Special Opportunities Fund Inc. (SPE) 2015年年度报告「NYSE」.pdf

1、Special Opportunities Fund,Inc.(SPE)Annual ReportFor the year endedDecember 31,2015February 29,2016Dear Fellow Shareholders:Like most value oriented investors,Special Opportunities Fund underperformedthe broad market indexes in 2015.On December 31,2015,the Funds stockclosed at$13.20 per share vs.$15

2、.29 per share on June 30,2015.Afteraccounting for the reinvestment of a year-end dividend of$1.19,the Funds stockwas off 5.64%in the second half of 2015 and off 6.13%for the entire year.Forthe same periods,the S&P 500 Index gained 0.15%and 1.38%respectively.TheFunds underperformance in 2015 was part

3、ly attributable to a widening of thediscount of the stock price to net asset value from 9.27%to 12.64%.As of February 26,2016,the Funds discount stood at 14.64%.At that level,it ishard to find a better investment than repurchasing our own shares because it hasa meaningful accretive effect on NAV.Con

4、sequently,we have recently picked upthe pace of our share repurchases.From January 1,2015 through January 31,2016,472,944 shares have been re-purchased,all at a discount of at least 12%.We remind you that the Funds repurchases are reported monthly on its website athttp:/.We also remind you that the

5、Fund has a policy of seeking instructions from timeto time from stockholders with regard to the voting of proxies for certain closed-end funds whose shares the Fund owns.The specific closed-end funds for whichthe Fund seeks instructions from stockholders are available on the Funds websiteand we urge

6、 you to check it from time to time if you would like to provide suchinstructions.You may also email us at ifyou would like to receive an email notification when the Fund seeks proxy votinginstructions for a closed-end fund whose shares it owns.The Fund is intended to be more risk averse than a hypot