ESG integration helps to evaluate future cash flows and credit worthiness. As a high credit asset management firm, our clients value our reliable, conservative approach. Deeper ESG analysis is another tool to uncover risks not yet built into credit ratings, such as environmental accidents or mismanagement, disrupted business models (i.e. auto companies as shift to EVs), exposure to natural disasters and changing regulatory environment. Labor relations, security issues, workforce diversity, incentive structures are other indicators of best-in-class practices or failures. We seek to avoid the price volatility as a result of potential headline risks. We use ESG analysis to hone in on companies distinguishing themselves in a wide array of areas and also as a way to evaluate the potential for these securities to continue to excel or falter. Green Bonds are another area where we can drive our Strategies' positioning toward a low carbon economy. We have increased our weight to these issues as the space has grown in the last few years.