SPE Special Opportunities Fund Inc

Special Opportunities Fund, Inc.

Portfolio of Investments

September 30, 2024

(Unaudited)

INVESTMENT COMPANIES - 87.85%

Shares

Value

Closed-End Funds - 75.88%

AllianceBernstein National Municipal Income Fund, Inc.

327,572

          3,865,350

Bancroft Fund Ltd.

22,345

               374,726

BlackRock Innovation and Growth Term Trust

66,879

               504,937

BlackRock Municipal Income Fund, Inc.

269,721

            3,393,090

BNY Mellon Municipal Income, Inc.

621,787

            4,545,263

BNY Mellon Strategic Municipal Bond Fund, Inc.

621,301

            3,870,705

Central and Eastern Europe Fund, Inc.

188,883

            2,024,826

Central Securities Corp.

219,394

          10,057,021

ClearBridge Energy Midstream Opportunity Fund, Inc.

19,915

               840,414

Clough Global Opportunities Fund

117,041

               637,873

Destra Multi-Alternative Fund (a)

226,142

            1,960,651

Bexil Investment Trust

350,673

            4,579,789

DWS Municipal Income Trust

226,690

            2,260,099

DWS Strategic Municipal Income Trust

322,797

            3,289,301

Eaton Vance New York Municipal Bond Fund

397,391

            3,958,014

Ellsworth Growth and Income Fund Ltd.

83,179

               747,779

Flaherty & Crumrine Preferred and Income Opportunity Fund, Inc.

45,014

               423,582

Gabelli Dividend & Income Trust

133,595

            3,266,398

General American Investors Co., Inc.

324,541

          17,398,643

Herzfeld Caribbean Basin Fund, Inc.

21,320

                 48,183

High Income Securities Fund

662,128

            4,522,334

Highland Opportunities and Income Fund

310,059

            1,900,662

Invesco High Income 2024 Target Term Fund

217,639

            1,654,056

Mexico Equity & Income Fund, Inc.

100,100

               917,917

MFS High Yield Municipal Trust

764,782

            2,802,926

MFS Investment Grade Municipal Trust

245,919

            2,021,454

Miller/Howard High Dividend Fund

216,854

            2,643,450

Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.

12,594

                 63,474

Morgan Stanley India Investment Fund, Inc.

170,372

            5,124,790

Neuberger Berman Municipal Fund, Inc.

156,686

            1,740,782

Neuberger Berman Next Generation Connectivity Fund, Inc.

329,426

            4,226,536

New Germany Fund, Inc.

15,006

               134,003

Nuveen Multi-Asset Income Fund

12,779

               168,938

Pershing Square Holdings Ltd. Fund

30,000

            1,417,437

Pershing Square Holdings Ltd. Fund

10,000

               472,500

Platinum Asia Investments Ltd.

1,970,705

            1,410,128

Principal Real Estate Income Fund

141,131

            1,576,857

Saba Capital Income & Opportunities Fund

237,096

            1,799,559

SRH Total Return Fund, Inc.

1,116,522

          17,641,048

The Swiss Helvetia Fund, Inc.

236,992

            2,121,078

Tortoise Energy Independence Fund, Inc.

48,315

            1,819,253

Tortoise Midstream Energy Fund, Inc.

28,465

            1,352,941

Tortoise Pipeline & Energy Fund, Inc.

12,085

               509,986

Tortoise Power and Energy Infrastructure Fund, Inc.

173,791

            3,147,355

Tribeca Global Natural Resources Ltd.

171,064

               201,050

Virtus Total Return Fund, Inc.

379,273

            2,351,493

Western Asset Intermediate Muni Fund, Inc.

24,397

               200,055

        131,988,706

Business Development Companies - 11.97%

CION Investment Corp.

909,621

          10,824,490

FS KKR Capital Corp.

171,024

            3,374,304

Logan Ridge Finance Corp.

81,161

            2,015,122

Portman Ridge Finance Corp.

82,217

            1,525,125

Runway Growth Finance Corp.

249,287

            2,565,163

SuRo Capital Corp. (a)

126,306

               510,276

          20,814,480

Total Investment Companies (Cost $127,758,772)

        152,803,186

Shares

EXCHANGE TRADED FUNDS - 0.00%

Magellan Global Fund/Open Class

–

                          1

Total Exchange Traded Funds (Cost $1)

                          1

Shares/Units

SPECIAL PURPOSE ACQUISITION VEHICLES - 26.57%

AA Mission Acquisition Corp. (a)

300,000

            3,003,000

Ai Transportation Acquisition Corp. (a)

57,331

               600,829

Andretti Acquisition Corp. II (a)

105,200

            1,052,000

Ares Acquisition Corp. II (a)

161,985

            1,754,298

Cantor Equity Partners, Inc. (a)

50,000

               501,500

Cartesian Growth Corp. II (a)

35,068

               402,230

Cayson Acquisition Corp. (a)

150,000

            1,503,000

Centurion Acquisition Corp. (a)

156,250

            1,565,625

Chenghe Acquisition II Co. (a)

139,330

            1,396,087

Chenghe Acquisition II Co. (a)

1

                        10

Churchill Capital Corp. IX (a)

4,032

                 40,401

Colombier Acquisition Corp. II (a)

61,998

               636,099

DT Cloud Star Acquisition Corp. (a)

100,000

            1,009,000

EQV Ventures Acquisition Corp. (a)

152,200

            1,511,346

Eureka Acquisition Corp. (a)

1,000

                 10,220

Flag Ship Acquisition Corp. (a)

137,500

            1,377,750

GigCapital7 Corp. - ADR(a)

192,000

            1,914,240

Global Lights Acquisition Corp. (a)

314,976

            3,294,649

Graf Global Corp. (a)

184,789

            1,853,434

Haymaker Acquisition Corp. 4 (a)

179,631

            1,914,866

IB Acquisition Corp. (a)

214,860

            2,148,600

Inflection Point Acquisition Corp. II (a)

326,335

            3,508,101

Launch One Acquisition Corp. (a)

281,100

            2,811,000

Lionheart Holdings (a)

323,525

            3,235,250

M3-Brigade Acquisition V Corp. (a)

100,000

            1,003,000

Melar Acquisition Corp. I (a)

75,000

               753,000

Nabors Energy Transition Corp. II (a)

31,658

               337,474

Quetta Acquisition Corp. (a)

167,742

            1,744,517

Spring Valley Acquisition Corp. II (a)

82,000

               920,860

Silverbox Corp. IV (a)

24,968

               250,429

SIM Acquisition Corp. I (a)

250,000

            2,510,000

Trailblazer Merger Corp. I (a)

59,479

               654,269

Voyager Acquisition Corp. (a)

100,000

            1,000,000

Total Special Purpose Acquisition Vehicles (Cost $45,572,164)

          46,217,084

Shares

PREFERRED STOCKS - 0.20%

Diversified REITs - 0.20%

NexPoint Diversified Real Estate Trust

22,324

               345,232

Office REITs - 0.00%

Brookfield DTLA Fund Office Trust Investor, Inc. (a)

171,723

                   6,010

Total Preferred Stocks (Cost $4,932,716)

               351,242

OTHER COMMON STOCKS - 9.75%

Broadline Retail - 0.45%

Macy's, Inc.

50,000

               784,500

Entertainment - 0.11%

Endeavor Group Holdings, Inc.

6,600

               188,496

Financial Services - 2.59%

Cannae Holdings, Inc.

236,441

            4,506,565

Food Products - 0.30%

Limoneira Co.

20,000

               530,000

Oil, Gas & Consumable Fuels - 5.04%

Texas Pacific Land Corp.

9,900

            8,758,926

Real Estate Management & Development - 1.26%

Howard Hughes Holdings, Inc. (a)

12,000

               929,160

Seaport Entertainment Group, Inc. (a)

1,333

                 36,551

Tejon Ranch Co. (a)

68,859

            1,208,475

Trinity Place Holdings, Inc. (a)

221,748

                   8,870

            2,183,056

Total Other Common Stocks (Cost $12,916,358)

          16,951,543

TRUSTS - 1.29%

Copper Property CTL Pass Through Trust

187,427

            2,252,460

Lamington Road Grantor Trust (a)(c)

320,690

                          0

Total Trusts (Cost $2,100,721)

            2,252,460

REAL ESTATE INVESTMENT TRUSTS - 2.56%

Equity Commonwealth (a)

165,811

            3,299,639

NexPoint Diversified Real Estate Trust

185,259

            1,157,869

Total Real Estate Investment Trusts (Cost $5,735,910)

            4,457,508

Principal

Amount

CORPORATE OBLIGATIONS - 0.57%

Lamington Road DAC (b)(c)

8.000%, 2121-04-07 (a)(c)

        18,607,514

               744,301

14.000%, 2121-04-07 (a)(c)

1,868,863

               247,624

Total Corporate Obligations (Cost $7,016,931)

               991,925

UNSECURED NOTES - 0.59%

Legacy IMBDS, Inc. (c)

8.500%, 09/30/2026

23,458

                          0

Sachem Capital Corp. (a)

7.750%, 09/30/2025

41,351

            1,028,978

Total Unsecured Notes (Cost $1,599,549)

            1,028,978

Shares

WARRANTS - 0.02%

Cartesian Growth Corp. II

Expiration: July 2028

21,986

                   1,211

Exercise Price: $11.50 (a)

Centurion Acquisition Corp.

Expiration: May 2032

78,125

                   7,047

Exercise Price: $11.50 (a)

Chenghe Acquisition II Co.

Expiration: May 2031

69,665

                   4,877

Exercise Price: $11.50 (a)

Churchill Capital Corp. IX

Expiration: March 2031

1,008

                      353

Exercise Price: $11.50 (a)

Colombier Acquisition Corp. II

Expiration: November 2028

20,666

                   6,613

Exercise Price: $11.50 (a)

Corner Growth Acquisition Corp.

Expiration: January 2027

33,333

                          0

Exercise Price: $11.50 (a)(c)(e)

Corner Growth Acquisition Corp. 2

Expiration: April 2026

14,366

                          0

Exercise Price: $11.50 (a)(c)(e)

HWH INTL INC WT EXP

Expiration: January 2027

23,750

                          0

Exercise Price: $1.00 (a)(c)(e)

iCoreConnect, Inc.

Expiration: May 2028

150,000

                      165

Exercise Price: $11.50 (a)

Investcorp Europe Acquisition Corp. I

Expiration: December 2026

128,768

                      670

Exercise Price: $11.50 (a)

Lamington Road

Expiration: July 2025

640,000

                          0

Exercise Price: $0.20 (a)(c)(e)

Lionheart Holdings

Expiration: June 2031

161,763

                 10,466

Exercise Price: $11.50 (a)

ZyVersa Therapeutics, Inc.

Expiration: December 2027

65,250

                          0

Exercise Price: $11.50 (a)(c)(e)

Total Warrants (Cost $135,327)

                 31,402

RIGHTS - 0.02%

Flag Ship Acquisition Corp. (Expiration: March 31, 2026) (a)

137,500

                 15,125

IB Acquisition Corp. (Expiration: September 28, 2025) (a)

214,860

                 18,263

Seaport Entertainment Group, Inc. (Expiration: October 10, 2024) (a)

1,333

                   3,932

Total Rights (Cost $38,126)

                 37,320

MONEY MARKET FUNDS - 2.65%

Fidelity Institutional Government Portfolio - Class I, 4.826%  (d)

2,306,767

            2,306,767

Invesco Treasury Portfolio - Institutional Class, 4.780%  (d)

5,690,591

            2,306,767

Total Money Market Funds (Cost $4,613,534)

            4,613,534

Total Investments (Cost $212,420,109) - 132.07%

        229,736,183

Liabilities in Excess of Other Assets - 0.06%

               102,383

Preferred Stock - (32.13)%

        (55,894,375)

TOTAL NET ASSETS - 100.00%

     173,944,191

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

The coupon rate shown represents the rate at September 30, 2024.

(c)

Fair valued securities. The total market value of these securities was $991,925, representing 0.57% of net assets. Value determined using significant unobservable inputs.

(d)

The rate shown represents the seven-day yield at September 30, 2024.

(e)

Illiquid securities. The total market value of these securities was $0, representing 0.00% of net assets.

The Schedule of Investments incorporates the Global Industry Classification Standard  (GICS^®).  GICS was developed

by and/or is the exclusive property of MSCI, Inc. and Standard & Poors Financial Services LLC ("S&P").  GICS is a

service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

The accompanying notes are an integral part of these financial statements.

Valuation of investments—The Fund calculates its net asset value based on the current market value for its portfolio securities. The Fund normally obtains market values for its securities from independent pricing sources and broker-dealers. Independent pricing sources may use last reported sale prices or if not available the most recent bid price, current market quotations or valuations from computerized “matrix” systems that derive values based on comparable securities. A matrix system incorporates parameters such as security quality, maturity and coupon, and/or research and evaluations by its staff, including review of broker-dealer market price quotations, if available, in determining the valuation of the portfolio securities. If a market value is not available from an independent pricing source or a broker-dealer for a particular security, that security is valued at fair value as determined in good faith by or under the direction of the Fund’s Board of Directors (the “Board”). Various factors may be reviewed in order to make a good faith determination of a security’s fair value. Factors for other securities may include, but are not limited to, the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; and changes in overall market conditions. If events occur that materially affect the value of securities between the close of trading in those securities and the close of regular trading on the New York Stock Exchange, the securities may be fair valued. U.S. and foreign debt securities including short-term debt instruments having a maturity of 60 days or less shall be valued in accordance with the price supplied by a Pricing Service using the evaluated bid price. Money market mutual funds, demand notes and repurchase agreements are valued at cost, unless the Board or its delegate determines that this does not represent fair value.

The Fund has adopted fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various input and valuation techniques used in measuring fair value. Fair value inputs are summarized in the three broad levels listed below:

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 would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The significant unobservable inputs used in the fair value measurement of the Fund’s Level 3 investments are listed in the table of valuation techniques and inputs. Significant changes in any of these inputs in isolation may result in a change in fair value measurement.

In accordance with procedures established by the Fund’s Board of Directors, the Adviser shall initially value non-publicly-traded securities (for which a current market value is not readily available) at their acquisition cost less related expenses, where identifiable, unless and until the Adviser determines that such value does not represent fair value.

The Adviser sends a memorandum to the Chairman of the Valuation Committee with respect to any non-publicly-traded securities that are valued using a method other than cost detailing the reason, factors considered, and impact on the Fund’s NAV. If the Chairman determines that such fair valuation(s) require the involvement of the Valuation Committee, a special meeting of the Valuation Committee is called as soon as practicable to discuss such fair valuation(s). The Valuation Committee of the Board consists of at least two non-interested Directors, as defined by the Investment Company Act of 1940.

In addition to special meetings, the Valuation Committee meets prior to each regular quarterly Board meeting. At each quarterly meeting, the Adviser delivers a written report (the “Quarterly Report”) regarding any recommendations of fair valuation during the past quarter, including fair valuations which have not changed. The Valuation Committee reviews the Quarterly Report, discusses the valuation of the fair valued securities with appropriate levels of representatives from the Adviser’s management, and, unless more information is required, approves the valuation of fair valued securities.

The Valuation Committee also reviews other interim reports as necessary.