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
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The Gabelli Global Deal Fund
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(Exact name of registrant as specified in charter)
One Corporate Center
Rye, New York 10580-1422
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(Address of principal executive offices) (Zip code)
Bruce N. Alpert
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422
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(Name and address of agent for service)
Registrant's telephone number, including area code: 1-800-422-3554
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Date of fiscal year end: December 31
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Date of reporting period: March 31, 2008
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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.
[LOGO]
THE GABELLI
GLOBAL DEAL
FUND
THE GABELLI GLOBAL DEAL FUND
First Quarter Report
March 31, 2008
TO OUR SHAREHOLDERS,
The Gabelli Global Deal Fund's ("The Fund") net asset value ("NAV") total
return was 1.8% for the one year period ended March 31, 2008, compared to a gain
of 4.6% for the 3 Month U.S. Treasury Bill Index. The price of the Fund's
publicly traded shares declined 10.2%, for the one year period ended March 31,
2008. On March 31, 2008, the Fund's NAV per share was $17.95, whereas the price
of the publicly traded shares closed at $15.99 on the New York Stock Exchange.
Enclosed is the investment portfolio as of March 31, 2008.
COMPARATIVE RESULTS
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AVERAGE ANNUAL RETURNS THROUGH MARCH 31, 2008 (a)
-------------------------------------------------
Since
Inception
Quarter 1 Year (01/31/07)
------- -------- ----------
GABELLI GLOBAL DEAL FUND
NAV TOTAL RETURN (b) ..................... (0.82)% 1.80% 2.50%
INVESTMENT TOTAL RETURN (c) .............. 2.69 (10.23) (12.25)
3 Month U.S. Treasury Bill Index ............ 0.88 4.62 4.73
S&P 500 Index ............................... (9.44) (5.08) (5.89)
(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 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.
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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
MARCH 31, 2008 (UNAUDITED)
MARKET
SHARES VALUE
------------ -------------
COMMON STOCKS -- 41.0%
AGRICULTURE -- 0.0%
1,000 Provimi SA ...................................................... $ 26,713
-------------
AUTOMOTIVE -- 0.0%
4,500 Lear Corp.+ ..................................................... 116,595
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AUTOMOTIVE: PARTS AND ACCESSORIES -- 0.1%
60,000 CSK Auto Corp.+ ................................................. 558,600
-------------
BROADCASTING -- 0.0%
1,000 Cumulus Media Inc., Cl. A+ ...................................... 6,380
-------------
BUSINESS SERVICES -- 4.9%
10,000 Acxiom Corp. .................................................... 118,700
260,000 ChoicePoint Inc.+ ............................................... 12,376,000
110,000 Diebold Inc. .................................................... 4,130,500
145,000 PHH Corp.+ ...................................................... 2,527,350
2,000 United Rentals Inc.+ ............................................ 37,680
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19,190,230
-------------
CABLE AND SATELLITE -- 0.3%
15,000 Sogecable SA+ ................................................... 657,631
35,001 Zon Multimedia Servicos de
Telecomunicacoes e Multimedia
SGPS SA ...................................................... 414,988
-------------
1,072,619
-------------
COMMUNICATIONS EQUIPMENT -- 0.1%
6,308 CommScope Inc.+ ................................................. 219,708
-------------
COMPUTER SOFTWARE AND SERVICES -- 6.0%
7,500 Affiliated Computer Services Inc.,
Cl. A+ ....................................................... 375,825
720,000 BEA Systems Inc.+ ............................................... 13,788,000
100,000 BladeLogic Inc.+ ................................................ 2,805,000
20,000 Fast Search & Transfer ASA+ ..................................... 72,658
45,000 NAVTEQ Corp.+ ................................................... 3,060,000
5,000 Netmanage Inc.+ ................................................. 20,050
5,000 Synplicity Inc.+ ................................................ 39,150
120,000 Yahoo! Inc.+ .................................................... 3,471,600
-------------
23,632,283
-------------
CONSUMER PRODUCTS -- 0.6%
220,000 Ducati Motor Holding SpA+ ....................................... 583,161
44,000 Harman International Industries Inc. ............................ 1,915,760
-------------
2,498,921
-------------
CONSUMER SERVICES -- 0.7%
70,000 Tele Atlas NV+ .................................................. 2,787,136
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MARKET
SHARES VALUE
------------ -------------
DIVERSIFIED INDUSTRIAL -- 1.8%
550,000 Myers Industries Inc. ........................................... $ 7,221,500
-------------
EDUCATIONAL SERVICES -- 0.1%
1,000 Bright Horizons Family Solutions Inc.+ .......................... 43,040
35,000 Corinthian Colleges Inc.+ ....................................... 253,050
-------------
296,090
-------------
ELECTRONICS -- 0.6%
211,700 Alliance Semiconductor Corp. .................................... 234,987
70,000 Bel Fuse Inc., Cl. A ............................................ 2,197,300
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2,432,287
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ENERGY AND UTILITIES -- 6.9%
2,100,000 Aquila Inc.+ .................................................... 6,741,000
215,000 Endesa SA ....................................................... 11,275,951
30,000 Energy East Corp. ............................................... 723,600
5,000 Grant Prideco Inc.+ ............................................. 246,100
90,000 NorthWestern Corp. .............................................. 2,193,300
215,000 Puget Energy Inc. ............................................... 5,562,050
100,000 WesternZagros Resources Ltd.+ ................................... 237,712
-------------
26,979,713
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ENTERTAINMENT -- 1.3%
200,000 Take-Two Interactive Software Inc.+ ............................. 5,104,000
-------------
ENVIRONMENTAL SERVICES -- 0.1%
5,000 Waste Industries USA Inc. ....................................... 180,750
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EQUIPMENT AND SUPPLIES -- 0.8%
70,000 Trane Inc. ...................................................... 3,213,000
-------------
FINANCIAL SERVICES -- 4.2%
120,000 Alfa Corp. ...................................................... 2,637,600
4,000 Asset Acceptance Capital Corp. .................................. 38,520
5,000 Banco BPI SA .................................................... 26,444
10,000 Federal National Mortgage Association ........................... 263,200
1,000 North Pointe Holdings Corp.+ .................................... 15,800
180,000 SLM Corp.+ ...................................................... 2,763,000
150,000 The Midland Co. ................................................. 9,739,500
4,142 The Toronto-Dominion Bank ....................................... 283,749
30,000 Wachovia Corp. .................................................. 810,000
-------------
16,577,813
-------------
FOOD AND BEVERAGE -- 0.3%
10,000 Bull-Dog Sauce Co. Ltd. ......................................... 25,582
32,000 NuCo2 Inc.+ ..................................................... 888,640
8,000 Reddy Ice Holdings Inc. ......................................... 104,240
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1,018,462
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See accompanying notes to schedule of investments.
2
THE GABELLI GLOBAL DEAL FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2008 (UNAUDITED)
MARKET
SHARES VALUE
------------ -------------
COMMON STOCKS (CONTINUED)
HEALTH CARE -- 0.8%
9,000 ArthroCare Corp.+ ............................................... $ 300,150
4,000 Biogen Idec Inc.+ ............................................... 246,760
100,000 Collagenex Pharmaceuticals Inc.+ ................................ 1,657,000
30,900 E-Z-EM-Inc.+ .................................................... 647,973
100,100 Encysive Pharmaceuticals Inc.+ .................................. 235,235
-------------
3,087,118
-------------
HOTELS AND GAMING -- 0.8%
54,164 MGM Mirage+ ..................................................... 3,183,218
-------------
MATERIALS -- 0.0%
12,500 Intertape Polymer Group Inc.+ ................................... 29,625
-------------
MEDIA -- 3.0%
100,000 APN News & Media Ltd. ........................................... 419,480
345,000 Cablevision Systems Corp., Cl. A+ ............................... 7,393,350
134,000 Clear Channel Communications Inc. ............................... 3,915,480
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11,728,310
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METALS AND MINING -- 0.0%
2,500 Gloucester Coal Ltd. ............................................ 22,208
20,000 Uranium One Inc.+ ............................................... 65,858
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88,066
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RETAIL -- 0.1%
1,000 Corporate Express ............................................... 11,635
15,000 Genesco Inc.+ ................................................... 346,650
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358,285
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SPECIALTY CHEMICALS -- 3.1%
320 Mitsubishi Chemical Holdings Corp. .............................. 2,116
320,000 UAP Holding Corp. ............................................... 12,268,800
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12,270,916
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TELECOMMUNICATIONS -- 1.1%
100,000 Asia Satellite Telecommunications
Holdings Ltd., ADR ............................................ 1,893,910
15,000 Neuf Cegetel .................................................... 835,241
130,000 Portugal Telecom SGPS SA ........................................ 1,510,554
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4,239,705
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WIRELESS COMMUNICATIONS -- 3.3%
295,000 Rural Cellular Corp., Cl. A+ .................................... 13,047,850
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TOTAL COMMON STOCKS ............................................. 161,165,893
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PRINCIPAL MARKET
AMOUNT VALUE
------------ -------------
U.S. GOVERNMENT OBLIGATIONS -- 59.0%
U.S. TREASURY BILLS -- 58.6%
$230,837,000 U.S. Treasury Bills, 1.017% to 3.168%++,
04/03/08 to 09/18/08 (a) .................................... $ 230,364,121
-------------
U.S. TREASURY NOTES -- 0.4%
1,440,000 U.S. Treasury Note,
5.000%, 07/31/08 ............................................ 1,457,438
-------------
TOTAL U.S. GOVERNMENT
OBLIGATIONS ................................................. 231,821,559
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TOTAL INVESTMENTS -- 100.0%
(Cost $415,788,902) ........................................................ $ 392,987,452
=============
Aggregate book cost ............................................... $ 415,788,902
=============
Gross unrealized appreciation ..................................... $ 1,565,641
Gross unrealized depreciation ..................................... (24,367,091)
-------------
Net unrealized appreciation/depreciation ........................ $ (22,801,450)
=============
SHARES
-----------
SECURITIES SOLD SHORT -- (0.1)%
COMMUNICATIONS EQUIPMENT -- (0.1)%
6,308 CommScope Inc.+ ................................................ $ (219,708)
-------------
TOTAL SECURITIES SOLD SHORT
(Total proceeds $305,054) ................................... $ (219,708)
-------------
Aggregate proceeds ................................................ $ 305,054
=============
Gross unrealized appreciation ..................................... $ 85,346
Gross unrealized depreciation ..................................... 0
-------------
Net unrealized appreciation/depreciation ........................ $ 85,346
=============
----------
(a) At March 31, 2008, $2,500,000 of the principal amount was pledged as
collateral for the security sold short.
+ Non-income producing security.
++ Represents annualized yield at date of purchase.
ADR American Depositary Receipt
% OF
MARKET MARKET
GEOGRAPHIC DIVERSIFICATION VALUE VALUE
-------------------------- ----------- -------------
LONG POSITIONS
United States ................................................... 94.6% $ 371,805,100
Europe .......................................................... 4.6 18,202,112
Asia/Pacific .................................................... 0.6 2,335,598
Canada .......................................................... 0.2 616,945
Japan ........................................................... 0.0 27,697
----- -------------
Total Investments ............................................... 100.0% $ 392,987,452
===== =============
SHORT POSITIONS
United States ................................................... (0.1)% $ (219,708)
See accompanying notes to schedule of investments.
3
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.
ADOPTION OF STATEMENT OF FINANCIAL ACCOUNTING STANDARDS NO. 157 "FAIR VALUE
MEASUREMENTS" ("SFAS 157")
On January 1, 2008, the Fund adopted 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:
o Level 1 - quoted prices in active markets for identical securities;
o Level 2 - other significant observable inputs (including quoted prices
for similar securities, interest rates, prepayment speeds, credit
risk, etc.); and
o 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 March 31, 2008 is as
follows:
INVESTMENTS IN OTHER FINANCIAL INSTRUMENTS
SECURITIES (UNREALIZED
VALUATION INPUTS (MARKET VALUE) APPRECIATION)*
---------------- -------------- ---------------------------
Level 1 - Quoted Prices $ 160,946,185 --
Level 2 - Other Significant Observable Inputs 231,821,559 $ 63,904
------------- --------
Total $ 392,767,744 $ 63,904
============= ========
----------
* 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.
4
THE GABELLI GLOBAL DEAL FUND
NOTES TO SCHEDULE OF INVESTMENTS (CONTINUED) (UNAUDITED)
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.
The use of derivative instruments may involve, 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 March 31, 2008 are as
follows:
NET UNREALIZED
NOTIONAL EQUITY SECURITY INTEREST RATE/ TERMINATION APPRECIATION
AMOUNT RECEIVED EQUITY SECURITY PAID DATE (DEPRECIATION)
-------- ---------------------------- ----------------------------- ----------- --------------
Market Value Overnight LIBOR plus
Appreciation on: Market Value Depreciation on:
$7,005 (1,000 shares) J Sainsbury plc J Sainsbury plc 09/15/08 $ (482)
Umbro plc Umbro plc 09/15/08 1,498
Kelda Group plc Kelda Group plc 10/15/08 15,755
296,060 (50,000 shares) Foseco plc Foseco plc 11/17/08 13,988
MTL Instruments Group plc MTL Instruments Group plc 11/17/08 467
6,075,207 (385,000 shares) Scottish & Newcastle plc Scottish & Newcastle plc 12/15/08 48,636
389,490 (5,000 shares) Xstrata plc Xstrata plc 01/15/09 (20,582)
68,487 (100,000 shares) Gulf Keystone Petroleum Ltd. Gulf Keystone Petroleum Ltd. 03/17/09 4,624
--------
$ 63,904
========
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 December 31, 2007 were $141,644.
5
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THE GABELLI GLOBAL DEAL FUND
AND YOUR PERSONAL PRIVACY
WHO ARE WE?
The Gabelli Global Deal Fund (the "Fund") is a closed-end management investment
company registered with the Securities and Exchange Commission under the
Investment Company Act of 1940. We are managed by Gabelli Funds, LLC, which is
affiliated with GAMCO Investors, Inc. GAMCO Investors, Inc. is a publicly held
company that has subsidiaries that provide investment advisory or brokerage
services for a variety of clients.
WHAT KIND OF NON-PUBLIC INFORMATION DO WE COLLECT ABOUT YOU IF YOU BECOME A
SHAREHOLDER?
When you purchase shares of the Fund on the New York Stock Exchange, you have
the option of registering directly with our transfer agent in order, for
example, to participate in our dividend reinvestment plan.
o INFORMATION YOU GIVE US ON YOUR APPLICATION FORM. This could include your
name, address, telephone number, social security number, bank account
number, and other information.
o INFORMATION ABOUT YOUR TRANSACTIONS WITH US. This would include information
about the shares that you buy or sell; it may also include information
about whether you sell or exercise rights that we have issued from time to
time. If we hire someone else to provide services--like a transfer
agent--we will also have information about the transactions that you
conduct through them.
WHAT INFORMATION DO WE DISCLOSE AND TO WHOM DO WE DISCLOSE IT?
We do not disclose any non-public personal information about our customers or
former customers to anyone other than our affiliates, our service providers who
need to know such information, and as otherwise permitted by law. If you want to
find out what the law permits, you can read the privacy rules adopted by the
Securities and Exchange Commission. They are in volume 17 of the Code of Federal
Regulations, Part 248. The Commission often posts information about its
regulations on its website, WWW.SEC.GOV.
WHAT DO WE DO TO PROTECT YOUR PERSONAL INFORMATION?
We restrict access to non-public personal information about you to the people
who need to know that information in order to provide services to you or the
Fund and to ensure that we are complying with the laws governing the securities
business. We maintain physical, electronic, and procedural safeguards to keep
your personal information confidential.
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[FLAGS]
TRUSTEES AND OFFICERS
THE GABELLI GLOBAL DEAL FUND
ONE CORPORATE CENTER, RYE, NY 10580-1422
TRUSTEES OFFICERS
Mario J. Gabelli, CFA Bruce N. Alpert
CHAIRMAN & CHIEF EXECUTIVE OFFICER, PRESIDENT
GAMCO INVESTORS, INC.
Carter W. Austin
Anthony J. Colavita VICE PRESIDENT
ATTORNEY-AT-LAW,
ANTHONY J. COLAVITA, P.C. Peter D. Goldstein
CHIEF COMPLIANCE OFFICER
James P. Conn
FORMER MANAGING DIRECTOR & Sheila J. Moore
CHIEF INVESTMENT OFFICER, ASSISTANT VICE PRESIDENT & OMBUDSMAN
FINANCIAL SECURITY ASSURANCE HOLDINGS LTD.
Agnes Mullady
Clarence A. Davis TREASURER AND SECRETARY
CHIEF EXECUTIVE OFFICER,
NESTOR, INC. David I. Schachter
VICE PRESIDENT
Mario d'Urso
CHAIRMAN, MITTEL CAPITAL MARKETS SPA INVESTMENT ADVISER
Gabelli Funds, LLC
Arthur V. Ferrara One Corporate Center
FORMER CHAIRMAN & CHIEF EXECUTIVE OFFICER, Rye, New York 10580-1422
GUARDIAN LIFE INSURANCE COMPANY OF AMERICA
CUSTODIAN
Michael J. Melarkey Mellon Trust of New England, N.A.
ATTORNEY-AT-LAW,
AVANSINO, MELARKEY, KNOBEL & MULLIGAN COUNSEL
Skadden, Arps, Slate, Meagher & Flom LLP
Edward T. Tokar
SENIOR MANAGING DIRECTOR, TRANSFER AGENT AND REGISTRAR
BEACON TRUST COMPANY American Stock Transfer and Trust Company
Salvatore J. Zizza STOCK EXCHANGE LISTING
CHAIRMAN, ZIZZA & CO., LTD. Common
----------
NYSE-Symbol: GDL
Shares Outstanding: 21,270,610
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
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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.
--------------------------------------------------------------------------------
THE GABELLI GLOBAL DEAL FUND
ONE CORPORATE CENTER
RYE, NY 10580-1422
(914) 921-5070
WWW.GABELLI.COM
FIRST QUARTER REPORT
MARCH 31, 2008
GDL Q1/2008
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
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By (Signature and Title)* /s/ Bruce N. Alpert
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Bruce N. Alpert, Principal Executive Officer
Date May 29, 2008
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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 May 29, 2008
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By (Signature and Title)* /s/ Agnes Mullady
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Agnes Mullady,
Principal Financial Officer and Treasurer
Date May 29, 2008
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* Print the name and title of each signing officer under his or her signature.