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18.65. Unrated Securities Risk

Because the Investment Compartment may purchase securities that are not rated by any rating organization, the Manager may, after assessing their credit quality, internally assign ratings to certain of those securities in categories similar to those of rating organizations. Some unrated securities may not have an active trading market or may be difficult to value, which means the Investment Compartment might have difficulty selling them promptly at an acceptable price. To the extent that the Investment Compartment invests in unrated securities, the Investment Compartment’s ability to achieve its investment objectives will be more dependent on the Manager’s credit analysis than would be the case when the Investment Compartment invests in rated securities.