lace in a diversifed portfolio, and we have slight overweights in select sectors, including investment grade and municipals. Learn more in the new CIO Monthly Letter, Fixed Income Mid-year Outlook. We also encourage you to visit ml.com/insights for our latest thinking on long-term investment themes. Sincerely,

re powering global profits to new heights and drawing continued investment from the sidelines. Learn more about our 2017 midyear update in the new CIO Monthly Letter, The Tortoise and the Hare Cyst. We also encourage you to visit for our latest thinking on long-term investment themes. Sincerely, The Morris G