Annual Report (with Fund Holdings) —December 31, 2021

During calendar year 2021, most broad stock indexes delivered strong performance with double-digit returns, while many broad bond benchmarks were down for the year. Read the following portfolio manager letters for more details on how your fund performed in 2021 and the managers’ outlook for 2022, looking ahead to an anticipated shift in monetary policy and continued uncertainty regarding the COVID-19 pandemic.

Read the full annual report.