Strategy. ? The Fund invests in a wide variety of income-producing securities, primarily through investments in bonds (which includes, but is not limited to, corporate bonds, government and agency securities, mortgage-backed securities, asset-backed securities, and zero coupon bonds), and to a lesser extent, through convertible bonds and equity securities, including both convertible and non-convertible preferred stock and common stock. ? 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 high yield securities. ? The Fund considers high yield securities to include securities rated, at the time of purchase, below investment grade by at least one nationally recognized rating agency, such as Moodys or Standard … Show more… ? The Fund invests in a wide variety of income-producing securities, primarily through investments in bonds (which includes, but is not limited to, corporate bonds, government and agency securities, mortgage-backed securities, asset-backed securities, and zero coupon bonds), and to a lesser extent, through convertible bonds and equity securities, including both convertible and non-convertible preferred stock and common stock. ? 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 high yield securities. ? The Fund considers high yield securities to include securities rated, at the time of purchase, below investment grade by at least one nationally recognized rating agency, such as Moodys or Standard & Poors (a Rating Agency) or are unrated and determined to be of comparable quality by the Adviser and may include securities that are already in default. ? 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 Fund emphasizes investments in corporate bonds, which may generate more income than government securities. Corporate bonds also provide opportunities for the portfolio management teams research to identify companies with stable or improving credit characteristics, which may result in price appreciation. ? The Fund may invest in other securities, including equity securities, primarily common and preferred stock, trust preferred securities, debt issued by REITs, mortgage-backed, and asset-backed securities, which may also offer higher yield than government securities. ? The Funds 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 portfolio management team seeks to deliver alpha, or risk-adjusted excess return, relative to the Funds benchmark, primarily through security and sector selection and, secondarily, through portfolio level decisions. ? Using a collaborative approach grounded in proprietary research, the team constructs a diversified portfolio with a quality focus by issuer to seek to minimize issuer-specific credit risk. ? 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. ? 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