Colombier Acquisition Corp

Non-income producing security.

The coupon rate shown represents the rate at September 30, 2022.

Fair valued securities. The total market value of these securities was $3,337,848, representing 2.33% of net assets. Value determined using significant unobservable inputs.

The rate shown represents the seven-day yield at September 30, 2022.

Illiquid securities. The total market value of these securities was $0, representing 0.00% of net assets.

Foreign-issued security.

Special Opportunities Fund, Inc.
Portfolio of Investments
September 30, 2022 (Unaudited)

INVESTMENT COMPANIES - 84.13%		Shares		Value
Closed-End Funds - 69.71%
Aberdeen Asia-Pacific Income Fund, Inc.		560,502	$	1,412,465
Adams Diversified Equity Fund, Inc.		322,377		4,697,033
Apollo Tactical Income Fund, Inc.		96,992		1,142,566
BlackRock California Municipal Income Trust		286,246		2,942,609
Blackrock ESG Capital Allocation Trust		225,965		2,894,612
Blackstone Strategic Credit Fund		17,663		187,758
Center Coast Brookfield MLP & Energy Infrastructure Fund		56,762		939,979
Central and Eastern Europe Fund, Inc.		8,699		57,500
Central Securities Corp.		214,394		7,233,654
Cushing MLP & Infrastructure Total Return Fund		65,450		2,132,361
Delaware Enhanced Global Dividend & Income Fund		334,480		2,287,843
Delaware Investments National Municipal Income Fund		46,107		502,105
Delaware Ivy High Income Opportunities Fund		29,962		302,317
Destra Multi-Alternative Fund		152,999		994,493
Dividend and Income Fund		350,673		3,639,986
DoubleLine Yield Opportunities Fund		8,560		115,474
DWS Municipal Income Trust		84,800		705,536
Eaton Vance New York Municipal Bond Fund		208,134		1,758,732
Ellsworth Growth and Income Fund Ltd.		77,150		617,971
First Trust Dynamic Europe Equity Income Fund		191,383		1,825,794
First Trust High Income Long/Short Fund		11,379		123,348
General American Investors Co., Inc.		324,541		10,985,713
High Income Securities Fund		242,733		1,672,430
Highland Global Allocation Fund		82,732		721,423
Highland Income Fund		397,753		3,866,159
Macquarie Global Infrastructure Total Return Fund, Inc.		50,264		957,529
Mexico Equity & Income Fund, Inc. (a)		100,100		755,755
MFS High Income Municipal Trust		68,602		231,189
MFS High Yield Municipal Trust		253,557		763,207
MFS Investment Grade Municipal Trust		89,587		602,920
MFS Municipal Income Trust		19,977		96,689
Miller/Howard High Dividend Fund		45,767		415,107
Morgan Stanley Emerging Markets Debt Fund, Inc.		326,318		2,010,119
Neuberger Berman California Municipal Fund, Inc.		77,565		814,432
Neuberger Berman New York Municipal Fund, Inc.		69,897		646,547
Neuberger Berman Next Generation Connectivity Fund, Inc.		357,459		3,374,413
New America High Income Fund, Inc.		45,969		299,258
Nuveen Emerging Markets Debt 2022 Target Term Fund		637		4,099
Nuveen Multi-Asset Income Fund		12,779		145,553
Nuveen Short Duration Credit Opportunities Fund		127,679		1,510,443
Pershing Square Holdings Ltd. Fund (f)		10,000		302,050
PGIM Global High Yield Fund, Inc.		68,996		729,978
Pioneer Municipal High Income Opportunities Fund, Inc.		4,636		47,009
Saba Capital Income & Opportunities Fund		538,026		4,255,786
SRH Total Return Fund, Inc.		929,987		10,118,258
Taiwan Fund, Inc.		223,819		4,702,437
Templeton Global Income Fund		870,224		3,541,812
The New Ireland Fund, Inc.		108,406		712,227
The Swiss Helvetia Fund, Inc.		236,992		1,609,176
Tortoise Energy Independence Fund, Inc.		8,189		231,851
Tortoise Power and Energy Infrastructure Fund, Inc.		132,659		1,656,911
Vertical Capital Income Fund		310,486		2,769,535
Virtus Total Return Fund, Inc.		403,236		2,512,160
Western Asset Intermediate Muni Fund, Inc.		1,082		7,953
Western Asset Municipal Partners Fund, Inc.		20,390		228,368
				99,812,632
Business Development Companies - 14.42%
Barings BDC, Inc.		211,418		1,748,427
CION Investment Corp.		822,020		6,987,170
Crescent Capital BDC, Inc.		93,701		1,407,389
FS KKR Capital Corp.		203,874		3,455,664
Logan Ridge Finance Corp. (a)		68,661		1,233,152
Portman Ridge Finance Corp.		123,966		2,603,286
Runway Growth Finance Corp.		241,170		2,742,103
SuRo Capital Corp.		120,880		467,806
				20,644,997
Total Investment Companies (Cost $134,885,258)				120,457,629

TRUST CERTIFICATES - 0.25%
Copper Property CTL Pass Through Trust		24,620		338,525
Lamington Road Grantor Trust (a)(c)(f)		320,690		18,279
Total Trust Certificates (Cost $419,825)				356,804

PREFERRED STOCKS - 1.41%
Real Estate Investment Trusts - 1.41%
Brookfield DTLA Fund Office Trust Investor, Inc.		171,723		1,617,631
NexPoint Diversified Real Estate Trust		22,324		401,832
Total Preferred Stocks (Cost $4,932,717)				2,019,463

OTHER COMMON STOCKS - 12.53%
Food & Staples Retailing - 0.47%
Village Super Market, Inc.		34,607		668,953
Oil, Gas & Consumable Fuels - 5.46%
Texas Pacific Land Corp.		4,400		7,819,812
Real Estate Investment Trusts - 6.00%
Creative Media & Community Trust Corp.		26,801		171,258
Indus Realty Trust, Inc.		47,874		2,507,161
Lument Finance Trust, Inc.		407,629		880,479
NexPoint Diversified Real Estate Trust		202,079		2,536,091
Seven Hills Realty Trust		274,093		2,499,728
				8,594,717
Real Estate Management & Development - 0.60%
Howard Hughes Corp. (a)		12,000		664,680
Trinity Place Holdings, Inc. (a)		221,748		195,671
				860,351
Total Other Common Stocks (Cost $20,095,964)				17,943,833

		Shares/Units
SPECIAL PURPOSE ACQUISITION VEHICLES - 31.53% (a)
Alset Capital Acquisition Corp. Units		47,500		470,250
AltC Acquisition Corp.		100,000		976,000
Ares Acquisition Corp. (f)		100,000		993,000
Austerlitz Acquisition Corp. I (f)		50,000		490,500
Austerlitz Acquisition Corp. II (f)		100,000		981,000
B Riley Principal 250 Merger Corp.		99,999		978,990
Big Sky Growth Partners, Inc. Units		1		10
Big Sky Growth Partners, Inc.		101,000		987,780
Blockchain Coinvestors Acquisition Corp. I (f)		65,000		655,200
C5 Acquisition Corp. Units		100,000		1,022,000
Cactus Acquisition Corp. 1 Ltd. (f)		81,400		818,070
Cartesian Growth Corp. II Units (f)		2		20
Cartesian Growth Corp. II (f)		65,958		659,580
Churchill Capital Corp. V		105,728		1,046,707
Churchill Capital Corp. VI		81,000		796,311
Churchill Capital Corp. VII		124,920		1,227,963
Colombier Acquisition Corp. Units		100,000		971,000
Corner Growth Acquisition Corp. (f)		99,999		996,490
Digital Health Acquisition Corp.		116,000		1,175,080
DTRT Health Acquisition Corp.		76,250		774,700
Elliott Opportunity II Corp. (f)		100,000		984,000
FG Merger Corp. Units		200,000		2,006,000
Fifth Wall Acquisition Corp. III (f)		73,639		724,608
FinTech Acquisition Corp. VI		100,000		994,000
Fortress Value Acquisition Corp. IV		53,000		521,520
Forum Merger IV Corp.		96,900		950,589
FTAC Hera Acquisition Corp. (f)		142,000		1,409,350
Fusion Acquisition Corp. II		139,998		1,377,580
G Squared Ascend II, Inc. (f)		67,998		674,540
Graf Acquisition Corp. IV Units		100,000		975,000
GX Acquisition Corp. II		150,000		1,471,500
Healthcare Services Acquisition Corp. Units		100,000		992,000
HNR Acquisition Corp.		63,000		631,260
Jack Creek Investment Corp. (f)		81,378		809,711
Keyarch Acquisition Corp. (f)		150,000		1,495,500
KKR Acquisition Holdings I Corp.		100,000		984,000
Landcadia Holdings IV, Inc.		100,000		982,000
Larkspur Health Acquisition Corp. Units		87,000		872,610
Leo Holdings Corp. II Units (f)		3		30
Leo Holdings Corp. II (f)		49,232		490,351
LIV Capital Acquisition Corp. II Units (f)		94,500		947,835
Live Oak Crestview Climate Acquisition Corp. Units		1,621		15,837
M3-Brigade Acquisition III Corp. Units		110,000		1,108,800
Marlin Technology Corp. (f)		17,199		171,130
Murphy Canyon Acquisition Corp. Units		94,500		948,780
Oxbridge Acquisition Corp. (f)		50,000		503,000
Periphas Capital Partnering Corp. Units		2,980		73,815
Post Holdings Partnering Corp. Units		150,000		1,458,000
PWP Forward Acquisition Corp. I		50,000		491,000
Screaming Eagle Acquisition Corp. (f)		149,999		1,450,520
Screaming Eagle Acquisition Corp. Units (f)		1		10
Social Capital Suvretta Holdings Corp. II (f)		50,000		490,000
Social Capital Suvretta Holdings Corp. IV (f)		50,000		491,000
Tishman Speyer Innovation Corp. II Units		93,530		922,206
Z-Work Acquisition Corp.		72,000		709,200
Total Special Purpose Acquisition Vehicles (Cost $44,807,435)				45,147,933

		Principal
		Amount
CORPORATE OBLIGATIONS - 2.32%
Lamington Road DAC (b)(c)(f)
5.000%, 04/07/2121	$	3,482,622		2,115,345
9.750%, 04/07/2121		1,708,119		1,204,224
Total Corporate Obligations (Cost $4,873,917)				3,319,569

UNSECURED NOTES - 3.80%
iMedia Brands, Inc.
8.500%, 09/30/2026		46,727		616,796
Sachem Capital Corp.
7.125%, 06/30/2024		60,000		1,482,000
7.750%, 09/30/2025		120,000		2,903,232
6.000%, 03/30/2027		20,000		440,800
Total Unsecured Notes (Cost $6,128,175)				5,442,828

		Shares
WARRANTS - 0.25% (a)
African Gold Acquisition Corp.
Expiration: March 2028		150,000		6,000
Exercise Price: $11.50 (f)
Agba Acquisition Ltd.
Expiration: May 2024		51,750		2,277
Exercise Price: $11.50 (f)
Andretti Acquisition Corp.
Expiration: March 2028		72,334		5,895
Exercise Price: $11.50 (f)
Arbor Rapha Capital Bioholdings Corp. I
Expiration: March 2023		30,933		1,547
Exercise Price: $11.50
Ares Acquisition Corp.
Expiration: December 2027		20,000		2,300
Exercise Price: $11.50 (f)
Authentic Equity Acquisition Corp.
Expiration: December 2027		54,000		2,160
Exercise Price: $11.50 (f)
B Riley Principal 250 Merger Corp.
Expiration: December 2027		33,333		3,667
Exercise Price: $11.50
Big Sky Growth Partners, Inc.
Expiration: February 2023		25,250		2,045
Exercise Price: $11.50
Biote Corp.
Expiration: February 2027		26,521		9,060
Exercise Price: $11.50
Blockchain Coinvestors Acquisition Corp. I
Expiration: November 2028		32,500		2,285
Exercise Price: $11.50 (f)
Cactus Acquisition Corp. 1 Ltd.
Expiration: July 2023		40,700		2,853
Exercise Price: $11.50 (f)
Cartesian Growth Corp. II
Expiration: July 2028		21,986		1,979
Exercise Price: $11.50 (f)
CF Acquisition Corp. VIII
Expiration: December 2027		8,500		595
Exercise Price: $11.50
Churchill Capital Corp. V
Expiration: October 2027		26,432		2,247
Exercise Price: $11.50
Churchill Capital Corp. VI
Expiration: December 2027		16,200		2,268
Exercise Price: $11.50
Churchill Capital Corp. VII
Expiration: February 2028		24,984		3,373
Exercise Price: $11.50
Conyers Park III Acquisition Corp.
Expiration: August 2028		99,245		14,361
Exercise Price: $11.50
Corner Growth Acquisition Corp.
Expiration: December 2027		33,333		667
Exercise Price: $11.50 (f)
Corner Growth Acquisition Corp. 2
Expiration: March 2023		14,366		532
Exercise Price: $11.50 (f)
Digital Health Acquisition Corp.
Expiration: October 2023		116,000		16,820
Exercise Price: $11.50
DTRT Health Acquisition Corp.
Expiration: November 2022		38,125		7,625
Exercise Price: $11.50
Dune Acquisition Corp.
Expiration: October 2027		19,300		1,042
Exercise Price: $11.50
EdtechX Holdings Acquisition Corp. II
Expiration: June 2027		55,500		3,330
Exercise Price: $11.50
Elliott Opportunity II Corp.
Expiration: February 2023		150,000		24,000
Exercise Price: $11.50 (f)
FAST Acquisition Corp. II
Expiration: March 2026		32,087		13,592
Exercise Price: $11.50
FinTech Acquisition Corp. VI
Expiration: December 2027		25,000		1,002
Exercise Price: $11.50
Fortress Value Acquisition Corp. IV
Expiration: March 2028		6,625		1,157
Exercise Price: $11.50
Forum Merger IV Corp.
Expiration: December 2027		24,225		1,453
Exercise Price: $11.50
FTAC Hera Acquisition Corp.
Expiration: December 2027		35,500		3,039
Exercise Price: $11.50 (f)
Fusion Acquisition Corp. II
Expiration: December 2027		46,666		2,333
Exercise Price: $11.50
G Squared Ascend II, Inc.
Expiration: December 2026		22,666		2,269
Exercise Price: $11.50 (f)
GigInternational1, Inc.
Expiration: April 2026		70,906		2,957
Exercise Price: $11.50
GX Acquisition Corp. II
Expiration: December 2028		50,000		4,965
Exercise Price: $11.50
HIG Acquisition Corp.
Expiration: October 2025		150,000		540
Exercise Price: $11.50 (f)
HNR Acquisition Corp.
Expiration: July 2028		63,000		11,970
Exercise Price: $11.50
IG Acquisition Corp.
Expiration: October 2027		88,173		13,226
Exercise Price: $11.50
Industrial Human Capital, Inc.
Expiration: December 2028		111,300		2,226
Exercise Price: $11.50
Insight Acquisition Corp.
Expiration: February 2023		12,450		871
Exercise Price: $11.50
Investcorp Europe Acquisition Corp. I
Expiration: November 2028		150,000		4,500
Exercise Price: $11.50 (f)
Jack Creek Investment Corp.
Expiration: December 2027		215,689		56,079
Exercise Price: $11.50 (f)
Juniper II Corp.
Expiration: December 2028		104,500		12,540
Exercise Price: $11.50
Keyarch Acquisition Corp.
Expiration: July 2028		75,000		3,750
Exercise Price: $11.50 (f)
KKR Acquisition Holdings I Corp.
Expiration: December 2027		25,000		3,000
Exercise Price: $11.50
Lamington Road
Expiration: July 2025		640,000		0
Exercise Price: $0.20 (c)(e)(f)
Landcadia Holdings IV, Inc.
Expiration: March 2028		25,000		3,750
Exercise Price: $11.50
Leo Holdings Corp II
Expiration: January 2028		12,308		332
Exercise Price: $11.50 (f)
Longview Acquisition Corp. II
Expiration: May 2026		8,908		624
Exercise Price: $11.50
Marlin Technology Corp.
Expiration: March 2026		5,733		344
Exercise Price: $11.50 (f)
Mason Industrial Technology, Inc.
Expiration: December 2027		75,000		2,745
Exercise Price: $11.50
Motive Capital Corp. II
Expiration: May 2028		79,025		7,902
Exercise Price: $11.50 (f)
Nogin, Inc.
Expiration: August 2027		55,350		4,724
Exercise Price: $11.50
Northern Star Investment Corp. III
Expiration: February 2028		17,833		749
Exercise Price: $11.50
Northern Star Investment Corp. IV
Expiration: December 2027		8,833		530
Exercise Price: $11.50
Oxbridge Acquisition Corp.
Expiration: January 2023		50,000		2,005
Exercise Price: $11.50 (f)
Post Holdings Partnering Corp.
Expiration: February 2023		150,000		15,720
Exercise Price: $11.50
PWP Forward Acquisition Corp. I
Expiration: March 2026		112,766		13,464
Exercise Price: $11.50
Quantum FinTech Acquisition Corp.
Expiration: December 2027		76,000		2,782
Exercise Price: $11.50
ScION Tech Growth I
Expiration: November 2025		75,000		2,250
Exercise Price: $11.50 (f)
Screaming Eagle Acquisition Corp.
Expiration: December 2027		33,333		7,333
Exercise Price: $11.50 (f)
Shapeways Holdings, Inc.
Expiration: October 2026		100,000		4,690
Exercise Price: $11.50
Signa Sports United NV
Expiration: December 2026		29,000		6,131
Exercise Price: $11.50 (f)
TCW Special Purpose Acquisition Corp.
Expiration: December 2028		144,374		8,662
Exercise Price: $11.50
Terran Orbital Corp.
Expiration: March 2028		17,083		3,482
Exercise Price: $11.50
TG Venture Acquisition Corp.
Expiration: August 2023		100,000		6,000
Exercise Price: $11.50
Z-Work Acquisition Corp.
Expiration: January 2026		24,000		840
Exercise Price: $11.50
Total Warrants (Cost $1,920,590)				355,456

RIGHTS - 0.02% (a)(f)
Agba Acquisition Ltd.		12,500		1,735
Keyarch Acquisition Corp.		150,000		16,500
Nocturne Acquisition Corp.		75,000		3,315
Total Rights (Cost $47,931)				21,550

MONEY MARKET FUNDS - 3.83%
Fidelity Institutional Government Portfolio - Class I, 2.730% (d)		2,744,675		2,744,675
Invesco Treasury Portfolio - Institutional Class, 2.883% (d)		2,743,676		2,743,676
Total Money Market Funds (Cost $5,488,351)				5,488,351

Total Investments (Cost $223,600,163) - 140.07%				200,553,416
Other Assets in Excess of Liabilities - 0.70%				1,000,820
Preferred Stock - (40.77)%				(58,373,850)
TOTAL NET ASSETS - 100.00%			$	143,180,386

Percentages are stated as a percent of net assets.

The Schedule of Investments incorporates the Global Industry Classification Standard (GICS^®). GICS was developed
by and/or is the exclusive property of MSCI, Inc. and Standard & Poors Financial Services LLC ("S&P"). GICS is a
service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

The accompanying notes are an integral part of these schedule of investments.

Valuation of investments—The Fund calculates its net asset value based on the current market value for its portfolio securities. The Fund normally obtains market values for its securities from independent pricing sources and broker-dealers. Independent pricing sources may use last reported sale prices or if not available the most recent bid price, current market quotations or valuations from computerized “matrix” systems that derive values based on comparable securities. A matrix system incorporates parameters such as security quality, maturity and coupon, and/or research and evaluations by its staff, including review of broker-dealer market price quotations, if available, in determining the valuation of the portfolio securities. If a market value is not available from an independent pricing source or a broker-dealer for a particular security, that security is valued at fair value as determined in good faith by or under the direction of the Fund’s Board of Directors (the “Board”). Various factors may be reviewed in order to make a good faith determination of a security’s fair value. Factors for other securities may include, but are not limited to, the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; and changes in overall market conditions. If events occur that materially affect the value of securities between the close of trading in those securities and the close of regular trading on the New York Stock Exchange, the securities may be fair valued. U.S. and foreign debt securities including short-term debt instruments having a maturity of 60 days or less shall be valued in accordance with the price supplied by a Pricing Service using the evaluated bid price. Money market mutual funds, demand notes and repurchase agreements are valued at cost, unless the Board or its delegate determines that this does not represent fair value.

The Fund has adopted fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various input and valuation techniques used in measuring fair value. Fair value inputs are summarized in the three broad levels listed below:

	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.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The significant unobservable inputs used in the fair value measurement of the Fund’s Level 3 investments are listed in the table of valuation techniques and inputs. Significant changes in any of these inputs in isolation may result in a change in fair value measurement.

In accordance with procedures established by the Fund’s Board of Directors, the Adviser shall initially value non-publicly-traded securities (for which a current market value is not readily available) at their acquisition cost less related expenses, where identifiable, unless and until the Adviser determines that such value does not represent fair value.

The Adviser sends a memorandum to the Chairman of the Valuation Committee with respect to any non-publicly-traded securities that are valued using a method other than cost detailing the reason, factors considered, and impact on the Fund’s NAV. If the Chairman determines that such fair valuation(s) require the involvement of the Valuation Committee, a special meeting of the Valuation Committee is called as soon as practicable to discuss such fair valuation(s). The Valuation Committee of the Board consists of at least two non-interested Directors, as defined by the Investment Company Act of 1940.

In addition to special meetings, the Valuation Committee meets prior to each regular quarterly Board meeting. At each quarterly meeting, the Adviser delivers a written report (the “Quarterly Report”) regarding any recommendations of fair valuation during the past quarter, including fair valuations which have not changed. The Valuation Committee reviews the Quarterly Report, discusses the valuation of the fair valued securities with appropriate levels of representatives from the Adviser’s management, and, unless more information is required, approves the valuation of fair valued securities.

The Valuation Committee also reviews other interim reports as necessary.

The following is a summary of the fair valuations according to the inputs used as of September 30, 2022 in valuing the Fund's investments:

	Quoted Prices in Active		Significant Other
	Markets for Identical		Observable Inputs		Unobservable Inputs
	Investments (Level 1)		(Level 2)		(Level 3)*		Total
Investment Companies
Closed-End Funds	$	99,812,632	$	-	$	-	$	99,812,632
Business Development Companies		20,644,997		-		-		20,644,997
Trust Certificates		338,525		-		18,279		356,804
Preferred Stocks
Real Estate Investment Trusts		2,019,463		-		-		2,019,463
Other Common Stocks
Food & Staples Retailing		668,953		-		-		668,953
Oil, Gas & Consumable Fuels		7,819,812		-		-		7,819,812
Real Estate Investment Trusts		8,594,717		-		-		8,594,717
Real Estate Management & Development		860,351		-		-		860,351
Special Purpose Acquisition Vehicles		31,304,798		13,843,135		-		45,147,933
Corporate Obligations		-		-		3,319,569		3,319,569
Unsecured Notes		5,442,828		-		-		5,442,828
Warrants		278,095		77,361		0		355,456
Rights		5,050		16,500		-		21,550
Money Market Funds		5,488,351		-		-		5,488,351
Total	$	183,278,572	$	13,936,996	$	3,337,848	$	200,553,416

*The Fund measures Level 3 activity as of the beginning and end of each financial reporting period.

Level 3 Reconciliation Disclosure
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

Category	Trust Certificates			Corporate Obligations			Warrants
Balance as of 12/31/2021	$	70,568		$	3,631,998		$	0
Acquisitions		-			78,513			-
Dispositions		-			-			-
Transfers into (out of) Level 3		-			-			-
Accretion/Amortization		-			7			-
Corporate Actions		-			-			-
Realized Gain (Loss)		-			-			-
Change in unrealized appreciation (depreciation)		(52,289	)		(390,949	)		-
Balance as of 9/30/2022	$	18,279		$	3,319,569		$	0
Change in unrealized appreciation (depreciation) during the period for Level 3 investments held at September 30, 2022	$	(52,289	)	$	(390,949	)	$	-

The following table presents additional information about valuation methodologies and inputs used for investments that are measured at fair value and
categorized within Level 3 as of September 30, 2022:

Category	Fair Value September 30, 2022	Valuation Methodologies	Unobservable Inputs	Range	Impact to valuation from an increase to input
Trust Certificates	18,279	Last Traded Price, Company-Specific Information	Market Assessments, Company's Financial Assessments	0.057-0.2201	Significant changes in market conditions and/or company's financials could result in direct and proportional changes in the fair value of the security
Corporate Obligations	3,319,569	Last Traded Price, Company-Specific Information	Terms of the Note/ Company's Financial Assessments/ Company Announcements	60.74-71.983	Significant changes in company’s financials, changes to the terms of the notes or changes to the general business conditions impacting the company’s business may result in changes to the fair value of the securities
Warrants	0	Last Traded Price, Company-Specific Information	Market Assessments, Company's Financial Assessments	0.00	Significant changes in market conditions and/or company's financials could result in direct and proportional changes in the fair value of the security