Gabelli Convertible Securities, 1998 Distribution Breakdown
8.00% Cumulative Preferred Stock
To All Shareholders:
Set forth below is the allocation of net investment income, short- and long-term
capital gains for the 1998 distributions of the 8.00% Cumulative Preferred Stock of
The Gabelli Convertible Securities Fund, Inc.
If there are any questions, please contact Peter Latartara or Marc Diagonale at
(914) 921-5070.
| $ PER SHARE |
| |
1st Qtr |
2nd Qtr |
3rd Qtr |
4th Qtr |
TOTAL |
| Record Date |
03/18/98 |
06/19/98 |
09/21/98 |
12/18/98 |
|
| Payment Date |
03/26/98 |
06/26/98 |
09/28/98 |
12/28/98 |
|
| SOURCE |
| Net Investment Income (a) |
$0.2101 |
$0.2101 |
$0.2101 |
$0.2101 |
$0.8405 |
| Short-Term Capital Gains (a) |
$0.1312 |
$0.1312 |
$0.1312 |
$0.1312 |
$0.5246 |
| Long-Term Capital Gains (b) |
$0.1587 |
$0.1587 |
$0.1587 |
$0.1587 |
$0.6349 |
| TOTAL |
$0.5000 |
$0.5000 |
$0.5000 |
$0.5000 |
$2.0000 |
| |
| PERCENTAGES |
| SOURCE |
1st Qtr |
2nd Qtr |
3rd Qtr |
4th Qtr |
TOTAL |
| Net Investment Income (a) |
42.02% |
42.02% |
42.02% |
42.02% |
42.02% |
| Short-Term Capital Gains (a) |
26.23% |
26.23% |
26.23% |
26.23% |
26.23% |
| Long-Term Capital Gains (b) |
31.75% |
31.75% |
31.75% |
31.75% |
31.75% |
| TOTAL |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
|
100% of the long-term capital gains paid by the Gabelli Equity Trust in 1998 was
classified as "20% Rate Gains" subject to a maximum tax rate of 20% (or 10%
depending on an individual's tax bracket). Capital gain distributions are
reported in box 2a of Form 1099-DIV.
U.S. GOVERNMENT INCOME:
The percentage of long-term capital gains paid by the Gabelli Convertible Securities
Fund in 1998 that was derived from U.S. Government Securities was 39.89%. The
percentage of U.S. Government Securities held as of December 31, 1998 was 33.91%.(c)
- (a)Distributions from net investment income and short-term capital gains
are taxable as ordinary income and will appear on your Form 1099-DIV under Ordinary
Income Distributions.
- (b)Taxable as long-term capital gains reportable in column (f), line 13
on Form 1040, Schedule D. Since there were no retained capital gains in 1998, Form
2439 will not be necessary.
- (c)Certain states require that 50% of the Fund's portfolio be invested in
U.S. Government Securities at the end of each calendar quarter to allow "pass-through"
treatment of income derived from U.S. Government Securities. The Fund did not meet
this strict requirement in 1998.
|