The Board of Directors of The Gabelli Convertible Securities Fund, Inc. (NYSE - GCV), at a
meeting held on February 17, 1999, authorized a $0.20 per share cash distribution payable on
March 29, 1999 to Common Shareholders of record on March 19, 1999.
This distribution is pursuant to the Gabelli Convertible Securities Fund's 8% annual
distribution policy. Long term capital gains, if any, will be included on a pro-rata basis in
all distributions throughout the year.
Under the Convertible Securities Fund's payout policy the Fund will pay out a minimum annual
distribution of 8% of the average net asset value of the Fund. The Fund will pay $0.20 per
share in each of the first three quarters of the year and a 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.
The Gabelli Convertible Securities Fund is a closed-end, diversified management investment
company with $120 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 by
investing primarily in convertible securities.