<SEC-DOCUMENT>0001752724-20-037698.txt : 20200226
<SEC-HEADER>0001752724-20-037698.hdr.sgml : 20200226
<ACCEPTANCE-DATETIME>20200226165254
ACCESSION NUMBER:		0001752724-20-037698
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20191231
FILED AS OF DATE:		20200226
PERIOD START:           	20191231

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GDL FUND
		CENTRAL INDEX KEY:			0001378701
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		NPORT-P
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21969
		FILM NUMBER:		20656648

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		914-921-5100

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Gabelli Global Deal Fund
		DATE OF NAME CHANGE:	20061019
</SEC-HEADER>
<DOCUMENT>
<TYPE>NPORT-P
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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        <name>STATE STREET GLOBAL MARKETS LLC</name>
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          <fwdDeriv derivCat="FWD">
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      <invstOrSec>
        <name>Vastned Retail Belgium NV</name>
        <lei>54930068RSC6OT68NE51</lei>
        <title>Vastned Retail Belgium NV</title>
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      <invstOrSec>
        <name>Artemis Gold Inc</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>VersaPay Corp</name>
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      <invstOrSec>
        <name>Hansteen Holdings PLC</name>
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        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
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      <invstOrSec>
        <name>Steuben Trust Co</name>
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        <name>A SCHULMAN INC</name>
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        <name>SLM Corp</name>
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        <name>Bristol-Myers Squibb Co</name>
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        <name>Bolsas y Mercados Espanoles SH</name>
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        <name>Central European Media Enterpr</name>
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        <name>Altaba Inc Escrow</name>
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        <name>Consort Medical PLC</name>
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        <name>Haldex AB</name>
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        <name>Premier Foods PLC</name>
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        <name>Noble Energy Inc</name>
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        <name>Liberty Latin America Ltd</name>
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      <invstOrSec>
        <name>Fitbit Inc</name>
        <lei>549300GYQQ375BZPXK02</lei>
        <title>Fitbit Inc</title>
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        <assetCat>EC</assetCat>
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        <name>ALDER BIOPHARMACEUTICALS INC</name>
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        <title>ALDER BIO LUNDBECK CVR</title>
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      <invstOrSec>
        <name>OCERA THERAPEUTICS CVR</name>
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          <other otherDesc="Internal" value="675CVR195"/>
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      <invstOrSec>
        <name>Fox Corp</name>
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        <name>TEVA PHARM CCC</name>
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        <name>Canfor Corp</name>
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        <name>WABCO Holdings Inc</name>
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      <invstOrSec>
        <name>AbbVie Inc</name>
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        <name>TREASURY BILL</name>
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      <invstOrSec>
        <name>Tallgrass Energy LP</name>
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      <invstOrSec>
        <name>Anixter International Inc</name>
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        <name>Alvopetro Energy Ltd/CA</name>
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        <name>Zayo Group Holdings Inc</name>
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        <name>Hemacare Corp</name>
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        <name>Spark Therapeutics Inc</name>
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        <name>Lennar Corp</name>
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        <name>TREASURY BILL</name>
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        <name>AstraZeneca PLC</name>
        <lei>PY6ZZQWO2IZFZC3IOL08</lei>
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        <name>Continental Building Products</name>
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        <name>Mellanox Technologies Ltd</name>
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        <invCountry>IL</invCountry>

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        <name>NII Holdings Inc</name>
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        <name>AltaGas Canada Inc</name>
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        <title>AltaGas Canada Inc</title>
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        <name>El Paso Electric Co</name>
        <lei>OZ8GM8L4AHPKSWZMW205</lei>
        <title>El Paso Electric Co</title>
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          <ticker value="EE"/>
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        <invCountry>US</invCountry>
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        <name>Liberty Latin America Ltd</name>
        <lei>213800YWQHEAX7CAVO83</lei>
        <title>Liberty Latin America Ltd</title>
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          <isin value="BMG9001E1286"/>
          <ticker value="LILAK"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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      <invstOrSec>
        <name>Cramo Oyj</name>
        <lei>549300JQ6ZV7IP4H4D05</lei>
        <title>Cramo Oyj</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="FI4000384243"/>
          <ticker value="CRA1V"/>
          <other otherDesc="SEDOL" value="BKDZTB5"/>
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        <balance>5000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
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        <pctVal>0.042484595327</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Achillion Pharmaceuticals Inc</name>
        <lei>529900LZPJ796VSWZM38</lei>
        <title>Achillion Pharmaceuticals Inc</title>
        <cusip>00448Q201</cusip>
        <identifiers>
          <isin value="US00448Q2012"/>
          <ticker value="ACHN"/>
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        <balance>70000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>422100.00000000</valUSD>
        <pctVal>0.241496142883</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>
      <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>45000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
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        <pctVal>0.687037520339</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</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>Centene Corp</name>
        <lei>549300Z7JJ4TQSQGT333</lei>
        <title>Centene Corp</title>
        <cusip>15135B101</cusip>
        <identifiers>
          <isin value="US15135B1017"/>
          <ticker value="CNC"/>
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        <balance>-81060.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-5096242.20000000</valUSD>
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        <payoffProfile>Short</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>
      <invstOrSec>
        <name>Elanco Animal Health CVR</name>
        <lei>N/A</lei>
        <title>Elanco Animal Health CVR</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="284CVR016"/>
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        <balance>400000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20000.00000000</valUSD>
        <pctVal>0.011442603311</pctVal>
        <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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Lennar Corp</name>
        <lei>529900G61XVRLX5TJX09</lei>
        <title>Lennar Corp</title>
        <cusip>526057104</cusip>
        <identifiers>
          <isin value="US5260571048"/>
          <ticker value="LEN"/>
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        <balance>-30000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-1673700.00000000</valUSD>
        <pctVal>-0.95757425810</pctVal>
        <payoffProfile>Short</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>Aircastle Ltd</name>
        <lei>549300PNK8AKY3OIKP58</lei>
        <title>Aircastle Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BMG0129K1045"/>
          <ticker value="AYR"/>
          <other otherDesc="SEDOL" value="B1BDJQ3"/>
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        <balance>100000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3201000.00000000</valUSD>
        <pctVal>1.831388659963</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>Caesars Entertainment Corp</name>
        <lei>529900CJT4VQO26ONP04</lei>
        <title>Caesars Entertainment Corp</title>
        <cusip>127686103</cusip>
        <identifiers>
          <isin value="US1276861036"/>
          <ticker value="CZR"/>
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        <balance>1100000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14960000.00000000</valUSD>
        <pctVal>8.559067276806</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>
      <invstOrSec>
        <name>Charles Taylor PLC</name>
        <lei>2138009V1NHVCXIQ6V62</lei>
        <title>Charles Taylor PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0001883718"/>
          <ticker value="CTR"/>
          <other otherDesc="SEDOL" value="0188371"/>
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        <balance>1000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75494000"/>
        <valUSD>4556.65000000</valUSD>
        <pctVal>0.002606996918</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Altran Technologies SA</name>
        <lei>969500T0V37NV3M8PR58</lei>
        <title>Altran Technologies SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="FR0000034639"/>
          <ticker value="ALT"/>
          <other otherDesc="SEDOL" value="4907732"/>
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        <balance>51000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>810050.48000000</valUSD>
        <pctVal>0.463454315235</pctVal>
        <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>
      <invstOrSec>
        <name>Wright Medical Group NV</name>
        <lei>549300JGCCQ1HTDOXU32</lei>
        <title>Wright Medical Group NV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="NL0011327523"/>
          <ticker value="WMGI"/>
          <other otherDesc="SEDOL" value="BZ2JCC5"/>
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        <balance>174132.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5307543.36000000</valUSD>
        <pctVal>3.036605661283</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>STATE STREET GLOBAL MARKETS LLC</name>
        <lei>549300FDEDF5ORXCMQ56</lei>
        <title>EUR/USD FORWARD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="N/A"/>
          <other otherDesc="INTERNAL" value="B91MEI52IG5FGIRR"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-60092.06000000</valUSD>
        <pctVal>-0.03438048023</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>STATE STREET GLOBAL MARKETS LLC</counterpartyName>
              <counterpartyLei>549300FDEDF5ORXCMQ56</counterpartyLei>
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            <amtCurSold>-4900000.00000000</amtCurSold>
            <curSold>EUR</curSold>
            <amtCurPur>5446825.30000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2020-01-30</settlementDt>
            <unrealizedAppr>-60092.06</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Craft Brew Alliance Inc</name>
        <lei>JJD4WAP2U5KDLYQQGZ83</lei>
        <title>Craft Brew Alliance Inc</title>
        <cusip>224122101</cusip>
        <identifiers>
          <isin value="US2241221017"/>
          <ticker value="BREW"/>
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        <balance>405888.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6697152.00000000</valUSD>
        <pctVal>3.831642682553</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>
      <invstOrSec>
        <name>Ipsen SA / Clementia CVR</name>
        <lei>N/A</lei>
        <title>Ipsen SA / Clementia CVR</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="185CVR107"/>
        </identifiers>
        <balance>125000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>168750.00000000</valUSD>
        <pctVal>0.096546965438</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CINCINNATI BELL INC</name>
        <lei>549300JYVZOCUJOHL272</lei>
        <title>Cincinnati Bell Inc</title>
        <cusip>171871403</cusip>
        <identifiers>
          <isin value="US1718714033"/>
          <ticker value="CBB"/>
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        <balance>1000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>47500.00000000</valUSD>
        <pctVal>0.027176182864</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</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>
      <invstOrSec>
        <name>MEDIA GENERAL CVR</name>
        <lei>N/A</lei>
        <title>MEDIA GENERAL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="584CVR997"/>
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        <balance>225000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.23000000</valUSD>
        <pctVal>0.000000131589</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>J.P. MORGAN SECURITIES LLC</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
        <title>TRS CFD PREMIER FOODS PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="B01QLSWD"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>1089.49000000</valUSD>
        <pctVal>0.000623330094</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>J.P. MORGAN SECURITIES LLC</counterpartyName>
              <counterpartyLei>ZBUT11V806EZRVTWT807</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Premier Foods PLC</issuerName>
                <issueTitle>Premier Foods PLC</issueTitle>
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                  <isin value="GB00B7N0K053"/>
                  <ticker value="PFD"/>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="GBP" fixedOrFloating="Floating" floatingRtIndex="PREMIER FOODS PLC" floatingRtSpread="0" pmntAmt="0">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
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            <fixedPmntDesc amount="N/A" curCd="USD" fixedOrFloating="Fixed" fixedRt="0"/>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0</upfrontRcpt>
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            <curCd>USD</curCd>
            <unrealizedAppr>1089.49</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Just Eat PLC</name>
        <lei>213800DZ8PDXRQBBBM02</lei>
        <title>Just Eat PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BKX5CN86"/>
          <ticker value="JE/"/>
          <other otherDesc="SEDOL" value="BKX5CN8"/>
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        <balance>2000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75494000"/>
        <valUSD>22115.66000000</valUSD>
        <pctVal>0.012653036217</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TOBIRA THERAPEUTICS INC</name>
        <lei>N/A</lei>
        <title>TOBIRA THERAPEUTIC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal" value="888CVR990"/>
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        <balance>11000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>660.00000000</valUSD>
        <pctVal>0.000377605909</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>INNOCOLL</name>
        <lei>N/A</lei>
        <title>INNOCOLL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="SEDOL" value="BYCVRV8"/>
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        <balance>300000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3.00000000</valUSD>
        <pctVal>0.000001716390</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Akorn Inc</name>
        <lei>549300REUQNNF5W5TA64</lei>
        <title>Akorn Inc</title>
        <cusip>009728106</cusip>
        <identifiers>
          <isin value="US0097281069"/>
          <ticker value="AKRX"/>
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        <balance>100000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>150000.00000000</valUSD>
        <pctVal>0.085819524834</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>
      <invstOrSec>
        <name>Ladenburg Thalmann Financial S</name>
        <lei>549300VFWKFWGJQPSE62</lei>
        <title>Ladenburg Thalmann Financial Services Inc</title>
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          <isin value="US50575Q1022"/>
          <ticker value="LTS"/>
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        <balance>900000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3132000.00000000</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>
        <name>Yashili International Holdings</name>
        <lei>N/A</lei>
        <title>Yashili International Holdings Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="KYG983401053"/>
          <ticker value="1230"/>
          <other otherDesc="SEDOL" value="B4NV9B1"/>
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        <balance>950000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</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>
      <invstOrSec>
        <name>exactEarth Ltd</name>
        <lei>N/A</lei>
        <title>exactEarth Ltd</title>
        <cusip>30064C103</cusip>
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          <isin value="CA30064C1032"/>
          <ticker value="XCT"/>
          <other otherDesc="SEDOL" value="BZ21S56"/>
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        <balance>87000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <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>
        <name>Swedol AB</name>
        <lei>549300QTR46SOJY7TE73</lei>
        <title>Swedol AB</title>
        <cusip>000000000</cusip>
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          <isin value="SE0001733841"/>
          <ticker value="SWOLB"/>
          <other otherDesc="SEDOL" value="B15ST86"/>
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        <balance>20000.00000000</balance>
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        <pctVal>0.056624477697</pctVal>
        <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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          <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>3500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>168315.00000000</valUSD>
        <pctVal>0.096298088816</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>Diplomat Pharmacy Inc</name>
        <lei>549300JMF6BE0NGN4Q45</lei>
        <title>Diplomat Pharmacy Inc</title>
        <cusip>25456K101</cusip>
        <identifiers>
          <isin value="US25456K1016"/>
          <ticker value="DPLO"/>
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        <balance>350000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1400000.00000000</valUSD>
        <pctVal>0.800982231786</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>Tech Data Corp</name>
        <lei>549300EK847TAWPJWF34</lei>
        <title>Tech Data Corp</title>
        <cusip>878237106</cusip>
        <identifiers>
          <isin value="US8782371061"/>
          <ticker value="TECD"/>
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        <balance>82974.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11915066.40000000</valUSD>
        <pctVal>6.816968912113</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Liberty Property Trust</name>
        <lei>N/A</lei>
        <title>Liberty Property Trust</title>
        <cusip>531172104</cusip>
        <identifiers>
          <isin value="US5311721048"/>
          <ticker value="LPT"/>
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        <balance>8000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>480400.00000000</valUSD>
        <pctVal>0.274851331535</pctVal>
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        <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>Wesco Aircraft Holdings Inc</name>
        <lei>529900P5VTXZS191P208</lei>
        <title>Wesco Aircraft Holdings Inc</title>
        <cusip>950814103</cusip>
        <identifiers>
          <isin value="US9508141036"/>
          <ticker value="WAIR"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5510000.00000000</valUSD>
        <pctVal>3.152437212246</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>THESTREET CVR</name>
        <lei>N/A</lei>
        <title>THESTREET CVR</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="883CVR037"/>
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        <balance>9091.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>818.19000000</valUSD>
        <pctVal>0.000468111180</pctVal>
        <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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      <invstOrSec>
        <name>Eldorado Resorts Inc</name>
        <lei>5299000BKFWWVND5L441</lei>
        <title>Eldorado Resorts Inc</title>
        <cusip>28470R102</cusip>
        <identifiers>
          <isin value="US28470R1023"/>
          <ticker value="ERI"/>
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        <balance>-98890.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-5897799.60000000</valUSD>
        <pctVal>-3.37430906159</pctVal>
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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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MoneyGram International Inc</name>
        <lei>5299002DLX0Q04KC4156</lei>
        <title>MoneyGram International Inc</title>
        <cusip>60935Y208</cusip>
        <identifiers>
          <isin value="US60935Y2081"/>
          <ticker value="MGI"/>
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        <balance>45000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>94500.00000000</valUSD>
        <pctVal>0.054066300645</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>Audentes Therapeutics Inc</name>
        <lei>549300PZYT0QC9UNJF13</lei>
        <title>Audentes Therapeutics Inc</title>
        <cusip>05070R104</cusip>
        <identifiers>
          <isin value="US05070R1041"/>
          <ticker value="BOLD"/>
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        <balance>253700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15181408.00000000</valUSD>
        <pctVal>8.685741472502</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>Cision Ltd</name>
        <lei>N/A</lei>
        <title>Cision Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG1992S1093"/>
          <ticker value="CISN"/>
          <other otherDesc="SEDOL" value="BF0BQG5"/>
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        <balance>800000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7976000.00000000</valUSD>
        <pctVal>4.563310200521</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>Acacia Communications Inc</name>
        <lei>549300PZLTIVLKOBPB61</lei>
        <title>Acacia Communications Inc</title>
        <cusip>00401C108</cusip>
        <identifiers>
          <isin value="US00401C1080"/>
          <ticker value="ACIA"/>
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        <balance>30000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2034300.00000000</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>Stars Group Inc/The</name>
        <lei>54930026VVWZTYC29T51</lei>
        <title>Stars Group Inc/The</title>
        <cusip>85570W100</cusip>
        <identifiers>
          <isin value="CA85570W1005"/>
          <ticker value="TSG"/>
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        <balance>36000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>939240.00000000</valUSD>
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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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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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="1700359D"/>
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        <balance>419000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>314250.00000000</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>Liberty Global PLC</name>
        <lei>549300BSGXG3QLIQYT84</lei>
        <title>Liberty Global PLC</title>
        <cusip>000000000</cusip>
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          <isin value="GB00B8W67B19"/>
          <ticker value="LBTYK"/>
          <other otherDesc="SEDOL" value="B8W67B1"/>
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        <balance>48000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1046160.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
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      <invstOrSec>
        <name>ArQule Inc</name>
        <lei>529900E3KUAEG4GJ1707</lei>
        <title>ArQule Inc</title>
        <cusip>04269E107</cusip>
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          <isin value="US04269E1073"/>
          <ticker value="ARQL"/>
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        <balance>76855.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1534025.80000000</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Pattern Energy Group Inc</name>
        <lei>549300YTEUCT3H1Y2T51</lei>
        <title>Pattern Energy Group Inc</title>
        <cusip>70338P100</cusip>
        <identifiers>
          <isin value="US70338P1003"/>
          <ticker value="PEGI"/>
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        <balance>95756.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2561951.78000000</valUSD>
        <pctVal>1.465769896053</pctVal>
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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>
        <name>T-Mobile US Inc</name>
        <lei>549300QHIJYOHPACPG31</lei>
        <title>T-Mobile US Inc</title>
        <cusip>872590104</cusip>
        <identifiers>
          <isin value="US8725901040"/>
          <ticker value="TMUS"/>
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        <balance>5000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>392100.00000000</valUSD>
        <pctVal>0.224332237916</pctVal>
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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>NortonLifeLock Inc.</name>
        <lei>YF6ZV0M6AU4FY94MK914</lei>
        <title>NortonLifeLock Inc.</title>
        <cusip>668771108</cusip>
        <identifiers>
          <isin value="US6687711084"/>
          <ticker value="NLOK"/>
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        <balance>6000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>153120.00000000</valUSD>
        <pctVal>0.087604570950</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>Sophos Group PLC</name>
        <lei>21380078ZKBCC75BO206</lei>
        <title>Sophos Group PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BYZFZ918"/>
          <ticker value="SOPH"/>
          <other otherDesc="SEDOL" value="BYZFZ91"/>
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        <balance>20000.00000000</balance>
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        <valUSD>147826.32000000</valUSD>
        <pctVal>0.084575896936</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>
      <invstOrSec>
        <name>Parrot SA</name>
        <lei>9695000KELLFSASOM232</lei>
        <title>Parrot SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="FR0004038263"/>
          <ticker value="PARRO"/>
          <other otherDesc="SEDOL" value="B04VST3"/>
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        <name>Community Bank System Inc</name>
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      <invstOrSec>
        <name>TREASURY BILL</name>
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      <invstOrSec>
        <name>Cincinnati Bell Inc</name>
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      <invstOrSec>
        <name>Allergan PLC</name>
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        <name>Ra Pharmaceuticals Inc</name>
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        <name>Prologis Inc</name>
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        <name>Bel Fuse Inc</name>
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        <name>North State Telecommunications</name>
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        <name>Idorsia Ltd</name>
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        <name>Cypress Semiconductor Corp</name>
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        <name>OMNOVA Solutions Inc</name>
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        <name>Dova Pharmaceuticals Inc CVR</name>
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        <name>Koninklijke Volkerwessels NV</name>
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        <name>LogMeIn Inc</name>
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        <name>XPO Logistics Europe SADIR</name>
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        <name>OMETHERA PHARMACEUTICALS RIGHT</name>
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        <name>Alamos Gold Inc</name>
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      <invstOrSec>
        <name>STEEL PARTNERS HLDS LP</name>
        <lei>5493009U8Z59G5SIZ389</lei>
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      <invstOrSec>
        <name>Entegra Financial Corp</name>
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      <invstOrSec>
        <name>WellCare Health Plans Inc</name>
        <lei>529900JCT1MMTWHZ5P23</lei>
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      <invstOrSec>
        <name>Corium International CVR</name>
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        <name>CIRCOR International Inc</name>
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      <invstOrSec>
        <name>CNH Industrial NV</name>
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      <invstOrSec>
        <name>Koninklijke KPN NV</name>
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        <name>William Lyon Homes</name>
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        <name>TREASURY BILL</name>
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        <name>TREASURY BILL</name>
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        <name>Abertis Infraestructuras SA</name>
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      <invstOrSec>
        <name>Cineplex Inc</name>
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        <title>Cineplex Inc</title>
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      <invstOrSec>
        <name>Liberty Global PLC</name>
        <lei>549300BSGXG3QLIQYT84</lei>
        <title>Liberty Global PLC</title>
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        <name>Condor Hospitality Trust Inc</name>
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        <title>Condor Hospitality Trust Inc</title>
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        <name>Fox Corp</name>
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        <name>Atrium European Real Estate Lt</name>
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        <title>Atrium European Real Estate Ltd</title>
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        <name>Loral Space &amp; Communications I</name>
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        <name>STATE STREET GLOBAL MARKETS LLC</name>
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        <name>Tiffany &amp; Co</name>
        <lei>549300EJG9IEYQL5XT21</lei>
        <title>Tiffany &amp; Co</title>
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        <name>SGL Carbon SE</name>
        <lei>52990038IB31TYK07X63</lei>
        <title>SGL Carbon SE</title>
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        <invCountry>DE</invCountry>
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        <name>Business &amp; Decision</name>
        <lei>969500I53N294KS3TL06</lei>
        <title>Business &amp; Decision</title>
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        <invCountry>FR</invCountry>
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        <name>Cherry AB</name>
        <lei>549300PFWW1URKGIPU90</lei>
        <title>Cherry AB</title>
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          <isCashCollateral>N</isCashCollateral>
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        <name>TREASURY BILL</name>
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      <invstOrSec>
        <name>Gamenet Group SpA</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>STATE STREET GLOBAL MARKETS LLC</name>
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        <derivativeInfo>
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      </invstOrSec>
      <invstOrSec>
        <name>TREASURY BILL</name>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-03-19</maturityDt>
          <couponKind>None</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Cobham PLC</name>
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        <currencyConditional curCd="GBP" exchangeRt="0.75494000"/>
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      <invstOrSec>
        <name>Gulf Coast Ultra Deep Royalty</name>
        <lei>549300LVVWU3NPP3DF95</lei>
        <title>Gulf Coast Ultra Deep Royalty Trust</title>
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        <curCd>USD</curCd>
        <valUSD>11960.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <securityLending>
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        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-02-25</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>
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</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
