Edgar Filing: Gabelli Global Deal Fund

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: March 31, 2007
---------------

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 GLOBAL DEAL FUND

First Quarter Report
March 31, 2007

TO OUR SHAREHOLDERS,

Since it commenced operations on January 31, 2007, The Gabelli Global Deal
Fund gained 0.68% on a net asset value ("NAV") basis while the 3 Month Treasury
Bill Index rose 0.82% over the same period. The Fund's market price on March
31, 2007, was $19.55, which equates to a 1.88% premium to its NAV of $19.19.

Enclosed is the investment portfolio as of March 31, 2007.

--------------------------------------------------------------------------------
PERFORMANCE RESULTS
SINCE INCEPTION OF INVESTMENT OPERATIONS (A)

January 31, 2007 March 31, 2007 % change
---------------- -------------- --------
Net Asset Value ..................... $ 19.06 $ 19.19 0.68
NYSE Closing Price .................. 20.00 19.55 (2.25)
3 Month U.S. Treasury Bill Index (b) 641.996 647.265 0.82

(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 LESS THAN ONE YEAR ARE NOT
ANNUALIZED. INVESTORS SHOULD CAREFULLY CONSIDER THE INVESTMENT OBJECTIVES,
RISKS, CHARGES, AND EXPENSES OF THE FUND BEFORE INVESTING.
(b) 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 3 MONTHS FROM THE
RE-BALANCING DATE. TO QUALIFY FOR SELECTION, AN ISSUE MUST HAVE SETTLED ON
OR BEFORE THE RE-BALANCING (MONTH END) DATE. YOU CANNOT INVEST DIRECTLY IN
AN INDEX.
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
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, 2007 (UNAUDITED)

MARKET
SHARES VALUE
------ ------

COMMON STOCKS -- 88.1%
AEROSPACE -- 0.1%
12,000 K&F Industries Holdings Inc.+. $ 323,160
------------
AGRICULTURE -- 2.0%
6,000 Agricore United............... 85,752
120,000 Delta & Pine Land Co.......... 4,944,000
220,000 LESCO Inc.+................... 3,181,200
------------
8,210,952
------------
AUTOMOTIVE -- 4.3%
360,000 ADESA Inc..................... 9,946,800
80,000 Bandag Inc.................... 4,055,200
60,000 Bandag Inc., Cl. A............ 3,029,400
10,000 Lear Corp.+................... 365,100
------------
17,396,500
------------
COMMERCIAL SERVICES -- 3.6%
3,000 Catalina Marketing Corp....... 94,740
22,000 Central Parking Corp.......... 487,960
130,000 Educate Inc.+................. 995,800
110,000 Laureate Education Inc.+...... 6,486,700
50,000 PHH Corp.+.................... 1,528,000
100,000 Sabre Holdings Corp., Cl. A... 3,275,000
1,000 The ServiceMaster Co.......... 15,390
40,000 Vertrue Inc.+................. 1,924,400
------------
14,807,990
------------
COMPUTER SOFTWARE AND SERVICES -- 10.5%
500 Affiliated Computer Services Inc.,
Cl. A+ ..................... 29,440
400,000 Altiris Inc.+................. 13,164,000
2,000 Dendrite International Inc.+.. 31,320
250,000 Hyperion Solutions Corp.+..... 12,957,500
8,000 Jupitermedia Corp.+........... 52,960
2,000 Keane Inc.+................... 27,160
20,000 Kronos Inc.+.................. 1,070,000
150,000 MapInfo Corp.+................ 3,019,500
120,000 NetRatings Inc.+.............. 2,496,000
175,000 WebEx Communications Inc.+.... 9,950,500
5,000 Witness Systems Inc.+......... 134,750
------------
42,933,130
------------
CONSUMER PRODUCTS -- 2.7%
75,000 Altadis SA.................... 4,816,054
23,000 Herbalife Ltd.+............... 901,370
72,000 John H. Harland Co............ 3,688,560
33,000 The Scotts Miracle-Gro Co.,
Cl. A ...................... 1,452,990
30,000 The Topps Co. Inc............. 291,600
------------
11,150,574
------------

MARKET
SHARES VALUE
------ ------

DIVERSIFIED INDUSTRIAL -- 1.6%
5,000 PW Eagle Inc.................. $ 165,200
200,000 Tyco International Ltd........ 6,310,000
------------
6,475,200
------------
ELECTRONICS -- 0.9%
24,000 Alliance Semiconductor Corp.+ 108,240
1,000 Bel Fuse Inc., Cl. A.......... 37,780
25,000 Paxar Corp.+.................. 717,500
30,000 Techem AG..................... 2,210,155
22,350 Trimble Navigation Ltd.+...... 599,874
------------
3,673,549
------------
ENERGY AND UTILITIES -- 14.7%
700,400 Aquila Inc.+.................. 2,927,672
20,800 Cascade Natural Gas Corp...... 548,080
160,000 Duquesne Light Holdings Inc... 3,166,400
51,000 Endesa SA..................... 2,757,825
50,000 Giant Industries Inc.+........ 3,782,500
14,000 Hanover Compressor Co.+....... 311,500
100,000 Hydril Co.+................... 9,624,000
180,000 KeySpan Corp.................. 7,407,000
125,000 Kinder Morgan Inc............. 13,306,250
20,000 Lone Star Technologies Inc.+.. 1,320,600
22,000 NorthWestern Corp............. 779,460
500 REpower Systems AG+........... 101,524
420,000 SEMCO Energy Inc.+............ 3,200,400
165,000 TXU Corp...................... 10,576,500
------------
59,809,711
------------
ENTERTAINMENT -- 0.2%
50,000 Sunterra Corp.+............... 785,000
------------
FINANCIAL SERVICES -- 8.7%
2,000 21st Century Insurance Group.. 42,400
5,000 Banco BPI SA.................. 43,415
70,000 Bristol West Holdings Inc..... 1,551,900
144,000 Compass Bancshares Inc........ 9,907,200
6,000 First Republic Bank........... 322,200
5,000 Great American Financial
Resources Inc. ............. 122,400
200,000 Hub International Ltd......... 8,336,000
95,000 Investors Financial Services
Corp. ...................... 5,524,250
1,000 Mid-State Bancshares.......... 36,690
10,000 Nikko Cordial Corp............ 142,821
2,000 Premier Community
Bankshares Inc. ............ 65,500
4,400 Sanyo Electric Credit Co. Ltd. 120,604
280,000 TD Banknorth Inc.............. 9,004,800
1,000 USI Holdings Corp.+........... 16,850
------------
35,237,030
------------

See accompanying notes to schedule of investments.

THE GABELLI GLOBAL DEAL FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2007 (UNAUDITED)

MARKET
SHARES VALUE
------ ------

COMMON STOCKS (CONTINUED)
FOOD AND BEVERAGE -- 1.5%
10,000 Dean Foods Co.+............... $ 467,400
4,680 Nissin Food Products Co. Ltd.. 171,568
1,000 Pathmark Stores Inc.+......... 12,800
300,000 Wild Oats Markets Inc.+....... 5,460,000
------------
6,111,768
------------
HEALTH CARE -- 12.1%
19,400 Adeza Biomedical Corp.+....... 463,272
115,000 Biomet Inc.................... 4,886,350
50,000 Biosite Inc.+................. 4,198,500
1,000 Horizon Health Corp.+......... 19,550
459,200 IntraLase Corp.+.............. 11,470,816
200,000 New River Pharmaceuticals Inc.+ 12,726,000
110,000 Sierra Health Services Inc.+.. 4,528,700
3,000 Tanox Inc.+................... 56,280
70,000 Triad Hospitals Inc.+......... 3,657,500
240,000 United Surgical Partners
International Inc.+......... 7,394,400
------------
49,401,368
------------
HOTELS AND GAMING -- 2.9%
100,000 Four Seasons Hotels Inc....... 8,030,000
30,000 Harrah's Entertainment Inc.... 2,533,500
12,000 Station Casinos Inc........... 1,038,840
------------
11,602,340
------------
MACHINERY -- 0.6%
1,000 Fuji Robin Industries Ltd.+... 2,198
2,000 SIG Holding AG+............... 714,315
76,400 TB Wood's Corp................ 1,881,732
------------
2,598,245
------------
MATERIALS -- 0.8%
150,000 Bairnco Corp.................. 2,017,500
15,000 Florida Rock Industries Inc... 1,009,350
1,000 Rinker Group Ltd., ADR........ 72,800
1,000 St. Lawrence Cement Group
Inc., Cl. A ................ 34,647
------------
3,134,297
------------
MEDIA -- 2.5%
100,000 APN News & Media Ltd.......... 475,751
40,000 Cablevision Systems Corp.,
Cl. A+ ..................... 1,217,200
215,000 Clear Channel
Communications Inc. ........ 7,533,600
1,000 Moscow CableCom Corp.+........ 12,650
24,000 Tribune Co.................... 770,640
------------
10,009,841
------------

MARKET
SHARES VALUE
------ ------

METALS AND MINING -- 1.4%
30,000 LionOre Mining
International Ltd.+ ........ $ 499,437
110,000 Novelis Inc................... 4,852,100
10,000 SXR Uranium One Inc.+......... 137,896
10,000 UrAsia Energy Ltd.+........... 60,892
20,000 Wolfden Resources Inc.+....... 64,963
------------
5,615,288
------------
REAL ESTATE -- 3.3%
459,500 Realogy Corp.+................ 13,605,795
------------
REAL ESTATE INVESTMENT TRUSTS -- 6.1%
370,000 Longview Fibre Co............. 9,113,100
450,000 New Plan Excel Realty Trust... 14,863,500
5,000 Sunrise Senior Living Real Estate
Investment Trust............ 72,932
40,000 Winston Hotels Inc............ 601,200
------------
24,650,732
------------
RESTAURANTS -- 0.1%
10,000 OSI Restaurant Partners Inc... 395,000
6,000 The Smith & Wollensky Restaurant
Group Inc.+................. 59,880
------------
454,880
------------
RETAIL -- 1.4%
1,000 Claire's Stores Inc........... 32,120
145,000 Dollar General Corp........... 3,066,750
3,000 Edgars Consolidated Stores Ltd. 18,771
953 Getaz Romang Holding SA....... 876,024
12,000 Marufuru Co. Ltd.............. 54,073
71,500 Smart & Final Inc.+........... 1,556,555
------------
5,604,293
------------
SPECIALTY CHEMICALS -- 2.1%
249,700 MacDermid Inc................. 8,707,039
------------
TELECOMMUNICATIONS -- 1.9%
1,000 Aeroflex Inc.+................ 13,150
1,000 Applied Innovation Inc.+...... 3,360
46,900 Asia Satellite Telecommunications
Holdings Ltd., ADR.......... 1,068,851
1,000 BCE Inc....................... 28,280
10,000 Compania Anomina Nacional
Telefonos de Venezuala, ADR 173,900
500 Eschelon Telecom Inc.+........ 14,450
400,000 Portugal Telecom SGPS SA...... 5,359,409
4,900 Portugal Telecom SGPS SA, ADR. 65,856
4,000 SafeNet Inc.+................. 113,200
50,000 Tandberg Television ASA+...... 871,954
------------
7,712,410
------------

See accompanying notes to schedule of investments.

THE GABELLI GLOBAL DEAL FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2007 (UNAUDITED)

MARKET
SHARES VALUE
------ ------

COMMON STOCKS (CONTINUED)
TRANSPORTATION -- 2.1%
17,500 General Maritime Corp......... $ 505,400
140,000 Laidlaw International Inc..... 4,844,000
100,000 Swift Transportation Co. Inc.+ 3,116,000
2,000 The Cronos Group.............. 31,140
------------
8,496,540
------------
TOTAL COMMON STOCKS........... 358,507,632
------------

RIGHTS -- 0.0%
ENERGY AND UTILITIES -- 0.0%
500 REpower Systems AG,
expire 04/10/07+............ 1,117
------------
PRINCIPAL
AMOUNT
---------

SHORT-TERM OBLIGATIONS -- 11.9%
REPURCHASE AGREEMENTS -- 6.2%
$25,479,000 Daiwa Securities America Inc.,
5.290%, dated 03/30/07,
due 04/02/07,
proceeds at maturity,
$25,490,232 (a) ........... 25,479,000
------------
U.S. TREASURY BILLS -- 5.7%
23,099,000 U.S. Treasury Bill,
5.103%++, 05/03/07......... 23,000,143
------------
TOTAL SHORT-TERM
OBLIGATIONS ............... 48,479,143
------------

TOTAL INVESTMENTS -- 100.0%
(Cost $407,143,938)..................... $406,987,892
============
--------------
Aggregate book cost.............. $407,143,938
============
Gross unrealized appreciation.... $ 2,282,243
Gross unrealized depreciation.... (2,438,289)
------------
Net unrealized appreciation
(depreciation) $ (156,046)
============
--------------
(a) Collateralized by $11,057,000 Federal National Mortgage Association
Discount Note, 5.357%++, due 12/28/07, market value $10,628,541 and
$15,342,000 Federal National Mortgage Association, 4.875%, due 08/27/07,
market value $15,361,178.
+ Non-income producing security.
++ Represents annualized yield at date of purchase.
ADR American Depository Receipt

% OF
MARKET MARKET
VALUE VALUE
------ ------
GEOGRAPHIC DIVERSIFICATION
North America..................... 93.2% $379,120,996
Europe............................ 4.4 17,848,789
Latin America..................... 2.1 8,454,121
Asia/Pacific...................... 0.2 1,053,951
Japan............................. 0.1 491,264
South Africa...................... 0.0 18,771
----- ------------
Total Investments................. 100.0% $406,987,892
===== ============

See accompanying notes to schedule of investments.

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.

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.

Securities and assets for which market quotations are not readily available
are fair valued as determined by the Board.

2. SWAP AGREEMENTS. The Fund may enter into equity swap transactions. The use of
equity swaps is a highly specialized activity that involves investment
techniques and risks different from those associated with ordinary portfolio
security transactions. An equity swap is a swap where 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 for the common shares. In addition, at the time an equity
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
change in value of swaps, including the accrual of periodic amounts of interest
to be paid or received on swaps is reported as unrealized appreciation or
depreciation.

The Fund has entered into equity swaps with Bear Stearns Securities Corp.
Details of the equity swaps at March 31, 2007 are as follows:

NET
NOTIONAL EQUITY SECURITY INTEREST RATE/ TERMINATION UNREALIZED
AMOUNT RECEIVED EQUITY SECURITY PAID DATE APPRECIATION
------ -------- -------------------- ---- ------------

Market Value Overnight LIBOR plus
Appreciation on: Market Value Depreciation on:
1,802,898 British Pounds
(300,000 Shares) Corus Group plc Corus Group plc 01/15/08 $ 6,000
$ 101,472 (85,000 Shares) Crest Nicholson plc Crest Nicholson plc 01/15/08 3,162
4,839,529 British Pounds
(425,000 Shares) Gallaher Group plc Gallaher Group plc 01/15/08 12,750
-------
$21,912
=======

AUTOMATIC DIVIDEND REINVESTMENT
AND VOLUNTARY CASH PURCHASE PLANS

ENROLLMENT IN THE PLAN

It is the policy of The Gabelli Global Deal Fund (the "Fund") to automatically
reinvest dividends payable to common shareholders. As a "registered" shareholder
you automatically become a participant in the Fund's Automatic Dividend
Reinvestment Plan (the "Plan"). The Plan authorizes the Fund to issue common
shares to participants upon an income dividend or a capital gains distribution
regardless of whether the shares are trading at a discount or a premium to net
asset value. All distributions to shareholders whose shares are registered in
their own names will be automatically reinvested pursuant to the Plan in
additional shares of the Fund. Plan participants may send their share
certificates to American Stock Transfer ("AST") to be held in their dividend
reinvestment account. Registered shareholders wishing to receive their
distributions in cash must submit this request in writing to:

The Gabelli Global Deal Fund
c/o American Stock Transfer
6201 15th Avenue
Brooklyn, NY 11219

Shareholders requesting this cash election must include the shareholder's
name and address as they appear on the share certificate. Shareholders with
additional questions regarding the Plan or requesting a copy of the terms of the
Plan may contact AST at (888) 422-3262.

If your shares are held in the name of a broker, bank, or nominee, you
should contact such institution. If such institution is not participating in the
Plan, your account will be credited with a cash dividend. In order to
participate in the Plan through such institution, it may be necessary for you to
have your shares taken out of "street name" and re-registered in your own name.
Once registered in your own name your distributions will be automatically
reinvested. Certain brokers participate in the Plan. Shareholders holding shares
in "street name" at participating institutions will have dividends automatically
reinvested. Shareholders wishing a cash dividend at such institution must
contact their broker to make this change.

The number of common shares distributed to participants in the Plan in lieu
of cash dividends is determined in the following manner. Under the Plan,
whenever the market price of the Fund's common shares is equal to or exceeds net
asset value at the time shares are valued for purposes of determining the number
of shares equivalent to the cash dividends or capital gains distribution,
participants are issued common shares valued at the greater of (i) the net asset
value as most recently determined or (ii) 95% of the then current market price
of the Fund's common shares. The valuation date is the dividend or distribution
payment date or, if that date is not a New York Stock Exchange ("NYSE") trading
day, the next trading day. If the net asset value of the common shares at the
time of valuation exceeds the market price of the common shares, participants
will receive common shares from the Fund valued at market price. If the Fund
should declare a dividend or capital gains distribution payable only in cash,
AST will buy common shares in the open market, or on the NYSE, or elsewhere, for
the participants' accounts, except that AST will endeavor to terminate purchases
in the open market and cause the Fund to issue shares at net asset value if,
following the commencement of such purchases, the market value of the common
shares exceeds the then current net asset value.

The automatic reinvestment of dividends and capital gains distributions
will not relieve participants of any income tax which may be payable on such
distributions. A participant in the Plan will be treated for Federal income tax
purposes as having received, on a dividend payment date, a dividend or
distribution in an amount equal to the cash the participant could have received
instead of shares.

VOLUNTARY CASH PURCHASE PLAN

The Voluntary Cash Purchase Plan is yet another vehicle for our
shareholders to increase their investment in the Fund. In order to participate
in the Voluntary Cash Purchase Plan, shareholders must have their shares
registered in their own name.

Participants in the Voluntary Cash Purchase Plan have the option of making
additional cash payments to AST for investments in the Fund's common shares at
the then current market price. Shareholders may send an amount from $250 to
$10,000. AST will use these funds to purchase shares in the open market on or
about the 1st and 15th of each month. AST will charge each shareholder who
participates a pro rata share of the brokerage commissions. Brokerage charges
for such purchases are expected to be less than the usual brokerage charge for
such transactions. It is suggested that any voluntary cash payments be sent to
American Stock Transfer, 6201 15th Avenue, Brooklyn, NY 11219 such that AST
receives such payments approximately 10 days before the investment date. Funds
not received at least five days before the investment date shall be held for
investment until the next purchase date. A payment may be withdrawn without
charge if notice is received by AST at least 48 hours before such payment is to
be invested.

SHAREHOLDERS WISHING TO LIQUIDATE SHARES HELD AT AST must do so in writing
or by telephone. Please submit your request to the above mentioned address or
telephone number. Include in your request your name, address, and account
number. The cost to liquidate shares is $1.00 per transaction as well as the
brokerage commission incurred. Brokerage charges are expected to be less than
the usual brokerage charge for such transactions.

For more information regarding the Dividend Reinvestment Plan and Voluntary
Cash Purchase Plan, brochures are available by calling (914) 921-5070 or by
writing directly to the Fund.

The Fund reserves the right to amend or terminate the Plan as applied to
any voluntary cash payments made and any dividend or distribution paid
subsequent to written notice of the change sent to the members of the Plan at
least 90 days before the record date for such dividend or distribution. The Plan
also may be amended or terminated by AST on at least 90 days' written notice to
participants in the Plan.

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
Clarence A. Davis VICE PRESIDENT
FORMER CHIEF OPERATING OFFICER & CHIEF
FINANCIAL OFFICER, AMERICAN INSTITUTE OF Peter D. Goldstein
CERTIFIED PUBLIC ACCOUNTANTS CHIEF COMPLIANCE OFFICER

Anthony J. Colavita James E. McKee
ATTORNEY-AT-LAW, SECRETARY
ANTHONY J. COLAVITA, P.C.
Sheila J. Moore
James P. Conn ASSISTANT VICE PRESIDENT AND OMBUDSMAN
FORMER MANAGING DIRECTOR &
CHIEF INVESTMENT OFFICER, Agnes Mullady
FINANCIAL SECURITY ASSURANCE HOLDINGS LTD. TREASURER

Mario d'Urso David I. Schachter
CHAIRMAN, MITTEL CAPITAL MARKETS SPA VICE PRESIDENT

Arthur V. Ferrara INVESTMENT ADVISER
FORMER CHAIRMAN & CHIEF EXECUTIVE OFFICER, Gabelli Funds, LLC
GUARDIAN LIFE INSURANCE COMPANY OF AMERICA One Corporate Center
Rye, New York 10580-1422
Michael J. Melarkey
PARTNER, LAW FIRM OF CUSTODIAN
AVANSINO, MELARKEY, KNOBEL & MULLIGAN Mellon Trust of New England, N.A.

Edward T. Tokar COUNSEL
SENIOR MANAGING DIRECTOR, Skadden, Arps, Slate, Meagher & Flom LLP
BEACON TRUST COMPANY
TRANSFER AGENT AND REGISTRAR
Salvatore J. Zizza American Stock Transfer and Trust Company
CHAIRMAN, ZIZZA & CO., LTD.
STOCK EXCHANGE LISTING
Common
------
NYSE-Symbol: GDL
Shares Outstanding: 21,250,000

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.

--------------------------------------------------------------------------------
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.
--------------------------------------------------------------------------------

THE GABELLI GLOBAL DEAL FUND
ONE CORPORATE CENTER
RYE, NY 10580-1422
(914) 921-5070
WWW.GABELLI.COM

FIRST QUARTER REPORT
MARCH 31, 2007

GDL Q1/2007

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 May 22, 2007
----------------------------------------------------------------------------

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
-------------------------------------------------------
Bruce N. Alpert, Principal Executive Officer

Date May 22, 2007
----------------------------------------------------------------------------

By (Signature and Title)* /s/ Agnes Mullady
-------------------------------------------------------
Agnes Mullady, Principal Financial Officer & Treasurer

Date May 22, 2007
----------------------------------------------------------------------------

* Print the name and title of each signing officer under his or her signature.