SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934
(Amendment No. )
Filed by Registrant [X]
Filed by a Party other than the Registrant [_]
Check the appropriate box:
[_] Preliminary Proxy Statement
[_] Confidential, for Use of the Commission Only (as permitted by Rule
14a-6(e)(2))
[X] Definitive Proxy Statement
[_] Definitive Additional Materials
[_] Soliciting Material Pursuant to Sec. 240.14a-12
THE GABELLI HEALTHCARE & WELLNESSRX TRUST
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
[X] No fee required
[_] Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.
1) Title of each class of securities to which transaction applies:
2) Aggregate number of securities to which transaction applies:
3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11(set forth the amount on which the
filing fee is calculated and state how it was determined):
4) Proposed maximum aggregate value of transaction:
5) Total fee paid:
[_] Fee paid previously with preliminary materials.
[_] Check box if any part of the fee is offset as provided by Exchange Act Rule
0-11(a)(2) and identify the filing for which the offsetting fee was paid
previously. Identify the previous filing by registration statement number,
or the Form or Schedule and the date of its filing.
1) Amount Previously Paid:
2) Form, Schedule or Registration Statement No.:
3) Filing Party:
4) Date Filed:
THE GABELLI HEALTHCARE & WELLNESS(RX) TRUST
One Corporate Center
Rye, New York 10580-1422
(914) 921-5070
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NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
TO BE HELD ON MAY 17, 2010
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To the Shareholders of
THE GABELLI HEALTHCARE & WELLNESS(Rx) TRUST
Notice is hereby given that the Annual Meeting of Shareholders of The
Gabelli Healthcare & Wellness(Rx) Trust, a Delaware statutory trust (the
"Fund"), will be held on Monday, May 17, 2010, at 8:00 a.m., at The Cole
Auditorium, The Greenwich Library, 101 West Putnam Avenue, Greenwich,
Connecticut 06830, and at any adjournments thereof (the "Meeting") for the
following purposes:
1. To elect two (2) Trustees of the Fund by the holders of the Fund's
Common Shares (PROPOSAL 1); and
2. To consider and vote upon such other matters, including adjournments,
as may properly come before said Meeting or any adjournments thereof.
These items are discussed in greater detail in the attached Proxy
Statement.
The close of business on March 15, 2010 has been fixed as the record date
for the determination of shareholders entitled to notice of and to vote at the
Meeting and any adjournments thereof.
YOUR VOTE IS IMPORTANT REGARDLESS OF THE SIZE OF YOUR HOLDINGS IN THE FUND.
WHETHER OR NOT YOU PLAN TO ATTEND THE MEETING, WE ASK THAT YOU PLEASE VOTE
PROMPTLY. INSTRUCTIONS FOR THE PROPER VOTING AND/OR EXECUTION OF PROXIES ARE SET
FORTH ON THE INSIDE COVER. SHAREHOLDERS MAY PROVIDE THEIR VOTE BY TELEPHONE OR
THE INTERNET BY FOLLOWING THE INSTRUCTIONS ACCOMPANYING THE PROXY CARD OR NOTICE
OF INTERNET AVAILABILITY OF PROXY MATERIALS. ALTERNATIVELY, SHAREHOLDERS MAY
SUBMIT VOTING INSTRUCTIONS BY SIGNING AND DATING THE PROXY CARD AND RETURNING IT
IN THE ACCOMPANYING POSTAGE-PAID ENVELOPE.
By Order of the Board of Trustees,
PETER D. GOLDSTEIN
ACTING SECRETARY
April 7, 2010
INSTRUCTIONS FOR SIGNING PROXY CARDS TO BE RETURNED BY MAIL
The following general rules for signing proxy cards may be of assistance to
you and avoid the time and expense to the Fund involved in validating your vote
if you fail to sign your proxy card properly.
1. INDIVIDUAL ACCOUNTS: Sign your name exactly as it appears in the
registration on the proxy card.
2. JOINT ACCOUNTS: Either party may sign, but the name of the party
signing should conform exactly to the name shown in the registration.
3. ALL OTHER ACCOUNTS: The capacity of the individuals signing the proxy
card should be indicated unless it is reflected in the form of
registration. For example:
REGISTRATION VALID SIGNATURE
------------ -----------------------
CORPORATE ACCOUNTS
(1) ABC Corp.
(2) ABC Corp. ABC Corp.
(3) ABC Corp. John Doe, Treasurer
c/o John Doe, Treasurer John Doe
(4) ABC Corp., Profit Sharing Plan John Doe, Trustee
TRUST ACCOUNTS
(1) ABC Trust Jane B. Doe, Trustee
(2) Jane B. Doe, Trustee Jane B. Doe
u/t/d 12/28/78
CUSTODIAN OR ESTATE ACCOUNTS
(1) John B. Smith, Cust.
f/b/o John B. Smith, Jr. UGMA John B. Smith
(2) John B. Smith, Executor
Estate of Jane Smith John B. Smith, Executor
INSTRUCTIONS FOR TELEPHONE/INTERNET VOTING
Various brokerage firms may offer the convenience of providing you voting
instructions via telephone or the Internet for shares held through such firms.
Instructions for Internet and telephonic voting are included with each of the
Notice of Internet Availability of Proxy Materials and the proxy card.
THE GABELLI HEALTHCARE & WELLNESS"(RX) TRUST
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ANNUAL MEETING OF SHAREHOLDERS
MAY 17, 2010
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PROXY STATEMENT
This Proxy Statement is furnished in connection with the solicitation of
proxies by the Board of Trustees (the "Board," the members of which are referred
to as "Trustees") of The Gabelli Healthcare & Wellness(Rx) Trust, a Delaware
statutory trust (the "Fund") for use at the Annual Meeting of Shareholders of
the Fund to be held on Monday, May 17, 2010, at 8:00 a.m., at The Cole
Auditorium, The Greenwich Library, 101 West Putnam Avenue, Greenwich,
Connecticut 06830, and at any adjournments thereof (the "Meeting"). A Notice of
Internet Availability of Proxy Materials is being mailed on April 7, 2010.
In addition to the solicitation of proxies by mail, officers of the Fund
and officers and regular employees of Computershare Trust Company, N.A.
("Computershare"), the Fund's transfer agent, and affiliates of Computershare or
other representatives of the Fund also may solicit proxies by telephone,
telegraph, Internet, or in person. In addition, the Fund has retained The
Altman Group to assist in the solicitation of proxies for a fee of $750 plus
reimbursement of expenses. The Fund will pay the costs of the proxy solicitation
and the expenses incurred in connection with preparing printing and mailing the
Proxy Statement and its enclosures. The Fund will also reimburse brokerage firms
and others for their expenses in forwarding solicitation materials to the
beneficial owners of its shares.
THE FUND'S MOST RECENT ANNUAL REPORT, INCLUDING AUDITED FINANCIAL
STATEMENTS FOR THE PERIOD ENDED DECEMBER 31, 2009, IS AVAILABLE UPON REQUEST,
WITHOUT CHARGE, BY WRITING TO THE SECRETARY OF THE FUND AT ONE CORPORATE CENTER,
RYE, NEW YORK 10580-1422, BY CALLING THE FUND AT 800-422-3554, OR VIA THE
INTERNET AT www.gabelli.com.
If the proxy is properly executed and returned in time to be voted at the
Meeting, the Shares (as defined below) represented thereby will be voted "FOR"
the election of the nominees as Trustees as described in this Proxy Statement,
unless instructions to the contrary are marked thereon, and at the discretion of
the proxy holders as to the transaction of any other business that may properly
come before the Meeting. Any shareholder who has given a proxy has the right to
revoke it at any time prior to its exercise either by attending the Meeting and
voting his or her shares in person or by submitting a letter of revocation or a
later-dated proxy to the Fund at the above address prior to the date of the
Meeting.
A quorum of shareholders is constituted by the presence in person or by
proxy of the holders of one-third of the outstanding shares of the Fund entitled
to vote at the Meeting. In the event a quorum is not present at the Meeting, or
in the event that a quorum is present at the Meeting but sufficient votes to
approve any of the proposed items are not received, the persons named as proxies
may propose one or more adjournments of such Meeting to permit further
solicitation of proxies. A shareholder vote may be taken on one or more of the
proposals in this Proxy Statement prior to such adjournment if sufficient votes
have been received for approval and it is otherwise appropriate. Any such
adjournment will require the affirmative vote of a majority of those shares
present at the Meeting in person or by proxy. If a quorum is present, the
persons named as proxies will vote those proxies which they are entitled to vote
"FOR" any proposal in favor of such adjournment and will vote those proxies
required to be voted "AGAINST" any proposal against any such adjournment. Absent
the establishment of a subsequent record date and the giving of notice to the
holders of record thereon, the adjourned Meeting must take place not more than
130 days after the record date. At such adjourned Meeting, any business may be
transacted which might have been transacted at the original Meeting. If a quorum
is present, a shareholder vote may be taken on one or more of the proposals
properly brought before the Meeting prior to any adjournment if sufficient votes
have been received and it is otherwise appropriate.
1
The close of business on March 15, 2010 has been fixed as the record date
for the determination of shareholders entitled to notice of and to vote at the
Meeting and all adjournments thereof.
Each shareholder is entitled to one vote for each full share held and an
appropriate fraction of a vote for each fractional share held. On the record
date, there were 8,474,459 common shares, par value $0.001 per share (the
"Common Shares" or the "Shares").
[As of the record date, there were no persons known to the Fund to be
beneficial owners of more than 5% of the Fund's outstanding Common Shares.]
SUMMARY OF VOTING RIGHTS ON PROXY PROPOSALS
PROPOSAL COMMON SHAREHOLDERS
-------- ---------------------------
1. Election of Common Shareholders,
Trustees vote to elect two Trustees:
Thomas E. Bratter, and
James P. Conn
2. Other Business
In order that your Shares may be represented at the Meeting, you are
requested to vote on the following matters:
2
PROPOSAL 1: TO ELECT TWO (2) TRUSTEES OF THE FUND
NOMINEES FOR THE BOARD OF TRUSTEES
The Board (the "Board") consists of eight Trustees, seven of whom are not
"interested persons" of the Fund (as defined in the Investment Company Act of
1940, as amended (the "1940 Act"). The Fund divides the Board into three
classes, each class having a term of three years. Each year the term of office
of one class will expire. Thomas E. Bratter and James P. Conn have each been
nominated by the Board of Trustees for election to serve a three-year term to
expire at the Fund's 2013 Annual Meeting of Shareholders and until their
successors are duly elected and qualified. Each of the Trustees of the Fund has
served in that capacity since the February 22, 2007 organizational meeting of
the Fund. All of the Trustees of the Fund are also directors or trustees of
other investment companies for which Gabelli Funds, LLC (the "Adviser") or its
affiliates serve as investment adviser. The classes of Trustees are indicated
below:
NOMINEES TO SERVE UNTIL 2013 ANNUAL MEETING OF SHAREHOLDERS
Thomas E. Bratter
James P. Conn
TRUSTEES SERVING UNTIL 2012 ANNUAL MEETING OF SHAREHOLDERS
Anthony J. Colavita
Robert C. Kolodny
Salvatore J. Zizza
TRUSTEES SERVING UNTIL 2011 ANNUAL MEETING OF SHAREHOLDERS
Mario J. Gabelli, CFA
Vincent D. Enright
Anthonie C. van Ekris
Unless authority is withheld, it is the intention of the persons named in
the proxy to vote the proxy "FOR" the election of the nominees named above. Each
nominee has indicated that he has consented to serve as a Trustee if elected at
the Meeting. If a designated nominee declines or otherwise becomes unavailable
for election, however, the proxy confers discretionary power on the persons
named therein to vote in favor of a substitute nominee or nominees.
3
INFORMATION ABOUT TRUSTEES AND OFFICERS
Set forth in the table below are the existing Trustees, including those
Trustees who are not considered to be "interested persons," as defined in the
1940 Act (the "Independent Trustees"), two of whom are nominated for re-election
to the Board of the Fund and officers of the Fund, including information
relating to their respective positions held with the Fund, a brief statement of
their principal occupations, and, in the case of the Trustees, their other
directorships during the past five years, (excluding other funds managed by the
Adviser), if any.
TERM OF NUMBER OF
OFFICE PORTFOLIOS
NAME, AND PRINCIPAL OTHER IN FUND
POSITION(S) LENGTH OCCUPATION(S) DIRECTORSHIPS COMPLEX(3)
ADDRESS(1) AND OF TIME DURING PAST FIVE HELD BY TRUSTEE OVERSEEN BY
AGE SERVED(2) YEARS DURING PAST FIVE YEARS TRUSTEE
---------------------- -------------- ------------------------------- ------------------------------ -----------
INTERESTED TRUSTEE(4):
MARIO J. GABELLI Since 2007*** Chairman and Chief Executive Director of Morgan 26
Trustee and Officer of GAMCO Investors, Group Holdings, Inc.
Chief Investment Inc. and Chief Investment (holding company);
Officer Officer - Value Portfolios of Chairman of the
Age: 67 Gabelli Funds, LLC and GAMCO Board of LICT Corp.
Asset Management Inc.; (multimedia and
Director/ Trustee or Chief communication
Investment Officer of other services); Director
registered investment companies of CIBL, Inc.
in the Gabelli/GAMCO Funds (broadcasting and
complex; Chairman and Chief wireless
Executive Officer of GGCP, Inc. communications)
INDEPENDENT TRUSTEES/
NOMINEES(5):
THOMAS E. BRATTER Since 2007* Director, President, and -- 4
Trustee Founder of The John Dewey
Age: 70 Academy (residential college
preparatory therapeutic high
school)
ANTHONY J. COLAVITA Since 2007** President of the law -- 34
Trustee firm of Anthony J.
Age: 74 Colavita, PC.
JAMES P. CONN Since 2007* Former Managing Director and Director of First 18
Trustee Chief Investment Officer of Republic Bank
Age: 72 Financial Security Assurance (banking) through
Holdings Ltd. (insurance January 2008 and La
holding company) (1992-1998) Quinta Corp.
(hotels) through
January 2006
VINCENT D. ENRIGHT Since 2007*** Former Senior Vice President Director of Echo 16
Trustee and Chief Financial Officer of Therapeutics, Inc.
Age: 66 Key Span Corp. (public utility) (therapeutics and
(1994-1998) diagnostics) and
until September
2006, Director of
Aphton Corporation
(Pharmaceuticals)
ROBERT C. KOLODNY Since 2007** Physician; Principal of KBS -- 2
Trustee Management LLC (investment
Age: 65 adviser) since 2006; General
Partner of KBS Partnership, KBS
II Investment Partnership, KBS
III Investment Partnership, KBS
IV Limited Partnership, KBS New
Dimensions, L.P., (Private
Investment Partnerships) since
1981; Medical Director and
Chairman of the Board of the
Behavioral Medicine Institute
since 1983
ANTHONIE C. VAN EKRIS Since 2007*** Chairman and Chief Executive Director of Aurado 20
Trustee Officer of BALMAC Energy Inc. (oil and
Age: 75 International, Inc. gas operations)
(commodities and futures through 2005
trading)
SALVATORE J. ZIZZA Since 2007** Chairman and Chief Executive Director of Harbor BioSciences, 28
Trustee Officer of Zizza & Co., Ltd. Inc. (biotechnology) and
Age: 75 (private holding company) and Trans-Lux Corporation
Chief Executive Officer of (business services); Chairman
General Employment Enterprises, of each of BAM
Inc. (manufacturing); Metropolitan
Paper Recycling (recycling);
Bergen Cove Realty Inc. (real
estate); Bion Environmental
Technologies (technology)
(2005-2008); Director of Earl
Scheib Inc. (automotive
painting) through April 2009
4
OFFICERS(6):
TERM OF
OFFICE
AND
NAME, LENGTH OF PRINCIPAL
POSITION(S) TIME OCCUPATION(S)
ADDRESS(1) AND AGE SERVED(2) DURING PAST FIVE YEARS
------------------ ---------------- --------------------------------------
BRUCE N. ALPERT Executive Vice President (since 1999)
Secretary Since 2008 and Chief Operating Officer (since
Acting Treasurer Since March 2008 1988) of Gabelli Funds, LLC; Chairman
Age: 58 of Teton Advisors, Inc. since July
2008 and Director and President from
1998 through June 2008; Senior Vice
President of GAMCO Investors, Inc.
since 2008; Officer of all of the
registered investment companies in
the Gabelli/GAMCO Funds Complex since
1988
CARTER W. AUSTIN Vice President of the Fund
Vice President Since 2007 since 2007; Vice President of
Age: 43 other registered investment
companies in the Gabelli/
GAMCO Funds Complex; Vice
President of Gabelli Funds,
LLC since 1996
PETER D. GOLDSTEIN Director of Regulatory
Chief Compliance Affairs for GAMCO
Officer Since 2007 Investors, Inc. since 2004;
Acting Secretary Since March 2010 Chief Compliance Officer of
Age: 56 all of the registered
investment companies in the
Gabelli/GAMCO Funds Complex
AGNES MULLADY(7) Senior Vice President of GAMCO
President and Since 2007 Investors, Inc. since 2009;
Treasurer Vice President of Gabelli Funds LLC
Age: 51 since 2007; Officer of all of
the registered investment
companies in the Gabelli/
GAMCO Funds Complex; Senior
Vice President of U.S. Trust
Company, N.A. and Treasurer
and Chief Financial of
Excelsior Funds from 2004-2005
DAVID I. SCHACHTER Vice President of the Fund since
Vice President Since 2007 2007; Vice President of other
Age: 56 registered investment companies
in the Gabelli/ GAMCO Funds
Complex; Vice President of
Gabelli & Company, Inc. since
1999
ADAM E. TOKAR Assistant Vice President of the
Assistant Vice Since 2007 Fund since 2007; Portfolio
President Administrator for GAMCO Asset
and Ombudsman Management, Inc. since 2003
Age: 30
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(1) Address: One Corporate Center, Rye, NY 10580-1422.
(2) The Fund's Board of Trustees is divided into three classes, each class
having a term of three years. Each year the term of office of one class
expires and the successor or successors elected to such class serve for a
three-year term.
(3) The "Fund Complex" or the "Gabelli/GAMCO Fund Complex" includes all the
registered funds that are considered part of the same fund complex as the
Fund because they have common or affiliated investment advisers.
(4) "Interested person" of the Fund, as defined in the 1940 Act. Mr. Gabelli is
considered to be an "interested person" of the Fund because of his
affiliation with the Fund's Adviser and Gabelli & Company, Inc., which
executes portfolio transactions for the Fund, and as a controlling
shareholder because of the level of his ownership of common shares of the
Fund.
(5) Trustees who are not considered to be "interested persons" of the Fund as
defined in the 1940 Act are considered to be "Independent" Trustees.
(6) Each officer will hold office for an indefinite term until the date he or
she resigns and retires or until his or her successor is elected and
qualified.
(7) Agnes Mullady is on a leave of absence for a limited period of time.
* Nominee to serve, if elected, until the Fund's 2013 Annual Meeting of
Shareholders or until his successor is duly elected and qualified.
** Term continues until the Fund's 2012 Annual Meeting of Shareholders and
until his successor is duly elected and qualified.
*** Term continues until the Fund's 2011 Annual Meeting of Shareholders and
until his successor is duly elected and qualified.
5
The Board believes that each Trustee's experience, qualifications,
attributes or skills on an individual basis and in combination with those of
other Trustees lead to the conclusion that each Trustee should serve in such
capacity. Among the attributes or skills common to all Trustees are their
ability to review critically and to evaluate, question and discuss information
provided to them, to interact effectively with the other Trustees, the Adviser,
the sub-administrator, other service providers, counsel and the Fund's
independent registered public accounting firm, and to exercise effective and
independent business judgment in the performance of their duties as Trustees.
Each Trustee's ability to perform his duties effectively has been attained in
large part through the Trustee's business, consulting or public service
positions and through experience from service as a member of the Board and one
or more of the other funds in the Gabelli/GAMCO Fund Complex, public companies,
or non-profit entities or other organizations as set forth above and below. Each
Trustee's ability to perform his duties effectively also has been enhanced by
his education, professional training and other life experiences.
THOMAS E. BRATTER. Dr. Bratter is the Director, Founder and President of
The John Dewey Academy, a residential college preparatory therapeutic high
school in Massachusetts. He is also a director of the International Center for
Study of Psychiatry and Psychology, Vice President of the Small Boarding Schools
Association and a Trustee of the Majorie Polikoff Estate. In addition to serving
on the boards of other funds in the Fund Complex, Dr. Bratter has been an active
investor in publicly traded equities for over 40 years. Dr. Bratter also serves
on the Advisory Board of the American Academy of Health Providers in Addictive
Disorders and sits on the editorial boards of six professional journals. Prior
to establishing and managing The John Dewey Academy, Dr. Bratter was in private
practice as a psychotherapist and taught psychology at Columbia University as an
adjunct faculty for over 20 years. Dr. Bratter also founded and sat on the
boards of six community based programs and authored numerous articles and books
concerning the treatment and education of adolescents with behavioral problems,
substance abuse problems, or learning difficulties. Dr. Bratter received his
Bachelor of Arts from Columbia College, his Master of Arts from Columbia
University and Master of Education and Doctor of Education from Columbia
University Teachers College.
ANTHONY J. COLAVITA, ESQ. Mr. Colavita is a practicing attorney with over
49 years of experience, including the area of business law. He is the Chair of
the Fund's Nominating Committee and is a member of the Fund's Audit Committee.
Mr. Colavita also serves on comparable or other board committees with respect to
other funds in the Fund Complex on whose boards he sits. Mr. Colavita also
serves as a Trustee of a charitable remainder unitrust. He formerly served as a
Commissioner of the New York State Thruway Authority and as a Commissioner of
the New York State Bridge Authority. He served for ten years as the elected
Supervisor of the Town of Eastchester, New York, responsible for ten annual
municipal budgets of approximately eight million dollars per year. Mr. Colavita
formerly served as Special Counsel to the New York State Assembly for five years
and as a Senior Attorney with the New York State Insurance Department. He was
also formerly Chairman of the Westchester County Republican Party and the New
York State Republican Party. Mr. Colavita received his Bachelor of Arts from
Fairfield University and his Juris Doctor from Fordham University School of Law.
JAMES P. CONN. Mr. Conn is the lead independent Trustee of the Fund, is a
member of the Fund's Proxy Voting Committee and also serves on comparable or
other board committees for other funds in the Fund Complex on whose boards he
sits. He was a senior business executive of an insurance holding company for
much of his career, including service as Chief Investment Officer, and has been
a director of several public companies in banking and other industries, for some
of which he was lead Director and/or Chair of various committees. Mr. Conn
received his Bachelor of Science in Business Administration from Santa Clara
University.
VINCENT D. ENRIGHT. Mr. Enright was a senior executive and Chief Financial
Officer ("CFO") of an energy public utility for a total of four years. In
accordance with his experience as a CFO, he is Chairman of the Fund's Audit
Committee. Mr. Enright is also Chairman of the Fund's Proxy Voting Committee, a
member of the Fund's Nominating and Pricing Committees, a member of both
multifund ad hoc Compensation Committees described below under
("Trustee-Leadership Structure and Oversight Responsibilities") and serves on
comparable or other board committees with respect to other funds in the Fund
Complex on whose boards he sits. Mr. Enright is also a Director of a therapeutic
and diagnostic company and serves as Chairman of its compensation committee and
as a member of its audit committee. He was also a Director of a pharmaceutical
company. Mr. Enright received his
6
Bachelor of Science from Fordham University and completed the Advanced
Management Program at Harvard University.
MARIO J. GABELLI. Mr. Gabelli is Chairman of the Board of Trustees and
Chief Investment Officer of the Fund. He also currently serves as Chairman of
the boards of other funds in the Fund Complex. Mr. Gabelli is presently Chairman
and Chief Executive Officer of GAMCO Investors, Inc. ("GAMCO"), a NYSE-listed
investment advisory firm. He is also the Chief Investment Officer of Value
Portfolios of Gabelli Funds, LLC, and GAMCO Asset Management, Inc., which are
each asset management subsidiaries of GAMCO. In addition, Mr. Gabelli is Chief
Executive Officer and a director and the controlling shareholder of GGCP, Inc.,
an investment holding company that holds a majority interest in GAMCO. Mr.
Gabelli also sits on the boards of other publicly traded companies and private
firms, and various charitable foundations and educational institutions,
including as a Trustee of Boston College and as a member of the Board of
Overseers of Columbia University School of Business. Mr. Gabelli received his
Bachelors degree from Fordham University and his Masters of Business
Administration from Columbia University School of Business.
ROBERT C. KOLODNY, M.D. Dr. Kolodny is Medical Director and Chairman of the
Board of the Behavioral Medicine Institute. He is a member of the Fund's Proxy
Voting Committee and sits on the board of another fund in the Fund Complex. In
addition to also being a Director of The John Dewey Academy, a residential
college prepatory therapeutic high school in Massachusetts, Dr. Kolodny has over
30 years of investment experience as managing member or managing general partner
of numerous investment partnerships. He is also the founder and managing member
of KBS Management, LLC, a New Hampshire registered investment adviser. Dr.
Kolodny previously served as Director for former funds in the Fund Complex (The
Treasurer's Fund and Ned Davis Research Allocation Fund), Lynch Corporation, a
publicly-traded company, and Tremont Partners, a private investment firm. Dr.
Kolodny is the author or co-author of numerous articles and books on medical and
psychological topics, and has lectured at numerous leading medical schools in
the U.S. He received a Bachelor of Arts from Columbia University and a Medical
Doctor degree from Washington University School of Medicine.
ANTHONIE C. VAN EKRIS. Mr. van Ekris has been the Chairman and Chief
Executive Officer of a global import/export company for 19 years. Mr. van Ekris
serves on the boards of other funds in the Fund Complex and is the Chairman of
one such fund's Nominating Committee and also is a member of the Proxy Voting
Committee of some funds in the Fund Complex. He has over 55 years of experience
as Chairman and/or Chief Executive Officer of public and private companies
involved in the international trading or commodity trading businesses and had
also served in both these capacities for nearly 20 years for a large public
jewelry chain. Mr. van Ekris was formerly a Director of an oil and gas
operations company and served on the boards of a number of public companies, and
served for more than 10 years on the Advisory Board of the Salvation Army of
Greater New York.
SALVATORE J. ZIZZA. Mr. Zizza is the Chairman of a consulting firm. Mr.
Zizza is also a member of the Fund's Audit, Nominating and Pricing Committees
and both multi-fund ad hoc Compensation Committees. In addition, he serves on
comparable or other board committees, including as lead independent director,
with respect to other funds in the Fund Complex on whose boards he sits. Besides
serving on the boards of many funds within the Fund Complex, he is currently a
director of two other public companies and has previously served on the boards
of several other public companies. He also previously served as the Chief
Executive of a large NYSE-listed construction company. Mr. Zizza received his
Bachelor of Arts and his Master of Business Administration from St. John's
University, which also has awarded him an Honorary Doctorate in Commercial
Sciences.
7
TRUSTEES -- LEADERSHIP STRUCTURE AND OVERSIGHT RESPONSIBILITIES
Overall responsibility for general oversight of the Fund rests with the
Board. The Board does not have a Chairman. The Board has appointed Mr. Conn as
the lead independent Trustee. The lead independent Trustee presides over
executive sessions of the Trustees and also serves between meetings of the Board
as a liaison with service providers, officers, counsel and other Trustees on a
wide variety of matters including scheduling agenda items for Board meetings.
Designation as such does not impose on the lead independent Trustee any
obligations or standards greater than or different from other Trustees. The
Board has established a Nominating Committee and an Audit Committee to assist
the Board in the oversight of the management and affairs of the Fund. The Board
also has an ad hoc Proxy Voting Committee that exercises beneficial ownership
responsibilities on behalf of the Fund in selected situations. From time to time
the Board establishes additional committees or informal working groups, such as
pricing committees related to securities offerings by the Fund, to deal with
specific matters or assigns one of its members to participate with Trustees or
directors of other funds in the Gabelli/GAMCO Fund Complex on special committees
or working groups that deal with complex-wide matters, such as the multi-fund ad
hoc Compensation Committee relating to compensation of the Chief Compliance
Officer for all the funds in the Fund Complex and a separate multi-fund ad hoc
Compensation Committee relating to certain officers of the closed-end funds in
the Fund Complex.
All of the Fund's Trustees other than Mr. Gabelli are independent Trustees,
and the Board believes they are able to provide effective oversight of the
Fund's service providers. In addition to providing feedback and direction during
Board meetings, the Trustees meet regularly in executive session and chair all
committees of the Board.
The Fund's operations entail a variety of risks including investment,
administration, valuation and a range of compliance matters. Although the
Adviser, the sub-administrator and the officers of the Fund are responsible for
managing these risks on a day-to-day basis within the framework of their
established risk management functions, the Board also addresses risk management
of the Fund through its meetings and those of the committees and working groups.
In particular, as part of its general oversight, the Board reviews with the
Adviser at Board meetings the levels and types of option risks being undertaken
by the Fund, and the Audit Committee discusses the Fund's risk management and
controls with the independent registered public accounting firm engaged by the
Fund. The Board reviews valuation policies and procedures and the valuations of
specific illiquid securities. The Board also receives periodic reports from the
Fund's Chief Compliance Officer regarding compliance matters relating to the
Fund and its major service providers, including results of the implementation
and testing of the Fund's and such providers' compliance programs. The Board's
oversight function is facilitated by management reporting processes that are
designed to provide visibility to the Board about the identification, assessment
and management of critical risks and the controls and policies and procedures
used to mitigate those risks. The Board reviews its role in supervising the
Fund's risk management from time to time and may make changes in its discretion
at any time. The Board has determined that its leadership structure is
appropriate for the Fund because it enables the Board to exercise informed and
independent judgment over matters under its purview, allocates responsibility
among committees in a manner that fosters effective oversight and allows the
Board to devote appropriate resources to specific issues in a flexible manner as
they arise. The Board periodically reviews its leadership structure as well as
its overall structure, composition and functioning and may make changes in its
discretion at any time.
8
BENEFICIAL OWNERSHIP OF SHARES HELD IN THE FUND AND THE FAMILY OF INVESTMENT
COMPANIES FOR EACH TRUSTEE AND NOMINEE FOR ELECTION AS TRUSTEE
Set forth in the table below is the dollar range of equity securities in
the Fund beneficially owned by each Trustee and nominee for election as Trustee
and the aggregate dollar range of equity securities in the Fund Complex
beneficially owned by each Trustee and nominee for election as Trustee.
DOLLAR RANGE OF AGGREGATE DOLLAR RANGE OF
EQUITY SECURITIES EQUITY SECURITIES HELD IN THE
HELD IN THE FAMILY OF INVESTMENT
NAME OF TRUSTEE/NOMINEE FUND*(1) COMPANIES*(1)(2)
----------------------- ----------------- -----------------------------
INTERESTED TRUSTEE:
Mario J. Gabelli E E
INDEPENDENT TRUSTEES/NOMINEES:
Thomas E. Bratter C E
Anthony J. Colavita** C E
James P. Conn E E
Vincent D. Enright A E
Robert C. Kolodny C E
Anthonie C. van Ekris** C E
Salvatore J. Zizza B E
----------
* Key to Dollar Ranges
A. None
B. $1-$10,000
C. $10,001-$50,000
D. $50,001-$100,000
E. Over $100,000
All shares were valued as of December 31, 2009.
** Messrs. Colavita and van Ekris each beneficially own less than 1% of the
common stock of The LGL Group, Inc., having a value of $4,389 and $5,264,
respectively, as of December 31, 2009. Mr. van Ekris beneficially owns less
than 1% of the common stock of LICT Corp. having a value of $72,000 as of
December 31, 2009. The LGL Group, Inc. and LICT Corp. may be deemed to be
controlled by Mario J. Gabelli and in that event would be deemed to be
under common control with the Fund's Adviser.
(1) This information has been furnished by each Trustee and nominee for
election as Trustee as of December 31, 2009. "Beneficial Ownership" is
determined in accordance with Rule 16a-1(a)(2) of the Securities Exchange
Act of 1934, as amended (the "1934 Act").
(2) The term "Family of Investment Companies" includes two or more, registered
funds that share the same investment adviser or principal underwriter and
hold themselves out to investors as related companies for purposes of
investment and investor services. Currently the registered funds that
comprise the "Fund Complex" are identical to those that comprise the
"Family of Investment Companies."
9
Set forth in the table below is the amount of shares beneficially owned by
each Trustee, nominee for election as Trustee, and executive officer of the
Fund.
AMOUNT AND NATURE OF PERCENT OF SHARES
NAME OF TRUSTEE/NOMINEE/OFFICER BENEFICIAL OWNERSHIP (1) OUTSTANDING (2)
------------------------------- ------------------------ -----------------
INTERESTED TRUSTEE:
Mario J. Gabelli 86,047(3) 1.0%
INDEPENDENT TRUSTEES/NOMINEES:
Thomas E. Bratter 1,557
Anthony J. Colavita 2,233(4) *
James P. Conn 22,327
Vincent D. Enright 0 *
Robert C. Kolodny 2,298(5) *
Anthonie C. van Ekris 3,000
Salvatore J. Zizza 544 *
OFFICER(S):
Bruce N. Alpert 39 *
Agnes Mullady 0 *
----------
(1) This information has been furnished by each Trustee, including each nominee
for election as Trustee, and executive officer as of December 31, 2009.
"Beneficial Ownership" is determined in accordance with Rule 16a-l(a)(2) of
the 1934 Act.
(2) An asterisk indicates that the ownership amount constitutes less than 1% of
the total shares outstanding. The Trustees, including nominees for
election as Trustee, and executive officers ownership as a group
constitutes [__]% of the total Common shares outstanding.
(3) Includes 47,398 Common shares owned directly by Mr. Gabelli and 38,649
Common shares owned by GAMCO Investors, Inc. or its affiliates. Mr. Gabelli
disclaims beneficial ownership of the shares held by the discretionary
accounts and by the entities named except to the extent of his interest in
such entities.
(4) All 2,233 Common shares are owned by Mr. Colavita's spouse for which he
disclaims beneficial ownership.
(5) Includes 97 Common shares owned by Dr. Kolodny's daughters for which he
disclaims beneficial ownership.
The Fund pays each Trustee who is not affiliated with the Adviser or its
affiliates a fee of $3,000 per year plus $1,000 per Board meeting attended and
$500 per standing committee meeting attended, together with the Trustee's actual
out-of-pocket expenses relating to his attendance at such meetings. In addition,
the lead independent Director receives an annual fee of $1,000, the Audit
Committee Chairman receives an annual fee of $3,000 and the Nominating Committee
Chairman receives an annual fee of $2,000. A Trustee may receive a single
meeting fee, allocated among the participating funds, for participation in
certain meetings on behalf of multiple funds. The aggregate remuneration (not
including out-of-pocket expenses) paid by the Fund to such Trustees during the
period ended December 31, 2009 amounted to $60,125. During the period ended
December 31, 2009, the Trustees of the Fund met four times. [All but one Trustee
then serving in such capacity attended at least 75% of the meetings of Trustees
and of any Committee of which he is a member.]
THE AUDIT COMMITTEE AND AUDIT COMMITTEE REPORT
The role of the Fund's Audit Committee (the "Audit Committee") is to assist
the Board of Trustees in its oversight of (i) the quality and integrity of the
Fund's financial statement reporting process and the independent audit and
reviews thereof; (ii) the Fund's accounting and financial reporting policies and
practices, its internal controls, and, as appropriate, the internal controls of
certain of its service providers; (iii) the Fund's compliance with legal and
regulatory requirements; and (iv) the independent registered public accounting
firm's qualifications, independence, and performance. The Audit Committee also
is required to prepare an audit committee report pursuant to the rules of the
Securities and Exchange Commission (the "SEC") for inclusion in the Fund's
annual proxy statement. The Audit Committee operates pursuant to the Audit
Committee Charter (the "Audit Charter") that was most recently reviewed and
approved by the Board of Trustees on February 24, 2010. The Audit Charter is
available on the Fund's website at
www.gabelli.com/corporate/closed/corp_gov.html.
10
Pursuant to the Audit Charter, the Audit Committee is responsible for
conferring with the Fund's independent registered public accounting firm,
reviewing annual financial statements, approving the selection of the Fund's
independent registered public accounting firm, and overseeing the Fund's
internal controls. The Audit Charter also contains provisions relating to the
pre-approval by the Audit Committee of audit and non-audit services to be
provided by PricewaterhouseCoopers LLP ("PricewaterhouseCoopers") to the Fund
and to the Adviser and certain of its affiliates. The Audit Committee advises
the full Board with respect to accounting, auditing, and financial matters
affecting the Fund. As set forth in the Audit Charter, management is responsible
for maintaining appropriate systems for accounting and internal control, and the
Fund's independent registered public accounting firm is responsible for planning
and carrying out proper audits and reviews. The independent registered public
accounting firm is ultimately accountable to the Board of Trustees and to the
Audit Committee, as representatives of shareholders. The independent registered
public accounting firm for the Fund reports directly to the Audit Committee.
In performing its oversight function, at a meeting held on February 23,
2010, the Audit Committee reviewed and discussed with management of the Fund and
PricewaterhouseCoopers the audited financial statements of the Fund as of and
for the period ended December 31, 2009, and discussed the audit of such
financial statements with the independent registered public accounting firm.
In addition, the Audit Committee discussed with the independent registered
public accounting firm the accounting principles applied by the Fund and such
other matters brought to the attention of the Audit Committee by the independent
registered public accounting firm as required by Statement of Auditing Standards
No. 61, as amended (AICPA, Professional Standards, Vol. 1 AU Section 380), as
adopted by the Public Company Accounting Oversight Board (United States)
("PCAOB") in Rule 3200T. The Audit Committee also received from the independent
registered public accounting firm the written disclosures and statements
required by the SEC's independence rules, delineating relationships between the
independent registered public accounting firm and the Fund, and discussed the
impact that any such relationships might have on the objectivity and
independence of the independent registered public accounting firm.
As set forth above, and as more fully set forth in the Audit Charter, the
Audit Committee has significant duties and powers in its oversight role with
respect to the Fund's financial reporting procedures, internal control systems,
and the independent audit process.
The members of the Audit Committee are not, and do not represent themselves
to be, professionally engaged in the practice of auditing or accounting and are
not employed by the Fund for accounting, financial management, or internal
control purposes. Moreover, the Audit Committee relies on and makes no
independent verification of the facts presented to it or representations made by
management or the Fund's independent registered public accounting firm.
Accordingly, the Audit Committee's oversight does not provide an independent
basis to determine that management has maintained appropriate accounting and/or
financial reporting principles and policies, or internal controls and
procedures, designed to assure compliance with accounting standards and
applicable laws and regulations. Furthermore, the Audit Committee's
considerations and discussions referred to above do not provide assurance that
the audit of the Fund's financial statements has been carried out in accordance
with the standards of the PCAOB or that the financial statements are presented
in accordance with generally accepted accounting principles (United States).
Based on its consideration of the audited financial statements and the
discussions referred to above with management and the Fund's independent
registered public accounting firm, and subject to the limitations on the
responsibilities and role of the Audit Committee set forth in the Audit Charter
and those discussed above, the Audit Committee recommended to the Fund's Board
of Trustees that the Fund's audited financial statements be included in the
Fund's Annual Report for the period ended December 31, 2009.
11
SUBMITTED BY THE AUDIT COMMITTEE OF THE FUND'S BOARD OF TRUSTEES
Vincent D. Enright, Chairman
Anthony J. Colavita
Salvatore J. Zizza
February 24, 2010
The Audit Committee met twice during the period ended December 31, 2009.
The Audit Committee is composed of three of the Fund's Independent Trustees,
namely Messrs. Colavita, Enright, and Zizza. Each member of the Audit Committee
has been determined by the Board of Trustees to be financially literate.
NOMINATING COMMITTEE
The Board of Trustees has a Nominating Committee composed of three
Independent Trustees, namely Messrs. Colavita (Chairman), Enright, and Zizza.
The Nominating Committee met once during the period ended December 31, 2009. The
Nominating Committee is responsible for identifying and recommending qualified
candidates to the Board in the event that a position is vacated or created. The
Nominating Committee will consider recommendations by shareholders if a vacancy
were to exist. In considering candidates submitted by shareholders, the
Nominating Committee will take into consideration the needs of the Board, the
qualifications of the candidate, and the interests of shareholders. The
Nominating Committee may also take into consideration the number of shares held
by the recommending shareholder and the length of time that such shares have
been held. To recommend a candidate for consideration by the Nominating
Committee, a shareholder must submit the recommendation in writing and must
include the following information:
- The name of the shareholder and evidence of the shareholder's
ownership of shares of the Fund, including the number of shares owned
and the length of time of ownership;
- The name of the candidate, the candidate's resume or a listing of his
or her qualifications to be a Trustee of the Fund, and the person's
consent to be named as a Trustee if selected by the Nominating
Committee and nominated by the Board of Trustees; and
- If requested by the Nominating Committee, a completed and signed
trustees' questionnaire.
The shareholder recommendation and information described above must be sent
to the Fund's Secretary, c/o Gabelli Funds, LLC, at One Corporate Center, Rye,
NY 10580-1422, and must be received by the Secretary no less than 120 days prior
to the anniversary date of the proxy statement for the Fund's most recent annual
meeting of shareholders or, if the meeting has moved by more than 30 days, a
reasonable amount of time before the meeting.
The Nominating Committee believes that the minimum qualifications for
serving as a Trustee of the Fund are that the individual demonstrate, by
significant accomplishment in his or her field, an ability to make a meaningful
contribution to the Board of Trustees' oversight of the business and affairs of
the Fund and have an impeccable record and reputation for honest and ethical
conduct in both his or her professional and personal activities. In addition,
the Nominating Committee examines a candidate's specific experiences and skills,
time availability in light of other commitments, potential conflicts of
interest, and independence from management and the Fund.
The Nominating Committee considers the overall composition of the Board,
bearing in mind the benefits that may be derived from having members who have a
variety of experiences, qualifications, attributes or skills useful in
overseeing a publicly-traded, highly-regulated entity such as the Fund. The
Fund's governing documents state that a nominee for Trustee shall be at least 21
years of age and not older than such age, if any, as the Trustees may determine
and shall not be under legal disability. The Trustees have not determined a
maximum age. The Nominating Committee does not have a formal policy regarding
the consideration of diversity in identifying trustee candidates. For a
discussion of experiences, qualifications, attributes or skills supporting the
appropriateness of each Trustee's service on the Fund's Board, see the
biographical information of the Trustees above in the section entitled
"Information about Trustees and Officers."
12
The Board of Trustees adopted a Nominating Committee charter on February
22, 2007. The charter is available on the Fund's website at
www.gabelli.com/corporate/closed/corp_gov.html.
OTHER BOARD-RELATED MATTERS
The Board of Trustees has established the following procedures in order to
facilitate communications between the Board and the shareholders of the Fund and
other interested parties.
RECEIPT OF COMMUNICATIONS
Shareholders and other interested parties may contact the Board or any
member of the Board by mail or electronically. To communicate with the Board or
any member of the Board, correspondence should be addressed to the Board or the
Board member(s) with whom you wish to communicate by either name or title. All
such correspondence should be sent c/o the Fund at Gabelli Funds, LLC, One
Corporate Center, Rye, NY 10580-1422. To communicate with the Board
electronically, shareholders may go to the corporate website at www.gabelli.com
under the heading "Our Firm/Contact Us/Email addresses/Board of Directors
(Gabelli Closed-End Funds)."
FORWARDING THE COMMUNICATIONS
All communications received will be opened by the office of the General
Counsel of the Adviser for the sole purpose of determining whether the contents
represent a message to one or more Trustees. The office of the General Counsel
will forward promptly to the addressee(s) any contents that relate to the Fund
and that are not in the nature of advertising, promotions of a product or
service, or patently offensive or otherwise objectionable material. In the case
of communications to the Board of Trustees or any committee or group of members
of the Board, the General Counsel's office will make sufficient copies of the
contents to send to each Trustee who is a member of the group or committee to
which the envelope or e-mail is addressed.
The Fund does not expect Trustees or nominees for election as Trustee to
attend the Annual Meeting of Shareholders. Mr. Gabelli attended the Fund's
Annual Meeting of Shareholders held on May 18, 2009.
The following table sets forth certain information regarding the
compensation of the Trustees by the Fund and executive officers, if any, who
were compensted by the Fund rather than the Adviser for the year ended December
31, 2009.
13
COMPENSATION TABLE
FOR THE PERIOD ENDED DECEMBER 31, 2009
AGGREGATE COMPENSATION FROM
AGGREGATE COMPENSATION THE FUND AND FUND COMPLEX
NAME OF PERSON AND POSITION FROM THE FUND PAID TO TRUSTEES*
--------------------------- ---------------------- ---------------------------
INTERESTED TRUSTEE:
MARIO J. GABELLI $ 0 $ 0 (26)
Chairman of the Board
and Chief Investment
Officer
INDEPENDENT TRUSTEES/NOMINEES:
THOMAS E. BRATTER $ 7,000 $ 41,000 (4)
Trustee
ANTHONY J. COLAVITA $10,500 $263,438 (35)
Trustee
JAMES P. CONN $ 8,000 $132,000 (17)
Trustee
VINCENT D. ENRIGHT $11,625 $129,438 (15)
Trustee
ROBERT C. KOLODNY $ 7,500 $ 13,000 (2)
Trustee
ANTHONIE C. VAN EKRIS $ 7,000 $121,500 (19)
Trustee
SALVATORE J. ZIZZA $ 8,500 $199,500 (27)
Trustee
----------
* Represents the total compensation paid to such persons during the period
ended December 31, 2009 by investment companies (including the Fund) or
portfolios thereof from which such person receives compensation that are
considered part of the same fund complex as the Fund because they have
common or affiliated investment advisers. The number in parentheses
represents the number of such investment companies and portfolios.
REQUIRED VOTE
The election of each of the listed nominees for Trustee of the Fund
requires the affirmative vote of the holders of a plurality of the Shares of the
Fund represented at the Meeting if a quorum is present.
THE BOARD OF TRUSTEES, INCLUDING THE "INDEPENDENT" TRUSTEE, UNANIMOUSLY
RECOMMENDS THAT THE SHAREHOLDERS VOTE "FOR" THE ELECTION OF EACH NOMINEE.
ADDITIONAL INFORMATION
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
PricewaterhouseCoopers, 300 Madison Avenue, New York, NY 10017, has been
selected to serve as the Fund's independent registered public accounting firm
for the fiscal year ending December 31, 2010. PricewaterhouseCoopers acted as
the Fund's independent registered public accounting firm for the period ended
December 31, 2009. The Fund knows of no direct financial or material indirect
financial interest of PricewaterhouseCoopers in the Fund. A representative of
PricewaterhouseCoopers will not be present at the Meeting, but will be available
by telephone and will have an opportunity to make a statement, if asked, and
will be available to respond to appropriate questions.
14
Set forth in the table below are audit fees and non-audit related fees
billed to the Fund by PricewaterhouseCoopers for professional services received
during and for the period ended December 31, 2008 and 2009, respectively.
PERIOD ENDED AUDIT-RELATED ALL
DECEMBER 31 AUDIT FEES FEES TAX FEES* OTHER FEES
------------ ---------- ------------- --------- ----------
2008 $31,900 -- $3,250 --
2009 $30,400 -- $3,250 --
* "Tax Fees" are those fees billed by PricewaterhouseCoopers in connection
with tax compliance services, including primarily the review of the Fund's
income tax returns.
The Fund's Audit Charter requires that the Audit Committee pre-approve all
audit and non-audit services to be provided by the independent registered public
accounting firm to the Fund, and all non-audit services to be provided by the
independent registered public accounting firm to the Fund's Adviser and service
providers controlling, controlled by, or under common control with the Fund's
Adviser ("affiliates") that provide on-going services to the Fund (a "Covered
Services Provider"), if the engagement relates directly to the operations and
financial reporting of the Fund. The Audit Committee may delegate its
responsibility to pre-approve any such audit and permissible non-audit services
to the Chairman of the Audit Committee, and the Chairman must report his
decision(s) to the Audit Committee, at its next regularly scheduled meeting
after the Chairman's pre-approval of such services. The Audit Committee may also
establish detailed pre-approval policies and procedures for pre-approval of such
services in accordance with applicable laws, including the delegation of some or
all of the Audit Committee's pre-approval responsibilities to other persons
(other than the Adviser or the Fund's officers). Pre-approval by the Audit
Committee of any permissible non-audit services is not required so long as: (i)
the aggregate amount of all such permissible non-audit services provided to the
Fund, the Adviser, and any Covered Services Provider constitutes not more than
5% of the total amount of revenues paid by the Fund to its independent
registered public accounting firm during the year in which the permissible
non-audit services are provided; (ii) the permissible non-audit services were
not recognized by the Fund at the time of the engagement to be non-audit
services; and (iii) such services are promptly brought to the attention of the
Audit Committee and approved by the Audit Committee or the Chairman prior to the
completion of the audit. All of the audit, audit-related, and tax services
described above for which PricewaterhouseCoopers billed the Fund fees for the
period ended December 31, 2008 and December 31, 2009 were pre-approved by the
Audit Committee.
For the periods ended December 31, 2008 and 2009, PricewaterhouseCoopers
has represented to the Fund that it did not provide any non-audit services (or
bill any fees for such services) to the Adviser or any affiliates thereof that
provide services to the Fund.
THE INVESTMENT ADVISER AND ADMINISTRATOR
Gabelli Funds, LLC is the Fund's Adviser and Administrator and its business
address is One Corporate Center, Rye, New York 10580-1422.
SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE
Section 16(a) of the 1934 Act and Section 30(h) of the 1940 Act, and the
rules thereunder, require the Fund's executive officers and Trustees, executive
officers and directors of the Adviser, certain other affiliated persons of the
Adviser, and persons who own more than 10% of a registered class of the Fund's
securities to file reports of ownership and changes in ownership with the SEC
and the NYSE Amex LLC and to furnish the Fund with copies of all Section 16(a)
forms they file. Based solely on the Fund's review of the copies of such forms
it received for the period ended December 31, 2009, the Fund believes that
during that year such persons complied with all such applicable filing
requirements.
15
BROKER NON-VOTES AND ABSTENTIONS
For purposes of determining the presence of a quorum for transacting
business at the Meeting, abstentions and broker "non-votes" (that is, proxies
from brokers or nominees indicating that such persons have not received
instructions from the beneficial owner or other persons entitled to vote shares
on a particular matter with respect to which the brokers or nominees do not have
discretionary power) will be treated as shares that are present but that have
not been voted. Accordingly, shareholders are urged to forward their voting
instructions promptly.
The affirmative vote of a plurality of votes cast for each nominee by the
shareholders entitled to vote for a particular nominee is necessary for the
election of a Trustee. Abstentions or broker non-votes will not be counted as
votes cast and will have no effect on the result of the vote. Abstentions or
broker non-votes, however, will be considered to be present at the Meeting for
purposes of determining the existence of a quorum.
Shareholders of the Fund will be informed of the voting results of the
Meeting in the Fund's Semi-Annual Report for the six months ended June 30, 2010.
"HOUSEHOLDING"
Please note that only one annual or semi-annual report or Proxy Statement
or Notice of Internet Availability of Proxy Materials may be delivered to two or
more shareholders of the Fund who share an address, unless the Fund has received
instructions to the contrary. To request a separate copy of an annual report or
semi-annual report or this Proxy Statement or Notice of Internet Availability of
Proxy Materials, or for instructions regarding how to request a separate copy of
these documents or regarding how to request a single copy if multiple copies of
these documents are received, shareholders should contact the Fund at the
address and phone number set forth above.
OTHER MATTERS TO COME BEFORE THE MEETING
The Trustees of the Fund do not intend to present any other business at the
Meeting, nor are they aware that any shareholder intends to do so. If, however,
any other matters, including adjournments, are properly brought before the
Meeting, the persons named in the accompanying proxy will vote thereon in
accordance with their judgment.
SHAREHOLDER PROPOSALS
All proposals by shareholders of the Fund which are intended to be
presented at the Fund's next Annual Meeting of Shareholders to be held in 2011
(the "2011 Annual Meeting") must be received by the Fund for consideration for
inclusion in the Fund's proxy statement and proxy relating to that meeting no
later than December 8, 2010. There are additional requirements regarding
proposals of shareholders, and a shareholder contemplating submission of a
proposal for inclusion in the Fund's proxy materials is referred to Rule 14a-8
under the 1934 Act.
The Fund's By-Laws require shareholders that wish to nominate Trustees or
make proposals to be voted on at an Annual Meeting of the Fund's Shareholders
(and which are not proposed to be included in the Fund's proxy materials
pursuant to Rule 14a-8 under the 1934 Act) to provide timely notice of the
nomination or proposal in writing. To be considered timely for the 2011 Annual
Meeting, any such notice must be delivered to or mailed and received at the
principal executive offices of the Fund at the address set forth on the first
page of this proxy statement no earlier than 9:00 a.m. Eastern time on December
8, 2010 and no later than 5:00 p.m. Eastern time on January 7, 2011; provided,
however, that if the 2011 Annual Meeting is to be held on a date that is earlier
than April 22, 2011 or later than June 11, 2011, such notice must be delivered
to or received by the Fund no later than 5:00 p.m. Eastern time on the tenth day
following the date on which public announcement of the date of the 2011 Annual
Meeting was first made. Any such notice by a shareholder shall set forth the
information required by the Fund's By-Laws with respect to each nomination or
matter the shareholder proposes to bring before the 2011 Annual Meeting.
16
IT IS IMPORTANT THAT PROXIES BE RETURNED PROMPTLY.
SHAREHOLDERS MAY PROVIDE THEIR VOTE BY TELEPHONE OR THE INTERNET BY
FOLLOWING THE INSTRUCTIONS ACCOMPANYING THE PROXY CARD OR SET FORTH IN THE
NOTICE OF INTERNET AVAILABILITY OF PROXY MATERIALS.
April 7, 2010
17
GRX-PS-2010
GABELLI FUNDS THE GABELLI HEALTHCARE & WELLNESS(RX) TRUST
COMMON SHARES
Proxy Card for Annual Meeting of Shareholders - May 17, 2010
THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES
The undersigned hereby appoints Mario J. Gabelli, Peter D. Goldstein and Bruce N. Alpert, and each of them, attorneys and proxies of
the undersigned, with full powers of substitution and revocation, to represent the undersigned and to vote on behalf of the
undersigned all shares of The Gabelli Healthcare & Wellness(Rx) Trust (the "Fund") which the undersigned is entitled to vote at the
Annual Meeting of Shareholders of the Fund to be held at The Cole Auditorium, The Greenwich Library, 101 West Putnam Avenue,
Greenwich, Connecticut 06830 on Monday, May 17, 2010, at 8:00 a.m., and at any adjournments thereof. The undersigned hereby
acknowledges receipt of the Notice of Meeting and Proxy Statement and hereby instructs said attorneys and proxies to vote said
shares as indicated herein. In their discretion, the proxies are authorized to vote upon such other business as may properly come
before the Meeting.
A majority of the proxies present and acting at the Meeting in person or by substitute (or, if only one shall be so present, then
that one) shall have and may exercise all of the power and authority of said proxies hereunder. The undersigned hereby revokes any
proxy previously given.
----------------------------------------------------------------------- This proxy, if properly executed, will be voted in the
| | manner directed by the undersigned shareholder. If no
| Registration dynamically printed here | direction is made, this proxy will be voted FOR the
| | election of the Nominees as Trustee and in the discretion
| (for formatting the top of this window should hit lateral line 2.7) | of the proxy holder as to any other matter that may
| | properly come before the Meeting. Please refer to the
| | Proxy Statement for a discussion of Proposal No. 1.
| |
| |
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PLEASE FOLD HERE AND RETURN ENTIRE BALLOT - DO NOT DETACH
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(GRAPHIC)
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| |
| BY INTERNET |
| |
| To vote on the Internet, go to www.proxyonline.com and enter the 12-digit control |
| number found on the reverse side of this Proxy Card. Follow the instructions provided. |
| |
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(GRAPHIC)
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| |
| BY TELEPHONE |
| |
| To vote by telephone, call toll free 866-458-9863 and enter the 12-digit control |
| number found on the reverse side of this Proxy Card. Follow the instructions provided. |
| This touch-tone voting service is available 24 hours a day, seven days a week. |
| |
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(GRAPHIC)
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| |
| BY MAIL |
| |
| To vote by mail, mark the appropriate voting box on the reverse side of this Proxy |
| Card, sign and date the Proxy Card and return it in the enclosed postage-paid envelope |
| or mail to: GABELLI FUNDS, P.O. BOX 6500, CARLSTADT, NJ 07072. |
| |
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PLEASE VOTE, SIGN AND DATE ON THE REVERSE SIDE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.
THE GABELLI HEALTHCARE & WELLNESS(RX) TRUST
CONTROL NUMBER
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| |
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PLEASE CAST YOUR VOTE PROMPTLY. EVERY SHAREHOLDER'S VOTE IS IMPORTANT.
The Proxy Card must be SIGNED AND DATED for your instructions to be counted and will be voted in the manner indicated, or if no
instruction has been indicated below, a vote will be cast FOR each nominee. Please vote, sign and date below and return your Proxy
Card promptly in the enclosed envelope.
PLEASE MARK THE BOXES BELOW IN BLUE OR BLACK INK.
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| TO VOTE FOR ALL NOMINEES IN THE SAME MANNER, PLEASE USE THE BOXES BELOW. |
| |
| FOR ALL WITHHOLD ALL |
| |
| The Board of Trustees recommends a vote FOR [ ] [ ] |
| each Nominee. |
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To vote for each nominee INDIVIDUALLY, please use these boxes.
NOMINEES FOR WITHHOLD
THOMAS E. BRATTER [ ] [ ]
JAMES P. CONN [ ] [ ]
Please be sure to sign and date this Proxy Card. Please sign exactly as your name(s)
appear(s) on this Proxy Card. When shares are held by joint tenants, both should sign.
When signing as attorney, executor, administrator, trustee, or guardian, please give full
title as such. If a corporation, please sign in full corporate name by an authorized
officer. If a partnership, please sign in partnership name by an authorized person.
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Shareholder sign here
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Joint owner sign here
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Date:
(BARCODE HERE) (TAGID HERE) (CUSIP HERE)
(BAR CODE) IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS
FOR THE SHAREHOLDER MEETING TO BE HELD ON 05/17/10 FOR THE
THE GABELLI HEALTHCARE ANNUAL MEETING TO BE HELD ON 05/17/10 GABELLI HEALTHCARE & WELLNESS RX TR THE FOLLOWING MATERIAL IS
& WELLNESS RX TR AT 08:00 A.M. EDT AVAILABLE AT WWW.PROXYVOTE.COM **A**
FOR HOLDERS AS OF 03/15/10 * ISSUER CONFIRMATION COPY - INFO ONLY * -PROXY STATEMENT
|-----------------------------------------------| 2 -I -S
12 1-0001 | THIS FORM IS PROVIDED FOR INFORMATIONAL |
| PURPOSES ONLY. PLEASE DO NOT USE IT FOR | FOR ALL NOMINEES
| VOTING PURPOSES. |
|-----------------------------------------------| 1 WITHHOLD ALL NOMINEES
36246K103 WITHHOLD AUTHORITY TO VOTE FOR
ANY INDIVIDUAL NOMINEE. WRITE
DIRECTORS RECOMMEND: A VOTE FOR ELECTION OF THE 0010200 NUMBER(S) OF NOMINEE(S) BELOW.
FOLLOWING NOMINEES
1 - 01-THOMAS E. BRATTER, 02-JAMES P. CONN -------------------------- (BAR CODE)
DO NOT USE X
*NOTE* SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE
MEETING OR ANY ADJOURNMENT THEREOF DO NOT USE 1
DO NOT USE
36246K103
DO NOT USE
DO NOT USE Z52467
PLACE "X" HERE IF YOU PLAN TO ATTEND [ ]
DO NOT USE AND VOTE YOUR SHARES AT THE MEETING
DO NOT USE (BROADRIDGE(TM) LOGO)
DO NOT USE 12 (BAR CODE)
DO NOT USE
51 MERCEDES WAY
EDGEWOOD NY 11717
DO NOT USE
DO NOT USE 12
DO NOT USE (GRAPHIC)
GABELLI FUNDS
|----------------------| DO NOT USE ATTN: JOE EGAN
| MATERIALS ELECTION | ONE CORPORATE CENTER
|----------------------| DO NOT USE RYE, NY
105801334
AS OF JULY 1, 2007, SEC RULES PERMIT COMPANIES TO SEND --->>> (GRAPHIC)
YOU A NOTICE INDICATING THAT THEIR PROXY MATERIALS ARE
AVAILABLE ON THE INTERNET AND HOW YOU CAN REQUEST A MAILED
COPY. CHECK THE BOX TO THE RIGHT IF YOU WANT TO RECEIVE
FUTURE PROXY MATERIALS BY MAIL AT NO COST TO YOU. EVEN IF
YOU DO NOT CHECK THE BOX, YOU WILL STILL HAVE THE RIGHT TO
REQUEST A FREE SET OF PROXY MATERIALS UPON RECEIPT OF A
NOTICE.
VIF11H