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Page 3 of 5 <br />December 31, 2023, an increase of $0.07 million from the prior quarter. The Conservative portfolio <br />investment return for the quarter ended December 31, 2023 was 4.01 percent, and the inception- <br />to-date annualized return was 4.06 percent. <br /> <br /> <br /> <br />The second portfolio (Capital Growth) addresses the longer-term pension liabilities with initial <br />investment of $21.3 million. The focus of this portfolio is to earn a higher rate of return over the <br />next ten years or so before we need to draw upon it. <br />Page 159 of 228