Investment Portfolio Review

Executive Summary

This memorandum provides an update on investment portfolio performance through November 2025 and outlines the Investment Committee's assessment of current market conditions and positioning. Overall, the portfolio continues to perform in line with our Investment Policy Statement objectives, with year-to-date returns exceeding benchmark performance.

Portfolio Performance

As of November 15, 2025, the consolidated portfolio reflects the following performance metrics:

Metric	Current	Benchmark	Variance
YTD Return	+11.2%	+9.4%	+1.8%
1-Year Return	+14.6%	+12.8%	+1.8%
Volatility (Std Dev)	8.2%	9.1%	-0.9%
Sharpe Ratio	1.24	1.08	+0.16

Asset Allocation Status

Current allocation remains within policy ranges established in the Investment Policy Statement:

Asset Class	Target	Current	Range
US Equities	45%	46%	35-55%
International Equities	15%	14%	10-20%
Fixed Income	25%	25%	20-30%
Real Assets	10%	10%	5-15%
Cash & Equivalents	5%	5%	0-10%

Market Outlook

The Investment Committee's assessment of current market conditions and forward outlook:

Recommended Actions

Based on our analysis, the Investment Committee recommends the following actions:

1. Maintain Current Allocation: No significant rebalancing required at this time
2. Tax-Loss Harvesting: Execute year-end tax optimization where appropriate
3. Cash Management: Maintain current cash levels for potential opportunities
4. Fixed Income Duration: Maintain current positioning pending rate environment clarity

Year-End Considerations

As we approach year-end, the following items require board awareness:

• Annual rebalancing scheduled for early December
• Required Minimum Distributions to be processed by December 31
• Tax-lot optimization review in progress
• Investment Policy Statement annual review scheduled for Q1 2026