Retirement Board — Burlington, VT
Date: 2025-07-21
Time: 09:30

Retirement Board



  Monday, July 21, 2025, 9:30 AM, Bushor Conference Room, 149 Church Street, 1st
 Floor

Join from PC, Mac, iPad, or Android:
https://zoom.us/j/94472510116
Phone one-tap:
+13092053325, 94472510116# US
Join via audio:
+1 309 205 3325 US
Webinar ID: 944 7251 0116
International numbers available: https://zoom.us/u/abTpbGo6Il
1. Agenda
 Subject 1.1. Motion to adopt agenda
 Meeting July 21, 2025 - Retirement Board Meeting - Monday, July 21, 2025, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


 Category 1. Agenda

 Department Council and Board


 Type Action
 Procedural


 Recommended Action Motion to adopt agenda

2. Public Forum

3. Minutes
 Subject 3.1. June 23, 2025 Retirement Board Meeting Minutes
 Meeting July 21, 2025 - Retirement Board Meeting - Monday, July 21, 2025, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


 Category 3. Minutes

 Department Clerk/Treasurer's Office
  Type Action
 Minutes


  Recommended Action approve the minutes

4. Approve Return of Contributions
  Subject 4.1. Connor P. Newman, Class B $3,675.90; Effective Date of Benefit:
 07/01/25
  Meeting July 21, 2025 - Retirement Board Meeting - Monday, July 21, 2025, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Connor P. Newman

  Subject 4.2. Ethan Zhang, Class B $6,278.35; Effective Date of Benefit: 07/01/25
  Meeting July 21, 2025 - Retirement Board Meeting - Monday, July 21, 2025, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Ethan Zhang

5. Approve Retirement Applications
  Subject 5.1. Jay L. Morin, Class B $3,786.64; Effective Date of Benefit: 07/01/25;
 Payment Date: 07/15/25
  Meeting July 21, 2025 - Retirement Board Meeting - Monday, July 21, 2025, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 5. Approve Retirement Applications

  Department Retirement Administration


  Type Action


  Recommended Action aprpove retirement application for Jay L. Morin

  Subject 5.2. Ritchie D. Snow, Class B $3,676.06; Effective Date of Benefit: 07/01/25;
 Payment Date: 07/15/25
  Meeting July 21, 2025 - Retirement Board Meeting - Monday, July 21, 2025, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 5. Approve Retirement Applications
  Department Retirement Administration


  Type Action


  Recommended Action approve retirement application for Ritchie D. Snow

  Subject 5.3. Edwin W. Webster, Jr., Class A $10,561.37; Effective Date of Benefit:
 06/01/25; Payment Date: 06/15/25
  Meeting July 21, 2025 - Retirement Board Meeting - Monday, July 21, 2025, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 5. Approve Retirement Applications

  Department Retirement Administration


  Type Action


  Recommended Action approve retirement application for Edwin W. Webster, Jr.

  Subject 5.4. Denise Newell, Class B $880.93; Effective Date of Benefit: 06/01/25;
 Payment Date: 06/15/25
  Meeting July 21, 2025 - Retirement Board Meeting - Monday, July 21, 2025, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 5. Approve Retirement Applications

  Department Retirement Administration


  Type Action


  Recommended Action approve retirement application for Denise Newell

  Subject 5.5. Donald Bissonette, Class B $451.31; Effective Date of Benefit: 08/01/25;
 Payment Date: 08/15/25
  Meeting July 21, 2025 - Retirement Board Meeting - Monday, July 21, 2025, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 5. Approve Retirement Applications

  Department Retirement Administration


  Type Action


  Recommended Action approve retirement application for Donald Bissonette

6. Administrative Update
  Subject 6.1. GASB 68 Disclosure as of June 30, 2025 (measurement date: June 30,
 2024) - USI
  Meeting July 21, 2025 - Retirement Board Meeting - Monday, July 21, 2025, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor
  Category 6. Administrative Update
  Department Retirement Administration
  Type Information
 Discussion



7. Fiducient
  Subject 7.1. 2Q2025 Investment Review
  Meeting July 21, 2025 - Retirement Board Meeting - Monday, July 21, 2025, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor
  Category 7. Fiducient
  Department Retirement Administration


  Type Discussion
 Information



8. Adjournment
  Subject 8.1. Motion to adjourn
  Meeting July 21, 2025 - Retirement Board Meeting - Monday, July 21, 2025, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 8. Adjournment

  Department Council and Board


  Type Action
 Procedural


  Recommended Action Motion to adjourn

Retirement Board



  Monday, July 21, 2025, 9:30 AM, Bushor Conference Room, 149 Church Street, 1st
 Floor

Join from PC, Mac, iPad, or Android:
https://zoom.us/j/94472510116
Phone one-tap:
+13092053325, 94472510116# US
Join via audio:
+1 309 205 3325 US
Webinar ID: 944 7251 0116
International numbers available: https://zoom.us/u/abTpbGo6Il
1. Agenda
 Subject 1.1. Motion to adopt agenda
 Meeting July 21, 2025 - Retirement Board Meeting - Monday, July 21, 2025, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


 Category 1. Agenda

 Department Council and Board


 Type Action
 Procedural


 Recommended Action Motion to adopt agenda

2. Public Forum

3. Minutes
 Subject 3.1. June 23, 2025 Retirement Board Meeting Minutes
 Meeting July 21, 2025 - Retirement Board Meeting - Monday, July 21, 2025, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


 Category 3. Minutes

 Department Clerk/Treasurer's Office




 Page 1 of 154
  Type Action
 Minutes


  Recommended Action approve the minutes

4. Approve Return of Contributions
  Subject 4.1. Connor P. Newman, Class B $3,675.90; Effective Date of Benefit:
 07/01/25
  Meeting July 21, 2025 - Retirement Board Meeting - Monday, July 21, 2025, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Connor P. Newman

  Subject 4.2. Ethan Zhang, Class B $6,278.35; Effective Date of Benefit: 07/01/25
  Meeting July 21, 2025 - Retirement Board Meeting - Monday, July 21, 2025, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Ethan Zhang

5. Approve Retirement Applications
  Subject 5.1. Jay L. Morin, Class B $3,786.64; Effective Date of Benefit: 07/01/25;
 Payment Date: 07/15/25
  Meeting July 21, 2025 - Retirement Board Meeting - Monday, July 21, 2025, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 5. Approve Retirement Applications

  Department Retirement Administration


  Type Action


  Recommended Action aprpove retirement application for Jay L. Morin

  Subject 5.2. Ritchie D. Snow, Class B $3,676.06; Effective Date of Benefit: 07/01/25;
 Payment Date: 07/15/25
  Meeting July 21, 2025 - Retirement Board Meeting - Monday, July 21, 2025, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 5. Approve Retirement Applications




 Page 2 of 154
  Department Retirement Administration


  Type Action


  Recommended Action approve retirement application for Ritchie D. Snow

  Subject 5.3. Edwin W. Webster, Jr., Class A $10,561.37; Effective Date of Benefit:
 06/01/25; Payment Date: 06/15/25
  Meeting July 21, 2025 - Retirement Board Meeting - Monday, July 21, 2025, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 5. Approve Retirement Applications

  Department Retirement Administration


  Type Action


  Recommended Action approve retirement application for Edwin W. Webster, Jr.

  Subject 5.4. Denise Newell, Class B $880.93; Effective Date of Benefit: 06/01/25;
 Payment Date: 06/15/25
  Meeting July 21, 2025 - Retirement Board Meeting - Monday, July 21, 2025, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 5. Approve Retirement Applications

  Department Retirement Administration


  Type Action


  Recommended Action approve retirement application for Denise Newell

  Subject 5.5. Donald Bissonette, Class B $451.31; Effective Date of Benefit: 08/01/25;
 Payment Date: 08/15/25
  Meeting July 21, 2025 - Retirement Board Meeting - Monday, July 21, 2025, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 5. Approve Retirement Applications

  Department Retirement Administration


  Type Action


  Recommended Action approve retirement application for Donald Bissonette

6. Administrative Update
  Subject 6.1. GASB 68 Disclosure as of June 30, 2025 (measurement date: June 30,
 2024) - USI
  Meeting July 21, 2025 - Retirement Board Meeting - Monday, July 21, 2025, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor
  Category 6. Administrative Update
  Department Retirement Administration



 Page 3 of 154
  Type Information
 Discussion



7. Fiducient
  Subject 7.1. 2Q2025 Investment Review
  Meeting July 21, 2025 - Retirement Board Meeting - Monday, July 21, 2025, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor
  Category 7. Fiducient
  Department Retirement Administration


  Type Discussion
 Information



8. Adjournment
  Subject 8.1. Motion to adjourn
  Meeting July 21, 2025 - Retirement Board Meeting - Monday, July 21, 2025, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 8. Adjournment

  Department Council and Board


  Type Action
 Procedural


  Recommended Action Motion to adjourn




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Page 11 of 154
 USICG Participant Service Center
 95 Glastonbury Blvd. STE 102
 Glastonbury, CT 06033-4456




 Ethan Zhang




June 11, 2025


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

Dear Mr. Zhang:

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 July 1, 2025 is $6,278.25. 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 12 of 154
Page 13 of 154
Calculation of Benefit Options Form A
Burlington Employees' Retirement System, Class B - AFSCME Local 1343 Ritchie D. Snow
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.
  Type of Calculation
  Vested - Early Retirement
  Information Used in Benefit Determination
  Participant Name: Ritchie D. Snow Class: B
  Date of Birth: Department: AFSCME Local 1343
  Date of Hire: 05/27/1985 Vesting Percentage: 100.0000%
  Date of Termination: 06/06/2025 Normal Retirement Date (NRD): 04/06/2028
  Beneficiary Date of Birth: N/A Payment Start Date: 07/01/2025
 Employee Contribution Balance w/
 Interest as of 07/01/2025: $33,929.25
  Earnings
  Average Final Compensation*: $70,908.24
  Determination of Benefit Amount
  (1) Years of Creditable Service (CS) 40.00000
  (2) Years of CS on or prior to 06/30/2006 [(2) + (3) is not to exceed 25 years] 21.08333
  (3) Years of CS after 06/30/2006 [(2) + (3) is not to exceed 25 years] 3.91667
  (4) Years of CS in excess of 25 years 15.00000
  COLA Option Full COLA Half COLA No COLA
  (5)  Accrual Rate on or prior to 06/30/2006 (not to exceed 25 years) 1.600% 1.900% 2.200%
  (6)  Accrual Rate after 06/30/2006 (not to exceed 25 years) 1.600% 1.800% 2.000%
  (7)  Accrual Rate in excess of 25 years 0.500% 0.500% 0.500%
  (8)  Retirement Accrual Percentage =
 [(2) x (5)] + [(3) x (6)] + [(4) x (7)] 47.5000% 54.6083% 61.7167%
  (9)  Monthly Vested Benefit Payable at NRD
 = (8) x Average Final Compensation/12 x Vesting Percentage $2,806.78 $3,226.82 $3,646.85
  (10) Early Retirement Reduction Factor 0.9433 0.9433 0.9433
  (11) Monthly Vested Benefit Payable at Payment Start Date = (9) x (10) $2,647.64 $3,043.86 $3,440.07
 Benefit Options Available
 Full COLA Half COLA No COLA
 Form of Payment Option Initial Survivor’s Initial Survivor’s Initial Survivor’s
 Factor Benefit Benefit(1) Benefit Benefit(1) Benefit Benefit(1)
 Straight Life Annuity 1.0686 $2,829.27 ** $3,252.67 ** $3,676.06 **
 10 Year Certain & Life Annuity 1.0000 $2,647.64 $2,647.64 $3,043.86 $3,043.86 $3,440.07 $3,440.07
 100% Joint & Survivor Annuity N/A N/A N/A N/A N/A N/A N/A
 50% Joint & Survivor Annuity N/A N/A N/A N/A N/A N/A N/A
 100% Joint & Survivor Pop-Up Annuity N/A N/A N/A N/A N/A N/A N/A
 50% Joint & Survivor Pop-Up Annuity N/A N/A N/A N/A N/A N/A N/A

 Return of Employee Contributions N/A $33,929.25 N/A $33,929.25 N/A $33,929.25 N/A

 (1) Survivor Benefits: for the Joint & Survivor Annuity payments, the survivor’s benefit is only payable if the chosen survivor is alive upon the participant’s death.
 If the chosen survivor is not alive, then no additional benefit is payable upon participant death. The choice of survivor may not be changed after benefit
 payments have commenced.

 * Average is of the three highest years of base earnings
 **Amount in excess (if any) of accumulated employee contributions, with interest, over payments made




USICG.COM 6/12/2025Page
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Page 15 of 154
Calculation of Benefit Options Form A
Burlington Employees' Retirement System, Class B - School Denise Newell
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.
  Type of Calculation
  Late Service
  Information Used in Benefit Determination
  Participant Name: Denise Newell Class: B
  Date of Birth: Department: School
  Date of Hire: 09/01/1997 Vesting Percentage: 100.0000%
  Date of Termination: 06/23/2017 Normal Retirement Date (NRD): 12/21/2024
  Beneficiary Date of Birth: Payment Start Date: 03/01/2025
 Employee Contribution Balance w/
 Interest as of 03/01/2025: $14,437.33
  Earnings
  Average Final Compensation*: $36,250.01
  Determination of Benefit Amount
  (1)  Years of Creditable Service (CS) 19.83333
  (2)  Years of CS on or prior to 06/30/2006 [(2) + (3) is not to exceed 25 years] 8.83333
  (3)  Years of CS after 06/30/2006 [(2) + (3) is not to exceed 25 years] 11.00000
  COLA Option Full COLA Half COLA No COLA
  (4)  Accrual Rate on or prior to 06/30/2006 (not to exceed 25 years) 1.600% 1.900% 2.200%
  (5)  Accrual Rate after 06/30/2006 (not to exceed 25 years) 1.600% 1.800% 2.000%
  (6)  Retirement Accrual Percentage =
 [(2) x (4)] + [(3) x (5)] 31.7333% 36.5833% 41.4333%
  (7)  Monthly Vested Benefit Payable at Payment Start Date
 = (6) x Average Final Compensation/12 x Vesting Percentage $958.61 $1,105.12 $1,251.63
  (8)  Monthly Vested Benefit at NRD:
 ={[Years of CS on or prior to 06/30/2006 and prior to NRD (8.83333) x (4)]
 + [Years of CS after 06/30/2006 and prior to NRD (11.00000) x (5)]} x
 Average Final Compensation/12 x Vesting Percentage $958.61 $1,105.12 $1,251.63
  (9)  Monthly Vested Benefit Payable at Payment Start Date:
 = [Greater of (8)] x 1.019943 Late Adjustment Factor or (7) $977.73 $1,127.16 $1,276.59
 Benefit Options Available
 Full COLA Half COLA No COLA
 Form of Payment Option Initial Survivor’s Initial Survivor’s Initial Survivor’s
 Factor Benefit Benefit(1) Benefit Benefit(1) Benefit Benefit(1)
 Straight Life Annuity 1.0941 $1,069.73 ** $1,233.23 ** $1,396.72 **
 10 Year Certain & Life Annuity 1.0000 $977.73 $977.73 $1,127.16 $1,127.16 $1,276.59 $1,276.59
 100% Joint & Survivor Annuity N/A N/A N/A N/A N/A N/A N/A
 50% Joint & Survivor Annuity 0.9010 $880.93 $440.47 $1,015.57 $507.79 $1,150.21 $575.11
 100% Joint & Survivor Pop-Up Annuity N/A N/A N/A N/A N/A N/A N/A
 50% Joint & Survivor Pop-Up Annuity 0.8985 $878.49 $439.25 $1,012.75 $506.38 $1,147.02 $573.51

 Return of Employee Contributions N/A $14,437.33 N/A $14,437.33 N/A $14,437.33 N/A

 (1) Survivor Benefits: for the Joint & Survivor Annuity payments, the survivor’s benefit is only payable if the chosen survivor is alive upon the participant’s death.
 If the chosen survivor is not alive, then no additional benefit is payable upon participant death. The choice of survivor may not be changed after benefit
 payments have commenced.

 * Average is of the three highest years of base earnings
 **Amount in excess (if any) of accumulated employee contributions, with interest, over payments made




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Page 17 of 154
Burlington Employees'
Retirement System




 GASB 68
 DISCLOSURE
 as of June 30, 2025
(measurement date: June 30, 2024

 Page 18 of 154
 GASB 68 DISCLOSURE
 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM

 Table of Contents
Certification ............................................................................................................................................................ 1
Contributions Compared to ADEC and Payroll ...................................................................................................... 2
Discount Rate Calculation ...................................................................................................................................... 3
Target Allocation and Expected Rate of Return .................................................................................................... 4
Schedule of Changes in Net Pension Liability and Related Ratios ........................................................................ 5
Schedule of Net Pension Liability .......................................................................................................................... 7
Disclosure Overview as of June 30, 2024............................................................................................................... 8
Changes in the Net Pension Liability ..................................................................................................................... 9
Components of the Pension Expense for the Fiscal Year Ended June 30, 2024 ................................................. 10
Pension Expense and Deferred Outflows and Inflows of Resources Related to Pensions ................................ 15
Sensitivity of the Net Pension Liability to Changes in the Discount Rate .......................................................... 19
Participant Breakdown as of June 30, 2024 ........................................................................................................ 19
Description of Significant Changes Prior to Year End.......................................................................................... 20
DROP Balances...................................................................................................................................................... 20
Valuation Date and Roll Forward Process ........................................................................................................... 20
Funding Policy....................................................................................................................................................... 20
Assumption Selection ........................................................................................................................................... 20
Description of Actuarial Methods ........................................................................................................................ 21
Description of Actuarial Assumptions ................................................................................................................. 22
Summary of Plan Provisions ................................................................................................................................ 26
Supplemental Allocation Exhibits ........................................................................................................................ 33


All the items listed below are required by GASB 67 and GASB 68 but are not included in this report:
Money-Weighted Rate of Return
Schedule of Investment Returns
Statement of Changes in Fiduciary Net Position
Statement of Fiduciary Net Position
Investments That Represent 5% or More of the Plan’s Fiduciary Net Position
Investment Policy
Pension Board Composition
Authority to Amend Plan
Report Prepared By:

 Steve A. Lemanski Robert P. Lessard Rebecca Lunt
 Partner | Vice President & Assistant Vice President & Senior Actuarial Analyst
 Senior Consulting Actuary Consulting Actuary
 860.856.2073 860.856.2106 860.856.2133
 steve.lemanski@usi.com rob.lessard@usi.com becca.lunt@usi.com


 Page 19 of 154
 GASB 68 DISCLOSURE
 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM




 Certification
This report presents the results of the June 30, 2024 GASB 68 Disclosure for the Burlington Employees'
Retirement System (the Plan). The report is intended to satisfy the requirements of GASB 68. This report may
not be appropriate for any other purpose.

The report has been performed in accordance with generally accepted actuarial principles and practices. It is
intended to comply with the Actuarial Standards Board Standards of Practice.

I certify that the actuarial assumptions and methods that were selected by me and represent my best estimate
of anticipated actuarial experience under the Plan.

In preparing this disclosure report, I have relied on employee data provided by the Plan Sponsor, and on asset
and contribution information provided by the Plan Sponsor or Trustee. I have audited neither the employee
data nor the financial information, although I have reviewed them for reasonableness.

The results in this disclosure report are based on the Plan as summarized in the Summary of Plan Provisions
section of this report and the actuarial methods and assumptions detailed in the Description of Actuarial
Methods and Procedures and Description of Actuarial Assumptions sections of this report.

Future actuarial measurements may differ significantly from the current measurements presented in this report
due to factors such as, but not limited to, the following: plan experience differing from that anticipated by the
economic or demographic assumptions; changes in economic or demographic assumptions; increases or
decreases expected as part of the natural operation of the methodology used for these measurements (such as
the end of an amortization period or additional cost or contribution requirements based on the plan’s funded
status); and changes in plan provisions or applicable law. Due to the limited scope of this report, an analysis of
the potential range of such future measurements has not been performed.

I have no relationship with the employer or the Plan that would impair, or appear to impair, my objectivity in
performing the work presented in this report. I am a member of the American Academy of Actuaries and meet
its Qualification Standards to render the actuarial opinion contained herein.



Steve A. Lemanski, FSA, FCA, MAAA Robert P. Lessard, ASA, MAAA
Enrolled Actuary 23-05506 Enrolled Actuary 23-08801

July 2, 2025




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 Page 20
 GASB 68 DISCLOSURE
 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM




 Contributions Compared to ADEC and Payroll
 Schedule of Contributions Last 9 Fiscal Years



 2024 2023 2022 2021 2020

 Actuarially determined employer contribution (ADEC) $ 11,716,667 $ 11,254,693 $ 10,821,716 $ 10,236,862 $ 9,715,892
 Contributions in relation to the ADEC 11,716,667 11,254,693 10,821,716 10,236,862 9,715,892
 Contribution deficiency (excess) $ - $ - $ - $ - $ -
 Covered payroll $ 64,019,663 $ 58,652,428 $ 51,361,810 $ 51,634,214 $ 50,603,498
 Contributions as a % of covered payroll 18.30% 19.19% 21.07% 19.83% 19.20%



 2019 2018 2017 2016

 Actuarially determined employer contribution (ADEC) $ 9,516,913 $ 9,172,822 $ 9,219,098 $ 9,149,159
 Contributions in relation to the ADEC 9,516,913 9,172,822 9,219,098 9,149,159
 Contribution deficiency (excess) $ - $ - $ - $ -
 Covered payroll $ 49,218,437 $ 49,012,028 $ 45,650,372 $ 48,107,717
 Contributions as a % of covered payroll 19.34% 18.72% 20.20% 19.02%




USICG.COM 2 21 of 154
 Page
 GASB 68 DISCLOSURE
 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM




 Discount Rate Calculation
The long-term expected rate of return on investments may be used to discount liabilities to the extent that the
plan’s fiduciary net position and future contributions are projected to be sufficient to cover expected benefit
payments and administrative expenses for current plan members. Projections of the plan’s fiduciary net position
incorporate all cash flows for contributions from the employer and employee and administrative expenses.
Professional judgment should be applied to the projections of contributions in circumstances where (a)
contribution amounts are established by statute or contract or (b) a formal written policy exists. Consideration
should also be given to the most recent five-year contribution history as key indicators of future contributions. It
should not include cash flows for future plan members.

If the amount of the plan’s fiduciary net position is projected to be greater than or equal to the benefit
payments and administrative expenses made in that period, the actuarial present value of payments should be
discounted using the long-term expected rate of return on those investments. A 20-year, high quality (AA/Aa or
higher), tax-exempt municipal bond yield or index rate must be used to discount benefit payments for periods
where the fiduciary net position is not projected to cover expected benefit payments and administrative
expenses.

Plans that are projected to have sufficient fiduciary net position indefinitely will use the long-term expected
return on investments to determine liabilities but will have to substantiate their projected solvency.

GASB permits alternative methods to evaluate the sufficiency of the plan’s net fiduciary position. Based on the
plan’s current net pension liability and current contribution policy, the plan’s projected fiduciary net position will
be sufficient to cover projected benefit payments and administrative expenses indefinitely. Therefore, since the
fund is not projected to run out of money, we have used the 7.10% interest rate assumption to discount plan
liabilities.




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 Page 22
 GASB 68 DISCLOSURE
 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM




 Target Allocation and Expected Rate of Return
 Actuarial Valuation as of June 30, 2024

 Long-Term
 Target Expected Real
 Asset Class Allocation Rate of Return* Weighting
 Core Fixed Income 20.00% 5.90% 1.18%
 U.S. Bonds - Dynamic 7.00% 6.80% 0.48%
 U.S. Large Cap Equity 33.00% 7.30% 2.41%
 U.S. Small Cap Equity 9.50% 6.80% 0.65%
 International Developed Equity 19.00% 8.20% 1.56%
 International Emerging Markets Equity 7.00% 10.10% 0.71%
 Private Equity 0.50% 10.30% 0.05%
 Real Estate 4.00% 7.80% 0.31%


 100.00% 7.35%

 Long-Term Inflation Expectation 1.00%

 Long-Term Expected Nominal Return 8.35%


 *Long-Term Real Returns are provided by Fiducient Advisors. The supporting information was provided by
 Fiducient Advisors and reflects the Capital Market Assumptions as of October 31, 2023. The returns are
 geometric means.

The long-term expected rate of return on pension plan investments was determined using a building block
method in which best-estimate ranges of expected future real rates of return are developed. Best estimates of
the real rates of return for each major asset class are included in the pension plan’s target asset allocation.

The information above is based on geometric means and does not reflect additional returns through investment
selection, asset allocation and rebalancing. An expected rate of return of 7.10% was used.
The June 30, 2024 Actuarial Valuation directly calculated the June 30, 2024 Total Pension Liability (TPL).




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 Schedule of Changes in Net Pension Liability and Related Ratios
 Last 9 Fiscal Years
 2024 2023 2022 2021 2020
Total pension liability
Service cost $ 7,402,863 $ 6,545,615 $ 6,776,297 $ 6,676,008 $ 6,513,321
Interest 24,409,872 22,851,695 22,134,729 21,228,650 20,435,116
Changes of benefit terms - - 62,740 3,888,992 -
Differences between expected and actual experience 7,963,694 10,227,799 3,296,513 604,166 3,175,481
Changes of assumptions - 3,190,981 3,383,942 3,621,746 2,234,083
Benefit payments, including refunds of member contributions (22,082,080)  (21,384,228)  (20,615,115)  (18,411,850)  (17,337,994)
Net change in total pension liability 17,694,349 21,431,862 15,039,106 17,607,712 15,020,007
Total pension liability - beginning 347,249,878 325,818,016 310,778,910 293,171,198 278,151,191
Total pension liability - ending: (a) $ 364,944,227 $ 347,249,878 $ 325,818,016 $ 310,778,910 $ 293,171,198

Plan fiduciary net position
Contributions - employer $ 11,716,667 $ 11,254,693 $ 10,821,716 $ 10,236,862 $ 9,715,892
Contributions - member 3,992,236 4,075,840 3,957,281 3,522,346 3,458,775
Net investment income (loss) 28,289,170 21,190,350  (32,688,208)  59,811,708 4,500,109
Benefit payments, including refunds of member contributions (22,082,080)  (21,384,228) (20,615,115) (18,411,850) (17,337,994)
Administrative expenses (648,900) (722,335) (935,694) (762,205) (411,980)
Other - (184,884) (50,100) (50,100) (50,100)
Net change in plan fiduciary net position 21,267,093 14,229,436  (39,510,120)  54,346,761 (125,298)

Plan fiduciary net position - beginning 223,654,238 209,424,802 248,934,922 194,588,161 194,713,459
Plan fiduciary net position - ending: (b) 244,921,331 223,654,238 209,424,802 248,934,922 194,588,161
Net pension liability - ending: (a) - (b) $ 120,022,896 $ 123,595,640 $ 116,393,214 $ 61,843,988 $ 98,583,037
Plan fiduciary net position as a % of total pension liability 67.11% 64.41% 64.28% 80.10% 66.37%
Covered payroll $ 64,019,663 $ 58,652,428 $ 51,361,810 $ 51,634,214 $ 50,603,498
Net pension liability as a % of covered payroll 187.48% 210.73% 226.61% 119.77% 194.81%




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 2019 2018 2017 2016
 Total pension liability
 Service cost $ 6,374,840 $ 6,670,326 $ 5,939,730 $ 5,327,448
 Interest 19,718,409 19,961,295 19,571,180 18,268,523
 Changes of benefit terms - (138,534) - (414,295)
 Differences between expected and actual experience 1,831,931 (1,453,843) (4,272,574) 6,852,487
 Changes of assumptions 2,147,915 (7,508,856) 10,370,856 -
 Benefit payments, including refunds of member contributions (16,617,928)  (15,616,191)  (14,770,644)  (13,971,175)
 Net change in total pension liability 13,455,167 1,914,197 16,838,548 16,062,988
 Total pension liability - beginning 264,696,024 262,781,827 245,943,279 229,880,291
 Total pension liability - ending: (a) $ 278,151,191 $ 264,696,024 $ 262,781,827 $ 245,943,279

 Plan fiduciary net position
 Contributions - employer $ 9,516,913 $ 9,172,822 $ 9,219,098 $ 9,149,159
 Contributions - member 3,630,844 3,624,939 2,712,823 2,304,971
 Net investment income (loss) 9,561,727 16,762,760 21,882,460 (2,088,531)
 Benefit payments, including refunds of member contributions (16,617,928)  (15,616,191)  (14,770,644)  (13,971,175)
 Administrative expenses (338,039) (385,309) (361,811) (320,908)
 Other (50,100) (20,278) - -
 Net change in plan fiduciary net position 5,703,417 13,538,743 18,681,926 (4,926,484)

 Plan fiduciary net position - beginning 189,010,042 175,471,299 156,789,373 161,715,857
 Plan fiduciary net position - ending: (b) 194,713,459 189,010,042 175,471,299 156,789,373
 Net pension liability - ending: (a) - (b) $ 83,437,732 $ 75,685,982 $ 87,310,528 $ 89,153,906
 Plan fiduciary net position as a % of total pension liability 70.00% 71.41% 66.77% 63.75%
 Covered payroll $ 49,218,437 $ 49,012,028 $ 45,650,372 $ 48,107,717
 Net pension liability as a % of covered payroll 169.53% 154.42% 191.26% 185.32%




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 Schedule of Net Pension Liability
 Last 10 Fiscal Years


 2024 2023 2022 2021 2020

 Total pension liability $ 364,944,227 $ 347,249,878 $ 325,818,016 $ 310,778,910 $ 293,171,198
 Plan fiduciary net position 244,921,331 223,654,238 209,424,802 248,934,922 194,588,161
 Net pension liability (asset) $ 120,022,896 $ 123,595,640 $ 116,393,214 $ 61,843,988 $ 98,583,037
 Plan fiduciary net position as a % of total pension liability 67.11% 64.41% 64.28% 80.10% 66.37%
 Covered payroll $ 64,019,663 $ 58,652,428 $ 51,361,810 $ 51,634,214 $ 50,603,498
 Net pension liability as a % of covered payroll 187.48% 210.73% 226.61% 119.77% 194.81%



 2019 2018 2017 2016 2015

 Total pension liability $ 278,151,191 $ 264,696,024 $ 262,781,827 $ 245,943,279 $ 229,880,291
 Plan fiduciary net position 194,713,459 189,010,042 175,471,299 156,789,373 161,715,857
 Net pension liability (asset) $ 83,437,732 $ 75,685,982 $ 87,310,528 $ 89,153,906 $ 68,164,434
 Plan fiduciary net position as a % of total pension liability 70.00% 71.41% 66.77% 63.75% 70.35%
 Covered payroll $ 49,218,437 $ 49,012,028 $ 45,650,372 $ 48,107,717 $ 44,765,172
 Net pension liability as a % of covered payroll 169.53% 154.42% 191.26% 185.32% 152.27%




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 Disclosure Overview as of June 30, 2024


 Plan's Funded Status Deferred Outflows/(Inflows) of Resources


 Total Plan Net Experience Investment Recognized in Recognized in
 Pension Fiduciary Pension (Gains)/ Assumption (Gains)/ Net Pension Total Pension
 Liability Net Position Liability Losses Changes Losses Liability Expense
 Balances -- prior year disclosure (347,249,878) 223,654,238 (123,595,640) 7,917,370 3,255,301 8,597,900 (123,595,640)
 Changes in net pension liability:
 Service cost (7,402,863) (7,402,863) 7,402,863
 Interest (24,409,872) (24,409,872) 24,409,872
 Net investment income 28,289,170 28,289,170 (28,289,170)
 Contributions - employer 11,716,667 11,716,667 11,716,667
 Contributions - member 3,992,236 3,992,236 (3,992,236)
 Changes of benefit terms - - -
 Benefit payments, including refunds of
 member contributions 22,082,080 (22,082,080) -
 Administrative expense (648,900) (648,900) 648,900
 Other - - -
 Recognized in total pension expense
 Differences between expected and actual
 experience (7,162,668) 7,162,668 7,162,668
 Changes of assumptions (2,191,640) 2,191,640 2,191,640
 Differences between projected and actual
 earnings on pension plan investments 982,144 (982,144) (982,144)
 Deferred outflows/inflows of resources
  Differences between expected and actual
  experience (7,963,694) (7,963,694) 7,963,694 (7,963,694)
  Changes of assumptions - - - -
  Differences between projected and actual
  earnings on pension plan investments (12,654,728) 12,654,728 12,654,728
 Total pension expense (21,207,121) 21,207,121
 Balances -- end of year (364,944,227) 244,921,331 (120,022,896) 8,718,396 1,063,661 (3,074,684) (120,022,896)




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 Changes in the Net Pension Liability


 Increase (Decrease)
 Total Pension Plan Fiduciary Net Pension
 Liability Net Position Liability
 (a) (b) (a) - (b)

  Balances as of June 30, 2023 $ 347,249,878 $ 223,654,238 $ 123,595,640
  Changes for the year:
 Service cost 7,402,863 7,402,863
 Interest 24,409,872 24,409,872
 Differences between expected and
 actual experience 7,963,694 7,963,694
 Changes of benefit terms - -
 Changes of assumptions - -
 Contributions - employer 11,716,667 (11,716,667)
 Contributions - member 3,992,236 (3,992,236)
 Net investment income 28,289,170 (28,289,170)
 Benefit payments, including refunds
 of member contributions (22,082,080) (22,082,080) -
 Administrative expense (648,900) 648,900
 Other - -
 Net changes 17,694,349 21,267,093 (3,572,744)
  Balances at June 30, 2024 $ 364,944,227 $ 244,921,331 $ 120,022,896




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 Components of the Pension Expense for the Fiscal Year Ended June 30, 2024


 Description Amount

 Service cost $ 7,402,863
 Interest on the total pension liability 24,409,872
 Differences between expected and actual experience 7,162,668
 Changes of assumptions 2,191,640
 Changes of benefit terms -
 Member contributions (3,992,236)
 Projected earnings on pension plan investments (15,634,442)
 Differences between projected and actual earnings
 on plan investments (982,144)
 Pension plan administrative expense 648,900
 Other changes in fiduciary net position -
 Total pension expense $ 21,207,121




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 Increase (Decrease) in Pension Expense from the Recognition of the Effects
 of Differences Between Expected and Actual Experience


 Differences
 between
 Expected and
 Actual Recognition
 Year Experience Period (Years) 2024 2025 2026


 2022 $ 3,296,513 3.0 $ 1,098,837
 2023 10,227,799 3.0 3,409,266 $ 3,409,267
 2024 7,963,694 3.0 2,654,565 2,654,565 $ 2,654,564
 Net increase (decrease) in pension expense $ 7,162,668 $ 6,063,832 $ 2,654,564




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 Increase (Decrease) in Pension Expense from the Recognition of the Effects of Changes of Assumptions


 Changes of Recognition
 Year Assumptions Period (Years) 2024 2025 2026


 2022 $ 3,383,942 3.0 $ 1,127,980
 2023 3,190,981 3.0 1,063,660 $ 1,063,661
 2024 - 3.0 - - $ -
 Net increase (decrease) in pension expense $ 2,191,640 $ 1,063,661 $ -




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 Increase (Decrease) in Pension Expense from the Recognition of Differences Between
 Projected and Actual Earnings on Pension Plan Investments


 Differences
 between
 Projected and
 Actual Earnings
 on Pension Plan Recognition
 Year Investments Period (Years) 2024 2025 2026 2027 2028


 2020 $ 9,740,601 5 $ 1,948,121
 2021 (45,802,729) 5 (9,160,546) $ (9,160,545)
 2022 50,370,201 5 10,074,040 10,074,040 $ 10,074,041
 2023 (6,564,064) 5 (1,312,813) (1,312,813) (1,312,813) $ (1,312,812)
 2024 (12,654,728) 5 (2,530,946) (2,530,946) (2,530,946) (2,530,946) $ (2,530,944)
 Net increase (decrease) in pension expense $ (982,144) $ (2,930,264) $ 6,230,282 $ (3,843,758) $ (2,530,944)




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 Interest on the Total Pension Liability Recognized in Expense


 Interest on
 the Total
 Amount for Portion of Interest Pension
 Period Period Rate Liability

 Beginning total pension liability $ 347,249,878 100% 7.10% $ 24,654,741
 Service cost 7,402,863 100 7.10 525,603
 Benefit payments, including refunds of
 member contributions (22,082,080) 50 7.10 (770,472)
 Total interest on the pension liability $ 24,409,872



 Projected Earnings on Pension Plan Investments Recognized in Expense


 Projected
 Amount for Portion of Rate of Projected
 Period Period Return Earnings

 Beginning plan fiduciary net position $ 223,654,238 100% 7.10% $ 15,879,451
 Contributions - employer 11,716,667 50 7.10 408,810
 Contributions - member 3,992,236 50 7.10 139,294
 Benefit payments, including refunds of
 member contributions (22,082,080) 50 7.10 (770,472)
 Administrative expense and other (648,900) 50 7.10 (22,641)
 Total projected earnings $ 15,634,442




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Pension Expense and Deferred Outflows and Inflows of Resources Related to Pensions

 For the fiscal year ended June 30, 2024, the recognized pension expense is $21,207,121. As of
 June 30, 2024, deferred outflows and inflows of resources related to pensions are reported as
 follows:

 Deferred Deferred
 Outflows of Inflows of
 Resources Resources

 Differences between expected and actual experience $ 8,718,396
 Changes of assumptions 1,063,661
 Net difference between projected and actual
 earnings on pension plan investments $ (3,074,684)
 Total $ 9,782,057 $ (3,074,684)



 Amounts reported as deferred outflows and inflows of resources related to pensions will be
 recognized in the pension expense as follows:

 Year Ended June 30:
 2025 $ 4,197,229
 2026 8,884,846
 2027 (3,843,758)
 2028 (2,530,944)
 2029 -
 Thereafter -




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 Deferred Outflows and Inflows of Resources from
 Differences Between Expected and Actual Experience


 Balances at June 30, 2024
 Amounts Recognized Deferred Deferred
 Experience Experience in Pension Expense Outflows of Inflows of
 Losses Gains through June 30, 2024 Resources Resources
  Year (a) (b) (c) (a) - (c) (b) - (c)

  2023 $ 10,227,799 $ 6,818,532 $ 3,409,267
  2024 7,963,694 2,654,565 5,309,129
 $ 8,718,396 $ -




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 Deferred Outflows and Inflows of Resources from Changes of Assumptions


 Balances at June 30, 2024
 Decreases in
 Increases in the the Total Amounts Recognized Deferred Deferred
 Total Pension Pension in Pension Expense Outflows of Inflows of
 Liability Liability through June 30, 2024 Resources Resources
  Year (a) (b) (c) (a) - (c) (b) - (c)

  2023 $ 3,190,981 $ 2,127,320 $ 1,063,661
 $ 1,063,661 $ -




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 Deferred Outflows and Inflows of Resources from Differences
 Between Projected and Actual Earnings on Pension Plan Investments


 Balances at June 30, 2024
 Investment
 Investment Earnings Amounts Recognized Deferred Deferred
 Earnings Less Greater Than in Pension Expense Outflows of Inflows of
 Than Projected Projected through June 30, 2024 Resources Resources
  Year (a) (b) (c) (a) - (c) (b) - (c)

  2021 $ (45,802,729) $ (36,642,184) $ (9,160,545)
  2022 $ 50,370,201 30,222,120 $ 20,148,081
  2023 (6,564,064) (2,625,626) (3,938,438)
  2024 (12,654,728) (2,530,946) (10,123,782)
 $ 20,148,081 $ (23,222,765)




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 Sensitivity of the Net Pension Liability to Changes in the Discount Rate


 Current
 Discount Rate 1% Decrease 1% Increase
 (7.10%) (6.10%) (8.10%)
 Net pension liability as of June 30, 2024 $ 120,022,896 $ 162,155,472 $ 84,878,694




 Participant Breakdown as of June 30, 2024

 Participant
 Count
 Inactive plan members or beneficiaries currently receiving benefits 894
 Inactive plan members entitled to but not yet receiving benefits 807
 Active plan members 922
 Total members 2,623




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 Description of Significant Changes Prior to Year End
There were no significant plan changes since the last published valuation.


 DROP Balances
Currently, there is no Deferred Retirement Option Plan (DROP). Therefore, the DROP balances are $0.


 Valuation Date and Roll Forward Process
The Plan Sponsor uses the June 30, 2022 Actuarial Valuation to calculate the ADEC for the fiscal year ending
2024.
The June 30, 2024 Actuarial Valuation directly calculated the June 30, 2024 Total Pension Liability (TPL). The TPL
as of June 30, 2024 was also adjusted to reflect any material plan changes after the valuation, if applicable.


 Funding Policy
The Plan Sponsor uses the Entry Age Normal Actuarial Cost Method to calculate the plan liabilities. The Funding
Policy has two parts.
 1. Normal Cost
 2. Amortization of the Unfunded Actuarial Liability (UAL)
Each year the Plan Sponsor pays the Normal Cost plus an amortization of the plan’s UAL. Unfunded accrued
liabilities as of June 30, 2023 were amortized over a closed 20-year period. Future changes in the unfunded
accrued liability will be amortized separately, assuming a new 20-year amortization each valuation.


 Assumption Selection
The selections of all assumptions used in determining the total pension liability were made in conformity with
Actuarial Standards of Practice issued by the Actuarial Standards Board.

The actuarial assumptions used in the valuation were based on the results of an actuarial experience study for
the period July 1, 2017 through July 1, 2022.




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 Description of Actuarial Methods
Asset Valuation Method
The Actuarial Value of assets used in the development of plan contributions phases in the recognition of
differences between the actual return on Market Value and expected return on Market Value over a 5-year
period at 20% per year.

Actuarial Cost Method
Entry Age Normal (level percentage of salary)
Normal Cost: Under this method, the total normal cost is the sum of amounts necessary to fund each active
member’s normal retirement benefit if paid annually from entry age to assumed retirement age. Entry age is the
age at which the employee would have been first eligible for the plan, if it had always been in effect. The normal
cost for each participant is expected to remain a level percentage of the employee’s salary. The normal cost for
the plan is the difference between the total normal cost for the year and the anticipated member contributions
for that year.

Past Service Liability: The present value of future benefits that relates to service before the valuation date is the
total past service liability. The unfunded past service liability is the difference between the total past service
liability and any assets (including accumulated member contributions). Unfunded accrued liabilities as of June
30, 2023 were amortized over a closed 20-year period. Future changes in the unfunded accrued liability will be
amortized separately, assuming a new 20-year amortization each valuation.

Experience Gains and Losses: All experience gains and losses (the financial effect of the difference between the
actual experience during the prior period and the result expected by the actuarial assumptions for that prior
period) appear directly in the past service liability and are amortized at the same rate the plan is amortizing the
remaining unfunded past service liability.




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 Description of Actuarial Assumptions
 Changes in Actuarial Assumptions

 The valuation reflects changes in the actuarial assumptions listed below. (The assumptions used before and
 after these changes are more fully described in the next section.)
  None.

Investment rate of return (net of investment-related and administrative expenses)
7.10%.

Rate of compensation increase (including inflation)
Class A - Fire Class A - Police Class B
Completed Years Completed Years Completed Years
 of Service Rate* of Service Rate* of Service Rate*
 <1 11.0% <1 9.0% <1 6.5%
 1 9.0% 1 8.0% 1 6.2%
 2 8.0% 2 7.2% 2 6.0%
 3 7.0% 3 6.2% 3 5.1%
 4 6.5% 4 6.0% 4 4.9%
 5 6.0% 5 5.7% 5 4.8%
 6 5.5% 6 5.5% 6 4.7%
 7 5.0% 7 5.3% 7 4.6%
 8 5.0% 8 5.2% 8 4.5%
 9 5.0% 9 5.1% 9 4.4%
 10 4.8% 10 4.9% 10 4.3%
 11 4.7% 11 4.7% 11 4.2%
 12 4.6% 12 4.6% 12 4.1%
 13 4.5% 13 4.5% 13 4.1%
 14 4.4% 14 4.4% 14 4.0%
 15 4.3% 15 4.3% 15 3.9%
 16 4.2% 16 4.2% 16 3.9%
 17 4.0% 17 4.0% 17 3.9%
 18 3.8% 18 3.8% 18 3.8%
 19 3.7% 19 3.7% 19 3.7%
 20+ 3.6% 20+ 3.6% 20+ 3.6%
* Inflation: 2.70% * Inflation: 2.70% * Inflation: 2.70%
The actuarial assumption in regards to rate of compensation increases shown above are based on the results of
an actuarial experience study for the period July 1, 2017 through June 30, 2022.




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Inflation
2.70%.
This assumption is based on long-term historical inflation numbers. While near term averages have been higher,
we do not believe this trend will continue indefinitely and expect that there will be a reversion to the long-term
average.

Mortality
Class A:
Retirees – Pub-2010 Public Retirement Plans Amount-Weighted Mortality Tables for Public Safety Employees,
for non-annuitants and annuitants, projected to the valuation date with Scale MP-2021, set forward 2 years.
Disabled – Pub-2010 Public Retirement Plans Amount-Weighted Mortality Tables for Public Safety Disabled
Retirees, projected to the valuation date with Scale MP-2021.
Survivors – Pub-2010 Public Retirement Plans Amount-Weighted Mortality Tables for Public Safety Contingent
Survivors, projected to the valuation date with Scale MP-2021.
Class B:
Retirees – Pub-2010 Public Retirement Plans Amount-Weighted Mortality Tables for General Employees, for
non-annuitants and annuitants, projected to the valuation date with Scale MP-2021, set forward 2 years.
Disabled – Pub-2010 Public Retirement Plans Amount-Weighted Mortality Tables for General Disabled Retirees,
projected to the valuation date with Scale MP-2021, set forward 3 years.
Survivors – Pub-2010 Public Retirement Plans Amount-Weighted Mortality Tables for General Contingent
Survivors, projected to the valuation date with Scale MP-2021, set forward 3 years.

Mortality improvement
Projected to date of decrement using Scale MP-2021 (generational).
We have selected this mortality assumption because it is based on the most recently published public
retirement mortality study released by the Society of Actuaries.

Retirement age
Class A - Fire Class A - Police
Completed Years Completed Years
 of Service Rate of Service Rate
 <15 0% <15 0%
 15-18 2.5% 15-16 2.5%
 19 5% 17-18 7.5%
 20-23 20% 19 20%
 24 50% 20-24 40%
 25 85% 25 85%
 26-29 60% 26-29 60%
 30+ 100% 30+ 100%

Compulsory retirement is assumed at age 60. Compulsory retirement is assumed at age 60.




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Retirement age (cont.)
Class B


 Age Rate
 55-57 3%
 58-59 8%
 60-61 10%
 62 16%
 63-64 20%
 65-69 30%
 70-74 50%
 75+ 100%

Termination prior to retirement
Class A - Fire
Completed Years
 of Service Rate
 <3 10.0%
 3 9.0%
 4 8.0%
 5 7.0%
 6 6.0%
 7 5.0%
 8 4.5%
 9 4.0%
 10+ 0.0%
Class A - Police
Completed Years
 of Service Rate
 <2 12.0%
 2 11.0%
 3 10.0%
 4 9.0%
 5 7.0%
 6 6.0%
 7 5.0%
 8 4.0%
 9 3.0%
 10+ 0.0%




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Termination prior to retirement (cont.)
Class B – 110% of the Vaughn Select & Ultimate Withdrawal Table for service prior to 3 years, and 140% of the
Vaughn Select & Ultimate Withdrawal Table thereafter.
Sample rates
 Completed Years of Service
 Age 0 1 2 3+
 20 32.8% 27.5% 23.1% 26.0%
 25 30.6% 24.8% 20.4% 19.0%
 30 28.4% 22.0% 17.6% 14.1%
 35 26.2% 19.6% 15.2% 11.1%
 40 24.0% 17.4% 13.0% 9.1%
 45 21.8% 15.5% 11.1% 7.7%
 50 19.6% 13.9% 9.5% 6.3%
 55 0.0% 0.0% 0.0% 0.0%

Disability
Class A Fire: 1985 Pension Disability Study Class 3 Table for Males and Females.

Class A Police: 1985 Pension Disability Study Class 2 Table for Males and Females.

Class B: 60% of 1985 Pension Disability Study Class 1 Table for Males and Females.

The actuarial assumptions in regards to rates of decrement shown above are based on the results of an actuarial
experience study for the period July 1, 2017 through June 30, 2022.

Administrative expenses
Currently, there is no expense load assumed for administrative expenses.

Cost of living increases
2.60%.

Accrual rate election
Class A: 80% of retiring members are assumed to elect the no COLA accrual rate and 20% of retiring members
are assumed to elect the full COLA accrual rate.

Class B: 70% of retiring members are assumed to elect the no COLA accrual rate and 30% of retiring members
are assumed to elect the full COLA accrual rate.

Payroll growth
3.10% per year.

Percent of active employees married
80%.

Spouse’s age
Husbands are assumed to be 2 years older than wives.

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 Summary of Plan Provisions
This exhibit summarizes the major provisions of the Plan. It is not intended to be, nor should it be interpreted as
a complete statement of all plan provisions. To the extent that this summary does not accurately reflect the plan
provisions, then the results of this disclosure may not be accurate.

Plan identification
Single-employer pension plan.

Effective date
July 1, 1954.

Average Final Compensation (AFC)
For Class A Police non-union employees, Class A Police employees hired after January 10, 2011, Class A Fire
employees hired after October 7, 2011 Class B AFSCME Local 1343 employees hired after June 7, 2011, Class B
IBEW Local 300 employees hired after October 30, 2012 or any employees hired on or after January 1, 2018, it is
the average earnable compensation during the highest 5 non-overlapping 12-month periods. For all others, it is
the average earnable compensation during the highest 3 non-overlapping 12-month periods.

Membership eligibility
Regular employees of the City of Burlington excluding elective officers other than the mayor and excluding
teachers other than certain teachers employed prior to July 1, 1947.

Membership classification
Class A
Members of the Fire and Police Departments not including clerical employees.

Class B
All other members.

Service retirement
Eligibility
Class A
For Police employees hired before July 1, 2006, age 42 and 5 years of creditable service. For Police employees
hired after January 10, 2011, age 40 and 20 years of creditable service. For other Police Union employees, age 45
and 5 years of creditable service. For Fire employees hired after January 10, 2011, age 45 and 20 years of
creditable service. For Fire Union employees hired on or before January 10, 2011, age 45 and 5 years of
creditable service. For all others, age 42 and 5 years of creditable service. Compulsory at age 60.

Class B
Age 55 and 5 years of creditable service.




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Service retirement (continued)
Amount of Benefit
Class A
For Fire employees hired before January 1, 2007 and Police employees hired before July 1, 2006, 2.75% of AFC
times creditable service not in excess of 25 years plus 0.50% of AFC times creditable service between 25 and 35
years. For Police employees hired after January 10, 2011, 2.50% of AFC times creditable service not in excess of
20 years plus 5.00% of AFC times creditable service between 20 and 25 years. For Fire employees hired after
January 10, 2011, 3.00% of AFC times creditable service not in excess of 25 years plus 0.50% of AFC times
creditable service between 25 and 35 years. For all others, 2.65% of AFC times creditable service not in excess
of 25 years plus 0.50% of AFC times creditable service between 25 and 35 years. Benefit increased by Cost of
Living Adjustment detailed below.

In lieu of this benefit, at the time of retirement, a member may choose either (i) an accrual rate of 3.25% for the
first 25 years of creditable service, plus an accrual of 0.50% for creditable service between 25 and 35 years, and
a Cost of Living Adjustment equal to one half of the Cost of Living Adjustment detailed below, or (ii) an accrual
rate of 3.80% for all years of service prior to June 30, 2006 for the first 25 years, an accrual rate of 3.60% for all
years of service commencing July 1, 2006 for the first 25 years, plus an accrual rate of 0.50% for creditable
service between 25 and 35 years, and no Cost of Living Adjustment.

A Fire employee hired on or after January 1, 2007 or a Police employee hired on or after July 1, 2006 may only
select a benefit with a full Cost of Living Adjustment. Any Fire employee hired after October 5, 2015 cannot
receive a pension that exceeds 90% of the employee’s average final compensation.

For Police employees hired after January 10, 2011, the above benefits based on AFC and creditable service at
retirement are reduced actuarially for the period of time by which retirement precedes age 50.

For all other Police employees, prior to age 55, the above benefit based on AFC and creditable service at
retirement is reduced actuarially for the period of time by which retirement precedes the earlier of 25 years of
creditable service and age 55. For employees who terminate with 20 to 25 years of creditable service the above
benefit based on AFC and creditable service at retirement is reduced by 1.82% for each year that creditable
service is less than 25 years.

For Fire employees hired on or after January 10, 2011, who are at least age 45 with 20 years of creditable
service, the normal retirement benefit is reduced actuarially for the period of time by which retirement
precedes age 50. For employees who terminate with 20 to 25 years of creditable service who retire at age 50 or
later, the above benefit based on AFC and creditable service at retirement is reduced by 1.82% for each year
that creditable service is less than 25 years. Employees that retiree at age 50 with at least 25 years of creditable
service receive an unreduced benefit.

For Fire employees hired on or after January 1, 2007 but before January 10, 2011, the normal retirement benefit
is reduced actuarially for the period to time by which retirement precedes age 55. For employees who
terminate with 20 to 25 years of creditable service and have attained age 48, the above benefit based on AFC
and creditable service at retirement is reduced by 1.82% for each year that creditable service is less than 25
years. Employees that retire at age 50 with at least 20 years of creditable service or at age 45 with at least 25
years of creditable service receive an unreduced benefit.

For Fire employees hired before January 1, 2007, the normal retirement benefit is reduced actuarially for the
period of time by which retirement precedes the earlier of age 55 or 25 years of creditable service. For
employees who terminate with 20 to 25 years of creditable service, the above benefit based on AFC and
creditable service at retirement is reduced by 1.82% for each year that creditable service is less than 25 years.
Employees that retire at age 45 with at least 25 years of creditable service receive an unreduced benefit.

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Service retirement (continued)
Class B
For employees hired prior to July 1, 2006 (on or before May 4, 2008 for IBEW): Age 65 and older, the greater of
(i) 1.60% of AFC (at age 65) times creditable service not in excess of 25 years plus 0.50% of AFC (at age 65) times
creditable service in excess of 25 years or (ii) the actuarial equivalent of the benefit determined at age 65. This
benefit will be increased by the Cost of Living Adjustment detailed below.

In lieu of this benefit, at the time of retirement, an IBEW member may choose (i) an accrual rate of 1.90% for all
years of service prior on or before May 4, 2008 and an accrual rate of 1.80% for all years of service after May 4,
2008, and a Cost of Living Adjustment equal to one-half of the Cost of Living Adjustment detailed below, or (ii)
an accrual rate of 2.20% for all years of service on or before May 4, 2008 and an accrual rate of 2.00% for all
years of service after May 4, 2008, and no Cost of Living Adjustment.

In lieu of this benefit, at the time of retirement, a member not in IBEW may choose (i) an accrual rate of 1.90%
for all years of service prior to June 30, 2006 for the first 25 years, an accrual rate of 1.80% for all years of service
on or after July 1, 2006 for the first 25 years, plus an accrual of 0.50% for creditable service in excess of 25 years,
and a Cost of Living Adjustment equal to one-half of the Cost of Living Adjustment detailed below, or (ii) an
accrual rate of 2.20% for all years of service prior to June 30, 2006 (on or before May 4, 2008 for IBEW) for the
first 25 years, an accrual rate of 2.00% for all years of service on or after July 1, 2006 for the first 25 years, plus
an accrual of 0.50% for creditable service in excess of 25 years, and no Cost of Living Adjustment.

For employees hired on or after July 1, 2006 (after May 4, 2008 for IBEW): Age 65 and older, the greater of (i)
1.40% of AFC (at age 65) times creditable service not in excess of 25 years plus 0.50% of AFC (at age 65) times
creditable service in excess of 25 years or (ii) the actuarial equivalent of the benefit determined at age 65. This
benefit will be increased by the Cost of Living Adjustment detailed below.

An employee hired on or after July 1, 2006 (after May 4, 2008 for IBEW) may only select a benefit with a full Cost
of Living Adjustment.

Except for employees detailed below, prior to age 65, the above benefit based on AFC and creditable service at
retirement reduced by 2% for each year that retirement precedes age 65. For IBEW employees hired before
May 4, 2008, who elect a contribution rate of 4% is elected the early reduction factor is 2% for each year the
retirement precedes age 65. For IBEW employees hired before May 4, 2008, who elect a contribution rate of 3%
the benefit is reduced by a factor which varies with age. The factor equals 1 at 65 and .4 at 50.

For IBEW employees hired after May 4, 2008, the benefit is reduced by a factor which varies by age. The factor
equals 1 at 65 but is equal to .356 at age 55.

For AFSCME Local 1343 employees hired before January 1, 2006 that meet the Rule of 82 by December 7, 2011
but retire later than December 7, 2011, the reduction is 4% per year at ages 55 to 59 for each year under age 65,
and the standard 2% per year reduction for ages 60 to 65. For other AFSCME Local 1343 employees retiring after
December 7, 2011, there will be full actuarial reduction from ages 55 to 59 and the standard 2% per year
reduction for ages 60 to 65.




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Cost of Living Adjustment
Benefits increase annually by changes in the Consumer Price Index of more than 1%. For Class A Fire employees
retiring after October 5, 2015, Class A Police employees retiring after August 29, 2016, Class B AFSCME
employees retiring after October 30, 2015, Class B IBEW employees retiring after March 9, 2016, and all
employees retiring after July 1, 2017, the maximum annual increase is 2.75%. For all other members, the
maximum annual increase is 5%. Increases are not applicable to deferred vested benefit prior to
commencement, survivor income benefit, disability benefit prior to normal retirement age or members who
choose to have no cost of living adjustment. For Class B employees that retire after July 1, 2018, the retirement
COLA will be determined annually by the BERS Board equal to the CPI-U Northeast Region, with a maximum
COLA increase of 2.75%, except that if the funding level of the BERS falls below 81%, the BERS Board may reduce
or vote for no COLA for payees prior to age 65 for the upcoming year. For Class A Police employees who retire
after February 1, 2019 and Fire employees who retire after March 28, 2019, the retirement COLA will be
determined annually by the BERS Board equal to the CPI-U Northeast Region, with a maximum COLA of 2.75%,
except that if the Class A funding level of the BERS falls below 73%, the BERS Board may reduce or vote for no
COLA for the upcoming year.

Service Adjustment
Class A service for calculation of benefits shall be adjusted such that any Class A employee shall be granted 1.07
years of credit for each year in which the employee worked prior to July 1, 1996, and 1.17 years thereafter, in a
position regularly assigned a workweek consisting on average of fifty-three or more hours of work per week.

Disability Retirement
Eligibility
All Members. Permanently disabled. Class B AFSCME Local 1343 employees must have 2 years of creditable
service to be eligible for disabilities that are not work-related. Class A Fire employees hired after October 7,
2011 must have 1 year of creditable service to be eligible for disabilities that are not work-related. All other
employees are immediately eligible.

Amount of Benefit
A benefit payable until normal service retirement eligibility (Class A - age 55 and 5 years of creditable service,
Class B - age 65 and 5 years of creditable service). For Class A Fire employees hired after October 7, 2011, it is
equal to 66 2/3% of the member's earnable compensation less workmen's compensation. For Class B IBEW
employees hired after October 20, 2012 and Class B AFSCME employees, it is equal to 66 2/3% of the member's
earnable compensation less workmen's compensation and Social Security. For all others, it is equal to 75% of the
member's earnable compensation less workmen's compensation and, in the case of Class B, less Social Security.

After normal service retirement eligibility, a service retirement benefit based on AFC at retirement and
creditable service at normal service retirement eligibility, including the period while permanently disabled and
receiving a disability benefit from the System.

Accidental Death
Eligibility
Class A only. Death due to accident while in the performance of duty.

Amount of Benefit
A benefit to the spouse until death or remarriage of the greater of (i) 55% of AFC, and (ii) the participant's
current accrued retirement benefit. Upon death or remarriage of the spouse, the benefit will be payable
to children until age 21.


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Survivor Income
Eligibility
All members. Death in active service.

Amount of Benefit
Class A
30% of compensation during the July preceding death payable to spouse until earlier of death or 2nd
anniversary of remarriage. An additional 5% per unmarried child under 21 (maximum additional 10%) is payable
until benefits cease or children no longer eligible. If there is no spouse or spouse dies, the benefit is payable to
unmarried children under age 21 until earlier of death, marriage or age 21.

Class B
30% of compensation during the July preceding death payable to spouse until earlier of death, 2nd anniversary
of remarriage or age 62. Upon the spouse's attainment of age 62 (if not remarried) a benefit based on the 50%
Joint and Survivor form of payment will be paid to the spouse for life. If there is no spouse or spouse dies, the
benefit is payable to unmarried children under age 21 until earlier of death, marriage or age 21.

Return of Contributions
Accumulated contributions returned upon separation with no vested benefits under the plan or upon death with
no accidental death benefit payable. Interest will accrue on these contributions at a rate of 5.5% until
December 31, 2017 and 2.0% thereafter, or at a higher rate as may be set by the Retirement Board. Interest will
only accrue on contributions made after June 30, 1980.
Upon death of a retired member, the excess of his contribution at retirement over the benefits paid will be paid
to his beneficiary or estate.

Vested Retirement
Eligibility
5 years of creditable service.
Vesting percentage.
100% after 5 years. Prior to July 1, 2017, several groups had a graded vesting schedule of 20% after completion
of 3 years of creditable service to 100% after completion of 7 years of creditable service.

Amount of Benefit
Class A
Vesting percentage times the benefit calculated using AFC and creditable service at termination. The benefit is
payable commencing at age 55. Member may elect early receipt with reduction as for service retirement prior to
age 55.

Class B
Vesting percentage times the benefit calculated using AFC and creditable service at termination. The benefit is
payable commencing at age 65. Member may elect early receipt with reduction as for service retirement prior to
age 65.




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Survivor Spouse's Pension
Eligibility
All members. Death of a terminated member entitled to a vested retirement benefit prior to commencement of
such benefit.
Amount of Benefit
50% of reduced accrued benefit reflecting the 50% Joint and Survivor form of payment (ages as of date
payments commence) payable at member's early retirement date. Spouse may elect to receive payments later
than member's early retirement date with no reduction for receipt at member's 65th birthday.

Offsets on Benefits
Disability and accidental death benefits are offset by workmen's compensation paid for the same disability or
death.

Employee Contributions
Class A
11.0% of earnable compensation for Class A employees for the first 35 years of creditable service, and none
thereafter.
Class A employees shall contribute to the BERS a percentage of their salary. The total contribution required
from both the City and employees will be based on the annual system valuation prepared by the City’s actuaries.
Effective retroactive to July 1, 2018, employees shall contribute a percentage so that all employees are
contributing 28% (and the City is contributing 72%) of the total contribution required. For Fiscal Year 2019, this
means that each Class A employee contributed 12.69% of the employee’s base pay. The individual employee
contribution for each subsequent fiscal year will be determined prior to the beginning of the fiscal year.

Effective July 1, 2020, employees shall contribute a percentage so that all employees are contributing 29% (and
the City is contributing 71%) of the total contribution required.

Effective July 1, 2021, employees shall contribute a percentage so that all employees are contributing 30% (and
the City is contributing 70%) of the total contribution required.

Class B
Member contributions for Class B employees, who elected to continue to be eligible for early retirement
benefits at 2% per year deduction between ages 55 and 65, in accordance with the 2006-2009 collective
bargaining agreement will be 4.8% in fiscal year 2016-2017, and 5.2% beginning with fiscal year 2017-2018.
Member contributions for all other Class B employees will be will be 3.8% in fiscal year 2016-2017, and 4.2%
beginning with fiscal year 2017-2018.

Class B employees shall contribute to the BERS a percentage of their annual salary. The total contribution
required from both the City and employees will be based on the annual system valuation prepared by the City’s
actuaries.

Effective retroactive to July 1, 2018, employees shall contribute a percentage so that all employees are
contributing 28% (and the City is contributing 72%) of the total contribution required. For Fiscal Year 2019, this
shall mean that the contribution rate for a Class B employee was 4.41% of the employee’s base pay.



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Employee Contributions (continued)
Effective July 1, 2022, employees shall contribute a percentage so that all employees are contributing 30% (and
the City is contributing 70%) of the total contribution required.

Notwithstanding the above, an individual Class A Fire employee’s contribution shall not exceed 14% of their
eligible wages in Fiscal Years 2023, 2024, and 2025.

Notwithstanding the above, an individual Class B employee’s contribution shall not exceed 7% of their eligible
wages in Fiscal Years 2023, 2024, 2025, and 2026.




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 Supplemental Allocation Exhibits


 Exhibit A – Employers’ Allocation of Net Pension Liability as of June 30, 2024


 Net Net Pension Net Pension
 Plan Fiduciary Pension Liability 1% Liability 1%
 Net Position Liability  Increase Decrease
 FY 2024 Total Total as % of Total as % of (8.10%) in (6.10%) in
 Employer Employer Total Pension Plan Fiduciary Net Pension Deferred Deferred Pension Covered Covered Discount Discount
Employer Name Contributions Proportion Liability Net Position Liability Outflows Inflows Liability Payroll Payroll Rate Rate

Airport 307,241 2.4495% 8,939,221 5,999,289 2,939,932 798,306 (579,777) 2,034,762 4,026,232
Electric Department 1,728,654 18.3566% 66,991,359 44,959,234 22,032,125 5,494,156 (4,850,643) 16,233,584 28,836,638
General Fund 8,391,605 67.2364% 245,375,513 164,676,388 80,699,125 20,717,726 (15,614,161) 56,248,390 110,204,161
School 999,560 9.5340% 34,793,958 23,350,917 11,443,041 2,870,062 (2,292,412) 8,228,571 15,264,042
Waste Water 107,996 1.0425% 3,804,679 2,553,396 1,251,283 341,730 (292,585) 933,440 1,622,685
Water 181,611 1.3809% 5,039,497 3,382,107 1,657,390 471,016 (356,045) 1,199,947 2,201,714

 Total 11,716,667 100.0000% 364,944,227 244,921,331 120,022,896 30,692,996 (23,985,623) 67.11% 64,019,663 187.48% 84,878,694 162,155,472




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 Exhibit B – Employers’ Allocation of Pension Amounts as of June 30, 2024
 Changes in
 Proportion and
 Differences
 Between
 Employer
 Difference Difference Contributions
 Between Between Projected and
 Expected and and Actual Proportionate Total
 Net Pension Employer Actual Changes in Investment Share of Deferred
 Employer Name Liability Proportion Experience Assumptions Earnings Contributions Outflows

 Airport 2,939,932 2.45% 213,555 26,054 493,522 65,175 798,306
 Electric Department 22,032,125 18.36% 1,600,401 195,252 3,698,503 - 5,494,156
 General Fund 80,699,125 67.24% 5,861,939 715,168 13,546,853 593,766 20,717,726
 School 11,443,041 9.53% 831,216 101,410 1,920,928 16,508 2,870,062
 Waste Water 1,251,283 1.04% 90,893 11,089 210,051 29,697 341,730
 Water 1,657,390 1.38% 120,392 14,688 278,224 57,712 471,016

 Total 120,022,896 100.00% 8,718,396 1,063,661 20,148,081 762,858 30,692,996




 Net Amortization of
 Deferred Amounts
 Changes in from Changes in
 Proportion and Proportion and
 Difference Differences Differences
 Difference Between Between Employer Between Employer
 Between Projected and Contributions and Contributions and
 Expected and Actual Proportionate Total Proportionate Proportionate
 Actual Changes in  Investment Share of Deferred Share of Pension Share of
 Employer Name Experience Assumptions Earnings Contributions Inflows Plan Expense Contributions Total

 Airport - - (568,835) (10,942) (579,777) 519,463 18,545 538,008
 Electric Department - - (4,262,911) (587,732) (4,850,643) 3,892,907 (643,682) 3,249,225
 General Fund - - (15,614,161) - (15,614,161) 14,258,914 653,335 14,912,249
 School - - (2,214,070) (78,342) (2,292,412) 2,021,897 (51,485) 1,970,412
 Waste Water - - (242,106) (50,479) (292,585) 221,092 (1,579) 219,513
 Water - - (320,682) (35,363) (356,045) 292,848 24,866 317,714
 Total - - (23,222,765) (762,858) (23,985,623) 21,207,121 - 21,207,121




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 Exhibit B – Employers’ Allocation of Pension Amounts as of June 30, 2024 (continued)


 Beginning Net FYE 2024 Change in Change in Ending Net
 Pension Employer Deferred Deferred Pension Total
 Employer Name Liability  Contributions Expense Outflows Inflows Liability Deferrals

 Airport 2,973,360 (307,241) 538,008 (290,640) 26,445 2,939,932 218,529
 Electric Department 22,820,338 (1,728,654) 3,249,225 (2,508,552) 199,768 22,032,125 643,513
 General Fund 83,015,278 (8,391,605) 14,912,249 (9,055,432) 218,635 80,699,125 5,103,565
 School 11,781,873 (999,560) 1,970,412 (1,322,465) 12,781 11,443,041 577,650
 Waste Water 1,354,971 (107,996) 219,513 (192,837) (22,368) 1,251,283 49,145
 Water 1,649,820 (181,611) 317,714 (157,872) 29,339 1,657,390 114,971
 Total 123,595,640 (11,716,667) 21,207,121 (13,527,798) 464,600 120,022,896 6,707,373




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 Exhibit C – Employers’ Allocation of Recognition of Deferred Outflows and Inflows
 as of June 30, 2024



 Employer Name FYE 2025 FYE 2026 FYE 2027 FYE 2028 FYE 2029 Thereafter

 Airport 135,149 239,525 (94,152) (61,993) - -
 Electric Department 360,515 1,453,176 (705,583) (464,595) - -
 General Fund 3,220,497 6,169,194 (2,584,406) (1,701,720) - -
 School 376,999 808,415 (366,466) (241,298) - -
 Waste Water 46,300 69,304 (40,073) (26,386) - -
 Water 57,769 145,232 (53,078) (34,952) - -
 Total 4,197,229 8,884,846 (3,843,758) (2,530,944) - -




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 Exhibit D – Employer Contribution History



 Employer Name FYE 2024 FYE 2023 FYE 2022 FYE 2021 FYE 2020

 Airport 307,241 237,931 263,244 248,981 238,269
 Electric Department 1,728,654 1,530,804 1,436,777 1,234,417 1,157,394
 General Fund 8,391,605 8,083,438 7,716,789 7,408,254 7,092,792
 School 999,560 1,102,512 1,119,077 1,074,750 950,479
 Waste Water 107,996 111,875 101,392 93,045 102,185
 Water 181,611 188,133 184,437 177,415 174,773
 Total 11,716,667 11,254,693 10,821,716 10,236,862 9,715,892




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 Exhibit E – Summary Status of BERS (Pre-GASB 67 Basis)
The Burlington Employees’ Retirement System became effective as of July 1, 1954, and covers virtually all City
employees, except the majority of teachers who are eligible for the Vermont Teachers Retirement System. The
Vermont Teachers Retirement System is funded by employee contributions of 5% of the teacher’s contract and
the remainder is funded from the Annual State of Vermont budget. Membership in the Burlington Employees
Retirement System (the pension plan) is divided into two classes. Class A consists of members of the Fire and
Police Departments not including clerical employees. Class B represents the remainder of Burlington’s City work
force.

The contribution by the City, excluding operation expenses, consists of two parts. The first part is a normal
contribution to cover the cost of benefits expected to accrue under the Plan during the fiscal year following the
valuation date, reduced by required Class A member contributions equal to 11.0% of compensation and required
Class B member contributions equal to 4.2% of compensation. Effective retroactive to July 1, 2022, employees
shall contribute a percentage such that all employees are contributing 30% (and the City is contributing 70%) of
the total contribution required. For Fiscal 2024, this means that each Class A member contributes no more than
14.0% of base pay, and each Class B member contributes no more than 7.0% of base pay. The second part is a
past service contribution to liquidate unfunded past service costs over a 20-year period in accordance with the
policy adopted by the Retirement Board. Unfunded past service costs are amortized over 20 years and per the
BERS Report Actuarial Valuation totaled $123.1 million at June 30, 2024. The City’s contribution under the plan as
of FY 2024 totaled $11.7 million. The pension is 66.3% funded on June 30, 2024 (pre-GASB 67).

The City’s share of the system is funded partially on an annual funding basis by a special government tax levy. This
retirement portion of the tax rate is determined by the City’s Retirement Board through the yearly budget
preparation process and subject to appropriation in the annual budget approved by the City Council and is not
subject to limit.

Governmental Accounting Standards Board (“GASB”) Statement No. 68, approved on June 25, 2012 (“GASB 68”),
requires governments that provide defined pension benefits to recognize their long-term obligation for pension
benefits as a liability for the first time, and to more comprehensively and comparably measure the annual costs of
pension benefits. GASB Statement 68 is effective for fiscal years beginning after July 1, 2014.

For further information regarding the City’s pension fund, refer to Note 25 of the Notes to Financial Statements
contained in Appendix A to this Official Statement.

The following table sets forth the historical funding ratios of the Retirement System as of the actuarial valuation
dates listed below including among other things, the unfunded actuarial accrued liability. The schedule below is
pre-GASB 67 per the Actuarial Valuation for June 30, 2024.
 Actuarial Excess as
 Valuation Actuarial Accrued Excess of Funded Covered a % of
 Date Value of Liability Assets over Ratio Payroll Covered
 (June 30) Assets (a) (AAL)(b) AAL (a-b) (a/b) (c) Payroll
 2018 $193,642,202 $264,696,024 $(71,053,822) 73.16% $51,383,358 -138.28%
 2019 202,509,768 278,151,191 (75,641,423) 72.81% 51,602,304 -146.59%
 2020 209,861,722 293,171,198 (83,309,476) 71.58% 52,984,543 -157.23%
 2021 219,377,787 310,788,910 (91,401,123) 70.59% 53,775,322 -169.97%
 2022 227,048,886 325,818,016 (98,769,130) 69.69% 55,392,895 -178.31%
 2023 232,271,118 347,249,878 (114,978,760) 66.89% 65,752,934 -174.86%
 2024 241,858,948 364,944,227 (123,085,279) 66.27% 67,595,783 -182.09%




USICG.COM 38 of 154
 Page 57
 GASB 68 DISCLOSURE
 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM



Schedule of Net Pension Liability for June 30, 2024 (measurement date for June 30, 2025 financial statements) is
as follows:

Total pension liability $ 364,944,227
Plan fiduciary net position $ (244,921,331)
Net pension liability (asset) $ 120,022,896

Plan fiduciary net position as a percentage of the total pension liability is 67.11%.

The following table sets forth the historical employer contributions.

 Year Ended Annual Required Actual Percentage
 (June 30) Contribution Contribution Contributed
 2018 $9,172,822 $9,172,822 100.00%
 2019 9,516,913 9,516,913 100.00%
 2020 9,715,892 9,715,892 100.00%
 2021 10,236,862 10,236,862 100.00%
 2022 10,821,716 10,821,716 100.00%
 2023 11,254,693 11,254,693 100.00%
 2024 11,716,667 11,716,667 100.00%




USICG.COM 39 of 154
 Page 58
 City of Burlington Employees Retirement System

 Quarterly Investment Review - Second Quarter 2025




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

 Page 59 of 154
 Fiducient Advisors Update


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 The Public Fiduciary Newsletter
 Read the latest articles here:
 • Five Best Practices for Public Pension and OPEB
 Committees
 • April Market Review – From Liberation to Limbo




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Table of Contents




 Section 1 Fiduciary Governance Calendar
 Section 2 Capital Markets Overview
 Section 3 Portfolio and Manager Review




 Page 62 of 1544
Fiduciary Governance Calendar




 Page 63 of 1545
 Fiduciary Governance Calendar


 The fiduciary governance calendar is designed to create a disciplined framework around governance, which
 helps ensure that over the course of a calendar year key fiduciary obligations and responsibilities are being met.




 •
 •
 Investment Review
 Investment Policy Review
 Q1 Q2 •
 •
 Investment Review
 Portfolio Expense and
 • Fiduciary Training Governance Fee Focus Liquidity Review*




 •
 •
 Investment Review
 Capital Markets
 Q4 Q3 •
 •
 Investment Review
 Municipal Landscape Update
 Assumptions Asset Allocation Municipal • Annual Actuarial Review
 • Asset Allocation Review Focus Landscape




 Fiduciary Trail® Fiduciary Lockbox®




 *Liquidity analysis is provided only for portfolios with marketable alternatives and/or private equity.

 Page 64 of 1546
www.FiducientAdvisors.com
 Portfolio Expense Structure



 Estimated Annual Cost


 Investment Portfolio
 0.16%
 (Weighted Average)


 US Bank 0.0125% asset-based fee
 (Base cost) $720 annual fee per private market fund



 Fiducient Flat Fee of $65,000 per year


 Unless otherwise noted, Fiducient’s fee represents the approximate annualized fee based on the portfolio market value as of March 31, 2025.



 Please inform Fiducient of any changes to the portfolio’s custodial arrangement(s) that may impact share class selection.




DISCLOSURE: The figures on this page have been obtained from sources we deem to be reliable. Fiducient Advisors has not independently verified this information. A breakdown of investment
management fees are detailed in the main report.
 Page 65 of 1547
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 Underlying Investment Management Fees




 Page 66 of 1548
www.FiducientAdvisors.com Data is as of the most recent quarterly report ending June 30, 2025.
 Liquidity Structure - Overview

  Portfolio Liquidity Analysis:




DISCLOSURE: Liquid: daily to monthly | Semi-liquid: greater than monthly and up to one year | Illiquid: greater than one year. Liquidity may be subject to additional restrictions, including redemption
gates and advance notification requirements. The figures on this page have been obtained from sources we deem to be reliable. Fiducient Advisors has not independently verified this information.
 Page 67 of 1549
www.FiducientAdvisors.com Data is as of the most recent quarterly report ending June 30, 2025.
 Liquidity Structure - Detail




Liquid – daily to monthly | Semi-Liquid – greater than monthly and up to one year | Illiquid – greater than one year.
Liquidity may be subject to additional restrictions, including redemption gates and advance notification requirements.
The figures on this page have been obtained from sources we deem to be reliable. Fiducient Advisors has not independently verified this information.
 Page 68 of 154
 10
www.FiducientAdvisors.com Data is as of the most recent quarterly report ending June 30, 2024.
 Actuarial Review



 City of Burlington Employees Retirement System

 6/30/2024 6/30/2023

 Actuarial Value of Assets 241,858,948 232,271,118

 Total Accrued Liability 364,944,227 347,249,878

 Funded Ratio 66.3% 66.9%

 Actuarial Return Assumption 7.10% 7.10%




Source: USI Consulting Group, Actuarial Valuation Report, as of 6/30/2024

 Page 69 of 154
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www.FiducientAdvisors.com
Capital Markets Overview




 Page 70 of 154
 12
 Market Themes

 Deficit Expected to Grow with “Big Beautiful Bill” Inflation Watch
 Tariffs and trade policy jump started the quarter, but fiscal policy came Over the past decade, oil and the 10-year Treasury yield have been
 to the forefront as the Trump administration announced the “Big positively correlated. When crude rallies, yields tend to follow as higher
 Beautiful Bill.” Concerns of a growing budget deficit contributed to oil prices are expected to bleed into headline inflation. The recent
 higher yields on the long-end of the curve and added to overall volatility divergence has been driven by a slump in demand and increased
 within the fixed income market. Lack of fiscal discipline contributed to supply by OPEC+ countries and may serve as an indicator to the
 Moody’s downgrade of the U.S., the last of the big three rating agencies potential future path of interest rates.
 to do so.

 7.5% "Big Beautiful Bill" Projection Baseline Projection
 6.0 160

 7.1% UST-10Y Crude Oil
 7.0% 140
 7.0% 5.0
 6.8% 6.9%
 120




Projected Deficit as % of GDP
 6.6% 6.6% 4.0
 6.5% 100



 Crude Oil Price
 6.5%


 UST-10Y Rate
 6.3% 6.3%
 6.2% 3.0 80
 6.1%
 6.1% 6.0%
 6.0% 60
 5.9% 5.9%
 5.8% 2.0

 5.7% 40
 5.5%
 5.5% 1.0
 5.5% 20

 5.2%
 0.0 0

 5.0% 6/2015 3/2016 12/2016 9/2017 6/2018 3/2019 12/2019 9/2020 6/2021 3/2022 12/2022 9/2023 6/2024 3/2025
 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
 Source: CBO. As of June 2025. Source: FactSet, as of June 30, 2024.

 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
 Page of
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 loss.
 15413
www.FiducientAdvisors.com Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.
 Market Themes

 Diverging Central Bank Policy When Uncertainty is High, Context is Grounding
 The Federal Reserve held its policy rate steady during the quarter as it Much has been made of recent U.S. dollar weakness and grumblings
 balances inflation and labor market data signals. However, while the of the potential for the U.S. losing its reserve currency status. Similarly,
 U.S. has maintained rates, select regions around the globe have with rising tensions in the Middle East, oil has been volatile adding to
 continued to ease rates, notably in the UK and Euro Area. This inflation concerns. At first glance investors may have concern, but with
 diverging policy has been one of the many factors contributing to U.S. a bit of context that concern may abate. The U.S. dollar is still relatively
 dollar volatility this year and a tailwind for non-U.S. markets. strong, and oil is priced similarly to times when inflation is near 2.5
 percent.
 5.5 US Dollar 20-Year Average
 120

 110

 4.5 U.S.; 4.50 100
 UK; 4.25
 90

 80
 3.5




Policy Rate (%)
 70
 China; 3.00
 60
 Canada; 2.75
 2.5 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
 Euro Area;
 2.15
 Crude Oil Oil Average, CPI is <= 2.5%
 1.5 130
 120
 110
 100
 0.5 Japan; 0.50 90
 80
 70
 60
 -0.5 50



 Source: FactSet. As of June 30, 2025.

 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
 Page of
 72a of
 loss.
 15414
 www.FiducientAdvisors.com Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.
 Asset Class Returns


 21
 19.4


 18
 YTD QTD

 15.3
 15



 12 11.8 12.0
 11.1




 Total Returns (%)
 9
 8.5 7.8


 5.9 6.1
 6 5.5
 4.7 4.6
 4.0 4.6
 3.4
 3.5 3.2
 3 2.3
 1.8
 1.3 1.2 1.4
 0.5 -0.3
 0 -0.2
 -0.9 1.0
 -1.1
 -1.8
 -3 -3.1



 -6
 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 June 30, 2025. *Hedge fund returns as of May 31, 2025.


 Fixed Income (2Q 2025) Equity (2Q 2025) Real Asset / Alternatives (2Q 2025)
 + The Federal Reserve left rates unchanged at 4.25%– + Equities gained on improved clarity around trade, and - Equity REITs had a negative quarter, as investors
 4.50% for a fourth consecutive meeting, in line with investor optimism about future policy support. Small rotated away from high valuation sectors such as
 expectations, as policymakers take a cautious stance to caps lagged large, as investors favored large AI-related residential.
 fully evaluate the economic impact of President Trump’s names.
 policies. Core bonds subsequently gained on falling - Commodities were negative for the quarter on falling
 rates. + Central bank activity in Europe also provided a boost energy, agriculture, and industrial metals.
 to international developed markets.
 + Credit markets produced a positive return on + Hedge Funds posted gains with equity hedge
 persistently tight credit spreads. Resilient labor data and + Emerging markets outperformed developed markets strategies outperforming.
 positive risk sentiment supported prices despite slowing during the period. A falling U.S. dollar and improved
 growth. The U.S. dollar depreciated which benefitted sentiment on a trade deal between the U.S. and China
 non-USD bonds. boosted returns.

 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
 Page of
 73a of
 loss.
 15415
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 Fixed Income Market Update

 U.S. Treasury Yield Curve Corporate Credit Spreads – Trailing 5 Years
 The 2-year yield declined as markets increasingly priced in rate cuts in Corporate credit spreads tightened over the quarter as investors
 response to slowing economic growth and a softer-than-expected responded to strong demand and resilient corporate fundamentals.
 inflation backdrop. The yield curve remains inverted on the front-end Despite softer growth data, credit markets remained well-behaved with
 highlighting investor concerns about slowing growth and ongoing no signs of stress or disorderly repricing.
 uncertainty around trade and fiscal policy. The shift lower in yields
 reflected a defensive tone in rates markets as the Fed held steady and
 economic data show signs of slowing.



 6.0 500 1,250

 6/30/2025 10Yr Avg
 IG 83 bps 120 bps
 5.5 HY 290 bps 410 bps
 400 1,000



 5.0



 Spreads (bps)
 300 750
 4.71

 Yield (%)
 4.5 4.36


 200 500
 4.23 4.24
 4.0 3.89



 3.72 100 250
 3.5 6/30/25
 3/31/25
 Bloomberg U.S. Inv. Grade Corp Index (LHS)
 6/28/24
 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
 U.S. Treasury Maturity (yrs)
 Source: FactSet. As of June 30, 2025. Source: FactSet. As of June 30, 2025.
 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
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 74a of
 loss.
 15416
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 (2Q 2025)
 U.S. equities advanced in the second quarter, led by technology, industrials, and communication services, as investors embraced pro-cyclical themes
 and AI-related momentum. Health care, energy, and staples lagged the broader market as investors rotated toward areas with higher earnings
 leverage. Sector leadership reflected a risk-on tone, even as macroeconomic signals remain mixed.


 23.7% YTD QTD
 18.5%
 12.9% 12.7% 11.5%
 10.9% 9.4% 11.1%
 8.1% 9.2%
 6.2% 6.0% 5.5% 6.4%
 4.3% 3.5% 3.1%
 0.8% 1.1%

 -0.1% -1.1%
 -3.9%
 -7.2% -8.6%
 S&P 500 Utilities Real Estate Materials IT Industrials Health Care Financials Energy Cons. Cons. Disc. Comm.
 Source: Morningstar Direct. As of June 30, 2025. Staples Services


 Market Capitalization, Style, and Select Country Performance (2Q 2025)
 International equities posted strong gains in the second quarter as the U.S. dollar depreciated. Europe rallied on rate cuts and Japan rose on data
 suggesting economic resilience despite rising trade pressures. Emerging markets outperformed developed peers, driven by strength in South Korea
 and positive risk sentiment. Small caps and growth stocks mostly led global equity performance, while China, and India underperformed the broader
 EM index.
 32.7%


 17.6% 16.6% 18.3% 17.2%
 13.5% 13.8%
 11.1% 11.0% 10.1% 10.7% 10.0%
 8.5% 7.5%
 3.8% 2.0%


 Small Value Small Value Small Value
 Growth Growth Growth S.Korea
 Large Large Switz. Neth. Large China


 U.S. Int’l Developed Emerging Markets
Source: Morningstar Direct. As of June 30, 2025.
 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
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 loss.
 15417
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 Real Assets Market Update


  Commodity Performance (2Q 2025) REIT Sector Performance (2Q 2025)
  Commodities declined in the second quarter, with losses concentrated in REITs declined over the quarter, underperforming broader equity
  energy, agriculture and industrial metals. Oil and natural gas fell amid markets as investors favored higher-beta sectors and growth-sensitive
  easing Middle East tensions and tepid demand. Industrial metals such as assets. Office and lodging/resorts led performance among property
  copper fell on weak demand expectations. Precious metals like platinum types, benefiting from relative value interest and signs of demand
  and gold posted strong returns amid geopolitical tensions. stability. In contrast, single-family rental REITs, health care, and timber
 lagged, pressured by valuation concerns and sensitivity to macro
 headwinds.



 30 YTD QTD
 YTD QTD
 9.3
 Diversified
 -0.3
 25 24.1
 1.7
 Specialty
 14.5
 -9.0
 20 Data Centers
 7.3
 10.3
 Health Care
 -3.1
 15
 -1.0
 Retail
 -1.4



 Total Return (%)
 10 8.1 -1.7
 Residential
 -5.8
 0.0
 5 4.9 Self Storage
 -0.8

 Lodging/Resorts -14.2
 3.6
 0 -0.4
 -0.5
 Industrial
 -1.2 -2.1 -6.3
 -4.0
 -5 Infrastructure 19.5
 2.7
 -7.4
 Timber
 -10 -13.0
 -10.9
 -7.5
 Office
 3.4
 -15
 Energy Industrial Precious Agriculture -20 -10 0 10 20 30
 Metals Metals Total Return (%)
 Source: Morningstar Direct. As of June 30, 2025.
 Source: Morningstar Direct. As of June 30, 2025.
 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
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 loss.
 15418
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 Marketable Alternatives

 4.0%

 3.0%
 3.0% 2.8%



 2.0% 1.8%

 1.2% 1.2% 1.2%
 1.0%



Total Return
 1.0% 0.8%
 0.4%

 0.0%
 -0.2%
 -1.0%


 -2.0% -1.5%

 -2.3%
 -3.0%
 HFRI Fund of Funds HFRI Asset Weighted HFRI Equity Hedge HFRI Event Driven HFRI Macro HFRI Relative Value
 Composite Composite

 Trailing 3-Month YTD
 Source: Morningstar Direct. As of February 28, 2025.

 Fund of Funds / Asset Weighted (1Q) Equity Hedge / Event Driven (1Q) Macro / Relative Value (1Q)
 + The HFRI Fund of Funds Composite returned 0.4 + Equity Hedge strategies returned 1.2 percent over the - Macro strategies returned -2.3 percent over the period,
 percent over the trailing 3-month period and 1.2 percent period, rebounding nicely from a challenging equity bringing year-to-date performance into negative
 year-to-date. market in March. territory.
 - The HFRI Asset Weighted Composite returned -0.2 - Within Equity Hedge Strategies, Healthcare and +/- The dispersion between Systematic Macro
 percent over the trailing 3-month period and 1.2 percent Technology/Healthcare strategies were notable strategies and Discretionary Macro strategies was
 year-to-date. detractors. notable, with Systematic Macro strategies trailing their
 discretionary peers over the period.
 +/- Marketable alternatives generally outpaced US + Event Driven strategies returned 0.8 percent over the
 markets but trailed global indices over the trailing 3- period with Multi-Strategy and Special Situations + Relative Value strategies returned 1.0 percent over
 month period. strategies notable contributors. the period with positive performance across strategy
 types.
 Benchmark Return Indices cannot be invested in directly. HFRI benchmarks are net of fees. Past performance does not indicate future performance
 Page 77and
 of 154
 19
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 Private Equity Market Update

 U.S. Private Equity Deal Activity
 U.S. Private Equity deal activity in the first half of the year is on pace to surpass recent years.
 $1,400.0 12,000
 10,207
 $1,200.0 9,343 10,000
 8,559
 $1,000.0 7,944
 8,000
 6,202 6,480 6,550
 $800.0
 5,315 6,000
 4,643 4,781 4,430
 $600.0
 4,000
 $400.0

 $548.2 $463.2 $590.2 $674.1 $679.2 $618.0 $1,244.2 $941.3 $724.0 $838.2 $512.7
 $200.0 2,000

 $0.0 0
 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
 Deal value ($B) Deal count Estimated deal count
Source: Pitchbook. As of June 30, 2025.
 Private Equity Performance (As of March 31, 2025) U.S. Private Equity Fundraising Activity
Public market performance has been strong as of late; however, longer term periods The first half of 2025 is off to a slower start compared to recent years.
continue to favor private markets. Growth equity and venture capital returns have
started to recover. 1,051
 898
 827
Benchmark 1-YR 3-YR 5-YR 10-Y 15-Y

US Private Equity Index 8.1% 4.4% 15.8% 15.1% 16.0% 538
 514 539
 458 476
US Buyout Index 7.9% 6.1% 15.7% 14.9% 15.9% 426
 400
US Growth Equity Index 8.8% -0.1% 16.4% 16.2% 16.4% 146


 $142 $187 $253 $201 $352 $263 $379 $401 $395 $333 $149
US Venture Capital Index 6.2% -6.5% 15.1% 13.7% 14.8%

S&P 500 Index 25.0% 8.9% 14.5% 13.1% 13.9%
 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Source: Cambridge Associates. As of March 31, 2025. Returns presented as horizon pooled Capital raised ($B) Fund count
return, net of fees. S&P 500 Index as of March 31, 2025. Indices cannot be invested in directly.
 Source: Pitchbook. As of June 30, 2025.
 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
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 loss.
 15420
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 The Case for Diversification



 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10 Years (Ann)
 Emerging Markets
  U.S. Equity REITs U.S. Small Cap High Yield Municipals U.S. Large Cap U.S. Large Cap U.S. Equity REITs Commodities U.S. Large Cap U.S. Large Cap International Dev.Eq. U.S. Large Cap
 Equity
 2.8 21.3 4.8 31.4 21.0 41.3 16.1 26.5 24.5 19.4 13.3
 37.3
 International International
  Municipals 5-Year High Yield Cash U.S. Mid Cap U.S. Small Cap Commodities Cash U.S. Mid Cap Emerging Markets Eq. U.S. Mid Cap
 Developed Equity Developed Equity
 2.4 17.1 1.8 30.5 20.0 27.1 1.5 15.3 15.3 9.9
 25.0 18.2
 Emerging Markets
 High Yield Municipals U.S. Mid Cap U.S. Large Cap Municipals 5-Year U.S. Equity REITs U.S. Large Cap Hedge Funds U.S. Mid Cap U.S. Small Cap U.S. Large Cap U.S. Small Cap
 Equity
 1.8 13.8 21.7 1.7 28.7 26.5 -5.3 17.2 11.5 6.1 7.1
 18.3

 U.S. Large Cap U.S. Large Cap U.S. Mid Cap U.S. Core Bond U.S. Small Cap U.S. Mid Cap U.S. Mid Cap Municipals 5-Year U.S. Small Cap Balanced Commodities Balanced
 0.9 12.1 18.5 0.0 25.5 17.1 22.6 -5.3 16.9 10.8 5.5 6.3

 International
 U.S. Core Bond Commodities Balanced TIPS Balanced U.S. Small Cap High Yield Balanced Hedge Funds U.S. Mid Cap U.S. Equity REITs
 Developed Equity
 0.5 11.8 15.4 -1.3 13.5 14.8 -11.2 15.4 9.1 4.8 6.6
 22.0
 Emerging Markets International International
 Cash U.S. Small Cap High Yield Balanced TIPS TIPS High Yield High Yield TIPS
 Equity Developed Equity Developed Equity
 0.0 14.6 -2.1 19.4 11.0 -11.8 13.4 8.2 4.7
 11.2 11.3 6.5
 Emerging Markets Emerging Markets
 Hedge Funds U.S. Equity REITs High Yield Municipals U.S. Equity REITs Hedge Funds Balanced U.S. Core Bond U.S. Equity REITs High Yield High Yield
 Equity Equity
 -0.3 8.6 9.7 -4.0 10.9 10.2 -13.0 11.4 4.6 5.4
 18.4 7.5
 International International Emerging Markets
 Balanced U.S. Equity REITs Hedge Funds High Yield High Yield Municipals High Yield Municipals High Yield Municipals Balanced High Yield Municipals
 Developed Equity Developed Equity Equity
 5.9 8.7 -4.0 14.3 7.8 -13.1 6.3 4.3 4.4
 -0.8 7.8 9.8
 International Emerging Markets
 Balanced TIPS Hedge Funds U.S. Large Cap High Yield Municipals U.S. Core Bond Hedge Funds High Yield Municipals Commodities U.S. Core Bond
 Developed Equity Equity
 -1.0 4.7 7.8 -4.8 10.7 7.5 6.2 9.2 5.4 4.0
 -14.5 4.8

 TIPS High Yield Municipals High Yield Balanced U.S. Core Bond High Yield TIPS Balanced Hedge Funds Cash Municipals 5-Year Hedge Funds
 -1.4 3.0 7.5 -5.5 8.7 7.1 6.0 -16.0 6.1 5.3 2.3 3.5

 U.S. Mid Cap U.S. Core Bond U.S. Core Bond U.S. Mid Cap TIPS High Yield Municipals High Yield U.S. Mid Cap U.S. Core Bond U.S. Equity REITs Cash Commodities
 -2.4 2.6 3.5 -9.1 8.4 4.9 5.3 -17.3 5.5 4.9 2.1 2.0

 International International
 U.S. Small Cap Municipals 5-Year U.S. Small Cap Hedge Funds Municipals 5-Year Municipals 5-Year U.S. Large Cap Cash U.S. Equity REITs TIPS
 Developed Equity Developed Equity
 -4.4 3.1 -11.0 8.4 4.3 0.3 -19.1 5.1 1.8 2.
 1.0 3.8
 Emerging Markets
 High Yield Hedge Funds TIPS Commodities Commodities Cash Cash Municipals 5-Year TIPS Hedge Funds Cash
 Equity
 -4.5 0.5 3.0 -11.2 7.7 0.5 0.0 4.3 1.8 1.0 2.0
 -20.1
  Emerging Markets International
 Cash Commodities Municipals 5-Year Commodities U.S. Core Bond U.S. Small Cap TIPS U.S. Core Bond High Yield Munis Municipals 5-Year
 Equity Developed Equity
 0.3 1.7 5.4 -3.1 -1.5 -20.4 3.9 1.3 -0.3 1.8
 -14.9 -13.8
 Emerging Markets Emerging Markets
 Commodities Municipals 5-Year Cash Cash U.S. Equity REITs U.S. Equity REITs Commodities Municipals 5-Year U.S. Small Cap U.S. Core Bond
 Equity Equity
 -24.7 -0.4 0.8 2.2 -5.1 -24.9 -7.9 1.2 -1.8 1.8
 -14.6 -2.5
 Sources: Morningstar, FactSet. As of June 30, 2025. *Periods greater than one year are annualized. Total returns in U.S. dollars. Hedge Funds as of May 31, 2025.




 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
 Page of
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 loss.
 15421
www.FiducientAdvisors.com Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.
 Financial Markets Performance


 Total Return as of June 30, 2025
 Periods greater than one year are annualized
 All returns are in U.S. dollar terms
 Global Fixed Income Markets QTD YTD 1YR 3YR 5YR 7YR 10YR 15YR
 Bloomberg 1-3-Month T-Bill 1.1% 2.1% 4.8% 4.7% 2.8% 2.5% 2.0% 1.3%
 Bloomberg U.S. TIPS 0.5% 4.7% 5.8% 2.3% 1.6% 3.0% 2.7% 2.9%
 Bloomberg Municipal Bond (5 Year) 1.3% 2.3% 4.3% 2.7% 0.9% 1.9% 1.8% 2.2%
 Bloomberg High Yield Municipal Bond -1.1% -0.3% 1.8% 4.5% 3.1% 3.5% 4.4% 5.1%
 Bloomberg U.S. Aggregate 1.2% 4.0% 6.1% 2.5% -0.7% 1.8% 1.8% 2.3%
 Bloomberg U.S. Corporate High Yield 3.5% 4.6% 10.3% 9.9% 6.0% 5.3% 5.4% 6.4%
 Bloomberg Global Aggregate ex-U.S. Hedged 1.9% 1.8% 6.1% 4.3% 0.9% 2.3% 2.7% 3.1%
 Bloomberg Global Aggregate ex-U.S. Unhedged 7.3% 10.0% 11.2% 2.7% -1.6% -0.5% 0.6% 0.8%
 Bloomberg U.S. Long Gov / Credit -0.2% 3.4% 3.3% -0.3% -4.9% 0.7% 1.8% 3.4%
 Global Equity Markets QTD YTD 1YR 3YR 5YR 7YR 10YR 15YR
 S&P 500 10.9% 6.2% 15.2% 19.7% 16.6% 14.4% 13.6% 14.9%
 Dow Jones Industrial Average 5.5% 4.5% 14.7% 15.0% 13.5% 11.2% 12.1% 13.2%
 NASDAQ Composite 18.0% 5.9% 15.7% 23.7% 16.0% 16.3% 16.2% 17.5%
 Russell 3000 11.0% 5.8% 15.3% 19.1% 16.0% 13.6% 13.0% 14.5%
 Russell 1000 11.1% 6.1% 15.7% 19.6% 16.3% 14.1% 13.3% 14.7%
 Russell 1000 Growth 17.8% 6.1% 17.2% 25.7% 18.1% 17.9% 17.0% 17.5%
 Russell 1000 Value 3.8% 6.0% 13.7% 12.8% 13.9% 9.6% 9.2% 11.6%
 Russell Mid Cap 8.5% 4.8% 15.2% 14.3% 13.1% 10.0% 9.9% 12.6%
 Russell Mid Cap Growth 18.2% 9.8% 26.5% 21.5% 12.7% 12.7% 12.1% 14.3%
 Russell Mid Cap Value 5.3% 3.1% 11.5% 11.3% 13.7% 8.2% 8.4% 11.4%
 Russell 2000 8.5% -1.8% 7.7% 10.0% 10.0% 5.5% 7.1% 10.3%
 Russell 2000 Growth 12.0% -0.5% 9.7% 12.4% 7.4% 5.7% 7.1% 11.1%
 Russell 2000 Value 5.0% -3.2% 5.5% 7.5% 12.5% 4.8% 6.7% 9.3%
 MSCI ACWI 11.5% 10.0% 16.2% 17.3% 13.7% 10.8% 10.0% 10.6%
 MSCI ACWI ex. U.S. 12.0% 17.9% 17.7% 14.0% 10.1% 6.6% 6.1% 6.7%
 MSCI EAFE 11.8% 19.4% 17.7% 16.0% 11.2% 7.2% 6.5% 7.5%
 MSCI EAFE Growth 13.5% 16.0% 11.4% 13.6% 7.9% 6.8% 6.7% 7.8%
 MSCI EAFE Value 10.1% 22.8% 24.2% 18.4% 14.3% 7.3% 6.1% 7.0%
 MSCI EAFE Small Cap 16.6% 20.9% 22.5% 13.3% 9.3% 5.0% 6.5% 8.4%
 MSCI Emerging Markets 12.0% 15.3% 15.3% 9.7% 6.8% 4.5% 4.8% 4.4%
 Alternatives QTD YTD 1YR 3YR 5YR 7YR 10YR 15YR
 Consumer Price Index* 0.1% 0.5% 2.4% 3.2% 4.6% 3.6% 3.1% 2.6%
 FTSE NAREIT All Equity REITs -0.9% 1.8% 9.2% 3.4% 6.7% 5.5% 6.6% 9.1%
 S&P Real Assets 3.2% 7.8% 11.8% 6.0% 7.3% 5.0% 4.7% 5.9%
 FTSE EPRA NAREIT Developed 4.7% 6.7% 12.4% 4.6% 6.1% 3.1% 4.2% 6.8%
 FTSE EPRA NAREIT Developed ex U.S. 16.0% 20.0% 19.2% 4.2% 3.1% 0.7% 2.2% 5.0%
 Bloomberg Commodity Total Return -3.1% 5.5% 5.8% 0.1% 12.7% 4.9% 2.0% 0.0%
 HFRI Fund of Funds Composite* 1.4% 1.0% 5.4% 5.4% 6.2% 4.3% 3.5% 3.7%
 HFRI Asset Weighted Composite* 0.7% 1.2% 4.0% 4.0% 6.5% 4.2% 3.6% 4.5%
 Sources: Morningstar, FactSet. As of June 30, 2025. *Consumer Price Index and HFRI indexes as of May 31, 2025.
 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
 Page of
 80a of
 loss.
 15422
www.FiducientAdvisors.com Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.
Portfolio and Manager Review




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Asset Allocation
Total Plan As of June 30, 2025
 Asset Asset Target
 Differences
 Allocation Allocation Allocation
 (%)
 ($) (%) (%)
Total Plan 268,285,443 100.0 100.0 0.0
 Pension Benefits Payable to the City -6,624,749 -2.5 0.0 -2.5
 Total Invested Assets 274,910,192 102.5 100.0 2.5
 Short Term Liquidity 3,145,599 1.2 0.0 1.2
 Key Bank Cash Portfolio 145,544 0.1 0.0 0.1
 First American Govt Oblig Fund Z 55 0.0 0.0 0.0
 First American Govt Oblig Fund Z- Alternatives 3,000,000 1.1 0.0 1.1
 Fixed Income 68,590,257 25.6 27.0 -1.4
 JIC Core Bond Fund I 50,650,690 18.9 20.0 -1.1
 BlackRock Strategic Income Opportunities K 17,939,568 6.7 7.0 -0.3
 Equity 192,292,121 71.7 68.5 3.2
 Domestic Equity 119,179,151 44.4 43.0 1.4
 Mellon Large Cap Core 93,978,589 35.0 33.0 2.0
 Mellon Smid Cap Core 25,200,562 9.4 10.0 -0.6
 International Equity 72,695,280 27.1 25.5 1.6
 Mellon EAFE Fund 52,077,255 19.4 18.0 1.4
 Mellon Emerging Markets 20,618,025 7.7 7.5 0.2
 Private Equity 417,690 0.2 0.0 0.2
 Hamilton Lane II 624 0.0 - -
 Hamilton Lane VII A 297,321 0.1 - -
 Hamilton Lane VII B 119,745 0.0 - -
 Real Assets 10,882,215 4.1 4.5 -0.4
 UBS Trumbull Property Fund 7,660,226 2.9 3.0 -0.1
 DWS RREEF Real Assets R6 3,221,988 1.2 1.5 -0.3

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

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




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


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Asset Allocation
Total Invested Assets As of June 30, 2025
 Asset Asset Target
 Differences
 Allocation Allocation Allocation
 (%)
 ($) (%) (%)
 Total Invested Assets 274,910,192 100.0 100.0 0.0
 Short Term Liquidity 3,145,599 1.1 0.0 1.1
 Key Bank Cash Portfolio 145,544 0.1 0.0 0.1
 First American Govt Oblig Fund Z 55 0.0 0.0 0.0
 First American Govt Oblig Fund Z- Alternatives 3,000,000 1.1 - -
 Fixed Income 68,590,257 25.0 27.0 -2.0
 JIC Core Bond Fund I 50,650,690 18.4 20.0 -1.6
 BlackRock Strategic Income Opportunities K 17,939,568 6.5 7.0 -0.5
 Equity 192,292,121 69.9 68.5 1.4
 Domestic Equity 119,179,151 43.4 43.0 0.4
 Mellon Large Cap Core 93,978,589 34.2 33.0 1.2
 Mellon Smid Cap Core 25,200,562 9.2 10.0 -0.8
 International Equity 72,695,280 26.4 25.5 0.9
 Mellon EAFE Fund 52,077,255 18.9 18.0 0.9
 Mellon Emerging Markets 20,618,025 7.5 7.5 0.0
 Private Equity 417,690 0.2 0.0 0.2
 Hamilton Lane II 624 0.0 - -
 Hamilton Lane VII A 297,321 0.1 - -
 Hamilton Lane VII B 119,745 0.0 - -
 Real Assets 10,882,215 4.0 4.5 -0.5
 UBS Trumbull Property Fund 7,660,226 2.8 3.0 -0.2
 DWS RREEF Real Assets R6 3,221,988 1.2 1.5 -0.3




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

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




Investments with a zero balance were held in the portfolio during the reporting period and will be removed once they no longer impact portfolio performance.
Asset Allocation weightings may not add up to 100% due to rounding.
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Portfolio Dashboard
Total Invested Assets As of June 30, 2025
Historical Performance Summary of Cash Flows
 16.0 1 Since
 QTR YTD
 Year Inception
 Total Invested Assets
 12.5 12.4
 12.0 11.9 11.8 Beginning Market Value 254,282,842 254,255,219 244,261,835 126,047,968
 Net Contributions - 38 57,506 -51,426,750
 9.8 9.7



 Return (%)
 Gain/Loss 20,627,351 20,654,935 30,590,850 200,288,975
 8.1 7.9 8.1 8.0 8.1
 8.0 7.6 Ending Market Value 274,910,192 274,910,192 274,910,192 274,910,192
 7.0
 6.0

 Current Benchmark Composition
 4.0
 From Date To Date
 04/2025 Present 27.00% Blmbg. U.S. Aggregate, 33.00% S&P 500, 10.00%
 Russell 2500 Index, 18.00% MSCI EAFE (Net), 7.50% MSCI
 0.0 Emerging Markets (Net), 3.00% NCREIF Fund Index - ODCE
 QTR YTD 1 3 5 10 Since (net), 1.50% DWS Real Assets Benchmark
 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 1.1%
 4.0% 1.1% $3,145,599 1.1%
 Private Equity
 Fixed Income 27.0%
 0.2% Fixed Income
 25.0% 25.0%
 International Equity $68,590,257 -2.0 %
 26.4%
 Domestic Equity 43.0%
 43.4%
 $119,179,151 0.4%

 International Equity 25.5%
 26.4%
 $72,695,280 0.9%

 Private Equity 0.0%
 0.2%
 $417,690 0.2%
 Domestic Equity
 Real Assets 4.5%
 43.4% 4.0%
 $10,882,215 -0.5 %

 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.



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 Recent Portfolio Activities


 Quarter Cash Flow

 • April 14, 2025: Funded DWS RREEF Real Asset Fund.

 2Q 2025 • April 28, 2025: $58,224.58 UBS Trumbull Property Fund LP distribution.
 • 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.




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 27
www.FiducientAdvisors.com
Fixed Income Asset Class Summary
Total Invested Assets As of June 30, 2025



 Manager Characteristics

 Current Portfolio Current Fixed Income Duration
 Yield Average Credit Quality
 Allocation Allocation (Years)

JIC Core Bond Fund I 18.4% 73.8% 4.81% 6.6 A

BlackRock Strategic Income Opportunities K 6.5% 26.2% 6.06% 3.3 BB

Fixed Income 25% 100% 5.14% 5.7




 Holdings Overview

 Investment Grade
 Fund Cash & Equivalents BB Rated Securities B Rated Securities <B Rated Securities Not-Rated Securities
 Securities

JIC Core Bond Fund I 0.9% 99.1% 0.0% 0.0% 0.0% 0.0%

BlackRock Strategic Income Opportunities K -14.4% 77.4% 12.9% 9.1% 2.8% 12.3%

Fixed Income -3.1% 93.4% 3.4% 2.4% 0.7% 3.2%




 Fixed Income Sector Analysis Credit Rating Exposure


 4% -3%
 93.4%
 90.0%




 70.0%
 30%


 38% 50.0%




 30.0%




 10.0%
 3.4% 2.4% 3.2%
 0.7%

 -3.1%
 -10.0%


 25% Cash & Equivalents Investment Grade Securities BB Rated Securities B Rated Securities <B Rated Securities Not-Rated Securities

 Cash & Equivalents Securitzed U.S. Government Corporate Other



Source: Morningstar/Manager Provided



Important Disclosure Information: Past performance may not be indicative of future results. Account information has been compiled solely by Fiduciary Investment Advisors, LLC, has not been independently verified, and does not reflect the impact of taxes on non-qualified accounts. In preparing this report, Fiducient Advisors has relied upon information provided by third
party sources. A copy of our current written disclosure statement discussing our advisory services and fees continues to remain available for your review upon request. Historical performance results for investment indices and/or categories have been provided for general comparison purposes only, and generally do not reflect the deduction of transaction and/or custodial
charges, the deduction of an investment management fee, nor the impact of taxes, the incurrence of which would have the effect of decreasing historical performance results. It should not be assumed that your account holdings correspond directly to any comparative indices.




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 28
Performance Overview
Total Invested Assets As of June 30, 2025
Trailing Performance Summary
 Current 1 3 5 7 10 Since Inception
 YTD
 Quarter Year Years Years Years Years Inception Date
Total Invested Assets 8.1 8.1 12.5 11.9 9.8 7.8 7.6 6.0 01/2008
  Policy Benchmark 7.9 8.0 12.4 11.8 9.7 8.2 8.1 7.0 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 3 5 10 Since Inception
 QTR YTD
 Year Years Years Years Inception Date
Total Invested Assets 01/2008
  Beginning Market Value 254,282,842 254,255,219 244,261,835 213,971,670 194,665,501 161,383,775 126,047,968
  Net Contributions - 38 57,506 -19,214,601 -27,271,755 -43,046,189 -51,426,750
  Gain/Loss 20,627,351 20,654,935 30,590,850 80,153,123 107,516,447 156,572,607 200,288,975
  Ending Market Value 274,910,192 274,910,192 274,910,192 274,910,192 274,910,192 274,910,192 274,910,192


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 87 of 154
 29
Manager Performance
Fiscal Year As of June 30, 2025
 Performance(%)
 Jul-2024 Jul-2023 Jul-2022 Jul-2021 Jul-2020 Jul-2019 Jul-2018 Jul-2017 Jul-2016 Jul-2015
 To To To To To To To To To To
 Jun-2025 Jun-2024 Jun-2023 Jun-2022 Jun-2021 Jun-2020 Jun-2019 Jun-2018 Jun-2017 Jun-2016
Total Invested Assets (excluding Prepaid) 12.5 12.8 10.3 -13.2 31.1 0.8 5.1 9.6 13.9 -1.2
  Policy Benchmark 12.4 12.1 10.9 -12.5 30.2 2.9 6.0 9.6 13.7 0.4




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and provided by
Lipper. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a statement or data from the
client’s custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of fees unless otherwise stated. The
fund’s inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception. Inception dates for asset class composites
reflect the start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of underlying component strategies.
 Page 88 of 154
 30
Manager Performance
Total Invested Assets As of June 30, 2025

 Allocation Performance(%)
 Manager
 Market Status
 1 3 5 10 Since Inception
 Value % QTR YTD
 Year Years Years Years Inception Date
 ($)
Total Invested Assets 274,910,192 100.0 8.1 8.1 12.5 11.9 9.8 7.6 6.0 01/2008
  Policy Benchmark 7.9 8.0 12.4 11.8 9.7 8.1 7.0
  Secondary Benchmark 7.8 8.0 12.4 11.7 9.5 7.8 6.8

Short Term Liquidity 3,145,599 1.1 0.0 0.2 1.2 1.9 - - 1.3 01/2021
  90 Day U.S. Treasury Bill 1.0 2.1 4.7 4.6 2.8 2.0 3.1

Key Bank Cash Portfolio 145,544 0.1

First American Govt Oblig Fund Z 55 0.0 1.0 2.1 4.6 4.5 2.7 1.9 4.1 03/2022
  90 Day U.S. Treasury Bill 1.0 2.1 4.7 4.6 2.8 2.0 4.1
  IM U.S. Taxable Money Market (MF) Median 1.0 2.0 4.5 4.4 2.6 1.7 4.0
 First American Govt Oblig Fund Z Rank 24 22 25 26 24 19 26

First American Govt Oblig Fund Z- Alternatives 3,000,000 1.1 1.0 2.1 4.6 4.5 2.7 1.9 0.3 06/2025
  90 Day U.S. Treasury Bill 1.0 2.1 4.7 4.6 2.8 2.0 0.3
  IM U.S. Taxable Money Market (MF) Median 1.0 2.0 4.5 4.4 2.6 1.7 0.3
 First American Govt Oblig Fund Z- Alternatives Rank 24 22 25 26 24 19 26

Fixed Income 68,590,257 25.0 1.7 4.5 7.0 3.5 - - -0.6 01/2021
  Blmbg. U.S. Aggregate 1.2 4.0 6.1 2.5 -0.7 1.8 -1.1

JIC Core Bond Fund I 50,650,690 18.4 1.3 4.5 6.5 2.7 -1.0 2.0 -0.2 03/2020 Maintain
  Blmbg. U.S. Aggregate 1.2 4.0 6.1 2.5 -0.7 1.8 -0.3
  IM U.S. Broad Market Core Fixed Income (MF) Median 1.2 4.0 6.1 2.7 -0.5 1.8 -0.1
 JIC Core Bond Fund I Rank 39 9 22 55 85 32 60

BlackRock Strategic Income Opportunities K 17,939,568 6.5 2.9 4.7 8.5 5.7 3.9 3.4 4.1 03/2022 Maintain
  Blmbg. U.S. Aggregate 1.2 4.0 6.1 2.5 -0.7 1.8 0.0
  IM Alternative Credit Focus (MF) Median 1.6 3.7 7.4 5.8 3.9 2.7 3.8
 BlackRock Strategic Income Opportunities K Rank 15 9 17 52 48 28 42




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and provided by
Lipper. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a statement or data from the
client’s custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of fees unless otherwise stated. The
fund’s inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception. Inception dates for asset class composites
reflect the start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of underlying component strategies.
 Page 89 of 154
 31
Manager Performance
Total Invested Assets As of June 30, 2025

 Allocation Performance(%)
 Manager
 Market Status
 1 3 5 10 Since Inception
 Value % QTR YTD
 Year Years Years Years Inception Date
 ($)
Domestic Equity 119,179,151 43.4 10.4 4.9 14.0 17.9 - - 11.7 01/2021
  Domestic Equity Benchmark 10.4 4.9 14.0 17.9 15.9 12.3 11.8

Mellon Large Cap Core 93,978,589 34.2 11.0 6.2 15.2 19.7 16.6 - 14.6 04/2016 Maintain
  S&P 500 10.9 6.2 15.2 19.7 16.6 13.6 14.6
  IM U.S. Large Cap Core Equity (MF) Median 10.7 5.9 12.9 18.5 15.4 12.5 13.6
 Mellon Large Cap Core Rank 45 41 27 30 21 - 19

Mellon Smid Cap Core 25,200,562 9.2 8.6 0.5 10.0 11.4 11.6 - 10.1 04/2016 Maintain
  Russell 2500 Index 8.6 0.4 9.9 11.3 11.4 8.4 10.0
  IM U.S. SMID Cap Equity (MF) Median 6.7 -0.7 7.3 10.5 11.0 8.0 9.5
 Mellon Smid Cap Core Rank 33 33 26 41 44 - 36

International Equity 72,695,280 26.4 11.9 18.5 17.3 14.6 - - 5.7 01/2021
  International Equity Benchmark 11.9 18.4 17.2 14.5 10.4 6.4 6.0

Mellon EAFE Fund 52,077,255 18.9 11.9 19.7 18.1 16.3 11.5 - 8.6 04/2016 Maintain
  MSCI EAFE (Net) 11.8 19.4 17.7 16.0 11.2 6.5 8.1
  IM International Large Cap Core Equity (MF) Median 11.2 18.9 17.9 14.6 11.0 6.1 7.8
 Mellon EAFE Fund Rank 27 39 45 19 33 - 21

Mellon Emerging Markets 20,618,025 7.5 11.8 15.2 15.3 9.4 6.5 - 6.6 04/2016 Maintain
  MSCI Emerging Markets (Net) 12.0 15.3 15.3 9.7 6.8 4.8 6.8
  IM Emerging Markets Equity (MF) Median 12.3 14.6 14.2 9.9 6.4 4.5 6.4
 Mellon Emerging Markets Rank 63 44 36 56 49 - 45




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and provided by
Lipper. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a statement or data from the
client’s custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of fees unless otherwise stated. The
fund’s inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception. Inception dates for asset class composites
reflect the start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of underlying component strategies.
 Page 90 of 154
 32
Manager Performance
Total Invested Assets As of June 30, 2025

 Allocation Performance(%)
 Manager
 Market Status
 1 3 5 10 Since Inception
 Value % QTR YTD
 Year Years Years Years Inception Date
 ($)


Private Equity 417,690 0.2 -1.2 -11.5 -23.0 -12.6 - - -6.4 01/2021

Hamilton Lane II 624 0.0 0.0 0.0 -7.2 -23.2 -19.9 -0.8 6.5 03/2009 Maintain

Hamilton Lane VII A 297,321 0.1 -1.0 -12.9 -24.4 -13.7 -2.8 4.1 6.6 07/2011 Maintain

Hamilton Lane VII B 119,745 0.0 -1.5 -8.0 -19.9 -8.8 -5.5 2.5 5.3 07/2011 Maintain

Real Assets 10,882,215 4.0 0.7 2.0 2.5 -7.5 - - -0.5 01/2021
  Real Assets Benchmark 1.0 1.9 2.9 -5.6 - - 2.4

UBS Trumbull Property Fund 7,660,226 2.8 0.0 1.3 1.8 -7.8 -0.5 - 0.8 07/2016 Terminate
  NCREIF Fund Index - ODCE (net) 1.0 1.9 2.9 -6.1 2.6 4.4 3.8

DWS RREEF Real Assets R6 3,221,988 1.2 2.9 8.0 12.4 4.4 8.6 5.8 2.9 04/2025 Maintain
  DWS Real Assets Benchmark 2.9 8.4 12.2 4.7 8.4 4.7 2.9



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

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

UBS Trumbull Property Fund QTR return is N/A.




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and provided by
Lipper. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a statement or data from the
client’s custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of fees unless otherwise stated. The
fund’s inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception. Inception dates for asset class composites
reflect the start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of underlying component strategies.
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 33
Calendar Year Performance
Total Invested Assets As of June 30, 2025
 Performance(%)
 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
  Secondary Benchmark 10.7 14.7 -15.1 14.1 14.0 19.8 -5.3 16.7 9.1 -0.2

Short Term Liquidity 2.9 2.3 0.3 0.0 - - - - - -
  90 Day U.S. Treasury Bill 5.3 5.0 1.5 0.0 0.7 2.3 1.9 0.9 0.3 0.0

First American Govt Oblig Fund Z 5.2 5.0 1.5 0.0 0.4 2.1 1.7 0.8 0.2 0.0
  90 Day U.S. Treasury Bill 5.3 5.0 1.5 0.0 0.7 2.3 1.9 0.9 0.3 0.0
  IM U.S. Taxable Money Market (MF) Median 5.0 4.9 1.4 0.0 0.3 1.9 1.5 0.5 0.1 0.0
 First American Govt Oblig Fund Z Rank 26 39 28 23 31 22 26 24 20 67

First American Govt Oblig Fund Z- Alternatives 5.2 5.0 1.5 0.0 0.4 2.1 1.7 0.8 0.2 0.0
  90 Day U.S. Treasury Bill 5.3 5.0 1.5 0.0 0.7 2.3 1.9 0.9 0.3 0.0
  IM U.S. Taxable Money Market (MF) Median 5.0 4.9 1.4 0.0 0.3 1.9 1.5 0.5 0.1 0.0
 First American Govt Oblig Fund Z- Alternatives Rank 26 39 28 23 31 22 26 24 20 67

Fixed Income 2.5 6.0 -12.7 -2.0 - - - - - -
  Blmbg. U.S. Aggregate 1.3 5.5 -13.0 -1.5 7.5 8.7 0.0 3.5 2.6 0.5

JIC Core Bond Fund I 1.2 5.4 -13.7 -2.0 9.7 8.9 0.1 3.7 3.7 1.2
  Blmbg. U.S. Aggregate 1.3 5.5 -13.0 -1.5 7.5 8.7 0.0 3.5 2.6 0.5
  IM U.S. Broad Market Core Fixed Income (MF) Median 1.6 5.8 -13.7 -1.3 8.2 8.8 -0.6 3.6 2.9 0.0
 JIC Core Bond Fund I Rank 76 71 52 84 14 45 13 46 29 5

BlackRock Strategic Income Opportunities K 5.4 7.4 -5.6 1.0 7.3 7.8 -0.5 5.0 3.6 -0.6
  Blmbg. U.S. Aggregate 1.3 5.5 -13.0 -1.5 7.5 8.7 0.0 3.5 2.6 0.5
  IM Alternative Credit Focus (MF) Median 6.1 7.3 -7.6 1.9 3.9 7.3 -1.9 4.5 4.9 -1.6
 BlackRock Strategic Income Opportunities K Rank 69 49 41 58 17 43 29 43 64 25




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and
provided by Lipper. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a
statement or data from the client’s custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of
fees unless otherwise stated. The fund’s inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception.
Inception dates for asset class composites reflect the start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of
underlying component strategies.
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 34
Calendar Year Performance
Total Invested Assets As of June 30, 2025
 Performance(%)
 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Domestic Equity 22.1 24.4 -18.1 26.0 - - - - - -
  Domestic Equity Benchmark 22.1 24.4 -18.1 26.3 19.3 30.1 -6.6 19.9 14.2 -0.1

Mellon Large Cap Core 25.0 26.2 -18.1 28.7 18.3 31.4 -4.4 21.8 - -
  S&P 500 25.0 26.3 -18.1 28.7 18.4 31.5 -4.4 21.8 12.0 1.4
  IM U.S. Large Cap Core Equity (MF) Median 22.9 24.8 -18.7 26.9 18.4 30.7 -5.4 21.5 9.7 0.5
 Mellon Large Cap Core Rank 26 38 45 26 52 38 32 45 - -

Mellon Smid Cap Core 12.1 17.6 -18.3 18.4 20.0 27.9 -9.9 17.0 - -
  Russell 2500 Index 12.0 17.4 -18.4 18.2 20.0 27.8 -10.0 16.8 17.6 -2.9
  IM U.S. SMID Cap Equity (MF) Median 12.2 16.1 -18.6 20.2 17.6 27.6 -9.6 18.0 15.4 -3.2
 Mellon Smid Cap Core Rank 52 35 49 57 47 47 52 55 - -

International Equity 5.1 16.3 -15.8 5.5 - - - - - -
  International Equity Benchmark 5.0 16.1 -15.7 6.7 13.2 20.3 -14.1 31.1 6.2 -8.0

Mellon EAFE Fund 4.2 18.6 -14.1 11.5 8.6 22.3 -13.3 25.7 - -
  MSCI EAFE (Net) 3.8 18.2 -14.5 11.3 7.8 22.0 -13.8 25.0 1.0 -0.8
  IM International Large Cap Core Equity (MF) Median 3.8 17.2 -15.1 10.7 9.1 22.1 -15.0 25.0 0.0 -1.9
 Mellon EAFE Fund Rank 46 27 30 36 57 46 13 40 - -

Mellon Emerging Markets 7.3 9.5 -20.6 -2.6 18.3 18.4 -14.6 37.2 - -
  MSCI Emerging Markets (Net) 7.5 9.8 -20.1 -2.5 18.3 18.4 -14.6 37.3 11.2 -14.9
  IM Emerging Markets Equity (MF) Median 6.4 10.9 -22.5 -1.6 17.7 20.2 -16.5 35.7 8.3 -13.7
 Mellon Emerging Markets Rank 38 62 35 59 47 63 29 44 - -




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and
provided by Lipper. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a
statement or data from the client’s custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of
fees unless otherwise stated. The fund’s inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception.
Inception dates for asset class composites reflect the start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of
underlying component strategies.
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 35
Calendar Year Performance
Total Invested Assets As of June 30, 2025
 Performance(%)
 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015


Private Equity -15.1 -7.0 -10.5 18.8 - - - - - -

Hamilton Lane II -14.6 -52.0 2.0 -22.9 24.7 32.7 25.5 13.6 8.9 17.2

Hamilton Lane VII A -15.9 -4.7 -13.8 33.9 14.6 13.9 14.7 9.9 9.0 8.5

Hamilton Lane VII B -12.9 -7.0 -3.8 0.4 18.6 6.8 8.3 10.7 9.1 12.1

Real Assets -2.5 -15.8 0.8 15.7 - - - - - -
  Real Assets Benchmark -2.3 -12.7 7.5 19.3 - - - - - -

UBS Trumbull Property Fund -2.5 -15.8 4.9 15.1 -5.1 -3.0 6.0 5.2 - -
  NCREIF Fund Index - ODCE (net) -2.3 -12.7 6.5 21.0 0.3 4.4 7.4 6.7 7.8 14.0

DWS RREEF Real Assets R6 5.6 2.6 -9.6 23.9 3.9 21.8 -5.1 15.0 4.4 -9.5
  DWS Real Assets Benchmark 3.0 4.2 -7.5 22.3 -3.7 19.7 -7.7 11.6 12.0 -12.2




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and
provided by Lipper. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a
statement or data from the client’s custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of
fees unless otherwise stated. The fund’s inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception.
Inception dates for asset class composites reflect the start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of
underlying component strategies.
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 36
Manager Status Commentary
City of Burlington Employees Retirement System As of June 30, 2025

Manager Recommendation Comments
Fixed Income
JIC Core Bond Fund I Maintain
BlackRock Strategic Income Opportunities K Maintain
Equity
Domestic Equity
Mellon Large Cap Core Maintain
Mellon Smid Cap Core Maintain
International Equity
Mellon EAFE Fund Maintain
Mellon Emerging Markets Maintain
Private Equity
Hamilton Lane II Maintain
Hamilton Lane VII A Maintain
Hamilton Lane VII B Maintain
Real Assets
UBS Trumbull Property Fund Terminate Following the departures of two key team members in 2020, Matt Lynch, Head of US Real Estate, and Jack Connelly, Head of Transactions, the UBS Trumbull Property Fund was evaluated for
 potential impacts and conversation with the team took place. Following this due diligence the Trumbull Property Fund was moved to terminate status. A significant redemption queue remains
 for the Fund. Redemptions are paid out on a pro-rata basis according to the ratio of the requesting investor’s units to the total units of all investors requesting redemptions. It is anticipated that
 satisfying the pool will be a multi-year process.
DWS RREEF Real Assets R6 Maintain




Commentary produced upon change of status.



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 37
Investment Gain/Loss Summary
City of Burlington Employees Retirement System 1 Quarter Ending June 30, 2025
 Market Value Market Value
 as of Net Contributions Gain/Loss As of
 04/01/2025 06/30/2025
Total Plan 250,490,619 -2,832,526 20,627,351 268,285,443
Pension Benefits Payable to the City -3,792,222 -2,832,526 - -6,624,749


Total Invested Assets 254,282,842 - 20,627,351 274,910,192
Short Term Liquidity 134,490 3,011,054 55 3,145,599
Key Bank Cash Portfolio 133,969 11,575 - 145,544
First American Govt Oblig Fund Z 521 -521 55 55
First American Govt Oblig Fund Z- Alternatives - 3,000,000 - 3,000,000
Fixed Income 70,440,520 -2,955,000 1,104,737 68,590,257
JIC Core Bond Fund I 52,251,488 -2,215,000 614,201 50,650,690
BlackRock Strategic Income Opportunities K 18,189,032 -740,000 490,536 17,939,568
Equity 175,989,380 -3,011,575 19,314,316 192,292,121
Domestic Equity 107,910,970 - 11,268,182 119,179,151
Mellon Large Cap Core 84,703,234 - 9,275,355 93,978,589
Mellon Smid Cap Core 23,207,736 - 1,992,826 25,200,562
International Equity 67,643,993 -3,000,000 8,051,287 72,695,280
Mellon EAFE Fund 49,198,723 -3,000,000 5,878,533 52,077,255
Mellon Emerging Markets 18,445,271 - 2,172,754 20,618,025
Private Equity 434,417 -11,575 -5,152 417,690
Hamilton Lane II 624 - - 624
Hamilton Lane VII A 303,526 -3,048 -3,157 297,321
Hamilton Lane VII B 130,267 -8,527 -1,995 119,745
Real Assets 7,718,451 2,955,521 208,242 10,882,215
UBS Trumbull Property Fund 7,718,451 -58,225 - 7,660,226
DWS RREEF Real Assets R6 - 3,013,746 208,242 3,221,988
Valuations data as of:
Valuations data as of:
Hamilton Lane VII - 3/31/2025
Hamilton Lane II - 12/31/2024
UBS Trumbull Property Fund - 3/31/2025

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



Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and provided by
Lipper. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a statement or data from the
client’s custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of fees unless otherwise stated. The
fund’s inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception. Inception dates for asset class composites
reflect the start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of underlying component strategies.
 Page 96 of 154
 38
Estimated Fee Analysis
Total Invested Assets As of June 30, 2025
 Estimated Estimated Universe Median
 Market Value Fee Schedule Details
 Annual Fee Annual Fee Expense Ratio
 ($) (Ex. Mutual Fund Investments)
 ($) (%) (%)
Total Invested Assets 274,910,192 427,677 0.16 -
Short Term Liquidity 3,145,599 5,400 0.17 -
  Key Bank Cash Portfolio 145,544 - - -
  First American Govt Oblig Fund Z 55 - 0.18 0.36
  First American Govt Oblig Fund Z- Alternatives 3,000,000 5,400 0.18 -
Fixed Income 68,590,257 237,852 0.35 -
  JIC Core Bond Fund I 50,650,690 126,627 0.25 0.59
  BlackRock Strategic Income Opportunities K 17,939,568 111,225 0.62 0.99
Equity 192,292,121 96,443 0.05 -
Domestic Equity 119,179,151 47,672 0.04 -
  Mellon Large Cap Core 93,978,589 37,591 0.04 0.04 % of Assets 0.74
  Mellon Smid Cap Core 25,200,562 10,080 0.04 0.04 % of Assets 1.10
International Equity 72,695,280 44,595 0.06 -
  Mellon EAFE Fund 52,077,255 26,039 0.05 0.05 % of Assets 0.92
  Mellon Emerging Markets 20,618,025 18,556 0.09 0.09 % of Assets 1.28
Private Equity 417,690 4,177 1.00 -
  Hamilton Lane II 624 6 1.00 1.00 % of Assets -
  Hamilton Lane VII A 297,321 2,973 1.00 1.00 % of Assets -
  Hamilton Lane VII B 119,745 1,197 1.00 1.00 % of Assets -
Real Assets 10,882,215 87,982 0.81 -
  UBS Trumbull Property Fund 7,660,226 58,984 0.77 0.77 % of Assets -
  DWS RREEF Real Assets R6 3,221,988 28,998 0.90 -


Estimated Annual Fee (%): The figures on this page have been obtained from sources we deem to be reliable. Fiducient Advisors has not independently verified this information. Fee calculations for mutual
funds represent fees at the net expense level. Fee calculations for commingled funds and/or alternative investments reflect base management fees and exclude underlying fund expenses captured at the NAV
level, any applicable performance-based fees, or incentive fees. Fees for fund of funds are shown at the fund of fund level and do not include fees charged by underlying investment managers/funds.

Universe Median Net Expense Ratio (%): Mutual fund equivalent universe shown for comparative purposes, where available. Private Equity universe fee average: Fund of Funds 0.87% (excludes underlying
fund fees and performance-based fees), Direct Funds 2.0% management fee (excludes performance-based fee and any pass- through expenses).




The figures on this page have been obtained from sources we deem to be reliable. Fiducient Advisors has not independently verified this information.

Fee calculations for mutual funds represent fees at the net expense level. Fee calculations for commingled funds and/or alternative investments reflect base management fees and exclude underlying fund
expenses captured at the NAV level, any applicable performance-based fees, or incentive fees. Fees for fund of funds are shown at the fund of fund level and do not include fees charged by underlying
investment managers/funds.
 Page 97 of 154
 39
Liquidity Schedule
Total Invested Assets As of June 30, 2025
 Market Value Liquid Semi Liquid Illiquid
Investments Subscriptions Redemptions
 ($) ($) ($) ($)
Short Term Liquidity
Key Bank Cash Portfolio Daily Liquid 145,544 145,544 - -
First American Govt Oblig Fund Z Daily Liquid 55 55 - -
First American Govt Oblig Fund Z- Alternatives Daily Liquid 3,000,000 3,000,000 - -
Fixed Income
JIC Core Bond Fund I Daily Liquid 50,650,690 50,650,690 - -
BlackRock Strategic Income Opportunities K Daily Liquid 17,939,568 17,939,568 - -
Domestic Equity
Mellon Large Cap Core Daily Liquid 93,978,589 93,978,589 - -
Mellon Smid Cap Core Daily Liquid 25,200,562 25,200,562 - -
International Equity
Mellon EAFE Fund Daily Liquid 52,077,255 52,077,255 - -
Mellon Emerging Markets Daily Liquid 20,618,025 20,618,025 - -
Private Equity
Hamilton Lane II Illiquid Illiquid 624 - - 624
Hamilton Lane VII A Illiquid Illiquid 297,321 - - 297,321
Hamilton Lane VII B Illiquid Illiquid 119,745 - - 119,745
Real Assets
UBS Trumbull Property Fund Quarterly Semi Liquid 7,660,226 - 7,660,226 -
DWS RREEF Real Assets R6 Daily Liquid 3,221,988 3,221,988 - -
Total ($) 274,910,192 266,832,276 7,660,226 417,690
Total (%) 100.0 97.1 2.8 0.2




Liquid – daily to monthly | Semi-Liquid – greater than monthly and up to one year | Illiquid – greater than one year
The figures on this page have been obtained from sources we deem to be reliable. Fiducient Advisors has not independently verified this information.
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 40
Liquidity Schedule
Total Invested Assets As of June 30, 2025
 Market Value % of
Redemptions
 ($) Total Plan
Illiquid 417,690 0.2
Semi Liquid 7,660,226 2.8
Liquid 266,832,276 97.1
Total 274,910,192 100.0




Liquid – daily to monthly | Semi-Liquid – greater than monthly and up to one year | Illiquid – greater than one year
The figures on this page have been obtained from sources we deem to be reliable. Fiducient Advisors has not independently verified this information.
 Page 99 of 154
 41
Benchmark History
Total Invested Assets As of June 30, 2025
Account Name From Date To Date Benchmark
Total Invested Assets 04/2025 Present 27.0% Blmbg. U.S. Aggregate, 33.0% S&P 500, 10.0% Russell 2500 Index, 18.0% MSCI EAFE (Net), 7.5% MSCI Emerging
 Markets (Net), 3.0% NCREIF Fund Index - ODCE (net), 1.5% DWS Real Assets Benchmark
 04/2024 04/2025 27.0% Blmbg. U.S. Aggregate, 33.5% S&P 500, 9.5% Russell 2500 Index, 19.0% MSCI EAFE (Net), 7.0% MSCI Emerging
 Markets (Net), 4.0% NCREIF Fund Index - ODCE (net)
 01/2023 04/2024 25.0% Blmbg. U.S. Aggregate, 32.5% S&P 500, 9.0% Russell 2500 Index, 20.5% MSCI EAFE (Net), 7.0% MSCI Emerging
 Markets (Net), 6.0% NCREIF Fund Index - ODCE (net)
 09/2022 01/2023 25.0% Blmbg. U.S. Aggregate, 31.5% S&P 500, 9.0% Russell 2500 Index, 20.5% MSCI EAFE (Net), 7.0% MSCI Emerging
 Markets (Net), 6.0% NCREIF Fund Index - ODCE (net), 1.0% NCREIF Timberland Index
 05/2021 09/2022 18.0% Blmbg. U.S. Aggregate, 31.5% S&P 500, 10.5% Russell 2500 Index, 23.0% MSCI EAFE (Net), 10.0% MSCI Emerging
 Markets (Net), 6.0% NCREIF Fund Index - ODCE (net), 1.0% NCREIF Timberland Index
 12/2019 05/2021 20.0% Blmbg. U.S. Aggregate, 32.0% S&P 500, 18.0% Russell 2500 Index, 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging
 Markets (Net), 8.0% NCREIF Fund Index - ODCE (net), 2.0% NCREIF Timberland Index
 06/2017 12/2019 20.0% Blmbg. Intermed. U.S. Government/Credit, 30.0% S&P 500, 18.0% Russell 2500 Index, 2.0% S&P Completion Index,
 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging Markets (Net), 8.0% NCREIF Fund Index - ODCE (net), 2.0% NCREIF
 Timberland Index
 01/2016 06/2017 28.0% Blmbg. Intermed. U.S. Government/Credit, 30.0% S&P 500, 18.0% Russell 2500 Index, 2.0% S&P Completion Index,
 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging Markets (Net), 2.0% NCREIF Timberland Index
 01/2008 01/2016 20.0% Blmbg. U.S. Aggregate, 32.0% S&P 500, 18.0% Russell 2500 Index, 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging
 Markets (Net), 8.0% NCREIF Fund Index - ODCE (net), 2.0% NCREIF Timberland Index


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




 Page 100 of 154
 42
Benchmark History
Total Invested Assets As of June 30, 2025
Account Name From Date To Date Benchmark
 01/2008 03/2009 20.0% Blmbg. U.S. Aggregate, 32.0% S&P 500, 18.0% Russell 2500 Index, 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging
 Markets (Net), 8.0% NCREIF Fund Index - ODCE (net), 2.0% NCREIF Timberland Index




 Page 101 of 154
 43
 Definitions & Disclosures
 Please note: Due to rounding methodologies of various data providers, certain returns in this report might differ slightly when compared to other sources


REGULATORY DISCLOSURES

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

INDEX DEFINITIONS

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




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




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

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

DEFINITION OF KEY STATISTICS AND TERMS

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




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

DEFINITION OF KEY PRIVATE EQUITY TERMS

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

VALUATION POLICY

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

REPORTING POLICY

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




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

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

MATERIAL RISKS & LIMITATIONS

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


OTHER

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

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

CUSTODIAN STATEMENTS

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




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 City of Burlington Employees Retirement System

 Quarterly Investment Review - Second Quarter 2025




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

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 Fiducient Advisors Update


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 The Public Fiduciary Newsletter
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Table of Contents




 Section 1 Fiduciary Governance Calendar
 Section 2 Capital Markets Overview
 Section 3 Portfolio and Manager Review




 Page 110 of 1544
Fiduciary Governance Calendar




 Page 111 of 1545
 Fiduciary Governance Calendar


 The fiduciary governance calendar is designed to create a disciplined framework around governance, which
 helps ensure that over the course of a calendar year key fiduciary obligations and responsibilities are being met.




 •
 •
 Investment Review
 Investment Policy Review
 Q1 Q2 •
 •
 Investment Review
 Portfolio Expense and
 • Fiduciary Training Governance Fee Focus Liquidity Review*




 •
 •
 Investment Review
 Capital Markets
 Q4 Q3 •
 •
 Investment Review
 Municipal Landscape Update
 Assumptions Asset Allocation Municipal • Annual Actuarial Review
 • Asset Allocation Review Focus Landscape




 Fiduciary Trail® Fiduciary Lockbox®




 *Liquidity analysis is provided only for portfolios with marketable alternatives and/or private equity.

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 Portfolio Expense Structure



 Estimated Annual Cost


 Investment Portfolio
 0.16%
 (Weighted Average)


 US Bank 0.0125% asset-based fee
 (Base cost) $720 annual fee per private market fund



 Fiducient Flat Fee Subject to Escalator. Approximate Annual Fee: $71,000


 Unless otherwise noted, Fiducient’s fee represents the approximate annualized fee based on the portfolio market value as of March 31, 2025.



 Please inform Fiducient of any changes to the portfolio’s custodial arrangement(s) that may impact share class selection.




DISCLOSURE: The figures on this page have been obtained from sources we deem to be reliable. Fiducient Advisors has not independently verified this information. A breakdown of investment
management fees are detailed in the main report.
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 Underlying Investment Management Fees




 Page 114 of 1548
www.FiducientAdvisors.com Data is as of the most recent quarterly report ending June 30, 2025.
 Liquidity Structure - Overview

  Portfolio Liquidity Analysis:




DISCLOSURE: Liquid: daily to monthly | Semi-liquid: greater than monthly and up to one year | Illiquid: greater than one year. Liquidity may be subject to additional restrictions, including redemption
gates and advance notification requirements. The figures on this page have been obtained from sources we deem to be reliable. Fiducient Advisors has not independently verified this information.
 Page 115 of 1549
www.FiducientAdvisors.com Data is as of the most recent quarterly report ending June 30, 2025.
 Liquidity Structure - Detail




Liquid – daily to monthly | Semi-Liquid – greater than monthly and up to one year | Illiquid – greater than one year.
Liquidity may be subject to additional restrictions, including redemption gates and advance notification requirements.
The figures on this page have been obtained from sources we deem to be reliable. Fiducient Advisors has not independently verified this information.
 Page 116 of 154
 10
www.FiducientAdvisors.com Data is as of the most recent quarterly report ending June 30, 2024.
 Actuarial Review



 City of Burlington Employees Retirement System

 6/30/2024 6/30/2023

 Actuarial Value of Assets 241,858,948 232,271,118

 Total Accrued Liability 364,944,227 347,249,878

 Funded Ratio 66.3% 66.9%

 Actuarial Return Assumption 7.10% 7.10%




Source: USI Consulting Group, Actuarial Valuation Report, as of 6/30/2024

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Capital Markets Overview




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 12
 Market Themes

 Deficit Expected to Grow with “Big Beautiful Bill” Inflation Watch
 Tariffs and trade policy jump started the quarter, but fiscal policy came Over the past decade, oil and the 10-year Treasury yield have been
 to the forefront as the Trump administration announced the “Big positively correlated. When crude rallies, yields tend to follow as higher
 Beautiful Bill.” Concerns of a growing budget deficit contributed to oil prices are expected to bleed into headline inflation. The recent
 higher yields on the long-end of the curve and added to overall volatility divergence has been driven by a slump in demand and increased
 within the fixed income market. Lack of fiscal discipline contributed to supply by OPEC+ countries and may serve as an indicator to the
 Moody’s downgrade of the U.S., the last of the big three rating agencies potential future path of interest rates.
 to do so.

 7.5% "Big Beautiful Bill" Projection Baseline Projection
 6.0 160

 7.1% UST-10Y Crude Oil
 7.0% 140
 7.0% 5.0
 6.8% 6.9%
 120




Projected Deficit as % of GDP
 6.6% 6.6% 4.0
 6.5% 100



 Crude Oil Price
 6.5%


 UST-10Y Rate
 6.3% 6.3%
 6.2% 3.0 80
 6.1%
 6.1% 6.0%
 6.0% 60
 5.9% 5.9%
 5.8% 2.0

 5.7% 40
 5.5%
 5.5% 1.0
 5.5% 20

 5.2%
 0.0 0

 5.0% 6/2015 3/2016 12/2016 9/2017 6/2018 3/2019 12/2019 9/2020 6/2021 3/2022 12/2022 9/2023 6/2024 3/2025
 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
 Source: CBO. As of June 2025. Source: FactSet, as of June 30, 2024.

 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
 Page of
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 loss.
 15413
www.FiducientAdvisors.com Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.
 Market Themes

 Diverging Central Bank Policy When Uncertainty is High, Context is Grounding
 The Federal Reserve held its policy rate steady during the quarter as it Much has been made of recent U.S. dollar weakness and grumblings
 balances inflation and labor market data signals. However, while the of the potential for the U.S. losing its reserve currency status. Similarly,
 U.S. has maintained rates, select regions around the globe have with rising tensions in the Middle East, oil has been volatile adding to
 continued to ease rates, notably in the UK and Euro Area. This inflation concerns. At first glance investors may have concern, but with
 diverging policy has been one of the many factors contributing to U.S. a bit of context that concern may abate. The U.S. dollar is still relatively
 dollar volatility this year and a tailwind for non-U.S. markets. strong, and oil is priced similarly to times when inflation is near 2.5
 percent.
 5.5 US Dollar 20-Year Average
 120

 110

 4.5 U.S.; 4.50 100
 UK; 4.25
 90

 80
 3.5




Policy Rate (%)
 70
 China; 3.00
 60
 Canada; 2.75
 2.5 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
 Euro Area;
 2.15
 Crude Oil Oil Average, CPI is <= 2.5%
 1.5 130
 120
 110
 100
 0.5 Japan; 0.50 90
 80
 70
 60
 -0.5 50



 Source: FactSet. As of June 30, 2025.

 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
 Page of
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 loss.
 15414
 www.FiducientAdvisors.com Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.
 Asset Class Returns


 21
 19.4


 18
 YTD QTD

 15.3
 15



 12 11.8 12.0
 11.1




 Total Returns (%)
 9
 8.5 7.8


 5.9 6.1
 6 5.5
 4.7 4.6
 4.0 4.6
 3.4
 3.5 3.2
 3 2.3
 1.8
 1.3 1.2 1.4
 0.5 -0.3
 0 -0.2
 -0.9 1.0
 -1.1
 -1.8
 -3 -3.1



 -6
 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 June 30, 2025. *Hedge fund returns as of May 31, 2025.


 Fixed Income (2Q 2025) Equity (2Q 2025) Real Asset / Alternatives (2Q 2025)
 + The Federal Reserve left rates unchanged at 4.25%– + Equities gained on improved clarity around trade, and - Equity REITs had a negative quarter, as investors
 4.50% for a fourth consecutive meeting, in line with investor optimism about future policy support. Small rotated away from high valuation sectors such as
 expectations, as policymakers take a cautious stance to caps lagged large, as investors favored large AI-related residential.
 fully evaluate the economic impact of President Trump’s names.
 policies. Core bonds subsequently gained on falling - Commodities were negative for the quarter on falling
 rates. + Central bank activity in Europe also provided a boost energy, agriculture, and industrial metals.
 to international developed markets.
 + Credit markets produced a positive return on + Hedge Funds posted gains with equity hedge
 persistently tight credit spreads. Resilient labor data and + Emerging markets outperformed developed markets strategies outperforming.
 positive risk sentiment supported prices despite slowing during the period. A falling U.S. dollar and improved
 growth. The U.S. dollar depreciated which benefitted sentiment on a trade deal between the U.S. and China
 non-USD bonds. boosted returns.

 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
 Page of
 121a of
 loss.
 15415
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 Fixed Income Market Update

 U.S. Treasury Yield Curve Corporate Credit Spreads – Trailing 5 Years
 The 2-year yield declined as markets increasingly priced in rate cuts in Corporate credit spreads tightened over the quarter as investors
 response to slowing economic growth and a softer-than-expected responded to strong demand and resilient corporate fundamentals.
 inflation backdrop. The yield curve remains inverted on the front-end Despite softer growth data, credit markets remained well-behaved with
 highlighting investor concerns about slowing growth and ongoing no signs of stress or disorderly repricing.
 uncertainty around trade and fiscal policy. The shift lower in yields
 reflected a defensive tone in rates markets as the Fed held steady and
 economic data show signs of slowing.



 6.0 500 1,250

 6/30/2025 10Yr Avg
 IG 83 bps 120 bps
 5.5 HY 290 bps 410 bps
 400 1,000



 5.0



 Spreads (bps)
 300 750
 4.71

 Yield (%)
 4.5 4.36


 200 500
 4.23 4.24
 4.0 3.89



 3.72 100 250
 3.5 6/30/25
 3/31/25
 Bloomberg U.S. Inv. Grade Corp Index (LHS)
 6/28/24
 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
 U.S. Treasury Maturity (yrs)
 Source: FactSet. As of June 30, 2025. Source: FactSet. As of June 30, 2025.
 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
 Page of
 122a of
 loss.
 15416
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 Equity Market Update

 U.S. Equities – Returns by Sector (2Q 2025)
 U.S. equities advanced in the second quarter, led by technology, industrials, and communication services, as investors embraced pro-cyclical themes
 and AI-related momentum. Health care, energy, and staples lagged the broader market as investors rotated toward areas with higher earnings
 leverage. Sector leadership reflected a risk-on tone, even as macroeconomic signals remain mixed.


 23.7% YTD QTD
 18.5%
 12.9% 12.7% 11.5%
 10.9% 9.4% 11.1%
 8.1% 9.2%
 6.2% 6.0% 5.5% 6.4%
 4.3% 3.5% 3.1%
 0.8% 1.1%

 -0.1% -1.1%
 -3.9%
 -7.2% -8.6%
 S&P 500 Utilities Real Estate Materials IT Industrials Health Care Financials Energy Cons. Cons. Disc. Comm.
 Source: Morningstar Direct. As of June 30, 2025. Staples Services


 Market Capitalization, Style, and Select Country Performance (2Q 2025)
 International equities posted strong gains in the second quarter as the U.S. dollar depreciated. Europe rallied on rate cuts and Japan rose on data
 suggesting economic resilience despite rising trade pressures. Emerging markets outperformed developed peers, driven by strength in South Korea
 and positive risk sentiment. Small caps and growth stocks mostly led global equity performance, while China, and India underperformed the broader
 EM index.
 32.7%


 17.6% 16.6% 18.3% 17.2%
 13.5% 13.8%
 11.1% 11.0% 10.1% 10.7% 10.0%
 8.5% 7.5%
 3.8% 2.0%


 Small Value Small Value Small Value
 Growth Growth Growth S.Korea
 Large Large Switz. Neth. Large China


 U.S. Int’l Developed Emerging Markets
Source: Morningstar Direct. As of June 30, 2025.
 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
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 loss.
 15417
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 Real Assets Market Update


  Commodity Performance (2Q 2025) REIT Sector Performance (2Q 2025)
  Commodities declined in the second quarter, with losses concentrated in REITs declined over the quarter, underperforming broader equity
  energy, agriculture and industrial metals. Oil and natural gas fell amid markets as investors favored higher-beta sectors and growth-sensitive
  easing Middle East tensions and tepid demand. Industrial metals such as assets. Office and lodging/resorts led performance among property
  copper fell on weak demand expectations. Precious metals like platinum types, benefiting from relative value interest and signs of demand
  and gold posted strong returns amid geopolitical tensions. stability. In contrast, single-family rental REITs, health care, and timber
 lagged, pressured by valuation concerns and sensitivity to macro
 headwinds.



 30 YTD QTD
 YTD QTD
 9.3
 Diversified
 -0.3
 25 24.1
 1.7
 Specialty
 14.5
 -9.0
 20 Data Centers
 7.3
 10.3
 Health Care
 -3.1
 15
 -1.0
 Retail
 -1.4



 Total Return (%)
 10 8.1 -1.7
 Residential
 -5.8
 0.0
 5 4.9 Self Storage
 -0.8

 Lodging/Resorts -14.2
 3.6
 0 -0.4
 -0.5
 Industrial
 -1.2 -2.1 -6.3
 -4.0
 -5 Infrastructure 19.5
 2.7
 -7.4
 Timber
 -10 -13.0
 -10.9
 -7.5
 Office
 3.4
 -15
 Energy Industrial Precious Agriculture -20 -10 0 10 20 30
 Metals Metals Total Return (%)
 Source: Morningstar Direct. As of June 30, 2025.
 Source: Morningstar Direct. As of June 30, 2025.
 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
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 15418
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 Marketable Alternatives

 4.0%

 3.0%
 3.0% 2.8%



 2.0% 1.8%

 1.2% 1.2% 1.2%
 1.0%



Total Return
 1.0% 0.8%
 0.4%

 0.0%
 -0.2%
 -1.0%


 -2.0% -1.5%

 -2.3%
 -3.0%
 HFRI Fund of Funds HFRI Asset Weighted HFRI Equity Hedge HFRI Event Driven HFRI Macro HFRI Relative Value
 Composite Composite

 Trailing 3-Month YTD
 Source: Morningstar Direct. As of February 28, 2025.

 Fund of Funds / Asset Weighted (1Q) Equity Hedge / Event Driven (1Q) Macro / Relative Value (1Q)
 + The HFRI Fund of Funds Composite returned 0.4 + Equity Hedge strategies returned 1.2 percent over the - Macro strategies returned -2.3 percent over the period,
 percent over the trailing 3-month period and 1.2 percent period, rebounding nicely from a challenging equity bringing year-to-date performance into negative
 year-to-date. market in March. territory.
 - The HFRI Asset Weighted Composite returned -0.2 - Within Equity Hedge Strategies, Healthcare and +/- The dispersion between Systematic Macro
 percent over the trailing 3-month period and 1.2 percent Technology/Healthcare strategies were notable strategies and Discretionary Macro strategies was
 year-to-date. detractors. notable, with Systematic Macro strategies trailing their
 discretionary peers over the period.
 +/- Marketable alternatives generally outpaced US + Event Driven strategies returned 0.8 percent over the
 markets but trailed global indices over the trailing 3- period with Multi-Strategy and Special Situations + Relative Value strategies returned 1.0 percent over
 month period. strategies notable contributors. the period with positive performance across strategy
 types.
 Benchmark Return Indices cannot be invested in directly. HFRI benchmarks are net of fees. Past performance does not indicate future Page
 performance
 125and
 of 154
 19
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 Private Equity Market Update

 U.S. Private Equity Deal Activity
 U.S. Private Equity deal activity in the first half of the year is on pace to surpass recent years.
 $1,400.0 12,000
 10,207
 $1,200.0 9,343 10,000
 8,559
 $1,000.0 7,944
 8,000
 6,202 6,480 6,550
 $800.0
 5,315 6,000
 4,643 4,781 4,430
 $600.0
 4,000
 $400.0

 $548.2 $463.2 $590.2 $674.1 $679.2 $618.0 $1,244.2 $941.3 $724.0 $838.2 $512.7
 $200.0 2,000

 $0.0 0
 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
 Deal value ($B) Deal count Estimated deal count
Source: Pitchbook. As of June 30, 2025.
 Private Equity Performance (As of March 31, 2025) U.S. Private Equity Fundraising Activity
Public market performance has been strong as of late; however, longer term periods The first half of 2025 is off to a slower start compared to recent years.
continue to favor private markets. Growth equity and venture capital returns have
started to recover. 1,051
 898
 827
Benchmark 1-YR 3-YR 5-YR 10-Y 15-Y

US Private Equity Index 8.1% 4.4% 15.8% 15.1% 16.0% 538
 514 539
 458 476
US Buyout Index 7.9% 6.1% 15.7% 14.9% 15.9% 426
 400
US Growth Equity Index 8.8% -0.1% 16.4% 16.2% 16.4% 146


 $142 $187 $253 $201 $352 $263 $379 $401 $395 $333 $149
US Venture Capital Index 6.2% -6.5% 15.1% 13.7% 14.8%

S&P 500 Index 25.0% 8.9% 14.5% 13.1% 13.9%
 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Source: Cambridge Associates. As of March 31, 2025. Returns presented as horizon pooled Capital raised ($B) Fund count
return, net of fees. S&P 500 Index as of March 31, 2025. Indices cannot be invested in directly.
 Source: Pitchbook. As of June 30, 2025.
 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
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 The Case for Diversification



 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10 Years (Ann)
 Emerging Markets
  U.S. Equity REITs U.S. Small Cap High Yield Municipals U.S. Large Cap U.S. Large Cap U.S. Equity REITs Commodities U.S. Large Cap U.S. Large Cap International Dev.Eq. U.S. Large Cap
 Equity
 2.8 21.3 4.8 31.4 21.0 41.3 16.1 26.5 24.5 19.4 13.3
 37.3
 International International
  Municipals 5-Year High Yield Cash U.S. Mid Cap U.S. Small Cap Commodities Cash U.S. Mid Cap Emerging Markets Eq. U.S. Mid Cap
 Developed Equity Developed Equity
 2.4 17.1 1.8 30.5 20.0 27.1 1.5 15.3 15.3 9.9
 25.0 18.2
 Emerging Markets
 High Yield Municipals U.S. Mid Cap U.S. Large Cap Municipals 5-Year U.S. Equity REITs U.S. Large Cap Hedge Funds U.S. Mid Cap U.S. Small Cap U.S. Large Cap U.S. Small Cap
 Equity
 1.8 13.8 21.7 1.7 28.7 26.5 -5.3 17.2 11.5 6.1 7.1
 18.3

 U.S. Large Cap U.S. Large Cap U.S. Mid Cap U.S. Core Bond U.S. Small Cap U.S. Mid Cap U.S. Mid Cap Municipals 5-Year U.S. Small Cap Balanced Commodities Balanced
 0.9 12.1 18.5 0.0 25.5 17.1 22.6 -5.3 16.9 10.8 5.5 6.3

 International
 U.S. Core Bond Commodities Balanced TIPS Balanced U.S. Small Cap High Yield Balanced Hedge Funds U.S. Mid Cap U.S. Equity REITs
 Developed Equity
 0.5 11.8 15.4 -1.3 13.5 14.8 -11.2 15.4 9.1 4.8 6.6
 22.0
 Emerging Markets International International
 Cash U.S. Small Cap High Yield Balanced TIPS TIPS High Yield High Yield TIPS
 Equity Developed Equity Developed Equity
 0.0 14.6 -2.1 19.4 11.0 -11.8 13.4 8.2 4.7
 11.2 11.3 6.5
 Emerging Markets Emerging Markets
 Hedge Funds U.S. Equity REITs High Yield Municipals U.S. Equity REITs Hedge Funds Balanced U.S. Core Bond U.S. Equity REITs High Yield High Yield
 Equity Equity
 -0.3 8.6 9.7 -4.0 10.9 10.2 -13.0 11.4 4.6 5.4
 18.4 7.5
 International International Emerging Markets
 Balanced U.S. Equity REITs Hedge Funds High Yield High Yield Municipals High Yield Municipals High Yield Municipals Balanced High Yield Municipals
 Developed Equity Developed Equity Equity
 5.9 8.7 -4.0 14.3 7.8 -13.1 6.3 4.3 4.4
 -0.8 7.8 9.8
 International Emerging Markets
 Balanced TIPS Hedge Funds U.S. Large Cap High Yield Municipals U.S. Core Bond Hedge Funds High Yield Municipals Commodities U.S. Core Bond
 Developed Equity Equity
 -1.0 4.7 7.8 -4.8 10.7 7.5 6.2 9.2 5.4 4.0
 -14.5 4.8

 TIPS High Yield Municipals High Yield Balanced U.S. Core Bond High Yield TIPS Balanced Hedge Funds Cash Municipals 5-Year Hedge Funds
 -1.4 3.0 7.5 -5.5 8.7 7.1 6.0 -16.0 6.1 5.3 2.3 3.5

 U.S. Mid Cap U.S. Core Bond U.S. Core Bond U.S. Mid Cap TIPS High Yield Municipals High Yield U.S. Mid Cap U.S. Core Bond U.S. Equity REITs Cash Commodities
 -2.4 2.6 3.5 -9.1 8.4 4.9 5.3 -17.3 5.5 4.9 2.1 2.0

 International International
 U.S. Small Cap Municipals 5-Year U.S. Small Cap Hedge Funds Municipals 5-Year Municipals 5-Year U.S. Large Cap Cash U.S. Equity REITs TIPS
 Developed Equity Developed Equity
 -4.4 3.1 -11.0 8.4 4.3 0.3 -19.1 5.1 1.8 2.
 1.0 3.8
 Emerging Markets
 High Yield Hedge Funds TIPS Commodities Commodities Cash Cash Municipals 5-Year TIPS Hedge Funds Cash
 Equity
 -4.5 0.5 3.0 -11.2 7.7 0.5 0.0 4.3 1.8 1.0 2.0
 -20.1
  Emerging Markets International
 Cash Commodities Municipals 5-Year Commodities U.S. Core Bond U.S. Small Cap TIPS U.S. Core Bond High Yield Munis Municipals 5-Year
 Equity Developed Equity
 0.3 1.7 5.4 -3.1 -1.5 -20.4 3.9 1.3 -0.3 1.8
 -14.9 -13.8
 Emerging Markets Emerging Markets
 Commodities Municipals 5-Year Cash Cash U.S. Equity REITs U.S. Equity REITs Commodities Municipals 5-Year U.S. Small Cap U.S. Core Bond
 Equity Equity
 -24.7 -0.4 0.8 2.2 -5.1 -24.9 -7.9 1.2 -1.8 1.8
 -14.6 -2.5
 Sources: Morningstar, FactSet. As of June 30, 2025. *Periods greater than one year are annualized. Total returns in U.S. dollars. Hedge Funds as of May 31, 2025.




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 Financial Markets Performance


 Total Return as of June 30, 2025
 Periods greater than one year are annualized
 All returns are in U.S. dollar terms
 Global Fixed Income Markets QTD YTD 1YR 3YR 5YR 7YR 10YR 15YR
 Bloomberg 1-3-Month T-Bill 1.1% 2.1% 4.8% 4.7% 2.8% 2.5% 2.0% 1.3%
 Bloomberg U.S. TIPS 0.5% 4.7% 5.8% 2.3% 1.6% 3.0% 2.7% 2.9%
 Bloomberg Municipal Bond (5 Year) 1.3% 2.3% 4.3% 2.7% 0.9% 1.9% 1.8% 2.2%
 Bloomberg High Yield Municipal Bond -1.1% -0.3% 1.8% 4.5% 3.1% 3.5% 4.4% 5.1%
 Bloomberg U.S. Aggregate 1.2% 4.0% 6.1% 2.5% -0.7% 1.8% 1.8% 2.3%
 Bloomberg U.S. Corporate High Yield 3.5% 4.6% 10.3% 9.9% 6.0% 5.3% 5.4% 6.4%
 Bloomberg Global Aggregate ex-U.S. Hedged 1.9% 1.8% 6.1% 4.3% 0.9% 2.3% 2.7% 3.1%
 Bloomberg Global Aggregate ex-U.S. Unhedged 7.3% 10.0% 11.2% 2.7% -1.6% -0.5% 0.6% 0.8%
 Bloomberg U.S. Long Gov / Credit -0.2% 3.4% 3.3% -0.3% -4.9% 0.7% 1.8% 3.4%
 Global Equity Markets QTD YTD 1YR 3YR 5YR 7YR 10YR 15YR
 S&P 500 10.9% 6.2% 15.2% 19.7% 16.6% 14.4% 13.6% 14.9%
 Dow Jones Industrial Average 5.5% 4.5% 14.7% 15.0% 13.5% 11.2% 12.1% 13.2%
 NASDAQ Composite 18.0% 5.9% 15.7% 23.7% 16.0% 16.3% 16.2% 17.5%
 Russell 3000 11.0% 5.8% 15.3% 19.1% 16.0% 13.6% 13.0% 14.5%
 Russell 1000 11.1% 6.1% 15.7% 19.6% 16.3% 14.1% 13.3% 14.7%
 Russell 1000 Growth 17.8% 6.1% 17.2% 25.7% 18.1% 17.9% 17.0% 17.5%
 Russell 1000 Value 3.8% 6.0% 13.7% 12.8% 13.9% 9.6% 9.2% 11.6%
 Russell Mid Cap 8.5% 4.8% 15.2% 14.3% 13.1% 10.0% 9.9% 12.6%
 Russell Mid Cap Growth 18.2% 9.8% 26.5% 21.5% 12.7% 12.7% 12.1% 14.3%
 Russell Mid Cap Value 5.3% 3.1% 11.5% 11.3% 13.7% 8.2% 8.4% 11.4%
 Russell 2000 8.5% -1.8% 7.7% 10.0% 10.0% 5.5% 7.1% 10.3%
 Russell 2000 Growth 12.0% -0.5% 9.7% 12.4% 7.4% 5.7% 7.1% 11.1%
 Russell 2000 Value 5.0% -3.2% 5.5% 7.5% 12.5% 4.8% 6.7% 9.3%
 MSCI ACWI 11.5% 10.0% 16.2% 17.3% 13.7% 10.8% 10.0% 10.6%
 MSCI ACWI ex. U.S. 12.0% 17.9% 17.7% 14.0% 10.1% 6.6% 6.1% 6.7%
 MSCI EAFE 11.8% 19.4% 17.7% 16.0% 11.2% 7.2% 6.5% 7.5%
 MSCI EAFE Growth 13.5% 16.0% 11.4% 13.6% 7.9% 6.8% 6.7% 7.8%
 MSCI EAFE Value 10.1% 22.8% 24.2% 18.4% 14.3% 7.3% 6.1% 7.0%
 MSCI EAFE Small Cap 16.6% 20.9% 22.5% 13.3% 9.3% 5.0% 6.5% 8.4%
 MSCI Emerging Markets 12.0% 15.3% 15.3% 9.7% 6.8% 4.5% 4.8% 4.4%
 Alternatives QTD YTD 1YR 3YR 5YR 7YR 10YR 15YR
 Consumer Price Index* 0.1% 0.5% 2.4% 3.2% 4.6% 3.6% 3.1% 2.6%
 FTSE NAREIT All Equity REITs -0.9% 1.8% 9.2% 3.4% 6.7% 5.5% 6.6% 9.1%
 S&P Real Assets 3.2% 7.8% 11.8% 6.0% 7.3% 5.0% 4.7% 5.9%
 FTSE EPRA NAREIT Developed 4.7% 6.7% 12.4% 4.6% 6.1% 3.1% 4.2% 6.8%
 FTSE EPRA NAREIT Developed ex U.S. 16.0% 20.0% 19.2% 4.2% 3.1% 0.7% 2.2% 5.0%
 Bloomberg Commodity Total Return -3.1% 5.5% 5.8% 0.1% 12.7% 4.9% 2.0% 0.0%
 HFRI Fund of Funds Composite* 1.4% 1.0% 5.4% 5.4% 6.2% 4.3% 3.5% 3.7%
 HFRI Asset Weighted Composite* 0.7% 1.2% 4.0% 4.0% 6.5% 4.2% 3.6% 4.5%
 Sources: Morningstar, FactSet. As of June 30, 2025. *Consumer Price Index and HFRI indexes as of May 31, 2025.
 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
 Page of
 128a of
 loss.
 15422
www.FiducientAdvisors.com Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.
Portfolio and Manager Review




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 23
Asset Allocation
Total Plan As of June 30, 2025
 Asset Asset Target
 Differences
 Allocation Allocation Allocation
 (%)
 ($) (%) (%)
Total Plan 268,285,443 100.0 100.0 0.0
 Pension Benefits Payable to the City -6,624,749 -2.5 0.0 -2.5
 Total Invested Assets 274,910,192 102.5 100.0 2.5
 Short Term Liquidity 3,145,599 1.2 0.0 1.2
 Key Bank Cash Portfolio 145,544 0.1 0.0 0.1
 First American Govt Oblig Fund Z 55 0.0 0.0 0.0
 First American Govt Oblig Fund Z- Alternatives 3,000,000 1.1 0.0 1.1
 Fixed Income 68,590,257 25.6 27.0 -1.4
 JIC Core Bond Fund I 50,650,690 18.9 20.0 -1.1
 BlackRock Strategic Income Opportunities K 17,939,568 6.7 7.0 -0.3
 Equity 192,292,121 71.7 68.5 3.2
 Domestic Equity 119,179,151 44.4 43.0 1.4
 Mellon Large Cap Core 93,978,589 35.0 33.0 2.0
 Mellon Smid Cap Core 25,200,562 9.4 10.0 -0.6
 International Equity 72,695,280 27.1 25.5 1.6
 Mellon EAFE Fund 52,077,255 19.4 18.0 1.4
 Mellon Emerging Markets 20,618,025 7.7 7.5 0.2
 Private Equity 417,690 0.2 0.0 0.2
 Hamilton Lane II 624 0.0 - -
 Hamilton Lane VII A 297,321 0.1 - -
 Hamilton Lane VII B 119,745 0.0 - -
 Real Assets 10,882,215 4.1 4.5 -0.4
 UBS Trumbull Property Fund 7,660,226 2.9 3.0 -0.1
 DWS RREEF Real Assets R6 3,221,988 1.2 1.5 -0.3

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

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




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


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 24
Asset Allocation
Total Invested Assets As of June 30, 2025
 Asset Asset Target
 Differences
 Allocation Allocation Allocation
 (%)
 ($) (%) (%)
 Total Invested Assets 274,910,192 100.0 100.0 0.0
 Short Term Liquidity 3,145,599 1.1 0.0 1.1
 Key Bank Cash Portfolio 145,544 0.1 0.0 0.1
 First American Govt Oblig Fund Z 55 0.0 0.0 0.0
 First American Govt Oblig Fund Z- Alternatives 3,000,000 1.1 - -
 Fixed Income 68,590,257 25.0 27.0 -2.0
 JIC Core Bond Fund I 50,650,690 18.4 20.0 -1.6
 BlackRock Strategic Income Opportunities K 17,939,568 6.5 7.0 -0.5
 Equity 192,292,121 69.9 68.5 1.4
 Domestic Equity 119,179,151 43.4 43.0 0.4
 Mellon Large Cap Core 93,978,589 34.2 33.0 1.2
 Mellon Smid Cap Core 25,200,562 9.2 10.0 -0.8
 International Equity 72,695,280 26.4 25.5 0.9
 Mellon EAFE Fund 52,077,255 18.9 18.0 0.9
 Mellon Emerging Markets 20,618,025 7.5 7.5 0.0
 Private Equity 417,690 0.2 0.0 0.2
 Hamilton Lane II 624 0.0 - -
 Hamilton Lane VII A 297,321 0.1 - -
 Hamilton Lane VII B 119,745 0.0 - -
 Real Assets 10,882,215 4.0 4.5 -0.5
 UBS Trumbull Property Fund 7,660,226 2.8 3.0 -0.2
 DWS RREEF Real Assets R6 3,221,988 1.2 1.5 -0.3




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

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




Investments with a zero balance were held in the portfolio during the reporting period and will be removed once they no longer impact portfolio performance.
Asset Allocation weightings may not add up to 100% due to rounding.
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 25
Portfolio Dashboard
Total Invested Assets As of June 30, 2025
Historical Performance Summary of Cash Flows
 16.0 1 Since
 QTR YTD
 Year Inception
 Total Invested Assets
 12.5 12.4
 12.0 11.9 11.8 Beginning Market Value 254,282,842 254,255,219 244,261,835 126,047,968
 Net Contributions - 38 57,506 -51,426,750
 9.8 9.7



 Return (%)
 Gain/Loss 20,627,351 20,654,935 30,590,850 200,288,975
 8.1 7.9 8.1 8.0 8.1
 8.0 7.6 Ending Market Value 274,910,192 274,910,192 274,910,192 274,910,192
 7.0
 6.0

 Current Benchmark Composition
 4.0
 From Date To Date
 04/2025 Present 27.00% Blmbg. U.S. Aggregate, 33.00% S&P 500, 10.00%
 Russell 2500 Index, 18.00% MSCI EAFE (Net), 7.50% MSCI
 0.0 Emerging Markets (Net), 3.00% NCREIF Fund Index - ODCE
 QTR YTD 1 3 5 10 Since (net), 1.50% DWS Real Assets Benchmark
 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 1.1%
 4.0% 1.1% $3,145,599 1.1%
 Private Equity
 Fixed Income 27.0%
 0.2% Fixed Income
 25.0% 25.0%
 International Equity $68,590,257 -2.0 %
 26.4%
 Domestic Equity 43.0%
 43.4%
 $119,179,151 0.4%

 International Equity 25.5%
 26.4%
 $72,695,280 0.9%

 Private Equity 0.0%
 0.2%
 $417,690 0.2%
 Domestic Equity
 Real Assets 4.5%
 43.4% 4.0%
 $10,882,215 -0.5 %

 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.



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 26
 Recent Portfolio Activities


 Quarter Cash Flow

 • April 14, 2025: Funded DWS RREEF Real Asset Fund.
 • April 28, 2025: $58,224.58 UBS Trumbull Property Fund LP distribution.
 2Q 2025
 • June 23, 2025: $3,000,000 cash raised to reimburse the General Fund.
 • June 26, 2025: $3,689,564 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.




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 27
www.FiducientAdvisors.com
Fixed Income Asset Class Summary
Total Invested Assets As of June 30, 2025



 Manager Characteristics

 Current Portfolio Current Fixed Income Duration
 Yield Average Credit Quality
 Allocation Allocation (Years)

JIC Core Bond Fund I 18.4% 73.8% 3.7% 6.6 A

BlackRock Strategic Income Opportunities K 6.5% 26.2% 5.4% 3.3 BB

Fixed Income 25% 100% 4.1% 5.7




 Holdings Overview

 Investment Grade
 Fund Cash & Equivalents BB Rated Securities B Rated Securities <B Rated Securities Not-Rated Securities
 Securities

JIC Core Bond Fund I 0.9% 99.1% 0.0% 0.0% 0.0% 0.0%

BlackRock Strategic Income Opportunities K -14.4% 77.4% 12.9% 9.1% 2.8% 12.3%

Fixed Income -3.1% 93.4% 3.4% 2.4% 0.7% 3.2%




 Fixed Income Sector Analysis Credit Rating Exposure


 4% -3%
 93.4%
 90.0%




 70.0%
 30%


 38% 50.0%




 30.0%




 10.0%
 3.4% 2.4% 3.2%
 0.7%

 -3.1%
 -10.0%


 25% Cash & Equivalents Investment Grade Securities BB Rated Securities B Rated Securities <B Rated Securities Not-Rated Securities

 Cash & Equivalents Securitzed U.S. Government Corporate Other



Source: Morningstar/Manager Provided



Important Disclosure Information: Past performance may not be indicative of future results. Account information has been compiled solely by Fiduciary Investment Advisors, LLC, has not been independently verified, and does not reflect the impact of taxes on non-qualified accounts. In preparing this report, Fiducient Advisors has relied upon information provided by third
party sources. A copy of our current written disclosure statement discussing our advisory services and fees continues to remain available for your review upon request. Historical performance results for investment indices and/or categories have been provided for general comparison purposes only, and generally do not reflect the deduction of transaction and/or custodial
charges, the deduction of an investment management fee, nor the impact of taxes, the incurrence of which would have the effect of decreasing historical performance results. It should not be assumed that your account holdings correspond directly to any comparative indices.




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 28
Performance Overview
Total Invested Assets As of June 30, 2025
Trailing Performance Summary
 Current 1 3 5 7 10 Since Inception
 YTD
 Quarter Year Years Years Years Years Inception Date
Total Invested Assets 8.1 8.1 12.5 11.9 9.8 7.8 7.6 6.0 01/2008
  Policy Benchmark 7.9 8.0 12.4 11.8 9.7 8.2 8.1 7.0 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 3 5 10 Since Inception
 QTR YTD
 Year Years Years Years Inception Date
Total Invested Assets 01/2008
  Beginning Market Value 254,282,842 254,255,219 244,261,835 213,971,670 194,665,501 161,383,775 126,047,968
  Net Contributions - 38 57,506 -19,214,601 -27,271,755 -43,046,189 -51,426,750
  Gain/Loss 20,627,351 20,654,935 30,590,850 80,153,123 107,516,447 156,572,607 200,288,975
  Ending Market Value 274,910,192 274,910,192 274,910,192 274,910,192 274,910,192 274,910,192 274,910,192


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 135 of 154
 29
Manager Performance
Fiscal Year As of June 30, 2025
 Performance(%)
 Jul-2024 Jul-2023 Jul-2022 Jul-2021 Jul-2020 Jul-2019 Jul-2018 Jul-2017 Jul-2016 Jul-2015
 To To To To To To To To To To
 Jun-2025 Jun-2024 Jun-2023 Jun-2022 Jun-2021 Jun-2020 Jun-2019 Jun-2018 Jun-2017 Jun-2016
Total Invested Assets (excluding Prepaid) 12.5 12.8 10.3 -13.2 31.1 0.8 5.1 9.6 13.9 -1.2
  Policy Benchmark 12.4 12.1 10.9 -12.5 30.2 2.9 6.0 9.6 13.7 0.4




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and provided by
Lipper. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a statement or data from the
client’s custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of fees unless otherwise stated. The
fund’s inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception. Inception dates for asset class composites
reflect the start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of underlying component strategies.
 Page 136 of 154
 30
Manager Performance
Total Invested Assets As of June 30, 2025

 Allocation Performance(%)
 Manager
 Market Status
 1 3 5 10 Since Inception
 Value % QTR YTD
 Year Years Years Years Inception Date
 ($)
Total Invested Assets 274,910,192 100.0 8.1 8.1 12.5 11.9 9.8 7.6 6.0 01/2008
  Policy Benchmark 7.9 8.0 12.4 11.8 9.7 8.1 7.0
  Secondary Benchmark 7.8 8.0 12.4 11.7 9.5 7.8 6.8

Short Term Liquidity 3,145,599 1.1 0.0 0.2 1.2 1.9 - - 1.3 01/2021
  90 Day U.S. Treasury Bill 1.0 2.1 4.7 4.6 2.8 2.0 3.1

Key Bank Cash Portfolio 145,544 0.1

First American Govt Oblig Fund Z 55 0.0 1.0 2.1 4.6 4.5 2.7 1.9 4.1 03/2022
  90 Day U.S. Treasury Bill 1.0 2.1 4.7 4.6 2.8 2.0 4.1
  IM U.S. Taxable Money Market (MF) Median 1.0 2.0 4.5 4.4 2.6 1.7 4.0
 First American Govt Oblig Fund Z Rank 24 22 25 26 24 19 26

First American Govt Oblig Fund Z- Alternatives 3,000,000 1.1 1.0 2.1 4.6 4.5 2.7 1.9 0.3 06/2025
  90 Day U.S. Treasury Bill 1.0 2.1 4.7 4.6 2.8 2.0 0.3
  IM U.S. Taxable Money Market (MF) Median 1.0 2.0 4.5 4.4 2.6 1.7 0.3
 First American Govt Oblig Fund Z- Alternatives Rank 24 22 25 26 24 19 26

Fixed Income 68,590,257 25.0 1.7 4.5 7.0 3.5 - - -0.6 01/2021
  Blmbg. U.S. Aggregate 1.2 4.0 6.1 2.5 -0.7 1.8 -1.1

JIC Core Bond Fund I 50,650,690 18.4 1.3 4.5 6.5 2.7 -1.0 2.0 -0.2 03/2020 Maintain
  Blmbg. U.S. Aggregate 1.2 4.0 6.1 2.5 -0.7 1.8 -0.3
  IM U.S. Broad Market Core Fixed Income (MF) Median 1.2 4.0 6.1 2.7 -0.5 1.8 -0.1
 JIC Core Bond Fund I Rank 39 9 22 55 85 32 60

BlackRock Strategic Income Opportunities K 17,939,568 6.5 2.9 4.7 8.5 5.7 3.9 3.4 4.1 03/2022 Maintain
  Blmbg. U.S. Aggregate 1.2 4.0 6.1 2.5 -0.7 1.8 0.0
  IM Alternative Credit Focus (MF) Median 1.6 3.7 7.4 5.8 3.9 2.7 3.8
 BlackRock Strategic Income Opportunities K Rank 15 9 17 52 48 28 42




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and provided by
Lipper. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a statement or data from the
client’s custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of fees unless otherwise stated. The
fund’s inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception. Inception dates for asset class composites
reflect the start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of underlying component strategies.
 Page 137 of 154
 31
Manager Performance
Total Invested Assets As of June 30, 2025

 Allocation Performance(%)
 Manager
 Market Status
 1 3 5 10 Since Inception
 Value % QTR YTD
 Year Years Years Years Inception Date
 ($)
Domestic Equity 119,179,151 43.4 10.4 4.9 14.0 17.9 - - 11.7 01/2021
  Domestic Equity Benchmark 10.4 4.9 14.0 17.9 15.9 12.3 11.8

Mellon Large Cap Core 93,978,589 34.2 11.0 6.2 15.2 19.7 16.6 - 14.6 04/2016 Maintain
  S&P 500 10.9 6.2 15.2 19.7 16.6 13.6 14.6
  IM U.S. Large Cap Core Equity (MF) Median 10.7 5.9 12.9 18.5 15.4 12.5 13.6
 Mellon Large Cap Core Rank 45 41 27 30 21 - 19

Mellon Smid Cap Core 25,200,562 9.2 8.6 0.5 10.0 11.4 11.6 - 10.1 04/2016 Maintain
  Russell 2500 Index 8.6 0.4 9.9 11.3 11.4 8.4 10.0
  IM U.S. SMID Cap Equity (MF) Median 6.7 -0.7 7.3 10.5 11.0 8.0 9.5
 Mellon Smid Cap Core Rank 33 33 26 41 44 - 36

International Equity 72,695,280 26.4 11.9 18.5 17.3 14.6 - - 5.7 01/2021
  International Equity Benchmark 11.9 18.4 17.2 14.5 10.4 6.4 6.0

Mellon EAFE Fund 52,077,255 18.9 11.9 19.7 18.1 16.3 11.5 - 8.6 04/2016 Maintain
  MSCI EAFE (Net) 11.8 19.4 17.7 16.0 11.2 6.5 8.1
  IM International Large Cap Core Equity (MF) Median 11.2 18.9 17.9 14.6 11.0 6.1 7.8
 Mellon EAFE Fund Rank 27 39 45 19 33 - 21

Mellon Emerging Markets 20,618,025 7.5 11.8 15.2 15.3 9.4 6.5 - 6.6 04/2016 Maintain
  MSCI Emerging Markets (Net) 12.0 15.3 15.3 9.7 6.8 4.8 6.8
  IM Emerging Markets Equity (MF) Median 12.3 14.6 14.2 9.9 6.4 4.5 6.4
 Mellon Emerging Markets Rank 63 44 36 56 49 - 45




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and provided by
Lipper. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a statement or data from the
client’s custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of fees unless otherwise stated. The
fund’s inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception. Inception dates for asset class composites
reflect the start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of underlying component strategies.
 Page 138 of 154
 32
Manager Performance
Total Invested Assets As of June 30, 2025

 Allocation Performance(%)
 Manager
 Market Status
 1 3 5 10 Since Inception
 Value % QTR YTD
 Year Years Years Years Inception Date
 ($)


Private Equity 417,690 0.2 -1.2 -11.5 -23.0 -12.6 - - -6.4 01/2021

Hamilton Lane II 624 0.0 0.0 0.0 -7.2 -23.2 -19.9 -0.8 6.5 03/2009 Maintain

Hamilton Lane VII A 297,321 0.1 -1.0 -12.9 -24.4 -13.7 -2.8 4.1 6.6 07/2011 Maintain

Hamilton Lane VII B 119,745 0.0 -1.5 -8.0 -19.9 -8.8 -5.5 2.5 5.3 07/2011 Maintain

Real Assets 10,882,215 4.0 0.7 2.0 2.5 -7.5 - - -0.5 01/2021
  Real Assets Benchmark 1.0 1.9 2.9 -5.6 - - 2.4

UBS Trumbull Property Fund 7,660,226 2.8 0.0 1.3 1.8 -7.8 -0.5 - 0.8 07/2016 Terminate
  NCREIF Fund Index - ODCE (net) 1.0 1.9 2.9 -6.1 2.6 4.4 3.8

DWS RREEF Real Assets R6 3,221,988 1.2 2.9 8.0 12.4 4.4 8.6 5.8 2.9 04/2025 Maintain
  DWS Real Assets Benchmark 2.9 8.4 12.2 4.7 8.4 4.7 2.9



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

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

UBS Trumbull Property Fund QTR return is N/A.




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and provided by
Lipper. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a statement or data from the
client’s custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of fees unless otherwise stated. The
fund’s inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception. Inception dates for asset class composites
reflect the start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of underlying component strategies.
 Page 139 of 154
 33
Calendar Year Performance
Total Invested Assets As of June 30, 2025
 Performance(%)
 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
  Secondary Benchmark 10.7 14.7 -15.1 14.1 14.0 19.8 -5.3 16.7 9.1 -0.2

Short Term Liquidity 2.9 2.3 0.3 0.0 - - - - - -
  90 Day U.S. Treasury Bill 5.3 5.0 1.5 0.0 0.7 2.3 1.9 0.9 0.3 0.0

First American Govt Oblig Fund Z 5.2 5.0 1.5 0.0 0.4 2.1 1.7 0.8 0.2 0.0
  90 Day U.S. Treasury Bill 5.3 5.0 1.5 0.0 0.7 2.3 1.9 0.9 0.3 0.0
  IM U.S. Taxable Money Market (MF) Median 5.0 4.9 1.4 0.0 0.3 1.9 1.5 0.5 0.1 0.0
 First American Govt Oblig Fund Z Rank 26 39 28 23 31 22 26 24 20 67

First American Govt Oblig Fund Z- Alternatives 5.2 5.0 1.5 0.0 0.4 2.1 1.7 0.8 0.2 0.0
  90 Day U.S. Treasury Bill 5.3 5.0 1.5 0.0 0.7 2.3 1.9 0.9 0.3 0.0
  IM U.S. Taxable Money Market (MF) Median 5.0 4.9 1.4 0.0 0.3 1.9 1.5 0.5 0.1 0.0
 First American Govt Oblig Fund Z- Alternatives Rank 26 39 28 23 31 22 26 24 20 67

Fixed Income 2.5 6.0 -12.7 -2.0 - - - - - -
  Blmbg. U.S. Aggregate 1.3 5.5 -13.0 -1.5 7.5 8.7 0.0 3.5 2.6 0.5

JIC Core Bond Fund I 1.2 5.4 -13.7 -2.0 9.7 8.9 0.1 3.7 3.7 1.2
  Blmbg. U.S. Aggregate 1.3 5.5 -13.0 -1.5 7.5 8.7 0.0 3.5 2.6 0.5
  IM U.S. Broad Market Core Fixed Income (MF) Median 1.6 5.8 -13.7 -1.3 8.2 8.8 -0.6 3.6 2.9 0.0
 JIC Core Bond Fund I Rank 76 71 52 84 14 45 13 46 29 5

BlackRock Strategic Income Opportunities K 5.4 7.4 -5.6 1.0 7.3 7.8 -0.5 5.0 3.6 -0.6
  Blmbg. U.S. Aggregate 1.3 5.5 -13.0 -1.5 7.5 8.7 0.0 3.5 2.6 0.5
  IM Alternative Credit Focus (MF) Median 6.1 7.3 -7.6 1.9 3.9 7.3 -1.9 4.5 4.9 -1.6
 BlackRock Strategic Income Opportunities K Rank 69 49 41 58 17 43 29 43 64 25




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and
provided by Lipper. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a
statement or data from the client’s custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of
fees unless otherwise stated. The fund’s inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception.
Inception dates for asset class composites reflect the start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of
underlying component strategies.
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 34
Calendar Year Performance
Total Invested Assets As of June 30, 2025
 Performance(%)
 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Domestic Equity 22.1 24.4 -18.1 26.0 - - - - - -
  Domestic Equity Benchmark 22.1 24.4 -18.1 26.3 19.3 30.1 -6.6 19.9 14.2 -0.1

Mellon Large Cap Core 25.0 26.2 -18.1 28.7 18.3 31.4 -4.4 21.8 - -
  S&P 500 25.0 26.3 -18.1 28.7 18.4 31.5 -4.4 21.8 12.0 1.4
  IM U.S. Large Cap Core Equity (MF) Median 22.9 24.8 -18.7 26.9 18.4 30.7 -5.4 21.5 9.7 0.5
 Mellon Large Cap Core Rank 26 38 45 26 52 38 32 45 - -

Mellon Smid Cap Core 12.1 17.6 -18.3 18.4 20.0 27.9 -9.9 17.0 - -
  Russell 2500 Index 12.0 17.4 -18.4 18.2 20.0 27.8 -10.0 16.8 17.6 -2.9
  IM U.S. SMID Cap Equity (MF) Median 12.2 16.1 -18.6 20.2 17.6 27.6 -9.6 18.0 15.4 -3.2
 Mellon Smid Cap Core Rank 52 35 49 57 47 47 52 55 - -

International Equity 5.1 16.3 -15.8 5.5 - - - - - -
  International Equity Benchmark 5.0 16.1 -15.7 6.7 13.2 20.3 -14.1 31.1 6.2 -8.0

Mellon EAFE Fund 4.2 18.6 -14.1 11.5 8.6 22.3 -13.3 25.7 - -
  MSCI EAFE (Net) 3.8 18.2 -14.5 11.3 7.8 22.0 -13.8 25.0 1.0 -0.8
  IM International Large Cap Core Equity (MF) Median 3.8 17.2 -15.1 10.7 9.1 22.1 -15.0 25.0 0.0 -1.9
 Mellon EAFE Fund Rank 46 27 30 36 57 46 13 40 - -

Mellon Emerging Markets 7.3 9.5 -20.6 -2.6 18.3 18.4 -14.6 37.2 - -
  MSCI Emerging Markets (Net) 7.5 9.8 -20.1 -2.5 18.3 18.4 -14.6 37.3 11.2 -14.9
  IM Emerging Markets Equity (MF) Median 6.4 10.9 -22.5 -1.6 17.7 20.2 -16.5 35.7 8.3 -13.7
 Mellon Emerging Markets Rank 38 62 35 59 47 63 29 44 - -




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and
provided by Lipper. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a
statement or data from the client’s custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of
fees unless otherwise stated. The fund’s inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception.
Inception dates for asset class composites reflect the start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of
underlying component strategies.
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 35
Calendar Year Performance
Total Invested Assets As of June 30, 2025
 Performance(%)
 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015


Private Equity -15.1 -7.0 -10.5 18.8 - - - - - -

Hamilton Lane II -14.6 -52.0 2.0 -22.9 24.7 32.7 25.5 13.6 8.9 17.2

Hamilton Lane VII A -15.9 -4.7 -13.8 33.9 14.6 13.9 14.7 9.9 9.0 8.5

Hamilton Lane VII B -12.9 -7.0 -3.8 0.4 18.6 6.8 8.3 10.7 9.1 12.1

Real Assets -2.5 -15.8 0.8 15.7 - - - - - -
  Real Assets Benchmark -2.3 -12.7 7.5 19.3 - - - - - -

UBS Trumbull Property Fund -2.5 -15.8 4.9 15.1 -5.1 -3.0 6.0 5.2 - -
  NCREIF Fund Index - ODCE (net) -2.3 -12.7 6.5 21.0 0.3 4.4 7.4 6.7 7.8 14.0

DWS RREEF Real Assets R6 5.6 2.6 -9.6 23.9 3.9 21.8 -5.1 15.0 4.4 -9.5
  DWS Real Assets Benchmark 3.0 4.2 -7.5 22.3 -3.7 19.7 -7.7 11.6 12.0 -12.2




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and
provided by Lipper. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a
statement or data from the client’s custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of
fees unless otherwise stated. The fund’s inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception.
Inception dates for asset class composites reflect the start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of
underlying component strategies.
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 36
Manager Status Commentary
City of Burlington Employees Retirement System As of June 30, 2025

Manager Recommendation Comments
Fixed Income
JIC Core Bond Fund I Maintain
BlackRock Strategic Income Opportunities K Maintain
Equity
Domestic Equity
Mellon Large Cap Core Maintain
Mellon Smid Cap Core Maintain
International Equity
Mellon EAFE Fund Maintain
Mellon Emerging Markets Maintain
Private Equity
Hamilton Lane II Maintain
Hamilton Lane VII A Maintain
Hamilton Lane VII B Maintain
Real Assets
UBS Trumbull Property Fund Terminate Following the departures of two key team members in 2020, Matt Lynch, Head of US Real Estate, and Jack Connelly, Head of Transactions, the UBS Trumbull Property Fund was evaluated for
 potential impacts and conversation with the team took place. Following this due diligence the Trumbull Property Fund was moved to terminate status. A significant redemption queue remains
 for the Fund. Redemptions are paid out on a pro-rata basis according to the ratio of the requesting investor’s units to the total units of all investors requesting redemptions. It is anticipated that
 satisfying the pool will be a multi-year process.
DWS RREEF Real Assets R6 Maintain




Commentary produced upon change of status.



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 37
Investment Gain/Loss Summary
City of Burlington Employees Retirement System 1 Quarter Ending June 30, 2025
 Market Value Market Value
 as of Net Contributions Gain/Loss As of
 04/01/2025 06/30/2025
Total Plan 250,490,619 -2,832,526 20,627,351 268,285,443
Pension Benefits Payable to the City -3,792,222 -2,832,526 - -6,624,749


Total Invested Assets 254,282,842 - 20,627,351 274,910,192
Short Term Liquidity 134,490 3,011,054 55 3,145,599
Key Bank Cash Portfolio 133,969 11,575 - 145,544
First American Govt Oblig Fund Z 521 -521 55 55
First American Govt Oblig Fund Z- Alternatives - 3,000,000 - 3,000,000
Fixed Income 70,440,520 -2,955,000 1,104,737 68,590,257
JIC Core Bond Fund I 52,251,488 -2,215,000 614,201 50,650,690
BlackRock Strategic Income Opportunities K 18,189,032 -740,000 490,536 17,939,568
Equity 175,989,380 -3,011,575 19,314,316 192,292,121
Domestic Equity 107,910,970 - 11,268,182 119,179,151
Mellon Large Cap Core 84,703,234 - 9,275,355 93,978,589
Mellon Smid Cap Core 23,207,736 - 1,992,826 25,200,562
International Equity 67,643,993 -3,000,000 8,051,287 72,695,280
Mellon EAFE Fund 49,198,723 -3,000,000 5,878,533 52,077,255
Mellon Emerging Markets 18,445,271 - 2,172,754 20,618,025
Private Equity 434,417 -11,575 -5,152 417,690
Hamilton Lane II 624 - - 624
Hamilton Lane VII A 303,526 -3,048 -3,157 297,321
Hamilton Lane VII B 130,267 -8,527 -1,995 119,745
Real Assets 7,718,451 2,955,521 208,242 10,882,215
UBS Trumbull Property Fund 7,718,451 -58,225 - 7,660,226
DWS RREEF Real Assets R6 - 3,013,746 208,242 3,221,988
Valuations data as of:
Valuations data as of:
Hamilton Lane VII - 3/31/2025
Hamilton Lane II - 12/31/2024
UBS Trumbull Property Fund - 3/31/2025

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



Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and provided by
Lipper. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a statement or data from the
client’s custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of fees unless otherwise stated. The
fund’s inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception. Inception dates for asset class composites
reflect the start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of underlying component strategies.
 Page 144 of 154
 38
Estimated Fee Analysis
Total Invested Assets As of June 30, 2025
 Estimated Estimated Universe Median
 Market Value Fee Schedule Details
 Annual Fee Annual Fee Expense Ratio
 ($) (Ex. Mutual Fund Investments)
 ($) (%) (%)
Total Invested Assets 274,910,192 427,677 0.16 -
Short Term Liquidity 3,145,599 5,400 0.17 -
  Key Bank Cash Portfolio 145,544 - - -
  First American Govt Oblig Fund Z 55 - 0.18 0.36
  First American Govt Oblig Fund Z- Alternatives 3,000,000 5,400 0.18 -
Fixed Income 68,590,257 237,852 0.35 -
  JIC Core Bond Fund I 50,650,690 126,627 0.25 0.59
  BlackRock Strategic Income Opportunities K 17,939,568 111,225 0.62 0.99
Equity 192,292,121 96,443 0.05 -
Domestic Equity 119,179,151 47,672 0.04 -
  Mellon Large Cap Core 93,978,589 37,591 0.04 0.04 % of Assets 0.74
  Mellon Smid Cap Core 25,200,562 10,080 0.04 0.04 % of Assets 1.10
International Equity 72,695,280 44,595 0.06 -
  Mellon EAFE Fund 52,077,255 26,039 0.05 0.05 % of Assets 0.92
  Mellon Emerging Markets 20,618,025 18,556 0.09 0.09 % of Assets 1.28
Private Equity 417,690 4,177 1.00 -
  Hamilton Lane II 624 6 1.00 1.00 % of Assets -
  Hamilton Lane VII A 297,321 2,973 1.00 1.00 % of Assets -
  Hamilton Lane VII B 119,745 1,197 1.00 1.00 % of Assets -
Real Assets 10,882,215 87,982 0.81 -
  UBS Trumbull Property Fund 7,660,226 58,984 0.77 0.77 % of Assets -
  DWS RREEF Real Assets R6 3,221,988 28,998 0.90 -


Estimated Annual Fee (%): The figures on this page have been obtained from sources we deem to be reliable. Fiducient Advisors has not independently verified this information. Fee calculations for mutual
funds represent fees at the net expense level. Fee calculations for commingled funds and/or alternative investments reflect base management fees and exclude underlying fund expenses captured at the NAV
level, any applicable performance-based fees, or incentive fees. Fees for fund of funds are shown at the fund of fund level and do not include fees charged by underlying investment managers/funds.

Universe Median Net Expense Ratio (%): Mutual fund equivalent universe shown for comparative purposes, where available. Private Equity universe fee average: Fund of Funds 0.87% (excludes underlying
fund fees and performance-based fees), Direct Funds 2.0% management fee (excludes performance-based fee and any pass- through expenses).




The figures on this page have been obtained from sources we deem to be reliable. Fiducient Advisors has not independently verified this information.

Fee calculations for mutual funds represent fees at the net expense level. Fee calculations for commingled funds and/or alternative investments reflect base management fees and exclude underlying fund
expenses captured at the NAV level, any applicable performance-based fees, or incentive fees. Fees for fund of funds are shown at the fund of fund level and do not include fees charged by underlying
investment managers/funds.
 Page 145 of 154
 39
Liquidity Schedule
Total Invested Assets As of June 30, 2025
 Market Value Liquid Semi Liquid Illiquid
Investments Subscriptions Redemptions
 ($) ($) ($) ($)
Short Term Liquidity
Key Bank Cash Portfolio Daily Liquid 145,544 145,544 - -
First American Govt Oblig Fund Z Daily Liquid 55 55 - -
First American Govt Oblig Fund Z- Alternatives Daily Liquid 3,000,000 3,000,000 - -
Fixed Income
JIC Core Bond Fund I Daily Liquid 50,650,690 50,650,690 - -
BlackRock Strategic Income Opportunities K Daily Liquid 17,939,568 17,939,568 - -
Domestic Equity
Mellon Large Cap Core Daily Liquid 93,978,589 93,978,589 - -
Mellon Smid Cap Core Daily Liquid 25,200,562 25,200,562 - -
International Equity
Mellon EAFE Fund Daily Liquid 52,077,255 52,077,255 - -
Mellon Emerging Markets Daily Liquid 20,618,025 20,618,025 - -
Private Equity
Hamilton Lane II Illiquid Illiquid 624 - - 624
Hamilton Lane VII A Illiquid Illiquid 297,321 - - 297,321
Hamilton Lane VII B Illiquid Illiquid 119,745 - - 119,745
Real Assets
UBS Trumbull Property Fund Quarterly Semi Liquid 7,660,226 - 7,660,226 -
DWS RREEF Real Assets R6 Daily Liquid 3,221,988 3,221,988 - -
Total ($) 274,910,192 266,832,276 7,660,226 417,690
Total (%) 100.0 97.1 2.8 0.2




Liquid – daily to monthly | Semi-Liquid – greater than monthly and up to one year | Illiquid – greater than one year
The figures on this page have been obtained from sources we deem to be reliable. Fiducient Advisors has not independently verified this information.
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 40
Liquidity Schedule
Total Invested Assets As of June 30, 2025
 Market Value % of
Redemptions
 ($) Total Plan
Illiquid 417,690 0.2
Semi Liquid 7,660,226 2.8
Liquid 266,832,276 97.1
Total 274,910,192 100.0




Liquid – daily to monthly | Semi-Liquid – greater than monthly and up to one year | Illiquid – greater than one year
The figures on this page have been obtained from sources we deem to be reliable. Fiducient Advisors has not independently verified this information.
 Page 147 of 154
 41
Benchmark History
Total Invested Assets As of June 30, 2025
Account Name From Date To Date Benchmark
Total Invested Assets 04/2025 Present 27.0% Blmbg. U.S. Aggregate, 33.0% S&P 500, 10.0% Russell 2500 Index, 18.0% MSCI EAFE (Net), 7.5% MSCI Emerging
 Markets (Net), 3.0% NCREIF Fund Index - ODCE (net), 1.5% DWS Real Assets Benchmark
 04/2024 04/2025 27.0% Blmbg. U.S. Aggregate, 33.5% S&P 500, 9.5% Russell 2500 Index, 19.0% MSCI EAFE (Net), 7.0% MSCI Emerging
 Markets (Net), 4.0% NCREIF Fund Index - ODCE (net)
 01/2023 04/2024 25.0% Blmbg. U.S. Aggregate, 32.5% S&P 500, 9.0% Russell 2500 Index, 20.5% MSCI EAFE (Net), 7.0% MSCI Emerging
 Markets (Net), 6.0% NCREIF Fund Index - ODCE (net)
 09/2022 01/2023 25.0% Blmbg. U.S. Aggregate, 31.5% S&P 500, 9.0% Russell 2500 Index, 20.5% MSCI EAFE (Net), 7.0% MSCI Emerging
 Markets (Net), 6.0% NCREIF Fund Index - ODCE (net), 1.0% NCREIF Timberland Index
 05/2021 09/2022 18.0% Blmbg. U.S. Aggregate, 31.5% S&P 500, 10.5% Russell 2500 Index, 23.0% MSCI EAFE (Net), 10.0% MSCI Emerging
 Markets (Net), 6.0% NCREIF Fund Index - ODCE (net), 1.0% NCREIF Timberland Index
 12/2019 05/2021 20.0% Blmbg. U.S. Aggregate, 32.0% S&P 500, 18.0% Russell 2500 Index, 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging
 Markets (Net), 8.0% NCREIF Fund Index - ODCE (net), 2.0% NCREIF Timberland Index
 06/2017 12/2019 20.0% Blmbg. Intermed. U.S. Government/Credit, 30.0% S&P 500, 18.0% Russell 2500 Index, 2.0% S&P Completion Index,
 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging Markets (Net), 8.0% NCREIF Fund Index - ODCE (net), 2.0% NCREIF
 Timberland Index
 01/2016 06/2017 28.0% Blmbg. Intermed. U.S. Government/Credit, 30.0% S&P 500, 18.0% Russell 2500 Index, 2.0% S&P Completion Index,
 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging Markets (Net), 2.0% NCREIF Timberland Index
 01/2008 01/2016 20.0% Blmbg. U.S. Aggregate, 32.0% S&P 500, 18.0% Russell 2500 Index, 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging
 Markets (Net), 8.0% NCREIF Fund Index - ODCE (net), 2.0% NCREIF Timberland Index


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




 Page 148 of 154
 42
Benchmark History
Total Invested Assets As of June 30, 2025
Account Name From Date To Date Benchmark
 01/2008 03/2009 20.0% Blmbg. U.S. Aggregate, 32.0% S&P 500, 18.0% Russell 2500 Index, 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging
 Markets (Net), 8.0% NCREIF Fund Index - ODCE (net), 2.0% NCREIF Timberland Index




 Page 149 of 154
 43
 Definitions & Disclosures
 Please note: Due to rounding methodologies of various data providers, certain returns in this report might differ slightly when compared to other sources


REGULATORY DISCLOSURES

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

INDEX DEFINITIONS

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




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




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

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

DEFINITION OF KEY STATISTICS AND TERMS

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




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

DEFINITION OF KEY PRIVATE EQUITY TERMS

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

VALUATION POLICY

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

REPORTING POLICY

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




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

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

MATERIAL RISKS & LIMITATIONS

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


OTHER

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

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

CUSTODIAN STATEMENTS

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




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BURLINGTON RETIREMENT BOARD
 BUSHOR CONFERENCE ROOM, 149 CHURCH STREET, 1ST FLOOR
 MINUTES OF MEETING
 July 21, 2025




1. Agenda
1. Agenda
Chair Hooper convened the meeting at 9:33 am.

Members present: Eric Dalle Mura, Dave Mount, Bob Hooper, Katherine Schad, Paul Olsen and Matt Dow
Members absent: Kyle Blake and Munir Kasti

Others present: Kate Pizzi, Chris Rowlins and Richard Carey

Subject 1.1. Motion to adopt agenda
Meeting July 21, 2025 - Retirement Board Meeting - Monday, July 21, 2025, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


Category 1. Agenda

Department Council and Board


Type Action
 Procedural


Recommended Action Motion to adopt agenda
1.1. Motion to adopt agenda
Agenda was adopted as presented with no objection.


2. Public Forum
2. Public Forum
None.

3. Minutes
3. Minutes
Motion made by Board Member Olsen, seconded by Board Member Mount, to approve the minutes as
presented. Motion passed unanimously.

Subject 3.1. June 23, 2025 Retirement Board Meeting Minutes
Meeting July 21, 2025 - Retirement Board Meeting - Monday, July 21, 2025, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


Category 3. Minutes
Department Clerk/Treasurer's Office


Type Action
 Minutes


Recommended Action approve the minutes
3.1. June 23, 2025 Retirement Board Meeting Minutes


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

Subject 4.1. Connor P. Newman, Class B $3,675.90; Effective Date of Benefit:
 07/01/25
Meeting July 21, 2025 - Retirement Board Meeting - Monday, July 21, 2025, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Connor P. Newman
4.1. Connor P. Newman, Class B $3,675.90; Effective Date of Benefit: 07/01/25


Subject 4.2. Ethan Zhang, Class B $6,278.35; Effective Date of Benefit: 07/01/25
Meeting July 21, 2025 - Retirement Board Meeting - Monday, July 21, 2025, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Ethan Zhang
4.2. Ethan Zhang, Class B $6,278.35; Effective Date of Benefit: 07/01/25


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

Subject 5.1. Jay L. Morin, Class B $3,786.64; Effective Date of Benefit: 07/01/25;
 Payment Date: 07/15/25
Meeting July 21, 2025 - Retirement Board Meeting - Monday, July 21, 2025, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action aprpove retirement application for Jay L. Morin
5.1. Jay L. Morin, Class B $3,786.64; Effective Date of Benefit: 07/01/25; Payment Date: 07/15/25


Subject 5.2. Ritchie D. Snow, Class B $3,676.06; Effective Date of Benefit:
 07/01/25; Payment Date: 07/15/25
Meeting July 21, 2025 - Retirement Board Meeting - Monday, July 21, 2025, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Ritchie D. Snow
5.2. Ritchie D. Snow, Class B $3,676.06; Effective Date of Benefit: 07/01/25; Payment Date: 07/15/25


Subject 5.3. Edwin W. Webster, Jr., Class A $10,561.37; Effective Date of Benefit:
 06/01/25; Payment Date: 06/15/25
Meeting July 21, 2025 - Retirement Board Meeting - Monday, July 21, 2025, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Edwin W. Webster, Jr.
5.3. Edwin W. Webster, Jr., Class A $10,561.37; Effective Date of Benefit: 06/01/25; Payment Date:
06/15/25


Subject 5.4. Denise Newell, Class B $880.93; Effective Date of Benefit: 06/01/25;
 Payment Date: 06/15/25
Meeting July 21, 2025 - Retirement Board Meeting - Monday, July 21, 2025, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications
Department Retirement Administration


Type Action


Recommended Action approve retirement application for Denise Newell
5.4. Denise Newell, Class B $880.93; Effective Date of Benefit: 06/01/25; Payment Date: 06/15/25


Subject 5.5. Donald Bissonette, Class B $451.31; Effective Date of Benefit:
 08/01/25; Payment Date: 08/15/25
Meeting July 21, 2025 - Retirement Board Meeting - Monday, July 21, 2025, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Donald Bissonette
5.5. Donald Bissonette, Class B $451.31; Effective Date of Benefit: 08/01/25; Payment Date: 08/15/25


6. Administrative Update
6. Administrative Update

Subject 6.1. GASB 68 Disclosure as of June 30, 2025 (measurement date: June 30,
 2024) - USI
Meeting July 21, 2025 - Retirement Board Meeting - Monday, July 21, 2025, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor
Category 6. Administrative Update
Department Retirement Administration


Type Information
 Discussion


6.1. GASB 68 Disclosure as of June 30, 2025 (measurement date: June 30, 2024) - USI


7. Fiducient
7. Fiducient

Subject 7.1. 2Q2025 Investment Review
Meeting July 21, 2025 - Retirement Board Meeting - Monday, July 21, 2025, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor
Category 7. Fiducient
Department Retirement Administration
Type Discussion
 Information


7.1. 2Q2025 Investment Review


8. Adjournment
8. Adjournment

Subject 8.1. Motion to adjourn
Meeting July 21, 2025 - Retirement Board Meeting - Monday, July 21, 2025, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


Category 8. Adjournment

Department Council and Board


Type Action
 Procedural


Recommended Action Motion to adjourn
8.1. Motion to adjourn
Motion made by Board Member Mount, seconded by Board Member Olsen, to adjourn the meeting at 100:20
am. Motion passed unanimously.