The underlying philosophy for investing Endowment funds is based on having a fully invested,
broadly diversified, low-cost portfolio that does not attempt to predict when to be "in" or "out"
of the equity and fixed income markets. On the equity side, we invest in domestic equities to
essentially match the returns of all publicly-traded U.S. firms. On the fixed-income side,
we take more credit risk than would occur by investing solely in government and corporate bonds.
Through leveraged closed end funds (Apollo Tactical Income fund, BlackRock Debt Strategies fund,
Eaton Vance Senior Floating Rate fund and, and Pimco Dynamic Income fund), we anticipate
outperforming the returns from government and corporate bonds over a full business cycle.
As of December 31, 2023 the Endowment was invested as follows:
| $ | % | Target | ||
|---|---|---|---|---|
| Stocks | Vanguard Total Stock Market Index Fund | 190,604 | 60.0 | 60.0 |
| Bonds | Apollo Tactical Income Fund | 31,759 | 10.0 | 10.0 |
| Blackrock Debt Strategies Fund | 31,291 | 9.8 | 10.0 | |
| Eaton Vance Senior Floating Rate Fund | 30,970 | 9.7 | 10.0 | |
| Pimco Dynamic Income Fund | 30,081 | 9.5 | 10.0 | |
| Vanguard Federal Money Market Fund | 3,200 | 1.0 | 0.0 | |
| Total value | 317,905 | 100 | 100 |