"We trust that you will avoid using harsh language and will refrain from making unsubstantiated allegations against individuals and firms. Your constructive feedback and opinions are very valuable to all of us in the industry. "
This is basically a high yielding accrual fund I understand the credit upgrade strategy of the fund manager but the fund faces a reinvestment risk in order to counter this dosent it make sense to have a small amount of unrated bonds in the portfolio by this I mean bonds on the verge of getting an credit rating or is there a restriction on holding unrated bonds in the portfolio there being a risk mitigation strategy.