<SEC-DOCUMENT>0001752724-25-129516.txt : 20250530
<SEC-HEADER>0001752724-25-129516.hdr.sgml : 20250530
<ACCEPTANCE-DATETIME>20250530091127
ACCESSION NUMBER:		0001752724-25-129516
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20250331
FILED AS OF DATE:		20250530
DATE AS OF CHANGE:		20250530
PERIOD START:           	20251231

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GDL FUND
		CENTRAL INDEX KEY:			0001378701
		ORGANIZATION NAME:           	
		EIN:				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:		251006888

	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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        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="005CVR014"/>
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        <balance>104000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1300.00000000</valUSD>
        <pctVal>0.001116434417</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Vacasa Inc</name>
        <lei>5493000NL6DCWTVXZD49</lei>
        <title>Vacasa Inc</title>
        <cusip>91854V206</cusip>
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          <isin value="US91854V2060"/>
          <ticker value="VCSA"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>269000.00000000</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>
      <invstOrSec>
        <name>SPAR Group Inc</name>
        <lei>529900GHU4LESX3IFN94</lei>
        <title>SPAR Group Inc</title>
        <cusip>784933103</cusip>
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          <isin value="US7849331035"/>
          <ticker value="SGRP"/>
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        <balance>175000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>231000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Avista Corp</name>
        <lei>Q0IK63NITJD6RJ47SW96</lei>
        <title>Avista Corp</title>
        <cusip>05379B107</cusip>
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          <isin value="US05379B1070"/>
          <ticker value="AVA"/>
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        <balance>12000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>502440.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SIGILON THERAPEUTICS INC CVR</name>
        <lei>N/A</lei>
        <title>SIGILON THERAPEUTICS INC CVR</title>
        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="826CVR037"/>
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        <balance>1000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7550.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Pactiv Evergreen Inc</name>
        <lei>894500GNKGJRUSH1F791</lei>
        <title>Pactiv Evergreen Inc</title>
        <cusip>69526K105</cusip>
        <identifiers>
          <isin value="US69526K1051"/>
          <ticker value="PTVE"/>
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        <balance>141000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2539410.00000000</valUSD>
        <pctVal>2.180834404042</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>AMBIT BIOSCIENCES CORP CVR</name>
        <lei>N/A</lei>
        <title>AMBIT BIOSCIENCES CORP CVR</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="AMBICVR"/>
          <other otherDesc="INTERNAL" value="023CVR996"/>
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        <balance>79391.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>0.08000000</valUSD>
        <pctVal>0.000000068703</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>
        <name>Triumph Group Inc</name>
        <lei>5493007L6S47Q14SL582</lei>
        <title>Triumph Group Inc</title>
        <cusip>896818101</cusip>
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          <isin value="US8968181011"/>
          <ticker value="TGI"/>
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        <balance>115000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2914100.00000000</valUSD>
        <pctVal>2.502616567163</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>CFT SpA</name>
        <lei>8156006BD7F4AB008C54</lei>
        <title>CFT SpA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IT0005262313"/>
          <ticker value="CFT"/>
          <other otherDesc="SEDOL" value="BF5GLD7"/>
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        <balance>25000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.92481272"/>
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        <pctVal>0.106790816656</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>2seventy bio Inc</name>
        <lei>N/A</lei>
        <title>2seventy bio Inc</title>
        <cusip>901384107</cusip>
        <identifiers>
          <isin value="US9013841070"/>
          <ticker value="TSVT"/>
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        <balance>85000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>419900.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CINCOR</name>
        <lei>N/A</lei>
        <title>CINCOR</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="172CVR011"/>
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        <balance>4000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>12000.00000000</valUSD>
        <pctVal>0.010305548473</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ALIMERA SCIENCES INC</name>
        <lei>N/A</lei>
        <title>ALIMERA SCIENCES INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="016CVR029"/>
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        <balance>25000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>250.00000000</valUSD>
        <pctVal>0.000214698926</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Innergex Renewable Energy Inc</name>
        <lei>549300EORYEC4J59SU80</lei>
        <title>Innergex Renewable Energy Inc</title>
        <cusip>45790B104</cusip>
        <identifiers>
          <isin value="CA45790B1040"/>
          <ticker value="INE"/>
          <other otherDesc="SEDOL" value="B29TNV3"/>
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        <balance>35000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.43905000"/>
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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>Intra-Cellular Therapies Inc</name>
        <lei>5299002U2KGF193IJA20</lei>
        <title>Intra-Cellular Therapies Inc</title>
        <cusip>46116X101</cusip>
        <identifiers>
          <isin value="US46116X1019"/>
          <ticker value="ITCI"/>
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        <balance>46500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6134280.00000000</valUSD>
        <pctVal>5.268093324052</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>Accolade Inc</name>
        <lei>549300PHKG8J7A22NF08</lei>
        <title>Accolade Inc</title>
        <cusip>00437E102</cusip>
        <identifiers>
          <isin value="US00437E1029"/>
          <ticker value="ACCD"/>
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        <balance>110000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>767800.00000000</valUSD>
        <pctVal>0.659383343148</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>TEGNA Inc</name>
        <lei>549300YC5EDBGX85AO10</lei>
        <title>TEGNA Inc</title>
        <cusip>87901J105</cusip>
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          <isin value="US87901J1051"/>
          <ticker value="TGNA"/>
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        <balance>65600.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1195232.00000000</valUSD>
        <pctVal>1.026460109400</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>HKBN Ltd</name>
        <lei>N/A</lei>
        <title>HKBN Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="KYG451581055"/>
          <ticker value="1310"/>
          <other otherDesc="SEDOL" value="BW0DD81"/>
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        <balance>280000.00000000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.78145000"/>
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        <pctVal>0.160072649252</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Amedisys Inc</name>
        <lei>5299001RBS9GK9STN379</lei>
        <title>Amedisys Inc</title>
        <cusip>023436108</cusip>
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          <isin value="US0234361089"/>
          <ticker value="AMED"/>
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        <balance>8000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>741040.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</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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        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AKOUOS INC</name>
        <lei>N/A</lei>
        <title>AKOUOS INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="009CVR036"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20000.00000000</valUSD>
        <pctVal>0.017175914122</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>First Bancshares Inc/The</name>
        <lei>5493006DL5RXJODMAF36</lei>
        <title>First Bancshares Inc/The</title>
        <cusip>318916103</cusip>
        <identifiers>
          <isin value="US3189161033"/>
          <ticker value="FBMS"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>845250.00000000</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>First Majestic Silver Corp</name>
        <lei>529900PWCU5DUH1DYR51</lei>
        <title>First Majestic Silver Corp</title>
        <cusip>32076V103</cusip>
        <identifiers>
          <isin value="CA32076V1031"/>
          <ticker value="AG"/>
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        <balance>178500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1194165.00000000</valUSD>
        <pctVal>1.025543774382</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>First Majestic Silver Corp</name>
        <lei>529900PWCU5DUH1DYR51</lei>
        <title>First Majestic Silver Corp</title>
        <cusip>32076V103</cusip>
        <identifiers>
          <isin value="CA32076V1031"/>
          <ticker value="AG"/>
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        <balance>-178500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-1194165.00000000</valUSD>
        <pctVal>-1.02554377438</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>RADIUS HEALTH INC</name>
        <lei>N/A</lei>
        <title>RADIUS HEALTH INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="RDUS"/>
          <other otherDesc="INTERNAL" value="750CVR011"/>
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        <balance>2000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>0.02000000</valUSD>
        <pctVal>0.000000017175</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Patterson Cos Inc</name>
        <lei>YM48Q2087CUE26GWEK09</lei>
        <title>Patterson Cos Inc</title>
        <cusip>703395103</cusip>
        <identifiers>
          <isin value="US7033951036"/>
          <ticker value="PDCO"/>
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        <balance>120000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3748800.00000000</valUSD>
        <pctVal>3.219453343050</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Renasant Corp</name>
        <lei>549300OVE6OZHW2UUH81</lei>
        <title>Renasant Corp</title>
        <cusip>75970E107</cusip>
        <identifiers>
          <isin value="US75970E1073"/>
          <ticker value="RNST"/>
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        <balance>-25000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-848250.00000000</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TXNM Energy Inc</name>
        <lei>5493003JOBJGLZSDDQ28</lei>
        <title>TXNM Energy Inc</title>
        <cusip>69349H107</cusip>
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          <isin value="US69349H1077"/>
          <ticker value="TXNM"/>
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        <balance>8000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>427840.00000000</valUSD>
        <pctVal>0.367427154900</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>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912797NP8</cusip>
        <identifiers>
          <isin value="US912797NP82"/>
          <other otherDesc="SEDOL" value="BN7T6L3"/>
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        <balance>1010000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1002343.88000000</valUSD>
        <pctVal>0.860808620185</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-05</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Kinross Gold Corp</name>
        <lei>549300UEBMAQDN0K0R06</lei>
        <title>Kinross Gold Corp</title>
        <cusip>496902198</cusip>
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          <isin value="CA4969021985"/>
          <other otherDesc="SEDOL" value="BPR9XS3"/>
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        <balance>10000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.43905000"/>
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        <pctVal>0.000000060115</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Intevac Inc</name>
        <lei>N/A</lei>
        <title>Intevac Inc</title>
        <cusip>461148108</cusip>
        <identifiers>
          <isin value="US4611481080"/>
          <ticker value="IVAC"/>
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        <balance>180000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>720000.00000000</valUSD>
        <pctVal>0.618332908396</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Desktop Metal Inc</name>
        <lei>254900C3ZY0EFO5PGJ27</lei>
        <title>Desktop Metal Inc</title>
        <cusip>25058X303</cusip>
        <identifiers>
          <isin value="US25058X3035"/>
          <ticker value="DM"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>122750.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PREVAIL THERAPEUTICS INC</name>
        <lei>N/A</lei>
        <title>PREVAIL THERAPEUTICS INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="741CVR013"/>
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        <balance>3000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>600.00000000</valUSD>
        <pctVal>0.000515277423</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Altus Power Inc</name>
        <lei>5493005V83PBRWNLK259</lei>
        <title>Altus Power Inc</title>
        <cusip>02217A102</cusip>
        <identifiers>
          <isin value="US02217A1025"/>
          <ticker value="AMPS"/>
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        <balance>500000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2475000.00000000</valUSD>
        <pctVal>2.125519372612</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>Everi Holdings Inc</name>
        <lei>5299006DK5S7BG10K532</lei>
        <title>Everi Holdings Inc</title>
        <cusip>30034T103</cusip>
        <identifiers>
          <isin value="US30034T1034"/>
          <ticker value="EVRI"/>
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        <balance>65000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>888550.00000000</valUSD>
        <pctVal>0.763082924660</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>International Paper Co</name>
        <lei>824LMFJDH41EY779Q875</lei>
        <title>International Paper Co</title>
        <cusip>460146103</cusip>
        <identifiers>
          <isin value="US4601461035"/>
          <ticker value="IP"/>
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        <balance>10280.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>548438.00000000</valUSD>
        <pctVal>0.470996199465</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>International Paper Co</name>
        <lei>824LMFJDH41EY779Q875</lei>
        <title>International Paper Co</title>
        <cusip>460146103</cusip>
        <identifiers>
          <isin value="US4601461035"/>
          <ticker value="IP"/>
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        <balance>-10280.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-548438.00000000</valUSD>
        <pctVal>-0.47099619946</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>State Street Bank and Trust Company</name>
        <lei>571474TGEMMWANRLN572</lei>
        <title>USD/EUR FORWARD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="N/A"/>
          <other otherDesc="INTERNAL" value="AUU6U56YDV7SVXLAOYZ4ZVRYA"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-3370.68000000</valUSD>
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        <assetCat>DFE</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
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              <counterpartyName>State Street Bank and Trust Company</counterpartyName>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PlayAGS Inc</name>
        <lei>N/A</lei>
        <title>PlayAGS Inc</title>
        <cusip>72814N104</cusip>
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          <isin value="US72814N1046"/>
          <ticker value="AGS"/>
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        <balance>65000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>787150.00000000</valUSD>
        <pctVal>0.676001040061</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <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>Endeavor Group Holdings Inc</name>
        <lei>N/A</lei>
        <title>Endeavor Group Holdings Inc</title>
        <cusip>29260Y109</cusip>
        <identifiers>
          <isin value="US29260Y1091"/>
          <ticker value="EDR"/>
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        <balance>35000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>962500.00000000</valUSD>
        <pctVal>0.826590867127</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>H&amp;E Equipment Services Inc</name>
        <lei>254900KVLRCDMQRYY541</lei>
        <title>H&amp;E Equipment Services Inc</title>
        <cusip>404030108</cusip>
        <identifiers>
          <isin value="US4040301081"/>
          <ticker value="HEES"/>
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        <balance>32000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3033280.00000000</valUSD>
        <pctVal>2.604967839417</pctVal>
        <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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Walgreens Boots Alliance Inc</name>
        <lei>549300RPTUOIXG4LIH86</lei>
        <title>Walgreens Boots Alliance Inc</title>
        <cusip>931427108</cusip>
        <identifiers>
          <isin value="US9314271084"/>
          <ticker value="WBA"/>
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        <balance>120000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1340400.00000000</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>Surgery Partners Inc</name>
        <lei>549300LC82HG33S19I03</lei>
        <title>Surgery Partners Inc</title>
        <cusip>86881A100</cusip>
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          <isin value="US86881A1007"/>
          <ticker value="SGRY"/>
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        <balance>14000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>332500.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912797NV5</cusip>
        <identifiers>
          <isin value="US912797NV50"/>
          <other otherDesc="SEDOL" value="BRBYPQ0"/>
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        <balance>1160000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1149194.73000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
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      <invstOrSec>
        <name>Steel Partners Holdings LP</name>
        <lei>5493009U8Z59G5SIZ389</lei>
        <title>Steel Partners Holdings LP</title>
        <cusip>85814R107</cusip>
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          <isin value="US85814R1077"/>
          <ticker value="SPLP"/>
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        <balance>16400.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>672482.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Frontier Communications Parent</name>
        <lei>N/A</lei>
        <title>Frontier Communications Parent Inc</title>
        <cusip>35909D109</cusip>
        <identifiers>
          <isin value="US35909D1090"/>
          <ticker value="FYBR"/>
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        <balance>85000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3048100.00000000</valUSD>
        <pctVal>2.617695191781</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>INNOCOLL</name>
        <lei>N/A</lei>
        <title>INNOCOLL</title>
        <cusip>000000000</cusip>
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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>0.30000000</valUSD>
        <pctVal>0.000000257638</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>
        <name>GRACELL BIOTECHNOLOGIES INC</name>
        <lei>N/A</lei>
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          <other otherDesc="INTERNAL" value="384CVR015"/>
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        <curCd>USD</curCd>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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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"/>
          <other otherDesc="INTERNAL" value="AUU9DBQX497QGOW5YIUFEERYG"/>
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        <invCountry>US</invCountry>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>State Street Bank and Trust Company</counterpartyName>
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      <invstOrSec>
        <name>Nordstrom Inc</name>
        <lei>549300S3IZB5P35KNV16</lei>
        <title>Nordstrom Inc</title>
        <cusip>655664100</cusip>
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          <isin value="US6556641008"/>
          <ticker value="JWN"/>
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        <balance>68000.00000000</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>Chimerix Inc</name>
        <lei>5299002IR2GXUBEPKS66</lei>
        <title>Chimerix Inc</title>
        <cusip>16934W106</cusip>
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          <isin value="US16934W1062"/>
          <ticker value="CMRX"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1276500.00000000</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>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912797NN3</cusip>
        <identifiers>
          <isin value="US912797NN35"/>
          <other otherDesc="SEDOL" value="BTG00Q2"/>
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        <balance>7440000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7389264.41000000</valUSD>
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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>2025-05-29</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>CONTINGENT VALUE RIGHT</name>
        <lei>N/A</lei>
        <title>CONTINGENT VALUE RIGHT</title>
        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="339CVR011"/>
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        <balance>1000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>100.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TI Fluid Systems PLC</name>
        <lei>5493001T9RXVD6OAWY46</lei>
        <title>TI Fluid Systems PLC</title>
        <cusip>000000000</cusip>
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          <isin value="GB00BYQB9V88"/>
          <ticker value="TIFS"/>
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        <balance>270000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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          <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>648125.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GAN Ltd</name>
        <lei>N/A</lei>
        <title>GAN Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="BMG3728V1090"/>
          <ticker value="GAN"/>
          <other otherDesc="SEDOL" value="BLR8ZQ4"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>88500.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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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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          <isin value="US40222T1043"/>
          <ticker value="GULTU"/>
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        <curCd>USD</curCd>
        <valUSD>11500.00000000</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>Paratek Pharmaceuticals CVR</name>
        <lei>N/A</lei>
        <title>Paratek Pharmaceuticals CVR</title>
        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="699CVR031"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2000.00000000</valUSD>
        <pctVal>0.001717591412</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>IMAX China Holding Inc</name>
        <lei>254900UPBAZQ2AIEQ396</lei>
        <title>IMAX China Holding Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG476341030"/>
          <ticker value="1970"/>
          <other otherDesc="SEDOL" value="BYVYK42"/>
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        <balance>70000.00000000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.78145000"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>United States Steel Corp</name>
        <lei>JNLUVFYJT1OZSIQ24U47</lei>
        <title>United States Steel Corp</title>
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          <isin value="US9129091081"/>
          <ticker value="X"/>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>Discover Financial Services</name>
        <lei>Z1YLO2USPORE63VVUL20</lei>
        <title>Discover Financial Services</title>
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          <ticker value="DFS"/>
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        <balance>26000.00000000</balance>
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        <name>Capital One Financial Corp</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp</title>
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        <name>Surmodics Inc</name>
        <lei>549300H76KXCAAGUS878</lei>
        <title>Surmodics Inc</title>
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        <name>Nevro Corp</name>
        <lei>254900SH91I4BOYKUE38</lei>
        <title>Nevro Corp</title>
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        <name>Lifeway Foods Inc</name>
        <lei>N/A</lei>
        <title>Lifeway Foods Inc</title>
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        <name>Sirius XM Holdings Inc</name>
        <lei>54930055RWDMVXAGZK98</lei>
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        <name>Hess Corp</name>
        <lei>UASVRYNXNK17ULIGK870</lei>
        <title>Hess Corp</title>
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        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
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        <name>OPIANT PHARMACEUTICALS INC</name>
        <lei>N/A</lei>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kellanova</name>
        <lei>LONOZNOJYIBXOHXWDB86</lei>
        <title>Kellanova</title>
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          <isin value="US4878361082"/>
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        <curCd>USD</curCd>
        <valUSD>5114380.00000000</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>NII Holdings Escrow</name>
        <lei>N/A</lei>
        <title>NII Holdings Escrow</title>
        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="629ESC013"/>
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        <balance>713121.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>249592.35000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Juniper Networks Inc</name>
        <lei>AUHIXNGG7U2U7JEHM527</lei>
        <title>Juniper Networks Inc</title>
        <cusip>48203R104</cusip>
        <identifiers>
          <isin value="US48203R1041"/>
          <ticker value="JNPR"/>
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        <balance>93000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3365670.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>POSEIDA THERAPEUTICS INC</name>
        <lei>N/A</lei>
        <title>POSEIDA THERAPEUTICS INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="PSTX"/>
          <other otherDesc="INTERNAL" value="737CVR019"/>
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        <balance>41797.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20898.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Berry Global Group Inc</name>
        <lei>549300G6KKUMMXM8NH73</lei>
        <title>Berry Global Group Inc</title>
        <cusip>08579W103</cusip>
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          <isin value="US08579W1036"/>
          <ticker value="BERY"/>
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        <balance>8000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>558480.00000000</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>ICOSAVAX INC</name>
        <lei>N/A</lei>
        <title>ICOSAVAX INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="451CVR021"/>
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        <balance>30000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9000.00000000</valUSD>
        <pctVal>0.007729161354</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Markforged Holding Corp</name>
        <lei>5299003Q0QNVMAQW9K21</lei>
        <title>Markforged Holding Corp</title>
        <cusip>57064N201</cusip>
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          <isin value="US57064N2018"/>
          <ticker value="MKFG"/>
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        <balance>70000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>327600.00000000</valUSD>
        <pctVal>0.281341473320</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>Just Eat Takeaway.com NV</name>
        <lei>724500FVZIBSSQ7SHI95</lei>
        <title>Just Eat Takeaway.com NV</title>
        <cusip>000000000</cusip>
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          <isin value="NL0012015705"/>
          <ticker value="TKWY"/>
          <other otherDesc="SEDOL" value="BYQ7HZ6"/>
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        <balance>40000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.92481272"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Atlantic Union Bankshares Corp</name>
        <lei>N/A</lei>
        <title>Atlantic Union Bankshares Corp</title>
        <cusip>04911A107</cusip>
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          <isin value="US04911A1079"/>
          <ticker value="AUB"/>
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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>CI Financial Corp</name>
        <lei>549300M9W7JJQSVCEM78</lei>
        <title>CI Financial Corp</title>
        <cusip>125491100</cusip>
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          <isin value="CA1254911003"/>
          <ticker value="CIX"/>
          <other otherDesc="SEDOL" value="B3KT0S5"/>
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        <balance>53000.00000000</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>Despegar.com Corp</name>
        <lei>N/A</lei>
        <title>Despegar.com Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="VGG273581030"/>
          <ticker value="DESP"/>
          <other otherDesc="SEDOL" value="BDFS4G3"/>
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        <balance>172000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3231880.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AR</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>CHINOOK THERAPEUTICS INC CVR</name>
        <lei>N/A</lei>
        <title>CHINOOK THERAPEUTICS INC CVR</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="KDNY"/>
          <other otherDesc="INTERNAL" value="169CVR016"/>
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        <balance>64000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>32000.00000000</valUSD>
        <pctVal>0.027481462595</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Spirit AeroSystems Holdings In</name>
        <lei>N/A</lei>
        <title>Spirit AeroSystems Holdings Inc</title>
        <cusip>848574109</cusip>
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          <isin value="US8485741099"/>
          <ticker value="SPR"/>
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        <balance>36000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1240560.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Paragon 28 Inc</name>
        <lei>254900GM24PT1FMTRP66</lei>
        <title>Paragon 28 Inc</title>
        <cusip>69913P105</cusip>
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          <isin value="US69913P1057"/>
          <ticker value="FNA"/>
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        <balance>130000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1697800.00000000</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>WideOpenWest Inc</name>
        <lei>549300RM6J2BWWOFU889</lei>
        <title>WideOpenWest Inc</title>
        <cusip>96758W101</cusip>
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          <isin value="US96758W1018"/>
          <ticker value="WOW"/>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>DMC Global Inc</name>
        <lei>549300CBDXD1Z5MRNG02</lei>
        <title>DMC Global Inc</title>
        <cusip>23291C103</cusip>
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          <isin value="US23291C1036"/>
          <ticker value="BOOM"/>
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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>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912797PP6</cusip>
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          <isin value="US912797PP64"/>
          <other otherDesc="SEDOL" value="BNZD2N1"/>
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        <balance>1700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1672406.64000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-21</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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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>11000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1199770.00000000</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Covestro AG</name>
        <lei>3912005AWHKLQ1CPLV11</lei>
        <title>Covestro AG</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="DE000A40KY26"/>
          <ticker value="1CO"/>
          <other otherDesc="SEDOL" value="BRBLFV6"/>
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        <balance>5500.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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          <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="PAASF"/>
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        <balance>419000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>179080.60000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Spirent Communications PLC</name>
        <lei>213800HKCUNWP1916L38</lei>
        <title>Spirent Communications PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0004726096"/>
          <ticker value="SPT"/>
          <other otherDesc="SEDOL" value="0472609"/>
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        <balance>50000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Logility Supply Chain Solution</name>
        <lei>N/A</lei>
        <title>Logility Supply Chain Solutions Inc</title>
        <cusip>029683109</cusip>
        <identifiers>
          <isin value="US0296831094"/>
          <ticker value="LGTY"/>
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        <valUSD>3279800.00000000</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>Paycor HCM Inc</name>
        <lei>N/A</lei>
        <title>Paycor HCM Inc</title>
        <cusip>70435P102</cusip>
        <identifiers>
          <isin value="US70435P1021"/>
          <ticker value="PYCR"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3366000.00000000</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>
      <invstOrSec>
        <name>Decibel Therapeutics Inc CVR</name>
        <lei>N/A</lei>
        <title>Decibel Therapeutics Inc CVR</title>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ABIOMED Inc</name>
        <lei>N/A</lei>
        <title>ABIOMED Inc</title>
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          <ticker value="2223637D"/>
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        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sandy Spring Bancorp Inc</name>
        <lei>N/A</lei>
        <title>Sandy Spring Bancorp Inc</title>
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          <isin value="US8003631038"/>
          <ticker value="SASR"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Air Transport Services Group I</name>
        <lei>5493000F3MSFGIXTQE27</lei>
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          <isin value="US00922R1059"/>
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        <balance>185000.00000000</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>Chevron Corp</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Global Blue Group Holding AG</name>
        <lei>N/A</lei>
        <title>Global Blue Group Holding AG</title>
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          <isin value="CH0562152865"/>
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        <balance>225000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>CH</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MONEYLION INC</name>
        <lei>N/A</lei>
        <title>MONEYLION INC</title>
        <cusip>60938K304</cusip>
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          <isin value="US60938K3041"/>
          <ticker value="ML"/>
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        <balance>6000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>519060.00000000</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Boeing Co/The</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
        <title>Boeing Co/The</title>
        <cusip>097023105</cusip>
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          <isin value="US0970231058"/>
          <ticker value="BA"/>
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        <balance>-1300.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-221715.00000000</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>Checkpoint Therapeutics Inc</name>
        <lei>549300NTOG3NRUKVKI74</lei>
        <title>Checkpoint Therapeutics Inc</title>
        <cusip>162828206</cusip>
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          <isin value="US1628282063"/>
          <ticker value="CKPT"/>
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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>VOXX International Corp</name>
        <lei>EC1QKSEOVR96PYJPNS25</lei>
        <title>VOXX International Corp</title>
        <cusip>91829F104</cusip>
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          <isin value="US91829F1049"/>
          <ticker value="VOXX"/>
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        <balance>385000.00000000</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>Capri Holdings Ltd</name>
        <lei>549300LPG8W0H1OX3A26</lei>
        <title>Capri Holdings Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="VGG1890L1076"/>
          <ticker value="CPRI"/>
          <other otherDesc="SEDOL" value="BJ1N1M9"/>
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        <balance>21000.00000000</balance>
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        <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>FUSION PHARMACEUTICALS INC</name>
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          <ticker value="FUSN"/>
          <other otherDesc="INTERNAL" value="361CVR012"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>ALBIREO PHARMA INC</name>
        <lei>N/A</lei>
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          <other otherDesc="INTERNAL" value="013CVR022"/>
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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>ALLETE Inc</name>
        <lei>549300NNLSIMY6Z8OT86</lei>
        <title>ALLETE Inc</title>
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          <isin value="US0185223007"/>
          <ticker value="ALE"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ChampionX Corp</name>
        <lei>549300EP2909K6DYYP38</lei>
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          <isin value="US15872M1045"/>
          <ticker value="CHX"/>
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        <curCd>USD</curCd>
        <valUSD>894000.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Bel Fuse Inc</name>
        <lei>2549009L4XYDBRRY6X39</lei>
        <title>Bel Fuse Inc</title>
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          <isin value="US0773472016"/>
          <ticker value="BELFA"/>
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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>Cross Country Healthcare Inc</name>
        <lei>54930037L0NBIPZ5S663</lei>
        <title>Cross Country Healthcare Inc</title>
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          <isin value="US2274831047"/>
          <ticker value="CCRN"/>
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        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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        <name>SolarWinds Corp</name>
        <lei>N/A</lei>
        <title>SolarWinds Corp</title>
        <cusip>83417Q204</cusip>
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          <isin value="US83417Q2049"/>
          <ticker value="SWI"/>
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        <name>Manchester United Plc</name>
        <lei>529900GWGZPE83MJOV59</lei>
        <title>Manchester United Plc</title>
        <cusip>000000000</cusip>
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        <invCountry>GB</invCountry>
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        <name>CONTRA ADAMAS PHARMACE</name>
        <lei>N/A</lei>
        <title>CONTRA ADAMAS PHARMACE</title>
        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="005CVR022"/>
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        <invCountry>US</invCountry>
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        <name>Bapcor Ltd</name>
        <lei>N/A</lei>
        <title>Bapcor Ltd</title>
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          <ticker value="BAP"/>
          <other otherDesc="SEDOL" value="BLD2CY7"/>
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      <invstOrSec>
        <name>Amcor PLC</name>
        <lei>549300GSODGFCDQ3DI89</lei>
        <title>Amcor PLC</title>
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          <ticker value="AMCR"/>
          <other otherDesc="SEDOL" value="BJ1F307"/>
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        <valUSD>-562600.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912797NW3</cusip>
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          <isin value="US912797NW34"/>
          <other otherDesc="SEDOL" value="BS60BF1"/>
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        <balance>1250000.00000000</balance>
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        <valUSD>1237488.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
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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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      </invstOrSec>
      <invstOrSec>
        <name>OCERA THERAPEUTICS CVR</name>
        <lei>N/A</lei>
        <title>OCERA THERAPEUTICS CVR</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Internal" value="675CVR195"/>
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        <balance>23000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <pctVal>0.000001975230</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>
        <name>MIRATI THERAPEUTICS INC</name>
        <lei>N/A</lei>
        <title>MIRATI THERAPEUTICS INC</title>
        <cusip>000000000</cusip>
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          <ticker value="MRTX"/>
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        <assetCat>EC</assetCat>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Playa Hotels &amp; Resorts NV</name>
        <lei>529900BUP3KWPCJNLS49</lei>
        <title>Playa Hotels &amp; Resorts NV</title>
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        <name>Optinose Inc</name>
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        <name>EPIZYME INCCONTINGENT</name>
        <lei>N/A</lei>
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        <identifiers>
          <other otherDesc="INTERNAL" value="294CVR014"/>
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        <balance>28000.00000000</balance>
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        <pctVal>0.000480925595</pctVal>
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      <invstOrSec>
        <name>Resolute Forest Products Inc</name>
        <lei>N/A</lei>
        <title>Resolute Forest Products Inc</title>
        <cusip>000000000</cusip>
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          <ticker value="RFP"/>
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        <balance>24000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>36000.00000000</valUSD>
        <pctVal>0.030916645419</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Dun &amp; Bradstreet Holdings Inc</name>
        <lei>254900LNALVKD1ZX7U27</lei>
        <title>Dun &amp; Bradstreet Holdings Inc</title>
        <cusip>26484T106</cusip>
        <identifiers>
          <isin value="US26484T1060"/>
          <ticker value="DNB"/>
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        <balance>115000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1028100.00000000</valUSD>
        <pctVal>0.882927865447</pctVal>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Iveco Group NV</name>
        <lei>549300ZWF2ZJDD9EOR96</lei>
        <title>Iveco Group NV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="NL0015000LU4"/>
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          <other otherDesc="SEDOL" value="BKPGF52"/>
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        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92481272"/>
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        <pctVal>0.279884801219</pctVal>
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        <invCountry>IT</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-12</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Enstar Group Ltd</name>
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          <isin value="BMG3075P1014"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-05-29</ncom:dateSigned>
      <ncom:nameOfApplicant>GDL Fund</ncom:nameOfApplicant>
      <ncom:signature>John C. Ball</ncom:signature>
      <ncom:signerName>John C. Ball</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>NPORT-EX
<SEQUENCE>2
<FILENAME>GB39GB033125.htm
<TEXT>
<html>
<head>
<title></title>
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</head><body style="margin: 0px"><div style="page-break-after:always;margin:-8px;position:relative;height:1296px;width:1080px;transform-origin:top left;transform:scale(2,2)"><div style="position:absolute;top:0px;left:0px;width:540px;height:648px">
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			<div style="font-family:Arial, Helvetica, sans-serif;font-size:170px;position:absolute;top:-6.75px;left:4845.96px;white-space:nowrap">1</div></div>
		</div>
		<div style="height:33.73px;left:0px;position:absolute;top:0px;transform:translate(18.200px,24.305px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:489.40px">
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			<div style="font-family:Arial, Helvetica, sans-serif;font-size:230px;font-weight:bold;position:absolute;top:-9px;left:0px;white-space:nowrap">The GDL Fund</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:230px;font-weight:bold;position:absolute;top:279px;left:0px;letter-spacing:-2.4px;white-space:nowrap">Schedule of Investments &#8212; March 31, 2025 (Unaudited)</div></div>
		</div>
		<div style="background-color:transparent;height:4.50px;left:0px;position:absolute;top:0px;transform:translate(17.999px,57.416px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:489.60px">

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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:491.71px">
			<div style="width:9792px;height:10582.27px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.5px) rotate(0deg) scale(0.05)">






































































































































































































































































































































































			<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:232px;left:438.72px;white-space:nowrap">Shares</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:40px;left:4092.36px;white-space:nowrap">Market</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:232px;left:4133.72px;letter-spacing:-0.58px;white-space:nowrap">Value</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:486.88px;left:1007px;white-space:nowrap">COMMON STOCKS&#160;&#8212; 83.7%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:681.75px;left:1007px;white-space:nowrap">Aerospace&#160;&#8212; 3.2%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:876.63px;left:0px;letter-spacing:-5.71px;white-space:nowrap">			36,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:876.63px;left:1007px;white-space:nowrap">Spirit AeroSystems Holdings Inc., Cl.&#160;A&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:876.63px;left:3586.84px;letter-spacing:67.2px;white-space:nowrap">.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:876.63px;left:3815px;letter-spacing:-4px;white-space:nowrap">	$		1,240,560&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1071.51px;left:0px;letter-spacing:-5px;white-space:nowrap">			115,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1071.51px;left:1007px;letter-spacing:-1.48px;white-space:nowrap">Triumph Group Inc.&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1071.51px;left:2341.4px;letter-spacing:50.18px;white-space:nowrap">...............</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1071.51px;left:3815px;letter-spacing:-4px;white-space:nowrap">			2,914,100&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1266.39px;left:3815px;letter-spacing:-4px;white-space:nowrap">			4,154,660&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1555.63px;left:1007px;white-space:nowrap">Automotive&#160;&#8212; 0.8%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1750.5px;left:0px;letter-spacing:-5.71px;white-space:nowrap">			20,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1750.5px;left:1007px;white-space:nowrap">Iveco Group NV </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1750.5px;left:2074.52px;letter-spacing:49.97px;white-space:nowrap">..................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1750.5px;left:3815px;letter-spacing:-5px;white-space:nowrap">			325,904&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1945.38px;left:0px;letter-spacing:-5px;white-space:nowrap">			270,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1945.38px;left:1007px;white-space:nowrap">TI Fluid Systems plc </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1945.38px;left:2341.4px;letter-spacing:50.18px;white-space:nowrap">...............</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1945.38px;left:3815px;letter-spacing:-5px;white-space:nowrap">			694,057&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2140.26px;left:3815px;letter-spacing:-4px;white-space:nowrap">			1,019,961&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2429.5px;left:1007px;white-space:nowrap">Broadcasting&#160;&#8212; 1.2%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2624.38px;left:0px;letter-spacing:-5.71px;white-space:nowrap">			14,237&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2624.38px;left:1007px;white-space:nowrap">Sirius XM Holdings Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2624.38px;left:2519.32px;letter-spacing:50.36px;white-space:nowrap">.............</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2624.38px;left:3815px;letter-spacing:-5px;white-space:nowrap">			320,973&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2819.25px;left:0px;letter-spacing:-5.71px;white-space:nowrap">			65,600&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2819.25px;left:1007px;white-space:nowrap">TEGNA Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2819.25px;left:1807.64px;letter-spacing:49.83px;white-space:nowrap">.....................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2819.25px;left:3815px;letter-spacing:-4px;white-space:nowrap">			1,195,232&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3014.13px;left:3815px;letter-spacing:-4px;white-space:nowrap">			1,516,205&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3303.37px;left:1007px;white-space:nowrap">Building and Construction&#160;&#8212; 3.2%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3498.25px;left:0px;letter-spacing:-5.71px;white-space:nowrap">			32,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3498.25px;left:1007px;white-space:nowrap">H&amp;E Equipment Services Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3498.25px;left:2875.16px;letter-spacing:50.99px;white-space:nowrap">.........</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3498.25px;left:3815px;letter-spacing:-4px;white-space:nowrap">			3,033,280&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3693.12px;left:0px;letter-spacing:-5.71px;white-space:nowrap">			11,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3693.12px;left:1007px;white-space:nowrap">Lennar Corp., Cl.&#160;B </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3693.12px;left:2252.44px;letter-spacing:50.1px;white-space:nowrap">................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3693.12px;left:3815px;letter-spacing:-4px;white-space:nowrap">			1,199,770&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3888px;left:3815px;letter-spacing:-4px;white-space:nowrap">			4,233,050&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4177.24px;left:1007px;white-space:nowrap">Business Services&#160;&#8212; 4.2%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4372.12px;left:0px;letter-spacing:-5px;white-space:nowrap">			172,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4372.12px;left:1007px;letter-spacing:-0.91px;white-space:nowrap">Despegar.com Corp.&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4372.12px;left:2430.36px;letter-spacing:50.26px;white-space:nowrap">..............</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4372.12px;left:3815px;letter-spacing:-4px;white-space:nowrap">			3,231,880&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4567px;left:0px;letter-spacing:-5px;white-space:nowrap">			115,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4567px;left:1007px;white-space:nowrap">Dun &amp; Bradstreet Holdings Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4567px;left:3053.08px;letter-spacing:51.57px;white-space:nowrap">.......</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4567px;left:3815px;letter-spacing:-4px;white-space:nowrap">			1,028,100&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4761.87px;left:0px;letter-spacing:-5.71px;white-space:nowrap">			40,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4761.87px;left:1007px;letter-spacing:-0.91px;white-space:nowrap">Just Eat Takeaway.com NV&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4761.87px;left:2786.2px;letter-spacing:50.78px;white-space:nowrap">..........</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4761.87px;left:3815px;letter-spacing:-5px;white-space:nowrap">			838,224&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4956.75px;left:0px;letter-spacing:-6.67px;white-space:nowrap">			6,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4956.75px;left:1007px;white-space:nowrap">Shutterstock Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4956.75px;left:2163.48px;letter-spacing:50.03px;white-space:nowrap">.................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4956.75px;left:3815px;letter-spacing:-5px;white-space:nowrap">			111,780&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5151.63px;left:0px;letter-spacing:-5.71px;white-space:nowrap">			50,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5151.63px;left:1007px;letter-spacing:-0.41px;white-space:nowrap">Vacasa Inc., Cl.&#160;A&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5151.63px;left:2252.44px;letter-spacing:50.1px;white-space:nowrap">................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5151.63px;left:3815px;letter-spacing:-5px;white-space:nowrap">			269,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5346.51px;left:3815px;letter-spacing:-4px;white-space:nowrap">			5,478,984&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5635.75px;left:1007px;white-space:nowrap">Cable and Satellite&#160;&#8212; 0.2%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5830.62px;left:0px;letter-spacing:-5.71px;white-space:nowrap">			60,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5830.62px;left:1007px;letter-spacing:-0.22px;white-space:nowrap">WideOpenWest Inc.&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5830.62px;left:2341.4px;letter-spacing:50.18px;white-space:nowrap">...............</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5830.62px;left:3815px;letter-spacing:-5px;white-space:nowrap">			297,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6214.22px;left:1007px;white-space:nowrap">Computer Software and Services&#160;&#8212; 7.4%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6409.1px;left:0px;letter-spacing:-5.71px;white-space:nowrap">			25,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6409.1px;left:1007px;white-space:nowrap">Desktop Metal Inc., Cl.&#160;A&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6409.1px;left:2697.24px;letter-spacing:50.62px;white-space:nowrap">...........</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6409.1px;left:3815px;letter-spacing:-5px;white-space:nowrap">			122,750&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6603.98px;left:0px;letter-spacing:-5px;white-space:nowrap">			230,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6603.98px;left:1007px;white-space:nowrap">Logility Supply Chain Solutions Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6603.98px;left:3319.96px;letter-spacing:53.52px;white-space:nowrap">....</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6603.98px;left:3815px;letter-spacing:-4px;white-space:nowrap">			3,279,800&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6798.85px;left:0px;letter-spacing:-5.71px;white-space:nowrap">			70,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6798.85px;left:1007px;white-space:nowrap">Markforged Holding Corp.&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6798.85px;left:2786.2px;letter-spacing:50.78px;white-space:nowrap">..........</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6798.85px;left:3815px;letter-spacing:-5px;white-space:nowrap">			327,600&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6993.73px;left:0px;letter-spacing:-5px;white-space:nowrap">			150,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6993.73px;left:1007px;white-space:nowrap">Paycor HCM Inc.&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6993.73px;left:2163.48px;letter-spacing:50.03px;white-space:nowrap">.................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6993.73px;left:3815px;letter-spacing:-4px;white-space:nowrap">			3,366,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:7188.61px;left:0px;letter-spacing:-5px;white-space:nowrap">			140,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:7188.61px;left:1007px;white-space:nowrap">SolarWinds Corp. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:7188.61px;left:2163.48px;letter-spacing:50.03px;white-space:nowrap">.................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:7188.61px;left:3815px;letter-spacing:-4px;white-space:nowrap">			2,580,200&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:7383.49px;left:3815px;letter-spacing:-4px;white-space:nowrap">			9,676,350&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7672.73px;left:1007px;white-space:nowrap">Consumer Products&#160;&#8212; 2.3%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:7867.6px;left:0px;letter-spacing:-5.71px;white-space:nowrap">			21,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:7867.6px;left:1007px;white-space:nowrap">Capri Holdings Ltd.&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:7867.6px;left:2341.4px;letter-spacing:50.18px;white-space:nowrap">...............</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:7867.6px;left:3815px;letter-spacing:-5px;white-space:nowrap">			414,330&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:8062.48px;left:0px;letter-spacing:-5px;white-space:nowrap">			141,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:8062.48px;left:1007px;white-space:nowrap">Pactiv Evergreen Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:8062.48px;left:2341.4px;letter-spacing:50.18px;white-space:nowrap">...............</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:8062.48px;left:3815px;letter-spacing:-4px;white-space:nowrap">			2,539,410&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:8257.36px;left:3815px;letter-spacing:-4px;white-space:nowrap">			2,953,740&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:8546.6px;left:1007px;white-space:nowrap">Consumer Services&#160;&#8212; 0.2%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:8741.48px;left:0px;letter-spacing:-5px;white-space:nowrap">			175,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:8741.48px;left:1007px;letter-spacing:-1.18px;white-space:nowrap">SPAR Group Inc.&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:8741.48px;left:2163.48px;letter-spacing:50.03px;white-space:nowrap">.................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:8741.48px;left:3815px;letter-spacing:-5px;white-space:nowrap">			231,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:9125.07px;left:1007px;white-space:nowrap">Containers and Packaging&#160;&#8212; 0.4%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:9319.95px;left:0px;letter-spacing:-6.67px;white-space:nowrap">			8,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:9319.95px;left:1007px;letter-spacing:0.48px;white-space:nowrap">Berry Global Group Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:9319.95px;left:2519.32px;letter-spacing:50.36px;white-space:nowrap">.............</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:9319.95px;left:3815px;letter-spacing:-5px;white-space:nowrap">			558,480&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:9703.55px;left:1007px;text-rendering:optimizeLegibility;white-space:nowrap">Diversified Industrial&#160;&#8212; 0.6%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:9898.43px;left:0px;letter-spacing:-5px;white-space:nowrap">			180,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:9898.43px;left:1007px;white-space:nowrap">Intevac Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:9898.43px;left:1807.64px;letter-spacing:49.83px;white-space:nowrap">.....................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:9898.43px;left:3815px;letter-spacing:-5px;white-space:nowrap">			720,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:10093.3px;left:0px;letter-spacing:-6.67px;white-space:nowrap">			2,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:10093.3px;left:1007px;white-space:nowrap">United States Steel Corp. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:10093.3px;left:2608.28px;letter-spacing:50.48px;white-space:nowrap">............</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:10093.3px;left:3815px;letter-spacing:-5.71px;white-space:nowrap">			84,520&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:10288.18px;left:3815px;letter-spacing:-5px;white-space:nowrap">			804,520&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:232px;left:5449.92px;white-space:nowrap">Shares</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:40px;left:9103.56px;white-space:nowrap">Market</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:232px;left:9144.92px;letter-spacing:-0.58px;white-space:nowrap">Value</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:486.88px;left:6018.2px;white-space:nowrap">Electronics&#160;&#8212; 2.4%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:681.75px;left:5011.2px;letter-spacing:-6.67px;white-space:nowrap">			4,499&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:681.75px;left:6018.2px;white-space:nowrap">Bel Fuse Inc., Cl.&#160;A </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:681.75px;left:7263.64px;letter-spacing:50.1px;white-space:nowrap">................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:681.75px;left:8826.2px;letter-spacing:-5px;white-space:nowrap">	$		324,198&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:876.63px;left:5011.2px;letter-spacing:-5px;white-space:nowrap">			385,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:876.63px;left:6018.2px;white-space:nowrap">VOXX International Corp.&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:876.63px;left:7708.44px;letter-spacing:50.62px;white-space:nowrap">...........</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:876.63px;left:8826.2px;letter-spacing:-4px;white-space:nowrap">			2,887,500&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1071.51px;left:8826.2px;letter-spacing:-4px;white-space:nowrap">			3,211,698&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1360.75px;left:6018.2px;white-space:nowrap">Energy and Utilities&#160;&#8212; 6.8%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1555.63px;left:5011.2px;letter-spacing:-5.71px;white-space:nowrap">			51,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1555.63px;left:6018.2px;white-space:nowrap">ALLETE Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1555.63px;left:6818.84px;letter-spacing:49.83px;white-space:nowrap">.....................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1555.63px;left:8826.2px;letter-spacing:-4px;white-space:nowrap">			3,350,700&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1750.5px;left:5011.2px;letter-spacing:-5px;white-space:nowrap">			500,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1750.5px;left:6018.2px;white-space:nowrap">Altus Power Inc.&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1750.5px;left:7174.68px;letter-spacing:50.03px;white-space:nowrap">.................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1750.5px;left:8826.2px;letter-spacing:-4px;white-space:nowrap">			2,475,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1945.38px;left:5011.2px;letter-spacing:-5.71px;white-space:nowrap">			12,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1945.38px;left:6018.2px;letter-spacing:-0.41px;white-space:nowrap">Avista Corp. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1945.38px;left:6818.84px;letter-spacing:49.83px;white-space:nowrap">.....................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1945.38px;left:8826.2px;letter-spacing:-5px;white-space:nowrap">			502,440&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2140.26px;left:5011.2px;letter-spacing:-5.71px;white-space:nowrap">			30,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2140.26px;left:6018.2px;white-space:nowrap">ChampionX Corp. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2140.26px;left:7174.68px;letter-spacing:50.03px;white-space:nowrap">.................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2140.26px;left:8826.2px;letter-spacing:-5px;white-space:nowrap">			894,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2335.14px;left:5011.2px;letter-spacing:-5.71px;white-space:nowrap">			45,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2335.14px;left:6018.2px;white-space:nowrap">DMC Global Inc.&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2335.14px;left:7174.68px;letter-spacing:50.03px;white-space:nowrap">.................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2335.14px;left:8826.2px;letter-spacing:-5px;white-space:nowrap">			378,900&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2530.02px;left:5011.2px;letter-spacing:-5px;white-space:nowrap">			460,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2530.02px;left:6018.2px;letter-spacing:-1.97px;white-space:nowrap">Gulf Coast Ultra Deep Royalty Trust&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2530.02px;left:8331.16px;letter-spacing:53.52px;white-space:nowrap">....</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2530.02px;left:8826.2px;letter-spacing:-5.71px;white-space:nowrap">			11,500&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2724.89px;left:5011.2px;letter-spacing:-6.67px;white-space:nowrap">			3,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2724.89px;left:6018.2px;white-space:nowrap">Hess Corp. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2724.89px;left:6729.88px;letter-spacing:49.79px;white-space:nowrap">......................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2724.89px;left:8826.2px;letter-spacing:-5px;white-space:nowrap">			479,190&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2919.77px;left:5011.2px;letter-spacing:-5.71px;white-space:nowrap">			35,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2919.77px;left:6018.2px;white-space:nowrap">Innergex Renewable Energy Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2919.77px;left:8064.28px;letter-spacing:51.57px;white-space:nowrap">.......</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2919.77px;left:8826.2px;letter-spacing:-5px;white-space:nowrap">			329,071&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3114.65px;left:5011.2px;letter-spacing:-6.67px;white-space:nowrap">			8,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3114.65px;left:6018.2px;white-space:nowrap">TXNM Energy Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3114.65px;left:7174.68px;letter-spacing:50.03px;white-space:nowrap">.................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3114.65px;left:8826.2px;letter-spacing:-5px;white-space:nowrap">			427,840&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3309.53px;left:8826.2px;letter-spacing:-4px;white-space:nowrap">			8,848,641&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3598.77px;left:6018.2px;white-space:nowrap">Entertainment&#160;&#8212; 1.0%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3793.64px;left:5011.2px;letter-spacing:-5.71px;white-space:nowrap">			35,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3793.64px;left:6018.2px;white-space:nowrap">Endeavor Group Holdings Inc., Cl.&#160;A </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3793.64px;left:8331.16px;letter-spacing:53.52px;white-space:nowrap">....</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3793.64px;left:8826.2px;letter-spacing:-5px;white-space:nowrap">			962,500&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3988.52px;left:5011.2px;letter-spacing:-5.71px;white-space:nowrap">			70,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3988.52px;left:6018.2px;white-space:nowrap">IMAX China Holding Inc.&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3988.52px;left:7708.44px;letter-spacing:50.62px;white-space:nowrap">...........</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3988.52px;left:8826.2px;letter-spacing:-5.71px;white-space:nowrap">			70,617&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4183.4px;left:5011.2px;letter-spacing:-5.71px;white-space:nowrap">			20,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4183.4px;left:6018.2px;white-space:nowrap">Manchester United plc, Cl.&#160;A&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4183.4px;left:7886.36px;letter-spacing:50.99px;white-space:nowrap">.........</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4183.4px;left:8826.2px;letter-spacing:-5px;white-space:nowrap">			261,800&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4378.28px;left:8826.2px;letter-spacing:-4px;white-space:nowrap">			1,294,917&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4667.51px;left:6018.2px;white-space:nowrap">Financial Services&#160;&#8212; 8.4%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4862.39px;left:5011.2px;letter-spacing:-5.71px;white-space:nowrap">			53,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4862.39px;left:6018.2px;white-space:nowrap">CI Financial Corp. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4862.39px;left:7174.68px;letter-spacing:50.03px;white-space:nowrap">.................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4862.39px;left:8826.2px;letter-spacing:-4px;white-space:nowrap">			1,147,987&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5057.27px;left:5011.2px;letter-spacing:-5.71px;white-space:nowrap">			26,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5057.27px;left:6018.2px;white-space:nowrap">Discover Financial Services </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5057.27px;left:7797.4px;letter-spacing:50.78px;white-space:nowrap">..........</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5057.27px;left:8826.2px;letter-spacing:-4px;white-space:nowrap">			4,438,200&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5252.15px;left:5011.2px;letter-spacing:-6.67px;white-space:nowrap">			9,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5252.15px;left:6018.2px;white-space:nowrap">Enstar Group Ltd.&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5252.15px;left:7263.64px;letter-spacing:50.1px;white-space:nowrap">................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5252.15px;left:8826.2px;letter-spacing:-4px;white-space:nowrap">			2,991,420&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5447.03px;left:5011.2px;letter-spacing:-6.67px;white-space:nowrap">			6,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5447.03px;left:6018.2px;white-space:nowrap">Moneylion Inc.&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5447.03px;left:7085.72px;letter-spacing:49.97px;white-space:nowrap">..................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5447.03px;left:8826.2px;letter-spacing:-5px;white-space:nowrap">			519,060&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5641.9px;left:5011.2px;letter-spacing:-5.71px;white-space:nowrap">			13,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5641.9px;left:6018.2px;white-space:nowrap">Sandy Spring Bancorp Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5641.9px;left:7708.44px;letter-spacing:50.62px;white-space:nowrap">...........</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5641.9px;left:8826.2px;letter-spacing:-5px;white-space:nowrap">			363,350&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5836.78px;left:5011.2px;letter-spacing:-5.71px;white-space:nowrap">			16,400&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5836.78px;left:6018.2px;white-space:nowrap">Steel Partners Holdings LP&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5836.78px;left:7797.4px;letter-spacing:50.78px;white-space:nowrap">..........</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5836.78px;left:8826.2px;letter-spacing:-5px;white-space:nowrap">			672,482&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6031.66px;left:5011.2px;letter-spacing:-5.71px;white-space:nowrap">			25,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6031.66px;left:6018.2px;white-space:nowrap">The First Bancshares Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6031.66px;left:7619.48px;letter-spacing:50.48px;white-space:nowrap">............</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6031.66px;left:8826.2px;letter-spacing:-5px;white-space:nowrap">			845,250&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6226.54px;left:8826.2px;letter-spacing:-3.64px;white-space:nowrap">			10,977,749&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6515.78px;left:6018.2px;white-space:nowrap">Food and Beverage&#160;&#8212; 4.0%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6710.65px;left:5011.2px;letter-spacing:-5.71px;white-space:nowrap">			62,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6710.65px;left:6018.2px;letter-spacing:0.02px;white-space:nowrap">Kellanova </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6710.65px;left:6640.92px;letter-spacing:49.75px;white-space:nowrap">.......................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6710.65px;left:8826.2px;letter-spacing:-4px;white-space:nowrap">			5,114,380&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6905.53px;left:5011.2px;letter-spacing:-6.67px;white-space:nowrap">			7,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6905.53px;left:6018.2px;white-space:nowrap">Lifeway Foods Inc.&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6905.53px;left:7352.6px;letter-spacing:50.18px;white-space:nowrap">...............</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6905.53px;left:8826.2px;letter-spacing:-5px;white-space:nowrap">			171,150&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:7100.41px;left:8826.2px;letter-spacing:-4px;white-space:nowrap">			5,285,530&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7389.65px;left:6018.2px;white-space:nowrap">Health Care&#160;&#8212; 17.3%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:7584.53px;left:5011.2px;letter-spacing:-5.71px;white-space:nowrap">			85,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:7584.53px;left:6018.2px;white-space:nowrap">2seventy bio Inc.&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:7584.53px;left:7174.68px;letter-spacing:50.03px;white-space:nowrap">.................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:7584.53px;left:8826.2px;letter-spacing:-5px;white-space:nowrap">			419,900&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:7779.4px;left:5011.2px;letter-spacing:-5px;white-space:nowrap">			110,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:7779.4px;left:6018.2px;white-space:nowrap">Accolade Inc.&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:7779.4px;left:6996.76px;letter-spacing:49.92px;white-space:nowrap">...................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:7779.4px;left:8826.2px;letter-spacing:-5px;white-space:nowrap">			767,800&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:7974.28px;left:5011.2px;letter-spacing:-6.67px;white-space:nowrap">			8,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:7974.28px;left:6018.2px;white-space:nowrap">Amedisys Inc.&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:7974.28px;left:6996.76px;letter-spacing:49.92px;white-space:nowrap">...................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:7974.28px;left:8826.2px;letter-spacing:-5px;white-space:nowrap">			741,040&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:8169.16px;left:5011.2px;letter-spacing:-5px;white-space:nowrap">			205,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:8169.16px;left:6018.2px;white-space:nowrap">Checkpoint Therapeutics Inc.&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:8169.16px;left:7975.32px;letter-spacing:51.24px;white-space:nowrap">........</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:8169.16px;left:8826.2px;letter-spacing:-5px;white-space:nowrap">			828,200&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:8364.04px;left:5011.2px;letter-spacing:-5px;white-space:nowrap">			150,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:8364.04px;left:6018.2px;white-space:nowrap">Chimerix Inc.&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:8364.04px;left:6996.76px;letter-spacing:49.92px;white-space:nowrap">...................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:8364.04px;left:8826.2px;letter-spacing:-4px;white-space:nowrap">			1,276,500&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:8558.91px;left:5011.2px;letter-spacing:-5px;white-space:nowrap">			115,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:8558.91px;left:6018.2px;white-space:nowrap">Cross Country Healthcare Inc.&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:8558.91px;left:8064.28px;letter-spacing:51.57px;white-space:nowrap">.......</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:8558.91px;left:8826.2px;letter-spacing:-4px;white-space:nowrap">			1,712,350&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:8753.79px;left:5011.2px;letter-spacing:-5.71px;white-space:nowrap">			46,500&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:8753.79px;left:6018.2px;letter-spacing:0.01px;white-space:nowrap">Intra-Cellular Therapies Inc.&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:8753.79px;left:7886.36px;letter-spacing:50.99px;white-space:nowrap">.........</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:8753.79px;left:8826.2px;letter-spacing:-4px;white-space:nowrap">			6,134,280&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:8948.67px;left:5011.2px;letter-spacing:-5px;white-space:nowrap">			565,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:8948.67px;left:6018.2px;white-space:nowrap">Nevro Corp.&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:8948.67px;left:6907.8px;letter-spacing:49.87px;white-space:nowrap">....................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:8948.67px;left:8826.2px;letter-spacing:-4px;white-space:nowrap">			3,299,600&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:9143.55px;left:5011.2px;letter-spacing:-5.71px;white-space:nowrap">			35,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:9143.55px;left:6018.2px;white-space:nowrap">Optinose Inc.&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:9143.55px;left:6996.76px;letter-spacing:49.92px;white-space:nowrap">...................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:9143.55px;left:8826.2px;letter-spacing:-5px;white-space:nowrap">			320,950&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:9338.43px;left:5011.2px;letter-spacing:-5px;white-space:nowrap">			130,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:9338.43px;left:6018.2px;white-space:nowrap">Paragon 28 Inc.&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:9338.43px;left:7174.68px;letter-spacing:50.03px;white-space:nowrap">.................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:9338.43px;left:8826.2px;letter-spacing:-4px;white-space:nowrap">			1,697,800&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:9533.3px;left:5011.2px;letter-spacing:-5px;white-space:nowrap">			120,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:9533.3px;left:6018.2px;white-space:nowrap">Patterson Cos. Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:9533.3px;left:7263.64px;letter-spacing:50.1px;white-space:nowrap">................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:9533.3px;left:8826.2px;letter-spacing:-4px;white-space:nowrap">			3,748,800&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:9728.18px;left:5011.2px;letter-spacing:-5.71px;white-space:nowrap">			14,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:9728.18px;left:6018.2px;letter-spacing:0.36px;white-space:nowrap">Surgery Partners Inc.&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:9728.18px;left:7530.52px;letter-spacing:50.36px;white-space:nowrap">.............</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:9728.18px;left:8826.2px;letter-spacing:-5px;white-space:nowrap">			332,500&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:9923.06px;left:5011.2px;letter-spacing:-5.71px;white-space:nowrap">			44,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:9923.06px;left:6018.2px;white-space:nowrap">SurModics Inc.&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:9923.06px;left:7085.72px;letter-spacing:49.97px;white-space:nowrap">..................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:9923.06px;left:8826.2px;letter-spacing:-4px;white-space:nowrap">			1,343,320&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:10117.94px;left:8826.2px;letter-spacing:-3.64px;white-space:nowrap">			22,623,040&#8204;</div></div>
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</div></div><div style="page-break-after:always;margin:-8px;position:relative;height:1296px;width:1080px;transform-origin:top left;transform:scale(2,2)"><div style="position:absolute;top:0px;left:0px;width:540px;height:648px">
		<div style="height:12.40px;left:0px;position:absolute;top:0px;transform:translate(25.200px,612.233px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:489.60px">
			<div style="width:9792px;height:142.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.92px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:170px;position:absolute;top:-6.75px;left:4845.96px;white-space:nowrap">2</div></div>
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		<div style="height:33.73px;left:0px;position:absolute;top:0px;transform:translate(18.200px,24.305px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:489.40px">
			<div style="width:9788px;height:576px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.93px) rotate(0deg) scale(0.05)">


			<div style="font-family:Arial, Helvetica, sans-serif;font-size:230px;font-weight:bold;position:absolute;top:-9px;left:0px;white-space:nowrap">The GDL Fund</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:230px;font-weight:bold;position:absolute;top:279px;left:0px;letter-spacing:-2.4px;white-space:nowrap">Schedule of Investments (Continued) &#8212; March 31, 2025 (Unaudited)</div></div>
		</div>
		<div style="background-color:transparent;height:4.50px;left:0px;position:absolute;top:0px;transform:translate(17.999px,57.416px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:489.60px">

		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAB/gAAAATCAYAAACUadXJAAAACXBIWXMAAC4jAAAuIwF4pT92AAAA6ElEQVR4Xu3ZwQ2AMBDAsAN1/52YDEbos0Sy39kg18y8AwAAAAAAAAD82r0LAAAAAAAAAIDzDH4AAAAAAAAACDD4AQAAAAAAACDA4AcAAAAAAACAAIMfAAAAAAAAAAIMfgAAAAAAAAAIMPgBAAAAAAAAIMDgBwAAAAAAAIAAgx8AAAAAAAAAAgx+AAAAAAAAAAgw+AEAAAAAAAAgwOAHAAAAAAAAgACDHwAAAAAAAAACDH4AAAAAAAAACDD4AQAAAAAAACDA4AcAAAAAAACAAIMfAAAAAAAAAALWzDy7CAAAAAAAAAA46wMQOQHom10yKQAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>
		<div 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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:491.71px">
			<div style="width:9792px;height:10582.27px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.5px) rotate(0deg) scale(0.05)">







































































































































































































































































































































































			<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:232px;left:438.72px;white-space:nowrap">Shares</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:40px;left:4092.36px;white-space:nowrap">Market</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:232px;left:4133.72px;letter-spacing:-0.58px;white-space:nowrap">Value</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:486.88px;left:1007px;white-space:nowrap">COMMON STOCKS (Continued)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:681.75px;left:1007px;white-space:nowrap">Hotels and Gaming&#160;&#8212; 3.2%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:876.63px;left:0px;letter-spacing:-5.71px;white-space:nowrap">			65,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:876.63px;left:1007px;white-space:nowrap">Everi Holdings Inc.&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:876.63px;left:2341.4px;letter-spacing:50.18px;white-space:nowrap">...............</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:876.63px;left:3815px;letter-spacing:-5px;white-space:nowrap">	$		888,550&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1071.51px;left:0px;letter-spacing:-5.71px;white-space:nowrap">			50,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1071.51px;left:1007px;white-space:nowrap">GAN Ltd.&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1071.51px;left:1718.68px;letter-spacing:49.79px;white-space:nowrap">......................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1071.51px;left:3815px;letter-spacing:-5.71px;white-space:nowrap">			88,500&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1266.39px;left:0px;letter-spacing:-5px;white-space:nowrap">			185,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1266.39px;left:1007px;white-space:nowrap">Playa Hotels &amp; Resorts NV&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1266.39px;left:2786.2px;letter-spacing:50.78px;white-space:nowrap">..........</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1266.39px;left:3815px;letter-spacing:-4px;white-space:nowrap">			2,466,050&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1461.27px;left:0px;letter-spacing:-5.71px;white-space:nowrap">			65,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1461.27px;left:1007px;white-space:nowrap">PlayAGS Inc.&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1461.27px;left:1985.56px;letter-spacing:49.92px;white-space:nowrap">...................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1461.27px;left:3815px;letter-spacing:-5px;white-space:nowrap">			787,150&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1656.14px;left:3815px;letter-spacing:-4px;white-space:nowrap">			4,230,250&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1945.38px;left:1007px;letter-spacing:0.32px;white-space:nowrap">Machinery&#160;&#8212; 0.1%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2140.26px;left:0px;letter-spacing:-5.71px;white-space:nowrap">			25,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2140.26px;left:1007px;white-space:nowrap">CFT SpA&#8224;(a) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2140.26px;left:1807.64px;letter-spacing:49.83px;white-space:nowrap">.....................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2140.26px;left:3815px;letter-spacing:-5px;white-space:nowrap">			124,349&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2523.86px;left:1007px;white-space:nowrap">Metals and Mining&#160;&#8212; 0.9%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2718.74px;left:0px;letter-spacing:-5px;white-space:nowrap">			178,500&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2718.74px;left:1007px;white-space:nowrap">First Majestic Silver Corp. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2718.74px;left:2697.24px;letter-spacing:50.62px;white-space:nowrap">...........</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2718.74px;left:3815px;letter-spacing:-4px;white-space:nowrap">			1,194,165&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3102.33px;left:1007px;white-space:nowrap">Paper and Forest Products&#160;&#8212; 0.4%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3297.21px;left:0px;letter-spacing:-5.71px;white-space:nowrap">			10,280&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3297.21px;left:1007px;white-space:nowrap">International Paper Co. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3297.21px;left:2519.32px;letter-spacing:50.36px;white-space:nowrap">.............</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3297.21px;left:3815px;letter-spacing:-5px;white-space:nowrap">			548,438&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3680.81px;left:1007px;white-space:nowrap">Retail&#160;&#8212; 6.6%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3875.69px;left:0px;letter-spacing:-5.71px;white-space:nowrap">			25,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3875.69px;left:1007px;white-space:nowrap">Bapcor Ltd. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3875.69px;left:1807.64px;letter-spacing:49.83px;white-space:nowrap">.....................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3875.69px;left:3815px;letter-spacing:-5.71px;white-space:nowrap">			70,608&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4070.56px;left:0px;letter-spacing:-5.71px;white-space:nowrap">			31,500&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4070.56px;left:1007px;white-space:nowrap">Beacon Roofing Supply Inc.&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4070.56px;left:2875.16px;letter-spacing:50.99px;white-space:nowrap">.........</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4070.56px;left:3815px;letter-spacing:-4px;white-space:nowrap">			3,896,550&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4265.44px;left:0px;letter-spacing:-5px;white-space:nowrap">			225,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4265.44px;left:1007px;white-space:nowrap">Global Blue Group Holding AG&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4265.44px;left:3053.08px;letter-spacing:51.57px;white-space:nowrap">.......</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4265.44px;left:3815px;letter-spacing:-4px;white-space:nowrap">			1,656,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4460.32px;left:0px;letter-spacing:-5.71px;white-space:nowrap">			68,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4460.32px;left:1007px;white-space:nowrap">Nordstrom Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4460.32px;left:1985.56px;letter-spacing:49.92px;white-space:nowrap">...................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4460.32px;left:3815px;letter-spacing:-4px;white-space:nowrap">			1,662,600&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4655.2px;left:0px;letter-spacing:-5px;white-space:nowrap">			120,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4655.2px;left:1007px;letter-spacing:-0.29px;white-space:nowrap">Walgreens Boots Alliance Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4655.2px;left:2964.12px;letter-spacing:51.24px;white-space:nowrap">........</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4655.2px;left:3815px;letter-spacing:-4px;white-space:nowrap">			1,340,400&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4850.08px;left:3815px;letter-spacing:-4px;white-space:nowrap">			8,626,158&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5139.31px;left:1007px;white-space:nowrap">Specialty Chemicals&#160;&#8212; 0.3%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5334.19px;left:0px;letter-spacing:-6.67px;white-space:nowrap">			5,500&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5334.19px;left:1007px;white-space:nowrap">Covestro AG&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5334.19px;left:1896.6px;letter-spacing:49.87px;white-space:nowrap">....................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5334.19px;left:3815px;letter-spacing:-5px;white-space:nowrap">			353,261&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5717.79px;left:1007px;letter-spacing:-0.66px;white-space:nowrap">Telecommunications&#160;&#8212; 5.1%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5912.67px;left:0px;letter-spacing:-5.71px;white-space:nowrap">			85,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5912.67px;left:1007px;white-space:nowrap">Frontier Communications Parent Inc.&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5912.67px;left:3408.92px;letter-spacing:55.04px;white-space:nowrap">...</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5912.67px;left:3815px;letter-spacing:-4px;white-space:nowrap">			3,048,100&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6107.54px;left:0px;letter-spacing:-5px;white-space:nowrap">			280,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6107.54px;left:1007px;white-space:nowrap">HKBN Ltd. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6107.54px;left:1718.68px;letter-spacing:49.79px;white-space:nowrap">......................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6107.54px;left:3815px;letter-spacing:-5px;white-space:nowrap">			186,392&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6302.42px;left:0px;letter-spacing:-5.71px;white-space:nowrap">			93,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6302.42px;left:1007px;white-space:nowrap">Juniper Networks Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6302.42px;left:2430.36px;letter-spacing:50.26px;white-space:nowrap">..............</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6302.42px;left:3815px;letter-spacing:-4px;white-space:nowrap">			3,365,670&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6497.3px;left:0px;letter-spacing:-5.71px;white-space:nowrap">			50,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6497.3px;left:1007px;white-space:nowrap">Spirent Communications plc&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6497.3px;left:2875.16px;letter-spacing:50.99px;white-space:nowrap">.........</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6497.3px;left:3815px;letter-spacing:-5px;white-space:nowrap">			121,747&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6692.18px;left:3815px;letter-spacing:-4px;white-space:nowrap">			6,721,909&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6981.42px;left:1007px;letter-spacing:-0.85px;white-space:nowrap">Transportation&#160;&#8212; 3.3%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:7176.29px;left:0px;letter-spacing:-5.71px;white-space:nowrap">			40,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:7176.29px;left:1007px;white-space:nowrap">Abertis Infraestructuras SA&#8224;(a) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:7176.29px;left:3053.08px;letter-spacing:51.57px;white-space:nowrap">.......</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:7176.29px;left:3815px;letter-spacing:-5px;white-space:nowrap">			152,680&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:7371.17px;left:0px;letter-spacing:-5px;white-space:nowrap">			185,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:7371.17px;left:1007px;letter-spacing:-1.18px;white-space:nowrap">Air Transport Services Group Inc.&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:7371.17px;left:3231px;letter-spacing:52.61px;white-space:nowrap">.....</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:7371.17px;left:3815px;letter-spacing:-4px;white-space:nowrap">			4,151,400&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:7566.05px;left:3815px;letter-spacing:-4px;white-space:nowrap">			4,304,080&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:7855.29px;left:1007px;white-space:nowrap">Wireless Communications&#160;&#8212; 0.2%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:8050.17px;left:0px;letter-spacing:-5px;white-space:nowrap">			713,121&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:8050.17px;left:1007px;white-space:nowrap">NII Holdings Inc., Escrow&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:8050.17px;left:2697.24px;letter-spacing:50.62px;white-space:nowrap">...........</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:8050.17px;left:3815px;letter-spacing:-5px;white-space:nowrap">			249,592&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:8435.2px;left:1007px;letter-spacing:-1.47px;white-space:nowrap">TOTAL COMMON STOCKS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:8435.2px;left:2745.06px;letter-spacing:52.16px;white-space:nowrap">.........</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:8435.2px;left:3815px;letter-spacing:-3.33px;white-space:nowrap">			109,517,727&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:8784.49px;left:1007px;white-space:nowrap">CLOSED-END FUNDS&#160;&#8212; 0.5%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:8979.37px;left:0px;letter-spacing:-5px;white-space:nowrap">			425,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:8979.37px;left:1007px;white-space:nowrap">Altaba Inc., Escrow&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:8979.37px;left:2341.4px;letter-spacing:50.18px;white-space:nowrap">...............</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:8979.37px;left:3815px;letter-spacing:-5px;white-space:nowrap">			648,125&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:9423.01px;left:1007px;white-space:nowrap">RIGHTS&#160;&#8212; 0.3%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:9617.89px;left:1007px;white-space:nowrap">Computer Software and Services&#160;&#8212; 0.0%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:9812.77px;left:0px;letter-spacing:-6.67px;white-space:nowrap">			1,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:9812.77px;left:1007px;white-space:nowrap">Flexion Therapeutics Inc., CVR&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:9812.77px;left:3053.08px;letter-spacing:51.57px;white-space:nowrap">.......</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:9812.77px;left:3815px;letter-spacing:-10px;white-space:nowrap">			100&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:10102.01px;left:1007px;white-space:nowrap">Health Care&#160;&#8212; 0.2%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:10296.88px;left:0px;letter-spacing:-5.71px;white-space:nowrap">			21,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:10296.88px;left:1007px;white-space:nowrap">ABIOMED Inc., CVR&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:10296.88px;left:2341.4px;letter-spacing:50.18px;white-space:nowrap">...............</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:10296.88px;left:3815px;letter-spacing:-5.71px;white-space:nowrap">			33,600&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:232px;left:5449.92px;white-space:nowrap">Shares</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:40px;left:9103.56px;white-space:nowrap">Market</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:232px;left:9144.92px;letter-spacing:-0.58px;white-space:nowrap">Value</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:486.88px;left:5011.2px;letter-spacing:-5px;white-space:nowrap">			104,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:486.88px;left:6018.2px;white-space:nowrap">Adamas Pharmaceuticals Inc., CVR&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:486.88px;left:8331.16px;letter-spacing:53.52px;white-space:nowrap">....</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:486.88px;left:8826.2px;letter-spacing:-6.67px;white-space:nowrap">	$		1,300&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:681.75px;left:5011.2px;letter-spacing:-5px;white-space:nowrap">			104,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:681.75px;left:6018.2px;white-space:nowrap">Adamas Pharmaceuticals Inc., CVR&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:681.75px;left:8331.16px;letter-spacing:53.52px;white-space:nowrap">....</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:681.75px;left:8826.2px;letter-spacing:-6.67px;white-space:nowrap">			1,300&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:876.63px;left:5011.2px;letter-spacing:-5.71px;white-space:nowrap">			40,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:876.63px;left:6018.2px;white-space:nowrap">Akouos Inc., CVR&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:876.63px;left:7263.64px;letter-spacing:50.1px;white-space:nowrap">................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:876.63px;left:8826.2px;letter-spacing:-5.71px;white-space:nowrap">			20,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1071.51px;left:5011.2px;letter-spacing:-6.67px;white-space:nowrap">			6,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1071.51px;left:6018.2px;letter-spacing:0.02px;white-space:nowrap">Albireo Pharma Inc., CVR&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1071.51px;left:7708.44px;letter-spacing:50.62px;white-space:nowrap">...........</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1071.51px;left:8826.2px;letter-spacing:-5.71px;white-space:nowrap">			13,500&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1266.39px;left:5011.2px;letter-spacing:-5.71px;white-space:nowrap">			25,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1266.39px;left:6018.2px;white-space:nowrap">Alimera Sciences Inc., CVR&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1266.39px;left:7886.36px;letter-spacing:50.99px;white-space:nowrap">.........</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1266.39px;left:8826.2px;letter-spacing:-10px;white-space:nowrap">			250&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1461.27px;left:5011.2px;letter-spacing:-5.71px;white-space:nowrap">			79,391&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1461.27px;left:6018.2px;white-space:nowrap">Ambit Biosciences Corp., CVR&#8224;(a) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1461.27px;left:8242.2px;letter-spacing:52.61px;white-space:nowrap">.....</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1461.27px;left:8826.2px;letter-spacing:-20px;white-space:nowrap">			0&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1656.14px;left:5011.2px;letter-spacing:-5.71px;white-space:nowrap">			64,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1656.14px;left:6018.2px;white-space:nowrap">Chinook Therapeutics Inc., CVR&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1656.14px;left:8153.24px;letter-spacing:52px;white-space:nowrap">......</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1656.14px;left:8826.2px;letter-spacing:-5.71px;white-space:nowrap">			32,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1851.02px;left:5011.2px;letter-spacing:-6.67px;white-space:nowrap">			4,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1851.02px;left:6018.2px;white-space:nowrap">CinCor Pharma Inc., CVR&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1851.02px;left:7708.44px;letter-spacing:50.62px;white-space:nowrap">...........</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1851.02px;left:8826.2px;letter-spacing:-5.71px;white-space:nowrap">			12,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2045.9px;left:5011.2px;letter-spacing:-5.71px;white-space:nowrap">			25,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2045.9px;left:6018.2px;white-space:nowrap">Decibel Therapeutics Inc., CVR&#8224;(a) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2045.9px;left:8242.2px;letter-spacing:52.61px;white-space:nowrap">.....</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2045.9px;left:8826.2px;letter-spacing:-20px;white-space:nowrap">			0&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2240.78px;left:5011.2px;letter-spacing:-5.71px;white-space:nowrap">			28,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2240.78px;left:6018.2px;white-space:nowrap">Epizyme Inc., CVR&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2240.78px;left:7263.64px;letter-spacing:50.1px;white-space:nowrap">................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2240.78px;left:8826.2px;letter-spacing:-10px;white-space:nowrap">			560&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2435.66px;left:5011.2px;letter-spacing:-5.71px;white-space:nowrap">			60,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2435.66px;left:6018.2px;white-space:nowrap">Fusion Pharmaceuticals Inc., CVR&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2435.66px;left:8242.2px;letter-spacing:52.61px;white-space:nowrap">.....</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2435.66px;left:8826.2px;letter-spacing:-5.71px;white-space:nowrap">			30,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2630.53px;left:5011.2px;letter-spacing:-5px;white-space:nowrap">			500,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2630.53px;left:6018.2px;letter-spacing:0.02px;white-space:nowrap">Gracell Biotechnologies Inc., CVR&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2630.53px;left:8242.2px;letter-spacing:52.61px;white-space:nowrap">.....</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2630.53px;left:8826.2px;letter-spacing:-5.71px;white-space:nowrap">			20,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2825.41px;left:5011.2px;letter-spacing:-5.71px;white-space:nowrap">			30,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2825.41px;left:6018.2px;white-space:nowrap">Icosavax Inc., CVR&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2825.41px;left:7352.6px;letter-spacing:50.18px;white-space:nowrap">...............</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2825.41px;left:8826.2px;letter-spacing:-6.67px;white-space:nowrap">			9,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3020.29px;left:5011.2px;letter-spacing:-5px;white-space:nowrap">			300,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3020.29px;left:6018.2px;letter-spacing:0.02px;white-space:nowrap">Innocoll, CVR&#8224;(a) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3020.29px;left:7174.68px;letter-spacing:50.03px;white-space:nowrap">.................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3020.29px;left:8826.2px;letter-spacing:-20px;white-space:nowrap">			0&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3215.17px;left:5011.2px;letter-spacing:-5.71px;white-space:nowrap">			10,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3215.17px;left:6018.2px;white-space:nowrap">Mirati Therapeutics Inc., CVR&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3215.17px;left:7975.32px;letter-spacing:51.24px;white-space:nowrap">........</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3215.17px;left:8826.2px;letter-spacing:-6.67px;white-space:nowrap">			5,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3410.05px;left:5011.2px;letter-spacing:-5.71px;white-space:nowrap">			23,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3410.05px;left:6018.2px;white-space:nowrap">Ocera Therapeutics, CVR&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3410.05px;left:7708.44px;letter-spacing:50.62px;white-space:nowrap">...........</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3410.05px;left:8826.2px;letter-spacing:-20px;white-space:nowrap">			2&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3604.92px;left:5011.2px;letter-spacing:-6.67px;white-space:nowrap">			3,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3604.92px;left:6018.2px;white-space:nowrap">Opiant Pharmaceuticals Inc., CVR&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3604.92px;left:8242.2px;letter-spacing:52.61px;white-space:nowrap">.....</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3604.92px;left:8826.2px;letter-spacing:-6.67px;white-space:nowrap">			1,500&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3799.8px;left:5011.2px;letter-spacing:-5px;white-space:nowrap">			100,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3799.8px;left:6018.2px;white-space:nowrap">Paratek Pharmaceuticals Inc., CVR&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3799.8px;left:8331.16px;letter-spacing:53.52px;white-space:nowrap">....</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3799.8px;left:8826.2px;letter-spacing:-6.67px;white-space:nowrap">			2,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3994.68px;left:5011.2px;letter-spacing:-5.71px;white-space:nowrap">			41,797&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3994.68px;left:6018.2px;white-space:nowrap">Poseida Therapeutics Inc., CVR&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3994.68px;left:8153.24px;letter-spacing:52px;white-space:nowrap">......</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3994.68px;left:8826.2px;letter-spacing:-5.71px;white-space:nowrap">			20,899&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4189.56px;left:5011.2px;letter-spacing:-6.67px;white-space:nowrap">			3,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4189.56px;left:6018.2px;white-space:nowrap">Prevail Therapeutics Inc., CVR&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4189.56px;left:8064.28px;letter-spacing:51.57px;white-space:nowrap">.......</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4189.56px;left:8826.2px;letter-spacing:-10px;white-space:nowrap">			600&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4384.44px;left:5011.2px;letter-spacing:-6.67px;white-space:nowrap">			2,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4384.44px;left:6018.2px;white-space:nowrap">Radius Health Inc., CVR&#8224;(a) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4384.44px;left:7797.4px;letter-spacing:50.78px;white-space:nowrap">..........</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4384.44px;left:8826.2px;letter-spacing:-20px;white-space:nowrap">			0&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4579.31px;left:5011.2px;letter-spacing:-6.67px;white-space:nowrap">			1,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4579.31px;left:6018.2px;white-space:nowrap">Sigilon Therapeutics Inc., CVR&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4579.31px;left:8064.28px;letter-spacing:51.57px;white-space:nowrap">.......</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4579.31px;left:8826.2px;letter-spacing:-6.67px;white-space:nowrap">			7,550&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4774.19px;left:8826.2px;letter-spacing:-5px;white-space:nowrap">			211,061&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:4969.07px;left:6018.2px;white-space:nowrap">Metals and Mining&#160;&#8212; 0.1%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5163.95px;left:5011.2px;letter-spacing:-5.71px;white-space:nowrap">			10,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5163.95px;left:6018.2px;white-space:nowrap">Kinross Gold Corp., CVR&#8224;(a) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5163.95px;left:7886.36px;letter-spacing:50.99px;white-space:nowrap">.........</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5163.95px;left:8826.2px;letter-spacing:-20px;white-space:nowrap">			0&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5358.82px;left:5011.2px;letter-spacing:-5px;white-space:nowrap">			419,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5358.82px;left:6018.2px;white-space:nowrap">Pan American Silver Corp., CVR&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5358.82px;left:8153.24px;letter-spacing:52px;white-space:nowrap">......</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5358.82px;left:8826.2px;letter-spacing:-5px;white-space:nowrap">			179,081&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5553.7px;left:8826.2px;letter-spacing:-5px;white-space:nowrap">			179,081&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5748.58px;left:6018.2px;white-space:nowrap">Paper and Forest Products&#160;&#8212; 0.0%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5943.46px;left:5011.2px;letter-spacing:-5.71px;white-space:nowrap">			24,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5943.46px;left:6018.2px;white-space:nowrap">Resolute Forest Products Inc., CVR&#8224; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5943.46px;left:8331.16px;letter-spacing:53.52px;white-space:nowrap">....</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5943.46px;left:8826.2px;letter-spacing:-5.71px;white-space:nowrap">			36,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6234.14px;left:6018.2px;letter-spacing:-1.47px;white-space:nowrap">TOTAL RIGHTS </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6234.14px;left:7040.59px;letter-spacing:50.76px;white-space:nowrap">................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6234.14px;left:8826.2px;letter-spacing:-5px;white-space:nowrap">			426,242&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6523.37px;left:5163.84px;white-space:nowrap">Principal</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6715.37px;left:5208.24px;white-space:nowrap">Amount</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6970.25px;left:6018.2px;letter-spacing:-0.8px;white-space:nowrap">U.S. GOVERNMENT OBLIGATIONS&#160;&#8212; 15.5%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:7165.13px;left:5011.2px;letter-spacing:-3.64px;white-space:nowrap">	$		20,540,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:7165.13px;left:6018.2px;letter-spacing:-1px;white-space:nowrap">U.S. Treasury Bills,</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:7360.01px;left:6162.2px;white-space:nowrap">4.227% to 4.312%&#8224;&#8224;, 05/29/25 to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:7552.01px;left:6162.2px;white-space:nowrap">08/28/25(b) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:7552.01px;left:6996.76px;letter-spacing:49.92px;white-space:nowrap">...................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:7552.01px;left:8826.2px;letter-spacing:-3.64px;white-space:nowrap">			20,307,825&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:8039.61px;left:6018.2px;letter-spacing:-1.47px;white-space:nowrap">TOTAL INVESTMENTS BEFORE </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:8231.61px;left:6162.2px;letter-spacing:-0.48px;white-space:nowrap">SECURITIES SOLD SHORT &#8212; 100.0% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:8426.48px;left:6162.2px;white-space:nowrap">(Cost $129,780,786) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:8426.48px;left:7530.52px;letter-spacing:50.36px;white-space:nowrap">.............</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:8426.48px;left:8826.2px;letter-spacing:-3.33px;white-space:nowrap">	$		130,899,919&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:9124.36px;left:5144.56px;white-space:nowrap">Shares</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:8932.36px;left:8931.56px;white-space:nowrap">Market</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:9124.36px;left:8972.92px;letter-spacing:-0.58px;white-space:nowrap">Value</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:9423.24px;left:5846.2px;letter-spacing:-0.58px;white-space:nowrap">SECURITIES SOLD SHORT &#8212; (6.8)%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:9618.12px;left:5846.2px;white-space:nowrap">Aerospace &#8212; (0.2)%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:9813px;left:5011.2px;letter-spacing:-6.67px;white-space:nowrap">			1,300&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:9813px;left:5846.2px;white-space:nowrap">The Boeing Co. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:9813px;left:6806.2px;letter-spacing:20.55px;white-space:nowrap">.............................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:9813px;left:8654.2px;letter-spacing:-5px;white-space:nowrap">	$		221,715&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:10102.23px;left:5846.2px;white-space:nowrap">Containers and Packaging &#8212; (0.4)%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:10297.11px;left:5011.2px;letter-spacing:-5.71px;white-space:nowrap">			58,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:10297.11px;left:5846.2px;white-space:nowrap">Amcor plc </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:10297.11px;left:6506.2px;letter-spacing:20.47px;white-space:nowrap">..................................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:10297.11px;left:8654.2px;letter-spacing:-5px;white-space:nowrap">			562,600&#8204;</div></div>
		</div>


</div></div><div style="page-break-after:always;margin:-8px;position:relative;height:1296px;width:1080px;transform-origin:top left;transform:scale(2,2)"><div style="position:absolute;top:0px;left:0px;width:540px;height:648px">
		<div style="height:12.40px;left:0px;position:absolute;top:0px;transform:translate(25.200px,612.233px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:489.60px">
			<div style="width:9792px;height:142.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.92px) rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:170px;position:absolute;top:-6.75px;left:4845.96px;white-space:nowrap">3</div></div>
		</div>
		<div style="height:33.73px;left:0px;position:absolute;top:0px;transform:translate(18.200px,24.305px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:489.40px">
			<div style="width:9788px;height:576px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.93px) rotate(0deg) scale(0.05)">


			<div style="font-family:Arial, Helvetica, sans-serif;font-size:230px;font-weight:bold;position:absolute;top:-9px;left:0px;white-space:nowrap">The GDL Fund</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:230px;font-weight:bold;position:absolute;top:279px;left:0px;letter-spacing:-2.4px;white-space:nowrap">Schedule of Investments (Continued) &#8212; March 31, 2025 (Unaudited)</div></div>
		</div>
		<div style="background-color:transparent;height:4.50px;left:0px;position:absolute;top:0px;transform:translate(17.999px,57.416px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:489.60px">

		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAB/gAAAATCAYAAACUadXJAAAACXBIWXMAAC4jAAAuIwF4pT92AAAA6ElEQVR4Xu3ZwQ2AMBDAsAN1/52YDEbos0Sy39kg18y8AwAAAAAAAAD82r0LAAAAAAAAAIDzDH4AAAAAAAAACDD4AQAAAAAAACDA4AcAAAAAAACAAIMfAAAAAAAAAAIMfgAAAAAAAAAIMPgBAAAAAAAAIMDgBwAAAAAAAIAAgx8AAAAAAAAAAgx+AAAAAAAAAAgw+AEAAAAAAAAgwOAHAAAAAAAAgACDHwAAAAAAAAACDH4AAAAAAAAACDD4AQAAAAAAACDA4AcAAAAAAACAAIMfAAAAAAAAAALWzDy7CAAAAAAAAAA46wMQOQHom10yKQAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>
		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAABBcAAARVCAYAAADmLChWAAAACXBIWXMAABcRAAAXEQHKJvM/AAAeoklEQVR4XuzdMW5dxwGG0ZmAVZCCgN3ELqIiUGsCaVwYUNJlGSxVagnSDtgZBlJwCVmCFqCCGzDAwJ2bqLCTRsakcSlqIn0m3iPfOS3/iriPD/xw79y51hoAAAAAn+p3uwEAAADAh4gLAAAAQCIuAAAAAIm4AAAAACTiAgAAAJCICwAAAEAiLgAAAACJuAAAAAAk4gIAAACQiAsAAABAIi4AAAAAydluAACcrjnny92GR+N6rXW7GwHA+7hzAQAAAEjmWmu3AQAAALiTOxcAAACARFwAAAAAEnEBAAAASMQFAAAAIBEXAAAAgERcAAAAABJxAQAAAEjEBQAAACARFwAAAIBEXAAAAAAScQEAAABIxAUAAAAgERcAAACARFwAAAAAEnEBAAAASMQFAAAAIBEXAAAAgERcAAAAABJxAQAAAEjEBQAAACARFwAAAIBEXAAAAAAScQEAAABIxAUAAAAgERcAAACARFwAAAAAEnEBAAAASM52g/eZc16MMa52uyP2Yq11sxsB8NuZc16OMS43s0O5Xmtd70YAALzfXGvtNgAAAAB38lgEAAAAkIgLAAAAQCIuAAAAAIm4AAAAACTiAgAAAJCICwAAAEAiLgAAAACJuAAAAAAk4gIAAACQiAsAAABAIi4AAAAAibgAAAAAJOICAAAAkIgLAAAAQCIuAAAAAIm4AAAAACTiAgAAAJCICwAAAEAiLgAAAACJuAAAAAAk4gIAAACQiAsAAABAIi4AAAAAibgAAAAAJOICAAAAkIgLAAAAQCIuAAAAAIm4AAAAACTiAgAAAJCICwAAAEAiLgAAAACJuAAAAAAk4gIAAACQiAsAAABAIi4AAAAAibgAAAAAJOICAAAAkIgLAAAAQCIuAAAAAIm4AAAAACTiAgAAAJCICwAAAEAiLgAAAACJuAAAAAAk4gIAAACQiAsAAABAIi4AAAAAibgAAAAAJOICAAAAkIgLAAAAQCIuAAAAAIm4AAAAACRnuwEAD9+c8/UY49lux0G9Wmu93I0AAI7RXGvtNgA8cHPOizHG+W7HQd2utW53IwCAYyQuAAAAAIkzFwAAAIBEXAAAAAAScQEAAABIxAUAAAAgERcAAACARFwAAAAAEnEBAAAASMQFAAAAIBEXAAAAgERcAAAAABJxAQAAAEjEBQAAACARFwAAAIBEXAAAAAAScQEAAABIxAUAAAAgERcAAACARFwAAAAAEnEBAAAASMQFAAAAIBEXAAAAgERcAAAAABJxAQAAAEjEBQAAACARFwAAAIBEXAAAAAAScQEAAABIxAUAAAAgERcAAACARFwAAAAAEnEBAAAASMQFAAAAIBEXAAAAgERcAAAAABJxAQAAAEjEBQAAACARFwAAAIBEXAAAAAAScQEAAABIxAUAAAAgERcAAACARFwAAAAAEnEBAAAASMQFAAAAIBEXAAAAgERcAAAAABJxAQAAAEjEBQAAACARFwAAAIBEXAAAAAAScQEAAABIxAUAAAAgERcAAACARFwAAAAAEnEBAAAASMQFAAAAIBEXAAAAgERcAAAAABJxAQAAAEjEBQAAACARFwAAAIBEXAAAAAAScQEAAABIxAUAAAAgERcAAACARFwAAAAAEnEBAAAASMQFAAAAIBEXAAAAgERcAAAAABJxAQAAAEjEBQAAACARFwAAAIBEXAAAAAAScQEAAABIxAUAAAAgERcAAACARFwAAAAAEnEBAAAASMQFAAAAIBEXAAAAgERcAAAAABJxAQAAAEjEBQAAACARFwAAAIBEXAAAAAAScQEAAABIxAUAAAAgOdsNAHj45pyvxxjPdjsO6tVa6+VuBABwjOZaa7cB4IGbc16MMc53Ow7qdq11uxsBABwjcQEAAABInLkAAAAAJOICAAAAkIgLAAAAQCIuAAAAAIm4AAAAACTiAgAAAJCICwAAAEAiLgAAAACJuAAAAAAk4gIAAACQiAsAAABAIi4AAAAAibgAAAAAJOICAAAAkIgLAAAAQCIuAAAAAIm4AAAAACRnuwEAD9+c82qMcbHbcVDXa63r3QgA4BiJCwCn4WaM8XY34qBudwMAgGM111q7DQAAAMCdnLkAAAAAJOICAAAAkIgLAAAAQCIuAAAAAIm4AAAAACTiAgAAAJCICwAAAEAiLgAAAACJuAAAAAAk4gIAAACQiAsAAABAIi4AAAAAibgAAAAAJOICAAAAkIgLAAAAQCIuAAAAAIm4AAAAACTiAgAAAJCICwAAAEAiLgAAAACJuAAAAAAk4gIAAACQiAsAAABAIi4AAAAAibgAAAAAJOICAAAAkIgLAAAAQCIuAAAAAIm4AAAAACTiAgAAAJCICwAAAEAiLgAAAACJuAAAAAAk4gIAAACQiAsAAABAIi4AAAAAibgAAAAAJOICAAAAkIgLAAAAQCIuAAAAAIm4AAAAACTiAgAAAJCICwAAAEAiLgAAAACJuAAAAAAk4gIAAACQiAsAAABAcrYbAPDwzTkvxhjnux0HdbvWut2NAACO0Vxr7TYAPHBzztdjjGe7HQf1aq31cjcCADhG4gIAAACQOHMBAAAASMQFAAAAIBEXAAAAgERcAAAAABKvogQA7vTrm0bgsXix1rrZjfg4v77u+Gq34/9yvda63o1O1ZzzaoxxsdsdyMn/ffG2CAAAACDxWAQAAACQiAsAAABAIi4AAAAAibgAAAAAJOICAAAAkIgLAAAAQCIuAAAAAIm4AAAAACTiAgAAAJCICwAAAEAiLgAAAACJuAAAAAAk4gIAAACQiAsAAABAIi4AAAAAibgAAAAAJOICAAAAkIgLAAAAQCIuAAAAAIm4AAAAACTiAgAAAJCICwAAAEAiLgAAAACJuAAAAAAk4gIAAACQiAsAAABAIi4AAAAAibgAAAAAJOICAAAAkIgLAAAAQCIuAAAAAIm4AAAAACTiAgAAAJCICwAAAEAiLgAAAACJuAAAAAAk4gIAAACQiAsAAABAIi4AAAAAibgAAAAAJOICAAAAkIgLAAAAQHK2GwDw8M05X48xnu12HNSrtdbL3QgA4BiJCwCn4XqM8Xqz4bBe7wYAAMdqrrV2GwAAAIA7OXMBAAAASMQFAAAAIBEXAAAAgERcAAAAABJxAQAAAEjEBQAAACARFwAAAIBEXAAAAAAScQEAAABIxAUAAAAgERcAAACARFwAAAAAEnEBAAAASMQFAAAAIBEXAAAAgERcAAAAABJxAQAAAEjEBQAAACARFwAAAIBEXAAAAAAScQEAAABIxAUAAAAgERcAAACARFwAAAAAEnEBAAAASMQFAAAAIBEXAAAAgERcAAAAABJxAQAAAEjEBQAAACARFwAAAIBEXAAAAAAScQEAAABIxAUAAAAgERcAAACARFwAAAAAEnEBAAAASMQFAAAAIBEXAAAAgERcAAAAABJxAQAAAEjEBQAAACARFwAAAIBEXAAAAAAScQEAAABIxAUAAAAgOdsNAHj4vv3223/8/PPPf97tOJzPP//8n5eXl1e7HQDAMRIXAE7Au3fv/v7jjz9+udtxOF988cXbMYa4AAA8SOICwAl4+vTpT19+qS0cs88+++ztbgMAcKzEBYAT8ObNm//+8MMP/nk9Yl999dW7Z8+e7WYAAEdprrV2GwAAAIA7eVsEAAAAkIgLAAAAQCIuAAAAAIm4AAAAACTiAgAAAJCICwAAAEBythsAAAB8rDnn+RjjYrc7sJu11tvd6FTNOS/GGOe7HffuQVyn4gIAAHAfnowxXm42h/ZijHGzG52wy3H8gegUPIjrdK61dhsAAACAOzlzAQAAAEjEBQAAACARFwAAAIBEXAAAAAAScQEAAABIxAUAAAAgERcAAACARFwAAAAAEnEBAAAASMQFAAAAIBEXAAAAgERcAAAAABJxAQAAAEjEBQAAACARFwAAAIBEXAAAAAAScQEAAABIxAUAAAAgERcAAACARFwAAAAAEnEBAAAASMQFAAAAIDnbDQAAAD7WnPNijHG12x3Yi7XWzW50quacV2OMi92Oe/cgrtO51tptAAAAAO7ksQgAAAAg8VgEAADwm5tzno/jv6X+Zq31djc6Vb8+2nK+23HvHsR1Ki4AAAD34XyM8dfd6MBuxxhH/0/bAV2MMZ7sRty72/EArlNnLgAAAACJMxcAAACARFwAAAAAEnEBAAAASMQFAAAAIBEXAAAAgERcAAAAABJxAQAAAEjEBQAAACARFwAAAIBEXAAAAAAScQEAAABIxAUAAAAgERcAAACARFwAAAAAEnEBAAAASMQFAAAAIBEXAAAAgERcAAAAABJxAQAAAEjEBQAAACARFwAAAIBEXAAAAAAScQEAAABIxAUAAAAgERcAAACARFwAAAAAEnEBAAAASMQFAAAAIBEXAAAAgERcAAAAABJxAQAAAEjEBQAAACARFwAAAIBEXAAAAAAScQEAAABIxAUAAAAgERcAAACARFwAAAAAEnEBAAAASMQFAAAAIBEXAAAAgERcAAAAABJxAQAAAEjEBQAAACARFwAAAIBEXAAAAAAScQEAAABIxAUAAAAgERcAAACARFwAAAAAEnEBAAAASMQFAAAAIBEXAAAAgERcAAAAABJxAQAAAEjEBQAAACARFwAAAIBEXAAAAAAScQEAAABIxAUAAAAgERcAAACA5Gw3AAAA+FhzzidjjMsPr47S7Vrrejc6BXPOyzHGk82Mwzi669SdCwAAAEAy11q7DQAAAMCd3LkAAAAAJOICAAAAkIgLAAAAQCIuAAAAAIm4AAAAACTiAgAAAJCICwAAAEAiLgAAAACJuAAAAAAk4gIAAACQiAsAAABAIi4AAAAAibgAAAAAJOICAAAAkIgLAAAAQCIuAAAAAIm4AA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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:502.56px">
			<div style="width:9792px;height:10582.27px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.31px) rotate(0deg) scale(0.05)">






















































































































			<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:232px;left:133.36px;white-space:nowrap">Shares</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:40px;left:3920.36px;white-space:nowrap">Market</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:232px;left:3961.72px;letter-spacing:-0.58px;white-space:nowrap">Value</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:530.88px;left:835px;white-space:nowrap">Energy and Utilities &#8212; (0.3)%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:725.75px;left:0px;letter-spacing:-6.67px;white-space:nowrap">			2,500&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:725.75px;left:835px;white-space:nowrap">Chevron Corp. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:725.75px;left:1795px;letter-spacing:20.55px;white-space:nowrap">.............................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:725.75px;left:3643px;letter-spacing:-5px;white-space:nowrap">	$		418,225&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1014.99px;left:835px;white-space:nowrap">Financial Services &#8212; (4.6)%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1209.87px;left:0px;letter-spacing:-5.71px;white-space:nowrap">			11,700&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1209.87px;left:835px;white-space:nowrap">Atlantic Union Bankshares Corp. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1209.87px;left:2875px;letter-spacing:21.45px;white-space:nowrap">...........</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1209.87px;left:3643px;letter-spacing:-5px;white-space:nowrap">			364,338&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1404.75px;left:0px;letter-spacing:-5.71px;white-space:nowrap">			26,498&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1404.75px;left:835px;white-space:nowrap">Capital One Financial Corp. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1404.75px;left:2575px;letter-spacing:21px;white-space:nowrap">................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1404.75px;left:3643px;letter-spacing:-4px;white-space:nowrap">			4,751,091&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1599.63px;left:0px;letter-spacing:-5.71px;white-space:nowrap">			25,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1599.63px;left:835px;white-space:nowrap">Renasant Corp. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1599.63px;left:1855px;letter-spacing:20.57px;white-space:nowrap">............................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1599.63px;left:3643px;letter-spacing:-5px;white-space:nowrap">			848,250&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1794.5px;left:3643px;letter-spacing:-4px;white-space:nowrap">			5,963,679&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2083.74px;left:835px;white-space:nowrap">Metals and Mining &#8212; (0.9)%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2278.62px;left:0px;letter-spacing:-5px;white-space:nowrap">			178,500&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2278.62px;left:835px;white-space:nowrap">First Majestic Silver Corp. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2278.62px;left:2455px;letter-spacing:20.89px;white-space:nowrap">..................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2278.62px;left:3643px;letter-spacing:-4px;white-space:nowrap">			1,194,165&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2567.86px;left:835px;white-space:nowrap">Paper and Forest Products &#8212; (0.4)%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2762.74px;left:0px;letter-spacing:-5.71px;white-space:nowrap">			10,280&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2762.74px;left:835px;white-space:nowrap">International Paper Co. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2762.74px;left:2335px;letter-spacing:20.8px;white-space:nowrap">....................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2762.74px;left:3643px;letter-spacing:-5px;white-space:nowrap">			548,438&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3051.97px;left:835px;letter-spacing:-1.47px;white-space:nowrap">TOTAL SECURITIES SOLD SHORT</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3246.85px;left:979px;white-space:nowrap">(Proceeds received $9,015,388)(c) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3246.85px;left:3175px;letter-spacing:22.67px;white-space:nowrap">......</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3246.85px;left:3643px;letter-spacing:-4px;white-space:nowrap">	$		8,908,822&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:192.7px;left:5011.2px;white-space:nowrap">(a)	Security is valued using significant unobservable inputs and is classified </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:372.7px;left:5371.2px;letter-spacing:-0.32px;white-space:nowrap">as Level 3 in the fair value hierarchy.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:567.58px;left:5011.2px;letter-spacing:-0.53px;white-space:nowrap">(b)	At March 31, 2025, $5,250,000 of the principal amount was reserved </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:747.58px;left:5371.2px;white-space:nowrap">and/or pledged with the custodian for securities sold short and forward </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:927.58px;left:5371.2px;white-space:nowrap">foreign exchange contracts.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1122.45px;left:5011.2px;letter-spacing:-0.53px;white-space:nowrap">(c)	At March 31, 2025, these proceeds are being held at Pershing LLC.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1317.33px;left:5011.2px;white-space:nowrap">&#8224;	Non-income producing security.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1512.21px;left:5011.2px;letter-spacing:-0.36px;white-space:nowrap">&#8224;&#8224;	Represents annualized yields at dates of purchase.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1787.09px;left:5011.2px;white-space:nowrap">CVR</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:1787.09px;left:5443.2px;letter-spacing:-0.48px;white-space:nowrap">Contingent Value Right</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2361.97px;left:5011.2px;white-space:nowrap">Geographic Diversification</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2169.97px;left:7641.76px;letter-spacing:-2.37px;white-space:nowrap">% of Total</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2361.97px;left:7573.68px;white-space:nowrap">Investments</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2169.97px;left:9016.06px;white-space:nowrap">Market</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2361.97px;left:9057.42px;letter-spacing:-0.58px;white-space:nowrap">Value</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:2588.84px;left:5011.2px;white-space:nowrap">Long Positions</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2783.72px;left:5011.2px;white-space:nowrap">North America </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2783.72px;left:5971.2px;letter-spacing:21.45px;white-space:nowrap">......................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2783.72px;left:7343.2px;letter-spacing:-8px;white-space:nowrap">		91.2&#8204;%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2783.72px;left:8667.2px;letter-spacing:-3.33px;white-space:nowrap">	$		119,386,650&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2978.6px;left:5011.2px;white-space:nowrap">Latin America </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2978.6px;left:5911.2px;letter-spacing:21.39px;white-space:nowrap">.......................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2978.6px;left:7343.2px;letter-spacing:-10px;white-space:nowrap">		4.8&#8204;&#160;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:2978.6px;left:8667.2px;letter-spacing:-4px;white-space:nowrap">			6,313,917&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3173.48px;left:5011.2px;white-space:nowrap">Europe </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3173.48px;left:5491.2px;letter-spacing:21.07px;white-space:nowrap">..............................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3173.48px;left:7343.2px;letter-spacing:-10px;white-space:nowrap">		3.8&#8204;&#160;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3173.48px;left:8667.2px;letter-spacing:-4px;white-space:nowrap">			4,942,352&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3368.35px;left:5011.2px;text-rendering:optimizeLegibility;white-space:nowrap">Asia/Pacific </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3368.35px;left:5791.2px;letter-spacing:21.28px;white-space:nowrap">.........................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3368.35px;left:7343.2px;letter-spacing:-10px;white-space:nowrap">		0.2&#8204;&#160;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3368.35px;left:8667.2px;letter-spacing:-5px;white-space:nowrap">			257,000&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3566.23px;left:5011.2px;letter-spacing:-1.97px;white-space:nowrap">Total Investments &#8212; Long Positions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3566.23px;left:7343.2px;letter-spacing:-5.71px;white-space:nowrap">	100.0&#8204;%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:3566.23px;left:8667.2px;letter-spacing:-3.33px;white-space:nowrap">	$	130,899,919&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3858.65px;left:5011.2px;white-space:nowrap">Short Positions</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4053.53px;left:5011.2px;white-space:nowrap">North America </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4053.53px;left:5971.2px;letter-spacing:21.45px;white-space:nowrap">......................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4053.53px;left:7343.2px;letter-spacing:-6.67px;white-space:nowrap">		(6.4&#8204;)%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4053.53px;left:8667.2px;letter-spacing:-3.33px;white-space:nowrap">	$		(8,346,222&#8204;)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4248.41px;left:5011.2px;white-space:nowrap">Europe </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4248.41px;left:5491.2px;letter-spacing:21.07px;white-space:nowrap">..............................</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4248.41px;left:7343.2px;letter-spacing:-6.67px;white-space:nowrap">		(0.4&#8204;)&#160;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4248.41px;left:8667.2px;letter-spacing:-4px;white-space:nowrap">			(562,600&#8204;)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4446.28px;left:5011.2px;letter-spacing:-1.97px;white-space:nowrap">Total Investments &#8212; Short Positions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4446.28px;left:7343.2px;letter-spacing:-5.71px;white-space:nowrap">	(6.8&#8204;)%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:4446.28px;left:8667.2px;letter-spacing:-3.33px;white-space:nowrap">	$	(8,908,822&#8204;)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:5362.7px;left:0px;letter-spacing:-0.53px;white-space:nowrap">As of March 31, 2025, forward foreign exchange contracts outstanding were as follows:</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6036.12px;left:349.55px;white-space:nowrap">Currency Purchased</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6036.12px;left:2617.98px;white-space:nowrap">Currency Sold</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6036.12px;left:5168.24px;white-space:nowrap">Counterparty</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5844.12px;left:7282.24px;letter-spacing:0.02px;white-space:nowrap">Settlement</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6036.12px;left:7486.88px;white-space:nowrap">Date</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5652.12px;left:8690.88px;white-space:nowrap">Unrealized</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:5844.12px;left:8606.4px;white-space:nowrap">Appreciation/</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6036.12px;left:8570.96px;white-space:nowrap">(Depreciation)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6231px;left:0px;white-space:nowrap">USD</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6231px;left:1361px;white-space:nowrap">1,119,335</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6231px;left:2295.16px;white-space:nowrap">CAD</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6231px;left:3434px;white-space:nowrap">1,600,000</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6231px;left:4605.37px;letter-spacing:-1.97px;white-space:nowrap">State Street Bank and Trust Co.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6231px;left:7353.52px;white-space:nowrap">04/30/25</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6231px;left:8250px;letter-spacing:-6.67px;white-space:nowrap">	$		5,860&#8204;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6425.88px;left:0px;white-space:nowrap">USD</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6425.88px;left:1361px;white-space:nowrap">1,296,289</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6425.88px;left:2295.24px;white-space:nowrap">EUR</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6425.88px;left:3434px;white-space:nowrap">1,200,000</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6425.88px;left:4605.37px;letter-spacing:-1.97px;white-space:nowrap">State Street Bank and Trust Co.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6425.88px;left:7353.52px;white-space:nowrap">04/30/25</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6425.88px;left:8250px;letter-spacing:-5px;white-space:nowrap">			(3,370&#8204;)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6620.75px;left:0px;white-space:nowrap">USD</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6620.75px;left:1481px;white-space:nowrap">129,098</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6620.75px;left:2295.16px;white-space:nowrap">GBP</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6620.75px;left:3554px;white-space:nowrap">100,000</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6620.75px;left:4605.37px;letter-spacing:-1.97px;white-space:nowrap">State Street Bank and Trust Co.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6620.75px;left:7353.52px;white-space:nowrap">04/30/25</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6620.75px;left:8250px;letter-spacing:-8px;white-space:nowrap">			(69&#8204;)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:6905.63px;left:0px;letter-spacing:-1.47px;white-space:nowrap">TOTAL FORWARD FOREIGN EXCHANGE CONTRACTS</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;position:absolute;top:6847.63px;left:8250px;letter-spacing:-6.67px;white-space:nowrap">	$		2,421&#8204;</div></div>
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