Clients familiar with our investment philosophy understand and appreciate our income-focused, value-driven approach. Many of you may recognize the first chart below, which highlights this approach since the inception of our flagship Global Income strategy in 2003. The portfolio values of our clients certainly fluctuated over the past two decades particularly during the dramatic sell-offs resulting from the Great Financial Crisis of 2008, the oil market sell-off of 2014, and recently the COVID-19 recession. However, despite these fluctuations, our clients have enjoyed a steady and growing stream of income over the past 18 years, as the chart depicts.