|
n/a
|
n/a
|
(53)
|
Compliance
|
Since
|
Compliance Officer of
|
||
Officer
|
2020
|
Bulldog Investors, LLP;
|
|||
as of
|
Chief Compliance Officer –
|
||||
April
|
Ryan Heritage, LLP, High
|
||||
2020.
|
Income Securities Fund,
|
||||
Swiss Helvetia Fund, and
|
|||||
Mexico Equity and Income
|
|||||
Fund; Principal, the Law
|
|||||
Office of Stephanie Darling;
|
|||||
Editor-In-Chief, The
|
|||||
Investment Lawyer.
|
Term of
|
Number of
|
Other
|
|||
Office
|
Portfolios
|
Directorships
|
|||
and
|
in Fund
|
held by
|
|||
Position(s)
|
Length
|
Principal Occupation
|
Complex
|
Director During
|
|
Name, Address
|
Held with
|
of Time
|
During the Past
|
Overseen
|
the Past
|
and Age*
|
the Fund
|
Served
|
Five Years
|
by Director**
|
Five Years
|
Thomas Antonucci***
|
Chief
|
1 year;
|
Director of Operations
|
n/a
|
n/a
|
(55)
|
Financial
|
Since
|
of the Adviser and Ryan
|
||
Officer
|
2014
|
Heritage, LLP.
|
|||
and
|
|||||
Treasurer
|
|||||
as of
|
|||||
January
|
|||||
2014.
|
*
|
The address for all directors and officers is c/o Special Opportunities Fund, Inc., 615 East Michigan Street, Milwaukee, WI 53202.
|
|
**
|
The Fund Complex is comprised of only the Fund.
|
|
***
|
Messrs. Dakos, Goldstein, Das, Antonucci and Ms. Darling are each considered an “interested person” of the Fund within the meaning of the 1940 Act because of their affiliation with Bulldog Investors, LLP, the Adviser, and their positions
as officers of the Fund.
|
1.
|
Information from the Consumer: this category includes information the Fund receives from you on or in applications or other forms, correspondence, or conversations (such as your name, address, phone number, social security number, assets,
income and date of birth); and
|
|
2.
|
Information about the Consumer’s transactions: this category includes information about your transactions with the Fund, its affiliates, or others (such as your account number and balance, payment history, parties to transactions, cost
basis information, and other financial information).
|
December 31, 2023
|
December 31, 2022
|
||
Registrant
|
$6,000
|
$6,000
|
|
Registrant’s Investment Adviser
|
$0
|
$0
|
(a)
|
Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
|
Period
|
(a)
Total Number of
Shares (or Units)
Purchased
|
(b)
Average Price Paid
per Share (or Unit)
|
(c)
Total Number of
Shares (or Units)
Purchased as Part
of Publicly
Announced Plans
or Programs
|
(d)
Maximum Number
(or Approximate
Dollar Value) of
Shares (or Units)
that May Yet Be
Purchased Under
the Plans or
Programs
|
7/1/2023 to
7/31/2023
|
82,648
|
$11.36
|
N/A
|
N/A
|
8/1/2023 to
8/31/2023
|
38,090
|
$11.41
|
N/A
|
N/A
|
9/1/2023 to
9/30/2023
|
82,541
|
$11.20
|
N/A
|
N/A
|
10/1/2023 to
10/31/2023
|
55,055
|
$10.60
|
N/A
|
N/A
|
11/1/2023 to
11/30/2023
|
53,370
|
$11.20
|
N/A
|
N/A
|
12/1/2023 to
12/31/2023
|
63,531
|
$11.66
|
N/A
|
N/A
|
Total
|
375,235(1)
|
$11.25
|
N/A
|
N/A
|
(a)
|
The Registrant’s President and Chief Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of
the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d‑15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and
procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s
service provider.
|
(b)
|
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the Registrant's internal control over financial reporting.
|
NAME OF EMPLOYEE:
|
||
EMPLOYEE ACCOUNT:
|
||
(Account Name & Number)
|
||
or
|
||
EMPLOYEE RELATED:
|
||
(Account Name & Number)
|
||
BROKERAGE FIRM or BANK:
|
DATE:
|
||||||
SECURITY:
|
||||||
NUMBER OF SHARES:
|
||||||
TRADE IS TO:
|
BUY
|
SELL
|
OTHER INFORMATION:
|
TYPE OF ORDER:
|
MARKET
|
LIMIT
|
1.
|
Is there any current order for any advisory client(s) to purchase or sell the same Security or its equivalent (the same issuer or some
derivative, e.g., option or warrant)?
|
YES □
|
NO □
|
2.
|
Is the Security being considered for purchase or sale for any advisory client?
|
YES □
|
NO □
|
3.
|
Is the Security owned by any advisory client(s)?
|
YES □
|
NO □
|
4.
|
For portfolio managers, has the Security been bought or sold for advisory client account(s) within the last 15 calendar days?
|
YES □
|
NO □
|
5.
|
Do you have any material nonpublic information about the Security or the Fund?
|
YES □
|
NO □
|
6.
|
Is the Security an IPO?
|
YES □
|
NO □
|
7.
|
Is the Security a Limited Offering?
|
YES □
|
NO □
|
8.
|
Should this Security be considered an investment opportunity for clients?
|
YES □
|
NO □
|
9.
|
Has this Security been purchased or sold by you or in an account related to you in the past 60 days?
|
YES □
|
NO □
|
Signature
|
|
Date
|
APPROVED BY:
|
||
DATE:
|
1.
|
Name:
|
2.
|
Identify household members:
|
(Spouse, children, and other relatives residing in the same household)
|
3.
|
List all brokerage or bank accounts in which you or your immediate family members and others residing in your household have a
beneficial interest and maintain accounts:
|
FIRM
|
ADDRESS
|
ACCOUNT NUMBER
|
|||
4.
|
Do you have any outside employment or business activity?
|
YES □
|
NO □
|
If YES, Describe:
|
||
5.
|
Do you serve as a Director, Officer, Trustee, Member, Partner, or in any other capacity, for any other entity?
|
YES □
|
NO □
|
If YES, Describe:
|
||
6.
|
Have you received any gifts from, or made any gifts to, clients, labor union or official, or anyone else doing business with the firm,
other than gifts of nominal value (defined as greater than $100)?
|
YES □
|
NO □
|
If YES, Describe:
|
7.
|
Have you made any charitable contributions to clients or anyone doing business with the firm in an amount greater than $1,000?
|
YES □
|
NO □
|
If YES, Describe:
|
8.
|
Do you own any interests in any securities or other investments not included on your brokerage statements, e.g., private placements,
limited partnerships, etc. (non-custodied securities)?
|
YES □
|
NO □
|
If YES, List:
|
||
9.
|
Do you have any ownership interest (a minimum of 5% interest) in other entities (public or non-public) not included on brokerage
statements?
|
YES □
|
NO □
|
If YES, List:
|
||
10.
|
Have you reviewed, understand, and agree to comply with the Code of Ethics and all current policies and procedures regarding personal
securities trading and insider trading activity at our firm?
|
YES □
|
NO □
|
Signature:
|
||
Date:
|
1.
|
any account in which the Funds’ investment adviser or any access person has no direct or indirect influence or control,
|
2.
|
direct obligations of the U.S. Government, e.g., U.S. Treasury bills, notes and bonds,
|
3.
|
high quality short-term instruments, e.g., U.S. bank certificates of deposit, bankers’ acceptances, and commercial paper, and money market mutual funds; and
|
4.
|
Units of unit investment trusts, so long as the unit investment trust is neither managed by our firm, any affiliate of our firm, nor invested in affiliated mutual funds.
|
_____ |
I have arranged for the Firm to receive automatic duplicate confirms and statements of securities transactions and holdings which meet the reporting requirements.
|
Access Person Signature |
|
Date Submitted |
|
|
|
Reviewed by (CCO or designated person) |
|
Date |
Name of Security &
Ticker Symbol or CUSIP # (if applicable)
|
# of
Shares
|
Principal
Amount
|
Name of Broker Dealer or Bank
|
|
Access Person Signature |
|
Date Submitted |
|
|
|
Reviewed by (CCO or designated person) |
|
Date |
1.
|
Please complete all sections;
|
2.
|
Print, sign and date the form;
|
3.
|
Send to Chief Compliance Officer (or designated person), and
|
4.
|
Send before the deadline dates noted above.
|
Name of Security1
|
Date of
Transaction
|
Purchase/
Sale
|
No. of Shares or
Principal Amount
|
Price
|
Broker, Dealer
or Other Party
Through
Whom
Transaction
Was Made
|
|
Broker, Dealer or Bank
|
Account Number
|
Date
Established
|
|
Date: |
|
|
Signature: |
|
|
|
|
|
|
|
|
Name: |
|
|
|
|
Name of Security2
|
No. of Shares
or Principal
Amount
|
Registration on
Security or
Account
|
Nature of
Interest
|
Broker, Dealer
or Bank
|
|
1.
|
I have reviewed this report on Form N-CSR of Special Opportunities Fund, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if
the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over
financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the
filing date of this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and
report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: 3/4/2024
|
/s/Andrew Dakos
Andrew Dakos President |
1.
|
I have reviewed this report on Form N-CSR of Special Opportunities Fund, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if
the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over
financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the
filing date of this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and
report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: 3/4/2024
|
/s/Thomas Antonucci
Thomas Antonucci Chief Financial Officer |
/s/Andrew Dakos
Andrew Dakos
President,
Special Opportunities Fund, Inc.
|
/s/Thomas Antonucci
Thomas Antonucci
Chief Financial Officer,
Special Opportunities Fund, Inc.
|
Dated: 3/4/2024
|
Dated: 3/4/2024
|
Special Opportunities Fund, Inc.
January 31, 2023
19a-1 Notice
|
Distribution Estimates
|
January 2023
|
Fiscal Year-to-date (YTD)1
|
||
Source
|
Per Share
Amount
|
Percent of
Current
Distribution
|
Per Share
Amount
|
Percent of Fiscal
Year
Distributions
|
Net Investment Income
|
$0.0241
|
27.81%
|
$0.0241
|
27.81%
|
Net Realized Short-Term Capital Gains
|
$0.0000
|
0.00%
|
$0.0000
|
0.00%
|
Net Realized Long-Term Capital Gains
|
$0.0000
|
0.00%
|
$0.0000
|
0.00%
|
Return of Capital
|
$0.0626
|
72.19%
|
$0.0626
|
72.19%
|
Total Distribution
|
$0.0867
|
100.00%
|
$0.0867
|
100.00%
|
Average Annual Total Return for the 5-year period ended on December 31, 20222
|
3.92%
|
Current Annualized Distribution Rate (current fiscal year)3
|
10.15%
|
Current Fiscal Year Cumulative Total Return4
|
-13.81%
|
Cumulative Distribution Rate (current fiscal year)5
|
10.15%
|
1
|
The Fund’s current fiscal year began on January 1, 2023
|
2
|
Average annual Total Return is the percentage change in the Fund’s NAV over a year including distributions paid and assuming reinvestment of distributions.
|
3
|
The Current Annualized Distribution Rate is the Cumulative Distribution Rate as of December 31, 2022, annualized as a percentage of the Fund’s NAV at the same date.
|
4
|
Current Fiscal Year Cumulative Total Return is the percentage change in the Fund’s NAV from January 1, 2022, through December 31, 2022, including distributions paid
and assuming reinvestment of those distributions.
|
5
|
Cumulative Distribution Rate for the Fund’s current fiscal period (January 1, 2022, through December 31, 2022) measured on the dollar value of distributions in the
period as a percentage of the Fund’s NAV as of December 31, 2022.
|
Special Opportunities Fund, Inc.
February 28, 2023
19a-1 Notice
|
Distribution Estimates
|
February 2023
|
Fiscal Year-to-date (YTD)1
|
||
Source
|
Per Share
Amount
|
Percent of
Current
Distribution
|
Per Share
Amount
|
Percent of Fiscal
Year
Distributions
|
Net Investment Income
|
$0.0425
|
48.99%
|
$0.0666
|
38.40%
|
Net Realized Short-Term Capital Gains
|
$0.0000
|
0.00%
|
$0.0000
|
0.00%
|
Net Realized Long-Term Capital Gains
|
$0.0000
|
0.00%
|
$0.0000
|
0.00%
|
Return of Capital
|
$0.0442
|
51.01%
|
$0.1068
|
61.60%
|
Total Distribution
|
$0.0867
|
100.00%
|
$0.1734
|
100.00%
|
Average Annual Total Return for the 5-year period ended on January 31, 20232
|
4.54%
|
Current Annualized Distribution Rate (current fiscal year)3
|
7.55%
|
Current Fiscal Year Cumulative Total Return4
|
6.60%
|
Cumulative Distribution Rate (current fiscal year)5
|
0.63%
|
1
|
The Fund’s current fiscal year began on January 1, 2023
|
2
|
Average annual Total Return is the percentage change in the Fund’s NAV over a year including distributions paid and assuming reinvestment of distributions.
|
3
|
The Current Annualized Distribution Rate is the Cumulative Distribution Rate as of January 31, 2023, annualized as a percentage of the Fund’s NAV at the same date.
|
4
|
Current Fiscal Year Cumulative Total Return is the percentage change in the Fund’s NAV from January 1, 2023, through January 31, 2023, including distributions paid
and assuming reinvestment of those distributions.
|
5
|
Cumulative Distribution Rate for the Fund’s current fiscal period (January 1, 2023, through January 31, 2023) measured on the dollar value of distributions in the
period as a percentage of the Fund’s NAV as of January 31, 2023.
|
Special Opportunities Fund, Inc.
March 31, 2023
19a-1 Notice
|
Distribution Estimates
|
March 2023
|
Fiscal Year-to-date (YTD)1
|
||
Source
|
Per Share
Amount
|
Percent of
Current
Distribution
|
Per Share
Amount
|
Percent of Fiscal
Year
Distributions
|
Net Investment Income
|
$0.0746
|
86.09%
|
$0.1412
|
54.30%
|
Net Realized Short-Term Capital Gains
|
$0.0063
|
7.29%
|
$0.0000
|
0.00%
|
Net Realized Long-Term Capital Gains
|
$0.0057
|
6.62%
|
$0.0000
|
0.00%
|
Return of Capital
|
$0.0000
|
0.00%
|
$0.1189
|
45.70%
|
Total Distribution
|
$0.0867
|
100.00%
|
$0.2601
|
100.00%
|
Average Annual Total Return for the 5-year period ended on February 28, 20232
|
4.91%
|
Current Annualized Distribution Rate (current fiscal year)3
|
7.71%
|
Current Fiscal Year Cumulative Total Return4
|
5.09%
|
Cumulative Distribution Rate (current fiscal year)5
|
1.28%
|
1
|
The Fund’s current fiscal year began on January 1, 2023
|
2
|
Average annual Total Return is the percentage change in the Fund’s NAV over a year including distributions paid and assuming reinvestment of distributions.
|
3
|
The Current Annualized Distribution Rate is the Cumulative Distribution Rate as of January 31, 2023, annualized as a percentage of the Fund’s NAV at the same date.
|
4
|
Current Fiscal Year Cumulative Total Return is the percentage change in the Fund’s NAV from January 1, 2023, through February 28, 2023, including distributions paid
and assuming reinvestment of those distributions.
|
5
|
Cumulative Distribution Rate for the Fund’s current fiscal period (January 1, 2023, through February 28, 2023) measured on the dollar value of distributions in the
period as a percentage of the Fund’s NAV as of February 28, 2023.
|
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