Retirement Board — Burlington, VT
Date: 2025-06-23
Time: 09:00

Retirement Board

  Monday, June 23, 2025, 9:00 AM, Bushor Conference Room, 149 Church Street, 1st
 Floor

Join from PC, Mac, iPad, or Android:
https://zoom.us/j/92059524059
Phone one-tap:
+13052241968,,92059524059# US
Join via audio:
+1 305 224 1968 US
Webinar ID: 920 5952 4059
International numbers available: https://zoom.us/u/addeqM49R1
1. Agenda
  Subject 1.1. Motion to adopt agenda
  Meeting June 23, 2025 - Retirement Board Meeting - Monday, June 23, 2025, 9:00 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 1. Agenda

  Department Council and Board


  Type Action
 Procedural


  Recommended Action Motion to adopt agenda

2. Public Forum
  Subject 2.1. Verbal Comments
  Meeting June 23, 2025 - Retirement Board Meeting - Monday, June 23, 2025, 9:00 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 2. Public Forum

  Department Retirement Administration


  Type Action
 Procedural
  Recommended Action open Public Forum
 close Public Forum

3. May 19, 2025 Retirement Board Meeting Minutes
  Subject 3.1. May 19, 2025 Retirement Board Meeting Minutes
  Meeting June 23, 2025 - Retirement Board Meeting - Monday, June 23, 2025, 9:00 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 3. May 19, 2025 Retirement Board Meeting Minutes

  Department Clerk/Treasurer's Office


  Type Action
 Minutes


  Recommended Action approve the minutes

4. Approve Return of Contributions
  Subject 4.1. Theodore Boylan, Class B $4,292.16; Effective Date of Benefit: 06/01/25
  Meeting June 23, 2025 - Retirement Board Meeting - Monday, June 23, 2025, 9:00 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Theodore Boylan

  Subject 4.2. Debbie Jo Grow, Class B $1,768.62; Effective Date of Benefit: 07/01/25
  Meeting June 23, 2025 - Retirement Board Meeting - Monday, June 23, 2025, 9:00 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Debbie Jo Grow

  Subject 4.3. Nicholas Johnson, Class B $169.73; Effective Date of Benefit: 07/01/25
  Meeting June 23, 2025 - Retirement Board Meeting - Monday, June 23, 2025, 9:00 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action
  Recommended Action approve return of contribution for Nicholas Johnson

  Subject 4.4. John Flanagan, Class B $18,330.84; Effective Date of Benefit: 07/01/25
  Meeting June 23, 2025 - Retirement Board Meeting - Monday, June 23, 2025, 9:00 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for John Flanagan

  Subject 4.5. Bruce Hathaway, Jr., Class B $6,771.01; Effective Date of Benefit:
 07/01/25
  Meeting June 23, 2025 - Retirement Board Meeting - Monday, June 23, 2025, 9:00 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Bruce Hathaway, Jr.

5. Approve Retirement Applications
  Subject 5.1. Kyle C. Toof, Class B $528.64; Effective Date of Benefit: 05/01/25;
 Payment Date: 05/15/25
  Meeting June 23, 2025 - Retirement Board Meeting - Monday, June 23, 2025, 9:00 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 5. Approve Retirement Applications

  Department Retirement Administration


  Type Action


  Recommended Action approve retirement application for Kyle C. Toof

  Subject 5.2. Penny Ahladas, Class B $2,984.34; Effective Date of Benefit: 06/01/25;
 Payment Date: 06/15/25
  Meeting June 23, 2025 - Retirement Board Meeting - Monday, June 23, 2025, 9:00 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 5. Approve Retirement Applications

  Department Retirement Administration


  Type Action


  Recommended Action approve retirement application for Penny Ahladas
6. Fiducient
  Subject 6.1. BERS - May 2025 Flash Report
  Meeting June 23, 2025 - Retirement Board Meeting - Monday, June 23, 2025, 9:00 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor
  Category 6. Fiducient
  Department Retirement Administration


  Type Discussion
 Information
 Report



7. Administrative Update
  Subject 7.1. Discussion on Retirement-Related Contracts

 • Investment Consulting Firm
 • Pension & Other Post Employment Benefits (OPEB) Actuarial Services
 Firm
 • Pension & OPEB Consulting Services Firm



  Meeting June 23, 2025 - Retirement Board Meeting - Monday, June 23, 2025, 9:00 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 7. Administrative Update

  Department Retirement Administration


  Type Action
 Procedural


  Recommended Action Move to make a specific finding that premature general public knowledge of
 procurement and negotiations of contracts for professional financial services would
 clearly place the City at a substantial disadvantage; and Based upon such finding, move
 to enter executive session pursuant to 1 VSA 313(a)(1)(A)

8. Adjournment
  Subject 8.1. Motion to adjourn
  Meeting June 23, 2025 - Retirement Board Meeting - Monday, June 23, 2025, 9:00 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 8. Adjournment

  Department Council and Board


  Type Action
 Procedural


  Recommended Action Motion to adjourn

Retirement Board

  Monday, June 23, 2025, 9:00 AM, Bushor Conference Room, 149 Church Street, 1st
 Floor

Join from PC, Mac, iPad, or Android:
https://zoom.us/j/92059524059
Phone one-tap:
+13052241968,,92059524059# US
Join via audio:
+1 305 224 1968 US
Webinar ID: 920 5952 4059
International numbers available: https://zoom.us/u/addeqM49R1
1. Agenda
  Subject 1.1. Motion to adopt agenda
  Meeting June 23, 2025 - Retirement Board Meeting - Monday, June 23, 2025, 9:00 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 1. Agenda

  Department Council and Board


  Type Action
 Procedural


  Recommended Action Motion to adopt agenda

2. Public Forum
  Subject 2.1. Verbal Comments
  Meeting June 23, 2025 - Retirement Board Meeting - Monday, June 23, 2025, 9:00 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 2. Public Forum

  Department Retirement Administration


  Type Action
 Procedural




 Page 1 of 38
  Recommended Action open Public Forum
 close Public Forum

3. May 19, 2025 Retirement Board Meeting Minutes
  Subject 3.1. May 19, 2025 Retirement Board Meeting Minutes
  Meeting June 23, 2025 - Retirement Board Meeting - Monday, June 23, 2025, 9:00 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 3. May 19, 2025 Retirement Board Meeting Minutes

  Department Clerk/Treasurer's Office


  Type Action
 Minutes


  Recommended Action approve the minutes

4. Approve Return of Contributions
  Subject 4.1. Theodore Boylan, Class B $4,292.16; Effective Date of Benefit: 06/01/25
  Meeting June 23, 2025 - Retirement Board Meeting - Monday, June 23, 2025, 9:00 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Theodore Boylan

  Subject 4.2. Debbie Jo Grow, Class B $1,768.62; Effective Date of Benefit: 07/01/25
  Meeting June 23, 2025 - Retirement Board Meeting - Monday, June 23, 2025, 9:00 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Debbie Jo Grow

  Subject 4.3. Nicholas Johnson, Class B $169.73; Effective Date of Benefit: 07/01/25
  Meeting June 23, 2025 - Retirement Board Meeting - Monday, June 23, 2025, 9:00 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action




 Page 2 of 38
  Recommended Action approve return of contribution for Nicholas Johnson

  Subject 4.4. John Flanagan, Class B $18,330.84; Effective Date of Benefit: 07/01/25
  Meeting June 23, 2025 - Retirement Board Meeting - Monday, June 23, 2025, 9:00 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for John Flanagan

  Subject 4.5. Bruce Hathaway, Jr., Class B $6,771.01; Effective Date of Benefit:
 07/01/25
  Meeting June 23, 2025 - Retirement Board Meeting - Monday, June 23, 2025, 9:00 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Bruce Hathaway, Jr.

5. Approve Retirement Applications
  Subject 5.1. Kyle C. Toof, Class B $528.64; Effective Date of Benefit: 05/01/25;
 Payment Date: 05/15/25
  Meeting June 23, 2025 - Retirement Board Meeting - Monday, June 23, 2025, 9:00 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 5. Approve Retirement Applications

  Department Retirement Administration


  Type Action


  Recommended Action approve retirement application for Kyle C. Toof

  Subject 5.2. Penny Ahladas, Class B $2,984.34; Effective Date of Benefit: 06/01/25;
 Payment Date: 06/15/25
  Meeting June 23, 2025 - Retirement Board Meeting - Monday, June 23, 2025, 9:00 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 5. Approve Retirement Applications

  Department Retirement Administration


  Type Action


  Recommended Action approve retirement application for Penny Ahladas


 Page 3 of 38
6. Fiducient
  Subject 6.1. BERS - May 2025 Flash Report
  Meeting June 23, 2025 - Retirement Board Meeting - Monday, June 23, 2025, 9:00 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor
  Category 6. Fiducient
  Department Retirement Administration


  Type Discussion
 Information
 Report



7. Administrative Update
  Subject 7.1. Discussion on Retirement-Related Contracts

 • Investment Consulting Firm
 • Pension & Other Post Employment Benefits (OPEB) Actuarial Services
 Firm
 • Pension & OPEB Consulting Services Firm



  Meeting June 23, 2025 - Retirement Board Meeting - Monday, June 23, 2025, 9:00 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 7. Administrative Update

  Department Retirement Administration


  Type Action
 Procedural


  Recommended Action Move to make a specific finding that premature general public knowledge of
 procurement and negotiations of contracts for professional financial services would
 clearly place the City at a substantial disadvantage; and Based upon such finding, move
 to enter executive session pursuant to 1 VSA 313(a)(1)(A)

8. Adjournment
  Subject 8.1. Motion to adjourn
  Meeting June 23, 2025 - Retirement Board Meeting - Monday, June 23, 2025, 9:00 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 8. Adjournment

  Department Council and Board


  Type Action
 Procedural


  Recommended Action Motion to adjourn




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Page 17 of 38
 City of Burlington Employees Retirement System

 Monthly Performance Update - May 2025




  This report is intended for the exclusive use of clients or prospective clients (the “recipient”) of Fiducient Advisors and the information contained herein is confidential and the dissemination or
distribution to any other person without the prior approval of Fiducient Advisors is strictly prohibited. Information has been obtained from sources believed to be reliable, though not independently
 verified. Any forecasts are hypothetical and represent future expectations and not actual return volatilities and correlations will differ from forecasts. This report does not represent a specific
 investment recommendation. The opinions and analysis expressed herein are based on Fiducient Advisor research and professional experience and are expressed as of the date of this report.
 Please consult with your advisor, attorney and accountant, as appropriate, regarding specific advice. Past performance does not indicate future performance and there is risk of loss.
 Page 18 of 38
 Asset Class Performance


 20

 16.9
 YTD MTD
 16


 12

 8.7




 Total Returns (%)
 8
 6.4 5.8
 4.5 5.3
 3.7 4.6 4.3
 4 2.7 3.0
 1.3 2.4 1.9
 1.7 0.6 1.0
 0.9 1.2 1.0
 0 0.1 -0.1 0.1
 -0.6 -0.7 -0.6
 -0.9 -1.7 -0.3

 -4


 -8 -6.8


 -12
 TIPS Municipals 5- U.S. Core Bond High Yield High Yield U.S. Long Foreign Bond U.S Large Cap U.S. Small Cap International Emerging U.S. Equity Real Assets Commodities Hedge Funds*
 Year Municipals Duration Developed Markets REITs

 Source: Morningstar Direct. As of May 31, 2025. *Hedge fund returns are as of April 30, 2025.


Fixed Income (May) Equity (May) Real Asset / Alternatives (May)
- Core fixed income struggled in May as markets + U.S. equity markets rebounded in May as trade + Despite rising interest rates, U.S. REITs
digested the long-term impacts of the budget deficit, tensions eased from the initial April announcements. benefited from the broader rise in equity
the downgrade of the U.S. by Moody’s, and the Technology stocks led the way, driving large cap markets and more optimism surrounding the
ongoing and ever evolving trade policy. equities higher than their smaller cap counterparts. global economy.
- Long duration assets, the most sensitive to + International markets climbed higher as well but + Real assets moved higher in the month,
changing interest rates, were among the worst areas lagged domestic markets. Non-U.S. regions remain benefiting from strong commodity and natural
of the fixed income market as long dated yields ahead of domestic markets year-to-date. Lower resource returns as well as positive timber
moved over 20 basis points higher over the month. tariffs, easing monetary policy abroad and a weaker and forestry related assets.
 U.S. dollar were tailwinds for non-U.S. stocks.
+ High yield was a top performing fixed income - Commodities were modestly negative, driven
sector during the month. by weak results in agriculture and softening
 precious metal prices.
 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
 Pageof a
 19loss.
 of 382
www.FiducientAdvisors.com Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.
 Fixed Income Market Update

 U.S. Treasury Yield Curve Corporate Credit Spreads – Trailing 5 Years (May)
 Growing concerns surrounding the U.S. fiscal situation (deficits), Credit spreads compressed in May and valuations within corporate
 uncertainty surrounding trade policy, and the downgrade of the U.S. fixed income remain expensive compared to long-term averages.
 credit rating by Moody’s pushed longer dated yields higher. There was Appetite for riskier segments of fixed income grew during the month as
 minimal movement on the front end of the curve as the Fed held its trade tensions eased and a less dire outlook for the global economy
 policy rate steady in May, taking a wait and see approach. began to take hold.

 5.5 500 1,250
 5/30/2025 10Yr Avg
 IG 88 bps 120 bps
 HY 315 bps 411 bps
 5.0 400 1,000


 4.58




 Spreads (bps)
 4.5 4.41
 300 750


 Yield (%)
 4.25



 3.89 4.17
 4.0 200 500




 3.5 3.60 100 250
 5/30/25
 4/30/25
 Bloomberg U.S. Inv. Grade Corp Index (LHS)
 12/31/24
 Bloomberg U.S. Corp High Yield Index (RHS)
 3.0 0 0
 0 5 10 15 20 25 30
 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24
 U.S. Treasury Maturity (yrs)
 Source: FactSet. As of May 31, 2025. Source: FactSet. As of May 31, 2025.


 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
 Pageof a
 20loss.
 of 383
www.FiducientAdvisors.com Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.
 Equity Market Update


 U.S. Equities – Returns by Sector (May)
 The S&P 500 rose during May, inching closer to record highs set before the sweeping tariff announcements. Encouraging inflation data and a rallying
 tech sector helped power gains. This marks the best month since late 2023, despite an uneven earnings season. However, many downside risks that
 shook investors earlier this year remain evident with a continuing trade war, tight financial conditions, and uncertain corporate outlooks.

 10.9% 9.6%
 9.1% 8.8% 8.8% 9.4% MTD
 8.5%
 6.3% 5.9% YTD
 3.8% 4.4%
 3.3% 3.6% 3.0% 3.6%
 1.8%
 1.1% 1.0% 1.0%


 -1.6%
 -3.1%
 -3.9%
 -5.5% -6.0%
 S&P 500 Utilities Real Estate Materials IT Industrials Health Care Financials Energy Cons. Cons. Disc. Comm.
 Source: Morningstar Direct. As of May 31, 2025. Staples Services

 Market Capitalization, Style, and Select Country Performance (May)
 Global markets propelled higher on the prospects of lighter than expected U.S. tariffs. Meanwhile, expectations of further rate cuts from the European
 Central Bank’s monetary policy decision supported international developed markets. Both international developed and emerging markets benefitted
 from a weakening US Dollar.
 8.7% 8.7%
 7.9% 7.8%
 6.4%
 5.3% 5.6% 5.2%
 4.4% 4.0% 4.0% 4.5% 4.1%
 3.5%
 1.8%
 0.0%

  Large Small Growth Value Large Small Growth Value Switz. Neth. Large Small Growth Value BrazilS.Korea




 U.S. Int’l Developed Emerging Markets
  Source: Morningstar Direct. As of May 31, 2025.
 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
 Pageof a
 21loss.
 of 384
www.FiducientAdvisors.com Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.
 Real Asset Market Update


Commodity Performance (May) REIT Sector Performance (May)
Commodity markets were mixed in May as investors grappled with foreign Renewed optimism on the global economy as tariff levels softened from
trade policy uncertainty. Energy and industrial metals were higher on easing April helped propel more cyclical areas of the real estate market, a
concerns of OPEC+ supply and expectations of higher prices from tariffs. reversal from earlier in the year. Lodging/resorts and specialty were
Precious metals and agriculture fell on the overall risk-on sentiment during among the top performing areas, while more defensive segments, such
the month and expectations of higher supply from favorable crop conditions. as health care, lagged.

 25 5.0
 Data Centers -3.9
 21.6
 Diversified 2.7
 8.2
 20
 Health Care -1.3
 9.5

 15 Industrial 4.7
 0.8

 Infrastructure -4.8
 15.7
 10




  Total Return (%)
 Lodging/Resorts 7.6
 -15.7

 Office 6.1
 5 -11.5
 2.3 -0.3
 Residential 0.0
 1.2
 0 0.5
 -0.3 Retail 1.3
 -0.2 -1.7

 -3.3 Self Storage 2.8
 2.9
 -5
 Specialty 9.0
 -2.0
 -6.6
 -10 Timber 0.4
 -5.9
 Energy Industrial Precious Agriculture
 Metals Metals Total Return (%)
 Source: FactSet. As of May 31, 2025. YTD MTD Source: FactSet. As of May 31, 2025. MTD YTD

 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
 Pageof a
 22loss.
 of 385
www.FiducientAdvisors.com Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.
 Financial Markets Performance

 Total Return as of May 31, 2025
 Periods greater than one year are annualized
 All returns are in U.S. dollar terms
 Global Fixed Income Markets MTD YTD 1YR 3YR 5YR 7YR 10YR 15YR
 Bloomberg 1-3-Month T-Bill 0.4% 1.8% 4.8% 4.6% 2.8% 2.5% 1.9% 1.3%
 Bloomberg U.S. TIPS -0.6% 3.7% 5.7% 0.9% 1.6% 2.9% 2.5% 2.9%
 Bloomberg Municipal Bond (5 Year) 0.9% 1.3% 4.4% 2.2% 0.8% 1.8% 1.8% 2.2%
 Bloomberg High Yield Municipal Bond 0.1% -0.9% 3.6% 3.1% 3.8% 3.5% 4.0% 5.1%
 Bloomberg U.S. Aggregate -0.7% 2.4% 5.5% 1.5% -0.9% 1.5% 1.5% 2.3%
 Bloomberg U.S. Corporate High Yield 1.7% 2.7% 9.3% 6.8% 5.8% 5.1% 5.0% 6.4%
 Bloomberg Global Aggregate ex-U.S. Hedged -0.1% 1.3% 6.4% 3.6% 0.9% 2.3% 2.5% 3.1%
 Bloomberg Global Aggregate ex-U.S. Unhedged -0.1% 7.7% 8.3% 0.4% -1.9% -0.9% 0.4% 0.7%
 Bloomberg U.S. Long Gov / Credit -1.7% 0.6% 1.6% -2.2% -5.2% 0.2% 1.1% 3.5%
 Global Equity Markets MTD YTD 1YR 3YR 5YR 7YR 10YR 15YR
 S&P 500 6.3% 1.1% 13.5% 14.4% 15.9% 13.7% 12.9% 14.1%
 Dow Jones Industrial Average 4.2% 0.1% 11.2% 10.8% 12.9% 10.4% 11.3% 12.6%
 NASDAQ Composite 9.6% -0.7% 15.0% 17.4% 15.9% 15.4% 15.3% 16.5%
 Russell 3000 6.3% 0.6% 13.1% 13.8% 15.3% 12.9% 12.2% 13.6%
 Russell 1000 6.4% 1.0% 13.7% 14.3% 15.7% 13.4% 12.6% 13.9%
 Russell 1000 Growth 8.8% -0.3% 17.6% 19.8% 17.7% 17.0% 16.1% 16.6%
 Russell 1000 Value 3.5% 2.5% 8.9% 8.2% 13.0% 9.1% 8.6% 10.9%
 Russell Mid Cap 5.7% 1.1% 10.3% 9.0% 12.7% 9.6% 9.3% 11.8%
 Russell Mid Cap Growth 9.6% 5.2% 23.2% 16.7% 12.2% 12.1% 11.5% 13.5%
 Russell Mid Cap Value 4.4% -0.4% 6.0% 5.9% 13.2% 7.8% 7.7% 10.7%
 Russell 2000 5.3% -6.8% 1.2% 5.0% 9.6% 4.8% 6.6% 9.4%
 Russell 2000 Growth 6.4% -6.0% 3.5% 7.9% 7.0% 4.9% 6.7% 10.1%
 Russell 2000 Value 4.2% -7.7% -1.1% 2.1% 12.0% 4.2% 6.2% 8.3%
 MSCI ACWI 5.7% 5.3% 13.7% 12.3% 13.4% 10.0% 9.3% 10.1%
 MSCI ACWI ex. U.S. 4.6% 14.0% 13.8% 9.4% 10.4% 5.8% 5.5% 6.3%
 MSCI EAFE 4.6% 16.9% 13.3% 11.4% 11.4% 6.7% 6.0% 7.3%
 MSCI EAFE Growth 5.2% 13.0% 8.0% 9.3% 8.0% 6.2% 6.1% 7.6%
 MSCI EAFE Value 4.0% 20.7% 18.7% 13.7% 14.7% 6.8% 5.5% 6.7%
 MSCI EAFE Small Cap 5.6% 15.9% 13.8% 7.5% 8.7% 4.1% 5.9% 8.1%
 MSCI Emerging Markets 4.3% 8.7% 13.0% 5.1% 7.1% 3.0% 3.9% 4.0%
 Alternatives MTD YTD 1YR 3YR 5YR 7YR 10YR 15YR
 Consumer Price Index* 0.2% 0.9% 2.3% 3.5% 4.6% 3.6% 3.1% 2.6%
 FTSE NAREIT All Equity REITs 1.2% 1.9% 11.7% 0.9% 7.2% 6.2% 6.2% 8.8%
 S&P Real Assets 1.0% 5.8% 9.2% 2.7% 7.2% 4.7% 4.3% 5.8%
 FTSE EPRA NAREIT Developed 2.6% 5.6% 11.8% 1.2% 6.5% 3.2% 3.6% 6.6%
 FTSE EPRA NAREIT Developed ex U.S. 3.6% 15.5% 11.3% -0.8% 2.7% 0.0% 1.5% 4.7%
 Bloomberg Commodity Total Return -0.6% 3.0% 1.7% -4.4% 12.7% 4.0% 1.9% -0.2%
 HFRI Fund of Funds Composite* 0.1% -0.3% 4.9% 4.4% 6.4% 4.2% 3.5% 3.4%
 HFRI Asset Weighted Composite* -0.2% 0.3% 3.3% 3.4% 6.6% 4.2% 3.6% 4.2%
 Alerian MLP 1.7% 4.4% 15.2% 18.9% 25.2% 10.3% 4.4% 7.8%
 Sources: Morningstar, FactSet. As of May 31, 2025. *Consumer Price Index and HFRI indexes as of April 30, 2025.

 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
 Pageof a
 23loss.
 of 386
www.FiducientAdvisors.com Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.
Asset Allocation
Total Plan As of May 31, 2025
 Asset Asset Target
 Differences
 Allocation Allocation Allocation
 (%)
 ($) (%) (%)
Total Plan 260,106,046 100.0 100.0 0.0
 Pension Benefits Payable to the City -5,726,398 -2.2 0.0 -2.2
 Total Invested Assets 265,832,443 102.2 100.0 2.2
 Short Term Liquidity 134,024 0.1 0.0 0.1
 Key Bank Cash Portfolio 133,969 0.1 0.0 0.1
 First American Govt Oblig Fund Z 55 0.0 0.0 0.0
 Fixed Income 67,534,631 26.0 27.0 -1.0
 JIC Core Bond Fund I 49,832,126 19.2 20.0 -0.8
 BlackRock Strategic Income Opportunities K 17,702,505 6.8 7.0 -0.2
 Equity 187,327,307 72.0 68.5 3.5
 Domestic Equity 113,514,120 43.6 43.0 0.6
 Mellon Large Cap Core 89,425,608 34.4 33.0 1.4
 Mellon Smid Cap Core 24,088,512 9.3 10.0 -0.7
 International Equity 73,328,391 28.2 25.5 2.7
 Mellon EAFE Fund 53,873,308 20.7 18.0 2.7
 Mellon Emerging Markets 19,455,083 7.5 7.5 0.0
 Private Equity 484,795 0.2 0.0 0.2
 Hamilton Lane II 624 0.0 - -
 Hamilton Lane VII A 344,780 0.1 - -
 Hamilton Lane VII B 139,391 0.1 - -
 Real Assets 10,836,482 4.2 4.5 -0.3
 UBS Trumbull Property Fund 7,660,226 2.9 3.0 -0.1
 DWS RREEF Real Assets R6 3,176,255 1.2 1.5 -0.3

Valuations data as of:
Valuations data as of:
Hamilton Lane VII - 12/31/2024
Hamilton Lane II - 12/31/2024
UBS Trumbull Property Fund - 3/31/2025

All private equity and real estate assets are adjusted for any subsequent capital activity.




Investments with a zero balance were held in the portfolio during the reporting period and will be removed once they no longer impact portfolio performance.
Asset Allocation weightings may not add up to 100% due to rounding.


 Page 24 of 387
Asset Allocation
Total Invested Assets As of May 31, 2025
 Asset Asset Target
 Differences
 Allocation Allocation Allocation
 (%)
 ($) (%) (%)
 Total Invested Assets 265,832,443 100.0 100.0 0.0
 Short Term Liquidity 134,024 0.1 0.0 0.1
 Key Bank Cash Portfolio 133,969 0.1 0.0 0.1
 First American Govt Oblig Fund Z 55 0.0 0.0 0.0
 Fixed Income 67,534,631 25.4 27.0 -1.6
 JIC Core Bond Fund I 49,832,126 18.7 20.0 -1.3
 BlackRock Strategic Income Opportunities K 17,702,505 6.7 7.0 -0.3
 Equity 187,327,307 70.5 68.5 2.0
 Domestic Equity 113,514,120 42.7 43.0 -0.3
 Mellon Large Cap Core 89,425,608 33.6 33.0 0.6
 Mellon Smid Cap Core 24,088,512 9.1 10.0 -0.9
 International Equity 73,328,391 27.6 25.5 2.1
 Mellon EAFE Fund 53,873,308 20.3 18.0 2.3
 Mellon Emerging Markets 19,455,083 7.3 7.5 -0.2
 Private Equity 484,795 0.2 0.0 0.2
 Hamilton Lane II 624 0.0 - -
 Hamilton Lane VII A 344,780 0.1 - -
 Hamilton Lane VII B 139,391 0.1 - -
 Real Assets 10,836,482 4.1 4.5 -0.4
 UBS Trumbull Property Fund 7,660,226 2.9 3.0 -0.1
 DWS RREEF Real Assets R6 3,176,255 1.2 1.5 -0.3




Valuations data as of:
Valuations data as of:
Hamilton Lane VII - 12/31/2024
Hamilton Lane II - 12/31/2024
UBS Trumbull Property Fund - 3/31/2025

All private equity and real estate assets are adjusted for any subsequent capital activity.




Investments with a zero balance were held in the portfolio during the reporting period and will be removed once they no longer impact portfolio performance.
Asset Allocation weightings may not add up to 100% due to rounding.
 Page 25 of 388
Portfolio Dashboard
Total Invested Assets As of May 31, 2025
Historical Performance Summary of Cash Flows
 16.0 1 Fiscal 1
 QTD YTD
 Month YTD Year
 Total Invested Assets

 12.0
 12.0 Beginning Market Value 256,183,810 254,333,220 254,255,219 244,261,835 246,656,840
 10.2 10.0 Net Contributions - - 38 57,506 -5,436,104



 Return (%)
 9.5
 8.8 8.6 Gain/Loss 9,648,633 11,499,224 11,577,186 21,513,102 24,611,707
 8.1 8.1
 8.0 7.2
 7.6 Ending Market Value 265,832,443 265,832,443 265,832,443 265,832,443 265,832,443
 6.8
 5.8
 4.5 4.3 4.6 4.4
 3.8 3.6
 Current Benchmark Composition
 4.0
 From Date To Date
 04/2025 Present 27.00% Blmbg. U.S. Aggregate, 33.00% S&P 500, 10.00%
 Russell 2500 Index, 18.00% MSCI EAFE (Net), 7.50% MSCI
 0.0 Emerging Markets (Net), 3.00% NCREIF Fund Index - ODCE
 1 QTD YTD Fiscal 1 3 5 10 Since (net), 1.50% DWS Real Assets Benchmark
 Month YTD Year Years Years Years Inception
 Portfolio (01/2008) Portfolio Benchmark (01/2008)

Portfolio Allocation Actual vs. Target Allocations

 Short Term Liquidity Short Term Liquidity 0.0%
 Real Assets 0.1%
 4.1% 0.1% $134,024 0.1%
 Private Equity Fixed Income
 0.2% Fixed Income 27.0%
 25.4% 25.4%
 International Equity $67,534,631 -1.6 %
 27.6%
 Domestic Equity 43.0%
 42.7%
 $113,514,120 -0.3 %

 International Equity 25.5%
 27.6%
 $73,328,391 2.1%

 Private Equity 0.0%
 0.2%
 $484,795 0.2%
 Domestic Equity
 42.7% Real Assets 4.5%
 4.1%
 $10,836,482 -0.4 %

 Short Term Liquidity Fixed Income Domestic Equity -15.0 % 0.0% 15.0% 30.0% 45.0% 60.0%

 International Equity Private Equity Real Assets Target Actual Differences




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees.



 Page 26 of 389
 Recent Portfolio Activities


 Quarter Cash Flow

 • April 14, 2025: Funded DWS RREEF Real Asset Fund.
 2Q 2025
 • April 28, 2025: $58,224.58 UBS Trumbull Property Fund LP distribution.
 • January 6, 2025: $266,147.78 UBS Trumbull Property Fund LP redemption.
 1Q 2025
 • January 27, 2025: $60,043.52 UBS Trumbull Property Fund LP distribution.
 • October 10, 2024: $386,628.34 UBS Trumbull Property Fund LP redemption.
 4Q 2024
 • October 25, 2024: $70,575.75 UBS Trumbull Property Fund LP distribution.
 • July 5, 2024: $124,974.45 UBS Trumbull Property Fund LP redemption.
 3Q 2024
 • July 26, 2024: $67,506.43 UBS Trumbull Property Fund LP distribution.
 • April 4, 2024: $55,152.00 UBS Trumbull Property Fund LP redemption.
 2Q 2024 • April 19, 2024: $67,457.44 UBS Trumbull Property Fund LP distribution.
 • June 28, 2024: $5,436,142 cash raised to reimburse the General Fund.




 Page 27 of 38
 10
www.FiducientAdvisors.com
Performance Overview
Total Invested Assets As of May 31, 2025
Trailing Performance Summary
 1 Fiscal 1 3 5 7 10 Since Inception
 YTD
 Month YTD Year Years Years Years Years Inception Date
Total Invested Assets 3.8 4.6 8.8 10.2 8.1 12.0 7.4 7.2 5.8 01/2008
  Policy Benchmark 3.6 4.4 8.6 10.0 8.1 9.5 7.7 7.6 6.8 01/2008




Calendar Year Performance Summary
 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Total Invested Assets 11.2 15.0 -15.4 14.6 12.7 19.1 -5.2 17.0 8.7 -2.2
  Policy Benchmark 10.7 14.9 -14.7 14.3 14.5 20.6 -5.2 16.9 9.0 -0.2




Plan Reconciliation
 1 Fiscal 1 3 5 10 Since Inception
 YTD
 Month YTD Year Years Years Years Inception Date
Total Invested Assets 01/2008
  Beginning Market Value 256,183,810 254,255,219 244,261,835 246,656,840 229,249,895 190,239,282 161,640,677 126,047,968
  Net Contributions - 38 57,506 -5,436,104 -19,195,288 -26,925,102 -41,592,848 -51,426,750
  Gain/Loss 9,648,633 11,577,186 21,513,102 24,611,707 55,777,836 102,518,264 145,784,615 191,211,226
  Ending Market Value 265,832,443 265,832,443 265,832,443 265,832,443 265,832,443 265,832,443 265,832,443 265,832,443


Benchmark Composition
 Weight (%)
Apr-2025
 Blmbg. U.S. Aggregate 27.0
 S&P 500 33.0
 Russell 2500 Index 10.0
 MSCI EAFE (Net) 18.0
 MSCI Emerging Markets (Net) 7.5
 NCREIF Fund Index - ODCE (net) 3.0
 DWS Real Assets Benchmark 1.5




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees.
 Page 28 of 38
 11
Manager Performance
 As of May 31, 2025
 Allocation Performance(%)
 Market
 1 Fiscal 1 3 5 10 Since Inception
 Value % QTD YTD
 Month YTD Year Years Years Years Inception Date
 ($)


Total Invested Assets 265,832,443 100.0 3.8 4.5 4.6 8.8 10.2 8.1 12.0 7.2 5.8 01/2008
  Policy Benchmark 3.6 4.3 4.4 8.6 10.0 8.1 9.5 7.6 6.8
  Secondary Benchmark 3.6 4.3 4.4 8.6 10.0 7.9 9.2 7.3 6.6

Short Term Liquidity 134,024 0.1 0.0 0.0 0.2 1.2 1.7 1.9 - - 1.3 01/2021
  90 Day U.S. Treasury Bill 0.4 0.7 1.7 4.3 4.8 4.4 2.7 1.9 3.0

Key Bank Cash Portfolio 133,969 0.1

First American Govt Oblig Fund Z 55 0.0 0.4 0.7 1.8 4.3 4.7 4.4 2.7 1.8 4.0 02/2022
  90 Day U.S. Treasury Bill 0.4 0.7 1.7 4.3 4.8 4.4 2.7 1.9 4.0

Fixed Income 67,534,631 25.4 -0.3 0.2 2.9 5.4 6.4 2.3 - - -1.0 01/2021
  Blmbg. U.S. Aggregate -0.7 -0.3 2.4 4.5 5.5 1.5 -0.9 1.5 -1.5

JIC Core Bond Fund I 49,832,126 18.7 -0.8 -0.3 2.8 4.7 5.8 1.5 -1.1 1.7 -0.5 03/2020
  Blmbg. U.S. Aggregate -0.7 -0.3 2.4 4.5 5.5 1.5 -0.9 1.5 -0.6
  IM U.S. Broad Market Core Fixed Income (MF) Median -0.6 -0.3 2.4 4.4 5.4 1.6 -0.6 1.5 -0.4
  JIC Core Bond Fund I Rank 81 42 9 24 23 52 88 31 60

BlackRock Strategic Income Opportunities K 17,702,505 6.7 0.9 1.5 3.3 7.1 8.1 4.6 3.9 3.2 3.3 02/2022
  Blmbg. U.S. Aggregate -0.7 -0.3 2.4 4.5 5.5 1.5 -0.9 1.5 -0.8
  IM Alternative Credit Focus (MF) Median 0.7 0.7 2.4 6.0 6.9 4.6 4.1 2.4 3.1
  BlackRock Strategic Income Opportunities K Rank 30 9 7 22 20 52 55 23 45




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and provided by
Lipper. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a statement or data from the
client’s custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of fees unless otherwise stated. The
fund’s inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception. Inception dates for asset class composites
reflect the start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of underlying component strategies.
 Page 29 of 38
 12
Manager Performance
 As of May 31, 2025
 Allocation Performance(%)
 Market
 1 Fiscal 1 3 5 10 Since Inception
 Value % QTD YTD
 Month YTD Year Years Years Years Inception Date
 ($)


Equity 187,327,307 70.5 5.5 6.4 5.3 10.4 12.1 11.5 - - 8.6 01/2021
  MSCI AC World Index (Net) 5.7 6.7 5.3 11.2 13.7 12.3 13.4 9.3 9.0

Domestic Equity 113,514,120 42.7 6.2 5.2 0.0 8.6 11.3 12.6 - - 10.7 01/2021
  Domestic Equity Benchmark 6.2 5.2 -0.1 8.6 11.3 12.6 15.3 11.6 10.8

Mellon Large Cap Core 89,425,608 33.6 6.3 5.6 1.1 9.6 13.5 14.4 15.9 - 14.1 04/2016
  S&P 500 6.3 5.6 1.1 9.6 13.5 14.4 15.9 12.9 14.2
  IM U.S. Large Cap Core Equity (MF) Median 6.3 5.4 0.9 7.8 11.2 13.4 14.8 11.7 13.2
  Mellon Large Cap Core Rank 51 43 45 27 22 30 21 - 18

Mellon Smid Cap Core 24,088,512 9.1 6.0 3.8 -4.0 5.1 3.5 6.1 11.2 - 9.6 04/2016
  Russell 2500 Index 6.0 3.8 -4.0 5.1 3.5 6.0 11.1 7.8 9.5
  IM U.S. SMID Cap Equity (MF) Median 5.2 2.8 -4.6 3.4 1.9 5.9 10.5 7.5 9.2
  Mellon Smid Cap Core Rank 31 37 45 30 36 47 42 - 38

International Equity 73,328,391 27.6 4.5 8.4 14.7 13.6 13.5 10.0 - - 5.1 01/2021
  International Equity Benchmark 4.5 8.3 14.6 13.4 13.3 10.0 10.9 5.8 5.3

Mellon EAFE Fund 53,873,308 20.3 4.7 9.5 17.1 15.5 13.7 11.8 11.8 - 8.4 04/2016
  MSCI EAFE (Net) 4.6 9.4 16.9 15.2 13.3 11.5 11.4 6.0 8.0
  IM International Large Cap Core Equity (MF) Median 4.8 8.5 15.6 14.5 12.3 10.1 11.3 5.5 7.5
  Mellon EAFE Fund Rank 56 16 29 32 30 13 40 - 18

Mellon Emerging Markets 19,455,083 7.3 4.2 5.5 8.7 8.8 13.0 4.9 6.8 - 6.0 04/2016
  MSCI Emerging Markets (Net) 4.3 5.6 8.7 8.7 13.0 5.1 7.1 3.9 6.1
  IM Emerging Markets Equity (MF) Median 4.7 5.8 8.2 7.5 10.4 5.5 6.6 3.7 5.8
  Mellon Emerging Markets Rank 65 57 40 34 19 56 48 - 45




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and provided by
Lipper. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a statement or data from the
client’s custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of fees unless otherwise stated. The
fund’s inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception. Inception dates for asset class composites
reflect the start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of underlying component strategies.
 Page 30 of 38
 13
Manager Performance
 As of May 31, 2025
 Allocation Performance(%)
 Market
 1 Fiscal 1 3 5 10 Since Inception
 Value % QTD YTD
 Month YTD Year Years Years Years Inception Date
 ($)


Private Equity 484,795 0.2 0.0 0.0 0.0 -13.0 -14.4 -10.7 - - -3.9 01/2021

Hamilton Lane II 624 0.0 0.0 0.0 0.0 -7.2 -7.8 -23.1 -19.7 -0.4 6.6 03/2009

Hamilton Lane VII A 344,780 0.1 0.0 0.0 0.0 -13.2 -15.2 -11.3 0.2 5.9 7.7 07/2011

Hamilton Lane VII B 139,391 0.1 0.0 0.0 0.0 -13.0 -12.6 -8.4 -3.8 3.6 5.9 07/2011

Real Assets 10,836,482 4.1 0.3 0.4 1.7 2.2 1.1 -7.4 - - -0.6 01/2021

UBS Trumbull Property Fund 7,660,226 2.9 0.0 0.0 1.3 1.8 0.6 -6.6 -1.0 - 0.8 07/2016
  NCREIF Fund Index - ODCE (net) 0.0 0.0 0.8 1.8 1.2 -5.1 2.0 4.7 3.7

DWS RREEF Real Assets R6 3,176,255 1.2 1.0 1.4 6.5 10.8 9.7 0.9 8.4 5.4 1.0 05/2025
  DWS Real Assets Benchmark 1.3 1.4 6.8 10.5 9.1 0.9 8.3 4.2 1.3



Valuations data as of:
Hamilton Lane VII - 12/31/2024
Hamilton Lane II - 12/31/2024
UBS Trumbull Property Fund - 3/31/2025

All private equity and real estate assets are adjusted for any subsequent capital activity.

UBS Trumbull Property Fund and NCREIF Fund Index - ODCE (net) one month and QTD return is N/A.




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and provided by
Lipper. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a statement or data from the
client’s custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of fees unless otherwise stated. The
fund’s inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception. Inception dates for asset class composites
reflect the start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of underlying component strategies.
 Page 31 of 38
 14
Benchmark History
Total Invested Assets As of May 31, 2025
Account Name From Date To Date Benchmark
Total Invested Assets 04/2025 Present 27.0% Blmbg. U.S. Aggregate, 33.0% S&P 500, 10.0% Russell 2500 Index, 18.0% MSCI EAFE (Net), 7.5% MSCI Emerging
 Markets (Net), 3.0% NCREIF Fund Index - ODCE (net), 1.5% DWS Real Assets Benchmark
 04/2024 04/2025 27.0% Blmbg. U.S. Aggregate, 33.5% S&P 500, 9.5% Russell 2500 Index, 19.0% MSCI EAFE (Net), 7.0% MSCI Emerging
 Markets (Net), 4.0% NCREIF Fund Index - ODCE (net)
 01/2023 04/2024 25.0% Blmbg. U.S. Aggregate, 32.5% S&P 500, 9.0% Russell 2500 Index, 20.5% MSCI EAFE (Net), 7.0% MSCI Emerging
 Markets (Net), 6.0% NCREIF Fund Index - ODCE (net)
 09/2022 01/2023 25.0% Blmbg. U.S. Aggregate, 31.5% S&P 500, 9.0% Russell 2500 Index, 20.5% MSCI EAFE (Net), 7.0% MSCI Emerging
 Markets (Net), 6.0% NCREIF Fund Index - ODCE (net), 1.0% NCREIF Timberland Index
 05/2021 09/2022 18.0% Blmbg. U.S. Aggregate, 31.5% S&P 500, 10.5% Russell 2500 Index, 23.0% MSCI EAFE (Net), 10.0% MSCI Emerging
 Markets (Net), 6.0% NCREIF Fund Index - ODCE (net), 1.0% NCREIF Timberland Index
 12/2019 05/2021 20.0% Blmbg. U.S. Aggregate, 32.0% S&P 500, 18.0% Russell 2500 Index, 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging
 Markets (Net), 8.0% NCREIF Fund Index - ODCE (net), 2.0% NCREIF Timberland Index
 06/2017 12/2019 20.0% Blmbg. Intermed. U.S. Government/Credit, 30.0% S&P 500, 18.0% Russell 2500 Index, 2.0% S&P Completion Index,
 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging Markets (Net), 8.0% NCREIF Fund Index - ODCE (net), 2.0% NCREIF
 Timberland Index
 01/2016 06/2017 28.0% Blmbg. Intermed. U.S. Government/Credit, 30.0% S&P 500, 18.0% Russell 2500 Index, 2.0% S&P Completion Index,
 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging Markets (Net), 2.0% NCREIF Timberland Index
 01/2008 01/2016 20.0% Blmbg. U.S. Aggregate, 32.0% S&P 500, 18.0% Russell 2500 Index, 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging
 Markets (Net), 8.0% NCREIF Fund Index - ODCE (net), 2.0% NCREIF Timberland Index


Secondary Benchmark 04/2025 Present 27.0% Blmbg. U.S. Aggregate, 33.0% S&P 500, 10.0% Russell 2500 Index, 18.0% MSCI EAFE (Net), 7.5% MSCI Emerging
 Markets (Net), 3.0% UBS Trumbull Property Fund, 1.5% DWS Real Assets Benchmark
 04/2024 04/2025 27.0% Blmbg. U.S. Aggregate, 33.5% S&P 500, 9.5% Russell 2500 Index, 19.0% MSCI EAFE (Net), 7.0% MSCI Emerging
 Markets (Net), 4.0% UBS Trumbull Property Fund
 01/2023 04/2024 25.0% Blmbg. U.S. Aggregate, 32.5% S&P 500, 9.0% Russell 2500 Index, 20.5% MSCI EAFE (Net), 7.0% MSCI Emerging
 Markets (Net), 6.0% UBS Trumbull Property Fund
 09/2022 01/2023 25.0% Blmbg. U.S. Aggregate, 31.5% S&P 500, 9.0% Russell 2500 Index, 20.5% MSCI EAFE (Net), 7.0% MSCI Emerging
 Markets (Net), 6.0% UBS Trumbull Property Fund, 1.0% Molpus SWF II
 05/2021 09/2022 18.0% Blmbg. U.S. Aggregate, 31.5% S&P 500, 10.5% Russell 2500 Index, 23.0% MSCI EAFE (Net), 10.0% MSCI Emerging
 Markets (Net), 6.0% UBS Trumbull Property Fund, 1.0% Molpus SWF II
 12/2019 05/2021 20.0% Blmbg. U.S. Aggregate, 32.0% S&P 500, 18.0% Russell 2500 Index, 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging
 Markets (Net), 8.0% UBS Trumbull Property Fund, 2.0% Molpus SWF II
 06/2017 12/2019 20.0% Blmbg. Intermed. U.S. Government/Credit, 30.0% S&P 500, 18.0% Russell 2500 Index, 2.0% S&P Completion Index,
 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging Markets (Net), 8.0% UBS Trumbull Property Fund, 2.0% Molpus SWF II
 07/2016 06/2017 28.0% Blmbg. Intermed. U.S. Government/Credit, 30.0% S&P 500, 18.0% Russell 2500 Index, 2.0% S&P Completion Index,
 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging Markets (Net), 2.0% Molpus SWF II
 01/2016 07/2016 28.0% Blmbg. Intermed. U.S. Government/Credit, 30.0% S&P 500, 18.0% Russell 2500 Index, 2.0% S&P Completion Index,
 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging Markets (Net), 2.0% Molpus SWF II
 03/2009 01/2016 20.0% Blmbg. U.S. Aggregate, 32.0% S&P 500, 18.0% Russell 2500 Index, 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging
 Markets (Net), 8.0% NCREIF Fund Index - ODCE (net), 2.0% Molpus SWF II




 Page 32 of 38
 15
Benchmark History
Total Invested Assets As of May 31, 2025
Account Name From Date To Date Benchmark
 01/2008 03/2009 20.0% Blmbg. U.S. Aggregate, 32.0% S&P 500, 18.0% Russell 2500 Index, 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging
 Markets (Net), 8.0% NCREIF Fund Index - ODCE (net), 2.0% NCREIF Timberland Index




 Page 33 of 38
 16
 Definitions & Disclosures
 Please note: Due to rounding methodologies of various data providers, certain returns in this report might differ slightly when compared to other sources


REGULATORY DISCLOSURES

Offer of ADV Part 2A: Rule 204-3 under the Investment Advisers Act of 1940 requires that we make an annual offer to clients to send them, without charge, a written disclosure statement meeting the requirements of such rule.
We will be glad to send a copy of our ADV Part 2A to you upon your written request to compliance@fiducient.com.

INDEX DEFINITIONS

 Citigroup 3 Month T-Bill measures monthly return equivalents of yield averages that are not marked to market. The Three-Month Treasury Bill Indexes consist of the last three three-month Treasury bill issues.
 Ryan 3 Yr. GIC is an arithmetic mean of market rates of $1 million Guaranteed Interest Contracts held for three years.
 Bloomberg Treasury U.S. T-Bills-1-3 Month Index includes aged U.S. Treasury bills, notes and bonds with a remaining maturity from 1 up to (but not including) 3 months. It excludes zero coupon strips.
 Bloomberg Capital US Treasury Inflation Protected Securities Index consists of Inflation-Protection securities issued by the U.S. Treasury.
 Bloomberg Muni Index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market. Bonds must be rated investment-grade by at least two ratings agencies.
 Bloomberg Muni 1 Year Index is the 1-year (1-2) component of the Municipal Bond index.
 Bloomberg Muni 3 Year Index is the 3-year (2-4) component of the Municipal Bond index.
 Bloomberg Muni 5 Year Index is the 5-year (4-6) component of the Municipal Bond index.
 Bloomberg Muni 7 Year Index is the 7-year (6-8) component of the Municipal Bond index.
 Bloomberg Intermediate U.S. Gov’t/Credit is the Intermediate component of the U.S. Government/Credit index, which includes securities in the Government and Credit Indices. The Government Index includes treasuries
 and agencies, while the credit index includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements.
 Bloomberg U.S. Aggregate Index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-
 backed securities.
 Bloomberg Global Aggregate ex. USD Indices represent a broad-based measure of the global investment-grade fixed income markets. The two major components of this index are the Pan-European Aggregate and the
 Asian-Pacific Aggregate Indices. The index also includes Eurodollar and Euro-Yen corporate bonds and Canadian government, agency and corporate securities.
 Bloomberg U.S. Corporate High Yield Index covers the universe of fixed rate, non-investment grade debt. Eurobonds and debt issues from countries designated as emerging markets (sovereign rating of
 Baa1/BBB+/BBB+ and below using the middle of Moody’s, S&P, and Fitch) are excluded, but Canadian and global bonds (SEC registered) of issuers in non-EMG countries are included.
 JP Morgan Government Bond Index-Emerging Market (GBI-EM) Index is a comprehensive, global local emerging markets index, and consists of regularly traded, liquid fixed-rate, domestic currency government
 bonds to which international investors can gain exposure.
 The S&P 500 is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.
 The Dow Jones Industrial Index is a price-weighted average of 30 blue-chip stocks that are generally the leaders in their industry.
 The NASDAQ is a broad-based capitalization-weighted index of stocks in all three NASDAQ tiers: Global Select, Global Market and Capital Market.
 Russell 3000 is a market-cap-weighted index which consists of roughly 3,000 of the largest companies in the U.S. as determined by market capitalization. It represents nearly 98% of the investable U.S. equity market.
 Russell 1000 consists of the largest 1000 companies in the Russell 3000 Index.
 Russell 1000 Growth measures the performance of those Russell 1000 companies with higher P/B ratios and higher forecasted growth values.
 Russell 1000 Value measures the performance of those Russell 1000 companies with lower P/B ratios and lower forecasted growth values.
 Russell Mid Cap measures the performance of the 800 smallest companies in the Russell 1000 Index.
 Russell Mid Cap Growth measures the performance of those Russell Mid Cap companies with higher P/B ratios and higher forecasted growth values.
 Russell Mid Cap Value measures the performance of those Russell Mid Cap companies with lower P/B ratios and lower forecasted growth values.
 Russell 2000 consists of the 2,000 smallest U.S. companies in the Russell 3000 index.
 Russell 2000 Growth measures the performance of the Russell 2000 companies with higher P/B ratios and higher forecasted growth values.
 Russell 2000 Value measures the performance of those Russell 2000 companies with lower P/B ratios and lower forecasted growth values.
 Russell 2500 consists of the 2,500 smallest U.S. companies in the Russell 3000 index.
 Russell 2500 Growth measures the performance of the Russell 2500 companies with higher P/B ratios and higher forecasted growth values.
 Russell 2500 Value measures the performance of those Russell 2500 companies with lower P/B ratios and lower forecasted growth values.
 MSCI World captures large and mid-cap representation across 23 Developed Markets countries. With 1,645 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.
 MSCI ACWI (All Country World Index) ex. U.S. Index captures large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the United States) and 23 Emerging Markets countries. With
 1,859 constituents, the index covers approximately 85% of the global equity opportunity set outside the US.
 MSCI ACWI (All Country World Index) ex. U.S. Small Cap Index captures small cap representation across 22 of 23 Developed Markets countries (excluding the US) and 23 Emerging Markets countries. With 4,368
 constituents, the index covers approximately 14% of the global equity opportunity set outside the US.
 MSCI EAFE is an equity index which captures large and mid-cap representation across Developed Markets countries around the world, excluding the US and Canada. With 930 constituents, the index covers approximately
 85% of the free float-adjusted market capitalization in each country.




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 MSCI EAFE Value captures large and mid-cap securities exhibiting overall value style characteristics across Developed Markets countries around the world, excluding the US and Canada. The value investment style
 characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield. With 507 constituents, the index targets 50% coverage of the free
 float- adjusted market capitalization of the MSCI EAFE Index.
 MSCI EAFE Growth captures large and mid-cap securities exhibiting overall growth style characteristics across Developed Markets countries around the world, excluding the US and Canada. The growth investment
 style characteristics for index construction are defined using five variables: long-term forward EPS growth rate, short-term forward EPS growth rate, current internal growth rate and long-term historical EPS growth trend and
 long-term historical sales per share growth trend. With 542 constituents, the index targets 50% coverage of the free float-adjusted market capitalization of the MSCI EAFE Index.
 MSCI Emerging Markets captures large and mid-cap representation across 23 Emerging Markets countries. With 836 constituents, the index covers approximately 85% of the free-float adjusted market capitalization in each
 country.
 Consumer Price Index is a measure of prices paid by consumers for a market basket of consumer goods and services. The yearly (or monthly) growth rates represent the inflation rate.
 FTSE NAREIT Equity REITs Index contains all Equity REITs not designed as Timber REITs or Infrastructure REITs.
 S&P Developed World Property defines and measures the investable universe of publicly traded property companies domiciled in developed markets. The companies in the index are engaged in real estate related
 activities, such as property ownership,management, development, rental and investment.
 S&P Developed World Property x U.S. defines and measures the investable universe of publicly traded property companies domiciled in developed countries outside of the U.S. The companies included are engaged in real
 estate related activities, such as property ownership, management, development, rental and investment.
 Fund Specific Broad Real Asset Benchmarks:
 • DWS Real Assets: 30%: Dow Jones Brookfield Infrastructure Index, 30%: FTSE EPRA/NAREIT Developed Index,15%: Bloomberg Commodity Index, 15%: S&P Global Natural Resources Index, 10%:
 U.S. Treasury Inflation Notes Total Return Index
 • PIMCO Inflation Response Multi Asset Fund: 45% Bloomberg U.S. TIPS, 20% Bloomberg Commodity Index, 15% JP Morgan Emerging Local Markets Plus, 10% Dow Jones Select REIT, 10% Bloomberg Gold
 Subindex Total Return
 • Principal Diversified Real Assets: 35% BBgBarc U.S. Treasury TIPS Index, 20% S&P Global Infrastructure Index NTR, 20% S&P Global Natural Resources Index NTR, 15% Bloomberg Commodity Index, and
 10% FTSE EPRA/NAREIT Developed Index NTR
 • Wellington Diversified Inflation H: 50% MSCI ACWI Commodity Producers Index, 25% Bloomberg Commodity Index, and 25% Bloomberg Bloomberg US TIPS 1 – 10 Year Index
 Bloomberg Commodity Index is calculated on an excess return basis and reflects commodity futures price movements. The index rebalances annually weighted 2/3 by trading volume and 1/3 by world production and
 weight-caps are applied at the commodity, sector and group level for diversification.
 HFRI Fund Weighted Composite Index is a global, equal-weighted index of over 2,000 single-manager funds that report to HFR Database. Constituent funds report monthly net of all fees performance in US Dollar and
 have a minimum of $50 Million under management or a twelve (12) month track record of active performance. The HFRI Fund Weighted Composite Index does not include Funds of Hedge Funds.
 The Alerian MLP Index is the leading gauge of energy Master Limited Partnerships (MLPs). The float adjusted, capitalization-weighted index, whose constituents represent approximately 85% of total float-adjusted
 market capitalization, is disseminated real-time on a price-return basis (AMZ) and on a total-return basis.
 The Adjusted Alerian MLP Index is commensurate with 65% of the monthly returns of the Alerian MLP Index to incorporate the effect of deferred tax liabilities incurred by MLP entities.
 Cambridge Associates U.S. Private Equity Index is based on data compiled from more than 1,200 institutional-quality buyout, growth equity, private equity energy, and mezzanine funds formed between 1986 and 2015.
 Cambridge Associates U.S. Venture Capital Index is based on data compiled from over 1,600 institutional-quality venture capital funds formed between 1986 and 2015.
 Vanguard Spliced Bloomberg US1-5Yr Gov/Cr Flt Adj Index: Bloomberg U.S. 1–5 Year Government/Credit Bond Index through December 31, 2009; Bloomberg U.S. 1–5 Year
 Government/CreditFloatAdjustedIndex thereafter.
 Vanguard Spliced Bloomberg US5-10Yr Gov/Cr Flt Adj Index: Bloomberg U.S. 5–10 Year Government/Credit Bond Index through December 31, 2009; Bloomberg U.S. 5–10 Year
 Government/CreditFloatAdjustedIndex thereafter.
 Vanguard Spliced Bloomberg US Agg Flt Adj Index: Bloomberg U.S. Aggregate Bond Index through December 31, 2009; Bloomberg U.S. Aggregate Float Adjusted Index thereafter.
 Vanguard Spliced Bloomberg US Long Gov/Cr Flt Adj Index: Bloomberg U.S. Long Government/Credit Bond Index through December 31, 2009; Bloomberg U.S. Long Government/Credit Float Adjusted Index thereafter.
 Vanguard Balanced Composite Index: Made up of two unmanaged benchmarks, weighted 60% Dow Jones U.S. Total Stock Market Index (formerly the Dow Jones Wilshire 5000 Index) and 40% Bloomberg
 U.S. Aggregate Bond Index through May 31, 2005; 60% MSCI US Broad Market Index and 40% Bloomberg U.S. Aggregate Bond Index through December 31, 2009; 60% MSCI US Broad Market Index and 40% Bloomberg U.S.
 Aggregate Float Adjusted Index through January 14, 2013; and 60% CRSP US Total Market Index and 40% Blomberg U.S. Aggregate Float Adjusted Index thereafter.
 Vanguard Spliced Intermediate-Term Tax-Exempt Index: Bloomberg 1–15 Year Municipal Bond Index.
 Vanguard Spliced Extended Market Index: Dow Jones Wilshire 4500 Index through June 17, 2005; S&P Transitional Completion Index through September 16, 2005; S&P Completion Index thereafter.
 Vanguard Spliced Value Index: S&P 500 Value Index (formerly the S&P 500/Barra Value Index) through May 16, 2003; MSCI US Prime Market Value Index through April 16, 2013; CRSP US Large Cap Value Index thereafter.
 Vanguard Spliced Large Cap Index: Consists of MSCI US Prime Market 750 Index through January 30, 2013, and the CRSP US Large Cap Index thereafter.
 Vanguard Spliced Growth Index: S&P 500 Growth Index (formerly the S&P 500/Barra Growth Index) through May 16, 2003; MSCI US Prime Market Growth Index through April 16, 2013; CRSP US Large Cap Growth Index
 thereafter.
 Vanguard Spliced Mid Cap Value Index: MSCI US Mid Cap Value Index through April 16, 2013; CRSP US Mid Cap Value Index thereafter.
 Vanguard Spliced Mid Cap Index: S&P MidCap 400 Index through May 16, 2003; the MSCI US Mid Cap 450 Index through January 30, 2013; and the CRSP US Mid Cap Index thereafter.
 Vanguard Spliced Mid Cap Growth Index: MSCI US Mid Cap Growth Index through April 16, 2013; CRSP US Mid Cap Growth Index thereafter.
 Vanguard Spliced Total Stock Market Index: Dow Jones U.S. Total Stock Market Index (formerly known as the Dow Jones Wilshire 5000 Index) through April 22, 2005; MSCI US Broad Market Index through June 2, 2013; and
 CRSP US Total Market Index thereafter.
 Vanguard Spliced Small Cap Value Index: SmallCap 600 Value Index (formerly the S&P SmallCap 600/Barra Value Index) through May 16, 2003; MSCI US Small Cap Value Index through April 16, 2013; CRSP US Small Cap
 Value Index thereafter.




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 Vanguard Spliced Small Cap Index: Russell 2000 Index through May 16, 2003; the MSCI US Small Cap 1750 Index through January 30, 2013; and the CRSP US Small Cap Index thereafter.
 Vanguard Spliced Small Cap Growth Index: S&P SmallCap 600 Growth Index (formerly the S&P SmallCap 600/Barra Value Index) through May 16, 2003; MSCI US Small Cap Growth Index through April 16, 2013;
 CRSP US Small Cap Growth Index thereafter.
 Vanguard Spliced Total International Stock Index: Consists of the Total International Composite Index through August 31, 2006; the MSCI EAFE + Emerging Markets Index through December 15, 2010; the MSCI ACWI ex
 USA IMI Index through June 2, 2013; and FTSE Global All Cap ex US Index thereafter. Benchmark returns are adjusted for withholding taxes.
 Vanguard Spliced Developed Markets Index: MSCI EAFE Index through May 28, 2013; FTSE Developed ex North America Index through December 20, 2015; FTSE Developed All Cap ex US Transition Index through May 31,
 2016; FTSE Developed All Cap ex US Index thereafter. Benchmark returns are adjusted for withholding taxes.
 Vanguard Spliced Emerging Markets Index: Select Emerging Markets Index through August 23, 2006; MSCI Emerging Markets Index through January 9, 2013; FTSE Emerging Transition Index through June 27, 2013; FTSE
 Emerging Index through November 1, 2015; and FTSE Emerging Markets All Cap China A Transition Index thereafter. Benchmark returns are adjusted for withholding taxes.
 Vanguard REIT Spliced Index: MSCI US REIT Index adjusted to include a 2% cash position (Lipper Money Market Average) through April 30, 2009; MSCI US REIT Index through January 31, 2018; MSCI US Investable
 Market Real Estate 25/50 Transition Index through July 24, 2018; MSCI US Investable Market Real Estate 25/50 Index thereafter.

Additional:
 Equity sector returns are calculated by Russell and MSCI for domestic and international markets, respectively. MSCI sector definitions correspond to the MSCI GICS® classification (Global Industry Classification System);
 Russell uses its own sector and industry classifications.
 MSCI country returns are calculated by MSCI and are free float-adjusted market capitalization indices that are designed to measure equity market performance in each specific country.
 Currency returns are calculated using Bloomberg’s historical spot rate indices and are calculated using the U.S. dollar as the base currency.
 The Index of Leading Economic Indicators, calculated by The Conference Board, is used as a barometer of economic activity over a range of three to six months. The index is used to determine the direction and stability
 of the economy. The composite index of leading indicators, which is derived from 10 leading indicators, helps to signal turning points in the economy and forecast economic cycles. The leading indicators are the
 following: average weekly hours, average weekly initial claims, manufacturers’ new orders, both consumer and non-defense capital goods, vendor performance, building permits, stock prices, money supply (M2), the
 interest rate spread and the index of consumer expectations.
 S&P Target Date Indexes are constructed using a survey method of current target date investments with $100 million or more in assets under management. Allocations for each vintage are comprised of exchange-
 traded- funds that represent respective asset classes used in target date portfolios. The indexes are designed to represent a market consensus glide path.

DEFINITION OF KEY STATISTICS AND TERMS

 Returns: A percentage figure used when reporting historical average compounded rate of investment return. All returns are annualized if the period for which they are calculated exceeds one year.
 Universe Comparison: The universe compares the fund's returns to a group of other investment portfolios with similar investment strategies. The returns for the fund, the index and the universe percentiles are displayed. A
 percentile ranking of 1 is the best, while a percentile ranking of 100 is the worst. For example, a ranking of 50 indicates the fund outperformed half of the universe. A ranking of 25 indicates the fund was in the top 25% of the
 universe,outperforming75%.
 Returns In Up/Down Markets: This measures how the fund performed in both up and down markets. The methodology is to segregate the performance for each time period into the quarters in which the market, as defined
 by the index, was positive and negative. Quarters with negative index returns are treated as down markets, and quarters with positive index returns are treated as up markets. Thus, in a 3 year or 12 quarter period, there
 might be 4 down quarters and 8 up quarters. A simple arithmetic average of returns is calculated for the fund and the index based on the up quarters. A simple arithmetic average of returns is calculated for the fund and
 the index based on the down quarters. The up market capture ratio is the ratio of the fund's return in up markets to the index. The down market capture ratio is the ratio of the fund's return in down markets to the
 index. Ideally, the fund would have a greater up market capture ratio than down market capture ratio.
 Standard Deviation: Standard deviation is a statistical measure of the range of performance within which the total returns of a fund fall. When a fund has a high standard deviation, the range of performance is very
 wide, meaning there is a greater volatility. Approximately 68% of the time, the total return of any given fund will differ from the average total return by no more than plus or minus the standard deviation figure. Ninety-five
 percent of the time, a fund’s total return will be within a range of plus or minus two times the standard deviation from the average total return. If the quarterly or monthly returns are all the same the standard
 deviation will be zero. The more they vary from one another, the higher the standard deviation. Standard deviation can be misleading as a risk indicator for funds with high total returns because large positive deviations
 will increase the standard deviation without a corresponding increase in the risk of the fund. While positive volatility is welcome, negative is not.
 R-Squared: This reflects the percentage of a fund’s movements that are explained by movements in its benchmark index. An R-squared of 100 means that all movements of a fund are completely explained by movements in
 the index. Conversely, a low R-squared indicates very few of the fund’s movements are explained by movements in the benchmark index. R-squared can also be used to ascertain the significance of a particular beta.
 Generally, a higher R-squared will indicate a more reliable beta figure. If the R-squared is lower, then the beta is less relevant to the fund’s performance. A measure of diversification, R-squared indicates the extent to which
 fluctuations in portfolio returns are explained by market. An R-squared = 0.70 implies that 70% of the fluctuation in a portfolio's return is explained by the fluctuation in the market. In this instance, overweighting or
 underweighting of industry groups or individual securities is responsible for 30% of the fund's movement.
 Beta: This is a measure of a fund’s market risk. The beta of the market is 1.00. Accordingly, a fund with a 1.10 beta is expected to perform 10% better than the market in up markets and 10% worse that the market in
 down markets. It is important to note, however, a low fund beta does not imply the fund has a low level of volatility; rather, a low beta means only that the fund’s market-related risk is low. Because beta analyzes the market
 risk of a fund by showing how responsive the fund is to the market, its usefulness depends on the degree to which the markets determine the fund's total risk (indicated by R-squared).
 Alpha: The Alpha is the nonsystematic return, or the return that can’t be attributed to the market. It can be thought of as how the manager performed if the market’s return was zero. A positive alpha implies the
 manager added value to the return of the portfolio over that of the market. A negative alpha implies the manager did not contribute any value over the performance of the market.
 Sharpe Ratio: The Sharpe ratio is the excess return per unit of total risk as measured by standard deviation. Higher numbers are better, indicating more return for the level of risk experienced. The ratio is a fund's return
 minus the risk-free rate of return (30-day T-Bill rate) divided by the fund’s standard deviation. The higher the Sharpe ratio, the more reward you are receiving per unit of total risk. This measure can be used to rank the
 performance of mutual funds or other portfolios.
 Treynor Ratio: The Treynor ratio measures returns earned in excess of that which could have been earned on a riskless investment per each unit of market risk. The ratio relates excess return over the risk-free rate
 to the additional risk taken; however, systematic risk is used instead of total risk. The Treynor ratio is similar to the Sharpe ratio, except in the fact that it uses the beta to evaluate the returns rather than the standard
 deviation of portfolio returns. High values mean better return for risk taken.




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 Tracking Error: Tracking error measures the volatility of the difference in annual returns between the manager and the index. This value is calculated by measuring the standard deviation of the difference between the
 manager and index returns. For example, a tracking error of +/- 5 would mean there is about a 68% chance (1 standard deviation event) that the manager's returns will fall within +/- 5% of the benchmark's annual
 return.
 Information Ratio: The information ratio is a measure of the consistency of excess return. This value is determined by taking the annualized excess return over a benchmark (style benchmark by default) and dividing it by
 the standard deviation of excess return.
 Consistency: Consistency shows the percent of the periods the fund has beaten the index and the percent of the periods the index has beat the fund. A high average for the fund (e.g., over 50) is desirable, indicating the fund
 has beaten theindex frequently.
 Downside Risk: Downside risk is a measure similar to standard deviation but focuses only on the negative movements of the return series. It is calculated by taking the standard deviation of the negative quarterly set
 of returns. The higher the factor, the riskier the product.
 M-Squared: M-squared, or the Modigliani risk-adjusted performance measure is used to characterize how well a portfolio’s return rewards an investor for the amount of risk taken, relative to that of some
 benchmark portfolio and to the risk-free rate.

DEFINITION OF KEY PRIVATE EQUITY TERMS

 PIC (Paid in Capital): The amount of committed capital that has been transferred from the limited partner to the general partner.
 TVPI (Total Value to Paid in Capital): Money returned to limited partners plus the fund’s unrealized investments, divided by money paid-in to the partnership. The TVPI should equal RVPI plus DPI.
 DPI (Distribution to Paid In Capital): Money returned (distributions) to limited partners divided by money paid in to the partnership. Also called cash-on-cash multiple.
 RVPI (Residual Value to Paid In Capital): The value of a fund’s unrealized investments divided by money paid-in to the partnership.
 Internal rate of return (IRR): This is the most appropriate performance benchmark for private equity investments. It is a time-weighted return expressed as a percentage. IRR uses the present sum of cash
 drawdowns (money invested), the present value of distributions (money returned from investments) and the current value of unrealized investments and applies a discount.
 Commitment: Every investor in a private equity fund commits to investing a specified sum of money in the fund partnership over a specified period of time. The fund records this as the limited partnership’s
 capital commitment. The sum of capital commitments is equal to the size of the fund.
 Capital Distribution: These are the returns that an investor in a private equity fund receives. It is the income and capital realized from investments less expenses and liabilities. Once a limited partner has had their
 cost of investment returned, further distributions are actual profit. The partnership agreement determines the timing of distributions to the limited partner. It will also determine how profits are divided among the limited
 partners and generalpartner.
 Carried Interest: The share of profits that the fund manager is due once it has returned the cost of investment to investors. Carried interest is normally expressed as a percentage of the total profits of the fund.
 Co-Investment: Co-Investments are minority investments made alongside a private equity investor in an LBO, a recapitalization, or an expansion capital transaction. It is a passive, non-controlling investment, as the
 private equity firm involved will typically exercise control and perform monitoring functions.
 General Partner (GP): This can refer to the top-ranking partners at a private equity firm as well as the firm managing the private equity fund.
 GP Commitments: It is normal practice for the GP managing a private equity fund to also make a financial commitment to the fund on the same basis as the LPs in the fund, and this is seen as an important factor
 driving the alignment of GP and LP interests. The historic benchmark for GP commitments has been 1% of the total fund size, but this is by no means universal, and many GPs commit significantly larger amounts.
 Furthermore, there has been a marked trend towards GPs making larger commitments to their funds over recent years.
 Leveraged Buy-Out (LBO): The acquisition of a company using debt and equity finance.
 Limited Partner (LP): Institutions or high-net-worth individuals/sophisticated investors that contribute capital to a private equity fund.
 Public Market Equivalent (PME): Performance measure used to evaluate performance relative to the market. It is calculated as the ratio of the discounted value of the LP’s inflows divided by the discounted value
 of outflows, with the discounting performed using realized market returns.
 Primaries: An original investment vehicle that invests directly into a company or asset.

VALUATION POLICY

Fiducient Advisors does not engage an independent third-party pricing service to value securities. Our reports are generated using the security prices provided by custodians used by our clients. Our custodial pricing hierarchy
is available upon request. If a client holds a security not reported by the first custodian within the hierarchy, the valuation is generated from the next custodian within the hierarchy, and so forth. Each custodian uses pricing
services from outside vendors, where the vendors may generate nominally different prices. Therefore, this report can reflect minor valuation differences from those contained in a custodian’s report. In rare instances where
FA overrides a custodial price, prices are taken from Bloomberg.

REPORTING POLICY

This report is intended for the exclusive use of the client listed within the report. Content is privileged and confidential. Any dissemination or distribution is strictly prohibited. Information has been obtained from a variety of
sources believed to be reliable though not independently verified. Any forecast represents median expectations and actual returns, volatilities and correlations will differ from forecasts. Please note each client has customized
investment objectives and constraints and the investment strategy for each portfolio is based on a client-specific asset allocation model. Past performance does not indicate future performance and there is a possibility of a loss.
Performance calculated net of investment fees. Certain portfolios presented may be gross of Fiducient Advisors’ fees and actual performance would be reduced by investment advisory fees. This report does not represent a specific
investment recommendation. Please consult with your advisor, attorney, and accountant, as appropriate, regarding specific advice.




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Custodian reports are the reports that govern the account. There will be different account values between Fiducient Advisors’ reports and the custodian reports based on whether the report utilizes trade date or settlement
date to calculate value. Additionally, difference between values contained on reports may be caused by different accrued income values. Any forecasts represent future expectations and actual returns, volatilities and correlations
will differ from forecasts. This report does not represent a specific investment recommendation. Please consult with your advisor, attorney, and accountant, as appropriate, regarding specific advice. Past performance does
not indicate future performance and there is a possibility of aloss.

Manager performance for mutual funds and ETFs is based on NAV and provided by Lipper. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager
statement, or calculations based on a statement or data from the client’s custodian. Unless specified otherwise, all returns are net of individual manager fees, represent total returns and are annualized for periods greater than
one year. The deduction of fees produces a compounding effect that reduces the total rate of return over time. As an example, the effect of investment management fees on the total value of a client’s portfolio assuming (a)
quarterly fee assessment, (b) $1,000,000 investment, (c) portfolio return of 8% a year, and (d) 0.50% annual investment advisory fee would be $5,228 in the first year, and cumulative effects of $30,342 over five years and
$73,826 over ten years. Additional information on advisory fees charged by Fiducient Advisors are described in Part 2 of the Form ADV.

MATERIAL RISKS & LIMITATIONS

Fixed Income securities are subject to interest rate risks, the risk of default and liquidity risk. U.S. investors exposed to non-U.S. fixed income may also be subject to currency risk and fluctuations.
-Liability Driven Investing (LDI) Assets
Cash may be subject to the loss of principal and over longer period of time may lose purchasing power due to inflation.
-Short Term Liquidity
Domestic Equity can be volatile. The rise or fall in prices take place for a number of reasons including, but not limited to changes to underlying company conditions, sector or industry factors, or other macro events. These
may happen quickly and unpredictably.
International Equity can be volatile. The rise or fall in prices take place for a number of reasons including, but not limited to changes to underlying company conditions, sector or industry impacts, or other macro events.
These may happen quickly and unpredictably. International equity allocations may also be impact by currency and/or country specific risks which may result in lower liquidity in some markets.
Real Assets can be volatile and may include asset segments that may have greater volatility than investment in traditional equity securities. Such volatility could be influenced by a myriad of factors including, but not limited
to overall market volatility, changes in interest rates, political and regulatory developments, or other exogenous events like weather or natural disaster.
Private Equity involves higher risk and is suitable only for sophisticated investors. Along with traditional equity market risks, private equity investments are also subject to higher fees, lower liquidity and the potential for
leverage that may amplify volatility and/or the potential loss of capital.
Private Credit involves higher risk and is suitable only for sophisticated investors. These assets are subject to interest rate risks, the riskof default and limited liquidity. U.S. investors exposed to non-U.S. private credit may also
be subject to currency risk and fluctuations.
Private Real Estate involves higher risk and is suitable only for sophisticated investors. Real estate assets can be volatile and may include unique risks to the asset class like leverage and/or industry, sector or geographical
concentration. Declines in real estate value may take place for a number of reasons including, but are not limited to economic conditions, change in condition of the underlying property or defaults by the borrow.
Marketable Alternatives involves higher risk and is suitable only for sophisticated investors. Along with traditional market risks, marketable alternatives are also subject to higher fees, lower liquidity and the potential for
leverage that may amplify volatility or the potential for loss of capital. Additionally, short selling involved certain risks including, but not limited to additional costs, and the potential for unlimited loss on certain short sale
positions.


OTHER

By regulation, closed-end funds utilizing debt for leverage must report their interest expense, as well as their income tax expense, as part of their total expense ratio. To make for a useful comparison between closed-end funds and
both open-end funds and exchange-traded funds, adjusted expense ratios excluding interest and income tax expenses are utilized for closed-end funds within this report. See disclosure on closed-end fund fact sheets for information
regarding the total expense ratio of each closed-end fund.

Please advise us of any changes in your objectives or circumstances.

CUSTODIAN STATEMENTS

Please remember to review the periodic statements you receive from you custodian. If you do not receive periodic statements from your custodian or notice issues with the activity reported in those statements, please
contact FA or your custodian immediately.




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BURLINGTON RETIREMENT BOARD
 BUSHOR CONFERENCE ROOM, 149 CHURCH STREET, 1ST FLOOR
 MINUTES OF MEETING
 June 23, 2025




1. Agenda
1. Agenda
Chair Hooper convened the meeting at 9:02 am.
Members present: CAO Schad, Paul Olsen, Bob Hooper, David Mount, Kyle Blake, Munir Kasti (online)
Others present: Eric Dalla Murra, Lynn Reagan, Chris Rowlins, Kate Pizzi (all online); Assistant City Attorney
McClenahan and Lori Olberg

Subject 1.1. Motion to adopt agenda
Meeting June 23, 2025 - Retirement Board Meeting - Monday, June 23, 2025, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


Category 1. Agenda

Department Council and Board


Type Action
 Procedural


Recommended Action Motion to adopt agenda
1.1. Motion to adopt agenda
Chair Hooper made a motion to adopt the agenda as presented. Motion passed unanimously.


2. Public Forum
2. Public Forum
No one spoke.

Subject 2.1. Verbal Comments
Meeting June 23, 2025 - Retirement Board Meeting - Monday, June 23, 2025, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


Category 2. Public Forum

Department Retirement Administration


Type Action
 Procedural
Recommended Action open Public Forum
 close Public Forum
2.1. Verbal Comments


3. May 19, 2025 Retirement Board Meeting Minutes
3. May 19, 2025 Retirement Board Meeting Minutes
Motion made by Board Member Mount, seconded by Board Member Olsen, to approve the minutes. Motion
passed unanimously.

Subject 3.1. May 19, 2025 Retirement Board Meeting Minutes
Meeting June 23, 2025 - Retirement Board Meeting - Monday, June 23, 2025, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


Category 3. May 19, 2025 Retirement Board Meeting Minutes

Department Clerk/Treasurer's Office


Type Action
 Minutes


Recommended Action approve the minutes
3.1. May 19, 2025 Retirement Board Meeting Minutes


4. Approve Return of Contributions
4. Approve Return of Contributions
Motion made by Board Member Blake, seconded by Board Member Olsen, to approve the return of
contributions as presented. Motion passed unanimously.

Subject 4.1. Theodore Boylan, Class B $4,292.16; Effective Date of Benefit:
 06/01/25
Meeting June 23, 2025 - Retirement Board Meeting - Monday, June 23, 2025, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Theodore Boylan
4.1. Theodore Boylan, Class B $4,292.16; Effective Date of Benefit: 06/01/25


Subject 4.2. Debbie Jo Grow, Class B $1,768.62; Effective Date of Benefit:
 07/01/25
Meeting June 23, 2025 - Retirement Board Meeting - Monday, June 23, 2025, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions
Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Debbie Jo Grow
4.2. Debbie Jo Grow, Class B $1,768.62; Effective Date of Benefit: 07/01/25


Subject 4.3. Nicholas Johnson, Class B $169.73; Effective Date of Benefit:
 07/01/25
Meeting June 23, 2025 - Retirement Board Meeting - Monday, June 23, 2025, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Nicholas Johnson
4.3. Nicholas Johnson, Class B $169.73; Effective Date of Benefit: 07/01/25


Subject 4.4. John Flanagan, Class B $18,330.84; Effective Date of Benefit:
 07/01/25
Meeting June 23, 2025 - Retirement Board Meeting - Monday, June 23, 2025, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for John Flanagan
4.4. John Flanagan, Class B $18,330.84; Effective Date of Benefit: 07/01/25


Subject 4.5. Bruce Hathaway, Jr., Class B $6,771.01; Effective Date of Benefit:
 07/01/25
Meeting June 23, 2025 - Retirement Board Meeting - Monday, June 23, 2025, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action
Recommended Action approve return of contribution for Bruce Hathaway, Jr.
4.5. Bruce Hathaway, Jr., Class B $6,771.01; Effective Date of Benefit: 07/01/25


5. Approve Retirement Applications
5. Approve Retirement Applications
Motion made by Board Member Blake, seconded by Board Member Olsen, to approve the retirement
applications as presented. Motion passed unanimously.

Subject 5.1. Kyle C. Toof, Class B $528.64; Effective Date of Benefit: 05/01/25;
 Payment Date: 05/15/25
Meeting June 23, 2025 - Retirement Board Meeting - Monday, June 23, 2025, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Kyle C. Toof
5.1. Kyle C. Toof, Class B $528.64; Effective Date of Benefit: 05/01/25; Payment Date: 05/15/25


Subject 5.2. Penny Ahladas, Class B $2,984.34; Effective Date of Benefit:
 06/01/25; Payment Date: 06/15/25
Meeting June 23, 2025 - Retirement Board Meeting - Monday, June 23, 2025, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Penny Ahladas
5.2. Penny Ahladas, Class B $2,984.34; Effective Date of Benefit: 06/01/25; Payment Date: 06/15/25


6. Fiducient
6. Fiducient

Subject 6.1. BERS - May 2025 Flash Report
Meeting June 23, 2025 - Retirement Board Meeting - Monday, June 23, 2025, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor
Category 6. Fiducient
Department Retirement Administration


Type Discussion
 Information
 Report


6.1. BERS - May 2025 Flash Report
Chris Rowlins and Kate Pizzi spoke to this agenda item.

Motion made by Board Member Blake, seconded by Board Member Mount, to authorize Fiducient to move $3
million out of the fund’s international investments to use towards the amount due to the City for pension
benefits. Motion passed unanimously.


7. Administrative Update
7. Administrative Update

Subject 7.1. Discussion on Retirement-Related Contracts

 • Investment Consulting Firm
 • Pension & Other Post Employment Benefits (OPEB) Actuarial
 Services Firm
 • Pension & OPEB Consulting Services Firm



Meeting June 23, 2025 - Retirement Board Meeting - Monday, June 23, 2025, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


Category 7. Administrative Update

Department Retirement Administration


Type Action
 Procedural


Recommended Action Move to make a specific finding that premature general public knowledge of
 procurement and negotiations of contracts for professional financial services would
 clearly place the City at a substantial disadvantage; and Based upon such finding,
 move to enter executive session pursuant to 1 VSA 313(a)(1)(A)
7.1. Discussion on Retirement-Related Contracts

 • Investment Consulting Firm
 • Pension & Other Post Employment Benefits (OPEB) Actuarial Services Firm
 • Pension & OPEB Consulting Services Firm

Motion made by Board Member Blake, seconded by Board Member Mount, to direct the Clerk Treasurer and
City Attorney’s Offices to draft a request for qualifications regarding soliciting interest and qualifications from
qualified firms for professional investment and actuarial services, and to circulate such draft to the Board for
review and approval at an upcoming meeting, to allow for responses to such request for qualifications to be
received by January 2026. Motion passed unanimously.


8. Adjournment
8. Adjournment

Subject 8.1. Motion to adjourn
Meeting June 23, 2025 - Retirement Board Meeting - Monday, June 23, 2025, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor
Category 8. Adjournment

Department Council and Board


Type Action
 Procedural


Recommended Action Motion to adjourn
8.1. Motion to adjourn
Chair Hooper adjourned the meeting at 9:56 am.