Fund Description

The fund invests in a wide variety of income-producing securities, primarily bonds such as corporate, government and agency, mortgage-backed, asset-backed, and zero coupon bonds, and to a lesser extent convertible bonds and equity securities including preferred and common stock. Under normal circumstances, it invests at least 80% of net assets plus borrowings in high yield securities, defined as below investment grade or unrated securities deemed comparable by the adviser, including securities in default. It generally focuses on U.S. dollar-denominated securities but may invest up to 25% in non-U.S. dollar securities. The fund emphasizes investments in corporate bonds. Using a collaborative approach grounded in proprietary research, the portfolio management team constructs a diversified portfolio with a "quality" focus by issuer to seek to minimize issuer-specific credit risk, and credit analysis is at the core of the investment process; SBH utilizes an integrated approach to a company's ESG practices within its investment process alongside other non-ESG factors. Securities may be sold based on changing conditions, valuation targets, or better opportunities.