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: March 31, 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

                   THE GABELLI HEALTHCARE & WELLNESS(RX) TRUST

                              First Quarter Report
                                 March 31, 2008

TO OUR SHAREHOLDERS,

      The Gabelli Healthcare & Wellness(Rx) Trust's (the "Fund") net asset value
("NAV") total return declined 5.5% for the first quarter of 2008,  compared with
declines of 9.4%,  11.5%,  and 2.2% for the Standard & Poor's ("S&P") 500 Index,
the  S&P 500  Health  Care  Index,  and the  S&P  500  Consumer  Staples  Index,
respectively.  The price of the Fund's  publicly  traded  shares  declined  6.1%
during the first quarter. On March 31, 2008, the Fund's NAV per share was $7.59,
while the price of the publicly  traded  shares  closed at $6.66 on the New York
Stock Exchange.

      Enclosed is the investment portfolio as of March 31, 2008.

COMPARATIVE RESULTS

--------------------------------------------------------------------------------
                       RETURNS THROUGH MARCH 31, 2008 (a)
                       ----------------------------------
                                                                         Since
                                                                       Inception
                                                            Quarter   (06/28/07)
                                                           --------   ----------
GABELLI HEALTHCARE & WELLNESS(RX) TRUST
   NAV TOTAL RETURN (b) ................................    (5.48)%    (4.53)%
   INVESTMENT TOTAL RETURN (c) .........................    (6.06)    (16.16)
S&P 500 Index ..........................................    (9.44)    (10.82)(d)
S&P 500 Health Care Index ..............................   (11.52)    (10.99)
S&P 500 Consumer Staples Index .........................    (2.21)      6.36

(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 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,  S&P 500 HEALTH  CARE,  AND S&P 500
      CONSUMER  STAPLES  INDICES  ARE  UNMANAGED   INDICATORS  OF  STOCK  MARKET
      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
                           MARCH 31, 2008 (UNAUDITED)



                                                                                                                        MARKET
   SHARES                                                                                                               VALUE
------------                                                                                                       ---------------
                                                                                                             
               COMMON STOCKS -- 76.6%
               AGRICULTURE -- 0.6%
      10,000   UAP Holding Corp. ...............................................................................   $       383,400
                                                                                                                   ---------------
               BEVERAGES -- 5.8%
      20,000   Cadbury Schweppes plc, ADR ......................................................................           884,400
      10,000   Hansen Natural Corp.+ ...........................................................................           353,000
      60,000   ITO EN Ltd. .....................................................................................         1,061,798
       7,500   ITO EN Ltd., Preference .........................................................................            84,721
      10,000   PepsiCo Inc. ....................................................................................           722,000
       3,000   Sapporo Holdings Ltd. ...........................................................................            24,528
      10,000   The Coca-Cola Co. ...............................................................................           608,700
                                                                                                                   ---------------
                                                                                                                         3,739,147
                                                                                                                   ---------------
               BIOTECHNOLOGY -- 4.8%
      25,000   3SBio Inc., ADR+ ................................................................................           218,500
         200   Alnylam Pharmaceuticals Inc.+ ...................................................................             4,880
         200   Arena Pharmaceuticals Inc.+ .....................................................................             1,368
      40,000   Array Biopharma Inc.+ ...........................................................................           280,400
       8,000   Cephalon Inc.+ ..................................................................................           515,200
      11,500   Crucell NV, ADR+ ................................................................................           177,215
      60,000   CytRx Corp.+ ....................................................................................            69,000
     450,000   Encysive Pharmaceuticals Inc.+ ..................................................................         1,057,500
       6,000   Gilead Sciences Inc.+ ...........................................................................           309,180
      20,000   Monogram Biosciences Inc.+ ......................................................................            21,200
       6,000   Myriad Genetics Inc.+ ...........................................................................           241,740
       5,000   Omrix Biopharmaceuticals Inc.+ ..................................................................            70,000
       2,993   RXi Pharmaceuticals Corp.+ ......................................................................            28,434
      20,000   Vanda Pharmaceuticals Inc.+ .....................................................................            77,400
                                                                                                                   ---------------
                                                                                                                         3,072,017
                                                                                                                   ---------------
               CHEMICALS -- 0.8%
      12,000   International Flavors & Fragrances Inc. .........................................................           528,600
                                                                                                                   ---------------
               FOOD -- 25.8%
      40,000   Campbell Soup Co. ...............................................................................         1,358,000
      52,000   Dean Foods Co.+ .................................................................................         1,044,680
     100,000   Del Monte Foods Co. .............................................................................           953,000
      22,000   Flowers Foods Inc. ..............................................................................           544,500
      20,000   General Mills Inc. ..............................................................................         1,197,600
      22,000   Groupe Danone ...................................................................................         1,967,256
       2,000   Groupe Danone, ADR ..............................................................................            35,900
      12,000   H.J. Heinz Co. ..................................................................................           563,640
      27,000   Hain Celestial Group Inc.+ ......................................................................           796,500
      15,000   Kellogg Co. .....................................................................................           788,400
      16,000   Kerry Group plc, Cl. A ..........................................................................           499,138
      40,000   Kikkoman Corp. ..................................................................................           491,573
      50,000   Lifeway Foods Inc.+ .............................................................................           534,000
     100,000   Meiji Seika Kaisha Ltd. .........................................................................           508,628
      15,000   Morinaga Milk Industry Co. Ltd. .................................................................            45,897


                                                                                                                        MARKET
   SHARES                                                                                                               VALUE
------------                                                                                                       ---------------
                                                                                                             
       3,900   Nestle SA .......................................................................................   $     1,948,822
         200   Nestle SA, ADR ..................................................................................            25,087
       5,000   Parmalat SpA ....................................................................................            19,221
      15,000   Rock Field Co. Ltd. .............................................................................           237,159
      43,500   Smart Balance Inc.+ .............................................................................           343,650
      15,000   The J.M. Smucker Co. ............................................................................           759,150
       7,300   Wimm-Bill-Dann Foods OJSC, ADR ..................................................................           748,104
      40,000   YAKULT HONSHA Co. Ltd. ..........................................................................         1,239,968
                                                                                                                   ---------------
                                                                                                                        16,649,873
                                                                                                                   ---------------
               FOOD AND STAPLES RETAILING -- 9.7%
       6,000   Costco Wholesale Corp. ..........................................................................           389,820
      34,000   CVS Caremark Corp. ..............................................................................         1,377,340
      12,000   SUPERVALU Inc. ..................................................................................           359,760
      37,777   The Great Atlantic & Pacific Tea Co. Inc.+ ......................................................           990,513
         500   Village Super Market Inc., Cl. A ................................................................            25,750
      10,000   Wal-Mart Stores Inc. ............................................................................           526,800
      22,000   Walgreen Co. ....................................................................................           837,980
      52,000   Whole Foods Market Inc. .........................................................................         1,714,440
                                                                                                                   ---------------
                                                                                                                         6,222,403
                                                                                                                   ---------------
               HEALTH CARE EQUIPMENT AND SUPPLIES -- 14.1%
       5,000   ABIOMED Inc.+ ...................................................................................            65,700
      11,000   Advanced Medical Optics Inc.+ ...................................................................           223,300
       5,000   Align Technology Inc.+ ..........................................................................            55,550
     175,000   AMDL Inc.+ (a) ..................................................................................           588,525
      40,000   AngioDynamics Inc.+ .............................................................................           462,400
      16,000   Boston Scientific Corp.+ ........................................................................           205,920
      10,000   Covidien Ltd. ...................................................................................           442,500
      32,000   Cutera Inc.+ ....................................................................................           431,040
      68,000   E-Z-EM-Inc.+ ....................................................................................         1,425,960
      21,200   ev3 Inc.+ .......................................................................................           172,568
      27,000   Greatbatch Inc.+ ................................................................................           497,070
       8,500   Inverness Medical Innovations Inc.+ .............................................................           255,850
      12,200   Kinetic Concepts Inc.+ ..........................................................................           564,006
      15,000   Medical Action Industries Inc.+ .................................................................           246,450
       9,000   Medtronic Inc. ..................................................................................           435,330
       4,200   Mentor Corp. ....................................................................................           108,024
      30,000   Micrus Endovascular Corp.+ ......................................................................           370,800
       3,000   Orthofix International NV+ ......................................................................           119,310
     200,000   Specialized Health Products International Inc.+ .................................................           190,000
      14,000   St. Jude Medical Inc.+ ..........................................................................           604,660
      30,000   Thoratec Corp.+ .................................................................................           428,700
      85,000   Vascular Solutions Inc.+ ........................................................................           521,050
       9,000   Zimmer Holdings Inc.+ ...........................................................................           700,740
                                                                                                                   ---------------
                                                                                                                         9,115,453
                                                                                                                   ---------------


               See accompanying notes to schedule of investments.


                                        2



                   THE GABELLI HEALTHCARE & WELLNESS(RX) TRUST
                       SCHEDULE OF INVESTMENTS (CONTINUED)
                           MARCH 31, 2008 (UNAUDITED)



                                                                                                                        MARKET
   SHARES                                                                                                                VALUE
------------                                                                                                       ---------------
                                                                                                             
               COMMON STOCKS (CONTINUED)
               HEALTH CARE PROVIDERS AND SERVICES -- 8.5%
      14,000   Aetna Inc. ......................................................................................   $       589,260
      11,000   Amedisys Inc.+ ..................................................................................           432,740
      30,000   American Dental Partners Inc.+ ..................................................................           290,100
       7,000   AmerisourceBergen Corp. .........................................................................           286,860
       8,000   Cardinal Health Inc. ............................................................................           420,080
       3,500   Healthways Inc.+ ................................................................................           123,690
      45,000   HLTH Corp.+ .....................................................................................           429,300
     150,000   I-Trax Inc.+ ....................................................................................           802,500
      12,000   IMS Health Inc. .................................................................................           252,120
       6,000   MedAssets Inc.+ .................................................................................            88,920
      30,000   NightHawk Radiology Holdings Inc.+ ..............................................................           280,800
      20,000   Omnicare Inc. ...................................................................................           363,200
       1,000   Owens & Minor Inc. ..............................................................................            39,340
      15,000   PSS World Medical Inc.+ .........................................................................           249,900
      24,200   UnitedHealth Group Inc. .........................................................................           831,512
                                                                                                                   ---------------
                                                                                                                         5,480,322
                                                                                                                   ---------------
               PHARMACEUTICALS -- 6.5%
      11,000   Abbott Laboratories .............................................................................           606,650
       7,500   Alpharma Inc., Cl. A+ ...........................................................................           196,575
      14,000   Barr Pharmaceuticals Inc.+ ......................................................................           676,340
      16,800   Inspire Pharmaceuticals Inc.+ ...................................................................            64,680
      21,000   Johnson & Johnson ...............................................................................         1,362,270
      20,000   K-V Pharmaceutical Co., Cl. A+ ..................................................................           499,200
      18,000   Matrixx Initiatives Inc.+ .......................................................................           263,520
      13,000   Merck & Co. Inc. ................................................................................           493,350
       2,200   Pain Therapeutics Inc.+ .........................................................................            18,590
                                                                                                                   ---------------
                                                                                                                         4,181,175
                                                                                                                   ---------------
               TOTAL COMMON STOCKS .............................................................................        49,372,390
                                                                                                                   ---------------
               WARRANTS -- 0.2%
               HEALTH CARE EQUIPMENT AND SUPPLIES -- 0.2%
      80,907   AMDL Inc., expire 03/05/11+ (a) .................................................................           105,989
                                                                                                                   ---------------




  PRINCIPAL                                                                                                             MARKET
   AMOUNT                                                                                                               VALUE
------------                                                                                                       ---------------
                                                                                                             
               U.S. GOVERNMENT OBLIGATIONS -- 23.2%
$ 15,027,000   U.S. Treasury Bills, 1.213% to 3.065%++, 04/03/08 to 09/04/08 ...................................   $    14,986,914
                                                                                                                   ---------------

TOTAL INVESTMENTS -- 100.0%
   (Cost $68,535,715) ..........................................................................................   $    64,465,293
                                                                                                                   ===============
               Aggregate book cost .............................................................................   $    68,535,715
                                                                                                                   ===============
               Gross unrealized appreciation ...................................................................   $     2,150,561
               Gross unrealized depreciation ...................................................................        (6,220,983)
                                                                                                                   ---------------
               Net unrealized appreciation/depreciation ......................................................     $    (4,070,422)
                                                                                                                   ===============

----------
(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 March 31, 2008, the
      market value of fair valued securities amounted to $694,514 or 1.08% of
      total investments.

+     Non-income producing security.

++    Represents annualized yield at date of purchase.

ADR   American Depositary Receipt

                                                           % OF
                                                          MARKET      MARKET
GEOGRAPHIC DIVERSIFICATION                                VALUE       VALUE
--------------------------                                ------   -------------
North America .........................................    83.3%   $  53,685,567
Europe ................................................     9.8        6,305,144
Japan .................................................     5.7        3,694,272
Latin America .........................................     1.2          780,310
                                                          -----    -------------
Total Investments .....................................   100.0%   $  64,465,293
                                                          =====    =============


               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 sales  that day,  the
security is valued at the  average of the  closing  bid and asked  prices or, if
there were no asked  prices  quoted on that day,  then the security is valued at
the closing bid price on that day. If no bid or asked  prices are quoted on such
day,  the  security is valued at the most  recently  available  price or, if the
Board of Trustees (the "Board") so determines, by such other method as the Board
shall  determine  in good  faith to reflect  its fair  market  value.  Portfolio
securities  traded on more than one national  securities  exchange or market are
valued according to the broadest and most  representative  market, as determined
by Gabelli Funds, LLC, the Adviser.

Portfolio  securities  primarily traded on a foreign market are generally valued
at the preceding  closing values of such securities on the relevant market,  but
may be fair valued  pursuant to  procedures  established  by the Board if market
conditions change  significantly after the close of the foreign market but prior
to the  close of  business  on the day the  securities  are being  valued.  Debt
instruments  with  remaining  maturities  of 60 days or less that are not credit
impaired are valued at amortized cost,  unless the Board  determines such amount
does not reflect the securities' fair value, in which case these securities will
be fair valued as determined by the Board.  Debt  instruments  having a maturity
greater  than 60 days for which  market  quotations  are readily  available  are
valued at the average of the latest bid and asked prices. If there were no asked
prices  quoted on such day,  the security is valued using the closing bid price.
Futures contracts are valued at the closing  settlement price of the exchange or
board of trade on which the applicable contract is traded.

Securities and assets for which market  quotations are not readily available are
fair valued as determined by the Board.

ADOPTION OF  STATEMENT  OF FINANCIAL  ACCOUNTING  STANDARDS  NO. 157 "FAIR VALUE
MEASUREMENTS" ("SFAS 157")
On January 1, 2008,  the Fund adopted 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:

      o     Level 1 - quoted prices in active markets for identical securities;

      o     Level 2 - other  significant  observable  inputs  (including  quoted
            prices for similar  securities,  interest rates,  prepayment speeds,
            credit risk, etc.); and

      o     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 March 31, 2008 is as
follows:
                                                          INVESTMENTS IN
                                                            SECURITIES
      VALUATION INPUTS                                    (MARKET VALUE)
      ----------------                                    --------------
      Level 1 - Quoted Prices                              $48,783,865
      Level 2 - Other Significant Observable Inputs         15,681,428
                                                           -----------
      Total                                                $64,465,293
                                                           ===========

                                       4


--------------------------------------------------------------------------------

                   THE GABELLI HEALTHCARE & WELLNESS(RX) TRUST
                              AND YOUR PERSONAL PRIVACY

WHO ARE WE?

The  Gabelli  Healthcare  &  Wellness(Rx)  Trust (the  "Fund")  is a  closed-end
management  investment  company  registered  with the  Securities  and  Exchange
Commission  under the Investment  Company Act of 1940. We are managed by Gabelli
Funds, LLC, which is affiliated with GAMCO Investors, Inc. GAMCO Investors, Inc.
is a  publicly  held  company  that has  subsidiaries  that  provide  investment
advisory or brokerage services for a variety of clients.

WHAT KIND OF  NON-PUBLIC  INFORMATION  DO WE  COLLECT  ABOUT YOU IF YOU BECOME A
SHAREHOLDER?

When you purchase  shares of the Fund on the New York Stock  Exchange,  you have
the  option of  registering  directly  with our  transfer  agent in  order,  for
example, to participate in our dividend reinvestment plan.

o     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.

o     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.

--------------------------------------------------------------------------------


                      [This Page Intentionally Left Blank.]


                              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
Anthony J. Colavita                                CHIEF COMPLIANCE OFFICER
   ATTORNEY-AT-LAW,
   ANTHONY J. COLAVITA, P.C.                    Agnes Mullady
                                                   PRESIDENT AND TREASURER

James P. Conn                                   David I. Schachter
   FORMER MANAGING DIRECTOR &                      VICE PRESIDENT
   CHIEF INVESTMENT OFFICER,
   FINANCIAL SECURITY ASSURANCE HOLDINGS LTD.   Adam E. Tokar
                                                   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

Robert C. Kolodny, MD                           CUSTODIAN
   PHYSICIAN, AUTHOR, AND LECTURER,             Mellon Trust of New England, N.A.
   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
   CHAIRMAN, ZIZZA & CO., LTD.                  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.

--------------------------------------------------------------------------------
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

                                                       FIRST QUARTER REPORT
                                                       MARCH 31, 2008

                                                                     GRX Q1/2008


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                       May 29, 2008
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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                       May 29, 2008
    ----------------------------------------------------------------------------



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