Please wait
Special
Opportunities
Fund,
Inc.
Portfolio
of
Investments
-
March
31,
2026
Sh
ar
e
s
F
air
V
alu
e
CLOSED-END
FUNDS
—
68
.5
%
AllianceBernstein
National
Municipal
Income
Fund,
Inc.
100
$
1,069
Bancroft
Fund
Ltd.
25,629
552,046
Bluerock
Private
Real
Estate
Fund
166,154
2,759,818
BNY
Mellon
Municipal
Bond
Infrastructure
Fund,
Inc.
86,139
907,905
BNY
Mellon
Strategic
Municipal
Bond
Fund,
Inc.
1,481,741
8,905,264
BNY
Mellon
Strategic
Municipals,
Inc.
635,795
3,999,151
Carlyle
Credit
Income
Fund
109,835
352,570
Central
Securities
Corp.
219,394
10,895,106
Clough
Global
Equity
Fund
69,527
523,538
Clough
Global
Opportunities
Fund
343,781
1,914,860
Destra
Multi-Alternative
Fund
72,741
589,930
Dividend
and
Income
Fund
350,673
5,102,292
Dreyfus
High
Yield
Strategies
Fund
113,401
276,698
Duff
&
Phelps
Utility
and
Infrastructure
Fund
Inc.
87,864
1,268,756
Eagle
Point
Income
Company,
Inc.
96,328
909,336
Ellsworth
Growth
and
Income
Fund
Ltd.
87,424
974,778
ESC
HNW(a)(b)
35,254
17,148
ESC
MAV(a)(b)
118,878
49,036
ESC
MHI(a)(b)
132,125
47,301
ESC
MIO(a)(b)
90,500
14,281
ESC
PHT(a)(b)
28,477
—
Gabelli
Dividend
&
Income
Trust
133,595
3,597,713
GDL
Fund
171,677
1,430,069
General
American
Investors
Co.,
Inc.
279,523
16,343,710
Highland
Income
Fund
5,330
30,434
Japan
Smaller
Capitalization
Fund,
Inc.
68,095
742,236
John
Hancock
Diversified
Income
Fund
268,150
2,912,109
Mexico
Equity
&
Income
Fund,
Inc.
100,100
1,291,290
Mexico
Fund,
Inc.
106,085
2,220,359
MFS
High
Income
Municipal
Trust
236,757
878,368
MFS
High
Yield
Municipal
Trust
764,782
2,737,920
MFS
Investment
Grade
Municipal
Trust
245,919
1,964,893
Neuberger
Berman
Next
Generation
Connectivity
Fund,
Inc.
657,960
8,467,945
New
Germany
Fund,
Inc.
417,237
4,264,162
Nuveen
S&P
500
Dynamic
Overwrite
Fund
56,810
912,936
Pershing
Square
Holdings
10,000
536,000
Pershing
Square
Holdings
Ltd.
Fund
30,000
1,550,150
Royce
Micro-Cap
Trust,
Inc.
27,154
307,112
Saba
Capital
Income
&
Opportunities
Fund
II
38,408
319,555
SRH
Total
Return
Fund,
Inc.
1,116,522
19,092,526
Virtus
Total
Return
Fund,
Inc.
66
437
Voya
Asia
Pacific
High
Dividend
Equity
Income
Fund
155,359
1,144,996
Voya
Emerging
Markets
High
Dividend
Equity
Fund
462,821
3,082,388
XAI
Octagon
Floating
Rate
Alternative
Income
Trust
78,926
1,355,945
Total
Closed-End
Funds
(Cost $90,440,386)
115,244,136
Special
Opportunities
Fund,
Inc.
Portfolio
of
Investments
-
March
31,
2026
(Continued)
SPECIAL
PURPOSE
ACQUISITION
COMPANIES
(SPACS)
—
27
.7
%
Sh
ar
e
s
F
air
V
alu
e
AI
Infrastructure
Acquisition
Corp.(b)
100,000
$
1,003,000
Aldabra
4
Liquidity
Opportunity
Vehicle,
Inc.(b)
100,000
997,000
Aldel
Financial
II,
Inc.(b)
38,904
411,215
Archimedes
Tech
SPAC
Partners
III
Co.(b)
40,000
399,200
Armada
Acquisition
Corp.
III(b)
50,000
499,500
Bain
Capital
GSS
Investment
Corp.(b)
100,000
1,011,180
BHAV
Acquisition
Corp.(b)
10,000
99,700
Black
Spade
Acquisition
III
Co.(b)
100,000
1,000,000
Bleichroeder
Acquisition
Corp.
II(b)
112,404
1,126,288
Bleichroeder
Acquisition
Corp.
II(b)
2
21
Bold
Eagle
Acquisition
Corp.
-
Class
A(b)
100,000
1,056,000
Cambridge
Acquisition
Corp.(b)
10,781
107,379
Columbus
Circle
Capital
Corp.
II(b)
100,000
994,000
Copley
Acquisition
Corp.(b)
100,000
1,029,000
Crane
Harbor
Acquisition
Corp.
-
Class
A(b)
50,000
494,000
D
Boral
Acquisition
I
Corp.(b)
125,000
1,250,000
Daedalus
Special
Acquisition
Corp.(b)
100,000
1,003,000
FG
Imperii
Acquisition
Corp.(b)
100,000
997,000
Fortress
Value
Acquisition
Corp.
V(b)
100,000
1,002,000
Graf
Global
Corp.(b)
100,000
1,071,000
HCM
IV
Acquisition
Corp.(b)
100,000
1,002,000
Hennessy
Capital
Investment
Corp.
VIII(b)
100,000
1,000,000
Highview
Merger
Corp.
-
Class
A(b)
60,663
609,663
Illumination
Acquisition
Corp.
I(b)
50,000
496,000
Inflection
Point
Acquisition
Corp.
VI(b)
100,000
1,012,000
Insight
Digital
Partners
II(b)
100,000
996,000
Jackson
Acquisition
Co.
II
-
Class
A(b)
204,800
2,168,832
Kensington
Capital
Acquisition
Corp.
VI(b)
100,000
1,004,000
Legato
Merger
Corp.
III(b)
100,000
998,000
Lightwave
Acquisition
Corp.(b)
100,000
1,012,000
M
Evo
Global
Acquisition
Corp.
II(b)
100,000
1,001,000
M3-Brigade
Acquisition
VI
Corp.(b)
50,000
502,500
McKinley
Acquisition
Corp.
-
Class
A(b)
100,000
1,006,000
Meshflow
Acquisition
Corp.(b)
100,000
996,000
Metals
Acquisition
Corp.
II(b)
52,500
529,725
NewHold
Investment
Corp.
III(b)
100,000
1,039,000
Oaktree
Acquisition
Corp.
III
Life
Sciences(b)
12,500
132,750
OneIM
Acquisition
Corp.(b)
100,000
1,002,000
Pono
Capital
Four,
Inc.(b)
25,000
249,250
Proem
Acquisition
Corp.
I(b)
50,000
499,000
QDRO
Acquisition
Corp.(b)
12,500
124,000
Range
Capital
Acquisition
Corp.(b)
100,000
1,052,000
Silver
Pegasus
Acquisition
Corp.
-
Class
A(b)
97,587
992,460
SIM
Acquisition
Corp
I
-
Class
A(b)
150,000
1,609,500
Social
Commerce
Partners
Corp.(b)
88,992
890,810
Spring
Valley
Acquisition
Corp.
III
-
Class
A(b)
62,012
630,042
Spring
Valley
Acquisition
Corp.
IV(b)
50,000
508,000
Special
Opportunities
Fund,
Inc.
Portfolio
of
Investments
-
March
31,
2026
(Continued)
SPECIAL
PURPOSE
ACQUISITION
COMPANIES
(SPACS)
—
27.7%
(continued)
Sh
ar
e
s
F
air
V
alu
e
Talon
Capital
Corp.(b)
77,000
$
789,250
Tavia
Acquisition
Corp.(b)
100,000
1,057,000
Titan
Acquisition
Corp.(b)
150,000
1,549,500
Vendome
Acquisition
Corp.
I
-
Class
A(b)
100,000
1,013,000
Viking
Acquisition
Corp.
I(b)
100,000
993,000
Wen
Acquisition
Corp.(b)
110,712
1,127,048
Willow
Lane
Acquisition
Corp.
II(b)
150,000
1,515,000
Total
Special
Purpose
Acquisition
Companies
(SPACS)
(Cost $45,735,110)
46,656,813
BUSINESS
DEVELOPMENT
COMPANIES
—
15
.9
%
Barings
BDC,
Inc.
146,029
1,201,819
BCP
Investment
Corp.
167,780
1,261,706
Blue
Owl
Capital
Corp.
153,502
1,697,732
Blue
Owl
Technology
Finance
Corp.
351,389
4,353,709
CION
Investment
Corp.
909,621
6,221,807
Crescent
Capital
BDC,
Inc.
200,002
2,430,024
FS
KKR
Capital
Corp.
213,620
2,174,652
Investcorp
Credit
Management
BDC,
Inc.
241,122
390,618
Monroe
Capital
Corp.
377,436
1,736,206
Nuveen
Churchill
Direct
Lending
Corp.
115,776
1,472,671
OFS
Capital
Corp.
30,152
107,040
Runway
Growth
Finance
Corp.
544,553
3,741,078
Total
Business
Development
Companies
(Cost $38,203,327)
26,789,062
COMMON
STOCKS
—
15
.0
%
Financial
Services
—
2
.0
%
Cannae
Holdings,
Inc.
302,052
3,434,331
Oil,
Gas
&
Consumable
Fuels
—
6
.8
%
Texas
Pacific
Land
Corp.
24,000
11,389,440
Real
Estate
Management
&
Development
—
6
.2
%
Gyrodyne
LLC(b)
30,000
222,600
Howard
Hughes
Holdings,
Inc.(b)
12,000
759,120
Tejon
Ranch
Co.(b)
500,000
9,420,000
10,401,720
Total
Common
Stocks
(Cost $18,175,234)
25,225,491
TRUSTS
—
1
.5
%
C
e
r
t
i
fi
c
a
t
e
s
Copper
Property
CTL
Pass
Through
Trust
225,780
2,451,971
Total
Trusts
(Cost $2,493,016)
2,451,971
PREFERRED
STOCKS
—
0
.7
%
Sh
ar
e
s
Closed-End
Funds
—
0
.5
%
Highland
Opportunities
and
Income
Fund,
Series
B,
5.38%,
Perpetual(b)
47,659
778,272
Highland
Opportunities
and
Income
Fund,
Series
A,
5.38%,
Perpetual(b)
2,521
41,621
819,893
Special
Opportunities
Fund,
Inc.
Portfolio
of
Investments
-
March
31,
2026
(Continued)
Real
Estate
Investment
Trusts
—
0
.2
%
NexPoint
Diversified
Real
Estate
Trust,
Series
A,
5.50%,
Perpetual(b)
22,324
$
297,355
Cedar
Realty
Trust,
Inc.,
Series
C,
6.50%,
Perpetual(b)
2,008
43,363
Brookfield
DTLA
Fund
Office
Trust
Investor,
Inc.,
7.63%,
Perpetual(b)
100,000
4,500
345,218
Total
Preferred
Stocks
(Cost $3,999,010)
1,165,111
REAL
ESTATE
INVESTMENT
TRUSTS
—
COMMON
—
0
.3
%
Sh
ar
e
s
F
air
V
alu
e
DIVERSIFIED
REITS
—
0
.3
%
NexPoint
Diverisfied
Real
Estate
Trust
120,664
563,501
Total
Real
Estate
Investment
Trusts
—
Common
(Cost $1,407,518)
563,501
WARRANTS
—
0
.3
%
C
ont
ra
ct
s
F
air
V
alu
e
Asset
Management
—
0
.2
%
AA
Mission
Acquisition
Corp.,
Expires
8/1/2030,
Exercise
Price
$11.50(b)
150,000
–
Andretti
Acquisition
Corp.
II,
Expires
10/24/2029,
Exercise
Price
$11.50(b)
52,600
5,786
Centurion
Acquisition
Corp.,
Expires
8/1/2029,
Exercise
Price
$11.50(b)
78,125
9,648
CSLM
Digital
Asset
Acquisition
Corp.
III
Ltd.,
Expires
9/19/2030,
Exercise
Price
$11.50(b)
50,000
12,000
D
Boral
ARC
Acquisition
I
Corp.,
Expires
5/6/2030,
Exercise
Price
$11.50(b)
31,250
17,500
GigCapital7
Corp.,
Expires
9/11/2029,
Exercise
Price
$11.50(b)
163,668
54,011
Highview
Merger
Corp.,
Expires
8/13/2030,
Exercise
Price
$11.50(b)
30,331
6,994
Insight
Digital
Partners
II,
Expires
12/31/2030,
Exercise
Price
$11.50(b)
50,000
14,005
Lightwave
Acquisition
Corp.,
Expires
6/24/2030,
Exercise
Price
$11.50(b)
50,000
12,005
Lionheart
Holdings,
Expires
8/9/2029,
Exercise
Price
$11.50(b)
161,762
19,411
M3-Brigade
Acquisition
V
Corp.,
Expires
9/23/2030,
Exercise
Price
$11.50(b)
28,362
8,503
M3-Brigade
Acquisition
VI
Corp.,
Expires
8/5/2030,
Exercise
Price
$11.50(b)
16,666
5,001
Roman
DBDR
Acquisition
Corp.
II,
Expires
2/3/2030,
Exercise
Price
$11.50(b)
185,000
39,295
Silverbox
Corp.
IV,
Expires
9/24/2029,
Exercise
Price
$11.50(b)
8,322
1,831
SIM
Acquisition
Corp.
I,
Expires
8/28/2029,
Exercise
Price
$11.50(b)
125,000
33,750
Spring
Valley
Acquisition
Corp.
III,
Expires
9/30/2030,
Exercise
Price
$11.50(b)
18,333
19,066
Special
Opportunities
Fund,
Inc.
Portfolio
of
Investments
-
March
31,
2026
(Continued)
Asset
Management
—
0.2%
(continued)
Talon
Capital
Corp.,
Expires
9/5/2030,
Exercise
Price
$11.50(b)
25,666
$
12,833
Vendome
Acquisition
Corp.
I,
Expires
2/18/2026,
Exercise
Price
$11.50(b)
50,000
12,005
Viking
Acquisition
Corp.
I,
Expires
11/3/2030,
Exercise
Price
$11.51(b)
33,333
7,373
Voyager
Acquisition
Corp.,
Expires
5/16/2031,
Exercise
Price
$11.50(b)
50,000
6,845
Biotechnology
—
0
.0
%
(c)
ZyVersa
Therapeutics,
Inc.,
Expires
12/12/2027,
Exercise
Price
$4025.00(a)(b)
65,250
–
Miscellaneous
Intermediation
—
0
.1
%
Aldel
Financial
II,
Inc.,
Expires
10/10/2029,
Exercise
Price
$11.50(b)
19,452
5,059
Bleichroeder
Acquisition
Corp.
II,
Expires
1/29/2032,
Exercise
Price
$11.50(b)
37,468
35,632
Copley
Acquisition
Corp.,
Expires
5/23/2030,
Exercise
Price
$11.50(b)
50,000
7,500
Corner
Growth
Acquisition
Corp.,
Expires
12/31/2027,
Exercise
Price
$11.50(a)(b)
33,333
–
Corner
Growth
Acquisition
Corp.
2,
Expires
6/17/2026,
Exercise
Price
$11.50(a)(b)
14,366
–
Fact
II
Acquisition
Corp.,
Expires
12/20/2029,
Exercise
Price
$11.50(b)
67,000
26,800
Graf
Global
Corp.,
Expires
8/7/2029,
Exercise
Price
$11.50(b)
92,394
12,002
HWH
INTL
INC
WT,
Expires
1/31/2027,
Exercise
Price
$1.00(a)(b)
23,750
–
Launch
Two
Acquisition
Corp.,
Expires
11/26/2029,
Exercise
Price
$11.50(b)
18,783
2,932
NewHold
Investment
Corp.
III,
Expires
4/17/2030,
Exercise
Price
$11.50(b)
50,000
22,495
Titan
Acquisition
Corp.,
Expires
6/2/2030,
Exercise
Price
$11.50(b)
75,000
19,508
Wen
Acquisition
Corp.,
Expires
5/15/2031,
Exercise
Price
$11.50(b)
35,000
11,218
Total
Warrants
(Cost
$393,165)
441,008
RIGHTS
—
0
.1
%
Sh
ar
e
s
F
air
V
alu
e
AI
Infrastructure
Acquisition
Corp.,
Expires
2/21/2030,
Exercise
Price
$0.00(b)
100,000
25,000
Blue
Acquisition
Corp.,
Expires
6/11/2030,
Exercise
Price
$0.00(b)
148,000
44,400
Special
Opportunities
Fund,
Inc.
Portfolio
of
Investments
-
March
31,
2026
(Continued)
RIGHTS
—
0.1%
(continued)
Sh
ar
e
s
F
air
V
alu
e
Cayson
Acquisition
Corp.,
Expires
6/24/2026,
Exercise
Price
$10.00(b)
100,000
$
16,320
Drugs
Made
In
America
Acquisition
Corp.,
Expires
10/15/2029,
Exercise
Price
$10.00(b)
43,364
2,389
Eureka
Acquisition
Corp.,
Expires
7/3/2026,
Exercise
Price
$10.00(b)
1,000
420
Flag
Ship
Acquisition
Corp.,
Expires
3/31/2026,
Exercise
Price
$0.11(b)
137,500
15,139
Jackson
Acquisition
Co.
II,
Expires
2/27/2026,
Exercise
Price
$10.00(b)
129,800
13,110
McKinley
Acquisition
Corp.,
Expires
7/25/2030,
Exercise
Price
$10.00(b)
100,000
10,010
Range
Capital
Acquisition
Corp.,
Expires
6/23/2026,
Exercise
Price
$10.00(b)
173,700
52,110
Silver
Pegasus
Acquisition
Corp.,
Expires
6/26/2030,
Exercise
Price
$10.00(b)
97,587
25,373
Soulpower
Acquisition
Corp.,
Expires
6/27/2026,
Exercise
Price
$1.00(b)
150,000
27,000
Tavia
Acquisition
Corp.,
Expires
11/26/2029,
Exercise
Price
$10.00(b)
62,649
8,144
Total
Rights
(Cost
$221,462)
239,415
OPEN
END
FUNDS
—
0
.0
%
BNY
Mellon
AMT-Free
Municipal
Bond
Fund
-
Class
A
54
712
Total
Open
End
Funds
(Cost $602)
712
OTHER
NOTES
—
0
.0
%
Legacy
IMBDS,
Inc.(a)(b)(d)
23,458
—
Total
Other
Notes
(Cost $586,450)
—
SHORT-TERM
INVESTMENTS
—
3
.3
%
MONEY
MARKET
FUNDS
—
3
.3
%
Fidelity
Institutional
Money
Market
Government
Portfolio
-
Class
I,
3.53%(e)
2,749,807
2,749,806
Invesco
Treasury
Portfolio
-
Institutional
Class,
3.56%(e)
2,749,807
2,749,807
Total
Money
Market
Funds
(Cost
$
5,499,613
)
5,499,613
TOTAL
INVESTMENTS
—
133
.4
%
(Cost
$
207,154,893
)
224,276,833
Liabilities
in
Excess
of
Other
Assets —
(
33
.4
)
%
(
56,100,440
)
TOTAL
NET
ASSETS
—
100.0%
$
168,176,393
Percentages
are
stated
as
a
percent
of
net
assets.
AMT
-
Alternative
Minimum
Tax
BDC
-
Business
Development
Company
LLC
-
Limited
Liability
Company
REIT
-
Real
Estate
Investment
Trust
Special
Opportunities
Fund,
Inc.
Portfolio
of
Investments
-
March
31,
2026
(Continued)
(a)
Fair
value
determined
using
significant
unobservable
inputs
in
accordance
with
procedures
established
by
and
under
the
supervision
of
the
Board
of
Directors.
These
securities
represented
$127,766
or
0.1%
of
net
assets
as
of
March
31,
2026.
(b)
Non-income
producing
security.
(c)
Represents
less
than
0.05%
of
net
assets.
(d)
Issuer
is
currently
in
default.
(e)
The
rate
shown
represents
the
7-day
annualized
effective
yield
as
of
March
31,
2026.