UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-21969
The Gabelli Global Deal Fund
(Exact name of registrant as specified in charter)
One Corporate Center
Rye, New York 10580-1422
(Address of principal executive offices) (Zip code)
Bruce N. Alpert
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422
(Name and address of agent for service)
Registrant's telephone number, including area code: 1-800-422-3554
Date of fiscal year end: December 31
Date of reporting period: September 30, 2008
Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of
this chapter), to file reports with the Commission, not later than 60 days after
the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use
the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-Q unless the
Form displays a currently valid Office of Management and Budget ("OMB") control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC
20549. The OMB has reviewed this collection of information under the clearance
requirements of 44 U.S.C. ss. 3507.
ITEM 1. SCHEDULE OF INVESTMENTS.
The Schedule(s) of Investments is attached herewith.
(THE GABELLI LOGO)
GLOBAL DEAL FUND
THE GABELLI GLOBAL DEAL FUND
Third Quarter Report
September 30, 2008
TO OUR SHAREHOLDERS,
Since it commenced operations on January 31, 2007, The Gabelli Global Deal
Fund (the "Fund") has gained 1.35% on a net asset value ("NAV") basis while the
3 Month U.S. Treasury Bill Index rose 3.86% over the same period. The Fund's
market price on September 30, 2008, was $14.02, which equates to a 17.38%
discount to its NAV of $16.97.
Enclosed is the investment portfolio as of September 30, 2008.
AVERAGE ANNUAL RETURNS THROUGH SEPTEMBER 30, 2008 (a)
Since
Inception
Quarter 1 Year (01/31/07)
------- ------- ----------
GABELLI GLOBAL DEAL FUND
NAV TOTAL RETURN (b) ............ (1.03)% (2.98)% 1.35%
INVESTMENT TOTAL RETURN (c) ..... (7.13) (9.43) (18.97)
3 Month U.S. Treasury Bill Index ... 0.63 2.90 3.86
S&P 500 Index ...................... (8.36) (21.96) (10.00)
(a) RETURNS REPRESENT PAST PERFORMANCE AND DO NOT GUARANTEE FUTURE RESULTS.
INVESTMENT RETURNS AND THE PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE.
WHEN SHARES ARE SOLD, THEY MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL
COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA
PRESENTED. VISIT WWW.GABELLI.COM FOR PERFORMANCE INFORMATION AS OF THE MOST
RECENT MONTH END. PERFORMANCE RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE
NOT ANNUALIZED. INVESTORS SHOULD CAREFULLY CONSIDER THE INVESTMENT
OBJECTIVES, RISKS, CHARGES, AND EXPENSES OF THE FUND BEFORE INVESTING. THE
3 MONTH U.S. TREASURY BILL INDEX IS COMPRISED OF A SINGLE ISSUE PURCHASED
AT THE BEGINNING OF THE MONTH AND HELD FOR A FULL MONTH. AT THE END OF THE
MONTH, THAT ISSUE IS SOLD AND ROLLED INTO THE OUTSTANDING TREASURY BILL
THAT MATURES CLOSEST TO, BUT NOT BEYOND THREE MONTHS FROM THE RE-BALANCING
DATE. TO QUALIFY FOR SELECTION, AN ISSUE MUST HAVE SETTLED ON OR BEFORE THE
RE-BALANCING (MONTH END) DATE. THE S&P 500 INDEX IS AN UNMANAGED INDICATOR
OF STOCK MARKET PERFORMANCE. DIVIDENDS ARE CONSIDERED REINVESTED EXCEPT FOR
THE 3 MONTH U.S. TREASURY BILL INDEX. YOU CANNOT INVEST DIRECTLY IN AN
INDEX.
(b) TOTAL RETURNS AND AVERAGE ANNUAL RETURNS REFLECT CHANGES IN THE NAV PER
SHARE AND REINVESTMENT OF DISTRIBUTIONS AT NAV ON THE EX-DIVIDEND DATE AND
ARE NET OF EXPENSES. SINCE INCEPTION RETURN IS BASED ON AN INITIAL NAV OF
$19.06.
(c) TOTAL RETURNS AND AVERAGE ANNUAL RETURNS REFLECT CHANGES IN CLOSING MARKET
VALUES ON THE NEW YORK STOCK EXCHANGE AND REINVESTMENT OF DISTRIBUTIONS.
SINCE INCEPTION RETURN IS BASED ON AN INITIAL OFFERING PRICE OF $20.00.
We have separated the portfolio manager's commentary from the financial
statements and investment portfolio due to corporate governance regulations
stipulated by the Sarbanes-Oxley Act of 2002. We have done this to ensure that
the content of the portfolio manager's commentary is unrestricted. The financial
statements and investment portfolio are mailed separately from the commentary.
Both the commentary and the financial statements, including the portfolio of
investments, will be available on our website at www.gabelli.com.
THE GABELLI GLOBAL DEAL FUND
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2008 (UNAUDITED)
MARKET
SHARES VALUE
-------- ------------
COMMON STOCKS -- 65.1%
AEROSPACE -- 2.9%
145,000 DRS Technologies Inc. ............................... $ 11,128,750
------------
AGRICULTURE -- 0.0%
1,000 Provimi SA .......................................... 20,216
------------
AUTOMOTIVE -- 0.0%
12,000 Lear Corp.+ ......................................... 126,000
------------
BROADCASTING -- 0.0%
1,000 Cumulus Media Inc., Cl. A+ .......................... 4,260
------------
BUSINESS SERVICES -- 3.7%
8,000 Acxiom Corp. ........................................ 100,320
120,000 Diebold Inc. ........................................ 3,973,200
500,000 Greenfield Online Inc.+ ............................. 8,700,000
45,200 Ikon Office Solutions Inc. .......................... 768,852
6,600 PeopleSupport Inc.+ ................................. 77,154
58,000 PHH Corp.+ .......................................... 770,820
------------
14,390,346
------------
CABLE AND SATELLITE -- 0.1%
35,001 Zon Multimedia Servicos de
Telecomunicacoes e Multimedia SGPS SA ............ 255,734
------------
COMMUNICATIONS EQUIPMENT -- 0.3%
60,000 Foundry Networks Inc.+ .............................. 1,092,600
------------
COMPUTER HARDWARE -- 0.1%
20,000 SanDisk Corp.+ ...................................... 391,000
------------
COMPUTER SOFTWARE AND SERVICES -- 1.4%
500 Affiliated Computer Services Inc., Cl. A+ ........... 25,315
300 Captaris Inc.+ ...................................... 1,383
1,000 I2 Technologies Inc.+ ............................... 13,490
35,000 Mentor Graphics Corp.+ .............................. 397,250
50,000 NDS Group plc+ ...................................... 2,794,500
5,000 Q9 Networks Inc.+ ................................... 77,284
1,000 Secure Computing Corp+ .............................. 5,480
120,000 Yahoo! Inc.+ ........................................ 2,076,000
------------
5,390,702
------------
CONSUMER PRODUCTS -- 3.8%
63,000 Harman International Industries Inc. ................ 2,146,410
12,000 Heelys Inc.+ ........................................ 53,760
275,000 Rothmans Inc. ....................................... 7,731,266
75,000 UST Inc. ............................................ 4,990,500
------------
14,921,936
------------
MARKET
SHARES VALUE
-------- ------------
DIVERSIFIED INDUSTRIAL -- 1.7%
510,000 Myers Industries Inc. ............................... $ 6,431,100
------------
EDUCATIONAL SERVICES -- 0.1%
16,000 Corinthian Colleges Inc.+ ........................... 240,000
------------
ELECTRONICS -- 0.7%
211,700 Alliance Semiconductor Corp. ........................ 158,775
85,000 Bel Fuse Inc., Cl. A ................................ 2,337,500
1,000 Epcos AG ............................................ 25,115
16,000 International Rectifier Corp.+ ...................... 304,320
1,000 Xantrex Technology Inc.+ ............................ 14,075
------------
2,839,785
------------
ENERGY AND UTILITIES -- 6.3%
80,000 Awilco Offshore ASA+ ................................ 1,150,648
1,000 British Energy Group plc ............................ 13,512
10,000 Constellation Energy Group Inc. ..................... 243,000
218,000 Endesa SA ........................................... 7,893,458
50,000 EnergySouth Inc. .................................... 3,071,500
20,000 First Calgary Petroleums Ltd.+ ...................... 63,519
179,760 Great Plains Energy Inc. ............................ 3,994,267
78,000 NorthWestern Corp. .................................. 1,960,140
1,000 Origin Energy Ltd. .................................. 12,731
220,000 Puget Energy Inc. ................................... 5,874,000
100,000 WesternZagros Resources Ltd.+ ....................... 115,574
------------
24,392,349
------------
ENTERTAINMENT -- 0.8%
190,000 Take-Two Interactive Software Inc. .................. 3,116,000
------------
ENVIRONMENTAL SERVICES -- 0.2%
5,000 Allied Waste Industries Inc.+ ....................... 55,550
20,000 Republic Services Inc. .............................. 599,600
------------
655,150
------------
EQUIPMENT AND SUPPLIES -- 0.4%
300,000 Enodis plc .......................................... 1,677,393
5,000 Photon Dynamics Inc.+ ............................... 76,750
------------
1,754,143
------------
FINANCIAL SERVICES -- 8.3%
90,000 Hilb Rogal & Hobbs Co. .............................. 4,206,600
170,000 Nationwide Financial Services Inc., Cl. A ........... 8,386,100
110,000 Philadelphia Consolidated Holding Corp.+ ............ 6,442,700
1,000 Saxon Financial Inc. ................................ 19,676
140,000 SLM Corp.+ .......................................... 1,727,600
155,000 UnionBanCal Corp. ................................... 11,359,950
39,600 Wachovia Corp. ...................................... 138,600
------------
32,281,226
------------
See accompanying notes to schedule of investments.
2
THE GABELLI GLOBAL DEAL FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008 (UNAUDITED)
MARKET
SHARES VALUE
-------- ------------
COMMON STOCKS (CONTINUED)
FOOD AND BEVERAGE -- 14.5%
290,000 Anheuser-Busch Companies Inc. ....................... $ 18,815,200
15,000 Bull-Dog Sauce Co. Ltd. ............................. 32,580
79,600 China Huiyuan Juice Group Ltd. ...................... 97,388
50,000 Corn Products International Inc. .................... 1,614,000
6,000 Reddy Ice Holdings Inc. ............................. 21,900
450,000 Wm. Wrigley Jr. Co. ................................. 35,730,000
------------
56,311,068
------------
HEALTH CARE -- 10.2%
120,000 Alpharma Inc., Cl. A+ ............................... 4,426,800
30,000 Applied Biosystems Inc. ............................. 1,027,500
34,000 Apria Healthcare Group Inc.+ ........................ 620,160
10,000 ArthroCare Corp.+ ................................... 277,200
4,000 Barr Pharmaceuticals Inc.+ .......................... 261,200
2,500 Biogen Idec Inc.+ ................................... 125,725
100 CPEX Pharmaceuticals Inc.+ .......................... 1,875
1,000 Cryocath Technologies Inc.+ ......................... 7,733
12,000 Datascope Corp. ..................................... 619,560
2,000 Enzon Pharmaceuticals Inc.+ ......................... 14,760
6,000 Fresenius Kabi Pharmaceuticals Holding Inc., CVR+ ... 3,900
110,000 Genentech Inc.+ ..................................... 9,754,800
5,000 ImClone Systems Inc.+ ............................... 312,200
1,000 Jerini AG+ .......................................... 8,785
550,000 Sciele Pharma Inc.+ ................................. 16,934,500
30,000 Tercica Inc.+ ....................................... 268,200
70,000 Vital Signs Inc. .................................... 5,173,000
------------
39,837,898
------------
HOTELS AND GAMING -- 0.5%
70,000 MGM Mirage+ ......................................... 1,995,000
------------
MACHINERY -- 0.5%
50,000 Gehl Co.+ ........................................... 1,471,500
50,000 TurboChef Technologies Inc.+ ........................ 307,500
------------
1,779,000
------------
MATERIALS -- 0.0%
12,500 Intertape Polymer Group Inc.+ ....................... 34,125
------------
MARKET
SHARES VALUE
-------- ------------
MEDIA -- 2.1%
78,000 APN News & Media Ltd. ............................... $ 197,863
310,000 Cablevision Systems Corp., Cl. A .................... 7,799,600
------------
7,997,463
------------
METALS AND MINING -- 0.2%
11,000 Alpha Natural Resources Inc.+ ....................... 565,730
8,000 Lonmin plc .......................................... 323,425
12,000 Uranium One Inc.+ ................................... 25,934
------------
915,089
------------
RESTAURANTS -- 0.0%
1,000 Landry's Restaurants Inc. ........................... 15,550
------------
RETAIL -- 0.4%
14,000 Genesco Inc.+ ....................................... 468,720
16,000 Longs Drug Stores Corp. ............................. 1,210,240
500 Zones Inc.+ ......................................... 4,125
------------
1,683,085
------------
SEMICONDUCTORS -- 0.0%
1,000 Eagle Test Systems Inc.+ ............................ 15,310
------------
SPECIALTY CHEMICALS -- 5.3%
110,000 Ciba Holding AG ..................................... 4,647,749
200,000 Hercules Inc. ....................................... 3,958,000
320 Mitsubishi Chemical Holdings Corp. .................. 1,664
300 Nevada Chemicals .................................... 3,954
170,000 Rohm & Haas Co. ..................................... 11,900,000
------------
20,511,367
------------
TELECOMMUNICATIONS -- 0.6%
989,100 Asia Satellite Telecommunications Holdings Ltd. ..... 1,375,723
10,000 BCE Inc. ............................................ 347,100
50,000 Portugal Telecom SGPS SA ............................ 500,120
------------
2,222,943
------------
TOTAL COMMON STOCKS ................................. 252,749,195
------------
See accompanying notes to schedule of investments.
3
THE GABELLI GLOBAL DEAL FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008 (UNAUDITED)
PRINCIPAL MARKET
AMOUNT VALUE
----------- ------------
U.S. GOVERNMENT OBLIGATIONS -- 34.9%
U.S. TREASURY BILLS -- 24.1%
$93,882,000 U.S. Treasury Bills,
0.152% to 1.957%++,
10/02/08 to 01/29/09 .......................... $ 93,795,532
------------
U.S. TREASURY NOTES -- 10.8%
21,405,000 4.500%, 04/30/09 .............................. 21,757,861
20,000,000 4.750%, 12/31/08 .............................. 20,192,200
------------
41,950,061
------------
TOTAL U.S. GOVERNMENT OBLIGATIONS ................ 135,745,593
------------
TOTAL INVESTMENTS -- 100.0%
(Cost $416,764,077) ........................... $388,494,788
============
Aggregate book cost .............................. $416,764,077
============
Gross unrealized appreciation .................... $ 1,704,750
Gross unrealized depreciation .................... (29,974,039)
------------
Net unrealized appreciation/(depreciation) ....... $(28,269,289)
============
----------
+ Non-income producing security.
++ Represents annualized yield at date of purchase.
ADR American Depositary Receipt
CVR Contingent Value Right
% OF
MARKET MARKET
GEOGRAPHIC DIVERSIFICATION VALUE VALUE
------------------------------------------------------- ------ ------------
LONG POSITIONS
North America ......................................... 94.6% $367,462,287
Europe ................................................ 5.0 19,314,554
Latin America ......................................... 0.3 1,375,723
Asia/Pacific .......................................... 0.1 307,981
Japan ................................................. 0.0 34,243
----- ------------
Total Investments ..................................... 100.0% $388,494,788
===== ============
See accompanying notes to schedule of investments.
4
THE GABELLI GLOBAL DEAL FUND
NOTES TO SCHEDULE OF INVESTMENTS (UNAUDITED)
1. SECURITY VALUATION. Portfolio securities listed or traded on a nationally
recognized securities exchange or traded in the U.S. over-the-counter market for
which market quotations are readily available are valued at the last quoted sale
price or a market's official closing price as of the close of business on the
day the securities are being valued. If there were no sales that day, the
security is valued at the average of the closing bid and asked prices or, if
there were no asked prices quoted on that day, then the security is valued at
the closing bid price on that day. If no bid or asked prices are quoted on such
day, the security is valued at the most recently available price or, if the
Board of Trustees (the "Board") so determines, by such other method as the Board
shall determine in good faith to reflect its fair market value. Portfolio
securities traded on more than one national securities exchange or market are
valued according to the broadest and most representative market, as determined
by Gabelli Funds, LLC, the Adviser.
Portfolio securities primarily traded on a foreign market are generally valued
at the preceding closing values of such securities on the relevant market, but
may be fair valued pursuant to procedures established by the Board if market
conditions change significantly after the close of the foreign market but prior
to the close of business on the day the securities are being valued. Debt
instruments with remaining maturities of 60 days or less that are not credit
impaired are valued at amortized cost, unless the Board determines such amount
does not reflect the securities' fair value, in which case these securities will
be fair valued as determined by the Board. Debt instruments having a maturity
greater than 60 days for which market quotations are readily available are
valued at the average of the latest bid and asked prices. If there were no asked
prices quoted on such day, the security is valued using the closing bid price.
Futures contracts are valued at the closing settlement price of the exchange or
board of trade on which the applicable contract is traded.
Securities and assets for which market quotations are not readily available are
fair valued as determined by the Board.
On January 1, 2008, the Fund adopted Statement of Financial Accounting Standard
No. 157, "Fair Value Measurements" ("SFAS 157") that clarifies the definition of
fair value for financial reporting, establishes a framework for measuring fair
value, and requires additional disclosures about the use of fair value
measurements. The three levels of the fair value hierarchy under SFAS 157 are
described below:
- Level 1 - quoted prices in active markets for identical securities;
- Level 2 - other significant observable inputs (including quoted prices
for similar securities, interest rates, prepayment speeds, credit
risk, etc.); and
- Level 3 - significant unobservable inputs (including the Fund's
determinations as to the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. The
summary of inputs used to value the Fund's net assets as of September 30, 2008
is as follows:
OTHER FINANCIAL
INVESTMENTS IN INSTRUMENTS
SECURITIES (UNREALIZED
VALUATION INPUTS (MARKET VALUE) DEPRECIATION)*
---------------- -------------- ---------------
Level 1 - Quoted Prices $252,749,195 --
Level 2 - Other Significant Observable Inputs 135,745,593 $(195,304)
------------ ---------
Total $388,494,788 $(195,304)
============ =========
----------
* Other financial instruments are derivative instruments not reflected in the
Schedule of Investments, such as futures, forwards, and swaps, which are
valued at the unrealized appreciation/depreciation on the investment.
5
THE GABELLI GLOBAL DEAL FUND
NOTES TO SCHEDULE OF INVESTMENTS (CONTINUED) (UNAUDITED)
In March 2008, the Financial Accounting Standards Board (the "FASB") issued
Statement of Financial Accounting Standard No.161, "Disclosures about Derivative
Instruments and Hedging Activities" ("SFAS 161") that is effective for fiscal
years beginning after November 15, 2008. SFAS 161 is intended to improve
financial reporting for derivative instruments by requiring enhanced disclosure
that enables investors to understand how and why an entity uses derivatives, how
derivatives are accounted for, and how derivative instruments affect an entity's
results of operations and financial position. Management is currently evaluating
the implications of SFAS 161 on the Fund's financial statement disclosures.
2. SWAP AGREEMENTS. The Fund may enter into equity and contract for difference
swap transactions. The use of swaps is a highly specialized activity that
involves investment techniques and risks different from those associated with
ordinary portfolio security transactions. In a swap, a set of future cash flows
are exchanged between two counterparties. One of these cash flow streams will
typically be based on a reference interest rate combined with the performance of
a notional value of shares of a stock. The other will be based on the
performance of the shares of a stock. There is no assurance that the swap
contract counterparties will be able to meet their obligations pursuant to the
swap contracts, or that, in the event of default, the Fund will succeed in
pursuing contractual remedies. The Fund thus assumes the risk that it may be
delayed in or prevented from obtaining payments owed to it pursuant to the swap
contracts. The creditworthiness of the swap contract counterparties is closely
monitored in order to minimize the risk. Depending on the general state of
short-term interest rates and the returns of the Fund's portfolio securities at
that point in time, such a default could negatively affect the Fund's ability to
make dividend payments. In addition, at the time a swap transaction reaches its
scheduled termination date, there is a risk that the Fund will not be able to
obtain a replacement transaction or that the terms of the replacement will not
be as favorable as on the expiring transaction. If this occurs, it could have a
negative impact on the Fund's ability to make dividend payments.
The use of derivative instruments involves, to varying degrees, elements of
market and counterparty risk in excess of the amount recognized below.
The Fund has entered into contract for difference swap agreements with Bear,
Stearns International Limited. Details of the swaps at September 30, 2008 are as
follows:
NOTIONAL EQUITY SECURITY INTEREST RATE/ TERMINATION NET UNREALIZED
AMOUNT RECEIVED EQUITY SECURITY PAID DATE DEPRECIATION
--------------------------- ---------------------------- ----------------------------- ----------- --------------
Market Value Overnight LIBOR plus
Appreciation on: Market Value Depreciation on:
$1,393,286 (360,000 Shares) Chloride Group plc Chloride Group plc 04/15/09 $(168,141)
46,373 (100,000 Shares) Gulf Keystone Petroleum Ltd. Gulf Keystone Petroleum Ltd. 03/17/09 (8,922)
6,453 (1,000 Shares) J Sainsbury plc J Sainsbury plc 09/15/09 (319)
78,240 (2,000 Shares) Xstrata plc Xstrata plc 02/17/09 (17,922)
---------
$(195,304)
=========
3. TAX INFORMATION. Under the current tax law, capital and currency losses
realized after October 31 and prior to the Fund's fiscal year end may be
deferred as occurring on the first day of the following fiscal year.
Post-October currency losses at the fiscal year ended December 31, 2007 were
$141,644.
6
(FLAGS)
TRUSTEES AND OFFICERS
THE GABELLI GLOBAL DEAL FUND
ONE CORPORATE CENTER, RYE, NY 10580-1422
TRUSTEES
Mario J. Gabelli, CFA
CHAIRMAN & CHIEF EXECUTIVE OFFICER,
GAMCO INVESTORS, INC.
Anthony J. Colavita
ATTORNEY-AT-LAW,
ANTHONY J. COLAVITA, P.C.
James P. Conn
FORMER MANAGING DIRECTOR &
CHIEF INVESTMENT OFFICER,
FINANCIAL SECURITY ASSURANCE HOLDINGS LTD.
Clarence A. Davis
CHIEF EXECUTIVE OFFICER,
NESTOR, INC.
Mario d'Urso
FORMER ITALIAN SENATOR
Arthur V. Ferrara
FORMER CHAIRMAN & CHIEF EXECUTIVE OFFICER,
GUARDIAN LIFE INSURANCE COMPANY OF AMERICA
Michael J. Melarkey
ATTORNEY-AT-LAW,
AVANSINO, MELARKEY, KNOBEL & MULLIGAN
Edward T. Tokar
SENIOR MANAGING DIRECTOR,
BEACON TRUST COMPANY
Salvatore J. Zizza
CHAIRMAN, ZIZZA & CO., LTD.
OFFICERS
Bruce N. Alpert
PRESIDENT
Carter W. Austin
VICE PRESIDENT
Peter D. Goldstein
CHIEF COMPLIANCE OFFICER
Sheila J. Moore
ASSISTANT VICE PRESIDENT & OMBUDSMAN
Agnes Mullady
TREASURER AND SECRETARY
David I. Schachter
VICE PRESIDENT
INVESTMENT ADVISER
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422
CUSTODIAN
The Bank of New York Mellon
COUNSEL
Skadden, Arps, Slate, Meagher & Flom LLP
TRANSFER AGENT AND REGISTRAR
American Stock Transfer and Trust Company
STOCK EXCHANGE LISTING
Common
----------
NYSE-Symbol: GDL
Shares Outstanding: 21,230,610
The Net Asset Value per share appears in the Publicly Traded Funds column, under
the heading "Specialized Equity Funds," in Monday's The Wall Street Journal. It
is also listed in Barron's Mutual Funds/Closed End Funds section under the
heading "Specialized Equity Funds."
The Net Asset Value per share may be obtained each day by calling (914) 921-5070
or visiting www.gabelli.com.
For general information about the Gabelli Funds, call 800-GABELLI
(800-422-3554), fax us at 914-921-5118, visit Gabelli Funds' Internet homepage
at: WWW.GABELLI.COM, or e-mail us at: closedend@gabelli.com
Notice is hereby given in accordance with Section 23(c) of the Investment
Company Act of 1940, as amended, that the Fund may, from time to time, purchase
its common shares in the open market when the Fund's shares are trading at a
discount of 7.5% or more from the net asset value of the shares.
(GRAPHIC)
THE GABELLI GLOBAL DEAL FUND
ONE CORPORATE CENTER
RYE, NY 10580-1422
(914) 921-5070
WWW.GABELLI.COM
THIRD QUARTER REPORT
SEPTEMBER 30, 2008
GDL 3Q/2008
ITEM 2. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial
officers, or persons performing similar functions, have concluded
that the registrant's disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940,
as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective,
as of a date within 90 days of the filing date of the report that
includes the disclosure required by this paragraph, based on their
evaluation of these controls and procedures required by Rule
30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules
13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934,
as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the registrant's last
fiscal quarter that have materially affected, or are reasonably
likely to materially affect, the registrant's internal control over
financial reporting.
ITEM 3. EXHIBITS.
Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of
the Sarbanes-Oxley Act of 2002 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) The Gabelli Global Deal Fund
--------------------------------------------------------------------
By (Signature and Title)* /s/ Bruce N. Alpert
-------------------------------------------------------
Bruce N. Alpert, Principal Executive Officer
Date November 24, 2008
----------------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Bruce N. Alpert
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Bruce N. Alpert, Principal Executive Officer
Date November 24, 2008
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By (Signature and Title)* /s/ Agnes Mullady
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Agnes Mullady,
Principal Financial Officer and Treasurer
Date November 24, 2008
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* Print the name and title of each signing officer under his or her signature.