In the month of November, the Zelos model portfolios were relatively flat, ranging from -0.1%* and 0.2%. We view this as positive given the S&P 500 and MSCI International World Price Indices were down ~0.3%. This brings year-to-date performance to approximately 6.7% to 10.3%* as of November 30, 2025. Overall, 2025 is shaping up to be a strong year as we approach having seven years of track record by February 2026. November marked a notable shift in market tone as investors began to look beyond inflation data and focus more directly on economic growth, fiscal policy, and geopolitical developments heading into 2026.Our structured products were the best-performing alternative asset class year to date, delivering approximately 25% as of November 30, 2025. Strong performance in the underlying equity reference indices resulted in several notes being called during the year. Proceeds from these maturities, along with new subscription capital, have been redeployed into newly issued notes focused on double-digit fixed returns or attractive annualized coupons. These strategies are primarily linked to reference indices in the energy sector, Canadian and U.S. banks, and diversified large-cap equities.Our real assets allocation continued to contribute meaningfully to portfolio returns, with year-to-date performance exceeding 8.0% as of November 30, 2025. Throughout the year, we remained focused on selective private real asset exposure, including multi-unit residential properties, storage facilities, farmland, and industrial real estate. We also trimmed our gold exposure during the period, taking profits following its strong performance throughout the year.Within our alternative equity allocation, we have been actively repositioning the portfolio following the return of capital and proceeds from a private equity investment. We have increased diversification by allocating to private equity secondaries, co direct investments, and music royalties. These changes have also broadened our manager exposure. While several of these positions involve multi year lockups and will take time to fully mature, we are optimistic about the long term positioning of the portfolio.Similarly, we have been active in further diversifying the risk and return drivers within our alternative credit allocation. Over the course of the year, we trimmed exposure to a credit spread–focused hedge funds and reallocated capital toward structured liquidity opportunities, as well as initiating a position in a senior secured private credit fund focused on floating-rate first-lien and unitranche loans. We believe these changes enhance diversification, reduce overall portfolio risk, and position the asset class for more attractive long-term returns.As we approach this time of year, we pause to reflect on and appreciate the tremendous support we have received from our long-standing and new clients, partners, and team members. Your trust and collaboration make what we do possible, and we are grateful to be in the unique position to serve you. We are genuinely excited about what lies ahead and wish you and your families a wonderful holiday season and a fantastic start to the new year.* Actual performance, net asset values are net of sub-advisory fees and other administrative costs but do not include Zelos management fees or client account custody fees.#PortfolioPerformance #AlternativeInvestments #StructuredProducts #WealthManagement #InvestmentStrategy