Retirement Board — Burlington, VT
Date: 2026-03-16
Time: 09:30

Retirement Board

 Monday, March 16, 2026, 9:30 AM, Bushor Conference Room, 149 Church Street, 1st
 Floor

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1. Agenda
 Subject 1.1. Motion to adopt agenda
 Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


 Category 1. Agenda

 Department Retirement Administration


 Type Action
 Procedural


 Recommended Action Motion to adopt agenda

2. Public Forum

3. Minutes
 Subject 3.1. February 23, 2026 Retirement Board Meeting Minutes
 Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


 Category 3. Minutes

 Department Department of Finance and Administration


 Type Action
 Information
 Minutes


  Recommended Action approve the minutes

4. Approve Return of Contributions
  Subject 4.1. Alan L. Mashtare, Class B $10,570.80; Effective Date of Benefit: 03/01/26
  Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 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 Alan L. Mashtare

  Subject 4.2. Philo J. Brown Gould, Class B $1,898.90; Effective Date of Benefit:
 04/01/26
  Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 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 Philo J. Brown Gould

  Subject 4.3. Kim My Soukone, Class B $990.34; Effective Date of Benefit: 04/01/26
  Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 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 Kim My Soukone

  Subject 4.4. Alexander M. Wolfgang, Class B $2,961.29; Effective Date of Benefit:
 04/01/26
  Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 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 Alexander M. Wolfgang

Subject 4.5. Candice K. Holbrook, Class B $17,604.18; Effective Date of Benefit:
 04/01/26
Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 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 Candice K. Holbrook

Subject 4.6. Rodney J. Dollar, Class B $21,966.09; Effective Date of Benefit: 04/01/26
Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 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 Rodney J. Dollar

Subject 4.7. Sinead E. Murray, Class B $2,343.72; Effective Date of Benefit: 04/01/26
Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 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 Sinead E. Murray

Subject 4.8. Shannon Rose Giblin, Class B $543.74; Effective Date of Benefit:
 04/01/26
Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 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 Shannon Rose Giblin

Subject 4.9. Carly J. Levinson, Class B $4,302.24; Effective Date of Benefit: 04/01/26
  Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 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 Carly J. Levinson

5. Approve Retirement Applications
  Subject 5.1. Mary C. Griffin, Class B $5,937.60; Effective Date of Benefit: 02/01/26;
 Payment Date: 02/15/26
  Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 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 Mary C. Griffin

  Subject 5.2. William H. Parizo, Class B $8,739.88 and $97.73; Effective Date of Benefit:
 02/01/26; Payment Date: 02/15/26
  Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 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 William H. Parizo

  Subject 5.3. Samid Latifovic, Class B $449.66; Effective Date of Benefit: 01/01/26;
 Payment Date: 02/15/26
  Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 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 Samid Latifovic

  Subject 5.4. Nina L. Mazuzan, Class B $763.48; Effective Date of Benefit: 02/01/26;
 Payment Date: 02/15/26
  Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 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 Nina L. Mazuzan

  Subject 5.5. Joel Fitzgerald, Class B $659.76; Effective Date of Benefit: 02/01/26;
 Payment Date: 03/15/26
  Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 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 Joel Fitzgerald

  Subject 5.6. Jill Strube, Class B $224.95; Effective Date of Benefit: 04/01/26; Payment
 Date: 04/15/26
  Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 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 Jill Strube

6. Administrative Update
  Subject 6.1. Charles Schwab Trust Bank Plan sponsor Authorized signature list
  Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


  Category 6. Administrative Update

  Department Department of Finance and Administration


  Type Action


  Recommended Action authorize the Retirement Board to add CAO Katherine Schad and DOF Bradley
 Kukenberger and remove DFO Rich Goodwin to the Charles Schwab Trust Bank Plan
 sponsor Authorized signature list

  Subject 6.2. Actuarial Valuation Report as of June 30, 2025 - USI
  Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


  Category 6. Administrative Update

  Department Retirement Administration


  Type Action
 Information
 Report


  Recommended Action approve the report and place it on file

7. Fiducient
  Subject 7.1. Review of February 28, 2026 Investment Report
  Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor
  Category 7. Fiducient
  Department Retirement Administration


  Type Discussion
 Information
 Presentation


  Subject 7.2. Rebalancing recommendation
  Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


  Category 7. Fiducient

  Department Retirement Administration


  Type Action


  Recommended Action to approve the rebalancing of the Burlington Employees’ Retirement System’s
 investment portfolio back to its long-term strategic asset allocation targets, and to
 authorize City staff, in consultation with the investment advisor, to execute the
 anticipated trades as summarized, with final trade amounts subject to change based on
 market conditions at the time of execution

  Subject 7.3. Discussion on UBS Trumbull properties
  Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor
  Category 7. Fiducient
  Department Retirement Administration


  Type Discussion


  Subject 7.4. Fiducient Advisors - February 2026 Market Review
  Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor
  Category 7. Fiducient
  Department Retirement Administration


  Type Information
 Discussion
 Presentation



8. Executive Session Re: contract terms for investment advisory services
  Subject 8.1. Executive Session
  Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


  Category 8. Executive Session Re: contract terms for investment advisory services

  Department Retirement Administration


  Type Action
 Discussion
 Information
 Procedural


  Recommended Action 1. Move to make a specific finding that premature general public knowledge of contract
 terms for investment advisory services would clearly place the City at a substantial
 disadvantage;
 2. Based upon that finding move to enter executive session pursuant to 1 VSA
 313(1)(A).

9. Adjournment
  Subject 9.1. Motion to adjourn
  Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


  Category 9. Adjournment

  Department Retirement Administration


  Type Action
 Procedural


  Recommended Action Motion to adjourn

Retirement Board

 Monday, March 16, 2026, 9:30 AM, Bushor Conference Room, 149 Church Street, 1st
 Floor

Join from PC, Mac, iPad, or Android:
https://zoom.us/j/99744022746
Phone one-tap:
+13052241968 ,99744022746# US
Join via audio:
+1 305 224 1968 US
Webinar ID: 997 4402 2746
International numbers available: https://zoom.us/u/abcs7kybby


1. Agenda
 Subject 1.1. Motion to adopt agenda
 Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


 Category 1. Agenda

 Department Retirement Administration


 Type Action
 Procedural


 Recommended Action Motion to adopt agenda

2. Public Forum

3. Minutes
 Subject 3.1. February 23, 2026 Retirement Board Meeting Minutes
 Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


 Category 3. Minutes

 Department Department of Finance and Administration


 Type Action
 Information


 Page 1 of 99
 Minutes


  Recommended Action approve the minutes

4. Approve Return of Contributions
  Subject 4.1. Alan L. Mashtare, Class B $10,570.80; Effective Date of Benefit: 03/01/26
  Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 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 Alan L. Mashtare

  Subject 4.2. Philo J. Brown Gould, Class B $1,898.90; Effective Date of Benefit:
 04/01/26
  Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 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 Philo J. Brown Gould

  Subject 4.3. Kim My Soukone, Class B $990.34; Effective Date of Benefit: 04/01/26
  Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 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 Kim My Soukone

  Subject 4.4. Alexander M. Wolfgang, Class B $2,961.29; Effective Date of Benefit:
 04/01/26
  Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action



 Page 2 of 99
Recommended Action approve return of contribution for Alexander M. Wolfgang

Subject 4.5. Candice K. Holbrook, Class B $17,604.18; Effective Date of Benefit:
 04/01/26
Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 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 Candice K. Holbrook

Subject 4.6. Rodney J. Dollar, Class B $21,966.09; Effective Date of Benefit: 04/01/26
Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 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 Rodney J. Dollar

Subject 4.7. Sinead E. Murray, Class B $2,343.72; Effective Date of Benefit: 04/01/26
Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 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 Sinead E. Murray

Subject 4.8. Shannon Rose Giblin, Class B $543.74; Effective Date of Benefit:
 04/01/26
Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 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 Shannon Rose Giblin

Subject 4.9. Carly J. Levinson, Class B $4,302.24; Effective Date of Benefit: 04/01/26



 Page 3 of 99
  Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 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 Carly J. Levinson

5. Approve Retirement Applications
  Subject 5.1. Mary C. Griffin, Class B $5,937.60; Effective Date of Benefit: 02/01/26;
 Payment Date: 02/15/26
  Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 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 Mary C. Griffin

  Subject 5.2. William H. Parizo, Class B $8,739.88 and $97.73; Effective Date of Benefit:
 02/01/26; Payment Date: 02/15/26
  Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 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 William H. Parizo

  Subject 5.3. Samid Latifovic, Class B $449.66; Effective Date of Benefit: 01/01/26;
 Payment Date: 02/15/26
  Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 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 Samid Latifovic

  Subject 5.4. Nina L. Mazuzan, Class B $763.48; Effective Date of Benefit: 02/01/26;
 Payment Date: 02/15/26



 Page 4 of 99
  Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 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 Nina L. Mazuzan

  Subject 5.5. Joel Fitzgerald, Class B $659.76; Effective Date of Benefit: 02/01/26;
 Payment Date: 03/15/26
  Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 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 Joel Fitzgerald

  Subject 5.6. Jill Strube, Class B $224.95; Effective Date of Benefit: 04/01/26; Payment
 Date: 04/15/26
  Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 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 Jill Strube

6. Administrative Update
  Subject 6.1. Charles Schwab Trust Bank Plan sponsor Authorized signature list
  Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


  Category 6. Administrative Update

  Department Department of Finance and Administration


  Type Action


  Recommended Action authorize the Retirement Board to add CAO Katherine Schad and DOF Bradley
 Kukenberger and remove DFO Rich Goodwin to the Charles Schwab Trust Bank Plan
 sponsor Authorized signature list

  Subject 6.2. Actuarial Valuation Report as of June 30, 2025 - USI



 Page 5 of 99
  Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


  Category 6. Administrative Update

  Department Retirement Administration


  Type Action
 Information
 Report


  Recommended Action approve the report and place it on file

7. Fiducient
  Subject 7.1. Review of February 28, 2026 Investment Report
  Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor
  Category 7. Fiducient
  Department Retirement Administration


  Type Discussion
 Information
 Presentation


  Subject 7.2. Rebalancing recommendation
  Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


  Category 7. Fiducient

  Department Retirement Administration


  Type Action


  Recommended Action to approve the rebalancing of the Burlington Employees’ Retirement System’s
 investment portfolio back to its long-term strategic asset allocation targets, and to
 authorize City staff, in consultation with the investment advisor, to execute the
 anticipated trades as summarized, with final trade amounts subject to change based on
 market conditions at the time of execution

  Subject 7.3. Discussion on UBS Trumbull properties
  Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor
  Category 7. Fiducient
  Department Retirement Administration


  Type Discussion


  Subject 7.4. Fiducient Advisors - February 2026 Market Review
  Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


 Page 6 of 99
  Category 7. Fiducient
  Department Retirement Administration


  Type Information
 Discussion
 Presentation



8. Executive Session Re: contract terms for investment advisory services
  Subject 8.1. Executive Session
  Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


  Category 8. Executive Session Re: contract terms for investment advisory services

  Department Retirement Administration


  Type Action
 Discussion
 Information
 Procedural


  Recommended Action 1. Move to make a specific finding that premature general public knowledge of contract
 terms for investment advisory services would clearly place the City at a substantial
 disadvantage;
 2. Based upon that finding move to enter executive session pursuant to 1 VSA
 313(1)(A).

9. Adjournment
  Subject 9.1. Motion to adjourn
  Meeting March 16, 2026 - Retirement Board Meeting - Monday, March 16, 2026, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


  Category 9. Adjournment

  Department Retirement Administration


  Type Action
 Procedural


  Recommended Action Motion to adjourn




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Page 22 of 99
Calculation of Return of Employee Contributions Form A
Burlington Employees' Retirement System Rodney J. Dollar


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

 Information Used in Determination
 Participant Name: Rodney J. Dollar Class: B
 Date of Birth: Department: BED Non-Union
 Date of Hire: 02/14/2022 Post-Tax Employee Contributions: $0.00
 Date of Termination: 03/17/2025 Normal Retirement Date (NRD): 05/05/2054
 Beneficiary Date of Birth: N/A Payment Start Date: 04/01/2026
 Vesting Percentage: 0.0000%

 Determination of Employee Contribution Balance with Interest
 Balance at
 Period Ending Description Transaction End of Period
 06/30/2022 Contributions $2,537.45 $2,537.45
 06/30/2022 Interest at 2% $0.00 $2,537.45
 06/30/2023 Contributions $6,948.85 $9,486.30
 06/30/2023 Interest at 2% $50.75 $9,537.05
 06/30/2024 Contributions $6,018.98 $15,556.03
 06/30/2024 Interest at 2% $190.74 $15,746.77
 03/17/2025 Contributions $5,580.55 $21,327.32
 06/30/2025 Interest at 2% $314.94 $21,642.26
 03/31/2026 Interest at 2% $323.83 $21,966.09


 (1) Pre-Tax Employee Contributions (Taxable): $21,085.83

 (2) Interest Accrued on Employee Contributions (5.5% through 12/31/2017, 2% thereafter): $880.26

 (3) Total Return of Employee Contributions with Interest: $21,966.09



 Determination of Taxable Portion of Benefit

 Form of Payment Total Benefit Taxable Portion Non-Taxable Portion
 Return of Contributions $21,966.09 $21,966.09 0.00




 Page 23 of 99
Page 24 of 99
 USICG Participant Service Center
 95 Glastonbury Blvd. STE 102
 Glastonbury, CT 06033-4456




 Shannon Rose Giblin




March 9, 2026


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

Dear Shannon Rose Giblin:

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 April 1, 2026 is $543.74. This amount will
be rolled over to the Roth IRA you noted on your completed forms.

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

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

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

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




 Page 25 of 99
Page 26 of 99
 USICG Participant Service Center
 95 Glastonbury Blvd. STE 102
 Glastonbury, CT 06033-4456




 Mary C. Griffin




February 17, 2026



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

Dear Ms. Griffin:

Due to an error in your earnings that we received from the City of Burlington, we have revised your benefit
calculation. As of March 1, 2026, your monthly benefit will change from $5,897.01 to $5,937.60. You will
also receive a one-time catch-up payment in the amount of $527.67. This represents the difference between
the pension payments you received from February 2025 to February 2026 and the pension payments you
should have received in those months.

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 27 of 99
 USICG Participant Service Center
 95 Glastonbury Blvd. STE 102
 Glastonbury, CT 06033-4456




 William Parizo




February 17, 2026



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

Dear Mr. Parizo:

Due to an error in your earnings that we received from the City of Burlington, we have revised your benefit
calculation. The monthly 50% Joint & Survivor Annuity options you elected in the amounts of $8,622.27 (No
COLA) and $96.85 (Full COLA) will be increased to $8,739.88 and $97.73, respectively. This will take effect
with your first payment retroactive to January 1, 2026 and all payments after this date.

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

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

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

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




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Burlington Employees'
Retirement System




 Actuarial
 Valuation Report

 as of June 30, 2025

 Page 33 of 99
 ACTUARIAL VALUATION REPORT
 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM



 Table of Contents

Executive Summary ................................................................................................................................................. 1
Valuation Results and Highlights ............................................................................................................................. 2
 Purpose of the Valuation ................................................................................................................................... 2
 Information Available in the Valuation Report .................................................................................................. 2
 Changes Reflected in the Valuation ................................................................................................................... 2
 Cash Contribution for Fiscal Year Ending 2027 .................................................................................................. 2
 Liability Experience During Period Under Review.............................................................................................. 2
 Asset Experience During Period Under Review ................................................................................................. 2
 Assessment and Measurement of Risks............................................................................................................. 3
 Implications of Contribution Allocation Procedure or Funding Policy............................................................... 5
Certification ............................................................................................................................................................. 6
Development of Unfunded Accrued Liability and Funded Ratio ............................................................................. 7
Determination of Normal Cost and Actuarially Determined Employer Contribution ............................................. 9
Actuarially Determined Employer Contribution per Group .................................................................................. 11
Determination of Actuarial Gain/Loss ................................................................................................................... 12
Development of Asset Values................................................................................................................................ 13
Target Allocation and Expected Rate of Return .................................................................................................... 17
Amortization of Unfunded Liability ....................................................................................................................... 18
Member Data ........................................................................................................................................................ 19
Description of Actuarial Methods ......................................................................................................................... 24
Description of Actuarial Assumptions ................................................................................................................... 25
Summary of Plan Provisions .................................................................................................................................. 29




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



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 Executive Summary

 June 30, 2025 June 30, 2024

 Class A Class B Total Class A Class B Total

  Number of members
 Active employees 153 791 944 162 760 922
 Terminated vested members 29 335 364 30 340 370
 Vested in employee contributions only 32 428 460 30 407 437
 Retired, disabled and beneficiaries 226 699 925 218 676 894
 Total 440 2,253 2,693 440 2,183 2,623

  Covered employee payroll 13,205,664 54,843,945 68,049,609 13,113,308 50,906,356 64,019,663
  Average plan salary 86,312 69,335 72,086 80,946 66,982 69,436

  Actuarial present value of future benefits 212,383,973 226,262,193 438,646,166 205,415,351 218,776,165 424,191,516
  Actuarial accrued liability 177,910,245 199,585,366 377,495,611 171,415,164 193,529,063 364,944,227

  Plan assets
 Market value of assets 123,461,463 145,931,933 269,393,396 110,857,257 134,064,074 244,921,331
 Actuarial value of assets 118,490,932 140,056,745 258,547,677 109,471,149 132,387,799 241,858,948

  Unfunded accrued liability 59,419,313 59,528,621 118,947,934 61,944,015 61,141,264 123,085,279

  Funded ratio 66.6% 70.2% 68.5% 63.9% 68.4% 66.3%

  Actuarially determined employer contribution (ADEC)
 Fiscal year ending 2027 2027 2027 2026 2026 2026
 ADEC 8,164,468 7,249,136 15,413,604 8,293,582 7,184,926 15,478,508




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 Valuation Results and Highlights
Purpose of the Valuation
The purpose of the valua@on is to develop the Actuarially Determined Employer Contribu@on (ADEC).
The ul@mate cost of a pension plan is based primarily on the level of beneﬁts promised by the plan. The pension
fund's investment earnings serve to reduce the cost of plan beneﬁts and expenses. Thus,


 Ul@mate cost = Beneﬁts Paid + Expenses Incurred – Investment Return – Employee Contribu@ons


The actuarial cost method distributes this ul@mate cost over the working life@me of current plan par@cipants. By
means of this budge@ng process, costs are allocated to both past and future years, and a cost is assigned to the
current year. The current year's allocated cost, or normal cost, is the building block upon which the actuarially
determined employer contribu@on is developed. The June 30, 2025 valua@on produces the contribu@on for the
ﬁscal year ending 2027.

Information Available in the Valuation Report
The Execu@ve Summary is intended to emphasize the notable results of the valua@on from the perspec@ve of the
Plan Sponsor. Suppor@ng technical detail is documented in Results of the Valua@on, Suppor@ng Exhibits and
Descrip@on of Actuarial Methods and Assump@ons. A concise summary of the principal provisions of the Plan is
outlined in Summary of Plan Provisions.

Changes Reflected in the Valuation
The Class A compulsory retirement age increased from 60 to 63, which decreased the unfunded accrued liability
by $231,000 and increased the ADEC by $42,000.

Cash Contribution for Fiscal Year Ending 2027
The City cost is: 2027 Fiscal Year
 Class A $8,164,468
 Class B 7,249,136
 Total $15,413,604

Liability Experience During Period Under Review
The plan experienced a net actuarial loss on liabili@es of approximately $2,435,000 since the prior valua@on. The
loss was mainly due to salary increases that were more than expected and new plan par@cipants.

Asset Experience During Period Under Review
The plan's assets provided the following rates of return during the past fiscal year:
 2025 Fiscal Year
Market Value Basis 12.6%
Actuarial Value Basis 9.5%
The Actuarial Value of assets, rather than the Market Value, is used to determine plan contribu@ons. The
Actuarial Value spreads the asset vola@lity over 5 years, thereby smoothing out ﬂuctua@ons that are inherent in
the Market Value.
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Assessment and Measurement of Risks
Financial Signiﬁcance of Plan
It is important to understand the size of the pension plan compared to the size of the sponsor of that plan.
Addi@onal pension contribu@ons may be required at inopportune @mes for the plan sponsor. In general, a plan
sponsor with assets or revenue that are much larger than the liabili@es in its pension plans will be beLer able to
withstand increases in required pension contribu@ons.

Plan Maturity Measurements

 June 30, 2025 June 30, 2024
Actuarial accrued liability for members currently in pay status
as a percentage of the total actuarial accrued liability 62.3% 61.0%

• A lower percentage results in greater volatility as the investment return assumption changes.

• A higher percentage results in greater demand on cash due to a proportionately higher
percentage of benefits being in pay status.


 June 30, 2025
Duration of benefit payments using an investment rate of return of 7.10% 13.3 years

• A higher duration will occur if the plan's percentage of members in pay status decreases. A plan
with a higher duration will have a liability that is more sensitive to changes in the investment
return assumption.


 June 30, 2025 June 30, 2024
Ratio of market value of assets to covered payroll 4.0 3.8

• A higher ratio is more typical of relatively mature plans with a larger percentage of inactive
members and may cause more potential contribution volatility as pension fund assets fluctuate.


Risks to Assess
Es7mated Impact of a 5% Reduc7on in Market Value of Assets


 Fiscal Year
 Ending 2027
Increase in actuarially determined employer contribution (ADEC) 239,280

• Plans would generally be subject to a larger amortization payment if the market value of assets
were 5% smaller. As a result, the ADEC would generally be higher for up to 20 years.


Due to the asset smoothing method, the ADEC will addi@onally increase by the same amount in each of the next
few years. Each of these addi@onal contribu@ons will con@nue for up to 20 years.


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Es7mated Impact of a 1-Year Increase in Life Expectancies

 Fiscal Year
 Ending 2027
Increase in actuarially determined employer contribution (ADEC) 719,050

• If members live longer than expected, it generally results in larger benefits and/or additional
benefit payments made. As a result, the ADEC would generally be higher for up to 20 years.

Low-Default-Risk Obliga7on Measure
 June 30, 2025
Low-default-risk obligation measure (LDROM)* 468,358,957
Total actuarial accrued liability (AAL) for all members** 377,495,611
Difference between LDROM and AAL 90,863,346
• This exhibit illustrates the impact on the ongoing funding liability if the plan decided to invest
completely in low-default-risk securities.

* The LDROM discount rate is 5.20%. The discount rate used for this purpose is equal to the published Bond Buyer GO 20-
Bond Municipal Index eﬀec've as of June 30, 2025. Other than the discount rate, the assump'ons and methods are
consistent with those used in the actuarial valua'on. The disclosure of the LDROM is for illustra've purposes and does not
necessarily imply that the associated discount rate should be used for funding purposes.
** The discount rate used in the valua'on is 7.10%.

Historical Results

 Annual
 Effective Rate Market Value Benefit
 Investment of Return on of Assets as a Payments as a
Valuation Year Return Market Value % of Actuarial % of Market
Beginning Assumption of Assets Accrued Liability Value of Assets
2025 7.10% N/A 71.4% N/A
2024 7.10% 12.6% 67.1% 9.5%
2023 7.10% 12.8% 64.4% 9.9%
2022 7.10% 10.2% 64.3% 10.2%
2021 7.20% -13.3% 80.1% 8.3%
2020 7.30% 31.1% 66.4% 9.5%
2019 7.40% 2.3% 70.0% 8.9%
2018 7.50% 5.1% 71.4% 8.8%
2017 8.00% 9.6% 69.5% 8.9%
2016 8.00% 14.1% 63.8% 9.4%



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Implications of Contribution Allocation Procedure or Funding Policy
I have assessed the impact of the funding policy on the an@cipated employer contribu@ons and the plan’s funded
status. The funding policy is described in the Descrip@on of Actuarial Methods sec@on of this report.
I have es@mated the approximate length of @me before the unfunded accrued liability, if any, will become fully
amor@zed. The period is es@mated to be 18 years. Subsequent to the end of this period, the future an@cipated
employer contribu@ons will be the corresponding annual normal costs.
I have assessed whether the funding policy will be suﬃcient to cover future beneﬁt payments and administra@ve
expenses. The current funding policy is an@cipated to cover these costs indeﬁnitely.




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 Certification
This report presents the results of the June 30, 2025 Actuarial Valua@on for Burlington Employees' Re@rement
System (the Plan) for the purpose of es@ma@ng the funded status of the Plan and determining the Actuarially
Determined Employer Contribu@on (ADEC) for the ﬁscal year ending June 30, 2027. This report may not be
appropriate for any other purpose.

The valuation has been performed in accordance with generally accepted actuarial principles and practices. It is
intended to comply with all applicable Actuarial Standards of Practice.

As required under Part II, Section 24-61 of the Burlington Code of Ordinances, experience studies are performed
at least one in every five-year period. The assumptions in this report were based on an experience study
covering the period July 1, 2017 to June 30, 2022.

In our opinion, the actuarial assumptions used in this report are reasonably related to the experience of the Plan
and to reasonable long-term expectations.

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

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

January 16, 2026




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 Development of Unfunded Accrued Liability and Funded Ratio

 June 30, 2025 June 30, 2024

 Class A Class B Total Class A Class B Total

  Actuarial accrued liability for inactive members
 Retired, disabled and beneficiaries $118,793,608 $116,534,448 $235,328,056 $111,131,689 $111,574,279 $222,705,968
 Terminated vested members 2,835,779 11,005,497 13,841,276 2,931,943 10,775,576 13,707,519
 Due refund of employee contributions only 325,735 1,263,204 1,588,939 444,165 1,652,858 2,097,023
 Total 121,955,122 128,803,149 250,758,271 114,507,797 124,002,713 238,510,510

  Actuarial accrued liability for active employees 55,955,123 70,782,217 126,737,340 56,907,367 69,526,350 126,433,717

  Total actuarial accrued liability 177,910,245 199,585,366 377,495,611 171,415,164 193,529,063 364,944,227

  Actuarial value of assets 118,490,932 140,056,745 258,547,677 109,471,149 132,387,799 241,858,948

  Unfunded accrued liability 59,419,313 59,528,621 118,947,934 61,944,015 61,141,264 123,085,279

  Funded ratio 66.6% 70.2% 68.5% 63.9% 68.4% 66.3%




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 Actuarial Accrued Liability vs. Actuarial Value of Assets

 $400,000,000

 $350,000,000

 $300,000,000

 $250,000,000

 $200,000,000

 $150,000,000

 $100,000,000

 $50,000,000

 $0
 2019 2020 2021 2022 2023 2024 2025

 Actuarial Accrued Liability (EAN Basis) Actuarial Value of Assets




 Funded Ra7o

 90%
 80%
 70%
 60%
 50%
 40%
 30%
 20%
 10%
 0%
 2019 2020 2021 2022 2023 2024 2025

 Market Value Actuarial Value




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  Determination of Normal Cost and Actuarially Determined Employer Contribution


 June 30, 2025 June 30, 2024
 Percent of Percent of
 Cost payroll Cost payroll
  Gross normal cost $8,061,970 11.1% $7,857,234 11.6%
  Estimated employee contributions (3,876,865) -5.4% (3,687,029) -5.5%

  City's normal cost 4,185,105 5.8% 4,170,205 6.2%
  Amortization of unfunded accrued liability 11,098,761 15.3% 11,179,027 16.5%

  Contribution before adjustment as of the
 valuation date 15,283,866 21.1% 15,349,232 22.7%

  Estimated valuation year payroll for actives
 not yet at 100% assumed retirement age 72,413,354 67,595,783

  Fiscal year ending 2027 2026
  Adjustment for interest and inflation 129,738 129,276
  Actuarially determined employer contribution 15,413,604 15,478,508




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 Actuarially Determined Employer Contribu7on

  $18,000,000

  $16,000,000

  $14,000,000

  $12,000,000

  $10,000,000

 $8,000,000

 $6,000,000

 $4,000,000

 $2,000,000

 $0
 2021 2022 2023 2024 2025 2026 2027

 Normal Cost Past Service Cost




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 Actuarially Determined Employer Contribution per Group

 Class B IBEW Class B BED
 Class A Class B School Class B Airport Class B Water Class B Other Class B Total
 Local 300 Non-Union
 Gross normal cost $4,057,985 $417,716 $407,702 $1,034,435 $198,355 $149,807 $1,795,970 $4,003,985 $8,061,970
 Estimated employee contributions (1,520,221) (290,765) (191,828) (520,544) (140,837) (103,613) (1,109,057) (2,356,644) (3,876,865)
 City's normal cost 2,537,764 126,951 215,874 513,891 57,518 46,194 686,913 1,647,341 4,185,105

 Actuarial accrued liability 177,910,245 34,534,670 27,072,540 31,003,026 8,755,303 4,805,570 93,414,257 199,585,366 377,495,611
 Actuarial value of assets 118,490,932 24,234,309 18,997,845 21,756,019 6,143,933 3,372,254 65,552,385 140,056,745 258,547,677
 Unfunded accrued liability 59,419,313 10,300,361 8,074,695 9,247,007 2,611,370 1,433,316 27,861,872 59,528,621 118,947,934

 Amortization of unfunded accrued liability 5,548,034 960,454 752,922 862,234 243,496 133,649 2,597,972 5,550,727 11,098,761
 Contribution before adjustment as of the
 valuation date 8,085,798 1,087,405 968,796 1,376,125 301,014 179,843 3,284,885 7,198,068 15,283,866

 Estimated valuation year payroll for actives not yet
 at 100% assumed retirement age 14,358,881 7,176,360 5,120,612 12,559,894 3,504,611 2,543,642 27,149,354 58,054,473 72,413,354
 City's normal cost as a percentage of payroll 17.7% 1.8% 4.2% 4.1% 1.6% 1.8% 2.5% 2.8% 5.8%
 Contribution as a percentage of payroll 56.3% 15.2% 18.9% 11.0% 8.6% 7.1% 12.1% 12.4% 21.1%

 Fiscal year ending June 30, 2026
 Adjustment for interest and inflation 78,670 3,935 6,692 15,931 1,783 1,432 21,295 51,068 129,738
 Actuarially determined employer contribution 8,164,468 1,091,340 975,488 1,392,056 302,797 181,275 3,306,180 7,249,136 15,413,604




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 Determination of Actuarial Gain/Loss
The Actuarial Gain/Loss is the diﬀerence between the expected unfunded accrued liability and the actual
unfunded accrued liability, without regard to any changes in actuarial methods, actuarial assump@ons or plan
provisions. This can also be referred to an Experience Gain/Loss, since it reﬂects the diﬀerence between what
was expected and what was actually experienced.

 Actuarial Gain / Loss
 Expected unfunded accrued liability June 30, 2025
 Expected unfunded accrued liability June 30, 2025
 Unfunded accrued liability June 30, 2024 $123,085,279
 Gross normal cost June 30, 2024 7,857,234
 City and employee contributions for 2024-2025 (17,724,969)
 Interest at 7.10% to June 30, 2025 8,683,641
 Expected unfunded accrued liability June 30, 2025 121,901,185

 Actuarial (gain) / loss June 30, 2025 (2,721,964)

 Actual unfunded accrued liability June 30, 2025, prior to plan
 provision, assumption and method changes 119,179,221 119,179,221

 Sources of (gain) / loss
 Assets (5,157,000)
 Salary increases 1,271,000
 Retiree mortality 663,000
 Turnover, disability and retirements (1,072,000)
 New entrants 748,000
 Data adjustments (25,000)
 COLA increases 79,000
 Other experience 771,000
 Total (gain) / loss (rounded to nearest $1,000) (2,722,000)

 Plan provision changes since prior valuation (231,287)

 Actual unfunded accrued liability June 30, 2025, after plan
 provision, assumption and method changes 118,947,934




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 Development of Asset Values


 Summary of Fund Activity
 Market Value Actuarial Value
 1. Beginning value of assets June 30, 2024
 Trust assets $244,921,331 $241,858,948

 2. Contributions
 City contributions during year 13,103,013 13,103,013
 Employee contributions during year 4,621,956 4,621,956
 Total for plan year 17,724,969 17,724,969

 3. Disbursements
 Benefit payments during year 23,176,877 23,176,877
 Administrative expenses during year 637,548 637,548
 Total for plan year 23,814,425 23,814,425

 4. Net investment return
 Interest and dividends 5,425,075 N/A
 Realized and unrealized gain / (loss) 25,364,239 N/A
 Expected return N/A 17,178,722
 Recognized gain / (loss) N/A 5,599,463
 Required adjustment due to corridor N/A 0
 Reversal of prior year required adjustment N/A 0
 Investment-related expenses (227,793) N/A
 Total for plan year 30,561,521 22,778,185

 5. Ending value of assets June 30, 2025
 Trust assets: (1) + (2) - (3) + (4) 269,393,396 258,547,677

 6. Approximate rate of return 12.6% 9.5%




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 Relationship of Actuarial Value to Market Value
  1. Market value 6/30/2025 $269,393,396
  2. Gain / (loss) not recognized in actuarial value 6/30/2025 10,845,719
  3. Preliminary actuarial value 6/30/2025: (1) - (2) 258,547,677
  4. Preliminary actuarial value as a percentage of market value: (3) ÷ (1) 96.0%
  5. Gain / (loss) recognized for corridor minimum / maximum N/A
  6. Actuarial value 6/30/2025 after corridor minimum / maximum: (3) + (5) 258,547,677
  7. Actuarial value as a percentage of market value: (6) ÷ (1) 96.0%


 Development of Market Value Gain / Loss for 2024-2025 Plan Year
  1. Market value 6/30/2024 $244,921,331
  2. City contributions 13,103,013
  3. Employee contributions 4,621,956
  4. Benefit payments 23,176,877
  5. Administrative expenses 637,548
  6. Expected return at 7.10% 17,178,722
  7. Expected value 6/30/2025: (1) + (2) + (3) - (4) - (5) + (6) 256,010,597
  8. Market value 6/30/2025 269,393,396
  9. Market value gain / (loss) for 2024-2025 plan year: (8) - (7) 13,382,799


 Recognition of Gain / Loss in Actuarial Value

 (c) (d) (e)
 (b) Recognized in Total recognized Not recognized
 (a) Total recognized current year: as of 6/30/2025: as of 6/30/2025:
 Year Gain / (loss) as of 6/30/2024 20% of (a) (b) + (c) (a) - (d)
  2020-2021 $45,779,498 $36,623,600 $9,155,898 $45,779,498 $0
  2021-2022 (50,373,977) (30,224,385) (10,074,795) (40,299,180) (10,074,797)
  2022-2023 6,555,637 2,622,254 1,311,127 3,933,381 2,622,256
  2023-2024 12,653,367 2,530,673 2,530,673 5,061,346 7,592,021
  2024-2025 13,382,799 0 2,676,560 2,676,560 10,706,239
 Total 5,599,463 10,845,719




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 Rate of Return on Market Value of Assets
 Period Ending Average Annual Effective Rate of Return
 June 30 1 Year 3 Years 5 Years 10 Years
 2016 -1.3% 3.7% 3.8% 4.2%
 2017 14.1% 3.4% 6.3% 3.9%
 2018 9.6% 7.3% 6.9% 5.7%
 2019 5.1% 9.5% 5.0% 8.6%
 2020 2.3% 5.6% 5.8% 7.0%
 2021 31.1% 12.1% 12.0% 7.8%
 2022 -13.3% 5.2% 6.0% 6.1%
 2023 10.2% 7.8% 6.1% 6.5%
 2024 12.8% 2.5% 7.6% 6.3%
 2025 12.6% 11.9% 9.7% 7.8%


 Rate of Return on Actuarial Value of Assets
 Period Ending Average Annual Effective Rate of Return
 June 30 1 Year 3 Years 5 Years 10 Years
 2016 4.4% 7.7% 6.3% 5.6%
 2017 6.5% 6.2% 7.2% 5.2%
 2018 7.1% 6.0% 7.3% 5.1%
 2019 6.6% 6.7% 6.5% 5.7%
 2020 5.9% 6.5% 6.1% 6.2%
 2021 7.2% 6.6% 6.7% 6.5%
 2022 6.7% 6.6% 6.7% 6.9%
 2023 5.4% 6.4% 6.4% 6.8%
 2024 7.2% 6.4% 6.5% 6.5%
 2025 9.5% 7.4% 7.2% 6.6%




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 Actual Rate of Return on Assets

 35%
 30%
 25%
 20%
 15%
 10%
 5%
 0%
 -5%
 -10%
 -15%
 -20%
 2019 2020 2021 2022 2023 2024 2025

 Market Value Actuarial Value




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 Target Allocation and Expected Rate of Return
 June 30, 2025
 Long-Term Expected
 Target Nominal Rate of
Asset Class Allocation Return* Weighting

U.S. Core Fixed Income 20.00% 5.20% 1.04%
U.S. Bonds - Dynamic 7.00% 5.30% 0.37%
Domestic Large Cap Equity 33.00% 6.60% 2.18%
Domestic Small Cap Equity 10.00% 6.40% 0.64%
International Developed Equity 18.00% 7.50% 1.35%
Emerging Markets Equity 7.50% 8.60% 0.65%
Private Real Estate 3.00% 8.10% 0.24%
Broad Real Assets 1.50% 7.60% 0.11%

 100.00% 6.58%

Interaction Effect 0.90%

Long-Term Expected Nominal Return 7.48%


*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 January 1, 2025. 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-es@mate ranges of expected future real rates of return are developed. Best es@mates of
the real rates of return for each major asset class are included in the pension plan’s target asset alloca@on.

The informa@on above is based on geometric means and does not reﬂect addi@onal returns through investment
selec@on, asset alloca@on and rebalancing. An expected rate of return of 7.10% was used.




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 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM




 Amortization of Unfunded Liability


 Schedule of Amortization Bases

 Present value
 of remaining
 Date Original Amortization Years installments as of
 established amount installment remaining June 30, 2025
  Initial base June 30, 2023 $114,978,760 $10,212,585 18 $109,233,417
  2024 base June 30, 2024 10,880,707 966,441 19 10,618,179
  2025 base June 30, 2025 (903,662) (80,265) 20 (903,662)

  Total 11,098,761 118,947,934


  Equivalent single amortization period 18 years




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 Member Data
The data reported by the Plan Sponsor for this valua@on includes 944 ac@ve employees who met the Plan’s minimum age and service requirements as of June 30,
2025.



 Member Data
 Terminated Due refund of Members in
 Active vested contributions pay status Total
 Total members June 30, 2024 922 370 437 894 2,623
 Adjustments 0 -5 +5 0 0
 Retirements -22 -27 N/A +49 0
 Disabilities 0 N/A N/A 0 0
 Terminations
 Vested -31 +31 N/A N/A 0
 Lump sum payments -29 -5 -30 N/A -64
 Due contributions only -32 N/A +32 N/A 0
 Deaths
 With death benefit -1 0 0 -6 -7
 Without death benefit 0 -1 0 -21 -22
 End of payments 0 0 0 -2 -2
 Rehires +8 -2 -6 N/A 0
 New beneficiaries N/A -1 N/A +11 +10
 New entrants +129 +4 +22 N/A +155
 Total members June 30, 2025 944 364 460 925 2,693



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 Member Counts by Status

 3,000


 2,500


 2,000


 1,500


 1,000


 500


 0
 2019 2020 2021 2022 2023 2024 2025

 Active Terminated Members in Pay Status




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 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM




 Member Data
 Terminated Due refund of Members in
 Active vested contributions pay status
 Average age
 June 30, 2024 44.0 53.4 38.0 70.3
 June 30, 2025 43.7 53.0 38.4 70.5

 Average service
 June 30, 2024 9.6 N/A N/A N/A
 June 30, 2025 9.3 N/A N/A N/A

 Covered employee payroll
 June 30, 2024 $64,019,663 N/A N/A N/A
 June 30, 2025 68,049,609 N/A N/A N/A

 Total annual benefits
 June 30, 2024 N/A $2,320,681 N/A $21,999,192
 June 30, 2025 N/A 2,404,498 N/A 23,316,332




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 Member Data - Class A
 Terminated Due refund of Members in
 Active vested contributions pay status Total
  Total members June 30, 2024 162 30 30 218 440
 Adjustments 0 0 0 -1 -1
 Retirements -8 -1 N/A +9 0
 Disabilities 0 N/A N/A 0 0
 Terminations
 Vested -2 +2 N/A N/A 0
 Lump sum payments -3 -2 -2 N/A -7
 Due contributions only -2 N/A +2 N/A 0
 Deaths
 With death benefit 0 0 0 -2 -2
 Without death benefit 0 0 0 -1 -1
 End of payments 0 0 0 N/A 0
 Rehires 0 0 0 N/A 0
 New beneficiaries N/A N/A N/A +3 +3
 New entrants +6 N/A +2 N/A +8
  Total members June 30, 2025 153 29 32 226 440




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 Member Data - Class B
 Terminated Due refund of Members in
 Active vested contributions pay status Total
  Total members June 30, 2024 760 340 407 676 2,183
 Adjustments 0 -5 +5 +1 +1
 Retirements -14 -26 N/A +40 0
 Disabilities 0 N/A N/A 0 0
 Terminations
 Vested -29 +29 N/A N/A 0
 Lump sum payments -26 -3 -28 N/A -57
 Due contributions only -30 N/A +30 N/A 0
 Deaths
 With death benefit -1 0 0 -4 -5
 Without death benefit 0 -1 0 -20 -21
 End of payments 0 0 0 -2 -2
 Rehires +8 -2 -6 N/A 0
 New beneficiaries N/A -1 N/A +8 +7
 New entrants +123 +4 +20 N/A +147
  Total members June 30, 2025 791 335 428 699 2,253




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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
Changes in Actuarial Cost Method: None.
Description of Current 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.)
  Retirement age

 The assumptions indicated were changed to better reflect the Enrolled Actuary’s current best estimate of
 anticipated experience of the plan.

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 a 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 63. Compulsory retirement is assumed at age 63.
Prior: Compulsory retirement is assumed at age 60. Prior: 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 valua'on 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 63.

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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 ACTUARIAL VALUATION REPORT
 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM




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.


USICG.COM 34 Page 68 of 99
 ACTUARIAL VALUATION REPORT
 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM




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 2026, 2027, and 2028.

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.




USICG.COM 35 Page 69 of 99
 City of Burlington Employees Retirement System

 Monthly Performance Update - February 2026




This report is intended for the exclusive use of clients or prospective clients (the “recipient”) of Fiducient Advisors LLC, A Wealthspire Company, and the information contained herein is confidential
and the dissemination or distribution to any other person without the prior approval of Fiducient Advisors, A Wealthspire Company, is strictly prohibited. Information has been obtained from sources
believed to be reliable, though not independently verified. Any forecasts are hypothetical and represent future expectations and not actual return volatilities and correlations will differ from forecasts.
 This report does not represent a specific investment recommendation. The opinions and analysis expressed herein are based on Fiducient Advisor, A Wealthspire Company, research and
professional experience and are expressed as of the date of this report. Please consult with your advisor, attorney and accountant, as appropriate, regarding specific advice. Past performance does
 not indicate future performance and there is risk of loss. Page 70 of 99
 Asset Class Performance


 16
 14.8

 YTD MTD

 12 11.6
 10.5
 10.1
 9.1




Total Returns (%)
 8
 7.5
 6.2
 5.5
 4.6 4.8
 4
 1.7 2.7 3.0 3.2 2.0
 1.6 1.8 2.0
 2.0
 1.6 1.7 0.7 0.8
 1.3 1.0 1.1
 0.8 0.8
 0 0.2
 -0.5




 -4
 TIPS Municipals 5- U.S. Core Bond High Yield High Yield U.S. Long Foreign Bond U.S Large Cap U.S. Small Cap International Emerging U.S. Equity Real Assets Commodities Hedge Funds*
 Year Municipals Duration Developed Markets REITs
Source: Morningstar Direct. As of February 28, 2026. *Hedge fund returns are as of January 31, 2026.

Fixed Income (February) Equity (February) Real Asset / Alternatives (February)
+ Core bonds had a favorable month. Inflation +/- Concerns about AI disruption continued to + U.S. equity REITs had a strong month.
trended lower and interest rates fell across most of plague U.S. large cap equities, which declined Falling interest rates helped to fuel the rally
the yield curve. modestly in February. U.S. small cap edged out a
 + Real assets were positive, driven by
 small positive gain during the month.
+ There was slight risk-off sentiment in the corporate commodity and natural resource related
market, and spreads moved wider. High yield + Non-U.S. equities continued to lead the way. segments, as well as infrastructure.
generated a modest positive return but lagged the Strong demand for semiconductors pushed
 + Commodity markets had a modest positive
broader fixed income market. emerging markets higher, with notable strength in
 month. Precious metals were the key
 Taiwan and South Korea, while strengthening
+ The rally in long-term rates was a tailwind for long- contributor as gold rallied double digits.
 economic data helped European markets and the
duration bonds, which experienced a favorable
 recent election outcome in Japan was viewed
rebound in February.
 favorably.
 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
 Pageof a
 71loss.
 of 992
  www.FiducientAdvisors.com Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.
 Fixed Income Market Update

 U.S. Treasury Yield Curve Corporate Credit Spreads – Trailing 5 Years (February)
 U.S. Treasury yields moved lower during February. January CPI Volatility and concerns stemming from AI related disruption spilled into the
 (released in February) moved lower, risk-off sentiment in large cap U.S. corporate bond market during the month. Both investment grade and high
 equities as well as softening, but still positive, economic growth, all yield credits widened, with high yield spreads finishing above 290 for the
 contributed to the decline in rates. Fed minutes indicated a willingness first time since November 2025.
 to hold rates steady until inflation progress was more certain.


 5.0 500 1,250
 2/27/2026 10Yr Avg
 4.8
 IG 84 bps 114 bps
 HY 291 bps 388 bps
 4.58
 4.6 400 1,000

 4.4
 4.25 4.26




 Spreads (bps)
 4.2 300 750


 Yield (%)
 4.0
 3.97
 3.8 200 500

 3.6 3.52


 3.4 100 250
 2/27/26
 3.38
 3.2 1/30/26
 Bloomberg U.S. Inv. Grade Corp Index (LHS)
 12/31/24
 Bloomberg U.S. Corp High Yield Index (RHS)
 3.0 0 0
 0 5 10 15 20 25 30
 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 6/25 12/25
 U.S. Treasury Maturity (yrs)
 Source: FactSet. As of February 28, 2026. Source: FactSet. As of February 28, 2026.
 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
 Pageof a
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 of 993
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 Equity Market Update


 U.S. Equities – Returns by Sector (February)
 Volatility and risk-off sentiment created by AI disruption pushed the S&P 500 lower during February. Much of the magnificent seven was down, with
 NVIDIA, Microsoft, Amazon and Alphabet among the top detractors on the month. Investors favored utilities, energy, materials and industrials; asset-
 heavy sectors that are believed to be less susceptible to direct disruption from AI technology.

 25.2% MTD
 17.8% YTD
 16.3%
 14.3%
 11.9%
 10.3% 9.4% 9.4%
 8.4% 7.1% 7.9%
 6.4%
 3.5% 3.5%
 0.7% 0.4%

 -0.8%
 -3.9% -3.7% -3.8% -5.1%
 -5.5% -6.0% -5.4%
 S&P 500 Utilities Real Estate Materials IT Industrials Health Care Financials Energy Cons. Cons. Disc. Comm.
 Source: Morningstar Direct. As of February 28, 2026. Staples Services


 Market Capitalization, Style, and Select Country Performance (February)
 Global equity markets were generally positive during the month and non-U.S. equities outperformed the U.S. Demand for semiconductors continue to
 fuel emerging markets and South Korea and Taiwan were once again among the top countries for the month. Japan was a standout for developed
 markets as investors viewed the election outcome favorable due to increased expectations of government spending.
 22.0%

 8.6%
 2.6% 4.2% 4.8% 3.2%
 5.9% 5.5% 4.1% 4.5% 6.4%
 0.8% 0.4%

  -0.5%
 -3.3%
 -5.8%

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


 U.S. Int’l Developed Emerging Markets
  Source: Morningstar Direct. As of February 28, 2026.
 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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 Real Asset Market Update


Commodity Performance (February) REIT Sector Performance (February)
Commodities were positive in February, once again driven by strong REITs rebounded in February and posted a positive return. The decline
precious metal performance. Gold rose over 10% as reignited inflation in interest rates provided a tailwind for the asset class, which is highly
concerns at the end of the month, coupled with increased geopolitical sensitive to changes in financing conditions and discount rates.
uncertainty provided a tailwind for the asset. Energy was a headwind, driven Performance was generally positive across property types, but office
primarily from falling natural gas prices, which normalized after the spike in continues to be a weak point for the asset class.
January.
 30
 Data Centers 14.1
 22.3
 24.7 5.7
 25 Diversified 13.7

 Health Care 9.6
 11.7
 20
 Industrial 7.8
 10.2

 15 13.7 Infrastructure 6.3
 6.2
 12.4



 Total Return (%)
 Lodging/Resorts 5.8
 8.1
 10
 Office -9.7
 5.6 -11.7
 5 1.1
 2.7 Residential 0.3
 3.0
 Retail 8.9
 0 0.0 13.9

 Self Storage 10.3
 17.3
 -5
 -5.7 Specialty 13.6
 21.8

 Timber -5.0
 -10 2.4
 Energy Industrial Metals Precious Metals Agriculture
 Total Return (%)

 Source: FactSet. As of February 28, 2026. YTD MTD Source: FactSet. As of February 28, 2026. MTD YTD
 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility of a loss.
www.FiducientAdvisors.com Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility. Page 74 of 995
 Financial Markets Performance


 Financial Markets Performance
 Total Return as of February 28, 2026
 Periods greater than one year are annualized
 All returns are in U.S. dollar terms
 Global Fixed Income Markets MTD YTD 1YR 3YR 5YR 7YR 10YR 15YR
 Bloomberg 1-3-Month T-Bill 0.3% 0.6% 4.2% 4.9% 3.4% 2.7% 2.2% 1.5%
 Bloomberg U.S. TIPS 1.3% 1.6% 5.1% 4.6% 1.7% 3.5% 3.0% 2.9%
 Bloomberg Municipal Bond (5 Year) 0.8% 1.8% 5.3% 4.1% 1.6% 2.2% 2.0% 2.5%
 Bloomberg High Yield Municipal Bond 1.7% 2.7% 3.1% 6.5% 2.5% 4.0% 4.5% 5.5%
 Bloomberg U.S. Aggregate 1.6% 1.7% 6.3% 5.1% 0.4% 2.1% 2.0% 2.5%
 Bloomberg U.S. Corporate High Yield 0.2% 0.7% 7.2% 9.4% 4.5% 5.4% 6.7% 5.8%
 Bloomberg Global Aggregate ex-U.S. Hedged 1.2% 1.6% 3.8% 5.6% 1.5% 2.2% 2.5% 3.3%
 Bloomberg Global Aggregate ex-U.S. Unhedged 0.7% 2.4% 9.9% 4.3% -2.6% -0.3% 0.4% 0.2%
 Bloomberg U.S. Long Gov / Credit 3.2% 3.0% 4.8% 3.6% -2.9% 1.3% 1.8% 3.8%
 Global Equity Markets MTD YTD 1YR 3YR 5YR 7YR 10YR 15YR
 S&P 500 -0.8% 0.7% 17.0% 21.8% 14.2% 15.6% 15.5% 13.7%
 Dow Jones Industrial Average 0.3% 2.1% 13.6% 16.6% 11.7% 11.7% 13.9% 12.2%
 NASDAQ Composite -3.3% -2.4% 21.0% 26.4% 12.3% 18.0% 18.5% 16.2%
 Russell 3000 -0.5% 1.1% 17.0% 20.9% 12.8% 14.9% 15.1% 13.2%
 Russell 1000 -0.5% 0.8% 16.7% 21.4% 13.3% 15.3% 15.3% 13.5%
 Russell 1000 Growth -3.4% -4.8% 14.8% 26.1% 14.4% 18.3% 18.2% 15.7%
 Russell 1000 Value 2.6% 7.3% 18.4% 16.0% 11.8% 11.5% 11.9% 10.9%
 Russell Mid Cap 3.8% 7.0% 16.8% 14.8% 9.0% 11.5% 12.4% 11.2%
 Russell Mid Cap Growth 0.8% -0.1% 8.2% 15.7% 6.3% 11.5% 13.2% 11.7%
 Russell Mid Cap Value 4.7% 9.2% 19.3% 13.9% 10.2% 10.8% 11.3% 10.5%
 Russell 2000 0.8% 6.2% 23.3% 13.1% 5.0% 9.1% 11.3% 9.5%
 Russell 2000 Growth -0.2% 3.7% 21.9% 13.8% 2.3% 8.5% 11.3% 9.8%
 Russell 2000 Value 1.9% 8.9% 24.9% 12.4% 7.7% 9.2% 10.9% 9.0%
 MSCI ACWI 1.3% 4.3% 24.2% 20.7% 11.7% 13.0% 13.0% 9.8%
 MSCI ACWI ex. U.S. 5.0% 11.3% 39.7% 19.9% 9.8% 10.4% 10.5% 6.4%
 MSCI EAFE 4.6% 10.1% 34.6% 18.8% 10.8% 10.7% 10.3% 6.9%
 MSCI EAFE Growth 3.2% 8.1% 23.6% 14.1% 6.4% 9.1% 9.2% 6.8%
 MSCI EAFE Value 5.9% 12.0% 46.1% 23.5% 15.1% 11.8% 11.1% 6.9%
 MSCI EAFE Small Cap 4.8% 10.9% 41.7% 17.0% 7.3% 9.2% 9.5% 7.6%
 MSCI Emerging Markets 5.5% 14.8% 50.0% 21.5% 6.3% 8.9% 10.7% 5.0%
 Alternatives MTD YTD 1YR 3YR 5YR 7YR 10YR 15YR
 FTSE NAREIT All Equity REITs 7.5% 10.5% 7.4% 8.4% 6.4% 6.2% 7.3% 7.9%
 S&P Real Assets 4.8% 9.1% 19.5% 10.9% 7.1% 6.8% 7.2% 5.4%
 FTSE EPRA NAREIT Developed 7.1% 11.1% 18.2% 10.1% 5.4% 4.5% 5.8% 5.9%
 FTSE EPRA NAREIT Developed ex U.S. 5.7% 11.0% 36.1% 10.5% 2.6% 2.6% 4.6% 4.2%
 Bloomberg Commodity Total Return 1.1% 11.6% 23.3% 9.7% 11.1% 8.9% 7.2% -0.5%
 HFRI Fund of Funds Composite* 2.0% 2.0% 11.1% 8.5% 5.7% 6.3% 5.3% 4.1%
 HFRI Asset Weighted Composite* 2.0% 2.0% 10.1% 8.0% 6.5% 5.8% 5.3% 4.5%
 Alerian MLP 7.1% 15.7% 12.8% 23.8% 26.3% 13.8% 11.8% 6.9%
 Sources: Morningstar, FactSet. As of February 28, 2026. *Consumer Price Index and HFRI indexes as of January 31, 2026.

 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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 of 996
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Asset Allocation
Total Plan As of February 28, 2026
 Asset Asset Target
 Differences
 Allocation Allocation Allocation
 (%)
 ($) (%) (%)
Total Plan 303,971,505 100.0 100.0 0.0
 Pension Benefits Payable to the City -3,263,589 -1.1 0.0 -1.1
 Total Invested Assets 307,235,094 101.1 100.0 1.1
 Short Term Liquidity 294,943 0.1 0.0 0.1
 Key Bank Cash Portfolio 294,887 0.1 0.0 0.1
 First American Govt Oblig Fund Z 56 0.0 0.0 0.0
 Fixed Income 73,296,920 24.1 27.0 -2.9
 JIC Core Bond Fund I 54,346,829 17.9 20.0 -2.1
 BlackRock Strategic Income Opportunities K 18,950,091 6.2 7.0 -0.8
 Equity 221,784,058 73.0 68.5 4.5
 Domestic Equity 134,124,937 44.1 43.0 1.1
 BNYM Mellon DB NSL Stock Index Fund 103,903,901 34.2 33.0 1.2
 BNYM Mellon DB SL SMID Cap Stock Index Fund 30,221,035 9.9 10.0 -0.1
 International Equity 87,293,277 28.7 25.5 3.2
 BNYM Mellon DB NSL International Stock Index Fund 60,200,256 19.8 18.0 1.8
 BNYM Mellon DB NSL Emerging Markets Stock Index Fund 27,093,021 8.9 7.5 1.4
 Private Equity 365,845 0.1 0.0 0.1
 Hamilton Lane II 624 0.0 - -
 Hamilton Lane VII A 257,244 0.1 - -
 Hamilton Lane VII B 107,977 0.0 - -
 Real Assets 11,859,172 3.9 4.5 -0.6
 UBS Trumbull Property Fund 7,789,435 2.6 3.0 -0.4
 DWS RREEF Real Assets R6 4,069,737 1.3 1.5 -0.2

Valuations data as of:

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

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




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


 Page 76 of 997
Asset Allocation
Total Invested Assets As of February 28, 2026
 Asset Asset Target
 Differences
 Allocation Allocation Allocation
 (%)
 ($) (%) (%)
 Total Invested Assets 307,235,094 100.0 100.0 0.0
 Short Term Liquidity 294,943 0.1 0.0 0.1
 Key Bank Cash Portfolio 294,887 0.1 0.0 0.1
 First American Govt Oblig Fund Z 56 0.0 0.0 0.0
 Fixed Income 73,296,920 23.9 27.0 -3.1
 JIC Core Bond Fund I 54,346,829 17.7 20.0 -2.3
 BlackRock Strategic Income Opportunities K 18,950,091 6.2 7.0 -0.8
 Equity 221,784,058 72.2 68.5 3.7
 Domestic Equity 134,124,937 43.7 43.0 0.7
 BNYM Mellon DB NSL Stock Index Fund 103,903,901 33.8 33.0 0.8
 BNYM Mellon DB SL SMID Cap Stock Index Fund 30,221,035 9.8 10.0 -0.2
 International Equity 87,293,277 28.4 25.5 2.9
 BNYM Mellon DB NSL International Stock Index Fund 60,200,256 19.6 18.0 1.6
 BNYM Mellon DB NSL Emerging Markets Stock Index Fund 27,093,021 8.8 7.5 1.3
 Private Equity 365,845 0.1 0.0 0.1
 Hamilton Lane II 624 0.0 - -
 Hamilton Lane VII A 257,244 0.1 - -
 Hamilton Lane VII B 107,977 0.0 - -
 Real Assets 11,859,172 3.9 4.5 -0.6
 UBS Trumbull Property Fund 7,789,435 2.5 3.0 -0.5
 DWS RREEF Real Assets R6 4,069,737 1.3 1.5 -0.2



Valuations data as of:

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

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




Investments with a zero balance were held in the portfolio during the reporting period and will be removed once they no longer impact portfolio performance.
Asset Allocation weightings may not add up to 100% due to rounding.
 Page 77 of 998
Portfolio Dashboard
Total Invested Assets As of February 28, 2026
Historical Performance Summary of Cash Flows
 32.0 1 Fiscal 1
 QTD YTD
 Month YTD Year
 Total Invested Assets

 24.0 Beginning Market Value 301,723,029 293,308,810 275,006,808 293,308,810 260,897,193
 20.219.5 Net Contributions 122,247 179,796 -5,556,776 179,796 -5,556,776



 Return (%)
 Gain/Loss 5,389,818 13,746,487 37,785,062 13,746,487 51,894,677
 16.0 15.114.8 Ending Market Value 307,235,094 307,235,094 307,235,094 307,235,094 307,235,094
 14.013.6

 9.510.2
 8.3 8.3 7.4 Current Benchmark Composition
 8.0 6.5
 4.7 4.5 4.7 4.5 From Date To Date

 1.8 1.8 04/2025 Present 27.00% Blmbg. U.S. Aggregate, 33.00% S&P 500, 10.00%
 Russell 2500 Index, 18.00% MSCI EAFE (Net), 7.50% MSCI
 0.0 Emerging Markets (Net), 3.00% NCREIF Fund Index - ODCE
 1 QTD Fiscal YTD 1 3 5 10 Since (net), 1.50% DWS Real Assets Benchmark
 Month YTD Year Years Years Years Inception
 Portfolio (01/2008) Portfolio Benchmark (01/2008)

Portfolio Allocation Actual vs. Target Allocations

 Short Term Liquidity Short Term Liquidity 0.0%
 Real Assets 0.1%
 3.9% 0.1% $294,943 0.1%
 Private Equity Fixed Income
 0.1% 23.9% Fixed Income 27.0%
 23.9%
 International Equity $73,296,920 -3.1 %
 28.4%
 Domestic Equity 43.0%
 43.7%
 $134,124,937 0.7%

 International Equity 25.5%
 28.4%
 $87,293,277 2.9%

 Private Equity 0.0%
 0.1%
 $365,845 0.1%
 Domestic Equity
 43.7% Real Assets 4.5%
 3.9%
 $11,859,172 -0.6 %

 Short Term Liquidity Fixed Income Domestic Equity -20.0 % 0.0% 20.0% 40.0% 60.0%

 International Equity Private Equity Real Assets Target Actual Differences




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



 Page 78 of 999
  Asset Class Performance & BERS Benchmark Attribution




BERS Benchmark Composition: 27.0% Blmbg. U.S. Aggregate, 33.0% S&P 500, 10.0% Russell 2500 Index, 18.0% MSCI EAFE (Net), 7.5% MSCI Emerging Markets
(Net), 3.0% NCREIF Fund Index - ODCE (net), 1.5% DWS Real Assets Benchmark
 Page 79 of 99
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www.FiducientAdvisors.com
 Recent Portfolio Activities


 Quarter Cash Flow

 1Q 2026 • January 28, 2026: $57,549.45 UBS Trumbull Property Fund LP distribution.

 • October 3, 2025: $22,939.07 UBS Trumbull Property Fund LP redemption.
 4Q 2025
 • October 27, 2025: $57,768.34 UBS Trumbull Property Fund LP distribution.
 • July 7, 2025: $3,689,564 cash raised to reimburse the General Fund.
 3Q 2025 • July 25, 2025: $57,987.44 UBS Trumbull Property Fund LP distribution.
 • August 19,2025: $1,031,535.48 invested excess cash.
 • April 14, 2025: Funded DWS RREEF Real Asset Fund.
 2Q 2025 • April 28, 2025: $58,224.58 UBS Trumbull Property Fund LP distribution.
 • June 23, 2025: $3,000,000 cash raised to reimburse the General Fund.
 • January 6, 2025: $266,147.78 UBS Trumbull Property Fund LP redemption.
 1Q 2025
 • January 27, 2025: $60,043.52 UBS Trumbull Property Fund LP distribution.
 • October 10, 2024: $386,628.34 UBS Trumbull Property Fund LP redemption.
 4Q 2024
 • October 25, 2024: $70,575.75 UBS Trumbull Property Fund LP distribution.
 • July 5, 2024: $124,974.45 UBS Trumbull Property Fund LP redemption.
 3Q 2024
 • July 26, 2024: $67,506.43 UBS Trumbull Property Fund LP distribution.
 • April 4, 2024: $55,152.00 UBS Trumbull Property Fund LP redemption.
 2Q 2024 • April 19, 2024: $67,457.44 UBS Trumbull Property Fund LP distribution.
 • June 28, 2024: $5,436,142 cash raised to reimburse the General Fund.




 Page 80 of 99
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Performance Overview
Total Invested Assets As of February 28, 2026
Trailing Performance Summary
 1 Fiscal 1 3 5 7 10 Since Inception
 YTD
 Month YTD Year Years Years Years Years Inception Date
Total Invested Assets 1.8 14.0 4.7 20.2 15.1 8.3 10.8 9.5 6.5 01/2008
  Policy Benchmark 1.8 13.6 4.5 19.5 14.8 8.3 9.9 10.2 7.4 01/2008




Calendar Year Performance Summary
 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Total Invested Assets 17.8 11.2 15.0 -15.4 14.6 12.7 19.1 -5.2 17.0 8.7
  Policy Benchmark 17.4 10.7 14.9 -14.7 14.3 14.5 20.6 -5.2 16.9 9.0




Plan Reconciliation
 1 Fiscal 1 3 5 10 Since Inception
 YTD
 Month YTD Year Years Years Years Inception Date
Total Invested Assets 01/2008
  Beginning Market Value 301,723,029 275,006,808 293,308,810 260,897,193 217,502,589 235,719,398 144,758,533 126,047,968
  Net Contributions 122,247 -5,556,776 179,796 -5,556,776 -18,654,869 -31,637,047 -44,667,403 -56,983,527
  Gain/Loss 5,389,818 37,785,062 13,746,487 51,894,677 108,387,373 103,152,742 207,143,963 238,170,652
  Ending Market Value 307,235,094 307,235,094 307,235,094 307,235,094 307,235,094 307,235,094 307,235,094 307,235,094


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.
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 12
Manager Performance
 As of February 28, 2026
 Allocation Performance(%)
 Market
 1 Fiscal 1 3 5 10 Since Inception
 Value % QTD YTD
 Month YTD Year Years Years Years Inception Date
 ($)


Total Invested Assets 307,235,094 100.0 1.8 4.7 14.0 4.7 20.2 15.1 8.3 9.5 6.5 01/2008
  Policy Benchmark 1.8 4.5 13.6 4.5 19.5 14.8 8.3 10.2 7.4
  Secondary Benchmark 1.8 4.5 13.6 4.5 19.6 14.7 8.1 10.0 7.3

Short Term Liquidity 294,943 0.1 0.0 0.0 0.8 0.0 0.8 2.1 1.3 - 1.2 01/2021
  90 Day U.S. Treasury Bill 0.3 0.6 2.6 0.6 4.0 4.8 3.3 2.2 3.2

Key Bank Cash Portfolio 294,887 0.1

First American Govt Oblig Fund Z 56 0.0 0.3 0.6 2.6 0.6 4.1 4.7 3.3 2.1 4.0 02/2022
  90 Day U.S. Treasury Bill 0.3 0.6 2.6 0.6 4.0 4.8 3.3 2.2 4.0

Fixed Income 73,296,920 23.9 1.5 1.9 5.4 1.9 7.2 6.0 1.0 - 0.5 01/2021
  Blmbg. U.S. Aggregate 1.6 1.7 5.0 1.7 6.3 5.1 0.4 2.0 0.0

JIC Core Bond Fund I 54,346,829 17.7 1.8 2.0 5.3 2.0 6.8 5.3 0.4 2.3 0.7 03/2020
  Blmbg. U.S. Aggregate 1.6 1.7 5.0 1.7 6.3 5.1 0.4 2.0 0.6
  Intermediate Core Bond Median 1.6 1.8 4.9 1.8 6.2 5.1 0.4 2.0 0.7
  JIC Core Bond Fund I Rank 10 13 15 13 8 31 48 31 49

BlackRock Strategic Income Opportunities K 18,950,091 6.2 0.8 1.7 5.6 1.7 8.3 7.4 3.5 4.2 4.4 02/2022
  Blmbg. U.S. Aggregate 1.6 1.7 5.0 1.7 6.3 5.1 0.4 2.0 0.9
  Nontraditional Bond Median 0.4 0.8 4.0 0.8 5.6 6.4 3.1 3.7 3.8
  BlackRock Strategic Income Opportunities K Rank 26 17 17 17 12 26 33 29 31




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and provided by
Morningstar. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a statement or data
from the client’s custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of fees unless otherwise
stated. The fund’s inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception. Inception dates for asset class
composites reflect the start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of underlying component strategies. Fund
level peer groups changed from Lipper to Morningstar effective 09/30/2025. As a result of this change, the peer rankings of funds may differ.
 Page 82 of 99
 13
Manager Performance
 As of February 28, 2026
 Allocation Performance(%)
 Market
 1 Fiscal 1 3 5 10 Since Inception
 Value % QTD YTD
 Month YTD Year Years Years Years Inception Date
 ($)


Equity 221,784,058 72.2 1.8 5.7 17.6 5.7 25.7 19.8 11.2 - 11.7 01/2021
  MSCI AC World Index (Net) 1.3 4.3 15.9 4.3 24.2 20.7 11.7 13.0 11.7

Domestic Equity 134,124,937 43.7 -0.1 2.1 13.5 2.1 18.1 20.1 12.3 - 12.8 01/2021
  Domestic Equity Benchmark 0.0 2.3 13.6 2.3 18.2 20.1 12.4 14.7 12.9

BNYM Mellon DB NSL Stock Index Fund 103,903,901 33.8 -0.8 0.7 11.7 0.7 17.0 21.8 14.2 - 14.8 04/2016
  S&P 500 -0.8 0.7 11.7 0.7 17.0 21.8 14.2 15.5 14.9
  Large Blend Median -0.6 0.8 11.1 0.8 15.9 20.2 12.8 14.4 13.8
  BNYM Mellon DB NSL Stock Index Fund Rank 56 54 34 54 29 23 18 - 13

BNYM Mellon DB SL SMID Cap Stock Index Fund 30,221,035 9.8 2.4 7.6 19.9 7.6 22.1 13.9 7.1 - 11.4 04/2016
  Russell 2500 Index 2.5 7.6 19.8 7.6 22.0 13.8 6.9 12.1 11.3
  U.S. SMID Cap Equity (MF) Median 2.3 7.1 15.8 7.1 17.0 11.8 7.0 11.1 10.4
  BNYM Mellon DB SL SMID Cap Stock Index Fund Rank 47 44 29 44 24 27 49 - 29

International Equity 87,293,277 28.4 4.9 11.6 24.7 11.6 39.4 19.9 9.3 - 9.6 01/2021
  International Equity Benchmark 4.9 11.5 24.5 11.5 39.1 19.8 9.5 11.0 9.7

BNYM Mellon DB NSL International Stock Index Fund 60,200,256 19.6 4.6 10.1 21.1 10.1 35.1 19.2 11.1 - 10.1 04/2016
  MSCI EAFE (Net) 4.6 10.1 20.9 10.1 34.6 18.8 10.8 10.3 9.6
  Foreign Large Blend Median 4.5 10.0 20.6 10.0 34.0 18.7 9.8 10.1 9.5
  BNYM Mellon DB NSL International Stock Index Fund Rank 48 47 46 47 44 43 23 - 27

BNYM Mellon DB NSL Emerging Markets Stock Index Fund 27,093,021 8.8 5.5 15.0 33.6 15.0 50.1 21.4 6.1 - 9.3 04/2016
  MSCI Emerging Markets (Net) 5.5 14.8 33.1 14.8 50.0 21.5 6.3 10.7 9.4
  Diversified Emerging Mkts Median 5.5 14.9 32.2 14.9 49.5 20.5 5.8 10.2 9.1
  BNYM Mellon DB NSL Emerging Markets Stock Index Fund Rank 50 49 43 49 48 39 46 - 46




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and provided by
Morningstar. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a statement or data
from the client’s custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of fees unless otherwise
stated. The fund’s inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception. Inception dates for asset class
composites reflect the start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of underlying component strategies. Fund
level peer groups changed from Lipper to Morningstar effective 09/30/2025. As a result of this change, the peer rankings of funds may differ.
 Page 83 of 99
 14
Manager Performance
 As of February 28, 2026
 Allocation Performance(%)
 Market
 1 Fiscal 1 3 5 10 Since Inception
 Value % QTD YTD
 Month YTD Year Years Years Years Inception Date
 ($)


Private Equity 365,845 0.1 0.0 0.0 0.0 0.0 -12.9 -11.8 -6.1 - -5.9 01/2021

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

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

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

Real Assets 11,859,172 3.9 2.4 4.3 7.3 4.3 10.5 -3.2 1.1 - 1.1 01/2021

UBS Trumbull Property Fund 7,789,435 2.5 0.0 0.0 2.1 0.0 4.8 -4.9 0.8 - 1.1 07/2016
  NCREIF Fund Index - ODCE (net) 0.0 0.0 1.2 0.0 2.9 -4.3 2.5 3.9 3.6

DWS RREEF Real Assets R6 4,069,737 1.3 7.4 13.6 19.0 13.6 24.1 11.8 8.6 8.5 21.9 05/2025
  DWS Real Assets Benchmark 6.7 12.9 19.2 12.9 24.2 11.2 8.8 7.8 22.5

Valuations data as of:

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

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

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




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and provided by
Morningstar. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a statement or data
from the client’s custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of fees unless otherwise
stated. The fund’s inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception. Inception dates for asset class
composites reflect the start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of underlying component strategies. Fund
level peer groups changed from Lipper to Morningstar effective 09/30/2025. As a result of this change, the peer rankings of funds may differ.
 Page 84 of 99
 15
Reconciliation of BERS Pension Benefits Payable to the City



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

 July 366,642 (2,067,536) (1,700,894) (7,438,094)
 August 412,171 (2,167,097) (1,754,926) (3,455,820) 5,737,200
 September 931,747 (2,102,352) 6,153 (1,164,452) (4,620,272)
 October 2,277,565 (4,397,794) (2,120,229) (6,740,502)
 November 280,319 (102,583) (4,719) 173,017 (6,567,485)
 December 1,054,852 (2,287,198) (52) (1,232,397) (7,799,882)
 January 439,977 (2,202,278) (1,762,301) (9,562,183)
 February 8,655,288 (2,356,695) 6,298,594 (3,263,589)
 March
 April
 May
 FYE June 2026

Total 14,418,561 (17,683,533) 1,382 (3,263,589) (3,263,589) 5,737,200




Actuarially Determined Employer Contribution (FYE 2026): 15,478,508
Administrative Fees: 648,000
Additional Employer Contribution per union contracts: 367,840
Total required from the City Depts to BERS: 16,494,348
Remaining Balance until Fully Funded: 2,075,787


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




Amounts are provided by the City of Burlington, VT on a monthly basis. The actual amounts recorded by the City each month may vary from the information shown above as additional
funds are received by the City and allocated to previous periods. This exhibit does not reflect adjustments to previous periods, however the cumulative impact of any changes is reflecting
in the "Balance Due To/(From) BERS".
 Page 85 of 99
 16
Benchmark History
Total Invested Assets As of February 28, 2026
Account Name From Date To Date Benchmark
Total Invested Assets 04/2025 Present 27.0% Blmbg. U.S. Aggregate, 33.0% S&P 500, 10.0% Russell 2500 Index, 18.0% MSCI EAFE (Net), 7.5% MSCI Emerging
 Markets (Net), 3.0% NCREIF Fund Index - ODCE (net), 1.5% DWS Real Assets Benchmark
 04/2024 03/2025 27.0% Blmbg. U.S. Aggregate, 33.5% S&P 500, 9.5% Russell 2500 Index, 19.0% MSCI EAFE (Net), 7.0% MSCI Emerging
 Markets (Net), 4.0% NCREIF Fund Index - ODCE (net)
 01/2023 03/2024 25.0% Blmbg. U.S. Aggregate, 32.5% S&P 500, 9.0% Russell 2500 Index, 20.5% MSCI EAFE (Net), 7.0% MSCI Emerging
 Markets (Net), 6.0% NCREIF Fund Index - ODCE (net)
 09/2022 12/2022 25.0% Blmbg. U.S. Aggregate, 31.5% S&P 500, 9.0% Russell 2500 Index, 20.5% MSCI EAFE (Net), 7.0% MSCI Emerging
 Markets (Net), 6.0% NCREIF Fund Index - ODCE (net), 1.0% NCREIF Timberland Index
 05/2021 08/2022 18.0% Blmbg. U.S. Aggregate, 31.5% S&P 500, 10.5% Russell 2500 Index, 23.0% MSCI EAFE (Net), 10.0% MSCI Emerging
 Markets (Net), 6.0% NCREIF Fund Index - ODCE (net), 1.0% NCREIF Timberland Index
 12/2019 04/2021 20.0% Blmbg. U.S. Aggregate, 32.0% S&P 500, 18.0% Russell 2500 Index, 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging
 Markets (Net), 8.0% NCREIF Fund Index - ODCE (net), 2.0% NCREIF Timberland Index
 06/2017 11/2019 20.0% Blmbg. Intermed. U.S. Government/Credit, 30.0% S&P 500, 18.0% Russell 2500 Index, 2.0% S&P Completion Index,
 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging Markets (Net), 8.0% NCREIF Fund Index - ODCE (net), 2.0% NCREIF
 Timberland Index
 01/2016 05/2017 28.0% Blmbg. Intermed. U.S. Government/Credit, 30.0% S&P 500, 18.0% Russell 2500 Index, 2.0% S&P Completion Index,
 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging Markets (Net), 2.0% NCREIF Timberland Index
 01/2008 12/2015 20.0% Blmbg. U.S. Aggregate, 32.0% S&P 500, 18.0% Russell 2500 Index, 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging
 Markets (Net), 8.0% NCREIF Fund Index - ODCE (net), 2.0% NCREIF Timberland Index


Secondary Benchmark 04/2025 Present 27.0% Blmbg. U.S. Aggregate, 33.0% S&P 500, 10.0% Russell 2500 Index, 18.0% MSCI EAFE (Net), 7.5% MSCI Emerging
 Markets (Net), 3.0% UBS Trumbull Property Fund, 1.5% DWS Real Assets Benchmark
 04/2024 03/2025 27.0% Blmbg. U.S. Aggregate, 33.5% S&P 500, 9.5% Russell 2500 Index, 19.0% MSCI EAFE (Net), 7.0% MSCI Emerging
 Markets (Net), 4.0% UBS Trumbull Property Fund
 01/2023 03/2024 25.0% Blmbg. U.S. Aggregate, 32.5% S&P 500, 9.0% Russell 2500 Index, 20.5% MSCI EAFE (Net), 7.0% MSCI Emerging
 Markets (Net), 6.0% UBS Trumbull Property Fund
 09/2022 12/2022 25.0% Blmbg. U.S. Aggregate, 31.5% S&P 500, 9.0% Russell 2500 Index, 20.5% MSCI EAFE (Net), 7.0% MSCI Emerging
 Markets (Net), 6.0% UBS Trumbull Property Fund, 1.0% Molpus SWF II
 05/2021 08/2022 18.0% Blmbg. U.S. Aggregate, 31.5% S&P 500, 10.5% Russell 2500 Index, 23.0% MSCI EAFE (Net), 10.0% MSCI Emerging
 Markets (Net), 6.0% UBS Trumbull Property Fund, 1.0% Molpus SWF II
 12/2019 04/2021 20.0% Blmbg. U.S. Aggregate, 32.0% S&P 500, 18.0% Russell 2500 Index, 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging
 Markets (Net), 8.0% UBS Trumbull Property Fund, 2.0% Molpus SWF II
 06/2017 11/2019 20.0% Blmbg. Intermed. U.S. Government/Credit, 30.0% S&P 500, 18.0% Russell 2500 Index, 2.0% S&P Completion Index,
 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging Markets (Net), 8.0% UBS Trumbull Property Fund, 2.0% Molpus SWF II
 07/2016 05/2017 28.0% Blmbg. Intermed. U.S. Government/Credit, 30.0% S&P 500, 18.0% Russell 2500 Index, 2.0% S&P Completion Index,
 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging Markets (Net), 2.0% Molpus SWF II
 01/2016 06/2016 28.0% Blmbg. Intermed. U.S. Government/Credit, 30.0% S&P 500, 18.0% Russell 2500 Index, 2.0% S&P Completion Index,
 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging Markets (Net), 2.0% Molpus SWF II
 03/2009 12/2015 20.0% Blmbg. U.S. Aggregate, 32.0% S&P 500, 18.0% Russell 2500 Index, 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging
 Markets (Net), 8.0% NCREIF Fund Index - ODCE (net), 2.0% Molpus SWF II




 Page 86 of 99
 17
Benchmark History
Total Invested Assets As of February 28, 2026
Account Name From Date To Date Benchmark
 01/2008 02/2009 20.0% Blmbg. U.S. Aggregate, 32.0% S&P 500, 18.0% Russell 2500 Index, 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging
 Markets (Net), 8.0% NCREIF Fund Index - ODCE (net), 2.0% NCREIF Timberland Index




 Page 87 of 99
 18
 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.




 Page 88 of 99
 19
 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 Morningstar. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a
manager statement, or calculations based on a statement or data from the client’s custodian. Unless specified otherwise, all returns are net of individual manager fees, represent total returns and are annualized for periods
greater than one year. The deduction of fees produces a compounding effect that reduces the total rate of return over time. As an example, the effect of investment management fees on the total value of a client’s portfolio
assuming (a) quarterly fee assessment, (b) $1,000,000 investment, (c) portfolio return of 8% a year, and (d) 0.50% annual investment advisory fee would be $5,228 in the first year, and cumulative effects of $30,342 over
five years and $73,826 over ten years. Additional information on advisory fees charged by Fiducient Advisors are described in Part 2 of the Form ADV.

MATERIAL RISKS & LIMITATIONS

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


OTHER

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

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

CUSTODIAN STATEMENTS

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




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 Burlington Employees Retirement System
 Trade Recommendation Worksheet
 Objective : Rebalance portfolio to targets
 Trade values may change due to market movements


 Unreconciled Balance Current Target Resulting Resulting
 Investment Name Trade Amount
 As of: 3/11/2026 Allocation Allocation Balances Allocation
 Cash/Cash Equivalents $172,696 0.1% 0.0% $0 $172,696 0.1%

 Fixed Income $72,537,873 24.3% 27.0% $7,900,000 $80,437,873 27.0%
Johnson Institutional Core Bond $53,798,978 18.0% 20.0% $5,800,000 $59,598,978 20.0%
BlackRock Strategic Income Opportunities K $18,738,895 6.3% 7.0% $2,100,000 $20,838,895 7.0%

 Domestic Equity $131,596,276 44.1% 43.0% ($3,300,000) $128,296,276 43.0%
BNY Mellon Large Cap Core $102,486,418 34.3% 33.0% ($4,000,000) $98,486,418 33.0%
BNY Mellon DB SL SMID Cap SIF $29,109,858 9.8% 10.0% $700,000 $29,809,858 10.0%

 International Equity $81,996,526 27.5% 25.5% ($6,000,000) $75,996,526 25.5%
BNY Mellon DB NSL International SIF $56,667,719 19.0% 18.0% ($3,000,000) $53,667,719 18.0%
BNY Mellon DB NSL Emerging Markets SIF $25,328,807 8.5% 7.5% ($3,000,000) $22,328,807 7.5%

 Real Assets $11,753,055 3.9% 4.5% $1,400,000 $13,153,055 4.4%
DWS RREEF Real Assets R6 $3,963,620 1.3% 1.5% $1,400,000 $5,363,620 1.8%
UBS Trumbull Property Fund $7,789,435 2.6% 3.0% $0 $7,789,435 2.6%

 Alternatives - Private Equity $365,845 0.1% 0.0% $0 $365,845 0.1%
Hamilton Lane Secondary Fund II, L.P. $624 0.0% 0.0% $0 $624 0.0%
Hamilton Lane Private Equity Offshore Fund VII (Series A) $257,244 0.1% 0.0% $0 $257,244 0.1%
Hamilton Lane Private Equity Offshore Fund VII (Series B) $107,977 0.0% 0.0% $0 $107,977 0.0%

Investment Portfolio Total $298,422,270 100.0% 100.0% $0 $298,422,270 100.0%
Balance information has been compiled solely by Fiducient Advisors and has not been independently verified. In preparing this report, Fiducient Advisors has relied upon information provided by the investment managers and/or the
custodian. Unless otherwise noted, daily valued investments are valued as of the previous business day’s closing NAV. Held at source investments are valued as of the most recent month end or quarterly statement, unless otherwise noted.




 Page 93 of 99
 Winter Crosscurrents
 Strong global equity markets in February were shrouded by escalating tension in the Middle East
 Bradford Long, CFA, Managing Partner, Chief Investment Officer
 Rob Lowry, CFA, Principal, Associate Research Director
 February 2026




 Key Observations
 • Global equity markets were positive as cooling inflation hopes clashed with mixed Fed signals and
 rising geopolitical risk. International equities delivered strong gains, benefiting from the demand
 for AI related hardware, while U.S. large cap equities slipped on continued concern from AI
 software disruption.
 • The U.S. Supreme Court struck down the broad tariffs the President imposed under IEEPA. Policy
 uncertainty remains and the initial market impact was somewhat muted on the announcement.
 • Tensions escalated in the Middle East, culminating with a coordinated military strike on Iran by
 the U.S. and Israel on the last day of the month. The humanitarian and geopolitical impact
 overshadows the immediate near-term market impact.



 Market Recap
 February delivered a mix of optimism and unease, as investors grappled with a host of developments throughout
 the month. Early on, markets took comfort from signs that inflation was cooling as the January CPI report
 (released in February) came in lower than expected. That helped keep the conversation alive around eventual rate
 cuts, even as Federal Reserve communications indicated mixed views on the future path of interest rates. Later in
 the month the U.S. Supreme Court ruled the International Emergency Economic Powers Act (IEEPA) does not
 authorize the President to impose broad based tariffs. Volatility ticked higher and inflation concerns reignited as
 geopolitical tensions escalated in the Middle East when the U.S. and Israel mounted a coordinated military strike
 against Iran on the last day of the month.


 Against that backdrop, large-cap U.S. equities finished slightly lower. The S&P 500 Index fell (-0.8%), pressured
 by continued anxiety around software disruption from AI. Information technology and financials were among the
 sectors negatively impacted. Sentiment has shifted from the Magnificent 7 to the “HALO” trade (hard-asset, low
 obsolescence). Investors favored areas of the market perceived to be more insulated and less susceptible to direct
 disruption from AI. Asset-heavy sectors such as utilities, energy, materials, and industrials were top performers.
  This report is intended for the exclusive use of clients or prospective clients (the “recipient”) of Fiducient Advisors LLC, A Wealthspire Company and the
 information contained herein is confidential and the dissemination or distribution to any other person without the prior approval of Fiducient Advisors
LLC, A Wealthspire Company is strictly prohibited. Information has been obtained from sources believed to be reliable, though not independently verified.
 Any forecasts are hypothetical and represent future expectations and not actual return volatilities and correlations will differ from forecasts. This report
 does not represent a specific investment recommendation. The opinions and analysis expressed herein are based on Fiducient Advisors LLC, A
Wealthspire Company research and professional experience and are expressed as of the date of this report. Please consult with your advisor, attorney and
 accountant, as appropriate, regarding specific advice. Past performance does not indicate future performance and there is risk of loss.
 www.FiducientAdvisors.com
 Page 94 of 99
Small caps held up better, with the Russell 2000 Financial Market Performance
Index producing a slight positive return Index February Y TD
(+0.80%), a reminder that market leadership S&P 500 -0.8% 0.7 %
broadened beyond mega‑cap growth as Russell 2000 0.8% 6.2%
 MSCI EAFE 4.6% 1 0.1 %
investors leaned into more cyclical and
 MSCI EM 5.5% 1 4.8%
value‑oriented areas. Bloomberg U.S. Agg Bond 1 .6% 1 .7 %
 Bloomberg U.S. HY Corp Bond 0.2% 0.7 %
Outside the U.S., returns were notably stronger. FTSE NAREIT All Equity REITS 7 .5% 1 0.5%
International developed stocks (MSCI EAFE) Bloomberg Commodity 1 .1 % 1 1 .6%
gained 4.6%, while emerging markets (MSCI Source: Morningstar Direct. As of February 28, 2026.

EM) rose 5.5%. Part of that strength reflected a market narrative that emerging market exposure to the “hardware
side” of AI, especially in parts of Asia, looked more durable than stretched U.S. software valuations. Japan was a
standout for developed markets as investors viewed the election outcome favorably due to expectations of
increased government spending. In Europe, easing inflation pressures and strengthening economic data helped
propel markets.


Bond markets offered welcome ballast. Core fixed income (Bloomberg U.S. Aggregate Bond Index) returned 1.6%,
supported by a meaningful rally in Treasuries during the month as longer‑term yields moved down. High yield
lagged, but still finished modestly positive (+0.2%), as carry remained supportive even with pockets of risk
aversion near month‑end. Real assets were a bright spot. REITs surged 7.5%, benefiting from falling long‑end
yields and improving sentiment toward rate‑sensitive income sectors. Commodities gained 1.1%, supported by
firming inflation expectations at the end of the month as U.S.-Iran tensions grew.


Operation Epic Fury
On February 28, 2026, U.S. and Israeli forces launched coordinated military strikes on Iran (Operation Epic
Fury), targeting nuclear facilities, military infrastructure and senior leadership. Iran's Supreme Leader, Ali
Khamenei, was killed, and retaliatory strikes have since begun. The situation remains fluid.

Military action that results in civilian death and displacement is, of course, a grave humanitarian tragedy. We
hope for a swift resolution. Turning to our investment remit, the financial market impact of such events often
proves far less severe than the human toll, and where material, tends to be concentrated in specific markets and
economic sectors. In the Middle East, that nexus is energy production and its transit. Below, we examine the scale
of the potential impact and, most importantly, answer the question: how does this affect your portfolio?




 www.FiducientAdvisors.com

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 Economic Fall Out
 A complete accounting is not yet possible while military action remains kinetic, but we can begin to frame for
 context. The immediately affected region 1 represents approximately 2.6% of global GDP, 2 with Iran accounting for
 approximately 0.4% 3 on its own. Importantly, even during active conflict, commerce does not halt entirely. It
 slows but continues. Assuming a 50% decline in Iran's GDP and a 10% decline across the broader region, the drag
 on global GDP would be approximately 0.4%, roughly equivalent to five days of U.S. economic output. 4 Significant
 for those within the region, but not at a scale that alters global economic trajectory.

 GDP Growth
 Country 2024 GDP % World GDP GDP / Capita Primary Export
 (2024)

 Saudi Arabia $1,239.8B 1.11% +2.0% $35,122 Crude Oil

 UAE $552.3B 0.50% +4.0% $50,274 Petroleum / Trade Hub

 Crude Oil / Natural
 Iran $436.9B 0.39% +3.3% $5,779
 Gas

 Iraq $279.6B 0.25% +1.4% $6,277 Crude Oil

 Qatar $219.2B 0.20% +2.4% $76,689 LNG / Petroleum

 Kuwait $160.2B 0.14% -2.6% $32,718 Crude Oil

 Regional Total $2,888.0B ~2.60% — — —



 Source: 2024 Nominal GDP - Affected Region | Source: World Bank Open Data (2024); IMF World Economic Outlook, October
 2025. World GDP base: $111.3 trillion.



 Collateral Damage
 The impact, however, does not stop at regional borders. Energy is the most consequential export at risk. The
 Middle East accounted for approximately 30% of global oil production and 17% of global natural gas production in
 2024. 5 Material disruption to these facilities would place upward pressure on headline inflation. The more likely
 friction point, though, is not at the well or refinery. It is in transit. The Strait of Hormuz, a 21-mile passage, is one
 of the world's most critical chokepoints for seaborne energy. In 2024, flows through the Strait accounted for more
 than one-quarter of total global seaborne oil trade and approximately 20% of global oil and petroleum product


1
 Region defined as: Saudi Arabia, UAE, Iran, Iraq, Qatar, and Kuwait. Source: World Bank Open Data; IMF World Economic Outlook (October
2025) | data.worldbank.org | As of: 2024.
2
 Aggregate 2024 nominal GDP of the six-country region totals approximately $2,888B against world nominal GDP of $111.3 trillion, yielding
~2.60%. Note: the original paper cited 2.4%; corrected to 2.60% based on sourced data. Source: World Bank Open Data; IMF World Economic
Outlook (October 2025) | data.worldbank.org | As of: 2024.
3
 Iran 2024 nominal GDP: $436.9 billion = approximately 0.39% of world GDP. Original paper cited 0.3%; corrected. Source: World Bank Open
Data — GDP (current US$), Iran | data.worldbank.org | As of: 2024.
4
 U.S. 2024 nominal GDP: $28.75 trillion. Daily output ~$78.8B. A 0.36% drag on $111.3 trillion global GDP equals ~$401B, approximately five
days of U.S. output. Source: World Bank Open Data — GDP United States | data.worldbank.org/country/united-states | As of: 2024.
5
 Middle East provided approximately 30% of global oil production and 17% of global natural gas production in 2024. Source: IEA, World Energy
Investment 2025, Middle East | iea.org/reports/world-energy-investment-2025/middle-east | As of: 2025.



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 consumption. 6 Separately, approximately 20% of global liquid natural gas (“LNG”) trade also transited the Strait
 in 2024, primarily from Qatar. 7

 That flow, however, is not distributed evenly across the globe. Roughly 84% of crude oil and LNG volumes moving
 through the Strait are destined for Asia, 8 with China, India, Japan and South Korea as the dominant oil importers
 and, to a lesser extent, Asia also absorbing the bulk of LNG flows. Europe is a secondary recipient of natural gas.
 The U.S. has limited direct exposure, given its status as a net commodity exporter. Even so, oil is priced globally,
 and rising prices would affect U.S. producers and consumers alike.


 Market Impact
 History, unfortunately, offers no shortage of data points on how markets respond to military conflict. The pattern
 is consistent: when conflict remains regionalized, the market impact tends to be transitory. Initial reactions are
 typically negative, as uncertainty drives investors toward safe havens such as bonds and the U.S. dollar.


 Equity Market Selloffs and Recoveries Around Geopolitical Events

 Time to Time to
 Bottom recover Size of 1w from 1m from 3m from 12m from
 (trading (trading selloff bottom bottom bottom bottom
 days) days)

 Median 17 16 (6.3%) +3.5% +6.7% +6.6% +13.5%

 Average 16 112 (7.6%) +3.9% +6.7% +7.7% +12.2%



 Subset of Geopolitical Events and Market Outcomes

 Pearl Harbor 17 201 (10.8%) +8.6% +6.5% (3.8%) +15.3%

 Kennedy
 2 1 (2.8%) +5.2% +6.7% +11.5% +23.9%
 Assassination

 9/11 Attacks 6 15 (11.6%) +7.8% +11.1% +18.5% (12.5%)

 Russia
 Invasion of 20 16 (9.1%) +2.2% +7.6% (1.3%) (4.3%)
 Ukraine

 Source: Bloomberg Finance, LP., Deutsche Bank (data through 4/12/2024)




6
 In 2024, oil flow through the Strait averaged 20 million barrels per day, more than one-quarter of total global seaborne oil trade and ~20% of
global petroleum liquids consumption. Source: U.S. EIA, "Amid regional conflict, the Strait of Hormuz remains critical oil chokepoint" |
eia.gov/todayinenergy/detail.php?id=65504 | As of: June 2025.
7
 In 2024, approximately 20% of global LNG trade transited the Strait, primarily from Qatar (~9.3 Bcf/d) and UAE (~0.7 Bcf/d). Source: U.S. EIA,
"About one-fifth of global LNG trade flows through the Strait of Hormuz" | eia.gov/todayinenergy/detail.php?id=65584 | As of: 2025.
8
 EIA estimates 84% of crude oil/condensate and 83% of LNG transiting the Strait in 2024 destined for Asian markets. China, India, Japan, and
South Korea were the top crude oil destinations. Source: U.S. EIA Strait of Hormuz analyses | eia.gov/todayinenergy/detail.php?id=65504 and
eia.gov/todayinenergy/detail.php?id=65584 | As of: June 2025.



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With limited public appetite for a sustained U.S. military engagement in Iran, and the risk that prolonged conflict
could lift headline inflation ahead of an affordability-focused midterm election later this year, we expect either
resolution or meaningful de-escalation in the near term. The larger puzzle pieces on the board are connecting the
events in Iran with developments in Venezuela, pressure on Cuba and Greenland, and the evolving arc of U.S.-
China relations. President Trump and Xi are scheduled to meet in a number of weeks to discuss evolving relations.

Given the transitory and regionalized nature we described above, we believe portfolios are well positioned to
navigate near-term volatility. We will continue to monitor and should the situation evolve meaningfully we will
follow up with the potential impact.




About the Authors

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




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




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Disclosures & Definitions
 Comparisons to any indices referenced herein are for illustrative purposes only and are not meant to imply that actual returns or volatility
 will be similar to the indices. Indices cannot be invested in directly. Unmanaged index returns assume reinvestment of any and all
 distributions and do not reflect our fees or expenses. Market returns shown in text are as of the publish date and source from Morningstar or
 FactSet unless otherwise listed.

 • The S&P 500 is a capitalization-weighted index designed to measure performance of the broad domestic economy through changes in
 the aggregate market value of 500 stocks representing all major industries.
 • Russell 2000 consists of the 2,000 smallest U.S. companies in the Russell 3000 index.
 • MSCI EAFE is an equity index which captures large and mid-cap representation across Developed Markets countries around the world,
 excluding the U.S. and Canada. The index covers approximately 85% of the free float-adjusted market capitalization in each country.
 • MSCI Emerging Markets captures large and mid-cap representation across Emerging Markets countries. The index covers
 approximately 85% of the free-float adjusted market capitalization in each country.
 • 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 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.
 • FTSE NAREIT Equity REITs Index contains all Equity REITs not designed as Timber REITs or Infrastructure REITs.
 • 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.

 Material Risks
 • Fixed Income securities are subject to interest rate risks, the risk of default and liquidity risk. U.S. investors exposed to non-U.S.
 fixed income may also be subject to currency risk and fluctuations.
 • Cash may be subject to the loss of principal and over longer periods of time may lose purchasing power due to inflation.
 • Domestic Equity can be volatile. The rise or fall in prices take place for a number of reasons including, but not limited to changes
 to underlying company conditions, sector or industry factors, or other macro events. These may happen quickly and unpredictably.
 • International Equity can be volatile. The rise or fall in prices take place for a number of reasons including, but not limited to
 changes to underlying company conditions, sector or industry impacts, or other macro events. These may happen quickly and
 unpredictably. International equity allocations may also be impacted 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 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 borrower.
 • All investing involves risk including the potential loss of principal. Market volatility may significantly impact the value of your
 investments. Recent tariff announcements may add to this volatility, creating additional economic uncertainty and potentially
 affecting the value of certain investments. Tariffs can impact various sectors differently, leading to changes in market dynamics and
 investment performance. You should consider these factors when making investment decisions. We recommend consulting with a
 qualified financial adviser to understand how these risks may affect your portfolio and to develop a strategy that aligns with your
 financial goals and risk tolerance.




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