Response: The main contributors to the portfolio's performance were the Large Cap Growth and Large Cap Value holdings. Despite the overall decline, these asset classes had a relatively smaller negative impact compared to other categories. However, the biggest detractors were the International Equity Mutual Funds and Small/Mid Cap assets.

Response: The portfolio underperformed its benchmarks, with a total return of -16.84% versus the Russell 2000's -20.44% and the Bloomberg US Govt/Credit's -13.58%. The portfolio's beta of 0.75 indicates lower volatility compared to the S&P 500, but it also resulted in a lower return during this downturn.

Response: As of December 31, 2022, the portfolio is allocated 73.5% to equities, 22.8% to fixed income, and 3.7% to short-term investments. The largest equity allocations are in Large Cap Growth (21.6%), Large Cap Value (22.8%), and International Equity Mutual Funds (22.9%).

Response: Yes, the fixed-income portion experienced a decline of 12.26% year-to-date, driven by rising interest rates and a challenging bond market environment. This has led to a decrease in the market value of many bonds, particularly in core taxable bonds.

Response: The portfolio generated $3,759,543.19 in income during the year, contributing positively to the overall returns. However, the income was offset by significant market depreciation, leading to an overall negative return.

Response: The portfolio's standard deviation is 16.14, with a beta of 0.75, indicating lower volatility compared to the S&P 500. However, the Sharpe Ratio of 0.15 suggests that the portfolio's returns, relative to risk, have been lower than ideal. The downside deviation is also notable at 11.23, reflecting the impact of market downturns.

Response: Given the market conditions and the portfolio's recent performance, we might consider rebalancing to reduce exposure to more volatile assets and potentially increase allocation to safer, income-generating assets. Additionally, reviewing the fixed-income portion for opportunities to reduce interest rate sensitivity might be prudent.