-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 HXUQ+WSCyMhLaHWXeKDYrdmtWJGK8UZ17t8y4wFO2SigQD+xXHU6NISBZDZMUfE5
 yJymgYu1XsG0h2/92Yq1Ng==

<SEC-DOCUMENT>0000919574-09-006168.txt : 20090316
<SEC-HEADER>0000919574-09-006168.hdr.sgml : 20090316
<ACCEPTANCE-DATETIME>20090316120900
ACCESSION NUMBER:		0000919574-09-006168
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
ITEM INFORMATION:		Investment Company Act Section 3(c)
ITEM INFORMATION:		Section 3(c)(1)
FILED AS OF DATE:		20090316
DATE AS OF CHANGE:		20090316
EFFECTIVENESS DATE:		20090316

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Gabelli Associates LTD
		CENTRAL INDEX KEY:			0001345391
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-86792
		FILM NUMBER:		09683126

	BUSINESS ADDRESS:	
		STREET 1:		C/O FORTIS FUND SERVICES (CAYMAN) LTD
		STREET 2:		802 WEST BAY ROAD, POBOX 2003GT
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			00000000
		BUSINESS PHONE:		345-949-7942

	MAIL ADDRESS:	
		STREET 1:		C/O FORTIS FUND SERVICES (CAYMAN) LTD
		STREET 2:		802 WEST BAY ROAD, POBOX 2003GT
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			00000000
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0301</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001345391</cik>
        <entityName>Gabelli Associates LTD</entityName>
        <issuerAddress>
            <street1>c/o Fortis Fund Services (Cayman) Ltd</street1>
            <street2>802 West Bay Road, Box 2003GT</street2>
            <city>Grand Cayman</city>
            <stateOrCountry>E9</stateOrCountry>
        </issuerAddress>
        <issuerPhoneNumber>345-949-7942</issuerPhoneNumber>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <jurisdictionOfInc>E9</jurisdictionOfInc>
        <entityType>Other</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Anthonie</firstName>
                <middleName>C.</middleName>
                <lastName>van Ekris</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Gabelli Securities Inc.</street1>
                <street2>One Corporate Center</street2>
                <city>Rye</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10580</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Vincent</firstName>
                <middleName>D.</middleName>
                <lastName>Enright</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Gabelli Securities Inc.</street1>
                <street2>One Corporate Center</street2>
                <city>Rye</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10580</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Douglas</firstName>
                <middleName>R</middleName>
                <lastName>Jamieson</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Gabelli Securities Inc.</street1>
                <street2>One Corporate Center</street2>
                <city>Rye</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10580</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Douglas R. Jamieson is an executive officer of Gabelli Securities, Inc., the Investment Manager of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Hedge Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.1</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>9999999997-06-007615</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2005-01-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>1000000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Gabelli &amp; Company, Inc.</recipientName>
                <recipientCRDNumber>7353</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>One Corporate Center</street1>
                    <city>Rye</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <zipCode>10580</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>201630092</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>102</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse>The firm(s) listed in Item 12 above are paid directly or indirectly commissions or similar sales compensation equal to a percentage of the fee paid to the General Partner from the assets under management and/or the incentive allocation.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>The Investment Manager is entitled to receive an annual management fee in an amount equal to a specified percentage of assets under management.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Gabelli Associates Limited</issuerName>
                <signatureName>/s/ Douglas R. Jamieson</signatureName>
                <nameOfSigner>Douglas R. Jamieson</nameOfSigner>
                <signatureTitle>President of the Manager</signatureTitle>
                <signatureDate>2009-03-16</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----