Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
GABELLI MARIO J
   2. Issuer Name and Ticker or Trading Symbol
Gabelli Global Deal Fund [GDLXR] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
C/O GAMCO INVESTORS, INC, ONE CORPORATE CENTER		 3. Date of Earliest Transaction (Month/Day/Year)
12/29/2008
(Street)

RYE, NY 10580		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Preferred Share Rights 12/29/2008   S   500 D $ 3.62 49,797 D (1)  
Preferred Shares Rights 12/30/2008   S   500 D $ 2.05 49,297 D (2)  
Preferred Shares Rights 01/28/2009   P   101,003 A $ 0.03 150,300 D (3)  
Preferred Shares Rights               1,067,227 I GAMCO Investors, Inc. (4)
Preferred Shares Rights               25,770 I By: Partnership (5)
Preferred Shares Rights               52,241 I By: GGCP, Inc. (6)
Preferred Shares Rights               14,540 I By: Limited Liability Co. (7)
Preferred Shares Rights               7,175 I By: Subsidiary (8)

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
GABELLI MARIO J
C/O GAMCO INVESTORS, INC
ONE CORPORATE CENTER
RYE, NY 10580		   X      
GAMCO INVESTORS, INC. ET AL
ONE CORPORATE CENTER
RYE, NY 10580		       Owner of Adviser
GGCP, INC.
140 GREENWICH AVENUE
GREENWICH, CT 06830		       Majority shareholder of GAMCO

Signatures

 Douglas R. Jamieson as Attorney-In-Fact for Mario J. Gabelli and GGCP, Inc. and GAMCO Investors, Inc.   01/30/2009
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) 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.
(2) 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.
(3) 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.
(4) 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.
(5) 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.
(6) 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.
(7) 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.
(8) 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.

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