Item - 2026.TA15.2

The Board of Directors of the Toronto Atmospheric Fund:

1. Received the report (June 29, 2026) from the Vice President, Impact Investing for information.

2. Directed that the confidential information contained in Confidential Attachment 1 to the report (June 29, 2026) from the Vice President, Impact Investing, remain confidential in its entirety, as it contains commercial information supplied in confidence to the Toronto Atmospheric Fund, which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.

Ryan Kuruliak, President, HUB International gave a presentation on The Atmospheric Fund Asset Mix Review.

Toronto Atmospheric Fund's Statement of Investment Objectives and Principles requires regular assessment to ensure that Toronto Atmospheric Fund portfolio remains aligned with its investment objectives, risk tolerance, and long-term financial sustainability. The Investment Committee is responsible for overseeing this work, including conducting an annual review of the Statement of Investment Objectives and Principles for continued alignment, monitoring asset mix and performance relative to benchmarks, and reporting to the Board.

Additionally, Section 6.2 of the Statement of Investment Objectives and Principles states “a portfolio risk assessment should be undertaken at a minimum of every five years and reported to the Board.” A portfolio risk assessment has been completed, led by HUB International, Toronto Atmospheric Fund’s investment advisor, with support from Toronto Atmospheric Fund staff and in consultation with the Investment Committee.

This report provides an overview of conclusions of the portfolio risk assessment, with a particular focus on the asset mix. Ryan Kuruliak, Senior Vice President and Practice Leader, Investment Consulting at HUB International will present highlights of the assessment and be available to address questions during the meeting.