Average annual total returns for common stock for the periods ended 6/30/2019
|
||||
Net asset value returns
|
1 year
|
5 years
|
Since 1/25/10
|
10 years*
|
Special Opportunities Fund, Inc.
|
3.64%
|
5.10%
|
7.75%
|
8.25%
|
Market price returns
|
||||
Special Opportunities Fund, Inc.
|
4.66%
|
5.38%
|
7.90%
|
8.47%
|
Index returns
|
||||
S&P 500® Index
|
10.42%
|
10.71%
|
13.38%
|
14.70%
|
Share price as of 6/30/19
|
|
Net asset value
|
$15.50
|
Market price
|
$13.75
|
*
|
The Fund’s investment objective and investment adviser have changed. See Note 1 of the Notes to financial statements for more information about the change in investment objective. On January 25,
2010, the Fund began investing using its new investment objective, therefore, performance prior to that date is not relevant.
|
Value
|
Percent
|
|||||||
Investment Companies
|
$
|
111,915,633
|
84.96
|
%
|
||||
Special Purpose Acquisition Vehicles
|
38,592,849
|
29.30
|
||||||
Money Market Funds
|
15,973,322
|
12.13
|
||||||
Corporate Notes
|
6,184,251
|
4.69
|
||||||
Other Common Stocks
|
5,419,286
|
4.11
|
||||||
Preferred Stocks
|
4,992,805
|
3.79
|
||||||
Convertible Notes
|
1,909,163
|
1.45
|
||||||
Senior Secured Notes
|
1,400,000
|
1.06
|
||||||
Warrants
|
1,094,976
|
0.83
|
||||||
Rights
|
396,406
|
0.30
|
||||||
Liquidating Trusts
|
277,304
|
0.21
|
||||||
Total Investments
|
$
|
188,155,995
|
142.83
|
%
|
||||
Liabilities in Excess of Other Assets
|
(820,349
|
)
|
(0.62
|
)
|
||||
Preferred Stock
|
(55,599,400
|
)
|
(42.21
|
)
|
||||
Total Net Assets
|
$
|
131,736,246
|
100.00
|
%
|
(1)
|
As a percentage of net assets.
|
Shares
|
Value
|
|||||||
INVESTMENT COMPANIES—84.96%
|
||||||||
Closed-End Funds—80.07%
|
||||||||
Aberdeen Asia-Pacific Income Fund, Inc.
|
407,108
|
$
|
1,701,711
|
|||||
Aberdeen Emerging Markets Equity Income Fund, Inc.
|
207,608
|
1,517,614
|
||||||
Aberdeen Japan Equity Fund, Inc.
|
114,992
|
804,944
|
||||||
Adams Diversified Equity Fund, Inc.
|
376,772
|
5,828,663
|
||||||
Adams Natural Resources Fund, Inc.
|
80,888
|
1,337,887
|
||||||
BlackRock Credit Allocation Income Trust
|
304,776
|
3,952,945
|
||||||
BlackRock New York Municipal Income Quality Trust
|
187,983
|
2,496,414
|
||||||
Boulder Growth & Income Fund, Inc.
|
670,080
|
7,531,699
|
||||||
BrandywineGLOBAL Global Income Opportunities Fund, Inc.
|
572,465
|
6,720,739
|
||||||
Central Securities Corp.
|
342,815
|
10,462,714
|
||||||
Dividend and Income Fund
|
334,990
|
3,862,435
|
||||||
Duff & Phelps Utility and Corporate Bond Trust, Inc.
|
149,445
|
1,307,644
|
||||||
Eaton Vance California Municipal Income Trust
|
43,963
|
544,262
|
||||||
First Trust Aberdeen Global Opportunity Income Fund
|
37,578
|
390,811
|
||||||
First Trust High Income Long/Short Fund
|
28,248
|
424,285
|
||||||
Franklin Universal Trust
|
209,033
|
1,530,122
|
||||||
General American Investors Co., Inc.
|
287,339
|
10,197,661
|
||||||
Highland Global Allocation Fund/CEF
|
30,000
|
337,200
|
||||||
Invesco Dynamic Credit Opportunities Fund
|
380,589
|
4,254,985
|
||||||
Invesco High Income Trust II
|
148,002
|
2,147,524
|
||||||
Invesco Senior Income Trust
|
489,547
|
2,114,843
|
||||||
Japan Smaller Capitalization Fund, Inc.
|
352,923
|
2,999,881
|
||||||
Latin American Discovery Fund Escrow (a)
|
71,179
|
0
|
||||||
Lazard World Dividend & Income Fund, Inc.
|
122,771
|
1,221,571
|
||||||
Mexico Equity & Income Fund, Inc.
|
131,107
|
1,455,288
|
||||||
MFS California Municipal Fund
|
15,580
|
185,869
|
||||||
Morgan Stanley East Europe Fund Escrow (a)
|
97,901
|
0
|
||||||
Neuberger Berman High Yield Strategies Fund, Inc.
|
305,596
|
3,575,473
|
||||||
Neuberger Berman New York Municipal Fund, Inc.
|
58,637
|
718,890
|
||||||
NexPoint Strategic Opportunities Fund
|
75,789
|
1,433,928
|
||||||
Nuveen Connecticut Quality Municipal Income Fund
|
428,312
|
5,555,207
|
||||||
Nuveen Credit Strategies Income Fund
|
147,961
|
1,171,851
|
||||||
Nuveen Ohio Quality Municipal Income Fund
|
176,414
|
2,630,333
|
||||||
Royce Global Value Trust, Inc.
|
154,980
|
1,635,535
|
||||||
Source Capital, Inc.
|
179,825
|
6,576,200
|
Shares
|
Value
|
|||||||
INVESTMENT COMPANIES—(continued)
|
||||||||
Closed-End Funds—(continued)
|
||||||||
Taiwan Fund, Inc. (a)
|
175,287
|
$
|
2,971,115
|
|||||
The Swiss Helvetia Fund, Inc. (a)
|
61,192
|
483,417
|
||||||
Vertical Capital Income Fund
|
97,188
|
923,286
|
||||||
Western Asset Corporate Loan Fund, Inc.
|
77,557
|
742,220
|
||||||
Western Asset Global High Income Fund, Inc.
|
36,489
|
362,336
|
||||||
Western Asset High Income Fund II, Inc.
|
56,026
|
393,303
|
||||||
Western Asset High Income Opportunity Fund, Inc.
|
190,723
|
978,409
|
||||||
105,481,214
|
||||||||
Business Development Companies—4.89%
|
||||||||
Apollo Investment Corp.
|
51,400
|
812,120
|
||||||
Barings BDC, Inc.
|
76,320
|
750,989
|
||||||
Equus Total Return, Inc. (a)
|
106,919
|
175,347
|
||||||
FS KKR Capital Corp.
|
247,913
|
1,477,561
|
||||||
Garrison Capital, Inc.
|
33,076
|
228,224
|
||||||
MVC Capital, Inc.
|
239,975
|
2,210,170
|
||||||
Portman Ridge Finance Corp.
|
25,837
|
58,133
|
||||||
WhiteHorse Finance, Inc.
|
52,500
|
721,875
|
||||||
6,434,419
|
||||||||
Total Investment Companies (Cost $105,945,247)
|
111,915,633
|
|||||||
PREFERRED STOCKS—3.79%
|
||||||||
Real Estate Investment Trusts—2.63%
|
||||||||
Brookfield DTLA Fund Office Trust Investor, Inc. – Series A, 7.625%
|
171,723
|
3,468,805
|
||||||
Thrifts & Mortgage Finance—1.16%
|
||||||||
Sachem Capital Corp., 7.125%
|
60,000
|
1,524,000
|
||||||
Total Preferred Stocks (Cost $5,970,241)
|
4,992,805
|
|||||||
OTHER COMMON STOCKS—4.11%
|
||||||||
Biotechnology—0.03%
|
||||||||
Xynomic Pharmaceuticals Holdings, Inc. (a)
|
10,000
|
33,500
|
||||||
Professional Services—2.45%
|
||||||||
Hill International, Inc. (a)
|
1,195,255
|
3,227,188
|
||||||
Real Estate Investment Trusts—1.01%
|
||||||||
Brookfield Property REIT, Inc.
|
70,751
|
1,335,779
|
Shares
|
Value
|
|||||||
OTHER COMMON STOCKS—(continued)
|
||||||||
Real Estate Management & Development—0.57%
|
||||||||
Trinity Place Holdings, Inc. (a)
|
190,851
|
$
|
753,861
|
|||||
Software—0.01%
|
||||||||
Phunware, Inc. (a)
|
4,488
|
13,958
|
||||||
Specialty Retail—0.04%
|
||||||||
Kaixin Auto Holdings (a)(f)
|
25,000
|
55,000
|
||||||
Total Other Common Stocks (Cost $7,852,740)
|
5,419,286
|
|||||||
Shares/Units
|
||||||||
SPECIAL PURPOSE ACQUISITION VEHICLES—29.30% (a)
|
||||||||
8i Enterprises Acquisition Corp. (f)
|
50,000
|
497,500
|
||||||
Acamar Partners Acquisition Corp.
|
79,998
|
777,581
|
||||||
Acamar Partners Acquisition Corp. Units
|
2
|
20
|
||||||
Agba Acquisition Ltd. Units (f)
|
51,750
|
518,535
|
||||||
Alberton Acquisition Corp. (f)
|
70,000
|
709,800
|
||||||
Allegro Merger Corp.
|
200,080
|
2,004,802
|
||||||
AMCI Acquisition Corp.
|
50,000
|
497,000
|
||||||
Andina Acquisition Corp. III (f)
|
120,950
|
1,198,614
|
||||||
B Riley Principal Merger Corp.
|
35,000
|
341,250
|
||||||
Black Ridge Acquisition Corp.
|
226,445
|
2,321,061
|
||||||
Boxwood Merger Corp. Units
|
50,000
|
515,000
|
||||||
CF Finance Acquisition Corp.
|
40,000
|
400,800
|
||||||
Churchill Capital Corp. II Units
|
88,663
|
899,929
|
||||||
DFB Healthcare Acquisitions Corp. Units
|
50,000
|
518,500
|
||||||
DiamondPeak Holdings Corp.
|
72,597
|
705,643
|
||||||
DiamondPeak Holdings Corp. Units
|
2
|
20
|
||||||
Edtechx Holdings Acquisition Corp.
|
40,325
|
401,234
|
||||||
Forum Merger II Corp.
|
68,439
|
687,128
|
||||||
GigCapital2, Inc. Units
|
102,250
|
1,025,567
|
||||||
Gordon Pointe Acquisition Corp.
|
106,000
|
1,094,980
|
||||||
Graf Industrial Corp. Units
|
2,800
|
28,840
|
||||||
Haymaker Acquisition Corp. II Units
|
40,342
|
411,892
|
||||||
HL Acquisitions Corp. (f)
|
34,456
|
346,972
|
||||||
Landcadia Holdings II, Inc. Units
|
69,000
|
690,000
|
||||||
Legacy Acquisition Corp.
|
87,500
|
883,750
|
||||||
Leisure Acquisition Corp.
|
61,288
|
620,847
|
Shares/Units
|
Value
|
|||||||
SPECIAL PURPOSE ACQUISITION VEHICLES—(continued)
|
||||||||
LF Capital Acquisition Corp.
|
136,900
|
$
|
1,389,535
|
|||||
Longevity Acquisition Corp. (f)
|
63,286
|
639,189
|
||||||
Modern Media Acquisition Corp. (c)
|
68,200
|
713,372
|
||||||
Monocle Acquisition Corp. Units
|
59,500
|
612,790
|
||||||
Mudrick Capital Acquisition Corp.
|
49,182
|
499,689
|
||||||
Opes Acquisition Corp.
|
49,670
|
509,614
|
||||||
Pivotal Acquisition Corp.
|
25,000
|
253,750
|
||||||
Pure Acquisition Corp.
|
546,554
|
5,542,058
|
||||||
RMG Acquisition Corp. Units
|
116,400
|
1,168,656
|
||||||
Schultze Special Purpose Acquisition Corp. Units
|
50,000
|
507,500
|
||||||
Tenzing Acquisition Corp. (f)
|
54,305
|
554,997
|
||||||
Tiberius Acquisition Corp.
|
113,800
|
1,157,346
|
||||||
TKK Symphony Acquisition Corp. (f)
|
212,439
|
2,126,514
|
||||||
Tottenham Acquisition I Ltd. (f)
|
12,474
|
127,235
|
||||||
Trident Acquisitions Corp.
|
175,020
|
1,809,707
|
||||||
Trinity Merger Corp.
|
97,366
|
1,002,870
|
||||||
Tuscan Holdings Corp.
|
24,000
|
237,120
|
||||||
Twelve Seas Investment Co. Units (f)
|
81,000
|
859,410
|
||||||
VectoIQ Acquisition Corp.
|
38,325
|
388,232
|
||||||
Wealthbridge Acquisition Ltd. (f)
|
40,000
|
396,000
|
||||||
Total Special Purpose Acquisition Vehicles (Cost $36,881,341)
|
38,592,849
|
|||||||
Shares
|
||||||||
LIQUIDATING TRUSTS—0.21% (a)(c)(e)(g)
|
||||||||
Crossroads Liquidating Trust
|
292,681
|
186,584
|
||||||
JP Morgan China Region Fund, Inc.
|
192,486
|
1,925
|
||||||
Winthrop Realty Trust
|
295,985
|
88,795
|
||||||
Total Liquidating Trusts (Cost $1,603,926)
|
277,304
|
|||||||
Principal
|
||||||||
Amount
|
||||||||
CONVERTIBLE NOTES—1.45%
|
||||||||
Emergent Capital, Inc. (b)(h)
|
||||||||
5.000%, 02/15/2023
|
$
|
3,206,898
|
1,909,163
|
|||||
Total Convertible Notes (Cost $3,071,069)
|
1,909,163
|
Principal
|
||||||||
Amount
|
Value
|
|||||||
CORPORATE NOTES—4.69% (b)
|
||||||||
Great Elm Capital Corp.
|
||||||||
6.500%, 09/18/2022
|
$
|
32,735
|
$
|
832,123
|
||||
6.750%, 01/31/2025
|
6,685
|
168,128
|
||||||
MVC Capital, Inc.
|
||||||||
6.250%, 11/30/2022
|
200,000
|
5,184,000
|
||||||
Total Corporate Notes (Cost $5,985,500)
|
6,184,251
|
|||||||
SENIOR SECURED NOTES—1.06%
|
||||||||
Emergent Capital, Inc. (b)(c)(e)
|
||||||||
8.500%, 07/28/2021
|
1,600,000
|
1,400,000
|
||||||
Total Senior Secured Notes (Cost $1,600,000)
|
1,400,000
|
|||||||
Shares
|
||||||||
WARRANTS—0.83% (a)
|
||||||||
8i Enterprises Acquisition Corp.
|
||||||||
Expiration: October 2025
|
||||||||
Exercise Price: $11.50 (f)
|
50,000
|
14,000
|
||||||
Acamar Partners Acquisition Corp.
|
||||||||
Expiration: February 2026
|
||||||||
Exercise Price: $11.50
|
26,666
|
20,000
|
||||||
Alberton Acquisition Corp.
|
||||||||
Expiration: November 2023
|
||||||||
Exercise Price: $11.50 (f)
|
70,000
|
7,000
|
||||||
Allegro Merger Corp.
|
||||||||
Expiration: January 2025
|
||||||||
Exercise Price: $11.50
|
200,080
|
55,822
|
||||||
AMCI Acquisition Corp.
|
||||||||
Expiration: October 2025
|
||||||||
Exercise Price: $11.50
|
50,000
|
15,000
|
||||||
Andina Acquisition Corp. III
|
||||||||
Expiration: March 2024
|
||||||||
Exercise Price: $11.50 (f)
|
120,950
|
24,190
|
||||||
B Riley Principal Merger Corp.
|
||||||||
Expiration: April 2024
|
||||||||
Exercise Price: $11.50
|
17,500
|
8,225
|
||||||
Big Rock Partners Acquisition Corp.
|
||||||||
Expiration: December 2022
|
||||||||
Exercise Price: $11.50
|
55,801
|
12,276
|
Shares
|
Value
|
|||||||
WARRANTS—(continued)
|
||||||||
Bioceres Crop Solutions Corp.
|
||||||||
Expiration: March 2024
|
||||||||
Exercise Price: $11.50 (f)
|
68,763
|
$
|
22,692
|
|||||
Black Ridge Acquisition Corp.
|
||||||||
Expiration: October 2022
|
||||||||
Exercise Price: $11.50
|
161,445
|
66,192
|
||||||
CF Finance Acquisition Corp.
|
||||||||
Expiration: April 2025
|
||||||||
Exercise Price: $11.50
|
30,000
|
18,000
|
||||||
Constellation Alpha Capital Corp.
|
||||||||
Expiration: March 2024
|
||||||||
Exercise Price: $11.50 (f)
|
25,001
|
1,850
|
||||||
DiamondPeak Holdings Corp.
|
||||||||
Expiration: April 2024
|
||||||||
Exercise Price: $11.50
|
24,199
|
19,359
|
||||||
Edtechx Holdings Acquisition Corp.
|
||||||||
Expiration: December 2025
|
||||||||
Exercise Price: $11.50
|
40,325
|
10,468
|
||||||
Emergent Capital, Inc.
|
||||||||
Expiration: October 2019
|
||||||||
Exercise Price: $10.75 (c)(e)
|
8
|
0
|
||||||
Expiration: July 2025
|
||||||||
Exercise Price: $0.00 (c)(e)
|
640,000
|
0
|
||||||
Forum Merger II Corp.
|
||||||||
Expiration: September 2025
|
||||||||
Exercise Price: $11.50
|
68,439
|
43,117
|
||||||
GigCapital, Inc.
|
||||||||
Expiration: March 2025
|
||||||||
Exercise Price: $11.50
|
58,050
|
17,415
|
||||||
HL Acquisitions Corp.
|
||||||||
Expiration: July 2023
|
||||||||
Exercise Price: $11.50 (f)
|
34,456
|
3,962
|
||||||
Hunter Maritime Acquisition Corp.
|
||||||||
Expiration: March 2024
|
||||||||
Exercise Price: $11.50 (f)
|
46,221
|
2,311
|
||||||
KBL Merger Corp. IV
|
||||||||
Expiration: January 2024
|
||||||||
Exercise Price: $11.50
|
275,000
|
41,250
|
||||||
Legacy Acquisition Corp.
|
||||||||
Expiration: November 2022
|
||||||||
Exercise Price: $11.50
|
43,750
|
14,000
|
Shares
|
Value
|
|||||||
WARRANTS—(continued)
|
||||||||
Leisure Acquisition Corp.
|
||||||||
Expiration: December 2022
|
||||||||
Exercise Price: $11.50
|
30,644
|
$
|
16,854
|
|||||
LF Capital Acquisition Corp.
|
||||||||
Expiration: June 2023
|
||||||||
Exercise Price: $11.50
|
124,850
|
37,455
|
||||||
Longevity Acquisition Corp.
|
||||||||
Expiration: July 2025
|
||||||||
Exercise Price: $11.50 (f)
|
63,286
|
8,860
|
||||||
Modern Media Acquisition Corp.
|
||||||||
Expiration: June 2022
|
||||||||
Exercise Price: $11.50
|
54,093
|
11,901
|
||||||
Mudrick Capital Acquisition Corp.
|
||||||||
Expiration: March 2025
|
||||||||
Exercise Price: $11.50
|
49,182
|
24,099
|
||||||
Opes Acquisition Corp.
|
||||||||
Expiration: January 2023
|
||||||||
Exercise Price: $11.50
|
49,670
|
10,927
|
||||||
Organogenesis Holdings, Inc.
|
||||||||
Expiration: December 2023
|
||||||||
Exercise Price: $11.50
|
93,071
|
43,743
|
||||||
Pensare Acquisition Corp.
|
||||||||
Expiration: August 2022
|
||||||||
Exercise Price: $11.50
|
19,254
|
2,311
|
||||||
Pivotal Acquisition Corp.
|
||||||||
Expiration: December 2025
|
||||||||
Exercise Price: $11.50
|
25,000
|
33,750
|
||||||
Pure Acquisition Corp.
|
||||||||
Expiration: April 2023
|
||||||||
Exercise Price: $11.50
|
273,277
|
295,139
|
||||||
Reebonz Holding Ltd.
|
||||||||
Expiration: December 2023
|
||||||||
Exercise Price: $92.00 (f)
|
56,895
|
569
|
||||||
Simplicity Esports and Gaming Co.
|
||||||||
Expiration: November 2023
|
||||||||
Exercise Price: $11.50
|
29,549
|
11,820
|
||||||
Tenzing Acquisition Corp.
|
||||||||
Expiration: August 2025
|
||||||||
Exercise Price: $11.50 (f)
|
54,305
|
10,861
|
||||||
Tiberius Acquisition Corp.
|
||||||||
Expiration: April 2023
|
||||||||
Exercise Price: $11.50
|
113,800
|
35,278
|
Shares
|
Value
|
|||||||
WARRANTS—(continued)
|
||||||||
TKK Symphony Acquisition Corp.
|
||||||||
Expiration: August 2023
|
||||||||
Exercise Price: $11.50 (f)
|
212,439
|
$
|
27,617
|
|||||
Tottenham Acquisition I Ltd.
|
||||||||
Expiration: June 2025
|
||||||||
Exercise Price: $11.50 (f)
|
12,474
|
636
|
||||||
Trident Acquisitions Corp.
|
||||||||
Expiration: June 2021
|
||||||||
Exercise Price: $11.50
|
175,020
|
22,753
|
||||||
Trinity Merger Corp.
|
||||||||
Expiration: May 2023
|
||||||||
Exercise Price: $11.50
|
102,199
|
33,624
|
||||||
Tuscan Holdings Corp.
|
||||||||
Expiration: April 2026
|
||||||||
Exercise Price: $11.50
|
24,000
|
18,720
|
||||||
VectoIQ Acquisition Corp.
|
||||||||
Expiration: June 2023
|
||||||||
Exercise Price: $11.50
|
38,325
|
17,630
|
||||||
Wealthbridge Acquisition Ltd.
|
||||||||
Expiration: March 2024
|
||||||||
Exercise Price: $11.50 (f)
|
40,000
|
2,800
|
||||||
Xynomic Pharmaceuticals Holdings, Inc.
|
||||||||
Expiration: May 2024
|
||||||||
Exercise Price: $11.50
|
50,000
|
10,500
|
||||||
Total Warrants (Cost $1,317,675)
|
1,094,976
|
|||||||
RIGHTS—0.30% (a)
|
||||||||
8i Enterprises Acquisition Corp. (Expiration: April 1, 2020) (f)
|
50,000
|
19,000
|
||||||
Alberton Acquisition Corp. (Expiration: October 24, 2019) (f)
|
70,000
|
17,500
|
||||||
Allegro Merger Corp. (Expiration: January 9, 2020)
|
200,080
|
42,017
|
||||||
Andina Acquisition Corp. III (Expiration: July 31, 2020) (f)
|
120,950
|
30,238
|
||||||
Big Rock Partners Acquisition Corp. (Expiration: July 22, 2019)
|
111,602
|
14,843
|
||||||
Black Ridge Acquisition Corp. (Expiration: July 10, 2019)
|
161,445
|
67,791
|
||||||
Constellation Alpha Capital Corp. (Expiration: September 23, 2019) (f)
|
25,001
|
4,503
|
||||||
GigCapital, Inc. (Expiration: December 12, 2019)
|
85,400
|
44,408
|
||||||
HL Acquisitions Corp. (Expiration: January 2, 2020) (f)
|
34,456
|
7,615
|
||||||
KBL Merger Corp. IV (Expiration: September 9, 2019)
|
275,000
|
49,500
|
||||||
Longevity Acquisition Corp. (Expiration: August 31, 2019) (f)
|
63,286
|
12,657
|
||||||
Modern Media Acquisition Corp. (Expiration: September 17, 2019)
|
103,859
|
30,119
|
Shares
|
Value
|
|||||||
RIGHTS—(continued)
|
||||||||
Pensare Acquisition Corp. (Expiration: August 1, 2019)
|
38,508
|
$
|
6,161
|
|||||
TKK Symphony Acquisition Corp. (Expiration: February 20, 2020) (f)
|
212,439
|
38,239
|
||||||
Tottenham Acquisition I Ltd. (Expiration: August 7, 2019) (f)
|
12,474
|
4,615
|
||||||
Wealthbridge Acquisition Ltd. (Expiration: February 8, 2020) (f)
|
40,000
|
7,200
|
||||||
Total Rights (Cost $549,863)
|
396,406
|
|||||||
MONEY MARKET FUNDS—12.13%
|
||||||||
Fidelity Institutional Government Portfolio—Class I, 2.240% (d)
|
7,986,661
|
7,986,661
|
||||||
STIT-Treasury Portfolio—Institutional Class, 2.216% (d)
|
7,986,661
|
7,986,661
|
||||||
Total Money Market Funds (Cost $15,973,322)
|
15,973,322
|
|||||||
Total Investments (Cost $186,750,924)—142.83%
|
188,155,995
|
|||||||
Liabilities in Excess of Other Assets—(0.62)%
|
(820,349
|
)
|
||||||
Preferred Stock—(42.21)%
|
(55,599,400
|
)
|
||||||
TOTAL NET ASSETS—100.00%
|
$
|
131,736,246
|
(a)
|
Non-income producing security.
|
(b)
|
The coupon rate shown represents the rate at June 30, 2019.
|
(c)
|
Fair valued securities. The total market value of these securities was $2,390,676, representing 1.81% of net assets. Value determined using significant unobservable inputs.
|
(d)
|
The rate shown represents the 7-day yield at June 30, 2019.
|
(e)
|
Illiquid securities. The total market value of these securities was $1,677,304, representing 1.27% of net assets.
|
(f)
|
Foreign-issued security.
|
(g)
|
Security currently undergoing a full liquidation with all proceeds paid out to shareholders.
|
(h)
|
Securities issued pursuant to Rule 144A under the Securities Act of 1933. Such securities are deemed to be liquid and the aggregate value, $1,909,163, represents 1.45% of net assets.
|
Assets:
|
||||
Investments, at value (Cost $186,750,924)
|
$
|
188,155,995
|
||
Foreign currencies (Cost $876,200)
|
820,084
|
|||
Cash
|
2,820
|
|||
Dividends and interest receivable
|
381,581
|
|||
Receivable for investments sold
|
1,217,984
|
|||
Other assets
|
35,565
|
|||
Total assets
|
190,614,029
|
|||
Liabilities:
|
||||
Preferred dividends accrued not yet declared
|
45,318
|
|||
Payable for investments purchased
|
2,972,551
|
|||
Advisory fees payable
|
154,847
|
|||
Administration fees payable
|
18,988
|
|||
Chief Compliance Officer fees payable
|
14,007
|
|||
Director fees payable
|
10,765
|
|||
Fund accounting fees payable
|
7,332
|
|||
Custody fees payable
|
10,615
|
|||
Transfer Agent fees payable
|
2,771
|
|||
Audit fees payable
|
26,313
|
|||
Reports and notices to shareholders payable
|
12,601
|
|||
Accrued expenses and other liabilities
|
2,275
|
|||
Total liabilities
|
3,278,383
|
|||
Preferred Stock:
|
||||
3.50% Convertible Preferred Stock - $0.001 par value, $25 liquidation value per share;
|
||||
2,223,976 shares outstanding
|
||||
Total preferred stock
|
55,599,400
|
|||
Net assets applicable to common shareholders
|
$
|
131,736,246
|
||
Net assets applicable to common shareholders:
|
||||
Common stock - $0.001 par value per common share; 199,995,800 shares authorized;
|
||||
8,500,968 shares issued and outstanding, 14,343,863 shares held in treasury
|
$
|
349,285,086
|
||
Cost of shares held in treasury
|
(220,518,502
|
)
|
||
Total distributable earnings
|
2,969,662
|
|||
Net assets applicable to common shareholders
|
$
|
131,736,246
|
||
Net asset value per common share ($131,736,246 applicable to
|
||||
8,500,968 common shares outstanding)
|
$
|
15.50
|
For the six months
|
||||
ended June 30, 2019
|
||||
(unaudited)
|
||||
Investment income:
|
||||
Dividends
|
$
|
2,122,794
|
||
Interest
|
319,484
|
|||
Total investment income
|
2,442,278
|
|||
Expenses:
|
||||
Investment advisory fees
|
909,881
|
|||
Directors’ fees and expenses
|
92,108
|
|||
Administration fees and expenses
|
52,626
|
|||
Legal fees and expenses
|
43,883
|
|||
Compliance fees and expenses
|
28,682
|
|||
Audit fees
|
26,313
|
|||
Stock exchange listing fees
|
23,197
|
|||
Accounting fees and expenses
|
21,756
|
|||
Insurance fees
|
17,607
|
|||
Reports and notices to shareholders
|
14,782
|
|||
Transfer agency fees and expenses
|
11,772
|
|||
Custody fees and expenses
|
7,325
|
|||
Other expenses
|
3,500
|
|||
Net expenses
|
1,253,432
|
|||
Net investment income
|
1,188,846
|
|||
Net realized and unrealized gains (losses) from investment activities:
|
||||
Net realized gain from:
|
||||
Investments
|
5,571,936
|
|||
Distributions received from investment companies
|
775,335
|
|||
Net realized gain
|
6,347,271
|
|||
Change in net unrealized appreciation (depreciation) on:
|
||||
Investments
|
9,941,291
|
|||
Foreign currency translations
|
(3,000
|
)
|
||
Net realized and unrealized gains from investment activities
|
16,285,562
|
|||
Increase in net assets resulting from operations
|
17,474,408
|
|||
Distributions to preferred stockholders
|
(972,990
|
)
|
||
Net increase in net assets applicable to common shareholders resulting from operations
|
$
|
16,501,418
|
For the six months
|
||||
ended June 30, 2019
|
||||
(unaudited)
|
||||
Cash flows from operating activities:
|
||||
Net increase in net assets applicable to common shareholders
|
$
|
17,474,408
|
||
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
|
(63,846,627
|
)
|
||
Proceeds from sales of investments
|
71,648,678
|
|||
Net purchases and sales of short-term investments
|
(9,024,091
|
)
|
||
Return of capital distributions received from underlying investments
|
30,919
|
|||
Accretion of discount
|
(14,674
|
)
|
||
Decrease in dividends and interest receivable
|
669,043
|
|||
Increase in receivable for investments sold
|
(474,405
|
)
|
||
Decrease in other assets
|
(9,505
|
)
|
||
Increase in payable for investments purchased
|
1,992,826
|
|||
Decrease in payable to Adviser
|
(360
|
)
|
||
Decrease in accrued expenses and other liabilities
|
(41,661
|
)
|
||
Net distributions received from investment companies
|
775,335
|
|||
Net realized gains from investments and foreign currency translations
|
(6,347,271
|
)
|
||
Net change in unrealized appreciation of investments
|
(9,941,291
|
)
|
||
Net cash provided by operating activities
|
2,891,324
|
|||
Cash flows from financing activities:
|
||||
Distributions paid to common shareholders
|
(1,938,221
|
)
|
||
Distributions paid to preferred shareholders
|
(972,990
|
)
|
||
Net cash used in financing activities
|
(2,911,211
|
)
|
||
Net change in cash
|
$
|
(19,887
|
)
|
|
Cash:
|
||||
Beginning of period
|
842,791
|
|||
End of period
|
$
|
822,904
|
For the
|
||||||||
six months ended
|
For the
|
|||||||
June 30, 2019
|
year ended
|
|||||||
(unaudited)
|
December 31, 2018
|
|||||||
From operations:
|
||||||||
Net investment income
|
$
|
1,188,846
|
$
|
383,341
|
||||
Net realized gain from:
|
||||||||
Investments in securities of:
|
||||||||
Non-affiliated companies
|
5,571,936
|
5,979,874
|
||||||
Affiliated companies
|
—
|
24,877
|
||||||
Foreign currency translations
|
—
|
1,772
|
||||||
Distributions received from investment companies
|
775,335
|
4,631,477
|
||||||
Net change in unrealized appreciation (depreciation) on:
|
||||||||
Investments in securities of:
|
||||||||
Non-affiliated companies
|
9,941,291
|
(21,473,405
|
)
|
|||||
Affiliated companies
|
—
|
3,533
|
||||||
Foreign currency translations
|
(3,000
|
)
|
(52,484
|
)
|
||||
Net increase (decrease) in net assets resulting from operations
|
17,474,408
|
(10,501,015
|
)
|
|||||
Distributions paid to preferred shareholders:
|
||||||||
Net dividends and distributions
|
(972,990
|
)
|
(1,945,979
|
)
|
||||
Total dividends and distributions paid to preferred shareholders
|
(972,990
|
)
|
(1,945,979
|
)
|
||||
Net increase (decrease) in net assets applicable to common
|
||||||||
shareholders resulting from operations
|
16,501,418
|
(12,446,994
|
)
|
|||||
Distributions paid to common shareholders:
|
||||||||
Net dividends and distributions
|
(1,938,221
|
)
|
(12,020,754
|
)
|
||||
Return of capital
|
—
|
(305,649
|
)
|
|||||
Total dividends and distributions paid to common shareholders
|
(1,938,221
|
)
|
(12,326,403
|
)
|
||||
Net increase (decrease) in net assets applicable
|
||||||||
to common shareholders
|
14,563,197
|
(24,773,397
|
)
|
|||||
Net assets applicable to common shareholders:
|
||||||||
Beginning of period
|
117,173,049
|
141,946,446
|
||||||
End of period
|
$
|
131,736,246
|
$
|
117,173,049
|
For the six months
|
||||
ended June 30, 2019
|
||||
(unaudited)
|
||||
Net asset value, beginning of year/period
|
$
|
13.78
|
||
Net investment income (loss)(1)
|
0.03
|
|||
Net realized and unrealized gains (losses) from investment activities
|
2.04
|
|||
Total from investment operations
|
2.07
|
|||
Common share equivalent of dividends paid to preferred shareholders from:
|
||||
Net investment income
|
(0.12
|
)
|
||
Net realized gains from investment activities
|
—
|
|||
Net Increase in net assets attributable to common
|
||||
stockholders resulting form operations
|
1.95
|
|||
Dividends and distributions paid to common shareholders from:
|
||||
Net investment income
|
(0.23
|
)
|
||
Net realized gains from investment activities
|
—
|
|||
Return of capital
|
—
|
|||
Total dividends and distributions paid to common shareholders
|
(0.23
|
)
|
||
Anti-Dilutive effect of Common Share Repurchase
|
—
|
|||
Dilutive effect of conversions of preferred shares to common shares
|
—
|
|||
Dilutive effect of reinvestment of distributions by common shareholders
|
—
|
|||
Net asset value, end of year/period
|
$
|
15.50
|
||
Market value, end of year/period
|
$
|
13.75
|
||
Total net asset value return(2)(6)
|
14.17
|
%
|
||
Total market price return(3)
|
18.11
|
%
|
||
Ratio to average net assets attributable to common shares:
|
||||
Total expenses, net of fee waivers by investment advisor and administrator including
|
||||
interest and dividends on short positions(4)
|
1.98
|
%
|
||
Total expenses, before fee waivers by investment advisor and administrator including
|
||||
interest and dividends on short positions(4)
|
1.98
|
%
|
||
Ratio of net investment income to average net assets before
|
||||
preferred distributions and waiver(1)
|
1.88
|
%
|
||
Ratio of net investment income to average net assets before
|
||||
preferred distributions and after waiver(1)
|
1.88
|
%
|
||
Supplemental data:
|
||||
Net assets applicable to common shareholders, end of year/period (000’s)
|
$
|
131,736
|
||
Liquidation value of preferred stock (000’s)
|
$
|
55,599
|
||
Portfolio turnover(6)
|
38
|
%
|
||
Preferred Stock:
|
||||
Total Shares Outstanding
|
2,223,976
|
|||
Asset coverage per share of preferred shares, end of year/period
|
$
|
84
|
For the year ended December 31,
|
||||||||||||||||||
2018
|
2017
|
2016
|
2015
|
2014
|
||||||||||||||
$
|
16.70
|
$
|
15.56
|
$
|
15.11
|
$
|
16.94
|
$
|
18.70
|
|||||||||
(0.18
|
)
|
0.44
|
0.63
|
0.41
|
0.22
|
|||||||||||||
(1.06
|
)
|
2.26
|
0.64
|
(1.09
|
)
|
1.02
|
||||||||||||
(1.24
|
)
|
2.70
|
1.27
|
(0.68
|
)
|
1.24
|
||||||||||||
(0.08
|
)
|
(0.10
|
)
|
(0.06
|
)
|
—
|
—
|
|||||||||||
(0.15
|
)
|
(0.13
|
)
|
(0.02
|
)
|
—
|
—
|
|||||||||||
(1.47
|
)
|
2.47
|
1.19
|
(0.68
|
)
|
1.24
|
||||||||||||
(0.26
|
)
|
(0.33
|
)
|
(0.58
|
)
|
(0.35
|
)
|
(0.19
|
)
|
|||||||||
(1.15
|
)
|
(1.00
|
)
|
(0.23
|
)
|
(0.84
|
)
|
(1.29
|
)
|
|||||||||
(0.04
|
)
|
—
|
—
|
—
|
—
|
|||||||||||||
(1.45
|
)
|
(1.33
|
)
|
(0.81
|
)
|
(1.19
|
)
|
(1.48
|
)
|
|||||||||
—
|
0.00
|
(5)
|
0.07
|
0.08
|
—
|
|||||||||||||
—
|
—
|
—
|
—
|
(1.44
|
)
|
|||||||||||||
—
|
—
|
—
|
(0.04
|
)
|
(0.08
|
)
|
||||||||||||
$
|
13.78
|
$
|
16.70
|
$
|
15.56
|
$
|
15.11
|
$
|
16.94
|
|||||||||
$
|
11.84
|
$
|
14.88
|
$
|
13.65
|
$
|
13.20
|
$
|
15.37
|
|||||||||
-8.79
|
%
|
15.93
|
%
|
8.45
|
%
|
-3.47
|
%
|
-1.01
|
%
|
|||||||||
-10.55
|
%
|
18.71
|
%
|
9.51
|
%
|
-6.13
|
%
|
-3.59
|
%
|
|||||||||
1.92
|
%
|
1.92
|
%
|
1.75
|
%
|
1.50
|
%
|
1.42
|
%
|
|||||||||
1.92
|
%
|
1.92
|
%
|
1.75
|
%
|
1.50
|
%
|
1.51
|
%
|
|||||||||
0.27
|
%
|
2.45
|
%
|
3.61
|
%
|
2.40
|
%
|
1.18
|
%
|
|||||||||
0.27
|
%
|
2.45
|
%
|
3.61
|
%
|
2.40
|
%
|
1.27
|
%
|
|||||||||
$
|
117,173
|
$
|
141,946
|
$
|
132,367
|
$
|
151,426
|
$
|
172,203
|
|||||||||
$
|
55,599
|
$
|
55,599
|
$
|
55,599
|
N/A
|
N/A
|
|||||||||||
66
|
%
|
59
|
%
|
49
|
%
|
48
|
%
|
59
|
%
|
|||||||||
2,223,976
|
2,223,976
|
2,223,976
|
N/A
|
N/A
|
||||||||||||||
$
|
78
|
$
|
89
|
$
|
85
|
N/A
|
N/A
|
(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.
|
(5)
|
Less than 0.5 cents per share.
|
(6)
|
Not annualized for periods less than one year.
|
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
|
$
|
105,481,214
|
$
|
—
|
$
|
—
|
$
|
105,481,214
|
||||||||
Business Development
|
||||||||||||||||
Companies
|
6,434,419
|
—
|
—
|
6,434,419
|
||||||||||||
Preferred Stocks
|
||||||||||||||||
Real Estate Investment Trusts
|
3,468,805
|
—
|
—
|
3,468,805
|
||||||||||||
Thrifts & Mortgage Finance
|
1,524,000
|
—
|
—
|
1,524,000
|
||||||||||||
Other Common Stocks
|
||||||||||||||||
Biotechnology
|
33,500
|
—
|
—
|
33,500
|
||||||||||||
Professional Services
|
3,227,188
|
—
|
—
|
3,227,188
|
||||||||||||
Real Estate Investment Trusts
|
1,335,779
|
—
|
—
|
1,335,779
|
||||||||||||
Real Estate
|
||||||||||||||||
Management & Development
|
753,861
|
—
|
—
|
753,861
|
||||||||||||
Software
|
13,958
|
—
|
—
|
13,958
|
||||||||||||
Specialty Retail
|
55,000
|
—
|
—
|
55,000
|
||||||||||||
Special Purpose
|
||||||||||||||||
Acquisition Vehicles
|
25,842,364
|
12,037,113
|
713,372
|
38,592,849
|
||||||||||||
Liquidating Trusts
|
—
|
—
|
277,304
|
277,304
|
||||||||||||
Convertible Notes
|
—
|
1,909,163
|
—
|
1,909,163
|
||||||||||||
Corporate Notes
|
6,184,251
|
—
|
—
|
6,184,251
|
||||||||||||
Senior Secured Notes
|
—
|
—
|
1,400,000
|
1,400,000
|
||||||||||||
Warrants
|
748,415
|
346,561
|
0
|
1,094,976
|
||||||||||||
Rights
|
250,692
|
145,714
|
—
|
396,406
|
||||||||||||
Money Market Funds
|
15,973,322
|
—
|
—
|
15,973,322
|
||||||||||||
Total
|
$
|
171,326,768
|
$
|
14,438,551
|
$
|
2,390,676
|
$
|
188,155,995
|
*
|
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
|
$1,094,976
|
Amount of Realized Gain on Derivatives Recognized in Income
|
||
Derivatives not accounted
|
Statement of
|
|
for as hedging instruments
|
Operations Location
|
Value
|
Equity Contracts - Warrants
|
Net Realized Gain
|
$286,803
|
on Investments
|
||
Change in Unrealized Depreciation on Derivatives Recognized in Income
|
||
Derivatives not accounted
|
Statement of
|
|
for as hedging instruments
|
Operations Location
|
Total
|
Equity Contracts - Warrants
|
Net change in unrealized
|
$(51,586)
|
depreciation of investments
|
Special
|
||||||||||||||||||||||||||||
Purpose
|
Con-
|
Corpo-
|
Senior
|
|||||||||||||||||||||||||
Preferred
|
Acquisition
|
Liquidating
|
vertible
|
rate
|
Secured
|
|||||||||||||||||||||||
Category
|
Stocks
|
Vehicles
|
Trusts
|
Notes
|
Bonds
|
Notes
|
Warrants
|
|||||||||||||||||||||
Balance as of
|
||||||||||||||||||||||||||||
12/31/2018
|
$
|
3,421,000
|
$
|
—
|
$
|
434,909
|
$
|
273,806
|
$
|
15,000
|
$
|
1,600,000
|
$
|
26,640
|
||||||||||||||
Dispositions
|
—
|
—
|
—
|
(273,806
|
)
|
—
|
—
|
—
|
||||||||||||||||||||
Transfers into
|
||||||||||||||||||||||||||||
(out of) Level 3
|
—
|
713,372
|
(1)
|
—
|
—
|
—
|
—
|
(26,640
|
)(2)
|
|||||||||||||||||||
Corporate
|
||||||||||||||||||||||||||||
Actions
|
(3,181,496
|
)
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||||
Change in
|
||||||||||||||||||||||||||||
unrealized
|
||||||||||||||||||||||||||||
appreciation
|
||||||||||||||||||||||||||||
(depreciation)
|
(239,504
|
)
|
—
|
(157,605
|
)
|
—
|
(15,000
|
)
|
(200,000
|
)
|
—
|
|||||||||||||||||
Balance as of
|
||||||||||||||||||||||||||||
6/30/19
|
$
|
—
|
$
|
713,372
|
$
|
277,304
|
$
|
—
|
$
|
—
|
$
|
1,400,000
|
$
|
0
|
||||||||||||||
Change in
|
||||||||||||||||||||||||||||
unrealized
|
||||||||||||||||||||||||||||
appreciation
|
||||||||||||||||||||||||||||
(depreciation)
|
||||||||||||||||||||||||||||
during the period
|
||||||||||||||||||||||||||||
for Level 3
|
||||||||||||||||||||||||||||
investments
|
||||||||||||||||||||||||||||
held at
|
||||||||||||||||||||||||||||
June 30, 2019
|
$
|
—
|
$
|
(79,908
|
)
|
$
|
(157,605
|
)
|
$
|
—
|
$
|
—
|
$
|
(200,000
|
)
|
$
|
—
|
(1)
|
Transfer into Level 3 is due to a security previously priced by ICE and is currently being priced by the Adviser.
|
(2)
|
Transfer out of Level 3 is due to a security currently obtaining a price by ICE that was previously priced by the Adviser.
|
Fair Value
|
||||||||||||||
June 30,
|
Valuation
|
Unobservable
|
||||||||||||
Category
|
2019
|
Methodologies
|
Input
|
Range
|
||||||||||
Special Purpose
|
$
|
713,372
|
Fair Value
|
Financial Statements/
|
$
|
10.46
|
||||||||
Acquisition Vehicles
|
Company
|
|||||||||||||
Announcements
|
||||||||||||||
Liquidating Trusts
|
277,304
|
Last Traded Price
|
Financial Assessments/
|
0.01 – 0.83
|
||||||||||
Company
|
||||||||||||||
Announcements and
|
||||||||||||||
Discount to
|
||||||||||||||
Liquidation Value
|
||||||||||||||
Senior Secured Notes
|
1,400,000
|
Company-Specific
|
Terms of the
|
87.50 – 100.00
|
||||||||||
Information
|
Note/ Financial
|
|||||||||||||
Assessments/ Company
|
||||||||||||||
Announcements
|
||||||||||||||
Warrants
|
0
|
Last Traded Price
|
Market Assessments
|
0.00
|
For the
|
For the
|
|||||||
year ended
|
year ended
|
|||||||
Distributions paid to common shareholders from:
|
December 31, 2018
|
December 31, 2017
|
||||||
Ordinary income
|
$
|
3,965,904
|
$
|
5,068,989
|
||||
Long-term capital gains
|
8,054,850
|
6,237,298
|
||||||
Return of capital
|
305,649
|
—
|
||||||
Total distributions paid
|
$
|
12,326,403
|
$
|
11,306,287
|
||||
For the
|
For the
|
|||||||
year ended
|
year ended
|
|||||||
Distributions paid to preferred shareholders from:
|
December 31, 2018
|
December 31, 2017
|
||||||
Ordinary income
|
$
|
647,778
|
$
|
872,444
|
||||
Long-term capital gains
|
1,298,201
|
1,073,535
|
||||||
Total distributions paid
|
$
|
1,945,979
|
$
|
1,945,979
|
Tax cost of investments
|
$
|
181,397,438
|
||
Unrealized appreciation
|
8,335,231
|
|||
Unrealized depreciation
|
(17,472,612
|
)
|
||
Net unrealized appreciation
|
(9,137,381
|
)
|
||
Undistributed ordinary income
|
—
|
|||
Undistributed long-term gains
|
—
|
|||
Total distributable earnings
|
—
|
|||
Other accumulated/gains losses and other temporary differences
|
(2,456,154
|
)
|
||
Total accumulated gains
|
$
|
(11,593,535
|
)
|
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;
|
Member of the Adviser since
|
1
|
Director, Brookfield
|
(53)
|
as of
|
Since
|
2009; Principal of the general
|
DTLA Fund Office
|
|
October
|
2009
|
partner of several private
|
Trust Investor, Inc.;
|
||
2009.
|
|
investment partnerships in the
|
Trustee, Crossroads
|
||
Bulldog Investors group
|
Liquidating Trust;
|
||||
of private funds.
|
Trustee, High
|
||||
Income Securities
|
|||||
Fund; Chairman,
|
|||||
Swiss Helvetia
|
|||||
Fund, Inc.; Director,
|
|||||
Director, Emergent
|
|||||
Capital, Inc. (until
|
|||||
2017); Director,
|
|||||
Mexico Equity and
|
|||||
Income Fund, Inc.
|
|||||
(until 2015).
|
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
|
|||||
Phillip Goldstein***
|
Chairman
|
1 year;
|
Member of the Adviser since
|
1
|
Chairman, Mexico
|
(74)
|
and
|
Since
|
2009; Principal of the general
|
Equity and Income
|
|
Secretary
|
2009
|
partner of several private
|
Fund, Inc.; Director,
|
||
as of
|
investment partnerships in the
|
MVC Capital, Inc.;
|
|||
October
|
Bulldog Investors group of
|
Director, Brookfield
|
|||
2009.
|
private funds.
|
DTLA Fund Office
|
|||
Trust Investor, Inc.;
|
|||||
Trustee, Crossroads
|
|||||
Liquidating Trust;
|
|||||
Chairman, High
|
|||||
Income Securities
|
|||||
Fund; Director,
|
|||||
Swiss Helvetia
|
|||||
Fund, Inc.;
|
|||||
Chairman,
|
|||||
Emergent Capital,
|
|||||
Inc. (until 2017).
|
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****
|
Chief
|
1 year;
|
Managing Director of Hellerman
|
1
|
Director, Mexico
|
(81)
|
Compliance
|
Since
|
Associates (a financial and
|
Equity and Income
|
|
Officer
|
2009
|
corporate consulting firm) since
|
Fund, Inc.; Director,
|
||
as of
|
1993 (which terminated activities
|
MVC Capital, Inc.;
|
|||
January
|
as of December, 31, 2013).
|
Trustee, Crossroads
|
|||
2010.
|
|
Liquidating Trust;
|
|||
Trustee, Fiera
|
|||||
Capital Series Trust;
|
|||||
Trustee, High
|
|||||
Income Securities
|
|||||
Fund; Director,
|
|||||
Swiss Helvetia
|
|||||
Fund, Inc.;
|
|||||
Director, Emergent
|
|||||
Capital, Inc.
|
|||||
(until 2017);
|
|||||
Director, Ironsides
|
|||||
Partners Opportunity
|
|||||
Offshore Fund Ltd.
|
|||||
(until 2016).
|
|||||
Marc Lunder
|
—
|
1 year;
|
Managing Member of Lunder
|
1
|
None
|
(55)
|
Effective
|
Capital LLC.
|
|||
January 1,
|
|||||
2015
|
|||||
Ben Harris
|
—
|
1 year;
|
Chief Executive Officer of HHI, LLC;
|
1
|
Trustee,
|
(50)
|
Since
|
Principal of NBC Bancshares, LLC;
|
High Income
|
||
2009
|
Chief Executive Officer of Crossroads
|
Securities Fund.
|
|||
Capital, Inc.; Administrator of
|
|||||
Crossroads Liquidating Trust.
|
|||||
Charles C. Walden
|
—
|
1 year;
|
President and Owner of Sound
|
1
|
Independent
|
(75)
|
Since
|
Capital Associates, LLC
|
Chairman, Third
|
||
2009
|
(consulting firm).
|
Avenue Funds
|
|||
(fund complex
|
|||||
consisting of three
|
|||||
funds and one
|
|||||
variable series trust).
|
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;
|
Member of the Adviser since
|
n/a
|
n/a
|
(53)
|
as of
|
Since
|
2009; Principal of the
|
||
October
|
2009
|
general partner of several
|
|||
2009.
|
private investment partnerships
|
||||
in the Bulldog Investors group
|
|||||
of private funds.
|
|||||
Rajeev Das***
|
Vice-
|
1 year;
|
Principal of the Adviser.
|
n/a
|
n/a
|
(50)
|
President
|
Since
|
|||
as of
|
2009
|
||||
October
|
|||||
2009.
|
|||||
Phillip Goldstein***
|
Chairman
|
1 year;
|
Member of the Adviser
|
n/a
|
n/a
|
(74)
|
and
|
Since
|
since 2009; Principal of the
|
||
Secretary
|
2009
|
general partner of several
|
|||
as of
|
private investment
|
||||
October
|
partnerships in the Bulldog
|
||||
2009.
|
Investors group of funds.
|
||||
Gerald Hellerman****
|
Chief
|
1 year;
|
Managing Director of Hellerman
|
n/a
|
n/a
|
(81)
|
Compliance
|
Since
|
Associates (a financial
|
||
Officer
|
2009
|
and corporate consulting
|
|||
as of
|
firm) since 1993 (which
|
||||
January
|
terminated activities as of
|
||||
2010.
|
December, 31, 2013).
|
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
|
(49)
|
Financial
|
Since
|
of the Adviser.
|
||
Officer
|
2014
|
||||
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, and Antonucci are each considered an “interested person” of the Fund within the meaning of the 1940 Act because of their affiliation with Bulldog Investors, LLC, the Adviser, and their
positions as officers of the Fund.
|
|
****
|
Mr. Hellerman is considered an “interested person” of the Fund within the meaning of the 1940 Act because he serves as the Fund’s Chief Compliance Officer. Mr. Hellerman is not affiliated with Bulldog Investors,
LLC.
|
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).
|
(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
|
1/1/2019 to
1/31/2019
|
N/A
|
N/A
|
N/A
|
N/A
|
2/1/2019 to
2/28/2019
|
N/A
|
N/A
|
N/A
|
N/A
|
3/1/2019 to
3/31/2019
|
N/A
|
N/A
|
N/A
|
N/A
|
4/1/2019 to
4/30/2019
|
N/A
|
N/A
|
N/A
|
N/A
|
5/1/2019 to
5/31/2019
|
N/A
|
N/A
|
N/A
|
N/A
|
6/1/2019 to
6/30/2019
|
N/A
|
N/A
|
N/A
|
N/A
|
Total
|
(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 second fiscal quarter of 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.
|
(a)
|
(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an
exhibit. Not Applicable.
|
(b)
|
Certifications pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002. Furnished herewith.
|
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 last fiscal half-year 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: September 9, 2019
|
/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 last fiscal half-year 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: September 9, 2019
|
/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: September 9, 2019
|
Dated: September 9, 2019
|
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