Fort Washington believes that credit analysis is a core competency. Our credit research process is driven by bottom-up, fundamental research, supplemented with quantitative tools, with ESG factors being an integral part of the process. Credit analysts are responsible for fundamental research, performance, and being apprised of ESG related factors impacting securities in their sectors. For example, if an analyst uncovers an ESG issue that could impact a company’s ability to service its debt, the analyst would most likely refrain from recommending the credit for purchase, or, if currently owned, would recommend selling the bond. We currently do not restrict purchases based solely on ESG factors. In the event a CCC issuer is held, the covering analyst is required to create a memo explaining why holding the investment is in the best interest of the client.