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, 2010

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.

To Our Shareholders,

     The Gabelli Convertible and Income Securities Fund’s (the “Fund”) net asset value (“NAV”) total return was 4.4% during the first quarter of 2010, compared with increases of 5.4%, 1.6%, and 4.6% for the Standard & Poor’s (“S&P”) 500 Index, the Barclays Capital Government/Corporate Bond Index, and the Lipper Convertible Securities Fund Average, respectively. The total return for the Fund’s publicly traded shares was 12.4% during the first quarter.

     Enclosed is the investment portfolio as of March 31, 2010.

Comparative Results

Average Annual Returns through March 31, 2010 (a) (Unaudited)

																														Since
																														Inception
		Quarter				1 Year				3 Year				5 Year				10 Year				15 Year				20 Year				(07/03/89)
Gabelli Convertible and Income Securities Fund
NAV Total Return (b)			4.40	%			40.81	%			(0.70	)%			4.05	%			3.59	%			5.51	%			6.51	%			6.64	%
Investment Total Return (c)			12.39				31.45				(1.98	)			2.33				5.46				5.76				N/A	(d)			5.76	(d)
S&P 500 Index			5.39				49.73				(4.16	)			1.92				(0.65	)			7.75				8.65				8.80	(e)
Barclays Capital Government/Corporate
Bond Index			1.55				7.51				5.84				5.17				6.22				6.53				7.14				7.05	(e)
Lipper Convertible Securities Fund Average			4.58				46.25				0.44				4.18				2.56				7.62				8.76				8.59	(e)

We have separated the portfolio manager’s 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 manager’s commentary is unrestricted. The financial statements and investment portfolio are mailed separately from the commentary. Both the commentary and the financial statements, including the portfolio of investments, will be available on our website at www.gabelli.com.

THE GABELLI CONVERTIBLE AND INCOME SECURITIES FUND INC.
SCHEDULE OF INVESTMENTS
March 31, 2010 (Unaudited)

Principal						Market
Amount						Value
				CONVERTIBLE CORPORATE BONDS — 30.5%
				Aerospace — 3.0%
				Gencorp Inc., Sub. Deb. Cv.,
$	1,800,000			2.250%, 11/15/24		$	1,698,750
	1,600,000			4.063%, 12/31/39 (a)			1,532,000
							3,230,750
				Automotive — 0.6%
	600,000			Navistar International Corp., Sub. Deb. Cv.,
				3.000%, 10/15/14			672,000
				Automotive: Parts and Accessories — 2.4%
	150,000			Johnson Controls Inc., Cv.,
				6.500%, 09/30/12			458,813
	2,114,000			Standard Motor Products Inc., Sub. Deb. Cv.,
				15.000%, 04/15/11			2,145,710
							2,604,523
				Broadcasting — 3.6%
	4,000,000			Sinclair Broadcast Group Inc., Sub. Deb. Cv.,
				6.000%, 09/15/12			3,810,000
	100,000			Sirius XM Radio Inc., Sub. Deb. Cv.,
				7.000%, 12/01/14 (a)			97,750
							3,907,750
				Business Services — 1.7%
	1,700,000			The Interpublic Group of Companies Inc., Cv.,
				4.250%, 03/15/23			1,778,625
				Cable and Satellite — 0.0%
	400,000			Adelphia Communications Corp., Sub. Deb. Cv.,
				3.250%, 05/01/21† (b)			0
				Computer Hardware — 3.2%
	4,000,000			SanDisk Corp., Cv.,
				1.000%, 05/15/13			3,475,000
				Consumer Products — 0.2%
	200,000			Eastman Kodak Co., Cv.,
				7.000%, 04/01/17 (a)			221,000
				Diversified Industrial — 4.2%
	100,000			Griffon Corp., Ser. 2nd, Sub. Deb. Cv.,
				4.000%, 07/18/23			100,875
	3,000,000			Griffon Corp., Sub. Deb. Cv.,
				4.000%, 01/15/17 (a)			3,255,000
	1,400,000			Roper Industries Inc., Sub. Deb. Cv. (STEP),
				Zero Coupon, 01/15/34			1,011,500
	50,000			Textron Inc., Ser. TXT, Cv.,
				4.500%, 05/01/13			87,000
	100,000			Trinity Industries Inc., Sub. Deb. Cv.,
				3.875%, 06/01/36			78,875
							4,533,250

Principal						Market
Amount						Value
				Electronics — 0.1%
$	100,000			Intel Corp., Sub. Deb. Cv.,
				3.250%, 08/01/39 (a)		$	120,375
				Energy and Utilities — 0.4%
	400,000			Unisource Energy Corp., Cv.,
				4.500%, 03/01/35 (a)			398,000
				Entertainment — 0.1%
	50,000			Take-Two Interactive Software Inc., Cv.,
				4.375%, 06/01/14			58,250
				Environmental Services — 0.4%
	350,000			Covanta Holding Corp., Cv.,
				3.250%, 06/01/14 (a)			380,188
				Equipment and Supplies — 0.0%
	10,000			Regal-Beloit Corp., Sub. Deb. Cv.,
				2.750%, 03/15/24			23,500
				Financial Services — 1.8%
	1,500,000			Janus Capital Group Inc., Cv.,
				3.250%, 07/15/14			1,901,250
				Health Care — 0.7%
	100,000			Chemed Corp., Cv.,
				1.875%, 05/15/14			91,875
	100,000			Kinetic Concepts Inc., Cv.,
				3.250%, 04/15/15 (a)			113,000
	150,000			Thoratec Corp., Sub. Deb. Cv. (STEP),
				1.380%, 05/16/34			150,375
	400,000			Wright Medical Group Inc., Cv.,
				2.625%, 12/01/14			355,500
							710,750
				Hotels and Gaming — 1.1%
	900,000			Gaylord Entertainment Co., Cv.,
				3.750%, 10/01/14 (a)			1,127,250
				Metals and Mining — 0.2%
	100,000			Alcoa Inc., Cv.,
				5.250%, 03/15/14			231,875
				Real Estate — 1.5%
	2,400,000			Palm Harbor Homes Inc., Cv.,
				3.250%, 05/15/24			1,620,000
				Retail — 2.9%
	60,000			Costco Wholesale Corp., Sub. Deb. Cv.,
				Zero Coupon, 08/19/17			81,375
	100,000			Pier 1 Imports Inc., Cv. (STEP),
				6.375%, 02/15/36			100,000
	3,000,000			The Great Atlantic & Pacific Tea Co. Inc., Cv.,
				5.125%, 06/15/11			2,906,250
							3,087,625

See accompanying notes to schedule of investments.

THE GABELLI CONVERTIBLE AND INCOME SECURITIES FUND INC.
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2010 (Unaudited)

Principal						Market
Amount						Value
				CONVERTIBLE CORPORATE BONDS (Continued)
				Specialty Chemicals — 2.4%
$	2,600,000			Ferro Corp., Cv.,
				6.500%, 08/15/13		$	2,515,500
				TOTAL CONVERTIBLE CORPORATE BONDS			32,597,461
Shares
				CONVERTIBLE PREFERRED STOCKS — 2.1%
				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† (b)			117
							117
				Communications Equipment — 0.4%
	600			Lucent Technologies Capital Trust I,
				7.750% Cv. Pfd.			477,600
				Energy and Utilities — 0.8%
	6,000			AES Trust III,
				6.750% Cv. Pfd.			271,380
	500			El Paso Corp., 4.990% Cv. Pfd. (a)			480,355
	300			El Paso Energy Capital Trust I,
				4.750% Cv. Pfd.			11,136
	200			Whiting Petroleum Corp.,
				6.250%, Cv. Pfd.			39,584
							802,455
				Financial Services — 0.1%
	30,000			Federal National Mortgage Association,
				8.750%, Cv. Pfd., Ser. 08-1			48,000
				Health Care — 0.0%
	100			Elite Pharmaceuticals Inc.,
				$2.32 Cv. Pfd., Ser. C† (b)(c)			7,280
				Telecommunications — 0.5%
	14,000			Cincinnati Bell Inc.,
				6.750% Cv. Pfd., Ser. B			546,700
				Transportation — 0.3%
	2,500			GATX Corp.,
				$2.50 Cv. Pfd., Ser. A (b)			358,125
				TOTAL CONVERTIBLE PREFERRED STOCKS			2,240,277

						Market
Shares						Value
				COMMON STOCKS — 36.0%
				Aerospace — 0.9%
	3,000			Northrop Grumman Corp.		$	196,710
	3,000			Rockwell Automation Inc.			169,080
	65,000			Rolls-Royce Group plc†			587,385
							953,175
				Automotive: Parts and Accessories — 1.2%
	30,000			Genuine Parts Co.			1,267,200
				Business Services — 0.1%
	61,000			Trans-Lux Corp.†			51,850
				Cable and Satellite — 0.2%
	493,409			Adelphia Recovery Trust† (b)			0
	4,000			Cablevision Systems Corp., Cl. A			96,560
	2,000			Rogers Communications Inc., Cl. B			68,260
							164,820
				Communications Equipment — 0.4%
	21,000			Corning Inc.			424,410
				Computer Hardware — 0.8%
	7,000			International Business Machines Corp.			897,750
				Computer Software and Services — 0.7%
	12,000			Diebold Inc.			381,120
	20,000			Furmanite Corp.†			103,800
	10,000			Microsoft Corp.			292,700
							777,620
				Consumer Products — 1.0%
	2,000			Kimberly-Clark Corp.			125,760
	40,000			Swedish Match AB			956,153
							1,081,913
				Diversified Industrial — 2.1%
	95,000			General Electric Co.			1,729,000
	355,000			National Patent Development Corp.† (a)			497,000
	880			Textron Inc.			18,682
							2,244,682
				Electronics — 0.3%
	15,000			Intel Corp.			333,900
				Energy and Utilities — 9.1%
	4,000			Anadarko Petroleum Corp.			291,320
	11,000			BP plc, ADR			627,770
	1,500			CH Energy Group Inc.			61,260
	8,000			Chevron Corp.			606,640
	24,000			CNX Gas Corp.†			913,200
	5,000			ConocoPhillips			255,850

See accompanying notes to schedule of investments.

THE GABELLI CONVERTIBLE AND INCOME SECURITIES FUND INC.
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2010 (Unaudited)

						Market
Shares						Value
				COMMON STOCKS (Continued)
				Energy and Utilities (Continued)
	3,000			Devon Energy Corp.		$	193,290
	15,000			Exxon Mobil Corp.			1,004,700
	18,000			FPL Group Inc.			869,940
	53,000			Great Plains Energy Inc.			984,210
	16,000			Halliburton Co.			482,080
	38,000			Mirant Corp.†			412,680
	1,200,000			Mirant Corp., Escrow† (b)			0
	20,000			National Fuel Gas Co.			1,011,000
	20,000			Northeast Utilities			552,800
	10,000			Progress Energy Inc., CVO†			1,500
	16,000			Royal Dutch Shell plc, Cl. A, ADR			925,760
	12,000			SJW Corp.			305,040
	10,000			Tullow Oil plc			189,687
							9,688,727
				Equipment and Supplies — 0.1%
	3,000			Mueller Industries Inc.			80,370
				Financial Services — 6.4%
	24,000			AllianceBernstein Holding LP			735,840
	36,000			American Express Co.			1,485,360
	1,000			Deutsche Bank AG			76,870
	6,000			GAM Holding Ltd.			73,691
	5,000			HSBC Holdings plc, ADR			253,450
	5,000			JPMorgan Chase & Co.			223,750
	12,000			Julius Baer Group Ltd.			435,319
	2,000			M&T Bank Corp.			158,760
	10,000			Marsh & McLennan Companies Inc.			244,200
	10,000			Morgan Stanley			292,900
	2,500			PNC Financial Services Group Inc.			149,250
	4,000			Royal Bank of Canada			233,400
	20,000			The Bank of New York Mellon Corp.			617,600
	60,000			Wells Fargo & Co.			1,867,200
							6,847,590
				Food and Beverage — 2.8%
	6,500			Dr. Pepper Snapple Group Inc.			228,605
	1,000			General Mills Inc.			70,790
	3,621			Kraft Foods Inc., Cl. A			109,499
	100,000			Parmalat SpA			273,846
	200,000			Parmalat SpA, GDR (a)(c)			548,680
	1,020			Pernod-Ricard SA			86,614
	30,000			The Coca-Cola Co.			1,650,000
							2,968,034
				Health Care — 6.1%
	33,000			Eli Lilly & Co.			1,195,260
	105,976			Elite Pharmaceuticals Inc.†			9,008
	18,000			Johnson & Johnson			1,173,600
	5,000			Merck & Co. Inc.			186,750
	19,000			Millipore Corp.†			2,006,400

						Market
Shares						Value
	60,000			Pfizer Inc.		$	1,029,000
	10,000			UnitedHealth Group Inc.			326,700
	12,000			Varian Inc.†			621,360
							6,548,078
				Machinery — 0.0%
	1,000			Mueller Water Products Inc., Cl. A			4,780
				Retail — 1.2%
	4,000			CVS Caremark Corp.			146,240
	13,000			Wal-Mart Stores Inc.			722,800
	10,000			Walgreen Co.			370,900
							1,239,940
				Specialty Chemicals — 0.1%
	2,000			International Flavors & Fragrances Inc.			95,340
				Telecommunications — 2.4%
	30,000			3Com Corp.†			230,700
	4,000			BCE Inc.			117,400
	4,000			Belgacom SA			156,244
	3,000			Philippine Long Distance Telephone Co., ADR			159,840
	2,400			Swisscom AG			875,873
	2,000			Tandberg ASA			57,040
	10,000			Telekom Austria AG			139,793
	27,000			Verizon Communications Inc.			837,540
							2,574,430
				Transportation — 0.1%
	4,000			GATX Corp.			114,600
				Wireless Communications — 0.0%
	2,000			Turkcell Iletisim Hizmetleri A/S, ADR			30,120
	49			Winstar Communications Inc.† (b)			0
							30,120
				TOTAL COMMON STOCKS			38,389,329
				PREFERRED STOCKS — 0.0%
				Telecommunications — 0.0%
	3,679			PTV Inc., 10.000% Pfd., Ser. A†			294
				WARRANTS — 0.0%
				Food and Beverage — 0.0%
	1,300			Parmalat SpA, GDR, expire 12/31/15† (a)(b)(c)			1,268
				Health Care — 0.0%
	12,930			Elite Pharmaceuticals Inc., expire 04/24/12† (b)(c)			83
				TOTAL WARRANTS			1,351

See accompanying notes to schedule of investments.

THE GABELLI CONVERTIBLE AND INCOME SECURITIES FUND INC.
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2010 (Unaudited)

Principal						Market
Amount						Value
				CORPORATE BONDS — 2.0%
				Consumer Products — 0.0%
$	1,500,000			Pillowtex Corp., Sub. Deb.,
				9.000%, 12/15/10† (b)		$	0
				Diversified Industrial — 0.1%
	100,000			Park-Ohio Industries Inc., Sub. Deb.,
				8.375%, 11/15/14			88,750
				Electronics — 0.3%
	300,000			Stoneridge Inc.,
				11.500%, 05/01/12			304,500
				Energy and Utilities — 0.7%
	1,000,000			Texas Competitive Electric Holdings Co. LLC, Ser. B (STEP),
				10.250%, 11/01/15			700,000
				Health Care — 0.0%
	150,000			Sabratek Corp., Sub. Deb.,
				6.000%, 04/15/11† (b)			0
				Machinery — 0.9%
	1,000,000			Terex Corp., Sub. Deb.,
				7.375%, 01/15/14			1,020,000
				Manufactured Housing and Recreational Vehicles — 0.0%
	103,000			Fleetwood Enterprises Inc.,
				14.000%, 12/15/11† (b)			35,120
				Telecommunications — 0.0%
				AMNEX Inc., Sub. Deb.,
	30,000			8.500%, 09/25/49† (b)			0
	50,000			8.500%, 09/25/49† (a)(b)(c)			0
							0
				TOTAL CORPORATE BONDS			2,148,370
				U.S. GOVERNMENT OBLIGATIONS — 29.4%
				U.S. Treasury Bills — 23.1%
	24,643,000			U.S. Treasury Bills, 0.046% to 0.244%††,
				04/22/10 to 09/23/10			24,635,953
				U.S. Treasury Cash Management Bills — 5.2%
	5,595,000			U.S. Treasury Cash Management Bills,
				0.105% to 0.165%††,
				05/17/10 to 07/15/10			5,593,536
				U.S. Treasury Notes — 1.1%
	1,200,000			U.S. Treasury Note,
				4.125%, 08/15/10			1,217,953
				TOTAL U.S. GOVERNMENT OBLIGATIONS			31,447,442
				TOTAL INVESTMENTS — 100.0% (Cost $104,280,072)		$	106,824,524
				Aggregate book cost		$	104,516,608
				Gross unrealized appreciation		$	8,053,920
				Gross unrealized depreciation			(5,746,004	)
				Net unrealized appreciation/depreciation		$	2,307,916

Acquisition
Shares/														03/31/2010
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			$	72.8000
	12,930			Elite Pharmaceuticals Inc.,
				Warrants expire 04/24/12			04/25/07				8,535				0.0064
	15,143			Interep National Radio Sales Inc.,
				4.000% Cv. Pfd., Ser. A			05/03/02				1,347,183				—
	200,000			Parmalat SpA, GDR			04/10/03				809,275				2.7434
	1,300			Parmalat SpA, GDR,
				Warrants expire 12/31/15			11/09/05				—				0.9754

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 United States of America 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 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. 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.

     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 Fund’s determinations as to the fair value of investments).

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

     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, 2010 is as follows:

		Valuation Inputs
		Level 1				Level 2				Level 3				Total
		Quoted				Other Significant				Significant				Market Value
		Prices				Observable Inputs				Unobservable Inputs				at 3/31/10
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Convertible Corporate Bonds			—			$	32,597,461			$	0			$	32,597,461
Convertible Preferred Stocks:
Business Services			—				—				117				117
Health Care			—				—				7,280				7,280
Transportation			—				358,125				—				358,125
Other Industries (a)		$	1,874,755				—				—				1,874,755
Total Convertible Preferred Stocks			1,874,755				358,125				7,397				2,240,277
Common Stocks:
Cable and Satellite			164,820				—				0				164,820
Energy and Utilities			9,688,727				—				0				9,688,727
Food and Beverage			2,419,354				548,680				—				2,968,034
Wireless Communications			30,120				—				0				30,120
Other Industries (a)			25,537,628				—				—				25,537,628
Total Common Stocks			37,840,649				548,680				0				38,389,329
Preferred Stocks (a)			294				—				—				294
Warrants (a)			—				1,351				—				1,351
Corporate Bonds			—				2,113,250				35,120				2,148,370
U.S. Government Obligations			—				31,447,442				—				31,447,442
TOTAL INVESTMENTS IN SECURITIES		$	39,715,698			$	67,066,309			$	42,517			$	106,824,524
OTHER FINANCIAL INSTRUMENTS:
ASSETS (Unrealized Appreciation): *
EQUITY CONTRACT
Contract for Difference Swap Agreements		$	—			$	23,175			$	—			$	23,175

(a)		Please refer to the Schedule of Investments for the industry classifications of these portfolio holdings.
*		Other financial instruments are derivatives not reflected in the Schedule of Investments, such as futures, forwards, and swaps, which are valued at the unrealized appreciation/depreciation of the instrument.

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:

																																		Net change in unrealized
																																		appreciation/
																																		depreciation
														Change in																				during the
		Balance				Accrued				Realized				unrealized				Net				Transfers				Transfers				Balance				period on Level 3
		as of				discounts/				gain/				appreciation/				purchases/				into				out of				as of				investments held
		12/31/09				(premiums)				(loss)				depreciation				(sales)				Level 3†				Level 3†				3/31/10				at 3/31/10
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Convertible Corporate Bonds		$	0			$	—			$	—			$	—			$	—			$	—			$	—			$	0			$	—
Convertible Preferred Stocks:
Business Services			117				—				—				—				—				—				—				117				—
Health Care			8,832				—				—				(1,552	)			—				—				—				7,280				(1,552	)
Total Convertible Preferred Stocks			8,949				—				—				(1,552	)			—				—				—				7,397				(1,552	)
Common Stocks:
Cable and Satellite			0				—				—				—				—				—				—				0				—
Energy and Utilities			0				—				—				—				—				—				—				0				—
Wireless Communications			0				—				—				—				—				—				—				0				—
Total Common Stocks			0				—				—				—				—				—				—				0				—
Corporate Bonds			35,120				—				—				—				—				—				—				35,120				—
TOTAL INVESTMENTS IN SECURITIES		$	44,069			$	—			$	—			$	(1,552	)		$	—			$	—			$	—			$	42,517			$	(1,552	)

†		The Fund’s policy is to recognize transfers into and transfers out of Level 3 as of the beginning of the reporting period.

2. 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 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.

     Swap Agreements. The Fund may enter into 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 a 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 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.

     The Fund has entered into an equity contract for difference swap agreement with The Goldman Sachs Group, Inc. Details of the swap at March 31, 2010 are as follows:

Notional

Equity Security

Interest Rate/

Termination

Net Unrealized

Amount

Received

Equity Security Paid

Date

Appreciation

$405,887 (47,500 Shares)

Market Value Appreciation on: Rolls-Royce Group plc

One Month LIBOR plus 90 bps plus Market Value Depreciation on: Rolls-Royce Group plc

6/25/10

$

23,175

     The Fund’s volume of activity in equity contract for difference swap agreements during the quarter ended March 31, 2010 had an average monthly notional amount of approximately $388,253.

     Futures Contracts. The Fund may engage in futures contracts for the purpose of hedging against changes in the value of its portfolio securities and in the value of securities it intends to purchase. Upon entering into a futures contract, the Fund is required to deposit with the broker an amount of cash or cash equivalents equal to a certain percentage of the contract amount. This is known as the “initial margin.” Subsequent payments (“variation margin”) are made or received by the Fund each day, depending on the daily fluctuations in the value of the contract, which are included in unrealized appreciation/depreciation on investments and futures contracts. The Fund recognizes a realized gain or loss when the contract is closed.

     There are several risks in connection with the use of futures contracts as a hedging instrument. The change in value of futures contracts primarily corresponds with the value of their underlying instruments, which may not correlate with the change in value of the hedged investments. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market. During the quarter ended March 31, 2010, the Fund had no investments in futures contracts.

     Forward Foreign Exchange Contracts. The Fund may engage in forward foreign exchange contracts for the purpose of hedging a specific transaction with respect to either the currency in which the transaction is denominated or another currency as deemed appropriate by the Adviser. Forward foreign exchange contracts are valued at the forward rate and are marked-to-market daily. The change in market value is included in unrealized appreciation/depreciation on investments and foreign currency translations. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

     The use of forward foreign exchange contracts does not eliminate fluctuations in the underlying prices of the Fund’s portfolio securities, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign exchange contracts limit the risk of loss due to a decline in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency increase. In addition, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. During the quarter ended March 31, 2010, the Fund had no investments in forward foreign exchange contracts.

     The following table summarizes the net unrealized appreciation of derivatives held at March 31, 2010 by primary risk exposure:

		Net Unrealized
Asset Derivatives:		Appreciation
Equity Contract		$	23,175

3. Tax Information. At December 31, 2009, the Fund had net capital loss carryforwards for federal income tax purposes of $6,349,308, which are available to reduce future required distributions of net capital gains to shareholders through 2017.

AUTOMATIC DIVIDEND REINVESTMENT 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

Directors

Mario J. Gabelli, CFA

Chairman & Chief Executive Officer,
GAMCO Investors, Inc.

E. Val Cerutti

Chief Executive Officer,
Cerutti Consultants, Inc.

Anthony J. Colavita

President,
Anthony J. Colavita, P.C.

Dugald A. Fletcher

President, Fletcher & Company, Inc.

Anthony R. Pustorino

Certified Public Accountant,
Professor Emeritus, Pace University

Werner J. Roeder, MD

Medical Director,
Lawrence Hospital

Anthonie C. van Ekris

Chairman, BALMAC International, Inc.

Salvatore J. Zizza

Chairman, Zizza & Co., Ltd.

Officers

Bruce N. Alpert

President

Joseph H. Egan

Acting Treasurer

Peter D. Goldstein

Chief Compliance Officer & Acting Secretary

Christopher Haydon

Ombudsman

Laurissa M. Martire

Vice President & Ombudsman

Agnes Mullady*

Treasurer & Secretary

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.

Stock Exchange Listing

						6.00%
		Common				Preferred
NYSE-Symbol:		GCV				GCV PrB
Shares Outstanding:			13,194,425				965,548

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.

For general information about the Gabelli Funds, call 800-GABELLI (800-422-3554), fax us at 914-921-5118, visit Gabelli Funds’ Internet homepage at: www.gabelli.com, or e-mail us at: closedend@gabelli.com

Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that the Fund may, from time to time, purchase shares of its common stock 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 shares of its preferred stock in the open market when the preferred shares are trading at a discount to the liquidation value.

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.

Date 6/1/10

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.

Date 6/1/10

Date 6/1/10