Calm seas never made a sailor. While 2022 overall was not good, and the hoped-for Santa Claus rally didn’t materialize, our long-term numbers remain above average with our rank consistently in the top third of the Morningstar Balanced Fund 50%-70% equity universe. We succeeded in beating our benchmark in both the three- and five- year time periods and were only 10 basis points behind the benchmark for the last 10 years when we were hindered somewhat by the high expenses incurred with outside managers in our early years. The snapshot, particularly when compared with the snapshots of past months, will offer a picture of the allocation decisions the Board made in an effort to continue that performance.