Board of Directors Approves Redemption of Auction Rate Preferred.RYE, N.Y. -- The Board of Directors of The Gabelli Convertible and Income Securities Fund Inc. (NYSE NYSE See: New York Stock Exchange :GCV GCV Ganciclovir GCV Generalized Cross Validation GCV Gross Calorific Value GCV Great Cardiac Vein GCV Gewone Commanditaire Vennootschap (Dutch) GCV Gonsenheimer Carneval-Verein GCV Gross Caloric Value ) (the "Fund"), has authorized the Fund to redeem 100% (1,000 shares) of its Series C Auction Rate Cumulative Preferred Stock Cumulative preferred stock Preferred stock whose dividends accrue, should the issuer not make timely dividend payments. Related: Non-cumulative preferred stock. . The Fund is in the process of completing a shelf registration for up to $100 million of preferred stock or debt securities. The timing and further details of the redemption will be announced once the shelf registration is declared effective. The Fund is a diversified, closed-end management investment company with $144 million in total assets whose primary investment objective is to seek a high level of total return through a combination of current income and capital appreciation. The Fund is managed by Gabelli Funds, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a subsidiary of GAMCO Investors, Inc. (NYSE:GBL), which is a publicly traded NYSE listed company. |
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