UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

One Corporate Center
Rye, New York 10580-1422

Agnes Mullady
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422

Registrant’s telephone number, including area code: 1-800-422-3554

Date of fiscal year end: December 31

Date of reporting period: March 31, 2011

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, 2011

		Mario J. Gabelli, CFA		Kevin V. Dreyer		Jeffrey J. Jonas, CFA

To Our Shareholders,

     During the first quarter of 2011, The Gabelli Healthcare & Wellness^Rx Trust’s (the “Fund”) net asset value (“NAV”) total return was 8.4% compared with the Standard & Poor’s (“S&P”) 500 Health Care Index of 5.6%. The total return for the Fund’s publicly traded shares was 14.9% during the first quarter of 2011.

     Enclosed is the investment portfolio as of March 31, 2011.

Comparative Results

														Since Inception
		Quarter				1 Year				2 Year				(06/28/07)
Gabelli Healthcare & WellnessRx Trust
NAV Total Return (b)			8.38	%			12.50	%			25.48	%			4.13	%
Investment Total Return (c)			14.89				16.21				32.84				0.90
S&P 500 Index			5.92				15.65				31.61				(1.14	)(d)
S&P 500 Health Care Index			5.62				5.11				18.91				0.27
S&P 500 Consumer Staples Index			2.52				10.56				22.58				5.81

We have separated the portfolio managers’ 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 managers’ 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 HEALTHCARE & WELLNESS^Rx TRUST
SCHEDULE OF INVESTMENTS
March 31, 2011 (Unaudited)

						Market
Shares						Value
				COMMON STOCKS — 96.8%
				Beverages — 10.1%
	35,000			Dr Pepper Snapple Group Inc.		$	1,300,600
	12,000			Hansen Natural Corp.†			722,760
	51,000			ITO EN Ltd.			888,423
	43,000			Mead Johnson Nutrition Co.			2,490,990
	15,000			Morinaga Milk Industry Co. Ltd .			53,559
	400,000			Parmalat SpA			1,340,098
	25,000			Peet’s Coffee & Tea Inc. †			1,202,250
	10,000			PepsiCo Inc.			644,100
	30,000			The Coca-Cola Co.			1,990,500
	400,000			Vitasoy International Holdings Ltd.			. 326,539
							10,959,819
				Biotechnology — 3.6%
	18,000			Acorda Therapeutics Inc.†			417,600
	3,000			Biogen Idec Inc.†			220,170
	3,500			Cephalon Inc.†			265,230
	30,000			Genzyme Corp.†			2,284,500
	17,000			Gilead Sciences Inc.†			721,480
							3,908,980
				Capital Goods —1.0%
	12,000			Bucyrus International Inc.			1,097,400
				Computer Software and Services — 0.4%
	7,900			Computer Task Group Inc.†			104,991
	55,000			eResearchTechnology Inc.†			372,350
							477,341
				Consumer Services and Supplies — 1.0%
	15,000			Weight Watchers International Inc.			1,051,500
				Food — 26.1%
	30,000			Campbell Soup Co.			993,300
	35,000			Danone			2,286,393
	55,000			Dean Foods Co.†			550,000
	80,000			Dole Food Co. Inc.†			1,090,400
	30,000			Flowers Foods Inc.			816,900
	45,000			General Mills Inc.			1,644,750
	20,000			H.J. Heinz Co.			976,400
	40,000			Inventure Foods Inc. †			155,200
	25,000			Kellogg Co.			1,349,500
	16,000			Kerry Group plc, Cl. A			596,355
	130,000			Kikkoman Corp.			1,225,295
	40,000			Kraft Foods Inc., Cl. A			1,254,400
	76,000			Lifeway Foods Inc.†			791,920
	10,000			MEIJI Holdings Co. Ltd.			402,140
	52,000			Nestlé SA			2,980,729
	6,000			Rock Field Co. Ltd.			98,678
	130,000			Sara Lee Corp.			2,297,100
	200,000			Smart Balance Inc.†			918,000
	62,000			The Hain Celestial Group Inc.†			2,001,360
	24,000			The J.M. Smucker Co.			1,713,360
	110,000			Tingyi (Cayman Islands) Holding Corp.			268,970
	30,000			Unilever plc, ADR			918,600
	44,000			Wimm-Bill-Dann Foods OJSC, ADR†			1,472,680
	62,000			YAKULT HONSHA Co. Ltd.			1,584,660
							28,387,090
				Food and Staples Retailing — 10.4%
	75,000			CVS Caremark Corp.			2,574,000
	25,000			Ingles Markets Inc., Cl. A			495,250
	60,000			Safeway Inc.			1,412,400
	50,000			SUPERVALU Inc.			446,500
	40,000			The Kroger Co.			958,800
	40,000			United Natural Foods Inc.†			1,792,800
	21,000			Walgreen Co.			842,940
	43,000			Whole Foods Market Inc.			2,833,700
							11,356,390
				Health Care Equipment and Services — 2.5%
	20,000			Emergency Medical Services Corp., Cl. A†			1,271,800
	25,000			HCA Holdings Inc.†			846,750
	25,000			Universal American Corp.			572,750
							2,691,300
				Health Care Equipment and Supplies — 18.2%
	30,000			American Medical Systems Holdings Inc.†			649,200
	22,000			Baxter International Inc.			1,182,940
	38,000			Beckman Coulter Inc.			3,156,660
	15,000			Becton, Dickinson and Co.			1,194,300
	50,000			Boston Scientific Corp.†			359,500
	36,000			Covidien plc			1,869,840
	36,000			Cutera Inc.†			308,520
	4,000			Exactech Inc.†			70,200
	30,000			Greatbatch Inc.†			793,800
	9,400			Henry Schein Inc.†			659,598
	15,000			Hologic Inc.†			333,000
	13,000			ICU Medical Inc.†			569,140
	30,000			Immucor Inc.†			593,400
	12,000			IRIS International Inc.†			108,240
	18,000			Kinetic Concepts Inc.†			979,560
	5,000			Medical Action Industries Inc.†			42,000
	12,000			Medtronic Inc.			472,200
	550,000			Northstar Neuroscience Inc.†			17,875
	35,000			Orthofix International NV†			1,136,100
	45,000			Q-Med AB†			563,222
	22,000			Rochester Medical Corp.†			252,560

See accompanying notes to schedule of investments.

THE GABELLI HEALTHCARE & WELLNESS^RxTRUST
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2011 (Unaudited)

						Market
Shares						Value
		COMMON STOCKS (Continued)
		Health Care Equipment and Supplies (Continued)
30,000		St. Jude Medical Inc.				$	1,537,800
4,000		Stryker Corp.					243,200
25,000		Thermo Fisher Scientific Inc.†					1,388,750
61,539		Vascular Solutions Inc.†					671,390
10,000		Zimmer Holdings Inc.†					605,300
							19,758,295
		Health Care Providers and Services — 11.9%
20,000		Aetna Inc.					748,600
19,000		Alere Inc. †					743,660
6,000		Amedisys Inc. †					210,000
32,000		AmerisourceBergen Corp.					1,265,920
4,000		Chemed Corp.					266,440
20,000		CIGNA Corp.					885,600
5,000		Community Health Systems Inc. †					199,950
325,601		Continucare Corp.†					1,741,965
14,000		Express Scripts Inc. †					778,540
20,000		Healthways Inc. †					307,400
20,000		McKesson Corp.					1,581,000
37,000		Medco Health Solutions Inc. †					2,077,920
20,250		Owens & Minor Inc.					657,720
14,000		PSS World Medical Inc.†					380,100
24,500		UnitedHealth Group Inc.					1,107,400
							12,952,215
		Household and Personal Products — 0.7%
14,000		Alberto-Culver Co.					521,780
10,000		Avon Products Inc.					270,400
							792,180
		Life Sciences Tools and Services — 1.5%
13,500		Dionex Corp.†					1,593,675
		Pharmaceuticals — 9.4%
38,000		Abbott Laboratories					1,863,900
1,000		Allergan Inc.					71,020
30,000		Bristol-Myers Squibb Co.					792,900
36,500		Johnson & Johnson					2,162,625
40,000		Merck & Co. Inc.					1,320,400
50,000		Mylan Inc. †					1,133,500
35,000		Pfizer Inc.					710,850
20,000		Teva Pharmaceutical Industries Ltd., ADR					1,003,400
20,000		Watson Pharmaceuticals Inc. †					1,120,200
							10,178,795
		TOTAL COMMON STOCKS					105,204,980
		WARRANTS — 0.0%
		Health Care Equipment and Supplies — 0.0%
80,907		Radient Pharmaceutical Corp., expire 12/31/11 †(a)					6,635

Principal
Amount
U.S. GOVERNMENT OBLIGATIONS — 3.2%
$3,432,000 U.S. Treasury Bills, 0.095% to 0.170%††, 04/21/11 to 09/15/11			3,431,089
TOTAL INVESTMENTS —100.0%
(Cost $93,049,729)		$	108,642,704
Aggregate tax cost		$	93,560,321
Gross unrealized appreciation		$	18,039,812
Gross unrealized depreciation			(2,957,429	)
Net unrealized appreciation/depreciation		$	15,082,383

		% of
		Market				Market
Geographic Diversification		Value				Value
North America			82.5	%		$	89,627,024
Europe			13.0				14,167,418
Japan			3.9				4,252,753
Asia/Pacific			0.6				595,509
Total Investments			100.0	%		$	108,642,704

See accompanying notes to schedule of investments.

THE GABELLI HEALTHCARE & WELLNESS^RxTRUST
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

     The Fund’s financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), which may require the use of management estimates and assumptions. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

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 sixty 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 sixty 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. U.S. government obligations with maturities greater than sixty days are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. 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. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. dollar value ADR securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

      The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy 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 GABELLI HEALTHCARE & WELLNESS^Rx TRUST
NOTES TO SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

     A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. 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 in securities by inputs used to value the Fund’s investments as of March 31, 2011 is as follows:

		Investments in
		Securities
		(Market Value)
Valuation Inputs		Assets
Level 1 — Quoted Prices*		$	105,204,980
Level 2 — Other Significant Observable Inputs*			3,437,724
Total		$	108,642,704

     The Fund did not have significant transfers between Level 1 and Level 2 during the period ended March 31, 2011.

     There were no Level 3 investments held at March 31, 2011 or December 31, 2010.

Foreign Currency Translations. The books and records of the Fund are maintained in U.S. dollars. Foreign currencies, investments, and other assets and liabilities are translated into U.S. dollars at the current exchange rates. Purchases and sales of investment securities, income, and expenses are translated at the exchange rate prevailing on the respective dates of such transactions. Unrealized gains and losses that result from changes in foreign exchange rates and/or changes in market prices of securities have been included in unrealized appreciation/depreciation on investments and foreign currency translations. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Fund and the amounts actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date is included in realized gain/loss on investments.

Foreign Securities. The Fund may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the inability to repatriate funds, less complete financial information about companies, and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.

Foreign Taxes. The Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

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

Restricted and Illiquid Securities. The Fund may invest without limit in illiquid securities. Illiquid securities include securities the disposition of which is subject to substantial legal or contractual restrictions. The sale of illiquid securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. The Fund held no restricted or illiquid securities at March 31, 2011.

Derivative Financial Instruments. The Fund may engage in various portfolio investment strategies by investing in a number of derivative financial instruments for the purposes of increasing the income of the Fund, hedging against changes in the value of its portfolio securities and in the value of securities it intends to purchase, or hedging against a specific transaction with respect to either the currency in which the transaction is denominated or another currency. Investing in certain derivative financial instruments, including participation in the options, futures, or swap markets, entails certain execution, liquidity, hedging, tax, and securities, interest, credit, or currency market risks. Losses may arise if the Adviser’s prediction of movements in the direction of the securities, foreign currency, and interest rate markets is inaccurate. Losses may also arise if the counterparty does not perform its duties under a contract, or that, in the event of default, the Fund may be delayed in or prevented from obtaining payments or other contractual remedies owed to it under derivative contracts. The creditworthiness of the counterparties is closely monitored in order to minimize these risks. Participation in derivative transactions involves investment risks, transaction costs, and potential losses to which the Fund would not be subject absent the use of these strategies. The consequences of these risks, transaction costs, and losses may have a negative impact on the Fund’s ability to pay distributions.

     The Fund’s derivative contracts held at March 31, 2011, if any, are not accounted for as hedging instruments under GAAP.

     Options. The Fund may purchase or write call or put options on securities or indices for the purpose of achieving additional return or for hedging the value of the Fund’s portfolio. As a writer of put options, the Fund receives a premium at the outset and then bears the risk of unfavorable changes in the price of the financial instrument underlying the option. The Fund would incur a loss if the price of the underlying financial instrument decreases between the date the option is written and the date on which the option is terminated. The Fund would realize a gain, to the extent of the premium, if the price of the financial instrument increases between those dates. If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a written put option is exercised, the premium reduces the cost basis of the security.

     As a purchaser of put options, the Fund pays a premium for the right to sell to the seller of the put option the underlying security at a specified price. The seller of the put has the obligation to purchase the underlying security upon exercise at the exercise price. If the price of the underlying security declines, the Fund would realize a gain upon sale or exercise. If the price of the underlying security increases or stays the same, the Fund would realize a loss upon sale or at the expiration date, but only to the extent of the premium paid.

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

     In the case of call options, these exercise prices are referred to as “in-the-money”, “at-the-money”, and “out-of-the-money”, respectively. The Fund may write (a) in-the-money call options when the Adviser expects that the price of the underlying security will remain stable or decline during the option period, (b) at-the-money call options when the Adviser expects that the price of the underlying security will remain stable, decline, or advance moderately during the option period, and (c) out-of-the-money call options when the Adviser expects that the premiums received from writing the call option will be greater than the appreciation in the price of the underlying security above the exercise price. By writing a call option, the Fund limits its opportunity to profit from any increase in the market value of the underlying security above the exercise price of the option. Out-of-the-money, at-the-money, and in-the-money put options (the reverse of call options as to the relation of exercise price to market price) may be utilized in the same market environments that such call options are used in equivalent transactions. During the period ended March 31, 2011, the Fund held no investments in options.

     Futures Contracts. The Fund may engage in futures contracts for the purpose of hedging against changes in the value of its portfolio securities and in the value of securities it intends to purchase. Upon entering into a futures contract, the Fund is required to deposit with the broker an amount of cash or cash equivalents equal to a certain percentage of the contract amount. This is known as the “initial margin.” Subsequent payments (“variation margin”) are made or received by the Fund each day, depending on the daily fluctuations in the value of the contract, and are included in unrealized appreciation/depreciation and futures contracts. The Fund recognizes a realized gain or loss when the contract is closed.

     There are several risks in connection with the use of futures contracts as a hedging instrument. The change in value of futures contracts primarily corresponds with the value of their underlying instruments, which may not correlate with the change in value of the hedged investments. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market. During the period ended March 31, 2011, the Fund held no investments in futures contracts.

     Forward Foreign Exchange Contracts. The Fund may engage in forward foreign exchange contracts for the purpose of hedging a specific transaction with respect to either the currency in which the transaction is denominated or another currency as deemed appropriate by the Adviser. Forward foreign exchange contracts are valued at the forward rate and are marked-to-market daily. The change in market value is included in unrealized appreciation/depreciation on investments and foreign currency translations. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

     The use of forward foreign exchange contracts does not eliminate fluctuations in the underlying prices of the Fund’s portfolio securities, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign exchange contracts limit the risk of loss due to a decline in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency increase. In addition, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. During the period ended March 31, 2011, the Fund held no investments in forward foreign exchange contracts.

Tax Information. The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended.

     At December 31, 2010, the Fund had net capital loss carryforwards for federal income tax purposes of $2,159,475 which are available to reduce future required distributions of net capital gains to shareholders. $199,277 of the loss carryforward is available through 2016; and $1,960,198 is available through 2017.

AUTOMATIC DIVIDEND REINVESTMENT
AND VOLUNTARY CASH PURCHASE PLANS

Enrollment in the Plan

     It is the policy of The Gabelli Healthcare & Wellness^Rx Trust (the “Fund”) to automatically reinvest dividends. 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 credit 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 shares certificates to Computershare Trust Company, N.A. (“Computershare”) to be held in their dividend reinvestment account. Registered shareholders wishing to receive their distribution in cash must submit this request in writing to:

The Gabelli Healthcare & Wellness^Rx Trust
c/o Computershare
P.O. Box 43010
Providence, RI 02940-3010

     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 Computershare at (800) 336-6983.

     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 dividends 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 shares from the Fund valued at market price. If the Fund should declare a dividend or capital gains distribution payable only in cash, Computershare will buy common shares in the open market, or on the NYSE or elsewhere, for the participants’ accounts, except that Computershare 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 Computershare for investments in the Fund’s shares at the then current market price. Shareholders may send an amount from $250 to $10,000. Computershare will use these funds to purchase shares in the open market on or about the 1st and 15th of each month. Computershare will charge each shareholder who participates $0.75, plus 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 Computershare, P.O. Box 43010, Providence, RI 02940—3010 such that Computershare receives such payments approximately 10 days before the 1st and 15th of the month. 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 Computershare at least 48 hours before such payment is to be invested.

     Shareholders wishing to liquidate shares held at Computershare 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 $2.50 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 Plans 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 Computershare on at least 90 days written notice to participants in the Plan.

THE GABELLI HEALTHCARE & WELLNESS^Rx TRUST
AND YOUR PERSONAL PRIVACY

Who are we?

The Gabelli Healthcare & Wellness^Rx Trust (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.

•		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.
•		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.

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

Trustees		Officers
Mario J. Gabelli, CFA		Bruce N. Alpert
Chairman & Chief Executive Officer,		Secretary
GAMCO Investors, Inc.		Carter W. Austin
		Vice President
Dr. Thomas E. Bratter
President & Founder, John Dewey Academy		Peter D. Goldstein
		Chief Compliance Officer
Anthony J. Colavita		Agnes Mullady      President & Treasurer
President,
Anthony J. Colavita, P.C.
James P. Conn		David I. Schachter
Former Managing Director &		Vice President
Chief Investment Officer,		Adam E. Tokar
Financial Security Assurance Holdings Ltd.		Assistant Vice President & Ombudsman
		Investment Adviser
		Gabelli Funds, LLC
		One Corporate Center
Vincent D. Enright		Rye, New York 10580-1422
Former Senior Vice President &
Chief Financial Officer,		Custodian
KeySpan Corp.		The Bank of New York Mellon
		Counsel
Robert C. Kolodny, MD		Willkie Farr & Gallagher LLP
Physician, Principal of KBS Management LLC
		Transfer Agent and Registrar
Anthonie C. van Ekris		Computershare Trust Company, N.A.
Chairman, BALMAC International, Inc.		Stock Exchange Listing

						5.76%
				Common		Preferred
Salvatore J. Zizza		NYSE—Symbol:		GRX		GRX PrA
Chairman, Zizza & Co., Ltd.		Shares Outstanding:		8,427,945		1,200,000

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 or visiting www.gabelli.com. The NASDAQ symbol for the Net Asset Value is “XXGRX.”

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: [email protected]

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 10% or more from the net asset value of the shares. The Fund may also, from time to time, purchase its preferred shares in the open market when the preferred shares are trading at a discount to the liquidation value.

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 Healthcare & Wellness^Rx Trust

By (Signature and Title)*	/s/ Agnes Mullady
	Agnes Mullady, Principal Executive Officer and Principal Financial Officer

Date 5/31/11

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/ Agnes Mullady
	Agnes Mullady, Principal Executive Officer and Principal Financial Officer

Date 5/31/11