Statement of Additional Info - Gabelli

Should no rating be assigned, the reason may be one of the following:
1. An application for rating was not received or accepted.
2. The issue or issuer belongs to a group of securities that are not rated as a matter of policy.
3. There is a lack of essential data pertaining to the issue or issuer.
4. The issue was privately placed, in which case the rating is not published in Moody's Investors Service, Inc.'s
publications.
Suspension or withdrawal may occur if new and material circumstances arise, the effects of which preclude
satisfactory analysis; if there is no longer available reasonable up-to-date data to permit a judgment to be formed; if a
bond is called for redemption; or for other reasons.
Note:
Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa.
The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2
indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating
category.
STANDARD & POOR'S RATINGS SERVICES (“S&P”)
AAA:
AA:
An obligation rated ‘AAA’ has the highest rating assigned by S&P. The obligor’s capacity
to meet its financial commitment on the obligation is extremely strong.
An obligation rated ‘AA’ differs from the highest rated obligations only in small degree.
The obligor’s capacity to meet its financial commitment on the obligation is very strong.
A: An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in
circumstances and economic conditions than obligations in higher rated categories.
However, the obligor’s capacity to meet its financial commitment on the obligation is still
strong.
BBB: An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse
economic conditions or changing circumstances are more likely to lead to a weakened
capacity of the obligor to meet its financial commitment on the obligation..
BB, B,
CCC,
CC, C:
Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant
speculative characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the
highest. While such obligations will likely have some quality and protective characteristics,
these may be outweighed by large uncertainties or major exposures to adverse conditions.
C1: The rating C1 is reserved for income bonds on which no interest is being paid.
D: Bonds rated D are in payment default, and payment of interest and/or repayment of
principal is in arrears.
Plus (+)
or
Minus (-)
NR:
The ratings from AA to CCC may be modified by the addition of a plus or minus sign to
show relative standing within the major rating categories.
Indicates that no rating has been requested, that there is insufficient information on which to
base a rating, or that S&P does not rate a particular type of obligation as a matter of policy.
A-2