|
At a meeting held on February 18, 1998, the Board of Directors of The Gabelli Convertible
Securities Fund, Inc. (NYSE - GCV), declared a $0.20 per share cash distribution payable on
March 26, 1998 to shareholders of record on March 17, 1998. In addition, the Board of
Directors is considering instituting an 8.00% Annual Distribution Policy.
Under such a policy the Fund would pay out a minimum annual distribution of 8.00% of the net
asset value of the Fund. The method will be to 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 8.00%
of the average net assets of the Fund or to satisfy the distribution requirements of the Internal
Revenue Code.
The Distribution Policy will be discussed at the Annual Shareholder Meeting which is set for
May 11, 1998. The Board will then determine whether to adopt an Annual Distribution Policy.
The Gabelli Convertible Securities Fund is a closed-end, diversified management investment company
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.
| |