GABELLI CONVERTIBLE SECURITIES FUND
8.00% Cumulative Preferred Stock
1999 DISTRIBUTION BREAKDOWN & TAX INFORMATION


For information:
Marc Diagonale or
Peter W. Latartara
(914) 921-5070

Email Closed End Funds
CUSIP 36240B208

To All Shareholders:

Set forth below is the allocation of net investment income, short-term capital gains and long-term capital gains for the 1999 distributions of the 8.00% Cumulative Preferred Stock of The Gabelli Convertible Securities Fund, Inc.

  Distribution - $ Per Share
  1ST QTR 2ND QTR 3RD QTR 4TH QTR TOTAL
Record Date 03/22/99 06/21/99 09/20/99 12/20/99  
Payment Date 03/29/99 06/28/99 09/27/99 12/27/99  
SOURCE
Net Investment Income (a) $0.1893 $0.1893 $0.1893 $0.1893 $0.7571
Short-Term Capital Gains (a) $0.2164 $0.2164 $0.2164 $0.2164 $0.8657
Long-Term Capital Gains (b) $0.0943 $0.0943 $0.0943 $0.0943 $0.3772
TOTAL $0.5000 $0.5000 $0.5000 $0.5000 $2.0000
 
PERCENTAGES
Net Investment Income (a) 37.8538% 37.8538% 37.8538% 37.8538% 37.8538%
Short-Term Capital Gains (a) 43.2877% 43.2877% 43.2877% 43.2877% 43.2877%
Long-Term Capital Gains (b) 18.8585% 18.8585% 18.8585% 18.8585% 18.8585%
TOTAL 100% 100% 100% 100% 100%

100% of the long-term capital gains paid by the Gabelli Convertible Securities Fund in 1999 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.

CORPORATE DIVIDENDS RECEIVED DEDUCTION AND U.S. GOVERNMENT SECURITIES INCOME:
The percentage of the ordinary income paid by the Gabelli Convertible Securities Fund in 1999 that qualifies for the dividends received deduction available to corporations is 18.69%. The percentage of the ordinary income paid by the Gabelli Convertible Securities Fund in 1999 that was derived from U.S. Government Securities was 19.24%. The percentage of U.S. Government Securities held as of December 31, 1999 was 43.49%. (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 Dividends.
(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 1999, 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 1999.