# EDGAR Filing Document

**Accession Number:** 0000897802
**File Stem:** 0000894189-25-015510
**Filing Date:** 2025-11
**Character Count:** 88405
**Document Hash:** 74dc0771902e8f2f0fe5afa7c6d0e06c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-015510.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000894189-25-015510

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SPECIAL OPPORTUNITIES FUND, INC.
- **CENTRAL INDEX KEY:** 0000897802

**ORGANIZATION NAME:**
- **EIN:** 133702911
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07528
- **FILM NUMBER:** 251525863

**BUSINESS ADDRESS:**
- **STREET 1:** C/O US BANCORP FUND SERVICES, LLC
- **STREET 2:** 615 EAST MICHIGAN AVENUE
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-765-4319

**MAIL ADDRESS:**
- **STREET 1:** C/O US BANCORP FUND SERVICES, LLC
- **STREET 2:** 615 EAST MICHIGAN AVENUE
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INSURED MUNICIPAL INCOME FUND INC
- **DATE OF NAME CHANGE:** 19960213

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PAINEWEBBER PREMIER INSURED MUNICIPAL INCOME FUND INC
- **DATE OF NAME CHANGE:** 19930714

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Special Opportunities Fund, Inc.** | **Special Opportunities Fund, Inc.** | **Special Opportunities Fund, Inc.** | **Special Opportunities Fund, Inc.** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **CLOSED-END FUNDS - 68.3%** | **CLOSED-END FUNDS - 68.3%** | **Shares** | **Value**  |
| AllianceBernstein National Municipal Income Fund, Inc. | AllianceBernstein National Municipal Income Fund, Inc. | 510405 | $5537894 |
| Bancroft Fund Ltd. | Bancroft Fund Ltd. | 25629 | 560821 |
| Bexil Investment Trust | Bexil Investment Trust | 350673 | 5191714 |
| BNY Mellon Municipal Bond Infrastructure Fund, Inc. | BNY Mellon Municipal Bond Infrastructure Fund, Inc. | 71032 | 760042 |
| BNY Mellon Strategic Municipal Bond Fund, Inc. | BNY Mellon Strategic Municipal Bond Fund, Inc. | 1278871 | 7570916 |
| BNY Mellon Strategic Municipals, Inc. | BNY Mellon Strategic Municipals, Inc. | 252031 | 1575194 |
| Carlyle Credit Income Fund | Carlyle Credit Income Fund | 103017 | 599559 |
| Central Securities Corp. | Central Securities Corp. | 219394 | 11270270 |
| Clough Global Opportunities Fund | Clough Global Opportunities Fund | 246839 | 1406982 |
| Cohen & Steers Infrastructure Fund, Inc. | Cohen & Steers Infrastructure Fund, Inc. | 935 | 23188 |
| Destra Multi-Alternative Fund | Destra Multi-Alternative Fund | 161121 | 1392085 |
| Eaton Vance New York Municipal Bond Fund | Eaton Vance New York Municipal Bond Fund | 286248 | 2822405 |
| Ellsworth Growth and Income Fund Ltd. | Ellsworth Growth and Income Fund Ltd. | 114965 | 1333594 |
| ESC MAV <sup>(a)(b)</sup> | ESC MAV <sup>(a)(b)</sup> | 118878 | 49037 |
| ESC MHI <sup>(a)(b)</sup> | ESC MHI <sup>(a)(b)</sup> | 132125 | 47301 |
| ESC MIO <sup>(a)(b)</sup> | ESC MIO <sup>(a)(b)</sup> | 90500 | 14281 |
| Gabelli Dividend & Income Trust | Gabelli Dividend & Income Trust | 133595 | 3624432 |
| GDL Fund | GDL Fund | 171677 | 1467821 |
| General American Investors Co., Inc. | General American Investors Co., Inc. | 310173 | 19295862 |
| Highland Opportunities and Income Fund | Highland Opportunities and Income Fund | 5432 | 34493 |
| Japan Smaller Capitalization Fund, Inc. | Japan Smaller Capitalization Fund, Inc. | 124847 | 1315887 |
| Mexico Equity & Income Fund, Inc. | Mexico Equity & Income Fund, Inc. | 100100 | 1188187 |
| Mexico Fund, Inc. | Mexico Fund, Inc. | 30611 | 603037 |
| MFS High Income Municipal Trust | MFS High Income Municipal Trust | 236757 | 880736 |
| MFS High Yield Municipal Trust | MFS High Yield Municipal Trust | 764782 | 2653794 |
| MFS Investment Grade Municipal Trust | MFS Investment Grade Municipal Trust | 245919 | 1932923 |
| Morgan Stanley India Investment Fund, Inc. | Morgan Stanley India Investment Fund, Inc. | 229537 | 6048300 |
| Neuberger Berman Next Generation Connectivity Fund, Inc. | Neuberger Berman Next Generation Connectivity Fund, Inc. | 638625 | 9822053 |
| New Germany Fund, Inc. | New Germany Fund, Inc. | 385918 | 4461212 |
| Oxford Lane Capital Corp. | Oxford Lane Capital Corp. | 181192 | 3067574 |
| Pershing Square Holdings Ltd. Fund | Pershing Square Holdings Ltd. Fund | 40000 | 2480610 |
| Pioneer Diversified High Income Fund <sup>(b)</sup> | Pioneer Diversified High Income Fund <sup>(b)</sup> | 35254 | 437357 |
| Pioneer High Income Fund Inc. <sup>(b)</sup> | Pioneer High Income Fund Inc. <sup>(b)</sup> | 28477 | 236929 |
| Principal Real Estate Income Fund | Principal Real Estate Income Fund | 79903 | 835785 |
| SRH Total Return Fund, Inc. | SRH Total Return Fund, Inc. | 1116522 | 20276040 |
| Tortoise Energy Infrastructure Corp. | Tortoise Energy Infrastructure Corp. | 0<br> <sup>(c)</sup>  | 0<br> <sup>(c)</sup>  |
| Total Return Securities Fund | Total Return Securities Fund | 106806 | 649381 |
| Virtus Total Return Fund, Inc. | Virtus Total Return Fund, Inc. | 135422 | 873472 |
| Voya Asia Pacific High Dividend Equity Income Fund | Voya Asia Pacific High Dividend Equity Income Fund | 113917 | 854378 |
| Voya Emerging Markets High Dividend Equity Fund | Voya Emerging Markets High Dividend Equity Fund | 253101 | 1586918 |
| **TOTAL CLOSED-END FUNDS** (Cost $93,197,002) | **TOTAL CLOSED-END FUNDS** (Cost $93,197,002) | **TOTAL CLOSED-END FUNDS** (Cost $93,197,002) | 124782464 |
| **SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS) - 28.3%** | **SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS) - 28.3%** | **Shares** | **Value**  |
| Aldel Financial II, Inc. <sup>(a)</sup> | Aldel Financial II, Inc. <sup>(a)</sup> | 38904 | 406547 |
| Andretti Acquisition Corp. II - Class A <sup>(a)</sup> | Andretti Acquisition Corp. II - Class A <sup>(a)</sup> | 105200 | 1100392 |
| Blue Acquisition Corp. - Class A <sup>(a)</sup> | Blue Acquisition Corp. - Class A <sup>(a)</sup> | 148000 | 1479260 |
| Bold Eagle Acquisition Corp. - Class A <sup>(a)</sup> | Bold Eagle Acquisition Corp. - Class A <sup>(a)</sup> | 100000 | 1040000 |
| Centurion Acquisition Corp. <sup>(a)</sup> | Centurion Acquisition Corp. <sup>(a)</sup> | 156250 | 1648437 |
| Columbus Circle Capital Corp. I - Class A <sup>(a)</sup> | Columbus Circle Capital Corp. I - Class A <sup>(a)</sup> | 50000 | 506000 |
| Copley Acquisition Corp. - Class A <sup>(a)</sup> | Copley Acquisition Corp. - Class A <sup>(a)</sup> | 100000 | 1011000 |
| Crane Harbor Acquisition Corp. - Class A <sup>(a)</sup> | Crane Harbor Acquisition Corp. - Class A <sup>(a)</sup> | 100000 | 1014000 |
| CSLM Digital Asset Acquisition Corp. III Ltd. <sup>(a)</sup> | CSLM Digital Asset Acquisition Corp. III Ltd. <sup>(a)</sup> | 100000 | 1010000 |
| D Boral ARC Acquisition I Corp. - Class A <sup>(a)</sup> | D Boral ARC Acquisition I Corp. - Class A <sup>(a)</sup> | 137500 | 1365375 |
| Drugs Made In America Acquisition Corp. <sup>(a)</sup> | Drugs Made In America Acquisition Corp. <sup>(a)</sup> | 72964 | 749340 |
| Dynamix Corp. <sup>(a)</sup> | Dynamix Corp. <sup>(a)</sup> | 55632 | 579129 |
| EQV Ventures Acquisition Corp. - Class A <sup>(a)</sup> | EQV Ventures Acquisition Corp. - Class A <sup>(a)</sup> | 152200 | 1579836 |
| Fact II Acquisition Corp. <sup>(a)</sup> | Fact II Acquisition Corp. <sup>(a)</sup> | 194000 | 2002099 |
| GigCapital7 Corp. - Class A <sup>(a)</sup> | GigCapital7 Corp. - Class A <sup>(a)</sup> | 171231 | 1806487 |
| Graf Global Corp. - Class A <sup>(a)</sup> | Graf Global Corp. - Class A <sup>(a)</sup> | 184789 | 1947676 |
| Highview Merger Corp. <sup>(a)</sup> | Highview Merger Corp. <sup>(a)</sup> | 60663 | 613910 |
| Jackson Acquisition Co. II - Class A <sup>(a)</sup> | Jackson Acquisition Co. II - Class A <sup>(a)</sup> | 204800 | 2125824 |
| Launch Two Acquisition Corp. - Class A <sup>(a)</sup> | Launch Two Acquisition Corp. - Class A <sup>(a)</sup> | 167659 | 1752036 |
| Lightwave Acquisition Corp. - Class A <sup>(a)</sup> | Lightwave Acquisition Corp. - Class A <sup>(a)</sup> | 100000 | 995000 |
| Lionheart Holdings - Class A <sup>(a)</sup> | Lionheart Holdings - Class A <sup>(a)</sup> | 323525 | 3400248 |
| M3-Brigade Acquisition V Corp. - Class A <sup>(a)</sup> | M3-Brigade Acquisition V Corp. - Class A <sup>(a)</sup> | 137480 | 1450414 |
| M3-Brigade Acquisition VI Corp. <sup>(a)</sup> | M3-Brigade Acquisition VI Corp. <sup>(a)</sup> | 50000 | 506000 |
| McKinley Acquisition Corp. <sup>(a)</sup> | McKinley Acquisition Corp. <sup>(a)</sup> | 100000 | 999000 |
| NewHold Investment Corp. III - Class A <sup>(a)</sup> | NewHold Investment Corp. III - Class A <sup>(a)</sup> | 100000 | 1018000 |
| Oaktree Acquisition Corp. III Life Sciences <sup>(a)</sup> | Oaktree Acquisition Corp. III Life Sciences <sup>(a)</sup> | 12500 | 131375 |
| Pelican Acquisition Corp. <sup>(a)</sup> | Pelican Acquisition Corp. <sup>(a)</sup> | 100000 | 1006000 |
| Range Capital Acquisition Corp. <sup>(a)</sup> | Range Capital Acquisition Corp. <sup>(a)</sup> | 175000 | 1804250 |
| Roman DBDR Acquisition Corp. II <sup>(a)</sup> | Roman DBDR Acquisition Corp. II <sup>(a)</sup> | 370000 | 3818030 |
| Silver Pegasus Acquisition Corp. <sup>(a)</sup> | Silver Pegasus Acquisition Corp. <sup>(a)</sup> | 97587 | 992460 |
| Silverbox Corp. IV - Class A <sup>(a)</sup> | Silverbox Corp. IV - Class A <sup>(a)</sup> | 55093 | 576824 |
| SIM Acquisition Corp. I - Class A <sup>(a)</sup> | SIM Acquisition Corp. I - Class A <sup>(a)</sup> | 250000 | 2635000 |
| Soulpower Acquisition Corp. - Class A <sup>(a)</sup> | Soulpower Acquisition Corp. - Class A <sup>(a)</sup> | 150000 | 1512000 |
| Spring Valley Acquisition Corp. III <sup>(a)</sup> | Spring Valley Acquisition Corp. III <sup>(a)</sup> | 100000 | 1028000 |
| Talon Capital Corp. <sup>(a)</sup> | Talon Capital Corp. <sup>(a)</sup> | 77000 | 773758 |
| Tavia Acquisition Corp. <sup>(a)</sup> | Tavia Acquisition Corp. <sup>(a)</sup> | 200000 | 2070000 |
| Titan Acquisition Corp. - Class A <sup>(a)</sup> | Titan Acquisition Corp. - Class A <sup>(a)</sup> | 150000 | 1518000 |
| Vendome Acquisition Corp. I - Class A <sup>(a)</sup> | Vendome Acquisition Corp. I - Class A <sup>(a)</sup> | 100000 | 993000 |
| Wen Acquisition Corp. - Class A <sup>(a)</sup> | Wen Acquisition Corp. - Class A <sup>(a)</sup> | 70000 | 708400 |
| **TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS)** (Cost $49,804,985) | **TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS)** (Cost $49,804,985) | **TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS)** (Cost $49,804,985) | 51673107 |
| **BUSINESS DEVELOPMENT COMPANIES - 14.4%** | **BUSINESS DEVELOPMENT COMPANIES - 14.4%** | **Shares** | **Value**  |
| Blue Owl Technology Finance Corp. | Blue Owl Technology Finance Corp. | 231887 | 3204678 |
| CION Investment Corp. | CION Investment Corp. | 909621 | 8623207 |
| Crescent Capital BDC, Inc. | Crescent Capital BDC, Inc. | 190002 | 2709429 |
| FS KKR Capital Corp. | FS KKR Capital Corp. | 87206 | 1301986 |
| Investcorp Credit Management BDC, Inc. | Investcorp Credit Management BDC, Inc. | 198028 | 550518 |
| Monroe Capital Corp. | Monroe Capital Corp. | 226699 | 1591427 |
| OFS Capital Corp. | OFS Capital Corp. | 30152 | 231869 |
| Portman Ridge Finance Corp. | Portman Ridge Finance Corp. | 203959 | 2351641 |
| Runway Growth Finance Corp. | Runway Growth Finance Corp. | 453850 | 4611116 |
| SuRo Capital Corp. | SuRo Capital Corp. | 121450 | 1093050 |
| **TOTAL BUSINESS DEVELOPMENT COMPANIES** (Cost $29,130,661) | **TOTAL BUSINESS DEVELOPMENT COMPANIES** (Cost $29,130,661) | **TOTAL BUSINESS DEVELOPMENT COMPANIES** (Cost $29,130,661) | 26268921 |
| **COMMON STOCKS - 12.9%** | **COMMON STOCKS - 12.9%** | **Shares** | **Value**  |
| **Financial Services - 3.7%** | **Financial Services - 3.7%** | **Financial Services - 3.7%** |  |
| Cannae Holdings, Inc. | Cannae Holdings, Inc. | 372357 | 6817857 |
| **Oil, Gas & Consumable Fuels - 4.1%** | **Oil, Gas & Consumable Fuels - 4.1%** | **Oil, Gas & Consumable Fuels - 4.1%** |  |
| Texas Pacific Land Corp. | Texas Pacific Land Corp. | 8000 | 7469120 |
| **Real Estate Management & Development - 5.1%** | **Real Estate Management & Development - 5.1%** | **Real Estate Management & Development - 5.1%** |  |
| Gyrodyne LLC <sup>(a)</sup> | Gyrodyne LLC <sup>(a)</sup> | 30000 | 300387 |
| Howard Hughes Holdings, Inc. <sup>(a)</sup> | Howard Hughes Holdings, Inc. <sup>(a)</sup> | 12000 | 986040 |
| Tejon Ranch Co. <sup>(a)</sup> | Tejon Ranch Co. <sup>(a)</sup> | 500000 | 7990000 |
|  |  |  | 9276427 |
| **TOTAL COMMON STOCKS** (Cost $19,551,325) | **TOTAL COMMON STOCKS** (Cost $19,551,325) | **TOTAL COMMON STOCKS** (Cost $19,551,325) | 23563404 |
| **TRUSTS - 1.5%** | **TRUSTS - 1.5%** | **Certificates** | **Value**  |
| Copper Property CTL Pass Through Trust | Copper Property CTL Pass Through Trust | 225780 | 2801930 |
| **TOTAL TRUSTS** (Cost $2,493,016) | **TOTAL TRUSTS** (Cost $2,493,016) | **TOTAL TRUSTS** (Cost $2,493,016) | 2801930 |
| **PREFERRED STOCKS - 0.5%** | **PREFERRED STOCKS - 0.5%** | **Shares** | **Value**  |
| **Closed-End Funds - 0.5%** | **Closed-End Funds - 0.5%** | **Closed-End Funds - 0.5%** |  |
|  Highland Opportunities and Income Fund, Series A, Series A, 5.38%, Perpetual | Highland Opportunities and Income Fund, Series A, Series A, 5.38%, Perpetual | 2521 | 41836 |
|  Highland Opportunities and Income Fund, Series B, Series B, 5.38%, Perpetual | Highland Opportunities and Income Fund, Series B, Series B, 5.38%, Perpetual | 47659 | 791140 |
| **TOTAL PREFERRED STOCKS** (Cost $837,958) | **TOTAL PREFERRED STOCKS** (Cost $837,958) | **TOTAL PREFERRED STOCKS** (Cost $837,958) | 832976 |
| **REAL ESTATE INVESTMENT TRUSTS - PREFERRED - 0.4%** | **REAL ESTATE INVESTMENT TRUSTS - PREFERRED - 0.4%** | **Shares** | **Value**  |
| **Diversified REITs - 0.2%** | **Diversified REITs - 0.2%** | **Diversified REITs - 0.2%** |  |
|  NexPoint Diversified Real Estate Trust, Series A, 5.50%, Perpetual | NexPoint Diversified Real Estate Trust, Series A, 5.50%, Perpetual | 22324 | 318117 |
| **Office REITs - 0.0%<sup>(d)</sup>** | **Office REITs - 0.0%<sup>(d)</sup>** | **Office REITs - 0.0%<sup>(d)</sup>** |  |
|  Brookfield DTLA Fund Office Trust Investor, Inc., Series A, 7.63%, Perpetual | Brookfield DTLA Fund Office Trust Investor, Inc., Series A, 7.63%, Perpetual | 100000 | 5500 |
| **Retail REITs - 0.2%** | **Retail REITs - 0.2%** | **Retail REITs - 0.2%** |  |
|  Cedar Realty Trust, Inc., Series C, 6.50%, Perpetual | Cedar Realty Trust, Inc., Series C, 6.50%, Perpetual | 30610 | 493531 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS - PREFERRED** (Cost $3,608,559) | **TOTAL REAL ESTATE INVESTMENT TRUSTS - PREFERRED** (Cost $3,608,559) | **TOTAL REAL ESTATE INVESTMENT TRUSTS - PREFERRED** (Cost $3,608,559) | 817148 |
| **WARRANTS - 0.0%** | **WARRANTS - 0.0%** | **Contracts** | **Value**  |
| **Biotechnology *-* 0.0%<sup>(d)</sup>** | **Biotechnology *-* 0.0%<sup>(d)</sup>** | **Biotechnology *-* 0.0%<sup>(d)</sup>** |  |
| ZyVersa Therapeutics, Inc., Expires 12/12/2027, Exercise Price $4,025.00 <sup>(a)(b)</sup> | ZyVersa Therapeutics, Inc., Expires 12/12/2027, Exercise Price $4,025.00 <sup>(a)(b)</sup> | 65250 | 0 |
| **Health Care Technology *-* 0.0%<sup>(d)</sup>** | **Health Care Technology *-* 0.0%<sup>(d)</sup>** | **Health Care Technology *-* 0.0%<sup>(d)</sup>** |  |
| iCoreConnect, Inc., Expires 05/15/2028, Exercise Price $230.00 <sup>(a)(b)</sup> | iCoreConnect, Inc., Expires 05/15/2028, Exercise Price $230.00 <sup>(a)(b)</sup> | 150000 | 375 |
| **Miscellaneous Intermediation *-* 0.0%<sup>(d)</sup>** | **Miscellaneous Intermediation *-* 0.0%<sup>(d)</sup>** | **Miscellaneous Intermediation *-* 0.0%<sup>(d)</sup>** |  |
| AA Mission Acquisition Corp., Expires 08/01/2030, Exercise Price $11.50 <sup>(a)</sup> | AA Mission Acquisition Corp., Expires 08/01/2030, Exercise Price $11.50 <sup>(a)</sup> | 150000 | 24000 |
| Aldel Financial II, Inc., Expires 10/10/2029, Exercise Price $11.50 <sup>(a)</sup> | Aldel Financial II, Inc., Expires 10/10/2029, Exercise Price $11.50 <sup>(a)</sup> | 19452 | 9922 |
| Andretti Acquisition Corp. II, Expires 10/24/2029, Exercise Price $11.50 <sup>(a)</sup> | Andretti Acquisition Corp. II, Expires 10/24/2029, Exercise Price $11.50 <sup>(a)</sup> | 52600 | 10520 |
| Centurion Acquisition Corp., Expires 08/01/2029, Exercise Price $11.50 <sup>(a)</sup> | Centurion Acquisition Corp., Expires 08/01/2029, Exercise Price $11.50 <sup>(a)</sup> | 78125 | 26563 |
| Churchill Capital Corp. IX, Expires 06/11/2029, Exercise Price $11.50 <sup>(a)</sup> | Churchill Capital Corp. IX, Expires 06/11/2029, Exercise Price $11.50 <sup>(a)</sup> | 1008 | 786 |
| Columbus Circle Capital Corp. I, Expires 06/05/2030, Exercise Price $11.50 <sup>(a)</sup> | Columbus Circle Capital Corp. I, Expires 06/05/2030, Exercise Price $11.50 <sup>(a)</sup> | 25000 | 30000 |
| Copley Acquisition Corp., Expires 05/23/2030, Exercise Price $11.50 <sup>(a)</sup> | Copley Acquisition Corp., Expires 05/23/2030, Exercise Price $11.50 <sup>(a)</sup> | 50000 | 10045 |
| Corner Growth Acquisition Corp., Expires 12/31/2027, Exercise Price $11.50 <sup>(a)(b)</sup> | Corner Growth Acquisition Corp., Expires 12/31/2027, Exercise Price $11.50 <sup>(a)(b)</sup> | 33333 | 0 |
| Corner Growth Acquisition Corp. 2, Expires 06/17/2026, Exercise Price $11.50 <sup>(a)(b)</sup> | Corner Growth Acquisition Corp. 2, Expires 06/17/2026, Exercise Price $11.50 <sup>(a)(b)</sup> | 14366 | 0 |
| D Boral ARC Acquisition I Corp., Expires 05/06/2030, Exercise Price $11.50 <sup>(a)</sup> | D Boral ARC Acquisition I Corp., Expires 05/06/2030, Exercise Price $11.50 <sup>(a)</sup> | 68750 | 15118 |
| Dynamix Corp., Expires 12/06/2029, Exercise Price $11.50 <sup>(a)</sup> | Dynamix Corp., Expires 12/06/2029, Exercise Price $11.50 <sup>(a)</sup> | 16679 | 35193 |
| EQV Ventures Acquisition Corp., Expires 07/01/2031, Exercise Price $11.50 <sup>(a)</sup> | EQV Ventures Acquisition Corp., Expires 07/01/2031, Exercise Price $11.50 <sup>(a)</sup> | 50733 | 25367 |
| Fact II Acquisition Corp., Expires 12/20/2029, Exercise Price $11.50 <sup>(a)</sup> | Fact II Acquisition Corp., Expires 12/20/2029, Exercise Price $11.50 <sup>(a)</sup> | 97000 | 27160 |
| GigCapital7 Corp., Expires 09/11/2029, Exercise Price $11.50 <sup>(a)</sup> | GigCapital7 Corp., Expires 09/11/2029, Exercise Price $11.50 <sup>(a)</sup> | 192000 | 86400 |
| Graf Global Corp., Expires 08/07/2029, Exercise Price $11.50 <sup>(a)</sup> | Graf Global Corp., Expires 08/07/2029, Exercise Price $11.50 <sup>(a)</sup> | 92394 | 30490 |
| HWH INTL INC WT EXP, Expires 01/31/2027, Exercise Price $1.00 <sup>(a)(b)</sup> | HWH INTL INC WT EXP, Expires 01/31/2027, Exercise Price $1.00 <sup>(a)(b)</sup> | 23750 | 0 |
| Launch One Acquisition Corp., Expires 08/29/2029, Exercise Price $11.50 <sup>(a)</sup> | Launch One Acquisition Corp., Expires 08/29/2029, Exercise Price $11.50 <sup>(a)</sup> | 140550 | 32341 |
| Launch Two Acquisition Corp., Expires 11/26/2029, Exercise Price $11.50 <sup>(a)</sup> | Launch Two Acquisition Corp., Expires 11/26/2029, Exercise Price $11.50 <sup>(a)</sup> | 41538 | 15369 |
| Lightwave Acquisition Corp., Expires 06/24/2030, Exercise Price $11.50 <sup>(a)</sup> | Lightwave Acquisition Corp., Expires 06/24/2030, Exercise Price $11.50 <sup>(a)</sup> | 50000 | 9005 |
| Lionheart Holdings, Expires 08/09/2029, Exercise Price $11.50 <sup>(a)</sup> | Lionheart Holdings, Expires 08/09/2029, Exercise Price $11.50 <sup>(a)</sup> | 161762 | 41249 |
| M3-Brigade Acquisition V Corp., Expires 09/23/2030, Exercise Price $11.50 <sup>(a)</sup> | M3-Brigade Acquisition V Corp., Expires 09/23/2030, Exercise Price $11.50 <sup>(a)</sup> | 35925 | 43828 |
| NewHold Investment Corp. III, Expires 04/17/2030, Exercise Price $11.50 <sup>(a)</sup> | NewHold Investment Corp. III, Expires 04/17/2030, Exercise Price $11.50 <sup>(a)</sup> | 50000 | 18000 |
| Oaktree Acquisition Corp. III Life Sciences, Expires 12/13/2031, Exercise Price $11.50 <sup>(a)</sup> | Oaktree Acquisition Corp. III Life Sciences, Expires 12/13/2031, Exercise Price $11.50 <sup>(a)</sup> | 2500 | 1875 |
| Roman DBDR Acquisition Corp. II, Expires 02/03/2030, Exercise Price $11.50 <sup>(a)</sup> | Roman DBDR Acquisition Corp. II, Expires 02/03/2030, Exercise Price $11.50 <sup>(a)</sup> | 185000 | 95238 |
| Silverbox Corp. IV, Expires 09/24/2029, Exercise Price $11.50 <sup>(a)</sup> | Silverbox Corp. IV, Expires 09/24/2029, Exercise Price $11.50 <sup>(a)</sup> | 8322 | 3662 |
| SIM Acquisition Corp. I, Expires 08/28/2029, Exercise Price $11.50 <sup>(a)</sup> | SIM Acquisition Corp. I, Expires 08/28/2029, Exercise Price $11.50 <sup>(a)</sup> | 125000 | 46250 |
| Titan Acquisition Corp., Expires 06/02/2030, Exercise Price $11.50 <sup>(a)</sup> | Titan Acquisition Corp., Expires 06/02/2030, Exercise Price $11.50 <sup>(a)</sup> | 75000 | 22590 |
| Vendome Acquisition Corp. I, Expires 02/18/2026, Exercise Price $11.50 <sup>(a)</sup> | Vendome Acquisition Corp. I, Expires 02/18/2026, Exercise Price $11.50 <sup>(a)</sup> | 50000 | 10000 |
| Voyager Acquisition Corp., Expires 05/16/2031, Exercise Price $11.50 <sup>(a)</sup> | Voyager Acquisition Corp., Expires 05/16/2031, Exercise Price $11.50 <sup>(a)</sup> | 50000 | 8500 |
| Wen Acquisition Corp., Expires 05/15/2031, Exercise Price $11.50 <sup>(a)</sup> | Wen Acquisition Corp., Expires 05/15/2031, Exercise Price $11.50 <sup>(a)</sup> | 35000 | 19253 |
| **TOTAL WARRANTS** (Cost $366,941) | **TOTAL WARRANTS** (Cost $366,941) | **TOTAL WARRANTS** (Cost $366,941) | 699099 |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.2%** | **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.2%** | **Shares** | **Value**  |
| **Diversified REITs - 0.2%** | **Diversified REITs - 0.2%** | **Diversified REITs - 0.2%** |  |
| NexPoint Diversified Real Estate Trust | NexPoint Diversified Real Estate Trust | 114771 | 423505 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $1,384,003) | **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $1,384,003) | **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $1,384,003) | 423505 |
| **RIGHTS - 0.1%** | **RIGHTS - 0.1%** | **Shares** | **Value**  |
| Blue Acquisition Corp., Expires 06/11/2030, Exercise Price $0.00 <sup>(a)</sup> | Blue Acquisition Corp., Expires 06/11/2030, Exercise Price $0.00 <sup>(a)</sup> | 148000 | 23887 |
| Cayson Acquisition Corp., Expires 06/24/2026, Exercise Price $10.00 <sup>(a)</sup> | Cayson Acquisition Corp., Expires 06/24/2026, Exercise Price $10.00 <sup>(a)</sup> | 150000 | 24000 |
| Cohen & Steers Infrastructure Fund, Inc., Expires 10/16/2025, Exercise Price $1.00 <sup>(a)</sup> | Cohen & Steers Infrastructure Fund, Inc., Expires 10/16/2025, Exercise Price $1.00 <sup>(a)</sup> | 935 | 73 |
| Drugs Made In America Acquisition Corp., Expires 10/15/2029, Exercise Price $10.00 <sup>(a)</sup> | Drugs Made In America Acquisition Corp., Expires 10/15/2029, Exercise Price $10.00 <sup>(a)</sup> | 72964 | 15862 |
| Eureka Acquisition Corp., Expires 01/03/2026, Exercise Price $10.00 <sup>(a)</sup> | Eureka Acquisition Corp., Expires 01/03/2026, Exercise Price $10.00 <sup>(a)</sup> | 1000 | 240 |
| Flag Ship Acquisition Corp., Expires 03/31/2026, Exercise Price $0.11 <sup>(a)</sup> | Flag Ship Acquisition Corp., Expires 03/31/2026, Exercise Price $0.11 <sup>(a)</sup> | 137500 | 16514 |
| IB Acquisition Corp., Expires 03/28/2026, Exercise Price $10.00 <sup>(a)</sup> | IB Acquisition Corp., Expires 03/28/2026, Exercise Price $10.00 <sup>(a)</sup> | 214860 | 17189 |
| Jackson Acquisition Co. II, Expires 02/27/2026, Exercise Price $10.00 <sup>(a)</sup> | Jackson Acquisition Co. II, Expires 02/27/2026, Exercise Price $10.00 <sup>(a)</sup> | 129800 | 32450 |
| Pelican Acquisition Corp., Expires 05/02/2030, Exercise Price $10.00 <sup>(a)</sup> | Pelican Acquisition Corp., Expires 05/02/2030, Exercise Price $10.00 <sup>(a)</sup> | 100000 | 24000 |
| Range Capital Acquisition Corp., Expires 06/23/2026, Exercise Price $10.00 <sup>(a)</sup> | Range Capital Acquisition Corp., Expires 06/23/2026, Exercise Price $10.00 <sup>(a)</sup> | 175000 | 56000 |
| Soulpower Acquisition Corp., Expires 06/27/2026, Exercise Price $1.00 <sup>(a)</sup> | Soulpower Acquisition Corp., Expires 06/27/2026, Exercise Price $1.00 <sup>(a)</sup> | 150000 | 28500 |
| Tavia Acquisition Corp., Expires 11/26/2029, Exercise Price $10.00 <sup>(a)</sup> | Tavia Acquisition Corp., Expires 11/26/2029, Exercise Price $10.00 <sup>(a)</sup> | 150000 | 29250 |
| **TOTAL RIGHTS** (Cost $216,847) | **TOTAL RIGHTS** (Cost $216,847) | **TOTAL RIGHTS** (Cost $216,847) | 267965 |
| **OPEN-END FUNDS - 0.0%<sup>(d)</sup>** | **OPEN-END FUNDS - 0.0%<sup>(d)</sup>** | **Shares** | **Value**  |
| BNY Mellon AMT-Free Municipal Bond Fund - Class A <sup>(b)</sup> | BNY Mellon AMT-Free Municipal Bond Fund - Class A <sup>(b)</sup> | 54 | 715 |
| **TOTAL OPEN-END FUNDS** (Cost $602) | **TOTAL OPEN-END FUNDS** (Cost $602) | **TOTAL OPEN-END FUNDS** (Cost $602) | 715 |
| **OTHER NOTES - 0.0%<sup>(d)</sup>** | **OTHER NOTES - 0.0%<sup>(d)</sup>** | **Par** | **Value**  |
|  Legacy IMBDS, Inc., 8.50%, 09/30/2026 <sup>(a)(b)(e)</sup> | Legacy IMBDS, Inc., 8.50%, 09/30/2026 <sup>(a)(b)(e)</sup> | 23458 | 0 |
| **TOTAL OTHER NOTES** (Cost $586,450) | **TOTAL OTHER NOTES** (Cost $586,450) | **TOTAL OTHER NOTES** (Cost $586,450) | 0 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 3.7%** | **MONEY MARKET FUNDS - 3.7%** | **Shares** | **Value**  |
| Fidelity Government Portfolio - Institutional Class, 4.01% <sup>(f)</sup> | Fidelity Government Portfolio - Institutional Class, 4.01% <sup>(f)</sup> | 3337895 | 3337895 |
| Invesco Treasury Portfolio - Institutional Class, 3.94% <sup>(f)</sup> | Invesco Treasury Portfolio - Institutional Class, 3.94% <sup>(f)</sup> | 3337895 | 3337895 |
| **TOTAL MONEY MARKET FUNDS** (Cost $6,675,790) | **TOTAL MONEY MARKET FUNDS** (Cost $6,675,790) | **TOTAL MONEY MARKET FUNDS** (Cost $6,675,790) | 6675790 |
| **TOTAL INVESTMENTS - 130.3% (**Cost $207,854,139**)** | **TOTAL INVESTMENTS - 130.3% (**Cost $207,854,139**)** | **TOTAL INVESTMENTS - 130.3% (**Cost $207,854,139**)** | 238807024 |
| Liabilities in Excess of Other Assets - (30.7)% | Liabilities in Excess of Other Assets - (30.7)% | Liabilities in Excess of Other Assets - (30.7)% | (56075810) |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $182731214 |

---

---

| | |
|:---|:---|
| Par amount is in USD unless otherwise indicated. |  |
| Percentages are stated as a percent of net assets. | –% |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> 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 <br> LLC - Limited Liability Company <br> 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Closed-End Funds | $123997560 | $674286 | $110619 | $124782464 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Special Purpose Acquisition Companies (SPACs) | 40882609 | 10790498 | – | 51673107 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Business Development Companies | 26268921 | – | – | 26268921 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 23563404 | – | – | 23563404 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Trusts | 2801930 | – | – | 2801930 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | 832975 | – | – | 832975 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts - Preferred | 811648 | 5500 | – | 817148 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Warrants | 618203 | 80522 | 375 | 699100 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts - Common | 423505 | – | – | 423505 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Rights | 68563 | 199403 | – | 267966 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Open-End Funds | – | – | 715 | 715 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Other Notes | – | – | 0 | 0 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 6675790 | – | – | 6675790 |
| Total Investments | $226945108 | $11750209 | $111709 | $238807026 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | 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. | 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. | 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. | 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. | 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: | The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value: | The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value: | 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 | $- | $- | $(3443) |
| Acquisitions | - | 0.03 | - |
| Dispositions | (4342737) | - | - |
| Transfers into (out of) Level 3 | - | - | 225 |
| Accretion/Amortization | - | - | - |
| Corporate Actions | 3869211 | - | - |
| Realized Gain (Loss) | 474128 | - | - |
| Change in unrealized appreciation (depreciation) | 113 | 110619 | 150 |
| **Balance as of 9/30/2025** | $**715** | $**110619** | $**(3068)** |
| Change in unrealized appreciation (depreciation) during the period for Level 3 investments held at June 30, 2025 | $113 | $110619 | $150 |
| The following table presents additional information about valuation methodologies and inputs used for investments that are measured at fair value and | The following table presents additional information about valuation methodologies and inputs used for investments that are measured at fair value and | The following table presents additional information about valuation methodologies and inputs used for investments that are measured at fair value and | 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: | categorized within Level 3 as of September 30, 2025: |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category** | **Fair Value** <br> **September 30, 2025** | **Valuation**<br> **Methodologies** | **Unobservable Inputs** | **Range** | **Impact to valuation** <br> **from an increase to input** |
| Other Common Stocks | 110619 | Last trade price less<br> 10% haircut<br> (Shares un-registered) | Financial Assessments/ <br> Company Announcements | 0.16-0.41 | Financial Assessments/ <br> Company Announcements |
| <br>Open End Funds | 715 |  |  | 12.73-13.29 |  |
| Warrants | (3068) | Last Traded Price | Market Assessments | 0.00-0.0025 | Significant changes in market conditions<br> could result in direct and proportional<br> changes in the fair value of the security |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Special Opportunities Fund, Inc.

- **b. Investment Company Act file number:** 811-07528

- **c. CIK number of Registrant:** 0000897802

- **d. LEI of Registrant:** 549300DGAJTGM6R4HK03

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 250 Pehle Avenue

  - **City:** Saddle Brook

  - **State:** NJ

  - **Foreign country:** US

  - **Zip / Postal Code:** 07663

  - **Telephone number:** 877-607-0414

**Item A.2. Information about the Series.**

- **a. Name of Series:** Special Opportunities Fund, Inc.

- **c. LEI of Series:** 549300DGAJTGM6R4HK03

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $238441793.17

**Total Liabilities:** $56331020.82

**Net Assets:** $182110772.35

**Cash Not Reported:** $360556.99

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.12%                | 2.54%                | -0.45%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1240736.35              | $-644835.41                                |
| Month 2  | $-154241.75              | $4204048.29                                |
| Month 3  | $393755.36               | $-1652935.82                               |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| FS KKR Capital Corp            | FS KKR Capital Corp                                    | CUSIP: 302635206<br>LEI: 549300TYRSI1T21B1360 | Long             | EC               | CORP              | US        |     81077 | NS      | $1210479.61   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| GDL Fund/The                   | GDL Fund/The                                           | CUSIP: 361570104<br>LEI: 5493000XKGL8ZPN99479 | Long             | EC               | RF                | US        |    171677 | NS      | $1467821.18   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Gabelli Dividend & Income Trus | Gabelli Dividend & Income Trust/The                    | CUSIP: 36242H104<br>LEI: 549300082N1MHBT8NI60 | Long             | EC               | RF                | US        |    133595 | NS      | $3624432.35   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| General American Investors Co  | General American Investors Co Inc                      | CUSIP: 368802104<br>LEI: 254900MHIF9G7IS1T951 | Long             | EC               | RF                | US        |    310173 | NS      | $19295862.33  | 10.60%            |  |  |  | No            |                  1 | On Loan: No      |
| Mexico Equity and Income Fund  | Mexico Equity and Income Fund Inc/The                  | CUSIP: 592834105<br>LEI: 549300Q0OD8MQEFTBY23 | Long             | EC               | RF                | US        |    100100 | NS      | $1188187.00   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Mexico Fund Inc/The            | Mexico Fund Inc/The                                    | CUSIP: 592835102<br>LEI: N/A                  | Long             | EC               | RF                | US        |     30611 | NS      | $603036.70    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| MFS Investment Grade Municipal | MFS Investment Grade Municipal Trust                   | CUSIP: 59318B108<br>LEI: TQV30XJRB3S7V50XRW52 | Long             | EC               | RF                | US        |    245919 | NS      | $1932923.34   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MFS High Income Municipal Trus | MFS High Income Municipal Trust                        | CUSIP: 59318D104<br>LEI: 0G9TCUWY2FBUXSJY2691 | Long             | EC               | RF                | US        |    236757 | NS      | $880736.04    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| MFS High Yield Municipal Trust | MFS High Yield Municipal Trust                         | CUSIP: 59318E102<br>LEI: A8WLLLHJKX1MW5QPZU93 | Long             | EC               | RF                | US        |    764782 | NS      | $2653793.54   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Monroe Capital Corp            | Monroe Capital Corp                                    | CUSIP: 610335101<br>LEI: 549300RZ898DGFGWKV04 | Long             | EC               | CORP              | US        |    220033 | NS      | $1544631.66   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley India Investmen | Morgan Stanley India Investment Fund Inc               | CUSIP: 61745C105<br>LEI: 5LQ8NRKQLK2XRS19BS65 | Long             | EC               | RF                | US        |    229537 | NS      | $6048299.95   | 3.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Neuberger Berman Next Generati | Neuberger Berman Next Generation Connectivity Fund Inc | CUSIP: 64133Q108<br>LEI: 549300GRTFKXVB9LQE61 | Long             | EC               | RF                | US        |    638625 | NS      | $9822052.50   | 5.39%             |  |  |  | No            |                  1 | On Loan: No      |
| New Germany Fund Inc/The       | New Germany Fund Inc/The                               | CUSIP: 644465106<br>LEI: 549300TPS2RTTJ8O3C08 | Long             | EC               | RF                | US        |    385918 | NS      | $4461212.08   | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| NexPoint Diversified Real Esta | NexPoint Diversified Real Estate Trust                 | CUSIP: 65340G205<br>LEI: 5493008KGR2NU3OXMR64 | Long             | EC               | CORP              | US        |    114771 | NS      | $423504.86    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXPOINT DIV REAL ESTA         | NexPoint Diversified Real Estate Trust                 | CUSIP: 65340G304<br>LEI: 5493008KGR2NU3OXMR64 | Long             | EP               | CORP              | US        |     22324 | NS      | $318117.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| OFS Capital Corp               | OFS Capital Corp                                       | CUSIP: 67103B100<br>LEI: 549300XTK3HSWPDBJD13 | Long             | EC               | CORP              | US        |     30152 | NS      | $231868.88    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Oxford Lane Capital Corp       | Oxford Lane Capital Corp                               | CUSIP: 691543847<br>LEI: 549300G3KO4JNQQD7Z72 | Long             | EC               | RF                | US        |    176192 | NS      | $2982923.79   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| GigCapital7 Corp               | GigCapital7 Corp                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    172872 | NS      | $1823799.60   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GIGCAPITAL7 CORP-A             | GigCapital7 Corp                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |    192000 | NS      | $86400.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Graf Global Corp               | Graf Global Corp                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    184789 | NS      | $1947676.06   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| NewHold Investment Corp III    | NewHold Investment Corp III                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    100000 | NS      | $1018000.00   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| NEWHOLD INVESTMENT CORP II-A   | NewHold Investment Corp III                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     50000 | NS      | $18000.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Oaktree Acquisition Corp III L | Oaktree Acquisition Corp III Life Sciences             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     12500 | NS      | $131375.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| OAKTREE ACQUISITION CORP I-A   | Oaktree Acquisition Corp III Life Sciences             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |      2500 | NS      | $1875.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Pelican Acquisition Corp       | Pelican Acquisition Corp                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    100000 | NS      | $1006000.00   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Pelican Acquisition Corp       | Pelican Acquisition Corp                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    100000 | NS      | $24000.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BNY Mellon AMT-Free Municipal  | BNY Mellon AMT-Free Municipal Bond Fund                | CUSIP: 05588R505<br>LEI: 549300NDMTLE22R06664 | Long             | EC               | RF                | US        |        54 | NS      | $715.29       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| BNY Mellon Strategic Municipal | BNY Mellon Strategic Municipals Inc                    | CUSIP: 05588W108<br>LEI: 549300FH0LKMOBY7N332 | Long             | EC               | RF                | US        |    252031 | NS      | $1575193.75   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Owl Technology Finance Co | Blue Owl Technology Finance Corp                       | CUSIP: 095924106<br>LEI: 254900G5EZJSOD3UKL16 | Long             | EC               | CORP              | US        |    231887 | NS      | $3204678.34   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| BNY Mellon Strategic Municipal | BNY Mellon Strategic Municipal Bond Fund Inc           | CUSIP: 09662E109<br>LEI: 54930044KK4C1VDJ7M52 | Long             | EC               | RF                | US        |   1278871 | NS      | $7570916.32   | 4.16%             |  |  |  | No            |                  1 | On Loan: No      |
| BNY Mellon Municipal Bond Infr | BNY Mellon Municipal Bond Infrastructure Fund Inc      | CUSIP: 09662W109<br>LEI: 5493003OUY2BKGFZ2414 | Long             | EC               | RF                | US        |     71032 | NS      | $760042.40    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| BROOKFIELD DTLA FUND OFF       | Brookfield DTLA Fund Office Trust Investor Inc         | CUSIP: 112714209<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    100000 | NS      | $5500.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Cannae Holdings Inc            | Cannae Holdings Inc                                    | CUSIP: 13765N107<br>LEI: 549300OGRF1ICI7D2V77 | Long             | EC               | CORP              | US        |    372357 | NS      | $6817856.67   | 3.74%             |  |  |  | No            |                  1 | On Loan: No      |
| CEDAR REALTY TRUST INC         | Cedar Realty Trust Inc                                 | CUSIP: 150602506<br>LEI: 54930056URX93R2RSN82 | Long             | EP               | CORP              | US        |     30610 | NS      | $493531.15    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Securities Corp        | Central Securities Corp                                | CUSIP: 155123102<br>LEI: 549300D87MQ4TEVRK235 | Long             | EC               | RF                | US        |    219394 | NS      | $11270269.78  | 6.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CION Investment Corp           | CION Investment Corp                                   | CUSIP: 17259U204<br>LEI: 549300XN70JLF94XKX80 | Long             | EC               | CORP              | US        |    909621 | NS      | $8623207.08   | 4.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlyle Credit Income Fund     | Carlyle Credit Income Fund                             | CUSIP: 92535C104<br>LEI: 549300LVMWHJGZNVXZ22 | Long             | EC               | RF                | US        |    103017 | NS      | $599558.94    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Cayson Acquisition Corp        | Cayson Acquisition Corp                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    150000 | NS      | $24000.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bold Eagle Acquisition Corp    | Bold Eagle Acquisition Corp                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    100000 | NS      | $1040000.00   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Centurion Acquisition Corp     | Centurion Acquisition Corp                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    156250 | NS      | $1648437.50   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTURION ACQUISITION CORP     | Centurion Acquisition Corp                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     78125 | NS      | $26562.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CHURCHILL CAPITAL CORP IX      | Churchill Capital Corp IX                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |      1008 | NS      | $786.24       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Gyrodyne LLC                   | Gyrodyne LLC                                           | CUSIP: 403829104<br>LEI: 549300CF8EE7IDXWHQ23 | Long             | EC               | CORP              | US        |     30000 | NS      | $300387.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Highland Opportunities and Inc | Highland Opportunities and Income Fund                 | CUSIP: 43010E404<br>LEI: 254900CMUE9FRYL2UR80 | Long             | EC               | RF                | US        |      5432 | NS      | $34493.20     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| HIGHLAND OPP & INC FUND        | Highland Opportunities and Income Fund                 | CUSIP: 43010E503<br>LEI: 254900CMUE9FRYL2UR80 | Long             | EP               | CORP              | US        |      2521 | NS      | $41836.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| HIGHLAND OPP & INC FUND        | Highland Opportunities and Income Fund                 | CUSIP: 43010E602<br>LEI: 254900CMUE9FRYL2UR80 | Long             | EP               | CORP              | US        |     47659 | NS      | $791139.40    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Howard Hughes Holdings Inc     | Howard Hughes Holdings Inc                             | CUSIP: 44267T102<br>LEI: 254900TY494BHXIU6M60 | Long             | EC               | CORP              | US        |     12000 | NS      | $986040.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| HWH INTL INC WT EXP            | HWH INTL INC WT EXP                                    | CUSIP: 44852G119<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     23750 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| IB Acquisition Corp            | IB Acquisition Corp                                    | CUSIP: 44934N116<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    214860 | NS      | $17188.80     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ICORECONNECT INC               | iCoreConnect Inc                                       | CUSIP: 450958111<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    150000 | NS      | $375.00       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| LEGACY IMBDS INC               | Legacy IMBDS Inc                                       | CUSIP: 452465305<br>LEI: 5299009C9SZXPB0EEN07 | Long             | EP               | CORP              | US        |     23458 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Investcorp Credit Management B | Investcorp Credit Management BDC Inc                   | CUSIP: 46090R104<br>LEI: 549300ZRNRCSKPLGYQ55 | Long             | EC               | CORP              | US        |    197887 | NS      | $550125.86    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Smaller Capitalization F | Japan Smaller Capitalization Fund Inc                  | CUSIP: 47109U104<br>LEI: 5493000KJSHWEB3YKZ37 | Long             | EC               | RF                | US        |    124847 | NS      | $1315887.38   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Pioneer Diversified High Incom | Pioneer Diversified High Income Fund Inc               | CUSIP: 723653101<br>LEI: F6XC8RH66QIXRMU75G31 | Long             | EC               | RF                | US        |     35254 | NS      | $451427.47    | 0.25%             |  |  |  | No            |                  3 | On Loan: No      |
| Pioneer High Income Fund Inc   | Pioneer High Income Fund Inc                           | CUSIP: 72369H106<br>LEI: GRH7C46DLKO4V5KVBT29 | Long             | EC               | RF                | US        |     28477 | NS      | $236928.64    | 0.13%             |  |  |  | No            |                  3 | On Loan: No      |
| Principal Real Estate Income F | Principal Real Estate Income Fund                      | CUSIP: 74255X104<br>LEI: 549300HK3LIJEGLGMK36 | Long             | EC               | RF                | US        |     82484 | NS      | $862782.64    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Runway Growth Finance Corp     | Runway Growth Finance Corp                             | CUSIP: 78163D100<br>LEI: 254900AXR3J2N1XT0V02 | Long             | EC               | CORP              | US        |    453850 | NS      | $4611116.00   | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Treasury Portfolio     | Invesco Treasury Portfolio                             | CUSIP: 825252406<br>LEI: 5493004B3TM8ZIDDDC39 | Long             | STIV             | RF                | US        |   2849503 | NS      | $2849503.49   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Pershing Square Holdings Ltd/F | Pershing Square Holdings Ltd/Fund                      | CUSIP: N/A<br>LEI: U7LC4KOKCTZ0YWGI2G56       | Long             | EC               | RF                | GG        |     30000 | NS      | $1861609.84   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| GRAF GLOBAL CORP-CL A          | Graf Global Corp                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     92394 | NS      | $30490.02     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Highview Merger Corp           | Highview Merger Corp                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     60663 | NS      | $613909.56    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Jackson Acquisition Co II      | Jackson Acquisition Co II                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    204800 | NS      | $2125824.00   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Jackson Acquisition Co II      | Jackson Acquisition Co II                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    129800 | NS      | $32450.00     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Lightwave Acquisition Corp     | Lightwave Acquisition Corp                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    100000 | NS      | $995000.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| LIGHTWAVE ACQUISITION CORP-A   | Lightwave Acquisition Corp                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     50000 | NS      | $9005.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Lionheart Holdings             | Lionheart Holdings                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    323525 | NS      | $3400247.75   | 1.87%             |  |  |  | No            |                  2 | On Loan: No      |
| LIONHEART HOLDINGS - CL A      | Lionheart Holdings                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |    161762 | NS      | $41249.31     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| LAUNCH ONE ACQUISITION CORP    | Launch One Acquisition Corp                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |    140550 | NS      | $32340.56     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Launch Two Acquisition Corp    | Launch Two Acquisition Corp                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    167659 | NS      | $1752036.55   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| LAUNCH TWO ACQUISITION- CL A   | Launch Two Acquisition Corp                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     41538 | NS      | $15369.06     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Pershing Square Holdings Ltd/F | Pershing Square Holdings Ltd/Fund                      | CUSIP: N/A<br>LEI: U7LC4KOKCTZ0YWGI2G56       | Long             | EC               | RF                | GG        |     10000 | NS      | $619000.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Range Capital Acquisition Corp | Range Capital Acquisition Corp                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    175000 | NS      | $1804250.00   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Range Capital Acquisition Corp | Range Capital Acquisition Corp                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    175000 | NS      | $56000.00     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Roman DBDR Acquisition Corp II | Roman DBDR Acquisition Corp II                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    370000 | NS      | $3818030.00   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ROMAN DBDR ACQUISITION CORP    | Roman DBDR Acquisition Corp II                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |    185000 | NS      | $95238.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Silverbox Corp IV              | Silverbox Corp IV                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     55093 | NS      | $576823.71    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| SILVERBOX CORP IV-A            | Silverbox Corp IV                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |      8322 | NS      | $3661.68      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AllianceBernstein National Mun | AllianceBernstein National Municipal Income Fund Inc   | CUSIP: 01864U106<br>LEI: MNYPOOOZYY8V01GEIT28 | Long             | EC               | RF                | US        |    519695 | NS      | $5638690.75   | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Bancroft Fund Ltd              | Bancroft Fund Ltd                                      | CUSIP: 059695106<br>LEI: 5493000X4Y1FB4G26P45 | Long             | EC               | RF                | US        |     25629 | NS      | $560821.47    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Bexil Investment Trust         | Bexil Investment Trust                                 | CUSIP: 25538A204<br>LEI: 549300GQF37VFS5FKW75 | Long             | EC               | RF                | US        |    350673 | NS      | $5191713.77   | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| 723760ESC                      | 723760ESC                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     90500 | NS      | $14280.90     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| 723762ESC                      | 723762ESC                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    118878 | NS      | $49037.18     | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| 723763ESC                      | 723763ESC                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    132125 | NS      | $47300.75     | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| BCP Investment Corp            | BCP Investment Corp                                    | CUSIP: 73688F201<br>LEI: 254900YM5BVQKA01I468 | Long             | EC               | CORP              | US        |    203958 | NS      | $2351641.51   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Aldel Financial II Inc         | Aldel Financial II Inc                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     38904 | NS      | $406546.80    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ALDEL FINANCIAL II INC         | Aldel Financial II Inc                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     19452 | NS      | $9922.47      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| AA MISSION ACQUISITION COR-A   | AA Mission Acquisition Corp                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |    150000 | NS      | $24000.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Acquisition Corp          | Blue Acquisition Corp                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    148000 | NS      | $1479260.00   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Acquisition Corp          | Blue Acquisition Corp                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    148000 | NS      | $23887.20     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Andretti Acquisition Corp II   | Andretti Acquisition Corp II                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    105200 | NS      | $1100392.00   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| ANDRETTI ACQUISITION CORP -A   | Andretti Acquisition Corp II                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     52600 | NS      | $10520.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Silver Pegasus Acquisition Cor | Silver Pegasus Acquisition Corp                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     97587 | NS      | $992459.79    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| SIM Acquisition Corp I         | SIM Acquisition Corp I                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    250000 | NS      | $2635000.00   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| McKinley Acquisition Corp      | McKinley Acquisition Corp                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    100000 | NS      | $999000.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| M3-Brigade Acquisition V Corp  | M3-Brigade Acquisition V Corp                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    137480 | NS      | $1450414.00   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| M3-BRIGADE ACQUISITION V-A     | M3-Brigade Acquisition V Corp                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     35925 | NS      | $43828.50     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| M3-Brigade Acquisition VI Corp | M3-Brigade Acquisition VI Corp                         | CUSIP: N/A<br>LEI: 529900K3KULJYPOBI946       | Long             | EC               | CORP              | US        |     50000 | NS      | $506000.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| SRH Total Return Fund Inc      | SRH Total Return Fund Inc                              | CUSIP: 101507101<br>LEI: 5493000XG0EMNJQ1SM17 | Long             | EC               | RF                | US        |   1116522 | NS      | $20276039.52  | 11.13%            |  |  |  | No            |                  1 | On Loan: No      |
| Clough Global Opportunities Fu | Clough Global Opportunities Fund                       | CUSIP: 18914E106<br>LEI: 549300DTG68UBCNCPY15 | Long             | EC               | RF                | US        |    246839 | NS      | $1406982.30   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohen & Steers Infrastructure  | Cohen & Steers Infrastructure Fund Inc                 | CUSIP: 19248A109<br>LEI: T085JMDV2CFIPONRA870 | Long             | EC               | RF                | US        |       935 | NS      | $23188.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohen & Steers Infrastructure  | Cohen & Steers Infrastructure Fund Inc                 | CUSIP: 19248A117<br>LEI: T085JMDV2CFIPONRA870 | Long             | EC               | CORP              | US        |       935 | NS      | $72.93        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio  | Fidelity Government Portfolio                          | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |   2849504 | NS      | $2849503.50   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| SuRo Capital Corp              | SuRo Capital Corp                                      | CUSIP: 86887Q109<br>LEI: 549300YR4IAV0VJFWN84 | Long             | EC               | CORP              | US        |    121450 | NS      | $1093050.00   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Total Return Securities Fund   | Total Return Securities Fund                           | CUSIP: 870875101<br>LEI: 549300HQZ0XPGTS5Q724 | Long             | EC               | RF                | US        |    106806 | NS      | $649380.48    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Tejon Ranch Co                 | Tejon Ranch Co                                         | CUSIP: 879080109<br>LEI: 549300TMNDO77VJ6J111 | Long             | EC               | CORP              | US        |    500000 | NS      | $7990000.00   | 4.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corp        | Texas Pacific Land Corp                                | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8000 | NS      | $7469120.00   | 4.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Tortoise Energy Infrastructure | Tortoise Energy Infrastructure Corp                    | CUSIP: 89147L886<br>LEI: 5493008P735YB22YPB89 | Long             | EC               | RF                | US        |         0 | NS      | $0.02         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtus Total Return Fund Inc   | Virtus Total Return Fund Inc                           | CUSIP: 92835W107<br>LEI: 549300KKRHI4GF7RNQ81 | Long             | EC               | RF                | US        |    135422 | NS      | $873471.90    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Voya Asia Pacific High Dividen | Voya Asia Pacific High Dividend Equity Income Fund     | CUSIP: 92912J102<br>LEI: 549300GNK7F1VWTNPE94 | Long             | EC               | RF                | US        |    113917 | NS      | $854377.50    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Voya Emerging Markets High Div | Voya Emerging Markets High Dividend Equity Fund        | CUSIP: 92912P108<br>LEI: 549300MBU0OQHUKI2Y86 | Long             | EC               | RF                | US        |    253101 | NS      | $1586917.96   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| ZYVERSA THERAPEUTICS INC       | ZyVersa Therapeutics Inc                               | CUSIP: 98987D110<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     65250 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| COLUMBUS CIRCLE CAPITAL CO-A   | Columbus Circle Capital Corp I                         | CUSIP: N/A<br>LEI: 5299006WPUCKP6KOIM37       | N/A              | DE               | CORP              | US        |     25000 | NS      | $30000.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| EQV Ventures Acquisition Corp  | EQV Ventures Acquisition Corp                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    152200 | NS      | $1579836.00   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Eureka Acquisition Corp        | Eureka Acquisition Corp                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |      1000 | NS      | $240.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fact II Acquisition Corp       | Fact II Acquisition Corp                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    194000 | NS      | $2002099.40   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| FACT II ACQUISITION CORP       | Fact II Acquisition Corp                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     97000 | NS      | $27160.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Flag Ship Acquisition Corp     | Flag Ship Acquisition Corp                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    137500 | NS      | $16513.75     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Soulpower Acquisition Corp     | Soulpower Acquisition Corp                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    150000 | NS      | $1512000.00   | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Soulpower Acquisition Corp     | Soulpower Acquisition Corp                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    150000 | NS      | $28500.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Spring Valley Acquisition Corp | Spring Valley Acquisition Corp III                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    100000 | NS      | $1028000.00   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| SIM ACQUISITION CORP I-A       | SIM Acquisition Corp I                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |    125000 | NS      | $46250.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Talon Capital Corp             | Talon Capital Corp                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     77000 | NS      | $773757.60    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Tavia Acquisition Corp         | Tavia Acquisition Corp                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | GB        |    200000 | NS      | $2070000.00   | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Tavia Acquisition Corp         | Tavia Acquisition Corp                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | GB        |    150000 | NS      | $29250.00     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Titan Acquisition Corp         | Titan Acquisition Corp                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    150000 | NS      | $1518000.00   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| TITAN ACQUISITION CORP-CL A    | Titan Acquisition Corp                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     75000 | NS      | $22590.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| VOYAGER ACQUISITION CORP       | Voyager Acquisition Corp                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     50000 | NS      | $8500.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Vendome Acquisition Corp I     | Vendome Acquisition Corp I                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    100000 | NS      | $993000.00    | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| VENDOME ACQUISITION CORP-A     | Vendome Acquisition Corp I                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     50000 | NS      | $10000.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Wen Acquisition Corp           | Wen Acquisition Corp                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     70000 | NS      | $708400.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| WEN ACQUISITION CORP-A         | Wen Acquisition Corp                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     35000 | NS      | $19253.50     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Copper Property CTL Pass Throu | Copper Property CTL Pass Through Trust                 | CUSIP: 217519107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    225780 | NS      | $2801929.80   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Crescent Capital BDC Inc       | Crescent Capital BDC Inc                               | CUSIP: 225655109<br>LEI: 549300VPIZMU6OEE0V68 | Long             | EC               | CORP              | US        |    190002 | NS      | $2709428.52   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Destra Multi-Alternative Fund  | Destra Multi-Alternative Fund                          | CUSIP: 25065A502<br>LEI: N/A                  | Long             | EC               | RF                | US        |    161121 | NS      | $1392085.44   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Vance New York Municipal | Eaton Vance New York Municipal Bond Fund               | CUSIP: 27827Y109<br>LEI: 5493003LD9U89XVQ7W91 | Long             | EC               | RF                | US        |    286603 | NS      | $2825905.58   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Ellsworth Growth and Income Fu | Ellsworth Growth and Income Fund Ltd                   | CUSIP: 289074106<br>LEI: 549300GYFOXHCDQTI772 | Long             | EC               | RF                | US        |    114965 | NS      | $1333594.00   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbus Circle Capital Corp I | Columbus Circle Capital Corp I                         | CUSIP: N/A<br>LEI: 5299006WPUCKP6KOIM37       | Long             | EC               | CORP              | US        |     50000 | NS      | $506000.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Copley Acquisition Corp        | Copley Acquisition Corp                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |    100000 | NS      | $1011000.00   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| COPLEY ACQUISITION CORP-A      | Copley Acquisition Corp                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     50000 | NS      | $10045.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CORNER GROWTH ACQUISITION-A    | Corner Growth Acquisition Corp                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     33333 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CORNER GROWTH ACQUISITION -A   | Corner Growth Acquisition Corp 2                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     14366 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Crane Harbor Acquisition Corp  | Crane Harbor Acquisition Corp                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    100000 | NS      | $1014000.00   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| CSLM Digital Asset Acquisition | CSLM Digital Asset Acquisition Corp III Ltd            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    100000 | NS      | $1010000.00   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| D Boral ARC Acquisition I Corp | D Boral ARC Acquisition I Corp                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    137500 | NS      | $1365375.00   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| D. BORAL ARC ACQUISIT - CL A   | D Boral ARC Acquisition I Corp                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     68750 | NS      | $15118.13     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Drugs Made In America Acquisit | Drugs Made In America Acquisition Corp                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     72964 | NS      | $749340.28    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Drugs Made In America Acquisit | Drugs Made In America Acquisition Corp                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     72964 | NS      | $15862.37     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynamix Corp                   | Dynamix Corp                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     55632 | NS      | $579129.12    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| DYNAMIX CORP                   | Dynamix Corp                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     16679 | NS      | $35192.69     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| EQV VENTURES ACQUISITION C-A   | EQV Ventures Acquisition Corp                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     50733 | NS      | $25366.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-26

**Name of Applicant:** Special Opportunities Fund, Inc.

**Signature:** /s/ Andrew Dakos

**Name of Signer:** Andrew Dakos

**Title:** President