The Board of Directors also reaffirmed the continuation of the Gabelli Convertible and Income Securities Fund's 8% Distribution Policy and intends to maintain the quarterly distribution level of $0.20 per share for 2006 with an adjusting distribution in the fourth quarter.

Under the Convertible and Income Securities Fund's payout policy, the Fund pays a minimum annual distribution of 8% of the average net asset value of the Fund. Pursuant to this policy, the Fund pays $0.20 per share in each of the first three quarters of the year and an adjusting distribution in the fourth quarter of a sufficient amount to pay 8% of the average net asset value of the Fund, as of the last day of the four preceding calendar quarters, or to satisfy the minimum distribution requirements of the Internal Revenue Code, whichever is greater. Each quarter, the Board of Directors reviews the amount of any potential distribution and the income, capital gain or paid-in capital available.

The Board of Directors determined to distribute $0.20 per share even though the minimum annual distribution of 8% of the average net asset value of the Fund equates to $0.05 per share for the fourth quarter of 2005 or $0.65 per share for full year 2005.

A portion of the distribution may be treated as long-term capital gain and qualified dividend income for individuals, each subject to the maximum Federal income tax rate, which is currently 15% in taxable accounts for individuals. If the Fund does not generate earnings from dividends, interest and net realized capital gains equal to or in excess of the aggregate distributions paid by the Fund for the year, then the amount distributed in excess of the Fund's investment income and net realized capital gains will be deemed a non-taxable return of capital. Long-term capital gains, qualified dividend income, ordinary income and non-taxable return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. Based on earnings to date, the distribution would include approximately 30% from net investment income, 7% from capital gains and 63% from non-taxable return of capital. The final determination of the source of all distributions in 2005 will be made after year-end. All shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2005 distributions in early 2006 via Form 1099-DIV.

For more information on managed distribution policies, please review our research report, Closed-End Funds - Managed Distribution Policy, on the Gabelli website at www.gabelli.com.

The Gabelli Convertible and Income Securities Fund Inc. is a diversified, closed-end management investment company with $145 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.