Bethany A. Uhlein
About Bethany A. Uhlein
Vice President and Ombudsman of The Gabelli Convertible & Income Securities Fund Inc. (GCV) since 2019; also Vice President and/or Ombudsman across closed-end funds in the Gabelli Fund Complex since 2017 and Senior Vice President of GAMCO Investors, Inc. since 2021. Year of birth: 1990. The Fund’s officer compensation for closed-end funds is overseen by multi-fund ad hoc Compensation Committees, but specific metrics/amounts for Bethany are not disclosed. Fund performance over her tenure has been mixed, with NAV total return ranging from +30.17% (2020) to -26.75% (2022); recent periods show positive returns (see Performance & Track Record).
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| The Gabelli Convertible & Income Securities Fund Inc. (GCV) | Vice President and Ombudsman | 2019–present | Officer role supporting fund governance and shareholder communications within the Gabelli Fund Complex |
| Gabelli Fund Complex (U.S. registered funds) | Vice President and/or Ombudsman (closed-end funds) | 2017–present | Officer role across closed-end funds within the complex |
| GAMCO Investors, Inc. | Senior Vice President | 2021–present | Senior officer at the adviser to GCV |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| GAMCO Investors, Inc. | Senior Vice President | 2021–present | Senior role at the adviser that manages and administers GCV |
Fixed Compensation
- Officer-level cash compensation details (base salary, target bonus, actual bonus, perquisites) for Bethany are not disclosed in the proxy or shareholder reports. The Fund records aggregate payroll expenses for officers ($46,682 for the six months ended March 31, 2025), but amounts are not broken out by officer or role. Officers employed by the Fund and not employed by the Adviser are compensated by the Fund; officers may also receive variable compensation from Adviser affiliates.
Performance Compensation
- Not disclosed: No metrics, weightings, targets, payout formulas, vesting schedules, or clawbacks for Bethany are provided in the proxy or shareholder reports. Compensation oversight for closed-end fund officers is handled by multi-fund ad hoc Compensation Committees, but individual award structures are not detailed.
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed | — | — | — | — | — |
The Fund’s DEF 14A discloses director compensation only; officer compensation detail (including performance-based elements) is absent.
Equity Ownership & Alignment
- Beneficial ownership: The 2024 and 2025 proxies tabulate holdings for directors and certain executive officers; Bethany A. Uhlein is not included in those ownership tables, and no GCV share ownership is disclosed for her.
- Pledging/hedging: No disclosures regarding pledging or hedging of GCV stock by Bethany.
- Ownership guidelines: No officer stock ownership guidelines or compliance status disclosed.
- Section 16 compliance: The Fund reports compliance with Section 16(a) filings for the fiscal year ended Sept 30, 2024 (no exceptions noted), and in 2023 one late Form 4 by Mr. Gabelli (not related to Bethany).
Employment Terms
- Term and renewal: Officers hold office for an indefinite term until resignation or until a successor is elected and qualified. Individual employment agreements, severance, change-of-control provisions, non-compete, and garden leave terms are not disclosed.
Performance & Track Record
Fund returns during Bethany’s tenure (officer since 2019):
| Metric | 2020 | 2021 | 2022 | FY 2023 (Sep 30) | FY 2024 (Sep 30) | 6M 2025 (Mar 31) |
|---|---|---|---|---|---|---|
| NAV Total Return (%) | 30.17 | 1.72 | -26.75 | 0.46 | 10.66 | 2.42 |
| Investment Total Return (%) (market) | 16.97 | 20.11 | -23.48 | -14.69 | 11.30 | 8.49 |
Additional fund-level performance datapoints (context):
- For the six months ended March 31, 2025: NAV up 2.42%, publicly traded shares total return 8.49%; NAV per share $3.61.
- Portfolio positioning and issuance dynamics noted in semiannual discussion; no officer-specific attribution is disclosed.
Compensation Committee Analysis
- Oversight: The Board utilizes multi-fund ad hoc Compensation Committees for closed-end funds to oversee compensation for the Chief Compliance Officer and certain other officers of the closed-end funds within the complex. Named Independent Directors serving on these committees include Vincent D. Enright and Michael J. Melarkey; Salvatore J. Zizza serves on both committees. Specific pay structures for individual officers (including Bethany) are not disclosed.
Related Party & Governance Notes
- Related persons: Form D lists Bethany A. Uhlein as a related person (Vice President and Ombudsman) with One Corporate Center, Rye, NY address, confirming executive officer status.
- Significant shareholders: GAMCO Investors, Inc. and affiliates beneficially own ~9.7% of common and ~15.6% of preferred as of the 2025 record date; preferred holders elect certain directors, which shapes fund governance. (Fund context)
Investment Implications
- Alignment opacity: Lack of disclosed equity ownership, award structures, performance metrics, and vesting detail for Bethany limits pay-for-performance assessment and insider signal analysis.
- Retention risk: No employment contract terms, severance, or change-of-control economics disclosed; officers serve indefinite terms—reduces visibility into retention levers or exit costs.
- Trading signals: No Form 4 activity disclosed for Bethany; Section 16 compliance noted—no observable insider buying/selling pressure tied to her role.
- Governance comfort: Presence of multi-fund ad hoc Compensation Committees provides oversight, but absent transparency on officer-specific compensation design weakens ability to evaluate incentives against fund outcomes.
- Fund performance context: Volatile multi-year returns with recent improvement; without officer-level incentive disclosure, it’s difficult to tie compensation outcomes to TSR or NAV targets.