TWST: Please tell us the history of Toreador Research and Trading.

Mr. Resendes: In many ways, Toreador was a demand-driven product. Dan Obrycki and I started a firm called The Applied Finance Group in 1995, and we developed a really nice research following. We work with about 200 investment houses globally. As we started to work with these shops, one of the things that started coming out was for a number of their smaller accounts, they were looking for a mutual fund that followed the same tenets that we use in our research process that they use to manage separate accounts. To address that need, about five years ago, we launched the Toreador fund, which is the first fund in the Toreador family. An international fund is in the works right now and should be coming out around June 1.