<SEC-DOCUMENT>0001325358-17-000275.txt : 20170301
<SEC-HEADER>0001325358-17-000275.hdr.sgml : 20170301
<ACCEPTANCE-DATETIME>20170301155848
ACCESSION NUMBER:		0001325358-17-000275
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20161231
FILED AS OF DATE:		20170301
DATE AS OF CHANGE:		20170301
EFFECTIVENESS DATE:		20170301

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SPECIAL OPPORTUNITIES FUND, INC.
		CENTRAL INDEX KEY:			0000897802
		IRS NUMBER:				133702911
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		NSAR-B
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07528
		FILM NUMBER:		17653990

	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
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012 A000001 AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC
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013 A000001 TAIT, WELLER & BAKER LLP
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SIGNATURE    Andrew Dakos
TITLE        President
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77J REVALUATN
<SEQUENCE>2
<FILENAME>ex99_77revaluatn11122.htm
<DESCRIPTION>EX-99.77J REVALUATN
<TEXT>
<HTML>
<HEAD></HEAD>
<BODY>
<PRE>





EX-99.77J REVALUATN

Exhibit 77(j)(b) - Restatement of Capital Accounts

For the year ended December 31, 2016, the Special Opportunities Fund made the following permanent tax adjustments on the
statements of assets and liabilities:

Undistributed Net Investment Income/(Loss): $362,644
Accumulated Net Realized Gain/(Loss): $(362,644)

The reclassifications have no effect on net assets or net asset value per share.


</PRE>
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<DOCUMENT>
<TYPE>EX-99.77C VOTES
<SEQUENCE>3
<FILENAME>sub-item77c12_3116.htm
<DESCRIPTION>EX-99.77C VOTES
<TEXT>
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<PRE>
Sub-Item 77C:  Matters Submitted to a Vote of Security Holders

Annual meeting of shareholders held on December 8, 2016

The Fund held an annual meeting of shareholders (the &#147;Meeting&#148;) on December
8, 2016 to vote on the following matters:

(1)	(a) To elect four Directors to the Fund&#146;s Board of Directors, to be elected
by the holders of the Fund&#146;s common stock and preferred stock, voting
together as a single class, to serve until the Fund&#146;s Annual Meeting of
Stockholders in 2017 and until their successors have been duly elected
and qualified; and

(b) To elect two Directors to the Fund&#146;s Board of Directors, to be elected
by the holders of the Fund&#146;s preferred stock, voting as a separate class, to
serve until the Fund&#146;s Annual Meeting of Stockholders in 2017 and until
their successors have been duly elected and qualified.

Quorum
Common Stock
The presence, in person or by proxy, of shareholders entitled to cast a majority of
the votes entitled to be cast at the Meeting (i.e., the presence of a majority of the
shares outstanding on the record date of October 18, 2016) was necessary to
constitute a quorum for the transaction of business.  At the Meeting, the holders
of approximately 55.86% of the common stock outstanding as of the record date
were represented in person or by proxy (5,401,519 votes), thus constituting a
quorum for the matters to be voted upon by all shareholders at the Meeting.

The actual voting results for the agenda items were as follows:

Proposal to elect Ben Harris as a director:

For: 5,276,032	     % of Quorum: 97.68%         % of O/S: 54.56%	Withheld: 125,487

Proposal to elect Andrew Dakos as a director:

For: 4,848,774	     % of Quorum: 89.77%         % of O/S: 50.15%	Withheld: 552,745

Proposal to elect Gerald Hellerman as a director:

For: 4,842,516       % of Quorum: 89.65%           % of O/S: 50.08%	Withheld: 559,003

Proposal to elect Charles C. Walden as a director:

For: 5,348,338          % of Quorum: 99.02%           % of O/S: 55.31%	Withheld: 53,181



Preferred Stock
The presence, in person or by proxy, of shareholders entitled to cast a majority of
the votes entitled to be cast at the Meeting (i.e., the presence of a majority of the
shares outstanding on the record date of October 18, 2016) was necessary to
constitute a quorum for the transaction of business.  At the Meeting, the holders
of approximately 96.55% of the preferred stock outstanding as of the record date
were represented in person or by proxy (2,147,316 votes), thus constituting a
quorum for the matters to be voted upon by all shareholders at the Meeting.

The actual voting results for the agenda items were as follows:

Proposal to elect Phillip Goldstein as a director:

For: 1,895,154	     % of Quorum: 88.26%         % of O/S: 85.21%	Withheld: 252,162

Proposal to elect Marc Lunder as a director:

For: 2,132,296	     % of Quorum: 99.30%         % of O/S: 95.88%	Withheld: 15,020

Proposal to elect Ben Harris as a director:

For: 1,895,432	     % of Quorum: 88.27%         % of O/S: 85.23%	Withheld: 251,884

Proposal to elect Andrew Dakos as a director:

For: 1,835,263	     % of Quorum: 85.47%         % of O/S: 82.52%	Withheld: 312,053

Proposal to elect Gerald Hellerman as a director:

For: 1,895,051	     % of Quorum: 88.25%         % of O/S: 85.21%	Withheld: 252,265

Proposal to elect Charles C. Walden as a director:

For: 2,132,019	     % of Quorum: 99.29%         % of O/S: 95.87%	Withheld: 15,297

*O/S = outstanding shares
</PRE>
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<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>4
<FILENAME>specialopportunitiesfundn-sa.htm
<DESCRIPTION>EX-99.77B ACCT LTTR
<TEXT>
<HTML>
<HEAD></HEAD>
<BODY>
<PRE>









REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM



Shareholders and Board of Directors
Special Opportunities Fund, Inc.
Milwaukee, Wisconsin


In planning and performing our audit of the financial statements of the Special Opportunities Fund, Inc. (the
&#147;Fund&#148;) as of and for the year ended December 31, 2016, in accordance with the standards of the Public
Company Accounting Oversight Board (United States), we considered its internal control over financial
reporting, including control activities for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the
Fund&#146;s internal control over financial reporting.   Accordingly, we express no such opinion.

The management of the Fund is responsible for establishing and maintaining effective internal control over
financial reporting.   In fulfilling this responsibility, estimates and judgments by management are required
to assess the expected benefits and related costs of controls.   A company&#146;s internal control over financial
reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted
accounting principles.   A company&#146;s internal control over financial reporting includes those policies and
procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts and expenditures of the company are being made
only in accordance with authorizations of management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition
of a company&#146;s assets that could have a material effect on the financial statements.

Because of inherent limitations, internal control over financial reporting may not prevent or detect
misstatements.   Also, projections of any evaluation of effectiveness to future periods are subject to the risk
that controls may become inadequate because of changes in conditions, or that the degree of compliance with
the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does
not allow management or employees, in the normal course of performing their assigned functions, to prevent
or detect misstatements on a timely basis.  A material weakness is a deficiency, or combination of
deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a
material misstatement of the company&#146;s annual or interim financial statements will not be prevented or
detected on a timely basis.

Our consideration of the Fund&#146;s internal control over financial reporting was for the limited purpose
described in the first paragraph and would not necessarily disclose all deficiencies in internal control that
might be material weaknesses under standards established by the Public Company Accounting Oversight
Board (United States).   However, we noted no deficiencies in the Fund&#146;s internal control over financial
reporting and its operation, including controls for safeguarding securities that we consider to be material
weaknesses, as defined above, as of December 31, 2016.

This report is intended solely for the information and use of management, Shareholders and Board of
Directors of Special Opportunities Fund, Inc. and the Securities and Exchange Commission, and is not
intended to be and should not be used by anyone other than these specified parties.





TAIT, WELLER & BAKER LLP

Philadelphia, Pennsylvania
March 1, 2017



























</PRE>
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