Semi-Annual Report (with Fund Holdings) — June 30, 2019

Investors saw U.S. stocks trend higher in the first six months of 2019, buoyed by positive economic data and solid corporate earnings. Volatility returned in the later part of the period as trade tensions with China escalated. Treasury yields fell as investors snapped up safe-haven assets, pushing bond prices higher. The escalated rhetoric fuels investors’ fears of a trade war and could mean that we experience wider than typical swings in asset prices over the coming months. We encourage investors to stay focused on their long-term goals. Read more.