Board of Directors Approves Redemption of Auction Rate Preferred

The Board of Directors of The Gabelli Convertible and Income Securities Fund Inc. (NYSE:GCV) (the "Fund”), has authorized the Fund to redeem 100% (1,000 shares) of its Series C Auction Rate 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, a subsidiary of GAMCO Investors, Inc. (NYSE:GBL), which is a publicly traded NYSE listed company.