The 2013 merger of Memphis City Schools (with 103,000 students) and Shelby County Schools (with 47,000 students) was the largest school district consolidation in American history. In its first year of operation, the new Shelby County Schools (SCS) commissioned CRPE researchers to perform a critical review of the district's readiness to implement a portfolio strategy for managing its schools. Based on interviews with internal and external stakeholders and analysis against model system progress, this report outlines CRPE's baseline measurement of where SCS stands in relation to the seven main components of the portfolio strategy. The report also provides suggestions for how SCS can seek progress over the next year, and track progress or decline at future intervals.