SCHEDULE: Gabelli Affiliates Boost Stake in Healthcare & WellnessRx Trust

Associated Capital Group and other Gabelli entities increased their beneficial ownership in Gabelli Healthcare & WellnessRx Trust's Preferred Shares to over 61% through a private placement.

Summary

• Reporting persons, including Associated Capital Group, Inc. (AC), GAMCO Investors, Inc. (GBL), Gabelli Foundation, Inc., and Mario J. Gabelli, collectively beneficially own 3,314,000 Preferred Shares of Gabelli Healthcare & WellnessRx Trust.
• This aggregate ownership represents 61.05% of the 5,428,514 outstanding Preferred Shares.
• Associated Capital Group, Inc. holds the largest portion with 2,200,000 shares (40.53%).
• GAMCO Investors, Inc. and Mario J. Gabelli each beneficially own 400,000 shares (7.37% each).
• Gabelli Foundation, Inc. beneficially owns 314,000 shares (5.78%).
• The Reporting Persons used approximately $18,322,400 to purchase additional Series G shares in a private placement.
• Associated Capital Group, Inc. specifically purchased 1,800,000 Series G Cumulative Preferred shares at $10.1791 per share on October 30, 2025, as part of this private placement.
• The filing is a Schedule 13D, chosen over a Schedule 13G, to ensure compliance given the Reporting Persons' regular communication with the Issuer's management.

Sentiment

Score: 7

Explanation: The increased stake by key affiliated entities, including Associated Capital Group and Mario Gabelli, through a private placement, suggests strong internal confidence in the Gabelli Healthcare & WellnessRx Trust's preferred shares. This is generally viewed positively as it aligns the interests of significant shareholders with the fund's performance.

Positives

• Increased commitment from significant shareholders, including Associated Capital Group, Inc. and Mario Gabelli, through a substantial investment of approximately $18.3 million.
• The private placement indicates a direct investment opportunity for the reporting persons, potentially at favorable terms.

Risks

• No specific risks related to the issuer or the investment are detailed in this Schedule 13D filing. The filing focuses on ownership disclosure.

Future Outlook

The filing does not contain specific forward-looking statements or guidance regarding the issuer's future performance or strategic direction. It primarily reports changes in beneficial ownership.

Management Comments

• The Reporting Persons file the long form Schedule 13D pursuant to Section 13d-1 of the Securities Exchange Act of 1934 (the 'Act') even though they may be technically eligible to file the short form Schedule G. Because the Reporting Persons may regularly communicate with the Issuer's management, filing the Schedule 13D ensures that these conversations are compliant with the reporting obligations under the Exchange Act.

Industry Context

This filing reflects an internal increase in ownership by entities associated with Mario Gabelli in a closed-end fund focused on healthcare and wellness. Such increases by affiliated parties can signal confidence in the fund's strategy or underlying assets, but do not directly reflect broader industry trends or competitive dynamics beyond the specific fund.

Comparison to Industry Standards

• NA

Related Party Transactions

• The entire transaction involves related parties (Gabelli-affiliated entities increasing their stake in a Gabelli-managed trust). The purchase of 1,800,000 Series G Cumulative Preferred shares by Associated Capital Group, Inc. from the Gabelli Healthcare & WellnessRx Trust in a private placement is a related party transaction.

Stakeholder Impact

• Shareholders: Increased beneficial ownership by affiliated entities could be seen as a vote of confidence, potentially stabilizing or positively influencing the perception of the preferred shares.
• Management: The reporting persons' regular communication with the Issuer's management, as stated in the filing, indicates ongoing engagement and potential influence on strategic decisions.

Key Dates

Recommendation

This filing primarily reports an increase in beneficial ownership by affiliated entities in the preferred shares of a closed-end fund. While it signals internal confidence, it does not provide new information about the fund's underlying assets, performance, or strategic direction that would warrant a change in investment thesis. The transaction is a private placement, suggesting it was not open market activity that would directly impact price discovery. Therefore, a 'hold' recommendation is appropriate as the fundamental outlook for the preferred shares remains unchanged based solely on this ownership update.

Keywords

Gabelli Healthcare & WellnessRx Trust, Preferred Shares, Schedule 13D, Beneficial Ownership, Associated Capital Group, GAMCO Investors, Mario Gabelli, Private Placement, Investment, Healthcare, Wellness