Doug Edman, Senior Research Analyst and member of the Emerging Markets Investment Committee (EMIC), will be retiring from the firm at the end of 2018. Since Doug communicated his intention to retire, we have been in the process of transitioning his responsibilities to other members of the investment team. On the research side, Doug has been a mainstay on our Basic Materials team, sharing coverage with Chris Duncan, CFA, for several years. Upon Doug’s retirement, Chris will broaden his coverage of the energy sector and, along with other resources on the team, assume greater responsibility for research in this important area. As for Doug’s role on the EMIC, we have decided not to replace him at this time and to move forward with the four members of the existing team. While we have considered adding a new member, we feel that the EMIC is adequately staffed, consistent with all of our other investment committees, which maintain three to five members each.