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        <name>Equitrans Midstream Corp</name>
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      <invstOrSec>
        <name>Atrium European Real Estate Lt</name>
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      <invstOrSec>
        <name>Standard AVB Financial Corp</name>
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      <invstOrSec>
        <name>Alvopetro Energy Ltd/CA</name>
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      <invstOrSec>
        <name>Bristol-Myers Squibb Co</name>
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          <isin value="US1101221570"/>
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      <invstOrSec>
        <name>Loral Space &amp; Communications I</name>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TREASURY BILL</name>
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          <isin value="US9127963K35"/>
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      <invstOrSec>
        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>9127964R7</cusip>
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          <isin value="US9127964R78"/>
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        <curCd>USD</curCd>
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        <debtSec>
          <maturityDt>2020-11-10</maturityDt>
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      <invstOrSec>
        <name>Charles Schwab Corp/The</name>
        <lei>549300VSGCJ7E698NM85</lei>
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          <isin value="US8085131055"/>
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      <invstOrSec>
        <name>Altaba Inc Escrow</name>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>AstraZeneca PLC</name>
        <lei>PY6ZZQWO2IZFZC3IOL08</lei>
        <title>AstraZeneca PLC</title>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
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        <name>E*TRADE Financial Corp</name>
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        <title>E*TRADE Financial Corp</title>
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          <ticker value="ETFC"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>MoneyGram International Inc</name>
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        <title>MoneyGram International Inc</title>
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          <ticker value="MGI"/>
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      <invstOrSec>
        <name>Central European Media Enterpr</name>
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        <assetCat>EC</assetCat>
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        <invCountry>CZ</invCountry>
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        <name>Gulf Coast Ultra Deep Royalty</name>
        <lei>549300LVVWU3NPP3DF95</lei>
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        <name>Craft Brew Alliance Inc</name>
        <lei>JJD4WAP2U5KDLYQQGZ83</lei>
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        <name>WESCO INTERNATIONAL INC</name>
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        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
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        <name>CIRCOR International Inc</name>
        <lei>5493007701O01N3FQM69</lei>
        <title>CIRCOR International Inc</title>
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      <invstOrSec>
        <name>Jernigan Capital Inc</name>
        <lei>N/A</lei>
        <title>Jernigan Capital Inc</title>
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        <name>STATE STREET GLOBAL MARKETS, LLC</name>
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          <ticker value="N/A"/>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>TD Ameritrade Holding Corp</name>
        <lei>ZI85ER3E6RXD4HPHW309</lei>
        <title>TD Ameritrade Holding Corp</title>
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          <isin value="US87236Y1082"/>
          <ticker value="AMTD"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>QIAGEN NV</name>
        <lei>54930036WK3GMCN17Z57</lei>
        <title>QIAGEN NV</title>
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          <isin value="NL0012169213"/>
          <ticker value="QGEN"/>
          <other otherDesc="SEDOL" value="BYXS688"/>
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        <balance>23000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1201980.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
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          <isin value="US9127962Z13"/>
          <other otherDesc="SEDOL" value="BMV6XS9"/>
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        <balance>8570000.00000000</balance>
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        <valUSD>8569187.65000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2020-11-12</maturityDt>
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      <invstOrSec>
        <name>MEDIA GENERAL CVR</name>
        <lei>N/A</lei>
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          <other otherDesc="INTERNAL" value="584CVR997"/>
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        <balance>225000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Fox Corp</name>
        <lei>549300DDU6FDRBIELS05</lei>
        <title>Fox Corp</title>
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          <isin value="US35137L1052"/>
          <ticker value="FOXA"/>
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        <balance>3500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>97405.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Akcea Therapeutics Inc</name>
        <lei>5299005MBXDP2HBTJY60</lei>
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          <isin value="US00972L1070"/>
          <ticker value="AKCA"/>
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        <curCd>USD</curCd>
        <valUSD>1088400.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>STEEL PARTNERS HLDS LP</name>
        <lei>5493009U8Z59G5SIZ389</lei>
        <title>Steel Partners Holdings LP</title>
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          <isin value="US85814R2067"/>
          <ticker value="SPLP"/>
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        <balance>3004.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>57196.16000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Haldex AB</name>
        <lei>54930033BTSY61VHUR49</lei>
        <title>Haldex AB</title>
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          <isin value="SE0000105199"/>
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        <balance>40000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Liberty Global PLC</name>
        <lei>549300BSGXG3QLIQYT84</lei>
        <title>Liberty Global PLC</title>
        <cusip>000000000</cusip>
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          <isin value="GB00B8W67B19"/>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>9127962R9</cusip>
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          <isin value="US9127962R96"/>
          <other otherDesc="SEDOL" value="BLD7X72"/>
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        <balance>10140000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2020-10-15</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Wright Medical Group NV</name>
        <lei>549300JGCCQ1HTDOXU32</lei>
        <title>Wright Medical Group NV</title>
        <cusip>000000000</cusip>
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          <isin value="NL0011327523"/>
          <ticker value="WMGI"/>
          <other otherDesc="SEDOL" value="BZ2JCC5"/>
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        <balance>96000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Steel Partners Holdings LP</name>
        <lei>5493009U8Z59G5SIZ389</lei>
        <title>Steel Partners Holdings LP</title>
        <cusip>85814R107</cusip>
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          <isin value="US85814R1077"/>
          <ticker value="SPLP"/>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cincinnati Bell Inc</name>
        <lei>549300JYVZOCUJOHL272</lei>
        <title>Cincinnati Bell Inc</title>
        <cusip>171871502</cusip>
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          <isin value="US1718715022"/>
          <ticker value="CBB"/>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Endesa SA</name>
        <lei>549300LHK07F2CHV4X31</lei>
        <title>Endesa SA</title>
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          <isin value="ES0130670112"/>
          <ticker value="ELE"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>STATE STREET GLOBAL MARKETS, LLC</name>
        <lei>549300FDEDF5ORXCMQ56</lei>
        <title>GBP/USD FORWARD</title>
        <cusip>000000000</cusip>
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          <ticker value="N/A"/>
          <other otherDesc="INTERNAL" value="C00JLI43DK5MULLM"/>
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        <balance>1.00000000</balance>
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      <invstOrSec>
        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>9127964C0</cusip>
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          <isin value="US9127964C00"/>
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        <balance>1500000.00000000</balance>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Immunomedics Inc</name>
        <lei>5493007ZU7DDO8PSIM59</lei>
        <title>Immunomedics Inc</title>
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        <name>NII Holdings Escrow</name>
        <lei>N/A</lei>
        <title>NII Holdings Escrow</title>
        <cusip>000000000</cusip>
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        <balance>713121.00000000</balance>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>Navistar International Corp</name>
        <lei>WNDD3CRVXJGC8I7GX671</lei>
        <title>Navistar International Corp</title>
        <cusip>63934E108</cusip>
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          <isin value="US63934E1082"/>
          <ticker value="NAV"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Rayonier Inc</name>
        <lei>HGV8VDVNL0W6SF2U9C50</lei>
        <title>Rayonier Inc</title>
        <cusip>754907103</cusip>
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          <isin value="US7549071030"/>
          <ticker value="RYN"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Aon PLC</name>
        <lei>635400FALWQYX5E6QC64</lei>
        <title>Aon PLC</title>
        <cusip>000000000</cusip>
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          <isin value="IE00BLP1HW54"/>
          <ticker value="AON"/>
          <other otherDesc="SEDOL" value="BLP1HW5"/>
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        <balance>-7560.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-1559628.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Acacia Communications Inc</name>
        <lei>549300PZLTIVLKOBPB61</lei>
        <title>Acacia Communications Inc</title>
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          <isin value="US00401C1080"/>
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        <curCd>USD</curCd>
        <valUSD>606600.00000000</valUSD>
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      <invstOrSec>
        <name>TOBIRA THERAPEUTICS INC</name>
        <lei>N/A</lei>
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          <other otherDesc="Internal" value="888CVR990"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>INNOCOLL</name>
        <lei>N/A</lei>
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        <cusip>000000000</cusip>
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          <other otherDesc="SEDOL" value="BYCVRV8"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>9127962F5</cusip>
        <identifiers>
          <isin value="US9127962F58"/>
          <other otherDesc="Sedol" value="BKPSY39"/>
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        <balance>2100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2099004.68000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-03-25</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Advanced Disposal Services Inc</name>
        <lei>549300ML1GEF4BKIM713</lei>
        <title>Advanced Disposal Services Inc</title>
        <cusip>00790X101</cusip>
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          <isin value="US00790X1019"/>
          <ticker value="ADSW"/>
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        <balance>35000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1058050.00000000</valUSD>
        <pctVal>0.698909656268</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Avista Corp</name>
        <lei>Q0IK63NITJD6RJ47SW96</lei>
        <title>Avista Corp</title>
        <cusip>05379B107</cusip>
        <identifiers>
          <isin value="US05379B1070"/>
          <ticker value="AVA"/>
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        <balance>3000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>102360.00000000</valUSD>
        <pctVal>0.067615322920</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Idorsia Ltd</name>
        <lei>506700XOVZUB107S5720</lei>
        <title>Idorsia Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CH0363463438"/>
          <ticker value="IDIA"/>
          <other otherDesc="SEDOL" value="BF0YK62"/>
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        <balance>30000.00000000</balance>
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        <pctVal>0.532295255247</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Willis Towers Watson PLC</name>
        <lei>549300WHC56FF48KL350</lei>
        <title>Willis Towers Watson PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IE00BDB6Q211"/>
          <ticker value="WLTW"/>
          <other otherDesc="SEDOL" value="BDB6Q21"/>
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        <balance>7000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1461740.00000000</valUSD>
        <pctVal>0.965572705405</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NIBC Holding NV</name>
        <lei>7245006WQ4T1GV2W4C98</lei>
        <title>NIBC Holding NV</title>
        <cusip>000000000</cusip>
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          <isin value="NL0012756316"/>
          <ticker value="NIBC"/>
          <other otherDesc="SEDOL" value="BG0SJ20"/>
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        <balance>4000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>STATE STREET GLOBAL MARKETS, LLC</name>
        <lei>549300FDEDF5ORXCMQ56</lei>
        <title>CHF/USD FORWARD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="N/A"/>
          <other otherDesc="INTERNAL" value="C00JLI43DL7EBBRR"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>3185.15000000</valUSD>
        <pctVal>0.002103995171</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>STATE STREET GLOBAL MARKETS, LLC</counterpartyName>
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            <settlementDt>2020-10-29</settlementDt>
            <unrealizedAppr>3185.15000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Artemis Gold Inc</name>
        <lei>N/A</lei>
        <title>Artemis Gold Inc</title>
        <cusip>04302L100</cusip>
        <identifiers>
          <isin value="CA04302L1004"/>
          <ticker value="ARTG"/>
          <other otherDesc="SEDOL" value="BKLTQ63"/>
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        <balance>20000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.33155000"/>
        <valUSD>93124.55000000</valUSD>
        <pctVal>0.061514717858</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Devoteam SA</name>
        <lei>9695002ZQ0NCDYU5YB44</lei>
        <title>Devoteam SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="FR0000073793"/>
          <ticker value="DVT"/>
          <other otherDesc="SEDOL" value="5805103"/>
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        <balance>1000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.85291000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CNH Industrial NV</name>
        <lei>549300WGC2HZ5J67V817</lei>
        <title>CNH Industrial NV</title>
        <cusip>000000000</cusip>
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          <isin value="NL0010545661"/>
          <ticker value="CNHI"/>
          <other otherDesc="SEDOL" value="BDSV2V0"/>
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        <balance>15000.00000000</balance>
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        <pctVal>0.077231402927</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Massimo Zanetti Beverage Group</name>
        <lei>81560082A98CE9C66509</lei>
        <title>Massimo Zanetti Beverage Group SpA</title>
        <cusip>000000000</cusip>
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          <isin value="IT0005042467"/>
          <ticker value="MZB"/>
          <other otherDesc="SEDOL" value="BYY5FZ8"/>
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        <balance>30000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Aimmune Therapeutics Inc</name>
        <lei>549300WDF7T2EVBC1877</lei>
        <title>Aimmune Therapeutics Inc</title>
        <cusip>00900T107</cusip>
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          <isin value="US00900T1079"/>
          <ticker value="AIMT"/>
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        <curCd>USD</curCd>
        <valUSD>3789500.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912796TU3</cusip>
        <identifiers>
          <isin value="US912796TU31"/>
          <other otherDesc="SEDOL" value="BKM1DQ7"/>
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        <balance>6200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6199077.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-12-03</maturityDt>
          <couponKind>None</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Canfor Corp</name>
        <lei>N/A</lei>
        <title>Canfor Corp</title>
        <cusip>137576104</cusip>
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          <isin value="CA1375761048"/>
          <ticker value="CFP"/>
          <other otherDesc="SEDOL" value="B18P4F6"/>
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        <balance>115000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
        <cusip>617446448</cusip>
        <identifiers>
          <isin value="US6174464486"/>
          <ticker value="MS"/>
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        <balance>-2086.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-100858.10000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Parrot SA</name>
        <lei>9695000KELLFSASOM232</lei>
        <title>Parrot SA</title>
        <cusip>000000000</cusip>
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          <isin value="FR0004038263"/>
          <ticker value="PARRO"/>
          <other otherDesc="SEDOL" value="B04VST3"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Fox Corp</name>
        <lei>549300DDU6FDRBIELS05</lei>
        <title>Fox Corp</title>
        <cusip>35137L204</cusip>
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          <isin value="US35137L2043"/>
          <ticker value="FOX"/>
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        <balance>49000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1370530.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>eWork Group AB</name>
        <lei>549300WF2ILKHMGV9I45</lei>
        <title>eWork Group AB</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SE0002402701"/>
          <ticker value="EWRK"/>
          <other otherDesc="SEDOL" value="B2R89B4"/>
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        <balance>2000.00000000</balance>
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        <currencyConditional curCd="SEK" exchangeRt="8.95585000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Neles Oyj</name>
        <lei>2138007FRMWVPUDCMA45</lei>
        <title>Neles Oyj</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="FI4000440664"/>
          <ticker value="NELES"/>
          <other otherDesc="SEDOL" value="BLF9RR4"/>
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        <balance>3000.00000000</balance>
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        <valUSD>40643.21000000</valUSD>
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        <name>OCERA THERAPEUTICS CVR</name>
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      <invstOrSec>
        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <name>Varian Medical Systems Inc</name>
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        <name>Fitbit Inc</name>
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        <name>Koninklijke KPN NV</name>
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        <name>Flutter Entertainment PLC</name>
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        <name>Bel Fuse Inc</name>
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        <name>Liberty Global PLC</name>
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        <name>Stemline Therapeutics</name>
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        <name>Pacific Biosciences of Califor</name>
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        <name>Pan American Silver CVR</name>
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        <name>Yashili International Holdings</name>
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        <name>Elanco Animal Health CVR</name>
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        <name>Internationella Engelska Skola</name>
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        <title>Internationella Engelska Skolan i Sverige Holding II AB</title>
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        <name>MVC Capital Inc</name>
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        <name>IMA SpA</name>
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        <name>Intersect ENT Inc</name>
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        <name>Liberty Latin America Ltd</name>
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        <name>Lennar Corp</name>
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        <name>Livongo Health Inc</name>
        <lei>54930061HKCVF1H2O156</lei>
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        <name>Medicrea International</name>
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        <name>ACHILLION PHARM CVR</name>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
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      <invstOrSec>
        <name>Lennar Corp</name>
        <lei>529900G61XVRLX5TJX09</lei>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>Hexcel Corp</name>
        <lei>S6Q7LW43WUBUHXY2QP69</lei>
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          <isin value="US4282911084"/>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>Cherry AB</name>
        <lei>549300PFWW1URKGIPU90</lei>
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        <name>Hudson Ltd</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Hinokiya Group Co Ltd</name>
        <lei>N/A</lei>
        <title>Hinokiya Group Co Ltd</title>
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          <isin value="JP3792100004"/>
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      <invstOrSec>
        <name>ALDER BIOPHARMACEUTICALS INC</name>
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      <invstOrSec>
        <name>Sunrise Communications Group A</name>
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      <invstOrSec>
        <name>TREASURY BILL</name>
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        <title>United States Treasury Bill</title>
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          <isin value="US9127962T52"/>
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          <maturityDt>2020-10-29</maturityDt>
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      <invstOrSec>
        <name>Noble Energy Inc</name>
        <lei>02VFQXG2D1LR5ZH3K186</lei>
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        <name>XPO Logistics Europe SADIR</name>
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        <name>TREASURY BILL</name>
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        <name>AMBIT BIOSCIENCES CORP</name>
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        <name>TREASURY BILL</name>
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        <name>TREASURY BILL</name>
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          <isin value="US9127963L18"/>
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        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912796TP4</cusip>
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          <isin value="US912796TP46"/>
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        <name>Premier Foods PLC</name>
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        <name>Liberty Latin America Ltd</name>
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        <name>TREASURY BILL</name>
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        <name>Hastings Group Holdings PLC</name>
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        <name>STATE STREET GLOBAL MARKETS, LLC</name>
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        <curCd>USD</curCd>
        <valUSD>4275.00000000</valUSD>
        <pctVal>0.002823910760</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-11-20</ncom:dateSigned>
      <ncom:nameOfApplicant>GDL Fund</ncom:nameOfApplicant>
      <ncom:signature>John C. Ball</ncom:signature>
      <ncom:signerName>John C. Ball</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
