The Board of Directors of The Gabelli Convertible Securities Fund, Inc. (NYSE - GCV) authorized
a $0.50 per share cash distribution payable on March 29, 1999 to Preferred Shareholders of
record on March 22, 1999.
The Preferred Shares, which trade on the New York Stock Exchange under the symbol "GCV Pr", are
rated 'AAA' by Standard and Poor's and have an annual dividend rate of $2.00 per share. The
1,200,000 Preferred Shares were issued on May 16, 1997 at $25.00 per share and pay distributions
quarterly.
A portion of this distribution will be treated as long-term capital gains. Long-term capital
gains will be allocated to all distributions for the year. The final determination of the
source of all distributions in 1999 will be made after year-end.
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.