Annual Report (with Fund Holdings) — December 31, 2022

Stock and bond assets struggled in 2022 against a backdrop of surging inflation, tightening monetary policy and the prolonged conflict in Ukraine. The Fed moved aggressively to rein in inflation with seven tightening moves, taking its target for the federal funds rate from near zero at the start of the year to between 4.25, 4.50% at the close.

Read the full annual report.