Strategy. ? The Fund invests 65% or more of its assets in investment-grade debt securitiesthose rated in the top four rating categories by at least one nationally recognized rating agency, such as Moodys or Standard & Poors (a Rating Agency). The dollar-weighted average quality is expected to be Baa or better. A Baa rating typically is the lowest of the four investment-grade categories. The Fund may invest up to thirty-five percent (35%) of its assets in below investment-grade securities, (also known as junk bonds), which are securities rated below investment-grade by a Rating Agency or are unrated and determined to be of comparable quality by the Adviser and may include bonds that are already in default. ? Under normal circumstances, the … Show more… ? The Fund invests 65% or more of its assets in investment-grade debt securitiesthose rated in the top four rating categories by at least one nationally recognized rating agency, such as Moodys or Standard & Poors (a Rating Agency). The dollar-weighted average quality is expected to be Baa or better. A Baa rating typically is the lowest of the four investment-grade categories. The Fund may invest up to thirty-five percent (35%) of its assets in below investment-grade securities, (also known as junk bonds), which are securities rated below investment-grade by a Rating Agency or are unrated and determined to be of comparable quality by the Adviser and may include bonds that are already in default. ? Under normal circumstances, the Fund will invest at least eighty percent (80%) of the value of its net assets, plus any borrowings for investment purposes, in bonds of varying maturities. Bonds for purposes of this limitation include corporate bonds, convertible bonds, government and agency securities, mortgage-backed securities, asset-backed securities, and zero coupon bonds. ? The Fund may invest up to twenty percent (20%) in equity securities, generally in preferred stocks, but common stocks are allowed. ? Although the Fund normally focuses on U.S. dollar-denominated securities, the Fund may invest up to twenty-five percent (25%) in non-U.S. dollar-denominated securities. ? The portfolio management team implements an investment strategy that is based on the belief that consistently strong risk-adjusted returns are best achieved through an emphasis on securities with higher income streams (typically non-Treasury sectors). The team seeks to deliver alpha, or risk-adjusted excess return, relative to the Funds benchmark, primarily through security and sector selection. However, the team opportunistically uses top-down strategies, such as increasing or decreasing exposure to interest rate changes, when market conditions are compelling. ? Credit analysis is at the core of the investment process, as the team believes valuation anomalies between sectors and securities are most effectively captured through proprietary fundamental research and a long-term investment orientation. The process also leverages the resources of the Advisers equity research teams, providing diverse perspectives and added knowledge about the securities the team analyzes. ? The Fund expects to maintain an effective duration of between 4 and 7 years and an effective maturity of between 7 and 12 years, under normal circumstances. ? Using a collaborative approach grounded in proprietary research, the team constructs a diversified portfolio by issuer to seek to minimize issuer-specific credit risk. ? SBH utilizes an integrated approach to a companys environmental, social, and corporate governance (ESG) practices within its investment process alongside other non-ESG factors. SBH believes responsible corporate citizenship is additive to the creditworthiness of underlying issuers and contributes to our quality determination and assessment of risks, however consideration of ESG factors would not necessarily result in an issuer being included or excluded from the evaluation process. ? Securities may be sold when conditions have changed and the securitys prospects are no longer attractive, the security has achieved the teams valuation target or better relative investment opportunities have been identified. Show less