Retirement Board — Burlington, VT
Date: 2026-01-26
Time: 09:30

Retirement Board

 Monday, January 26, 2026, 9:30 AM, UPDATED: REMOTE ONLY

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1. Agenda
  Subject 1.1. Motion to adopt agenda
  Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY


  Category 1. Agenda

  Department Retirement Administration


  Type Action
 Procedural


  Recommended Action Motion to adopt agenda

2. Public Forum

3. Consent Agenda
  Subject 3.1. Motion to adopt the consent agenda and take the actions indicated
  Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY
  Category 3. Consent Agenda
  Department Retirement Administration


  Type Action (Consent)
 Procedural
  Subject 3.2. November 17, 2025 Retirement Board Meeting Minutes - DFA
  Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY
  Category 3. Consent Agenda
  Department Department of Finance and Administration


  Type Action (Consent)
 Information
 Minutes


  Subject 3.3. 2026 Meeting Schedule - DFA
  Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY


  Category 3. Consent Agenda

  Department Department of Finance and Administration


  Type Action (Consent)


  Recommended Action to approve the 2026 board meeting dates as listed

4. Approve Return of Contributions
  Subject 4.1. Deanna M. Paluba, Class B $6,799.68; Effective Date of Benefit: 02/01/26
  Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve the return of contribution for Deanna N. Paluba

  Subject 4.2. Edith L. Ducharme, Class B $23,990.40; Effective Date of Benefit:
 12/01/25
  Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Edith L. Ducharme

  Subject 4.3. Constance J. Crisp, Class B $17,299.01; Effective Date of Benefit:
 01/01/26
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Constance J. Crisp

Subject 4.4. Steven J. Miksek, Class B $5,582.31; Effective Date of Benefit: 01/01/26
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Steven J. Miksek

Subject 4.5. Kaylah R. Grant, Class A $16,801.86; Effective Date of Benefit: 02/01/26
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Kaylah R. Grant

Subject 4.6. Jason Seth Perry, Class A $2,731.49; Effective Date of Benefit: 12/01/25
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Jason Seth Perry

Subject 4.7. Joseph D. Turner, Class B $12,185.35; Effective Date of Benefit: 01/01/26
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY


Category 4. Approve Return of Contributions
Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Joseph D. Turner

Subject 4.8. Lb Gurung, Class B $8,688.20; Effective Date of Benefit: 03/01/26
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Lb Gurung

Subject 4.9. Riley Delzer, Class B $28,950.98; Effective Date of Benefit: 12/01/25
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Riley Delzer

Subject 4.10. Garret J. King, Class B $7,539.60; Effective Date of Benefit: 12/01/25
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Garret J. King

Subject 4.11. Sebastian Ryder, Class B $2,393.06; Effective Date of Benefit: 12/01/25
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Sebastian Ryder
  Subject 4.12. Juan Angel, Class A $711.64; Effective Date of Benefit: 12/01/25
  Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution of Juan Angel

  Subject 4.13. Donald Scott, Class A $884.03; Effective Date of Benefit: 11/15/25
  Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Donald Scott

5. Approve Retirement Applications
  Subject 5.1. Cheryl S. Mitchell, Class B $5,238.21; Effective Date of Benefit: 01/01/26;
 Payment Date: 01/15/26
  Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY


  Category 5. Approve Retirement Applications

  Department Retirement Administration


  Type Action


  Recommended Action approve retirement application for Cheryl S. Mitchell

  Subject 5.2. Charles E. Cornish, Class B $2,340.82; Effective Date of Benefit: 11/01/25;
 Payment Date: 11/15/25
  Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY


  Category 5. Approve Retirement Applications

  Department Retirement Administration


  Type Action


  Recommended Action approve retirement application for Charles E. Cornish
Subject 5.3. Cindy A. Carey, Class B $939.51; Effective Date of Benefit: 12/01/25;
 Payment Date: 12/15/25
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Cindy A. Carey

Subject 5.4. Christine A. Brown, Class B $322.70; Effective Date of Benefit: 12/01/25;
 Payment Date: 12/15/25
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Christine A. Brown

Subject 5.5. Jeff Tanguay, Class B $600.46; Effective Date of Benefit: 11/01/25;
 Payment Date: 11/15/25
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Jeff Tanguay

Subject 5.6. Richard Bailey, Class B $2,552.18; Effective Date of Benefit: 10/01/25;
 Payment Date: 11/15/25
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Richard Bailey

Subject 5.7. Douglas W. Wood, Class B $2,579.42; Effective Date of Benefit: 09/15/25;
 Payment Date: 11/15/25
  Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY


  Category 5. Approve Retirement Applications

  Department Retirement Administration


  Type Action


  Recommended Action approve retirement application for Douglas W. Wood

6. Administrative Update
  Subject 6.1. BERS pension buy-in - HR
  Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY
  Category 6. Administrative Update
  Department Human Resources


  Type Information
 Discussion


  Subject 6.2. Ordinance: Raising The Mandatory Retirement Age For Class A Employees
  Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY
  Category 6. Administrative Update
  Department Council and Board


  Type Discussion
 Information


  Subject 6.3. Investment Advisory Services RFP - Finalist Selection
  Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY
  Category 6. Administrative Update
  Department Retirement Administration


  Type Discussion
 Information



7. Fiducient
  Subject 7.1. Monthly Performance Update - December 2025
  Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY
  Category 7. Fiducient
  Department Retirement Administration
 Type Information
 Report
 Discussion


 Subject 7.2. 2026 Investment Outlook
 Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY
 Category 7. Fiducient
 Department Retirement Administration


 Type Communication
 Discussion
 Information



8. Adjournment
 Subject 8.1. Motion to adjourn
 Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY


 Category 8. Adjournment

 Department Retirement Administration


 Type Action
 Procedural


 Recommended Action Motion to adjourn

Retirement Board

 Monday, January 26, 2026, 9:30 AM, UPDATED: REMOTE ONLY

Join from PC, Mac, iPad, or Android:
https://zoom.us/j/91253728506
Phone one-tap:
+13017158592, 91253728506# US (Washington DC)
+13052241968,,91253728506# US
Join via audio:
+1 305 224 1968 US
Webinar ID: 912 5372 8506
International numbers available: https://zoom.us/u/aCQYwRZP8
1. Agenda
  Subject 1.1. Motion to adopt agenda
  Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY


  Category 1. Agenda

  Department Retirement Administration


  Type Action
 Procedural


  Recommended Action Motion to adopt agenda

2. Public Forum

3. Consent Agenda
  Subject 3.1. Motion to adopt the consent agenda and take the actions indicated
  Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY
  Category 3. Consent Agenda
  Department Retirement Administration


  Type Action (Consent)
 Procedural




 Page 1 of 84
  Subject 3.2. November 17, 2025 Retirement Board Meeting Minutes - DFA
  Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY
  Category 3. Consent Agenda
  Department Department of Finance and Administration


  Type Action (Consent)
 Information
 Minutes


  Subject 3.3. 2026 Meeting Schedule - DFA
  Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY


  Category 3. Consent Agenda

  Department Department of Finance and Administration


  Type Action (Consent)


  Recommended Action to approve the 2026 board meeting dates as listed

4. Approve Return of Contributions
  Subject 4.1. Deanna M. Paluba, Class B $6,799.68; Effective Date of Benefit: 02/01/26
  Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve the return of contribution for Deanna N. Paluba

  Subject 4.2. Edith L. Ducharme, Class B $23,990.40; Effective Date of Benefit:
 12/01/25
  Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Edith L. Ducharme

  Subject 4.3. Constance J. Crisp, Class B $17,299.01; Effective Date of Benefit:
 01/01/26




 Page 2 of 84
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Constance J. Crisp

Subject 4.4. Steven J. Miksek, Class B $5,582.31; Effective Date of Benefit: 01/01/26
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Steven J. Miksek

Subject 4.5. Kaylah R. Grant, Class A $16,801.86; Effective Date of Benefit: 02/01/26
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Kaylah R. Grant

Subject 4.6. Jason Seth Perry, Class A $2,731.49; Effective Date of Benefit: 12/01/25
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Jason Seth Perry

Subject 4.7. Joseph D. Turner, Class B $12,185.35; Effective Date of Benefit: 01/01/26
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY


Category 4. Approve Return of Contributions




 Page 3 of 84
Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Joseph D. Turner

Subject 4.8. Lb Gurung, Class B $8,688.20; Effective Date of Benefit: 03/01/26
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Lb Gurung

Subject 4.9. Riley Delzer, Class B $28,950.98; Effective Date of Benefit: 12/01/25
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Riley Delzer

Subject 4.10. Garret J. King, Class B $7,539.60; Effective Date of Benefit: 12/01/25
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Garret J. King

Subject 4.11. Sebastian Ryder, Class B $2,393.06; Effective Date of Benefit: 12/01/25
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Sebastian Ryder


 Page 4 of 84
  Subject 4.12. Juan Angel, Class A $711.64; Effective Date of Benefit: 12/01/25
  Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution of Juan Angel

  Subject 4.13. Donald Scott, Class A $884.03; Effective Date of Benefit: 11/15/25
  Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Donald Scott

5. Approve Retirement Applications
  Subject 5.1. Cheryl S. Mitchell, Class B $5,238.21; Effective Date of Benefit: 01/01/26;
 Payment Date: 01/15/26
  Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY


  Category 5. Approve Retirement Applications

  Department Retirement Administration


  Type Action


  Recommended Action approve retirement application for Cheryl S. Mitchell

  Subject 5.2. Charles E. Cornish, Class B $2,340.82; Effective Date of Benefit: 11/01/25;
 Payment Date: 11/15/25
  Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY


  Category 5. Approve Retirement Applications

  Department Retirement Administration


  Type Action


  Recommended Action approve retirement application for Charles E. Cornish




 Page 5 of 84
Subject 5.3. Cindy A. Carey, Class B $939.51; Effective Date of Benefit: 12/01/25;
 Payment Date: 12/15/25
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Cindy A. Carey

Subject 5.4. Christine A. Brown, Class B $322.70; Effective Date of Benefit: 12/01/25;
 Payment Date: 12/15/25
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Christine A. Brown

Subject 5.5. Jeff Tanguay, Class B $600.46; Effective Date of Benefit: 11/01/25;
 Payment Date: 11/15/25
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Jeff Tanguay

Subject 5.6. Richard Bailey, Class B $2,552.18; Effective Date of Benefit: 10/01/25;
 Payment Date: 11/15/25
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Richard Bailey

Subject 5.7. Douglas W. Wood, Class B $2,579.42; Effective Date of Benefit: 09/15/25;
 Payment Date: 11/15/25


 Page 6 of 84
  Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY


  Category 5. Approve Retirement Applications

  Department Retirement Administration


  Type Action


  Recommended Action approve retirement application for Douglas W. Wood

6. Administrative Update
  Subject 6.1. BERS pension buy-in - HR
  Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY
  Category 6. Administrative Update
  Department Human Resources


  Type Information
 Discussion


  Subject 6.2. Ordinance: Raising The Mandatory Retirement Age For Class A Employees
  Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY
  Category 6. Administrative Update
  Department Council and Board


  Type Discussion
 Information


  Subject 6.3. Investment Advisory Services RFP - Finalist Selection
  Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY
  Category 6. Administrative Update
  Department Retirement Administration


  Type Discussion
 Information



7. Fiducient
  Subject 7.1. Monthly Performance Update - December 2025
  Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY
  Category 7. Fiducient
  Department Retirement Administration




 Page 7 of 84
 Type Information
 Report
 Discussion


 Subject 7.2. 2026 Investment Outlook
 Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY
 Category 7. Fiducient
 Department Retirement Administration


 Type Communication
 Discussion
 Information



8. Adjournment
 Subject 8.1. Motion to adjourn
 Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30 AM,
 UPDATED: REMOTE ONLY


 Category 8. Adjournment

 Department Retirement Administration


 Type Action
 Procedural


 Recommended Action Motion to adjourn




 Page 8 of 84
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 Office of the Clerk & Treasurer
 City of Burlington, Vermont
 Voice (802) 865-7000
 http://www.BurlingtonVT.gov/CT Fax (802) 865-7014
 City Hall, Room 20, 149 Church Street, Burlington, VT 05401 Deaf/Hard of Hearing 711


To: Retirement Board

Re: 2026 Meeting Schedule

Start time: 9:30 am; Meeting Location: Bushor Conference Room and ZOOM

Monday, January 26th
Monday, February 23rd
Monday, March 16th
Monday, April 20th
Monday, May 18th
Monday, June 15th
Monday, July 20th
Monday, August 24th
Monday, September 21st
Monday, October 19th
Monday, November 16th
Monday, December 21st

Motion: to approve the 2026 board meeting dates as listed




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 USICG Participant Service Center
 95 Glastonbury Blvd. STE 102
 Glastonbury, CT 06033-4456




 Constance J. Crisp




December 16, 2025


Re: Burlington Employees' Retirement System - Refund of Employee Contributions

Dear Constance J. Crisp:

We have received your completed election forms regarding your pension benefit under the Burlington
Employees' Retirement System. As outlined in the original cover letter, because your completed forms were
received after the benefit commencement date shown on the forms package, your benefit amount must be
recalculated for a current payment date. We have now calculated your final benefit amount. Your benefit
payable as a return of employee contributions under Class B as of January 1, 2026 is $17,299.01. You will
receive this amount, less any withholding.

The Participant Service Center is ready to assist you with any questions you may have.

 Call the Participant Service Center at 1.866.495.3548 between
 8:30 am and 4:30 pm ET, Monday – Friday. (Multilingual Services are available)

 Send an email to ServiceCenter@pensionedge.com. Please note “City of Burlington, VT” in your
 subject line. If emailing confidential information, please contact the Participant Service Center
 first to receive a secure email link.

 Send by mail to USI Consulting Group, ATTN: USICG Participant Service Center,
 95 Glastonbury Blvd, STE 102, Glastonbury, CT 06033




 Page 20 of 84
Page 21 of 84
Calculation of Return of Employee Contributions Form A
Burlington Employees' Retirement System Kaylah R. Grant


IMPORTANT: City of Burlington reserves the right to correct any errors in the Calculation of Benefit Options. If it is
determined at any time that the information provided in this Pension Distribution Kit conflicts with the terms of the
Plan, the terms of the Plan will govern. Under the law, a plan must be operated in accordance with its terms and errors
must be corrected. As a Plan participant, you may have made post-tax contributions to the Plan. As a result, a portion of
your benefit may be non-taxable. Consult with your tax advisor if you have any questions.

 Information Used in Determination
 Participant Name: Kaylah R. Grant Class: A
 Date of Birth: Department: Police Non-Union
 Date of Hire: 01/29/2024 Post-Tax Employee Contributions: $0.00
 Date of Termination: 08/15/2025 Normal Retirement Date (NRD): 04/09/2049
 Beneficiary Date of Birth: Payment Start Date: 02/01/2026
 Vesting Percentage: 0.0000%

 Determination of Employee Contribution Balance with Interest
 Balance at
 Period Ending Description Transaction End of Period
 06/30/2024 Contributions $4,084.92 $4,084.92
 06/30/2024 Interest at 2% $0.00 $4,084.92
 06/30/2025 Contributions $12,342.61 $16,427.53
 06/30/2025 Interest at 2% $81.70 $16,509.23
 08/15/2025 Contributions $100.82 $16,610.05
 01/31/2026 Interest at 2% $191.81 $16,801.86


 (1) Pre-Tax Employee Contributions (Taxable): $16,528.35

 (2) Interest Accrued on Employee Contributions (5.5% through 12/31/2017, 2% thereafter): $273.51

 (3) Total Return of Employee Contributions with Interest: $16,801.86



 Determination of Taxable Portion of Benefit

 Form of Payment Total Benefit Taxable Portion Non-Taxable Portion
 Return of Contributions $16,801.86 $16,801.86 0.00




USICG.COM 11/25/2025Page
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 USICG Participant Service Center
 95 Glastonbury Blvd. STE 102
 Glastonbury, CT 06033-4456




 Riley Delzer




November 25, 2025


Re: Burlington Employees' Retirement System - Refund of Employee Contributions

Dear Riley Delzer:

We have received your completed election forms regarding your pension benefit under the Burlington
Employees' Retirement System. As outlined in the original cover letter, because your completed forms were
received after the benefit commencement date shown on the forms package, your benefit amount must be
recalculated for a current payment date. We have now calculated your final benefit amount. Your benefit
payable as a return of employee contributions under Class A as of December 1, 2025 is $28,950.98. This
amount will be rolled over to the IRA that you indicated on your completed forms.

The Participant Service Center is ready to assist you with any questions you may have.

 Call the Participant Service Center at 1.866.495.3548 between
 8:30 am and 4:30 pm ET, Monday – Friday. (Multilingual Services are available)

 Send an email to ServiceCenter@pensionedge.com. Please note “City of Burlington, VT” in your
 subject line. If emailing confidential information, please contact the Participant Service Center
 first to receive a secure email link.

 Send by mail to USI Consulting Group, ATTN: USICG Participant Service Center,
 95 Glastonbury Blvd, STE 102, Glastonbury, CT 06033




 Page 26 of 84
Page 27 of 84
 USICG Participant Service Center
 95 Glastonbury Blvd. STE 102
 Glastonbury, CT 06033-4456




 Sebastian Ryder




November 13, 2025


Re: Burlington Employees' Retirement System - Refund of Employee Contributions

Dear Sebastian Ryder:

We have received your completed election forms regarding your pension benefit under the Burlington
Employees' Retirement System. As outlined in the original cover letter, because your completed forms were
received after the benefit commencement date shown on the forms package, your benefit amount must be
recalculated for a current payment date. We have now calculated your final benefit amount. Your benefit
payable as a return of employee contributions under Class B as of December 1, 2025 is $2,393.06. You will
receive this amount, less any withholding.

The Participant Service Center is ready to assist you with any questions you may have.

 Call the Participant Service Center at 1.866.495.3548 between
 8:30 am and 4:30 pm ET, Monday – Friday. (Multilingual Services are available)

 Send an email to ServiceCenter@pensionedge.com. Please note “City of Burlington, VT” in your
 subject line. If emailing confidential information, please contact the Participant Service Center
 first to receive a secure email link.

 Send by mail to USI Consulting Group, ATTN: USICG Participant Service Center,
 95 Glastonbury Blvd, STE 102, Glastonbury, CT 06033




 Page 28 of 84
Page 29 of 84
 USICG Participant Service Center
 95 Glastonbury Blvd. STE 102
 Glastonbury, CT 06033-4456




 Donald Scott




November 12, 2025


Re: Your Pension Benefit from the Burlington Employees' Retirement System

Dear Donald Scott:

We had previously sent you a Pension Distribution Kit related to your benefit from the above Plan. As noted
in that package, since you did not make an election by November 1, 2025, your return of employee
contributions benefit will be automatically rolled into an IRA managed by Schwab. Your benefit has been
recalculated to include interest through November 1, 2025. Your final benefit amount payable as a return of
employee contributions is $884.03. This amount will be rolled over into the IRA as soon as administratively
possible.

The Participant Service Center is ready to assist you with any questions you may have.

 Call the Participant Service Center at 1.866.495.3548 between
 8:30 am and 4:30 pm ET, Monday – Friday. (Multilingual Services are available)

 Send an email to ServiceCenter@pensionedge.com. Please note “City of Burlington, VT” in your
 subject line. If emailing confidential information, please contact the Participant Service Center
 first to receive a secure email link.

 Send by mail to USI Consulting Group, ATTN: USICG Participant Service Center,
 95 Glastonbury Blvd, STE 102, Glastonbury, CT 06033




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Page 31 of 84
Page 32 of 84
 USI Consulting Group
 Pension Administration
 95 Glastonbury Boulevard
 Suite 102
 Glastonbury, CT 06033




December 11, 2025

Cindy A. Carey




RE: Burlington Employees' Retirement System
In accordance with the City of Burlington’s retirement policy, the monthly benefits you had been receiving as a
retiree of the Burlington Employees’ Retirement System (the “Plan”) were suspended during your period of re-
employment. We were informed that you have terminated from the City, effective November 12, 2025. Since
you continued to accrue further benefits during your period of re-employment, your monthly benefit payments
will be increased to $939.51, effective December 1, 2025. You will receive a one-time catch-up payment in the
amount of $939.51 for the payments from December 2025.

Please contact the Participant Service Center if you have any questions regarding your retirement benefits.


 Call the Participant Service Center at 1.866.495.3548 between
 8:30 am and 4:30 pm ET, Monday – Friday. (Multilingual Services are available)

 Send an email to ServiceCenter@pensionedge.com. Please note “City of Burlington, VT” in your
 subject line. If emailing confidential information, please contact the Participant Service Center
 first to receive a secure email link.

 Send by mail to USI Consulting Group, ATTN: USICG Participant Service Center,
 95 Glastonbury Blvd, STE 102, Glastonbury, CT 06033




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 Department of Finance and Administration
 City of Burlington ________________________________________
 City Hall, 149 Church Street, Burlington, VT 05401 Voice (802) 865-7000
 Fax (802) 865-7014



TO: Burlington Employees Retirement Board
FROM: Bradley Kukenberger, Director of Finance
DATE: January 27, 2026
RE: Investment Advisory Services RFP – Finalist Selection

The Board is asked to select 2-3 finalists from the eight qualified RFP respondents to invite for
interviews.

This memorandum provides a comparative analysis of all eight firms to inform your finalist selection. Once
finalists are chosen, staff will coordinate February interviews and bring back a final recommendation in
early March for Board approval.

Executive Summary
Eight firms submitted proposals representing diverse approaches and fee structures ranging from $40,000
to $343,000 annually. The fundamental strategic choice is between:
• Traditional Advisory Model: Board retains investment decision authority; advisor provides recommendations
 (Fiducient, BNY, Bolton, Dahab, Gaard, RVK)
• OCIO (Outsourced CIO) Model: Advisor assumes delegated discretion within Board policy; makes day-to-day
 portfolio decisions (SEI, Wilmington Trust)

Beyond this structural choice, key differentiators include:
• Continuity vs. Fresh Perspective: Fiducient brings institutional knowledge since 2021
• Scale: Large institutions (BNY, SEI) offer extensive resources; smaller/mid-sized firms (Bolton, Dahab, Gaard,
 RVK) emphasize personalized service
• Independence: Fee-only consultants (Bolton, Dahab, Gaard, RVK) vs. firms with proprietary products (BNY,
 potentially Wilmington)
• Cost: Gaard at $40K and RVK at $75K are dramatically lower than SEI at $343K; most others cluster $80K-$120K

Portfolio Performance Information
Following receipt of the initial RFP responses, staff requested additional portfolio performance information from all
respondents. Specifically, firms were asked to provide:
"Please provide a summary of your firm's portfolio performance over the past 5–10 years for clients comparable in
size, structure, and objectives to BERS. Specifically, we are interested in:
• Annualized returns (net and gross, if applicable) relative to benchmarks;
• Asset allocation ranges and any material strategy changes over the period; and
• Brief context on the client types represented (e.g., public defined benefit plans, Taft-Hartley plans, etc.)."

All firms provided responses to this request. However, the information received does not lend itself to a
straightforward apples-to-apples comparison that could be presented in a simple chart or table. This is due
to several factors:


 Page 40 of 84
• Varying client compositions: Firms reported performance across different mixes of public DB plans, Taft-
 Hartley funds, endowments, and other institutional clients, each with distinct risk tolerances and return
 objectives.
• Different reporting methodologies: Some firms reported composite returns, others provided representative
 client examples, and still others offered ranges or averages across client segments.
• Inconsistent benchmark comparisons: Clients use different policy benchmarks based on their specific asset
 allocation targets, making cross-firm return comparisons misleading without detailed normalization.
• Time period variations: Performance was reported across different time horizons and market cycles, reflecting
 when client relationships began and how portfolios evolved.
• Asset allocation differences: Material differences in equity/fixed income splits, alternatives exposure, and risk
 positioning make raw return comparisons inappropriate without context.

Staff Conclusion: Rather than presenting potentially misleading comparative data, staff recommends that the Board
use the finalist interview process to explore each firm's performance track record in detail. Finalists should be asked
to present specific case studies of comparable public pension clients, explain their performance attribution, and
discuss how their approach would apply to BERS's specific circumstances. This will allow for a more meaningful
evaluation than static performance numbers taken out of context.

Recommendation
Staff recommends interviewing 3 finalists representing three traditional advisory options at different
price and scale points:
Recommended Finalists
1. Fiducient Advisors (Traditional Advisory) – Current incumbent; offers continuity, proven relationship,
 comprehensive traditional advisory; understands BERS funding challenges and Board dynamics
2. BNY Mellon Advisors (Traditional Advisory, $98,000/year) – Large institutional platform serving 94% of top 100
 public DB plans; extensive 12-person manager research team; sophisticated capital markets modeling;
 represents institutional scale option
3. RVK, Inc. (Traditional Advisory, $75,000/year) – Independent, 100% employee-owned consultant with 40 years
 exclusively focused on institutional investment consulting; already serves Vermont Pension Investment
 Commission; 97% client retention rate; strong public pension expertise; highly competitive all-inclusive fee
 represents best value option

This slate provides three distinct traditional advisory approaches: continuity with institutional knowledge
(Fiducient), large-scale institutional resources (BNY), and proven Vermont public pension expertise with
competitive value (RVK). All three maintain Board decision-making authority while offering different
strengths.
Firms Not Recommended for Finalist Stage
• SEI Investments: Strong OCIO provider, but at $343,000/year represents highest cost option. Staff recommends
 focusing on traditional advisory models that maintain Board decision-making authority. Could be reconsidered if
 Board wishes to explore OCIO governance model.
• Bolton Investment / Dahab Associates: Both offer quality independent advisory services. However, RVK
 provides similar independence with the added advantage of existing Vermont VPIC experience at a competitive
 price point.
• Gaard Capital: While the $40,000 fee is attractive and the academic-led approach is innovative, the firm was
 founded in 2025 with no track record managing institutional public pension assets. The risk is too high for BERS's
 $245M portfolio and 68.6% funded status.


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• Wilmington Trust: Strong regional presence and Burlington-based staff are advantages, but the firm did not
 disclose fee structure in their RFP response. Without clear pricing, it's difficult to evaluate value proposition.

These firms could be reconsidered if finalists withdraw or if the Board wishes to expand the interview pool.




 Page 42 of 84
 Comparative Analysis of All Eight Firms

 Firm Annual Fee 5-Year Cost Model Type Public Plan Firm Size/Type Key Strength Key
 Clients Consideration
✓ Fiducient $75,000 Est. $500K- Traditional 60+ Mid-sized, Continuity – Ownership
Advisors (historical cost) $650K Advisory employee- knows BERS transition
 owned underway

✓ BNY Mellon $98,000 (4 bps) $490,000 Traditional 94% of top 100 Global (240+ Manager Proprietary
Advisors Advisory yrs) research team; product
 capital markets conflicts
 modeling
✓ RVK, Inc. $75,000 $375,000 Traditional 50 public plans Mid-sized, 100% Vermont VPIC No prior BERS
 Advisory employee- relationship; experience
 owned (40 yrs) 97% retention; (though serves
 lowest cost Vermont VPIC)
 among
 recommended
✗ SEI $343,000 $1,715,000 OCIO Extensive Large OCIO Full OCIO Highest cost;
Investments (0.14%) specialist efficiency OCIO model
 changes
 governance
✗ Bolton $120,000 $600,000 Traditional Strong portfolio Independent, Portfolio RVK offers
Investment Advisory fee-only diagnostics similar
 independence
 with VT
 experience
✗ Dahab Est. $80,000 $400,000 Traditional 57 public funds Independent 39 years RVK offers
Associates Advisory (since 1986) experience similar
 independence
 with VT
 experience
✗ Gaard Capital $40,000 $200,000 Traditional New firm (2025) Boutique Lowest cost; No track record;
 Advisory startup academic-led unproven
✗ Wilmington Not disclosed Unknown OCIO or Municipal Regional (M&T) Burlington staff Fee not
Trust Traditional experience disclosed in RFP
 Legend: ✓ = Recommended Finalist | ✗ = Not Recommended
 Note on 5-Year Costs: Calculations assume flat $245M asset base for consistency. In reality, asset-based
 fees (BNY, SEI) will increase if portfolio grows. Does NOT include underlying investment manager fees,
 which are separate and similar regardless of advisor chosen. Fiducient's 5-year cost estimated at $500K-
 $650K based on typical market rates for comparable mid-sized advisors.




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Detailed Rationale for Recommendations
Why Interview These Three Firms?
Fiducient Advisors – Continuity & Proven Relationship
• Has served BERS since 2021 with demonstrated competence
• Understands BERS's funding challenges, benefit structure, and Board dynamics
• Offers proprietary governance tools and asset-liability modeling tailored to public pensions
• Team stability expected despite ownership transition
• Serves 60+ public plans – mid-sized firm with specialized public pension focus
• Interview Focus: What improvements would they recommend? How does their ownership transition impact
 service? Current fee vs. market rate?

BNY Mellon Advisors – Institutional Scale & Resources
• Serves 94% of top 100 U.S. public defined benefit plans – unmatched institutional credibility
• 12-person dedicated manager research team covering 800+ strategies
• Sophisticated capital market assumptions covering 50+ asset classes
• $98,000 annual fee (4 bps) is competitive for this level of institutional capability
• 240+ years of organizational history (founded by Alexander Hamilton in 1784)
• Interview Focus: How do they avoid conflicts with proprietary BNY products? Will BERS get personalized service
 or feel like a small account? Specific strategies to improve our funded ratio?

RVK, Inc. – Proven Vermont Public Pension Expertise with Competitive Value
• Independent, 100% employee-owned firm celebrating 40th anniversary in 2025
• Founded in 1985 with exclusive focus on non-discretionary investment consulting – no other business lines or
 product conflicts
• Serves 50 public pension plans across 27 governmental clients as of March 31, 2025
• Already serves Vermont Pension Investment Commission – demonstrates capability with Vermont public
 pension regulations and environment
• 97% client retention rate over past 5 years – among highest in industry
• Proposed team averages 27 years of industry experience with deep public pension specialization
• All-inclusive fee of $75,000 annually (includes travel) with 2-year rate guarantee – highly competitive
• Mid-sized firm structure provides personalized service while maintaining sophisticated capabilities:
• Interview Focus: How can their Vermont VPIC experience benefit BERS? What specific strategies would they
 recommend for improving funded ratio? How does their service model compare to Fiducient? What value does
 their fee point deliver?

Rationale for Recommendation: RVK represents an attractive combination of proven Vermont public
pension expertise, independence, strong client retention, and value pricing. Their existing relationship with
Vermont VPIC provides unique insight into Vermont's regulatory environment and public pension
landscape. At $75,000 annually (approximately $275K less than SEI over 5 years and potentially $23K less
than Fiducient), RVK offers significant cost savings while maintaining sophisticated institutional capabilities
through their 100+ person firm. The Board should evaluate whether RVK's Vermont experience and
competitive pricing outweigh Fiducient's BERS-specific institutional knowledge.

Why NOT Interview the Other Five Firms?
SEI Investments – OCIO Model Not Recommended
• At $343,000/year, SEI represents the highest cost option by a significant margin

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• OCIO model delegates investment decisions to the advisor, reducing Board control
• Staff recommends focusing on traditional advisory models that maintain Board decision-making authority
• Could be reconsidered if Board wishes to explore delegated governance model

Bolton Investment & Dahab Associates – Duplicative of RVK
• Both offer quality independent fee-only advisory services
• However, RVK provides similar independence with the added advantage of existing Vermont VPIC experience
• RVK's $75,000 fee is competitive with Dahab (~$80,000) and lower than Bolton ($120,000)
• No compelling differentiation to justify adding to finalist pool

Gaard Capital – Too Much Risk
• Founded in 2025 – literally zero track record
• No demonstrated capability managing $245M public pension assets
• Limited staff depth – boutique startup structure inappropriate for BERS's scale
• With 68.6% funded ratio, BERS cannot afford to be a guinea pig for an unproven advisor
• $40,000 fee is attractive, but the old adage applies: "You get what you pay for"

Wilmington Trust – Incomplete Fee Disclosure
• Did not disclose fee structure in RFP response – makes comparative evaluation impossible
• If Board wants to explore OCIO model, SEI provides clearer pricing and deeper OCIO track record
• Burlington-based staff is an advantage, but not sufficient to overcome pricing opacity
• Could be reconsidered if finalists withdraw or if Board requests fee proposal directly




 Page 45 of 84
Next Steps After Today's Decision
Once finalists are selected, staff will coordinate the interview process based on Board preferences:
4. Schedule finalist interviews at February 23 Board meeting or via separate sessions, depending on Board
 preference and number of finalists selected
5. Develop interview questions focused on key Board priorities (funded ratio improvement, actuarial integration,
 fee transparency, conflicts, team stability, governance support)
6. Conduct reference checks with similar-sized public plan clients
7. Prepare final recommendation memo for March 16 Board meeting with staff assessment of each finalist

Timeline Options (Based on Board's Finalist Decision):
Option A: All Interviews at February 17 Board Meeting
• Board selects finalists today (Jan 27)
• Staff coordinates with selected firms for Feb 17 presentations
• Feb 17: Extended Board meeting for all finalist interviews (time varies by number of finalists and desired
 interview length)
• Feb 18-Mar 14: Staff conducts reference checks
• Mar 17: Board makes final selection
• Mar 18-Apr 30: Contract negotiation
• May 1: Engagement begins

Option B: Separate Interview Sessions
• Board selects finalists today (Jan 27)
• Staff schedules individual sessions between Jan 28-Feb 14 (in-person or virtual as Board prefers)
• Feb 17: Staff provides interview summary at regular Board meeting
• Feb 18-Mar 14: Reference checks
• Mar 17: Board makes final selection
• Mar 18-Apr 30: Contract negotiation
• May 1: Engagement begins

Board Discussion Items
Board Discussion - Interview Process Preferences:
• Number of finalists: Staff recommends 3 finalists as proposed. Does the Board wish to add or remove any firms?
• Interview format: All interviews at February 17 Board meeting, or separate sessions between now and February
 meeting?
• Interview length: How much time should we allocate per firm? (60 minutes? 90 minutes? Longer?)
• Interview location: In-person, virtual, or Board's choice per firm?

I am available for questions and look forward to the Board's guidance on finalist selection and interview process.




 Page 46 of 84
 City of Burlington Employees Retirement System

 Monthly Performance Update - December 2025




This report is intended for the exclusive use of clients or prospective clients (the “recipient”) of Fiducient Advisors LLC, A Wealthspire Company, and the information contained herein is confidential
and the dissemination or distribution to any other person without the prior approval of Fiducient Advisors, A Wealthspire Company, 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, A Wealthspire Company, 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 47 of 84
 Asset Class Performance


 36
 33.6
 32 YTD MTD 31.2


 28


 24




Total Returns (%)
 20
 17.4
 15.8
 16
 12.8 13.2
 12
 9.2
 8.6
 8 7.0 7.3
 6.6
 5.8
 5.0
 4 2.5 2.3
 3.0 3.0

 0 0.3 0.6 0.2 0.0 0.0 0.6
 -0.4 -0.1 -0.2 -0.6 -0.3
 -1.4
 -2.1
 -4
 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 December 31, 2025. *Hedge fund returns are as of November 30, 2025.

Fixed Income (December) Equity (December) Real Asset / Alternatives (December)
- The Federal Reserve cut its target rate in +/- U.S. equity markets were flat in December. A - U.S. equity REITs declined and
December another 25 bps, now targeting 3.50- more hawkish tone from the Fed reduced underperformed the broader equity market.
3.75%. However, longer-term interest rates rose as expectations for future rate cuts in 2026. As a result, The rising interest rate environment was a
economic data came in stronger than expectations. U.S. small-cap modestly underperformed large-cap. headwind for the asset class.
Core bonds were modestly negative for the month.
 + Non-U.S. equities, both developed and emerging +/- Real assets were flat for the month.
+ There was still an appetite for riskier segments of markets, outperformed domestic equities in the Timber-related equities were strong but were
fixed income, and high yield bonds generated a month. More attractive valuations and increased offset by weakness in global infrastructure and
positive return for the month. earnings expectations helped propel markets commodities.
 abroad. A falling U.S. dollar was an added tailwind
- The move higher in interest rates negatively - Commodity markets fell during the month,
 during the month.
impacted long-duration assets, which are more driven by weakness in agriculture and energy.
sensitive to interest rates.
 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
 Pageof a
 48loss.
 of 842
  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 (December)
 The U.S. Treasury curve steepened in December. A Fed rate cut drove Corporate fundamentals have been resilient and the outlook for economic
 front-end yields lower, while stronger than expected economic data growth remains positive. Credit spreads moved modestly lower during the
 such as a strong initial GDP print (over 4% for Q3 2025) and a month. A robust year for both investment grade and high yield bonds have
 favorable employment report, helped fuel the move higher on the long- kept valuations elevated and spreads tight but all-in yield levels look more
 end of the curve. attractive.


 5.0 500 1,250
 12/31/2025 10Yr Avg
 4.8
 IG 78 bps 116 bps
 HY 266 bps 395 bps
 4.58
 4.6 400 1,000

 4.4
 4.25
 4.18



 Spreads (bps)
 4.2 300 750


 Yield (%)
 4.0
 4.02
 3.8 200 500

 3.6
 3.47

 3.4 3.47 100 250
 12/31/25

 3.2 11/28/25
 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 6/25 12/25
 U.S. Treasury Maturity (yrs)
 Source: FactSet. As of December 31, 2025. Source: FactSet. As of December 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
 49loss.
 of 843
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 (December)
 The S&P 500 was flat for the month. Underlying sector results were mixed, as more cyclical oriented segments such as financials, materials and
 industrials led the way. Despite strong returns from NVIDIA in the month, technology took a step back. Real estate and utilities also came under
 pressure as interest rates rose and the outlook for further rate cuts in 2026 diminished.

 33.6% MTD

 24.0% YTD
 17.9% 19.4%
 16.0% 14.6% 15.0%
 10.5%
 8.7%
 6.0%
 3.2% 2.2% 3.1% 3.9%
 0.1% 1.3% 0.2% 0.8%

 -0.3% -1.4% -1.6% -1.0%
 -2.2%
 -5.1%
 S&P 500 Utilities Real Estate Materials IT Industrials Health Care Financials Energy Cons. Cons. Disc. Comm.
 Source: Morningstar Direct. As of December 31, 2025. Staples Services


 Market Capitalization, Style, and Select Country Performance (December)
 Non-U.S. markets outperformed domestic equities during the month and value outpaced growth. Accommodative policy and increased expectations for
 earnings helped propel European equities higher during the month. South Korea was the standout within emerging markets, gaining ~13% in
 December, bringing the country’s year-to-date return to ~100% for the calendar year.
 12.7%


 4.2% 4.7%
 3.2% 2.3% 3.4% 2.7% 3.3%
 1.8% 0.8%
  0.0% 0.7% 0.5%

 -0.6% -0.6% -1.3%

 Small Value Small Value Small Value
 Japan
 Growth Growth Growth S.Korea
 Italy Brazil
 Large Large Large


 U.S. Int’l Developed Emerging Markets
  Source: Morningstar Direct. As of December 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
 50loss.
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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 (December) REIT Sector Performance (December)
Commodities were negative in December, driven by weak results within REITs lagged in December and generated a negative return. Rising
energy and agriculture. Supply/demand dynamics pushed crude oil prices interest rates were a headwind for the asset class, which is more
lower. Precious metals, particularly gold, had another strong month. The sensitive to changes in interest rates compared to the broader equity
“safe haven” metal benefited from a falling dollar, sticky inflation and equity market. Health care was among the weakest in the month but was the
market volatility. leader for the 2025 calendar year.

 90
 Data Centers -0.1
 80.2 -14.2
 80 -1.4
 Diversified 15.5
 70 -8.4
 Health Care 28.5
 60 -0.3
 Industrial 17.0
 50 -1.7
 Infrastructure -0.5




 Total Return (%)
 40 Lodging/Resorts 0.8
 -5.1

 30 Office -6.4
 -14.0
 21.4
 20 Residential 0.5
 -7.4

 10 Retail -0.4
 6.4 8.2 5.1

 0 Self Storage -3.1
 -10.0
 -2.3 -5.4
 -9.1 Specialty -2.5
 -10 -5.5
 -10.4
 Timber 4.5
 -20 -10.2
 Energy Industrial Metals Precious Metals Agriculture
 Total Return (%)

 Source: FactSet. As of December 31, 2025. YTD MTD Source: FactSet. As of December 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
 51loss.
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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


 Financial Markets Performance
 Total Return as of December 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 0.3% 4.3% 4.3% 4.9% 3.2% 2.7% 2.2% 1.5%
 Bloomberg U.S. TIPS -0.4% 7.0% 7.0% 4.2% 1.1% 3.5% 3.1% 2.9%
 Bloomberg Municipal Bond (5 Year) 0.3% 5.0% 5.0% 3.5% 1.0% 2.1% 1.9% 2.4%
 Bloomberg High Yield Municipal Bond -0.2% 2.5% 2.5% 6.0% 2.2% 3.7% 4.3% 5.3%
 Bloomberg U.S. Aggregate -0.1% 7.3% 7.3% 4.7% -0.4% 2.0% 2.0% 2.4%
 Bloomberg U.S. Corporate High Yield 0.6% 8.6% 8.6% 10.1% 4.5% 6.2% 6.5% 6.0%
 Bloomberg Global Aggregate ex-U.S. Hedged -0.3% 2.8% 2.8% 5.3% 0.8% 2.2% 2.6% 3.1%
 Bloomberg Global Aggregate ex-U.S. Unhedged 0.6% 8.8% 8.8% 3.3% -3.6% -0.5% 0.6% 0.1%
 Bloomberg U.S. Long Gov / Credit -1.4% 6.6% 6.6% 3.1% -4.9% 1.1% 2.0% 3.6%
 Global Equity Markets MTD YTD 1YR 3YR 5YR 7YR 10YR 15YR
 S&P 500 0.1% 17.9% 17.9% 23.0% 14.4% 17.3% 14.8% 14.1%
 Dow Jones Industrial Average 0.9% 14.9% 14.9% 15.4% 11.6% 13.2% 13.1% 12.5%
 NASDAQ Composite -0.5% 21.1% 21.1% 31.4% 13.4% 20.6% 17.7% 16.7%
 Russell 3000 0.0% 17.1% 17.1% 22.2% 13.2% 16.6% 14.3% 13.6%
 Russell 1000 0.0% 17.4% 17.4% 22.7% 13.6% 17.0% 14.6% 13.9%
 Russell 1000 Growth -0.6% 18.6% 18.6% 31.1% 15.3% 21.2% 18.1% 16.6%
 Russell 1000 Value 0.7% 15.9% 15.9% 13.9% 11.3% 12.1% 10.5% 10.8%
 Russell Mid Cap -0.3% 10.6% 10.6% 14.4% 8.7% 12.8% 11.0% 11.2%
 Russell Mid Cap Growth -1.3% 8.7% 8.7% 18.6% 6.6% 14.2% 12.5% 12.2%
 Russell Mid Cap Value 0.1% 11.0% 11.0% 12.3% 9.8% 11.4% 9.8% 10.3%
 Russell 2000 -0.6% 12.8% 12.8% 13.7% 6.1% 10.6% 9.6% 9.5%
 Russell 2000 Growth -1.3% 13.0% 13.0% 15.6% 3.2% 10.6% 9.6% 9.9%
 Russell 2000 Value 0.2% 12.6% 12.6% 11.7% 8.9% 10.1% 9.3% 8.7%
 MSCI ACWI 1.0% 22.3% 22.3% 20.6% 11.2% 14.0% 11.7% 9.8%
 MSCI ACWI ex. U.S. 3.0% 32.4% 32.4% 17.3% 7.9% 10.1% 8.4% 5.9%
 MSCI EAFE 3.0% 31.2% 31.2% 17.2% 8.9% 10.5% 8.2% 6.6%
 MSCI EAFE Growth 1.8% 20.8% 20.8% 13.2% 4.4% 9.4% 7.4% 6.5%
 MSCI EAFE Value 4.2% 42.2% 42.2% 21.4% 13.4% 11.3% 8.7% 6.6%
 MSCI EAFE Small Cap 2.3% 31.8% 31.8% 14.9% 5.6% 9.1% 7.5% 7.1%
 MSCI Emerging Markets 3.0% 33.6% 33.6% 16.4% 4.2% 8.1% 8.4% 3.8%
 Alternatives MTD YTD 1YR 3YR 5YR 7YR 10YR 15YR
 FTSE NAREIT All Equity REITs -2.1% 2.3% 2.3% 6.1% 4.8% 6.4% 5.8% 7.8%
 S&P Real Assets 0.0% 13.2% 13.2% 8.1% 5.6% 6.5% 6.1% 5.0%
 FTSE EPRA NAREIT Developed -1.0% 10.7% 10.7% 7.8% 3.8% 4.5% 4.2% 5.5%
 FTSE EPRA NAREIT Developed ex U.S. 1.2% 26.1% 26.1% 7.6% 0.6% 2.3% 3.1% 3.6%
 Bloomberg Commodity Total Return -0.3% 15.8% 15.8% 4.0% 10.6% 8.1% 5.7% -1.1%
 HFRI Fund of Funds Composite* 0.6% 9.2% 9.3% 8.2% 5.7% 6.0% 4.7% 4.0%
 HFRI Asset Weighted Composite* 0.5% 8.5% 8.9% 7.1% 6.5% 5.5% 4.6% 4.6%
 Alerian MLP -1.6% 9.8% 9.8% 20.0% 26.0% 13.4% 8.8% 6.3%
 Sources: Morningstar, FactSet. As of December 31, 2025. *Consumer Price Index and HFRI indexes as of November 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
 52loss.
 of 846
www.FiducientAdvisors.com Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.
 2026-2045 Twenty-Year Outlook
 Y/Y
 20-Year Market Forecasts 2026 2025 Change

 Interest rates were volatile in 2025, as the market digested U.S. Bonds 5.0% 5.2% -0.2%
 global trade policy shifts, persistent inflation, the government
 shutdown and a weakening labor market. The Federal TIPS 4.7% 4.8% -0.1%
 Reserve resumed cutting interest rates in September after a
 Dynamic Bonds 1 5.3% 5.3% -0.1%
 nine month hiatus. Yields broadly fell, driving expected
 Fixed returns lower compared to last year across most fixed High Yield Bonds 6.6% 6.8% -0.2%
 Income income segments. While all-in yields still remain attractive,
 credit spreads hover near 20-year tights, putting additional
 pressure on the high yield forecast.
 Muni Bond2 5.6% 5.6% -0.1%
 The municipal high yield forecast rose as spreads widened in
 Muni High Yield2 10.0% 9.3% 0.7%
 the space, and long end yields moved higher.


 Despite volatility early in the year, global equity markets
 rallied over 36% since the April 8 low.4 AI-led strength pushed U.S. All Cap 6.4% 6.6% -0.3%
 Global U.S. valuations higher and our forecasts lower. Strong
 Intl Developed Equity 7.9% 7.5% 0.3%
 Equity performance abroad resulted in increased valuations, but
 moderating geopolitical uncertainty abroad helped modestly Emerging Markets 8.7% 8.6% 0.1%
 boost our 2026 forecasts for non-U.S. markets.


 Real estate rose modestly. The asset class lagged the
 broader equity market amidst ongoing struggles in underlying Real Estate 7.5% 7.1% 0.4%
 property sectors. Persistent inflation and economic
 uncertainty resulted in surging precious metal prices Broad Real Assets 3 7.6% 7.6% -0.1%
 throughout the year. Our broad real assets outlook fell from
 Real Assets last year.
 &
 Reduced forecasts for both the underlying equity and fixed
 Alternatives income asset classes resulted in diminished expectations for Marketable Alts 8.2% 8.4% -0.2%
 marketable alternatives compared to last year. Yet, nominal
 forecasts remain attractive relative to long-only equities, and
 particularly so on a risk-adjusted basis. Private equity
 expectations fell as equity valuations generally moved higher Private Equity 9.4% 9.6% -0.3%
 and ongoing deal activity remains muted.

  1) Dynamic bonds are a blend of 33% Cash, 33% Corp HY, and 34% Global Bonds. 2) Tax Equivalent yield based on highest marginal Federal tax rate (37%). 3) Broad Real Assets is 20%
 REITS, 20% Global Infrastructure, 20% Commodities, 20% US Bonds, 15% Corp High Yield, 5% TIPS. 4) Morningstar Direct. Based on MSCI ACWI NR USD, as of October 31, 2025. Outputs
 and opinions are as of the date referenced and are subject to change based on market or economic conditions. Information is intended for general information purposes only and does not
represent any specific investment recommendation. Please consult with your advisor, attorney and accountant, as appropriate, regarding specific advice. There is no guarantee that any of these
 expectations will become actual results. For additional information on forecast methodologies, please speak with your advisor. Please see the index proxy summary slide at the end of this
 presentation for summary of indices used to represent each asset class. Past performance does not indicate future performance and there is a possibility of a loss.
 Page 53 of 847
www.FiducientAdvisors.com Please see the Frontier Engineer Hypothetical Performance Disclosures at the end of the presentation for additional information.
Asset Allocation
Total Plan As of December 31, 2025
 Asset Asset Target
 Differences
 Allocation Allocation Allocation
 (%)
 ($) (%) (%)
Total Plan 285,500,853 100.0 100.0 0.0
 Pension Benefits Payable to the City -7,799,882 -2.7 0.0 -2.7
 Total Invested Assets 293,300,734 102.7 100.0 2.7
 Short Term Liquidity 172,677 0.1 0.0 0.1
 Key Bank Cash Portfolio 172,640 0.1 0.0 0.1
 First American Govt Oblig Fund Z 37 0.0 0.0 0.0
 Fixed Income 71,913,246 25.2 27.0 -1.8
 JIC Core Bond Fund I 53,286,613 18.7 20.0 -1.3
 BlackRock Strategic Income Opportunities K 18,626,632 6.5 7.0 -0.5
 Equity 209,903,879 73.5 68.5 5.0
 Domestic Equity 131,302,288 46.0 43.0 3.0
 BNYM Mellon DB NSL Stock Index Fund 103,204,067 36.1 33.0 3.1
 BNYM Mellon DB SL SMID Cap Stock Index Fund 28,098,221 9.8 10.0 -0.2
 International Equity 78,235,746 27.4 25.5 1.9
 BNYM Mellon DB NSL International Stock Index Fund 54,677,500 19.2 18.0 1.2
 BNYM Mellon DB NSL Emerging Markets Stock Index Fund 23,558,247 8.3 7.5 0.8
 Private Equity 365,845 0.1 0.0 0.1
 Hamilton Lane II 624 0.0 - -
 Hamilton Lane VII A 257,244 0.1 - -
 Hamilton Lane VII B 107,977 0.0 - -
 Real Assets 11,310,932 4.0 4.5 -0.5
 UBS Trumbull Property Fund 7,781,358 2.7 3.0 -0.3
 DWS RREEF Real Assets R6 3,529,574 1.2 1.5 -0.3

Valuations data as of:

Hamilton Lane VII - 9/30/2025
Hamilton Lane II - 12/31/2024
UBS Trumbull Property Fund - 9/30/2025

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 54 of 848
Asset Allocation
Total Invested Assets As of December 31, 2025
 Asset Asset Target
 Differences
 Allocation Allocation Allocation
 (%)
 ($) (%) (%)
 Total Invested Assets 293,300,734 100.0 100.0 0.0
 Short Term Liquidity 172,677 0.1 0.0 0.1
 Key Bank Cash Portfolio 172,640 0.1 0.0 0.1
 First American Govt Oblig Fund Z 37 0.0 0.0 0.0
 Fixed Income 71,913,246 24.5 27.0 -2.5
 JIC Core Bond Fund I 53,286,613 18.2 20.0 -1.8
 BlackRock Strategic Income Opportunities K 18,626,632 6.4 7.0 -0.6
 Equity 209,903,879 71.6 68.5 3.1
 Domestic Equity 131,302,288 44.8 43.0 1.8
 BNYM Mellon DB NSL Stock Index Fund 103,204,067 35.2 33.0 2.2
 BNYM Mellon DB SL SMID Cap Stock Index Fund 28,098,221 9.6 10.0 -0.4
 International Equity 78,235,746 26.7 25.5 1.2
 BNYM Mellon DB NSL International Stock Index Fund 54,677,500 18.6 18.0 0.6
 BNYM Mellon DB NSL Emerging Markets Stock Index Fund 23,558,247 8.0 7.5 0.5
 Private Equity 365,845 0.1 0.0 0.1
 Hamilton Lane II 624 0.0 - -
 Hamilton Lane VII A 257,244 0.1 - -
 Hamilton Lane VII B 107,977 0.0 - -
 Real Assets 11,310,932 3.9 4.5 -0.6
 UBS Trumbull Property Fund 7,781,358 2.7 3.0 -0.3
 DWS RREEF Real Assets R6 3,529,574 1.2 1.5 -0.3



Valuations data as of:

Hamilton Lane VII - 9/30/2025
Hamilton Lane II - 12/31/2024
UBS Trumbull Property Fund - 9/30/2025

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 55 of 849
Portfolio Dashboard
Total Invested Assets As of December 31, 2025
Historical Performance Summary of Cash Flows
 24.0 1 Fiscal 1
 QTD
 Month YTD Year
 Total Invested Assets

 18.0 17.7 17.3 Beginning Market Value 290,974,346 285,403,855 275,006,808 254,255,219
 Net Contributions - 80,721 -5,655,865 -5,655,827
 14.6 14.3



 Return (%)
 Gain/Loss 2,326,388 7,816,157 23,949,791 44,701,342
 12.0 Ending Market Value 293,300,734 293,300,734 293,300,734 293,300,734
 8.9 8.7 9.0 9.3
 7.8 7.8
 7.3
 6.3 Current Benchmark Composition
 6.0
 From Date To Date
 2.7 2.7
 04/2025 Present 27.00% Blmbg. U.S. Aggregate, 33.00% S&P 500, 10.00%
 0.8 0.7 Russell 2500 Index, 18.00% MSCI EAFE (Net), 7.50% MSCI
 0.0 Emerging Markets (Net), 3.00% NCREIF Fund Index - ODCE
 1 QTD 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%
 3.9% 0.1% $172,677 0.1%
 Private Equity Fixed Income
 0.1% 24.5% Fixed Income 27.0%
 24.5%
 International Equity $71,913,246 -2.5 %
 26.7%
 Domestic Equity 43.0%
 44.8%
 $131,302,288 1.8%

 International Equity 25.5%
 26.7%
 $78,235,746 1.2%

 Private Equity 0.0%
 0.1%
 $365,845 0.1%
 Domestic Equity
 44.8% Real Assets 4.5%
 3.9%
 $11,310,932 -0.6 %

 Short Term Liquidity Fixed Income Domestic Equity -20.0 % 0.0% 20.0% 40.0% 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 56 of 84
 10
  Asset Class Performance & BERS Benchmark Attribution




BERS Benchmark Composition: 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
 Page 57 of 84
 11
www.FiducientAdvisors.com
 Recent Portfolio Activities


 Quarter Cash Flow

 • October 3, 2025: $22,939.07 UBS Trumbull Property Fund LP redemption.
 4Q 2025
 • October 27, 2025: $57,768.34 UBS Trumbull Property Fund LP distribution.
 • July 7, 2025: $3,689,564 cash raised to reimburse the General Fund.
 3Q 2025 • July 25, 2025: $57,987.44 UBS Trumbull Property Fund LP distribution.
 • August 19,2025: $1,031,535.48 invested excess cash.
 • April 14, 2025: Funded DWS RREEF Real Asset Fund.
 2Q 2025 • April 28, 2025: $58,224.58 UBS Trumbull Property Fund LP distribution.
 • June 23, 2025: $3,000,000 cash raised to reimburse the General Fund.
 • 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 58 of 84
 12
www.FiducientAdvisors.com
Performance Overview
Total Invested Assets As of December 31, 2025
Trailing Performance Summary
 1 Fiscal 1 3 5 7 10 Since Inception
 Month YTD Year Years Years Years Years Inception Date
Total Invested Assets 0.8 8.9 17.7 14.6 7.8 10.1 9.0 6.3 01/2008
  Policy Benchmark 0.7 8.7 17.3 14.3 7.8 10.5 9.3 7.3 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
 Month YTD Year Years Years Years Inception Date
Total Invested Assets 01/2008
  Beginning Market Value 290,974,346 275,006,808 254,255,219 210,591,427 230,809,103 152,539,462 126,047,968
  Net Contributions - -5,655,865 -5,655,827 -18,760,821 -32,686,715 79,559,977 68,396,921
  Gain/Loss 2,326,388 23,949,791 44,701,342 101,470,128 95,178,345 61,201,295 98,855,845
  Ending Market Value 293,300,734 293,300,734 293,300,734 293,300,734 293,300,734 293,300,734 293,300,734


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 59 of 84
 13
Manager Performance
 As of December 31, 2025
 Allocation Performance(%)
 Market
 1 Fiscal 1 3 5 10 Since Inception
 Value % QTD
 Month YTD Year Years Years Years Inception Date
 ($)


Total Invested Assets 293,300,734 100.0 0.8 2.7 8.9 17.7 14.6 7.8 9.0 6.3 01/2008
  Policy Benchmark 0.7 2.7 8.7 17.3 14.3 7.8 9.3 7.3
  Secondary Benchmark 0.7 2.7 8.7 17.4 14.2 7.6 9.1 7.1

Short Term Liquidity 172,677 0.1 0.0 0.0 0.7 1.0 2.1 1.3 - 1.3 01/2021
  90 Day U.S. Treasury Bill 0.3 1.0 2.1 4.2 4.8 3.2 2.2 3.2

Key Bank Cash Portfolio 172,640 0.1

First American Govt Oblig Fund Z 37 0.0 0.3 1.0 2.0 4.2 4.8 3.1 2.1 4.0 02/2022
  90 Day U.S. Treasury Bill 0.3 1.0 2.1 4.2 4.8 3.2 2.2 4.1

Fixed Income 71,913,246 24.5 -0.1 1.2 3.4 8.1 5.5 0.1 - 0.1 01/2021
  Blmbg. U.S. Aggregate -0.1 1.1 3.2 7.3 4.7 -0.4 2.0 -0.4

JIC Core Bond Fund I 53,286,613 18.2 -0.3 1.1 3.2 7.9 4.8 -0.5 2.3 0.4 03/2020
  Blmbg. U.S. Aggregate -0.1 1.1 3.2 7.3 4.7 -0.4 2.0 0.3
  Intermediate Core Bond Median -0.2 1.0 3.0 7.1 4.7 -0.4 2.0 0.4
  JIC Core Bond Fund I Rank 67 23 23 9 40 64 26 50

BlackRock Strategic Income Opportunities K 18,626,632 6.4 0.5 1.6 3.8 8.7 7.1 3.3 3.9 4.2 02/2022
  Blmbg. U.S. Aggregate -0.1 1.1 3.2 7.3 4.7 -0.4 2.0 0.5
  Nontraditional Bond Median 0.4 1.2 3.1 6.4 6.5 3.0 3.4 3.7
  BlackRock Strategic Income Opportunities K Rank 38 20 24 18 33 40 28 36




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
Morningstar. 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. Fund
level peer groups changed from Lipper to Morningstar effective 09/30/2025. As a result of this change, the peer rankings of funds may differ.
 Page 60 of 84
 14
Manager Performance
 As of December 31, 2025
 Allocation Performance(%)
 Market
 1 Fiscal 1 3 5 10 Since Inception
 Value % QTD
 Month YTD Year Years Years Years Inception Date
 ($)


Equity 209,903,879 71.6 1.2 3.4 11.3 22.2 19.4 10.8 - 10.8 01/2021
  MSCI AC World Index (Net) 1.0 3.3 11.2 22.3 20.7 11.2 11.7 11.2

Domestic Equity 131,302,288 44.8 0.1 2.6 11.1 16.6 21.0 12.8 - 12.8 01/2021
  Domestic Equity Benchmark 0.1 2.6 11.1 16.5 21.0 12.9 13.8 12.9

BNYM Mellon DB NSL Stock Index Fund 103,204,067 35.2 0.1 2.7 11.0 17.9 23.0 14.4 - 15.0 04/2016
  S&P 500 0.1 2.7 11.0 17.9 23.0 14.4 14.8 15.1
  Large Blend Median 0.0 2.4 9.9 16.4 21.5 13.1 13.6 13.9
  BNYM Mellon DB NSL Stock Index Fund Rank 42 33 24 24 23 19 - 13

BNYM Mellon DB SL SMID Cap Stock Index Fund 28,098,221 9.6 0.1 2.2 11.5 12.0 13.9 7.4 - 10.8 04/2016
  Russell 2500 Index 0.1 2.2 11.4 11.9 13.7 7.3 10.4 10.6
  U.S. SMID Cap Equity (MF) Median -0.2 1.6 8.2 7.9 11.7 7.3 9.6 9.9
  BNYM Mellon DB SL SMID Cap Stock Index Fund Rank 40 38 30 22 28 50 - 32

International Equity 78,235,746 26.7 3.0 4.8 11.8 32.4 17.4 7.5 - 7.5 01/2021
  International Equity Benchmark 3.0 4.8 11.7 32.2 17.2 7.7 9.0 7.7

BNYM Mellon DB NSL International Stock Index Fund 54,677,500 18.6 3.0 4.9 10.0 31.6 17.6 9.3 - 9.2 04/2016
  MSCI EAFE (Net) 3.0 4.9 9.9 31.2 17.2 8.9 8.2 8.7
  Foreign Large Blend Median 2.7 4.4 9.8 31.2 17.0 8.1 8.1 8.6
  BNYM Mellon DB NSL International Stock Index Fund Rank 19 32 48 46 33 23 - 26

BNYM Mellon DB NSL Emerging Markets Stock Index Fund 23,558,247 8.0 3.0 4.6 16.2 33.8 16.3 4.0 - 7.9 04/2016
  MSCI Emerging Markets (Net) 3.0 4.7 15.9 33.6 16.4 4.2 8.4 8.0
  Diversified Emerging Mkts Median 2.6 4.5 15.2 31.8 16.0 3.9 8.0 7.8
  BNYM Mellon DB NSL Emerging Markets Stock Index Fund Rank 32 47 37 35 45 49 - 47




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
Morningstar. 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. Fund
level peer groups changed from Lipper to Morningstar effective 09/30/2025. As a result of this change, the peer rankings of funds may differ.
 Page 61 of 84
 15
Manager Performance
 As of December 31, 2025
 Allocation Performance(%)
 Market
 1 Fiscal 1 3 5 10 Since Inception
 Value % QTD
 Month YTD Year Years Years Years Inception Date
 ($)


Private Equity 365,845 0.1 0.0 0.0 0.0 -12.9 -11.8 -6.1 - -6.1 01/2021

Hamilton Lane II 624 0.0 0.0 0.0 0.0 0.0 -25.7 -20.3 -1.9 6.3 03/2009

Hamilton Lane VII A 257,244 0.1 0.0 0.0 -5.8 -19.1 -13.5 -5.7 3.0 5.8 07/2011

Hamilton Lane VII B 107,977 0.0 0.0 0.0 -1.5 -11.1 -10.4 -7.0 1.4 4.8 07/2011

Real Assets 11,310,932 3.9 0.0 0.6 2.1 5.1 -4.8 0.1 - 0.1 01/2021

UBS Trumbull Property Fund 7,781,358 2.7 0.0 0.0 1.0 3.6 -5.3 0.5 - 1.0 07/2016
  NCREIF Fund Index - ODCE (net) 0.0 0.0 0.5 2.2 -4.5 2.4 3.8 3.6

DWS RREEF Real Assets R6 3,529,574 1.2 0.0 2.0 4.8 13.2 7.0 6.5 7.1 7.3 05/2025
  DWS Real Assets Benchmark -0.2 1.7 5.6 14.5 7.1 6.8 6.3 8.6

Valuations data as of:

Hamilton Lane VII - 9/30/2025
Hamilton Lane II - 12/31/2024
UBS Trumbull Property Fund - 9/30/2025

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
Morningstar. 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. Fund
level peer groups changed from Lipper to Morningstar effective 09/30/2025. As a result of this change, the peer rankings of funds may differ.
 Page 62 of 84
 16
Reconciliation of BERS Pension Benefits Payable to the City



 Funds Received Expenses & Benefits Misc. Monthly Amount Balance Due Payment
 by the City Paid by the City Adjustment* due To/(From) To/(From) From BERS to
 for BERS* for BERS* BERS BERS the City
Beginning Balance, 7/1/2025 (5,737,200)

 July 366,642 (2,067,536) (1,700,894) (7,438,094)
 August 412,171 (2,167,097) (1,754,926) (3,455,820) 5,737,200
 September 931,747 (2,102,352) 6,153 (1,164,452) (4,620,272)
 October 2,277,565 (4,397,794) (2,120,229) (6,740,502)
 November 280,319 (102,583) (4,719) 173,017 (6,567,485)
 December 1,054,852 (2,287,198) (52) (1,232,397) (7,799,882)
 January
 February
 March
 April
 May
 FYE June 2026

Total 5,323,296 (13,124,560) 1,382 (7,799,882) (7,799,882) 5,737,200




Actuarially Determined Employer Contribution (FYE 2026): 15,478,508
Administrative Fees: 648,000
Additional Employer Contribution per union contracts: 367,840
Total required from the City Depts to BERS: 16,494,348
Remaining Balance until Fully Funded: 11,171,052


Note: COB Department changes will be billed and booked before Jan 1, 2026




Amounts are provided by the City of Burlington, VT on a monthly basis. The actual amounts recorded by the City each month may vary from the information shown above as additional
funds are received by the City and allocated to previous periods. This exhibit does not reflect adjustments to previous periods, however the cumulative impact of any changes is reflecting
in the "Balance Due To/(From) BERS".
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 17
Benchmark History
Total Invested Assets As of December 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 03/2025 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 03/2024 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 12/2022 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 08/2022 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 04/2021 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 11/2019 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 05/2017 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 12/2015 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 03/2025 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 03/2024 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 12/2022 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 08/2022 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 04/2021 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 11/2019 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 05/2017 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 06/2016 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 12/2015 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




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 18
Benchmark History
Total Invested Assets As of December 31, 2025
Account Name From Date To Date Benchmark
 01/2008 02/2009 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




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 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.




 Page 69 of 84
 23
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 Morningstar. 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.




 Page 70 of 84
 24
 2026 Outlook
 The Discipline Dividend
 Capturing Opportunity and Managing Risk in an AI-Driven Market

 Bradford Long, CFA, Managing Partner, Chief Investment Officer
 Rob Lowry, CFA, Principal, Associate Research Director
 December 2025


 Key Observations
 • Our 2026 Capital Market Assumptions point to a tempered outlook as higher valuations and softer
 yields reduce return potential.


 • Artificial intelligence (AI) is already woven deeply into equity markets, making exposure
 management essential. Our playbook calls for measured positioning and disciplined risk sizing to
 capture opportunity while avoiding excess.


 • Elevated valuations shape our positioning. We favor high quality fixed income for risk-adjusted
 returns, select global equity opportunities and alternatives to help manage volatility without
 overhauling portfolios.


 • The year ahead will likely bring gradual shifts rather than sweeping change. With strong foundations
 in place, most portfolios need only modest adjustments, underscoring a timeless principle that
 sometimes, no action is the best action.


 As 2025 draws to a close, the year stands out for defining moments that sought to reshape markets and the global
 economy. From rapid policy shifts on Liberation Day to the return to rate cuts by the U.S. Federal Reserve and
 renewed hopes for peace in Europe and the Middle East, the past 12 months have been anything but static.


 Our 2025 themes, Fragility, Durability and the Age of Alpha proved highly relevant. The near-bear market in
 April exposed market fragility and fixed income provided ballast when trends turned negative. Bonds delivered
 their strongest performance in the last few years as prices adjusted to evolving macro conditions. Marketable
 alternatives also stood out, with some exceeding long-term equity return expectations while often taking less risk
 than broad equity markets. As we recast our 2026 capital market assumptions you will generally see more modest
 return forecasts given the increase in valuations. Below we outline several key themes that will remain central into
 the new year and beyond.
This report is intended for the exclusive use of clients or prospective clients (the “recipient”) of Fiducient Advisors LLC, A Wealthspire Company and the
information contained herein is confidential and the dissemination or distribution to any other person without the prior approval of Fiducient Advisors
 LLC, A Wealthspire Company 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 Advisors LLC,
A Wealthspire Company 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.
 www.FiducientAdvisors.com
 Page 71 of 84
 Y/Y
  10-Year Market Forecasts 2026 2025 Change
 Interest rates were volatile in 2025, as the market digested U.S. Bonds 4.3% 4.7% -0.4%
 global trade policy shifts, persistent inflation, the government
 shutdown and a weakening labor market. The Federal TIPS 4.0% 4.4% -0.4%
 Reserve resumed cutting interest rates in September after a 1
 Dynamic Bonds 4.6% 4.9% -0.3%
 nine month hiatus. Yields broadly fell, driving expected
 Fixed returns lower compared to last year across most fixed High Yield Bonds 6.0% 6.4% -0.4%
 income segments. While all-in yields still remain attractive,
 Income
 credit spreads hover near 20-year tights, putting additional
 pressure on the high yield forecast.
 Muni Bond2 4.6% 5.0% -0.4%
 The municipal high yield forecast rose as spreads widened in
 the space, and long end yields moved higher. Muni High Yield2 8.9% 8.6% 0.3%



 Despite volatility early in the year, global equity markets
 rallied over 36% since the April 8 low.4 AI-led strength pushed U.S. All Cap 5.2% 5.6% -0.4%
 Global U.S. valuations higher and our forecasts lower. Strong
 Intl Developed Equity 7.7% 7.3% 0.4%
 Equity performance abroad resulted in increased valuations, but
 moderating geopolitical uncertainty abroad helped modestly Emerging Markets 8.5% 8.4% 0.1%
 boost our 2026 forecasts for non-U.S. markets.


 Real estate rose modestly. The asset class lagged the Real Estate 6.3% 6.0% 0.3%
 broader equity market amidst ongoing struggles in underlying
 3
 property sectors. Persistent inflation and economic Broad Real Assets 6.4% 6.6% -0.3%
 uncertainty resulted in surging precious metal prices
 throughout the year. Our broad real assets outlook fell from
 Real Assets last year.
 Marketable Alts 7.0% 7.3% -0.3%
 & Reduced forecasts for both the underlying equity and fixed
 Alternatives income asset classes resulted in diminished expectations for
 marketable alternatives compared to last year. Yet, nominal
 forecasts remain attractive relative to long-only equities, and
 particularly so on a risk-adjusted basis. Private equity Private Equity 8.2% 8.6% -0.4%
 expectations fell as equity valuations generally moved higher
 and ongoing deal activity remains muted.


Source: Fiducient Advisors Capital Market Assumptions. Market and economic data including, but not limited to, valuations, fixed income
yields and inflation, are used to derive forecasts. Outputs and opinions are as of the date referenced and are subject to change.
Information is intended for general information purposes only and does not represent any specific investment recommendation. Please
consult with your advisor, attorney and accountant, as appropriate, regarding specific advice. There is no guarantee that any of these
expectations will become actual results. Past performance does not indicate future performance and there is a possibility of a loss.

For additional information on forecast methodologies, please speak with your advisor. Please see Index Proxy Summary information at
the end of this paper for summary of indices used to represent each asset class.

1) Dynamic bonds are a blend of 33% Cash, 33% Corp HY, and 34% Global Bonds. 2) Tax Equivalent yield based on highest marginal
Federal tax rate (37%). 3) Broad Real Assets is 20% REITS, 20% Global Infrastructure, 20% Commodities, 20% US Bonds, 15% Corp
High Yield, 5% TIPS. 4) Morningstar Direct. Based on MSCI ACWI, as of October 31, 2025.




 www.FiducientAdvisors.com

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2026 Themes
Looking ahead to 2026, we anticipate a year shaped by subtle but meaningful shifts. Our themes serve as a
playbook for navigating these changes. Current allocations provide a strong foundation, and most portfolios may
require only modest adjustments. In fact, recasting our long-term assumptions reinforces the adage that
sometimes, no action is the best action.


AI Playbook dives into the nuance of managing a narrow and exuberant market. We address the seemingly more
frequent question: “Is AI a bubble?” and evaluate the asymmetry of potential outcomes. Is it worse to be
underweight AI if it rallies or overweight if it falters? History, math and experience suggest it is better to leave some
upside on the table than risk being caught in a severe downdraft. Navigating Valuation explores how to manage
markets that appear richly valued and identify where green shoots of opportunity may exist. We also assess the role
of alternatives in mitigating uncertainty without wholesale portfolio changes. Finally, Noise Resistance reviews
economic and external factors influencing markets. While the existential weight of AI and elevated valuations
present challenges, many indicators point to growth and additional stimulus ahead.


In all, we believe portfolios are well positioned thanks to the groundwork laid in 2025. With modest exceptions,
such as selectively adding alternatives, portfolio adjustments will likely be limited.


AI Playbook
AI is poised to be one of the most influential forces in markets next year. Public equity markets, particularly in the
U.S., are already highly concentrated in AI-related exposure. Whether you are an enthusiast or a skeptic, getting
the right amount of exposure could mean the difference between success and failure. Here is our playbook for
allocating in an AI-driven market without being distracted by the existential debates.




 Let’s start with the b-word: “bubble.” Classic bubbles share a familiar pattern: displacement, boom, euphoria
 and bust. Displacement often begins with a kernel of truth and a breakthrough that is genuinely transformative.
 That spark fuels the boom and the exuberance that follows. History offers many examples: the invention of
 radio, the expansion of U.S. railroads and the fiber-optic buildout that laid the foundation for the internet, just
 to name a few. Each innovation changed the world, created extraordinary market opportunities and ultimately
 led to sharp price declines in related stocks and industries after euphoria took it too far. 1




 1
 FactSet. As of October 31, 2025.



 www.FiducientAdvisors.com

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Those who believe AI is truly transformative must also seemingly
cosign the notion that transformative change often carries
cautionary lessons. To hold one thought without the other is to 23.0x vs 25.6x
ignore history and utter the words “it is different this time”, a The S&P 500 P/E ratio today
 vs. March 20001
phrase that has accompanied every cycle of excess only to be
proven wrong. So where are we in this cycle? The boom is clear:
adoption, demand and massive investment in research and infrastructure. Euphoria, however, is where the real
debate begins.


On one hand, some believe AI-related companies have taken a measured approach. Capital expenditures,
estimated at more than $1 trillion, have been largely funded by existing cash flow of these businesses rather
than debt, a sign of discipline rather than speculation. Demand also continues to outpace supply, a dynamic
rarely seen in the late stages of a bubble.


On the other hand, extremes exist. Consider Thinking Machines, an AI startup founded by a former OpenAI
executive. It raised $2 billion in “seed” capital at a ~$10 billion valuation, without a product and reportedly
unwilling to disclose to investors what it plans to build. A month later, they went through a second round,
valuing the company at $50 billion. 2 Still no product. Still no revenue.


Evidence of exuberance and optimism remains, but as in all cycles, the devil is in the details. Certain pockets of
the AI ecosystem will undoubtedly overreach while others will remain disciplined. No one knows precisely
where we sit in this cycle, but the approach to investing through it does not change; operate with openness and
curiosity, stay disciplined in risk management and never lose sight of the first principles of long-term,
diversified investing. The jury is still out, and in truth, a verdict will only come long after it is too late to act.
Until then, we remain grounded in practical experience and committed to disciplined risk management to
navigate the current environment.




If you own U.S. equities, you have already made an AI bet, and it may be your largest. Roughly 38% of the S&P
500 is tied to companies connected to artificial intelligence. 3 For perspective, ahead of the Global Financial
Crisis, financials were the largest sector, representing about 20% of the index. In 2000, technology peaked at
34%. 4 This does not mean AI is a bubble, but it does showcase the market’s enthusiasm for transformative
technologies. So before asking how to “get into AI,” recognize that in many ways, you may already be there.




2
  Reuters. November 13, 2025.
3
  BlackRock, Morningstar, Fiducient Advisors. As of November 30, 2025.
4
  Morningstar. As of November 30, 2025.



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 Page 74 of 84
 Market Exposure to AI
 37.7%
 33.9%
 26.5%




 S&P 500 Russell 3000 MSCI ACWI
 Sources: BlackRock, Morningstar, Fiducient Advisors. As of November 30, 2025. Exposure to "AI" based on the common holdings
 compared to the following indexes: Morningstar Global Artifical Intelligence Select Index; NYSE Semiconductor Index; S&P Data
 Center, Tower REIT, and Communications Equipment Index; Morningstar Global Digital Infrastructure & Connectivity Index.




If AI proves to be as transformative as some expect, the benefits may not be evenly distributed. Companies with
lower margins and sectors with lighter capital expenditure requirements, particularly service-oriented
businesses, may see disproportionate gains. Mid-cap and small-cap could also present opportunities relative to
large-cap U.S. stocks, given their exposure to businesses positioned to capture AI-driven efficiencies. That
optimism has begun to work its way into earnings expectations and may provide newly found footing for
securities outside of the “Magnificent 7.” Identifying these dynamics will be key to capturing upside beyond the
obvious names.


S&P 500 vs S&P 600 Quarterly Y/Y EPS Growth
 35% S&P 500
 28.9%
 30% S&P 600 27.3%
 25% 22.3%
 20.7%
 18.7% 18.8%
 20%
 14.5% 15.7%
 13.7%13.5% 12.8%
 15% 11.1%
 8.8% 8.6% 8.7%
 10%
 5.3%
 3.9%
  5% 1.3%
  0%
 -0.7%
 -5%
 -4.2%
-10%
 3Q 24 4Q 24 1Q 25 2Q25 3Q25 4Q 25 est 1Q 26 est 2Q 26 est 3Q 26 est 4Q 26 est
 Sources: Strategas, Bloomberg. As of September 19, 2025.




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 Page 75 of 84
 With the facts in hand, sizing risk becomes critical. The top 10 stocks in the MSCI ACWI now account for
 roughly 25% of the index, nearly triple their share a decade ago. 5 Our 2026 global equity allocations show top 10
 exposure near 18%, above that of the ACWI historical norm of about 14%, yet far more risk-conscious than
 today’s market.5 Why does this matter? Because owning too little and watching AI soar is a better outcome than
 owning too much and suffering if AI falters. Our analysis shows that capturing some upside is preferable to
 risking a severe drawdown from overexposure.




 Source: FactSet as of October 31, 2025. Scenario analysis consists of a number of key facts. 1) The top 10 stocks account for ~40% of
 the S&P 500 market cap. 2) Top 10 downside risk follow a similar outcome to 2022 in which they fell ~40% while the remainder of the
 index fell ~12% 3) Upside opportunity follows a similar pattern to the last 5 years in which the top 10 outperform the remaining by ~40%.
 Past performance does not indicate future performance.

Portfolio Impact: Famed investor Howard Marks, who recently wrote on the topic of an AI bubble, stated this:
“Since no one can say definitively whether this is a bubble, I’d advise that no one should go all-in without
acknowledging that they face the risk of ruin if things go badly. But by the same token, no one should stay all-out
and risk missing out on one of the great technological steps forward. A moderate position, applied with
selectivity and prudence, seems like the best approach.”


AI is already embedded in portfolios, and in a meaningful way. Yet our approach holistically emphasizes measured
exposure, thoughtful diversification and a focus on sectors positioned to benefit from AI’s real-world adoption. We
are maintaining our overweight exposure to mid-cap and small-cap stocks and our modest overweight
to non-U.S. equity. Both stand to benefit from a broadening of AI and should help mitigate downside risk if
enthusiasm slows.




 5
 Morningstar, Fiducient Advisors. As of November 30, 2025. See disclosures for global equity allocation definition.



 www.FiducientAdvisors.com

 Page 76 of 84
Navigating Valuation
While the sun seemingly rises and sets on AI, there is still everything else, and everything else outside of AI does
not make it particularly easy. Across a wide range of metrics, valuations look full relative to history. Over the last 20
years, most markets are trading near historically full valuations. Credit spreads, the extra yield awarded to
investors for taking on credit risk, are low, even as overall fixed income yields remain compelling. In the short term,
that may mean very little, but over the long term, it matters. Navigating periods of elevated valuations requires
nuance and clear alignment with risk tolerances and portfolio objectives.



 Valuation Percentile Rank (Last 20 Years)
 100%

 80%



Percentile
 60%

 40%

 20%

 0%
 P/E P/B P/CF P/S Yield Spread
 S&P 500 Russell 2000 MSCI EAFE MSCI EM Bloomberg Agg Bloomberg HY
 Source: FactSet. As of October 31, 2025. Yield is Dividend Yield for equity indexs and Yield to Worst for fixed income.



As we recast our 10-year forecasts, the “cost” of full valuations comes into view. Our prospective median return for
U.S. equity hovers just above 5% (before inflation), ranking near the low end of our historical forecasts. While lower
forecasts may not excite, nuance matters. Opportunities exist across global markets.


Fixed income remains compelling on both an absolute basis (attractive yields) and a risk adjusted basis (relative to
the outlook for public equity). Publicly listed real estate also looks more appealing after a modest showing last year.
Supported by falling rates, REITs often behave like fixed income in rate-cutting cycles. Power infrastructure and
other real assets may also benefit if AI-driven demand for computing capacity continues to accelerate.


Finally, marketable alternatives, whose value tends to accrue
disproportionately during volatile periods, are positioned to help
investors navigate full valuations without taking drastic measures. Our
 25%
 During the last three largest
forward-looking return assumption for marketable alternatives stands at drawdowns for each major
7.0% compared to global stocks at 6.5% (MSCI ACWI). If markets equity index respectively,
continue their ascent, the asset class may underperform on an absolute hedge funds have protected
 capital to the downside by an
basis, but with a modest opportunity cost. However, should volatility
 average of 25%.
rise, they may prove accretive and provide downside protection.



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 Page 77 of 84
Historical Returns During Equity Drawdowns
 80%
 S&P 500 MSCI EAFE MSCI EM
 60%
 35% 39%
 40% 30% 32%
 22% 25% 23%
 20% 8% 11%

  0%
-20% -2% -2% -2% -7%
 -12% -12%
 -18% -20% -19% -23% -19%
-40% -24% -27% -30%
 -34%
-60% -48%
 -54% -59%
-80%
 Jan 2008 - Jan 2022 - Jan 2020 - Jan 2008 - Sep 2021 - Jan 2020 to Jan 2008 - Jul 2021 - May 2011 -
 Feb 2009 Sep 2022 Jul 2020 Feb 2009 Sep 2022 Nov 2020 Mar 2011 Sep 2022 Jun 2017
 Asset Class Return HFRI Asset Weighted Composite Return HFRI Asset Weighted Composite Excess Return

Source: Venn as of October 31, 2025. Drawdown periods for on based on the last three largest drawdowns for each respective index. Past
performance does not indicate future performance.


Portfolio Impact: Valuations are important over the long-term, and help determine what level of risk is
warranted given objectives and tolerance. Even in a rich environment, opportunity persists. Fixed income offers
risk-adjusted appeal with attractive all-in yields despite tight credit spreads. Marketable alternatives may
offer upside capture should markets continue their upward path while reducing downside risk in a narrow and
fully valued market. While alternatives may not be suitable for all based on liquidity or complexity, we believe
clients without exposure should consider an allocation, and those already invested should review the potential
benefits of an increased position.

Noise Resistance
Investors digested a steady stream of headlines this year: tariffs and Liberation Day in the spring, the passing of the
“One Big Beautiful Bill,” the Federal Reserve resuming rate cuts after a nine-month pause and an autumn
government shutdown that delayed key economic data. Despite the noise and uncertainty, the economy continues
to grow, consumers continue to spend and the corporate backdrop remains healthy.


Tariffs dominated the conversation early in the year, starting with threats and uncertainty before settling near an
average level of ~17%. 6 While near-term inflation pressure is expected, the longer-term view remains anchored.
Inflation has eased from post-pandemic highs but still sits above the Fed’s 2% target. Shelter costs have been
moderating, yet many components of CPI remain above 3%. We believe inflation may ultimately move lower, but
the path is likely to be uneven.




 6
 Tax Policy Center. As of December 11, 2025.



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 Page 78 of 84
  U.S. Inflation - CPI (Y/Y % Change)
  10.0
 All items
 8.0 All items less food and energy
 All items less food, shelter, and energy
 6.0 Shelter
 4.0

 2.0

 0.0

 Oct-15 Feb-16 Jun-16 Oct-16 Feb-17 Jun-17 Oct-17 Feb-18 Jun-18 Oct-18 Feb-19 Jun-19 Oct-19 Feb-20 Jun-20 Oct-20 Feb-21 Jun-21 Oct-21 Feb-22 Jun-22 Oct-22 Feb-23 Jun-23 Oct-23 Feb-24 Jun-24 Oct-24 Feb-25 Jun-25

  Source: FactSet. As of October 24, 2025.


The labor market showed cracks as the year progressed, with downward revisions in the summer and shutdown-
related disruptions. Job growth remains muted, and unemployment has edged up to 4.6%. 7 This set the stage for
the Fed to resume rate cuts in September after a nine-month pause. One cut each in October and December,
respectively, left the target rate at 3.50%-3.75%. The government shutdown delayed critical data releases, fueling
volatility around the December decision and more uncertainty for 2026 rate expectations, but markets continue to
price in additional accommodation next year. Debate over Fed independence and Powell’s successor has added
noise and will only increase in the months to come, but market data should remain the key driver of FOMC
decisions.


Despite layoff headlines grabbing attention from firms like Meta, the overall employment picture remains stable
and the consumer remains resilient. Early data suggest consumers spent nearly $12 billion on Black Friday, a ~9%
increase from 2024. 8 Additional stimulus from the “One Big Beautiful Bill” tax cuts, which are estimated to be
$150 billion in tax refunds for 2026 9 and a central bank that is more accommodative lay the groundwork for
economic acceleration.


Credit was a standout in 2025. High yield bonds returned 8% year-to-date through November, supported by strong
risk appetite and demand for yield, which sits near 6.6%. 10 While spreads hover near 20-year lows, corporate
fundamentals and an increase in the credit quality of the index broadly temper concern. This lower cost of lending
bodes well for economic expansion, but as allocators we continue to exercise caution given current valuations.




 7
 BLS. As of December 16, 2025.
 8
 Black Friday Statistics. As of December 2, 2025. https://statistics.blackfriday/
 9
 Strategas. As of December 9, 2025.
 10
 FactSet. As of November 30, 2025.



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 Page 79 of 84
BB Weight in Corporate High Yield Index
 60%
 55% 54.1%

 50%
 45%
 40%
 35%
 30% Dec-05
 Jul-06
 Feb-07
 Sep-07
 Apr-08
 Nov-08
 Jun-09
 Jan-10
 Aug-10
 Mar-11
 Oct-11
 May-12
 Dec-12
 Jul-13
 Feb-14
 Sep-14
 Apr-15
 Nov-15
 Jun-16
 Jan-17
 Aug-17
 Mar-18
 Oct-18
 May-19
 Dec-19
 Jul-20
 Feb-21
 Sep-21
 Apr-22
 Nov-22
 Jun-23
 Jan-24
 Aug-24
 Mar-25
 Oct-25
 Source: FactSet. As of November 30, 2025


Portfolio Impact: The prospects for growth heading into 2026 are positive, but signs of moderation and
uncertainty in the market persist. Positioning portfolios for multiple outcomes, rather than a single scenario,
remains prudent. While all-in yields in non-investment grade remain high enough to compel an allocation, similar
to last year we remain tempered in our sizing. With current spreads near all-time lows and credit risk seemingly
absent, our emphasis remains on high quality investment grade fixed income. Additionally, we continue
to believe select active management strategies have the ability to generate alpha in this market. Dynamic fixed
income and alternatives like private markets and hedge funds offer flexibility to navigate sector divergences,
capture market opportunities, uncover mispriced assets and manage risk effectively.


Final Thoughts
We approach 2026 with both optimism and realism. Continued stimulus from a more accommodative Federal
Reserve, the “One Big Beautiful Bill” and a resilient economy provide a strong foundation for the transformative
changes driven by AI, and, by extension, the markets. That said, we recognize that current valuations and pockets
of exuberance around innovation introduce risks.


As we weigh the possibilities ahead, we remain mindful of our entrusted role with clients. Ultimately, we are
stewards of capital, and it is our duty to protect capital and not speculate with assets that have been placed in our
care. After recasting our capital market assumptions and reviewing portfolio exposures, we find little need for
material shifts. While modest adjustments may be warranted, and more substantive discussions around adding
alternatives may arise, we believe current positioning reflects both balanced risks and upside potential.




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 Page 80 of 84
About the Authors


 Brad joined Fiducient Advisors in 2012. He is chair of the firm’s Investment
 Committee and a member of the firm’s Discretionary Committee, Research
 Forum, Capital Markets Team and Mission-Aligned Investing Committee. In
 2019, Brad was name named a “Rising Star” in City Wire’s annual Professional
 Buyer publication for his contributions in the investment manager research
 industry. Prior to joining the firm, Brad worked in various research capacities at
 Citigroup and Wells Fargo in New York. He received a BA in Finance and Minor
Bradford L. Long, CFA in Economics from The University of Colorado and is a CFA® charterholder and
Managing Partner member of the CFA Society of Chicago and CFA Institute. Additionally, he is
Chief Investment Officer active with Greenhouse Scholars, a nonprofit providing financial and personal
 support to under resourced college students. In his free time, Brad loves cooking
 and spending time with his wife and young sons.


 As a member of the Global Public Markets Team, Rob researches and performs
 operational due diligence on fixed income investment managers. He is also a
 member of our Capital Markets Team. Rob joined Fiduciary Investment Advisors
 LLC in 2011, which combined with Fiducient Advisors in 2020. Prior to joining the
 firm, he was an Investment Analyst at U SI Advisors, Inc. He received his BA from
 Bucknell University, is a CFA® charterholder and a member of the CFA Institute
 and the Hartford CFA Society. Rob volunteers as a member of the Finance and
 Investment Committee for Chrysalis Center, Inc., a nonprofit organization in
Robert Lowry, CFA Hartford, CT providing support to those struggling with poverty, mental health
Principal
Associate Research Director issues and other challenges. In his free time, Rob enjoys biking with his wife and
 son, golf, running and platform tennis.




 www.FiducientAdvisors.com

 Page 81 of 84
Disclosures and Index Proxies
This report does not represent a specific investment recommendation. Comparisons to any indices referenced herein are for illustrative
purposes only and are not meant to imply that actual returns or volatility will be similar to the indices. Indices cannot be invested in
directly. Unmanaged index returns assume reinvestment of any and all distributions and are reported gross of any fees and expenses. Any
forecasts represent future expectations and actual returns; volatilities and correlations will differ from forecasts.

When referencing asset class returns or statistics, the following indices are used to represent those asset classes, unless otherwise notes.
Each index is unmanaged, and investors can not actually invest directly into an index:

“Finding the Right Balance” global equity allocation top 10 weights based on the following weighted average portfolio of indexes: S&P 500
(41.8%), Russell Mid Cap (12.5%), Russell 2000 (8.2%), MSCI EAFE (26.1%) and MSCI EM (11.5%).

INDEX DEFINITIONS


 Indices used to
  generate historical Index Linked Index Index Linked Index Index Linked Index Index
 Most Recent Index
 risk and return Dates 1 Dates 2 Dates 2 Dates
 metrics


Cash FTSE Treasury Bill 3 Mon USD 11/25 - 1/79 N.A.
 N.A. - N.A. N.A. N.A. - N.A. N.A. N.A. - N.A.
ST Bonds Bloomberg US Govt/Credit 1-3 Yr TR USD
 11/25 - 1/79 N.A.
 N.A. - N.A. N.A.
 N.A. - N.A. N.A. N.A. - N.A.
TIPS Bloomberg US Treasury US TIPS TR USD
 11/25 - 3/97 Bloomberg US Agg Bond TR USD
 2/97 - 1/79 N.A. N.A. - N.A. N.A. N.A. - N.A.
Muni Bond Bloomberg Municipal 5 Yr 4-6 T R USD
 11/25 - 1/88 Bloomberg US Agg Bond TR USD
 12/87 - 1/79 N.A.
 N.A. - N.A. N.A. N.A. - N.A.
Muni High Yield - 11/95 10/95 - 1/88 - 1/79 N.A. - N.A.
 Bloomberg Municipal 5 Yr 4-6 TR
 Bloomberg HY Muni TR USD 11/25 USD
 Bloomberg US Agg Bond TR USD
 12/87
 N.A.




US Bond Bloomberg US Agg Bond TR USD 11/25 - 1/79 N.A.
 N.A. - N.A. N.A.
 N.A. - N.A. N.A.
 N.A. - N.A.
US Bonds - Dynamic *Custom Blend of Indices 11/25 - 2/90 Bloomberg US Agg Bond TR USD
 1/90 - 1/79 N.A.
 N.A. - N.A. N.A.
 N.A. - N.A.
For. Dev. Bond 50% CITI WGBI NonUSD Hdg 50% CITI WGBI NonUSD
 11/25 - 1/85 Bloomberg US Agg Bond TR USD
 12/84 - 1/79
 N.A.
 N.A. - N.A. N.A.
 N.A. - N.A.
HY Bond Bloomberg US Corporate High Yield TR USD
 11/25 - 7/83 Bloomberg US Agg Bond TR USD
 6/83 - 1/79 N.A.
 N.A. - N.A. N.A.
 N.A. - N.A.
EM Bond - 1/03 12/02 - 1/94 12/93 - 7/83 6/83 - 1/79
 JPM EMBI Global Diversified Bloomberg US Corporate High
 JPM GBI-EM Global Diversified TR USD Bloomberg US Agg Bond TR USD
 11/25 TR USD Yield TR USD



Global Bonds Bloomberg Global Aggregate T R USD
 11/25 - 2/90 Bloomberg US Agg Bond TR USD
 1/90 - 1/79 N.A.
 N.A. - N.A. N.A.
 N.A. - N.A.
Global Equity MSCI ACWI GR USD 11/25 - 1/88 S&P 500 TR USD
 12/87 - 1/79
 N.A.
 N.A. - N.A. N.A.
 N.A. - N.A.
US Equity (AC) Russell 3000 TR USD 11/25 - 1/79 N.A.
 N.A. - N.A. N.A.
 N.A. - N.A. N.A.
 N.A. - N.A.
US Equity (LC) S&P 500 TR USD 11/25 - 1/79 N.A.
 N.A. - N.A. N.A.
 N.A. - N.A. N.A.
 N.A. - N.A.
US Equity (MC) Russell Mid Cap TR USD 11/25 - 1/79 N.A.
 N.A. - N.A. N.A.
 N.A. - N.A. N.A.
 N.A. - N.A.
US Equity (SC) Russell 2000 TR USD 11/25 - 1/79 N.A.
 N.A. - N.A. N.A.
 N.A. - N.A. N.A.
 N.A. - N.A.
Int'l Dev. Equity MSCI EAFE GR USD 11/25 - 1/79 N.A.
 N.A. - N.A. N.A.
 N.A. - N.A. N.A.
 N.A. - N.A.
EM Equity MSCI EM GR USD 11/25 - 1/88 MSCI EAFE GR USD
 12/87 - 1/79
 N.A.
 N.A. - N.A. N.A.
 N.A. - N.A.
Preferred Equity - 1/97 12/96 - 7/83 6/83 - 1/79 N.A. - N.A.
 Bloomberg US Corporate High
 ICE BofA Core Fxd Rate Pref T R USD Bloomberg US Agg Bond TR USD N.A.
 11/25 Yield TR USD



Real Estate FT SE Nareit All Equity REIT s T R USD
 11/25 - 1/79 N.A.
 N.A. - N.A. N.A.
 N.A. - N.A. N.A.
 N.A. - N.A.
Private Real Estate Wilshire US RESI TR USD 11/25 - 1/79 N.A.
 N.A. - N.A. N.A.
 N.A. - N.A. N.A.
 N.A. - N.A.
Broad Real Assets S&P Real Asset TR USD 11/25 - 5/05 *Custom Real Assets Index
 4/05 - 1/79 N.A.
 N.A. - N.A. N.A.
 N.A. - N.A.
Commod. Fut. BCI+TIPS-CASH - 3/97 2/97 - 1/91 12/90 - 1/79 N.A. - N.A.
 BCI+AGG-CASH GSCI+AGG-CASH N.A.
 11/25

Global Infrastructure DJ Brookfld Global Infra TR USD 11/25 - 2/03 Alerian MLP TR USD
 1/03 - 1/96 Wilshire US RESI TR USD
 12/95 - 1/79
 N.A.
 N.A. - N.A.
 - 1/90 12/89 - 1/79 N.A. - N.A. N.A. - N.A.
 HFN Hedge Fund Aggregate
Marketable Alternatives HFRI Fund of Funds Composite USD 11/25 Average
 N.A. N.A.




Private Equity Cambridge PE 67% Buyout vs. 33% Venture
 11/25 - 4/86 Russell 2000 TR USD
 3/86 - 1/79 N.A.
 N.A. - N.A. N.A.
 N.A. - N.A.

* US Bonds – Dynamic Index – 1/3 Bloomberg Gbl Agg EXUSD TR Hdg USD, 1/3 FTSE Treasury Bill Mon USD & 1/3
Bloomberg US Corporate High Yield TR USD

FTSE Treasury Bill 3 Month measures return equivalents of yield averages and are not marked to market. It is an average of the last
three three-month Treasury bill month-end rates.
Bloomberg Capital US Treasury Inflation Protected Securities Index consists of Inflation-Protection securities issued by the U.S.
Treasury.
Bloomberg Muni 5 Year Index is the 5 year (4-6) component of the Municipal Bond index.
Bloomberg High Yield Municipal Bond Index covers the universe of fixed rate, non-investment grade debt.
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.




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FTSE World Government Bond Index (WGBI) (Unhedged) provides a broad benchmark for the global sovereign fixed income
market by measuring the performance of fixed-rate, local currency, investment-grade sovereign debt from over 20 countries,
FTSE World Government Bond Index (WGBI) (Hedged) is designed to represent the FTSE WGBI without the impact of local
currency exchange rate fluctuations.
Bloomberg US Corporate High Yield TR USD 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 Index (GBI-EMI) 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.
JPMorgan EMBI Global Diversified is an unmanaged, market-capitalization weighted, total-return index tracking the traded market
for U.S.-dollar-denominated Brady bonds, Eurobonds, traded loans, and local market debt instruments issued by sovereign and quasi-
sovereign entities.
MSCI ACWI is designed to represent performance of the full opportunity set of large- and mid-cap stocks across multiple developed and
emerging markets, including cross-market tax incentives.
S&P 500 is a capitalization-weighted index designed to measure performance of the broad domestic economy through changes in the
aggregate market value of 500 stocks representing all major industries.
S&P 600 measures the performance of 600 small-cap companies in the U.S. equity market. It is comprised of the smallest 600 companies
in the S&P Composite 1500 Index. It is a float-adjusted market-capitalization weighted index.
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 Mid Cap measures the performance of the 800 smallest companies in the Russell 1000 Index.
Russell 2000 consists of the 2,000 smallest U.S. companies in the Russell 3000 index.
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. The index covers approximately 85% of the free float-adjusted market capitalization in each country.
MSCI Emerging Markets captures large and mid-cap representation across Emerging Markets countries. The index covers
approximately 85% of the free-float adjusted market capitalization in each country
The Wilshire US Real Estate Securities Index (Wilshire US RESI) is comprised of publicly-traded real estate equity securities and
designed to offer a market-based index that is more reflective of real estate held by pension funds.
Alerian MLP Index is a 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.
Bloomberg Commodity Index (BCI) 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.
Treasury Inflation-Protected Securities (TIPS) are Treasury bonds that are indexed to inflation to protect investors from the
negative effects of rising prices. The principal value of TIPS rises as inflation rises.
HFRI Fund of Funds Composite is an equal-weighted index consisting of over 800 constituent hedge funds, including both domestic
and offshore funds.
HFRI Asset Weighted Composite Index is a global, asset-weighted index comprised of 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 $10 Million under management and a twelve (12) month track record of active performance. The HFRI Asset Weighted
Composite Index does not include Funds of Hedge Funds. The constituent funds of the HFRI Asset Weighted Composite Index are weighted
according to the AUM reported by each fund for the prior month.
Cambridge Associates U.S. Private Equity Index (67% Buyout vs. 33% Venture) 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.
HFN Hedge Fund Aggregate Average is an equal weighted average of all hedge funds and CTA/managed futures products reporting to
the HFN Database. Constituents are aggregated from each of the HFN Strategy Specific Indices.
Goldman Sachs Commodity Index (GSCI) is a broadly diversified, unleveraged, long-only composite index of commodities that
measures the performance of the commodity market.
Morningstar Global Artificial Intelligence Select Index provides exposure to companies to the top 50 companies identified using
research provided by Morningstar's Equity Research team, as positioned to be at the forefront of AI innovation in areas including generative
AI, AI data & infrastructure, AI software, and AI services.
NYSE Semiconductor Index is a rules-based, modified float-adjusted market capitalization-weighted Index that tracks the performance
of the thirty largest U.S. listed semiconductor companies. Semiconductor companies are defined as those classified within the
Semiconductors Industry of the ICE Uniform Sector Classification schema. This includes companies that either manufacture materials that
have electrical conductivity (semiconductors) to be used in electronic applications or utilize LED and OLED technology. This also includes
companies that provide services or equipment associated with semiconductors such as packaging and testing.
S&P Data Center, Tower REIT, and Communications Equipment Index measures the performance of developed market-
domiciled, U.S.-listed companies which are involved in the ownership and management of data centers, telecommunication towers, and
related equipment.
Morningstar Global Digital Infrastructure & Connectivity lndex provides exposure to the top 50 companies identified using
research provided by Morningstar's Equity Research team, as positioned to experience meaningful economic benefits as a producer of
promising digital infrastructure technologies consisting of two themes: infrastructure as a service and current next-generation connectivity
(5G).




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 Page 83 of 84
 Material Risks Disclosures
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.

Cash may be subject to the loss of principal and over longer period of time may lose purchasing power due to inflation.

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 risk of
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.




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 Page 84 of 84

BURLINGTON RETIREMENT BOARD
 UPDATED: REMOTE ONLY
 MINUTES OF MEETING
 January 26, 2026




1. Agenda
1. Agenda
This meeting was held remotely due to weather.
Chair Hooper convened the meeting at 9:35 am.
Members present (all online):
Paul Olsen, Eric Dalla Mura, Kyle Blake, David Mount, Munir Kasti, Matt Dow, Katherine Schad and Bob
Hooper
Others present:
Brad Kukenberger, Hayley McClenahan, Lynn Reagan, Chris Rowlins and Kate Pizzi

Subject 1.1. Motion to adopt agenda
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30
 AM, UPDATED: REMOTE ONLY


Category 1. Agenda

Department Retirement Administration


Type Action
 Procedural


Recommended Action Motion to adopt agenda
1.1. Motion to adopt agenda
Motion made by Board Member Kasti, seconded by Board Member Mount, to adopt the agenda as
presented. Motion passed unanimously.


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

3. Consent Agenda
3. Consent Agenda

Subject 3.1. Motion to adopt the consent agenda and take the actions indicated
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30
 AM, UPDATED: REMOTE ONLY
Category 3. Consent Agenda
Department Retirement Administration


Type Action (Consent)
 Procedural


3.1. Motion to adopt the consent agenda and take the actions indicated
Motion made by Board Member Blake, seconded by Board Member Mount, to adopt the consent agenda and
take the actions indicated. Motion passed unanimously.


Subject 3.2. November 17, 2025 Retirement Board Meeting Minutes - DFA
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30
 AM, UPDATED: REMOTE ONLY
Category 3. Consent Agenda
Department Department of Finance and Administration


Type Action (Consent)
 Information
 Minutes


3.2. November 17, 2025 Retirement Board Meeting Minutes - DFA


Subject 3.3. 2026 Meeting Schedule - DFA
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30
 AM, UPDATED: REMOTE ONLY


Category 3. Consent Agenda

Department Department of Finance and Administration


Type Action (Consent)


Recommended Action to approve the 2026 board meeting dates as listed
3.3. 2026 Meeting Schedule - DFA


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

Subject 4.1. Deanna M. Paluba, Class B $6,799.68; Effective Date of Benefit:
 02/01/26
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30
 AM, UPDATED: REMOTE ONLY


Category 4. Approve Return of Contributions

Department Retirement Administration
Type Action


Recommended Action approve the return of contribution for Deanna N. Paluba
4.1. Deanna M. Paluba, Class B $6,799.68; Effective Date of Benefit: 02/01/26


Subject 4.2. Edith L. Ducharme, Class B $23,990.40; Effective Date of Benefit:
 12/01/25
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30
 AM, UPDATED: REMOTE ONLY


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Edith L. Ducharme
4.2. Edith L. Ducharme, Class B $23,990.40; Effective Date of Benefit: 12/01/25


Subject 4.3. Constance J. Crisp, Class B $17,299.01; Effective Date of Benefit:
 01/01/26
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30
 AM, UPDATED: REMOTE ONLY


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Constance J. Crisp
4.3. Constance J. Crisp, Class B $17,299.01; Effective Date of Benefit: 01/01/26


Subject 4.4. Steven J. Miksek, Class B $5,582.31; Effective Date of Benefit:
 01/01/26
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30
 AM, UPDATED: REMOTE ONLY


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Steven J. Miksek
4.4. Steven J. Miksek, Class B $5,582.31; Effective Date of Benefit: 01/01/26
Subject 4.5. Kaylah R. Grant, Class A $16,801.86; Effective Date of Benefit:
 02/01/26
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30
 AM, UPDATED: REMOTE ONLY


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Kaylah R. Grant
4.5. Kaylah R. Grant, Class A $16,801.86; Effective Date of Benefit: 02/01/26


Subject 4.6. Jason Seth Perry, Class A $2,731.49; Effective Date of Benefit:
 12/01/25
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30
 AM, UPDATED: REMOTE ONLY


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Jason Seth Perry
4.6. Jason Seth Perry, Class A $2,731.49; Effective Date of Benefit: 12/01/25


Subject 4.7. Joseph D. Turner, Class B $12,185.35; Effective Date of Benefit:
 01/01/26
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30
 AM, UPDATED: REMOTE ONLY


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Joseph D. Turner
4.7. Joseph D. Turner, Class B $12,185.35; Effective Date of Benefit: 01/01/26


Subject 4.8. Lb Gurung, Class B $8,688.20; Effective Date of Benefit: 03/01/26
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30
 AM, UPDATED: REMOTE ONLY
Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Lb Gurung
4.8. Lb Gurung, Class B $8,688.20; Effective Date of Benefit: 03/01/26


Subject 4.9. Riley Delzer, Class B $28,950.98; Effective Date of Benefit: 12/01/25
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30
 AM, UPDATED: REMOTE ONLY


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Riley Delzer
4.9. Riley Delzer, Class B $28,950.98; Effective Date of Benefit: 12/01/25


Subject 4.10. Garret J. King, Class B $7,539.60; Effective Date of Benefit:
 12/01/25
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30
 AM, UPDATED: REMOTE ONLY


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Garret J. King
4.10. Garret J. King, Class B $7,539.60; Effective Date of Benefit: 12/01/25


Subject 4.11. Sebastian Ryder, Class B $2,393.06; Effective Date of Benefit:
 12/01/25
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30
 AM, UPDATED: REMOTE ONLY


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action
Recommended Action approve return of contribution for Sebastian Ryder
4.11. Sebastian Ryder, Class B $2,393.06; Effective Date of Benefit: 12/01/25


Subject 4.12. Juan Angel, Class A $711.64; Effective Date of Benefit: 12/01/25
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30
 AM, UPDATED: REMOTE ONLY


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution of Juan Angel
4.12. Juan Angel, Class A $711.64; Effective Date of Benefit: 12/01/25


Subject 4.13. Donald Scott, Class A $884.03; Effective Date of Benefit: 11/15/25
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30
 AM, UPDATED: REMOTE ONLY


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Donald Scott
4.13. Donald Scott, Class A $884.03; Effective Date of Benefit: 11/15/25


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

Subject 5.1. Cheryl S. Mitchell, Class B $5,238.21; Effective Date of Benefit:
 01/01/26; Payment Date: 01/15/26
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30
 AM, UPDATED: REMOTE ONLY


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Cheryl S. Mitchell
5.1. Cheryl S. Mitchell, Class B $5,238.21; Effective Date of Benefit: 01/01/26; Payment Date: 01/15/26
Subject 5.2. Charles E. Cornish, Class B $2,340.82; Effective Date of Benefit:
 11/01/25; Payment Date: 11/15/25
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30
 AM, UPDATED: REMOTE ONLY


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Charles E. Cornish
5.2. Charles E. Cornish, Class B $2,340.82; Effective Date of Benefit: 11/01/25; Payment Date: 11/15/25


Subject 5.3. Cindy A. Carey, Class B $939.51; Effective Date of Benefit: 12/01/25;
 Payment Date: 12/15/25
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30
 AM, UPDATED: REMOTE ONLY


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Cindy A. Carey
5.3. Cindy A. Carey, Class B $939.51; Effective Date of Benefit: 12/01/25; Payment Date: 12/15/25


Subject 5.4. Christine A. Brown, Class B $322.70; Effective Date of Benefit:
 12/01/25; Payment Date: 12/15/25
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30
 AM, UPDATED: REMOTE ONLY


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Christine A. Brown
5.4. Christine A. Brown, Class B $322.70; Effective Date of Benefit: 12/01/25; Payment Date: 12/15/25


Subject 5.5. Jeff Tanguay, Class B $600.46; Effective Date of Benefit: 11/01/25;
 Payment Date: 11/15/25
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30
 AM, UPDATED: REMOTE ONLY
Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Jeff Tanguay
5.5. Jeff Tanguay, Class B $600.46; Effective Date of Benefit: 11/01/25; Payment Date: 11/15/25


Subject 5.6. Richard Bailey, Class B $2,552.18; Effective Date of Benefit:
 10/01/25; Payment Date: 11/15/25
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30
 AM, UPDATED: REMOTE ONLY


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Richard Bailey
5.6. Richard Bailey, Class B $2,552.18; Effective Date of Benefit: 10/01/25; Payment Date: 11/15/25


Subject 5.7. Douglas W. Wood, Class B $2,579.42; Effective Date of Benefit:
 09/15/25; Payment Date: 11/15/25
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30
 AM, UPDATED: REMOTE ONLY


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Douglas W. Wood
5.7. Douglas W. Wood, Class B $2,579.42; Effective Date of Benefit: 09/15/25; Payment Date: 11/15/25


6. Administrative Update
6. Administrative Update

Subject 6.1. BERS pension buy-in - HR
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30
 AM, UPDATED: REMOTE ONLY
Category 6. Administrative Update
Department Human Resources
Type Information
 Discussion


6.1. BERS pension buy-in - HR


Subject 6.2. Ordinance: Raising The Mandatory Retirement Age For Class A
 Employees
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30
 AM, UPDATED: REMOTE ONLY
Category 6. Administrative Update
Department Council and Board


Type Discussion
 Information


6.2. Ordinance: Raising The Mandatory Retirement Age For Class A Employees


Subject 6.3. Investment Advisory Services RFP - Finalist Selection
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30
 AM, UPDATED: REMOTE ONLY
Category 6. Administrative Update
Department Retirement Administration


Type Discussion
 Information


6.3. Investment Advisory Services RFP - Finalist Selection


7. Fiducient
7. Fiducient

Subject 7.1. Monthly Performance Update - December 2025
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30
 AM, UPDATED: REMOTE ONLY
Category 7. Fiducient
Department Retirement Administration


Type Information
 Report
 Discussion


7.1. Monthly Performance Update - December 2025


Subject 7.2. 2026 Investment Outlook
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30
 AM, UPDATED: REMOTE ONLY
Category 7. Fiducient
Department Retirement Administration


Type Communication
 Discussion
 Information


7.2. 2026 Investment Outlook


8. Adjournment
8. Adjournment

Subject 8.1. Motion to adjourn
Meeting January 26, 2026 - Retirement Board Meeting - Monday, January 26, 2026, 9:30
 AM, UPDATED: REMOTE ONLY


Category 8. Adjournment

Department Retirement Administration


Type Action
 Procedural


Recommended Action Motion to adjourn
8.1. Motion to adjourn
Chair Hooper adjourned the meeting at 11:14 am.