<SEC-DOCUMENT>0001752724-21-029836.txt : 20210219
<SEC-HEADER>0001752724-21-029836.hdr.sgml : 20210219
<ACCEPTANCE-DATETIME>20210219125757
ACCESSION NUMBER:		0001752724-21-029836
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20201231
FILED AS OF DATE:		20210219
PERIOD START:           	20201231

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:		21653625

	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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      <repPdDate>2020-12-31</repPdDate>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hinokiya Group Co Ltd</name>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>JP</invCountry>
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      <invstOrSec>
        <name>Corem Property Group AB</name>
        <lei>213800CHXQQD7TSS1T59</lei>
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          <isin value="SE0010714287"/>
          <ticker value="COREB"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
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      <invstOrSec>
        <name>PNM Resources Inc</name>
        <lei>5493003JOBJGLZSDDQ28</lei>
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          <isin value="US69349H1077"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912796A25</cusip>
        <identifiers>
          <isin value="US912796A254"/>
          <other otherDesc="SEDOL" value="BJL9019"/>
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        <balance>3500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3499106.42000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-05-13</maturityDt>
          <couponKind>None</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912796A33</cusip>
        <identifiers>
          <isin value="US912796A338"/>
          <other otherDesc="SEDOL" value="BLH34L7"/>
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        <balance>3500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3499061.55000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-05-27</maturityDt>
          <couponKind>None</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Varian Medical Systems Inc</name>
        <lei>TK3LAKL7I0QNTCVWSY07</lei>
        <title>Varian Medical Systems Inc</title>
        <cusip>92220P105</cusip>
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          <isin value="US92220P1057"/>
          <ticker value="VAR"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3500200.00000000</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>Rayonier Inc</name>
        <lei>HGV8VDVNL0W6SF2U9C50</lei>
        <title>Rayonier Inc</title>
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          <isin value="US7549071030"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>587600.00000000</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TOBIRA THERAPEUTICS INC</name>
        <lei>N/A</lei>
        <title>TOBIRA THERAPEUTIC</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Internal" value="888CVR990"/>
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        <balance>11000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>660.00000000</valUSD>
        <pctVal>0.000435587650</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CINCINNATI BELL INC</name>
        <lei>549300JYVZOCUJOHL272</lei>
        <title>Cincinnati Bell Inc</title>
        <cusip>171871403</cusip>
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          <isin value="US1718714033"/>
          <ticker value="CBB"/>
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        <balance>1000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>49581.70000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Orange Belgium SA</name>
        <lei>5493007JS0ZHJVBUWP18</lei>
        <title>Orange Belgium SA</title>
        <cusip>000000000</cusip>
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          <isin value="BE0003735496"/>
          <ticker value="OBEL"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
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        <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>9127962Q1</cusip>
        <identifiers>
          <isin value="US9127962Q14"/>
          <other otherDesc="SEDOL" value="BMF0406"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2999370.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-04-22</maturityDt>
          <couponKind>None</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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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>6183750.00000000</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>MoneyGram International Inc</name>
        <lei>5299002DLX0Q04KC4156</lei>
        <title>MoneyGram International Inc</title>
        <cusip>60935Y208</cusip>
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          <isin value="US60935Y2081"/>
          <ticker value="MGI"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>218600.00000000</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>Prevail Therapeutics Inc</name>
        <lei>N/A</lei>
        <title>Prevail Therapeutics Inc</title>
        <cusip>74140Y101</cusip>
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          <isin value="US74140Y1010"/>
          <ticker value="PRVL"/>
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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>OCERA THERAPEUTICS CVR</name>
        <lei>N/A</lei>
        <title>OCERA THERAPEUTICS CVR</title>
        <cusip>000000000</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Calisen PLC</name>
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        <title>Calisen PLC</title>
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        <name>Advanced Micro Devices Inc</name>
        <lei>R2I72C950HOYXII45366</lei>
        <title>Advanced Micro Devices Inc</title>
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          <ticker value="AMD"/>
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        <name>Pla Matels Corp</name>
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        <name>Slack Technologies Inc</name>
        <lei>549300VIZRB02KN4IJ45</lei>
        <title>Slack Technologies Inc</title>
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        <name>American Renal Associates Hold</name>
        <lei>549300RZGHM4ZGSTW764</lei>
        <title>American Renal Associates Holdings Inc</title>
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          <ticker value="ARA"/>
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        <name>Koninklijke KPN NV</name>
        <lei>549300YO0JZHAL7FVP81</lei>
        <title>Koninklijke KPN NV</title>
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        <invCountry>NL</invCountry>
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      <invstOrSec>
        <name>AMBIT BIOSCIENCES CORP</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
        <valUSD>160766.78000000</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>
      <invstOrSec>
        <name>Navistar International Corp</name>
        <lei>WNDD3CRVXJGC8I7GX671</lei>
        <title>Navistar International Corp</title>
        <cusip>63934E108</cusip>
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          <isin value="US63934E1082"/>
          <ticker value="NAV"/>
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        <balance>30000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1318800.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Neles Oyj</name>
        <lei>2138007FRMWVPUDCMA45</lei>
        <title>Neles Oyj</title>
        <cusip>000000000</cusip>
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          <isin value="FI4000440664"/>
          <ticker value="NELES"/>
          <other otherDesc="SEDOL" value="BLF9RR4"/>
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        <balance>3000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Med &amp; Bio Lab</name>
        <lei>N/A</lei>
        <title>Medical &amp; Biological Laboratories Co Ltd</title>
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          <isin value="JP3131450003"/>
          <ticker value="4557"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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      <invstOrSec>
        <name>IHS Markit Ltd</name>
        <lei>549300HLPTRASHS0E726</lei>
        <title>IHS Markit Ltd</title>
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          <isin value="BMG475671050"/>
          <ticker value="INFO"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Avista Corp</name>
        <lei>Q0IK63NITJD6RJ47SW96</lei>
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          <isin value="US05379B1070"/>
          <ticker value="AVA"/>
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        <curCd>USD</curCd>
        <valUSD>240840.00000000</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>Great Canadian Gaming Corp</name>
        <lei>549300FU60SSFLTE0M84</lei>
        <title>Great Canadian Gaming Corp</title>
        <cusip>389914102</cusip>
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          <isin value="CA3899141020"/>
          <ticker value="GC"/>
          <other otherDesc="SEDOL" value="2380573"/>
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        <balance>4000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.27290000"/>
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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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      <invstOrSec>
        <name>Sportsman's Warehouse Holdings</name>
        <lei>549300JVV8YLQSRSF462</lei>
        <title>Sportsman's Warehouse Holdings Inc</title>
        <cusip>84920Y106</cusip>
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          <isin value="US84920Y1064"/>
          <ticker value="SPWH"/>
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        <balance>16000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>280800.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Fitbit Inc</name>
        <lei>549300GYQQ375BZPXK02</lei>
        <title>Fitbit Inc</title>
        <cusip>33812L102</cusip>
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          <isin value="US33812L1026"/>
          <ticker value="FIT"/>
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        <balance>292000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1985600.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BioTelemetry Inc</name>
        <lei>549300E1RQ91KHELWN02</lei>
        <title>BioTelemetry Inc</title>
        <cusip>090672106</cusip>
        <identifiers>
          <isin value="US0906721065"/>
          <ticker value="BEAT"/>
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        <balance>6000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>432480.00000000</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>Chevron Corp</name>
        <lei>N/A</lei>
        <title>Chevron Corp</title>
        <cusip>166764100</cusip>
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          <isin value="US1667641005"/>
          <ticker value="CVX"/>
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        <balance>1500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>126675.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Canfor Corp</name>
        <lei>N/A</lei>
        <title>Canfor Corp</title>
        <cusip>137576104</cusip>
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          <isin value="CA1375761048"/>
          <ticker value="CFP"/>
          <other otherDesc="SEDOL" value="B18P4F6"/>
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        <balance>35000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NortonLifeLock Inc</name>
        <lei>YF6ZV0M6AU4FY94MK914</lei>
        <title>NortonLifeLock Inc</title>
        <cusip>668771108</cusip>
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          <isin value="US6687711084"/>
          <ticker value="NLOK"/>
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        <curCd>USD</curCd>
        <valUSD>124680.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Acacia Communications Inc</name>
        <lei>549300PZLTIVLKOBPB61</lei>
        <title>Acacia Communications Inc</title>
        <cusip>00401C108</cusip>
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          <isin value="US00401C1080"/>
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        <curCd>USD</curCd>
        <valUSD>72960.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>State Street Bank and Trust Company</name>
        <lei>571474TGEMMWANRLN572</lei>
        <title>GBP/USD FORWARD</title>
        <cusip>000000000</cusip>
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          <ticker value="N/A"/>
          <other otherDesc="INTERNAL" value="C01MDA62FHPPXYXM"/>
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        <curCd>USD</curCd>
        <valUSD>-3104.87000000</valUSD>
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        <assetCat>DFE</assetCat>
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        <invCountry>US</invCountry>
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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="GB00B8W67662"/>
          <ticker value="LBTYA"/>
          <other otherDesc="SEDOL" value="B8W6766"/>
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        <balance>30000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>726600.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ahlstrom-Munksjo Oyj</name>
        <lei>213800F2MJ5Z2TAQ1726</lei>
        <title>Ahlstrom-Munksjo Oyj</title>
        <cusip>000000000</cusip>
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          <isin value="FI4000048418"/>
          <ticker value="AM1"/>
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        <invCountry>FI</invCountry>
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      <invstOrSec>
        <name>RealPage Inc</name>
        <lei>5493001RSFZX4122A604</lei>
        <title>RealPage Inc</title>
        <cusip>75606N109</cusip>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>Fox Corp</name>
        <lei>549300DDU6FDRBIELS05</lei>
        <title>Fox Corp</title>
        <cusip>35137L204</cusip>
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      <invstOrSec>
        <name>Dova Pharmaceuticals Inc CVR</name>
        <lei>N/A</lei>
        <title>Dova Pharmaceuticals Inc CVR</title>
        <cusip>000000000</cusip>
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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>Endurance International Group</name>
        <lei>549300UTQC2651SB0W88</lei>
        <title>Endurance International Group Holdings Inc</title>
        <cusip>29272B105</cusip>
        <identifiers>
          <isin value="US29272B1052"/>
          <ticker value="EIGI"/>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>141750.00000000</valUSD>
        <pctVal>0.093552347661</pctVal>
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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>Inphi Corp</name>
        <lei>549300DCMERAAZFGT726</lei>
        <title>Inphi Corp</title>
        <cusip>45772F107</cusip>
        <identifiers>
          <isin value="US45772F1075"/>
          <ticker value="IPHI"/>
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        <balance>600.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>96282.00000000</valUSD>
        <pctVal>0.063544318430</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SGL Carbon SE</name>
        <lei>52990038IB31TYK07X63</lei>
        <title>SGL Carbon SE</title>
        <cusip>000000000</cusip>
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          <isin value="DE0007235301"/>
          <ticker value="SGL"/>
          <other otherDesc="SEDOL" value="4818351"/>
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        <balance>4000.00000000</balance>
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        <pctVal>0.011594109090</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>William Hill PLC</name>
        <lei>213800MDW41W5UZQIX82</lei>
        <title>William Hill PLC</title>
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          <isin value="GB0031698896"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Coca-Cola Amatil Ltd</name>
        <lei>JOR7RJTXUXBRJ4UA5G70</lei>
        <title>Coca-Cola Amatil Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="AU000000CCL2"/>
          <ticker value="CCL"/>
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        <balance>22000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Fox Corp</name>
        <lei>549300DDU6FDRBIELS05</lei>
        <title>Fox Corp</title>
        <cusip>35137L105</cusip>
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          <isin value="US35137L1052"/>
          <ticker value="FOXA"/>
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        <balance>3500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>101920.00000000</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>INNOCOLL</name>
        <lei>N/A</lei>
        <title>INNOCOLL</title>
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          <other otherDesc="INTERNAL" value="BYCVRV8"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3.00000000</valUSD>
        <pctVal>0.000001979943</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cherry AB</name>
        <lei>549300PFWW1URKGIPU90</lei>
        <title>Cherry AB</title>
        <cusip>000000000</cusip>
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          <isin value="SE0010133256"/>
          <ticker value="CHERB"/>
          <other otherDesc="SEDOL" value="BYXKYS0"/>
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        <balance>18000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</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"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>exactEarth Ltd</name>
        <lei>N/A</lei>
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          <isin value="CA30064C1032"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ALDER BIOPHARMACEUTICALS INC</name>
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        <title>ALDER BIO LUNDBECK CVR</title>
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          <ticker value="ALDR"/>
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        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>XPO Logistics Europe SADIR</name>
        <lei>9695005XI2N31498IP68</lei>
        <title>XPO Logistics Europe SADIR</title>
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          <isin value="FR0000052870"/>
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        <assetCat>EC</assetCat>
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        <invCountry>FR</invCountry>
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      <invstOrSec>
        <name>Tikkurila Oyj</name>
        <lei>743700PKLY067IZIF588</lei>
        <title>Tikkurila Oyj</title>
        <cusip>000000000</cusip>
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          <isin value="FI4000008719"/>
          <ticker value="TIK1V"/>
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        <balance>50000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.81856505"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</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>9127965A3</cusip>
        <identifiers>
          <isin value="US9127965A35"/>
          <other otherDesc="SEDOL" value="BLB1VD8"/>
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        <balance>38500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>38490540.94000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-05-06</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>West Fraser Timber Co Ltd</name>
        <lei>5493005WD1ZK6WBVR988</lei>
        <title>West Fraser Timber Co Ltd</title>
        <cusip>952845105</cusip>
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          <isin value="CA9528451052"/>
          <ticker value="WFT"/>
          <other otherDesc="SEDOL" value="2951098"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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      <invstOrSec>
        <name>AstraZeneca PLC</name>
        <lei>PY6ZZQWO2IZFZC3IOL08</lei>
        <title>AstraZeneca PLC</title>
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          <isin value="US0463531089"/>
          <ticker value="AZN"/>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
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        <name>Tiffany &amp; Co</name>
        <lei>549300EJG9IEYQL5XT21</lei>
        <title>Tiffany &amp; Co</title>
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        <assetCat>EC</assetCat>
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        <name>Primo Water Corp</name>
        <lei>5493005TMUI9D3MY9I37</lei>
        <title>Primo Water Corp</title>
        <cusip>74167P108</cusip>
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          <isin value="CA74167P1080"/>
          <ticker value="PRMW"/>
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        <name>Eidos Therapeutics Inc</name>
        <lei>549300VGYGU07QRG6271</lei>
        <title>Eidos Therapeutics Inc</title>
        <cusip>28249H104</cusip>
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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>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912796B81</cusip>
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          <isin value="US912796B815"/>
          <other otherDesc="SEDOL" value="BMX6M13"/>
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        <balance>2740000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2739803.62000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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      <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>
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        <curCd>USD</curCd>
        <valUSD>0.23000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>Hunter Douglas NV</name>
        <lei>724500JV0VHPRVANL538</lei>
        <title>Hunter Douglas NV</title>
        <cusip>000000000</cusip>
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          <isin value="ANN4327C1220"/>
          <ticker value="HDG"/>
          <other otherDesc="SEDOL" value="5291810"/>
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        <balance>5000.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
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      <invstOrSec>
        <name>Abertis Infraestructuras SA</name>
        <lei>549300GKFVWI02JQ5332</lei>
        <title>Abertis Infraestructuras SA</title>
        <cusip>000000000</cusip>
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          <isin value="ES0111845014"/>
          <ticker value="ABE"/>
          <other otherDesc="SEDOL" value="4065663"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Willis Towers Watson PLC</name>
        <lei>549300WHC56FF48KL350</lei>
        <title>Willis Towers Watson PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IE00BDB6Q211"/>
          <ticker value="WLTW"/>
          <other otherDesc="SEDOL" value="BDB6Q21"/>
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        <balance>7000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1474760.00000000</valUSD>
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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>Norbord Inc</name>
        <lei>549300VL705RQ5PHI407</lei>
        <title>Norbord Inc</title>
        <cusip>65548P403</cusip>
        <identifiers>
          <isin value="CA65548P4033"/>
          <ticker value="OSB"/>
          <other otherDesc="SEDOL" value="2641441"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Viatris Inc</name>
        <lei>254900ZZTSW7NL773X71</lei>
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          <isin value="US92556V1061"/>
          <ticker value="VTRS"/>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>Altice Europe NV</name>
        <lei>724500354ATKLCM6EW21</lei>
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          <isin value="NL0011333752"/>
          <ticker value="ATC"/>
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        <assetCat>EC</assetCat>
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        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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      <invstOrSec>
        <name>Liberty Latin America Ltd</name>
        <lei>213800YWQHEAX7CAVO83</lei>
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        <cusip>000000000</cusip>
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          <isin value="BMG9001E1286"/>
          <ticker value="LILAK"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

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      <invstOrSec>
        <name>Lennar Corp</name>
        <lei>529900G61XVRLX5TJX09</lei>
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          <isin value="US5260571048"/>
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      <invstOrSec>
        <name>Sogou Inc</name>
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        <assetCat>EC</assetCat>
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        <invCountry>CN</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>
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          <isin value="US9127964N64"/>
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        <balance>8835000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-03-18</maturityDt>
          <couponKind>None</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>OMETHERA PHARMACEUTICALS RIGHT</name>
        <lei>N/A</lei>
        <title>OMETHERA PHARMACEUTICALS RIGHT</title>
        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="682CVR998"/>
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        <balance>100.00000000</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>MTS Systems Corp</name>
        <lei>549300E7ZL4ZDETLML64</lei>
        <title>MTS Systems Corp</title>
        <cusip>553777103</cusip>
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          <isin value="US5537771033"/>
          <ticker value="MTSC"/>
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        <balance>22000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1279520.00000000</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>Ipsen SA / Clementia CVR</name>
        <lei>N/A</lei>
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        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="185CVR107"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kiadis Pharma NV</name>
        <lei>724500RS72JYSQJAMW52</lei>
        <title>Kiadis Pharma NV</title>
        <cusip>000000000</cusip>
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          <isin value="NL0011323407"/>
          <ticker value="KDS"/>
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        <assetCat>EC</assetCat>
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        <invCountry>NL</invCountry>
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      <invstOrSec>
        <name>Infront ASA</name>
        <lei>54930074DH4YRWTS3R80</lei>
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          <isin value="NO0010789506"/>
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        <invCountry>NO</invCountry>
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      <invstOrSec>
        <name>Foundation Building Materials</name>
        <lei>549300ZVE6MONHB01I28</lei>
        <title>Foundation Building Materials Inc</title>
        <cusip>350392106</cusip>
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          <isin value="US3503921062"/>
          <ticker value="FBM"/>
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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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        <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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        <assetCat>EC</assetCat>
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        <invCountry>NL</invCountry>

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        <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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        <invCountry>GB</invCountry>
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      <invstOrSec>
        <name>Huttig Building Products Inc</name>
        <lei>529900WAHH5LR9Z8UM75</lei>
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          <isin value="US4484511047"/>
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        <name>Front Yard Residential Corp</name>
        <lei>N/A</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>VI</invCountry>

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        <name>NII Holdings Escrow</name>
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        <title>NII Holdings Escrow</title>
        <cusip>000000000</cusip>
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        <name>Alamos Gold Inc</name>
        <lei>549300TDOX73YGYXE959</lei>
        <title>Alamos Gold Inc</title>
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        <name>Hexcel Corp</name>
        <lei>S6Q7LW43WUBUHXY2QP69</lei>
        <title>Hexcel Corp</title>
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        <name>Bridgebio Pharma Inc</name>
        <lei>54930028YG89VTY2J114</lei>
        <title>Bridgebio Pharma Inc</title>
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        <name>Artemis Gold Inc</name>
        <lei>N/A</lei>
        <title>Artemis Gold Inc</title>
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        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
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          <isin value="US912796B401"/>
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      <invstOrSec>
        <name>Telenav Inc</name>
        <lei>529900IWKA0QZA533R93</lei>
        <title>Telenav Inc</title>
        <cusip>879455103</cusip>
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          <isin value="US8794551031"/>
          <ticker value="TNAV"/>
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      <invstOrSec>
        <name>TREASURY BILL</name>
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      <invstOrSec>
        <name>Stemline Therapeutics</name>
        <lei>N/A</lei>
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        <name>CFT SpA</name>
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          <isin value="IT0005262313"/>
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        <name>Idorsia Ltd</name>
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          <isin value="CH0363463438"/>
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        <name>Atrium European Real Estate Lt</name>
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        <name>State Street Bank and Trust Company</name>
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      <invstOrSec>
        <name>Teranga Gold Corp</name>
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        <name>Pan American Silver CVR</name>
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        <name>Barings BDC Inc</name>
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        <name>TREASURY BILL</name>
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        <name>Red Lion Hotels Corp</name>
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        <name>Devoteam SA</name>
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        <name>MDC Partners Inc</name>
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        <name>TEVA PHARM CCC 02/20/2023</name>
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        <name>Xilinx Inc</name>
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        <name>Intersect ENT Inc</name>
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        <name>TREASURY BILL</name>
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      <invstOrSec>
        <name>Pluralsight Inc</name>
        <lei>254900B3VHPCKNREOX50</lei>
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        <curCd>USD</curCd>
        <valUSD>262000.00000000</valUSD>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
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          <isin value="US9127964C00"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-02-11</maturityDt>
          <couponKind>None</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>WPP AUNZ Ltd</name>
        <lei>N/A</lei>
        <title>WPP AUNZ Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="AU000000WPP3"/>
          <ticker value="WPP"/>
          <other otherDesc="SEDOL" value="BD4D737"/>
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        <balance>300000.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.29710097"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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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>TREASURY BILL</name>
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        <title>United States Treasury Bill</title>
        <cusip>9127963T4</cusip>
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          <isin value="US9127963T44"/>
          <other otherDesc="SEDOL" value="BMHWYG6"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2999994.99000000</valUSD>
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          <maturityDt>2021-01-07</maturityDt>
          <couponKind>None</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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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="BMG9001E1021"/>
          <ticker value="LILA"/>
          <other otherDesc="SEDOL" value="BD9Q3P5"/>
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        <balance>18000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>200340.00000000</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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      <invstOrSec>
        <name>ACHILLION PHARM CVR</name>
        <lei>N/A</lei>
        <title>ACHILLION PHARM CVR</title>
        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="004CVR031"/>
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        <balance>70000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>35000.00000000</valUSD>
        <pctVal>0.023099345101</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>Lennar Corp</name>
        <lei>529900G61XVRLX5TJX09</lei>
        <title>Lennar Corp</title>
        <cusip>526057302</cusip>
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          <isin value="US5260573028"/>
          <ticker value="LEN/B"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2448000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bel Fuse Inc</name>
        <lei>2549009L4XYDBRRY6X39</lei>
        <title>Bel Fuse Inc</title>
        <cusip>077347201</cusip>
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          <isin value="US0773472016"/>
          <ticker value="BELFA"/>
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        <balance>66000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>881100.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Endeavour Mining Corp</name>
        <lei>529900R1F0JCJDI3A443</lei>
        <title>Endeavour Mining Corp</title>
        <cusip>000000000</cusip>
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          <isin value="KYG3040R1589"/>
          <ticker value="EDV"/>
          <other otherDesc="SEDOL" value="BDGN4L2"/>
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        <balance>-940.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.27290000"/>
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        <payoffProfile>Short</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MC</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>IMA SpA</name>
        <lei>815600D86992FDA7B908</lei>
        <title>IMA Industria Macchine Automatiche SpA</title>
        <cusip>000000000</cusip>
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          <isin value="IT0001049623"/>
          <ticker value="IMA"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Standard AVB Financial Corp</name>
        <lei>549300GDKH0YGC2DTT22</lei>
        <title>Standard AVB Financial Corp</title>
        <cusip>85303B100</cusip>
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          <isin value="US85303B1008"/>
          <ticker value="STND"/>
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        <balance>1000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>32590.00000000</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>IMImobile PLC</name>
        <lei>213800BRL6JLWGZCLR92</lei>
        <title>IMImobile PLC</title>
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          <isin value="GB00BLBP4Y22"/>
          <ticker value="IMO"/>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>9127962Y4</cusip>
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          <isin value="US9127962Y48"/>
          <other otherDesc="SEDOL" value="BMFKW91"/>
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        <balance>205000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-05-20</maturityDt>
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      <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"/>
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      <invstOrSec>
        <name>STEEL PARTNERS HLDS LP</name>
        <lei>5493009U8Z59G5SIZ389</lei>
        <title>Steel Partners Holdings LP</title>
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          <isin value="US85814R2067"/>
          <ticker value="SPLP"/>
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        <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"/>
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        <name>Aerojet Rocketdyne Holdings In</name>
        <lei>549300VULNLWHE8QWI76</lei>
        <title>Aerojet Rocketdyne Holdings Inc</title>
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          <isin value="US0078001056"/>
          <ticker value="AJRD"/>
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      <invstOrSec>
        <name>Elanco Animal Health CVR</name>
        <lei>N/A</lei>
        <title>Elanco Animal Health CVR</title>
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        <assetCat>EC</assetCat>
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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>9127962F5</cusip>
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          <isin value="US9127962F58"/>
          <other otherDesc="SEDOL" value="BKPSY39"/>
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        <balance>10580000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-03-25</maturityDt>
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      <invstOrSec>
        <name>Waddell &amp; Reed Financial Inc</name>
        <lei>549300DZMO2208Z36F25</lei>
        <title>Waddell &amp; Reed Financial Inc</title>
        <cusip>930059100</cusip>
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          <isin value="US9300591008"/>
          <ticker value="WDR"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Alvopetro Energy Ltd/CA</name>
        <lei>N/A</lei>
        <title>Alvopetro Energy Ltd/CA</title>
        <cusip>02255Q100</cusip>
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          <isin value="CA02255Q1000"/>
          <ticker value="ALV"/>
          <other otherDesc="SEDOL" value="BH369J5"/>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>National General Holdings Corp</name>
        <lei>549300HUE7OCQI86BK16</lei>
        <title>National General Holdings Corp</title>
        <cusip>636220303</cusip>
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          <isin value="US6362203035"/>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>Loral Space &amp; Communications I</name>
        <lei>5299008CJ8NPI54F8D37</lei>
        <title>Loral Space &amp; Communications Inc</title>
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          <isin value="US5438811060"/>
          <ticker value="LORL"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>CIRCOR International Inc</name>
        <lei>5493007701O01N3FQM69</lei>
        <title>CIRCOR International Inc</title>
        <cusip>17273K109</cusip>
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          <ticker value="CIR"/>
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        <curCd>USD</curCd>
        <valUSD>230640.00000000</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Marvell Technology Group Ltd</name>
        <lei>8DF36O58U3QIHUCGZB18</lei>
        <title>Marvell Technology Group Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="BMG5876H1051"/>
          <ticker value="MRVL"/>
          <other otherDesc="SEDOL" value="2594653"/>
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        <balance>-1393.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Endesa SA</name>
        <lei>549300LHK07F2CHV4X31</lei>
        <title>Endesa SA</title>
        <cusip>000000000</cusip>
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          <isin value="ES0130670112"/>
          <ticker value="ELE"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>9127964M8</cusip>
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          <isin value="US9127964M81"/>
          <other otherDesc="SEDOL" value="BN6RJS6"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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        <name>Gulf Coast Ultra Deep Royalty</name>
        <lei>549300LVVWU3NPP3DF95</lei>
        <title>Gulf Coast Ultra Deep Royalty Trust</title>
        <cusip>40222T104</cusip>
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          <isin value="US40222T1043"/>
          <ticker value="GULTU"/>
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        <curCd>USD</curCd>
        <valUSD>7360.00000000</valUSD>
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        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>9127964D8</cusip>
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          <isin value="US9127964D82"/>
          <other otherDesc="SEDOL" value="BKVKD87"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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        <name>Cincinnati Bell Inc</name>
        <lei>549300JYVZOCUJOHL272</lei>
        <title>Cincinnati Bell Inc</title>
        <cusip>171871502</cusip>
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          <ticker value="CBB"/>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>229200.00000000</valUSD>
        <pctVal>0.151267711350</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SEACOR Holdings Inc</name>
        <lei>549300IQTYSR1SC4II14</lei>
        <title>SEACOR Holdings Inc</title>
        <cusip>811904101</cusip>
        <identifiers>
          <isin value="US8119041015"/>
          <ticker value="CKH"/>
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        <balance>62411.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2586935.95000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>HMS Holdings Corp</name>
        <lei>5299008569C65X81JE73</lei>
        <title>HMS Holdings Corp</title>
        <cusip>40425J101</cusip>
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          <isin value="US40425J1016"/>
          <ticker value="HMSY"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Aon PLC</name>
        <lei>635400FALWQYX5E6QC64</lei>
        <title>Aon PLC</title>
        <cusip>000000000</cusip>
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          <isin value="IE00BLP1HW54"/>
          <ticker value="AON"/>
          <other otherDesc="SEDOL" value="BLP1HW5"/>
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        <valUSD>-1597201.20000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>State Street Bank and Trust Company</name>
        <lei>571474TGEMMWANRLN572</lei>
        <title>USD/SEK FORWARD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="N/A"/>
          <other otherDesc="INTERNAL" value="C01MDA62GKRIFOFB"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-5144.71000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>State Street Bank and Trust Company</counterpartyName>
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            <settlementDt>2021-01-29</settlementDt>
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      </invstOrSec>
      <invstOrSec>
        <name>Tele Columbus AG</name>
        <lei>3912004GMFDLY04RUQ19</lei>
        <title>Tele Columbus AG</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="DE000TCAG172"/>
          <ticker value="TC1"/>
          <other otherDesc="SEDOL" value="BVCXBC2"/>
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        <balance>45000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.81856505"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2021-02-18</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>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
