Since our founding in 1986, Appleton Partners has remained 100% employee-owned, an operating model that optimally aligns our interests with those of our clients, while also preserving our culture. While we are pleased with our growth, our commitment to collaborative, personalized separate account management is paramount. We aim to be a true partner, not a product provider. We do not incubate strategies; rather, they develop organically based on client needs. Over the years, we have continually invested in resources that make a difference to clients. Personnel and technology have been added to Credit Research, Operations, and Relationship Management, all with an eye on enhancing investment performance, client service, and internal efficiency. We greatly value our relationship and look forward to working with you in 2020 and beyond.