Edgar Filing: GABELLI CONVERTIBLE & INCOME SECURITIES FUND INC

Year Ended

December 31, 2015

Shares

Amount

Net increase from common shares issued upon reinvestment of distributions

Gabelli Convertible and Income Securities Fund Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-05715

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: June 30, 2016

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

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

The Gabelli Convertible and Income

Securities Fund Inc.

(Y)our Portfolio Management Team

LOGO

Mario J. Gabelli, CFA Thomas Dinsmore, CFA Jane O’Keeffe James Dinsmore, CFA

To Our Shareholders,

For the six months ended June 30, 2016, the net asset value (“NAV”) total return of The Gabelli Convertible and Income Securities Fund Inc. was 1.3%, compared with a total return of 6.2% for the Barclays Government/Credit Bond Index. The total return for the Fund’s publicly traded shares was 2.5%. The Fund’s NAV per share was $5.12, while the price of the publicly traded shares closed at $4.65 on the New York Stock Exchange (“NYSE”). See below for additional performance information.

Enclosed are the financial statements, including the schedule of investments, as of June 30, 2016.

Comparative Results


Average Annual Returns through June 30, 2016 (a) (Unaudited)													Since
													Inception
	Year to Date		1 Year			5 Year			10 Year		15 Year		(07/03/89)
Gabelli Convertible and Income Securities Fund
NAV Total Return (b)		1.30%		(4.90)	%		5.27	%		4.53%		4.37%		6.42%
Investment Total Return (c)		2.48		(12.40)			2.79			3.48		3.27		5.06(d)
Standard & Poor’s (“S&P”) 500 Index		3.84		3.99			12.10			7.42		5.75		9.58(e)
Barclays Government/Credit Bond Index		6.17		6.78			4.10			5.18		5.15		N/A(f)
Lipper Convertible Securities Fund Average		1.04		(5.45)			5.16			5.64		5.58		7.89(e)

(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 Barclays Government/Credit Bond Index is a market value weighted index that tracks the performance of fixed rate, publicly placed, dollar denominated obligations. The Lipper Convertible Securities Fund Average reflects the average performance of open-end funds classified in this particular category. Dividends and interest income are considered reinvested. You cannot invest directly in an index.

(b)

Total returns and average annual returns reflect changes in the NAV per share, reinvestment of distributions at NAV on the ex-dividend date, and adjustments for rights offerings and are net of expenses. Since inception return is based on an initial NAV of $10.00.

(c)

Total returns and average annual returns reflect changes in closing market values on the NYSE, reinvestment of distributions, and adjustments for rights offerings. Since inception return is based on an initial offering price of $11.25 on March 31, 1995.

(d)

Since inception return is from March 31, 1995 when the Fund converted to closed-end status; before this date, the Fund had no operating history on the NYSE.

(e)

From June 30, 1989, the date closest to the Fund’s inception for which data is available.

(f)

The Barclays Government/Credit Bond Index inception date is January 29, 1999.

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of total investments as of June 30, 2016:

The Gabelli Convertible and Income Securities Fund Inc.


Long Positions
Health Care	16.5	%
Financial Services	11.6	%
Computer Software and Services	11.9	%
Energy and Utilities	7.5	%
Diversified Industrial	5.5	%
Consumer Services	4.8	%
Telecommunications	4.5	%
Food and Beverage	4.4	%
Real Estate Investment Trusts	4.4	%
Semiconductors	3.8	%
Wireless Communications	2.9	%
Retail	2.8	%
Consumer Products	2.7	%
Aerospace	2.6	%
Automotive	1.8	%


Transportation	1.8	%
Communications Equipment	1.6	%
Building and Construction	1.4	%
Electronics	1.4	%
Specialty Chemicals	1.1	%
U.S. Government Obligations	1.1	%
Metals and Mining	1.1	%
Hotels and Gaming	0.9	%
Automotive: Parts and Accessories	0.6	%
Computer Hardware	0.6	%
Equipment and Supplies	0.5	%
Publishing	0.2	%
Entertainment	0.0	%*

	100.0	%

*	Amount represents less than 0.05%

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

Proxy Voting

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

The Gabelli Convertible and Income Securities Fund Inc.

Schedule of Investments — June 30, 2016 (Unaudited)


Principal Amount			Cost		Market Value
		CONVERTIBLE CORPORATE BONDS — 39.9%
		Aerospace — 0.2%
$	100,000	Aerojet Rocketdyne Holdings Inc., Sub. Deb., 4.063%, 12/31/39	$	103,984	$	203,125


		Automotive — 1.6%
		Navistar International Corp., Sub. Deb.,
	1,250,000	4.500%, 10/15/18		984,260		844,531
	1,250,000	4.750%, 04/15/19		959,312		738,281

				1,943,572		1,582,812


		Building and Construction — 1.2%
	200,000	Ascent Capital Group Inc., 4.000%, 07/15/20		188,060		117,625
	1,225,000	Layne Christensen Co., 4.250%, 11/15/18		1,217,714		1,071,109

				1,405,774		1,188,734


		Communications Equipment — 1.6%
	1,500,000	InterDigital, Inc., 1.500%, 03/01/20		1,422,330		1,559,063


		Computer Software and Services — 11.2%
	1,000,000	Blucora Inc., 4.250%, 04/01/19		812,469		925,000
	1,500,000	CSG Systems International Inc., 4.250%, 03/15/36(a)		1,535,944		1,586,250
	1,510,000	EnerNOC Inc., 2.250%, 08/15/19		1,112,373		1,090,975
	1,250,000	MercadoLibre Inc., 2.250%, 07/01/19		1,322,794		1,585,156
	1,000,000	Nuance Communications Inc., 1.500%, 11/01/35		1,028,054		971,250
	1,000,000	Proofpoint Inc., 0.750%, 06/15/20(a)		984,106		1,078,125
	1,000,000	Synchronoss Technologies Inc., 0.750%, 08/15/19		931,642		994,375
	1,000,000	The Priceline Group, Inc., 1.000%, 03/15/18		1,412,629		1,393,125
	1,250,000	Verint Systems Inc., 1.500%, 06/01/21		1,163,193		1,144,531

				10,303,204		10,768,787


		Consumer Services — 3.0%
	1,000,000	Carriage Services Inc., 2.750%, 03/15/21		1,120,594		1,179,375
	1,500,000	Extra Space Storage LP, 3.125%, 10/01/35(a)		1,649,189		1,714,687

				2,769,783		2,894,062


		Diversified Industrial — 4.1%
	2,000,000	Griffon Corp., Sub. Deb., 4.000%, 01/15/17(a)		1,996,035		2,452,500


Principal Amount			Cost		Market Value

$	800,000	Knowles Corp., 3.250%, 11/01/21(a)	$	821,539	$	819,000
	500,000	TimkenSteel Corp., 6.000%, 06/01/21		511,269		528,437
	100,000	Trinity Industries Inc., Sub. Deb., 3.875%, 06/01/36		73,986		108,625

				3,402,829		3,908,562


		Electronics — 1.4%
	800,000	Intel Corp., Sub. Deb., 3.250%, 08/01/39		1,148,312		1,302,004


		Energy and Utilities — 1.9%
	1,500,000	SunPower Corp., 4.000%, 01/15/23(a)		1,575,697		1,327,500
	500,000	Weatherford International Ltd., 5.875%, 07/01/21		507,999		544,687

				2,083,696		1,872,187


		Entertainment — 0.0%
	100,000	THQ Inc., 5.000%, 08/15/16†		54,690		13,813


		Health Care — 6.1%
	1,000,000	Horizon Pharma Investment Ltd., 2.500%, 03/15/22		942,706		911,250
	333,000	Intercept Pharmaceuticals Inc., 3.250%, 07/01/23		333,000		345,904
	1,000,000	Molina Healthcare Inc., 1.625%, 08/15/44		1,137,616		1,090,625
	750,000	NuVasive Inc., 2.250%, 03/15/21(a)		770,896		891,563
	666,000	Repligen Corp., 2.125%, 06/01/21		666,000		720,529
	750,000	Teligent Inc., 3.750%, 12/15/19		684,065		670,313
	1,250,000	Vitamin Shoppe Inc., 2.250%, 12/01/20(a)		1,232,761		1,242,187

				5,767,044		5,872,371


		Metals and Mining — 1.1%
	1,000,000	RTI International Metals Inc., 1.625%, 10/15/19		945,759		1,065,000


		Semiconductors — 3.8%
	500,000	Cypress Semiconductor Corp., 4.500%, 01/15/22(a)		517,617		536,875
	2,000,000	Micron Technology Inc., 3.000%, 11/15/43		1,565,474		1,537,500
	1,500,000	NXP Semiconductors NV, 1.000%, 12/01/19		1,630,526		1,637,813

				3,713,617		3,712,188

See accompanying notes to financial statements.

The Gabelli Convertible and Income Securities Fund Inc.

Schedule of Investments (Continued) — June 30, 2016 (Unaudited)


Principal Amount			Cost		Market Value
		CONVERTIBLE CORPORATE BONDS (Continued)
		Transportation — 1.5%
$	1,500,000	Atlas Air Worldwide Holdings Inc., 2.250%, 06/01/22	$	1,482,191	$	1,461,563


		Wireless Communications — 1.2%
	1,250,000	CalAmp Corp., 1.625%, 05/15/20(a)		1,198,390		1,165,625


		TOTAL CONVERTIBLE CORPORATE BONDS		37,745,175		38,569,896


Shares
		CONVERTIBLE PREFERRED STOCKS — 3.4%
		Diversified Industrial — 0.1%
	1,100	Sevcon Inc., 4.000%, Ser. A		28,153		31,185

		Food and Beverage — 1.3%
	7,000	Post Holdings Inc., 3.750%		700,000		1,254,470

		Real Estate Investment Trusts — 1.4%
	20,000	Welltower Inc., 6.500%, Ser. I		1,193,400		1,356,000

		Telecommunications — 0.6%
	12,000	Cincinnati Bell Inc., 6.750%, Ser. B		288,687		594,480
	100	Iridium Communications Inc., 7.000%		8,902		10,613

				297,589		605,093


		TOTAL CONVERTIBLE PREFERRED STOCKS		2,219,142		3,246,748


		MANDATORY CONVERTIBLE SECURITIES (b) — 20.8%
		Computer Software and Services — 0.6%
	5,000	MTS Systems Corp., 8.750%, 07/01/19		507,605		526,650


		Consumer Services — 1.8%
	21,000	Stericycle Inc., 5.250%, 09/15/18		1,832,118		1,746,780


		Energy and Utilities — 3.0%
	6,000	AES Trust III, 6.750%, 10/15/29		229,530		312,360
	300	El Paso Energy Capital Trust I, 4.750%, 03/31/28		11,460		15,087
	20,668	Hess Corp., 8.000%, 02/01/19		1,104,084		1,566,221


Shares			Cost		Market Value

	15,000	NextEra Energy Inc., 6.371%, 09/01/18	$	789,040	$	971,700

				2,134,114		2,865,368


		Financial Services — 2.1%
	20,000	Alibaba - Mandatory Exchange Trust, 5.750%, 06/01/19 (a)		2,000,000		2,044,700


		Food and Beverage — 1.5%
	20,000	Tyson Foods Inc., 4.750%, 07/15/17		1,185,713		1,477,600


		Health Care — 5.3%
	2,500	Allergan plc, 5.500%, Ser. A, 03/01/18		2,385,718		2,084,050
	30,000	Anthem Inc., 5.250%, 05/01/18		1,387,300		1,341,900
	100	Kindred Healthcare Inc., 7.500%, 12/01/17		71,400		59,775
	2,000	Teva Pharmaceutical Industries Ltd., 7.000%, 12/15/18		1,917,409		1,654,000

				5,761,827		5,139,725


		Real Estate Investment Trusts — 3.0%
	15,000	American Tower Corp., 5.500%, 02/15/18		1,522,914		1,684,800
	10,000	Crown Castle International Corp., 4.500%, Ser. A, 11/01/16		1,057,640		1,211,050

				2,580,554		2,895,850


		Telecommunications — 2.0%
	20,000	Frontier Communications Corp., 11.125%, Ser. A, 06/29/18		2,052,626		1,896,400


		Wireless Communications — 1.5%
	20,000	T-Mobile US Inc., 5.500%, 12/15/17		1,366,842		1,471,800


		TOTAL MANDATORY CONVERTIBLE SECURITIES		19,421,399		20,064,873


		COMMON STOCKS — 34.5%
		Aerospace — 2.4%
	240,000	Rolls-Royce Holdings plc		2,330,575		2,273,254
	17,750,000	Rolls-Royce Holdings plc, Cl. C†		25,795		23,630

				2,356,370		2,296,884

See accompanying notes to financial statements.

The Gabelli Convertible and Income Securities Fund Inc.

Schedule of Investments (Continued) — June 30, 2016 (Unaudited)


Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Automotive: Parts and Accessories — 0.6%
	6,000	Genuine Parts Co.	$	328,599	$	607,500

		Building and Construction — 0.2%
	4,656	Lennar Corp., Cl. A		198,856		214,653

		Computer Hardware — 0.6%
	4,000	International Business Machines Corp.		343,048		607,120

		Computer Software and Services — 0.1%
	1,075	Demandware Inc.†		80,496		80,517

		Consumer Products — 2.7%
	28,022	Newell Brands Inc.		1,241,709		1,361,029
	35,000	Swedish Match AB		695,784		1,210,006

				1,937,493		2,571,035


		Diversified Industrial — 1.3%
	40,000	General Electric Co.		698,478		1,259,200

		Energy and Utilities — 2.5%
	1,000	Chevron Corp.		57,120		104,830
	7,000	Exxon Mobil Corp.		413,878		656,180
	4,000	Great Plains Energy Inc.		61,040		121,600
	11,500	Royal Dutch Shell plc, Cl. A, ADR		728,551		635,030
	28,000	Severn Trent plc		747,482		907,651

				2,008,071		2,425,291


		Equipment and Supplies — 0.5%
	2,500	Graco Inc.		179,994		197,475
	9,500	Mueller Industries Inc.		243,832		302,860

				423,826		500,335


		Financial Services — 9.5%
	16,000	American Express Co.		1,334,962		972,160
	11,000	American International Group Inc.		456,473		581,790
	10,000	Citigroup Inc.		551,600		423,900
	5,000	GAM Holding AG		57,403		52,995
	8,000	JPMorgan Chase & Co.		312,403		497,120
	9,000	Julius Baer Group Ltd.		269,080		357,696
	16,000	Kinnevik AB, Cl. A		418,589		413,205
	27,000	Morgan Stanley		695,002		701,460
	13,000	State Street Corp.		601,481		700,960
	30,000	The Bank of New York Mellon Corp.		815,063		1,165,500
	20,000	The PNC Financial Services Group Inc.		1,146,669		1,627,800
	30,000	Wells Fargo & Co.(c)		949,263		1,419,900
	243,000	Wright Investors’ Service Holdings Inc.†		607,500		279,450

				8,215,488		9,193,936


		Food and Beverage — 1.6%
	440,000	Parmalat SpA		1,124,258		1,143,580


Shares			Cost		Market Value

	2,020	Pernod Ricard SA	$	170,831	$	224,395
	2,500	Remy Cointreau SA		193,594		214,932

				1,488,683		1,582,907


		Health Care — 5.1%
	10,000	Eli Lilly & Co.		401,222		787,500
	1,080,296	Elite Pharmaceuticals Inc.†		126,144		351,096
	11,000	Johnson & Johnson		894,235		1,334,300
	8,000	Merck & Co. Inc.		266,019		460,880
	12,000	Pfizer Inc.		376,192		422,520
	48,000	Roche Holding AG, ADR		1,063,765		1,581,600

				3,127,577		4,937,896


		Hotels and Gaming — 0.9%
	17,000	Ryman Hospitality Properties Inc.		670,727		861,050

		Publishing — 0.2%
	10,000	The E.W. Scripps Co., Cl. A†		171,100		158,400

		Retail — 2.8%
	1,363	Costco Wholesale Corp.		58,209		213,973
	21,000	CVS Health Corp.		1,818,920		2,010,540
	38,000	Hertz Global Holdings Inc.†		503,516		420,660

				2,380,645		2,645,173


		Specialty Chemicals — 1.1%
	3,500	International Flavors & Fragrances Inc.		276,552		441,245
	6,000	The Valspar Corp.		641,321		648,180

				917,873		1,089,425


		Telecommunications — 1.9%
	1,600	Swisscom AG		594,885		790,906
	18,000	Verizon Communications Inc.		746,902		1,005,120

				1,341,787		1,796,026


		Transportation — 0.3%
	7,000	GATX Corp.		224,963		307,790

		Wireless Communications — 0.2%
	5,000	Turkcell Iletisim Hizmetleri A/S, ADR†		64,989		45,750
	2,500	United States Cellular Corp.†		98,444		98,175

				163,433		143,925


		TOTAL COMMON STOCKS		27,077,513		33,279,063


		RIGHTS — 0.0%
		Retail — 0.0%
	40,000	Safeway Casa Ley, CVR, expire 01/30/19†		6,797		14,000
	40,000	Safeway PDC, CVR, expire 01/30/17†		326		1,952


		TOTAL RIGHTS		7,123		15,952

See accompanying notes to financial statements.

The Gabelli Convertible and Income Securities Fund Inc.

Schedule of Investments (Continued) — June 30, 2016 (Unaudited)


Principal Amount			Cost		Market Value
		CORPORATE BONDS — 0.3%
		Automotive — 0.2%
$	300,000	Navistar International Corp., 8.250%, 11/01/21	$	190,751	$	212,250


		Energy and Utilities — 0.1%
	1,000,000	Texas Competitive Electric Holdings Co. LLC, Ser. B, 10.250%, 11/01/16†		63,000		65,000


		TOTAL CORPORATE BONDS		253,751		277,250


		U.S. GOVERNMENT OBLIGATIONS — 1.1%
	1,080,000	U.S. Treasury Bills, 0.140% to 0.376%††, 07/14/16 to 10/27/16(d)		1,078,884		1,079,346



TOTAL INVESTMENTS — 100.0%	$	87,802,987	96,533,128



Other Assets and Liabilities (Net)		(356,989	)

PREFERRED STOCK (965,548 preferred shares outstanding)		(24,138,700	)


NET ASSETS — COMMON STOCK (14,079,500 common shares outstanding)	$	72,037,439


NET ASSET VALUE PER COMMON SHARE ($72,037,439 ÷ 14,079,500 shares outstanding)	$	5.12

(a)

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 June 30, 2016, the market value of Rule 144A securities amounted to $10,570,563 or 14.67% of total investments.

(b)	Mandatory Convertible Securities are required to be converted on the dates listed; they generally may be converted prior to these dates at the option of the holder.

(c)	Security, or a portion thereof, with a value of $1,419,900 pledged for collateral with the custodian.

(d)	At June 30, 2016, $200,000 of the principal amount was pledged as collateral for equity contract for difference swap agreements.

†	Non-income producing security.

††	Represents annualized yield at date of purchase.

ADR	American Depositary Receipt

CVR	Contingent Value Right

See accompanying notes to financial statements.

The Gabelli Convertible and Income Securities Fund Inc.

Statement of Assets and Liabilities

June 30, 2016 (Unaudited)


Assets:
Investments, at value (cost $87,802,987)	$	96,533,128
Cash		3,618
Dividends and interest receivable		410,784
Deferred offering expense		72,000
Prepaid expenses		1,929
Receivable for custody fees reimbursement		185,775

Total Assets		97,207,234

Liabilities:
Distributions payable		16,092
Payable for investments purchased		867,996
Payable for investment advisory fees		59,124
Payable for payroll expenses		30,407
Payable for accounting fees		11,125
Other accrued expenses		46,351

Total Liabilities		1,031,095

Preferred Stock:
Series B Cumulative Preferred Stock (6.000%, $25 liquidation value, $0.001 par value, 1,995,000 shares authorized with 965,548 shares issued and outstanding)		24,138,700

Net Assets Attributable to Common Shareholders	$	72,037,439

Net Assets Attributable to Common Shareholders Consist of:
Paid-in capital	$	61,522,567
Accumulated net investment income		505,029
Accumulated net realized gain on investments, securities sold short, swap contracts, and foreign currency transactions		1,283,346
Net unrealized appreciation on investments		8,730,141
Net unrealized depreciation on foreign currency translations		(3,644	)

Net Assets	$	72,037,439

Net Asset Value per Common Share:
($72,037,439 ÷ 14,079,500 shares outstanding at $0.001 par value; 998,000,000 shares authorized)		$5.12

Statement of Operations

For the Six Months Ended June 30, 2016 (Unaudited)


Investment Income:
Dividends (net of foreign withholding taxes of $47,229)	$	1,151,984
Interest		356,180

Total Investment Income		1,508,164

Expenses:
Investment advisory fees		472,663
Payroll expenses		40,804
Shareholder communications expenses		39,679
Directors’ fees		29,802
Legal and audit fees		23,715
Accounting fees		22,500
Shareholder services fees		20,381
Custodian fees		9,151
Dividend expense and service fees on securities sold short (See Note 2)		1,255
Interest expense		702
Miscellaneous expenses		40,355

Total Expenses		701,007

Less:
Advisory fee reduction (See Note 3)		(120,034	)
Expenses paid indirectly by broker (See Note 3)		(904	)
Reimbursement for custody fees		(185,775	)

Total Reductions, Credits and Reimbursements		(306,713	)

Net Expenses		394,294

Net Investment Income		1,113,870

Net Realized and Unrealized Gain/(Loss) on Investments, Securities Sold Short, Swap Contracts, and Foreign Currency:
Net realized gain on investments		5,983,320
Net realized gain on securities sold short		51,387
Net realized gain on swap contracts		27,561
Net realized loss on foreign currency transactions		(1,581	)

Net realized gain on investments, securities sold short, swap contracts, and foreign currency transactions		6,060,687

Net change in unrealized appreciation/depreciation:
on investments		(5,741,387	)
on securities sold short		85,066
on swap contracts		19,298
on foreign currency translations		351

Net change in unrealized appreciation/depreciation on investments, securities sold short, swap contracts, and foreign currency translations		(5,636,672	)

Net Realized and Unrealized Gain/(Loss) on Investments, Securities Sold Short, Swap Contracts, and Foreign Currency		424,015

Net Increase in Net Assets Resulting from Operations		1,537,885

Total Distributions to Preferred Stock Shareholders		(724,161	)

Net Increase in Net Assets Attributable to Common Shareholders Resulting from Operations	$	813,724

See accompanying notes to financial statements.

The Gabelli Convertible and Income Securities Fund Inc.

Statement of Changes in Net Assets Attributable to Common Shareholders


	Six Months Ended June 30, 2016 (Unaudited)				Year Ended December 31, 2015
Operations:
Net investment income		$	1,113,870			$	983,038
Net realized gain on investments, securities sold short, swap contracts, and foreign currency transactions			6,060,687				5,124,459
Net change in unrealized appreciation/depreciation on investments, securities sold short, swap contracts, and foreign currency translations			(5,636,672	)			(9,095,861	)

Net Increase/(Decrease) in Net Assets Resulting from Operations			1,537,885				(2,988,364	)

Distributions to Preferred Shareholders:
Net investment income			(101,383	)*			(213,054	)
Net realized gain			(622,778	)*			(1,227,222	)

Total Distributions to Preferred Shareholders			(724,161	)			(1,440,276	)

Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders Resulting from Operations			813,724				(4,428,640	)


Distributions to Common Shareholders:
Net investment income			(439,280	)*			(766,453	)
Net realized gain			(2,939,800	)*			(4,414,867	)
Return of capital			—				(1,557,731	)

Total Distributions to Common Shareholders			(3,379,080	)			(6,739,051	)


Fund Share Transactions:
Net increase in net assets from common shares issued upon reinvestment of distributions			—				690,860

Net Increase in Net Assets from Fund Share Transactions			—				690,860

Net Decrease in Net Assets Attributable to Common Shareholders			(2,565,356	)			(10,476,831	)

Net Assets Attributable to Common Shareholders:
Beginning of year			74,602,795				85,079,626

End of period (including undistributed net investment income of $505,029 and $0, respectively)		$	72,037,439			$	74,602,795

*	Based on year to date book income. Amounts are subject to change and recharacterization at year end.

See accompanying notes to financial statements.

The Gabelli Convertible and Income Securities Fund Inc.

Financial Highlights

Selected data for a common share outstanding throughout each year:


	Six Months Ended
	June 30, 2016				Year Ended December 31,
	(Unaudited)				2015				2014				2013				2012				2011
Operating Performance:
Net asset value, beginning of year		$	5.30			$	6.09			$	6.49			$	5.62			$	5.48			$	6.01

Net investment income			0.08				0.07				0.07				0.09				0.10				0.10
Net realized and unrealized gain/(loss) on investments, securities sold short, swap contracts, and foreign currency transactions			0.03				(0.28	)			0.14				1.37				0.63				(0.05	)

Total from investment operations			0.11				(0.21	)			0.21				1.46				0.73				0.05

Distributions to Preferred Shareholders: (a)
Net investment income			(0.01	)*			(0.01	)			(0.03	)			(0.03	)			(0.06	)			(0.07	)
Net realized gain			(0.04	)*			(0.09	)			(0.07	)			(0.08	)			(0.05	)			(0.03	)

Total distributions to preferred shareholders			(0.05	)			(0.10	)			(0.10	)			(0.11	)			(0.11	)			(0.10	)

Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders Resulting from Operations			0.06				(0.31	)			0.11				1.35				0.62				(0.05	)

Distributions to Common Shareholders:
Net investment income			(0.03	)*			(0.05	)			(0.08	)			(0.09	)			(0.05	)			(0.04	)
Net realized gain			(0.21	)*			(0.32	)			(0.19	)			(0.31	)			(0.04	)			(0.02	)
Return of capital			—				(0.11	)			(0.24	)			(0.08	)			(0.39	)			(0.42	)

Total distributions to common shareholders			(0.24	)			(0.48	)			(0.51	)			(0.48	)			(0.48	)			(0.48	)

Fund Share Transactions:
Increase/(decrease) in net asset value from common share transactions			0.00				(0.00	)(b)			(0.00	)(b)			(0.00	)(b)			0.00	(b)			0.00	(b)

Net Asset Value Attributable to Common Shareholders, End of Period		$	5.12			$	5.30			$	6.09			$	6.49			$	5.62			$	5.48

NAV total return †			1.30	%			(5.39	)%			1.75	%			24.83	%			11.69	%			(0.74	)%

Market value, end of period		$	4.65			$	4.78			$	6.08			$	6.16			$	5.34			$	5.11

Investment total return ††			2.48	%			(14.18	)%			7.07	%			24.73	%			13.81	%			(9.11	)%

See accompanying notes to financial statements.

The Gabelli Convertible and Income Securities Fund Inc.

Financial Highlights (Continued)

Selected data for a common share outstanding throughout each year:


	Six Months Ended
	June 30, 2016			Year Ended December 31,
	(Unaudited)			2015			2014			2013			2012			2011
Ratios to Average net assets and Supplemental Data:
Net assets including liquidation value of preferred shares, end of period (in 000’s)		$96,176			$98,742			$109,219			$113,795			$101,064			$98,177
Net assets attributable to common shares, end of period (in 000’s)		$72,037			$74,603			$ 85,080			$ 89,656			$ 76,925			$74,038
Ratio of net investment income to average net assets attributable to common shares before preferred share distributions		3.16	%(c)		1.19	%		1.05	%		1.43	%		1.77	%		1.77	%
Ratio of operating expenses to average net assets attributable to common shares before fees waived		1.99	%(c)(d)(e)(f)		1.88	%(d)(e)		1.90	%		1.80	%		1.94	%		2.00	%
Ratio of operating expenses to average net assets attributable to common shares net of advisory fee reduction, if any		1.65	%(c)(d)(e)(f)		1.59	%(d)(e)		1.62	%		1.80	%		1.94	%		1.69	%
Ratio of operating expenses to average net assets including liquidation value of preferred shares before fees waived		1.48	%(c)(d)(e)(f)		1.46	%(d)(e)		1.49	%		1.40	%		1.47	%		1.53	%
Ratio of operating expenses to average net assets including liquidation value of preferred shares net of advisory fee reduction, if any		1.23	%(c)(d)(e)(f)		1.23	%(d)(e)		1.27	%		1.40	%		1.47	%		1.29	%
Portfolio turnover rate		50	%		24	%		22	%		35	%		18	%		41	%
Preferred Stock:
6.000% Series B Cumulative Preferred Stock
Liquidation value, end of period (in 000’s)		$24,139			$24,139			$ 24,139			$ 24,139			$ 24,139			$24,139
Total shares outstanding (in 000’s)		966			966			966			966			966			966
Liquidation preference per share		$ 25.00			$ 25.00			$ 25.00			$ 25.00			$ 25.00			$ 25.00
Average market value (g)		$ 26.61			$ 25.81			$ 25.44			$ 25.30			$ 25.78			$ 25.48
Asset coverage per share		$ 99.61			$102.26			$ 113.12			$ 117.85			$ 104.67			$101.68
Asset Coverage		398	%		409	%		452	%		471	%		419	%		407	%

†

For the six months ended June 30, 2016 and the years ended December 31, 2015, 2014 and 2013 based on net asset value per share, adjusted for reinvestment of distributions at net asset value on the ex-dividend date. The years ended 2012 and 2011 were based on net asset value per share, adjusted for reinvestment of distributions at prices determined under the Fund’s dividend reinvestment plan. Total return for a period of less than one year is not annualized.

††	Based on market value per share, adjusted for reinvestment of distributions at prices determined under the Fund’s dividend reinvestment plan.

*	Based on year to date book income. Amounts are subject to change and recharacterization at year end.

(a)	Calculated based upon average common shares outstanding on the record dates throughout the years.

(b)	Amount represents less than $0.005 per share.

(c)	Annualized.

(d)	The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the six months ended June 30, 2016 and the year ended December 31, 2015, there was no impact on the expense ratios.

(e)

The Fund incurred dividend expenses on securities sold short. If this expense had not been incurred, the expense ratios for the year ended December 31, 2015 would have been 1.87% attributable to common shares before fees waived, 1.57% attributable to common shares net of advisory fee reduction, 1.44% including liquidation value of preferred shares before fees waived, and 1.22% including liquidation value of preferred shares net of advisory fee reduction. For the six months ended June 30, 2016, the impact was minimal.

(f)

During the six months ended June 30, 2016, the Fund received a one time reimbursement of custody expenses paid in prior years. Had such reimbursement been included in this period, the annualized expenses ratios could have been 1.73% attributable to common shares before fees waived, 1.39% attributable to common shares net of advisory fee reduction, 1.29% including liquidation value of preferred shares before fees waived, and 1.03% including liquidation value of preferred shares net of advisory fee reduction.

(g)	Based on weekly prices.

See accompanying notes to financial statements.

The Gabelli Convertible and Income Securities Fund Inc.

Notes to Financial Statements (Unaudited)

1. Organization. The Gabelli Convertible and Income Securities Fund Inc. is a diversified closed-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”), whose investment objective is to seek a high level of total return through a combination of current income and capital appreciation by investing in convertible securities. The Fund was incorporated in Maryland on December 19, 1988 as a diversified open-end management investment company and commenced investment operations on July 3, 1989 as The Gabelli Convertible Securities Fund, Inc. At a special meeting of shareholders held on February 17, 1995, the Board of Directors (the “Board”) voted to approve the conversion of the Fund to closed-end status, effective March 31, 1995.

The Fund will invest at least 80% of its net assets, under normal market conditions, in a combination of convertible securities and income producing securities (the “80% Policy”). The Fund expects to continue its practice of focusing on convertible securities to the extent attractive opportunities are available. The 80% Policy may be changed without shareholder approval. However, the Fund has adopted a policy to provide shareholders with notice at least sixty days prior to the implementation of any change in the 80% Policy.

2. Significant Accounting Policies. As an investment company, the Fund follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (“GAAP”) that may require the use of management estimates and assumptions in the preparation of its financial statements. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security Valuation. Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market’s official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board so determines, by such other method as the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by Gabelli Funds, LLC (the “Adviser”).

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt instruments with remaining maturities of sixty days or less that are not credit impaired are valued at amortized cost, unless the Board determines such amount does not reflect the securities’ fair value, in which case these securities will be fair valued as determined by the Board. Debt instruments having a maturity greater than sixty days for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the security is valued using the closing bid price. U.S. government obligations with maturities greater than sixty days are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities

The Gabelli Convertible and Income Securities Fund Inc.

Notes to Financial Statements (Unaudited) (Continued)

are valued principally using dealer quotations. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded.

Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

●

Level 1 – quoted prices in active markets for identical securities;

●

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

●

Level 3 – significant unobservable inputs (including the Board’s determinations as to the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund’s investments in securities and other financial instruments by inputs used to value the Fund’s investments as of June 30, 2016 is as follows:


	Valuation Inputs
	Level 1		Level 2 Other Significant		Level 3 Significant		Total Market Value
	Quoted Prices		Observable Inputs		Unobservable Inputs		at 6/30/16
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Convertible Corporate Bonds (a)		$ 13,813		$38,556,083		—		$38,569,896

Convertible Preferred Stocks:
Diversified Industrial		—		31,185		—		31,185
Financial Services		—		2,044,700		—		2,044,700
Food and Beverage		1,477,600		1,254,470		—		2,732,070
Health Care		5,079,950		59,775		—		5,139,725
Real Estate Investment Trusts		3,040,800		1,211,050		—		4,251,850
Telecommunications		2,490,880		537,263		—		3,028,143
Other Industries (a)		6,083,948		—		—		6,083,948

Total Convertible Preferred Stocks		18,173,178		5,138,443		—		23,311,621

Common Stocks:
Aerospace		2,273,254		—		$23,630		2,296,884
Other Industries (a)		30,982,179		—		—		30,982,179

Total Common Stocks		33,255,433		—		23,630		33,279,063

Rights (a)		—		—		15,952		15,952
Corporate Bonds (a)		—		277,250		—		277,250
U.S. Government Obligations		—		1,079,346		—		1,079,346

TOTAL INVESTMENTS IN SECURITIES – ASSETS		$51,442,424		$45,051,122		$39,582		$96,533,128

(a)	Please refer to the Schedule of Investments (“SOI”) for the industry classifications of these portfolio holdings.

The Gabelli Convertible and Income Securities Fund Inc.

Notes to Financial Statements (Unaudited) (Continued)

During the six months ended June 30, 2016, the Fund had transfers of $10,616 or 0.01% and $12,356 or 0.01% of net assets as of December 31, 2015 from Level 1 to Level 2 and Level 2 to Level 1, respectively. Transfers from Level 1 to Level 2 and Level 2 to Level 1 are due to a decline or an increase in market activity (e.g. frequency of trades), respectively, which resulted in a lack of or increase in available market inputs to determine price. The Fund’s policy is to recognize transfers among Levels as of the beginning of the reporting period.

Additional Information to Evaluate Qualitative Information.

General. The Fund uses recognized industry pricing services – approved by the Board and unaffiliated with the Adviser – to value most of its securities, and uses broker quotes provided by market makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds is ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

Fair Valuation. Fair valued securities may be common and preferred equities, warrants, options, rights, and fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days, or for which current bids are not available, or which are restricted as to transfer. Among the factors to be considered to fair value a security are recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

The Adviser reports quarterly to the Board the results of the application of fair valuation policies and procedures. These include back testing the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.

Derivative Financial Instruments. The Fund may engage in various portfolio investment strategies by investing in a number of derivative financial instruments for the purposes of increasing the income of the Fund, hedging against changes in the value of its portfolio securities and in the value of securities it intends to purchase, or hedging against a specific transaction with respect to either the currency in which the transaction is denominated or another currency. Investing in certain derivative financial instruments, including participation in the options, futures, or swap markets, entails certain execution, liquidity, hedging, tax, and securities, interest, credit, or currency market risks. Losses may arise if the Adviser’s prediction of movements in the direction of the securities, foreign currency, and interest rate markets is inaccurate. Losses may also arise if the counterparty does not perform its duties under a contract, or that, in the event of default, the Fund may be delayed in or prevented from obtaining payments or other contractual remedies owed to it under derivative contracts. The creditworthiness of the counterparties is closely monitored in order to minimize these risks. Participation in derivative transactions involves investment risks, transaction costs, and potential losses to which the Fund would not be subject absent

The Gabelli Convertible and Income Securities Fund Inc.

Notes to Financial Statements (Unaudited) (Continued)

the use of these strategies. The consequences of these risks, transaction costs, and losses may have a negative impact on the Fund’s ability to pay distributions.

Collateral requirements differ by type of derivative. Collateral requirements are set by the broker or exchange clearing house for exchange traded derivatives, while collateral terms are contract specific for derivatives traded over-the-counter. Securities pledged to cover obligations of the Fund under derivative contracts are noted in the Schedule of Investments. Cash collateral, if any, pledged for the same purpose will be reported separately in the Statement of Assets and Liabilities.

The Fund’s policy with respect to offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the master netting agreement does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the Fund and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction.

The Fund’s derivative contracts held at June 30, 2016, if any, are not accounted for as hedging instruments under GAAP and are disclosed in the Schedule of Investments together with the related counterparty.

Swap Agreements. The Fund may enter into equity contract for difference swap transactions for the purpose of increasing the income of the Fund. The use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio security transactions. In an equity contract for difference swap, a set of future cash flows is 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. Depending on the general state of short term interest rates and the returns on the Fund’s portfolio securities at the time an equity contract for difference 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.

Unrealized gains related to swaps are reported as an asset and unrealized losses are reported as a liability in the Statement of Assets and Liabilities. The change in value of swaps, including the accrual of periodic amounts of interest to be received or paid on swaps, is reported as unrealized gain or loss in the Statement of Operations. A realized gain or loss is recorded upon receipt or payment of a periodic payment or termination of swap agreements. At June 30, 2016, the Fund held no investments in equity contract for difference swap agreements.

Limitations on the Purchase and Sale of Futures Contracts, Certain Options, and Swaps. Subject to the guidelines of the Board, the Fund may engage in “commodity interest” transactions (generally, transactions in futures, certain options, certain currency transactions, and certain types of swaps) only for bona fide hedging or other permissible transactions in accordance with the rules and regulations of the Commodity Futures Trading Commission (“CFTC”). Pursuant to amendments by the CFTC to Rule 4.5 under the Commodity Exchange Act (“CEA”), the Adviser has filed a notice of exemption from registration as a “commodity pool operator” with respect to the Fund. The Fund and the Adviser are therefore not subject to registration or regulation as a commodity pool operator under the CEA. In addition, certain trading restrictions are now applicable to the Fund as of January 1, 2013. These trading restrictions permit the Fund to engage in commodity interest transactions that include (i) “bona fide hedging” transactions, as that term is defined and interpreted by the CFTC and its

The Gabelli Convertible and Income Securities Fund Inc.

Notes to Financial Statements (Unaudited) (Continued)

staff, without regard to the percentage of the Fund’s assets committed to margin and options premiums and (ii) non-bona fide hedging transactions, provided that the Fund does not enter into such non-bona fide hedging transactions if, immediately thereafter, either (a) the sum of the amount of initial margin deposits on the Fund’s existing futures positions or swaps positions and option or swaption premiums would exceed 5% of the market value of the Fund’s liquidating value, after taking into account unrealized profits and unrealized losses on any such transactions, or (b) the aggregate net notional value of the Fund’s commodity interest transactions would not exceed 100% of the market value of the Fund’s liquidating value, after taking into account unrealized profits and unrealized losses on any such transactions. Therefore, in order to claim the Rule 4.5 exemption, the Fund is limited in its ability to invest in commodity futures, options, and certain types of swaps (including securities futures, broad based stock index futures, and financial futures contracts). As a result, in the future, the Fund will be more limited in its ability to use these instruments than in the past, and these limitations may have a negative impact on the ability of the Adviser to manage the Fund, and on the Fund’s performance.

Securities Sold Short. The Fund may enter into short sale transactions. Short selling involves selling securities that may or may not be owned and, at times, borrowing the same securities for delivery to the purchaser, with an obligation to replace such borrowed securities at a later date. The proceeds received from short sales are recorded as liabilities and the Fund records an unrealized gain or loss to the extent of the difference between the proceeds received and the value of an open short position on the day of determination. The Fund records a realized gain or loss when the short position is closed out. By entering into a short sale, the Fund bears the market risk of an unfavorable change in the price of the security sold short. Dividends on short sales are recorded as an expense by the Fund on the ex-dividend date and interest expense is recorded on the accrual basis. The broker retains collateral for the value of the open positions, which is adjusted periodically as the value of the position fluctuates. Securities sold short and details of collateral at June 30, 2016 are reflected within the Schedule of Investments. For the six months ended June 30, 2016, the Fund incurred $55 in service fees related to its investment positions sold short and held by the broker. The amount is included in the Statement of Operations under Expenses, Dividend expense and service fees on securities sold short.

Foreign Currency Translations. The books and records of the Fund are maintained in U.S. dollars. Foreign currencies, investments, and other assets and liabilities are translated into U.S. dollars at current exchange rates. Purchases and sales of investment securities, income, and expenses are translated at the exchange rate prevailing on the respective dates of such transactions. Unrealized gains and losses that result from changes in foreign exchange rates and/or changes in market prices of securities have been included in unrealized appreciation/depreciation on investments and foreign currency translations. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Fund and the amounts actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date is included in realized gain/(loss) on investments.

Foreign Securities. The Fund may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the inability to repatriate funds, less complete financial information about companies, and possible future adverse political and economic developments. Moreover, securities of

The Gabelli Convertible and Income Securities Fund Inc.

Notes to Financial Statements (Unaudited) (Continued)

many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.

Foreign Taxes. The Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Restricted Securities. The Fund may invest up to 15% of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. At June 30, 2016, the Fund did not hold restricted securities.

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

Custodian Fee Credits. When cash balances are maintained in the custody account, the Fund receives credits which are used to offset custodian fees. The gross expenses paid under the custody arrangement are included in custodian fees in the Statement of Operations with the corresponding expense offset, if any, shown as “Custodian fee credits.”

Distributions to Shareholders. Distributions to shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Fund, timing differences, and differing characterizations of distributions made by the Fund. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. These reclassifications have no impact on the NAV of the Fund.

Distributions to shareholders of the Fund’s 6.00% Series B Cumulative Preferred Stock (“Series B Preferred”) are recorded on a daily basis and are determined as described in Note 5.

The Fund declares and pays quarterly distributions from net investment income, capital gains, and paid-in capital. The actual source of the distribution is determined after the end of the year. Distributions during the year may be made in excess of required distributions. To the extent such distributions are made from current

The Gabelli Convertible and Income Securities Fund Inc.

Notes to Financial Statements (Unaudited) (Continued)

earnings and profits, they are considered ordinary income or long term capital gains. This may restrict the Fund’s ability to pass through to shareholders all of its net realized long term capital gains as a Capital Gain Dividend and may cause such gains to be treated as ordinary income, subject to the maximum federal income tax rate. Distributions sourced from paid-in capital should not be considered as dividend yield or the total return from an investment in the Fund. The Board will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s NAV and the financial market environment. The Fund’s distribution policy is subject to modification by the Board at an time.

The tax character of distributions paid during the year ended December 31, 2015 was as follows:


	Common		Preferred
Distributions paid from:
Ordinary income (inclusive of short term capital gains)	$	2,388,080	$	663,826
Net long term capital gains		2,793,240		776,450
Return of capital		1,557,731		—

Total distributions paid	$	6,739,051	$	1,440,276

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

As of December 31, 2015, the components of accumulated earnings/losses on a tax basis were as follows:


Net unrealized appreciation on investments, securities sold short, swap contracts, and foreign currency translations	$	13,096,320
Other temporary differences*		(16,092	)

Total	$	13,080,228

*	Other temporary differences were primarily due to adjustments for distributions payable.

The Fund is permitted to carry capital losses forward for an unlimited period. Capital losses that are carried forward will retain their character as either short term or long term capital losses.

The following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2016:


	Cost/ Proceeds	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
Investments	$88,207,101	$11,849,570	$(3,523,543)	$8,326,027

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. For the six months ended June 30, 2016, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2016, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund’s net assets or results of operations. The Fund’s federal and state tax returns for the prior three fiscal

The Gabelli Convertible and Income Securities Fund Inc.

Notes to Financial Statements (Unaudited) (Continued)

years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

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

The Adviser has agreed to reduce the management fee on the incremental assets attributable to the Series B Preferred if the total return of the NAV of the common shares of the Fund, including distributions and advisory fee subject to reduction, does not exceed the stated dividend rate on the Series B Preferred for the year. The Fund’s total return on the NAV of the common shares is monitored on a monthly basis to assess whether the total return on the NAV of the common shares exceeds the stated dividend rate of the Series B Preferred for the period. For the six months ended June 30, 2016, the Fund’s total return on the NAV of the common shares did not exceed the stated dividend rate of the Series B Preferred. Thus, advisory fees with respect to the liquidation value of the Preferred assets was reduced by $120,034.

During the six months ended June 30, 2016, the Fund paid brokerage commissions on security trades of $26,935 to G.research, LLC, an affiliate of the Adviser.

During the six months ended June 30, 2016, the Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $904.

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement between the Fund and the Adviser. During the six months ended June 30, 2016, the Fund paid or accrued $22,500 to the Adviser in connection with the cost of computing the Fund’s NAV.

As per the approval of the Board, the Fund compensates officers of the Fund, who are employed by the Fund and are not employed by the Adviser (although the officers may receive incentive based variable compensation from affiliates of the Adviser). For the six months ended June 30, 2016, the Fund paid or accrued $40,804 in payroll expenses in the Statement of Operations.

The Fund pays each Director who is not considered an affiliated person an annual retainer of $3,000 plus $750 for each Board meeting attended. Each Director is reimbursed by the Fund for any out of pocket expenses incurred in attending meetings. All Board committee members receive $500 per meeting attended, the Audit Committee Chairman receives an annual fee of $3,000, the Nominating Committee Chairman receives an annual fee of $2,000, and the Lead Director receives an annual fee of $1,000. A Director may receive a single meeting fee, allocated among the participating funds, for participation in certain meetings held on behalf of multiple funds. Directors who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Fund.

The Gabelli Convertible and Income Securities Fund Inc.

Notes to Financial Statements (Unaudited) (Continued)

During six months ended June 30, 2016, the Fund engaged in purchase and sale transactions with funds that have a common investment adviser. These purchase and sales transactions complied with Rule 17a-7 under the Act and amount to $6,300,000 and $6,100,000, respectively.

4. Portfolio Securities. Purchases and sales of securities during the six months ended June 30, 2016, other than short term securities and U.S. Government obligations, aggregated $57,221,209 and $44,064,839 respectively.

5. Capital. The charter permits the Fund to issue 998,000,000 shares of common stock (par value $0.001). The Board has authorized the repurchase of up to 500,000 common shares on the open market when the shares are trading at a discount of 10% or more (or such other percentage as the Board may determine from time to time) from the NAV of the shares. During the six months ended June 30, 2016 and the year ended December 31, 2015, the Fund did not repurchase any shares of its common stock in the open market.

There was no transactions in common stock for the six months ended June 30, 2016. As of December 31, 2015, transactions in common stock were as follows:

The Fund’s Articles of Incorporation authorize the issuance of up to 2,000,000 shares of $0.001 par value Preferred Stock. The Preferred Stock is senior to the common stock and results in the financial leveraging of the common stock. Such leveraging tends to magnify both the risks and opportunities to common shareholders. Dividends on shares of the Preferred Stock are cumulative. The Fund is required by the 1940 Act and by the Articles Supplementary to meet certain asset coverage tests with respect to the Preferred Stock. If the Fund fails to meet these requirements and does not correct such failure, the Fund may be required to redeem, in part or in full, the Series B Preferred at a redemption price of $25.00 per share plus an amount equal to the accumulated and unpaid dividends whether or not declared on such shares in order to meet these requirements. Additionally, failure to meet the foregoing asset coverage requirements could restrict the Fund’s ability to pay dividends to common shareholders and could lead to sales of portfolio securities at inopportune times. The income received on the Fund’s assets may vary in a manner unrelated to the fixed and variable rates, which could have either a beneficial or detrimental impact on net investment income and gains available to common shareholders.

On March 18, 2003, the Fund received net proceeds of $23,994,241 after underwriting discounts of $787,500 and offering expenses of $218,259 from the public offering of 1,000,000 shares of Series B Preferred. The Fund, at its option, may redeem the Series B Preferred in whole or in part at the redemption price at any time. The Board has authorized the repurchase on the open market at prices less than the $25 liquidation value of the Series B Preferred. During the six months ended June 30, 2016 and year ended December 2015, the Fund did not repurchase any shares of Series B Preferred. At June 30, 2016, 965,548 shares of Series B Preferred were outstanding and accrued dividends amounted to $16,092.

The holders of Preferred Stock generally are entitled to one vote per share held on each matter submitted to a vote of shareholders of the Fund and will vote together with holders of common stock as a single class. The holders of Preferred Stock voting together as a single class also have the right currently to elect two Directors

The Gabelli Convertible and Income Securities Fund Inc.

Notes to Financial Statements (Unaudited) (Continued)

and under certain circumstances are entitled to elect a majority of the Board. In addition, the affirmative vote of a majority of the votes entitled to be cast by holders of all outstanding shares of the preferred stock, voting as a single class, will be required to approve any plan of reorganization adversely affecting the preferred stock, and the approval of two-thirds of each class, voting separately, of the Fund’s outstanding voting stock must approve the conversion of the Fund from a closed-end to an open-end investment company. The approval of a majority (as defined in the 1940 Act) of the outstanding preferred stock and a majority (as defined in the 1940 Act) of the Fund’s outstanding voting securities are required to approve certain other actions, including changes in the Fund’s investment objectives or fundamental investment policies.

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

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

Shareholder Meeting – May 9, 2016 – Final Results

The Fund’s Annual Meeting of Shareholders was held on May 9, 2016 at the Greenwich Library in Greenwich, Connecticut. At that meeting, common and preferred shareholders, voting together as a single class, elected Mario J. Gabelli, CFA, Thomas H. Dinsmore, CFA, and Daniel D. Harding, CFA as Directors of the Fund. A total of 9,193,876 votes, 10,734,730 votes, and 10,733,322 votes were cast in favor of these Directors, and a total of 1,830,426 votes, 289,571 votes, and 290,980 votes were withheld for these Directors, respectively. In addition, preferred shareholders, voting as a separate class, elected Werner J. Roeder, MD, as a Director of the Fund. A total of 881,696 votes were cast in favor of this Director and a total of 28,645 votes were withheld for this Director.

E. Val Cerutti, Anthony J. Colavita, Dugald A. Fletcher, Anthony R. Pustorino, Anthonie C. van Ekris, and Salvatore J. Zizza continue to serve in their capacities as Directors of the Fund.

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

THE GABELLI CONVERTIBLE AND INCOME SECURITIES FUND INC.

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

At its meeting on May 18, 2016, the Board of Directors (“Board”) of the Fund approved the continuation of the investment advisory contract with the Adviser for the Fund on the basis of the recommendation by the directors who are not “interested persons” of the Fund (the “Independent Board Members”). The following paragraphs summarize the material information and factors considered by the Independent Board Members as well as their conclusions relative to such factors.

Nature, Extent, and Quality of Services. The Independent Board Members considered information regarding the portfolio manager, the depth of the analyst pool available to the Adviser and the portfolio manager, the scope of supervisory, administrative, shareholder, and other services supervised or provided by the Adviser and the absence of significant service problems reported to the Board. The Independent Board Members noted the experience, length of service, and reputation of the portfolio manager.

Investment Performance. The Independent Board Members reviewed the performance of the Fund since inception against a peer group of convertible and total return income oriented closed-end funds selected by Broadridge. The Independent Board Members noted that the Fund’s performance for the one year period ranked four out of the seven funds within its peer group, five out of seven funds for the three and five year periods, and four out of six funds for the ten year period, which was found to be reasonable particularly in light of the Fund’s conservative stance.

Profitability. The Independent Board Members reviewed summary data regarding the profitability of the Fund to the Adviser both with an administrative overhead charge and without such charge and found the profitability to be below normal. The Independent Board Members also noted that a portion of the Fund’s portfolio transactions were executed by the Adviser’s affiliated broker, resulting in incremental profits to the broker.

Economies of Scale. The Independent Board Members discussed the major elements of the Adviser’s cost structure and the relationship of those elements to potential economies of scale. The Independent Board Members noted that the Fund was a closed-end fund and unlikely to realize any economies of scale potentially available through growth in the absence of additional offerings.

Sharing of Economies of Scale. The Independent Board Members noted that the investment management fee schedule for the Fund does not take into account any potential economies of scale.

Service and Cost Comparisons. The Independent Board Members compared the expense ratios of the investment advisory fee, other expenses, and total expenses of the Fund with similar expense ratios of the peer group of convertible and income and preferred closed-end funds and noted that the advisory fee includes substantially all administrative services of the Fund as well as investment advisory services of the Adviser. The Independent Board Members noted that the Fund’s expense ratios were above average and the Fund’s size was below average within the group. The Independent Board Members were presented with, but did not consider to be material to their decision, various information comparing the advisory fee with the fee for other types of accounts managed by the Adviser.

Conclusions. The Independent Board Members concluded that the Fund enjoyed highly experienced portfolio management services, good ancillary services, and a reasonable performance record within its conservative stance. The Independent Board Members also concluded that the Fund’s expense ratios were reasonable in light of the Fund’s size, and that, in part due to the Fund’s structure as a closed-end fund, economies of scale were not a significant factor in their thinking. The Independent Board Members did not view the potential profitability

THE GABELLI CONVERTIBLE AND INCOME SECURITIES FUND INC.

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

of ancillary services as material to their decision. On the basis of the foregoing and without assigning particular weight to any single conclusion, the Independent Board Members determined to recommend continuation of the investment advisory agreement to the full Board.

Based on a consideration of all these factors in their totality, the Board Members, including all of the Independent Board Members, determined that the Fund’s advisory fee was fair and reasonable with respect to the quality of services provided and in light of the other factors described above that the Board Members deemed relevant. Accordingly, the Board Members determined to approve the continuation of the Fund’s Advisory Agreement. The Board Members based their decision on evaluations of all these factors and did not consider any one factor as all important or controlling.

THE GABELLI CONVERTIBLE AND INCOME SECURITIES FUND INC.

One Corporate Center

Rye, NY 10580-1422

Portfolio Manager Biography

Mario J. Gabelli, CFA, is Chairman, Chief Executive Officer, and Chief Investment Officer - Value Portfolios of GAMCO Investors, Inc. that he founded in 1977, and Chief Investment Officer - Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc. He is also Chief Executive Officer and Chairman of the Board of Directors of Associated Capital Group, Inc. Mr. Gabelli is a summa cum laude graduate of Fordham University and holds an MBA degree from Columbia Business School and Honorary Doctorates from Fordham University and Roger Williams University.

James A. Dinsmore, CFA, joined Gabelli Funds, LLC in 2015. He currently serves as a portfolio manager of Gabelli Funds, LLC and manages several funds within the Gabelli/GAMCO Funds Complex. Mr. Dinsmore received a B.A. in Economics from Cornell University and an M.B.A. from Rutgers University.

Thomas H. Dinsmore, CFA, joined Gabelli Funds, LLC in 2015. He currently serves as a portfolio manager of Gabelli Funds, LLC and manages several funds within the Gabelli/GAMCO Funds Complex. From 1996 to 2015, Mr. Dinsmore was Chairman and Chief Executive Officer (“CEO”) of Dinsmore Capital Management; CEO and Portfolio Manager of Bancroft Fund Ltd; and CEO, Portfolio Manager, and co-founder of Ellsworth Growth and Income Fund Ltd. He received a B.S. in Economics from the Wharton School of Business and an M.A. in Economics from Fairleigh Dickinson University.

Jane D. O’Keeffe joined Gabelli Funds, LLC in 2015. She currently serves as a portfolio manager of Gabelli Funds, LLC and manages several funds within the Gabelli/GAMCO Funds Complex. From 1996 to 2015, Ms. O’Keeffe was President and Director of Dinsmore Capital Management where she was also a Portfolio Manager of Bancroft Fund Ltd. and Ellsworth Growth and Income Fund Ltd. Prior to joining Dinsmore Capital Management, Ms. O’Keeffe held positions of increasing responsibilities at IDS Progressive Fund, Soros Fund Management Company, Simms Capital Management, and Fiduciary Trust International. She earned a B.A. from the University of New Hampshire and attended the Lubin Graduate School of Business at Pace University.

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. Both the commentary and the financial statements, including the portfolio of investments, will be available on our website at www.gabelli.com.

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.

The NASDAQ symbol for the Net Asset Value is “XGCVX.”

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 Fund may also, from time to time, purchase its preferred shares in the open market when the preferred shares are trading at a discount to the liquidation value.

THE GABELLI CONVERTIBLE AND

INCOME SECURITIES FUND INC.

One Corporate Center

Rye, NY 10580-1422

t 800-GABELLI (800-422-3554)

f 914-921-5118

e info@gabelli.com

GABELLI.COM

DIRECTORS

Mario J. Gabelli, CFA

Chairman and

Chief Executive Officer,

GAMCO Investors, Inc.

Chairman and

Chief Executive Officer,

Associated Capital Group, Inc.

E. Val Cerutti

Chief Executive Officer,

Cerutti Consultants, Inc.

Anthony J. Colavita

President,

Anthony J. Colavita, P.C.

Thomas H. Dinsmore, CFA

Portfolio Manager,

Gabelli Funds LLC

Dugald A. Fletcher

President,

Fletcher & Company, Inc.

Daniel D. Harding, CFA

Managing General Director,

Global Equity Income Fund

Anthony R. Pustorino

Certified Public Accountant,

Professor Emeritus,

Pace University

Werner J. Roeder, MD

Former Medical Director,

Lawrence Hospital

Anthonie C. van Ekris

Chairman,

BALMAC International, Inc.

Salvatore J. Zizza

Chairman,

Zizza & Associates Corp.

OFFICERS

Bruce N. Alpert

President

Andrea R. Mango

Secretary & Vice President

Agnes Mullady

Treasurer

Richard J. Walz

Chief Compliance Officer

Laurissa M. Martire

Vice President & Ombudsman

INVESTMENT ADVISER

Gabelli Funds, LLC

One Corporate Center

Rye, New York 10580-1422

CUSTODIAN

State Street Bank and Trust

Company

COUNSEL

Skadden, Arps, Slate, Meagher &

Flom LLP

TRANSFER AGENT AND REGISTRAR

Computershare Trust Company, N.A.

GCV Q2/2016

LOGO

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)	Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b)	Not applicable.

Item 7.

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

Not applicable.

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

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

Item 9.

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

REGISTRANT PURCHASES OF EQUITY SECURITIES


Period	(a) Total Number of Shares (or Units) Purchased	(b) Average Price Paid per Share (or Unit)	(c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs	(d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs
Month #1 01/01/16 through 01/31/16	Common - N/A Preferred Series B - N/A	Common - N/A Preferred Series B - N/A	Common - N/A Preferred Series B - N/A	Common - 14,079,500 Preferred Series B - 965,548
Month #2 02/01/16 through 02/29/16	Common - N/A Preferred Series B - N/A	Common - N/A Preferred Series B - N/A	Common - N/A Preferred Series B - N/A	Common - 14,079,500 Preferred Series B - 965,548
Month #3 03/01/16 through 03/31/16	Common - N/A Preferred Series B - N/A	Common - N/A Preferred Series B - N/A	Common - N/A Preferred Series B - N/A	Common - 14,079,500 Preferred Series B - 965,548
Month #4 04/01/16 through 04/30/16	Common - N/A Preferred Series B - N/A	Common - N/A Preferred Series B - N/A	Common - N/A Preferred Series B - N/A	Common - 14,079,500 Preferred Series B - 965,548
Month #5 05/01/16 through 05/31/16	Common - N/A Preferred Series B - N/A	Common - N/A Preferred Series B - N/A	Common - N/A Preferred Series B - N/A	Common - 14,079,500 Preferred Series B - 965,548
Month #6 06/01/16 through 06/30/16	Common - N/A Preferred Series B - N/A	Common - N/A Preferred Series B - N/A	Common - N/A Preferred Series B - N/A	Common - 14,079,500 Preferred Series B - 965,548
Total	Common - N/A Preferred Series B - N/A	Common - N/A Preferred Series B - N/A	Common - N/A Preferred Series B - N/A	N/A

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

a.	The date each plan or program was announced – The notice of the potential repurchase of common and preferred shares occurs quarterly in the Fund’s quarterly report in accordance with Section 23(c) of the Investment Company Act of 1940, as amended.

b.	The dollar amount (or share or unit amount) approved – Any or all common shares outstanding may be repurchased when the Fund’s common shares are trading at a discount of 10% or more from the net asset value of the shares.

Any or all preferred shares outstanding may be repurchased when the Fund’s preferred shares are trading at a discount to the liquidation value of $25.00.

c.	The expiration date (if any) of each plan or program – The Fund’s repurchase plans are ongoing.

d.	Each plan or program that has expired during the period covered by the table – The Fund’s repurchase plans are ongoing.

e.	Each plan or program the registrant has determined to terminate prior to expiration, or under which the registrant does not intend to make further purchases. – The Fund’s repurchase plans are ongoing.

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

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s Board of Directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11. Controls and Procedures.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1)

Not applicable.

(a)(2)

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3)

Not applicable.

(b)

Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant)		The Gabelli Convertible and Income Securities Fund Inc.


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


Date		9/01/2016

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		9/01/2016


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


Date		9/01/2016

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