With few grand shifts in themes over the past three months, global investible markets provided reasonably generous returns for the inherent risks they present. Solid gains seen across the board, broad-market investors may have been pleased with the results, driven by coordinated global macroeconomic growth and durable corporate fundamental strength. It seems many continue to believe great risks lie just around the corner, and that markets will turn quickly and furiously once those risks come into view. With more than a few major market meltdowns in our mental history books, we know there are reasons to be both optimistic and vigilant. But, such always is the case, in our view. That thinking driving our approach to investment management, we continue to recommend careful review of tolerance for market risk. The intention of such reviews is to provide a source of confidence that, whatever path markets will take, we may participate in a manner appropriate to our individual goals for growth and appetites for volatility.