We believe that credit research provides a significant contribution to performance and risk control within our investment process at WCM. Research analysis includes detailed screening, followed by objective proprietary credit analysis. Our credit analysts cover both the debt and the equity within their industries and their specific companies, thus becoming industry specialists. Our analysis includes interviews with senior management of the companies within their sectors, independent field checks, and the preparation of proprietary earnings models. All of our research is conducted at our offices in Carmel, Indiana. While we do receive Street research, we do not depend upon those sources to generate our investment ideas. Approximately 70% of our research is generated internally. All research analysis is brought to the daily investment meetings and weekly Investment Committee meetings.