Special Opportunities Fund, Inc.
Schedule of Investments
September 30, 2025 (Unaudited)

CLOSED-END FUNDS - 68.3%		Shares			Value
AllianceBernstein National Municipal Income Fund, Inc.			510,405		$	5,537,894
Bancroft Fund Ltd.			25,629			560,821
Bexil Investment Trust			350,673			5,191,714
BNY Mellon Municipal Bond Infrastructure Fund, Inc.			71,032			760,042
BNY Mellon Strategic Municipal Bond Fund, Inc.			1,278,871			7,570,916
BNY Mellon Strategic Municipals, Inc.			252,031			1,575,194
Carlyle Credit Income Fund			103,017			599,559
Central Securities Corp.			219,394			11,270,270
Clough Global Opportunities Fund			246,839			1,406,982
Cohen & Steers Infrastructure Fund, Inc.			935			23,188
Destra Multi-Alternative Fund			161,121			1,392,085
Eaton Vance New York Municipal Bond Fund			286,248			2,822,405
Ellsworth Growth and Income Fund Ltd.			114,965			1,333,594
ESC MAV ^(a)(b)			118,878			49,037
ESC MHI ^(a)(b)			132,125			47,301
ESC MIO ^(a)(b)			90,500			14,281
Gabelli Dividend & Income Trust			133,595			3,624,432
GDL Fund			171,677			1,467,821
General American Investors Co., Inc.			310,173			19,295,862
Highland Opportunities and Income Fund			5,432			34,493
Japan Smaller Capitalization Fund, Inc.			124,847			1,315,887
Mexico Equity & Income Fund, Inc.			100,100			1,188,187
Mexico Fund, Inc.			30,611			603,037
MFS High Income Municipal Trust			236,757			880,736
MFS High Yield Municipal Trust			764,782			2,653,794
MFS Investment Grade Municipal Trust			245,919			1,932,923
Morgan Stanley India Investment Fund, Inc.			229,537			6,048,300
Neuberger Berman Next Generation Connectivity Fund, Inc.			638,625			9,822,053
New Germany Fund, Inc.			385,918			4,461,212
Oxford Lane Capital Corp.			181,192			3,067,574
Pershing Square Holdings Ltd. Fund			40,000			2,480,610
Pioneer Diversified High Income Fund ^(b)			35,254			437,357
Pioneer High Income Fund Inc. ^(b)			28,477			236,929
Principal Real Estate Income Fund			79,903			835,785
SRH Total Return Fund, Inc.			1,116,522			20,276,040
Tortoise Energy Infrastructure Corp.			0	^(c)		0	^(c)
Total Return Securities Fund			106,806			649,381
Virtus Total Return Fund, Inc.			135,422			873,472
Voya Asia Pacific High Dividend Equity Income Fund			113,917			854,378
Voya Emerging Markets High Dividend Equity Fund			253,101			1,586,918
TOTAL CLOSED-END FUNDS (Cost $93,197,002)						124,782,464

SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS) - 28.3%		Shares			Value
Aldel Financial II, Inc. ^(a)			38,904			406,547
Andretti Acquisition Corp. II - Class A ^(a)			105,200			1,100,392
Blue Acquisition Corp. - Class A ^(a)			148,000			1,479,260
Bold Eagle Acquisition Corp. - Class A ^(a)			100,000			1,040,000
Centurion Acquisition Corp. ^(a)			156,250			1,648,437
Columbus Circle Capital Corp. I - Class A ^(a)			50,000			506,000
Copley Acquisition Corp. - Class A ^(a)			100,000			1,011,000
Crane Harbor Acquisition Corp. - Class A ^(a)			100,000			1,014,000
CSLM Digital Asset Acquisition Corp. III Ltd. ^(a)			100,000			1,010,000
D Boral ARC Acquisition I Corp. - Class A ^(a)			137,500			1,365,375
Drugs Made In America Acquisition Corp. ^(a)			72,964			749,340
Dynamix Corp. ^(a)			55,632			579,129
EQV Ventures Acquisition Corp. - Class A ^(a)			152,200			1,579,836
Fact II Acquisition Corp. ^(a)			194,000			2,002,099
GigCapital7 Corp. - Class A ^(a)			171,231			1,806,487
Graf Global Corp. - Class A ^(a)			184,789			1,947,676
Highview Merger Corp. ^(a)			60,663			613,910
Jackson Acquisition Co. II - Class A ^(a)			204,800			2,125,824
Launch Two Acquisition Corp. - Class A ^(a)			167,659			1,752,036
Lightwave Acquisition Corp. - Class A ^(a)			100,000			995,000
Lionheart Holdings - Class A ^(a)			323,525			3,400,248
M3-Brigade Acquisition V Corp. - Class A ^(a)			137,480			1,450,414
M3-Brigade Acquisition VI Corp. ^(a)			50,000			506,000
McKinley Acquisition Corp. ^(a)			100,000			999,000
NewHold Investment Corp. III - Class A ^(a)			100,000			1,018,000
Oaktree Acquisition Corp. III Life Sciences ^(a)			12,500			131,375
Pelican Acquisition Corp. ^(a)			100,000			1,006,000
Range Capital Acquisition Corp. ^(a)			175,000			1,804,250
Roman DBDR Acquisition Corp. II ^(a)			370,000			3,818,030
Silver Pegasus Acquisition Corp. ^(a)			97,587			992,460
Silverbox Corp. IV - Class A ^(a)			55,093			576,824
SIM Acquisition Corp. I - Class A ^(a)			250,000			2,635,000
Soulpower Acquisition Corp. - Class A ^(a)			150,000			1,512,000
Spring Valley Acquisition Corp. III ^(a)			100,000			1,028,000
Talon Capital Corp. ^(a)			77,000			773,758
Tavia Acquisition Corp. ^(a)			200,000			2,070,000
Titan Acquisition Corp. - Class A ^(a)			150,000			1,518,000
Vendome Acquisition Corp. I - Class A ^(a)			100,000			993,000
Wen Acquisition Corp. - Class A ^(a)			70,000			708,400
TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS) (Cost $49,804,985)						51,673,107

BUSINESS DEVELOPMENT COMPANIES - 14.4%		Shares			Value
Blue Owl Technology Finance Corp.			231,887			3,204,678
CION Investment Corp.			909,621			8,623,207
Crescent Capital BDC, Inc.			190,002			2,709,429
FS KKR Capital Corp.			87,206			1,301,986
Investcorp Credit Management BDC, Inc.			198,028			550,518
Monroe Capital Corp.			226,699			1,591,427
OFS Capital Corp.			30,152			231,869
Portman Ridge Finance Corp.			203,959			2,351,641
Runway Growth Finance Corp.			453,850			4,611,116
SuRo Capital Corp.			121,450			1,093,050
TOTAL BUSINESS DEVELOPMENT COMPANIES (Cost $29,130,661)						26,268,921

COMMON STOCKS - 12.9%		Shares			Value
Financial Services - 3.7%
Cannae Holdings, Inc.			372,357			6,817,857

Oil, Gas & Consumable Fuels - 4.1%
Texas Pacific Land Corp.			8,000			7,469,120

Real Estate Management & Development - 5.1%
Gyrodyne LLC ^(a)			30,000			300,387
Howard Hughes Holdings, Inc. ^(a)			12,000			986,040
Tejon Ranch Co. ^(a)			500,000			7,990,000
						9,276,427
TOTAL COMMON STOCKS (Cost $19,551,325)						23,563,404

TRUSTS - 1.5%		Certificates			Value
Copper Property CTL Pass Through Trust			225,780			2,801,930
TOTAL TRUSTS (Cost $2,493,016)						2,801,930

PREFERRED STOCKS - 0.5%		Shares			Value
Closed-End Funds - 0.5%
Highland Opportunities and Income Fund, Series A, Series A, 5.38%, Perpetual			2,521			41,836
Highland Opportunities and Income Fund, Series B, Series B, 5.38%, Perpetual			47,659			791,140
TOTAL PREFERRED STOCKS (Cost $837,958)						832,976

REAL ESTATE INVESTMENT TRUSTS - PREFERRED - 0.4%		Shares			Value
Diversified REITs - 0.2%
NexPoint Diversified Real Estate Trust, Series A, 5.50%, Perpetual			22,324			318,117

Office REITs - 0.0%^(d)
Brookfield DTLA Fund Office Trust Investor, Inc., Series A, 7.63%, Perpetual			100,000			5,500

Retail REITs - 0.2%
Cedar Realty Trust, Inc., Series C, 6.50%, Perpetual			30,610			493,531
TOTAL REAL ESTATE INVESTMENT TRUSTS - PREFERRED (Cost $3,608,559)						817,148

WARRANTS - 0.0%		Contracts			Value
Biotechnology - 0.0%^(d)
ZyVersa Therapeutics, Inc., Expires 12/12/2027, Exercise Price $4,025.00 ^(a)(b)			65,250			0

Health Care Technology - 0.0%^(d)
iCoreConnect, Inc., Expires 05/15/2028, Exercise Price $230.00 ^(a)(b)			150,000			375

Miscellaneous Intermediation - 0.0%^(d)
AA Mission Acquisition Corp., Expires 08/01/2030, Exercise Price $11.50 ^(a)			150,000			24,000
Aldel Financial II, Inc., Expires 10/10/2029, Exercise Price $11.50 ^(a)			19,452			9,922
Andretti Acquisition Corp. II, Expires 10/24/2029, Exercise Price $11.50 ^(a)			52,600			10,520
Centurion Acquisition Corp., Expires 08/01/2029, Exercise Price $11.50 ^(a)			78,125			26,563
Churchill Capital Corp. IX, Expires 06/11/2029, Exercise Price $11.50 ^(a)			1,008			786
Columbus Circle Capital Corp. I, Expires 06/05/2030, Exercise Price $11.50 ^(a)			25,000			30,000
Copley Acquisition Corp., Expires 05/23/2030, Exercise Price $11.50 ^(a)			50,000			10,045
Corner Growth Acquisition Corp., Expires 12/31/2027, Exercise Price $11.50 ^(a)(b)			33,333			0
Corner Growth Acquisition Corp. 2, Expires 06/17/2026, Exercise Price $11.50 ^(a)(b)			14,366			0
D Boral ARC Acquisition I Corp., Expires 05/06/2030, Exercise Price $11.50 ^(a)			68,750			15,118
Dynamix Corp., Expires 12/06/2029, Exercise Price $11.50 ^(a)			16,679			35,193
EQV Ventures Acquisition Corp., Expires 07/01/2031, Exercise Price $11.50 ^(a)			50,733			25,367
Fact II Acquisition Corp., Expires 12/20/2029, Exercise Price $11.50 ^(a)			97,000			27,160
GigCapital7 Corp., Expires 09/11/2029, Exercise Price $11.50 ^(a)			192,000			86,400
Graf Global Corp., Expires 08/07/2029, Exercise Price $11.50 ^(a)			92,394			30,490
HWH INTL INC WT EXP, Expires 01/31/2027, Exercise Price $1.00 ^(a)(b)			23,750			0
Launch One Acquisition Corp., Expires 08/29/2029, Exercise Price $11.50 ^(a)			140,550			32,341
Launch Two Acquisition Corp., Expires 11/26/2029, Exercise Price $11.50 ^(a)			41,538			15,369
Lightwave Acquisition Corp., Expires 06/24/2030, Exercise Price $11.50 ^(a)			50,000			9,005
Lionheart Holdings, Expires 08/09/2029, Exercise Price $11.50 ^(a)			161,762			41,249
M3-Brigade Acquisition V Corp., Expires 09/23/2030, Exercise Price $11.50 ^(a)			35,925			43,828
NewHold Investment Corp. III, Expires 04/17/2030, Exercise Price $11.50 ^(a)			50,000			18,000
Oaktree Acquisition Corp. III Life Sciences, Expires 12/13/2031, Exercise Price $11.50 ^(a)			2,500			1,875
Roman DBDR Acquisition Corp. II, Expires 02/03/2030, Exercise Price $11.50 ^(a)			185,000			95,238
Silverbox Corp. IV, Expires 09/24/2029, Exercise Price $11.50 ^(a)			8,322			3,662
SIM Acquisition Corp. I, Expires 08/28/2029, Exercise Price $11.50 ^(a)			125,000			46,250
Titan Acquisition Corp., Expires 06/02/2030, Exercise Price $11.50 ^(a)			75,000			22,590
Vendome Acquisition Corp. I, Expires 02/18/2026, Exercise Price $11.50 ^(a)			50,000			10,000
Voyager Acquisition Corp., Expires 05/16/2031, Exercise Price $11.50 ^(a)			50,000			8,500
Wen Acquisition Corp., Expires 05/15/2031, Exercise Price $11.50 ^(a)			35,000			19,253
TOTAL WARRANTS (Cost $366,941)						699,099

REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.2%		Shares			Value
Diversified REITs - 0.2%
NexPoint Diversified Real Estate Trust			114,771			423,505
TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON (Cost $1,384,003)						423,505

RIGHTS - 0.1%		Shares			Value
Blue Acquisition Corp., Expires 06/11/2030, Exercise Price $0.00 ^(a)			148,000			23,887
Cayson Acquisition Corp., Expires 06/24/2026, Exercise Price $10.00 ^(a)			150,000			24,000
Cohen & Steers Infrastructure Fund, Inc., Expires 10/16/2025, Exercise Price $1.00 ^(a)			935			73
Drugs Made In America Acquisition Corp., Expires 10/15/2029, Exercise Price $10.00 ^(a)			72,964			15,862
Eureka Acquisition Corp., Expires 01/03/2026, Exercise Price $10.00 ^(a)			1,000			240
Flag Ship Acquisition Corp., Expires 03/31/2026, Exercise Price $0.11 ^(a)			137,500			16,514
IB Acquisition Corp., Expires 03/28/2026, Exercise Price $10.00 ^(a)			214,860			17,189
Jackson Acquisition Co. II, Expires 02/27/2026, Exercise Price $10.00 ^(a)			129,800			32,450
Pelican Acquisition Corp., Expires 05/02/2030, Exercise Price $10.00 ^(a)			100,000			24,000
Range Capital Acquisition Corp., Expires 06/23/2026, Exercise Price $10.00 ^(a)			175,000			56,000
Soulpower Acquisition Corp., Expires 06/27/2026, Exercise Price $1.00 ^(a)			150,000			28,500
Tavia Acquisition Corp., Expires 11/26/2029, Exercise Price $10.00 ^(a)			150,000			29,250
TOTAL RIGHTS (Cost $216,847)						267,965

OPEN-END FUNDS - 0.0%^(d)		Shares			Value
BNY Mellon AMT-Free Municipal Bond Fund - Class A ^(b)			54			715
TOTAL OPEN-END FUNDS (Cost $602)						715

OTHER NOTES - 0.0%^(d)		Par			Value
Legacy IMBDS, Inc., 8.50%, 09/30/2026 ^(a)(b)(e)			23,458			0
TOTAL OTHER NOTES (Cost $586,450)						0

SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 3.7%		Shares			Value
Fidelity Government Portfolio - Institutional Class, 4.01% ^(f)			3,337,895			3,337,895
Invesco Treasury Portfolio - Institutional Class, 3.94% ^(f)			3,337,895			3,337,895
TOTAL MONEY MARKET FUNDS (Cost $6,675,790)						6,675,790

TOTAL INVESTMENTS - 130.3% (Cost $207,854,139)						238,807,024
Liabilities in Excess of Other Assets - (30.7)%						(56,075,810	)
TOTAL NET ASSETS - 100.0%	0.0%		0.0	%	$	182,731,214

Par amount is in USD unless otherwise indicated.
Percentages are stated as a percent of net assets.	–	%

The Global Industry Classification Standard (“GICS^®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS^® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

AMT - Alternative Minimum Tax

LLC - Limited Liability Company

REIT - Real Estate Investment Trust

(a)	Non-income producing security.
(b)	Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $111,709 or 0.1% of net assets as of September 30, 2025.
(c)	Rounds to zero.
(d)	Represents less than 0.05% of net assets.
(e)	Issuer is currently in default.
(f)	The rate shown represents the 7-day annualized yield as of September 30, 2025.

Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)

Special Opportunities Fund, Inc. (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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 based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund’s securities as of September 30, 2025:

	Level 1		Level 2		Level 3		Total
Investments:
Closed-End Funds	$	123,997,560	$	674,286	$	110,619	$	124,782,464
Special Purpose Acquisition Companies (SPACs)		40,882,609		10,790,498		–		51,673,107
Business Development Companies		26,268,921		–		–		26,268,921
Common Stocks		23,563,404		–		–		23,563,404
Trusts		2,801,930		–		–		2,801,930
Preferred Stocks		832,975		–		–		832,975
Real Estate Investment Trusts - Preferred		811,648		5,500		–		817,148
Warrants		618,203		80,522		375		699,100
Real Estate Investment Trusts - Common		423,505		–		–		423,505
Rights		68,563		199,403		–		267,966
Open-End Funds		–		–		715		715
Other Notes		–		–		0		0
Money Market Funds		6,675,790		–		–		6,675,790
Total Investments	$	226,945,108	$	11,750,209	$	111,709	$	238,807,026

Refer to the Schedule of Investments for further disaggregation of investment categories.

Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year’s annual report.

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

Category	Open End Funds			Other Common Stocks		Warrants
Balance as of 12/31/2024	$	-		$	-	$	(3,443	)
Acquisitions		-			0.03		-
Dispositions		(4,342,737	)		-		-
Transfers into (out of) Level 3		-			-		225
Accretion/Amortization		-			-		-
Corporate Actions		3,869,211			-		-
Realized Gain (Loss)		474,128			-		-
Change in unrealized appreciation (depreciation)		113			110,619		150
Balance as of 9/30/2025	$	715		$	110,619	$	(3,068	)
Change in unrealized appreciation (depreciation) during the period for Level 3 investments held at June 30, 2025	$	113		$	110,619	$	150


The following table presents additional information about valuation methodologies and inputs used for investments that are measured at fair value and
categorized within Level 3 as of September 30, 2025:

Category	Fair Value September 30, 2025			Valuation Methodologies	Unobservable Inputs	Range		Impact to valuation from an increase to input
Other Common Stocks		110,619		Last trade price less 10% haircut (Shares un-registered)	Financial Assessments/ Company Announcements		0.16-0.41	Financial Assessments/ Company Announcements
Open End Funds		715					12.73-13.29
Warrants		(3,068	)	Last Traded Price	Market Assessments		0.00-0.0025	Significant changes in market conditions could result in direct and proportional changes in the fair value of the security