Market Overview

The Gabelli Convertible and Income Securities Fund Inc. to Redeem Its Outstanding 6.00% Series B Cumulative Preferred Stock

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The Board of Directors of The Gabelli Convertible and Income Securities Fund Inc. (NYSE:GCV) (the "Fund") authorized the redemption of all remaining outstanding shares of Series B Cumulative Preferred Stock (the "Series B Preferred"). The redemption date is November 18, 2019 (the "Redemption Date"), and the redemption price is $25.2167 per Series B Preferred, which is equal to the liquidation preference of $25.00 per Series B Preferred plus accumulated and unpaid dividends and distributions through the redemption date.

As of the Redemption Date, the Series B Preferred will no longer be deemed outstanding, dividends will cease to accumulate and all the rights of the Series B Preferred shareholders with respect to the Series B Preferred will cease, except the right to receive the redemption price. Shareholders of record will be mailed a redemption notice shortly.

The Series B Preferred, which trade on the New York Stock Exchange under the symbol "GCV Pr B", are rated "A1" by Moody's Investors Service and have an annual dividend rate of $1.50 per share. The Series B Preferred was issued on March 18, 2003 at $25.00 per share and pay distributions quarterly. The Series B Preferred Shares are callable at any time, after proper notification is given, at the liquidation preference of $25.00 per share plus accrued dividends.

The redemption of the Series B Preferred is being funded with a portion of the proceeds from the Fund's issuance of $35 million in Series E 4.00% Cumulative Preferred Stock that closed on October 16, 2019.

The Gabelli Convertible and Income Securities Fund Inc. is a diversified, closed-end management investment company with $160 million in total net assets whose primary investment objective is to seek a high level of total return on its assets through a combination of current income and capital appreciation. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (NYSE:GBL).

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