Semi-Annual Report (with Fund Holdings) — June 30, 2020

The first half of 2020 has been unprecedented in terms of the economic fallout resulting from noneconomic factors, specifically the COVID-19 pandemic and the corresponding financial market volatility it has caused. Markets began the year on a high note, with stocks continuing their more than 10-year bull market run and interest rates still low but trending higher as the economy looked to be firmly back on a growth track following the 2008 financial crisis. Read more.