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The Gabelli Convertible and Income Securities Fund Inc. reports recurring board-declared cash distributions for its NYSE-listed closed-end fund focused on convertible securities. The fund’s primary investment objective is total return through current income and capital appreciation, and distribution updates describe payments to common stockholders, the fund’s NAV-linked distribution policy and compliance with regulated investment company distribution requirements.
Company updates also describe quarterly board reviews of income, realized capital gains, available capital, net asset value and market conditions. The fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc.
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The Gabelli Convertible and Income Securities Fund (NYSE:GCV) announced a cash distribution of $0.12 per share, payable on March 24, 2023, to shareholders of record by March 17, 2023. This distribution aligns with the Fund's policy of a minimum annual payout of 8% of its average net asset value. The Fund's net asset value is subject to daily fluctuations, and the distribution is subject to modification by the Board of Directors. Shareholders should be aware that part of the distribution may be categorized as a return of capital, which is generally not taxable. The Fund's total net assets stand at $101 million.
The Gabelli Convertible and Income Securities Fund Inc. (NYSE:GCV) announced the successful closing of a private placement of 5.20% Series G Cumulative Preferred Stock. The Series G Preferred is non-callable until June 26, 2025 with a liquidation preference of $10 per share. Distributions will be paid semiannually starting from June 26, 2023. The press release clarifies that this announcement is not an offer for purchase and the Series G Preferred has not been registered under the Securities Act of 1933.
The Gabelli Convertible and Income Securities Fund Inc. (NYSE:GCV) announced a cash distribution of $0.12 per share, payable on December 16, 2022, to shareholders of record on December 9, 2022. This distribution brings the total for 2022 to $0.48 per share. The Fund aims for a minimum annual distribution of 8% of its average net asset value, which would be approximately $0.41. Notably, the current per-share distribution exceeds the policy by $0.07. Future distributions are subject to Board review.
The Gabelli Convertible and Income Securities Fund (NYSE:GCV) announced a cash distribution of $0.12 per share, payable on September 23, 2022, to shareholders on record as of September 16, 2022. The Fund aims for a minimum annual distribution of 8% of its average net asset value. Factors influencing the distribution rate include the Fund’s net asset value and market conditions. Approximately 32% of 2022 distributions will derive from net capital gains, with 68% classified as return of capital. These figures are not final for tax purposes.
The Gabelli Convertible and Income Securities Fund Inc. (NYSE:GCV) has declared a cash distribution of $0.12 per share, payable on June 23, 2022, to shareholders of record on June 15, 2022. The Fund aims for a minimum annual distribution of 8% of its average net asset value. The Board will review distribution levels regularly, with no guarantees on policy continuity. For 2022, distributions will consist of approximately 45% net capital gains and 55% return of capital. Shareholders will receive tax information via Form 1099-DIV in early 2023.
The Gabelli Convertible and Income Securities Fund Inc. (NYSE:GCV) has declared a cash distribution of $0.12 per share, payable on March 24, 2022, to shareholders of record as of March 17, 2022. The Fund aims for a minimum annual distribution of 8% based on its average net asset value. The Board will continue to assess the distribution level based on the Fund's performance and market conditions. Notably, approximately 78% of the distribution will come from net capital gains, with 22% considered a return of capital.