GDL FUND — Director's Dealing 2008

Dec 31, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Gabelli Global Deal Fund (GDL)
CIK: 0001378701
Period of Report: 2008-12-29

Reporting Person: GABELLI MARIO J (Director)
Reporting Person: GAMCO INVESTORS, INC. ET AL (Owner of Adviser)
Reporting Person: GGCP, INC. (Majority shareholder of GAMCO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-12-29	Common Shares	S	3039	$12.93	Disposed	1033387	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	25767	Indirect
Common Shares	52241	Indirect
Common Shares	14532	Indirect
Common Shares	7174	Indirect
Common Shares	50275	Direct

Footnotes

F1: These shares are owned by GAMCO Investors, Inc. Mr. Gabelli and GGCP have less than a 100% interest in this entity and disclaim beneficial ownership of the shares held by this entity which are in excess of their indirect pecuniary interests.

F2: These shares are owned by a limited partnership for which Mr. Gabelli serves as a general partner. Mr. Gabelli has less than a 100% interest in the entity and disclaims beneficial ownership of the shares held by this entity which are in excess of his indirect pecuniary interest.

F3: These shares are held by GGCP, Inc. Mr. Gabelli has less than a 100% interest in this entity. The securities reported reflect the total amount of securities beneficially owned by this entity which are in excess of his indirect pecuniary interest.

F4: These shares are owned by a limited liability company. Mr. Gabelli has less than a 100% interest in this entity and disclaims beneficial ownership of the shares held by this entity which are in excess of his indirect pecuniary interest.

F5: These shares are owned by a subsidiary of GAMCO Investors, Inc. Mr. Gabelli, GAMCO Investors, Inc. and GGCP have less than a 100% interest in this entity anbd disclaim beneficial ownership of the shares held by this entity which are in excess of their indirect pecuniary interests.