Fitch Rates Gabelli Convertible & Income Securities Fund Series C Cumulative Pfd Shares 'AAA'.Business Editors NEW YORK--(BUSINESS WIRE)--March 20, 2003 The Gabelli Convertible and Income Securities Fund Inc.'s (the Fund) series C auction-rate cumulative preferred shares are rated 'AAA' by Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. . The rating is based on the Fund's asset coverage and preferred share basic maintenance amount tests, as well as the experience of the investment advisor Investment Advisor 1. A person making investment recommendations in return for a flat fee or percentage of assets managed, known as a commission. 2. For mutual fund companies, it is the individual who has the day-to-day responsibility of investing and monitoring the cash and . The Gabelli Convertible and Income Securities Fund Inc. is a closed-end management investment company that invests primarily in a portfolio of convertible debt and convertible preferred stocks Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". , as well as other income producing securities. The Fund is registered under the Investment Company Act of 1940, which permits closed-end funds to borrow additional money through the issuance of debt and preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. . Under the 1940 Act, closed-end funds may borrow up to 50% of the total net asset value of their portfolio through preferred share issuance. The investment advisor is Gabelli Funds, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Gabelli Asset Management, Inc., a diversified asset manager and financial services company. The company's investment services are primarily offered through its subsidiary Gabelli Asset Management Company, which manages separate accounts for high net worth individuals, institutions, and qualified pension plans, and through Gabelli Funds, LLC, the company's advisor to a family of mutual funds. The company's asset management businesses are supported by Gabelli & Company, Inc., an institutional broker/dealer. Gabelli & Company, Inc. distributes open-end mutual funds managed by Gabelli Funds, LLC and publishes investment research which is one of the core elements to Gabelli's investment philosophy. In addition, through its subsidiary, Gabelli Securities, Inc., the company serves as general partner or investment manager in a number of limited partnerships with varying investment objectives. The preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. issuance closed on March 18, 2003. |
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