Retirement Board — Burlington, VT
Date: 2026-06-15
Time: 09:30

Retirement Board

  Monday, June 15, 2026, 9:30 AM, Bushor Conference Room, 149 Church Street, 1st
 Floor

Join from PC, Mac, iPad, or Android:

https://zoom.us/j/99904554335

Phone one-tap:

+13052241968, 99904554335# US

Join via audio:

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Webinar ID: 999 0455 4335

International numbers available: https://zoom.us/u/aBZdLeOWD




1. Agenda
 Subject 1.1. Motion to adopt agenda
 Meeting June 15, 2026 - Retirement Board Meeting - Monday, June 15, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


 Category 1. Agenda

 Department Retirement Administration


 Type Action
 Procedural


 Recommended Action Motion to adopt agenda

2. Class B Board Member Nominations
 Subject 2.1. Open nominations for one (1) Class B Retirement Board member seat
 Meeting June 15, 2026 - Retirement Board Meeting - Monday, June 15, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor
  Category 2. Class B Board Member Nominations

  Department Retirement Administration


  Type Action
 Procedural


  Recommended Action Open the floor for nominations for one (1) Class B member seat. Class B membership
 consists of all system members who are not police officers or firefighters. One Class B
 seat is currently held by a member from Burlington Electric Department; under City
 ordinance no two Class A or Class B members may be employed by the same
 department, so nominees must be from a different City department. Each nomination
 requires a nominating Class B employee and a second from another Class B employee.
 Nominations may be made by Class B members present (in person or via Zoom), and
 nominations submitted in writing in advance will be accepted and read into the record.
 Nominations received at this meeting will be placed on the ballot for the Class B election
 to be held June 23–25, 2026.

3. Public Forum

4. Minutes
  Subject 4.1. May 5, 2026 Retirement Board Meeting Minutes - C/T
  Meeting June 15, 2026 - Retirement Board Meeting - Monday, June 15, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor
  Category 4. Minutes
  Department Department of Finance and Administration


  Type Action
 Information
 Minutes



5. Approve Return of Contributions
  Subject 5.1. Nusret Mustafic, Class B $71.50; Effective Date of Benefit: 06/01/26
  Meeting June 15, 2026 - Retirement Board Meeting - Monday, June 15, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 5. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Nusret Mustafic

  Subject 5.2. Joanna E. Robinson, Class B $7,449.14; Effective Date of Benefit:
 06/01/26
  Meeting June 15, 2026 - Retirement Board Meeting - Monday, June 15, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 5. Approve Return of Contributions

  Department Retirement Administration
Type Action


Recommended Action approve return of contribution for Joanna E. Robinson

Subject 5.3. Bleonard Ademi, Class B $5,644.57; Effective Date of Benefit: 06/01/26
Meeting June 15, 2026 - Retirement Board Meeting - Monday, June 15, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Bleonard Ademi

Subject 5.4. Jacob S. Baldwin, Class B $3,510.11; Effective Date of Benefit: 06/01/26
Meeting June 15, 2026 - Retirement Board Meeting - Monday, June 15, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Jacob S. Baldwin

Subject 5.5. Gwendolyn Marquis, Class B $5,521.88; Effective Date of Benefit:
 05/01/26
Meeting June 15, 2026 - Retirement Board Meeting - Monday, June 15, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Gwendolyn Marquis

Subject 5.6. Jonathan M. Sumner, Class B $20,923.91; Effective Date of Benefit:
 05/01/26
Meeting June 15, 2026 - Retirement Board Meeting - Monday, June 15, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Return of Contributions

Department Retirement Administration


Type Action
  Recommended Action approve return of contribution for Jonathan M. Sumner

  Subject 5.7. Jenal E. Dumas, Class B $5,944.95; Effective Date of Benefit: 05/01/26
  Meeting June 15, 2026 - Retirement Board Meeting - Monday, June 15, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 5. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Jenal E. Dumas

  Subject 5.8. Jacob Alfar, Class B $711.87; Effective Date of Benefit: 06/01/26
  Meeting June 15, 2026 - Retirement Board Meeting - Monday, June 15, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 5. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Jacob Alfar

6. Approve Retirement Application
  Subject 6.1. Laurie A. Buker, Class B $561.71; Effective Date of Benefit: 05/01/26;
 Payment Date: 05/15/26
  Meeting June 15, 2026 - Retirement Board Meeting - Monday, June 15, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 6. Approve Retirement Application

  Department Retirement Administration


  Type Action


  Recommended Action approve retirement application for Laurie A. Buker

7. Presentation By USI On FY25 Valuation
  Subject 7.1. Presentation By USI On FY25 Valuation
  Meeting June 15, 2026 - Retirement Board Meeting - Monday, June 15, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor
  Category 7. Presentation By USI On FY25 Valuation
  Department Retirement Administration


  Type Presentation
 Information
 Discussion
8. Administrative Update

9. Fiducient
  Subject 9.1. Monthly Performance Update - May 2026
  Meeting June 15, 2026 - Retirement Board Meeting - Monday, June 15, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor
  Category 9. Fiducient
  Department Retirement Administration


  Type Report
 Information



10. Adjournment
  Subject 10.1. Motion to adjourn
  Meeting June 15, 2026 - Retirement Board Meeting - Monday, June 15, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 10. Adjournment

  Department Retirement Administration


  Type Action
 Procedural


  Recommended Action Motion to adjourn

Retirement Board

  Monday, June 15, 2026, 9:30 AM, Bushor Conference Room, 149 Church Street, 1st
 Floor

Join from PC, Mac, iPad, or Android:

https://zoom.us/j/99904554335

Phone one-tap:

+13052241968, 99904554335# US

Join via audio:

+1 305 224 1968 US

Webinar ID: 999 0455 4335

International numbers available: https://zoom.us/u/aBZdLeOWD




1. Agenda
 Subject 1.1. Motion to adopt agenda
 Meeting June 15, 2026 - Retirement Board Meeting - Monday, June 15, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


 Category 1. Agenda

 Department Retirement Administration


 Type Action
 Procedural


 Recommended Action Motion to adopt agenda

2. Class B Board Member Nominations
 Subject 2.1. Open nominations for one (1) Class B Retirement Board member seat
 Meeting June 15, 2026 - Retirement Board Meeting - Monday, June 15, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor




 Page 1 of 100
  Category 2. Class B Board Member Nominations

  Department Retirement Administration


  Type Action
 Procedural


  Recommended Action Open the floor for nominations for one (1) Class B member seat. Class B membership
 consists of all system members who are not police officers or firefighters. One Class B
 seat is currently held by a member from Burlington Electric Department; under City
 ordinance no two Class A or Class B members may be employed by the same
 department, so nominees must be from a different City department. Each nomination
 requires a nominating Class B employee and a second from another Class B employee.
 Nominations may be made by Class B members present (in person or via Zoom), and
 nominations submitted in writing in advance will be accepted and read into the record.
 Nominations received at this meeting will be placed on the ballot for the Class B election
 to be held June 23–25, 2026.

3. Public Forum

4. Minutes
  Subject 4.1. May 5, 2026 Retirement Board Meeting Minutes - C/T
  Meeting June 15, 2026 - Retirement Board Meeting - Monday, June 15, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor
  Category 4. Minutes
  Department Department of Finance and Administration


  Type Action
 Information
 Minutes



5. Approve Return of Contributions
  Subject 5.1. Nusret Mustafic, Class B $71.50; Effective Date of Benefit: 06/01/26
  Meeting June 15, 2026 - Retirement Board Meeting - Monday, June 15, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 5. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Nusret Mustafic

  Subject 5.2. Joanna E. Robinson, Class B $7,449.14; Effective Date of Benefit:
 06/01/26
  Meeting June 15, 2026 - Retirement Board Meeting - Monday, June 15, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 5. Approve Return of Contributions

  Department Retirement Administration



 Page 2 of 100
Type Action


Recommended Action approve return of contribution for Joanna E. Robinson

Subject 5.3. Bleonard Ademi, Class B $5,644.57; Effective Date of Benefit: 06/01/26
Meeting June 15, 2026 - Retirement Board Meeting - Monday, June 15, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Bleonard Ademi

Subject 5.4. Jacob S. Baldwin, Class B $3,510.11; Effective Date of Benefit: 06/01/26
Meeting June 15, 2026 - Retirement Board Meeting - Monday, June 15, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Jacob S. Baldwin

Subject 5.5. Gwendolyn Marquis, Class B $5,521.88; Effective Date of Benefit:
 05/01/26
Meeting June 15, 2026 - Retirement Board Meeting - Monday, June 15, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Gwendolyn Marquis

Subject 5.6. Jonathan M. Sumner, Class B $20,923.91; Effective Date of Benefit:
 05/01/26
Meeting June 15, 2026 - Retirement Board Meeting - Monday, June 15, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Return of Contributions

Department Retirement Administration


Type Action




 Page 3 of 100
  Recommended Action approve return of contribution for Jonathan M. Sumner

  Subject 5.7. Jenal E. Dumas, Class B $5,944.95; Effective Date of Benefit: 05/01/26
  Meeting June 15, 2026 - Retirement Board Meeting - Monday, June 15, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 5. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Jenal E. Dumas

  Subject 5.8. Jacob Alfar, Class B $711.87; Effective Date of Benefit: 06/01/26
  Meeting June 15, 2026 - Retirement Board Meeting - Monday, June 15, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 5. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Jacob Alfar

6. Approve Retirement Application
  Subject 6.1. Laurie A. Buker, Class B $561.71; Effective Date of Benefit: 05/01/26;
 Payment Date: 05/15/26
  Meeting June 15, 2026 - Retirement Board Meeting - Monday, June 15, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 6. Approve Retirement Application

  Department Retirement Administration


  Type Action


  Recommended Action approve retirement application for Laurie A. Buker

7. Presentation By USI On FY25 Valuation
  Subject 7.1. Presentation By USI On FY25 Valuation
  Meeting June 15, 2026 - Retirement Board Meeting - Monday, June 15, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor
  Category 7. Presentation By USI On FY25 Valuation
  Department Retirement Administration


  Type Presentation
 Information
 Discussion




 Page 4 of 100
8. Administrative Update

9. Fiducient
  Subject 9.1. Monthly Performance Update - May 2026
  Meeting June 15, 2026 - Retirement Board Meeting - Monday, June 15, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor
  Category 9. Fiducient
  Department Retirement Administration


  Type Report
 Information



10. Adjournment
  Subject 10.1. Motion to adjourn
  Meeting June 15, 2026 - Retirement Board Meeting - Monday, June 15, 2026, 9:30 AM, Bushor
 Conference Room, 149 Church Street, 1st Floor


  Category 10. Adjournment

  Department Retirement Administration


  Type Action
 Procedural


  Recommended Action Motion to adjourn




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




 Nusret Mustafic




June 4, 2026



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

Dear Nusret Mustafic:

We had previously sent you a Pension Distribution Kit related to your benefit from the above Plan. As noted
in that package, since you did not make an election by June 1, 2026, your return of employee contributions
benefit will be automatically rolled into an IRA managed by Schwab. Your benefit has been recalculated to
include interest through June 1, 2026. Your final benefit amount payable as a return of employee
contributions is $71.50. This amount will be rolled over into the IRA as soon as administratively possible.


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

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

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

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




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




 Jacob S. Baldwin




May 28, 2026


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

Dear Jacob S. Baldwin:

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 June 1, 2026 is $3,510.11. You will receive
this amount, less any withholding.

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

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

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

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




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Burlington Employees’ Retirement System
REVIEW OF THE JULY 1, 2025 ACTUARIAL VALUATION



 Richard S. Sych, FSA, MAAA, Enrolled Actuary Robert P. Lessard, ASA, MAAA, Enrolled Actuary
 Partner | Senior Vice President, Retirement Services Assistant Vice President, Consulting Actuary
 USI Consulting Group
 June 15, 2026


©2026 USI Consulting Group | All rights reserved.
 Page 28 of 100
 Today’s
 Agenda
1 Purpose of the Valuation 4 Funded Status
2 Summary of Results – Overview 5 Employer Contribution (ADEC)
3 Valuation Results – Executive Summary 6 Asset Information




 ©2026 USI Consulting Group. All rights reserved. | 1
 Page 29 of 100
Purpose of the Valuation
The ultimate cost of a pension plan is based primarily on the level of benefits
promised by the plan. The pension fund’s investment earnings serve to reduce the
cost of plan benefits and expenses. Thus,



 City’s Ultimate cost = Benefits Paid + Expenses Incurred – Investment Return – Employee Contributions




 Actuarial Valuation utilizes an actuarial cost method to assign a portion of this
  “ultimate cost” to the budget year. The valuation does not determine the cost
  of the plan but is a tool used to determine the appropriate level of City
  contributions.

 Actuarially Determined Employer Contribution (ADEC) developed from the
  valuation is comprised of two components: amortization of unfunded liability
  (currently 20-year “layered” amortization) & normal cost (assignment of
  benefits “earned” for the budget year).

 ©2026 USI Consulting Group. All rights reserved. | 2
 Page 30 of 100
Summary of Results - Overview

 Funded Ratio (Assets divided by Actuarial Liability) is 68.5%, vs. 66.3% for 2024
 Plan’s Funded Ratio compares with 76.7% in NASRA survey for FYE 2024
 Actuarially Determined Employer Contribution (ADEC) is $15.414 M (FYE 2027), vs.
 $15.479 M (FYE 2026)
 Asset experience – +9.5% actuarial (5-year smoothed) return, vs. the 7.1%
 assumption (12.6% on a market value basis) : ADEC impact : -$458K
 Assumption changes – none
 Plan changes – Class A compulsory retirement age change : ADEC impact : +$40K
 Other plan experience:
 o Expected increase in normal cost (continuing actives) : ADEC impact : +$129K
 o Salary increases : ADEC impact : +$113K
 o New entrants : ADEC impact : +$66K
 o Other demographic experience : ADEC impact : +$45K




 ©2026 USI Consulting Group. All rights reserved. | 3
 Page 31 of 100
Assumption Discussion

 Investment return – The assumption remains at 7.10% for the 2025 actuarial
 valuation. NASRA survey (April 2026) shows an average assumption of 6.91%
 (median 7.00%) for large public sector pension funds. The long-term expected
 nominal rate of return based on the current asset mix and capital market
 assumptions from the investment advisor for BERS supports the current 7.10%
 assumption, producing an expected return of 7.48%. VT State Employees and VT
 Teachers both use 7.00%. We publish an annual public sector survey in CT, and the
 median assumption for pension plans as of June 30, 2025 over $100M was 6.75%.
 Mortality tables – A new public sector study, Pub-2016, was released in May 2025
 by the Society of Actuaries. The mortality assumption for BERS will next be
 evaluated during the upcoming formal Experience Study, which is scheduled to
 occur in 2028.
 Mortality projection scale – There was not an annual mortality projection scale
 update published for 2025 by the Society of Actuaries. Mortality projection scale is
 used to estimate how life expectancies are expected to change in the future. This
 is used in conjunction with the underlying mortality table, which reflects estimated
 life expectancies today.

 ©2026 USI Consulting Group. All rights reserved. | 4
 Page 32 of 100
Valuation Results – Executive Summary
 June 30, 2025 June 30, 2024
 Class A Class B Total Class A Class B Total

 Number of members
 Active employees 153 791 944 162 760 922
 Terminated vested members 29 335 364 30 340 370
 Vested in employee contributions only 32 428 460 30 407 437
 Retired, disabled and beneficiaries 226 698 924 218 676 894
 Total 440 2,252 2,692 440 2,183 2,623

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

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

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

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

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

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



 ©2026 USI Consulting Group. All rights reserved. | 5
 Page 33 of 100
Funded Status – Trends
 Actuarial Accrued Liability vs. Actuarial Value of Assets




 Funded Ratio




 ©2026 USI Consulting Group. All rights reserved. | 6
 Page 34 of 100
Funded Status – Breakdown by Class A & B
 Development of Unfunded Accrued Liability and Funded Ratio

 June 30, 2025 June 30, 2024
 Class A Class B Total Class A Class B Total

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

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

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

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

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

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




 ©2026 USI Consulting Group. All rights reserved. | 7
 Page 35 of 100
Asset Information – FYE 2025 Reconciliation
 Summary of Fund Activity
 Market Value Actuarial Value
 1. Beginning value of assets June 30, 2024
 Trust assets $244,921,331 $241,858,948

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

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

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

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

 6. Approximate rate of return 12.6% 9.5%

 ©2026 USI Consulting Group. All rights reserved. | 8
 Page 36 of 100
Actuarial vs. Market Value of Assets
 Relationship of Actuarial Value to Market Value

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

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


 Recognition of Gain / Loss in Actuarial Value

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


 ©2026 USI Consulting Group. All rights reserved. | 9
 Page 37 of 100
Asset Returns – Trends
 Rate of Return on Market Value of Assets
 Period Ending Average Annual Effective Rate of Return
 June 30 1 Year 3 Years 5 Years 10 Years
 2016 -1.3% 3.7% 3.8% 4.2%
 2017 14.1% 3.4% 6.3% 3.9%
 2018 9.6% 7.3% 6.9% 5.7%
 2019 5.1% 9.5% 5.0% 8.6%
 2020 2.3% 5.6% 5.8% 7.0%
 2021 31.1% 12.1% 12.0% 7.8%
 2022 -13.3% 5.2% 6.0% 6.1%
 2023 10.2% 7.8% 6.1% 6.5%
 2024 12.8% 2.5% 7.6% 6.3%
 2025 12.6% 11.9% 9.7% 7.8%


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


 ©2026 USI Consulting Group. All rights reserved. | 10
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Asset Returns – Trends




 ©2026 USI Consulting Group. All rights reserved. | 11
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 Thank you!




This information is provided solely for educational purposes and is not to be construed as investment, legal or tax advice.
Prior to acting on this information, we recommend that you seek independent advice specific to your situation from a
qualified investment/legal/tax professional.
©2026 USI Consulting Group. All rights reserved.


 Page 40 of 100
Burlington Employees'
Retirement System




 Actuarial
 Valuation Report

 as of June 30, 2025

 Page 41 of 100
 ACTUARIAL VALUATION REPORT
 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM



 Table of Contents

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




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



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 ACTUARIAL VALUATION REPORT
 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM



 Executive Summary

 June 30, 2025 June 30, 2024

 Class A Class B Total Class A Class B Total

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

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

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

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

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

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

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




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


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


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

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

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

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

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

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

Plan Maturity Measurements

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

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

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


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

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


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

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


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


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

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


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


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Es7mated Impact of a 1-Year Increase in Life Expectancies

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

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

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

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

Historical Results

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



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




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

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

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

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

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

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

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

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



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

January 16, 2026




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 Development of Unfunded Accrued Liability and Funded Ratio

 June 30, 2025 June 30, 2024

 Class A Class B Total Class A Class B Total

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

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

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

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

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

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




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 Actuarial Accrued Liability vs. Actuarial Value of Assets

 $400,000,000

 $350,000,000

 $300,000,000

 $250,000,000

 $200,000,000

 $150,000,000

 $100,000,000

 $50,000,000

 $0
 2019 2020 2021 2022 2023 2024 2025

 Actuarial Accrued Liability (EAN Basis) Actuarial Value of Assets




 Funded Ra7o

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

 Market Value Actuarial Value




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 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM




  Determination of Normal Cost and Actuarially Determined Employer Contribution


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

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

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

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

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




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 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM




 Actuarially Determined Employer Contribu7on

  $18,000,000

  $16,000,000

  $14,000,000

  $12,000,000

  $10,000,000

 $8,000,000

 $6,000,000

 $4,000,000

 $2,000,000

 $0
 2021 2022 2023 2024 2025 2026 2027

 Normal Cost Past Service Cost




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 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM




 Actuarially Determined Employer Contribution per Group

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

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

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

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

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




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

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

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

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

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

 Plan provision changes since prior valuation (231,287)

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




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 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM



 Development of Asset Values


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

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

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

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

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

 6. Approximate rate of return 12.6% 9.5%




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 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM




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


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


 Recognition of Gain / Loss in Actuarial Value

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




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 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM




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


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




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 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM




 Actual Rate of Return on Assets

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

 Market Value Actuarial Value




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

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

 100.00% 6.58%

Interaction Effect 0.90%

Long-Term Expected Nominal Return 7.48%


*Long-Term Real Returns are provided by Fiducient Advisors. The supporting information was provided by
Fiducient Advisors and reflects the Capital Market Assumptions as of January 1, 2025. The returns are
geometric means.

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

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




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 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM




 Amortization of Unfunded Liability


 Schedule of Amortization Bases

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

  Total 11,098,761 118,947,934


  Equivalent single amortization period 18 years




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



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



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 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM


 Member Counts by Status

 3,000


 2,500


 2,000


 1,500


 1,000


 500


 0
 2019 2020 2021 2022 2023 2024 2025

 Active Terminated Members in Pay Status




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 ACTUARIAL VALUATION REPORT
 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM




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

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

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

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




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




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




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 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM


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

Actuarial Cost Method
Changes in Actuarial Cost Method: None.
Description of Current Actuarial Cost Method: Entry Age Normal (level percentage of salary)
Normal Cost: Under this method, the total normal cost is the sum of amounts necessary to fund each active
member’s normal retirement benefit if paid annually from entry age to assumed retirement age. Entry age is
the age at which the employee would have been first eligible for the plan, if it had always been in effect. The
normal cost for each participant is expected to remain a level percentage of the employee’s salary. The normal
cost for the plan is the difference between the total normal cost for the year and the anticipated member
contributions for that year.

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

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




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 Description of Actuarial Assumptions
 Changes in Actuarial Assumptions

 The valuation reflects changes in the actuarial assumptions listed below. (The assumptions used before and
 after these changes are more fully described in the next section.)
  Retirement age

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

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

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




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

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

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

Retirement age

Class A - Fire Class A - Police
Completed Years Completed Years
 of Service Rate of Service Rate
 <15 0% <15 0%
 15-18 2.5% 15-16 2.5%
 19 5% 17-18 7.5%
 20-23 20% 19 20%
 24 50% 20-24 40%
 25 85% 25 85%
 26-29 60% 26-29 60%
 30+ 100% 30+ 100%
Compulsory retirement is assumed at age 63. Compulsory retirement is assumed at age 63.
Prior: Compulsory retirement is assumed at age 60. Prior: Compulsory retirement is assumed at age 60.


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Retirement age (cont.)
Class B


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

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




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

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

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

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

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

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

Cost of living increases
2.60%.

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

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

Payroll growth
3.10% per year.

Percent of active employees married
80%.

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


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

Plan identification
Single-employer pension plan.

Effective date
July 1, 1954.

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

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

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

Class B
All other members.

Service retirement
Eligibility
Class A
For Police employees hired before July 1, 2006, age 42 and 5 years of creditable service. For Police employees
hired after January 10, 2011, age 40 and 20 years of creditable service. For other Police Union employees, age
45 and 5 years of creditable service. For Fire employees hired after January 10, 2011, age 45 and 20 years of
creditable service. For Fire Union employees hired on or before January 10, 2011, age 45 and 5 years of
creditable service. For all others, age 42 and 5 years of creditable service. Compulsory at age 63.

Class B
Age 55 and 5 years of creditable service.




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

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

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

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

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

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

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

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


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 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM




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

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

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

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

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

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

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

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




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

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

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

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

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

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

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

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

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

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

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

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

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




USICG.COM 33Page 75 of 100
 ACTUARIAL VALUATION REPORT
 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM




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

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

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

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

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

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

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

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


USICG.COM 34Page 76 of 100
 ACTUARIAL VALUATION REPORT
 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM




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

Notwithstanding the above, an individual Class A Fire employee’s contribution shall not exceed 14% of their
eligible wages in Fiscal Years 2026, 2027, and 2028.

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




USICG.COM 35Page 77 of 100
 City of Burlington Employees Retirement System

 Monthly Performance Update - May 2026




This report is intended for the exclusive use of clients or prospective clients (the “recipient”) of Fiducient Advisors LLC, A Wealthspire Company, and the information contained herein is confidential
and the dissemination or distribution to any other person without the prior approval of Fiducient Advisors, A Wealthspire Company, is strictly prohibited. Information has been obtained from sources
believed to be reliable, though not independently verified. Any forecasts are hypothetical and represent future expectations and not actual return volatilities and correlations will differ from forecasts.
 This report does not represent a specific investment recommendation. The opinions and analysis expressed herein are based on Fiducient Advisor, A Wealthspire Company, research and
professional experience and are expressed as of the date of this report. Please consult with your advisor, attorney and accountant, as appropriate, regarding specific advice. Past performance does
 not indicate future performance and there is risk of loss. Page 78 of 100
 Asset Class Performance


 28
 25.6 25.0
 24 YTD MTD

 20
 18.2

 16




Total Returns (%)
 13.2
 12 10.9
 9.4 9.1
 9.7
 8
 4.6
 5.1
 4 2.7 4.4 3.9
 1.6 1.7 3.1
 0.6 0.8
 0.4 1.0 0.1
 0 0.2 0.2 0.3 0.6 0.5 0.6 0.1
 -0.8

 -4 -3.6


 -8
 TIPS Municipals 5- U.S. Core Bond High Yield High Yield U.S. Long Foreign Bond U.S Large Cap U.S. Small Cap International Emerging U.S. Equity Real Assets Commodities Hedge Funds*
 Year Municipals Duration Developed Markets REITs
Source: Morningstar Direct. As of May 31, 2026. *Hedge fund returns are as of April 30, 2026.

Fixed Income (May) Equity (May) Real Asset / Alternatives (May)
+ Core fixed income edged out a small gain during + May extended the global equity rally as a late- +/- REITs finished essentially flat for the
the month amidst a volatile interest rate environment month diplomatic breakthrough between the U.S. month as the positive impact of declining
as investors digested inflation concerns, a softer and Iran, combined with soaring technology Treasury yields early in the month was offset
labor market, yet an overall resilient economy. earnings, pushed major indices to fresh all-time by renewed inflation concerns and the
 highs. Large cap edged out small cap within the U.S. prospect of tighter monetary policy.
+ Credit markets remained resilient in a risk-on
environment, supported by solid corporate + Non-U.S. equities were once again led by - Commodity markets were negative during
fundamentals and continued demand for income. emerging markets, driven by continued strength in the month, driven predominately by energy
Spreads tightened modestly, with high yield again semiconductors and AI-related names across markets. Oil prices dropped sharply after
leading within fixed income. Taiwan and South Korea. Within developed markets, touching recent highs earlier in the year as
 Japan had a favorable month. optimism grew around a path to reopening of
+/- Modestly higher interest rates resulted in a
 the Strait of Hormuz.
roughly flat return for long-duration fixed income.
 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
 Page of
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 loss.
 1002
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 Fixed Income Market Update

  U.S. Treasury Yield Curve Corporate Credit Spreads – Trailing 5 Years (May)
  The U.S. yield curve ended close to where it began, but the path during Credit spreads moved modestly tighter, supported by solid earnings and
  the month was not smooth. The U.S. 10-year yield crossed 4.6% before limited signs of financial stress. All-in yields remain attractive, continuing
  falling back to 4.45%. Markets are balancing inflation pressures with a to draw investor demand, but valuations levels remain elevated (spreads
  resilient economy. Kevin Warsh took over as Fed chair and will have to are tight), seemingly priced for sanguine conditions.
  navigate price pressures and a stalling labor dynamic. The market is
  pricing in approximately one hike by January 2027.

 5.5 500 5/29/2026 10Yr Avg 1,250
 IG 72 bps 112 bps
 HY 257 bps 379 bps


 5.0 400 1,000




 Spreads (bps)
 4.45
 4.5 300 750
 4.40

Yield (%)
 3.98 4.18
 4.0 200 500
 3.88



 3.5 100 250
 5/29/26
 3.47
 4/30/26
 Bloomberg U.S. Inv. Grade Corp Index (LHS)
 12/31/25 Bloomberg U.S. Corp High Yield Index (RHS)
 3.0 0 0
 0 5 10 15 20 25 30
 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 6/25 12/25
 U.S. Treasury Maturity (yrs)
Source: FactSet. As of May 31, 2026. Source: FactSet. As of May 31, 2026.
 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
 Page of
 80a of
 loss.
 1003
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 Equity Market Update


 U.S. Equities – Returns by Sector (May)
 The S&P 500 Index returned 5.3% for the month, closing at a new record above 7,500. Technology was the dominant force and the only underlying
 sector that outperformed the broader index during the month. Nvidia reported strong first-quarter revenue, and Micron Technology surged over 80%.
 Earnings strength and the AI infrastructure narrative has broadened beyond the chipmakers and into the full technology stack.
 26.0%
 23.8% MTD
 YTD
 16.0%
 11.3% 10.6% 11.9% 12.0%
 9.3%
 7.5%
 5.3% 4.8% 4.1%
 2.5% 2.6%


 -1.1% -0.7% -0.8% -1.1% -0.9%
 -3.0% -3.2%
 -5.1% -5.3% -5.6%
 S&P 500 Utilities Real Estate Materials IT Industrials Health Care Financials Energy Cons. Cons. Disc. Comm.
 Source: Morningstar Direct. As of May 31, 2026. Staples Services


 Market Capitalization, Style, and Select Country Performance (May)
 Emerging markets continued to lead the global equity market during the month. The AI trade continued to dominate abroad as well, particularly in
 South Korea, where the country’s stock market rose over 30% during May and now sits up more than 100% year-to-date. SK Hynix, Samsung
 Electronic and Taiwan Semiconductor contributed over half the return for the EM index during the month.
 35.3%


 9.2% 11.1% 9.2% 10.2%
 5.1% 4.4% 7.2% 4.2% 2.1%
 2.9% 3.5% 3.9% 3.4%

 -0.3%
 -9.1%

 Small Value Small Value Small Value
 Growth Growth Growth S.Korea
 Neth. Brazil
 UK
 Large Large Large


 U.S. Int’l Developed Emerging Markets
 Source: Morningstar Direct. As of May 31, 2026.
 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
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 loss.
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 Real Asset Market Update


Commodity Performance (May) REIT Sector Performance (May)
Commodity markets were negative in May. Crude oil prices fell from over REITs, overall, were flat in May with mixed results and wide dispersion
$120/barrel to approximately $91/barrel during the month, as tensions eased across underlying sub-sectors. Falling commodity prices, particularly oil,
and plans were put in motion to reopen the Strait of Hormuz. The situation in helped fuel the lodging/resorts sub-sector. However, the prospect of
the Middle East remains fluid and investors continue to digest the potentially higher interest rates, as the market is now pricing in a rate
uncertainty as to the lasting impact of higher prices and geopolitical impact. hike by January, was a headwind for the broader asset class.


 70 Data Centers -1.9
 37.1

 Diversified 2.6
 60 57.1 17.4

 Health Care -1.9
 11.3
 50
 Industrial 1.6
 12.2
 40 0.9
 Infrastructure 6.4

 30 Lodging/Resorts 9.3




Total Return (%)
 27.4

 Office 5.7
 20 0.2
 15.4
 Residential 0.2
 8.7 2.4
 10 7.1
 Retail -0.3
 5.1 13.5
 0 -0.4 0.3
 -1.8 Self Storage 16.3

 -8.9 Specialty 4.2
 -10 29.7

 Timber -0.4
 2.5
 -20
 Energy Industrial Metals Precious Metals Agriculture
 Total Return (%)

 YTD MTD Source: FactSet. As of May 31, 2026. MTD YTD
 Source: FactSet. As of May 31, 2026.
 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
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 loss.
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 Financial Markets Performance


 Financial Markets Performance
 Total Return as of May 31, 2026
 Periods greater than one year are annualized
 All returns are in U.S. dollar terms
  Global Fixed Income Markets MTD YTD 1YR 3YR 5YR 7YR 10YR 15YR
  Bloomberg 1-3-Month T-Bill 0.3% 1.5% 4.0% 4.8% 3.5% 2.8% 2.3% 1.6%
  Bloomberg U.S. TIPS 0.2% 1.6% 4.9% 4.0% 1.2% 3.0% 2.8% 2.7%
  Bloomberg Municipal Bond (5 Year) 0.2% 0.6% 4.3% 3.5% 1.1% 1.8% 1.8% 2.2%
  Bloomberg High Yield Municipal Bond 0.6% 2.7% 6.2% 6.0% 1.8% 3.3% 4.1% 5.3%
  Bloomberg U.S. Aggregate 0.3% 0.4% 5.1% 3.9% 0.2% 1.4% 1.7% 2.2%
  Bloomberg U.S. Corporate High Yield 0.5% 1.7% 7.6% 9.4% 4.4% 5.4% 5.9% 5.7%
  Bloomberg Global Aggregate ex-U.S. Hedged 0.9% 1.1% 2.6% 4.5% 1.4% 1.7% 2.3% 3.2%
  Bloomberg Global Aggregate ex-U.S. Unhedged 0.3% 0.6% 1.7% 3.3% -3.0% -0.7% -0.1% -0.2%
  Bloomberg U.S. Long Gov / Credit 1.0% 0.1% 6.0% 1.9% -3.3% -0.3% 1.1% 3.3%
  Global Equity Markets MTD YTD 1YR 3YR 5YR 7YR 10YR 15YR
  S&P 500 5.3% 11.3% 29.8% 23.6% 14.2% 17.4% 15.6% 14.3%
  Dow Jones Industrial Average 2.9% 6.9% 22.7% 17.8% 10.2% 13.1% 13.5% 12.3%
  NASDAQ Composite 8.4% 16.3% 42.0% 28.6% 15.3% 21.1% 19.5% 17.4%
  Russell 3000 5.1% 11.2% 29.4% 23.2% 12.9% 16.7% 15.1% 13.8%
  Russell 1000 5.1% 10.9% 28.8% 23.3% 13.3% 17.0% 15.4% 14.0%
  Russell 1000 Growth 7.2% 8.2% 28.7% 26.4% 15.7% 20.4% 18.9% 16.6%
  Russell 1000 Value 2.9% 13.7% 28.5% 19.4% 10.4% 12.9% 11.4% 11.1%
  Russell Mid Cap 2.9% 11.8% 22.4% 18.4% 8.2% 12.5% 11.7% 11.2%
  Russell Mid Cap Growth 4.8% 4.5% 7.9% 17.5% 6.9% 12.3% 12.7% 11.7%
  Russell Mid Cap Value 2.3% 14.1% 27.2% 18.6% 8.6% 11.9% 10.4% 10.6%
  Russell 2000 4.4% 18.2% 43.1% 20.2% 6.6% 11.8% 11.2% 10.1%
  Russell 2000 Growth 5.8% 18.0% 41.9% 20.2% 5.8% 11.4% 11.5% 10.4%
  Russell 2000 Value 2.8% 18.3% 44.4% 20.2% 7.3% 11.7% 10.5% 9.5%
  MSCI ACWI 5.2% 12.1% 30.3% 22.3% 11.5% 14.4% 12.8% 10.2%
  MSCI ACWI ex. U.S. 5.0% 14.4% 32.8% 20.8% 8.8% 11.2% 9.8% 6.5%
  MSCI EAFE 3.1% 9.4% 22.8% 18.2% 8.8% 10.8% 9.3% 6.8%
  MSCI EAFE Growth 4.2% 8.2% 15.7% 12.5% 4.7% 9.0% 8.3% 6.6%
  MSCI EAFE Value 2.1% 10.4% 30.1% 24.0% 12.8% 12.3% 10.0% 6.9%
  MSCI EAFE Small Cap 3.9% 11.8% 27.2% 18.3% 5.8% 9.7% 8.5% 7.5%
  MSCI Emerging Markets 9.7% 25.6% 54.3% 25.1% 7.5% 11.0% 10.7% 5.2%
  Alternatives MTD YTD 1YR 3YR 5YR 7YR 10YR 15YR
  FTSE NAREIT All Equity REITs 0.1% 13.2% 13.6% 11.4% 4.0% 5.8% 6.4% 7.7%
  S&P Real Assets -0.8% 9.1% 16.8% 11.8% 5.5% 6.6% 6.2% 5.1%
  FTSE EPRA NAREIT Developed -0.8% 9.1% 14.4% 11.5% 2.7% 3.9% 4.6% 5.5%
  FTSE EPRA NAREIT Developed ex U.S. -1.9% 1.2% 10.4% 9.6% -1.0% 1.0% 2.7% 3.3%
  Bloomberg Commodity Total Return -3.6% 25.0% 40.5% 16.6% 11.8% 11.3% 7.2% 0.2%
  HFRI Fund of Funds Composite* 3.9% 4.6% 15.8% 9.8% 5.2% 6.3% 5.6% 4.1%
  HFRI Asset Weighted Composite* 3.2% 4.4% 14.2% 8.9% 5.9% 5.7% 5.5% 4.5%
  Alerian MLP -2.9% 18.5% 24.6% 24.8% 21.7% 14.0% 9.8% 7.3%
  Sources: Morningstar, FactSet. As of May 31, 2026. *Consumer Price Index and HFRI indexes as of April 30, 2026.

 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
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 loss.
 1006
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Asset Allocation
Total Plan As of May 31, 2026
 Asset Asset Target
 Differences
 Allocation Allocation Allocation
 (%)
 ($) (%) (%)
Total Plan 316,722,574 100.0 100.0 0.0
 Pension Benefits Payable to the City -5,342,933 -1.7 0.0 -1.7
 Total Invested Assets 322,065,506 101.7 100.0 1.7
 Short Term Liquidity 297,706 0.1 0.0 0.1
 Key Bank Cash Portfolio 294,887 0.1 0.0 0.1
 First American Govt Oblig Fund Z 2,819 0.0 0.0 0.0
 Fixed Income 84,804,513 26.8 27.0 -0.2
 JIC Core Bond Fund I 62,721,519 19.8 20.0 -0.2
 BlackRock Strategic Income Opportunities K 22,082,993 7.0 7.0 0.0
 Equity 223,180,543 70.5 68.5 2.0
 Domestic Equity 139,852,026 44.2 43.0 1.2
 BNYM Mellon DB NSL Stock Index Fund 107,765,944 34.0 33.0 1.0
 BNYM Mellon DB SL SMID Cap Stock Index Fund 32,086,082 10.1 10.0 0.1
 International Equity 83,195,961 26.3 25.5 0.8
 BNYM Mellon DB NSL International Stock Index Fund 58,118,523 18.3 18.0 0.3
 BNYM Mellon DB NSL Emerging Markets Stock Index Fund 25,077,438 7.9 7.5 0.4
 Private Equity 132,555 0.0 0.0 0.0
 Hamilton Lane VII A 63,790 0.0 - -
 Hamilton Lane VII B 68,765 0.0 - -
 Real Assets 13,782,746 4.4 4.5 -0.1
 UBS Trumbull Property Fund 7,654,212 2.4 3.0 -0.6
 DWS RREEF Real Assets R6 6,128,533 1.9 1.5 0.4

Valuations data as of:

Hamilton Lane VII - 12/31/2025
UBS Trumbull Property Fund - 3/31/2026

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 84 of 1007
Asset Allocation
Total Invested Assets As of May 31, 2026
 Asset Asset Target
 Differences
 Allocation Allocation Allocation
 (%)
 ($) (%) (%)
 Total Invested Assets 322,065,506 100.0 100.0 0.0
 Short Term Liquidity 297,706 0.1 0.0 0.1
 Key Bank Cash Portfolio 294,887 0.1 0.0 0.1
 First American Govt Oblig Fund Z 2,819 0.0 0.0 0.0
 Fixed Income 84,804,513 26.3 27.0 -0.7
 JIC Core Bond Fund I 62,721,519 19.5 20.0 -0.5
 BlackRock Strategic Income Opportunities K 22,082,993 6.9 7.0 -0.1
 Equity 223,180,543 69.3 68.5 0.8
 Domestic Equity 139,852,026 43.4 43.0 0.4
 BNYM Mellon DB NSL Stock Index Fund 107,765,944 33.5 33.0 0.5
 BNYM Mellon DB SL SMID Cap Stock Index Fund 32,086,082 10.0 10.0 0.0
 International Equity 83,195,961 25.8 25.5 0.3
 BNYM Mellon DB NSL International Stock Index Fund 58,118,523 18.0 18.0 0.0
 BNYM Mellon DB NSL Emerging Markets Stock Index Fund 25,077,438 7.8 7.5 0.3
 Private Equity 132,555 0.0 0.0 0.0
 Hamilton Lane VII A 63,790 0.0 - -
 Hamilton Lane VII B 68,765 0.0 - -
 Real Assets 13,782,746 4.3 4.5 -0.2
 UBS Trumbull Property Fund 7,654,212 2.4 3.0 -0.6
 DWS RREEF Real Assets R6 6,128,533 1.9 1.5 0.4

Valuations data as of:

Hamilton Lane VII - 12/31/2025
UBS Trumbull Property Fund - 3/31/2026

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 85 of 1008
Portfolio Dashboard
Total Invested Assets As of May 31, 2026
Historical Performance Summary of Cash Flows
 32.0 1 Fiscal 1
 QTD YTD
 Month YTD Year
 Total Invested Assets

 24.0 23.723.2 Beginning Market Value 310,496,997 289,059,332 293,197,767 275,006,808 265,782,065
 Net Contributions - - - -5,736,573 -5,736,573
 19.619.1


 Return (%)
 Gain/Loss 11,568,510 33,006,174 28,867,739 52,795,271 62,020,014
 16.415.9
 16.0 Ending Market Value 322,065,506 322,065,506 322,065,506 322,065,506 322,065,506
 11.410.9
 9.8 9.6 9.910.0
 8.0 8.0 7.6 Current Benchmark Composition
 8.0 6.7
 From Date To Date
 3.7 3.5
 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%
 4.3% 0.1% $297,706 0.1%
 Private Equity Fixed Income
 0.0% Fixed Income 27.0%
 26.3% 26.3%
 International Equity $84,804,513 -0.7 %
 25.8%
 Domestic Equity 43.0%
 43.4%
 $139,852,026 0.4%

 International Equity 25.5%
 25.8%
 $83,195,961 0.3%

 Private Equity 0.0%
 0.0%
 $132,555 0.0%
 Domestic Equity
 Real Assets 4.5%
 43.4% 4.3%
 $13,782,746 -0.2 %

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

 International Equity Private Equity Real Assets Target Actual Differences




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



 Page 86 of 1009
  Asset Class Performance & BERS Benchmark Attribution




BERS Benchmark Composition: 27.0% Blmbg. U.S. Aggregate, 33.0% S&P 500, 10.0% Russell 2500 Index, 18.0% MSCI EAFE (Net), 7.5% MSCI Emerging Markets
(Net), 3.0% NCREIF Fund Index - ODCE (net), 1.5% DWS Real Assets Benchmark
 Page 87 of 100
 10
www.FiducientAdvisors.com
 Recent Portfolio Activities


 Quarter Cash Flow

 • May 20, 2026: Rebalancing to strategic targets completed in May 2026.
 2Q 2026 • April 6, 2026: $92,320.64 UBS Trumbull Property Fund LP redemption.
 • April 28, 2026: $58,801.13 UBS Trumbull Property Fund LP distribution.

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

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

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 11
www.FiducientAdvisors.com
Performance Overview
Total Invested Assets As of May 31, 2026
Trailing Performance Summary
 1 Fiscal 1 3 5 7 10 Since Inception
 YTD
 Month YTD Year Years Years Years Years Inception Date
Total Invested Assets 3.7 9.8 19.6 23.7 16.4 8.0 10.2 9.9 6.7 01/2008
  Policy Benchmark 3.5 9.6 19.1 23.2 15.9 8.0 10.8 10.0 7.6 01/2008




Calendar Year Performance Summary
 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Total Invested Assets 17.7 11.2 15.0 -15.4 14.6 12.7 19.1 -5.2 17.0 8.7
  Policy Benchmark 17.4 10.7 14.9 -14.7 14.3 14.5 20.6 -5.2 16.9 9.0




Plan Reconciliation
 1 Fiscal 1 3 5 10 Since Inception
 YTD
 Month YTD Year Years Years Years Inception Date
Total Invested Assets 01/2008
  Beginning Market Value 310,496,997 293,197,767 275,006,808 265,782,065 216,956,435 250,441,218 154,065,352 126,047,968
  Net Contributions - - -5,736,573 -5,736,573 -15,031,512 -31,838,713 -45,058,294 -57,163,323
  Gain/Loss 11,568,510 28,867,739 52,795,271 62,020,014 120,140,583 103,463,001 213,058,448 253,180,861
  Ending Market Value 322,065,506 322,065,506 322,065,506 322,065,506 322,065,506 322,065,506 322,065,506 322,065,506


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




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees.
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 12
Manager Performance
 As of May 31, 2026
 Allocation Performance(%)
 Market
 1 Fiscal 1 3 5 10 Since Inception
 Value % QTD YTD
 Month YTD Year Years Years Years Inception Date
 ($)


Total Invested Assets 322,065,506 100.0 3.7 11.4 9.8 19.6 23.7 16.4 8.0 9.9 6.7 01/2008
  Policy Benchmark 3.5 10.9 9.6 19.1 23.2 15.9 8.0 10.0 7.6
  Secondary Benchmark 3.5 10.9 9.6 19.1 23.2 16.0 7.9 9.7 7.5

Short Term Liquidity 297,706 0.1 0.2 0.3 0.3 1.0 1.0 2.1 1.3 - 1.2 01/2021
  90 Day U.S. Treasury Bill 0.3 0.6 1.5 3.5 3.9 4.7 3.5 2.3 3.2

Key Bank Cash Portfolio 294,887 0.1

First American Govt Oblig Fund Z 2,819 0.0 0.3 0.6 1.5 3.5 3.9 4.6 3.4 2.2 4.0 02/2022
  90 Day U.S. Treasury Bill 0.3 0.6 1.5 3.5 3.9 4.7 3.5 2.3 4.0

Fixed Income 84,804,513 26.3 0.7 1.0 0.9 4.3 6.0 5.0 0.8 - 0.2 01/2021
  Blmbg. U.S. Aggregate 0.3 0.4 0.4 3.5 5.1 3.9 0.2 1.7 -0.3

JIC Core Bond Fund I 62,721,519 19.5 0.3 0.3 0.3 3.6 5.3 4.0 0.1 1.9 0.4 03/2020
  Blmbg. U.S. Aggregate 0.3 0.4 0.4 3.5 5.1 3.9 0.2 1.7 0.3
  Intermediate Core Bond Median 0.2 0.4 0.3 3.4 5.0 3.9 0.1 1.7 0.4
  JIC Core Bond Fund I Rank 33 69 47 29 25 42 54 32 49

BlackRock Strategic Income Opportunities K 22,082,993 6.9 1.0 2.2 1.8 5.7 7.1 7.2 3.4 4.1 4.2 02/2022
  Blmbg. U.S. Aggregate 0.3 0.4 0.4 3.5 5.1 3.9 0.2 1.7 0.5
  Nontraditional Bond Median 0.4 1.3 1.1 4.2 5.5 6.2 2.9 3.5 3.5
  BlackRock Strategic Income Opportunities K Rank 8 15 23 20 22 29 32 22 32




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and provided by
Morningstar. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a statement or data
from the client’s custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of fees unless otherwise
stated. The fund’s inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception. Inception dates for asset class
composites reflect the start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of underlying component strategies.
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 13
Manager Performance
 As of May 31, 2026
 Allocation Performance(%)
 Market
 1 Fiscal 1 3 5 10 Since Inception
 Value % QTD YTD
 Month YTD Year Years Years Years Inception Date
 ($)


Equity 223,180,543 69.3 5.1 15.9 13.4 26.1 31.5 21.8 11.0 - 12.5 01/2021
  MSCI AC World Index (Net) 5.2 15.9 12.1 24.7 30.3 22.3 11.5 12.8 12.6

Domestic Equity 139,852,026 43.4 5.0 16.2 12.7 25.3 31.5 22.9 12.6 - 14.3 01/2021
  Domestic Equity Benchmark 5.1 16.2 12.9 25.4 31.7 23.0 12.7 14.7 14.4

BNYM Mellon DB NSL Stock Index Fund 107,765,944 33.5 5.3 16.3 11.3 23.5 29.8 23.6 14.1 15.6 15.6 04/2016
  S&P 500 5.3 16.3 11.3 23.5 29.8 23.6 14.1 15.6 15.6
  Large Blend Median 4.5 14.9 9.8 20.6 27.0 22.1 12.6 14.4 14.4
  BNYM Mellon DB NSL Stock Index Fund Rank 24 19 23 23 23 22 15 11 11

BNYM Mellon DB SL SMID Cap Stock Index Fund 32,086,082 10.0 4.3 15.9 18.3 31.8 37.9 20.3 7.9 12.0 12.1 04/2016
  Russell 2500 Index 4.4 16.0 18.4 31.9 38.0 20.2 7.8 11.8 12.0
  U.S. SMID Cap Equity (MF) Median 2.3 11.6 13.3 23.1 28.5 16.9 6.5 10.5 10.7
  BNYM Mellon DB SL SMID Cap Stock Index Fund Rank 28 27 23 23 23 23 30 25 25

International Equity 83,195,961 25.8 5.2 15.4 14.5 27.9 32.1 20.6 8.7 - 9.6 01/2021
  International Equity Benchmark 5.0 15.1 14.0 27.3 31.6 20.4 8.7 10.3 9.7

BNYM Mellon DB NSL International Stock Index Fund 58,118,523 18.0 3.1 10.8 9.5 20.5 23.1 18.5 9.1 9.7 9.8 04/2016
  MSCI EAFE (Net) 3.1 10.7 9.4 20.2 22.8 18.2 8.8 9.3 9.3
  Foreign Large Blend Median 3.1 10.1 10.1 20.7 24.4 18.3 8.0 9.2 9.2
  BNYM Mellon DB NSL International Stock Index Fund Rank 51 43 59 53 56 48 27 36 34

BNYM Mellon DB NSL Emerging Markets Stock Index Fund 25,077,438 7.8 10.0 26.0 26.2 46.6 55.4 25.2 7.6 10.6 10.0 04/2016
  MSCI Emerging Markets (Net) 9.7 25.8 25.6 45.6 54.3 25.2 7.5 10.7 10.1
  Diversified Emerging Mkts Median 7.8 22.0 25.2 44.2 53.3 24.1 7.0 10.2 9.9
  BNYM Mellon DB NSL Emerging Markets Stock Index Fund Rank 19 21 44 41 42 40 38 41 46




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and provided by
Morningstar. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a statement or data
from the client’s custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of fees unless otherwise
stated. The fund’s inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception. Inception dates for asset class
composites reflect the start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of underlying component strategies.
 Page 91 of 100
 14
Manager Performance
 As of May 31, 2026
 Allocation Performance(%)
 Market
 1 Fiscal 1 3 5 10 Since Inception
 Value % QTD YTD
 Month YTD Year Years Years Years Inception Date
 ($)


Private Equity 132,555 0.0 0.0 0.0 0.0 -33.6 -35.5 -23.0 -15.2 - -12.5 01/2021

Hamilton Lane VII A 63,790 0.0 0.0 0.0 0.0 -34.5 -36.2 -23.7 -15.2 -0.9 3.1 07/2011

Hamilton Lane VII B 68,765 0.0 0.0 0.0 0.0 -30.9 -33.3 -20.0 -13.3 -2.4 2.2 07/2011

Real Assets 13,782,746 4.3 -1.1 0.1 3.8 6.9 8.4 -0.9 0.9 - 1.0 01/2021

UBS Trumbull Property Fund 7,654,212 2.4 0.0 0.0 1.0 3.2 4.6 -2.1 0.8 - 1.1 07/2016
  NCREIF Fund Index - ODCE (net) 0.0 0.0 1.2 2.5 3.3 -2.8 2.4 3.8 3.6

DWS RREEF Real Assets R6 6,128,533 1.9 -2.7 0.8 10.7 16.0 17.7 12.5 5.6 7.6 17.3 05/2025
  DWS Real Assets Benchmark -1.8 2.2 12.7 19.1 20.8 13.0 6.5 6.7 20.5

Valuations data as of:

Hamilton Lane VII - 12/31/2025
UBS Trumbull Property Fund - 3/31/2026

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

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




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



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

 July 366,642 (2,067,536) (1,700,894) (7,438,094)
 August 412,171 (2,167,097) (1,754,926) (3,455,820) 5,737,200
 September 931,747 (2,102,352) 6,153 (1,164,452) (4,620,272)
 October 2,277,565 (4,397,794) (2,120,229) (6,740,502)
 November 280,319 (102,583) (4,719) 173,017 (6,567,485)
 December 1,054,852 (2,287,198) (52) (1,232,397) (7,799,882)
 January 439,977 (2,202,278) (1,762,301) (9,562,183)
 February 8,655,288 (2,356,695) 6,298,594 (3,263,589)
 March 2,115,798 (2,571,553) (455,755) (3,719,344)
 April 1,518,942 (2,197,077) (678,135) (4,397,479)
 May 1,428,005 (2,373,460) (945,454) (5,342,933)
 FYE June 2026

Total 19,481,307 (24,825,623) 1,382 (5,342,933) (5,342,933) 5,737,200




Actuarially Determined Employer Contribution (FYE 2026): 15,478,508
Administrative Fees: 648,000
Additional Employer Contribution per union contracts: 367,840
Total required from the City Depts to BERS: 16,494,348
Remaining Balance until Fully Funded: (2,986,959)


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




Amounts are provided by the City of Burlington, VT on a monthly basis. The actual amounts recorded by the City each month may vary from the information shown above as additional
funds are received by the City and allocated to previous periods. This exhibit does not reflect adjustments to previous periods, however the cumulative impact of any changes is reflecting
in the "Balance Due To/(From) BERS".
 Page 93 of 100
 16
Benchmark History
Total Invested Assets As of May 31, 2026
Account Name From Date To Date Benchmark
Total Invested Assets 04/2025 Present 27.0% Blmbg. U.S. Aggregate, 33.0% S&P 500, 10.0% Russell 2500 Index, 18.0% MSCI EAFE (Net), 7.5% MSCI Emerging
 Markets (Net), 3.0% NCREIF Fund Index - ODCE (net), 1.5% DWS Real Assets Benchmark
 04/2024 03/2025 27.0% Blmbg. U.S. Aggregate, 33.5% S&P 500, 9.5% Russell 2500 Index, 19.0% MSCI EAFE (Net), 7.0% MSCI Emerging
 Markets (Net), 4.0% NCREIF Fund Index - ODCE (net)
 01/2023 03/2024 25.0% Blmbg. U.S. Aggregate, 32.5% S&P 500, 9.0% Russell 2500 Index, 20.5% MSCI EAFE (Net), 7.0% MSCI Emerging
 Markets (Net), 6.0% NCREIF Fund Index - ODCE (net)
 09/2022 12/2022 25.0% Blmbg. U.S. Aggregate, 31.5% S&P 500, 9.0% Russell 2500 Index, 20.5% MSCI EAFE (Net), 7.0% MSCI Emerging
 Markets (Net), 6.0% NCREIF Fund Index - ODCE (net), 1.0% NCREIF Timberland Index
 05/2021 08/2022 18.0% Blmbg. U.S. Aggregate, 31.5% S&P 500, 10.5% Russell 2500 Index, 23.0% MSCI EAFE (Net), 10.0% MSCI Emerging
 Markets (Net), 6.0% NCREIF Fund Index - ODCE (net), 1.0% NCREIF Timberland Index
 12/2019 04/2021 20.0% Blmbg. U.S. Aggregate, 32.0% S&P 500, 18.0% Russell 2500 Index, 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging
 Markets (Net), 8.0% NCREIF Fund Index - ODCE (net), 2.0% NCREIF Timberland Index
 06/2017 11/2019 20.0% Blmbg. Intermed. U.S. Government/Credit, 30.0% S&P 500, 18.0% Russell 2500 Index, 2.0% S&P Completion Index,
 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging Markets (Net), 8.0% NCREIF Fund Index - ODCE (net), 2.0% NCREIF
 Timberland Index
 01/2016 05/2017 28.0% Blmbg. Intermed. U.S. Government/Credit, 30.0% S&P 500, 18.0% Russell 2500 Index, 2.0% S&P Completion Index,
 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging Markets (Net), 2.0% NCREIF Timberland Index
 01/2008 12/2015 20.0% Blmbg. U.S. Aggregate, 32.0% S&P 500, 18.0% Russell 2500 Index, 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging
 Markets (Net), 8.0% NCREIF Fund Index - ODCE (net), 2.0% NCREIF Timberland Index


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




 Page 94 of 100
 17
Benchmark History
Total Invested Assets As of May 31, 2026
Account Name From Date To Date Benchmark
 01/2008 02/2009 20.0% Blmbg. U.S. Aggregate, 32.0% S&P 500, 18.0% Russell 2500 Index, 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging
 Markets (Net), 8.0% NCREIF Fund Index - ODCE (net), 2.0% NCREIF Timberland Index




 Page 95 of 100
 18
 Definitions & Disclosures
 Please note: Due to rounding methodologies of various data providers, certain returns in this report might differ slightly when compared to other sources


REGULATORY DISCLOSURES

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

INDEX DEFINITIONS

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




 Page 96 of 100
 19
 MSCI EAFE Value captures large and mid-cap securities exhibiting overall value style characteristics across Developed Markets countries around the world, excluding the US and Canada. The value investment style
 characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield. With 507 constituents, the index targets 50% coverage of the free
 float- adjusted market capitalization of the MSCI EAFE Index.
 MSCI EAFE Growth captures large and mid-cap securities exhibiting overall growth style characteristics across Developed Markets countries around the world, excluding the US and Canada. The growth investment
 style characteristics for index construction are defined using five variables: long-term forward EPS growth rate, short-term forward EPS growth rate, current internal growth rate and long-term historical EPS growth trend and
 long-term historical sales per share growth trend. With 542 constituents, the index targets 50% coverage of the free float-adjusted market capitalization of the MSCI EAFE Index.
 MSCI Emerging Markets captures large and mid-cap representation across 23 Emerging Markets countries. With 836 constituents, the index covers approximately 85% of the free-float adjusted market capitalization in each
 country.
 Consumer Price Index is a measure of prices paid by consumers for a market basket of consumer goods and services. The yearly (or monthly) growth rates represent the inflation rate.
 FTSE NAREIT Equity REITs Index contains all Equity REITs not designed as Timber REITs or Infrastructure REITs.
 S&P Developed World Property defines and measures the investable universe of publicly traded property companies domiciled in developed markets. The companies in the index are engaged in real estate related
 activities, such as property ownership,management, development, rental and investment.
 S&P Developed World Property x U.S. defines and measures the investable universe of publicly traded property companies domiciled in developed countries outside of the U.S. The companies included are engaged in real
 estate related activities, such as property ownership, management, development, rental and investment.
 Fund Specific Broad Real Asset Benchmarks:
 • DWS Real Assets: 30%: Dow Jones Brookfield Infrastructure Index, 30%: FTSE EPRA/NAREIT Developed Index,15%: Bloomberg Commodity Index, 15%: S&P Global Natural Resources Index, 10%:
 U.S. Treasury Inflation Notes Total Return Index
 • PIMCO Inflation Response Multi Asset Fund: 45% Bloomberg U.S. TIPS, 20% Bloomberg Commodity Index, 15% JP Morgan Emerging Local Markets Plus, 10% Dow Jones Select REIT, 10% Bloomberg Gold
 Subindex Total Return
 • Principal Diversified Real Assets: 35% BBgBarc U.S. Treasury TIPS Index, 20% S&P Global Infrastructure Index NTR, 20% S&P Global Natural Resources Index NTR, 15% Bloomberg Commodity Index, and
 10% FTSE EPRA/NAREIT Developed Index NTR
 • Wellington Diversified Inflation H: 50% MSCI ACWI Commodity Producers Index, 25% Bloomberg Commodity Index, and 25% Bloomberg Bloomberg US TIPS 1 – 10 Year Index
 Bloomberg Commodity Index is calculated on an excess return basis and reflects commodity futures price movements. The index rebalances annually weighted 2/3 by trading volume and 1/3 by world production and
 weight-caps are applied at the commodity, sector and group level for diversification.
 HFRI Fund Weighted Composite Index is a global, equal-weighted index of over 2,000 single-manager funds that report to HFR Database. Constituent funds report monthly net of all fees performance in US Dollar and
 have a minimum of $50 Million under management or a twelve (12) month track record of active performance. The HFRI Fund Weighted Composite Index does not include Funds of Hedge Funds.
 The Alerian MLP Index is the leading gauge of energy Master Limited Partnerships (MLPs). The float adjusted, capitalization-weighted index, whose constituents represent approximately 85% of total float-adjusted
 market capitalization, is disseminated real-time on a price-return basis (AMZ) and on a total-return basis.
 The Adjusted Alerian MLP Index is commensurate with 65% of the monthly returns of the Alerian MLP Index to incorporate the effect of deferred tax liabilities incurred by MLP entities.
 Cambridge Associates U.S. Private Equity Index is based on data compiled from more than 1,200 institutional-quality buyout, growth equity, private equity energy, and mezzanine funds formed between 1986 and 2015.
 Cambridge Associates U.S. Venture Capital Index is based on data compiled from over 1,600 institutional-quality venture capital funds formed between 1986 and 2015.
 Vanguard Spliced Bloomberg US1-5Yr Gov/Cr Flt Adj Index: Bloomberg U.S. 1–5 Year Government/Credit Bond Index through December 31, 2009; Bloomberg U.S. 1–5 Year
 Government/CreditFloatAdjustedIndex thereafter.
 Vanguard Spliced Bloomberg US5-10Yr Gov/Cr Flt Adj Index: Bloomberg U.S. 5–10 Year Government/Credit Bond Index through December 31, 2009; Bloomberg U.S. 5–10 Year
 Government/CreditFloatAdjustedIndex thereafter.
 Vanguard Spliced Bloomberg US Agg Flt Adj Index: Bloomberg U.S. Aggregate Bond Index through December 31, 2009; Bloomberg U.S. Aggregate Float Adjusted Index thereafter.
 Vanguard Spliced Bloomberg US Long Gov/Cr Flt Adj Index: Bloomberg U.S. Long Government/Credit Bond Index through December 31, 2009; Bloomberg U.S. Long Government/Credit Float Adjusted Index thereafter.
 Vanguard Balanced Composite Index: Made up of two unmanaged benchmarks, weighted 60% Dow Jones U.S. Total Stock Market Index (formerly the Dow Jones Wilshire 5000 Index) and 40% Bloomberg
 U.S. Aggregate Bond Index through May 31, 2005; 60% MSCI US Broad Market Index and 40% Bloomberg U.S. Aggregate Bond Index through December 31, 2009; 60% MSCI US Broad Market Index and 40% Bloomberg U.S.
 Aggregate Float Adjusted Index through January 14, 2013; and 60% CRSP US Total Market Index and 40% Blomberg U.S. Aggregate Float Adjusted Index thereafter.
 Vanguard Spliced Intermediate-Term Tax-Exempt Index: Bloomberg 1–15 Year Municipal Bond Index.
 Vanguard Spliced Extended Market Index: Dow Jones Wilshire 4500 Index through June 17, 2005; S&P Transitional Completion Index through September 16, 2005; S&P Completion Index thereafter.
 Vanguard Spliced Value Index: S&P 500 Value Index (formerly the S&P 500/Barra Value Index) through May 16, 2003; MSCI US Prime Market Value Index through April 16, 2013; CRSP US Large Cap Value Index thereafter.
 Vanguard Spliced Large Cap Index: Consists of MSCI US Prime Market 750 Index through January 30, 2013, and the CRSP US Large Cap Index thereafter.
 Vanguard Spliced Growth Index: S&P 500 Growth Index (formerly the S&P 500/Barra Growth Index) through May 16, 2003; MSCI US Prime Market Growth Index through April 16, 2013; CRSP US Large Cap Growth Index
 thereafter.
 Vanguard Spliced Mid Cap Value Index: MSCI US Mid Cap Value Index through April 16, 2013; CRSP US Mid Cap Value Index thereafter.
 Vanguard Spliced Mid Cap Index: S&P MidCap 400 Index through May 16, 2003; the MSCI US Mid Cap 450 Index through January 30, 2013; and the CRSP US Mid Cap Index thereafter.
 Vanguard Spliced Mid Cap Growth Index: MSCI US Mid Cap Growth Index through April 16, 2013; CRSP US Mid Cap Growth Index thereafter.
 Vanguard Spliced Total Stock Market Index: Dow Jones U.S. Total Stock Market Index (formerly known as the Dow Jones Wilshire 5000 Index) through April 22, 2005; MSCI US Broad Market Index through June 2, 2013; and
 CRSP US Total Market Index thereafter.
 Vanguard Spliced Small Cap Value Index: SmallCap 600 Value Index (formerly the S&P SmallCap 600/Barra Value Index) through May 16, 2003; MSCI US Small Cap Value Index through April 16, 2013; CRSP US Small Cap
 Value Index thereafter.




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

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

DEFINITION OF KEY STATISTICS AND TERMS

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




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

DEFINITION OF KEY PRIVATE EQUITY TERMS

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

VALUATION POLICY

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

REPORTING POLICY

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




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

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

MATERIAL RISKS & LIMITATIONS

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


OTHER

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

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

CUSTODIAN STATEMENTS

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




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 23

BURLINGTON RETIREMENT BOARD
 BUSHOR CONFERENCE ROOM, 149 CHURCH STREET, 1ST FLOOR
 MINUTES OF MEETING
 June 15, 2026




1. Agenda
1. Agenda
Acting Chair Kasti convened the meeting at 9:33 am.
Members present: Munir Kasti, Katherine Schad, Paul Olsen, David Mount, Eric Dalla Mura and Kyle Blake (all
in person); Matt Dow (online)
Others present: Brad Kukenberger, Lynn Reagan, Hayley McClenahan, Rob Lessard, Rich Sych (all in
person); Kate Pizzi and Chris Rowlins (both online)

Subject 1.1. Motion to adopt agenda
Meeting June 15, 2026 - Retirement Board Meeting - Monday, June 15, 2026, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


Category 1. Agenda

Department Retirement Administration


Type Action
 Procedural


Recommended Action Motion to adopt agenda
1.1. Motion to adopt agenda
Motion made by Board Member Dalla Mura, seconded by Board Member Blake, to adopt the agenda as
presented. Motion passed unanimously.


2. Class B Board Member Nominations
2. Class B Board Member Nominations

Subject 2.1. Open nominations for one (1) Class B Retirement Board member seat
Meeting June 15, 2026 - Retirement Board Meeting - Monday, June 15, 2026, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


Category 2. Class B Board Member Nominations

Department Retirement Administration


Type Action
 Procedural
Recommended Action Open the floor for nominations for one (1) Class B member seat. Class B
 membership consists of all system members who are not police officers or
 firefighters. One Class B seat is currently held by a member from Burlington
 Electric Department; under City ordinance no two Class A or Class B members may
 be employed by the same department, so nominees must be from a different City
 department. Each nomination requires a nominating Class B employee and a
 second from another Class B employee. Nominations may be made by Class B
 members present (in person or via Zoom), and nominations submitted in writing in
 advance will be accepted and read into the record. Nominations received at this
 meeting will be placed on the ballot for the Class B election to be held June 23–25,
 2026.
2.1. Open nominations for one (1) Class B Retirement Board member seat
Ashley Parker (DFA) nominated herself; Nicole Losch (DFA) seconded the nomination. Motion made by Board
Member Mount, seconded by Board Member Blake, to close the nominations. Motion passed unanimously.


3. Public Forum
3. Public Forum
None.

4. Minutes
4. Minutes

Subject 4.1. May 5, 2026 Retirement Board Meeting Minutes - C/T
Meeting June 15, 2026 - Retirement Board Meeting - Monday, June 15, 2026, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor
Category 4. Minutes
Department Department of Finance and Administration


Type Action
 Information
 Minutes


4.1. May 5, 2026 Retirement Board Meeting Minutes - C/T
Motion made by Board Member Olsen, seconded by Board Member Blake, to approve the May 5, 2026
Retirement Board Meeting Minutes. Motion passed unanimously.


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

Subject 5.1. Nusret Mustafic, Class B $71.50; Effective Date of Benefit: 06/01/26
Meeting June 15, 2026 - Retirement Board Meeting - Monday, June 15, 2026, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Return of Contributions

Department Retirement Administration
Type Action


Recommended Action approve return of contribution for Nusret Mustafic
5.1. Nusret Mustafic, Class B $71.50; Effective Date of Benefit: 06/01/26


Subject 5.2. Joanna E. Robinson, Class B $7,449.14; Effective Date of Benefit:
 06/01/26
Meeting June 15, 2026 - Retirement Board Meeting - Monday, June 15, 2026, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Joanna E. Robinson
5.2. Joanna E. Robinson, Class B $7,449.14; Effective Date of Benefit: 06/01/26


Subject 5.3. Bleonard Ademi, Class B $5,644.57; Effective Date of Benefit:
 06/01/26
Meeting June 15, 2026 - Retirement Board Meeting - Monday, June 15, 2026, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Bleonard Ademi
5.3. Bleonard Ademi, Class B $5,644.57; Effective Date of Benefit: 06/01/26


Subject 5.4. Jacob S. Baldwin, Class B $3,510.11; Effective Date of Benefit:
 06/01/26
Meeting June 15, 2026 - Retirement Board Meeting - Monday, June 15, 2026, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Jacob S. Baldwin
5.4. Jacob S. Baldwin, Class B $3,510.11; Effective Date of Benefit: 06/01/26
Subject 5.5. Gwendolyn Marquis, Class B $5,521.88; Effective Date of Benefit:
 05/01/26
Meeting June 15, 2026 - Retirement Board Meeting - Monday, June 15, 2026, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Gwendolyn Marquis
5.5. Gwendolyn Marquis, Class B $5,521.88; Effective Date of Benefit: 05/01/26


Subject 5.6. Jonathan M. Sumner, Class B $20,923.91; Effective Date of Benefit:
 05/01/26
Meeting June 15, 2026 - Retirement Board Meeting - Monday, June 15, 2026, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Jonathan M. Sumner
5.6. Jonathan M. Sumner, Class B $20,923.91; Effective Date of Benefit: 05/01/26


Subject 5.7. Jenal E. Dumas, Class B $5,944.95; Effective Date of Benefit:
 05/01/26
Meeting June 15, 2026 - Retirement Board Meeting - Monday, June 15, 2026, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Jenal E. Dumas
5.7. Jenal E. Dumas, Class B $5,944.95; Effective Date of Benefit: 05/01/26


Subject 5.8. Jacob Alfar, Class B $711.87; Effective Date of Benefit: 06/01/26
Meeting June 15, 2026 - Retirement Board Meeting - Monday, June 15, 2026, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor
Category 5. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Jacob Alfar
5.8. Jacob Alfar, Class B $711.87; Effective Date of Benefit: 06/01/26


6. Approve Retirement Application
6. Approve Retirement Application
Motion made by Board Member Mount, seconded by Board Member Olsen, to approve the retirement
application as presented. Motion passed unanimously.

Subject 6.1. Laurie A. Buker, Class B $561.71; Effective Date of Benefit: 05/01/26;
 Payment Date: 05/15/26
Meeting June 15, 2026 - Retirement Board Meeting - Monday, June 15, 2026, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


Category 6. Approve Retirement Application

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Laurie A. Buker
6.1. Laurie A. Buker, Class B $561.71; Effective Date of Benefit: 05/01/26; Payment Date: 05/15/26


7. Presentation By USI On FY25 Valuation
7. Presentation By USI On FY25 Valuation

Subject 7.1. Presentation By USI On FY25 Valuation
Meeting June 15, 2026 - Retirement Board Meeting - Monday, June 15, 2026, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor
Category 7. Presentation By USI On FY25 Valuation
Department Retirement Administration


Type Presentation
 Information
 Discussion


7.1. Presentation By USI On FY25 Valuation


8. Administrative Update
8. Administrative Update
9. Fiducient
9. Fiducient

Subject 9.1. Monthly Performance Update - May 2026
Meeting June 15, 2026 - Retirement Board Meeting - Monday, June 15, 2026, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor
Category 9. Fiducient
Department Retirement Administration


Type Report
 Information


9.1. Monthly Performance Update - May 2026
Motion made by Board Member Blake, seconded by Board Member Dalla Mura, to move $5.8 million to cash
as recommended by Fiducient and be ready to reimburse the City when needed. Motion passed
unanimously.


10. Adjournment
10. Adjournment

Subject 10.1. Motion to adjourn
Meeting June 15, 2026 - Retirement Board Meeting - Monday, June 15, 2026, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


Category 10. Adjournment

Department Retirement Administration


Type Action
 Procedural


Recommended Action Motion to adjourn
10.1. Motion to adjourn
Motion made by Board Member Blake, seconded by Board Member Olsen, to adjourn the meeting. Motion
passed unanimously.