Semi-Annual Report (with Fund Holdings) — June 30, 2021

How far we have come since mid-year 2020! The U.S. economy is reopening as vaccination rates climb. And while we are seeing supply chain bottlenecks and labor shortages — especially in industries strained by the pandemic — consumers are spending and major market indexes have reached fresh highs this year-to-date. Stocks as an asset class outperformed the bond market thanks to strong positive company earnings revisions driving up equity valuations across all sectors. Overall, we believe that the market remains focused on the trajectory of the economic recovery, inflation trend and yield curve. See the full report.