The top contributor to the Fund’s quarterly performance was Diageo (NYSE:DEO), a global maker and marketer of alcoholic beverages that returned 7%. Diageo’s emerging-markets business continues to grow at a good pace, and the company has seen positive effects from product mix and pricing in emerging regions. Momentum in developed markets remains steady overall. Though volume growth in Europe is still challenged, U.S. volumes have been performing better. Diageo will benefit from the continued growth of global spirits, and we remain confident in our investment thesis.