The Board of Directors of The Gabelli Convertible and Income Securities Fund Inc. (NYSE:GCV) declared
a $0.375 per share cash distribution payable on March 26, 2007 to Preferred Shareholders of record
on March 19, 2007.
The Preferred Shares, which trade on the New York Stock Exchange under the symbol "GCV Pr B", are
rated "Aaa" by Moody's Investors Service and have an annual dividend rate of $1.50 per share. The
Preferred Shares were issued on March 18, 2003 at $25.00 per share and pay distributions quarterly.
The Preferred Shares will be callable at any time at the liquidation value of $25.00 per share plus
accrued dividends following the expiration of the five-year call protection on March 18, 2008.
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. Long-term capital gains, qualified dividend income, and ordinary income, if
any, will be allocated on a pro-rata basis to all distributions for the year. As of February 26, 2007,
the date of this press release, the current distribution would include approximately 69% from net
investment income and 31% from net capital gains. The estimated components of each distribution are
provided to shareholders of record in a notice accompanying the distribution and are available on our
website (www.gabelli.com). The final determination of the sources of all distributions in 2007 will be
made after year-end, and can vary from the quarterly estimates. All shareholders with taxable accounts
will receive written notification regarding the components and tax treatment for all 2007 distributions
in early 2008 via Form 1099-DIV.
The Gabelli Convertible and Income Securities Fund Inc. is a diversified, closed-end management
investment company with $155 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.