Gabelli Convertible and Income Securities Fund Announces Total Distributions for 2021 of $0.56 Per Common Share
December 20 2021 - 3:20PM
Business Wire
The Board of Directors of The Gabelli Convertible and Income
Securities Fund Inc. (NYSE:GCV) (the “Fund”) announces total
distributions for 2021 of $0.56 per share, which includes $0.53
previously paid plus an additional $0.03 per share. The additional
cash distribution is payable on January 6, 2022 to common stock
shareholders of record on December 30, 2021.
The additional distribution is being made to satisfy the minimum
distribution requirements of the Internal Revenue Code for
regulated investment companies and avoid Federal excise tax on
undistributed investment company taxable income. The additional
distribution will be included in the 2021 income for shareholders
subject to income tax.
All or part of the distributions may be treated as long-term
capital gain or qualified dividend income (or a combination of
both) for individuals, each subject to the maximum federal income
tax rate for long term capital gains, which is currently 20% in
taxable accounts for individuals (or less depending on an
individual’s tax bracket). In addition, certain U.S. shareholders
who are individuals, estates or trusts and whose income exceeds
certain thresholds will be required to pay a 3.8% Medicare
surcharge on their “net investment income", which includes
dividends received from the Fund and capital gains from the sale or
other disposition of shares of the Fund.
Long-term capital gains, qualified dividend income, investment
company taxable income, and return of capital, if any, will be
allocated on a pro-rata basis to all distributions to common
shareholders for the year. Based on the accounting records of the
Fund currently available, each of the distributions paid to common
shareholders for 2021 would include approximately 2% from net
investment income and 98% from net capital gains on a book basis.
This does not represent information for tax reporting purposes. The
estimated components of each distribution are updated and provided
to shareholders of record in a notice accompanying the distribution
and are available on our website (www.gabelli.com). The final
determination of the sources of all distributions for 2021 will be
made after year end and can vary from the quarterly estimates.
Shareholders should not draw any conclusions about the Fund’s
investment performance from the amount of the current distribution.
All individual shareholders with taxable accounts will receive
written notification regarding the components and tax treatment for
all 2021 distributions in early 2022 via Form 1099-DIV.
Investors should carefully consider the investment objectives,
risks, charges, and expenses of the Fund before investing. For more
information regarding the Fund’s distribution policy and other
information about the Fund, call:
Laurissa Martire (914) 921-5399
About Gabelli Convertible and Income Securities Fund
The Gabelli Convertible and Income Securities Fund Inc. is a
diversified, closed-end management investment company with $150
million in total net assets whose primary investment objective is
to seek a high level of total return on its assets through a
combination of current income and capital appreciation. The Fund is
managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors,
Inc. (NYSE:GBL).
NYSE: GCV CUSIP – 36240B109
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version on businesswire.com: https://www.businesswire.com/news/home/20211220005877/en/
Laurissa Martire (914) 921-5399
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