UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-22021
The Gabelli Healthcare & Wellness(Rx) Trust
(Exact name of registrant as specified in charter)
One Corporate Center
Rye, New York 10580-1422
(Address of principal executive offices) (Zip code)
Agnes Mullady
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422
(Name and address of agent for service)
Registrant's telephone number, including area code: 1-800-422-3554
Date of fiscal year end: December 31
Date of reporting period: September 30, 2008
Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of
this chapter), to file reports with the Commission, not later than 60 days after
the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use
the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-Q unless the
Form displays a currently valid Office of Management and Budget ("OMB") control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC
20549. The OMB has reviewed this collection of information under the clearance
requirements of 44 U.S.C. ss. 3507.
ITEM 1. SCHEDULE OF INVESTMENTS.
The Schedule(s) of Investments is attached herewith.
(LOGO)
THE GABELLI HEALTHCARE & WELLNESS(RX) TRUST
Third Quarter Report
September 30, 2008
TO OUR SHAREHOLDERS,
During the third quarter of 2008, The Gabelli Healthcare & Wellness(Rx)
Trust's (the "Fund") total return was 1.52% on a net asset value ("NAV") basis
while the Standard & Poor's ("S&P") 500 Index fell 8.36%. The Fund's market
price on September 30, 2008 was $5.60, which equates to a 23.71% discount to its
NAV of $7.34 at the end of the quarter. The Fund's market price, adjusted for
distributions, fell 9.82% during the third quarter.
Enclosed is the investment portfolio as of September 30, 2008.
COMPARATIVE RESULTS
AVERAGE ANNUAL RETURNS THROUGH SEPTEMBER 30, 2008 (a)
Since
Inception
Quarter 1 Year (06/28/07)
------- ------- ----------
GABELLI HEALTHCARE & WELLNESS(RX) TRUST
NAV TOTAL RETURN (b)................. 1.52% (9.38)% (7.68)%
INVESTMENT TOTAL RETURN (c).......... (9.82) (29.94) (29.51)
S&P 500 Index........................... (8.36) (21.96) (16.71)(d)
S&P 500 Health Care Index............... 0.49 (12.21) (9.40)
S&P 500 Consumer Staples Index.......... 4.80 0.74 4.36
(a) RETURNS REPRESENT PAST PERFORMANCE AND DO NOT GUARANTEE FUTURE RESULTS.
INVESTMENT RETURNS AND THE PRINCIPAL VALUE OF AN INVESTMENT WILL
FLUCTUATE. WHEN SHARES ARE SOLD, THEY MAY BE WORTH MORE OR LESS THAN THEIR
ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE
PERFORMANCE DATA PRESENTED. VISIT WWW.GABELLI.COM FOR PERFORMANCE
INFORMATION AS OF THE MOST RECENT MONTH END. PERFORMANCE RETURNS FOR
PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. INVESTORS SHOULD
CAREFULLY CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES, AND EXPENSES
OF THE FUND BEFORE INVESTING. THE S&P 500 INDEX IS AN UNMANAGED INDICATOR
OF STOCK MARKET PERFORMANCE. THE S&P 500 HEALTH CARE INDEX IS AN UNMANAGED
INDICATOR OF HEALTH CARE EQUIPMENT AND SERVICES, PHARMACEUTICALS,
BIOTECHNOLOGY AND LIFE SCIENCES STOCK PERFORMANCE. THE S&P 500 CONSUMER
STAPLES INDEX IS AN UNMANAGED INDICATOR OF FOOD AND STAPLES RETAILING,
FOOD, BEVERAGE AND TOBACCO, AND HOUSEHOLD AND PERSONAL PRODUCTS STOCK
PERFORMANCE. DIVIDENDS ARE CONSIDERED REINVESTED. YOU CANNOT INVEST
DIRECTLY IN AN INDEX.
(b) TOTAL RETURNS AND AVERAGE ANNUAL RETURNS REFLECT CHANGES IN THE NAV PER
SHARE AND REINVESTMENT OF DISTRIBUTIONS AT NAV ON THE EX-DIVIDEND DATE AND
ARE NET OF EXPENSES. SINCE INCEPTION RETURN IS BASED ON AN INITIAL NAV OF
$8.00.
(c) TOTAL RETURNS AND AVERAGE ANNUAL RETURNS REFLECT CHANGES IN CLOSING MARKET
VALUES ON THE NEW YORK STOCK EXCHANGE AND REINVESTMENT OF DISTRIBUTIONS.
SINCE INCEPTION RETURN IS BASED ON AN INITIAL OFFERING PRICE OF $8.00.
(d) FROM JUNE 30, 2007, THE DATE CLOSEST TO THE FUND'S INCEPTION FOR WHICH
DATA IS AVAILABLE.
We have separated the portfolio managers' commentary from the financial
statements and investment portfolio due to corporate governance regulations
stipulated by the Sarbanes-Oxley Act of 2002. We have done this to ensure that
the content of the portfolio managers' commentary is unrestricted. The
financial statements and investment portfolio are mailed separately from the
commentary. Both the commentary and the financial statements, including the
portfolio of investments, will be available on our website at www.gabelli.com.
THE GABELLI HEALTHCARE & WELLNESS(RX) TRUST
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2008 (UNAUDITED)
MARKET
SHARES VALUE
------- ------------
COMMON STOCKS -- 91.5%
AEROSPACE AND DEFENSE -- 0.5%
4,000 DRS Technologies Inc......................... $ 307,000
------------
BEVERAGES -- 7.7%
10,000 Anheuser-Busch Companies Inc................. 648,800
45,000 Dr. Pepper Snapple Group Inc.+............... 1,191,600
12,000 Hansen Natural Corp.+........................ 363,000
69,000 ITO EN Ltd................................... 881,679
6,000 ITO EN Ltd., Preference...................... 61,831
12,000 PepsiCo Inc.................................. 855,240
3,000 Sapporo Holdings Ltd......................... 21,804
14,000 The Coca-Cola Co............................. 740,320
------------
4,764,274
------------
BIOTECHNOLOGY -- 4.2%
25,000 3SBio Inc., ADR+............................. 161,250
200 Arena Pharmaceuticals Inc.+.................. 1,000
40,000 Array Biopharma Inc.+........................ 307,200
7,000 Cephalon Inc.+............................... 542,430
6,500 Crucell NV, ADR+............................. 101,140
50,000 CytRx Corp.+................................. 25,500
3,000 Gilead Sciences Inc.+........................ 136,740
20,000 Monogram Biosciences Inc.+................... 15,200
5,000 Omrix Biopharmaceuticals Inc.+............... 89,700
2,993 RXi Pharmaceuticals Corp.+................... 24,423
130,000 Tercica Inc.+................................ 1,162,200
------------
2,566,783
------------
CHEMICALS -- 0.8%
12,000 International Flavors & Fragrances Inc....... 473,520
------------
COMMERCIAL SERVICES AND SUPPLIES -- 0.7%
12,000 Weight Watchers International.Inc............ 439,200
------------
COMPUTERS AND PERIPHERAL -- 0.4%
6,000 Quality Systems Inc.......................... 253,560
------------
FOOD -- 32.8%
12,800 Cadbury plc, ADR............................. 524,032
40,000 Campbell Soup Co............................. 1,544,000
77,000 Dean Foods Co.+.............................. 1,798,720
50,000 Del Monte Foods Co........................... 390,000
22,000 Flowers Foods Inc............................ 645,920
20,000 General Mills Inc............................ 1,374,400
20,000 Groupe Danone................................ 1,407,796
2,000 Groupe Danone, ADR........................... 28,093
12,000 H.J. Heinz Co................................ 599,640
30,000 Hain Celestial Group Inc.+................... 825,900
17,000 Kellogg Co................................... 953,700
16,000 Kerry Group plc, Cl. A....................... 468,514
47,000 Kikkoman Corp................................ 628,405
55,000 Lifeway Foods Inc.+.......................... 643,500
100,000 Meiji Seika Kaisha Ltd....................... 449,438
15,000 Morinaga Milk Industry Co. Ltd............... 42,311
500 Nestle SA, ADR............................... 21,494
39,000 Nestle SA.................................... 1,672,122
6,000 Parmalat SpA................................. 14,022
5,000 Rock Field Co. Ltd........................... 62,432
84,400 Smart Balance Inc.+.......................... 553,664
15,000 The J.M. Smucker Co.......................... 760,350
8,000 Wimm-Bill-Dann Foods OJSC, ADR+.............. 568,000
37,000 Wm. Wrigley Jr. Co........................... 2,937,800
40,000 YAKULT HONSHA Co. Ltd........................ 1,229,844
------------
20,144,097
------------
FOOD AND STAPLES RETAILING -- 8.5%
6,000 Costco Wholesale Corp........................ 389,580
34,000 CVS Caremark Corp............................ 1,144,440
12,000 SUPERVALU Inc................................ 260,400
44,777 The Great Atlantic & Pacific Tea Co. Inc.+... 484,487
500 Village Super Market Inc., Cl. A............. 23,835
10,000 Wal-Mart Stores Inc.......................... 598,900
24,000 Walgreen Co.................................. 743,040
78,000 Whole Foods Market Inc....................... 1,562,340
------------
5,207,022
------------
HEALTH CARE EQUIPMENT AND SUPPLIES --15.8%
13,000 Advanced Medical Optics Inc.+................ 231,140
7,500 Align Technology Inc.+....................... 81,225
28,187 AMDL Inc.+................................... 54,967
161,813 AMDL Inc.+ (a)(b)(c)......................... 315,552
40,000 AngioDynamics Inc.+.......................... 632,000
16,000 Boston Scientific Corp.+..................... 196,320
8,000 Covidien Ltd................................. 430,080
30,000 Cutera Inc.+................................. 318,300
20,000 Datascope Corp............................... 1,032,600
21,100 ev3 Inc.+.................................... 211,844
27,000 Greatbatch Inc.+............................. 662,580
15,000 Hologic Inc+................................. 289,950
12,000 Inverness Medical Innovations.Inc.+.......... 360,000
14,000 Kinetic Concepts Inc.+....................... 400,260
15,000 Medical Action Industries Inc.+.............. 196,950
252,600 Medical Nutrition USA Inc.+.................. 527,934
9,000 Medtronic Inc................................ 450,900
33,000 Micrus Endovascular Corp.+................... 460,350
12,000 Orthofix International NV+................... 223,560
20,000 St. Jude Medical Inc.+....................... 869,800
See accompanying notes to schedule of investments.
2
THE GABELLI HEALTHCARE & WELLNESS(RX) TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008 (UNAUDITED)
MARKET
SHARES VALUE
------- ------------
COMMON STOCKS (CONTINUED)
HEALTH CARE EQUIPMENT AND SUPPLIES (CONTINUED)
85,000 Vascular Solutions Inc.+...................... $ 636,650
7,000 Vital Signs Inc............................... 517,300
9,000 Zimmer Holdings Inc.+......................... 581,040
------------
9,681,302
------------
HEALTH CARE PROVIDERS AND SERVICES -- 9.7%
14,000 Aetna Inc..................................... 505,540
4,000 Amedisys Inc.+................................ 194,680
7,000 AmerisourceBergen Corp........................ 263,550
45,000 Apria Healthcare Group Inc.+.................. 820,800
8,000 Cardinal Health Inc........................... 394,240
3,000 Chemed Corp. ................................. 123,180
240,000 Continucare Corp.+............................ 640,800
14,000 Healthways Inc.+.............................. 225,820
45,000 HLTH Corp.+................................... 514,350
12,000 IMS Health Inc................................ 226,920
8,000 McKesson Corp................................. 430,480
20,000 Omnicare Inc.................................. 575,400
14,000 PSS World Medical Inc.+....................... 273,000
30,200 UnitedHealth Group Inc........................ 766,778
------------
5,955,538
------------
PHARMACEUTICALS -- 10.4%
11,000 Abbott Laboratories........................... 633,380
10,000 Alpharma Inc., Cl. A+......................... 368,900
14,000 Barr Pharmaceuticals Inc.+.................... 914,200
20,000 Inspire Pharmaceuticals Inc.+................. 71,400
20,000 Johnson & Johnson ............................ 1,385,600
25,000 K-V Pharmaceutical Co., Cl. A+................ 567,750
18,000 Matrixx Initiatives Inc.+..................... 323,820
13,000 Merck & Co. Inc............................... 410,280
41,000 Pain Therapeutics Inc.+....................... 400,570
42,000 Sciele Pharma Inc.+........................... 1,293,180
------------
6,369,080
------------
TOTAL COMMON STOCKS........................... 56,161,376
------------
WARRANTS -- 0.1%
HEALTH CARE EQUIPMENT AND SUPPLIES -- 0.1%
80,907 AMDL Inc., expire 03/05/11+ (a)(b)(c)......... 64,174
------------
PRINCIPAL MARKET
AMOUNT VALUE
----------- ------------
U.S. GOVERNMENT OBLIGATIONS -- 8.4%
U.S. TREASURY BILLS -- 5.6%
$ 3,438,000 U.S. Treasury Bills,
0.152% to 1.777%++,
10/02/08 to 12/04/08................. $ 3,436,244
------------
U.S. TREASURY NOTES -- 2.8%
1,730,000 4.750%, 12/31/08..................... 1,746,625
------------
TOTAL U.S. GOVERNMENT OBLIGATIONS..... 5,182,869
------------
TOTAL INVESTMENTS -- 100.0%
(Cost $67,325,222)............................... $ 61,408,419
============
Aggregate book cost.......................... $ 67,325,222
============
Gross unrealized appreciation................ $ 2,532,267
Gross unrealized depreciation................ (8,449,070)
------------
Net unrealized appreciation/(depreciation)... $ (5,916,803)
============
------------
(a) Security fair valued under procedures established by the Board of
Trustees. The procedures may include reviewing available financial
information about the company and reviewing the valuation of comparable
securities and other factors on a regular basis. At September 30, 2008,
the market value of fair valued securities amounted to $379,726 or 0.62%
of total investments.
(b) Security exempt from registration under Rule 144A of the Securities Act of
1933, as amended. These securities may be resold in transactions exempt
from registration, normally to qualified institutional buyers. At
September 30, 2008, the market value of Rule 144A securities amounted to
$379,726 or 0.62% of total investments.
(c) Illiquid security.
+ Non-income producing security.
++ Represents annualized yield at date of purchase.
ADR American Depositary
% OF
MARKET MARKET
GEOGRAPHIC DIVERSIFICATION VALUE VALUE
-------------------------- ------ ------------
North America............. 85.4% $ 52,410,572
Europe.................... 7.8 4,805,213
Japan..................... 5.5 3,377,744
Latin America............. 1.3 814,890
------ ------------
Total Investments......... 100.0% $ 61,408,419
====== ============
See accompanying notes to schedule of investments.
3
THE GABELLI HEALTHCARE & WELLNESS(RX) TRUST
NOTES TO SCHEDULE OF INVESTMENTS (UNAUDITED)
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 sale s that day, the
security is valued at the average of the closing bid and asked prices or, if
there were no asked prices quoted on that day, then the security is valued at
the closing bid price on that day. If no bid or asked prices are quoted on such
day, the security is valued at the most recently available price or, if the
Board of Trustees (the "Board") so determines, by such other method as the Board
shall determine in good faith to reflect its fair market value. Portfolio
securities traded on more than one national securities exchange or market are
valued according to the broadest and most representative market, as determined
by Gabelli Funds, LLC, the Adviser.
Portfolio securities primarily traded on a foreign market are generally valued
at the preceding closing values of such securities on the relevant market, but
may be fair valued pursuant to procedures established by the Board if market
conditions change significantly after the close of the foreign market but prior
to the close of business on the day the securities are being valued. Debt
instruments with remaining maturities of 60 days or less that are not credit
impaired are valued at amortized cost, unless the Board determines such amount
does not reflect the securities' fair value, in which case these securities will
be fair valued as determined by the Board. Debt instruments having a maturity
greater than 60 days for which market quotations are readily available are
valued at the average of the latest bid and asked prices. If there were no asked
prices quoted on such day, the security is valued using the closing bid price.
Futures contracts are valued at the closing settlement price of the exchange or
board of trade on which the applicable contract is traded.
Securities and assets for which market quotations are not readily available are
fair valued as determined by the Board.
On January 1, 2008, the Fund adopted Statement of Financial Accounting Standard
No. 157, "Fair Value Measurements" ("SFAS 157") that clarifies the definition of
fair value for financial reporting, establishes a framework for measuring fair
value, and requires additional disclosures about the use of fair value
measurements. The three levels of the fair value hierarchy under SFAS 157 are
described below:
- Level 1 - quoted prices in active markets for identical securities;
- Level 2 - other significant observable inputs (including quoted
prices for similar securities, interest rates, prepayment speeds,
credit risk, etc.); and
- Level 3 - significant unobservable inputs (including the Fund's
determinations as to the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. The
summary of inputs used to value the Fund's net assets as of September 30, 2008
is as follows:
INVESTMENTS IN
SECURITIES
VALUATION INPUTS (MARKET VALUE)
--------------------------------------------- --------------
Level 1 - Quoted Prices $ 55,790,857
Level 2 - Other Significant Observable Inputs 5,617,562
--------------
Total $ 61,408,419
==============
4
THE GABELLI HEALTHCARE & WELLNESS(RX) TRUST
NOTES TO SCHEDULE OF INVESTMENTS (CONTINUED) (UNAUDITED)
In March 2008, the Financial Accounting Standards Board (the "FASB") issued
Statement of Financial Accounting Standard No. 161, "Disclosures about
Derivative Instruments and Hedging Activities" ("SFAS 161") that is effective
for fiscal years beginning after November 15, 2008. SFAS 161 is intended to
improve financial reporting for derivative instruments by requiring enhanced
disclosure that enables investors to understand how and why an entity uses
derivatives, how derivatives are accounted for, and how derivative instruments
affect an entity's results of operations and financial position. Management is
currently evaluating the implications of SFAS 161 on the Fund's financial
statement disclosures.
5
THE GABELLI HEALTHCARE & WELLNESS(RX) TRUST
AND YOUR PERSONAL PRIVACY
WHO ARE WE?
The Gabelli Healthcare & WellnessRx Trust (the "Fund") is a closed-end
management investment company registered with the Securities and Exchange
Commission under the Investment Company Act of 1940. We are managed by Gabelli
Funds, LLC, which is affiliated with GAMCO Investors, Inc. GAMCO Investors, Inc.
is a publicly held company that has subsidiaries that provide investment
advisory or brokerage services for a variety of clients.
WHAT KIND OF NON-PUBLIC INFORMATION DO WE COLLECT ABOUT YOU IF YOU BECOME A
SHAREHOLDER?
When you purchase shares of the Fund on the New York Stock Exchange, you have
the option of registering directly with our transfer agent in order, for
example, to participate in our dividend reinvestment plan.
- INFORMATION YOU GIVE US ON YOUR APPLICATION FORM. This could include your
name, address, telephone number, social security number, bank account
number, and other information.
- INFORMATION ABOUT YOUR TRANSACTIONS WITH US. This would include
information about the shares that you buy or sell; it may also include
information about whether you sell or exercise rights that we have issued
from time to time. If we hire someone else to provide services--like a
transfer agent--we will also have information about the transactions
that you conduct through them.
WHAT INFORMATION DO WE DISCLOSE AND TO WHOM DO WE DISCLOSE IT?
We do not disclose any non-public personal information about our customers or
former customers to anyone other than our affiliates, our service providers who
need to know such information, and as otherwise permitted by law. If you want to
find out what the law permits, you can read the privacy rules adopted by the
Securities and Exchange Commission. They are in volume 17 of the Code of Federal
Regulations, Part 248. The Commission often posts information about its
regulations on its website, WWW.SEC.GOV.
WHAT DO WE DO TO PROTECT YOUR PERSONAL INFORMATION?
We restrict access to non-public personal information about you to the people
who need to know that information in order to provide services to you or the
Fund and to ensure that we are complying with the laws governing the securities
business. We maintain physical, electronic, and procedural safeguards to keep
your personal information confidential.
TRUSTEES AND OFFICERS
THE GABELLI HEALTHCARE & WELLNESS(RX) TRUST
ONE CORPORATE CENTER, RYE, NY 10580-1422
TRUSTEES OFFICERS
Mario J. Gabelli, CFA Bruce N. Alpert
CHAIRMAN & CHIEF EXECUTIVE OFFICER, SECRETARY
GAMCO INVESTORS, INC.
CARTER W. Austin
Dr. Thomas E. Bratter VICE PRESIDENT
PRESIDENT & FOUNDER, JOHN DEWEY ACADEMY
Peter D. Goldstein
CHIEF COMPLIANCE OFFICER
Anthony J. Colavita
ATTORNEY-AT-LAW, Agnes Mullady
ANTHONY J. COLAVITA, P.C. PRESIDENT AND TREASURER
David I. Schachter
James P. Conn VICE PRESIDENT
FORMER MANAGING DIRECTOR &
CHIEF INVESTMENT OFFICER, Adam E. Tokar
FINANCIAL SECURITY ASSURANCE HOLDINGS LTD. ASSISTANT VICE PRESIDENT & OMBUDSMAN
Vincent D. Enright INVESTMENT ADVISER
FORMER SENIOR VICE PRESIDENT & Gabelli Funds, LLC
CHIEF FINANCIAL OFFICER, One Corporate Center
KEYSPAN CORP. Rye, New York 10580-1422
CUSTODIAN
Robert C. Kolodny, MD The Bank of New York Mellon
PHYSICIAN, AUTHOR, AND LECTURER,
GENERAL PARTNER OF KBS PARTNERSHIP COUNSEL
Willkie Farr & Gallagher LLP
Anthonie C. van Ekris
CHAIRMAN, BALMAC INTERNATIONAL, INC. TRANSFER AGENT AND REGISTRAR
Computershare Trust Company, N.A.
Salvatore J. Zizza STOCK EXCHANGE LISTING
CHAIRMAN, ZIZZA & CO., LTD.
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.
For general information about the Gabelli Funds, call 800-GABELLI
(800-422-3554), fax us at 914-921-5118, visit Gabelli Funds' Internet homepage
at: WWW.GABELLI.COM, or e-mail us at: closedend@gabelli.com
Notice is hereby given in accordance with Section 23(c) of the Investment
Company Act of 1940, as amended, that the Fund may, from time to time, purchase
its common shares in the open market when the Fund's shares are trading at a
discount of 10% or more from the net asset value of the shares.
THE GABELLI HEALTHCARE &
WELLNESS(RX) TRUST
ONE CORPORATE CENTER
RYE, NY 10580-1422
(914) 921-5070
WWW.GABELLI.COM
Third Quarter Report
September 30,2008
GRX Q3/2008
ITEM 2. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial
officers, or persons performing similar functions, have concluded
that the registrant's disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940,
as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective,
as of a date within 90 days of the filing date of the report that
includes the disclosure required by this paragraph, based on their
evaluation of these controls and procedures required by Rule
30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules
13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934,
as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the registrant's last
fiscal quarter that have materially affected, or are reasonably
likely to materially affect, the registrant's internal control over
financial reporting.
ITEM 3. EXHIBITS.
Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of
the Sarbanes-Oxley Act of 2002 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) The Gabelli Healthcare & Wellness(Rx) Trust
-------------------------------------------------------------------
By (Signature and Title)* /s/ Agnes Mullady
-------------------------------------------------------
Agnes Mullady,
Principal Executive Officer and
Principal Financial Officer
Date November 24, 2008
----------------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Agnes Mullady
-------------------------------------------------------
Agnes Mullady,
Principal Executive Officer and
Principal Financial Officer
Date November 24, 2008
----------------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.