UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

The Gabelli Healthcare & Wellness ^Rx Trust

(Exact name of registrant as specified in charter)

One Corporate Center
Rye, New York 10580-1422

(Address of principal executive offices) (Zip code)

Agnes Mullady
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, 2009

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 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. § 3507.

 

 

Item 1. Schedule of Investments.

The Schedule(s) of Investments is attached herewith.

The Gabelli Healthcare & Wellness^Rx Trust

First Quarter Report
March 31, 2009

To Our Shareholders,

     The Gabelli Healthcare & Wellness^Rx Trust’s (the “Fund”) net asset value (“NAV”) total return was (6.1)% for the first quarter of 2009, compared with declines of 11.0%, 8.0%, and 10.5% for the Standard & Poor’s (“S&P”) 500 Index, the S&P 500 Health Care Index, and the S&P 500 Consumer Staples Index, respectively. The total return of the Fund’s publicly traded shares was (8.0)% during the first quarter. On March 31, 2009, the Fund’s NAV per share was $5.83, while the price of the publicly traded shares closed at $4.61 on the New York Stock Exchange.

     Enclosed is the investment portfolio as of March 31, 2009.

Comparative Results

Average Annual Returns through March 31, 2009 (a)

										Since
										Inception
		Quarter				1 Year				(06/28/07)
Gabelli Healthcare & WellnessRx Trust
NAV Total Return (b)			(6.12	)%			(22.56	)%			(15.78	)%
Investment Total Return (c)			(7.98	)			(30.08	)			(26.19	)
S&P 500 Index			(10.98	)			(38.06	)			(28.71	)(d)
S&P 500 Health Care Index			(8.00	)			(19.74	)			(17.43	)
S&P 500 Consumer Staples Index			(10.54	)			(22.64	)			(10.52	)

THE GABELLI HEALTHCARE & WELLNESS^Rx TRUST
SCHEDULE OF INVESTMENTS
March 31, 2009 (Unaudited)

						Market
Shares						Value
				COMMON STOCKS — 87.7%
				Beverages — 6.8%
	45,000			Dr. Pepper Snapple Group Inc.†		$	760,950
	12,000			Hansen Natural Corp.†			432,000
	70,000			ITO EN Ltd.			852,149
	6,000			ITO EN Ltd., Preference			52,068
	12,000			PepsiCo Inc.			617,760
	14,000			The Coca-Cola Co.			615,300
	133,000			Vitasoy International Holdings Ltd.			56,971
							3,387,198
				Biotechnology — 2.4%
	25,000			3SBio Inc., ADR†			169,250
	200			Arena Pharmaceuticals Inc.†			602
	35,000			Array Biopharma Inc.†			92,400
	7,000			Cephalon Inc.†			476,700
	10,000			Crucell NV, ADR†			197,100
	5,000			Gilead Sciences Inc.†			231,600
	452,000			Neose Technologies Inc.			45,200
							1,212,852
				Chemicals — 0.7%
	12,000			International Flavors & Fragrances Inc.			365,520
				Computer Software and Services — 0.1%
	5,000			eResearchTechnology Inc.†			26,300
				Consumer Services and Supplies — 0.4%
	12,000			Weight Watchers International Inc.			222,600
				Food — 27.8%
	12,800			Cadbury plc, ADR			387,840
	40,000			Campbell Soup Co.			1,094,400
	105,000			Dean Foods Co.†			1,898,400
	50,000			Del Monte Foods Co.			364,500
	10,000			Diamond Foods Inc.			279,300
	22,000			Flowers Foods Inc.			516,560
	20,000			General Mills Inc.			997,600
	22,000			Groupe Danone			1,071,545
	15,000			H.J. Heinz Co.			495,900
	40,000			Hain Celestial Group Inc.†			569,600
	17,000			Kellogg Co.			622,710
	16,000			Kerry Group plc, Cl. A			326,518
	66,000			Kikkoman Corp.			548,083
	59,000			Lifeway Foods Inc.†			472,000
	100,000			Meiji Seika Kaisha Ltd. (a)			349,548
	15,000			Morinaga Milk Industry Co. Ltd.			44,704
	40,000			Nestlé SA			1,352,192
	10,000			Parmalat SpA			20,607
	6,000			Rock Field Co. Ltd.			72,496
	84,400			Smart Balance Inc.†			509,776
	15,000			The J.M. Smucker Co.			559,050
	80,000			Tingyi (Cayman Islands) Holding Corp.			92,483
	17,000			Wimm-Bill-Dann Foods OJSC, ADR†			540,770
	40,000			YAKULT HONSHA Co. Ltd.			708,794
							13,895,376
				Food and Staples Retailing — 7.1%
	6,000			Costco Wholesale Corp.			277,920
	40,000			CVS Caremark Corp.			1,099,600
	12,000			SUPERVALU Inc.			171,360
	35,000			The Great Atlantic & Pacific Tea Co. Inc.†			185,850
	1,000			Village Super Market Inc., Cl. A			31,170
	10,000			Wal-Mart Stores Inc.			521,000
	24,000			Walgreen Co.			623,040
	37,000			Whole Foods Market Inc.			621,600
							3,531,540
				Health Care Equipment and Supplies — 16.8%
	28,187			AMDL Inc.†			22,831
	161,813			AMDL Inc.† (a)(b)			131,069
	39,500			AngioDynamics Inc.†			443,980
	3,000			Becton, Dickinson and Co.			201,720
	30,000			Boston Scientific Corp.†			238,500
	17,000			Covidien Ltd.			565,080
	35,000			Cutera Inc.†			223,650
	18,100			ev3 Inc.†			128,510
	28,000			Greatbatch Inc.†			541,800
	10,000			Henry Schein Inc.†			400,100
	15,000			Hologic Inc†			196,350
	27,000			Inverness Medical Innovations Inc.†			719,010
	14,000			Kinetic Concepts Inc.†			295,680
	15,000			Medical Action Industries Inc.†			124,350
	261,900			Medical Nutrition USA Inc.†			429,516
	9,000			Medtronic Inc.			265,230
	34,000			Micrus Endovascular Corp.†			202,980
	550,000			Northstar Neuroscience Inc.†			1,050,500
	12,000			Orthofix International NV†			222,240
	21,000			St. Jude Medical Inc.†			762,930
	4,000			Stryker Corp.			136,160
	7,500			Thermo Fisher Scientific Inc.†			267,525
	78,000			Vascular Solutions Inc.†			477,360
	9,000			Zimmer Holdings Inc.†			328,500
							8,375,571
				Health Care Providers and Services — 12.8%
	14,000			Aetna Inc.			340,620
	12,000			Amedisys Inc.†			329,880
	9,000			AmerisourceBergen Corp.			293,940

See accompanying notes to schedule of investments.

THE GABELLI HEALTHCARE & WELLNESS^Rx TRUST
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2009 (Unaudited)

						Market
Shares						Value
				COMMON STOCKS (Continued)
				Health Care Providers and Services (Continued)
	8,000			Cardinal Health Inc.		$	251,840
	3,000			Chemed Corp.			116,700
	376,100			Continucare Corp.†			714,590
	12,000			Express Scripts Inc.†			554,040
	15,000			Genoptix Inc.†			409,200
	14,000			Healthways Inc.†			122,780
	12,000			IMS Health Inc.			149,640
	10,000			McKesson Corp.			350,400
	9,000			Medco Health Solutions Inc.†			372,060
	301,400			Metropolitan Health Networks Inc.†			443,058
	24,000			Omnicare Inc.			587,760
	12,000			Owens & Minor Inc.			397,560
	22,000			PSS World Medical Inc.†			315,700
	31,200			UnitedHealth Group Inc.			653,016
							6,402,784
				Pharmaceuticals — 12.4%
	11,000			Abbott Laboratories			524,700
	30,000			Inspire Pharmaceuticals Inc.†			121,800
	36,000			Johnson & Johnson			1,893,600
	18,500			Matrixx Initiatives Inc.†			303,400
	25,000			Mead Johnson Nutrition Co., Cl. A†			721,750
	13,000			Merck & Co. Inc.			347,750
	46,000			Pain Therapeutics Inc.†			193,200
	3,000			Schering-Plough Corp.			70,650
	12,000			Teva Pharmaceutical Industries Ltd., ADR			540,600
	35,000			Wyeth			1,506,400
							6,223,850
				Real Estate Investment Trusts — 0.4%
	6,000			Alexandria Real Estate Equities Inc.			218,400
				TOTAL COMMON STOCKS			43,861,991
				WARRANTS — 0.1%
				Health Care Equipment and Supplies — 0.1%
	80,907			AMDL Inc., expire 03/05/11† (a)(b)			26,247

Principal						Market
Amount						Value
				U.S. GOVERNMENT OBLIGATIONS — 12.2%
				U.S. Treasury Bills — 7.0%
$	3,531,000			U.S. Treasury Bills, 0.152% to 0.173%††, 06/04/09 to 07/02/09		$	3,529,459
				U.S. Treasury Cash Management Bills — 5.2%
	2,598,000			U.S. Treasury Cash Management Bills, 0.051% to 0.122%††, 04/29/09 to 06/24/09			2,597,183
				TOTAL U.S. GOVERNMENT OBLIGATIONS			6,126,642
TOTAL INVESTMENTS — 100.0%      (Cost $65,995,601)						$	50,014,880
				Aggregate book cost		$	65,995,601
				Gross unrealized appreciation		$	600,230
				Gross unrealized depreciation			(16,580,951	)
				Net unrealized appreciation/(depreciation)		$	(15,980,721	)

		% of
		Market				Market
Geographic Diversification		Value				Value
North America			83.7	%		$	41,843,841
Europe			8.9				4,437,172
Japan			5.2				2,627,843
Latin America			2.1				1,049,053
Asia/Pacific			0.1				56,971
Total Investments			100.0	%		$	50,014,880

See accompanying notes to schedule of investments.

THE GABELLI HEALTHCARE & WELLNESS^Rx TRUST
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.

Statement of Financial Accounting Standard No. 157, “Fair Value Measurements” (“SFAS 157”) 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 the Fund’s investments by inputs used to value the Fund’s investments as of March 31, 2009 is as follows:

		Investments in
		Securities
		(Market Value)
Valuation Inputs		Assets
Level 1 – Quoted Prices		$	43,512,444
Level 2 – Other Significant Observable Inputs			6,152,888
Level 3 – Significant Unobservable Inputs			349,548
Total		$	50,014,880

THE GABELLI HEALTHCARE & WELLNESS^Rx TRUST
NOTES TO SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

		Investments in
		Securities
		(Market Value)
Balance as of 12/31/08			—
Accrued discounts/(premiums)			—
Realized gain/(loss)			—
Change in unrealized appreciation/(depreciation)			—
Net purchase/(sales)			—
Transfers in and/or out of Level 3		$	349,548
Balance as of 03/31/09		$	349,548
Net change in unrealized appreciation/(depreciation) during the period on Level 3 investments held at 03/31/09		$	142,237

Statement of Financial Accounting Standard No. 161, “Disclosures about Derivative Instruments and Hedging Activities” clarifies the 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. As of March 31, 2009, the Fund did not hold any derivative instruments.

2. Tax Information. At December 31, 2008, the Fund had net capital loss carryforwards for federal income tax purposes of $1,540,875 which are available to reduce future required distributions of net capital gains to shareholders through 2016.

TRUSTEES AND OFFICERS
THE GABELLI HEALTHCARE & WELLNESS^Rx TRUST
One Corporate Center, Rye, NY 10580-1422

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.

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.

Date 5/29/09

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.

Date 5/29/09