UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

The Gabelli Convertible and Income Securities Fund Inc.

(Exact name of registrant as specified in charter)

One Corporate Center
Rye, New York 10580-1422

(Address of principal executive offices) (Zip code)

Bruce N. Alpert
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, 2009

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 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. § 3507.

 

 

Item 1. Schedule of Investments.

The Schedule(s) of Investments is attached herewith.

The Gabelli Convertible and Income Securities Fund Inc.

First Quarter Report
March 31, 2009

To Our Shareholders,

     The Gabelli Convertible and Income Securities Fund’s (the “Fund”) net asset value (“NAV”) total return was (8.4)% during the first quarter of 2009, compared with declines of 11.0% and 1.3% for the Standard & Poor’s (“S&P”) 500 Index and the Barclays Capital Government/Corporate Bond Index, respectively, and a gain of 2.4% for the Lipper Convertible Securities Fund Average. The total return for the Fund’s publicly traded shares was (3.2)% during the first quarter. On March 31, 2009, the Fund’s NAV per share was $4.66, while the price of the publicly traded shares closed at $5.26 on the New York Stock Exchange (“NYSE”).

     Enclosed is the investment portfolio as of March 31, 2009.

Comparative Results

Average Annual Returns through March 31, 2009 (a)

																										Since
																										Inception
		Quarter				1 Year				3 Year				5 Year				10 Year				15 Year				(07/03/89)
Gabelli Convertible and Income Securities Fund
NAV Total Return (b)			(8.39	)%			(27.75	)%			(7.86	)%			(2.55	)%			0.88	%			3.44	%			5.16	%
Investment Total Return (c)			(3.25	)			(18.78	)			(8.11	)			(5.13	)			2.13				N/A	(d)			4.13	(d)
S&P 500 Index			(10.98	)			(38.06	)			(13.05	)			(4.76	)			(3.00	)			5.91				7.06	(e)
Barclays Capital Government/Corporate Bond Index			(1.28	)			1.78				5.47				3.74				5.64				6.33				7.02	(e)
Lipper Convertible Securities Fund Average			2.37				(28.01	)			(9.01	)			(3.04	)			1.96				4.94				6.79	(e)

 

THE GABELLI CONVERTIBLE AND INCOME SECURITIES FUND INC.
SCHEDULE OF INVESTMENTS
March 31, 2009 (Unaudited)

Principal						Market
Amount						Value
				CONVERTIBLE CORPORATE BONDS — 19.9%
				Aerospace — 0.4%
$	500,000			GenCorp Inc., Sub. Deb. Cv., 4.000%, 01/16/24		$	349,375
				Automotive: Parts and Accessories — 2.0%
	150,000			Johnson Controls Inc., Cv., 6.500%, 09/30/12			189,750
	2,114,000			Standard Motor Products Inc., Sub. Deb. Cv., 6.750%, 07/15/09			1,537,935
							1,727,685
				Broadcasting — 2.5%
	4,500,000			Sinclair Broadcast Group Inc., Sub. Deb. Cv., 6.000%, 09/15/12			1,468,125
	1,400,000			Sinclair Broadcast Group Inc., Sub. Deb. Cv. (STEP), 4.875%, 07/15/18			595,000
							2,063,125
				Business Services — 0.0%
	900,000			BBN Corp., Sub. Deb. Cv., 6.000%, 04/01/12† (a)			0
				Cable and Satellite — 0.0%
	400,000			Adelphia Communications Corp., Sub. Deb. Cv., 3.250%, 05/01/21† (a)			0
				Communications Equipment — 3.6%
	3,000,000			Agere Systems Inc., Sub. Deb. Cv., 6.500%, 12/15/09			3,026,250
				Computer Hardware — 1.2%
	1,600,000			SanDisk Corp., Cv., 1.000%, 05/15/13			968,000
				Diversified Industrial — 1.0%
	100,000			Griffon Corp., Ser. 2ND, Sub. Deb. Cv., 4.000%, 07/18/23			93,375
	1,400,000			Roper Industries Inc., Sub. Deb. Cv. (STEP), 1.481%, 01/15/34			738,500
	100,000			Trinity Industries Inc., Sub. Deb. Cv., 3.875%, 06/01/36			43,375
							875,250
				Electronics — 0.4%
	10,000			Artesyn Technologies Inc., Sub. Deb. Cv., 5.500%, 08/15/10 (b)			13,691
	300,000			CTS Corp., Sub. Deb. Cv., 2.125%, 05/01/24			292,500
							306,191
				Energy and Utilities — 0.4%
	400,000			Unisource Energy Corp., Cv., 4.500%, 03/01/35 (b)			344,500
				Entertainment — 2.0%
	1,750,000			International Game Technology, Cv., 2.600%, 12/15/36			1,704,063
				Equipment and Supplies — 0.0%
	10,000			Regal-Beloit Corp., Sub. Deb. Cv., 2.750%, 03/15/24			12,312
				Financial Services — 0.1%
	500,000			Conseco Inc., Cv. (STEP), 3.500%, 09/30/35 (b)			117,500
				Health Care — 0.3%
	100,000			Chemed Corp., Cv., 1.875%, 05/15/14			73,000
	100,000			Millipore Corp., Cv., 3.750%, 06/01/26			93,250
	150,000			Thoratec Corp., Sub. Deb. Cv. (STEP), 1.380%, 05/16/34			120,563
							286,813
				Metals and Mining — 0.2%
	100,000			Alcoa Inc., Cv., 5.250%, 03/15/14			132,625
				Real Estate — 0.7%
	2,500,000			Palm Harbor Homes Inc., Cv., 3.250%, 05/15/24			628,125
				Retail — 2.3%
	60,000			Costco Wholesale Corp., Sub. Deb. Cv., Zero Coupon, 08/19/17			63,375
	100,000			Pier 1 Imports Inc., Cv. (STEP), 6.375%, 02/15/36			37,625
	3,200,000			The Great Atlantic & Pacific Tea Co. Inc., Cv., 5.125%, 06/15/11			1,808,000
							1,909,000
				Specialty Chemicals — 1.1%
	2,700,000			Ferro Corp., Cv., 6.500%, 08/15/13			911,250
				Wireless Communications — 1.7%
	1,500,000			Nextel Communications Inc., Cv., 5.250%, 01/15/10			1,453,125
				TOTAL CONVERTIBLE CORPORATE BONDS			16,815,189

See accompanying notes to schedule of investments.

THE GABELLI CONVERTIBLE AND INCOME SECURITIES FUND INC.
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2009 (Unaudited)

						Market
Shares						Value
				CONVERTIBLE PREFERRED STOCKS — 2.4%
				Agriculture — 0.2%
	3,500			Archer-Daniels-Midland Co., 6.250% Cv. Pfd.		$	128,555
				Business Services — 0.0%
	15,143			Interep National Radio Sales Inc., 4.000% Cv. Pfd., Ser. A† (a)(b)(c)			0
	20,000			Key3Media Group Inc. (STEP), 5.500% Cv. Pfd., Ser. B† (a)			117
							117
				Communications Equipment — 0.2%
	600			Lucent Technologies Capital Trust I, 7.750% Cv. Pfd.			169,800
				Energy and Utilities — 0.6%
	6,000			AES Trust III, 6.750% Cv. Pfd.			207,480
	500			El Paso Corp., 4.990% Cv. Pfd. (b)			288,655
	300			El Paso Energy Capital Trust I, 4.750% Cv. Pfd.			7,500
							503,635
				Financial Services — 0.1%
	100			Alleghany Corp., 5.750% Cv. Pfd.			25,460
	37,000			Federal National Mortgage Association, 8.750%, Cv. Pfd., Ser. 08-1			38,480
							63,940
				Health Care — 0.0%
	100			Elite Pharmaceuticals Inc., $2.32 Cv. Pfd. Ser. C† (a)(c)			7,603
				Telecommunications — 0.4%
	14,000			Cincinnati Bell Inc., 6.750% Cv. Pfd., Ser. B			376,180
				Transportation — 0.9%
	2,500			GATX Corp., $2.50 Cv. Pfd.			748,425
				TOTAL CONVERTIBLE PREFERRED STOCKS			1,998,255
				COMMON STOCKS — 34.6%
				Aerospace — 1.0%
	11,000			Kaman Corp.			137,940
	8,000			Northrop Grumman Corp.			349,120
	6,000			Rockwell Automation Inc			131,040
	52,500			Rolls-Royce Group plc†			221,468
							839,568
				Automotive: Parts and Accessories — 1.8%
	50,000			Genuine Parts Co.			1,493,000
				Broadcasting — 0.0%
	12,000			Emmis Communications Corp., Cl. A†			4,680
				Business Services — 0.1%
	308,000			Trans-Lux Corp.† (d)			67,760
				Cable and Satellite — 0.3%
	493,409			Adelphia Recovery Trust† (a)			0
	15,000			Cablevision Systems Corp., Cl. A			194,100
	2,000			Rogers Communications Inc., Cl. B			45,660
							239,760
				Communications Equipment — 0.5%
	33,000			Corning Inc.			437,910
				Computer Hardware — 1.1%
	10,000			International Business Machines Corp.			968,900
				Computer Software and Services — 0.5%
	12,000			Diebold Inc.			256,200
	36,000			Furmanite Corp.†			111,960
	3,000			Microsoft Corp.			55,110
							423,270
				Consumer Products — 0.9%
	1,000			Avon Products Inc.			19,230
	50,000			Swedish Match AB			723,897
							743,127
				Diversified Industrial — 2.1%
	100,000			General Electric Co			1,011,000
	379,703			National Patent Development Corp.† (a)(b)			433,946
	55,554			WHX Corp.†			372,212
							1,817,158
				Electronics — 0.4%
	24,000			Intel Corp.			361,200
				Energy and Utilities — 8.6%
	6,000			Anadarko Petroleum Corp.			233,340
	12,000			BP plc, ADR			481,200
	2,000			Cameron International Corp.†			43,860
	2,000			CH Energy Group Inc			93,800
	14,000			Chevron Corp.			941,360
	6,000			ConocoPhillips			234,960
	3,000			Devon Energy Corp.			134,070
	18,000			Exxon Mobil Corp.			1,225,800
	12,000			FPL Group Inc.			608,760
	30,000			Great Plains Energy Inc.			404,100

See accompanying notes to schedule of investments.

THE GABELLI CONVERTIBLE AND INCOME SECURITIES FUND INC.
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2009 (Unaudited)

						Market
Shares						Value
				COMMON STOCKS (Continued)
				Energy and Utilities (Continued)
	18,000			Halliburton Co.		$	278,460
	41,000			Mirant Corp.†			467,400
	1,200,000			Mirant Corp., Escrow† (a)			0
	24,000			National Fuel Gas Co.			736,080
	15,000			Northeast Utilities			323,850
	10,000			Progress Energy Inc., CVO† (a)			3,300
	16,000			Royal Dutch Shell plc, Cl. A, ADR			708,800
	7,000			SJW Corp.			178,010
	10,000			Xcel Energy Inc.			186,300
							7,283,450
				Equipment and Supplies — 0.1%
	3,000			Mueller Industries Inc			65,070
				Financial Services — 3.3%
	20,000			AllianceBernstein Holding LP .			294,400
	35,000			American Express Co.			477,050
	150,000			Citigroup Inc.			379,500
	5,000			M&T Bank Corp			226,200
	10,000			Marsh & McLennan Companies Inc.			202,500
	7,000			Morgan Stanley			159,390
	8,000			The Bank of New York Mellon Corp.			226,000
	60,000			Wells Fargo & Co.			854,400
							2,819,440
				Food and Beverage — 3.9%
	24,080			Cadbury plc, ADR			729,624
	11,000			Dr. Pepper Snapple Group Inc.†			186,010
	9,000			General Mills Inc.			448,920
	210,000			Parmalat SpA, GDR (b)(c)			432,453
	2,800			Pernod-Ricard SA			156,151
	30,000			The Coca-Cola Co.			1,318,500
							3,271,658
				Health Care — 5.7%
	25,000			Eli Lilly & Co			835,250
	54,669			Elite Pharmaceuticals Inc., Cl. A†			7,654
	20,000			Johnson & Johnson			1,052,000
	50,000			Pfizer Inc			681,000
	8,000			Schering-Plough Corp			188,400
	15,000			UnitedHealth Group Inc.			313,950
	40,000			Wyeth			1,721,600
							4,799,854
				Hotels and Gaming — 0.7%
	210,000			Ladbrokes plc			552,164
				Manufactured Housing and Recreational Vehicles — 0.0%
	14,000			Fleetwood Enterprises Inc.†			518
				Retail — 1.3%
	13,000			Wal-Mart Stores Inc.			677,300
	17,000			Walgreen Co.			441,320
							1,118,620
				Specialty Chemicals — 0.9%
	10,000			Rohm and Haas Co			788,400
				Telecommunications — 1.3%
	7,000			Philippine Long Distance Telephone Co., ADR			308,910
	27,000			Verizon Communications Inc.			815,400
							1,124,310
				Transportation — 0.1%
	4,000			GATX Corp			80,920
				Wireless Communications — 0.0%
	49			Winstar Communications Inc.† (a)			0
				TOTAL COMMON STOCKS			29,300,737
				PREFERRED STOCKS — 0.0%
				Telecommunications — 0.0%
	3,679			PTV Inc., 10.000% Pfd., Ser. A			478
				WARRANTS — 0.0%
				Consumer Products — 0.0%
	4,331			Pillowtex Corp., expire 11/24/09† (a)			0
				Food and Beverage — 0.0%
	1,300			Parmalat SpA, GDR, expire 12/31/15† (a)(b)(c)			526
				Health Care — 0.0%
	12,930			Elite Pharmaceuticals Inc., expire 04/24/12† (a)(c)			1,543
				TOTAL WARRANTS			2,069
Principal
Amount
				CORPORATE BONDS — 1.0%
				Consumer Products — 0.0%
$	1,500,000			Pillowtex Corp., Sub. Deb., 9.000%, 12/15/09† (a)			0
				Diversified Industrial — 0.0%
	100,000			Park-Ohio Industries Inc., Sub. Deb., 8.375%, 11/15/14			38,500
				Electronics — 0.3%
	300,000			Stoneridge Inc., 11.500%, 05/01/12			237,000

See accompanying notes to schedule of investments.

THE GABELLI CONVERTIBLE AND INCOME SECURITIES FUND INC.
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2009 (Unaudited)

Principal						Market
Amount						Value
				CORPORATE BONDS (Continued)
				Energy and Utilities — 0.6%
$	1,000,000			Texas Competitive Electric Holdings Co. LLC, Ser. B (STEP), 10.250%, 11/01/15		$	505,000
				Health Care — 0.0%
	150,000			Sabratek Corp., Sub. Deb., 6.000%, 04/15/10† (a)			0
				Manufactured Housing and Recreational Vehicles — 0.1%
	103,000			Fleetwood Enterprises Inc., Sub. Deb., 14.000%, 12/15/11† (a)			70,241
				Telecommunications — 0.0%
				AMNEX Inc., Sub. Deb.,
	30,000			8.500%, 09/25/49† (a)(b)			0
	50,000			8.500%, 09/25/49† (a)(b)(c)			0
							0
				TOTAL CORPORATE BONDS			850,741
				U.S. GOVERNMENT OBLIGATIONS — 42.1%
				U.S. Treasury Bills — 29.7%
	25,110,000			U.S. Treasury Bills, 0.081% to 0.396%††, 04/09/09 to 09/24/09			25,098,961
				U.S. Treasury Cash Management Bills — 7.1%
	6,005,000			U.S. Treasury Cash Management Bills, 0.112% to 0.137%††, 04/29/09 to 06/24/09			6,002,560
				U.S. Treasury Notes — 5.3%
	4,490,000			4.500%, 04/30/09			4,501,864
				TOTAL U.S. GOVERNMENT OBLIGATIONS			35,603,385
TOTAL INVESTMENTS — 100.0%    (Cost $111,065,291)						$	84,570,854
				Aggregate book cost		$	111,331,340
				Gross unrealized appreciation		$	1,457,266
				Gross unrealized depreciation			(28,217,752	)
				Net unrealized appreciation/(depreciation)		$	(26,760,486	)

Acquisition
Shares/														03/31/2009
Principal						Acquisition				Acquisition				Carrying Value
Amount				Issuer		Date				Cost				Per Unit
$	50,000			Amnex Inc., Sub. Deb., 8.500%, 09/25/49			09/15/97			$	48,801				—
	100			Elite Pharmaceuticals Inc., $2.32 Cv. Pfd. Ser C			04/25/07				91,465			$	76.0300
	12,930			Elite Pharmaceuticals Inc. Warrants expire 04/24/12			04/25/07				8,535				0.1193
	15,143			Interep National Radio Sales Inc., 4.000% Cv. Pfd., Ser. A			05/03/02				1,347,184				—
	210,000			Parmalat SpA, GDR			04/10/03				897,621				2.0593
	1,300			Parmalat SpA, GDR, Warrants expire 12/31/15			11/09/05				—				0.4046

See accompanying notes to schedule of investments.

THE GABELLI CONVERTIBLE AND INCOME SECURITIES FUND INC.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

1. 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 Directors (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.

Statement of Financial Accounting Standard No. 157, “Fair Value Measurements” (“SFAS 157”) 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 the Fund’s investments and other financial instruments by inputs used to value the Fund’s investments as of March 31, 2009 is as follows:

		Investments in				Other Financial Instruments
		Securities				(Unrealized
		(Market Value)				Appreciation)*
Valuation Inputs		Assets				Assets
Level 1 — Quoted Prices		$	32,392,439				—
Level 2 — Other Significant Observable Inputs			52,095,611			$	14,665
Level 3 — Significant Unobservable Inputs			82,804				—
Total		$	84,570,854			$	14,665

THE GABELLI CONVERTIBLE AND INCOME SECURITIES FUND INC.
NOTES TO SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

		Investments in
		Securities
		(Market Value)
Balance as of 12/31/08		$	78,679
Accrued discounts/(premiums)			41
Realized gain/(loss)			—
Change in unrealized appreciation/(depreciation)			2,541
Net purchase/(sales)			—
Transfers in and/or out of Level 3			1,543
Balance as of 3/31/09		$	82,804
Net change in unrealized appreciation/(depreciation) during the period on Level 3 investments held at 03/31/09		$	(4,451	)

Statement of Financial Accounting Standard No. 161, “Disclosures about Derivative Instruments and Hedging Activities” clarifies the 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. As of March 31, 2009, the Fund did not hold any significant investments in derivatives.

2. Swap Agreements. The Fund may enter into equity and contract for difference swap transactions. The use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio transactions. In a swap, a set of future cash flows are exchanged between two counterparties. One of these cash flow streams will typically be based on a reference interest rate combined with the performance of a notional value of shares of a stock. The other will be based on the performance of the shares of a stock. There is no assurance that the swap contract counterparties will be able to meet their obligations pursuant to a swap contract or that, in the event of default, the Fund will succeed in pursuing contractual remedies. The Fund thus assumes the risk that it may be delayed in or prevented from obtaining payments owed to it pursuant to a swap contract. The creditworthiness of the swap contract counterparties is closely monitored in order to minimize this risk. Depending on the general state of short-term interest rates and the returns on the Fund’s portfolio securities at that point in time, such a default could negatively affect the Fund’s ability to make dividend payments. In addition, at the time a swap transaction reaches its scheduled termination date, there is a risk that the Fund will not be able to obtain a replacement transaction or that the terms of the replacement will not be as favorable as on the expiring transaction. If this occurs, it could have a negative impact on the Fund’s ability to make dividend payments.

THE GABELLI CONVERTIBLE AND INCOME SECURITIES FUND INC.
NOTES TO SCHEDULE OF INVESTMENTS (Continued) (Unaudited)

The use of derivative instruments involves, to varying degrees, elements of market and counterparty risk in excess of the amount recognized below.

Effective March 16, 2008, Bear, Stearns International Limited entered into a Guaranty Agreement with JPMorgan Chase & Co., whereby JPMorgan Chase & Co. unconditionally guaranteed the due and punctual payment of certain liabilities of Bear, Stearns International Limited, including the current liabilities of Bear, Stearns International Limited to the Fund. As of March 31, 2009, the Fund held a contract for difference swap with Bear, Stearns International Limited which is covered by the JPMorgan Chase & Co. Guaranty Agreement as of the date of the report. Details of the swap at March 31, 2009 are as follows:

								Net
Notional		Equity Security		Interest Rate/		Termination		Unrealized
Amount		Received		Equity Security Paid		Date		Appreciation
		Market Value Appreciation on:		Overnight LIBOR plus 75 bps plus Market Value Depreciation on:
$185,654 (47,500 Shares)		Rolls-Royce Group plc		Rolls-Royce Group plc		03/11/10		$14,665

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AND VOLUNTARY CASH PURCHASE PLANS

Enrollment in the Plan

     It is the policy of The Gabelli Convertible and Income Securities Fund Inc. (the “Fund”) to automatically reinvest dividends payable to common shareholders. 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 shares of common stock 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 stock certificates to Computershare Trust Company, N.A. (“Computershare”) to be held in their dividend reinvestment account. Registered shareholders wishing to receive their distributions in cash must submit this request in writing to:

The Gabelli Convertible and Income Securities Fund Inc.
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 shares of common stock 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 stock 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 shares of common stock 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 stock. 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 stock at the time of valuation exceeds the market price of the common stock, 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 stock 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 stock 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 Automatic 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 Plan 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.

DIRECTORS AND OFFICERS
THE GABELLI CONVERTIBLE AND INCOME SECURITIES FUND INC.
One Corporate Center, Rye, NY 10580-1422

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

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

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 Convertible and Income Securities Fund Inc.
By (Signature and Title)*		/s/ Bruce N. Alpert   Bruce N. Alpert, Principal Executive Officer
Date 5/27/09

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
Date 5/27/09
By (Signature and Title)*		/s/ Agnes Mullady   Agnes Mullady, Principal Financial Officer and Treasurer
Date 5/27/09