CBSI-TL-MY 2017 Midyear Market Outlook

2017 MIDYEAR OUTLOOK COMMERCE TRUST COMPANY AUTHORS SCOTT M. COLBERT, CFA ® EXECUTIVE VICE PRESIDENT, CHIEF ECONOMIST AND DIRECTOR OF FIXED IN- COME MANAGEMENT

JOSEPH C. WILLIAMS III, CFA ® EXECUTIVE VICE PRESIDENT, DIRECTOR OF INVESTMENT STRATEGIES

CYNTHIA RAPPONOTTI, CFA ® , CAIA ® SENIOR VICE PRESIDENT, SENIOR PORTFOLIO MANAGER

DOUGLAS R. KOESTER, CFA ® SENIOR VICE PRESIDENT, SENIOR PORTFOLIO MANAGER CHRISTIE E. CODY, CFA ® , CFP ® SENIOR VICE PRESIDENT, DIRECTOR OF PORTFOLIO MANAGEMENT

WM. MICHAEL CODY, CFA ® SENIOR VICE PRESIDENT, SENIOR TRADER

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