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          <isin value="NL0015000LU4"/>
          <ticker value="IVG"/>
          <other otherDesc="SEDOL" value="BKPGF52"/>
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        <balance>20000.00000000</balance>
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        <pctVal>0.092257737036</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>First Horizon Corp</name>
        <lei>TF3RXI1ZB1TQ30H9JV10</lei>
        <title>First Horizon Corp</title>
        <cusip>320517105</cusip>
        <identifiers>
          <isin value="US3205171057"/>
          <ticker value="FHN"/>
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        <balance>15000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>352350.00000000</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>
      <invstOrSec>
        <name>Liberty Latin America Ltd</name>
        <lei>213800YWQHEAX7CAVO83</lei>
        <title>Liberty Latin America Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BMG9001E1021"/>
          <ticker value="LILA"/>
          <other otherDesc="SEDOL" value="BD9Q3P5"/>
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        <balance>20000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>194000.00000000</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>
      <invstOrSec>
        <name>Southwest Gas Holdings Inc</name>
        <lei>N/A</lei>
        <title>Southwest Gas Holdings Inc</title>
        <cusip>844895102</cusip>
        <identifiers>
          <isin value="US8448951025"/>
          <ticker value="SWX"/>
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        <balance>200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15658.00000000</valUSD>
        <pctVal>0.010973340143</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>Alamos Gold Inc</name>
        <lei>549300TDOX73YGYXE959</lei>
        <title>Alamos Gold Inc</title>
        <cusip>011532108</cusip>
        <identifiers>
          <isin value="CA0115321089"/>
          <ticker value="AGI"/>
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        <balance>50000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>421000.00000000</valUSD>
        <pctVal>0.295042546966</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>
        <name>Bel Fuse Inc</name>
        <lei>2549009L4XYDBRRY6X39</lei>
        <title>Bel Fuse Inc</title>
        <cusip>077347201</cusip>
        <identifiers>
          <isin value="US0773472016"/>
          <ticker value="BELFA"/>
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        <balance>62900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1320900.00000000</valUSD>
        <pctVal>0.925704751279</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>Liberty Global PLC</name>
        <lei>549300BSGXG3QLIQYT84</lei>
        <title>Liberty Global PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B8W67662"/>
          <ticker value="LBTYA"/>
          <other otherDesc="SEDOL" value="B8W6766"/>
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        <balance>40000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1020400.00000000</valUSD>
        <pctVal>0.715110249227</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Hinokiya Group Co Ltd</name>
        <lei>N/A</lei>
        <title>Hinokiya Group Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3792100004"/>
          <ticker value="1413"/>
          <other otherDesc="SEDOL" value="B28KN06"/>
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        <balance>2000.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="121.74000000"/>
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        <pctVal>0.027102271973</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SGL Carbon SE</name>
        <lei>52990038IB31TYK07X63</lei>
        <title>SGL Carbon SE</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="DE0007235301"/>
          <ticker value="SGL"/>
          <other otherDesc="SEDOL" value="4818351"/>
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        <balance>4000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.90395480"/>
        <valUSD>25089.75000000</valUSD>
        <pctVal>0.017583239293</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Siltronic AG</name>
        <lei>5299003NKV26NNGHHR90</lei>
        <title>Siltronic AG</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="DE000WAF3001"/>
          <ticker value="WAF"/>
          <other otherDesc="SEDOL" value="BYY5978"/>
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        <balance>8200.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.90395480"/>
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        <pctVal>0.592877675144</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Cornerstone Building Brands In</name>
        <lei>549300IW41QEWQ6T0H29</lei>
        <title>Cornerstone Building Brands Inc</title>
        <cusip>21925D109</cusip>
        <identifiers>
          <isin value="US21925D1090"/>
          <ticker value="CNR"/>
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        <balance>10500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>255360.00000000</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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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>OCERA THERAPEUTICS CVR</name>
        <lei>N/A</lei>
        <title>OCERA THERAPEUTICS CVR</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal" value="675CVR195"/>
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        <balance>23000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3910.00000000</valUSD>
        <pctVal>0.002740181374</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Citrix Systems Inc</name>
        <lei>HCTKJGUQOPZ5NBK7NP58</lei>
        <title>Citrix Systems Inc</title>
        <cusip>177376100</cusip>
        <identifiers>
          <isin value="US1773761002"/>
          <ticker value="CTXS"/>
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        <balance>6000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>605400.00000000</valUSD>
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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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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Avast PLC</name>
        <lei>213800IR8G8LCZH4BO27</lei>
        <title>Avast PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BDD85M81"/>
          <ticker value="AVST"/>
          <other otherDesc="SEDOL" value="BDD85M8"/>
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        <balance>33000.00000000</balance>
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        <pctVal>0.171954125237</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CZ</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Endesa SA</name>
        <lei>549300LHK07F2CHV4X31</lei>
        <title>Endesa SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ES0130670112"/>
          <ticker value="ELE"/>
          <other otherDesc="SEDOL" value="5271782"/>
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        <balance>40000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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      <invstOrSec>
        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912796G45</cusip>
        <identifiers>
          <isin value="US912796G459"/>
          <other otherDesc="SEDOL" value="BMG87D3"/>
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        <balance>5210000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5209645.41000000</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>2022-04-21</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Dell Technologies Inc</name>
        <lei>549300TJB5YBRUPOG437</lei>
        <title>Dell Technologies Inc</title>
        <cusip>24703L202</cusip>
        <identifiers>
          <isin value="US24703L2025"/>
          <ticker value="DELL"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>501900.00000000</valUSD>
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        <assetCat>EC</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>Flutter Entertainment PLC</name>
        <lei>635400EG4YIJLJMZJ782</lei>
        <title>Flutter Entertainment PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IE00BWT6H894"/>
          <ticker value="FLTR"/>
          <other otherDesc="SEDOL" value="BWXC0Z1"/>
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        <balance>500.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Yashili International Holdings</name>
        <lei>N/A</lei>
        <title>Yashili International Holdings Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG983401053"/>
          <ticker value="1230"/>
          <other otherDesc="SEDOL" value="B4NV9B1"/>
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        <balance>350000.00000000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.83330000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Akka Technologies</name>
        <lei>969500T8J3DEVXVDFA03</lei>
        <title>Akka Technologies</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="FR0004180537"/>
          <ticker value="AKA"/>
          <other otherDesc="SEDOL" value="B188LG5"/>
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        <balance>3000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CONTRA ADAMAS PHARMACE</name>
        <lei>N/A</lei>
        <title>CONTRA ADAMAS PHARMACE</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="005CVR014"/>
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        <balance>104000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5200.00000000</valUSD>
        <pctVal>0.003644230983</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Intersect ENT Inc</name>
        <lei>549300SWZUVLSFMOXR50</lei>
        <title>Intersect ENT Inc</title>
        <cusip>46071F103</cusip>
        <identifiers>
          <isin value="US46071F1030"/>
          <ticker value="XENT"/>
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        <balance>30000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>840300.00000000</valUSD>
        <pctVal>0.588893710727</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>Kinross Gold Corp</name>
        <lei>549300UEBMAQDN0K0R06</lei>
        <title>Kinross Gold Corp</title>
        <cusip>496902404</cusip>
        <identifiers>
          <isin value="CA4969024047"/>
          <ticker value="K"/>
          <other otherDesc="SEDOL" value="B03Z841"/>
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        <balance>4257.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.25015000"/>
        <valUSD>24994.10000000</valUSD>
        <pctVal>0.017516206468</pctVal>
        <payoffProfile>Long</payoffProfile>
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        <name>Corem Property Group AB</name>
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        <name>Sportsman's Warehouse Holdings</name>
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        <name>Advanced Micro Devices Inc</name>
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        <name>TREASURY BILL</name>
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        <name>CONTRA ADAMAS PHARMACE</name>
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        <name>Avista Corp</name>
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        <name>Zardoya Otis SA</name>
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        <name>Veoneer Inc</name>
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        <name>State Street Bank and Trust Company</name>
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        <name>Aerojet Rocketdyne Holdings In</name>
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        <name>TREASURY BILL</name>
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        <name>Lennar Corp</name>
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        <name>Houghton Mifflin Harcourt Co</name>
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        <name>Mandiant Inc</name>
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        <name>Intertape Polymer Group Inc</name>
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        <name>Hexcel Corp</name>
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        <name>Ferro Corp</name>
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        <name>TEVA PHARM CCC 02/20/2023</name>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Terminix Global Holdings Inc</name>
        <lei>549300GS10644JGL8R77</lei>
        <title>Terminix Global Holdings Inc</title>
        <cusip>88087E100</cusip>
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          <isin value="US88087E1001"/>
          <ticker value="TMX"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>912600.00000000</valUSD>
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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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Zogenix Inc</name>
        <lei>N/A</lei>
        <title>Zogenix Inc</title>
        <cusip>000000000</cusip>
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          <ticker value="ZGNX"/>
          <other otherDesc="INTERNAL" value="989CVR014"/>
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        <balance>1500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1125.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CONTINGENT VALUE RIGHT</name>
        <lei>N/A</lei>
        <title>CONTINGENT VALUE RIGHT</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="339CVR011"/>
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        <balance>1000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>650.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Coherent Inc</name>
        <lei>549300RYOCKUMWACR010</lei>
        <title>Coherent Inc</title>
        <cusip>192479103</cusip>
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          <isin value="US1924791031"/>
          <ticker value="COHR"/>
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        <balance>1000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>273360.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <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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        <curCd>USD</curCd>
        <valUSD>343000.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>NL</invCountry>

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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Vifor Pharma AG</name>
        <lei>529900KO6CN2D9OE1F19</lei>
        <title>Vifor Pharma AG</title>
        <cusip>000000000</cusip>
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          <isin value="CH1156060167"/>
          <ticker value="VIFNE"/>
          <other otherDesc="SEDOL" value="BNT86X0"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CH</invCountry>
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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>26000.00000000</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>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Webster Financial Corp</name>
        <lei>KMRURHT0VWKYS6Z5KU67</lei>
        <title>Webster Financial Corp</title>
        <cusip>947890109</cusip>
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          <isin value="US9478901096"/>
          <ticker value="WBS"/>
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        <balance>13890.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>779506.80000000</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CFT SpA</name>
        <lei>8156006BD7F4AB008C54</lei>
        <title>CFT SpA</title>
        <cusip>000000000</cusip>
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          <isin value="IT0005262313"/>
          <ticker value="CFT"/>
          <other otherDesc="SEDOL" value="BF5GLD7"/>
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        <balance>25000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Columbia Banking System Inc</name>
        <lei>N/A</lei>
        <title>Columbia Banking System Inc</title>
        <cusip>197236102</cusip>
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          <isin value="US1972361026"/>
          <ticker value="COLB"/>
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        <balance>2200.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>70994.00000000</valUSD>
        <pctVal>0.049753564321</pctVal>
        <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>Macquarie Infrastructure Holdi</name>
        <lei>N/A</lei>
        <title>Macquarie Infrastructure Holdings LLC</title>
        <cusip>55608B105</cusip>
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          <isin value="US55608B1052"/>
          <ticker value="MIC"/>
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        <balance>96500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>359945.00000000</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>KINCROSS GOLDCORP CVR</name>
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          <other otherDesc="INTERNAL" value="BPR9XS3"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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      <invstOrSec>
        <name>Nielsen Holdings PLC</name>
        <lei>549300ZVCBHQE0XHG367</lei>
        <title>Nielsen Holdings PLC</title>
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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>Koninklijke KPN NV</name>
        <lei>549300YO0JZHAL7FVP81</lei>
        <title>Koninklijke KPN NV</title>
        <cusip>000000000</cusip>
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          <isin value="NL0000009082"/>
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        <assetCat>EC</assetCat>
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        <invCountry>NL</invCountry>
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      <invstOrSec>
        <name>Haldex AB</name>
        <lei>54930033BTSY61VHUR49</lei>
        <title>Haldex AB</title>
        <cusip>000000000</cusip>
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          <isin value="SE0000105199"/>
          <ticker value="HLDX"/>
          <other otherDesc="SEDOL" value="4407599"/>
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        <assetCat>EC</assetCat>
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        <invCountry>SE</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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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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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
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      <invstOrSec>
        <name>Bluerock Residential Growth RE</name>
        <lei>549300KWLV0TGICOUU26</lei>
        <title>Bluerock Residential Growth REIT Inc</title>
        <cusip>09627J102</cusip>
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          <isin value="US09627J1025"/>
          <ticker value="BRG"/>
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      <invstOrSec>
        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912796T41</cusip>
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          <isin value="US912796T411"/>
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      <invstOrSec>
        <name>NeoPhotonics Corp</name>
        <lei>5493001EHDO3GEGZ6930</lei>
        <title>NeoPhotonics Corp</title>
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      <invstOrSec>
        <name>Abertis Infraestructuras SA</name>
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        <title>Abertis Infraestructuras SA</title>
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          <ticker value="ABE"/>
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        <assetCat>EC</assetCat>
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        <invCountry>ES</invCountry>
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      <invstOrSec>
        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912796R35</cusip>
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          <isin value="US912796R357"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <debtSec>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Alleghany Corp</name>
        <lei>549300DCJE6AYX159479</lei>
        <title>Alleghany Corp</title>
        <cusip>017175100</cusip>
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          <isin value="US0171751003"/>
          <ticker value="Y"/>
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        <balance>400.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>338800.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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      <invstOrSec>
        <name>Change Healthcare Inc</name>
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          <isin value="US15912K1007"/>
          <ticker value="CHNG"/>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>CMC Materials Inc</name>
        <lei>31F6V1MN00ZW3XWB4J69</lei>
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          <isin value="US12571T1007"/>
          <ticker value="CCMP"/>
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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>
      <invstOrSec>
        <name>Vivo Energy PLC</name>
        <lei>213800TR7V9QN896AU56</lei>
        <title>Vivo Energy PLC</title>
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          <isin value="GB00BDGT2M75"/>
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        <balance>32000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>

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      <invstOrSec>
        <name>MoneyGram International Inc</name>
        <lei>5299002DLX0Q04KC4156</lei>
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          <isin value="US60935Y2081"/>
          <ticker value="MGI"/>
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        <balance>55000.00000000</balance>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>Dova Pharmaceuticals Inc CVR</name>
        <lei>N/A</lei>
        <title>Dova Pharmaceuticals Inc CVR</title>
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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>Brookfield Asset Management In</name>
        <lei>C6J3FGIWG6MBDGTE8F80</lei>
        <title>Brookfield Asset Management Inc</title>
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          <isin value="CA1125851040"/>
          <ticker value="BAM"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cadence Bank</name>
        <lei>Q7C315HKI8VX0SSKBS64</lei>
        <title>Cadence Bank</title>
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          <isin value="US12740C1036"/>
          <ticker value="CADE"/>
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        <curCd>USD</curCd>
        <valUSD>351120.00000000</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>Parrot SA</name>
        <lei>9695000KELLFSASOM232</lei>
        <title>Parrot SA</title>
        <cusip>000000000</cusip>
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          <isin value="FR0004038263"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Neenah Inc</name>
        <lei>8SR38IKUT3O1F1I6VH65</lei>
        <title>Neenah Inc</title>
        <cusip>640079109</cusip>
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          <isin value="US6400791090"/>
          <ticker value="NP"/>
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        <balance>500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>19830.00000000</valUSD>
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        <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>PNM Resources Inc</name>
        <lei>5493003JOBJGLZSDDQ28</lei>
        <title>PNM Resources Inc</title>
        <cusip>69349H107</cusip>
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          <isin value="US69349H1077"/>
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        <curCd>USD</curCd>
        <valUSD>5205564.00000000</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>Intertrust NV</name>
        <lei>724500NRH17KKW68GO66</lei>
        <title>Intertrust NV</title>
        <cusip>000000000</cusip>
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          <isin value="NL0010937058"/>
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        <assetCat>EC</assetCat>
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        <invCountry>NL</invCountry>
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      <invstOrSec>
        <name>STEEL PARTNERS HLDS LP</name>
        <lei>5493009U8Z59G5SIZ389</lei>
        <title>Steel Partners Holdings LP</title>
        <cusip>85814R206</cusip>
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          <isin value="US85814R2067"/>
          <ticker value="SPLP"/>
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        <balance>2000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MEDIA GENERAL CVR</name>
        <lei>N/A</lei>
        <title>MEDIA GENERAL</title>
        <cusip>000000000</cusip>
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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>American National Group Inc</name>
        <lei>549300I1RRC5M591MY93</lei>
        <title>American National Group Inc</title>
        <cusip>02772A109</cusip>
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          <isin value="US02772A1097"/>
          <ticker value="ANAT"/>
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        <curCd>USD</curCd>
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        <name>ACHILLION PHARM CVR</name>
        <lei>N/A</lei>
        <title>ACHILLION PHARM CVR</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <name>Tronox Holdings PLC</name>
        <lei>549300NRVC84SGJSXV06</lei>
        <title>Tronox Holdings PLC</title>
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          <ticker value="TROX"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

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        <name>CIRCOR International Inc</name>
        <lei>5493007701O01N3FQM69</lei>
        <title>CIRCOR International Inc</title>
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        <name>SOC Telemed Inc</name>
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        <name>Artemis Gold Inc</name>
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        <name>Aareal Bank AG</name>
        <lei>EZKODONU5TYHW4PP1R34</lei>
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        <name>Meritor Inc</name>
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        <name>INNOCOLL</name>
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        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
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        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Bioventus Inc</name>
        <lei>N/A</lei>
        <title>Bioventus Inc</title>
        <cusip>09075A108</cusip>
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          <isin value="US09075A1088"/>
          <ticker value="BVS"/>
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        <balance>8400.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>118440.00000000</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>
      <invstOrSec>
        <name>TOBIRA THERAPEUTICS INC</name>
        <lei>N/A</lei>
        <title>TOBIRA THERAPEUTIC</title>
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          <other otherDesc="Internal" value="888CVR990"/>
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        <balance>11000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Clear Channel Outdoor Holdings</name>
        <lei>N/A</lei>
        <title>Clear Channel Outdoor Holdings Inc</title>
        <cusip>18453H106</cusip>
        <identifiers>
          <isin value="US18453H1068"/>
          <ticker value="CCO"/>
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        <balance>135000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>467100.00000000</valUSD>
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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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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Vonage Holdings Corp</name>
        <lei>529900W7N0N4WLN1JY21</lei>
        <title>Vonage Holdings Corp</title>
        <cusip>92886T201</cusip>
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          <isin value="US92886T2015"/>
          <ticker value="VG"/>
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        <balance>35000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>710150.00000000</valUSD>
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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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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Mimecast Ltd</name>
        <lei>254900ELSYFSTT9X2740</lei>
        <title>Mimecast Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BYT5JK65"/>
          <ticker value="MIME"/>
          <other otherDesc="SEDOL" value="BYT5JK6"/>
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        <balance>12500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>994500.00000000</valUSD>
        <pctVal>0.696959175673</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</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>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>30000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1088400.00000000</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>Altaba Inc Escrow</name>
        <lei>N/A</lei>
        <title>Altaba Inc Escrow</title>
        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="021ESC017"/>
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        <balance>425000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2475625.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SouthState Corp</name>
        <lei>549300JZUANXM0YQ4W53</lei>
        <title>SouthState Corp</title>
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          <isin value="US8404411097"/>
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        <balance>1800.00000000</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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Spire Global Inc</name>
        <lei>549300EZFBLFFHJ5MF06</lei>
        <title>Spire Global Inc</title>
        <cusip>848560108</cusip>
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          <isin value="US8485601087"/>
          <ticker value="SPIR"/>
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        <balance>8700.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>18270.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</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>Pan American Silver CVR</name>
        <lei>549300MKTF5851TYIB83</lei>
        <title>Pan American Silver CVR</title>
        <cusip>697900132</cusip>
        <identifiers>
          <isin value="CA6979001329"/>
          <ticker value="PAASF"/>
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        <balance>419000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>351960.00000000</valUSD>
        <pctVal>0.246658372518</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>
        <name>State Street Bank and Trust Company</name>
        <lei>571474TGEMMWANRLN572</lei>
        <title>USD/GBP FORWARD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="N/A"/>
          <other otherDesc="INTERNAL" value="2H070DH0RMB04ULN"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>275.06000000</valUSD>
        <pctVal>0.000192765802</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
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              <counterpartyName>State Street Bank and Trust Company</counterpartyName>
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        <securityLending>
          <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>912796H44</cusip>
        <identifiers>
          <isin value="US912796H440"/>
          <other otherDesc="SEDOL" value="BMCXZ83"/>
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        <balance>1220000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1219609.60000000</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>2022-05-19</maturityDt>
          <couponKind>None</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sanderson Farms Inc</name>
        <lei>529900KZGVFTWHUO2759</lei>
        <title>Sanderson Farms Inc</title>
        <cusip>800013104</cusip>
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          <isin value="US8000131040"/>
          <ticker value="SAFM"/>
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        <balance>6000.00000000</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>Liberty Latin America Ltd</name>
        <lei>213800YWQHEAX7CAVO83</lei>
        <title>Liberty Latin America Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="BMG9001E1286"/>
          <ticker value="LILAK"/>
          <other otherDesc="SEDOL" value="BD9Q3Q6"/>
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        <balance>5351.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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      <invstOrSec>
        <name>NII Holdings Escrow</name>
        <lei>N/A</lei>
        <title>NII Holdings Escrow</title>
        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="629ESC013"/>
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        <balance>713121.00000000</balance>
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        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Renewable Energy Group Inc</name>
        <lei>549300HPU3BD8ZI0X358</lei>
        <title>Renewable Energy Group Inc</title>
        <cusip>75972A301</cusip>
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          <isin value="US75972A3014"/>
          <ticker value="REGI"/>
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        <balance>4300.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>260795.00000000</valUSD>
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        <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>Sierra Metals Inc</name>
        <lei>9676001YCHZE7AT8VA50</lei>
        <title>Sierra Metals Inc</title>
        <cusip>82639W106</cusip>
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          <isin value="CA82639W1068"/>
          <ticker value="SMTS"/>
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        <balance>65000.00000000</balance>
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        <curCd>USD</curCd>
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        <pctVal>0.053752407012</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</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>912796Q36</cusip>
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          <isin value="US912796Q367"/>
          <other otherDesc="SEDOL" value="BP39M02"/>
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        <balance>4705000.00000000</balance>
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        <invCountry>US</invCountry>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Ultra Electronics Holdings PLC</name>
        <lei>213800E68EATZGAJIP64</lei>
        <title>Ultra Electronics Holdings PLC</title>
        <cusip>000000000</cusip>
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          <isin value="GB0009123323"/>
          <ticker value="ULE"/>
          <other otherDesc="SEDOL" value="0912332"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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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>912796R50</cusip>
        <identifiers>
          <isin value="US912796R506"/>
          <other otherDesc="SEDOL" value="BPP1JQ1"/>
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        <balance>3075000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-06-30</maturityDt>
          <couponKind>None</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>South Jersey Industries Inc</name>
        <lei>549300DJYWYT5VXLFA46</lei>
        <title>South Jersey Industries Inc</title>
        <cusip>838518108</cusip>
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          <isin value="US8385181081"/>
          <ticker value="SJI"/>
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        <balance>3500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>120925.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Welbilt Inc</name>
        <lei>549300UR3W71YLZWI068</lei>
        <title>Welbilt Inc</title>
        <cusip>949090104</cusip>
        <identifiers>
          <isin value="US9490901041"/>
          <ticker value="WBT"/>
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        <balance>130000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3087500.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>PREVAIL THERAPEUTICS INC</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
        <valUSD>1500.00000000</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>Accell Group NV</name>
        <lei>724500PZHSQTJODTGY09</lei>
        <title>Accell Group NV</title>
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          <isin value="NL0009767532"/>
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      <invstOrSec>
        <name>AMBIT BIOSCIENCES CORP</name>
        <lei>N/A</lei>
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          <other otherDesc="INTERNAL" value="023CVR996"/>
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      <invstOrSec>
        <name>Playtech Plc</name>
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        <title>Playtech Plc</title>
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        <assetCat>EC</assetCat>
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        <invCountry>IM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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      <invstOrSec>
        <name>Shaw Communications Inc</name>
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      <invstOrSec>
        <name>Lee Enterprises Inc</name>
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        <name>SPX FLOW Inc</name>
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        <name>Cerner Corp</name>
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          <isCashCollateral>N</isCashCollateral>
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        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
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          <isin value="US912796P450"/>
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      <invstOrSec>
        <name>US Ecology Inc</name>
        <lei>N/A</lei>
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          <ticker value="ECOL"/>
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        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Anaplan Inc</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>Webster Financial Corp</name>
        <lei>KMRURHT0VWKYS6Z5KU67</lei>
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        <name>Activision Blizzard Inc</name>
        <lei>549300TPQQDBP9GNOF40</lei>
        <title>Activision Blizzard Inc</title>
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        <name>Atotech Ltd</name>
        <lei>N/A</lei>
        <title>Atotech Ltd</title>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

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        <name>Meggitt PLC</name>
        <lei>YMFO3TKB4UAWQTDZJJ31</lei>
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        <name>IntriCon Corp</name>
        <lei>549300QOZJC6ZFWND923</lei>
        <title>IntriCon Corp</title>
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          <isin value="US46121H1095"/>
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        <name>eWork Group AB</name>
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        <title>eWork Group AB</title>
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        <name>State Street Bank and Trust Company</name>
        <lei>571474TGEMMWANRLN572</lei>
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          <ticker value="N/A"/>
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        <name>Zynga Inc</name>
        <lei>549300XNQ0U2EL088Z74</lei>
        <title>Zynga Inc</title>
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        <name>GCP Applied Technologies Inc</name>
        <lei>5493007G654QKQVEKV09</lei>
        <title>GCP Applied Technologies Inc</title>
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          <ticker value="GCP"/>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ipsen SA / Clementia CVR</name>
        <lei>N/A</lei>
        <title>Ipsen SA / Clementia CVR</title>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>Bottomline Technologies DE Inc</name>
        <lei>OJ3Q4KYIXDSSGURLMT36</lei>
        <title>Bottomline Technologies DE Inc</title>
        <cusip>101388106</cusip>
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          <ticker value="EPAY"/>
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        <balance>16500.00000000</balance>
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        <valUSD>935220.00000000</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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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Ortho Clinical Diagnostics Hol</name>
        <lei>N/A</lei>
        <title>Ortho Clinical Diagnostics Holdings PLC</title>
        <cusip>000000000</cusip>
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          <isin value="GB00BMDNH979"/>
          <ticker value="OCDX"/>
          <other otherDesc="SEDOL" value="BMDNH97"/>
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        <balance>2500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>46650.00000000</valUSD>
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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>Telesat Corp</name>
        <lei>N/A</lei>
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          <isin value="CA8795123097"/>
          <ticker value="TSAT"/>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>247500.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Gulf Coast Ultra Deep Royalty</name>
        <lei>549300LVVWU3NPP3DF95</lei>
        <title>Gulf Coast Ultra Deep Royalty Trust</title>
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          <isin value="US40222T1043"/>
          <ticker value="GULTU"/>
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        <balance>460000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>17066.00000000</valUSD>
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        <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>Orange Belgium SA</name>
        <lei>5493007JS0ZHJVBUWP18</lei>
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        <cusip>000000000</cusip>
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          <isin value="BE0003735496"/>
          <ticker value="OBEL"/>
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        <invCountry>BE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>S IMMO AG</name>
        <lei>5299001QKV44IT3WPL26</lei>
        <title>S IMMO AG</title>
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          <isin value="AT0000652250"/>
          <ticker value="SPI"/>
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        <assetCat>EC</assetCat>
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        <invCountry>AT</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Idorsia Ltd</name>
        <lei>506700XOVZUB107S5720</lei>
        <title>Idorsia Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="CH0363463438"/>
          <ticker value="IDIA"/>
          <other otherDesc="SEDOL" value="BF0YK62"/>
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        <balance>35000.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AstraZeneca PLC</name>
        <lei>PY6ZZQWO2IZFZC3IOL08</lei>
        <title>AstraZeneca PLC</title>
        <cusip>046353108</cusip>
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          <isin value="US0463531089"/>
          <ticker value="AZN"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>663400.00000000</valUSD>
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        <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>II-VI Inc</name>
        <lei>549300O5C25A0MMHHU33</lei>
        <title>II-VI Inc</title>
        <cusip>902104108</cusip>
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          <isin value="US9021041085"/>
          <ticker value="IIVI"/>
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        <balance>-700.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-50743.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Plantronics Inc</name>
        <lei>5493006O3W5M472F6668</lei>
        <title>Plantronics Inc</title>
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          <isin value="US7274931085"/>
          <ticker value="POLY"/>
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        <balance>5000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>197000.00000000</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Aspen Technology Inc</name>
        <lei>529900B0MZWTVFG7CB96</lei>
        <title>Aspen Technology Inc</title>
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          <isin value="US0453271035"/>
          <ticker value="AZPN"/>
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        <balance>7000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1157590.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tenneco Inc</name>
        <lei>549300U0EXXFAQFAD785</lei>
        <title>Tenneco Inc</title>
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          <ticker value="TEN"/>
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        <curCd>USD</curCd>
        <valUSD>238160.00000000</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>Neles Oyj</name>
        <lei>2138007FRMWVPUDCMA45</lei>
        <title>Neles Oyj</title>
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        <assetCat>EC</assetCat>
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        <invCountry>FI</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Volt Information Sciences Inc</name>
        <lei>549300OQF9EZM81BDQ04</lei>
        <title>Volt Information Sciences Inc</title>
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          <ticker value="VOLT"/>
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        <curCd>USD</curCd>
        <valUSD>119600.00000000</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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        <name>Marshall Motor Holdings plc</name>
        <lei>213800BP3HZWHDWXAY78</lei>
        <title>Marshall Motor Holdings plc</title>
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        <balance>7500.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Dawson Geophysical Co</name>
        <lei>549300R9G1EAMSMLXR09</lei>
        <title>Dawson Geophysical Co</title>
        <cusip>239360100</cusip>
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          <isin value="US2393601008"/>
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        <balance>75000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Healthcare Trust of America In</name>
        <lei>549300L0I14L7I0VLX84</lei>
        <title>Healthcare Trust of America Inc</title>
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        <valUSD>62680.00000000</valUSD>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>State Street Bank and Trust Company</name>
        <lei>571474TGEMMWANRLN572</lei>
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        <cusip>000000000</cusip>
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          <ticker value="N/A"/>
          <other otherDesc="INTERNAL" value="86DFLVJ9FBN7OL0L"/>
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        <valUSD>-19.86000000</valUSD>
        <pctVal>-0.00001391815</pctVal>
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        <invCountry>US</invCountry>
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        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
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          <isin value="US912796P377"/>
          <other otherDesc="SEDOL" value="BN7DP18"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>299970.69000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-04-28</maturityDt>
          <couponKind>None</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2022-05-25</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>
