Retirement Board — Burlington, VT
Date: 2025-09-15
Time: 09:30

Retirement Board

Monday, September 15, 2025, 9:30 AM, Bushor Conference Room, 149 Church Street,
 1st Floor

Join from PC, Mac, iPad, or Android:
https://zoom.us/j/99180295725
+16469313860,,99180295725# US
Join via audio:
+1 646 931 3860 US
Webinar ID: 991 8029 5725
International numbers available: https://zoom.us/u/addsHhr5u


1. Agenda
 Subject 1.1. Motion to adopt agenda
 Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025, 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. August 18, 2025 Retirement Board Meeting Minutes - CT
 Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


 Category 3. Minutes

 Department Clerk/Treasurer's Office


 Type Action
 Information
 Minutes


  Recommended Action approve the minutes

4. Approve Return of Contributions
  Subject 4.1. Alec P. Johnson, Class B $23,363.01; Effective Date of Benefit: 10/01/25
  Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Alec P. Johnson

  Subject 4.2. Claire Marie Theoret, Class B $4,117.06; Effective Date of Benefit:
 09/01/25
  Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Claire Marie Theoret

  Subject 4.3. Sarah H. Timm, Class B $7,080.69; Effective Date of Benefit: 10/01/25
  Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Sarah M. Timm

  Subject 4.4. Jared M. Markovsky, Class A $24,008.71; Effective Date of Benefit:
 10/01/25
  Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action
  Recommended Action approve return of contribution for Jared M. Markovsky

5. Approve Retirement Applications
  Subject 5.1. Michael D. Lachance, Class A $12,909.72; Effective Date of Benefit:
 09/01/25; Payment Date: 09/15/25
  Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


  Category 5. Approve Retirement Applications

  Department Retirement Administration


  Type Action


  Recommended Action approve retirement application for Michael D. Lachance

  Subject 5.2. Lorand Z. Codrean, Class B $3,000.19; Effective Date of Benefit:
 09/01/25; Payment Date: 09/15/25
  Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


  Category 5. Approve Retirement Applications

  Department Retirement Administration


  Type Action


  Recommended Action approve retirement application for Lorand Z. Codrean

  Subject 5.3. Ellen E. Wollensack, Class B $266.55; Effective Date of Benefit: 09/01/25;
 Payment Date: 09/15/25
  Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


  Category 5. Approve Retirement Applications

  Department Retirement Administration


  Type Action


  Recommended Action approve retirement application for Ellen E. Wollensack

  Subject 5.4. Joanne M. Putzier, Class B $3,345.79; Effective Date of Benefit: 08/01/25;
 Payment Date: 09/15/25
  Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


  Category 5. Approve Retirement Applications

  Department Retirement Administration


  Type Action
  Recommended Action approve retirement application for Joanne M. Putzier

  Subject 5.5. Gillian L. Nanton, Class B $1,269.92; Effective Date of Benefit: 08/01/25;
 Payment Date: 08/15/25
  Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


  Category 5. Approve Retirement Applications

  Department Retirement Administration


  Type Action


  Recommended Action approve retirement application for Gillian L. Nanton

6. Administrative Update
  Subject 6.1. RFQ Investment Advisory Services - CT
  Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


  Category 6. Administrative Update

  Department Clerk/Treasurer's Office


  Type Discussion
 Information
 Action


  Recommended Action to review and consider for approval

7. Fiducient
  Subject 7.1. Investment Review as of August 31, 2025
  Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor
  Category 7. Fiducient
  Department Retirement Administration


  Type Information
 Discussion
 Presentation


  Subject 7.2. Education Topic: Securities Lending from BNY Mellon Representatives
  Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor
  Category 7. Fiducient
  Department Retirement Administration


  Type Discussion
 Information
 Presentation


 Subject 7.3. Fiducient Update
 Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor
 Category 7. Fiducient
 Department Retirement Administration


 Type Information
 Discussion



8. Adjournment
 Subject 8.1. Motion to adjourn
 Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


 Category 8. Adjournment

 Department Retirement Administration


 Type Action
 Procedural


 Recommended Action Motion to adjourn

Retirement Board

Monday, September 15, 2025, 9:30 AM, Bushor Conference Room, 149 Church Street,
 1st Floor

Join from PC, Mac, iPad, or Android:
https://zoom.us/j/99180295725
+16469313860,,99180295725# US
Join via audio:
+1 646 931 3860 US
Webinar ID: 991 8029 5725
International numbers available: https://zoom.us/u/addsHhr5u


1. Agenda
 Subject 1.1. Motion to adopt agenda
 Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025, 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. August 18, 2025 Retirement Board Meeting Minutes - CT
 Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


 Category 3. Minutes

 Department Clerk/Treasurer's Office


 Type Action
 Information



 Page 1 of 69
 Minutes


  Recommended Action approve the minutes

4. Approve Return of Contributions
  Subject 4.1. Alec P. Johnson, Class B $23,363.01; Effective Date of Benefit: 10/01/25
  Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Alec P. Johnson

  Subject 4.2. Claire Marie Theoret, Class B $4,117.06; Effective Date of Benefit:
 09/01/25
  Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Claire Marie Theoret

  Subject 4.3. Sarah H. Timm, Class B $7,080.69; Effective Date of Benefit: 10/01/25
  Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Sarah M. Timm

  Subject 4.4. Jared M. Markovsky, Class A $24,008.71; Effective Date of Benefit:
 10/01/25
  Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025, 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 69
  Recommended Action approve return of contribution for Jared M. Markovsky

5. Approve Retirement Applications
  Subject 5.1. Michael D. Lachance, Class A $12,909.72; Effective Date of Benefit:
 09/01/25; Payment Date: 09/15/25
  Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


  Category 5. Approve Retirement Applications

  Department Retirement Administration


  Type Action


  Recommended Action approve retirement application for Michael D. Lachance

  Subject 5.2. Lorand Z. Codrean, Class B $3,000.19; Effective Date of Benefit:
 09/01/25; Payment Date: 09/15/25
  Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


  Category 5. Approve Retirement Applications

  Department Retirement Administration


  Type Action


  Recommended Action approve retirement application for Lorand Z. Codrean

  Subject 5.3. Ellen E. Wollensack, Class B $266.55; Effective Date of Benefit: 09/01/25;
 Payment Date: 09/15/25
  Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


  Category 5. Approve Retirement Applications

  Department Retirement Administration


  Type Action


  Recommended Action approve retirement application for Ellen E. Wollensack

  Subject 5.4. Joanne M. Putzier, Class B $3,345.79; Effective Date of Benefit: 08/01/25;
 Payment Date: 09/15/25
  Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


  Category 5. Approve Retirement Applications

  Department Retirement Administration


  Type Action




 Page 3 of 69
  Recommended Action approve retirement application for Joanne M. Putzier

  Subject 5.5. Gillian L. Nanton, Class B $1,269.92; Effective Date of Benefit: 08/01/25;
 Payment Date: 08/15/25
  Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


  Category 5. Approve Retirement Applications

  Department Retirement Administration


  Type Action


  Recommended Action approve retirement application for Gillian L. Nanton

6. Administrative Update
  Subject 6.1. RFQ Investment Advisory Services - CT
  Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


  Category 6. Administrative Update

  Department Clerk/Treasurer's Office


  Type Discussion
 Information
 Action


  Recommended Action to review and consider for approval

7. Fiducient
  Subject 7.1. Investment Review as of August 31, 2025
  Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor
  Category 7. Fiducient
  Department Retirement Administration


  Type Information
 Discussion
 Presentation


  Subject 7.2. Education Topic: Securities Lending from BNY Mellon Representatives
  Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor
  Category 7. Fiducient
  Department Retirement Administration


  Type Discussion
 Information




 Page 4 of 69
 Presentation


 Subject 7.3. Fiducient Update
 Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor
 Category 7. Fiducient
 Department Retirement Administration


 Type Information
 Discussion



8. Adjournment
 Subject 8.1. Motion to adjourn
 Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


 Category 8. Adjournment

 Department Retirement Administration


 Type Action
 Procedural


 Recommended Action Motion to adjourn




 Page 5 of 69
Page 6 of 69
Page 7 of 69
Page 8 of 69
Page 9 of 69
Page 10 of 69
Page 11 of 69
 USICG Participant Service Center
 95 Glastonbury Blvd. STE 102
 Glastonbury, CT 06033-4456




 Claire Marie Theoret




August 26, 2025


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

Dear Claire Marie Theoret:

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 September 1, 2025 is $4,117.06. This
amount will be directly rolled over to the employer plan that you indicated on your completed election
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 12 of 69
Page 13 of 69
041226384527185678277 545687852
 5
 7 07856
 45
 678 7   
 1 17
(
"'0&123425((#678(9:(;<=>6?@79?(=ABA=CAB(7DA(=6@D7(79(E9==AE7(F?8(A==9=B(6?(7DA(#F>E<>F769?(9:(;A?A:67(&G769?B%(":(67(6B(
HA7A=I6?AH(F7(F?8(76IA(7DF7(7DA(6?:9=IF769?(G=9C6HAH(6?(7D6B(0A?B69?(J6B7=6K<769?(L67(E9?:>6E7B(M67D(7DA(7A=IB(9:(7DA(
0>F?N(7DA(7A=IB(9:(7DA(0>F?(M6>>(@9CA=?%(?HA=(7DA(>FMN(F(G>F?(I<B7(KA(9GA=F7AH(6?(FEE9=HF?EA(M67D(67B(7A=IB(F?H(A==9=B(
I<B7(KA(E9==AE7AH%((3B(F(0>F?(GF=76E6GF?7N(89<(IF8(DFCA(IFHA(G9B7O7FP(E9?7=6K<769?B(79(7DA(0>F?%(3B(F(=AB<>7N(F(G9=769?(9:(
89<=(KA?A:67(IF8(KA(?9?O7FPFK>A%(078425Q65R74 51S167 674R1 18T45678(
 U(8715678V68W 5 6815678
 0F=76E6GF?7(4FIA5( 1  ( #>FBB5( 3(
 JF7A(9:(;6=7D5( (( JAGF=7IA?75( [6=A(?69?(
 JF7A(9:(\6=A5( -Y*,Z*,-,,(( 09B7O2FP(]IG>98AA(#9?7=6K<769?B5( ^-%--(
 JF7A(9:(2A=I6?F769?5( -_*X-*,-,.(( 49=IF>(1A76=AIA?7(JF7A(`41Ja5( -Y*,Z*,-+_(
 ;A?A:6E6F=8(JF7A(9:(;6=7D5( 4*3(( 0F8IA?7(!7F=7(JF7A5( X-*-X*,-,.(
(
 ( (( bAB76?@(0A=EA?7F@A5( -%----c(
 W 5 68156787 27 078564567812183 Q65RU85 5
 (( ( ;F>F?EA(F7(
 0A=69H(]?H6?@( JABE=6G769?( 2=F?BFE769?( ]?H(9:(0A=69H(
 -Z*/-*,-,/(#9?7=6K<769?B(( ^.N++,%,_( ^.N++,%,_(
 -Z*/-*,-,/("?7A=AB7(F7(,c( ^-%--( ^.N++,%,_(
 -Z*/-*,-,+(#9?7=6K<769?B(( ^)N+.)%-X( ^X/NY--%,)(
 -Z*/-*,-,+("?7A=AB7(F7(,c( ^X-)%).( ^X+N--Y%X/(
 -Z*/-*,-,.(#9?7=6K<769?B(( ^YNXX)%+/( ^,/NX,_%.Z(
 -Z*/-*,-,.("?7A=AB7(F7(,c( ^,)-%X)( ^,/N+-_%_+(
 -_*X-*,-,.(#9?7=6K<769?B(( ^+)+%)-( ^,/N)Y,%.+(
 -Y*/-*,-,.("?7A=AB7(F7(,c( ^XXZ%X_( ^,+N--)%_X(
 `Xa(0=AO2FP(]IG>98AA(#9?7=6K<769?B(`2FPFK>Aa5( ^,/N.-/%.X(
 `,a("?7A=AB7(3EE=<AH(9?(]IG>98AA(#9?7=6K<769?B(`.%.c(7D=9<@D(X,*/X*,-X_N(,c(7DA=AF:7A=a5( ^.-.%,-(
 `/a(297F>(1A7<=?(9:(]IG>98AA(#9?7=6K<769?B(M67D("?7A=AB75( ^,+N--)%_X(
 (
 ( (
 W 5 68156787 d1S12e756787  8 65(
 ( ( ( ( (
 [9=I(9:(0F8IA?7( 297F>(;A?A:67( 2FPFK>A(09=769?( 49?O2FPFK>A(09=769?(
 1A7<=?(9:(#9?7=6K<769?B(( ( ^,+N--)%_X( ^,+N--)%_X( -%--(




 !"#$%#&'( ( /(14 of 69
 )*+*,-,.(Page
Page 15 of 69
Page 16 of 69
Page 17 of 69
Page 18 of 69
Page 19 of 69
 CITY OF BURLINGTON
 EMPLOYEES’ RETIREMENT SYSTEM

 REQUEST FOR QUALIFICATIONS (RFQ)
 Actuarial Services




Issued: September 16, 2025
Due Date for Questions: 12:00 PM on October 3, 2025 (submit via email)
RFQ Question Responses by: 4:00 PM on October 10, 2025
Proposals Due: 12:00 PM on October 17, 2025
 Please submit electronic PDF copy.


Issuing Point of Contact: Brad Kukenberger, Director of Finance
 Clerk Treasurer’s Office
 149 Church Street, Burlington, VT 05408
 bkukenberger@burlingtonvt.gov


I. PROJECT PURPOSE

The City of Burlington Employees’ Retirement System Board (BERS Board) is responsible for the proper
operation of the City’s Retirement Plan. This includes oversight of plan funding, actuarial assumptions, and
long-term financial sustainability.
The Board engages a qualified actuarial firm to provide independent actuarial services to ensure the
Retirement Plan is managed in compliance with applicable standards, accurately reflects the City’s
obligations, and remains financially sustainable.
The City of Burlington Employees’ Retirement System currently has approximately $245 million in assets
and 2,566 participants. The actuarial valuation, assumptions, and studies are critical to guiding investment
policy, contribution requirements, and long-term funding.

II. PROJECT BACKGROUND
The City of Burlington Employees’ Retirement System provides Pension income to eligible City of
Burlington Employees. Provisions of the City Charter govern the Plan. The Burlington Employees’
Retirement System Board consists of eight members: four elected by plan members, three appointed
by City Council, and the City Treasurer who serves as an ex-officio member.

See Chapter 24 of Burlington City Ordinance for further detail about BERS governance.

.

 Page 20 of 69
As of July 1, 2024, the Employees’ Retirement Plan has:



 Employees’ Retirement System Number of Members



 Active Employees’ 923


 Former employees with Vested Rights
 768



 Retired, disabled and beneficiaries 875



 Total Participants 2,566
III.




The funded ratio as of July 1, 2024 was 68.61%.

The discount rate as of July 1, 2025 is 7.10%.

The inflation assumption is currently 2.70%.


Please refer to the enclosed Actuarial Valuation report for additional demographic details.




 Page 21 of 69
The Plan’s target asset allocation, as of July 1, 2025:




In addition, the Burlington Employees’ Retirement System Board utilizes a master Custodian and
Trustee to provide a variety of custody and recordkeeping services. USI serves as the Plan’s actuary
(note that service is up for bid during the fall of 2025 as well).

IV. SCOPE OF WORK
The actuarial firm selected will provide services including, but not limited to:

A. Annual Actuarial Valuation

 1. Prepare the annual valuation of the Plan, including funded status, contribution
 requirements, and actuarially determined employer contribution (ADEC).

 2. Certify City and employee contribution requirements for compliance with the City
 Charter.

 3. Provide reports in formats suitable for the BERS Board, City Council, and auditors.

B. Experience Studies and Assumptions
 Page 22 of 69
 1. Perform periodic (typically every 3–5 years) experience studies to review demographic
 and economic assumptions.

 2. Recommend updates to actuarial assumptions (mortality, retirement, termination,
 disability, salary increases, COLA, inflation, etc.).

 3. Support the Board in setting the assumed rate of return and funding policy.

C. GASB Reporting and Financial Statement Support

 1. Provide information and disclosures required under GASB 67/68 and 74/75.

 2. Work with auditors to ensure compliance and transparency.

D. Special Studies and Projections

 1. Perform actuarial projections of funded ratio, liabilities, and contribution requirements
 under alternative scenarios (e.g., plan changes, investment return scenarios).

 2. Provide actuarial impact analyses for proposed benefit changes or labor negotiations.

 3. Assist with asset/liability studies in coordination with the City’s investment advisor.

E. Board Support and Consultation

 1. Attend regular meetings of the BERS Board to present results and answer questions.

 2. Provide fiduciary education to Board members on actuarial concepts.

 3. Prepare analysis on specific issues (e.g., pension obligation bonds, benefit adjustments,
 funding policy alternatives).




 Page 23 of 69
V. RESPONSE FORMAT

Questions concerning this Request for Proposals (RFQ) must be made via email to the point of contact
below by 12:00 PM on October 3rd. Responses to submitted questions will be posted online at by 4:00
PM on October 10th: https://www.burlingtonvt.gov/RFQ Any revisions, addendums, and answers to
questions received at least a week before the proposal due dates will be posted to the link above.

There will be no formal site visit held by the City to respond to RFQ questions.

All proposals in response to this RFQ must provide detail for all deliverables described in the Scope of
Work and the final submission should be in a PDF or other similar format and received by email and
clearly marked “City of Burlington Employees Retirement System Investment Advisory Services” to the
below point of contact by the 12:00 PM on October 17, 2025. Late proposals will not be accepted under
any circumstances. It is the responsibility of the firm submitting proposals to ensure that the point of
contact has received a completed proposal by the deadline.

 Point of Contact:
 Brad Kukenberger
 Clerk Treasurer’s Office
 Director of Finance
 bkukenberger@burlingtonvt.gov



VI. CONSULTANT SELECTION

Proposals will be reviewed and evaluated by City staff based on the information provided.

Additional information may be requested prior to final selection, including the possibility of an oral
interview to discuss the proposal in greater detail. Final costs will be determined through negotiations
with the selected firm.

A team of City staff will review all proposals and evaluate them based on the above criteria. Staff will
then make a recommendation to the Burlington Employees’ Retirement System Board by November 21,
2025. No proposal will be considered accepted until all necessary City authorizations, including those
required by Board of Finance and City Council if necessary, have been received and an agreement is
executed by both parties.



VII. SUBMISSIONS

Consultants are encouraged to be concise. Consultants may partner will other firms, local or otherwise,
in order to provide the best possible proposal for ensuring quality and efficient completion of the project
tasks. All proposals must include, at a minimum, the following:




 Page 24 of 69
 1. A cover page including the Request for Qualifications title and lead applicant firm’s name,
 office location, and main point of contact. If proposal includes a Team of Consultants, please
 clearly list each member of the proposed team, main contact, and their proposed role in the
 scope of work on second page.
 2. Evidence that the Consultant satisfies (or is capable of satisfying) necessary qualifications set
 forth in Section V.2 (Qualifications), above.
 3. A Statement of Qualifications applicable to this project including the names, qualifications
 and proposed duties of the Consultants’ staff to be assigned to this project; a listing of recent
 similar projects completed, including the names, titles, addresses, and telephone numbers of
 the appropriate persons whom the City should contact.
 4. A copy of the Consultant’s hourly rate schedule for all personnel, and project costs anticipated
 to be involved in the project, and a stated that said hourly rate schedule is part of the
 Consultant’s Proposal for use in invoicing for progress payments and for extra work incurred
 that is not part of this RFQ. All extra work will require prior approval from the City. For sub-
 consultants, please list any anticipated costs for those services.
 5. A list of any subconsultants the consultant plans to use. If a contract is awarded, it is assumed
 that any work not performed by a subconsultant on the submitted list will be performed
 directly by the consultant, and the consultant will not be allowed to substitute subconsultants
 without City permission upon showing of good cause for the substitution.
 6. If the consultant identifies any additional scope of work items not listed in this RFQ that may
 be of benefit to the project, they can include those in the proposal as “Possible Additional
 Services”.
 7. Signed Livable Wage, Outsourcing and Union Deterrence Certifications with the Proposals,
 Exhibits D-F.
 8. If the consultant objects to provisions of the City’s standard contract (Exhibit C and C-1),
 identify those objections in the response.


VIII. EXHIBITS

 Attachment C (Standard Conditions)
 Attachment C1 (Insurance and Indemnification)
 FY2026 Livable Wage Certification
 Certified Payroll Record
 Outsourcing Certification
 Union Deterrence Certification
 FY24 Actuarial Valuation Report


IX. CONTRACTING
The consultant must qualify as an independent contractor and, prior to being awarded a contract, must
apply for registration with the Vermont Secretary of State's Office to do business in the State of Vermont,
if not already so registered. The registration form may be obtained from the Vermont Secretary of State,




 Page 25 of 69
128 State Street, Montpelier, VT 05633-1101, PH: 802-828-2363, Toll-free: 800-439-8683; Vermont
Relay Service – 711; web site: https://www.sec.state.vt.us/. The contract will not be executed until the
consultant is registered with the Secretary of State's Office.
Prior to beginning any work, the consultant shall obtain Insurance Coverage in accordance with the
Burlington Contract Conditions (Exhibit C-1 in this RFQ). The certificate of insurance coverage shall
be documented on forms acceptable to the City.

X. AGREEMENT REQUIREMENTS
The selected consultant will be required to execute a contract with the City on the terms and conditions
required by the City, including but not limited to those in the Burlington Contract Conditions (Exhibit C)
and the attached Draft Agreement. No proposal will be considered accepted until all necessary City
authorizations—including those required by Board of Finance and City Council if necessary—have been
received and an agreement is executed by both parties.

XI. LIMITATIONS OF LIABILITY
The City assumes no responsibility or liability for the response to this Request for Proposals.

XII. COSTS ASSOCIATED WITH PROPOSAL
Any costs incurred by any person or entity in preparing, submitting, or presenting a proposal are the sole
responsibility of that person or entity, including any requests for additional information or interviews.
The City will not reimburse any person or entity for any costs incurred prior to the issuance of the
contract.

XIII. INDEMNIFICATION
Any party responding to this Request for Proposals is acting in an independent capacity and not as an
officer or employee of the City. Any party responding to this Request for Proposals will be required to
indemnify, defend, and hold harmless the City, its officers, and employees from all liability and any
claims, suits, expenses, losses, judgments, and damages arising as a result of the responding party’s acts
and/or omissions in or related to the response.

XIV. REJECTION OF PROPOSALS
The City reserves the right to reject any or all proposals, to negotiate with one or more parties, or to award
the contract to the proposal the City deems will meet its best interests, even if that proposal is not the
lowest bid. The City reserves the right to re-advertise for additional proposals and to extend the deadline
for submission of the proposals. This Request for Proposals in no way obligates the City to award a
contract.

XV. OWNERSHIP OF DOCUMENTS
Any materials submitted to the City in response to this Request for Proposals shall become the property
of the City unless another arrangement is made by written agreement between the City and the responding
party. The responding party may retain copies of the original documents.

XVI. DUTY TO INFORM CITY OF BID DOCUMENT ERRORS
If a bidder knows, suspects, or has reasonable cause to believe, that an error or omission exists in any bid
documents, including but not limited to unit prices and rate calculations, the bidder shall immediately
give the City written notice thereof. Consultant shall not cause or permit any work to be conducted that




 Page 26 of 69
may related to the error or omission without first receiving written acknowledgment from the City that
City representatives understand the possible error or omission and have approved the requested
modifications to the bid or contract documents or that the consultant may proceed without any
modification being made to the bid or contract documents.

XVII. PUBLIC RECORDS
Any and all records submitted to the City, whether electronic, paper, or otherwise recorded, are subject
to the Vermont Public Records Act. The determination of how those records must be handled is solely
within the purview of City. All records the responding party considers to be trade secrets, as that term is
defined by subsection 317(c)(9) of the Vermont Public Records Act, or that the responding party
otherwise seeks to have the City consider as exempt must be identified clearly and specifically at the time
of submission. It is not sufficient to merely state generally that a proposal is proprietary, contains a trade
secret, or is otherwise exempt. Particular records, pages, and sections which are believed to be exempt
must be specifically identified as such and must be separated from other records with a convincing
explanation and rationale sufficient to justify each exemption from release consistent with Section 317
of Title 1 of the Vermont Statutes Annotated.




 Page 27 of 69
 City of Burlington Employees Retirement System

 Monthly Performance Update - August 2025




  This report is intended for the exclusive use of clients or prospective clients (the “recipient”) of Fiducient Advisors and the information contained herein is confidential and the dissemination or
distribution to any other person without the prior approval of Fiducient Advisors is strictly prohibited. Information has been obtained from sources believed to be reliable, though not independently
 verified. Any forecasts are hypothetical and represent future expectations and not actual return volatilities and correlations will differ from forecasts. This report does not represent a specific
 investment recommendation. The opinions and analysis expressed herein are based on Fiducient Advisor research and professional experience and are expressed as of the date of this report.
 Please consult with your advisor, attorney and accountant, as appropriate, regarding specific advice. Past performance does not indicate future performance and there is risk of loss.
 Page 28 of 69
 Asset Class Performance


 24 22.8

 YTD MTD
 20 19.0



 16




 Total Returns (%)
 12
 10.8
 10.1
 7.1
 8 7.1
 6.4 6.4 7.1
 5.0 5.4 3.8
 4.0 4.1
 3.4
 4 4.3
 3.3
 2.7
 2.1 1.9
 1.5 1.2 1.2 1.3
 0.8 0.5 0.5 0.8 1.0
 0

 -1.3
 -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 August 31, 2025. *Hedge fund returns are as of July 31, 2025.


Fixed Income (August) Equity (August) Real Asset / Alternatives (August)
+ Declining interest rates were a tailwind for fixed + U.S. equity markets rallied in August. Small cap + U.S. equity REITs posted favorable results
income assets during August. Dovish sentiment stocks outperformed as shifting sentiment and in August. Lodging/resorts led the space,
coming out of the Fed’s Jackson Hole summit increased expectations for interest rate cuts buoyed which benefited from summer travel.
helped drive the move lower. Core fixed income the asset class.
 + Real assets rose during the month, driven
generated a modest gain.
 + Developed international equities were also by favorable returns within infrastructure and
+ TIPS outperformed as breakeven levels moved positive. Japan was a standout while areas such as inflation-linked assets.
higher. Inflation expectations remain mixed as Germany and France lagged.
 + Commodities were positive on the back of
investors continue to digest the impact of tariffs.
 + Emerging markets rose with their developed favorable precious metal and agricultural
+ Risk on sentiment and continued strong demand counterparts. Strength in China and Brazil were key performance.
for yield supported high yield credit markets. drivers.

 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
 Pageof a
 29loss.
 of 692
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 (August)
 A disappointing unemployment report early in the month and more Credit markets were subdued in the month and both investment grade
 dovish sentiment from the Federal Reserve implying higher odds for a and high yield spreads moved tighter. Anticipation of falling rates
 FOMC rate cute pushed yields across the U.S. curve lower during improved the outlook on corporate interest coverage and debt service.
 August.


 5.5 500 1,250
 8/29/2025 10Yr Avg
 IG 79 bps 119 bps
 HY 272 bps 406 bps
 5.0 400 1,000


 4.58




 Spreads (bps)
 4.5 300 750
 4.37


 Yield (%)
 4.25


 4.23
 4.0 3.94
 200 500


 3.59

 3.5 100 250
 8/29/25
 7/31/25
 Bloomberg U.S. Inv. Grade Corp Index (LHS)
 12/31/24
 Bloomberg U.S. Corp High Yield Index (RHS)
 3.0 0 0
 0 5 10 15 20 25 30
 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 6/25
 U.S. Treasury Maturity (yrs)
 Source: FactSet. As of August 31, 2025. Source: FactSet. As of August 31, 2025.


 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
 Pageof a
 30loss.
 of 693
www.FiducientAdvisors.com Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.
 Equity Market Update


 U.S. Equities – Returns by Sector (August)
 The S&P 500 rose during August, with nearly every sector posting gains. Materials and health care led the month as investors shifted from
 growth/technology towards value-oriented cyclicals. Technology lagged as exuberance over artificial intelligence waned on concerns of the profitability
 of increased expenditures seen this year.

 17.9%
 16.1% MTD
 14.0%
 13.0% 12.6% YTD
 10.8% 11.6%

 7.5%
 5.7% 5.8% 5.4% 5.5%
 3.1% 3.6% 3.4% 3.6%
 2.0% 2.2% 1.6% 2.0%
 0.3% 0.0% 0.8%


 -1.6%

 S&P 500 Utilities Real Estate Materials IT Industrials Health Care Financials Energy Cons. Cons. Disc. Comm.
 Source: Morningstar Direct. As of August 31, 2025. Staples Services


 Market Capitalization, Style, and Select Country Performance (August)
 Developed markets saw a rotation from growth to value as investors favored lower valuations and defensive names on anticipated interest rate cuts
 and softening economic growth. Japan rose sharply on revised tariffs and an overall structurally improving economy. Growth outpaced value in
 emerging markets, with China surging on policy support and Brazil on strong corporate earnings and attractive valuations.
 10.3%
 7.1% 7.0%
 5.7%
 3.4% 4.2% 4.6%
  2.1% 2.8% 2.6% 2.3%
 1.3% 1.2% 1.1% 0.2%


 -3.1%
 Small Value Small Value Small Value
 Large Growth Large Growth Japan Large Growth
 India Brazil
 Germany

 U.S. Int’l Developed Emerging Markets
  Source: Morningstar Direct. As of August 31, 2025.
 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
 Pageof a
 31loss.
 of 694
www.FiducientAdvisors.com Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.
 Real Asset Market Update


Commodity Performance (August) REIT Sector Performance (August)
Commodities were positive outside of energy sectors, which fell on Lower interest rates in the month were a tailwind for equity REITs.
oversupply concerns and tepid global demand. Precious metals continued to Lodging and resorts were higher on sustained travel demand, and self
climb on concerns of U.S. economic policy and diminishing confidence in the storage increased on higher occupancy in urban and coastal areas.
U.S. dollar. Lower supply pushed base metals higher. Weather disruption Office stabilized and rose on attractive valuations. Data centers
stunted supply for agriculture sectors which supported prices. struggled as investors weighed the sustainability of capacity and energy
 sourcing challenges.
 35 -1.8
 32.5 Data Centers -10.8

 30 Diversified 5.8
 18.8

 Health Care 4.5
 25 21.3

 Industrial 6.5
 6.5
 20
 Infrastructure -4.2
 10.7
 15



  Total Return (%)
 Lodging/Resorts 8.7
 -6.1

 10 Office 7.2
 -3.1

 6.4 Residential 3.3
 4.5 -3.8
 5
 4.1
 3.2 6.6
 0.5 Retail 5.1
 0
 Self Storage 7.5
 -0.9
 -5 -5.6 -4.3 -0.2
 Specialty -1.2

 -10 Timber 5.2
 -2.9
 Energy Industrial Precious Agriculture
 Metals Metals Total Return (%)
 Source: FactSet. As of August 31, 2025. YTD MTD Source: FactSet. As of August 31, 2025. MTD YTD

 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
 Pageof a
 32loss.
 of 695
www.FiducientAdvisors.com Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.
 Financial Markets Performance

 Total Return as of August 31, 2025
 Periods greater than one year are annualized
 All returns are in U.S. dollar terms
 Global Fixed Income Markets MTD YTD 1YR 3YR 5YR 7YR 10YR 15YR
 Bloomberg 1-3-Month T-Bill 0.4% 2.9% 4.6% 4.8% 3.0% 2.6% 2.0% 1.4%
 Bloomberg U.S. TIPS 1.5% 6.4% 4.9% 2.4% 1.3% 3.2% 2.9% 2.9%
 Bloomberg Municipal Bond (5 Year) 0.8% 4.0% 3.7% 3.2% 1.0% 2.1% 2.0% 2.2%
 Bloomberg High Yield Municipal Bond 0.5% -1.3% -1.5% 3.6% 2.3% 3.2% 4.4% 4.8%
 Bloomberg U.S. Aggregate 1.2% 5.0% 3.1% 3.0% -0.7% 1.8% 1.8% 2.2%
 Bloomberg U.S. Corporate High Yield 1.2% 6.4% 8.3% 9.3% 5.2% 5.3% 5.8% 6.3%
 Bloomberg Global Aggregate ex-U.S. Hedged 0.0% 1.8% 3.6% 4.3% 0.9% 2.3% 2.6% 2.9%
 Bloomberg Global Aggregate ex-U.S. Unhedged 1.7% 9.0% 3.6% 3.5% -2.7% -0.5% 0.5% 0.3%
 Bloomberg U.S. Long Gov / Credit 0.5% 3.4% -2.0% 0.0% -5.2% 0.6% 1.7% 3.0%
 Global Equity Markets MTD YTD 1YR 3YR 5YR 7YR 10YR 15YR
 S&P 500 2.0% 10.8% 15.9% 19.5% 14.7% 14.0% 14.6% 15.0%
 Dow Jones Industrial Average 3.4% 8.3% 11.4% 15.3% 12.0% 10.6% 13.1% 13.2%
 NASDAQ Composite 1.6% 11.6% 22.0% 22.9% 13.6% 15.9% 17.3% 17.9%
 Russell 3000 2.3% 10.6% 15.8% 18.8% 14.1% 13.2% 14.0% 14.7%
 Russell 1000 2.1% 10.8% 16.2% 19.3% 14.3% 13.7% 14.3% 14.9%
 Russell 1000 Growth 1.1% 11.3% 22.6% 25.0% 15.3% 17.3% 17.9% 17.7%
 Russell 1000 Value 3.2% 10.0% 9.3% 12.9% 13.0% 9.3% 10.2% 11.7%
 Russell Mid Cap 2.5% 9.4% 12.6% 13.6% 12.0% 9.8% 10.9% 12.7%
 Russell Mid Cap Growth 1.0% 13.1% 26.4% 19.4% 11.0% 12.0% 13.0% 14.3%
 Russell Mid Cap Value 3.0% 8.1% 8.2% 11.2% 12.9% 8.3% 9.4% 11.6%
 Russell 2000 7.1% 7.1% 8.2% 10.3% 10.1% 5.9% 8.9% 11.1%
 Russell 2000 Growth 5.9% 7.2% 10.5% 11.5% 7.1% 5.6% 8.7% 11.7%
 Russell 2000 Value 8.5% 6.9% 5.8% 8.8% 13.1% 5.7% 8.6% 10.1%
 MSCI ACWI 2.5% 14.3% 15.8% 17.7% 12.0% 10.8% 11.1% 10.6%
 MSCI ACWI ex. U.S. 3.5% 21.6% 15.4% 15.1% 8.9% 7.0% 7.3% 6.5%
 MSCI EAFE 4.3% 22.8% 13.9% 17.0% 10.2% 7.6% 7.4% 7.3%
 MSCI EAFE Growth 2.8% 15.6% 5.6% 12.9% 6.0% 6.5% 7.2% 7.4%
 MSCI EAFE Value 5.7% 30.2% 22.7% 21.3% 14.3% 8.3% 7.3% 6.9%
 MSCI EAFE Small Cap 4.6% 26.4% 18.8% 14.3% 8.0% 5.7% 7.4% 8.4%
 MSCI Emerging Markets 1.3% 19.0% 16.8% 10.8% 5.2% 5.0% 6.9% 4.2%
 Alternatives MTD YTD 1YR 3YR 5YR 7YR 10YR 15YR
 Consumer Price Index* 0.2% 1.4% 2.7% 3.0% 4.5% 3.6% 3.1% 2.6%
 FTSE NAREIT All Equity REITs 3.3% 4.1% -1.4% 3.4% 6.3% 5.4% 7.0% 8.7%
 S&P Real Assets 2.7% 10.1% 7.4% 6.4% 6.6% 5.2% 5.4% 5.6%
 FTSE EPRA NAREIT Developed 4.4% 10.1% 2.8% 5.4% 5.7% 3.3% 4.8% 6.4%
 FTSE EPRA NAREIT Developed ex U.S. 4.6% 23.4% 9.1% 5.5% 2.3% 1.1% 3.0% 4.5%
 Bloomberg Commodity Total Return 1.9% 7.1% 11.8% -0.8% 10.3% 5.7% 3.4% -0.2%
 HFRI Fund of Funds Composite* 1.0% 3.8% 7.5% 6.5% 5.9% 4.7% 3.9% 3.9%
 HFRI Asset Weighted Composite* 0.6% 3.2% 5.9% 5.1% 6.3% 4.5% 3.9% 4.6%
 Alerian MLP -0.6% 9.8% 14.9% 20.7% 29.4% 10.1% 6.8% 7.4%
 Sources: Morningstar, FactSet. As of August 31, 2025. *Consumer Price Index and HFRI indexes as of July 31, 2025.

 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
 Pageof a
 33loss.
 of 696
www.FiducientAdvisors.com Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.
Asset Allocation
Total Plan As of August 31, 2025
 Asset Asset Target
 Differences
 Allocation Allocation Allocation
 (%)
 ($) (%) (%)
Total Plan 274,637,403 100.0 100.0 0.0
 Pension Benefits Payable to the City -3,455,820 -1.3 0.0 -1.3
 Total Invested Assets 278,093,223 101.3 100.0 1.3
 Short Term Liquidity 156,270 0.1 0.0 0.1
 Key Bank Cash Portfolio 146,157 0.1 0.0 0.1
 First American Govt Oblig Fund Z 10,113 0.0 0.0 0.0
 First American Govt Oblig Fund Z- Alternatives - 0.0 0.0 0.0
 Fixed Income 70,319,789 25.6 27.0 -1.4
 JIC Core Bond Fund I 52,145,461 19.0 20.0 -1.0
 BlackRock Strategic Income Opportunities K 18,174,328 6.6 7.0 -0.4
 Equity 196,596,021 71.6 68.5 3.1
 Domestic Equity 124,049,249 45.2 43.0 2.2
 BNYM Mellon DB NSL Stock Index Fund 96,999,725 35.3 33.0 2.3
 BNYM Mellon DB SL SMID Cap Stock Index Fund 27,049,524 9.8 10.0 -0.2
 International Equity 72,129,082 26.3 25.5 0.8
 BNYM Mellon DB NSL International Stock Index Fund 51,124,067 18.6 18.0 0.6
 BNYM Mellon DB NSL Emerging Markets Stock Index Fund 21,005,016 7.6 7.5 0.1
 Private Equity 417,690 0.2 0.0 0.2
 Hamilton Lane II 624 0.0 - -
 Hamilton Lane VII A 297,321 0.1 - -
 Hamilton Lane VII B 119,745 0.0 - -
 Real Assets 11,021,143 4.0 4.5 -0.5
 UBS Trumbull Property Fund 7,705,870 2.8 3.0 -0.2
 DWS RREEF Real Assets R6 3,315,273 1.2 1.5 -0.3

Valuations data as of:

Hamilton Lane VII - 3/31/2025
Hamilton Lane II - 12/31/2024
UBS Trumbull Property Fund - 6/30/2025

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




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


 Page 34 of 697
Asset Allocation
Total Invested Assets As of August 31, 2025
 Asset Asset Target
 Differences
 Allocation Allocation Allocation
 (%)
 ($) (%) (%)
 Total Invested Assets 278,093,223 100.0 100.0 0.0
 Short Term Liquidity 156,270 0.1 0.0 0.1
 Key Bank Cash Portfolio 146,157 0.1 0.0 0.1
 First American Govt Oblig Fund Z 10,113 0.0 0.0 0.0
 First American Govt Oblig Fund Z- Alternatives - 0.0 - -
 Fixed Income 70,319,789 25.3 27.0 -1.7
 JIC Core Bond Fund I 52,145,461 18.8 20.0 -1.2
 BlackRock Strategic Income Opportunities K 18,174,328 6.5 7.0 -0.5
 Equity 196,596,021 70.7 68.5 2.2
 Domestic Equity 124,049,249 44.6 43.0 1.6
 BNYM Mellon DB NSL Stock Index Fund 96,999,725 34.9 33.0 1.9
 BNYM Mellon DB SL SMID Cap Stock Index Fund 27,049,524 9.7 10.0 -0.3
 International Equity 72,129,082 25.9 25.5 0.4
 BNYM Mellon DB NSL International Stock Index Fund 51,124,067 18.4 18.0 0.4
 BNYM Mellon DB NSL Emerging Markets Stock Index Fund 21,005,016 7.6 7.5 0.1
 Private Equity 417,690 0.2 0.0 0.2
 Hamilton Lane II 624 0.0 - -
 Hamilton Lane VII A 297,321 0.1 - -
 Hamilton Lane VII B 119,745 0.0 - -
 Real Assets 11,021,143 4.0 4.5 -0.5
 UBS Trumbull Property Fund 7,705,870 2.8 3.0 -0.2
 DWS RREEF Real Assets R6 3,315,273 1.2 1.5 -0.3



Valuations data as of:

Hamilton Lane VII - 3/31/2025
Hamilton Lane II - 12/31/2024
UBS Trumbull Property Fund - 6/30/2025

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




Investments with a zero balance were held in the portfolio during the reporting period and will be removed once they no longer impact portfolio performance.
Asset Allocation weightings may not add up to 100% due to rounding.
 Page 35 of 698
Portfolio Dashboard
Total Invested Assets As of August 31, 2025
Historical Performance Summary of Cash Flows
 16.0 1 Fiscal 1
 QTD YTD
 Month YTD Year
 Total Invested Assets
 12.2 12.1
 12.0 11.7 11.4 11.5 11.2
 Beginning Market Value 277,196,987 275,013,823 254,255,219 275,013,823 254,596,051
 10.5 Net Contributions -5,737,198 -5,736,587 -5,736,549 -5,736,587 -5,611,574



 Return (%)
 8.8 8.9 Gain/Loss 6,633,434 8,815,987 29,574,552 8,815,987 29,108,746
 8.0
 8.0 7.1 Ending Market Value 278,093,223 278,093,223 278,093,223 278,093,223 278,093,223
 6.1

 Current Benchmark Composition
 4.0 3.2 3.2 3.2 3.2
 2.4 2.4
 From Date To Date
 04/2025 Present 27.00% Blmbg. U.S. Aggregate, 33.00% S&P 500, 10.00%
 Russell 2500 Index, 18.00% MSCI EAFE (Net), 7.50% MSCI
 0.0 Emerging Markets (Net), 3.00% NCREIF Fund Index - ODCE
 1 QTD YTD Fiscal 1 3 5 10 Since (net), 1.50% DWS Real Assets Benchmark
 Month YTD Year Years Years Years Inception
 Portfolio (01/2008) Portfolio Benchmark (01/2008)

Portfolio Allocation Actual vs. Target Allocations

 Short Term Liquidity Short Term Liquidity 0.0%
 Real Assets 0.1%
 4.0% 0.1% $156,270 0.1%
 Private Equity Fixed Income
 0.2% Fixed Income 27.0%
 25.3% 25.3%
 International Equity $70,319,789 -1.7 %
 25.9%
 Domestic Equity 43.0%
 44.6%
 $124,049,249 1.6%

 International Equity 25.5%
 25.9%
 $72,129,082 0.4%

 Private Equity 0.0%
 0.2%
 $417,690 0.2%
 Domestic Equity
 Real Assets 4.5%
 44.6% 4.0%
 $11,021,143 -0.5 %

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

 International Equity Private Equity Real Assets Target Actual Differences




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



 Page 36 of 699
 Recent Portfolio Activities


 Quarter Cash Flow

 • 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 37 of 69
 10
www.FiducientAdvisors.com
Performance Overview
Total Invested Assets As of August 31, 2025
Trailing Performance Summary
 1 Fiscal 1 3 5 7 10 Since Inception
 YTD
 Month YTD Year Years Years Years Years Inception Date
Total Invested Assets 2.4 11.7 3.2 11.5 12.2 10.5 8.3 8.0 6.1 01/2008
  Policy Benchmark 2.4 11.4 3.2 11.2 12.1 8.8 8.2 8.9 7.1 01/2008




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




Plan Reconciliation
 1 Fiscal 1 3 5 10 Since Inception
 YTD
 Month YTD Year Years Years Years Inception Date
Total Invested Assets 01/2008
  Beginning Market Value 277,196,987 254,255,219 275,013,823 254,596,051 212,533,505 207,500,521 155,647,529 126,047,968
  Net Contributions -5,737,198 -5,736,549 -5,736,587 -5,611,574 -18,811,188 -30,729,083 -48,145,648 -57,163,337
  Gain/Loss 6,633,434 29,574,552 8,815,987 29,108,746 84,370,906 101,321,785 170,591,342 209,208,592
  Ending Market Value 278,093,223 278,093,223 278,093,223 278,093,223 278,093,223 278,093,223 278,093,223 278,093,223


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




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees.
 Page 38 of 69
 11
Manager Performance
 As of August 31, 2025
 Allocation Performance(%)
 Market
 1 Fiscal 1 3 5 10 Since Inception
 Value % QTD YTD
 Month YTD Year Years Years Years Inception Date
 ($)


Total Invested Assets 278,093,223 100.0 2.4 3.2 11.7 3.2 11.5 12.2 10.5 8.0 6.1 01/2008
  Policy Benchmark 2.4 3.2 11.4 3.2 11.2 12.1 8.8 8.9 7.1
  Secondary Benchmark 2.4 3.2 11.5 3.2 11.2 12.0 8.5 8.7 6.9

Short Term Liquidity 156,270 0.1 0.3 0.7 0.9 0.7 1.6 2.1 - - 1.4 01/2021
  90 Day U.S. Treasury Bill 0.4 0.7 2.8 0.7 4.5 4.7 2.9 2.0 3.1

Key Bank Cash Portfolio 146,157 0.1

First American Govt Oblig Fund Z 10,113 0.0 0.4 0.7 2.8 0.7 4.5 4.7 2.9 1.9 4.0 02/2022
  90 Day U.S. Treasury Bill 0.4 0.7 2.8 0.7 4.5 4.7 2.9 2.0 4.1

Fixed Income 70,319,789 25.3 1.3 1.1 5.7 1.1 4.2 3.9 - - -0.4 01/2021
  Blmbg. U.S. Aggregate 1.2 0.9 5.0 0.9 3.1 3.0 -0.7 1.8 -0.9

JIC Core Bond Fund I 52,145,461 18.8 1.3 1.0 5.6 1.0 3.2 3.1 -0.9 2.1 0.0 03/2020
  Blmbg. U.S. Aggregate 1.2 0.9 5.0 0.9 3.1 3.0 -0.7 1.8 -0.1
  IM U.S. Broad Market Core Fixed Income (MF) Median 1.2 1.0 5.0 1.0 3.2 3.1 -0.5 1.9 0.1
  JIC Core Bond Fund I Rank 29 45 13 45 47 52 80 35 59

BlackRock Strategic Income Opportunities K 18,174,328 6.5 1.1 1.3 6.1 1.3 6.8 5.9 3.6 3.6 3.8 02/2022
  Blmbg. U.S. Aggregate 1.2 0.9 5.0 0.9 3.1 3.0 -0.7 1.8 -0.1
  IM Alternative Credit Focus (MF) Median 1.1 1.3 5.1 1.3 6.5 5.9 3.5 3.2 3.7
  BlackRock Strategic Income Opportunities K Rank 47 55 19 55 40 48 45 34 45




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and provided by
Lipper. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a statement or data from the
client’s custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of fees unless otherwise stated. The
fund’s inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception. Inception dates for asset class composites
reflect the start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of underlying component strategies.
 Page 39 of 69
 12
Manager Performance
 As of August 31, 2025
 Allocation Performance(%)
 Market
 1 Fiscal 1 3 5 10 Since Inception
 Value % QTD YTD
 Month YTD Year Years Years Years Inception Date
 ($)


Equity 196,596,021 70.7 3.0 4.2 14.4 4.2 14.7 16.8 - - 10.1 01/2021
  MSCI AC World Index (Net) 2.5 3.9 14.3 3.9 15.8 17.7 12.0 11.1 10.4

Domestic Equity 124,049,249 44.6 2.7 5.0 10.1 5.0 14.6 17.7 - - 12.4 01/2021
  Domestic Equity Benchmark 2.8 5.0 10.1 5.0 14.6 17.8 14.5 13.4 12.5

BNYM Mellon DB NSL Stock Index Fund 96,999,725 34.9 2.0 4.3 10.8 4.3 15.9 19.5 14.7 - 14.9 04/2016
  S&P 500 2.0 4.3 10.8 4.3 15.9 19.5 14.7 14.6 14.9
  IM U.S. Large Cap Core Equity (MF) Median 1.9 3.9 10.1 3.9 13.9 18.4 13.5 13.4 13.8
  BNYM Mellon DB NSL Stock Index Fund Rank 39 28 34 28 26 30 22 - 17

BNYM Mellon DB SL SMID Cap Stock Index Fund 27,049,524 9.7 5.3 7.3 7.8 7.3 10.1 11.4 11.3 - 10.7 04/2016
  Russell 2500 Index 5.2 7.3 7.8 7.3 10.0 11.3 11.2 9.8 10.6
  IM U.S. SMID Cap Equity (MF) Median 3.9 5.4 4.6 5.4 5.7 10.2 10.3 9.3 10.0
  BNYM Mellon DB SL SMID Cap Stock Index Fund Rank 24 19 19 19 22 38 41 - 31

International Equity 72,129,082 25.9 3.4 3.0 22.0 3.0 15.1 15.7 - - 6.2 01/2021
  International Equity Benchmark 3.4 3.0 21.9 3.0 14.8 15.6 9.1 7.9 6.4

BNYM Mellon DB NSL International Stock Index Fund 51,124,067 18.4 4.2 2.8 23.1 2.8 14.2 17.4 10.5 - 8.7 04/2016
  MSCI EAFE (Net) 4.3 2.8 22.8 2.8 13.9 17.0 10.2 7.4 8.3
  IM International Large Cap Core Equity (MF) Median 3.6 2.1 21.4 2.1 12.9 15.8 9.5 6.9 7.8
  BNYM Mellon DB NSL International Stock Index Fund Rank 33 24 26 24 35 16 27 - 17

BNYM Mellon DB NSL Emerging Markets Stock Index Fund 21,005,016 7.6 1.5 3.6 19.3 3.6 17.6 10.7 5.0 - 6.9 04/2016
  MSCI Emerging Markets (Net) 1.3 3.3 19.0 3.3 16.8 10.8 5.2 6.9 7.0
  IM Emerging Markets Equity (MF) Median 2.5 3.4 18.6 3.4 16.4 11.3 4.9 6.5 6.7
  BNYM Mellon DB NSL Emerging Markets Stock Index Fund Rank 88 45 43 45 43 63 47 - 45




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and provided by
Lipper. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a statement or data from the
client’s custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of fees unless otherwise stated. The
fund’s inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception. Inception dates for asset class composites
reflect the start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of underlying component strategies.
 Page 40 of 69
 13
Manager Performance
 As of August 31, 2025
 Allocation Performance(%)
 Market
 1 Fiscal 1 3 5 10 Since Inception
 Value % QTD YTD
 Month YTD Year Years Years Years Inception Date
 ($)


Private Equity 417,690 0.2 0.0 0.0 -11.5 0.0 -23.0 -12.6 - - -6.2 01/2021

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

Hamilton Lane VII A 297,321 0.1 0.0 0.0 -12.9 0.0 -24.4 -13.7 -2.8 4.1 6.5 07/2011

Hamilton Lane VII B 119,745 0.0 0.0 0.0 -8.0 0.0 -19.9 -8.8 -5.5 2.5 5.2 07/2011

Real Assets 11,021,143 4.0 0.8 0.3 3.3 0.3 3.9 -7.1 - - -0.2 01/2021

UBS Trumbull Property Fund 7,705,870 2.8 0.0 0.0 2.6 0.0 3.2 -7.4 -0.2 - 0.9 07/2016
  NCREIF Fund Index - ODCE (net) 0.0 0.0 1.7 0.0 2.7 -6.2 2.5 4.4 3.7

DWS RREEF Real Assets R6 3,315,273 1.2 2.7 1.1 9.2 1.1 5.4 4.1 7.5 6.4 3.5 05/2025
  DWS Real Assets Benchmark 3.2 2.4 11.1 2.4 7.4 4.8 7.7 5.6 5.3

Valuations data as of:

Hamilton Lane VII - 3/31/2025
Hamilton Lane II - 12/31/2024
UBS Trumbull Property Fund - 6/30/2025

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

BERS is in the redemption queue for a full liquidation of the UBS Trumbull Property Fund.




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and provided by
Lipper. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a statement or data from the
client’s custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of fees unless otherwise stated. The
fund’s inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception. Inception dates for asset class composites
reflect the start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of underlying component strategies.
 Page 41 of 69
 14
Benchmark History
Total Invested Assets As of August 31, 2025
Account Name From Date To Date Benchmark
Total Invested Assets 04/2025 Present 27.0% Blmbg. U.S. Aggregate, 33.0% S&P 500, 10.0% Russell 2500 Index, 18.0% MSCI EAFE (Net), 7.5% MSCI Emerging
 Markets (Net), 3.0% NCREIF Fund Index - ODCE (net), 1.5% DWS Real Assets Benchmark
 04/2024 04/2025 27.0% Blmbg. U.S. Aggregate, 33.5% S&P 500, 9.5% Russell 2500 Index, 19.0% MSCI EAFE (Net), 7.0% MSCI Emerging
 Markets (Net), 4.0% NCREIF Fund Index - ODCE (net)
 01/2023 04/2024 25.0% Blmbg. U.S. Aggregate, 32.5% S&P 500, 9.0% Russell 2500 Index, 20.5% MSCI EAFE (Net), 7.0% MSCI Emerging
 Markets (Net), 6.0% NCREIF Fund Index - ODCE (net)
 09/2022 01/2023 25.0% Blmbg. U.S. Aggregate, 31.5% S&P 500, 9.0% Russell 2500 Index, 20.5% MSCI EAFE (Net), 7.0% MSCI Emerging
 Markets (Net), 6.0% NCREIF Fund Index - ODCE (net), 1.0% NCREIF Timberland Index
 05/2021 09/2022 18.0% Blmbg. U.S. Aggregate, 31.5% S&P 500, 10.5% Russell 2500 Index, 23.0% MSCI EAFE (Net), 10.0% MSCI Emerging
 Markets (Net), 6.0% NCREIF Fund Index - ODCE (net), 1.0% NCREIF Timberland Index
 12/2019 05/2021 20.0% Blmbg. U.S. Aggregate, 32.0% S&P 500, 18.0% Russell 2500 Index, 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging
 Markets (Net), 8.0% NCREIF Fund Index - ODCE (net), 2.0% NCREIF Timberland Index
 06/2017 12/2019 20.0% Blmbg. Intermed. U.S. Government/Credit, 30.0% S&P 500, 18.0% Russell 2500 Index, 2.0% S&P Completion Index,
 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging Markets (Net), 8.0% NCREIF Fund Index - ODCE (net), 2.0% NCREIF
 Timberland Index
 01/2016 06/2017 28.0% Blmbg. Intermed. U.S. Government/Credit, 30.0% S&P 500, 18.0% Russell 2500 Index, 2.0% S&P Completion Index,
 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging Markets (Net), 2.0% NCREIF Timberland Index
 01/2008 01/2016 20.0% Blmbg. U.S. Aggregate, 32.0% S&P 500, 18.0% Russell 2500 Index, 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging
 Markets (Net), 8.0% NCREIF Fund Index - ODCE (net), 2.0% NCREIF Timberland Index


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




 Page 42 of 69
 15
Benchmark History
Total Invested Assets As of August 31, 2025
Account Name From Date To Date Benchmark
 01/2008 03/2009 20.0% Blmbg. U.S. Aggregate, 32.0% S&P 500, 18.0% Russell 2500 Index, 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging
 Markets (Net), 8.0% NCREIF Fund Index - ODCE (net), 2.0% NCREIF Timberland Index




 Page 43 of 69
 16
 Definitions & Disclosures
 Please note: Due to rounding methodologies of various data providers, certain returns in this report might differ slightly when compared to other sources


REGULATORY DISCLOSURES

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

INDEX DEFINITIONS

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




 Page 44 of 69
 17
 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.




 Page 45 of 69
 18
 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.




 Page 46 of 69
 19
 Tracking Error: Tracking error measures the volatility of the difference in annual returns between the manager and the index. This value is calculated by measuring the standard deviation of the difference between the
 manager and index returns. For example, a tracking error of +/- 5 would mean there is about a 68% chance (1 standard deviation event) that the manager's returns will fall within +/- 5% of the benchmark's annual
 return.
 Information Ratio: The information ratio is a measure of the consistency of excess return. This value is determined by taking the annualized excess return over a benchmark (style benchmark by default) and dividing it by
 the standard deviation of excess return.
 Consistency: Consistency shows the percent of the periods the fund has beaten the index and the percent of the periods the index has beat the fund. A high average for the fund (e.g., over 50) is desirable, indicating the fund
 has beaten theindex frequently.
 Downside Risk: Downside risk is a measure similar to standard deviation but focuses only on the negative movements of the return series. It is calculated by taking the standard deviation of the negative quarterly set
 of returns. The higher the factor, the riskier the product.
 M-Squared: M-squared, or the Modigliani risk-adjusted performance measure is used to characterize how well a portfolio’s return rewards an investor for the amount of risk taken, relative to that of some
 benchmark portfolio and to the risk-free rate.

DEFINITION OF KEY PRIVATE EQUITY TERMS

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

VALUATION POLICY

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

REPORTING POLICY

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




 Page 47 of 69
 20
Custodian reports are the reports that govern the account. There will be different account values between Fiducient Advisors’ reports and the custodian reports based on whether the report utilizes trade date or settlement
date to calculate value. Additionally, difference between values contained on reports may be caused by different accrued income values. Any forecasts represent future expectations and actual returns, volatilities and correlations
will differ from forecasts. This report does not represent a specific investment recommendation. Please consult with your advisor, attorney, and accountant, as appropriate, regarding specific advice. Past performance does
not indicate future performance and there is a possibility of aloss.

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

MATERIAL RISKS & LIMITATIONS

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


OTHER

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

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

CUSTODIAN STATEMENTS

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




 Page 48 of 69
 21
Burlington Employees
Retirement System
Agency Securities Lending



 September 15th 2025

This presentation is the property of The Bank of New York Mellon Corporation, its subsidiaries or affiliates (“BNY”) and is provided solely for informational and
educational purposes. It does not constitute the rendering of legal, tax or accounting advice or other professional advice by BNY to Burlington Employees Retirement
System. The contents of this presentation are confidential to The BNY and to Burlington Employees Retirement System and may not be reproduced or disseminated in
whole or in part in any form without the express written permission of BNY. BNY does not guarantee the accuracy of any information contained herein and while it is
created for the benefit of Burlington Employees Retirement System based on its relationship with Burlington Employees Retirement System and information provided by
Burlington Employees Retirement System, BNY cannot be held liable for any errors in or reliance upon this information. Other than historical information, certain
information herein is subject to change without notice. This is not an offer or solicitation to buy or sell any financial product or to participate in any particular strategy
without further detailed discussion and review by Burlington Employees Retirement System and specific written agreement between Burlington Employees Retirement
System and BNY. Any price or other data used for illustrative purposes may not reflect actual market conditions.




Information Classification: PUBLIC




 Page 49 of 69
 01. Securities Lending Overview
 02. Program Overview
 03. Cash Collateral Investment Overview
 04. Risk Management
 05. Disclaimer and Disclosures
 AGENDA


2 Information Classification: PUBLIC




 Page 50 of 69
 SECURITIES
 LENDING OVERVIEW

 Information Classification: PUBLIC


3 Information Classification: PUBLIC




 Page 51 of 69
 How Does It Work?
 What is
 Securities
 Lending?
 A securities lending transaction is a
 temporary loan of securities
 between a lender (the beneficial
 owner) and an approved borrower.

 The loan is typically short-term and
 secured with collateral, either cash
 or high-quality, eligible securities.

 This transaction is commonly
 facilitated by an agent lender, such
 as BNY, acting on behalf of the
 beneficial owner.




4 Information Classification: PUBLIC
 CONFIDENTIAL




 Page 52 of 69
 Securities Lending Gross Spread Components
 Investment Spread + Intrinsic Spread = Total Securities Lending Spread




 INVESTMENT SPREAD YIELD ON CASH
 COLLATERAL INVESTMENT
 Incremental return provided
 by the client’s unique set of
 investment guidelines
 Total Securities

 TOTAL SPREAD
 INTRINSIC SPREAD BENCHMARK RATE* Lending Spread
 (OBFR, CORRA, €STR, SONIA)
 Unique demand value
 of client’s specific
 lendable securities
 x Loan Volume
 BORROWER DEMAND VALUE
 Total Gross Income

 REBATE RATE
 Positive, above 0% is paid to borrower
 Negative, below 0% is paid by borrower

 * Benchmark rate may be Federal Reserve Bank of New York's Overnight Bank Funding Rate (OBFR), Bank of Canada’s Canadian Overnight Repo Rate Average (CORRA), European Central Bank’s Euro Short Term Rate (€STR) or Bank of England’s Sterling Overnight
 Index Average (SONIA).


5 Information Classification: PUBLIC




 Page 53 of 69
 What Securities Can I Lend? What Collateral Can I Receive?
 Acceptable Cash Collateral:
 • US dollar
 Lendable Securities: • Euro
 • Global Equities • British pound
 • Yen
 • Corporate Bonds • Canadian dollar
 • Government Securities • Australian dollar

 • Sovereign Debt
 Acceptable Non-Cash Collateral
 • Sovereign Debt
 • Global Equities
 • Investment Grade Corporate
 Non-Lendable Securities
 •  Municipal Bonds
 Bonds
 •  Commercial Paper & Money Market • Specific Supranational Debt
 Instruments
 •  Comingled Finds & Other Line Items
 • Specific Equity Index Baskets
 •  Real Estate • ETF
 •  Alternative Investments
 • Convertible Debt

6 Information Classification: PUBLIC
 CONFIDENTIAL




 Page 54 of 69
 PROGRAM OVERVIEW


Information Classification: PUBLIC




 Page 55 of 69
 Financial Highlights
 Revenue & Income Assets & Market Cap Key Ratios1
 FOR 2nd QUARTER 2025 AT June 30, 2025 AT June 30, 2025

 $5.0 BILLION $486 BILLION 11.5%
 Total revenue Total assets CET 1 ratio

 $3.8 BILLION $44 BILLION 14.6%
 Total fee and other revenue Total shareholders’ equity Tier 1 capital ratio

 $1.2 BILLION $64 BILLION 15.6%
 Net interest revenue Market capitalization Total capital ratio

 $1.4 BILLION 76%
 Net income applicable to Fee revenue ratio
 common shareholders for 3 months ended June 30, 2025


 The Bank of New York C R E D IT C AT E G O R Y MO O D Y ’S S&P FIT C H DBRS
 LO N G - T E RM S E N IO R D E P O S ITS Aa1 AA- AA+ AA (High)
 Mellon (contracting entity) –
 LO N G - T E RM S E N IO R D E B T Aa2 AA- AA AA (High)
 Credit Ratings2 S U B O R D IN AT ED D E B T Not Rated A Not Rated Not Rated
 We have consistently received ratings that are
 S H O R T - TER M D E P O S ITS P-1 A-1+ F1+ R-1 (High)
 among the highest in the financial services
 industry from all four major credit rating C O MME R C IAL P AP E R P-1 A-1+ F1+ R-1 (High)
 agencies and for key credit categories. O U T LO OK Stable Stable Stable Stable



 1 - Regulatory capital ratios for June 30, 2025, are preliminary. For our CET1, Tier 1 capital and Total capital ratios, our effective capital ratios under the U.S. capital rules are the lower of the ratios as calculated under the Standardized and Advanced Approaches, which for June
 30, 2025, was the Standardized Approach for the CET1 and Tier 1 capital ratios and the Advanced Approaches for the Total capital ratio. Fee revenue ratio represents total fee revenue as a percentage of total revenue. 2 – At June 30, 2025. A security rating is not a
 recommendation to buy, sell or hold securities. The rating may be subject to revision or withdrawal at any time by the assigning rating organization. Each rating should be evaluated independently of the other ratings.

8 Information Classification: PUBLIC




 Page 56 of 69
 Agency Securities Lending Overview
 Strong, Tenured Industry Leader Committed to the Business

 FOOTPRINT VALUE PROPOSITION


 Unique industry position as the largest agent lender
 DEPTH OF RESOURCES leads to ongoing capital investment in technology
 • Industry's largest program, with $5.6 trillion in and resiliency
 lendable assets and $592 billion on loan1,2
 The Federal Reserve's 2025 bank stress tests once
 SAFETY AND STABILITY
 • With 20.0% of the industry on loan volume and again show the resiliency of our business model and
 11.0% of the industry lendable, BNY captures strength of our balance sheet
 more than its share of the market1,2
 We focus on generating strong performance for our
 CLIENT RETURNS
 • 368 global client relationships2 clients through the combination of spread, utilization
 and duration of loans
 • Active lending in 35 local markets3

 • 6 global trading desks (New York, Pittsburgh, TRANSPARENCY Detailed client reporting accessible 24/7
 Toronto, London, Hong Kong and Singapore)

 • Providing securities lending services since 1977




 1 - Largest program as measured by on-loan assets according to S&P Global Market Intelligence as of Q2 2025.
 2 – June 30, 2025.
 3 - Lendable securities include all DTC eligible securities, American Depositary Receipts (ADR), Global Depositary Receipts (GDR) and fixed income securities held in Euroclear and Clearstream.



9 Information Classification: PUBLIC




 Page 57 of 69
 Benchmarking Summary1 – for the 1-Year Period Ending 6/30/25
 U.S. Equities SL Return to Lendable bps2




 BNY

 3


 BNY outperformed the S&P Global MI Universe by
 0.30 bps or 42.9% better4

 European Equities SL Return to Lendable bps2




 BNY

 3


 BNY outperformed the S&P Global MI Universe by
 0.53 bps or 34.4% better4

 Asian Equities SL Return to Lendable bps2



 BNY

 3


 BNY outperformed the S&P Global MI Universe by
 1.12 bps or 31.3% better4


 1 - Benchmark summary from the above tables provided by S&P Global Market Intelligence queried on July 11, 2025 and is reflected in basis points (bps). Includes cash and non-cash collateral loans. 2 - SL Return to Lendable looks at BNY’s return in relation to the size
 of its Inventory. It considers not only the fee received on the on loan balance but also the amount utilized. This allows comparative analysis across different trading strategies. (Daily SL Return*365 / Lendable Assets*10,000). 3 - Benchmark used: weighted, only by
 dividend, excluding program, which reflects the performance of securities with like dividend entitlements and excludes BNY’s Agency Securities Lending data from the group. 4 - S&P MI Universe refers to the group composite of all providers tracked by S&P Global
 Market Intelligence, excluding BNY.

10 Information Classification: PUBLIC




 Page 58 of 69
 Benchmarking Summary1 – for the 1-Year Period Ending 6/30/25
 All Bonds SL Return to Lendable bps2




 BNY

 3


 BNY outperformed the S&P Global MI Universe by
 0.76 bps or 38.0% better4

 USA Bond (Govt) SL Return to Lendable bps2




 BNY

 3


 BNY outperformed the S&P Global MI Universe by
 1.89 bps or 74.7% better4

 USD Corp Bond SL Return to Lendable bps2




 BNY

 3


 BNY outperformed the S&P Global MI Universe by
 0.27 bps or 16.0% better4


 1 - Benchmark summary from the above tables provided by S&P Global Market Intelligence queried on July 11, 2025 and is reflected in basis points (bps). Includes cash and non-cash collateral loans. 2 - SL Return to Lendable looks at BNY’s return in relation to the size
 of its Inventory. It considers not only the fee received on the on loan balance but also the amount utilized. This allows comparative analysis across different trading strategies. (Daily SL Return*365 / Lendable Assets*10,000). 3 - Benchmark used: weighted, only by
 dividend, excluding program, which reflects the performance of securities with like dividend entitlements and excludes BNY’s Agency Securities Lending data from the group. 4 - S&P MI Universe refers to the group composite of all providers tracked by S&P Global
 Market Intelligence, excluding BNY.

11 Information Classification: PUBLIC




 Page 59 of 69
 Agency Securities Lending Differentiators

 F I N A N C I A L S TA N D I N G A PROGRAM WITH EXPERIENCE,
 The Bank of New York Mellon Corporation: Aa3/A EXPERTISE AND RESOURCES
 The Bank of New York Mellon (contracting entity): Aa2/AA-1 Experienced leadership team with an average
 of 25+ years in financial services and 10+ years
 at BNY

 MARKET SHARE DISASTER RECOVERY
 $5.6 trillion in lendable assets and $592 billion on loan2 Operate from 6 trading desks and 4 operational
 centers across 3 global regions, ensuring redundancy
 of business
 PERFORMANCE
 Consistently outperforming various securities lending COMPREHENSIVE RISK MANAGEMENT
 industry benchmarks3
 Independent team with a comprehensive focus,
 including market, counterparty, collateral and
 operational risks
 T E C H N O LO GY
 Proprietary front end, which enables our traders to
 focus on extracting the optimal value of our
 intrinsic loans while maintaining automation of GC



 1 - Moody's/S&P ratings respectively as of June 30, 2025. 2 - As of June 30, 2025. 3 - S&P Global Market Intelligence benchmarking summary by asset class for securities lending return to lendable for the 1-year period ending June 30, 2025.



12 Information Classification: PUBLIC




 Page 60 of 69
 CASH COLLATERAL
 INVESTMENT OVERVIEW
 Managing the investment of our clients’ cash collateral while leveraging our
 comprehensive, enterprise-wide, independent risk management teams.




Information Classification: PUBLIC




 Page 61 of 69
 Comprehensive Cash Collateral
 Investment Management Capabilities

 INVESTMENT MANAGEMENT CASH
 INVESTMENT
 • Total of US$247 billion (USD equivalent) in total assets DESK
 under management1

 • Managed in the following four different currencies:

  US$219 billion

  CAD$12 billion

  EUR€13 billion

  GBP£4 billion

 • 12 investment professionals dedicated to cash collateral
 investment strategies
 CREDIT & RISK
 • Investment professionals average 17 years at BNY and 22
 MARKET RISK MANAGEMENT
 years in the industry2
 & COMPLIANCE
 • Cash collateral investment professionals are specialized
 by currency with cross-regional trading backup




All data as of June 30, 2025, and includes both BNY Agency Lending and Agency Investment Product (AIP) programs.
1 - Includes assets invested in funds directed by clients or released to clients to manage themselves. 2 - Includes tenure at all BNY affiliates.

14 Information Classification: PUBLIC




 Page 62 of 69
 Risk Controls for Cash Collateral Investment Management


 01. 02. 03. 04.
 Liquidity Risk Credit Risk Interest Rate Risk Market Risk
 Insufficient cash available Principal or interest payments Yield on asset (investment) Cash collateral investments
 within investment portfolio not received as expected is lower than yield on liability sold below par
 to repay borrower (rebate)

 RISK CONTROLS RISK CONTROLS RISK CONTROLS RISK CONTROLS

 • Managed by client’s investment • Managed by client’s • Managed by client’s • Measure daily unrealized
 guidelines investment guidelines investment guidelines gains/losses

 • Target 10% overnight liquidity • Minimum credit ratings • Asset/liability management • Indicative market value NAV

 • Laddered maturities • Issuer concentration limits • Automated rate threshold • Typically, buy-and-hold strategy
 (set maximum rebate)
 • Raise liquidity through lending • Maximum final maturities
 • Short weighted average days
 to reset

 • Limits on fixed rate maturities



15 Information Classification: PUBLIC




 Page 63 of 69
 RISK MANAGEMENT


Information Classification: PUBLIC




 Page 64 of 69
 Enterprise Risk Management Structure
 A Conservative, Independent Corporate Risk Oversight


 CR E D IT ( BOR R OW E R ) R IS K BUS INE S S & OPE R ATIONAL R IS K
 • Independent approval • Assess, analyze & monitor operational risk
 • Ongoing periodic review • Robust business acceptance process and
 • Review of regulatory findings governance structure
 • Review of research by ratings agencies • Review key business process changes and
 and independent analysts new products
 • Multiple points of contact with borrowers • Regular stress testing / scenario analysis
 provides greater transparency • Monitor regulatory changes
 • Continuously update policies & procedures




 COUNTE R PAR TY CR E D IT R IS K M AR KE T R IS K
 ( NON-CAS H COLLATE R AL) ( CAS H COLLATE R AL INVE S TM E NT)
 • Ensures that collateral risks are identified, quantified, • Monitors complex wide issuer concentrations
 risk managed and governed effectively • Conducts stress tests to test NAVs under different
 • Develops and monitors risk reporting for market and default/downgrade scenarios
 collateralized exposures, which include appropriate • Tracks counterparty, maturity profile and market
 risk metrics vis-à-vis established limits risk metrics
 • Identifies, measures and limits wrong-way risk, which • Conducts ABCP and ABS issuer credit research and
 exists when there is a positive correlation between monitoring, new issuer reviews & recommendations
 the risk of the collateral posted by a counterparty and to counterparty credit committee
 the credit of the counterparty
 • Regular stress testing / scenario analysis


17 Information Classification: PUBLIC




 Page 65 of 69
 DISCLAIMER
 AND DISCLOSURES

Information Classification: PUBLIC




 Page 66 of 69
Disclaimers & Disclosures
BNY is the corporate brand of The Bank of New York Mellon Corporation and may be used to reference the corporation as a whole and/or its various group entities. This material and any products and services may be issued or provided
under various brand names of BNY in various countries by duly authorized and regulated subsidiaries, affiliates, and joint ventures of BNY, which may include any of those listed below:

This material may not be distributed or used for the purpose of providing any referenced products or services or making any offers or solicitations in any jurisdiction or in any circumstances in which such products, services, offers or solicitations are
unlawful or not authorized, or where there would be, by virtue of such distribution, new or additional registration requirements.

The Bank of New York Mellon, a banking corporation organized pursuant to the laws of the State of New York, whose registered office is at 240 Greenwich St, NY, NY 10286, USA. The Bank of New York Mellon is supervised and regulated by the New
York State Department of Financial Services and the Federal Reserve and is authorized by the Prudential Regulation Authority (“PRA”) (Firm Reference Number: 122467).

The Bank of New York Mellon also operates in the UK through its London branch (Companies House number FC005522 and UK establishment number BR025038) with registered office at 160 Queen Victoria Street, London, EC4V 4LA and is subject to
regulation by the Financial Conduct Authority (“FCA”) and limited regulation by the PRA. Details about the extent of our regulation by the PRA are available from us on request.

The Bank of New York Mellon operates in Germany through its Frankfurt branch The Bank of New York Mellon Filiale Frankfurt am Main and has its registered office at Friedrich-Ebert-Anlage 49, 60327 Frankfurt am Main, Germany (Zweigniederlassung
registered in Germany with Registration No. HRB 12731). It is under the supervision of the German Central Bank and the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, (“BaFin”), Marie-Curie-Str. 24-28, 60439
Frankfurt, Germany) under BaFin-ID 10100253.

The Bank of New York Mellon SA/NV, a Belgian public limited liability company, organized and existing under the laws of Belgium, registered with the Crossroad Bank for Enterprises under number 0806.743.159, whose registered office is at Boulevard
Anspachlaan 1, B-1000 Brussels, Belgium, authorized and regulated as a significant credit institution by the European Central Bank (“ECB”) under the prudential supervision of the National Bank of Belgium (“NBB”) and under the supervision of the
Belgian Financial Services and Markets Authority (“FSMA”) for conduct of business rules, is a subsidiary of The Bank of New York Mellon.

The Bank of New York Mellon SA/NV operates in Ireland through its Dublin branch at Riverside II, Sir John Rogerson's Quay Grand Canal Dock, Dublin 2, D02KV60, Ireland and is registered with the Companies Registration Office in Ireland No. 907126
& with VAT No. IE 9578054E. The Bank of New York Mellon SA/NV, Dublin Branch is subject to additional regulation by the Central Bank of Ireland for Depository Services and for conduct of business rules.

The Bank of New York Mellon SA/NV operates in Germany through its Frankfurt branch The Bank of New York Mellon SA/NV, Asset Servicing, Niederlassung Frankfurt am Main, and has its registered office at MesseTurm, Friedrich-Ebert-Anlage 49,
60327 Frankfurt am Main, Germany (Zweigniederlassung registered in Germany with registration No. HRB 87912). It is subject to limited additional supervision by the Federal Financial Supervisory Authority (Bundesanstalt für
Finanzdienstleistungsaufsicht (“BaFin”), Marie-Curie-Str. 24-28, 60439 Frankfurt, Germany) under BaFin ID 10122721.

The Bank of New York Mellon SA/NV operates in the Netherlands through its Amsterdam branch at Tribes SOM2 Building, Claude Debussylaan 7, 1082 MC Amsterdam, the Netherlands, registered with the Dutch Chamber of Commerce under
registration number 34363596. The Bank of New York Mellon SA/NV, Amsterdam Branch is subject to limited additional supervision by the Dutch Central Bank (“De Nederlandsche Bank” or “DNB”) on integrity issues only. DNB holds office at
Spaklerweg 4, 1096 BA Amsterdam, the Netherlands.

The Bank of New York Mellon SA/NV operates in Luxembourg through its Luxembourg branch at 2-4 rue Eugene Ruppert, Vertigo Building – Polaris, L- 2453, Luxembourg. The Bank of New York Mellon SA/NV, Luxembourg Branch (registered with the
Luxembourg Registre de Commerce et des Sociétés under number B105087) is subject to limited additional regulation by the Commission de Surveillance du Secteur Financier at 283, route d’Arlon, L-1150 Luxembourg for conduct of business rules,
and in its role as depositary and administration agent for undertakings for collective investments (UCIs).

The Bank of New York Mellon SA/NV operates in France through its Paris branch at 7 Rue Scribe, Paris, Paris 75009, France. The Bank of New York Mellon SA/NV, Paris Branch is subject to limited additional regulation by Secrétariat Général de l’Autorité
de Contrôle Prudentiel at Première Direction du Contrôle de Banques (DCB 1), Service 2, 61, Rue Taitbout, 75436 Paris Cedex 09, France (registration number (SIREN) Nr. 538 228 420 RCS Paris - CIB 13733).

The Bank of New York Mellon SA/NV operates in Italy through its Milan branch at Via Mike Bongiorno no. 13, Diamantino building, 5th floor, Milan, 20124, Italy. The Bank of New York Mellon SA/NV, Milan Branch is subject to limited additional
regulation by Banca d’Italia - Sede di Milano at Divisione Supervisione Banche, Via Cordusio no. 5, 20123 Milano, Italy (registration number 03351).

The Bank of New York Mellon SA/NV operates in Denmark as The Bank of New York Mellon SA/NV, Copenhagen Branch, filial af The Bank of New York Mellon SA/NV, Belgien, CVR no. 41820063, and has its registered office at Strandvejen 125,1. DK-
2900Hellerup, Denmark. It is subject to limited additional regulation by the Danish Financial Supervisory Authority (Finanstilsynet,Strandgade 29, DK-1401 Copenhagen K, Denmark).


19 Information Classification: PUBLIC




 Page 67 of 69
Disclaimers & Disclosures
The Bank of New York Mellon SA/NV operates in Spain through its Madrid branch with registered office at Calle José Abascal 45, Planta 4ª, 28003, Madrid, and enrolled on the Reg. Mercantil de Madrid, Tomo 41019, folio 185 (M-727448). The Bank of
New York Mellon, Sucursal en España is registered with Banco de España (registration number 1573).

The Bank of New York Mellon (International) Limited is registered in England & Wales with Company No. 03236121 with its Registered Office at 160 Queen Victoria Street, London EC4V 4LA. The Bank of New York Mellon (International) Limited is
authorized by the PRA and regulated by the FCA and the PRA.

BNY Mellon Fund Services (Ireland) Designated Activity Company is registered with Company No 218007, having its registered office at One Dockland Central, Guild Street, IFSC, Dublin 1, Ireland. It is regulated by the Central Bank of Ireland.

Regulatory information in relation to the above BNY entities operating out of Europe can be accessed at the following website: https://www.bny.com/RID.
For clients located in Switzerland
To the extent no financial instruments or financial services are being provided under the Swiss Financial Services Act ("FinSA") the information provided herein does not constitute an offer of financial instrument or an offer to provide financial service in
Switzerland pursuant to or within the meaning of the FinSA and its implementing ordinance.

In respect of (i) non-financial instruments/services and/or OTC derivatives and (ii) financial instruments/services within the meaning of FinSA (other than OTC derivatives): This is solely an advertisement pursuant to or within the meaning of FinSA and its
implementing ordinance. This contains an advertisement pursuant to or within the meaning of FinSA and its implementing ordinance.In respect of OTC derivatives, including FX: Please be informed that The Bank of New York Mellon and The Bank of
New York Mellon SA/NV enter into OTC derivative transactions as a counterparty, i.e. acting for their own account or for the account of one of their affiliates. As a result, where you enter into any OTC derivative transactions (including (i) OTC derivatives
and (ii) financial instruments/services within the meaning of FinSA (other than OTC derivatives)) with us, you will not be considered a "client" (within the meaning of the FinSA) and you will not benefit from the protections otherwise afforded to clients
under FinSA. Accordingly, this should not be considered an advertisement with respect to such transactions pursuant to or within the meaning of FinSA and its implementing ordinance.

The Bank of New York Mellon, Singapore Branch, is subject to regulation by the Monetary Authority of Singapore. The Bank of New York Mellon, Hong Kong Branch (a branch of a banking corporation organized and existing under the laws of the State
of New York with limited liability), is subject to regulation by the Hong Kong Monetary Authority and the Securities & Futures Commission of Hong Kong.

For recipients of this information located in Singapore: This material has not been reviewed by the Monetary Authority of Singapore.

The Bank of New York Mellon, Seoul Branch, is a licensed foreign bank branch in Korea and regulated by the Financial Services Commission and the Financial Supervisory Service. The Bank of New York Mellon, Seoul Branch, is subject to local
regulation (e.g. the Banking Act, the Financial Investment Services and Capital Market Act, and the Foreign Exchange Transactions Act etc.)

The Bank of New York Mellon, Shanghai Branch (Financial Licence No. B0078B231000001) and the Bank of New York Mellon, Beijing Branch (Financial Licence No. B0078B211000001) are licensed foreign bank branches registered in the People’s
Republic of China and are supervised and regulated by the National Financial Regulatory Administration.

The Bank of New York Mellon is regulated by the Australian Prudential Regulation Authority and also holds an Australian Financial Services Licence No. 527917 issued by the Australian Securities and Investments Commission to provide financial services
to wholesale clients in Australia.

Where a document is issued or distributed in Australia by The Bank of New York Mellon on behalf of BNY Mellon Australia Pty Ltd (ACN 113 947 309) located at Level 2, 1 Bligh Street, Sydney NSW 2000, and relates to products and services of BNY
Mellon Australia Pty Ltd or one of its subsidiaries, note that The Bank of New York Mellon does not provide these products or services. None of BNY Mellon Australia Pty Ltd or its subsidiaries is an authorized deposit-taking institution and the obligations
of BNY Mellon Australia Pty Ltd or its subsidiaries do not represent investments, deposits or other liabilities of The Bank of New York Mellon. Neither The Bank of New York Mellon nor any of its related entities stands behind or guarantees obligations of
BNY Mellon Australia Pty Ltd.

The Bank of New York Mellon has various other subsidiaries, affiliates, branches and representative offices in the Asia-Pacific Region which are subject to regulation by the relevant local regulator in that jurisdiction.

The Bank of New York Mellon, Tokyo Branch, is a licensed foreign bank branch in Japan and regulated by the Financial Services Agency of Japan. The Bank of New York Mellon Trust (Japan), Ltd., is a licensed trust bank in Japan and regulated by the
Financial Services Agency of Japan. The Bank of New York Mellon Securities Company Japan Ltd. is a registered type 1 financial instruments business operator in Japan and regulated by the Financial Services Agency of Japan.



20 Information Classification: PUBLIC




 Page 68 of 69
Disclaimers & Disclosures
The Bank of New York Mellon, DIFC Branch, regulated by the Dubai Financial Services Authority (“DFSA”) and located at DIFC, The Exchange Building 5 North, Level 6, Room 601, P.O. Box 506723, Dubai, UAE, on behalf of The Bank of New York
Mellon, which is a wholly-owned subsidiary of The Bank of New York Mellon Corporation.

The Bank of New York Mellon, Abu Dhabi Global Market Branch, regulated by the Abu Dhabi Global Market Financial Services Regulatory Authority (financial services permission number 190021) located at Level 4, Al Maryah Tower, Al Maryah Island,
Abu Dhabi on behalf of The Bank of New York Mellon, which is a wholly owned subsidiary of The Bank of New York Mellon Corporation.

The Bank of New York Mellon has various subsidiaries and representative offices in the Latin America Region which are subject to specific regulation by the relevant local regulator in each jurisdiction.

BNY Mellon Saudi Financial Company is licensed and regulated by the Capital Market Authority, License number 20211-04, located in Alfaisaliah Tower, 18th Floor, King Fahad Road, P.O. Box 99936 Riyadh 11625, Kingdom of Saudi Arabia.

BNY Pershing is the umbrella name for Pershing LLC (member FINRA, SIPC and NYSE), Pershing Advisor Solutions (member FINRA and SIPC), Pershing Holdings (UK) Limited, Pershing Limited (UK), Pershing Securities Limited (UK), Pershing Securities
International Limited (Ireland), Pershing (Channel Islands) Limited, Pershing Securities Singapore Private Limited, and Pershing India Operational Services Pvt Ltd. BNY Pershing businesses also include Pershing X, Inc. a technology provider. Pershing
LLC is a member of SIPC, which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). Explanatory brochure available upon request or at sipc.org. SIPC does not protect against loss due to market
fluctuation. SIPC protection is not the same as, and should not be confused with, FDIC insurance.

Past performance is not a guide to future performance of any instrument, transaction or financial structure and a loss of original capital may occur. Calls and communications with BNY may be recorded, for regulatory and other reasons.

Disclosures in relation to certain other BNY group entities can be accessed at the following website: https://www.bny.com/corporate/emea/en/disclaimers/eu-disclosures.html.

This material is intended for wholesale/professional clients (or the equivalent only), and is not intended for use by retail clients and no other person should act upon it. Persons who do not have professional experience in matters relating to investments
should not rely on this material. BNY will only provide the relevant investment services, and this material is only being distributed, to investment professionals.

Not all products and services are offered in all countries.

If distributed in the UK, this material is a financial promotion. If distributed in the EU, this material is a marketing communication.

This material, which may be considered advertising (but shall not be considered advertising under the laws and regulations of Singapore), is for general information purposes only and is not intended to provide legal, tax, accounting, investment,
financial or other professional counsel or advice on any matter. This material does not constitute a recommendation or advice by BNY of any kind. Use of our products and services is subject to various regulations and regulatory oversight. You should
discuss this material with appropriate advisors in the context of your circumstances before acting in any manner on this material or agreeing to use any of the referenced products or services and make your own independent assessment (based on such
advice) as to whether the referenced products or services are appropriate or suitable for you.

This material may not be comprehensive or up to date and there is no undertaking as to the accuracy, timeliness, completeness or fitness for a particular purpose of information given. BNY will not be responsible for updating any information contained
within this material and opinions and information contained herein are subject to change without notice. BNY assumes no direct or consequential liability for any errors in or reliance upon this material.

Any references to dollars are to US dollars unless specified otherwise.

This material may not be reproduced or disseminated in any form without the prior written permission of BNY. Trademarks, logos and other intellectual property marks belong to their respective owners.

Neither BNY nor any of its respective officers, employees or agents are, by virtue of providing the materials or information contained herein, acting as an adviser to any recipient (including a “municipal advisor” within the meaning of Section 15B of the
Securities Exchange Act of 1934, as amended, “Section 15B”), do not owe a fiduciary duty to the recipient hereof pursuant to Section 15B or otherwise, and are acting only for their own interests.

All screen shots, charts, graphs, tables and the information contained thereon are for illustrative purposes only.

The Bank of New York Mellon, member of the Federal Deposit Insurance Corporation (“FDIC”). Please note that many products and affiliates of The Bank of New York Mellon are NOT covered by FDIC insurance.

© 2025 The Bank of New York Mellon Corporation. All rights reserved.
21 Information Classification: PUBLIC




 Page 69 of 69

BURLINGTON RETIREMENT BOARD
 BUSHOR CONFERENCE ROOM, 149 CHURCH STREET, 1ST FLOOR
 MINUTES OF MEETING
 September 15, 2025




1. Agenda
1. Agenda
Chair Hooper convened the meeting at 9:31 am.

Members present: CAO Schad, Chair Hooper, Board Members Blake, Olsen and Mount (all in person); Board
Members Kasti and Dow (both online)
Member absent: Board Member Dalla Mura
Others present: DOF Kukenberger and Kate Pizzi (both in person); Assistant City Attorney McClenahan and
Chris Rowlins (both online)

Subject 1.1. Motion to adopt agenda
Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025,
 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
1.1. Motion to adopt agenda
Motion made by Board Member Blake, seconded by Board Member Olsen, to adopt the agenda as presented
with the following amendment: Board Member Blake made a motion, seconded by Board Member Mount, to
make the RFQ agenda item after the Fiducient update. Motion passed unanimously.


2. Public Forum
2. Public Forum
None.

3. Minutes
3. Minutes

Subject 3.1. August 18, 2025 Retirement Board Meeting Minutes - CT
Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025,
 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor
Category 3. Minutes

Department Clerk/Treasurer's Office


Type Action
 Information
 Minutes


Recommended Action approve the minutes
3.1. August 18, 2025 Retirement Board Meeting Minutes - CT
Motion made by Board Member Mount, seconded by Board Member Olsen, to approve the minutes. Motion
passed unanimously.


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

Subject 4.1. Alec P. Johnson, Class B $23,363.01; Effective Date of Benefit:
 10/01/25
Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025,
 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Alec P. Johnson
4.1. Alec P. Johnson, Class B $23,363.01; Effective Date of Benefit: 10/01/25


Subject 4.2. Claire Marie Theoret, Class B $4,117.06; Effective Date of Benefit:
 09/01/25
Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025,
 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Claire Marie Theoret
4.2. Claire Marie Theoret, Class B $4,117.06; Effective Date of Benefit: 09/01/25


Subject 4.3. Sarah H. Timm, Class B $7,080.69; Effective Date of Benefit:
 10/01/25
Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025,
 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Sarah M. Timm
4.3. Sarah H. Timm, Class B $7,080.69; Effective Date of Benefit: 10/01/25


Subject 4.4. Jared M. Markovsky, Class A $24,008.71; Effective Date of Benefit:
 10/01/25
Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025,
 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Jared M. Markovsky
4.4. Jared M. Markovsky, Class A $24,008.71; Effective Date of Benefit: 10/01/25


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

Subject 5.1. Michael D. Lachance, Class A $12,909.72; Effective Date of Benefit:
 09/01/25; Payment Date: 09/15/25
Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025,
 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Michael D. Lachance
5.1. Michael D. Lachance, Class A $12,909.72; Effective Date of Benefit: 09/01/25; Payment Date: 09/15/25


Subject 5.2. Lorand Z. Codrean, Class B $3,000.19; Effective Date of Benefit:
 09/01/25; Payment Date: 09/15/25
Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025,
 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Lorand Z. Codrean
5.2. Lorand Z. Codrean, Class B $3,000.19; Effective Date of Benefit: 09/01/25; Payment Date: 09/15/25


Subject 5.3. Ellen E. Wollensack, Class B $266.55; Effective Date of Benefit:
 09/01/25; Payment Date: 09/15/25
Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025,
 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Ellen E. Wollensack
5.3. Ellen E. Wollensack, Class B $266.55; Effective Date of Benefit: 09/01/25; Payment Date: 09/15/25


Subject 5.4. Joanne M. Putzier, Class B $3,345.79; Effective Date of Benefit:
 08/01/25; Payment Date: 09/15/25
Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025,
 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Joanne M. Putzier
5.4. Joanne M. Putzier, Class B $3,345.79; Effective Date of Benefit: 08/01/25; Payment Date: 09/15/25


Subject 5.5. Gillian L. Nanton, Class B $1,269.92; Effective Date of Benefit:
 08/01/25; Payment Date: 08/15/25
Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025,
 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration
Type Action


Recommended Action approve retirement application for Gillian L. Nanton
5.5. Gillian L. Nanton, Class B $1,269.92; Effective Date of Benefit: 08/01/25; Payment Date: 08/15/25


6. Administrative Update
6. Administrative Update

Subject 6.1. RFQ Investment Advisory Services - CT
Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025,
 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor


Category 6. Administrative Update

Department Clerk/Treasurer's Office


Type Discussion
 Information
 Action


Recommended Action to review and consider for approval
6.1. RFQ Investment Advisory Services - CT
Motion made by Board Member Blake, seconded by Board Member Olsen, to adopt the motion as followed:
the Board approved the issuance of the RFQ with the addition of DB Admin Services to Section 4 - scope of
work. Motion passed unanimously.


7. Fiducient
7. Fiducient

Subject 7.1. Investment Review as of August 31, 2025
Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025,
 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor
Category 7. Fiducient
Department Retirement Administration


Type Information
 Discussion
 Presentation


7.1. Investment Review as of August 31, 2025
Kate Pizzi and Chris Rowlins spoke to this agenda item.


Subject 7.2. Education Topic: Securities Lending from BNY Mellon Representatives
Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025,
 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor
Category 7. Fiducient
Department Retirement Administration


Type Discussion
 Information
 Presentation


7.2. Education Topic: Securities Lending from BNY Mellon Representatives
Michael McDermott from BNY spoke to this agenda item.


Subject 7.3. Fiducient Update
Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025,
 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor
Category 7. Fiducient
Department Retirement Administration


Type Information
 Discussion


7.3. Fiducient Update
Kate Pizzi and Chris Rowlins spoke to this agenda item.


8. Adjournment
8. Adjournment

Subject 8.1. Motion to adjourn
Meeting September 15, 2025 - Retirement Board Meeting - Monday, September 15, 2025,
 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor


Category 8. Adjournment

Department Retirement Administration


Type Action
 Procedural


Recommended Action Motion to adjourn
8.1. Motion to adjourn
Chair Hooper adjourned the meeting at 11:21 am.