Special Opportunities Fund (SPE) Form 144 Lists Recent Large Disposals

Rhea-AI Filing Summary

Special Opportunities Fund filed a Form 144 reporting a proposed sale of 790 common shares through Fidelity Brokerage Services LLC on 10/07/2025, valued at $19,750 based on the filing. The filing states those shares were acquired in an open market purchase on 01/26/2022 and paid for in cash on 12/26/2022. The notice lists multiple sales by Kovitz Investment Group during the past three months, including a sale of 53,541 shares generating $1,338,525. The signer affirms no undisclosed material adverse information.

Positive

• Proposed sale is small at 790 shares valued at $19,750, limiting immediate market impact
• Acquisition date disclosed (01/26/2022) and payment in cash on 12/26/2022, supporting Rule 144 resale traceability

Negative

• Large recent disposals by Kovitz Investment Group including 53,541 shares for $1,338,525, which increases circulating supply
• Multiple sales in past three months (dates include 07/15/2025, 08/18/2025, 09/11/2025, 09/12/2025), possibly signaling sustained selling pressure

Insights

Securities Compliance Attorney

Form 144 documents a proposed Rule 144 sale and recent large aggregate disposals.

The filing records a proposed sale of 790 common shares via Fidelity on 10/07/2025, and confirms acquisition details needed to satisfy Rule 144 resale conditions. The signer also certifies there is no undisclosed material adverse information.

Recent disposals listed for Kovitz Investment Group include a 53,541-share sale with $1,338,525 gross proceeds; such recent sales affect how post-sale reporting and aggregation rules apply and may influence lock-up or volume limitations in short windows.

Equity Market Analyst

Notable near-term supply: small proposed sale but much larger recent disposals reported.

The immediate proposed sale is modest at 790 shares ($19,750), which is unlikely by itself to move the market. However, the past three months show materially larger transactions (totaling over $1.38M in one line), indicating meaningful recent liquidity from the same seller.

Market impact depends on average daily volume and remaining holdings; watch short-term trading activity around 10/07/2025 and any additional Form 144 filings that disclose further planned sales.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common Stock	Fidelity Brokerage Services LLC 245 Summer Street Boston MA 02110	790	19750.00	2235775	10/07/2025	NYSE

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Preferred	01/26/2022	open Market Purchase	Open Market Purchase			790	12/26/2022	Cash/Check

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
Kovitz Investment Group Par 71 S Wacker Dr Suite 1860 Chicago IL 60606	Special Opportunities Fund	07/15/2025	134	3266.93
Kovitz Investment Group Par 71 S Wacker Dr Suite 1860, Chicago IL 60606	Special Opportunities Fund	09/11/2025	1602	40130.10
Kovitz Investment Group Par 71 S Wacker Dr Suite 1860 Chicago IL 60606	Special Opportunities Fund	09/12/2025	53541	1338525.00
Kovitz Investment Group Par 71 S Wacker Dr Suite 1860 Chicago IL 60606	Special Opportunities Fund	08/18/2025	410	10086.00

144: Remarks and Signature

Remarks

Date of Notice

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What does SPE Form 144 report for the proposed sale?

It reports a proposed sale of 790 common shares via Fidelity on 10/07/2025 with an aggregate market value of $19,750.

When were the 790 shares acquired for the SPE filing?

The filing shows the shares were acquired in an open market purchase on 01/26/2022 and paid for in cash on 12/26/2022.

Does the filing disclose other recent sales by the seller?

Yes. It lists multiple sales by Kovitz Investment Group in the past three months, including a 53,541-share sale on 09/12/2025 for $1,338,525.

Who is the broker handling the proposed sale?

The broker named is Fidelity Brokerage Services LLC, located at 245 Summer Street, Boston, MA.

Does the filer certify disclosure of material information?

Yes. The signer represents they do not know any material adverse information about the issuer that has not been publicly disclosed.