SPECIAL OPPORTUNITIES FUND, INC.

# Special Opportunities Fund, Inc. (SPE-PC)

Managed by Bulldog Investors, LLC, this closed-end fund pursues a diversified investment strategy focused on public equity and fixed income markets. The fund operates as a fund of funds, investing primarily in other closed-end funds rather than direct securities holdings. Its portfolio construction employs value investing, opportunistic positioning, and special situations strategies to identify investment opportunities across its underlying holdings. The fund uses the S&P 500 Index as a performance benchmark.

The fund's investment approach combines exposure to both equity and fixed income asset classes through its network of underlying closed-end fund investments. This structure provides investors with multi-layered diversification and professional fund selection at the management level. The fund was originally established in 1993 and underwent a strategic refocus, previously operating as the Insured Municipal Income Fund before adopting its current Special Opportunities mandate.

Based in Saddle Brook, New Jersey, the fund is incorporated in Maryland and trades on the New York Stock Exchange. As a closed-end fund structure, SPE-PC maintains a fixed number of shares outstanding and operates with a permanent capital base, distinguishing it from open-ended mutual funds that experience ongoing flows.