<SEC-DOCUMENT>0001145549-20-014173.txt : 20200310
<SEC-HEADER>0001145549-20-014173.hdr.sgml : 20200310
<ACCEPTANCE-DATETIME>20200310112547
ACCESSION NUMBER:		0001145549-20-014173
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20191231
FILED AS OF DATE:		20200310
DATE AS OF CHANGE:		20200310
EFFECTIVENESS DATE:		20200310

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:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07528
		FILM NUMBER:		20700460

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CEN
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?>
<edgarSubmission xmlns:com="http://www.sec.gov/edgar/common" xmlns="http://www.sec.gov/edgar/ncen">
  <schemaVersion>X0201</schemaVersion>
  <headerData>
    <submissionType>N-CEN</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <issuerCredentials>
          <cik>0000897802</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>
      <flags>
        <returnCopyFlag>false</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
        <confirmingCopyFlag>false</confirmingCopyFlag>
      </flags>
      <investmentCompanyType>N-2</investmentCompanyType>
    </filerInfo>
  </headerData>
  <formData>
    <generalInfo reportEndingPeriod="2019-12-31" isReportPeriodLt12="N"/>
    <registrantInfo>
      <registrantFullName>Special Opportunities Fund, Inc.</registrantFullName>
      <investmentCompFileNo>811-07528</investmentCompFileNo>
      <registrantCik>0000897802</registrantCik>
      <registrantLei>549300DGAJTGM6R4HK03</registrantLei>
      <registrantstreet1>615 East Michigan Street</registrantstreet1>
      <registrantcity>Milwaukee</registrantcity>
      <registrantzipCode>53202</registrantzipCode>
      <registrantstate>US-WI</registrantstate>
      <registrantcountry>US</registrantcountry>
      <registrantphoneNumber>18776070414</registrantphoneNumber>
      <websites>
        <website webpage="www.specialopportunitiesfundinc.com"/>
      </websites>
      <locationBooksRecords>
        <locationBooksRecord>
          <officeName>U.S. Bancorp Fund Services, LLC</officeName>
          <officeAddress1>615 East Michigan Street</officeAddress1>
          <officeCity>Milwaukee</officeCity>
          <officeStateCountry officeState="US-WI" officeCountry="US"/>
          <officeRecordsZipCode>53202</officeRecordsZipCode>
          <officePhone>18336121912</officePhone>
          <booksRecordsDesc>Fund Administrator</booksRecordsDesc>
        </locationBooksRecord>
      </locationBooksRecords>
      <isRegistrantFirstFiling>N</isRegistrantFirstFiling>
      <isRegistrantLastFiling>N</isRegistrantLastFiling>
      <isRegistrantFamilyInvComp>N</isRegistrantFamilyInvComp>
      <registrantClassificationType>N-2</registrantClassificationType>
      <isSecuritiesActRegistration>Y</isSecuritiesActRegistration>
      <directors>
        <director>
          <directorName>Gerald Hellerman</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>Y</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-06111"/>
            <fileNumberInfo fileNumber="811-23220"/>
            <fileNumberInfo fileNumber="811-05133"/>
            <fileNumberInfo fileNumber="811-05128"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Andrew Dakos</directorName>
          <crdNumber>004881082</crdNumber>
          <isDirectorInterestedPerson>Y</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-05133"/>
            <fileNumberInfo fileNumber="811-05128"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Ben Harris</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-05133"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Marc Lunder</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Charles Walden</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Phillip Goldstein</directorName>
          <crdNumber>005711842</crdNumber>
          <isDirectorInterestedPerson>Y</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-05133"/>
            <fileNumberInfo fileNumber="811-05128"/>
            <fileNumberInfo fileNumber="811-06111"/>
          </fileNumbers>
        </director>
      </directors>
      <chiefComplianceOfficers>
        <chiefComplianceOfficer>
          <ccoName>Gerald Hellerman</ccoName>
          <crdNumber>N/A</crdNumber>
          <ccoStreet1>615 East Michigan Street</ccoStreet1>
          <ccoCity>Milwaukee</ccoCity>
          <ccoStateCountry ccoState="US-WI" ccoCountry="US"/>
          <ccoZipCode>53202</ccoZipCode>
          <ccoPhone>XXXXXX</ccoPhone>
          <isCcoChangedSinceLastFiling>N</isCcoChangedSinceLastFiling>
          <ccoEmployers>
            <ccoEmployer ccoEmployerName="N/A" ccoEmployerId="N/A"/>
          </ccoEmployers>
        </chiefComplianceOfficer>
      </chiefComplianceOfficers>
      <securityMatterSeriesInfo isRegistrantSubmittedMatter="Y"/>
      <isPreviousLegalProceeding>N</isPreviousLegalProceeding>
      <isPreviousProceedingTerminated>N</isPreviousProceedingTerminated>
      <isClaimFiled>N</isClaimFiled>
      <coveredByInsurancePolicy isCoveredByInsurancePolicy="Y" isClaimFiledDuringPeriod="N"/>
      <isFinancialSupportDuringPeriod>N</isFinancialSupportDuringPeriod>
      <releaseNumbers isExemptionFromAct="Y">
        <releaseNumberInfo releaseNumber="IC-33386"/>
        <releaseNumberInfo releaseNumber="IC-31213"/>
      </releaseNumbers>
      <isUnderwriterHiredOrTerminated>N</isUnderwriterHiredOrTerminated>
      <publicAccountants>
        <publicAccountant>
          <publicAccountantName>Tait, Weller &amp; Baker LLP</publicAccountantName>
          <pcaobNumber>00445</pcaobNumber>
          <publicAccountantLei>N/A</publicAccountantLei>
          <publicAccountantStateCountry publicAccountantState="US-PA" publicAccountantCountry="US"/>
        </publicAccountant>
      </publicAccountants>
      <isPublicAccountantChanged>N</isPublicAccountantChanged>
      <isMaterialWeakness>N</isMaterialWeakness>
      <isOpinionOffered>N</isOpinionOffered>
      <isMaterialChange>N</isMaterialChange>
      <isAccountingPrincipleChange>N</isAccountingPrincipleChange>
      <paymentDividendSeries isPaymentDividend="Y"/>
    </registrantInfo>
    <managementInvestmentQuestionSeriesInfo>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Special Opportunities Fund, Inc.</mgmtInvFundName>
        <mgmtInvLei>549300DGAJTGM6R4HK03</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Bulldog Investors, LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-70596</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000151585</investmentAdviserCrdNo>
            <investmentAdviserLei>254900LG3T4U3EIPWT14</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NJ" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>American Stock Transfer &amp; Trust Company, LLC</transferAgentName>
            <transferAgentFileNo>84-00416</transferAgentFileNo>
            <transferAgentLei>254900TS5EWP83BEOU02</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Intercontinental Exchange Inc.</pricingServiceName>
            <pricingServiceLei>5493000F4ZO33MV32P92</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-GA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>U.S. Bank National Association</custodianName>
            <custodianLei>6BYL5QZYBDK8S7L73M02</custodianLei>
            <custodianStateCountry custodianState="US-OH" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>U.S. Bancorp Fund Services, LLC</adminName>
            <adminLei>N1GZ7BBF3NP8GI976H15</adminLei>
            <adminStateCountry adminState="US-WI" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>WELLS FARGO SECURITIES, LLC</brokerName>
            <brokerFileNo>8-65876</brokerFileNo>
            <brokerCrdNo>000126292</brokerCrdNo>
            <brokerLei>VYVVCKR63DVZZN70PB21</brokerLei>
            <brokerStateCountry brokerState="US-NC" brokerCountry="US"/>
            <grossCommission>83870.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>CAPITAL INSTITUTIONAL SERVICES, INC.</brokerName>
            <brokerFileNo>8-22273</brokerFileNo>
            <brokerCrdNo>000007551</brokerCrdNo>
            <brokerLei>54930061X8RDWFDJIS05</brokerLei>
            <brokerStateCountry brokerState="US-TX" brokerCountry="US"/>
            <grossCommission>5283.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>RBC CAPITAL MARKETS, LLC</brokerName>
            <brokerFileNo>8-45411</brokerFileNo>
            <brokerCrdNo>000031194</brokerCrdNo>
            <brokerLei>549300LCO2FLSSVFFR64</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>46851.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>GMP SECURITIES, LLC</brokerName>
            <brokerFileNo>8-49291</brokerFileNo>
            <brokerCrdNo>000041025</brokerCrdNo>
            <brokerLei>549300QXVHD3G589TO05</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>43458.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>HILLTOP SECURITIES INC.</brokerName>
            <brokerFileNo>8-45123</brokerFileNo>
            <brokerCrdNo>000006220</brokerCrdNo>
            <brokerLei>549300IXU82PMU6XZT45</brokerLei>
            <brokerStateCountry brokerState="US-TX" brokerCountry="US"/>
            <grossCommission>40549.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>CANTOR FITZGERALD &amp; CO.</brokerName>
            <brokerFileNo>8-20100</brokerFileNo>
            <brokerCrdNo>000000134</brokerCrdNo>
            <brokerLei>5493004J7H4GCPG6OB62</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>24907.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>COWEN EXECUTION SERVICES LLC</brokerName>
            <brokerFileNo>8-46838</brokerFileNo>
            <brokerCrdNo>000035693</brokerCrdNo>
            <brokerLei>5493005RJDJD18OPUP27</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>22691.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>JONESTRADING INSTITUTIONAL SERVICES LLC</brokerName>
            <brokerFileNo>8-26089</brokerFileNo>
            <brokerCrdNo>000006888</brokerCrdNo>
            <brokerLei>2138008JJ5PA8H5UIL69</brokerLei>
            <brokerStateCountry brokerState="US-CA" brokerCountry="US"/>
            <grossCommission>8803.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>NATIONAL FINANCIAL SERVICES LLC</brokerName>
            <brokerFileNo>8-26740</brokerFileNo>
            <brokerCrdNo>000013041</brokerCrdNo>
            <brokerLei>549300JRHF1MHHWUAW04</brokerLei>
            <brokerStateCountry brokerState="US-MA" brokerCountry="US"/>
            <grossCommission>6914.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>B. RILEY &amp; CO., LLC</brokerName>
            <brokerFileNo>8-49016</brokerFileNo>
            <brokerCrdNo>000040355</brokerCrdNo>
            <brokerLei>549300AEVMODVBY3QS51</brokerLei>
            <brokerStateCountry brokerState="US-CA" brokerCountry="US"/>
            <grossCommission>6145.000000000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>297522.000000000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>MAXIM GROUP LLC</principalName>
            <principalFileNo>8-65337</principalFileNo>
            <principalCrdNo>000120708</principalCrdNo>
            <principalLei>254900OJ6JZO6SDMHQ83</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>6062020.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>RBC CAPITAL MARKETS, LLC</principalName>
            <principalFileNo>8-45411</principalFileNo>
            <principalCrdNo>000031194</principalCrdNo>
            <principalLei>549300LCO2FLSSVFFR64</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>54504.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>LADENBURG THALMANN &amp; CO. INC.</principalName>
            <principalFileNo>8-17230</principalFileNo>
            <principalCrdNo>000000505</principalCrdNo>
            <principalLei>2549000V3L2KK4L76W91</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>3311306.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>B. RILEY &amp; CO., LLC</principalName>
            <principalFileNo>8-49016</principalFileNo>
            <principalCrdNo>000040355</principalCrdNo>
            <principalLei>549300AEVMODVBY3QS51</principalLei>
            <principalStateCountry principalState="US-CA" principalCountry="US"/>
            <principalTotalPurchaseSale>2683970.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>WEDBUSH SECURITIES INC.</principalName>
            <principalFileNo>8-12987</principalFileNo>
            <principalCrdNo>000000877</principalCrdNo>
            <principalLei>549300CSX55MXZ47EI78</principalLei>
            <principalStateCountry principalState="US-CA" principalCountry="US"/>
            <principalTotalPurchaseSale>1731620.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>RAYMOND JAMES &amp; ASSOCIATES, INC.</principalName>
            <principalFileNo>8-10999</principalFileNo>
            <principalCrdNo>000000705</principalCrdNo>
            <principalLei>U4ONQX15J3RO8XCKE979</principalLei>
            <principalStateCountry principalState="US-FL" principalCountry="US"/>
            <principalTotalPurchaseSale>1612990.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>CHARDAN CAPITAL MARKETS LLC</principalName>
            <principalFileNo>8-65277</principalFileNo>
            <principalCrdNo>000120128</principalCrdNo>
            <principalLei>549300ULWYZWTC2WXL58</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1600000.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>JEFFERIES LLC</principalName>
            <principalFileNo>8-15074</principalFileNo>
            <principalCrdNo>000002347</principalCrdNo>
            <principalLei>58PU97L1C0WSRCWADL48</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1486530.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>COWEN EXECUTION SERVICES LLC</principalName>
            <principalFileNo>8-46838</principalFileNo>
            <principalCrdNo>000035693</principalCrdNo>
            <principalLei>5493005RJDJD18OPUP27</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1354500.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>CANTOR FITZGERALD &amp; CO.</principalName>
            <principalFileNo>8-20100</principalFileNo>
            <principalCrdNo>000000134</principalCrdNo>
            <principalLei>5493004J7H4GCPG6OB62</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1000000.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>20897440.000000000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>130491168.670000000000</mnthlyAvgNetAssets>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <closedEndManagementInvestment>
      <securityRelatedItems>
        <securityRelatedItem>
          <description>Common stock</description>
          <securityClassTitle>Special Opportunities Fund</securityClassTitle>
          <commonStocks>
            <commonStock commonStockExchange="XNYS" commonStockTickerSymbol="SPE"/>
          </commonStocks>
        </securityRelatedItem>
        <securityRelatedItem>
          <description>Preferred stock</description>
          <securityClassTitle>Special Opportunities Fund</securityClassTitle>
          <commonStocks>
            <commonStock commonStockExchange="XNYS" commonStockTickerSymbol="SPE/PB"/>
          </commonStocks>
        </securityRelatedItem>
      </securityRelatedItems>
      <isRightsOffering>N</isRightsOffering>
      <isSecondaryOffering>N</isSecondaryOffering>
      <isRepurchaseSecurity>N</isRepurchaseSecurity>
      <isDefaultLongTermDebt>N</isDefaultLongTermDebt>
      <isDividendsInArrears>N</isDividendsInArrears>
      <isSecuritiesModified>N</isSecuritiesModified>
      <managementFee>1.000000000000</managementFee>
      <netOperatingExpenses>1.990000000000</netOperatingExpenses>
      <marketPricePerShare>14.730000000000</marketPricePerShare>
      <netAssetValuePerShare>16.060000000000</netAssetValuePerShare>
    </closedEndManagementInvestment>
    <exchangeSeriesInfo/>
    <attachmentsTab>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
    </attachmentsTab>
    <signature registrantSignedName="Special Opportunities Fund, Inc." signedDate="2020-03-09" signature="/s/ Andrew Dakos" title="President"/>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>2
<FILENAME>internalcontrolreport.htm
<TEXT>
<HTML><HEAD>
<TITLE></TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Shareholders and Board of Directors </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Special
Opportunities Fund, Inc. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Milwaukee, Wisconsin </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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&nbsp;31, 2019, 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-CEN, 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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)&nbsp;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)&nbsp;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)&nbsp;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. </P>

<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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&nbsp;31, 2019. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>/s/ TAIT,
WELLER&nbsp;&amp; BAKER LLP </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Philadelphia, Pennsylvania </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>February&nbsp;27, 2020 </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
