UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

The Gabelli Healthcare & Wellness^Rx Trust

(Exact name of registrant as specified in charter)

One Corporate Center
Rye, New York 10580-1422

Bruce N. Alpert
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: June 30, 2010

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR 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 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.		Reports to Stockholders.

The Report to Shareholders is attached herewith.

The Gabelli Healthcare & Wellness^Rx Trust

Semi-Annual Report – June 30, 2010

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

To Our Shareholders,

     The Gabelli Healthcare & Wellness^Rx Trust’s (the “Fund”) net asset value (“NAV”) total return was (4.3)% during the semi-annual period ended June 30, 2010, compared with total returns of (8.8)% and (2.8)% for the Standard & Poor’s (“S&P”) 500 Health Care Index and the S&P 500 Consumer Staples Index, respectively. The total return for the Fund’s publicly traded shares was (7.8)% during the first half of the year. For the one year period ended June 30, 2010, the Fund’s NAV total return was 12.8% and the total return for the Fund’s publicly traded shares was 21.9%, compared with total returns of 9.0% and 13.7% for the S&P 500 Health Care Index and the S&P 500 Consumer Staples Index, respectively. On June 30, 2010, the Fund’s NAV per share was $7.43, while the price of the publicly traded shares closed at $6.18 on the New York Stock Exchange (“NYSE”).

     Enclosed are the financial statements and the investment portfolio as of June 30, 2010.

Comparative Results

Average Annual Returns through June 30, 2010 (a) (Unaudited)

																		Since
						Year to												Inception
		Quarter				Date				1 Year				2 Year				(06/28/07)
Gabelli Healthcare & WellnessRx Trust
NAV Total Return (b)			(8.95	)%			(4.25	)%			12.75	%			1.79	%			(1.96	)%
Investment Total Return (c)			(11.71	)			(7.76	)			21.89				0.26				(7.70	)
S&P 500 Index			(11.41	)			(6.64	)			14.43				(8.10	)			(9.84	)(d)
S&P 500 Health Care Index			(11.79	)			(8.79	)			8.99				(1.80	)			(5.35	)
S&P 500 Consumer Staples Index			(8.14	)			(2.79	)			13.69				1.01				0.89

THE GABELLI HEALTHCARE & WELLNESS^Rx TRUST
Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of total investments as of June 30, 2010:

Food			30.7	%
Health Care Equipment and Supplies			24.4	%
Pharmaceuticals			12.1	%
Health Care Providers and Services			10.6	%
Food and Staples Retailing			7.3	%
Beverages			6.2	%
U.S. Government Obligations			3.5	%
Biotechnology			2.9	%
Computer Software and Services			1.6	%
Consumer Services and Supplies			0.7	%
			100.0	%

     The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on Form N-Q, the last of which was filed for the quarter ended March 31, 2010. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at 800-GABELLI (800-422-3554). The Fund’s Form N-Q is available on the SEC’s website at www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Proxy Voting

     The Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30th, no later than August 31st of each year. A description of the Fund’s proxy voting policies, procedures, and how the Fund voted proxies relating to portfolio securities is available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC’s website at www.sec.gov.

Shareholder Meeting – May 17, 2010 – Final Results

     The Fund’s Annual Meeting of Shareholders was held on May 17, 2010 at the Greenwich Library in Greenwich, Connecticut. At that meeting, common shareholders elected Thomas E. Bratter and James P. Conn as Trustees of the Fund. A total of 6,756,805 votes and 6,749,209 votes were cast in favor of each Trustee and a total of 158,987 votes and 166,583 votes were withheld for each Trustee, respectively.

     Anthony J. Colavita, Vincent D. Enright, Mario J. Gabelli, Robert C. Kolodny, Anthonie C. van Ekris, and Salvatore J. Zizza continue to serve in their capacities as Trustees of the Fund.

     We thank you for your participation and appreciate your continued support.

THE GABELLI HEALTHCARE & WELLNESS^Rx TRUST
SCHEDULE OF INVESTMENTS
June 30, 2010 (Unaudited)

										Market
Shares						Cost				Value
				COMMON STOCKS — 96.4%
				Beverages — 6.2%
	30,000			Dr. Pepper Snapple Group Inc.		$	738,970			$	1,121,700
	12,000			Hansen Natural Corp.†			412,587				469,320
	46,000			ITO EN Ltd.			888,494				707,572
	15,000			Morinaga Milk Industry Co. Ltd.			48,287				58,531
	60,000			Parmalat SpA			170,079				140,432
	5,846			PepsiCo Inc.			363,912				356,314
	18,000			The Coca-Cola Co.			951,241				902,160
	300,000			Vitasoy International Holdings Ltd.			155,728				229,616
							3,729,298				3,985,645
				Biotechnology — 2.9%
	11,500			Biogen Idec Inc.†			539,116				545,675
	55,000			BioSphere Medical Inc.†			235,625				237,600
	7,000			Cephalon Inc.†			492,219				397,250
	14,000			Crucell NV, ADR†			267,022				256,480
	12,000			Gilead Sciences Inc.†			529,622				411,360
							2,063,604				1,848,365
				Computer Software and Services — 1.6%
	14,000			CyberSource Corp.†			359,076				357,420
	10,000			Sybase Inc.†			645,255				646,600
							1,004,331				1,004,020
				Consumer Services and Supplies — 0.7%
	18,000			Weight Watchers International Inc.			616,178				462,420
				Food — 30.7%
	40,000			Campbell Soup Co.			1,437,303				1,433,200
	24,000			Danone			1,536,233				1,297,202
	55,000			Dean Foods Co.†			934,735				553,850
	50,000			Del Monte Foods Co.			503,345				719,500
	50,000			Dole Food Co. Inc.†			585,044				521,500
	25,000			Flowers Foods Inc.			532,398				610,750
	40,000			General Mills Inc.			1,136,982				1,420,800
	18,000			H.J. Heinz Co.			759,640				777,960
	17,000			Kellogg Co.			861,718				855,100
	16,000			Kerry Group plc, Cl. A			419,845				446,097
	110,000			Kikkoman Corp.			1,292,882				1,162,020
	30,000			Kraft Foods Inc., Cl. A			866,384				840,000
	53,400			Lifeway Foods Inc.†			543,978				520,116
	10,000			MEIJI Holdings Co. Ltd.			433,330				411,695
	37,000			Nestlé SA			1,487,827				1,791,901
	6,000			Rock Field Co. Ltd.			81,896				80,756
	90,000			Sara Lee Corp.			1,236,569				1,269,000
	140,000			Smart Balance Inc.†			957,319				572,600
	62,000			The Hain Celestial Group Inc.†			1,444,927				1,250,540
	15,000			The J.M. Smucker Co.			757,913				903,300
	150,000			Tingyi (Cayman Islands) Holding Corp.			223,480				370,237
	44,000			Wimm-Bill-Dann Foods OJSC, ADR			397,009				783,200
	40,000			YAKULT HONSHA Co. Ltd.			967,222				1,097,099
							19,397,979				19,688,423
				Food and Staples Retailing — 7.3%
	45,000			CVS Caremark Corp.			1,554,577				1,319,400
	20,000			Ingles Markets Inc., Cl. A			297,221				301,000
	30,000			Safeway Inc.			581,489				589,800
	50,000			SUPERVALU Inc.			948,511				542,000
	20,000			The Great Atlantic & Pacific Tea Co. Inc.†			128,847				78,000
	10,000			The Kroger Co.			204,000				196,900
	10,000			United Natural Foods Inc.†			305,445				298,800
	21,000			Walgreen Co.			709,267				560,700
	23,000			Whole Foods Market Inc.†			385,146				828,460
							5,114,503				4,715,060
				Health Care Equipment and Supplies — 24.3%
	12,000			Baxter International Inc.			667,289				487,680
	8,000			Becton, Dickinson and Co.			530,993				540,960
	45,000			Boston Scientific Corp.†			412,984				261,000
	18,000			Covidien plc			739,478				723,240
	30,000			Cutera Inc.†			340,244				276,300
	12,500			ev3 Inc.†			279,137				280,125
	3,000			Exactech Inc.†			60,505				51,240
	30,000			Greatbatch Inc.†			719,309				669,300
	9,400			Henry Schein Inc.†			418,608				516,060
	15,000			Hologic Inc.†			284,551				208,950
	20,000			Immucor Inc.†			411,831				381,000
	19,000			Inverness Medical Innovations Inc.†			416,343				506,540
	6,000			IRIS International Inc.†			64,223				60,840
	14,000			Kinetic Concepts Inc.†			764,585				511,140
	5,000			Medical Action Industries Inc.†			89,640				59,950
	240,000			Medical Nutrition USA Inc.†			531,572				955,200
	12,000			Medtronic Inc.			604,076				435,240
	10,000			Micrus Endovascular Corp.†			114,004				207,900
	33,000			Millipore Corp.†			3,487,893				3,519,450
	550,000			Northstar Neuroscience Inc.			0				24,750
	19,000			Orthofix International NV†			578,220				608,950
	55,000			Phase Forward Inc.†			923,800				917,400
	8,000			Rochester Medical Corp.†			97,748				75,600
	60,000			SenoRx Inc.†			648,900				658,800
	23,000			St. Jude Medical Inc.†			939,541				830,070
	4,000			Stryker Corp.			197,260				200,240

See accompanying notes to financial statements.

THE GABELLI HEALTHCARE & WELLNESS^Rx TRUST
SCHEDULE OF INVESTMENTS (Continued)
June 30, 2010 (Unaudited)

										Market
Shares						Cost				Value
				COMMON STOCKS (Continued)
				Health Care Equipment and Supplies (Continued)
	12,500			Thermo Fisher Scientific Inc.†		$	544,766			$	613,125
	45,000			Vascular Solutions Inc.†			388,667				562,500
	8,000			Zimmer Holdings Inc.†			458,041				432,400
							15,714,208				15,575,950
				Health Care Providers and Services — 10.6%
	14,000			Aetna Inc.			703,453				369,320
	10,000			Amedisys Inc.†			368,946				439,700
	18,000			AmerisourceBergen Corp.			386,491				571,500
	6,000			Chemed Corp.			290,940				327,840
	16,000			CIGNA Corp.			489,598				496,960
	100,000			Continucare Corp.†			199,913				335,000
	12,000			Express Scripts Inc.†			275,177				564,240
	38,000			Genoptix Inc.†			1,119,104				653,600
	25,000			Healthways Inc.†			620,843				298,000
	7,000			McKesson Corp.			351,998				470,120
	6,000			Medco Health Solutions Inc.†			237,634				330,480
	25,000			Omnicare Inc.			799,508				592,500
	20,250			Owens & Minor Inc.			501,559				574,695
	14,000			PSS World Medical Inc.†			219,891				296,100
	17,000			UnitedHealth Group Inc.			617,233				482,800
							7,182,288				6,802,855
				Pharmaceuticals — 12.1%
	17,000			Abbott Laboratories			897,639				795,260
	10,000			Bristol-Myers Squibb Co.			243,400				249,400
	21,000			Inspire Pharmaceuticals Inc.†			81,948				104,790
	50,000			Javelin Pharmaceuticals Inc.†			110,000				110,000
	28,000			Johnson & Johnson			1,631,436				1,653,680
	10,000			King Pharmaceuticals Inc.†			89,350				75,900
	32,000			Mead Johnson Nutrition Co.			1,221,405				1,603,840
	20,000			Merck & Co. Inc.			568,989				699,400
	40,000			Mylan Inc.†			537,552				681,600
	45,000			Pain Therapeutics Inc.†			372,404				250,200
	15,000			Pfizer Inc.			268,480				213,900
	15,000			Teva Pharmaceutical Industries Ltd., ADR			660,567				779,850
	14,000			Watson Pharmaceuticals Inc.†			485,683				567,980
							7,168,853				7,785,800
				TOTAL COMMON STOCKS			61,991,242				61,868,538
				WARRANTS — 0.1%
				Health Care Equipment and Supplies — 0.1%
	80,907			Radient Pharmaceutical Corp., expire 03/05/11† (a)			148,405				57,966
Principal
Amount
				U.S. GOVERNMENT OBLIGATIONS — 3.5%
				U.S. Treasury Bills — 2.7%
$	1,710,000			U.S. Treasury Bills, 0.076% to 0.137%††, 07/08/10 to 09/16/10			1,709,845				1,709,833
				U.S. Treasury Cash Management Bills — 0.8%
	545,000			U.S. Treasury Cash Management Bill, 0.147%††, 07/15/10			544,969				544,969
				TOTAL U.S. GOVERNMENT OBLIGATIONS			2,254,814				2,254,802
TOTAL INVESTMENTS — 100.0%						$	64,394,461				64,181,306
Other Assets and Liabilities (Net)											(1,185,816	)
NET ASSETS — COMMON SHARES      (8,474,459 common shares outstanding)										$	62,995,490
NET ASSET VALUE PER COMMON SHARE      ($62,995,490 ÷ 8,474,459 shares outstanding)										$	7.43

		% of
		Market				Market
Geographic Diversification		Value				Value
North America			82.9	%		$	53,236,429
Europe			9.7				6,218,402
Japan			5.5				3,517,672
Latin America			1.5				979,187
Asia/Pacific			0.4				229,616
Total Investments			100.0	%		$	64,181,306

See accompanying notes to financial statements.

THE GABELLI HEALTHCARE & WELLNESS^Rx TRUST

STATEMENT OF ASSETS AND LIABILITIES
June 30, 2010 (Unaudited)

Assets:
Investments, at value (cost $64,394,461)		$	64,181,306
Receivable for investments sold			78,214
Dividends receivable			134,347
Deferred offering expense			39,646
Prepaid expense			1,774
Total Assets			64,435,287
Liabilities:
Payable to custodian			28,461
Payable for investments purchased			1,163,410
Payable for investment advisory fees			53,159
Payable for payroll expenses			16,873
Payable for accounting fees			7,500
Payable for shareholder communications expenses			153,329
Other accrued expenses			17,065
Total Liabilities			1,439,797
Net Assets applicable to 8,474,459 shares outstanding		$	62,995,490
Net Assets Consist of:
Paid-in capital		$	66,805,253
Accumulated net investment loss			(126,160	)
Accumulated net realized loss on investments and foreign currency transactions			(3,470,697	)
Net unrealized depreciation on investments			(213,155	)
Net unrealized appreciation on foreign currency translations			249
Net Assets		$	62,995,490
Net Asset Value per Common Share:
($62,995,490 ÷ 8,474,459 shares outstanding, at $0.001 par value; unlimited number of shares authorized)		$	7.43

STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 2010 (Unaudited)

Investment Income:
Dividends (net of foreign taxes of $7,725)		$	491,671
Interest			1,947
Total Investment Income			493,618
Expenses:
Investment advisory fees			331,482
Shareholder communications expenses			111,689
Payroll expenses			44,632
Trustees’ fees			29,999
Legal and audit fees			27,816
Shareholder services fees			25,690
Accounting fees			22,500
Custodian fees			4,024
Miscellaneous expenses			21,946
Total Expenses			619,778
Net Investment Loss			(126,160	)
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments			865,324
Net realized loss on foreign currency transactions			(1,461	)
Net realized gain on investments and foreign currency transactions			863,863
Net change in unrealized depreciation:
on investments			(3,491,739	)
on foreign currency translations			(296	)
Net change in unrealized depreciation on investments and foreign currency translations			(3,492,035	)
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency			(2,628,172	)
Net Decrease in Net Assets Resulting from Operations		$	(2,754,332	)

See accompanying notes to financial statements.

THE GABELLI HEALTHCARE & WELLNESS^Rx TRUST

STATEMENT OF CHANGES IN NET ASSETS

		Six Months Ended
		June 30, 2010				Year Ended
		(Unaudited)				December 31, 2009
Operations:
Net investment loss		$	(126,160	)		$	(409,073	)
Net realized gain/(loss) on investments and foreign currency transactions			863,863				(2,117,813	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations			(3,492,035	)			15,655,171
Net Increase/(Decrease) in Net Assets Resulting from Operations			(2,754,332	)			13,128,285
Net Increase/(Decrease) in Net Assets			(2,754,332	)			13,128,285
Net Assets:
Beginning of period			65,749,822				52,621,537
End of period (including undistributed net investment income of $0 and $0, respectively)		$	62,995,490			$	65,749,822

See accompanying notes to financial statements.

THE GABELLI HEALTHCARE & WELLNESS^Rx TRUST
FINANCIAL HIGHLIGHTS

Selected data for a common share of beneficial interest outstanding throughout each period:

		Six Months Ended
		June 30, 2010				Year Ended December 31,								Period Ended
		(Unaudited)				2009				2008				December 31, 2007 (b)
Operating Performance:
Net asset value, beginning of period		$	7.76			$	6.21			$	8.03			$	8.00
Net investment income/(loss)			(0.01	)			(0.05	)			(0.07	)			0.02
Net realized and unrealized gain/(loss) on investments and foreign currency transactions			(0.32	)			1.60				(1.70	)			0.06
Total from investment operations			(0.33	)			1.55				(1.77	)			0.08
Distributions to Common Shareholders:
Net investment income			—				—				(0.01	)			(0.01	)
Net realized short-term gain			—				—				(0.04	)			(0.04	)
Total distributions to common shareholders			—				—				(0.05	)			(0.05	)
Net Asset Value, End of Period		$	7.43			$	7.76			$	6.21			$	8.03
Net asset value total return †			(4.25	)%			24.96	%			(22.03	)%			1.00	%
Market value, end of period		$	6.18			$	6.70			$	5.01			$	7.09
Total investment return ††			(7.76	)%			33.73	%			(28.63	)%			(10.75	)%
Ratios to Average Net Assets and Supplemental Data:
Net assets end of period (in 000’s)		$	62,995			$	65,750			$	52,622			$	68,069
Ratio of net investment income/(loss) to average net assets			(0.38	)%(a)			(0.72	)%			(0.94	)%			0.56	%(a)
Ratio of operating expenses to average net assets			1.86	%(a)			2.04	%			2.41	%			1.97	%(a)
Portfolio turnover rate			21.4	%			55.7	%			122.0	%			26.7	%†††

See accompanying notes to financial statements.

THE GABELLI HEALTHCARE & WELLNESS^Rx TRUST
NOTES TO FINANCIAL STATEMENTS (Unaudited)

1. Organization. The Gabelli Healthcare & Wellness^Rx Trust (the “Fund”) is a non-diversified closed-end management investment company organized as a Delaware statutory trust on February 20, 2007 and registered under the Investment Company Act of 1940 as amended (the “1940 Act”). Investment operations commenced on June 28, 2007.

     The Fund’s investment objective is long-term growth of capital. Under normal market conditions, the Fund will invest at least 80% of its assets in equity securities and income producing securities of domestic and foreign companies in the healthcare and wellness industries.

     The Fund will invest a significant portion of its assets in companies in the healthcare and wellness industries. As a result, the Fund may be more susceptible to economic, political, and regulatory developments in this particular sector of the market, positive or negative, and may experience increased volatility to the Fund’s NAV and a magnified effect in its total return.

2. Significant Accounting Policies. The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) has become the exclusive reference of authoritative United States of America (“U.S.”) generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The ASC has superseded all existing non-SEC accounting and reporting standards. The Fund’s financial statements are prepared in accordance with 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.

THE GABELLI HEALTHCARE & WELLNESS^Rx TRUST
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

     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 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 June 30, 2010 is as follows:

		Investments in
		Securities
		(Market Value)
Valuation Inputs		Assets
Level 1 – Quoted Prices*		$	61,868,538
Level 2 – Other Significant Observable Inputs*			2,312,768
Total		$	64,181,306

     The Fund did not have significant transfers between Level 1 and Level 2 during the reporting period.

     There were no Level 3 investments held at June 30, 2010 or December 31, 2009.

     In January 2010, the FASB issued amended guidance to improve disclosure about fair value measurements which requires additional disclosures about transfers between Levels 1 and 2 and separate disclosures about purchases, sales, issuances, and settlements in the reconciliation of fair value measurements using significant unobservable inputs (Level 3). It also clarifies existing disclosure requirements relating to the levels of disaggregation of fair value measurement and inputs and valuation techniques used to measure fair value. Disclosures about purchases, sales, issuances, and settlements in the rollforward of activity in Level 3 fair value measurements are effective for fiscal years beginning after December 15, 2010 and for interim periods within those fiscal years. Management is currently evaluating the implications of this guidance on the Fund’s financial statements. The remainder of the amended guidance is effective for financial statements for fiscal years beginning after December 15, 2009 and interim periods within those fiscal years. Management has evaluated the impact of this guidance on the Fund’s financial statements and determined that there is no impact as of June 30, 2010.

Derivative Financial Instruments.

The Fund may engage in various portfolio investment strategies by investing in a number of derivative financial instruments for the purpose 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

THE GABELLI HEALTHCARE & WELLNESS^Rx TRUST
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

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 June 30, 2010, 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 increasing the income of the Fund. 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.

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 six months ended June 30, 2010, the Fund had 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 on investments and futures contracts. The Fund recognizes a realized gain or loss when the contract is closed.

THE GABELLI HEALTHCARE & WELLNESS^Rx TRUST
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

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 six months ended June 30, 2010, the Fund had 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 six months ended June 30, 2010, the Fund had no investments in forward foreign exchange contracts.

     Repurchase Agreements. The Fund may enter into repurchase agreements with primary government securities dealers recognized by the Federal Reserve Board, with member banks of the Federal Reserve System, or with other brokers or dealers that meet credit guidelines established by the Adviser and reviewed by the Board. Under the terms of a typical repurchase agreement, the Fund takes possession of an underlying debt obligation subject to an obligation of the seller to repurchase, and the Fund to resell, the obligation at an agreed-upon price and time, thereby determining the yield during the Fund’s holding period. It is the policy of the Fund to receive and maintain securities as collateral whose market value is not less than their repurchase price. The Fund will make payment for such securities only upon physical delivery or upon evidence of book entry transfer of the collateral to the account of the custodian. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market on a daily basis to maintain the adequacy of the collateral. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited. At June 30, 2010, there were no open repurchase agreements.

     Investments in other Investment Companies. The Fund may invest, from time to time, in shares of other investment companies (or entities that would be considered investment companies but are excluded from the definition pursuant to certain exceptions under the 1940 Act) (the “Acquired Funds”) in accordance with the 1940 Act and related rules. As a shareholder in the Fund, you would bear the pro rata portion of the periodic expenses of the Acquired Funds in addition to the Fund’s expenses. During the six months ended June 30, 2010, the Fund did not hold any investments in Acquired Funds.

     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

THE GABELLI HEALTHCARE & WELLNESS^Rx TRUST
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

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 those of 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.

     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 June 30, 2010.

     Securities Transactions and Investment Income. Securities transactions are accounted for on the trade date with realized gain or loss on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on the accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method. Dividend income is recorded on the ex-dividend date except for certain dividends which are recorded as soon as the Fund is informed of the dividend.

     Custodian Fee Credits and Interest Expense. When cash balances are maintained in the custody account, the Fund receives credits which are used to offset custodian fees. The gross expenses paid under the custody arrangement are included in custodian fees in the Statement of Operations with the corresponding expense offset, if any, shown as “custodian fee credits.” When cash balances are overdrawn, the Fund is charged an overdraft fee equal to 110% of the 90 day Treasury Bill rate on outstanding balances. This amount, if any, would be included in “interest expense” in the Statement of Operations. There were neither custodian fee credits earned nor interest expense incurred during the six months ended June 30, 2010.

     Distributions to Shareholders. Distributions to common shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Fund, timing differences, and differing characterizations of distributions made by the Fund. Distributions from net

THE GABELLI HEALTHCARE & WELLNESS^Rx TRUST
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. These reclassifications have no impact on the NAV of the Fund.

No distributions were made during the year ended December 31, 2009.

     Provision for Income Taxes. The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). It is the policy of the Fund to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of its net investment company taxable income and net capital gains. Therefore, no provision for federal income taxes is required.

As of December 31, 2009, the components of accumulated earnings/losses on a tax basis were as follows:

Accumulated capital loss carryforwards		$	(3,501,073	)
Net unrealized appreciation/depreciation on investments and foreign currency translations			2,445,642
Total		$	(1,055,431	)

     At December 31, 2009, the Fund had net capital loss carryforwards for federal income tax purposes of $3,501,073 which are available to reduce future required distributions of net capital gains to shareholders. $1,540,875 is available through 2016; and $1,960,198 is available through 2017.

     The following summarizes the tax cost of investments and the related net unrealized appreciation/depreciation at June 30, 2010:

						Gross				Gross
						Unrealized				Unrealized				Net Unrealized
		Cost				Appreciation				Depreciation				Depreciation
Investments		$	65,153,025			$	5,808,778			$	(6,780,497	)		$	(971,719	)

     The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. For the six months ended June 30, 2010, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2010, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund’s net assets or results of operations. Tax years ended December 31, 2007 through December 31, 2009 remain subject to examination by the Internal Revenue Service and state taxing authorities. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

3. Agreements and Transactions with Affiliates. The Fund has entered into an investment advisory agreement (the “Advisory Agreement”) with the Adviser which provides that the Fund will pay the Adviser a fee, computed weekly and paid monthly, equal on an annual basis to 1.00% of the value of the Fund’s average weekly net assets. In accordance with the Advisory Agreement, the Adviser provides a continuous investment program for the Fund’s portfolio and oversees the administration of all aspects of the Fund’s business and affairs.

     During the six months ended June 30, 2010, the Fund paid brokerage commissions on security trades of $24,243 to Gabelli & Company, Inc. (“Gabelli & Co.”), an affiliate of the Adviser.

THE GABELLI HEALTHCARE & WELLNESS^Rx TRUST
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

     The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement between the Fund and the Adviser. During the six months ended June 30, 2010, the Fund paid or accrued $22,500 to the Adviser in connection with the cost of computing the Fund’s NAV.

     As per the approval of the Board, the Fund compensates officers of the Fund, who are employed by the Fund and are not employed by the Adviser (although the officers may receive incentive based variable compensation from affiliates of the Adviser) and pays its allocated portion of the cost of the Fund’s Chief Compliance Officer. For the six months ended June 30, 2010, the Fund accrued $44,632 in payroll expenses in the Statement of Operations.

     The Fund pays each Trustee who is not considered an affiliated person an annual retainer of $3,000 plus $1,000. For each Board meeting attended. Each Trustee is reimbursed by the Fund for any out of pocket expenses incurred in attending meetings. In addition, the Audit Committee Chairman receives an annual fee of $3,000, the Nominating Committee Chairman receives an annual fee of $2,000, and the Lead Trustee receives an annual fee of $1,000. A Trustee may receive a single meeting fee, allocated among the participating funds, for participation in certain meetings held on behalf of multiple funds. Trustees who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Fund.

4. Portfolio Securities. Purchases and sales of securities for the six months ended June 30, 2010, other than short-term securities and U.S. Government obligations, aggregated $15,167,555 and $13,492,820, respectively.

5. Capital. The Fund is authorized to issue an unlimited number of shares of beneficial interest (par value $0.001). The Board has authorized the repurchase of its shares on the open market when the shares are trading on the NYSE at a discount of 10% or more (or such other percentage as the Board may determine from time to time) from the NAV of the shares. During the six months ended June 30, 2010 and the year ended December 31, 2009, the Fund did not have any transactions in shares of beneficial interest.

     The Fund filed a $100 million shelf registration statement with the SEC that was declared effective June 21, 2010. The shelf registration statement gives the Fund the ability to offer additional common and preferred shares.

6. Indemnifications. The Fund enters into contracts that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.

7. Other Matters. On April 24, 2008, the Investment Adviser entered into a settlement with the SEC to resolve an inquiry regarding prior frequent trading activity in shares of the GAMCO Global Growth Fund (the “Global Growth Fund”) by one investor who was banned from the Global Growth Fund in August 2002. In an administrative order that was entered in connection with the settlement, the SEC found that the Investment Adviser had willfully violated Section 206(2) of the Investment Advisers Act of 1940, Section 17(d) of the 1940 Act and Rule 17d-1 thereunder, and had willfully aided and abetted and caused violations of Section 12(d)(1)(B)(i) of the 1940 Act. Under the terms of the settlement, the Investment Adviser, while neither admitting nor denying the SEC’s findings and allegations, paid $16 million (which included a $5 million civil monetary penalty), approximately $12.8 million of which is in the process of being paid to shareholders of the Global Growth Fund in accordance with a plan developed by an independent distribution consultant and approved by the independent directors of the Global Growth Fund and acceptable to the staff of the SEC, and agreed to cease and desist from future violations of the above referenced federal securities laws. The SEC’s order also noted the cooperation that the Investment Adviser gave the staff of the SEC. The settlement will not have a material adverse impact on the Investment

THE GABELLI HEALTHCARE & WELLNESS^Rx TRUST
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)

Adviser or its ability to fulfill its obligations under the Investment Advisory Agreement. On the same day, the SEC filed a civil action against the Executive Vice President and Chief Operating Officer of the Investment Adviser, alleging violations of certain federal securities laws arising from the same matter. The officer is also an officer of the Fund, the Global Growth Fund and other funds in the Gabelli/GAMCO fund complex. The officer denied the allegations and is continuing in his positions with the Investment Adviser and the funds. The court dismissed certain claims, finding that the SEC was not entitled to pursue various remedies against the officer while leaving one remedy in the event the SEC were able to prove violations of law. The court, in response to a motion by the SEC, subsequently dismissed the remaining remedy without prejudice against the officer, which would allow the SEC to appeal the court’s rulings. The Investment Adviser currently expects that any resolution of the action against the officer will not have a material adverse impact on the Investment Adviser or its ability to fulfill its obligations under the Investment Advisory Agreement.

8. Subsequent Events. Management has evaluated the impact on the Fund of all subsequent events occurring through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

Certifications

     The Fund’s Acting Chief Executive Officer has certified to the New York Stock Exchange (“NYSE”) that, as of June 30, 2010, he was not aware of any violation by the Fund of applicable NYSE corporate governance listing standards. The Fund reports to the SEC on Form N-CSR which contains certifications by the Fund’s principal executive officer and principal financial officer that relate to the Fund’s disclosure in such reports and that are required by Rule 30a-2(a) under the 1940 Act.

THE GABELLI HEALTHCARE & WELLNESS^Rx TRUST

Board Consideration and Re-Approval of Investment Advisory Agreement (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), contemplates that the Board of Trustees (the “Board”) of The Gabelli Healthcare & Wellness^Rx Trust (the “Fund”), including a majority of the Trustees who have no direct or indirect interest in the Investment Advisory Agreement (the “Advisory Agreement”) are not “interested persons” of the Fund, as defined in the 1940 Act (the “Independent Board Members”), are required to review and approve the terms of the Fund’s proposed Advisory Agreement. In this regard, the Board reviewed and approved, during the most recent six month period covered by this report, the Advisory Agreement with Gabelli Funds, LLC (the “Adviser”) for the Fund.

More specifically, at a meeting held on February 24, 2010, the Board, including the Independent Board Members, considered the factors and reached the conclusions described below relating to the selection of the Adviser and the approval of the Advisory Agreement.

Nature, Extent, and Quality of Services.

The Independent Board Members considered the nature, quality, and extent of administrative and shareholder services performed by the Adviser, including portfolio management, supervision of Fund operations and compliance and regulatory filings and disclosures to shareholders, general oversight of other service providers, review of Fund legal issues, assisting the Independent Board Members in their capacity as Trustees, and other services. The Independent Board Members concluded that the services are extensive in nature and that the Adviser consistently delivered a high level of service.

Investment Performance of the Fund and Adviser.

The Independent Board Members considered one year investment performance for the Fund as compared with relevant equity indices and the performance of other sector equity closed-end funds, including other funds focused on healthcare or life sciences, and concluded that the Adviser was delivering satisfactory performance results consistent with the investment strategy being pursued by the Fund.

Costs of Services and Profits Realized by the Adviser.

(a) Costs of Services to Fund: Fees and Expenses. The Independent Board Members considered the Fund’s management fee rate and expense ratio relative to industry averages for the Fund’s peer group category and the advisory fees charged by the Adviser and its affiliates to other fund and non-fund clients. The Independent Board Members noted that the mix of services under the Advisory Agreement is much more extensive than those under the advisory agreements for non-fund clients. The Independent Board Members noted that the investment advisory fee paid by the Fund is lower than average for its peer group, but recognized the Fund’s other expenses and total expenses were above the group average. They were advised that the high level of expense related to the large number of shareholder accounts and related transfer agency costs. They concluded that the investment advisory fee is acceptable based upon the qualifications, experience, reputation, and performance of the Adviser.

(b) Profitability and Costs of Services to Adviser. The Independent Board Members considered the Adviser’s overall profitability and costs, and pro forma estimates of the Adviser’s profitability and costs attributable to the Fund: (i) as part of the Fund complex; and (ii) assuming the Fund constituted the Adviser’s only investment company under its management. The Independent Board Members also considered whether the amount of profit is a fair entrepreneurial profit for the management of the Fund, and noted that the Adviser has substantially increased its resources devoted to Fund matters in response to recently enacted regulatory requirements and new or enhanced Fund policies and procedures. The Independent Board Members concluded that the Adviser’s profitability was at an acceptable level.

Extent of Economies of Scale as Fund Grows.

The Independent Board Members considered whether there have been economies of scale with respect to the management of the Fund and whether the Fund has appropriately benefited from any economies of scale. The Independent Board Members noted that economies of scale may develop for certain funds as their assets increase and their fund level expenses decline as a percentage of assets, but that fund level economies of scale may not necessarily result in Adviser level economies of scale. The Independent Board Members concluded that there was an appropriate sharing of economies of scale.

Whether Fee Levels Reflect Economies of Scale.

The Independent Board Members also considered whether the management fee rate is reasonable in relation to the asset size of the Fund and any economies of scale that may exist, and concluded that the Fund’s current fee schedule (without breakpoint) was considered reasonable.

Other Relevant Considerations.

(a) Adviser Personnel and Methods. The Independent Board Members considered the size, education, and experience of the Adviser’s staff, the Adviser’s fundamental research capabilities, and the Adviser’s approach to recruiting, training, and retaining portfolio managers and other research and management personnel, and concluded that in each of these areas the Adviser was structured in such a way to support the high level of services being provided to the Fund.

(b) Other Benefits to the Adviser. The Independent Board Members also considered the character and amount of other incidental benefits received by the Adviser and its affiliates from its association with the Fund. The Independent Board Members considered the brokerage commissions paid to an affiliate of the Adviser. The Independent Board Members concluded that potential “fall-out” benefits that the Adviser and its affiliates may receive, such as affiliated brokerage commissions, greater name recognition, or increased ability to obtain research services, appear to be reasonable and may in some cases benefit the Fund.

Conclusions

In considering the Advisory Agreement, the Independent Board Members did not identify any factor as all important or all controlling, and instead considered these factors collectively in light of the Fund’s surrounding circumstances. Based on this review, it was the judgment of the Independent Board Members that shareholders had received satisfactory absolute and relative performance at reasonable fees and, therefore, re-approval of the Advisory Agreement was in the best interests of the Fund and its shareholders. As a part of its decision making process the Independent Board Members considered, generally, that shareholders invested in the Fund knowing that the Adviser managed the Fund and knowing its investment management fee schedule. As such, the Independent Board Members considered, in particular, whether the Adviser managed the Fund in accordance with its investment objectives and policies as disclosed to shareholders. The Independent Board Members concluded that the Fund was managed by the Adviser consistent with its investment objectives and policies.

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.

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

Trustees

Mario J. Gabelli, CFA

Chairman & Chief Executive Officer,
GAMCO Investors, Inc.

Dr. Thomas E. Bratter

President & Founder, John Dewey Academy

Anthony J. Colavita

President,
Anthony J. Colavita, P.C.

James P. Conn

Former Managing Director &
Chief Investment Officer,
Financial Security Assurance Holdings Ltd.

Vincent D. Enright

Former Senior Vice President &
Chief Financial Officer,
KeySpan Corp.

Robert C. Kolodny, MD

Physician, Principal of KBS Management LLC

Anthonie C. van Ekris

Chairman, BALMAC International, Inc.

Salvatore J. Zizza

Chairman, Zizza & Co., Ltd.

Officers*

Bruce N. Alpert

Acting President & Acting Treasurer

Carter W. Austin

Vice President

Peter D. Goldstein

Chief Compliance Officer & Acting Secretary

David I. Schachter

Vice President

Adam E. Tokar

Assistant Vice President & Ombudsman

Investment Adviser

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

Custodian

The Bank of New York Mellon

Counsel

Willkie Farr & Gallagher LLP

Transfer Agent and Registrar

Computershare Trust Company, N.A.

Stock Exchange Listing
		Common
NYSE–Symbol:		GRX
Shares Outstanding:		8,474,459

The Net Asset Value per share appears in the Publicly Traded Funds column, under the heading “Specialized Equity Funds,” in Monday’s The Wall Street Journal. It is also listed in Barron’s Mutual Funds/Closed End Funds section under the heading “Specialized Equity Funds.”

The Net Asset Value per share may be obtained each day by calling (914) 921-5070 or visiting www.gabelli.com.

Item 2.		Code of Ethics.

Not applicable.

Item 3.		Audit Committee Financial Expert.

Not applicable.

Item 4.		Principal Accountant Fees and Services.

Not applicable.

Item 5.		Audit Committee of Listed registrants.

Not applicable.

Item 6.		Investments.

(a)		Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.
(b)		Not applicable.

Item 7.		Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.		Portfolio Managers of Closed-End Management Investment Companies.

There has been no change, as of the date of this filing, in any of the portfolio managers identified in response to paragraph (a)(1) of this Item in the registrant’s most recently filed annual report on Form N-CSR.

Item 9.		Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

REGISTRANT PURCHASES OF EQUITY SECURITIES

						(c) Total Number of		(d) Maximum Number (or
						Shares (or Units)		Approximate Dollar Value) of
		(a) Total Number of				Purchased as Part of		Shares (or Units) that May
		Shares (or Units)		(b) Average Price Paid		Publicly Announced		Yet Be Purchased Under the
Period		Purchased		per Share (or Unit)		Plans or Programs		Plans or Programs
Month #1		Common — N/A		Common — N/A		Common — N/A		Common — 8,474,459
01/01/10 through 01/31/10		Preferred — N/A		Preferred — N/A		Preferred — N/A		Preferred — N/A
Month #2		Common — N/A		Common — N/A		Common — N/A		Common — 8,474,459
02/01/10 through 02/28/10		Preferred — N/A		Preferred — N/A		Preferred — N/A		Preferred — N/A
Month #3		Common — N/A		Common — N/A		Common — N/A		Common — 8,474,459
03/01/10 through 03/31/10		Preferred — N/A		Preferred — N/A		Preferred — N/A		Preferred — N/A
Month #4		Common — N/A		Common — N/A		Common — N/A		Common — 8,474,459
04/01/10 through 04/30/10		Preferred — N/A		Preferred — N/A		Preferred — N/A		Preferred — N/A
Month #5		Common — N/A		Common — N/A		Common — N/A		Common — 8,474,459
05/01/10 through 05/31/10		Preferred — N/A		Preferred — N/A		Preferred — N/A		Preferred — N/A
Month #6		Common — N/A		Common — N/A		Common — N/A		Common — 8,474,459
06/01/10 through 06/30/10		Preferred — N/A		Preferred — N/A		Preferred — N/A		Preferred — N/A
Total		Common — N/A		Common — N/A		Common — N/A		N/A
		Preferred — N/A		Preferred — N/A		Preferred — N/A

Footnote columns (c) and (d) of the table, by disclosing the following information in the aggregate for all plans or programs publicly announced:

Item 10.		Submission of Matters to a Vote of Security Holders.

On January 15, 2010, the Board of Trustees of The Gabelli Healthcare & Wellness^Rx Trust (the “Fund”) approved and adopted an amendment (the “Amendment”) to the Amended By-Laws of the Fund. The Amendment was effective as of January 15, 2010. The Amendment sets forth the processes and procedures that shareholders of the Fund must follow, and specifies additional information that shareholders of the Fund must provide, when proposing trustee nominations at any annual or special meeting of shareholders or other business to be considered at an annual meeting of shareholders.

Item 11.		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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.		Exhibits.

(a)(1)		Not applicable.

(a)(2)		Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(a)(3)		Not applicable.
(b)		Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 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 & WellnessRx Trust
By (Signature and Title)*		/s/ Bruce N. Alpert   Bruce N. Alpert, Principal Executive Officer

Date  9/1/10

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*		/s/ Bruce N. Alpert   Bruce N. Alpert, Principal Executive Officer & Principal
		Financial Officer

Date  9/1/10

 

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