GCV - Gabelli Convertible & Income Securities Fund

What this means for you

None of the investors we follow has reported owning 5% or more of this fund. That is the normal state for most closed-end funds.

Nothing is required of you. If that changes, the notice appears here within a day of being filed with the regulator.

Email me if this changes

What happened, and when

1. May 27, 2025

   The fund said it will repay some borrowed money on June 26, 2025.

   Original document →

About this fund

• Run by Gabelli Funds, LLC. Part of the Gabelli Fund Complex fund family. As of Sept 30, 2025, from the fund's yearly report. Original document →
• Size: about $96 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 4% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. About 87% of that is money the fund has borrowed by selling preferred shares. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• The fund's own example of what borrowing does: in a year in which the holdings returned -10%, a share would return about -11.1%; at +10%, about +10.3%. As of Sept 30, 2025, from the fund's annual report. Original document →
• Costs: 1.1% a year in management fees; 2.1% a year in total, including interest on borrowed money. Fiscal year ended Sept 30, 2025. As of Sept 30, 2025, from the fund's yearly report. Original document →
  Among the 11 funds we follow that invest in convertible bonds, 4 charge a lower management fee and 3 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• The fund's own cost example: $1,000 invested costs about $20 in the first year and about $226 over 10 years, assuming the holdings return 5% a year. As of Sept 30, 2025, from the fund's annual report. Original document →
• Payouts: last fiscal year (ended Sept 30, 2025) the fund paid $0.48 a share. $0.06 of that was income; $0.41 came from gains; $0.01 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Sept 30, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Sept 30, 2025): $4.35. The shares traded at $4.13, about 5.1% below that. As of Sept 30, 2025, from the fund's yearly report. Original document →
  Over the last two years the gap (a "discount" when the price is below the value) ranged from 11.4% below to 14.1% above. As of Sept 30, 2025, from the fund's annual report. Original document →
• How the holdings did: up 12.1% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1994.

How this has changed

• Payouts per share: $0.48 in the fiscal year ended Sept 30, 2025; $0.48 in the year ended Sept 30, 2024; $0.48 in the year ended Sept 30, 2022.As of Sept 30, 2025, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.01 in the year ended Sept 30, 2025; $0.43 in the year ended Sept 30, 2024; none in the year ended Sept 30, 2022.As of Sept 30, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 2.07% a year in the fiscal year ended Sept 30, 2025; 2.41% a year in the year ended Sept 30, 2024; 3.23% a year in the year ended Sept 30, 2022.As of Sept 30, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $87.1 million at Sept 30, 2025; $73.9 million at Sept 30, 2024. From the fund's quarterly holdings reports. Original documents: Sept 30, 2025 →, Sept 30, 2024 →.
• Borrowing: about 7% on top of its own money at Sept 30, 2025; 12% at Sept 30, 2024. From the fund's quarterly holdings reports. Original documents: Sept 30, 2025 →, Sept 30, 2024 →.
• The fund had about 20 million shares at Sept 30, 2025, up 4.3% from Sept 30, 2022.As of Sept 30, 2025, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Sept 30, 2025: the shares returned +27.1%, counting payouts; the holdings +31%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Sept 30, 2025, from the fund's annual report. Original document →
• The year ended Sept 30, 2024: the shares returned +11.3%, counting payouts; the holdings +10.7%. As of Sept 30, 2024, from the fund's annual report. Original document →
• The year ended Sept 30, 2022: the shares returned -23.5%, counting payouts; the holdings -26.8%. As of Sept 30, 2022, from the fund's annual report. Original document →
• The year ended Dec 31, 2021: the shares returned +20.1%, counting payouts; the holdings +1.7%. As of Dec 31, 2021, from the fund's annual report. Original document →
• Those two years together: the shares returned +41.5%. $10,000 of shares bought at the start (Oct 1, 2023) would have become about $14,100 by Sept 30, 2025, with every payout counted, before tax. As of Sept 30, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to June 30, 2026: +36.4%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Of the 10 funds that invest in convertible bonds with a fiscal year ending within six months of this one, 3 reported a higher share return for that year and 6 a lower one. As of Sept 30, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly bonds (86%), the rest preferred shares and shares. About 83% issued in the U.S.

1. Nebius Group NV - 4.7%
2. Hewlett Packard Enterprise Company 7.625% Series C Mandatory Convertible Preferred Stock - 3.1%
3. Fluor, Flr 1.125 08/15/29 - 2.8%
4. Cyberark Software, Cybr 0 06/15/30 - 2.6%
5. Bitfarms, Keel 1.375 01/15/31 - 2.4%
6. Cytokinetics, Cytk 1.75 10/01/31 - 2.3%
7. Firstenergy, Fe 3.875 01/15/31 - 2.3%
8. Ligand Pharmaceuticals, Lgnd 0.75 10/01/30 - 2.2%
9. Bridgebio Pharma, Bbio 1.75 03/01/31 - 2.1%
10. Nextera Energy, Nee 7.234 11/01/27 - 2.1%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →