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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.
The Gabelli Convertible and Income Securities Fund Inc. (NYSE:GCV) announced total distributions for 2021 of $0.56 per share, comprising $0.53 previously paid and an additional $0.03 per share. This distribution is payable on January 6, 2022, to shareholders of record as of December 30, 2021. The additional payment helps meet minimum distribution requirements under the Internal Revenue Code, avoiding Federal excise tax. Of the total distribution, approximately 2% comes from net investment income and 98% from net capital gains.
The Gabelli Convertible and Income Securities Fund (NYSE:GCV) announced a cash distribution of $0.17 per share, payable on December 17, 2021, to shareholders of record as of December 10, 2021. This brings the total distribution for 2021 to $0.53 per share. The Fund aims for an annual minimum distribution of 8% of its average net asset value. The Board also authorized an additional year-end distribution, with details to follow. Approximately 3% of 2021 distributions came from net investment income, while 97% stemmed from net capital gains.
The Gabelli Convertible and Income Securities Fund (NYSE:GCV) declared a cash distribution of $0.12 per share, payable on September 23, 2021, to shareholders on record as of September 16, 2021. The Fund aims for a minimum annual distribution of 8% of its average net asset value. While the Board of Directors regularly reviews potential distributions, there is no guarantee that the policy will continue. Approximately 3% of the distributions will come from net investment income, with the remainder from net capital gains. Tax implications for shareholders are outlined for 2021 distributions.
The Gabelli Convertible and Income Securities Fund (NYSE:GCV) declared a cash distribution of $0.12 per share, payable on June 23, 2021, to shareholders recorded on June 16, 2021. The Fund aims for a minimum annual distribution of 8% of its average net asset value, with quarterly reviews by the Board of Directors. If the Fund's earnings do not cover distributions, excess amounts will be seen as a return of capital, generally non-taxable. In 2021, distributions will include approximately 6% from net investment income, 81% from net capital gains, and 13% deemed as return of capital.
The Gabelli Convertible and Income Securities Fund (NYSE:GCV) announced a cash distribution of $0.12 per share, payable on March 24, 2021, to shareholders of record by March 17, 2021. This distribution follows favorable returns in 2020 and aligns with the Fund's commitment to a minimum annual distribution of 8% of its average net asset value. The Fund's distribution policy may change based on market conditions and net asset value. Notably, approximately 80% of this distribution will come from net capital gains, with 20% treated as a return of capital.
The Gabelli Convertible and Income Securities Fund (NYSE:GCV) announced a $0.12 cash distribution per share, payable on December 18, 2020, to shareholders of record by December 11, 2020. This fourth-quarter distribution brings the total for 2020 to $0.48 per share. The Fund aims to maintain a minimum annual distribution of 8% of its average net asset value. The Board of Directors may adjust this policy based on the Fund's performance and market conditions. Shareholders will be notified regarding the tax treatment of the distributions in early 2021.