GDL FUND — Director's Dealing 2009

Jan 30, 2009

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Gabelli Global Deal Fund (GDLXR)
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	Preferred Share Rights	S	500	$3.62	Disposed	49797	Direct
2008-12-30	Preferred Shares Rights	S	500	$2.05	Disposed	49297	Direct
2009-01-28	Preferred Shares Rights	P	101003	$0.03	Acquired	150300	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Preferred Shares Rights	1067227	Indirect
Preferred Shares Rights	25770	Indirect
Preferred Shares Rights	52241	Indirect
Preferred Shares Rights	14540	Indirect
Preferred Shares Rights	7175	Indirect

Footnotes

F1: The reporting person acquired 50,297 purchase rights for the preferred shares as a result of a pro-rata distribution of such rights by the Issuer on December 24, 2008. One right was issued for each common share held as of December 19,2008.

F2: The reporting person acquired 50,297 purchase rights for preferred shares as a result of a pro-rata distribution of such rights by the Issuer on December 24, 2008. One right as issued for each commn share held as of December 19, 2008.

F3: The reporting person acquired 50,297 purchase rights for preferred shares as a result of a pro-rata distribution of such rights by the Issuer on December 24, 2008. One right was issued for each common share held as of December 19, 2008.

F4: The reporting entity acquired 1,067,227 purchase rights for preferred shares as a result of a pro-rata distribution of such rights by the Issuer on December 24, 2008. One right was issued for each common share held as of December 19, 2008.

F5: The reporting entity acquired 25,770 purchase rights for preferred shares as a result of a pro-rata distribution of such rights by the Issuer on December 24, 2008. One right was issued for each common share held as of December 19, 2008.

F6: The reporting entity acquired 52,241 purchase rights for preferred shares as a result of a pro-rata distribution of such rights on December 24, 2008. One right was issued for each common share held as of December 19, 2008.

F7: The reporting entity acquired 14,540 rights for preferred shares as a result of a pro-rata distribution of such rights by the Issuer on December 24, 2008. One right was issued for each common share held as of December 19, 2008.

F8: The reporting entity acquired 14,540 purchase rights for preferred shares as a result of a pro-rata distribution of such rights by the Issuer on December 24, 2008. One right was issued for each common share held as of December 19, 2008.