GAMCO Affiliates Own 100% of Gabelli Convertible Preferred Stock

TL;DR

**GAMCO and its affiliates own all of Gabelli Convertible's Series G Preferred Stock.**

AI Summary

GAMCO Investors, Inc. and its affiliates, including GAMCO Asset Management, Inc., filed an amended SC 13D/A on January 8, 2024, to update their beneficial ownership of Gabelli Convertible & Income Securities Fund Inc.'s 5.20% Series G Cumulative Preferred Stock. The filing indicates that the reporting persons beneficially own 100% of the outstanding Preferred Shares, which were acquired using funds from investment advisory clients. This matters to current or prospective shareholders because it confirms GAMCO's complete control over this specific class of preferred stock, which could influence future corporate actions related to these shares.

Why It Matters

This filing confirms GAMCO's full control over a specific class of preferred shares, which could impact decisions regarding dividends or redemptions for those shares.

Risk Assessment

Risk Level: low — The filing primarily updates ownership information and does not indicate any immediate new risks or significant changes in strategy.

Analyst Insight

Investors in Gabelli Convertible & Income Securities Fund Inc.'s preferred shares should note the concentrated ownership by GAMCO affiliates, which implies stability in the management of these specific shares but also limited external influence.

Key Numbers

• 100% — Beneficial Ownership (Percentage of outstanding 5.20% Series G Cumulative Preferred Stock owned by reporting persons.)
• 36240B604 — CUSIP Number (Identifier for the 5.20% Series G Cumulative Preferred Stock.)
• December 26, 2023 — Date of Event (The date that triggered the requirement for this amendment.)

Key Players & Entities

• GAMCO Investors, Inc. (company) — filing party and beneficial owner
• Gabelli Convertible & Income Securities Fund Inc. (company) — issuer of the securities
• GAMCO Asset Management, Inc. (company) — affiliate of GAMCO Investors, Inc. and reporting person
• David Goldman (person) — person authorized to receive notices for GAMCO Investors, Inc.
• 5.20% Series G Cumulative Preferred Stock (other) — class of securities beneficially owned

Forward-Looking Statements

• GAMCO Investors, Inc. will maintain its 100% beneficial ownership of the 5.20% Series G Cumulative Preferred Stock. (GAMCO Investors, Inc.) — high confidence, target: Q4 2024
• No significant changes in the terms or status of the 5.20% Series G Cumulative Preferred Stock will occur due to this ownership structure in the near term. (Gabelli Convertible & Income Securities Fund Inc.) — medium confidence, target: Q3 2024

FAQ

Filing Documents

• gcvpref_01.htm (SC 13D/A) — 126KB
• 0000807249-24-000006.txt ( ) — 127KB

Security and Issuer

Item 1. Security and Issuer This Amendment No. 1 to Schedule 13D on the Preferred Shares of The Gabelli Convertible & Income Securities Fund Inc. (5.250% Series G Cumulative Preferred Stock) (the "Issuer") and is being filed on behalf of the undersigned to amend the Schedule 13D, as amended (the "Schedule 13D") which was originally filed on February 7, 2023. Unless otherwise indicated, all capitalized terms used herein but not defined shall have the same meanings as set forth in Schedule 13D.

Identity and Background

Item 2. Identity and Background

to Schedule 13D is amended, in pertinent part, as follows

Item 2 to Schedule 13D is amended, in pertinent part, as follows: This statement is being filed by various entities which except for LICT Corporation ("LICT) and CIBL, Inc. ("CIBL"), engage in various aspects of the securities business, primarily as investment adviser to various institutional and individual clients, including registered investment companies and pension plans, and as general partner or the equivalent of various private investment partnerships or private funds and as a registered broker-dealer. Certain of these entities may also make investments for their own accounts. Mario J. Gabelli ("Mario Gabelli") is deemed to directly or indirectly control these entities through his ownership interest. The foregoing persons in the aggregate often own beneficially more than 5% of a class of equity securities of a particular issuer. Although several of the foregoing persons are treated as institutional investors for purposes of reporting their beneficial ownership on the short-form Schedule 13G, the holdings of those who do not qualify as institutional investors may exceed the 1% threshold presented for filing on Schedule 13G or implementation of their investment philosophy may from time to time require action which could be viewed as not completely passive. In order to avoid any question as to whether their beneficial than on the short-form Schedule 13G and thereby to provide more expansive disclosure than may be necessary. (a), (b) and (c) - This statement is being filed by one or more of the following persons: GGCP, Inc. ("GGCP"), GGCP Holdings LLC ("GGCP Holdings"), GAMCO Investors, Inc. ("GBL"), Associated Capital Group, Inc. ("AC"), Gabelli Funds, LLC ("Gabelli Funds"), GAMCO Asset Management Inc. ("GAMCO"),

Interest In Securities Of The Issuer

Item 5. Interest In Securities Of The Issuer

to Schedule 13D is amended, in pertinent part, as follows

Item 5 to Schedule 13D is amended, in pertinent part, as follows: (a) The aggregate number of Securities to which this Schedule 13D relates is 100,000 Preferred Shares representing 15.63% of the 640,000 Preferred Shares outstanding as reported by the Issuer. The Reporting Persons beneficially own those Securities as follows: Name Preferred shares % GAMCO 100,000 15.63% Mario Gabelli is deemed to have beneficial ownership of the Securities owned beneficially by each of the foregoing persons. AC, GBL and GGCP are deemed to have beneficial ownership of the Securities owned beneficially by each of the foregoing persons other than Mario Gabelli and the Foundation. (b) Each of the Reporting Persons and Covered Persons has the sole power to vote or direct the vote and sole power to dispose or to direct the disposition of the Securities reported for it, either for its own benefit or for the benefit of its investment clients or its partners, as the case may be. (c) Information with respect to all transactions in the Securities which were effected during the past sixty days or since the most recent filing on Schedule 13D, whichever is less, by each of the Reporting Persons and Covered Persons is set forth on Schedule II annexed hereto and incorporated herein by reference. (e) Not applicable. 7 Signature After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: January 8, 2024 GGCP, INC. MARIO J. GABELLI By: /s/ David Goldman David Goldman Attorney-in-Fact GAMCO INVESTORS, INC. By: /s/ Peter D. Goldstein Peter D. Goldstein General Counsel – GAMCO Investors, Inc. ASSOCIATED CAPITAL GROUP, INC. GAMCO ASSET MANAGEMENT INC. By: /s/ Douglas R. Jamieson Douglas R. Jamieson President & Chief Executive Officer – Associated Capital Group, Inc. President – GAMCO Asset Management Inc. 8 Schedule I Information with Respect to Executive Office

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View this SC 13D/A filing on SEC EDGAR