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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Special Opportunities Fund Inc | NYSE:SPE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.11 | 0.87% | 12.80 | 12.9899 | 12.72 | 12.78 | 17,763 | 01:00:00 |
Net asset value returns
|
1 year
|
5 years
|
10 years
|
Special Opportunities Fund, Inc.
|
8.29%
|
5.44%
|
5.79%
|
Market price returns
|
|||
Special Opportunities Fund, Inc.
|
0.33%
|
5.18%
|
5.95%
|
Index returns
|
|||
S&P 500® Index
|
19.59%
|
12.31%
|
12.86%
|
Share price as of 6/30/2023
|
|||
Net asset value
|
|
||
Market price
|
|
Value
|
Percent
|
||||||||
Investment Companies
|
$
|
144,869,512
|
67.49
|
%
|
|||||
Special Purpose Acquisition Vehicles
|
35,393,953
|
16.49
|
|||||||
Money Market Funds
|
17,454,510
|
8.13
|
|||||||
Other Common Stocks
|
6,859,384
|
3.20
|
|||||||
Unsecured Notes
|
4,741,989
|
2.21
|
|||||||
Real Estate Investment Trusts
|
2,663,766
|
1.24
|
|||||||
Corporate Obligations
|
1,548,194
|
0.72
|
|||||||
Trusts
|
434,289
|
0.20
|
|||||||
Preferred Stocks
|
413,852
|
0.19
|
|||||||
Warrants
|
201,456
|
0.10
|
|||||||
Rights
|
63,489
|
0.03
|
|||||||
Total Investments
|
$
|
214,644,394
|
100.00
|
%
|
(1)
|
As a percentage of total investments.
|
% of Total
|
|||||
Country
|
Investments
|
||||
United States
|
98.12
|
%
|
|||
Ireland
|
0.72
|
%
|
|||
Cayman Islands
|
0.56
|
%
|
|||
Sweden
|
0.32
|
%
|
|||
Guernsey
|
0.17
|
%
|
|||
China
|
0.11
|
%
|
|||
100.00
|
%
|
Shares
|
Value
|
|||||||
INVESTMENT COMPANIES—94.14%
|
||||||||
Closed-End Funds—80.12%
|
||||||||
Aberdeen Asia-Pacific Income Fund, Inc.
|
208,994
|
$
|
564,284
|
|||||
abrdn Global Dynamic Dividend
|
49,874
|
475,798
|
||||||
Adams Diversified Equity Fund, Inc.
|
322,377
|
5,419,157
|
||||||
Apollo Tactical Income Fund, Inc.
|
96,992
|
1,230,828
|
||||||
Bancroft Fund Ltd.
|
15,143
|
258,794
|
||||||
BlackRock California Municipal Income Trust
|
333,738
|
3,958,133
|
||||||
BlackRock ESG Capital Allocation Term Trust
|
369,295
|
5,783,160
|
||||||
BlackRock Innovation and Growth Term Trust
|
51,944
|
407,760
|
||||||
Blackstone Strategic Credit 2027 Term Fund
|
86,455
|
944,953
|
||||||
BNY Mellon Municipal Income, Inc.
|
201,785
|
1,269,228
|
||||||
BNY Mellon Strategic Municipal Bond Fund, Inc.
|
100,689
|
573,927
|
||||||
Center Coast Brookfield MLP & Energy Infrastructure Fund
|
146,938
|
2,859,413
|
||||||
Central Securities Corp.
|
214,394
|
7,827,525
|
||||||
Credit Suisse High Yield Bond Fund
|
819,736
|
1,549,301
|
||||||
Destra Multi-Alternative Fund
|
167,969
|
841,525
|
||||||
Dividend and Income Fund
|
350,673
|
3,962,605
|
||||||
DWS Municipal Income Trust
|
100,877
|
868,551
|
||||||
DWS Strategic Municipal Income Trust
|
62,164
|
527,462
|
||||||
Eaton Vance New York Municipal Bond Fund
|
340,445
|
3,200,183
|
||||||
Ellsworth Growth and Income Fund Ltd.
|
97,076
|
834,854
|
||||||
First Trust Dynamic Europe Equity Income Fund
|
516,930
|
6,774,368
|
||||||
First Trust High Yield Opportunities 2027 Term Fund
|
30,474
|
418,103
|
||||||
First Trust MLP and Energy Income Fund
|
12,365
|
95,334
|
||||||
General American Investors Co., Inc.
|
324,541
|
13,539,850
|
||||||
High Income Securities Fund
|
242,733
|
1,572,910
|
||||||
Highland Opportunities and Income Fund
|
351,923
|
3,177,865
|
||||||
Mexico Equity & Income Fund, Inc. (a)
|
100,100
|
1,005,144
|
||||||
MFS High Yield Municipal Trust
|
613,447
|
1,975,299
|
||||||
MFS Investment Grade Municipal Trust
|
108,320
|
796,694
|
||||||
Morgan Stanley Emerging Markets Debt Fund, Inc.
|
313,879
|
2,021,381
|
||||||
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.
|
71,687
|
336,212
|
||||||
Neuberger Berman New York Municipal Fund, Inc.
|
34,908
|
332,673
|
||||||
Neuberger Berman Next Generation Connectivity Fund, Inc.
|
470,759
|
5,135,981
|
||||||
New America High Income Fund, Inc.
|
45,969
|
305,694
|
||||||
Nuveen Multi-Asset Income Fund
|
12,779
|
149,003
|
Shares
|
Value
|
|||||||
INVESTMENT COMPANIES—(continued)
|
||||||||
Closed-End Funds—(continued)
|
||||||||
Nuveen Short Duration Credit Opportunities Fund
|
301,284
|
$
|
3,479,830
|
|||||
NXG NextGen Infrastructure Income Fund
|
78,051
|
3,001,061
|
||||||
Pershing Square Holdings Ltd. Fund (f)
|
10,000
|
360,700
|
||||||
Principal Real Estate Income Fund
|
110,481
|
1,045,150
|
||||||
Saba Capital Income & Opportunities Fund
|
436,011
|
3,357,285
|
||||||
SRH Total Return Fund, Inc.
|
987,350
|
13,112,008
|
||||||
Taiwan Fund, Inc. (a)
|
223,819
|
7,013,368
|
||||||
Templeton Global Income Fund
|
31,740
|
131,404
|
||||||
The Swiss Helvetia Fund, Inc.
|
236,992
|
1,948,074
|
||||||
Tortoise Energy Independence Fund, Inc.
|
52,500
|
1,509,375
|
||||||
Tortoise Power and Energy Infrastructure Fund, Inc.
|
123,986
|
1,637,855
|
||||||
Vertical Capital Income Fund
|
310,486
|
3,087,783
|
||||||
Virtus Total Return Fund, Inc.
|
403,236
|
2,451,675
|
||||||
Western Asset Intermediate Muni Fund, Inc.
|
22,082
|
168,265
|
||||||
123,297,785
|
||||||||
Business Development Companies—14.02%
|
||||||||
Barings BDC, Inc.
|
403,900
|
3,166,576
|
||||||
CION Investment Corp.
|
822,020
|
8,532,568
|
||||||
Crescent Capital BDC, Inc.
|
93,701
|
1,418,633
|
||||||
FS KKR Capital Corp.
|
213,874
|
4,102,103
|
||||||
Logan Ridge Finance Corp.
|
81,161
|
1,680,844
|
||||||
PennantPark Investment Corp.
|
67,321
|
396,521
|
||||||
Portman Ridge Finance Corp.
|
113,781
|
2,274,482
|
||||||
21,571,727
|
||||||||
Total Investment Companies (Cost $136,061,591)
|
144,869,512
|
|||||||
TRUSTS—0.28%
|
||||||||
Copper Property CTL Pass Through Trust
|
39,620
|
416,010
|
||||||
Lamington Road Grantor Trust (a)(c)(f)
|
320,690
|
18,279
|
||||||
Total Trusts (Cost $616,025)
|
434,289
|
Shares
|
Value
|
|||||||
PREFERRED STOCKS—0.27%
|
||||||||
Real Estate Investment Trusts—0.27%
|
||||||||
Brookfield DTLA Fund Office Trust Investor, Inc.
|
171,723
|
$
|
56,668
|
|||||
NexPoint Diversified Real Estate Trust
|
22,324
|
357,184
|
||||||
Total Preferred Stocks (Cost $4,932,716)
|
413,852
|
|||||||
OTHER COMMON STOCKS—4.46%
|
||||||||
Oil, Gas & Consumable Fuels—3.77%
|
||||||||
Texas Pacific Land Corp.
|
4,400
|
5,792,600
|
||||||
Real Estate Management & Development—0.69%
|
||||||||
Howard Hughes Corp. (a)
|
12,000
|
947,040
|
||||||
Trinity Place Holdings, Inc. (a)
|
221,748
|
119,744
|
||||||
1,066,784
|
||||||||
Total Other Common Stocks (Cost $6,552,341)
|
6,859,384
|
|||||||
REAL ESTATE INVESTMENT TRUSTS—1.73%
|
||||||||
Creative Media & Community Trust Corp.
|
26,801
|
133,737
|
||||||
NexPoint Diversified Real Estate Trust
|
202,079
|
2,530,029
|
||||||
Total Real Estate Investment Trusts (Cost $3,145,515)
|
2,663,766
|
|||||||
Shares/Units
|
||||||||
SPECIAL PURPOSE ACQUISITION VEHICLES—23.00% (a)
|
||||||||
AfterNext HealthTech Acquisition Corp. (f)
|
165,177
|
1,711,234
|
||||||
AltC Acquisition Corp.
|
100,000
|
1,043,000
|
||||||
byNordic Acquisition Corp.
|
64,987
|
688,212
|
||||||
Cartesian Growth Corp. II (f)
|
251,947
|
2,685,755
|
||||||
Churchill Capital Corp. V
|
105,728
|
1,075,254
|
||||||
Churchill Capital Corp. VI
|
81,000
|
834,300
|
||||||
Churchill Capital Corp. VII
|
124,920
|
1,289,174
|
||||||
Colombier Acquisition Corp.
|
99,999
|
1,026,990
|
||||||
Compass Digital Acquisition Corp. (f)
|
90,055
|
932,520
|
||||||
Concord Acquisition Corp. II
|
93,029
|
954,478
|
||||||
Consilium Acquisition Corp I Ltd. (f)
|
96,900
|
1,016,481
|
||||||
Conyers Park III Acquisition Corp.
|
6,000
|
61,260
|
||||||
Elliott Opportunity II Corp. (f)
|
127,791
|
1,323,915
|
||||||
Embrace Change Acquisition Corp. (f)
|
23,045
|
243,816
|
Shares/Units
|
Value
|
|||||||
SPECIAL PURPOSE ACQUISITION VEHICLES—(continued)
|
||||||||
FG Merger Corp.
|
200,000
|
$
|
2,116,000
|
|||||
Gores Holdings IX, Inc.
|
88,568
|
907,822
|
||||||
Healthwell Acquisition Corp. I
|
76,850
|
790,018
|
||||||
Hudson Acquisition I Corp.
|
25,100
|
260,036
|
||||||
Infinite Acquisition Corp. (f)
|
53,083
|
561,087
|
||||||
Investcorp India Acquisition Corp. (f)
|
110,124
|
1,176,124
|
||||||
Kensington Capital Acquisition Corp. V (f)
|
230,649
|
2,435,654
|
||||||
Keyarch Acquisition Corp. (f)
|
150,000
|
1,569,000
|
||||||
Live Oak Crestview Climate Acquisition Corp. Units
|
1
|
10
|
||||||
Live Oak Crestview Climate Acquisition Corp.
|
1,620
|
16,605
|
||||||
M3-Brigade Acquisition III Corp.
|
159,558
|
1,667,381
|
||||||
Plutonian Acquisition Corp.
|
101,969
|
1,058,948
|
||||||
Portage Fintech Acquisition Corp. (f)
|
94,877
|
985,298
|
||||||
Screaming Eagle Acquisition Corp. (f)
|
200,000
|
2,064,000
|
||||||
Social Capital Suvretta Holdings Corp. II (f)
|
50,000
|
517,500
|
||||||
Social Capital Suvretta Holdings Corp. IV (f)
|
110,000
|
1,138,500
|
||||||
TG Venture Acquisition Corp.
|
309,207
|
3,243,581
|
||||||
Total Special Purpose Acquisition Vehicles (Cost $34,222,704)
|
35,393,953
|
|||||||
Principal
|
||||||||
Amount
|
||||||||
CORPORATE OBLIGATIONS—1.01%
|
||||||||
Lamington Road DAC (b)(c)(f)
|
||||||||
8.000%, 04/07/2121
|
$
|
16,542,013
|
661,680
|
|||||
9.750%, 04/07/2121
|
1,708,119
|
886,514
|
||||||
Total Corporate Obligations (Cost $5,563,098)
|
1,548,194
|
|||||||
UNSECURED NOTES—3.08%
|
||||||||
iMedia Brands, Inc.
|
||||||||
8.500%, 09/30/2026
|
23,458
|
22,989
|
||||||
Sachem Capital Corp.
|
||||||||
7.125%, 06/30/2024
|
60,000
|
1,482,000
|
||||||
7.750%, 09/30/2025
|
120,000
|
2,826,000
|
||||||
6.000%, 03/30/2027
|
20,000
|
411,000
|
||||||
Total Unsecured Notes (Cost $5,546,450)
|
4,741,989
|
Shares
|
Value
|
|||||||
WARRANTS—0.13% (a)
|
||||||||
African Gold Acquisition Corp.
|
||||||||
Expiration: March 2028
|
||||||||
Exercise Price: $11.50 (c)(f)
|
150,000
|
$
|
1,500
|
|||||
AGBA Group Holding Ltd.
|
||||||||
Expiration: May 2024
|
||||||||
Exercise Price: $11.50 (f)
|
51,750
|
3,105
|
||||||
Alset Capital Acquisition Corp.
|
||||||||
Expiration: February 2027
|
||||||||
Exercise Price: $11.50
|
23,750
|
950
|
||||||
Andretti Acquisition Corp.
|
||||||||
Expiration: March 2028
|
||||||||
Exercise Price: $11.50 (f)
|
72,334
|
5,432
|
||||||
Blockchain Coinvestors Acquisition Corp. I
|
||||||||
Expiration: November 2028
|
||||||||
Exercise Price: $11.50 (f)
|
32,500
|
1,814
|
||||||
C5 Acquisition Corp.
|
||||||||
Expiration: May 2028
|
||||||||
Exercise Price: $11.50
|
50,000
|
2,470
|
||||||
Cactus Acquisition Corp. 1 Ltd.
|
||||||||
Expiration: October 2026
|
||||||||
Exercise Price: $11.50 (f)
|
40,700
|
1,421
|
||||||
Cartesian Growth Corp. II
|
||||||||
Expiration: July 2028
|
||||||||
Exercise Price: $11.50 (f)
|
21,986
|
2,858
|
||||||
CF Acquisition Corp. VIII
|
||||||||
Expiration: December 2027
|
||||||||
Exercise Price: $11.50
|
8,500
|
422
|
||||||
Churchill Capital Corp. V
|
||||||||
Expiration: October 2027
|
||||||||
Exercise Price: $11.50
|
26,432
|
4,760
|
||||||
Churchill Capital Corp. VI
|
||||||||
Expiration: December 2027
|
||||||||
Exercise Price: $11.50
|
16,200
|
2,916
|
||||||
Churchill Capital Corp. VII
|
||||||||
Expiration: February 2028
|
||||||||
Exercise Price: $11.50
|
24,984
|
3,498
|
||||||
Colombier Acquisition Corp.
|
||||||||
Expiration: December 2028
|
||||||||
Exercise Price: $11.50
|
33,333
|
25,583
|
Shares
|
Value
|
|||||||
WARRANTS—(continued)
|
||||||||
Conyers Park III Acquisition Corp.
|
||||||||
Expiration: August 2028
|
||||||||
Exercise Price: $11.50
|
99,245
|
$
|
4,962
|
|||||
Corner Growth Acquisition Corp.
|
||||||||
Expiration: December 2027
|
||||||||
Exercise Price: $11.50 (f)
|
33,333
|
4,220
|
||||||
Corner Growth Acquisition Corp. 2
|
||||||||
Expiration: June 2026
|
||||||||
Exercise Price: $11.50 (f)
|
14,366
|
1,092
|
||||||
Digital Health Acquisition Corp.
|
||||||||
Expiration: October 2023
|
||||||||
Exercise Price: $11.50
|
116,000
|
7,331
|
||||||
Dune Acquisition Corp.
|
||||||||
Expiration: October 2027
|
||||||||
Exercise Price: $11.50
|
19,300
|
816
|
||||||
EdtechX Holdings Acquisition Corp. II
|
||||||||
Expiration: June 2027
|
||||||||
Exercise Price: $11.50
|
55,500
|
1,615
|
||||||
Elliott Opportunity II Corp.
|
||||||||
Expiration: March 2026
|
||||||||
Exercise Price: $11.50 (f)
|
150,000
|
45
|
||||||
FAST Acquisition Corp. II
|
||||||||
Expiration: March 2026
|
||||||||
Exercise Price: $11.50
|
22,676
|
15,848
|
||||||
FG Merger Corp.
|
||||||||
Expiration: June 2027
|
||||||||
Exercise Price: $11.50
|
150,000
|
8,020
|
||||||
Forum Merger IV Corp.
|
||||||||
Expiration: December 2027
|
||||||||
Exercise Price: $11.50
|
24,225
|
12
|
||||||
Fusion Acquisition Corp. II
|
||||||||
Expiration: December 2027
|
||||||||
Exercise Price: $11.50 (c)
|
46,666
|
233
|
||||||
Graf Acquisition Corp. IV
|
||||||||
Expiration: May 2028
|
||||||||
Exercise Price: $11.50
|
20,000
|
3,800
|
||||||
HNR Acquisition Corp.
|
||||||||
Expiration: July 2028
|
||||||||
Exercise Price: $11.50
|
63,000
|
5,985
|
Shares
|
Value
|
|||||||
WARRANTS—(continued)
|
||||||||
Insight Acquisition Corp.
|
||||||||
Expiration: August 2026
|
||||||||
Exercise Price: $11.50
|
12,450
|
$
|
375
|
|||||
Investcorp Europe Acquisition Corp. I
|
||||||||
Expiration: November 2028
|
||||||||
Exercise Price: $11.50 (f)
|
150,000
|
29,205
|
||||||
Juniper II Corp.
|
||||||||
Expiration: December 2028
|
||||||||
Exercise Price: $11.50
|
104,500
|
3,250
|
||||||
Keyarch Acquisition Corp.
|
||||||||
Expiration: July 2028
|
||||||||
Exercise Price: $11.50 (f)
|
75,000
|
2,156
|
||||||
Lamington Road
|
||||||||
Expiration: July 2025
|
||||||||
Exercise Price: $0.20 (c)(e)(f)
|
640,000
|
0
|
||||||
Landcadia Holdings IV, Inc.
|
||||||||
Expiration: March 2028
|
||||||||
Exercise Price: $11.50
|
25,000
|
4,100
|
||||||
Leo Holdings Corp. II
|
||||||||
Expiration: January 2028
|
||||||||
Exercise Price: $11.50 (f)
|
12,308
|
246
|
||||||
LIV Capital Acquisition Corp. II
|
||||||||
Expiration: February 2027
|
||||||||
Exercise Price: $11.50 (f)
|
70,875
|
1,595
|
||||||
Live Oak Crestview Climate Acquisition Corp.
|
||||||||
Expiration: March 2026
|
||||||||
Exercise Price: $11.50
|
540
|
19
|
||||||
M3-Brigade Acquisition III Corp.
|
||||||||
Expiration: July 2028
|
||||||||
Exercise Price: $11.50
|
36,666
|
15,033
|
||||||
Murphy Canyon Acquisition Corp.
|
||||||||
Expiration: February 2027
|
||||||||
Exercise Price: $11.50
|
94,500
|
3,780
|
||||||
Nogin, Inc.
|
||||||||
Expiration: August 2027
|
||||||||
Exercise Price: $11.50
|
55,350
|
703
|
||||||
Northern Star Investment Corp. III
|
||||||||
Expiration: February 2028
|
||||||||
Exercise Price: $11.50
|
17,833
|
214
|
Shares
|
Value
|
|||||||
WARRANTS—(continued)
|
||||||||
Northern Star Investment Corp. IV
|
||||||||
Expiration: December 2027
|
||||||||
Exercise Price: $11.50
|
8,833
|
$
|
442
|
|||||
Oxbridge Acquisition Corp.
|
||||||||
Expiration: August 2026
|
||||||||
Exercise Price: $11.50 (f)
|
50,000
|
2,255
|
||||||
Plutonian Acquisition Corp.
|
||||||||
Expiration: October 2027
|
||||||||
Exercise Price: $11.50
|
101,969
|
12,134
|
||||||
Quantum FinTech Acquisition Corp.
|
||||||||
Expiration: December 2027
|
||||||||
Exercise Price: $11.50
|
76,000
|
3,420
|
||||||
Screaming Eagle Acquisition Corp.
|
||||||||
Expiration: December 2027
|
||||||||
Exercise Price: $11.50 (f)
|
50,000
|
7,000
|
||||||
Shapeways Holdings, Inc.
|
||||||||
Expiration: October 2026
|
||||||||
Exercise Price: $92.00
|
100,000
|
1,010
|
||||||
Signa Sports United NV
|
||||||||
Expiration: December 2026
|
||||||||
Exercise Price: $11.50 (f)
|
29,000
|
1,711
|
||||||
TG Venture Acquisition Corp.
|
||||||||
Expiration: August 2023
|
||||||||
Exercise Price: $11.50
|
100,000
|
2,100
|
||||||
ZyVersa Therapeutics, Inc.
|
||||||||
Expiration: December 2027
|
||||||||
Exercise Price: $11.50 (c)
|
65,250
|
0
|
||||||
Total Warrants (Cost $982,125)
|
201,456
|
|||||||
RIGHTS—0.04% (a)
|
||||||||
Alset Capital Acquisition Corp.
|
47,500
|
15,000
|
||||||
Hudson Acquisition I Corp. (Expiration: July 14, 2023)
|
25,100
|
5,271
|
||||||
Keyarch Acquisition Corp. (f)
|
150,000
|
16,500
|
||||||
Nocturne Acquisition Corp. (f)
|
75,000
|
9,383
|
||||||
Plutonian Acquisition Corp. (Expiration: August 9, 2023)
|
101,969
|
17,335
|
||||||
Total Rights (Cost $74,774)
|
63,489
|
Shares
|
Value
|
|||||||
MONEY MARKET FUNDS—11.34%
|
||||||||
Fidelity Institutional Government Portfolio—Class I, 4.980% (d)
|
8,727,255
|
$
|
8,727,255
|
|||||
Invesco Treasury Portfolio—Institutional Class, 5.032% (d)
|
8,727,255
|
8,727,255
|
||||||
Total Money Market Funds (Cost $17,454,510)
|
17,454,510
|
|||||||
Total Investments (Cost $215,151,849)—139.48%
|
214,644,394
|
|||||||
Liabilities in Excess of Other Assets—(1.76)%
|
(2,714,479
|
)
|
||||||
Preferred Stock—(37.72)%
|
(58,047,350
|
)
|
||||||
TOTAL NET ASSETS—100.00%
|
$
|
153,882,565
|
(a)
|
Non-income producing security.
|
(b)
|
The coupon rate shown represents the rate at June 30, 2023.
|
(c)
|
Fair valued securities. The total market value of these securities was $1,568,206, representing 1.02% of net assets. Value determined using significant unobservable inputs.
|
(d)
|
The rate shown represents the seven-day yield at June 30, 2023.
|
(e)
|
Illiquid securities. The total market value of these securities was $0, representing 0.00% of net assets.
|
(f)
|
Foreign-issued security.
|
Assets:
|
||||
Investments, at value (Cost $215,151,849)
|
$
|
214,644,394
|
||
Receivables:
|
||||
Investments sold
|
5,806
|
|||
Dividends and interest
|
1,073,330
|
|||
Other assets
|
43,919
|
|||
Total assets
|
215,767,449
|
|||
Liabilities:
|
||||
Payables:
|
||||
Investments purchased
|
3,448,359
|
|||
Payable for shares redeemed
|
56,200
|
|||
Advisory fees
|
172,891
|
|||
Administration fees
|
50,819
|
|||
Chief Compliance Officer fees
|
6,129
|
|||
Director fees
|
12,443
|
|||
Fund accounting fees
|
881
|
|||
Custody fees
|
6,791
|
|||
Transfer Agent fees
|
10,401
|
|||
Legal fees
|
38,019
|
|||
Audit fees
|
22,482
|
|||
Reports and notices to shareholders
|
12,119
|
|||
Total liabilities
|
3,837,534
|
|||
Preferred Stock:
|
||||
- $0.001 par value, liquidation value per share; |
||||
|
||||
Total preferred stock
|
58,047,350
|
|||
Net assets applicable to common shareholders
|
$
|
153,882,565
|
||
Net assets applicable to common shareholders:
|
||||
- $0.001 par value per common share; shares authorized; |
||||
|
$
|
403,135,383
|
||
Cost of shares held in treasury
|
(240,985,920
|
)
|
||
Total distributable earnings (deficit)
|
(8,266,898
|
)
|
||
Net assets applicable to common shareholders
|
$
|
153,882,565
|
||
Net asset value per common share ($153,882,565 applicable to
|
||||
|
$
|
|
For the six months
|
||||
ended June 30, 2023
|
||||
(unaudited)
|
||||
Investment income:
|
||||
Dividends
|
$
|
5,115,873
|
||
Interest
|
993,095
|
|||
Total investment income
|
6,108,968
|
|||
Expenses:
|
||||
Investment advisory fees
|
1,043,288
|
|||
Administration fees and expenses
|
127,017
|
|||
Directors’ fees and expenses
|
122,335
|
|||
Legal fees and expenses
|
34,684
|
|||
Compliance fees and expenses
|
34,344
|
|||
Reports and notices to shareholders
|
28,048
|
|||
Transfer agency fees and expenses
|
22,782
|
|||
Audit fees
|
22,477
|
|||
Custody fees and expenses
|
20,902
|
|||
Stock exchange listing fees
|
19,455
|
|||
Insurance fees
|
15,506
|
|||
Accounting fees and expenses
|
2,743
|
|||
Other expenses
|
8,487
|
|||
Net expenses
|
1,502,068
|
|||
Net investment income
|
4,606,900
|
|||
Net realized and unrealized gains (losses) from investment activities:
|
||||
Net realized gain (loss) from:
|
||||
Investments
|
(3,358,839
|
)
|
||
Distributions received from investment companies
|
38,607
|
|||
Net realized loss
|
(3,320,232
|
)
|
||
Change in net unrealized appreciation (depreciation) on:
|
||||
Investments
|
11,069,761
|
|||
Net realized and unrealized gains from investment activities
|
7,749,529
|
|||
Increase in net assets resulting from operations
|
12,356,429
|
|||
Distributions to preferred stockholders
|
(800,951
|
)
|
||
Discount on redemption and repurchase of preferred shares
|
30,180
|
|||
Net increase in net assets applicable to common shareholders from operations
|
$
|
11,585,658
|
For the six months
|
||||
ended June 30, 2023
|
||||
(unaudited)
|
||||
Cash flows from operating activities:
|
||||
Net increase in net assets
|
$
|
12,386,609
|
||
Discount on redemption and repurchase of preferred shares
|
(30,180
|
)
|
||
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
|
(53,858,083
|
)
|
||
Proceeds from sales of investments
|
63,819,977
|
|||
Net purchases and sales of short-term investments
|
(10,371,380
|
)
|
||
Return of capital distributions received from underlying investments
|
119,462
|
|||
Accretion of discount
|
151
|
|||
Decrease in dividends and interest receivable
|
(301,298
|
)
|
||
Decrease in receivable for investments sold
|
1,112,079
|
|||
Increase in other assets
|
(19,112
|
)
|
||
Increase in payable for investments purchased
|
1,079,401
|
|||
Decrease in payable to Adviser
|
(7,174
|
)
|
||
Increase in accrued expenses and other liabilities
|
65,084
|
|||
Net distributions received from investment companies
|
38,607
|
|||
Net realized loss from investments
|
3,320,232
|
|||
Net change in unrealized appreciation of investments
|
(11,069,761
|
)
|
||
Net cash used in operating activities
|
6,284,614
|
|||
Cash flows from financing activities:
|
||||
Distributions paid to common shareholders
|
(5,957,710
|
)
|
||
Distributions paid to preferred shareholders
|
(800,951
|
)
|
||
Repurchase of common stock
|
(854,918
|
)
|
||
Repurchase of preferred stock
|
(296,320
|
)
|
||
Net cash provided by financing activities
|
(7,909,899
|
)
|
||
Net change in cash
|
$
|
(1,625,285
|
)
|
|
Cash:
|
||||
Beginning of period
|
1,625,285
|
|||
End of period
|
$
|
—
|
For the
|
||||||||
six months ended
|
For the
|
|||||||
June 30, 2023
|
year ended
|
|||||||
(unaudited)
|
December 31, 2022
|
|||||||
From operations:
|
||||||||
Net investment income
|
$
|
4,606,900
|
$
|
3,478,374
|
||||
Net realized gain (loss) from:
|
||||||||
Investments
|
(3,358,839
|
)
|
(954,692
|
)
|
||||
Distributions received from investment companies
|
38,607
|
1,828,305
|
||||||
Net change in unrealized appreciation (depreciation) on:
|
||||||||
Investments
|
11,069,761
|
(29,012,831
|
)
|
|||||
Discount on redemption and repurchase of preferred shares
|
30,180
|
—
|
||||||
Net increase (decrease) in net assets resulting from operations
|
12,386,609
|
(24,660,844
|
)
|
|||||
Distributions paid to preferred shareholders:
|
||||||||
Net distributions
|
(800,951
|
)
|
(1,467,040
|
)
|
||||
Total distributions paid to preferred shareholders
|
(800,951
|
)
|
(1,467,040
|
)
|
||||
Net increase (decrease) in net assets applicable to common
|
||||||||
shareholders resulting from operations
|
11,585,658
|
(26,127,884
|
)
|
|||||
Distributions paid to common shareholders:
|
||||||||
Net distributions
|
(5,957,710
|
)
|
(15,317,585
|
)
|
||||
Return of capital
|
—
|
(226,028
|
)
|
|||||
Total distributions paid to common shareholders
|
(5,957,710
|
)
|
(15,543,613
|
)
|
||||
Capital Stock Transactions (Note 4)
|
||||||||
Repurchase of common stock through tender offer
|
—
|
(19,612,500
|
)
|
|||||
Repurchase of common stock
|
(854,918
|
)
|
—
|
|||||
Total capital stock transactions
|
(854,918
|
)
|
(19,612,500
|
)
|
||||
Net increase (decrease) in net assets
|
||||||||
applicable to common shareholders
|
4,773,030
|
(61,283,997
|
)
|
|||||
Net assets applicable to common shareholders:
|
||||||||
Beginning of period
|
149,109,535
|
210,393,532
|
||||||
End of period
|
$
|
153,882,565
|
$
|
149,109,535
|
For the six months
|
||||
ended June 30, 2023
|
||||
(unaudited)
|
||||
Net asset value, beginning of year/period
|
$
|
13.01
|
||
Net investment income (loss)(1)
|
0.40
|
|||
Net realized and unrealized gains (losses) from investment activities
|
0.69
|
|||
Total from investment operations
|
1.09
|
|||
Common share equivalent of dividends paid to preferred shareholders from:
|
||||
Net investment income
|
(0.07
|
)
|
||
Net realized gains from investment activities
|
—
|
|||
Net increase (decrease) in net assets attributable to common
|
||||
stockholders resulting form operations
|
1.02
|
|||
Distributions paid to common shareholders from:
|
||||
Net investment income
|
(0.52
|
)
|
||
Net realized gains from investment activities
|
—
|
|||
Return of capital
|
—
|
|||
Total distributions paid to common shareholders
|
(0.52
|
)
|
||
Anti-Dilutive effect of Common Share Repurchase
|
0.01
|
|||
Discount on redemptions and repurchases of preferred shares
|
0.00
|
(6)
|
||
Dilutive effect of conversions of preferred shares to common shares
|
—
|
|||
Anti-Dilutive effect of tender offer
|
—
|
|||
Net asset value, end of year/period
|
$
|
|
||
Market value, end of year/period
|
$
|
|
||
Total net asset value return(2)(5)
|
8.06
|
%
|
||
Total market price return(3)
|
3.10
|
%
|
||
Ratio to average net assets attributable to common shares:
|
||||
Ratio of expenses to average assets(4)
|
1.99
|
%
|
||
Ratio of net investment income to average net assets(1)
|
6.11
|
%
|
||
Supplemental data:
|
||||
Net assets applicable to common shareholders, end of year/period (000’s)
|
$
|
153,852
|
||
Liquidation value of preferred stock (000’s)
|
$
|
|
||
Portfolio turnover(5)
|
27
|
%
|
||
Preferred Stock:
|
||||
Total Shares Outstanding
|
|
|||
Asset coverage per share of preferred shares, end of year/period
|
$
|
|
For the year ended December 31,
|
||||||||||||||||||
2022
|
2021
|
2020
|
2019
|
2018
|
||||||||||||||
$
|
16.55
|
$
|
16.13
|
$
|
16.06
|
$
|
13.78
|
$
|
16.70
|
|||||||||
0.28
|
0.18
|
0.59
|
0.31
|
(0.18
|
)
|
|||||||||||||
(2.43
|
)
|
4.06
|
0.84
|
3.13
|
(1.06
|
)
|
||||||||||||
(2.15
|
)
|
4.24
|
1.43
|
3.44
|
(1.24
|
)
|
||||||||||||
(0.03
|
)
|
(0.05
|
)
|
(0.21
|
)
|
(0.05
|
)
|
(0.08
|
)
|
|||||||||
(0.09
|
)
|
(0.03
|
)
|
(0.02
|
)
|
(0.18
|
)
|
(0.15
|
)
|
|||||||||
(2.27
|
)
|
4.16
|
1.20
|
3.21
|
(1.47
|
)
|
||||||||||||
(0.34
|
)
|
(0.23
|
)
|
(0.65
|
)
|
(0.20
|
)
|
(0.26
|
)
|
|||||||||
(0.96
|
)
|
(1.57
|
)
|
(0.48
|
)
|
(0.73
|
)
|
(1.15
|
)
|
|||||||||
(0.02
|
)
|
—
|
—
|
—
|
(0.04
|
)
|
||||||||||||
(1.32
|
)
|
(1.80
|
)
|
(1.13
|
)
|
(0.93
|
)
|
(1.45
|
)
|
|||||||||
—
|
—
|
—
|
—
|
—
|
||||||||||||||
—
|
—
|
—
|
—
|
—
|
||||||||||||||
—
|
(1.94
|
)
|
—
|
—
|
—
|
|||||||||||||
0.05
|
—
|
—
|
—
|
—
|
||||||||||||||
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||
-13.81
|
%
|
14.09
|
%
|
9.24
|
%
|
23.72
|
%
|
-8.79
|
%
|
|||||||||
-18.33
|
%
|
23.62
|
%
|
5.00
|
%
|
32.93
|
%
|
-10.55
|
%
|
|||||||||
1.89
|
%
|
1.57
|
%
|
2.13
|
%
|
1.99
|
%
|
1.92
|
%
|
|||||||||
2.03
|
%
|
0.72
|
%
|
1.96
|
%
|
2.01
|
%
|
0.27
|
%
|
|||||||||
$
|
149,110
|
$
|
210,394
|
$
|
137,129
|
$
|
136,504
|
$
|
117,173
|
|||||||||
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||
54
|
%
|
80
|
%
|
85
|
%
|
75
|
%
|
66
|
%
|
|||||||||
|
|
|
|
|
||||||||||||||
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
(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)
|
Not annualized for periods less than one year.
|
(6)
|
Less than 0.5 cents per share.
|
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
|
$
|
123,297,785
|
$
|
—
|
$
|
—
|
$
|
123,297,785
|
||||||||
Business Development
|
||||||||||||||||
Companies
|
21,571,727
|
—
|
—
|
21,571,727
|
||||||||||||
Trusts
|
416,010
|
—
|
18,279
|
434,289
|
||||||||||||
Preferred Stocks
|
||||||||||||||||
Real Estate Investment Trusts
|
357,184
|
56,668
|
—
|
413,852
|
||||||||||||
Other Common Stocks
|
||||||||||||||||
Oil, Gas & Consumable Fuels
|
5,792,600
|
—
|
—
|
5,792,600
|
||||||||||||
Real Estate Management
|
||||||||||||||||
& Development
|
1,066,784
|
—
|
—
|
1,066,784
|
||||||||||||
Real Estate Investment Trusts
|
2,663,766
|
—
|
—
|
2,663,766
|
||||||||||||
Special Purpose
|
||||||||||||||||
Acquisition Vehicles
|
24,245,066
|
11,148,887
|
—
|
35,393,953
|
||||||||||||
Corporate Obligations
|
—
|
—
|
1,548,194
|
1,548,194
|
||||||||||||
Unsecured Notes
|
4,741,989
|
—
|
—
|
4,741,989
|
||||||||||||
Warrants
|
154,822
|
44,901
|
1,733
|
201,456
|
||||||||||||
Rights
|
41,718
|
21,771
|
—
|
63,489
|
||||||||||||
Money Market Funds
|
17,454,510
|
—
|
—
|
17,454,510
|
||||||||||||
Total
|
$
|
201,803,961
|
$
|
11,272,227
|
$
|
1,568,206
|
$
|
214,644,394
|
*
|
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
|
$201,456
|
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
|
$(663,725)
|
|
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
|
$476,577
|
|
appreciation of investments
|
Trust
|
Corporate
|
|||||||||||
Category
|
Certificates
|
Obligations
|
Warrants
|
|||||||||
Balance as of 12/31/2022
|
$
|
18,279
|
$
|
1,525,819
|
$
|
4,639
|
||||||
Acquisitions
|
—
|
189,182
|
—
|
|||||||||
Dispositions
|
—
|
—
|
—
|
|||||||||
Transfers into (out of) Level 3
|
—
|
—
|
(308
|
)
|
||||||||
Accretion/Amortization
|
—
|
(151
|
)
|
—
|
||||||||
Corporate Actions
|
—
|
—
|
—
|
|||||||||
Realized Gain (Loss)
|
—
|
—
|
—
|
|||||||||
Change in unrealized appreciation (depreciation)
|
—
|
(166,656
|
)
|
(2,598
|
)
|
|||||||
Balance as of 6/30/23
|
$
|
18,279
|
$
|
1,548,194
|
$
|
1,733
|
||||||
Change in unrealized appreciation (depreciation)
|
||||||||||||
during the period for Level 3 investments
|
||||||||||||
held at June 30, 2023
|
$
|
—
|
$
|
(166,656
|
)
|
$
|
(2,902
|
)
|
Fair Value
|
Valuation
|
Unobservable
|
Impact to valuation
|
|||
Category
|
6/30/2023
|
Methodologies
|
Inputs
|
Range
|
from an increase to input
|
|
Trust
|
$18,279
|
Last Traded Price
|
Market
|
0.057
|
Significant changes in
|
|
Certificates
|
Assessments
|
market conditions could
|
||||
result in direct and
|
||||||
proportional changes in the
|
||||||
fair value of the security
|
||||||
Corporate
|
1,548,194
|
Last Traded Price,
|
Terms of the
|
4.00-
|
Significant changes in
|
|
Obligations
|
Company-Specific
|
Note/Financial
|
51.90
|
company’s financials,
|
||
Information
|
Assessments/
|
changes to the terms of the
|
||||
Company
|
notes or changes to the
|
|||||
Announcements
|
general business conditions
|
|||||
impacting the company’s
|
||||||
business may result in
|
||||||
changes to the fair value of
|
||||||
the securities
|
||||||
Warrants
|
1,733
|
Last Traded Price
|
Market
|
0.00-
|
Significant changes in
|
|
Assessments
|
0.10
|
market conditions could
|
||||
result in direct and
|
||||||
proportional changes in the
|
||||||
fair value of the security
|
For the
|
For the
|
|||||||
year ended
|
year ended
|
|||||||
Distributions paid to common shareholders from:
|
December 31, 2022
|
December 31, 2021
|
||||||
Ordinary income
|
$
|
4,047,986
|
$
|
12,420,427
|
||||
Long-term capital gains
|
11,269,599
|
8,307,667
|
||||||
Return of capital
|
226,028
|
—
|
||||||
Total distributions paid
|
$
|
15,543,613
|
$
|
20,728,094
|
||||
For the
|
For the
|
|||||||
year ended
|
year ended
|
|||||||
Distributions paid to preferred shareholders from:
|
December 31, 2022
|
December 31, 2021
|
||||||
Ordinary income
|
$
|
387,696
|
$
|
577,139
|
||||
Long-term capital gains
|
1,079,344
|
285,623
|
||||||
Total distributions paid
|
$
|
1,467,040
|
$
|
862,762
|
Tax cost of investments
|
$
|
218,820,294
|
||
Unrealized appreciation
|
15,406,461
|
|||
Unrealized depreciation
|
(27,583,156
|
)
|
||
Net unrealized depreciation
|
(12,176,695
|
)
|
||
Undistributed ordinary income
|
—
|
|||
Undistributed long-term gains
|
—
|
|||
Total distributable earnings
|
—
|
|||
Other accumulated/gains losses and other temporary differences
|
(1,718,151
|
)
|
||
Total accumulated losses
|
$
|
(13,894,846
|
)
|
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
|
(78)
|
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
|
(85)
|
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; 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
|
(59)
|
Effective
|
Capital LLC.
|
|||
January 1,
|
|||||
2015
|
|||||
Ben Harris
|
—
|
1 year;
|
Executive Chairman of
|
1
|
Trustee,
|
(54)
|
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
|
(54)
|
President
|
Since
|
Ryan Heritage, LLP.
|
||
as of
|
2009
|
||||
October
|
|||||
2009.
|
|||||
Phillip Goldstein***
|
Chairman
|
1 year;
|
Partner of the Adviser
|
n/a
|
n/a
|
(78)
|
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
|
(54)
|
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).
|
(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
|
1/1/2023 to 1/31/2023
|
N/A
|
N/A
|
N/A
|
N/A
|
2/1/2023 to 2/28/2023
|
N/A
|
N/A
|
N/A
|
N/A
|
3/1/2023 to 3/31/2023
|
N/A
|
N/A
|
N/A
|
N/A
|
4/1/2023 to 4/30/2023
|
N/A
|
N/A
|
N/A
|
N/A
|
5/1/2023 to 5/31/2023
|
25,052
|
$10.90
|
N/A
|
N/A
|
6/1/2023 to 6/30/2023
|
52,500
|
$11.08
|
N/A
|
N/A
|
Total
|
77,552(1)
|
$11.02
|
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.
|
(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.
|
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 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 1, 2023
|
/s/Andrew Dakos
Andrew Dakos
President
|
1.
|
I have reviewed this report on Form N-CSR of Special Opportunities Fund, Inc.;
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2.
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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;
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3.
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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;
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4.
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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:
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(a)
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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;
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(b)
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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;
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(c)
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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
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(d)
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Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal
control over financial reporting; and
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5.
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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):
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(a)
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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
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(b)
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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.
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Date: September 1, 2023
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/s/Thomas Antonucci
Thomas Antonucci Chief Financial Officer |
/s/Andrew Dakos
Andrew Dakos
President,
Special Opportunities Fund, Inc.
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/s/Thomas Antonucci
Thomas Antonucci
Chief Financial Officer,
Special Opportunities Fund, Inc.
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Dated: September 1, 2023
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Dated: September 1, 2023
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Special Opportunities Fund, Inc.
January 31, 2023
19a-1 Notice
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Distribution Estimates
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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%
|
$0.0867
|
100.00%
|
Average Annual Total Return for the 5-year period ended on December 31, 20222
|
3.92%
|
Current Annualized Distribution Rate (current fiscal year)3
|
10.15%
|
Current Fiscal Year Cumulative Total Return4
|
-13.81%
|
Cumulative Distribution Rate (current fiscal year)5
|
10.15%
|
1
|
The Fund’s current fiscal year began on January 1, 2023
|
2
|
Average annual Total Return is the percentage change in the Fund’s NAV over a year including distributions paid and assuming reinvestment of distributions.
|
3
|
The Current Annualized Distribution Rate is the Cumulative Distribution Rate as of December 31, 2022, annualized as a percentage of the Fund’s NAV at the same date.
|
4
|
Current Fiscal Year Cumulative Total Return is the percentage change in the Fund’s NAV from January 1, 2022, through December 31, 2022, including distributions paid
and assuming reinvestment of those distributions.
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5
|
Cumulative Distribution Rate for the Fund’s current fiscal period (January 1, 2022, through December 31, 2022) measured on the dollar value of distributions in the
period as a percentage of the Fund’s NAV as of December 31, 2022.
|
N-2 - USD ($) $ / shares in Units, $ in Thousands |
6 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Jun. 30, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Jun. 30, 2023 |
|
Cover [Abstract] | |||||||
Entity Central Index Key | 0000897802 | ||||||
Amendment Flag | false | ||||||
Document Type | N-CSRS | ||||||
Entity Registrant Name | Special Opportunities Fund, Inc. | ||||||
General Description of Registrant [Abstract] | |||||||
Investment Objectives and Practices [Text Block] | Fund Investment Objective and Policies
The Fund investment objective is total return. The investment objective is not fundamental and may be changed by the Board with 60 days’ notice to stockholders. To achieve the objective, the Fund invests primarily in
securities the Adviser believes have opportunities for appreciation. The Fund may employ strategies designed to capture price movements generated by anticipated corporate events such as investing in companies involved in special situations,
including, but not limited to, mergers, acquisitions, asset sales, spin-offs, balance sheet restructuring, bankruptcy, liquidations and tender offers. In addition, the Fund may employ strategies designed to invest in the debt, equity, or trade
claims of companies in financial distress when the Advisor perceives a mispricing. Furthermore, the Fund may invest both long and short in related securities or other instruments in an effort to take advantage of perceived discrepancies in the
market prices for such securities, including long and short positions in securities involved in an announced merger or acquisition. Securities which the Adviser identifies include closed-end investment companies with opportunities for appreciation,
including funds that trade at a market price discount from their NAV. In addition to the foregoing, the Adviser seeks out other opportunities in the market that have attractive risk reward characteristics for the Fund.
The Fund intends its investment portfolio, under normal market conditions, to consist principally of investments in other closed-end investment companies and the securities of large, mid and small-capitalization companies,
including potentially direct and indirect investments in the securities of foreign companies. Equity securities in which the Fund may invest include common and preferred stocks, convertible securities, warrants and other securities having the
characteristics of common stocks, such as ADRs and IDRs, other closed-end investment companies and exchange-traded funds. The Fund may, however, invest a portion of its assets in debt securities or other investment opportunities when the Adviser
believes that it is appropriate to do so to earn current income. For example, when interest rates are high in comparison to anticipated returns on equity investments, the Fund’s investment adviser may determine to invest in debt or preferred
securities including bank, corporate or government bonds, notes, and debentures that the Adviser determines are suitable investments for the Fund. Such determination may be made regardless of the maturity, duration or rating of any such debt
security.
The Fund may, from time to time, engage in short sales of securities for investment or for hedging purposes. Short sales are transactions in which the Fund sells a security it does not own. To complete the transaction,
the Fund must borrow the security to make delivery to the buyer. The Fund is then obligated to replace the security borrowed by purchasing the security at the market price at the time of replacement. The Fund may sell short individual stocks,
baskets of
individual stocks and ETFs that the Fund expects to underperform other stocks which the Fund holds. For hedging purposes, the Fund may purchase or sell short future contracts on global equity indexes.
The Fund may invest, without limitation, in the securities of closed-end funds, provided that, in accordance with Section 12(d)(1)(F) of the 1940 Act, the Fund will limit any such investment to no more than 3% of the voting
stock of such fund and will vote such shares as provided in such Section as set forth below.
To comply with provisions of the 1940 Act, on any matter upon which stockholders of a closed-end investment company in which the Fund has invested may vote, the Adviser will direct such shares to be voted in the same
proportion as shares held by all other stockholders of such closed-end investment company (i.e., “mirror vote”) or seek instructions from the Fund’s stockholders with regard to the voting on such matter. If the Adviser deems it appropriate to seek
instructions from Fund stockholders, the Adviser will vote such proxies proportionally based upon the total number of shares owned by those shareholders that provide instructions. Fund stockholders are informed of such proxy votes on the Fund’s
website and by email, if so requested, and they may provide proxy voting instructions by email. In a letter dated August 11, 2020 discussing the results of its 2018 compliance examination, the staff of the New York regional office of the SEC’s
Office of Compliance Inspections and Examinations opined that, in connection with its prior proxy voting policy, pursuant to which the Fund voted its shares of closed-end funds as determined by a majority of proxy voting instructions received, the
Fund “does not in certain cases meet the requirements of the exception set forth in Section 12(d)(1)(E)(iii) of the 1940 Act because in connection with seeking instructions from Fund shareholders with regard to voting certain proxies on behalf of the
Fund, the Fund votes such proxies as determined by a majority of the shares owned by those Fund shareholders who provide proxy voting instructions.” In response thereto, the Fund has amended its proxy voting policy to provide that the Fund will vote
such proxies proportionally based upon the total number of shares owned by those shareholders that provide instructions.
The ETFs and other closed-end investment companies in which the Fund invests may invest in common stocks and may invest in fixed income securities. As a stockholder in any investment company, the Fund will bear its ratable
share of the investment company’s expenses and would remain subject to payment of the Fund’s advisory and administrative fees with respect to the assets so invested.
The Fund’s management utilizes a balanced approach, including “value” and “growth” investing by seeking out companies at reasonable prices, without regard to sector or industry, which demonstrate favorable long-term growth
characteristics. Valuation and growth characteristics may be considered for purposes of selecting potential investment securities. In general, valuation analysis is used to determine the inherent value of the company by analyzing financial information such as a company’s price to book, price to sales, return on equity, and return on assets ratios; and growth analysis is used to determine a company’s potential for long-term dividends and earnings
growth due to market-oriented factors such as growing market share, the launch of new products or services, the strength of its management and market demand. Fluctuations in these characteristics may trigger trading decisions to be made by the
Fund’s investment adviser with respect to the Fund’s portfolio.
Generally, securities will be purchased or sold by the Fund on national securities exchanges and in the over-the-counter market. From time to time, securities may be purchased or sold in private transactions, including
securities that are not publicly traded or that are otherwise illiquid.
The Fund may, from time to time, take temporary defensive positions that are inconsistent with the Fund’s principal investment strategies in attempting to respond to adverse market, economic, political or other conditions.
During such times, the Fund may temporarily invest up to 100% of its assets in cash or cash equivalents, including money market instruments, prime commercial paper, repurchase agreements, Treasury bills and other short-term obligations of the U.S.
Government, its agencies or instrumentalities. In these and in other cases, the Fund may not achieve its investment objective.
The Fund’s investment adviser may invest the Fund’s cash balances in any investments it deems appropriate, subject to the restrictions set forth in below under “Fundamental Investment Restrictions” and as permitted under
the 1940 Act, including investments in repurchase agreements, money market funds, additional repurchase agreements, U.S. Treasury and U.S. agency securities, municipal bonds and bank accounts. Any income earned from such investments will ordinarily
be reinvested by the Fund in accordance with its investment program. Many of the considerations entering into the Fund’s investment adviser’s recommendations and the portfolio manager’s decisions are subjective.
Fundamental Investment Restrictions
The following fundamental investment limitations cannot be changed without the affirmative vote of the lesser of (a) more than 50% of the outstanding shares of the Fund or (b) 67% or more of such shares present at a
stockholders’ meeting if more than 50% of the outstanding shares are represented at the meeting in person or by proxy. If a percentage restriction is adhered to at the time of an investment or transaction, a later increase or decrease in percentage
resulting from a change in values of portfolio securities or the amount of total assets will not be considered a violation of any of the following limitations or of any of the Fund’s investment policies. The Fund may not:
(1) issue senior securities (including borrowing money from banks and other entities and thorough reverse repurchase agreements), except (a) the Fund may borrow in an amount not in excess of 33 1/3% of total assets (including the amount of senior securities issued, but reduced by any liabilities and indebtedness not constituting senior securities), (b) the Fund may issue
preferred stock having a liquidation preference in an amount which, combined with the amount of any liabilities or indebtedness constituting senior securities, is not in excess of 50% of its total assets (computed as provided in clause (a) above) and
(c) the Fund may borrow up to an additional 5% of its total assets (not including the amount borrowed) for temporary or emergency purposes;
The following interpretation applies to, but is not a part of, fundamental limitation:
(1) each state (including the District of Columbia and Puerto Rico), territory and possession of the United States, each political subdivision, agency, instrumentality and authority thereof, and each multi-state agency of
which a state is a member is a separate “issuer.” When the assets and revenues of an agency authority, instrumentality or other political subdivision are separate from the government creating the subdivision and the security is backed only by the
assets and revenues of the subdivision, such subdivision would be deemed to be the sole issuer. Similarly, in the case of an Industrial Development Bond or Private Activity Bond, if that bond is backed only by the assets and revenues of the
non-governmental user, then that non-governmental user would be deemed to be the sole issuer. However, if the creating government or another entity guarantees a security, then to the extent that the value of all securities issued or guaranteed by
that government or entity and owned by the Fund exceeds 10% of the Fund’s total assets, the guarantee would be considered a separate security and would be treated as issued by that government or entity. This restriction does not limit the percentage
of the Fund’s assets that may be invested in Municipal Obligations insured by any given insurer.
(2) purchase any security if, as a result of that purchase, 25% or more of the Fund’s total assets would be invested in securities of issuers having their principal business activities in the same industry, except that
this limitation does not apply to securities issued or guaranteed by the U.S. government, its agencies or instrumentalities or to municipal securities.
(3) make loans, except through loans of portfolio securities or through repurchase agreements, provided that for purposes of this restriction, the acquisition of bonds, debentures, other debt securities or instruments, or
participations or other interests therein and investment in government obligations, commercial paper, certificates of deposit, bankers’ acceptances or similar instruments will not be considered the making of a loan.
(4) engage in the business of underwriting securities of other issuers, except to the extent that the Fund might be considered an underwriter under the federal securities laws in connection with its disposition of
portfolio securities. (5) purchase or sell real estate, except that investments in securities of issuers that invest in real estate and investments in mortgage-backed securities, mortgage participations or other instruments supported by
interests in real estate are not subject to this limitation, and except that the Fund may exercise rights under agreements relating to such securities, including the right to enforce security interests and to hold real estate acquired by reason of
such enforcement until that real estate can be liquidated in an orderly manner.
(6) purchase or sell physical commodities unless acquired as a result of owning securities or other instruments, but the Fund may purchase, sell or enter into financial options and futures, forward and spot currency
contracts, swap transactions and other financial contracts or derivative instruments.
The Fund has no intention to file a voluntary application for relief under federal bankruptcy law or any similar application under state law for so long as the Fund is solvent and does not foresee becoming insolvent.
|
||||||
Risk Factors [Table Text Block] | Principal Risks Factors Related to The Fund’s Investments
Other Closed-End Investment Company Securities: The Fund invests in the securities of other closed-end investment companies. Investing in other closed-end
investment companies involves substantially the same risks as investing directly in the underlying instruments, but the total return on such investments at the investment company level may be reduced by the operating expenses and fees of such other
closed-end investment companies, including advisory fees. There can be no assurance that the investment objective of any investment company in which the Fund invests will be achieved. Closed-end investment companies are subject to the risks of
investing in the underlying securities. The Fund, as a holder of the securities of another closed-end investment company, will bear its pro rata portion of the closed-end investment company’s expenses, including advisory fees. These expenses are in
addition to the direct expenses of the Fund’s own operations. To the extent the Fund invests a portion of its assets in investment company securities, those assets will be subject to the risks of the purchased investment company’s portfolio
securities, and a stockholder in the Fund will bear not only his proportionate share of the expenses of the Fund, but also, indirectly, the expenses of the purchased investment company. The market price of a closed-end investment company fluctuates
and may be either higher or lower than the NAV of such closed-end investment company.
In accordance with Section 12(d)(1)(F) of the 1940 Act, the Fund will be limited by provisions of the 1940 Act that limit the amount the Fund, together with its affiliated persons, can invest in other investment companies
to 3% of any other investment company’s total outstanding stock. As a result, the Fund may hold a smaller position in a closed-end investment company than if it were not subject to this restriction.
Special Purpose Acquisition Companies. The Fund may invest in units, stock, warrants, and other securities of special purpose acquisition companies or similar
special purpose entities that pool funds to seek potential acquisition opportunities (“SPACs”). Unless and until an acquisition meeting the SPAC’s requirements is completed, a SPAC generally deposits substantially all of the cash raised in its IPO
(less a specified amount to cover operating expenses) in a bank trust account which is generally invested in U.S. Government securities, money market securities and cash. If an acquisition that meets the requirements for the SPAC is not completed
within a pre-established period of time, the invested funds are returned to the entity’s shareholders. In addition, just prior to completion of an acquisition, shareholders of the SPAC can redeem their shares for a pro rata share of the value of the
trust account. Because SPACs have no operating history or ongoing business other than seeking acquisitions, the value of their securities can vary on the perceived likelihood of management to identify and complete a profitable acquisition. In
addition, such securities are subject to secondary market risk and may decline in value if sold prior to deal completion or trust liquidation. However, until a SPAC is liquidated or completes an acquisition, its common stock is unlikely to fall
substantially below the per share value of the trust account. If an acquisition is completed, the former SPAC’s shares and other securities will take on the same risks as an equivalent investment in the acquired company. Some SPACs may pursue
acquisitions only within certain industries or regions, which may increase the volatility of their prices.
Short sales. The Fund is authorized to make short sales. The Fund effects a short sale by borrowing and selling a security it does not own in anticipation of a
decline in the value of the security or to hedge against the decline of a security the Fund owns. Short sales carry risks of loss if the price of the security sold short increases after the short sale. As collateral for its short positions, the Fund
is required under the 1940 Act to maintain segregated assets consisting of cash, cash equivalents, or liquid securities. The amount of segregated assets is required to be adjusted daily to the extent additional collateral is required based on the
change in fair value of the securities sold short.
Common Stocks. The Fund invests in common stocks. Common stocks represent an ownership interest in a company. The Fund may also invest in securities that can be
exercised for or converted into common stocks (such as convertible preferred stock). Common stocks and similar equity securities are more volatile and riskier than some other forms of investment. Therefore, the value of your investment in the Fund
may sometimes decrease instead of increase. Common stock prices fluctuate for many reasons, including adverse events such as unfavorable earnings reports, changes in investors’ perceptions of the financial condition of an issuer, the general
condition of the relevant stock market or when political or economic events affecting the issuers occur. In addition, common stock prices may be sensitive to rising interest rates, as the costs of capital rise and borrowing costs increase for
issuers. Because convertible securities can be converted into equity securities, their values will normally increase or decrease as the values of the underlying equity securities increase or decrease. The common stocks in which the Fund invests are structurally
subordinated to preferred securities, bonds and other debt instruments in a company’s capital structure in terms of priority to corporate income and assets and, therefore, will be subject to greater risk than the preferred securities or debt
instruments of such issuers. Exchange Traded Funds. The Fund may invest in exchange-traded funds, which are investment companies that, in general, aim to track or replicate a desired index,
such as a sector, market or global segment. ETFs are passively or, to a lesser extent, actively managed and their shares are traded on a national exchange. ETFs do not sell individual shares directly to investors and only issue their shares in
large blocks known as “creation units.” The investor purchasing a creation unit may sell the individual shares on a secondary market. Therefore, the liquidity of ETFs depends on the adequacy of the secondary market. There can be no assurance that
an ETF’s investment objective will be achieved, as ETFs based on an index may not replicate and maintain exactly the composition and relative weightings of securities in the index. ETFs are subject to the risks of investing in the underlying
securities. The Fund, as a holder of the securities of the ETF, will bear its pro rata portion of the ETF’s expenses, including advisory fees. These expenses are in addition to the direct expenses of the Fund’s own operations.
Fixed Income Securities, including Non-Investment Grade Securities. The Fund may invest in fixed income securities, also referred to as debt securities. Fixed
income securities are subject to credit risk and market risk. Credit risk is the risk of the issuer’s inability to meet its principal and interest payment obligations. Market risk is the risk of price volatility due to such factors as interest rate
sensitivity, market perception of the creditworthiness of the issuer and general market liquidity. There is no limitation on the maturities or duration of fixed income securities in which the Fund invests. Securities having longer maturities
generally involve greater risk of fluctuations in value resulting from changes in interest rates. The Fund’s credit quality policy with respect to investments in fixed income securities does not require the Fund to dispose of any debt securities
owned in the event that such security’s rating declines to below investment grade, commonly referred to as “junk bonds.” Although lower quality debt typically pays a higher yield, such investments involve substantial risk of loss. Junk bonds are
considered predominantly speculative with respect to the issuer’s ability to pay interest and principal and are susceptible to default or decline in market value due to adverse economic and business developments. The market values for junk bonds
tend to be very volatile and those securities are less liquid than investment grade debt securities. Moreover, junk bonds pose a greater risk that exercise of any of their redemption or call provisions in a declining market may result in their
replacement by lower-yielding bonds. In addition, bonds in the lowest two investment grade categories, despite being of higher credit rating than junk bonds, have speculative characteristics with respect to the issuer’s ability to pay interest and
principal and their susceptibility to default or decline in market value. Corporate Bonds, Government Debt Securities and Other Debt Securities: The Fund may invest in corporate bonds, debentures and other debt securities. Debt
securities in which the Fund may invest may pay fixed or variable rates of interest. Bonds and other debt securities generally are issued by corporations and other issuers to borrow money from investors. The issuer pays the investor a fixed or
variable rate of interest and normally must repay the amount borrowed on or before maturity. Certain debt securities are “perpetual” in that they have no maturity date.
The Fund may invest in government debt securities, including those of emerging market issuers or of other non-U.S. issuers. These securities may be U.S. dollar-denominated or non-U.S. dollar-denominated and include: (a)
debt obligations issued or guaranteed by foreign national, provincial, state, municipal or other governments with taxing authority or by their agencies or instrumentalities; and (b) debt obligations of supranational entities. Government debt
securities include: debt securities issued or guaranteed by governments, government agencies or instrumentalities and political subdivisions; debt securities issued by government owned, controlled or sponsored entities; interests in entities
organized and operated for the purpose of restructuring the investment characteristics issued by the above noted issuers; or debt securities issued by supranational entities such as the World Bank or the European Union. The Fund may also invest in
securities denominated in currencies of emerging market countries. Emerging market debt securities generally are rated in the lower rating categories of recognized credit rating agencies or are unrated and considered to be of comparable quality to
lower rated debt securities. A non-U.S. issuer of debt or the non-U.S. governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Fund may have limited resources in the
event of a default. Some of these risks do not apply to issuers in large, more developed countries. These risks are more pronounced in investments in issuers in emerging markets or if the Fund invests significantly in one country.
Short Sale Risk: When a cash dividend is declared on a security in which the Fund holds a short position, the Fund incurs the obligation to pay an amount equal to
that dividend to the lender of the shorted security.
Depending on arrangements made with the broker-dealer from which it borrowed the security regarding payment over of any payments received by the Fund on such security, the Fund may not receive any payments (including
interest) on its collateral deposited with such broker-dealer.
Although the Fund’s gain is limited to the price at which it sold the security short, its potential loss is unlimited. Purchasing securities to close out the short position can itself cause the price of the securities to rise further, thereby exacerbating a possible loss. Short selling exposes the Fund to unlimited risk with respect to
that security due to the lack of an upper limit on the price to which an instrument can rise.
The requirements of the 1940 Act and Internal Revenue Code of 1986, as amended (the “Code”) provide that the Fund not make a short sale if, after giving effect to such sale, the market value of all securities sold short by
the Fund exceeds 30% of the value of its managed assets. Small and Medium Cap Company Risk: Compared to investment companies that focus only on large capitalization companies, the Fund’s share price may be more volatile
because it also invests in small and medium capitalization companies. Compared to large companies, small and medium capitalization companies are more likely to have (i) more limited product lines or markets and less mature businesses, (ii) fewer
capital resources, (iii) more limited management depth and (iv) shorter operating histories. Further, compared to large cap stocks, the securities of small and medium capitalization companies are more likely to experience sharper swings in market
values, be harder to sell at times and at prices that the Fund’s investment adviser believes appropriate, and offer greater potential for gains and losses.
Foreign Securities: The Fund may invest in foreign securities, including direct investments in securities of foreign issuers that are traded on a U.S. securities
exchange or over the counter and investments in depository receipts (such as American Depositary Receipts (“ADRs”)), ETFs and other closed-end investment companies that represent indirect interests in securities of foreign issuers. The Fund is not
limited in the amount of assets it may invest in such foreign securities. These investments involve certain risks not generally associated with investments in the securities of U.S. issuers, including the risk of fluctuations in foreign currency
exchange rates, unreliable and untimely information about the issuers and political and economic instability. These risks could result in the Fund’s investment adviser misjudging the value of certain securities or in a significant loss in the value
of those securities.
The value of foreign securities is affected by changes in currency rates, foreign tax laws (including withholding and confiscatory taxes), government policies (in this country or abroad), relations between nations and
trading, settlement, custodial and other operational risks. In addition, the costs of investing abroad are generally higher than in the United States, and foreign securities markets may be less liquid, more volatile and less subject to governmental
supervision than markets in the U.S. As an alternative to holding foreign traded securities, the Fund may invest in dollar-denominated securities of foreign companies that trade on U.S. exchanges or in the U.S. over-the-counter market (including depositary receipts as described below, which evidence ownership in underlying foreign securities, and ETFs as described above).
Because foreign companies are not subject to uniform accounting, auditing and financial reporting standards, practices and requirements comparable to those applicable to U.S. companies, there may be less publicly available
information about a foreign company than about a domestic company. Volume and liquidity in most foreign debt markets is less than in the United States and securities of some foreign companies are less liquid and more volatile than securities of
comparable U.S. companies. There is generally less government supervision and regulation of securities exchanges, broker dealers and listed companies than in the United States. Mail service between the United States and foreign countries may be
slower or less reliable than within the United States, thus increasing the risk of delayed settlements of portfolio transactions or loss of certificates for portfolio securities. Payment for securities before delivery may be required. In addition,
with respect to certain foreign countries, including those with emerging markets, there is the possibility of expropriation or confiscatory taxation, political or social instability, or diplomatic developments which could affect investments in those
countries. For example, prior governmental approval for foreign investments may be required in some emerging market countries, and the extent of foreign investment may be subject to limitation in other emerging countries. Moreover, individual
foreign economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross national product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments position. Foreign securities
markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than
securities of comparable U.S. companies.
The Fund may purchase ADRs, international depositary receipts (“IDRs”) and global depository receipts (“GDRs”) which are certificates evidencing ownership of shares of foreign issuers and are alternatives to purchasing
directly the underlying foreign securities in their national markets and currencies. However, such depository receipts continue to be subject to many of the risks associated with investing directly in foreign securities. These risks include foreign
exchange risk as well as the political and economic risks associated with the underlying issuer’s country. ADRs, EDRs and GDRs may be sponsored or unsponsored. Unsponsored receipts are established without the participation of the issuer.
Unsponsored receipts may involve higher expenses, they may not pass-through voting or other stockholder rights, and they may be less liquid. Less information is normally available on unsponsored receipts. Dividends paid on foreign securities may not qualify for the reduced federal income tax rates applicable to qualified dividends under the Code. As a result, there can be no assurance as to what portion of the Fund’s
distributions attributable to foreign securities will be designated as qualified dividend income. Emerging Market Securities: The Fund may invest up to 5% of its net assets in emerging market securities, although through its investments in ETFs, other
investment companies or depository receipts that invest in emerging market securities, up to 20% of the Fund’s assets may be invested indirectly in issuers located in emerging markets. The risks of foreign investments described above apply to an
even greater extent to investments in emerging markets. The securities markets of emerging countries are generally smaller, less developed, less liquid, and more volatile than the securities markets of the United States and developed foreign
markets. Disclosure and regulatory standards in many respects are less stringent than in the United States and developed foreign markets. There also may be a lower level of monitoring and regulation of securities markets in emerging market
countries and the activities of investors in such markets and enforcement of existing regulations has been extremely limited. Many emerging countries have experienced substantial, and in some periods extremely high, rates of inflation for many
years. Inflation and rapid fluctuations in inflation rates have had and may continue to have very negative effects on the economies and securities markets of certain emerging countries. Economies in emerging markets generally are heavily dependent
upon international trade and, accordingly, have been and may continue to be affected adversely by trade barriers, exchange controls, managed adjustments in relative currency values, and other protectionist measures imposed or negotiated by the
countries with which they trade. The economies of these countries also have been and may continue to be adversely affected by economic conditions in the countries in which they trade. The economies of countries with emerging markets may also be
predominantly based on only a few industries or dependent on revenues from particular commodities. In addition, custodial services and other costs relating to investment in foreign markets may be more expensive in emerging markets than in many
developed foreign markets, which could reduce the Fund’s income from such securities. In many cases, governments of emerging countries continue to exercise significant control over their economies, and government actions relative to the economy, as
well as economic developments generally, may affect the Fund’s investments in those countries. In addition, there is a heightened possibility of expropriation or confiscatory taxation, imposition of withholding taxes on interest payments, or other
similar developments that could affect investments in those countries. There can be no assurance that adverse political changes will not cause the Fund to suffer a loss of any or all of its investments. Dividends paid by issuers in emerging market
countries will generally not qualify for the reduced federal income tax rates applicable to qualified dividends under the Code. Preferred Stocks: The Fund may invest in preferred stocks. Preferred stock, like common stock, represents an equity ownership in an issuer. Generally, preferred
stock has a priority of claim over common stock in dividend payments and upon liquidation of the issuer. Unlike common stock, preferred stock does not usually have voting rights. Preferred stock in some instances is convertible into common stock.
Although they are equity securities, preferred stocks have characteristics of both debt and common stock. Like debt, their promised income is contractually fixed. Like common stock, they do not have rights to precipitate bankruptcy proceedings or
collection activities in the event of missed payments. Other equity characteristics are their subordinated position in an issuer’s capital structure and that their quality and value are heavily dependent on the profitability of the issuer rather
than on any legal claims to specific assets or cash flows.
Investment in preferred stocks carries risks, including credit risk, deferral risk, redemption risk, limited voting rights, risk of subordination and lack of liquidity. Fully taxable or hybrid preferred securities
typically contain provisions that allow an issuer, at its discretion, to defer distributions for up to 20 consecutive quarters. Distributions on preferred stock must be declared by the board of directors and may be subject to deferral, and thus they
may not be automatically payable. Income payments on preferred stocks may be cumulative, causing dividends and distributions to accrue even if not declared by the company’s board or otherwise made payable, or they may be non-cumulative, so that
skipped dividends and distributions do not continue to accrue. There is no assurance that dividends on preferred stocks in which the Fund invests will be declared or otherwise made payable. The Fund may invest in non-cumulative preferred stock,
although the Fund’s investment adviser would consider, among other factors, their non-cumulative nature in making any decision to purchase or sell such securities.
Shares of preferred stock have a liquidation value that generally equals the original purchase price at the date of issuance. The market values of preferred stock may be affected by favorable and unfavorable changes
impacting the issuers’ industries or sectors, including companies in the utilities and financial services sectors, which are prominent issuers of preferred stock. They may also be affected by actual and anticipated changes or ambiguities in the tax
status of the security and by actual and anticipated changes or ambiguities in tax laws, such as changes in corporate and individual income tax rates, and in the dividends received deduction for corporate taxpayers or the lower rates applicable to
certain dividends.
Because the claim on an issuer’s earnings represented by preferred stock may become onerous when interest rates fall below the rate payable on the stock or for other reasons, the issuer may redeem preferred stock, generally
after an initial period of call protection in which the stock is not redeemable. Thus, in declining interest rate environments in particular, the Fund’s holdings of higher dividend paying preferred stocks may be reduced and the Fund may be unable to acquire securities paying comparable rates with the redemption proceeds. In the event of a redemption, the Fund may not be able to reinvest the proceeds
at comparable rates of return. Convertible Securities. The Fund may invest in convertible securities. Convertible securities include fixed income securities that may be exchanged or converted
into a predetermined number of shares of the issuer’s underlying common stock at the option of the holder during a specified period. Convertible securities may take the form of convertible preferred stock, convertible bonds or debentures, units
consisting of “usable” bonds and warrants or a combination of the features of several of these securities. The investment characteristics of each convertible security vary widely, which allows convertible securities to be employed for a variety of
investment strategies. The Fund will exchange or convert convertible securities into shares of underlying common stock when, in the opinion of the Fund’s investment adviser, the investment characteristics of the underlying common shares will assist
the Fund in achieving its investment objective. The Fund may also elect to hold or trade convertible securities. In selecting convertible securities, the Fund’s investment adviser evaluates the investment characteristics of the convertible security
as a fixed income instrument, and the investment potential of the underlying equity security for capital appreciation. In evaluating these matters with respect to a particular convertible security, the Fund’s investment adviser considers numerous
factors, including the economic and political outlook, the value of the security relative to other investment alternatives, trends in the determinants of the issuer’s profits, and the issuer’s management capability and practices.
The value of a convertible security, including, for example, a warrant, is a function of its “investment value” (determined by its yield in comparison with the yields of other securities of comparable maturity and quality
that do not have a conversion privilege) and its “conversion value” (the security’s worth, at market value, if converted into the underlying common stock). The investment value of a convertible security is influenced by changes in interest rates,
with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors may also have an effect on the convertible security’s investment value. The conversion value of
a convertible security is determined by the market price of the underlying common stock. If the conversion value is low relative to the investment value, the price of the convertible security is governed principally by its investment value.
Generally, the conversion value decreases as the convertible security approaches maturity. To the extent the market price of the underlying common stock approaches or exceeds the conversion price, the price of the convertible security will be
increasingly influenced by its conversion value. A convertible security generally will sell at a premium over its conversion value by the extent to which investors place value on the right to acquire the underlying common stock while holding a fixed income security. A convertible security may be subject to redemption at the option of the issuer at a price established in the convertible security’s
governing instrument. If a convertible security held by the Fund is called for redemption, the Fund will be required to permit the issuer to redeem the security, convert it into the underlying common stock or sell it to a third party. Any of these
actions could have an adverse effect on the Fund’s ability to achieve its investment objective. Real Estate Investment Trusts. The Fund may invest in real estate investment trusts (“REITs”). REITs are financial vehicles that pool investors’ capital to
purchase or finance real estate. Investments in REITs will subject the Fund to various risks. REIT share prices may decline because of adverse developments affecting the real estate industry and real property values. In general, real estate values
can be affected by a variety of factors, including supply and demand for properties, the economic health of the country or of different regions, and the strength of specific industries that rent properties. REITs often invest in highly leveraged
properties. Returns from REITs, which typically are small or medium capitalization stocks, may trail returns from the overall stock market. In addition, changes in interest rates may hurt real estate values or make REIT shares less attractive than
other income-producing investments. REITs are also subject to heavy cash flow dependency, defaults by borrowers and self-liquidation.
Qualification as a REIT under the Code in any particular year is a complex analysis that depends on a number of factors. There can be no assurance that the entities in which the Fund invests with the expectation that they
will be taxed as a REIT will qualify as a REIT. An entity that fails to qualify as a REIT would be subject to a corporate level tax, would not be entitled to a deduction for dividends paid to its stockholders and would not pass through to its
stockholders the character of income earned by the entity. If the Fund were to invest in an entity that failed to qualify as a REIT, such failure could significantly reduce the Fund’s yield on that investment.
REITs can be classified as equity REITs, mortgage REITs and hybrid REITs. Equity REITs invest primarily in real property and earn rental income from leasing those properties. They may also realize gains or losses from the
sale of properties. Equity REITs will be affected by conditions in the real estate rental market and by changes in the value of the properties they own. Mortgage REITs invest primarily in mortgages and similar real estate interests and receive
interest payments from the owners of the mortgaged properties. Mortgage REITs will be affected by changes in creditworthiness of borrowers and changes in interest rates. Hybrid REITs invest both in real property and in mortgages. Equity and
mortgage REITs are dependent upon management skills, may not be diversified and are subject to the risks of financing projects. Dividends paid by REITs will not generally qualify for the reduced U.S. federal income tax rates applicable to qualified dividends under the Code.
The Fund’s investments in REITs may include an additional risk to stockholders. Some or all of a REIT’s annual distributions to its investors may constitute a non-taxable return of capital. Any such return of capital will
generally reduce the Fund’s basis in the REIT investment, but not below zero. To the extent the distributions from a particular REIT exceed the Fund’s basis in such REIT, the Fund will generally recognize gain. In part because REIT distributions
often include a nontaxable return of capital, trust distributions to stockholders may also include a nontaxable return of capital. Stockholders that receive such a distribution will also reduce their tax basis in their common shares of the Fund, but
not below zero. To the extent the distribution exceeds a stockholder’s basis in the Fund’s common shares such stockholder will generally recognize a capital gain.
The Fund does not have any investment restrictions with respect to investments in REITs other than its concentration policy which limits its investments in REITs to no more than 25% of its assets. Issuer Risk: The value of an issuer’s securities that are held in the Fund’s portfolio may decline for a number of reasons which directly relate to the issuer,
such as management performance, financial leverage and reduced demand for the issuer’s goods and services.
Foreign Currency Risk: Although the Fund will report its NAV and pay expenses and distributions in U.S. dollars, the Fund may invest in foreign securities
denominated or quoted in currencies other than the U.S. dollar. Therefore, changes in foreign currency exchange rates will affect the U.S. dollar value of the Fund’s investment securities and NAV. For example, even if the securities prices are
unchanged on their primary foreign stock exchange, the Fund’s NAV may change because of a change in the rate of exchange between the U.S. dollar and the trading currency of that primary foreign stock exchange. Certain currencies are more volatile
than those of other countries and Fund investments related to those countries may be more affected. Generally, if a foreign currency depreciates against the dollar (i.e., if the dollar strengthens), the value of the existing investment in the
securities denominated in that currency will decline. When a given currency appreciates against the dollar (i.e., if the dollar weakens), the value of the existing investment in the securities denominated in that currency will rise. Certain foreign
countries may impose restrictions on the ability of foreign securities issuers to make payments of principal and interest to investors located outside of the country, due to a blockage of foreign currency exchanges or otherwise.
Defensive Positions: During periods of adverse market or economic conditions, the Fund may temporarily invest all or a substantial portion of its net assets in
cash or cash equivalents. The Fund would not be pursuing its investment objective in these circumstances and could miss favorable market developments. Risk Characteristics of Options and Futures: Options and futures transactions can be highly volatile investments. Successful hedging strategies require the
anticipation of future movements in securities prices, interest rates and other economic factors. When a fund uses futures contracts and options as hedging devices, the prices of the securities subject to the futures contracts and options may not
correlate with the prices of the securities in a portfolio. This may cause the futures and options to react to market changes differently than the portfolio securities. Even if expectations about the market and economic factors are correct, a hedge
could be unsuccessful if changes in the value of the portfolio securities do not correspond to changes in the value of the futures contracts. The ability to establish and close out futures contracts and options on futures contracts positions depends
on the availability of a secondary market. If these positions cannot be closed out due to disruptions in the market or lack of liquidity, losses may be sustained on the futures contract or option. In addition, the Fund’s use of options and futures
may have the effect of reducing gains made by virtue of increases in value of the Fund’s common stock holdings.
Securities Lending Risk: Securities lending is subject to the risk that loaned securities may not be available to the Fund on a timely basis and the Fund may,
therefore, lose the opportunity to sell the securities at a desirable price. Any loss in the market price of securities loaned by the Fund that occurs during the term of the loan would be borne by the Fund and would adversely affect the Fund’s
performance. Also, there may be delays in recovery, or no recovery, of securities loaned or even a loss of rights in the collateral should the borrower of the securities fail financially while the loan is outstanding. The Fund would not have the
right to vote any securities having voting rights during the existence of the loan.
Discount Risk: Historically, the shares of the Fund, as well as those of other closed-end investment companies, have frequently traded at a discount to their NAV.
Any premium or discount to NAV often fluctuates over time. See “Price Range of Common Stock.”
Other Risks: In addition to the risks detailed above, the Fund also has investments in auction rate preferred securities, business development companies, special
purpose acquisition vehicles, liquidation claims, warrants and rights. All of these other investments can subject the Fund to various risks. Any of these investments could have an adverse effect on the Fund’s ability to achieve its investment
objective.
Investment transactions and investment income—Investment transactions are recorded on the trade date. Realized gains and losses from investment transactions are calculated using the
identified cost method. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Discounts are accreted and premiums are amortized using the effective yield method as adjustments to interest income and the identified cost of investments. Dividends and distributions—On March 4, 2019, the Fund received authorization from the U.S. Securities and Exchange Commission (the “SEC”) that permits the Fund to distribute
long-term capital gains to stockholders more than once per year. Accordingly, the Board approved the implementation of a Managed Distribution Plan (“MDP”) to make monthly cash distributions to stockholders. Under the MDP, distributions will be made
from current income, supplemented by realized capital gains and, to the extent necessary, paid in capital. In the six months ended June 30, 2023, the Fund made monthly distributions to common stockholders at an annual rate of 8%, based on the NAV of
the Fund’s common shares as of the close of business on the last business day of the previous year. Dividends and distributions to common shareholders are recorded on the ex-dividend date. The amount of dividends from net investment income and
distributions from net realized capital gains was determined in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles. These “book/tax” differences are either considered temporary or
permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassification.
The Fund has made certain investments in Real Estate Investment Trusts (“REITs”) which pay distributions to their shareholders based upon available funds from operations. Each REIT reports annually the tax character of its
distributions. It is quite common for these distributions to exceed the REIT’s taxable earnings and profits resulting in the excess portion of such distributions being designated as a return of capital or long-term capital gain. The Fund intends to
include the gross distributions from such REITs in its distributions to its shareholders; accordingly, a portion of the distributions paid to the Fund and subsequently distributed to shareholders may be re-characterized. The final determination of
the amount of the Fund’s return of capital distribution for the period will be made after the end of each calendar year.
Holders of Convertible Preferred Stock receive calendar quarterly dividends at the rate of 2.75% of the Subscription Price per year. Dividends on the Convertible Preferred Stock are fully cumulative, and accumulate without
interest from the date of original issuance of the Convertible Preferred Stock.
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Capital Stock, Long-Term Debt, and Other Securities [Abstract] | |||||||
Capital Stock [Table Text Block] | Convertible Preferred Stock
During the year ended December 31, 2021 the Fund converted 2,163,053 shares or $54,076,325 of the Fund’s Convertible Preferred Stock, Series B into 4,211,996 shares of the Fund’s common stock. The remaining 60,923 of
Convertible Preferred Shares were redeemed at $25 per share for a total of $1,523,075.
On January 21, 2022 the Fund completed its Convertible Preferred Rights offering at $25 per share. As a result of this offering the Fund raised $58,373,850 and issued 2,334,954 shares of 2.75% Convertible Preferred Stock,
Series C. The holders of Convertible Preferred Stock, Series C may convert their shares to common stock on a quarterly basis at a conversion rate equivalent to the current conversion price of $18.770 per share of common stock (which is a current
ratio of 1.3319 shares of common stock for each share of Convertible Preferred Stock, Series C held). The conversion price (and resulting conversion ratio) will be adjusted for any distributions made to or on behalf of common stockholders. Following
any such conversion, shares of common stock shall be issued as soon as reasonably practicable following the next quarterly dividend payment date. Until the mandatory redemption date of the Convertible Preferred Stock, Series C, January 21, 2027, at
any time following the second anniversary of the expiration date of the Convertible Preferred Stock, Series C rights offering, the Board may, in its sole discretion, redeem all or any part of the then outstanding shares of Convertible Preferred
Stock, Series C at $25.00 per share. Under such circumstances, the Fund shall provide no less than 30 days’ notice to the holders of Convertible Preferred Stock, Series C that, unless such shares have been converted by a certain date, the shares will
be redeemed. If, at any time from and after the date of issuance of the Convertible Preferred Stock, Series C, the market
price of the common stock is equal to or greater than $22.02 per share (as adjusted for dividends or other distributions made to or on behalf of holders of the common stock), the Board may, in its sole discretion, require
the holders of the Convertible Preferred Stock, Series C to convert all or any part of their shares into shares of common stock at a conversion rate equivalent to the current conversion price of $18.770 per share of common stock (which is a current
ratio of 1.3319 shares of common stock for each share of Convertible Preferred Stock, Series C held), subject to adjustment upon the occurrence of certain events.
During the six months ended June 30, 2023, the Fund purchased 13,060 shares of preferred stock in the open market at a cost of $296,320. The weighted average discount of these purchases comparing the average purchase price
to net asset value at the close of the New York Stock Exchange was 9.30%.
The conversion price (and resulting conversion ratio) will be adjusted for any dividends or other distributions made to or on behalf of common stockholders. Notice of such mandatory conversion shall be provided by the Fund
in accordance with its Articles of Incorporation. In connection with all conversions shareholders of Convertible Preferred Stock would receive payment for all declared and unpaid dividends on the shares of Convertible Preferred Stock held to the date
of conversion, but after conversion would no longer be entitled to the dividends, liquidation preference or other rights attributable to holders of the Convertible Preferred Stock. The Convertible Preferred Stock is classified outside of the
permanent equity (net assets applicable to Common Stockholders) in the accompanying financial statements in accordance with accounting for redeemable equity instruments, which requires preferred securities that are redeemable for cash or other assets
to be classified outside of permanent equity to the extent that the redemption is at a fixed or determinable price and at the option of the holder or upon occurrence of an event that is not solely within the control of the issuer. The Fund is
required to meet certain asset coverage tests with respect to the Convertible Preferred Stock as required by the 1940 Act. In addition, pursuant to the Rating Agency Guidelines established by Moody’s, the Fund is required to maintain a certain
discounted asset coverage. If the Fund fails to meet these requirements and does not correct such failure, the Fund may be required to redeem, in part or in full, the Convertible Preferred Stock at a redemption price of $25.00 per share, plus an
amount equal to the accumulated and unpaid dividends, whether or not declared on such shares, in order to meet these requirements. Additionally, failure to meet the foregoing asset coverage requirements could restrict the Fund’s ability to pay
dividends to Common Stockholders and could lead to sales of portfolio securities at inopportune times. The Fund has met these requirements since issuing the Convertible Preferred Stock. |
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Preferred Stock Restrictions, Other [Text Block] | On January 21, 2022 the Fund completed its Convertible Preferred Rights offering at $25 per share. As a result of this offering the Fund raised $58,373,850 and issued 2,334,954 shares of 2.75% Convertible Preferred Stock,
Series C. The holders of Convertible Preferred Stock, Series C may convert their shares to common stock on a quarterly basis at a conversion rate equivalent to the current conversion price of $18.770 per share of common stock (which is a current
ratio of 1.3319 shares of common stock for each share of Convertible Preferred Stock, Series C held). The conversion price (and resulting conversion ratio) will be adjusted for any distributions made to or on behalf of common stockholders. Following
any such conversion, shares of common stock shall be issued as soon as reasonably practicable following the next quarterly dividend payment date. Until the mandatory redemption date of the Convertible Preferred Stock, Series C, January 21, 2027, at
any time following the second anniversary of the expiration date of the Convertible Preferred Stock, Series C rights offering, the Board may, in its sole discretion, redeem all or any part of the then outstanding shares of Convertible Preferred
Stock, Series C at $25.00 per share. Under such circumstances, the Fund shall provide no less than 30 days’ notice to the holders of Convertible Preferred Stock, Series C that, unless such shares have been converted by a certain date, the shares will
be redeemed. If, at any time from and after the date of issuance of the Convertible Preferred Stock, Series C, the market
price of the common stock is equal to or greater than $22.02 per share (as adjusted for dividends or other distributions made to or on behalf of holders of the common stock), the Board may, in its sole discretion, require
the holders of the Convertible Preferred Stock, Series C to convert all or any part of their shares into shares of common stock at a conversion rate equivalent to the current conversion price of $18.770 per share of common stock (which is a current
ratio of 1.3319 shares of common stock for each share of Convertible Preferred Stock, Series C held), subject to adjustment upon the occurrence of certain events.
During the six months ended June 30, 2023, the Fund purchased 13,060 shares of preferred stock in the open market at a cost of $296,320. The weighted average discount of these purchases comparing the average purchase price
to net asset value at the close of the New York Stock Exchange was 9.30%.
The conversion price (and resulting conversion ratio) will be adjusted for any dividends or other distributions made to or on behalf of common stockholders. Notice of such mandatory conversion shall be provided by the Fund
in accordance with its Articles of Incorporation. In connection with all conversions shareholders of Convertible Preferred Stock would receive payment for all declared and unpaid dividends on the shares of Convertible Preferred Stock held to the date
of conversion, but after conversion would no longer be entitled to the dividends, liquidation preference or other rights attributable to holders of the Convertible Preferred Stock. The Convertible Preferred Stock is classified outside of the
permanent equity (net assets applicable to Common Stockholders) in the accompanying financial statements in accordance with accounting for redeemable equity instruments, which requires preferred securities that are redeemable for cash or other assets
to be classified outside of permanent equity to the extent that the redemption is at a fixed or determinable price and at the option of the holder or upon occurrence of an event that is not solely within the control of the issuer. The Fund is
required to meet certain asset coverage tests with respect to the Convertible Preferred Stock as required by the 1940 Act. In addition, pursuant to the Rating Agency Guidelines established by Moody’s, the Fund is required to maintain a certain
discounted asset coverage. If the Fund fails to meet these requirements and does not correct such failure, the Fund may be required to redeem, in part or in full, the Convertible Preferred Stock at a redemption price of $25.00 per share, plus an
amount equal to the accumulated and unpaid dividends, whether or not declared on such shares, in order to meet these requirements. Additionally, failure to meet the foregoing asset coverage requirements could restrict the Fund’s ability to pay
dividends to Common Stockholders and could lead to sales of portfolio securities at inopportune times. The Fund has met these requirements since issuing the Convertible Preferred Stock.
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Document Period End Date | Jun. 30, 2023 | ||||||
Special Purpose Acquisition Companies [Member] | |||||||
General Description of Registrant [Abstract] | |||||||
Risk [Text Block] | Special Purpose Acquisition Companies. The Fund may invest in units, stock, warrants, and other securities of special purpose acquisition companies or similar
special purpose entities that pool funds to seek potential acquisition opportunities (“SPACs”). Unless and until an acquisition meeting the SPAC’s requirements is completed, a SPAC generally deposits substantially all of the cash raised in its IPO
(less a specified amount to cover operating expenses) in a bank trust account which is generally invested in U.S. Government securities, money market securities and cash. If an acquisition that meets the requirements for the SPAC is not completed
within a pre-established period of time, the invested funds are returned to the entity’s shareholders. In addition, just prior to completion of an acquisition, shareholders of the SPAC can redeem their shares for a pro rata share of the value of the
trust account. Because SPACs have no operating history or ongoing business other than seeking acquisitions, the value of their securities can vary on the perceived likelihood of management to identify and complete a profitable acquisition. In
addition, such securities are subject to secondary market risk and may decline in value if sold prior to deal completion or trust liquidation. However, until a SPAC is liquidated or completes an acquisition, its common stock is unlikely to fall
substantially below the per share value of the trust account. If an acquisition is completed, the former SPAC’s shares and other securities will take on the same risks as an equivalent investment in the acquired company. Some SPACs may pursue
acquisitions only within certain industries or regions, which may increase the volatility of their prices.
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Short sales [Member] | |||||||
General Description of Registrant [Abstract] | |||||||
Risk [Text Block] | Short sales. The Fund is authorized to make short sales. The Fund effects a short sale by borrowing and selling a security it does not own in anticipation of a
decline in the value of the security or to hedge against the decline of a security the Fund owns. Short sales carry risks of loss if the price of the security sold short increases after the short sale. As collateral for its short positions, the Fund
is required under the 1940 Act to maintain segregated assets consisting of cash, cash equivalents, or liquid securities. The amount of segregated assets is required to be adjusted daily to the extent additional collateral is required based on the
change in fair value of the securities sold short.
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Common Stocks [Member] | |||||||
General Description of Registrant [Abstract] | |||||||
Risk [Text Block] | Common Stocks. The Fund invests in common stocks. Common stocks represent an ownership interest in a company. The Fund may also invest in securities that can be
exercised for or converted into common stocks (such as convertible preferred stock). Common stocks and similar equity securities are more volatile and riskier than some other forms of investment. Therefore, the value of your investment in the Fund
may sometimes decrease instead of increase. Common stock prices fluctuate for many reasons, including adverse events such as unfavorable earnings reports, changes in investors’ perceptions of the financial condition of an issuer, the general
condition of the relevant stock market or when political or economic events affecting the issuers occur. In addition, common stock prices may be sensitive to rising interest rates, as the costs of capital rise and borrowing costs increase for
issuers. Because convertible securities can be converted into equity securities, their values will normally increase or decrease as the values of the underlying equity securities increase or decrease. The common stocks in which the Fund invests are structurally
subordinated to preferred securities, bonds and other debt instruments in a company’s capital structure in terms of priority to corporate income and assets and, therefore, will be subject to greater risk than the preferred securities or debt
instruments of such issuers.
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Other Closed-End Investment Company Securities [Member] | |||||||
General Description of Registrant [Abstract] | |||||||
Risk [Text Block] | Other Closed-End Investment Company Securities: The Fund invests in the securities of other closed-end investment companies. Investing in other closed-end
investment companies involves substantially the same risks as investing directly in the underlying instruments, but the total return on such investments at the investment company level may be reduced by the operating expenses and fees of such other
closed-end investment companies, including advisory fees. There can be no assurance that the investment objective of any investment company in which the Fund invests will be achieved. Closed-end investment companies are subject to the risks of
investing in the underlying securities. The Fund, as a holder of the securities of another closed-end investment company, will bear its pro rata portion of the closed-end investment company’s expenses, including advisory fees. These expenses are in
addition to the direct expenses of the Fund’s own operations. To the extent the Fund invests a portion of its assets in investment company securities, those assets will be subject to the risks of the purchased investment company’s portfolio
securities, and a stockholder in the Fund will bear not only his proportionate share of the expenses of the Fund, but also, indirectly, the expenses of the purchased investment company. The market price of a closed-end investment company fluctuates
and may be either higher or lower than the NAV of such closed-end investment company.
In accordance with Section 12(d)(1)(F) of the 1940 Act, the Fund will be limited by provisions of the 1940 Act that limit the amount the Fund, together with its affiliated persons, can invest in other investment companies
to 3% of any other investment company’s total outstanding stock. As a result, the Fund may hold a smaller position in a closed-end investment company than if it were not subject to this restriction.
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Exchange Traded Funds [Member] | |||||||
General Description of Registrant [Abstract] | |||||||
Risk [Text Block] | Exchange Traded Funds. The Fund may invest in exchange-traded funds, which are investment companies that, in general, aim to track or replicate a desired index,
such as a sector, market or global segment. ETFs are passively or, to a lesser extent, actively managed and their shares are traded on a national exchange. ETFs do not sell individual shares directly to investors and only issue their shares in
large blocks known as “creation units.” The investor purchasing a creation unit may sell the individual shares on a secondary market. Therefore, the liquidity of ETFs depends on the adequacy of the secondary market. There can be no assurance that
an ETF’s investment objective will be achieved, as ETFs based on an index may not replicate and maintain exactly the composition and relative weightings of securities in the index. ETFs are subject to the risks of investing in the underlying
securities. The Fund, as a holder of the securities of the ETF, will bear its pro rata portion of the ETF’s expenses, including advisory fees. These expenses are in addition to the direct expenses of the Fund’s own operations.
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Fixed Income Securities, including Non-Investment Grade Securities [Member] | |||||||
General Description of Registrant [Abstract] | |||||||
Risk [Text Block] | Fixed Income Securities, including Non-Investment Grade Securities. The Fund may invest in fixed income securities, also referred to as debt securities. Fixed
income securities are subject to credit risk and market risk. Credit risk is the risk of the issuer’s inability to meet its principal and interest payment obligations. Market risk is the risk of price volatility due to such factors as interest rate
sensitivity, market perception of the creditworthiness of the issuer and general market liquidity. There is no limitation on the maturities or duration of fixed income securities in which the Fund invests. Securities having longer maturities
generally involve greater risk of fluctuations in value resulting from changes in interest rates. The Fund’s credit quality policy with respect to investments in fixed income securities does not require the Fund to dispose of any debt securities
owned in the event that such security’s rating declines to below investment grade, commonly referred to as “junk bonds.” Although lower quality debt typically pays a higher yield, such investments involve substantial risk of loss. Junk bonds are
considered predominantly speculative with respect to the issuer’s ability to pay interest and principal and are susceptible to default or decline in market value due to adverse economic and business developments. The market values for junk bonds
tend to be very volatile and those securities are less liquid than investment grade debt securities. Moreover, junk bonds pose a greater risk that exercise of any of their redemption or call provisions in a declining market may result in their
replacement by lower-yielding bonds. In addition, bonds in the lowest two investment grade categories, despite being of higher credit rating than junk bonds, have speculative characteristics with respect to the issuer’s ability to pay interest and
principal and their susceptibility to default or decline in market value.
|
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Corporate Bonds, Government Debt Securities and Other Debt Securities [Member] | |||||||
General Description of Registrant [Abstract] | |||||||
Risk [Text Block] | Corporate Bonds, Government Debt Securities and Other Debt Securities: The Fund may invest in corporate bonds, debentures and other debt securities. Debt
securities in which the Fund may invest may pay fixed or variable rates of interest. Bonds and other debt securities generally are issued by corporations and other issuers to borrow money from investors. The issuer pays the investor a fixed or
variable rate of interest and normally must repay the amount borrowed on or before maturity. Certain debt securities are “perpetual” in that they have no maturity date.
The Fund may invest in government debt securities, including those of emerging market issuers or of other non-U.S. issuers. These securities may be U.S. dollar-denominated or non-U.S. dollar-denominated and include: (a)
debt obligations issued or guaranteed by foreign national, provincial, state, municipal or other governments with taxing authority or by their agencies or instrumentalities; and (b) debt obligations of supranational entities. Government debt
securities include: debt securities issued or guaranteed by governments, government agencies or instrumentalities and political subdivisions; debt securities issued by government owned, controlled or sponsored entities; interests in entities
organized and operated for the purpose of restructuring the investment characteristics issued by the above noted issuers; or debt securities issued by supranational entities such as the World Bank or the European Union. The Fund may also invest in
securities denominated in currencies of emerging market countries. Emerging market debt securities generally are rated in the lower rating categories of recognized credit rating agencies or are unrated and considered to be of comparable quality to
lower rated debt securities. A non-U.S. issuer of debt or the non-U.S. governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Fund may have limited resources in the
event of a default. Some of these risks do not apply to issuers in large, more developed countries. These risks are more pronounced in investments in issuers in emerging markets or if the Fund invests significantly in one country.
|
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Short Sale Risk [Member] | |||||||
General Description of Registrant [Abstract] | |||||||
Risk [Text Block] | Short Sale Risk: When a cash dividend is declared on a security in which the Fund holds a short position, the Fund incurs the obligation to pay an amount equal to
that dividend to the lender of the shorted security.
Depending on arrangements made with the broker-dealer from which it borrowed the security regarding payment over of any payments received by the Fund on such security, the Fund may not receive any payments (including
interest) on its collateral deposited with such broker-dealer.
Although the Fund’s gain is limited to the price at which it sold the security short, its potential loss is unlimited. Purchasing securities to close out the short position can itself cause the price of the securities to rise further, thereby exacerbating a possible loss. Short selling exposes the Fund to unlimited risk with respect to
that security due to the lack of an upper limit on the price to which an instrument can rise.
The requirements of the 1940 Act and Internal Revenue Code of 1986, as amended (the “Code”) provide that the Fund not make a short sale if, after giving effect to such sale, the market value of all securities sold short by
the Fund exceeds 30% of the value of its managed assets.
|
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Small and Medium Cap Company Risk [Member] | |||||||
General Description of Registrant [Abstract] | |||||||
Risk [Text Block] | Small and Medium Cap Company Risk: Compared to investment companies that focus only on large capitalization companies, the Fund’s share price may be more volatile
because it also invests in small and medium capitalization companies. Compared to large companies, small and medium capitalization companies are more likely to have (i) more limited product lines or markets and less mature businesses, (ii) fewer
capital resources, (iii) more limited management depth and (iv) shorter operating histories. Further, compared to large cap stocks, the securities of small and medium capitalization companies are more likely to experience sharper swings in market
values, be harder to sell at times and at prices that the Fund’s investment adviser believes appropriate, and offer greater potential for gains and losses.
|
||||||
Foreign Securities [Member] | |||||||
General Description of Registrant [Abstract] | |||||||
Risk [Text Block] | Foreign Securities: The Fund may invest in foreign securities, including direct investments in securities of foreign issuers that are traded on a U.S. securities
exchange or over the counter and investments in depository receipts (such as American Depositary Receipts (“ADRs”)), ETFs and other closed-end investment companies that represent indirect interests in securities of foreign issuers. The Fund is not
limited in the amount of assets it may invest in such foreign securities. These investments involve certain risks not generally associated with investments in the securities of U.S. issuers, including the risk of fluctuations in foreign currency
exchange rates, unreliable and untimely information about the issuers and political and economic instability. These risks could result in the Fund’s investment adviser misjudging the value of certain securities or in a significant loss in the value
of those securities.
The value of foreign securities is affected by changes in currency rates, foreign tax laws (including withholding and confiscatory taxes), government policies (in this country or abroad), relations between nations and
trading, settlement, custodial and other operational risks. In addition, the costs of investing abroad are generally higher than in the United States, and foreign securities markets may be less liquid, more volatile and less subject to governmental
supervision than markets in the U.S. As an alternative to holding foreign traded securities, the Fund may invest in dollar-denominated securities of foreign companies that trade on U.S. exchanges or in the U.S. over-the-counter market (including depositary receipts as described below, which evidence ownership in underlying foreign securities, and ETFs as described above).
Because foreign companies are not subject to uniform accounting, auditing and financial reporting standards, practices and requirements comparable to those applicable to U.S. companies, there may be less publicly available
information about a foreign company than about a domestic company. Volume and liquidity in most foreign debt markets is less than in the United States and securities of some foreign companies are less liquid and more volatile than securities of
comparable U.S. companies. There is generally less government supervision and regulation of securities exchanges, broker dealers and listed companies than in the United States. Mail service between the United States and foreign countries may be
slower or less reliable than within the United States, thus increasing the risk of delayed settlements of portfolio transactions or loss of certificates for portfolio securities. Payment for securities before delivery may be required. In addition,
with respect to certain foreign countries, including those with emerging markets, there is the possibility of expropriation or confiscatory taxation, political or social instability, or diplomatic developments which could affect investments in those
countries. For example, prior governmental approval for foreign investments may be required in some emerging market countries, and the extent of foreign investment may be subject to limitation in other emerging countries. Moreover, individual
foreign economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross national product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments position. Foreign securities
markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than
securities of comparable U.S. companies.
The Fund may purchase ADRs, international depositary receipts (“IDRs”) and global depository receipts (“GDRs”) which are certificates evidencing ownership of shares of foreign issuers and are alternatives to purchasing
directly the underlying foreign securities in their national markets and currencies. However, such depository receipts continue to be subject to many of the risks associated with investing directly in foreign securities. These risks include foreign
exchange risk as well as the political and economic risks associated with the underlying issuer’s country. ADRs, EDRs and GDRs may be sponsored or unsponsored. Unsponsored receipts are established without the participation of the issuer.
Unsponsored receipts may involve higher expenses, they may not pass-through voting or other stockholder rights, and they may be less liquid. Less information is normally available on unsponsored receipts. Dividends paid on foreign securities may not qualify for the reduced federal income tax rates applicable to qualified dividends under the Code. As a result, there can be no assurance as to what portion of the Fund’s
distributions attributable to foreign securities will be designated as qualified dividend income.
|
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Emerging Market Securities [Member] | |||||||
General Description of Registrant [Abstract] | |||||||
Risk [Text Block] | Emerging Market Securities: The Fund may invest up to 5% of its net assets in emerging market securities, although through its investments in ETFs, other
investment companies or depository receipts that invest in emerging market securities, up to 20% of the Fund’s assets may be invested indirectly in issuers located in emerging markets. The risks of foreign investments described above apply to an
even greater extent to investments in emerging markets. The securities markets of emerging countries are generally smaller, less developed, less liquid, and more volatile than the securities markets of the United States and developed foreign
markets. Disclosure and regulatory standards in many respects are less stringent than in the United States and developed foreign markets. There also may be a lower level of monitoring and regulation of securities markets in emerging market
countries and the activities of investors in such markets and enforcement of existing regulations has been extremely limited. Many emerging countries have experienced substantial, and in some periods extremely high, rates of inflation for many
years. Inflation and rapid fluctuations in inflation rates have had and may continue to have very negative effects on the economies and securities markets of certain emerging countries. Economies in emerging markets generally are heavily dependent
upon international trade and, accordingly, have been and may continue to be affected adversely by trade barriers, exchange controls, managed adjustments in relative currency values, and other protectionist measures imposed or negotiated by the
countries with which they trade. The economies of these countries also have been and may continue to be adversely affected by economic conditions in the countries in which they trade. The economies of countries with emerging markets may also be
predominantly based on only a few industries or dependent on revenues from particular commodities. In addition, custodial services and other costs relating to investment in foreign markets may be more expensive in emerging markets than in many
developed foreign markets, which could reduce the Fund’s income from such securities. In many cases, governments of emerging countries continue to exercise significant control over their economies, and government actions relative to the economy, as
well as economic developments generally, may affect the Fund’s investments in those countries. In addition, there is a heightened possibility of expropriation or confiscatory taxation, imposition of withholding taxes on interest payments, or other
similar developments that could affect investments in those countries. There can be no assurance that adverse political changes will not cause the Fund to suffer a loss of any or all of its investments. Dividends paid by issuers in emerging market
countries will generally not qualify for the reduced federal income tax rates applicable to qualified dividends under the Code.
|
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Preferred Stocks [Member] | |||||||
General Description of Registrant [Abstract] | |||||||
Risk [Text Block] | Preferred Stocks: The Fund may invest in preferred stocks. Preferred stock, like common stock, represents an equity ownership in an issuer. Generally, preferred
stock has a priority of claim over common stock in dividend payments and upon liquidation of the issuer. Unlike common stock, preferred stock does not usually have voting rights. Preferred stock in some instances is convertible into common stock.
Although they are equity securities, preferred stocks have characteristics of both debt and common stock. Like debt, their promised income is contractually fixed. Like common stock, they do not have rights to precipitate bankruptcy proceedings or
collection activities in the event of missed payments. Other equity characteristics are their subordinated position in an issuer’s capital structure and that their quality and value are heavily dependent on the profitability of the issuer rather
than on any legal claims to specific assets or cash flows.
Investment in preferred stocks carries risks, including credit risk, deferral risk, redemption risk, limited voting rights, risk of subordination and lack of liquidity. Fully taxable or hybrid preferred securities
typically contain provisions that allow an issuer, at its discretion, to defer distributions for up to 20 consecutive quarters. Distributions on preferred stock must be declared by the board of directors and may be subject to deferral, and thus they
may not be automatically payable. Income payments on preferred stocks may be cumulative, causing dividends and distributions to accrue even if not declared by the company’s board or otherwise made payable, or they may be non-cumulative, so that
skipped dividends and distributions do not continue to accrue. There is no assurance that dividends on preferred stocks in which the Fund invests will be declared or otherwise made payable. The Fund may invest in non-cumulative preferred stock,
although the Fund’s investment adviser would consider, among other factors, their non-cumulative nature in making any decision to purchase or sell such securities.
Shares of preferred stock have a liquidation value that generally equals the original purchase price at the date of issuance. The market values of preferred stock may be affected by favorable and unfavorable changes
impacting the issuers’ industries or sectors, including companies in the utilities and financial services sectors, which are prominent issuers of preferred stock. They may also be affected by actual and anticipated changes or ambiguities in the tax
status of the security and by actual and anticipated changes or ambiguities in tax laws, such as changes in corporate and individual income tax rates, and in the dividends received deduction for corporate taxpayers or the lower rates applicable to
certain dividends.
Because the claim on an issuer’s earnings represented by preferred stock may become onerous when interest rates fall below the rate payable on the stock or for other reasons, the issuer may redeem preferred stock, generally
after an initial period of call protection in which the stock is not redeemable. Thus, in declining interest rate environments in particular, the Fund’s holdings of higher dividend paying preferred stocks may be reduced and the Fund may be unable to acquire securities paying comparable rates with the redemption proceeds. In the event of a redemption, the Fund may not be able to reinvest the proceeds
at comparable rates of return.
|
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Convertible Securities [Member] | |||||||
General Description of Registrant [Abstract] | |||||||
Risk [Text Block] | Convertible Securities. The Fund may invest in convertible securities. Convertible securities include fixed income securities that may be exchanged or converted
into a predetermined number of shares of the issuer’s underlying common stock at the option of the holder during a specified period. Convertible securities may take the form of convertible preferred stock, convertible bonds or debentures, units
consisting of “usable” bonds and warrants or a combination of the features of several of these securities. The investment characteristics of each convertible security vary widely, which allows convertible securities to be employed for a variety of
investment strategies. The Fund will exchange or convert convertible securities into shares of underlying common stock when, in the opinion of the Fund’s investment adviser, the investment characteristics of the underlying common shares will assist
the Fund in achieving its investment objective. The Fund may also elect to hold or trade convertible securities. In selecting convertible securities, the Fund’s investment adviser evaluates the investment characteristics of the convertible security
as a fixed income instrument, and the investment potential of the underlying equity security for capital appreciation. In evaluating these matters with respect to a particular convertible security, the Fund’s investment adviser considers numerous
factors, including the economic and political outlook, the value of the security relative to other investment alternatives, trends in the determinants of the issuer’s profits, and the issuer’s management capability and practices.
The value of a convertible security, including, for example, a warrant, is a function of its “investment value” (determined by its yield in comparison with the yields of other securities of comparable maturity and quality
that do not have a conversion privilege) and its “conversion value” (the security’s worth, at market value, if converted into the underlying common stock). The investment value of a convertible security is influenced by changes in interest rates,
with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors may also have an effect on the convertible security’s investment value. The conversion value of
a convertible security is determined by the market price of the underlying common stock. If the conversion value is low relative to the investment value, the price of the convertible security is governed principally by its investment value.
Generally, the conversion value decreases as the convertible security approaches maturity. To the extent the market price of the underlying common stock approaches or exceeds the conversion price, the price of the convertible security will be
increasingly influenced by its conversion value. A convertible security generally will sell at a premium over its conversion value by the extent to which investors place value on the right to acquire the underlying common stock while holding a fixed income security. A convertible security may be subject to redemption at the option of the issuer at a price established in the convertible security’s
governing instrument. If a convertible security held by the Fund is called for redemption, the Fund will be required to permit the issuer to redeem the security, convert it into the underlying common stock or sell it to a third party. Any of these
actions could have an adverse effect on the Fund’s ability to achieve its investment objective.
|
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Real Estate Investment Trusts [Member] | |||||||
General Description of Registrant [Abstract] | |||||||
Risk [Text Block] | Real Estate Investment Trusts. The Fund may invest in real estate investment trusts (“REITs”). REITs are financial vehicles that pool investors’ capital to
purchase or finance real estate. Investments in REITs will subject the Fund to various risks. REIT share prices may decline because of adverse developments affecting the real estate industry and real property values. In general, real estate values
can be affected by a variety of factors, including supply and demand for properties, the economic health of the country or of different regions, and the strength of specific industries that rent properties. REITs often invest in highly leveraged
properties. Returns from REITs, which typically are small or medium capitalization stocks, may trail returns from the overall stock market. In addition, changes in interest rates may hurt real estate values or make REIT shares less attractive than
other income-producing investments. REITs are also subject to heavy cash flow dependency, defaults by borrowers and self-liquidation.
Qualification as a REIT under the Code in any particular year is a complex analysis that depends on a number of factors. There can be no assurance that the entities in which the Fund invests with the expectation that they
will be taxed as a REIT will qualify as a REIT. An entity that fails to qualify as a REIT would be subject to a corporate level tax, would not be entitled to a deduction for dividends paid to its stockholders and would not pass through to its
stockholders the character of income earned by the entity. If the Fund were to invest in an entity that failed to qualify as a REIT, such failure could significantly reduce the Fund’s yield on that investment.
REITs can be classified as equity REITs, mortgage REITs and hybrid REITs. Equity REITs invest primarily in real property and earn rental income from leasing those properties. They may also realize gains or losses from the
sale of properties. Equity REITs will be affected by conditions in the real estate rental market and by changes in the value of the properties they own. Mortgage REITs invest primarily in mortgages and similar real estate interests and receive
interest payments from the owners of the mortgaged properties. Mortgage REITs will be affected by changes in creditworthiness of borrowers and changes in interest rates. Hybrid REITs invest both in real property and in mortgages. Equity and
mortgage REITs are dependent upon management skills, may not be diversified and are subject to the risks of financing projects. Dividends paid by REITs will not generally qualify for the reduced U.S. federal income tax rates applicable to qualified dividends under the Code.
The Fund’s investments in REITs may include an additional risk to stockholders. Some or all of a REIT’s annual distributions to its investors may constitute a non-taxable return of capital. Any such return of capital will
generally reduce the Fund’s basis in the REIT investment, but not below zero. To the extent the distributions from a particular REIT exceed the Fund’s basis in such REIT, the Fund will generally recognize gain. In part because REIT distributions
often include a nontaxable return of capital, trust distributions to stockholders may also include a nontaxable return of capital. Stockholders that receive such a distribution will also reduce their tax basis in their common shares of the Fund, but
not below zero. To the extent the distribution exceeds a stockholder’s basis in the Fund’s common shares such stockholder will generally recognize a capital gain.
The Fund does not have any investment restrictions with respect to investments in REITs other than its concentration policy which limits its investments in REITs to no more than 25% of its assets.
|
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Issuer Risk [Member] | |||||||
General Description of Registrant [Abstract] | |||||||
Risk [Text Block] | Issuer Risk: The value of an issuer’s securities that are held in the Fund’s portfolio may decline for a number of reasons which directly relate to the issuer,
such as management performance, financial leverage and reduced demand for the issuer’s goods and services.
|
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Foreign Currency Risk [Member] | |||||||
General Description of Registrant [Abstract] | |||||||
Risk [Text Block] | Foreign Currency Risk: Although the Fund will report its NAV and pay expenses and distributions in U.S. dollars, the Fund may invest in foreign securities
denominated or quoted in currencies other than the U.S. dollar. Therefore, changes in foreign currency exchange rates will affect the U.S. dollar value of the Fund’s investment securities and NAV. For example, even if the securities prices are
unchanged on their primary foreign stock exchange, the Fund’s NAV may change because of a change in the rate of exchange between the U.S. dollar and the trading currency of that primary foreign stock exchange. Certain currencies are more volatile
than those of other countries and Fund investments related to those countries may be more affected. Generally, if a foreign currency depreciates against the dollar (i.e., if the dollar strengthens), the value of the existing investment in the
securities denominated in that currency will decline. When a given currency appreciates against the dollar (i.e., if the dollar weakens), the value of the existing investment in the securities denominated in that currency will rise. Certain foreign
countries may impose restrictions on the ability of foreign securities issuers to make payments of principal and interest to investors located outside of the country, due to a blockage of foreign currency exchanges or otherwise.
|
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Defensive Positions [Member] | |||||||
General Description of Registrant [Abstract] | |||||||
Risk [Text Block] | Defensive Positions: During periods of adverse market or economic conditions, the Fund may temporarily invest all or a substantial portion of its net assets in
cash or cash equivalents. The Fund would not be pursuing its investment objective in these circumstances and could miss favorable market developments.
|
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Risk Characteristics of Options and Futures [Member] | |||||||
General Description of Registrant [Abstract] | |||||||
Risk [Text Block] | Risk Characteristics of Options and Futures: Options and futures transactions can be highly volatile investments. Successful hedging strategies require the
anticipation of future movements in securities prices, interest rates and other economic factors. When a fund uses futures contracts and options as hedging devices, the prices of the securities subject to the futures contracts and options may not
correlate with the prices of the securities in a portfolio. This may cause the futures and options to react to market changes differently than the portfolio securities. Even if expectations about the market and economic factors are correct, a hedge
could be unsuccessful if changes in the value of the portfolio securities do not correspond to changes in the value of the futures contracts. The ability to establish and close out futures contracts and options on futures contracts positions depends
on the availability of a secondary market. If these positions cannot be closed out due to disruptions in the market or lack of liquidity, losses may be sustained on the futures contract or option. In addition, the Fund’s use of options and futures
may have the effect of reducing gains made by virtue of increases in value of the Fund’s common stock holdings.
|
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Securities Lending Risk [Member] | |||||||
General Description of Registrant [Abstract] | |||||||
Risk [Text Block] | Securities Lending Risk: Securities lending is subject to the risk that loaned securities may not be available to the Fund on a timely basis and the Fund may,
therefore, lose the opportunity to sell the securities at a desirable price. Any loss in the market price of securities loaned by the Fund that occurs during the term of the loan would be borne by the Fund and would adversely affect the Fund’s
performance. Also, there may be delays in recovery, or no recovery, of securities loaned or even a loss of rights in the collateral should the borrower of the securities fail financially while the loan is outstanding. The Fund would not have the
right to vote any securities having voting rights during the existence of the loan.
|
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Discount Risk [Member] | |||||||
General Description of Registrant [Abstract] | |||||||
Risk [Text Block] | Discount Risk: Historically, the shares of the Fund, as well as those of other closed-end investment companies, have frequently traded at a discount to their NAV.
Any premium or discount to NAV often fluctuates over time. See “Price Range of Common Stock.”
|
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Other Risks [Member] | |||||||
General Description of Registrant [Abstract] | |||||||
Risk [Text Block] | Other Risks: In addition to the risks detailed above, the Fund also has investments in auction rate preferred securities, business development companies, special
purpose acquisition vehicles, liquidation claims, warrants and rights. All of these other investments can subject the Fund to various risks. Any of these investments could have an adverse effect on the Fund’s ability to achieve its investment
objective.
|
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Investment transactions and investment income [Member] | |||||||
General Description of Registrant [Abstract] | |||||||
Risk [Text Block] | Investment transactions and investment income—Investment transactions are recorded on the trade date. Realized gains and losses from investment transactions are calculated using the
identified cost method. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Discounts are accreted and premiums are amortized using the effective yield method as adjustments to interest income and the identified cost of investments.
|
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Dividends and distributions [Member] | |||||||
General Description of Registrant [Abstract] | |||||||
Risk [Text Block] | Dividends and distributions—On March 4, 2019, the Fund received authorization from the U.S. Securities and Exchange Commission (the “SEC”) that permits the Fund to distribute
long-term capital gains to stockholders more than once per year. Accordingly, the Board approved the implementation of a Managed Distribution Plan (“MDP”) to make monthly cash distributions to stockholders. Under the MDP, distributions will be made
from current income, supplemented by realized capital gains and, to the extent necessary, paid in capital. In the six months ended June 30, 2023, the Fund made monthly distributions to common stockholders at an annual rate of 8%, based on the NAV of
the Fund’s common shares as of the close of business on the last business day of the previous year. Dividends and distributions to common shareholders are recorded on the ex-dividend date. The amount of dividends from net investment income and
distributions from net realized capital gains was determined in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles. These “book/tax” differences are either considered temporary or
permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassification.
The Fund has made certain investments in Real Estate Investment Trusts (“REITs”) which pay distributions to their shareholders based upon available funds from operations. Each REIT reports annually the tax character of its
distributions. It is quite common for these distributions to exceed the REIT’s taxable earnings and profits resulting in the excess portion of such distributions being designated as a return of capital or long-term capital gain. The Fund intends to
include the gross distributions from such REITs in its distributions to its shareholders; accordingly, a portion of the distributions paid to the Fund and subsequently distributed to shareholders may be re-characterized. The final determination of
the amount of the Fund’s return of capital distribution for the period will be made after the end of each calendar year.
Holders of Convertible Preferred Stock receive calendar quarterly dividends at the rate of 2.75% of the Subscription Price per year. Dividends on the Convertible Preferred Stock are fully cumulative, and accumulate without
interest from the date of original issuance of the Convertible Preferred Stock.
|
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Common Shares [Member] | |||||||
General Description of Registrant [Abstract] | |||||||
Share Price | $ 11.22 | $ 11.40 | $ 15.45 | $ 14.08 | $ 14.73 | $ 11.84 | $ 11.22 |
NAV Per Share | $ 13.52 | $ 13.01 | $ 16.55 | $ 16.13 | $ 16.06 | $ 13.78 | $ 13.52 |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | |||||||
Outstanding Security, Title [Text Block] | Common stock | ||||||
Outstanding Security, Authorized [Shares] | 199,995,800 | ||||||
Outstanding Security, Held [Shares] | 14,416,415 | ||||||
Outstanding Security, Not Held [Shares] | 11,385,412 | ||||||
Preferred Shares [Member] | |||||||
Financial Highlights [Abstract] | |||||||
Senior Securities Amount | $ 58,078 | $ 58,374 | $ 55,599 | $ 55,599 | $ 55,599 | $ 58,078 | |
Senior Securities Coverage per Unit | $ 91 | $ 89 | $ 87 | $ 86 | $ 78 | $ 91 | |
Preferred Stock Liquidating Preference | $ 25 | $ 25 | |||||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | |||||||
Outstanding Security, Title [Text Block] | 2.75% Convertible Preferred Stock | ||||||
Outstanding Security, Not Held [Shares] | 2,321,894 | 2,334,954 | 2,223,976 | 2,223,976 | 2,223,976 |
1 Year Special Opportunities Chart |
1 Month Special Opportunities Chart |
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