Retirement Board — Burlington, VT
Date: 2026-02-23
Time: 09:00

Retirement Board

  Monday, February 23, 2026, 9:00 AM, Bushor Conference Room, 149 Church Street,
 1st Floor

Join from PC, Mac, iPad, or Android:
https://zoom.us/j/93136156336
Phone one-tap:
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Join via audio:
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Webinar ID: 931 3615 6336
International numbers available: https://zoom.us/u/acs5XxDhN5


1. Agenda
  Subject 1.1. Motion to adopt agenda
  Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


  Category 1. Agenda

  Department Retirement Administration


  Type Action
 Procedural


  Recommended Action Motion to adopt agenda

2. Public Forum

3. January 26, 2026 Retirement Board Meeting Minutes
  Subject 3.1. January 26, 2026 Retirement Board Meeting Minutes - DFA
  Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


  Category 3. January 26, 2026 Retirement Board Meeting Minutes

  Department Department of Finance and Administration


  Type Action
 Information
 Minutes


  Recommended Action approve the minutes

4. Approve Return of Contributions
  Subject 4.1. Shawn Corey, Class B $844.54; Effective Date of Benefit: 03/01/26
  Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Shawn Corey

  Subject 4.2. Sarah Meade, Class B $661.98; Effective Date of Benefit: 04/01/26
  Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Sarah Meade

  Subject 4.3. Zachary J. Nersinger, Class B $5,874.54; Effective Date of Benefit:
 04/01/26
  Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Zachary J. Nersinger

  Subject 4.4. Jillian Joubert, Class B $922.98; Effective Date of Benefit: 02/01/26
  Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action
  Recommended Action approve return of contribution for Jillian Joubert

  Subject 4.5. Wylance Adams, Class B $1,784.99; Effective Date of Benefit: 02/01/26
  Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Wylance Adams

  Subject 4.6. David Aguirre, Class B $665.04; Effective Date of Benefit: 03/01/26
  Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for David Aguirre

  Subject 4.7. Joseph C. Magee, Class B, $5,806.83; Effective Date of Benefit: 03/01/26
  Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Joseph C. Magee

  Subject 4.8. Michael Donnachie, Class B $10,801.33; Effective Date of Benefit:
 03/01/26
  Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Michael Donnachie

5. Approve Retirement Applications
Subject 5.1. Douglas Hall, Class B $1,005.01; Effective Date of Benefit: 01/01/26;
 Payment Date: 01/15/26
Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Douglas Hall

Subject 5.2. Mary C. Griffin, Class B $5,897.01; Effective Date of Benefit: 02/01/26;
 Payment Date: 02/15/26
Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Mary C. Griffin

Subject 5.3. Cheryl S. Mitchell, Class B $5,272.69; Effective Date of Benefit: 03/01/26;
 Payment Date: 03/15/26
Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Cheryl S. Mitchell

Subject 5.4. Claude Raineault, Class B $3,405.91; Effective Date of Benefit: 02/01/26;
 Payment Date: 02/15/26
Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Claude Raineault

Subject 5.5. Cynthia B. Wight, Class B $945.76; Effective Date of Benefit: 03/01/26;
 Payment Date: 03/15/26
  Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


  Category 5. Approve Retirement Applications

  Department Retirement Administration


  Type Action


  Recommended Action approve retirement application for Cynthia B. Wight

  Subject 5.6. Edin Delahmetovic, Class B $2,950.03; Effective Date of Benefit:
 01/01/26; Payment Date: 02/15/26
  Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


  Category 5. Approve Retirement Applications

  Department Retirement Administration


  Type Action


  Recommended Action approve retirement application for Edin Delahmetovic

  Subject 5.7. Elizabeth S. Lesnikoski, Class B $11,062.75; Effective Date of Benefit:
 02/01/26; Payment Date: 02/15/26
  Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


  Category 5. Approve Retirement Applications

  Department Retirement Administration


  Type Action


  Recommended Action approve retirement application for Elizabeth S. Lesnikoski

6. Administrative Update
  Subject 6.1. Annual Retiree COLA - Board Action Required
  Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


  Category 6. Administrative Update

  Department Retirement Administration


  Type Action


  Recommended Action The Burlington Employees Retirement System Board declines to reduce or eliminate the
 annual cost-of-living adjustment for eligible BERS retirees for the upcoming year, and
 directs that the COLA be calculated and applied in accordance with Section 24-40 of the
 Burlington Code of Ordinances and the applicable collective bargaining agreements,
 effective January 1, 2026.
  Subject 6.2. Burlington Employees' Retirement System Actuarial Valuation Report as of
 June 30, 2025 - USI
  Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


  Category 6. Administrative Update

  Department Retirement Administration


  Type Information
 Presentation
 Discussion


  Recommended Action approve the report and place it on file

7. Fiducient
  Subject 7.1. Performance Review as of January 31, 2026
  Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor
  Category 7. Fiducient
  Department Retirement Administration


  Type Information
 Discussion
 Presentation


  Subject 7.2. Asset Allocation Analysis
  Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor
  Category 7. Fiducient
  Department Retirement Administration


  Type Information
 Discussion
 Presentation



8. Vendor Presentations
  Subject 8.1. BNY Mellon (9:20 am - 10:05 am)
  Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor
  Category 8. Vendor Presentations
  Department Retirement Administration


  Type Information
 Presentation
 Discussion


  Subject 8.2. RVK (10:10 am - 10:55 am)
 Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor
 Category 8. Vendor Presentations
 Department Retirement Administration


 Type Discussion
 Information
 Presentation


 Subject 8.3. Fiducient (11:00 am - 11:45 am)
 Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor
 Category 8. Vendor Presentations
 Department Retirement Administration


 Type Discussion
 Information
 Presentation


 Subject 8.4. Board Discussion (11:45 am - 12:00 pm)
 Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor
 Category 8. Vendor Presentations
 Department Retirement Administration


 Type Discussion



9. Adjournment
 Subject 9.1. Motion to adjourn
 Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


 Category 9. Adjournment

 Department Retirement Administration


 Type Action
 Procedural


 Recommended Action Motion to adjourn

Retirement Board

  Monday, February 23, 2026, 9:00 AM, Bushor Conference Room, 149 Church Street,
 1st Floor

Join from PC, Mac, iPad, or Android:
https://zoom.us/j/93136156336
Phone one-tap:
+13092053325, 93136156336# US
Join via audio:
+1 309 205 3325 US
Webinar ID: 931 3615 6336
International numbers available: https://zoom.us/u/acs5XxDhN5


1. Agenda
  Subject 1.1. Motion to adopt agenda
  Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


  Category 1. Agenda

  Department Retirement Administration


  Type Action
 Procedural


  Recommended Action Motion to adopt agenda

2. Public Forum

3. January 26, 2026 Retirement Board Meeting Minutes
  Subject 3.1. January 26, 2026 Retirement Board Meeting Minutes - DFA
  Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


  Category 3. January 26, 2026 Retirement Board Meeting Minutes

  Department Department of Finance and Administration


  Type Action
 Information


 Page 1 of 254
 Minutes


  Recommended Action approve the minutes

4. Approve Return of Contributions
  Subject 4.1. Shawn Corey, Class B $844.54; Effective Date of Benefit: 03/01/26
  Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Shawn Corey

  Subject 4.2. Sarah Meade, Class B $661.98; Effective Date of Benefit: 04/01/26
  Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Sarah Meade

  Subject 4.3. Zachary J. Nersinger, Class B $5,874.54; Effective Date of Benefit:
 04/01/26
  Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Zachary J. Nersinger

  Subject 4.4. Jillian Joubert, Class B $922.98; Effective Date of Benefit: 02/01/26
  Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action




 Page 2 of 254
  Recommended Action approve return of contribution for Jillian Joubert

  Subject 4.5. Wylance Adams, Class B $1,784.99; Effective Date of Benefit: 02/01/26
  Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Wylance Adams

  Subject 4.6. David Aguirre, Class B $665.04; Effective Date of Benefit: 03/01/26
  Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for David Aguirre

  Subject 4.7. Joseph C. Magee, Class B, $5,806.83; Effective Date of Benefit: 03/01/26
  Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Joseph C. Magee

  Subject 4.8. Michael Donnachie, Class B $10,801.33; Effective Date of Benefit:
 03/01/26
  Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Michael Donnachie

5. Approve Retirement Applications



 Page 3 of 254
Subject 5.1. Douglas Hall, Class B $1,005.01; Effective Date of Benefit: 01/01/26;
 Payment Date: 01/15/26
Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Douglas Hall

Subject 5.2. Mary C. Griffin, Class B $5,897.01; Effective Date of Benefit: 02/01/26;
 Payment Date: 02/15/26
Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Mary C. Griffin

Subject 5.3. Cheryl S. Mitchell, Class B $5,272.69; Effective Date of Benefit: 03/01/26;
 Payment Date: 03/15/26
Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Cheryl S. Mitchell

Subject 5.4. Claude Raineault, Class B $3,405.91; Effective Date of Benefit: 02/01/26;
 Payment Date: 02/15/26
Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Claude Raineault

Subject 5.5. Cynthia B. Wight, Class B $945.76; Effective Date of Benefit: 03/01/26;
 Payment Date: 03/15/26


 Page 4 of 254
  Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


  Category 5. Approve Retirement Applications

  Department Retirement Administration


  Type Action


  Recommended Action approve retirement application for Cynthia B. Wight

  Subject 5.6. Edin Delahmetovic, Class B $2,950.03; Effective Date of Benefit:
 01/01/26; Payment Date: 02/15/26
  Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


  Category 5. Approve Retirement Applications

  Department Retirement Administration


  Type Action


  Recommended Action approve retirement application for Edin Delahmetovic

  Subject 5.7. Elizabeth S. Lesnikoski, Class B $11,062.75; Effective Date of Benefit:
 02/01/26; Payment Date: 02/15/26
  Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


  Category 5. Approve Retirement Applications

  Department Retirement Administration


  Type Action


  Recommended Action approve retirement application for Elizabeth S. Lesnikoski

6. Administrative Update
  Subject 6.1. Annual Retiree COLA - Board Action Required
  Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


  Category 6. Administrative Update

  Department Retirement Administration


  Type Action


  Recommended Action The Burlington Employees Retirement System Board declines to reduce or eliminate the
 annual cost-of-living adjustment for eligible BERS retirees for the upcoming year, and
 directs that the COLA be calculated and applied in accordance with Section 24-40 of the
 Burlington Code of Ordinances and the applicable collective bargaining agreements,
 effective January 1, 2026.



 Page 5 of 254
  Subject 6.2. Burlington Employees' Retirement System Actuarial Valuation Report as of
 June 30, 2025 - USI
  Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


  Category 6. Administrative Update

  Department Retirement Administration


  Type Information
 Presentation
 Discussion


  Recommended Action approve the report and place it on file

7. Fiducient
  Subject 7.1. Performance Review as of January 31, 2026
  Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor
  Category 7. Fiducient
  Department Retirement Administration


  Type Information
 Discussion
 Presentation


  Subject 7.2. Asset Allocation Analysis
  Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor
  Category 7. Fiducient
  Department Retirement Administration


  Type Information
 Discussion
 Presentation



8. Vendor Presentations
  Subject 8.1. BNY Mellon (9:20 am - 10:05 am)
  Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor
  Category 8. Vendor Presentations
  Department Retirement Administration


  Type Information
 Presentation
 Discussion


  Subject 8.2. RVK (10:10 am - 10:55 am)




 Page 6 of 254
 Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor
 Category 8. Vendor Presentations
 Department Retirement Administration


 Type Discussion
 Information
 Presentation


 Subject 8.3. Fiducient (11:00 am - 11:45 am)
 Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor
 Category 8. Vendor Presentations
 Department Retirement Administration


 Type Discussion
 Information
 Presentation


 Subject 8.4. Board Discussion (11:45 am - 12:00 pm)
 Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor
 Category 8. Vendor Presentations
 Department Retirement Administration


 Type Discussion



9. Adjournment
 Subject 9.1. Motion to adjourn
 Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


 Category 9. Adjournment

 Department Retirement Administration


 Type Action
 Procedural


 Recommended Action Motion to adjourn




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




 Jillian Joubert




January 28, 2026


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

Dear Ms. Joubert:

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 February 1, 2026 is $922.98. You will
receive this amount, less any withholding.

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

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

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

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




 Page 21 of 254
 USICG Participant Service Center
 95 Glastonbury Blvd. STE 102
 Glastonbury, CT 06033-4456




 Wylance Adams




February 18, 2026


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

Dear Mr. Adams:

We have received your completed election forms regarding your pension benefit under the Burlington
Employees' Retirement System. As outlined in the original cover letter, because your completed forms were
received after the benefit commencement date shown on the forms package, your benefit amount must be
recalculated for a current payment date. We have now calculated your final benefit amount. Your benefit
payable as a return of employee contributions under Class A as of February 1, 2026 is $1,784.99. This
amount will be rolled over into the IRA you noted on your completed forms.

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

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

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

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




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 ,-./0.-0-Page
Page 27 of 254
 USICG Participant Service Center
 95 Glastonbury Blvd. STE 102
 Glastonbury, CT 06033-4456




 Cheryl S. Mitchell




 February 12, 2026



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

 Dear Ms. Mitchell:

 Due to an error in your earnings that we received from the City of Burlington, we have revised your benefit
 calculation. As of March 1, 2026, your monthly benefit will change from $5,238.21 to $5,272.69. You will
 also receive a one-time catch-up payment in the amount of $68.96. This represents the difference between
 the pension payments you received from January 2026 to February 2026 and the pension payments you
 should have received in those months.

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

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

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

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



Enclosure




 Page 28 of 254
Page 29 of 254
Page 30 of 254
Page 31 of 254
Page 32 of 254
 MEMORANDUM

TO: BERS Board of Trustees
FROM: Brad Kukenberger, Director of Finance
DATE: February 23, 2026
RE: Annual Retiree COLA – Board Action Required

Current and past collective bargaining agreements grant the Retirement Board
discretion to reduce or eliminate the annual retiree cost-of-living adjustment (COLA)
when specified funded status thresholds are not met. Based on the June 30, 2025
actuarial valuation, those thresholds have been triggered, and the Board is asked to act
on the COLA for the upcoming year.
Taking the action below will make it possible to provide COLA to the seven (7) retirees
that require board approval to receive a COLA in 2026.
Context:
Police & Fire (BPOA and BFFA): The CBAs allow the Board to reduce or eliminate the
COLA if the BERS Class A funded ratio is below 73%. The current Class A funded ratio
is 66.6%.
AFSCME and IBEW: The CBAs allow the Board to reduce or eliminate the COLA if the
overall BERS funded ratio is below 70% or the fund’s actual rate of return fails to meet
the anticipated rate of return (7.1%). The current overall funded ratio is 68.5%. The
fund’s actual rate of return for FY2024–25 exceeded the anticipated rate.
The Board has not elected to reduce or eliminate the COLA under these provisions
going back to at least 2021, the first year H&H/USI began administering BERS COLAs.
The administration recommends the Board continue this practice and allow the COLA to
proceed without reduction.




 Page 33 of 254
 BURLINGTON EMPLOYEES’ RETIREMENT SYSTEM
 MOTION – Annual Retiree COLA

The Burlington Employees Retirement System Board declines to reduce or eliminate the
annual cost-of-living adjustment for eligible BERS retirees for the upcoming year, and
directs that the COLA be calculated and applied in accordance with Section 24-40 of the
Burlington Code of Ordinances and the applicable collective bargaining agreements,
effective January 1, 2026.




 Page 34 of 254
Burlington Employees'
Retirement System




 Actuarial
 Valuation Report

 as of June 30, 2025

 Page 35 of 254
 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



 Page 36 of 254
 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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 ACTUARIAL VALUATION REPORT
 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM



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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 ACTUARIAL VALUATION REPORT
 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM




 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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 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM



 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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 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM




 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




USICG.COM 8
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 ACTUARIAL VALUATION REPORT
 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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 ACTUARIAL VALUATION REPORT
 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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 ACTUARIAL VALUATION REPORT
 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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 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM



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

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

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

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

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

 Plan provision changes since prior valuation (231,287)

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




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 Development of Asset Values


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

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

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

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

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

 6. Approximate rate of return 12.6% 9.5%




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


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


 Recognition of Gain / Loss in Actuarial Value

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




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


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




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 Actual Rate of Return on Assets

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

 Market Value Actuarial Value




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

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

 100.00% 6.58%

Interaction Effect 0.90%

Long-Term Expected Nominal Return 7.48%


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

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

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




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 Amortization of Unfunded Liability


 Schedule of Amortization Bases

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

  Total 11,098,761 118,947,934


  Equivalent single amortization period 18 years




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



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



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 Member Counts by Status

 3,000


 2,500


 2,000


 1,500


 1,000


 500


 0
 2019 2020 2021 2022 2023 2024 2025

 Active Terminated Members in Pay Status




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

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

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

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




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




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




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

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

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

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




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 Description of Actuarial Assumptions
 Changes in Actuarial Assumptions

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

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

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

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




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

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

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

Retirement age

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


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Retirement age (cont.)
Class B


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

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




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

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

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

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

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

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

Cost of living increases
2.60%.

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

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

Payroll growth
3.10% per year.

Percent of active employees married
80%.

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


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

Plan identification
Single-employer pension plan.

Effective date
July 1, 1954.

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

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

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

Class B
All other members.

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

Class B
Age 55 and 5 years of creditable service.




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

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

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

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

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

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

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

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


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

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

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

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

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

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

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

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




USICG.COM 31Page 67 of 254
 ACTUARIAL VALUATION REPORT
 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM



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.
USICG.COM 32Page 68 of 254
 ACTUARIAL VALUATION REPORT
 BURLINGTON EMPLOYEES' RETIREMENT SYSTEM



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 69 of 254
 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 70 of 254
 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 71 of 254
 City of Burlington Employees Retirement System

 Quarterly Investment Review - Fourth Quarter 2025




This report is intended for the exclusive use of clients or prospective clients (the “recipient”) of Fiducient Advisors, 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 72 of 254
 Fiducient Advisors Update


Retirement Plans Endowments & Foundations The Wealth Office®

Featured Insights Featured Insights Featured Insights

 • Blog: SECURE 2.0 Act: Roth Catch- • Blog: From Community Foundation • 2026 Financial Planning Guide
 Up Contributions Investment Consultant to Strategic
 Partner • Blog: Charitable Giving Strategies:
 • Blog: Fiduciary Fun Facts: From Making the Most of Your Donations
 Roman Trusts to Employee • Blog: Impact is the New Investment
 Retirement Plans Metric: Why Your Nonprofit Should • Video: Preserving Wealth:
 Measure What Matters Strategies for Modern Portfolios
 • Blog: Public Pension Plans: Key
 Insights from the Fiscal Year



 Research Insights New Associates – Welcome!
 • 2026 Outlook – The Discipline Dividend William Delaney Lisa Moceri
 Consulting Analyst Chief Operating Officer
 • Private Markets Update
 Sean Harding Mark Proust
 • Monthly Market Recaps Consulting Analyst Compliance Analyst

 • Monthly Market Updates Laris Krauel Matthew Reimann
 Performance Analyst Middle Office Associate

 Save the Date! Ryan McKinney Lamone Stansbury
 Junior HR Business Partner Client Service Associate
 2026 Investor Conference Trey Swan
 Swissotel Chicago | October 22 Consulting Analyst
 Page 73 of 2542
 As of December 31, 2025
 The Public Fiduciary Newsletter

 Read the latest articles here:
 • Public Pension Plans: Key Insights from the Fiscal Year
 • Enhancing Oversight Structures in Government Defined
 Contribution Retirement Plans
 • Secure 2.0 Act: Roth Catch-Up Contributions




 Page 74 of 2543
www.FiducientAdvisors.com
Wellness by Fiducient - Delivers Measurable Impact. Scalable Outcomes.

In 2025, our financial wellness program was integrated by over 150 plan sponsors representing 250,000 participants.
Organizations not yet live have a potentially powerful opportunity to elevate employee financial well-being.

 How to Get Started?
 How using our platform helped If you're interested in learning more
 employees about how Wellness by Fiducient can
 benefit your organization, contact your
 Investment Consultant.
 Available in 100 Countries and 20 Languages
 55% Increase in savings, by
 active users, over a 12-month SCAN OR CLICK HERE
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 28% Increase in paying off
 credit card in full monthly


 35% Increase in users on
 FOR ILLUSTRATIVE PURPOSES ONLY
 track with financial goals

 Key Program Features

 34% Increase in contributions Co-branded Digital Portal Financial Health & Stress AI based personalization
 to retirement plan mobile optimized with Assessment to help you for progress and to deliver
 personalized education understand your personal articles, videos, webinars
 content added daily finance perspective and courses
 59% Increase in building
 emergency savings to cover
 3-6 months of expenses Live Financial Coaching or Omni-Channel Experience Utilization & Engagement
 24’7 access to “Ask Earnie” including a TEAMS App and tracking stress, knowledge
 There is no guarantee you or your employees will our AI Virtual Coach Benefits Hub gain, and confidence levels
 personally achieve the same results.


Source: Fiducient-Enrich 2025 Research Paper: Reducing Financial Stress and Increasing Financial Wellness: The Importance and Impact of Financial Education
All information provided by Fiducient Advisors, LLC is for educational purposes only and does not constitute nor offer investment, legal or tax advice; an offer to buy or sell any security product, or an endorsement of any third party
or such third party's views. Any hyperlinks to third-party content are intended to provide additional perspective. Interested parties are strongly encouraged to seek advice from qualified investment advisory, tax and/or legal experts
regarding the best options for their particular circumstances. Page 75 of 2544
Table of Contents




 Section 1 Fiduciary Governance Calendar
 Section 2 Capital Markets Overview
 Section 3 Portfolio and Manager Review
 Section 4 January Flash




 Page 76 of 2545
Fiduciary Governance Calendar




 Page 77 of 2546
 Fiduciary Governance Calendar


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




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




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




 Fiduciary Trail® Fiduciary Lockbox®




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

 Page 78 of 2547
www.FiducientAdvisors.com
 Asset Allocation Analysis

 • We believe Asset Allocation is the primary determinant of long-term investment results.

 • We believe our propriety Frontier Engineer® system is the cornerstone of asset allocation decisions.

 • Our Capital Markets Group develops Capital Market Assumptions (CMAs) for each major asset class at
 least annually.
  The Capital Markets Group considers and analyzes a wide variety of factors that we believe will have the
 greatest impact on future returns and risks for each asset class studied.
  Our CMAs are not intended to predict the future return in any single year, but rather to reflect our median
 expected outcome over the next ten years.
  Our forecasting efforts center on a ten-year horizon. Any adjustments made to extend the forecast horizon to
 twenty years or beyond are grounded in our expectation that asset classes ultimately mean revert towards
 longer term historical averages.
  Fiducient Advisors’, A Wealthspire Company, Capital Markets’ Team develop our CMAs based on a “building
 block” approach outlined in our white paper “Capital Market Forecasts”. (Copies are available upon
 requested.)

 • Correlations (how asset classes behave in reference to one another) also significantly impact asset
 allocation analysis.

 • Fat Tails (non-normal return elements of skewness & kurtosis) also meaningfully impact our asset
 allocation analysis.




 Page 79 of 2548
www.FiducientAdvisors.com
 2026 Outlook and Investment Implications

 • On the heels of robust returns across the investable universe in 2025, our forward-looking return
 expectations have decreased across most asset classes.
  Extremely strong investment returns across most asset classes over the past three years have resulted in full
 valuations in many segments of the marketplace.
  Of note, returns for the S&P 500 Index in 2025 were driven more by earnings growth than by multiple
 expansion, which was not the case in 2023 and 2024.

 • We remain constructive on international equities and continue to advocate for a modest
 overweight to international markets relative to the global opportunity set.
  International markets performed exceedingly well in 2025, raising valuations. However, international equity
 valuations continue to look attractive relative to domestic equities.
  The 12/31/25 allocation of the MSCI ACWI was approximately 64% U.S. equity, 36% international equity
 (~25% developed international, ~11% emerging markets)

 • While fixed income spreads are historically tight, the fixed income arena exhibits attractive real
 yields and offers the potential for downside protection in the event of an equity market dislocation.

 • As appropriate, we recommend the use of real assets and alternatives as a source of
 diversification and potential risk mitigation.
  Exposure to “alternatives” may include marketable alternatives (hedge funds) and private investments.
  Subject to portfolio size, liquidity needs, and risk tolerance, there are potential benefits to all these market
 segments.

 • Our approach to building diversified “all weather” portfolios worked well in 2025, and we believe
 most client portfolios are already well-positioned to withstand the market environment for 2026. We
 are not recommending significant allocation changes for most clients at the current juncture.


 Page 80 of 2549
www.FiducientAdvisors.com
 2026-2045 Twenty-Year Outlook
 Y/Y
 20-Year Market Forecasts 2026 2025 Change

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


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


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

  1) Dynamic bonds are a blend of 33% Cash, 33% Corp HY, and 34% Global Bonds. 2) Tax Equivalent yield based on highest marginal Federal tax rate (37%). 3) Broad Real Assets is 20%
 REITS, 20% Global Infrastructure, 20% Commodities, 20% US Bonds, 15% Corp High Yield, 5% TIPS. 4) Morningstar Direct. Based on MSCI ACWI NR USD, as of October 31, 2025. Outputs
 and opinions are as of the date referenced and are subject to change based on market or economic conditions. Information is intended for general information purposes only and does not
represent any specific investment recommendation. Please consult with your advisor, attorney and accountant, as appropriate, regarding specific advice. There is no guarantee that any of these
 expectations will become actual results. For additional information on forecast methodologies, please speak with your advisor. Please see the index proxy summary slide at the end of this
 presentation for summary of indices used to represent each asset class. Past performance does not indicate future performance and there is a possibility of a loss.
 Page 81 of 254 10
www.FiducientAdvisors.com Please see the Frontier Engineer Hypothetical Performance Disclosures at the end of the presentation for additional information.
 Actuarial Review



 City of Burlington Employees Retirement System

 6/30/2024 6/30/2023

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

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

 Funded Ratio 66.3% 66.9%

 Actuarial Return Assumption 7.10% 7.10%




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

 Page 82 of 254
 11
www.FiducientAdvisors.com
 Frontier Engineer® Analysis
 12/31/2025 Asset Allocation Forecasts Past (1/88-12/25)




 US Bonds - Dynamic Private Real Estate Broad Real Assets Annualized Return Annualized Volatility Annualized Net Return Annualized Volatility
 Normal 100 Year Non-Normal 100


 Fixed Income Real Assets US Equity (LC) US Equity (SC) Int'l Dev. Equity EM Equity
 Equity US Bond Flood* Year Flood**
 Current Targets (A) 27% 68.5% 4.5% 20% 7% 33% 10% 18% 7.5% 3% 1.5% 7.4% 12.9% -22% -30% 9.2% 11.0%
 Optimized +5 Fixed Income (B) 32% 63% 4% 24% 8% 32% 8% 16% 7% 0% 4% 7.2% 12.2% -20% -28% 8.9% 10.2%
 Optimized -5% Fixed Income (C) 22% 73% 5% 17% 6% 37% 9% 19% 8% 0% 5% 7.4% 13.6% -23% -32% 9.3% 11.5%
 6.14 6.14 6.14 6.14 6.14 6.14 6.14 6.14
 9.0%
 3 24% 8% 47% 12% 25% 11% 3% 5%
 2018 Mix(es)
 Observation - - Real -
 Private Estate  - - - - - EM Equity
 13.0% 13.0%
 8.0% 3/31/2018
 Current Mix(es)
 1.00
 Broad Real Assets
 1.00 1.00 1.00 1.00 1.00  1.00 1.00 12.0% 12.0%
 1/0/1900 0% 0% 0% A 0% C 0% 0% 0% 0% Int'l Dev. Equity 9.0% 28.0%
 B




 E(Annualized Net Return)
 7.0% Asset Classes
 0% 0% 0% 0% 0% 0% 0% 0% 0.0% 6.0%
 US Equity (LC)
 Engineer Frontier A US Equity (SC)
 6.0%
 US Bonds - Dynamic
 5.0%
 US Bond
 4.0%

 3.0%

 2.0%

 1.0%

 0.0%
 0.0% 5.0% 10.0% 15.0% 20.0% 25.0%
 E(Standard Deviation)
 2/18/2026
*The expected one in a hundred worst case calendar year return based on normally distributed capital market assumptions. Grea ter losses are possible (1% expected likelihood).
**The expected one in a hundred worst case calendar year return based on non-normally distributed capital market assumptions (factoring in skewness & kurtosis). Greater losses are possible (1% expected likelihood).
Historical Returns and Risk Metrics for each Mix represent back-tested calculations developed with the benefit of hindsight. Return calculations use an asset-weighted methodology based on the target asset allocation of each
mix and the total return of index proxies used to represent each asset class and are net of fees. Historical returns are hypo thetical and do not represent returns earned by a client. It is not possible to invest in an index. Please
see the Frontier Engineer® Hypothetical Performance Disclosures at the end of the presentation for additional information, including index proxies used to represent each asset class. Please ask for a copy of Fiducient Advisors’,
A Wealthspire Company, white paper titled 10-Year Capital Market Forecasts. Past performance does not indicate future performance and it is possible to lose money when investing. Please refer to the Capital Markets
Assumptions Slide for the hypothetical alpha and hypothetical fee inputs used in the calculation methodology.
 Page 83 of 254
 12
  www.FiducientAdvisors.com
Capital Markets Overview




 Page 84 of 254
 13
 Market Themes

 Non-U.S. Equities Shine in 2025 “AI” Playbook - Market Exposure to “AI”
 Non-U.S. equities closed out the year on a high note, outpacing The rise of AI has been considerable in recent years and AI is poised to be
 domestic markets in Q4 and beating U.S. equities by the widest margin an influential factor in markets in 2026. Earnings growth expectations for
 for the calendar year since 2009 . A weaker U.S. dollar, more attractive mid- and small-cap companies are relatively higher compared to other areas
 valuations compared to the U.S. and a favorable corporate backdrop all of the market, creating opportunity outside of the “Magnificent 7.” Thoughtful
 helped propel non-U.S. markets ahead. diversification and owning “too little” AI may be preferred over risking a
 severe drawdown from overexposure should AI falter.
 40.0 37.7%
 MSCI EM,
 33.6
 33.9%
 MSCI EAFE,
 30.0
 31.2

 26.5%
 20.0 S&P 500,




YTD Cumulative Return (%)
 17.9
 Russell 2000,
 10.0 12.8
 Bbg US Agg,
 7.3
 0.0



 -10.0

 S&P 500
 Russell 2000
 -20.0
 MSCI EAFE
 S&P 500 Russell 3000 MSCI ACWI
 MSCI EM
 Sources: BlackRock, Morningstar, Fiducient Advisors. As of November 30, 2025. Exposure
 Bbg US Agg
 -30.0 to "AI" based on the common holdings compared to the following indexes: Morningstar
 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Global Artificial Intelligence Select Index; NYSE Semiconductor Index; S&P Data Center,
 Tower REIT, and Communications Equipment Index; Morningstar Global Digital
 Source: FactSet. As of December 31, 2025. Infrastructure & Connectivity Index.

 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
 Page of
 85a of
 loss.
 25414
 www.FiducientAdvisors.com Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.
 Market Themes

 Navigating Valuation – Valuation Rank (Last 20 Years) Noise Resistance – BB Weight in Corp High Yield Index
 Valuations look full relative to history across asset classes and Credit was a standout in 2025 as high yield bonds returned over 8% during
 investors should evaluate risk tolerances appropriately. Pockets of the year. While spreads hover near 20-year lows, strong corporate
 opportunity exist. Fixed income looks attractive both on an absolute fundamentals and an increase in the credit quality of the index broadly
 basis and relative to public equities. Where appropriate, investors may temper concern. This lower cost of lending bodes well for economic
 consider marketable alternative strategies that may help reduce expansion, but we continue to exercise caution given current valuations.
 downside risk in a narrow and fully valued market.
 100% 60%

 90%
 54.8%
 80% 55%

 70%

 60% 50%




 BB Weight in Index
Percentile
 50%
 45%
 40%

 30%
 40%
 20%

 10%
 35%
 0%
 P/E P/B P/CF P/S Yield Spread
 30%
 S&P 500 Russell 2000 MSCI EAFE Jan-06
 Jan-07
 Jan-08
 Jan-09
 Jan-10
 Jan-11
 Jan-12
 MSCI EM Bloomberg Agg Bloomberg HY
 Jan-13
 Jan-14
 Jan-15
 Jan-16
 Jan-17
 Jan-18
 Jan-19
 Jan-20
 Jan-21
 Jan-22
 Jan-23
 Jan-24
 Jan-25
 Source: FactSet. As of December 31, 2025. Yield is Dividend yield for equity indexes and
 yield to worst for fixed income. Rank is based on last 20 years, monthly data. Source: FactSet. As of December 31, 2025.

 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
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 Asset Class Returns

 36
 33.6
 33
 YTD QTD 31.2

 30

 27

 24

 21




  Total Returns (%)
 18 17.4
 15.8
 15
 13.2
 12.8
 12
 9.2
 9 8.6
 7.0 7.3
 6.6
 5.8
 6 5.0 5.8
 4.9 4.7
 3 2.3
 2.4 2.2 1.9
 1.1 2.5
 1.1 1.3 1.6
 0 0.1 0.5 0.0 0.0

 -2.1
 -3

 -6
 TIPS Municipals 5- U.S. Core Bond High Yield High Yield U.S. Long Foreign Bond U.S Large Cap U.S. Small Cap International Emerging U.S. Equity Real Assets Commodities Hedge Funds*
 Year Municipals Duration Developed Markets REITs
 Source: Morningstar Direct. As of December 31, 2025. *Hedge fund returns as of November 30, 2025.

 Fixed Income (4Q 2025) Equity (4Q 2025) Real Asset / Alternatives (4Q 2025)
 + Interest rates were volatile during the quarter as the + Favorable earnings, a Fed rate cut, and positive - Equity REITs struggled during the quarter despite
 Federal Reserve cut interest rates twice even as economic data helped support equity markets during strength in the broader equity market. The interest rate
 inflation remained sticky. Core bonds delivered a the quarter. Large cap modestly edged out small cap as sensitive asset class was negatively impacted from
 positive return during the period. the outlook for further rate cuts in 2026 diminished. rising long-term rates.

 + The corporate bond market, particularly high yield, + Non-U.S. markets outpaced domestic and developed + Commodities were positive overall but experienced
 produced a positive return in the quarter and strong edged out emerging. Europe experienced favorable mixed underlying returns as precious metals closed out
 gains for the year. All-in yields remain attractive and returns as the outlook for economic growth improved a strong year while energy-related commodities
 corporate fundamentals remain supportive of the asset and corporate earnings were favorable. declined.
 class.
 + Emerging markets rounded out a banner year with a + Hedge funds were modestly positive for the period
 +/- Favorable economic data pushed longer dated strong quarter. AI-related strength in select ending in November and have outpaced fixed income
 yields higher in the quarter. Long duration bonds were semiconductor companies were among top contributors. markets so far in 2025.
 flat. 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.
 25416
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 Fixed Income Market Update

 U.S. Treasury Yield Curve Corporate Credit Spreads – Trailing 5 Years
 Interest rates were volatile during the quarter and the U.S. yield curve Credit spreads were volatile during the period, widening early in the quarter
 steepened. The Federal Reserve cut interest rates twice over labor before trending back closer to where they started. Strong corporate
 market concerns, pushing front-end yields lower. However, better than fundamentals, a favorable technical backdrop and increased credit quality
 expected economic data and the market’s more positive outlook on the have pushed spreads to near 10-year lows, and we remain mindful of
 economy moved long-end yields higher. elevated valuations within the high yield asset class.

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

 4.4
 4.18



 Spreads (bps)
 4.25
 4.2 300 750


  Yield (%)
 4.16
 4.0


 3.8 200 500
 3.60
 3.6


 3.4 3.47 100 250
 12/31/25

 3.2 9/30/25 Bloomberg U.S. Inv. Grade Corp Index (LHS)
 12/31/24 Bloomberg U.S. Corp High Yield Index (RHS)
 3.0 0 0
 0 5 10 15 20 25 30
 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 6/25 12/25
 U.S. Treasury Maturity (yrs)
  Source: FactSet. As of December 31, 2025. Source: FactSet. As of December 31, 2025.


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 Equity Market Update


 U.S. Equities – Returns by Sector (4Q 2025)
 The S&P had a favorable quarter as investors digested the government shutdown and subsequent data delays, two Federal Reserve rate cuts and
 relatively strong corporate earnings reports. Underlying sector performance was mixed. Health care was a standout sector during the quarter. Positive
 news on expanded GLP-1 access and tariff exemptions helped companies such as Eli Lilly, which was one of the top contributors to the S&P during
 the quarter. A volatile interest rate environment and rising long-end yields weighed on the REIT sector.
 YTD QTD 33.6%

 24.0%
 17.9% 19.4%
 16.0% 14.6% 15.0%
 10.5% 11.7%
 8.7% 7.3%
 6.0%
 2.7% 3.2% 3.9%
 1.1% 1.4% 0.9% 2.0% 1.5% 0.7%
 0.0%

 -1.4% -2.9%
 S&P 500 Utilities Real Estate Materials IT Industrials Health Care Financials Energy Cons. Cons. Disc. Comm.
 Source: Morningstar Direct. As of December 31, 2025. Staples Services


 Market Capitalization, Style, and Select Country Performance (4Q 2025)
 Equity markets were broadly positive across regions during the quarter, with non-U.S. markets generally outpacing domestic markets. From a style
 perspective, value stocks outperformed their growth counterparts during the quarter. Emerging markets was once again the standout among its peers.
 AI optimism helped drive semiconductor companies higher in South Korea and Taiwan, but weaker economic data was a headwind for Chinese
 equities. 27.3%


 7.8% 9.8%
 5.3% 5.4% 6.4%
 2.4% 2.2% 3.8% 2.7% 1.9% 1.6% 3.3%
 1.1%

 -1.0%
 -7.4%
 Small Value Small Value Small Value
 Growth Growth Growth S.Korea
 Large Large Aust. Switz. Large China


 U.S. Int’l Developed Emerging Markets
Source: Morningstar Direct. As of December 31, 2025.
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 Real Assets Market Update


 Commodity Performance (4Q 2025) REIT Sector Performance (4Q 2025)
 It was a strong quarter for commodities, driven by precious and industrial metals. Rising long-term yields negatively impacted REITs in the fourth quarter and the
 Gold had a banner year, touching multiple all-time highs as investors digested space lagged the broader equity market. Office struggled as the hybrid work
 uncertainty surrounding trade policy, inflation, and economic data throughout the environment continues to create uncertainty for the space. Industrial-related
 year. Precious metals had its best calendar year of the last 30 years. REITs were among the few positive areas in the quarter.
 90 YTD QTD YTD QTD
 80.2 15.5
 80 Diversified
 -3.9
 -5.5
 Specialty
 70 -9.4

 Data Centers -14.2
 60 -5.1
 28.5
 Health Care
 1.4
 50
 5.1




 Total Return (%)
 Retail
 -1.8
 40
 -7.4
 Residential
 -1.6
 30 -10.0
 Self Storage
 21.4 -8.4
 21.8
 20 Lodging/Resorts -5.1
 4.3
 12.0 17.0
 10 Industrial
 9.5
 0.6 -0.5
 0 Infrastructure
 -6.3
 -6.2 -2.3 -10.2
 -10 Timber
 -4.7
 -10.4
 Office -14.0
 -20 -13.1
 Energy Industrial Precious Agriculture
 -20 -10 0 10 20 30 40
 Metals Metals
 Total Return (%)
 Source: Morningstar Direct. As of December 31, 2025. Source: Morningstar Direct. As of December 31, 2025.
 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
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 loss.
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 Marketable Alternatives

 16.0%


 14.0% 13.4%


 12.0%


 10.0% 9.1% 9.1%


Total Return
 8.5%
 7.8%
 8.0%


 6.0% 5.0% 5.2%
 4.2%
 3.7% 3.6%
 4.0%

 1.9%
 2.0% 1.5%


 0.0%
 HFRI Fund of Funds HFRI Asset Weighted HFRI Equity Hedge HFRI Event Driven HFRI Macro HFRI Relative Value
 Composite Composite

 Trailing 3-Month YTD

 Source: Morningstar Direct. As of November 30, 2025.

 Fund of Funds / Asset Weighted (4Q) Equity Hedge / Event Driven (4Q) Macro / Relative Value (4Q)
 + The HFRI Fund of Funds Composite returned 3.7 + Equity Hedge strategies returned 4.2 percent over the + Macro strategies returned 5.0 percent over the period,
 percent over the trailing 3-month period and 9.1 percent period, supported by a strong equity market and a outpacing all other strategy groups.
 year-to-date. positive long/short spread.
 + Macro strategies performed well across sub-strategy
 + The HFRI Asset Weighted Composite returned 3.6 + Within Equity Hedge Strategies, Healthcare and groups, benefiting from fertile trading conditions across
 percent over the trailing 3-month period and 8.5 percent Technology/Healthcare strategies continued their strong currencies, commodities and bond markets.
 year-to-date. performance from the previous quarter.
 + Relative Value strategies returned 1.9 percent over
 +/- Marketable alternatives generally outpaced fixed + Event Driven strategies returned 1.5 percent over the the period, with Fixed Income Sovereign and Fixed
 income but trailed equity markets over the trailing 3- period, with Distressed Restructuring strategies leading Income Convertible Arbitrage strategies notable
 month period. the peer group. contributors.

 Benchmark Return Indices cannot be invested in directly. HFRI benchmarks are net of fees. Past performance does not indicate future performance
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 20
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 Private Equity Market Update

 U.S. Private Equity Deal Activity
 U.S. private equity deal value and activity both rose to levels near what was seen in 2021. The key drivers included a modestly better interest rate environment as well as a
 meaningful$1,400.0
 amount of pressure from investors to push activity, particularly exit activity. 12,000
 10,315
 $1,200.0 9,447 9,019
 10,000
 8,523
 8,156
 $1,000.0
 8,000
 6,557 6,620
 $800.0 6,265
 5,374 6,000
 4,676 4,823
 $600.0
 4,000
 $400.0


 $551.8 $468.9 $591.1 $658.7 $689.9 $631.4 $1,268.7 $953.3 $883.3 $1,155.4
 2,000
 $734.2
 $200.0

 $0.0 0
 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
 Deal value ($B) Deal count Estimated deal count
Source: Pitchbook. As of December 31, 2025.
 Private Equity Performance (As of June 30, 2025) U.S. Private Equity Fundraising Activity
Public market performance has been strong as of late; however, longer term periods Fundraising in 2025 was lower than levels seen since 2020. Fewer funds raised more
continue to favor private markets. Growth equity and venture capital returns have capital.
started to recover but still lag in the medium term.
 1,089 1,033

Benchmark 1-YR 3-YR 5-YR 10-Y 15-Y 831

US Private Equity Index 8.7% 7.4% 16.4% 14.7% 15.9% 668
 510 538 537
US Buyout Index 8.2% 8.1% 16.6% 14.3% 15.8% 427 454
 401 327
US Growth Equity Index 10.2% 5.7% 15.9% 15.8% 16.5%

US Venture Capital Index 11.4% 0.1% 15.0% 13.1% 15.4% $138 $189 $251 $195 $350 $256 $382 $390 $408 $382 $278
S&P 500 Index 15.2% 19.7% 16.6% 13.6% 14.9%
 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Source: Cambridge Associates. As of June 30, 2025. Returns presented as horizon pooled
 Capital raised ($B) Fund count
return, net of fees. S&P 500 Index as of June 30, 2025. Indices cannot be invested in directly.
 Source: Pitchbook. As of December 31, 2025.
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 The Case for Diversification



 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10 Years (Ann)
 Emerging Markets Emerging Markets
 U.S. Equity REITs U.S. Small Cap High Yield Municipals U.S. Large Cap U.S. Large Cap U.S. Equity REITs Commodities U.S. Large Cap U.S. Large Cap U.S. Large Cap
 Equity Equity
 2.8 21.3 4.8 31.4 21.0 41.3 16.1 26.5 24.5 14.6
 37.3 33.6
 International International International
 Municipals 5-Year High Yield Cash U.S. Mid Cap U.S. Small Cap Commodities Cash U.S. Mid Cap U.S. Mid Cap
 Developed Equity Developed Equity Developed Equity
 2.4 17.1 1.8 30.5 20.0 27.1 1.5 15.3 11.0
 25.0 18.2 31.2
 Emerging Markets
High Yield Municipals U.S. Mid Cap U.S. Large Cap Municipals 5-Year U.S. Equity REITs U.S. Large Cap Hedge Funds U.S. Mid Cap U.S. Small Cap U.S. Large Cap U.S. Small Cap
 Equity
 1.8 13.8 21.7 1.7 28.7 26.5 -5.3 17.2 11.5 17.4 9.6
 18.3
 Emerging Markets
 U.S. Large Cap U.S. Large Cap U.S. Mid Cap U.S. Core Bond U.S. Small Cap U.S. Mid Cap U.S. Mid Cap Municipals 5-Year U.S. Small Cap Balanced Balanced
 Equity
 0.9 12.1 18.5 0.0 25.5 17.1 22.6 -5.3 16.9 10.8 16.2
 8.4
 International International
  U.S. Core Bond Commodities Balanced TIPS Balanced U.S. Small Cap High Yield Balanced Hedge Funds Commodities
 Developed Equity Developed Equity
 0.5 11.8 15.4 -1.3 13.5 14.8 -11.2 15.4 9.1 15.8
 22.0 8.2
 Emerging Markets International
 Cash U.S. Small Cap High Yield Balanced TIPS TIPS High Yield High Yield U.S. Small Cap Balanced
 Equity Developed Equity
 0.0 14.6 -2.1 19.4 11.0 -11.8 13.4 8.2 12.8 8.0
 11.2 11.3
 Emerging Markets Emerging Markets
 Hedge Funds U.S. Equity REITs High Yield Municipals U.S. Equity REITs Hedge Funds Balanced U.S. Core Bond U.S. Equity REITs U.S. Mid Cap High Yield
 Equity Equity
 -0.3 8.6 9.7 -4.0 10.9 10.2 -13.0 11.4 10.6 6.5
 18.4 7.5
 International International Emerging Markets
 Balanced U.S. Equity REITs Hedge Funds High Yield High Yield Municipals High Yield Municipals High Yield Municipals Hedge Funds U.S. Equity REITs
  Developed Equity Developed Equity Equity
 5.9 8.7 -4.0 14.3 7.8 -13.1 6.3 9.2 5.8
 -0.8 7.8 9.8
 International
 Balanced TIPS Hedge Funds U.S. Large Cap High Yield Municipals U.S. Core Bond Hedge Funds High Yield Municipals Commodities High Yield Commodities
 Developed Equity
 -1.0 4.7 7.8 -4.8 10.7 7.5 6.2 9.2 5.4 8.6 5.7
 -14.5

 TIPS High Yield Municipals High Yield Balanced U.S. Core Bond High Yield TIPS Balanced Hedge Funds Cash U.S. Core Bond Hedge Funds
 -1.4 3.0 7.5 -5.5 8.7 7.1 6.0 -16.0 6.1 5.3 7.3 4.7

 U.S. Mid Cap U.S. Core Bond U.S. Core Bond U.S. Mid Cap TIPS High Yield Municipals High Yield U.S. Mid Cap U.S. Core Bond U.S. Equity REITs TIPS High Yield Municipals
 -2.4 2.6 3.5 -9.1 8.4 4.9 5.3 -17.3 5.5 4.9 7.0 4.3

 International International
 U.S. Small Cap Municipals 5-Year U.S. Small Cap Hedge Funds Municipals 5-Year Municipals 5-Year U.S. Large Cap Cash Municipals 5-Year TIPS
 Developed Equity Developed Equity
 -4.4 3.1 -11.0 8.4 4.3 0.3 -19.1 5.1 5.0 3.1
 1.0 3.8
 Emerging Markets
 High Yield Hedge Funds TIPS Commodities Commodities Cash Cash Municipals 5-Year TIPS Cash Cash
 Equity
 -4.5 0.5 3.0 -11.2 7.7 0.5 0.0 4.3 1.8 4.3 2.2
 -20.1
 Emerging Markets International
 Cash Commodities Municipals 5-Year Commodities U.S. Core Bond U.S. Small Cap TIPS U.S. Core Bond High Yield Municipals U.S. Core Bond
 Equity Developed Equity
 0.3 1.7 5.4 -3.1 -1.5 -20.4 3.9 1.3 2.5 2.0
 -14.9 -13.8
 Emerging Markets Emerging Markets
 Commodities Municipals 5-Year Cash Cash U.S. Equity REITs U.S. Equity REITs Commodities Municipals 5-Year U.S. Equity REITs Municipals 5-Year
 Equity Equity
 -24.7 -0.4 0.8 2.2 -5.1 -24.9 -7.9 1.2 2.3 1.9
 -14.6 -2.5
Sources: Morningstar, FactSet. As of December 31, 2025. *Periods greater than one year are annualized. Total returns in U.S. dollars. Hedge Funds as of November 30, 2025.




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 Financial Markets Performance

 Total Return as of December 31, 2025
 Periods greater than one year are annualized
 All returns are in U.S. dollar terms
  Global Fixed Income Markets QTD YTD 1YR 3YR 5YR 7YR 10YR 15YR
  Bloomberg 1-3-Month T-Bill 1.0% 4.3% 4.3% 4.9% 3.2% 2.7% 2.2% 1.5%
  Bloomberg U.S. TIPS 0.1% 7.0% 7.0% 4.2% 1.1% 3.5% 3.1% 2.9%
  Bloomberg Municipal Bond (5 Year) 0.5% 5.0% 5.0% 3.5% 1.0% 2.1% 1.9% 2.4%
  Bloomberg High Yield Municipal Bond 1.1% 2.5% 2.5% 6.0% 2.2% 3.7% 4.3% 5.3%
  Bloomberg U.S. Aggregate 1.1% 7.3% 7.3% 4.7% -0.4% 2.0% 2.0% 2.4%
  Bloomberg U.S. Corporate High Yield 1.3% 8.6% 8.6% 10.1% 4.5% 6.2% 6.5% 6.0%
  Bloomberg Global Aggregate ex-U.S. Hedged 0.5% 2.8% 2.8% 5.3% 0.8% 2.2% 2.6% 3.1%
  Bloomberg Global Aggregate ex-U.S. Unhedged -0.5% 8.8% 8.8% 3.3% -3.6% -0.5% 0.6% 0.1%
  Bloomberg U.S. Long Gov / Credit 0.0% 6.6% 6.6% 3.1% -4.9% 1.1% 2.0% 3.6%
  Global Equity Markets QTD YTD 1YR 3YR 5YR 7YR 10YR 15YR
  S&P 500 2.7% 17.9% 17.9% 23.0% 14.4% 17.3% 14.8% 14.1%
  Dow Jones Industrial Average 4.0% 14.9% 14.9% 15.4% 11.6% 13.2% 13.1% 12.5%
  NASDAQ Composite 2.7% 21.1% 21.1% 31.4% 13.4% 20.6% 17.7% 16.7%
  Russell 3000 2.4% 17.1% 17.1% 22.2% 13.2% 16.6% 14.3% 13.6%
  Russell 1000 2.4% 17.4% 17.4% 22.7% 13.6% 17.0% 14.6% 13.9%
  Russell 1000 Growth 1.1% 18.6% 18.6% 31.1% 15.3% 21.2% 18.1% 16.6%
  Russell 1000 Value 3.8% 15.9% 15.9% 13.9% 11.3% 12.1% 10.5% 10.8%
  Russell Mid Cap 0.2% 10.6% 10.6% 14.4% 8.7% 12.8% 11.0% 11.2%
  Russell Mid Cap Growth -3.7% 8.7% 8.7% 18.6% 6.6% 14.2% 12.5% 12.2%
  Russell Mid Cap Value 1.4% 11.0% 11.0% 12.3% 9.8% 11.4% 9.8% 10.3%
  Russell 2000 2.2% 12.8% 12.8% 13.7% 6.1% 10.6% 9.6% 9.5%
  Russell 2000 Growth 1.2% 13.0% 13.0% 15.6% 3.2% 10.6% 9.6% 9.9%
  Russell 2000 Value 3.3% 12.6% 12.6% 11.7% 8.9% 10.1% 9.3% 8.7%
  MSCI ACWI 3.3% 22.3% 22.3% 20.6% 11.2% 14.0% 11.7% 9.8%
  MSCI ACWI ex. U.S. 5.1% 32.4% 32.4% 17.3% 7.9% 10.1% 8.4% 5.9%
  MSCI EAFE 4.9% 31.2% 31.2% 17.2% 8.9% 10.5% 8.2% 6.6%
  MSCI EAFE Growth 1.9% 20.8% 20.8% 13.2% 4.4% 9.4% 7.4% 6.5%
  MSCI EAFE Value 7.8% 42.2% 42.2% 21.4% 13.4% 11.3% 8.7% 6.6%
  MSCI EAFE Small Cap 2.7% 31.8% 31.8% 14.9% 5.6% 9.1% 7.5% 7.1%
  MSCI Emerging Markets 4.7% 33.6% 33.6% 16.4% 4.2% 8.1% 8.4% 3.8%
  Alternatives QTD YTD 1YR 3YR 5YR 7YR 10YR 15YR
  FTSE NAREIT All Equity REITs -2.1% 2.3% 2.3% 6.1% 4.8% 6.4% 5.8% 7.8%
  S&P Real Assets 1.6% 13.2% 13.2% 8.1% 5.6% 6.5% 6.1% 5.0%
  FTSE EPRA NAREIT Developed -0.5% 10.7% 10.7% 7.8% 3.8% 4.5% 4.2% 5.5%
  FTSE EPRA NAREIT Developed ex U.S. 1.4% 26.1% 26.1% 7.6% 0.6% 2.3% 3.1% 3.6%
  Bloomberg Commodity Total Return 5.8% 15.8% 15.8% 4.0% 10.6% 8.1% 5.7% -1.1%
  HFRI Fund of Funds Composite* 1.9% 9.2% 9.3% 8.2% 5.7% 6.0% 4.7% 4.0%
  HFRI Asset Weighted Composite* 1.5% 8.5% 8.9% 7.1% 6.5% 5.5% 4.6% 4.6%
  Sources: Morningstar, FactSet. As of December 31, 2025. *Consumer Price Index and HFRI indexes as of November 30, 2025.

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Portfolio and Manager Review




 Page 95 of 254
 24
Asset Allocation
Total Plan As of December 31, 2025
 Asset Asset Target
 Differences
 Allocation Allocation Allocation
 (%)
 ($) (%) (%)
Total Plan 285,500,853 100.0 100.0 0.0
 Pension Benefits Payable to the City -7,799,882 -2.7 0.0 -2.7
 Total Invested Assets 293,300,734 102.7 100.0 2.7
 Short Term Liquidity 172,677 0.1 0.0 0.1
 Key Bank Cash Portfolio 172,640 0.1 0.0 0.1
 First American Govt Oblig Fund Z 37 0.0 0.0 0.0
 Fixed Income 71,913,246 25.2 27.0 -1.8
 JIC Core Bond Fund I 53,286,613 18.7 20.0 -1.3
 BlackRock Strategic Income Opportunities K 18,626,632 6.5 7.0 -0.5
 Equity 209,903,879 73.5 68.5 5.0
 Domestic Equity 131,302,288 46.0 43.0 3.0
 BNYM Mellon DB NSL Stock Index Fund 103,204,067 36.1 33.0 3.1
 BNYM Mellon DB SL SMID Cap Stock Index Fund 28,098,221 9.8 10.0 -0.2
 International Equity 78,235,746 27.4 25.5 1.9
 BNYM Mellon DB NSL International Stock Index Fund 54,677,500 19.2 18.0 1.2
 BNYM Mellon DB NSL Emerging Markets Stock Index Fund 23,558,247 8.3 7.5 0.8
 Private Equity 365,845 0.1 0.0 0.1
 Hamilton Lane II 624 0.0 - -
 Hamilton Lane VII A 257,244 0.1 - -
 Hamilton Lane VII B 107,977 0.0 - -
 Real Assets 11,310,932 4.0 4.5 -0.5
 UBS Trumbull Property Fund 7,781,358 2.7 3.0 -0.3
 DWS RREEF Real Assets R6 3,529,574 1.2 1.5 -0.3

Valuations data as of:

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

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




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


 Page 96 of 254
 25
Asset Allocation
Total Invested Assets As of December 31, 2025
 Asset Asset Target
 Differences
 Allocation Allocation Allocation
 (%)
 ($) (%) (%)
 Total Invested Assets 293,300,734 100.0 100.0 0.0
 Short Term Liquidity 172,677 0.1 0.0 0.1
 Key Bank Cash Portfolio 172,640 0.1 0.0 0.1
 First American Govt Oblig Fund Z 37 0.0 0.0 0.0
 Fixed Income 71,913,246 24.5 27.0 -2.5
 JIC Core Bond Fund I 53,286,613 18.2 20.0 -1.8
 BlackRock Strategic Income Opportunities K 18,626,632 6.4 7.0 -0.6
 Equity 209,903,879 71.6 68.5 3.1
 Domestic Equity 131,302,288 44.8 43.0 1.8
 BNYM Mellon DB NSL Stock Index Fund 103,204,067 35.2 33.0 2.2
 BNYM Mellon DB SL SMID Cap Stock Index Fund 28,098,221 9.6 10.0 -0.4
 International Equity 78,235,746 26.7 25.5 1.2
 BNYM Mellon DB NSL International Stock Index Fund 54,677,500 18.6 18.0 0.6
 BNYM Mellon DB NSL Emerging Markets Stock Index Fund 23,558,247 8.0 7.5 0.5
 Private Equity 365,845 0.1 0.0 0.1
 Hamilton Lane II 624 0.0 - -
 Hamilton Lane VII A 257,244 0.1 - -
 Hamilton Lane VII B 107,977 0.0 - -
 Real Assets 11,310,932 3.9 4.5 -0.6
 UBS Trumbull Property Fund 7,781,358 2.7 3.0 -0.3
 DWS RREEF Real Assets R6 3,529,574 1.2 1.5 -0.3



Valuations data as of:

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

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




Investments with a zero balance were held in the portfolio during the reporting period and will be removed once they no longer impact portfolio performance.
Asset Allocation weightings may not add up to 100% due to rounding.
 Page 97 of 254
 26
Portfolio Dashboard
Total Invested Assets As of December 31, 2025
Historical Performance Summary of Cash Flows
 24.0 Fiscal 1 Since
 QTR
 YTD Year Inception
 Total Invested Assets

 18.0 17.7 17.4 Beginning Market Value 285,403,855 275,006,808 254,255,219 126,047,968
 Net Contributions 80,721 -5,655,865 -5,655,827 -57,082,616
 14.6 14.3


 Return (%)
 Gain/Loss 7,816,157 23,949,791 44,701,342 224,335,382
 12.0 Ending Market Value 293,300,734 293,300,734 293,300,734 293,300,734
 8.9 8.7 9.0 9.3
 7.8 7.8 7.3
 6.3 Current Benchmark Composition
 6.0
 From Date To Date
 2.7 2.7
 04/2025 Present 27.00% Blmbg. U.S. Aggregate, 33.00% S&P 500, 10.00%
 Russell 2500 Index, 18.00% MSCI EAFE (Net), 7.50% MSCI
 0.0 Emerging Markets (Net), 3.00% NCREIF Fund Index - ODCE
 QTR Fiscal 1 3 5 10 Since (net), 1.50% DWS Real Assets Benchmark
 YTD Year Years Years Years Inception
 Portfolio (01/2008) Portfolio Benchmark (01/2008)

Portfolio Allocation Actual vs. Target Allocations

 Short Term Liquidity Short Term Liquidity 0.0%
 Real Assets 0.1%
 3.9% 0.1% $172,677 0.1%
 Private Equity Fixed Income
 0.1% 24.5% Fixed Income 27.0%
 24.5%
 International Equity $71,913,246 -2.5 %
 26.7%
 Domestic Equity 43.0%
 44.8%
 $131,302,288 1.8%

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

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

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

 International Equity Private Equity Real Assets Target Actual Differences




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



 Page 98 of 254
 27
Performance Overview
Total Invested Assets As of December 31, 2025
Trailing Performance Summary
 Current Fiscal 1 3 5 7 10 Since Inception
 Quarter YTD Year Years Years Years Years Inception Date
Total Invested Assets 2.7 8.9 17.7 14.6 7.8 10.1 9.0 6.3 01/2008
  Policy Benchmark 2.7 8.7 17.4 14.3 7.8 10.5 9.3 7.3 01/2008




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




Plan Reconciliation
 Fiscal 1 3 5 10 Since Inception
 QTR
 YTD Year Years Years Years Inception Date
Total Invested Assets 01/2008
  Beginning Market Value 285,403,855 275,006,808 254,255,219 210,591,427 230,809,103 152,539,462 126,047,968
  Net Contributions 80,721 -5,655,865 -5,655,827 -18,760,821 -32,686,715 -45,919,560 -57,082,616
  Gain/Loss 7,816,157 23,949,791 44,701,342 101,470,128 95,178,345 186,680,832 224,335,382
  Ending Market Value 293,300,734 293,300,734 293,300,734 293,300,734 293,300,734 293,300,734 293,300,734


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




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees.
 Page 99 of 254
 28
Manager Performance
Total Invested Assets As of December 31, 2025

 Allocation Performance(%)
 Manager
 Market Status
 Fiscal 1 3 5 10 Since Inception
 Value % QTR
 YTD Year Years Years Years Inception Date
 ($)
Total Invested Assets 293,300,734 100.0 2.7 8.9 17.7 14.6 7.8 9.0 6.3 01/2008
  Policy Benchmark 2.7 8.7 17.4 14.3 7.8 9.3 7.3
  Secondary Benchmark 2.7 8.7 17.4 14.2 7.6 9.1 7.1

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

Key Bank Cash Portfolio 172,640 0.1

First American Govt Oblig Fund Z 37 0.0 1.0 2.0 4.2 4.8 3.1 2.1 4.1 03/2022
  90 Day U.S. Treasury Bill 1.0 2.1 4.2 4.8 3.2 2.2 4.1
  Money Market-Taxable Median 0.9 2.0 4.0 4.6 3.0 1.9 4.0
 First American Govt Oblig Fund Z Rank 22 19 17 23 19 15 22

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

JIC Core Bond Fund I 53,286,613 18.2 1.1 3.2 7.9 4.8 -0.5 2.3 0.4 03/2020 Maintain
  Blmbg. U.S. Aggregate 1.1 3.2 7.3 4.7 -0.4 2.0 0.3
  Intermediate Core Bond Median 1.0 3.0 7.1 4.7 -0.4 2.0 0.4
 JIC Core Bond Fund I Rank 22 22 9 40 64 26 50

BlackRock Strategic Income Opportunities K 18,626,632 6.4 1.6 3.8 8.7 7.1 3.3 3.9 4.6 03/2022 Maintain
  Blmbg. U.S. Aggregate 1.1 3.2 7.3 4.7 -0.4 2.0 0.8
  Nontraditional Bond Median 1.2 3.1 6.4 6.5 3.0 3.4 4.1
 BlackRock Strategic Income Opportunities K Rank 20 24 18 33 40 28 31




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and provided by
Morningstar. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a statement or data
from the client’s custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of fees unless otherwise
stated. The fund’s inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception. Inception dates for asset class
composites reflect the start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of underlying component strategies. Fund
level peer groups changed from Lipper to Morningstar effective 09/30/2025. As a result of this change, the peer rankings of funds may differ.
 Page 100 of 254
 29
Manager Performance
Total Invested Assets As of December 31, 2025

 Allocation Performance(%)
 Manager
 Market Status
 Fiscal 1 3 5 10 Since Inception
 Value % QTR
 YTD Year Years Years Years Inception Date
 ($)
Domestic Equity 131,302,288 44.8 2.6 11.1 16.6 21.0 12.8 - 12.8 01/2021
  Domestic Equity Benchmark 2.6 11.1 16.5 21.0 12.9 13.8 12.9

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

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

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

BNYM Mellon DB NSL International Stock Index Fund 54,677,500 18.6 4.9 10.0 31.6 17.6 9.3 - 9.2 04/2016 Maintain
  MSCI EAFE (Net) 4.9 9.9 31.2 17.2 8.9 8.2 8.7
  Foreign Large Blend Median 4.4 9.8 31.2 17.0 8.1 8.1 8.6
 BNYM Mellon DB NSL International Stock Index Fund Rank 32 48 46 34 23 - 26

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




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and provided by
Morningstar. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a statement or data
from the client’s custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of fees unless otherwise
stated. The fund’s inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception. Inception dates for asset class
composites reflect the start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of underlying component strategies. Fund
level peer groups changed from Lipper to Morningstar effective 09/30/2025. As a result of this change, the peer rankings of funds may differ.
 Page 101 of 254
 30
Manager Performance
Total Invested Assets As of December 31, 2025

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


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

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

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

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

Real Assets 11,310,932 3.9 0.6 2.1 5.1 -4.8 0.1 - 0.1 01/2021
  Real Assets Benchmark 0.7 1.2 2.9 -4.3 2.4 - 2.4

UBS Trumbull Property Fund 7,781,358 2.7 0.0 1.0 3.6 -5.3 0.5 - 1.0 07/2016 Terminate
  NCREIF Fund Index - ODCE (net) 0.7 1.2 2.9 -4.3 2.5 3.9 3.7

DWS RREEF Real Assets R6 3,529,574 1.2 2.0 4.8 13.2 7.0 6.5 7.1 7.7 04/2025 Maintain
  DWS Real Assets Benchmark 1.7 5.6 14.5 7.1 6.8 6.3 8.7



Valuations data as of:
Valuations data as of:
Hamilton Lane VII - 9/30/2025
Hamilton Lane II - 12/31/2024
UBS Trumbull Property Fund - 9/30/2025

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




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and provided by
Morningstar. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a statement or data
from the client’s custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of fees unless otherwise
stated. The fund’s inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception. Inception dates for asset class
composites reflect the start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of underlying component strategies. Fund
level peer groups changed from Lipper to Morningstar effective 09/30/2025. As a result of this change, the peer rankings of funds may differ.
 Page 102 of 254
 31
Fixed Income Asset Class Summary
Total Invested Assets As of December 31, 2025




Important Disclosure Information:
Holding characteristics are sourced from Morngingstar Direct and manager provided data. Mutual fund data is as of the most recent submission to Morningstar.
Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments,
including derivatives, which may be used to gain or reduce market exposure and/or risk management.



Past performance may not be indicative of future results. Account information has been compiled solely by Fiducient Advisors has not been independently verified, and does not reflect the impact of taxes on
non-qualified accounts. In preparing this report, Fiducient Advisors has relied upon information provided by third party sources. A copy of our current written disclosure statement discussing our advisory
services and fees continues to remain available for your review upon request. Historical performance results for investment indices and/or categories have been provided for general comparison purposes only,
and generally do not reflect the deduction of transaction and/or custodial charges, the deduction of an investment management fee, nor the impact of taxes, the incurrence of which would have the effect of
decreasing historical performance results. It should not be assumed that your account holdings correspond directly to any comparative indices.
 Page 103 of 254
 32
Calendar Year Performance
Total Invested Assets As of December 31, 2025
 Performance(%)
 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Total Invested Assets 11.2 15.0 -15.4 14.6 12.7 19.1 -5.2 17.0 8.7 -2.2
  Policy Benchmark 10.7 14.9 -14.7 14.3 14.5 20.6 -5.2 16.9 9.0 -0.2
  Secondary Benchmark 10.7 14.7 -15.1 14.1 14.0 19.8 -5.3 16.7 9.1 -0.2

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

First American Govt Oblig Fund Z 5.2 5.0 1.5 0.0 0.4 2.1 1.7 0.8 0.2 0.0
  90 Day U.S. Treasury Bill 5.3 5.0 1.5 0.0 0.7 2.3 1.9 0.9 0.3 0.0
  Money Market-Taxable Median 5.0 4.8 1.4 0.0 0.3 1.8 1.5 0.5 0.0 0.0
 First American Govt Oblig Fund Z Rank 22 26 23 22 20 13 17 11 13 58

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

JIC Core Bond Fund I 1.2 5.4 -13.7 -2.0 9.7 8.9 0.1 3.7 3.7 1.2
  Blmbg. U.S. Aggregate 1.3 5.5 -13.0 -1.5 7.5 8.7 0.0 3.5 2.6 0.5
  Intermediate Core Bond Median 1.5 5.6 -13.4 -1.6 7.9 8.5 -0.4 3.5 2.6 0.2
 JIC Core Bond Fund I Rank 72 63 63 79 14 30 19 37 17 7

BlackRock Strategic Income Opportunities K 5.4 7.4 -5.6 1.1 7.3 7.8 -0.5 5.0 3.7 -0.3
  Blmbg. U.S. Aggregate 1.3 5.5 -13.0 -1.5 7.5 8.7 0.0 3.5 2.6 0.5
  Nontraditional Bond Median 5.9 7.1 -5.7 0.9 4.2 6.1 -0.9 3.8 4.6 -1.4
 BlackRock Strategic Income Opportunities K Rank 61 44 49 49 22 27 45 32 68 29




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and
provided by Morningstar. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a
statement or data from the client’s custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of
fees unless otherwise stated. The fund’s inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception.
Inception dates for asset class composites reflect the start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of
underlying component strategies. Fund level peer groups changed from Lipper to Morningstar effective 09/30/2025. As a result of this change, the peer rankings of funds may differ.
 Page 104 of 254
 33
Calendar Year Performance
Total Invested Assets As of December 31, 2025
 Performance(%)
 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Domestic Equity 22.1 24.4 -18.1 26.0 - - - - - -
  Domestic Equity Benchmark 22.1 24.4 -18.1 26.3 19.3 30.1 -6.6 19.9 14.2 -0.1

BNYM Mellon DB NSL Stock Index Fund 25.0 26.2 -18.1 28.7 18.3 31.4 -4.4 21.8 - -
  S&P 500 25.0 26.3 -18.1 28.7 18.4 31.5 -4.4 21.8 12.0 1.4
  Large Blend Median 23.2 24.6 -18.2 26.6 17.5 30.0 -5.6 21.2 10.3 0.1
 BNYM Mellon DB NSL Stock Index Fund Rank 24 27 49 22 41 27 24 35 - -

BNYM Mellon DB SL SMID Cap Stock Index Fund 12.1 17.6 -18.3 18.4 20.0 27.9 -9.9 17.0 - -
  Russell 2500 Index 12.0 17.4 -18.4 18.2 20.0 27.8 -10.0 16.8 17.6 -2.9
  U.S. SMID Cap Equity (MF) Median 12.0 16.1 -16.3 23.3 13.6 25.8 -11.0 15.7 16.1 -3.5
 BNYM Mellon DB SL SMID Cap Stock Index Fund Rank 50 35 56 63 42 37 46 46 - -

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

BNYM Mellon DB NSL International Stock Index Fund 4.2 18.6 -14.1 11.5 8.6 22.3 -13.3 25.7 - -
  MSCI EAFE (Net) 3.8 18.2 -14.5 11.3 7.8 22.0 -13.8 25.0 1.0 -0.8
  Foreign Large Blend Median 4.6 16.3 -15.9 10.3 9.7 22.1 -15.0 25.5 0.8 -0.9
 BNYM Mellon DB NSL International Stock Index Fund Rank 56 18 24 34 57 48 22 48 - -

BNYM Mellon DB NSL Emerging Markets Stock Index Fund 7.3 9.5 -20.6 -2.6 18.3 18.4 -14.6 37.2 - -
  MSCI Emerging Markets (Net) 7.5 9.8 -20.1 -2.5 18.3 18.4 -14.6 37.3 11.2 -14.9
  Diversified Emerging Mkts Median 6.3 11.0 -22.5 -1.3 17.8 20.5 -16.4 35.4 8.4 -13.6
 BNYM Mellon DB NSL Emerging Markets Stock Index Fund Rank 38 63 35 60 48 65 30 43 - -




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and
provided by Morningstar. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a
statement or data from the client’s custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of
fees unless otherwise stated. The fund’s inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception.
Inception dates for asset class composites reflect the start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of
underlying component strategies. Fund level peer groups changed from Lipper to Morningstar effective 09/30/2025. As a result of this change, the peer rankings of funds may differ.
 Page 105 of 254
 34
Calendar Year Performance
Total Invested Assets As of December 31, 2025
 Performance(%)
 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015


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

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

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

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

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

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

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




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and
provided by Morningstar. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a
statement or data from the client’s custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of
fees unless otherwise stated. The fund’s inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception.
Inception dates for asset class composites reflect the start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of
underlying component strategies. Fund level peer groups changed from Lipper to Morningstar effective 09/30/2025. As a result of this change, the peer rankings of funds may differ.
 Page 106 of 254
 35
Manager Status Commentary
City of Burlington Employees Retirement System As of December 31, 2025

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



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




Commentary produced upon change of status.



 Page 107 of 254
 36
Investment Gain/Loss Summary
City of Burlington Employees Retirement System 1 Quarter Ending December 31, 2025
 Market Value Market Value
 as of Net Contributions Gain/Loss As of
 10/01/2025 12/31/2025
Total Plan 280,783,583 -3,098,888 7,816,157 285,500,853
Pension Benefits Payable to the City -4,620,272 -3,179,609 - -7,799,882


Total Invested Assets 285,403,855 80,721 7,816,157 293,300,734
Short Term Liquidity 182,785 -10,190 82 172,677
Key Bank Cash Portfolio 172,640 - - 172,640
First American Govt Oblig Fund Z 10,145 -10,190 82 37
Fixed Income 71,035,526 - 877,720 71,913,246
JIC Core Bond Fund I 52,701,293 - 585,320 53,286,613
BlackRock Strategic Income Opportunities K 18,334,232 - 292,400 18,626,632
Equity 203,035,050 - 6,868,829 209,903,879
Domestic Equity 128,023,955 - 3,278,333 131,302,288
BNYM Mellon DB NSL Stock Index Fund 100,539,403 - 2,664,664 103,204,067
BNYM Mellon DB SL SMID Cap Stock Index Fund 27,484,552 - 613,669 28,098,221
International Equity 74,645,251 - 3,590,496 78,235,746
BNYM Mellon DB NSL International Stock Index Fund 52,128,413 - 2,549,087 54,677,500
BNYM Mellon DB NSL Emerging Markets Stock Index Fund 22,516,838 - 1,041,409 23,558,247
Private Equity 365,845 - - 365,845
Hamilton Lane II 624 - - 624
Hamilton Lane VII A 257,244 - - 257,244
Hamilton Lane VII B 107,977 - - 107,977
Real Assets 11,150,495 90,911 69,526 11,310,932
UBS Trumbull Property Fund 7,781,358 - - 7,781,358
DWS RREEF Real Assets R6 3,369,136 90,911 69,526 3,529,574
Valuations data as of:
Valuations data as of:
Hamilton Lane VII - 9/30/2025
Hamilton Lane II - 12/31/2024
UBS Trumbull Property Fund - 9/30/2025

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




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 108 of 254
 37
Estimated Fee Analysis
Total Invested Assets As of December 31, 2025
 Estimated Estimated Universe Median
 Market Value Fee Schedule Details
 Annual Fee Annual Fee Expense Ratio
 ($) (Ex. Mutual Fund Investments)
 ($) (%) (%)
Total Invested Assets 293,300,734 421,442 0.14 -
Short Term Liquidity 172,677 - 0.00 -
  Key Bank Cash Portfolio 172,640 - - -
  First American Govt Oblig Fund Z 37 - 0.18 0.42
Fixed Income 71,913,246 248,702 0.35 -
  JIC Core Bond Fund I 53,286,613 133,217 0.25 0.67
  BlackRock Strategic Income Opportunities K 18,626,632 115,485 0.62 1.47
Equity 209,903,879 81,411 0.04 -
Domestic Equity 131,302,288 39,391 0.03 -
  BNYM Mellon DB NSL Stock Index Fund 103,204,067 30,961 0.03 0.03 % of Assets 0.82
  BNYM Mellon DB SL SMID Cap Stock Index Fund 28,098,221 8,429 0.03 0.03 % of Assets 1.20
International Equity 78,235,746 38,362 0.05 -
  BNYM Mellon DB NSL International Stock Index Fund 54,677,500 21,871 0.04 0.04 % of Assets 1.05
  BNYM Mellon DB NSL Emerging Markets Stock Index Fund 23,558,247 16,491 0.07 0.07 % of Assets 1.46
Private Equity 365,845 3,658 1.00 -
  Hamilton Lane II 624 6 1.00 1.00 % of Assets -
  Hamilton Lane VII A 257,244 2,572 1.00 1.00 % of Assets -
  Hamilton Lane VII B 107,977 1,080 1.00 1.00 % of Assets -
Real Assets 11,310,932 91,330 0.81 -
  UBS Trumbull Property Fund 7,781,358 59,916 0.77 0.77 % of Assets -
  DWS RREEF Real Assets R6 3,529,574 31,413 0.89 -


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

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




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

Fee calculations for mutual funds represent fees at the net expense level. Fee calculations for commingled funds and/or alternative investments reflect base management fees and exclude underlying fund
expenses captured at the NAV level, any applicable performance-based fees, or incentive fees. Fees for fund of funds are shown at the fund of fund level and do not include fees charged by underlying
investment managers/funds.
 Page 109 of 254
 38
Liquidity Schedule
Total Invested Assets As of December 31, 2025
 Market Value Liquid Semi Liquid Illiquid
Investments Subscriptions Redemptions
 ($) ($) ($) ($)
Short Term Liquidity
Key Bank Cash Portfolio Daily Liquid 172,640 172,640 - -
First American Govt Oblig Fund Z Daily Liquid 37 37 - -
Fixed Income
JIC Core Bond Fund I Daily Liquid 53,286,613 53,286,613 - -
BlackRock Strategic Income Opportunities K Daily Liquid 18,626,632 18,626,632 - -
Domestic Equity
BNYM Mellon DB NSL Stock Index Fund Daily Liquid 103,204,067 103,204,067 - -
BNYM Mellon DB SL SMID Cap Stock Index Fund Daily Liquid 28,098,221 28,098,221 - -
International Equity
BNYM Mellon DB NSL International Stock Index Fund Daily Liquid 54,677,500 54,677,500 - -
BNYM Mellon DB NSL Emerging Markets Stock Index Fund Daily Liquid 23,558,247 23,558,247 - -
Private Equity
Hamilton Lane II Illiquid Illiquid 624 - - 624
Hamilton Lane VII A Illiquid Illiquid 257,244 - - 257,244
Hamilton Lane VII B Illiquid Illiquid 107,977 - - 107,977
Real Assets
UBS Trumbull Property Fund Quarterly Semi Liquid 7,781,358 - 7,781,358 -
DWS RREEF Real Assets R6 Daily Liquid 3,529,574 3,529,574 - -
Total ($) 293,300,734 285,153,531 7,781,358 365,845
Total (%) 100.0 97.2 2.7 0.1




Liquid – daily to monthly | Semi-Liquid – greater than monthly and up to one year | Illiquid – greater than one year
The figures on this page have been obtained from sources we deem to be reliable. Fiducient Advisors has not independently verified this information.
 Page 110 of 254
 39
Liquidity Schedule
Total Invested Assets As of December 31, 2025
 Market Value % of
Redemptions
 ($) Total Plan
Illiquid 365,845 0.1
Semi Liquid 7,781,358 2.7
Liquid 285,153,531 97.2
Total 293,300,734 100.0




Liquid – daily to monthly | Semi-Liquid – greater than monthly and up to one year | Illiquid – greater than one year
The figures on this page have been obtained from sources we deem to be reliable. Fiducient Advisors has not independently verified this information.
 Page 111 of 254
 40
Benchmark History
Total Invested Assets As of December 31, 2025
Account Name From Date To Date Benchmark
Total Invested Assets 04/2025 Present 27.0% Blmbg. U.S. Aggregate, 33.0% S&P 500, 10.0% Russell 2500 Index, 18.0% MSCI EAFE (Net), 7.5% MSCI Emerging
 Markets (Net), 3.0% NCREIF Fund Index - ODCE (net), 1.5% DWS Real Assets Benchmark
 04/2024 03/2025 27.0% Blmbg. U.S. Aggregate, 33.5% S&P 500, 9.5% Russell 2500 Index, 19.0% MSCI EAFE (Net), 7.0% MSCI Emerging
 Markets (Net), 4.0% NCREIF Fund Index - ODCE (net)
 01/2023 03/2024 25.0% Blmbg. U.S. Aggregate, 32.5% S&P 500, 9.0% Russell 2500 Index, 20.5% MSCI EAFE (Net), 7.0% MSCI Emerging
 Markets (Net), 6.0% NCREIF Fund Index - ODCE (net)
 09/2022 12/2022 25.0% Blmbg. U.S. Aggregate, 31.5% S&P 500, 9.0% Russell 2500 Index, 20.5% MSCI EAFE (Net), 7.0% MSCI Emerging
 Markets (Net), 6.0% NCREIF Fund Index - ODCE (net), 1.0% NCREIF Timberland Index
 05/2021 08/2022 18.0% Blmbg. U.S. Aggregate, 31.5% S&P 500, 10.5% Russell 2500 Index, 23.0% MSCI EAFE (Net), 10.0% MSCI Emerging
 Markets (Net), 6.0% NCREIF Fund Index - ODCE (net), 1.0% NCREIF Timberland Index
 12/2019 04/2021 20.0% Blmbg. U.S. Aggregate, 32.0% S&P 500, 18.0% Russell 2500 Index, 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging
 Markets (Net), 8.0% NCREIF Fund Index - ODCE (net), 2.0% NCREIF Timberland Index
 06/2017 11/2019 20.0% Blmbg. Intermed. U.S. Government/Credit, 30.0% S&P 500, 18.0% Russell 2500 Index, 2.0% S&P Completion Index,
 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging Markets (Net), 8.0% NCREIF Fund Index - ODCE (net), 2.0% NCREIF
 Timberland Index
 01/2016 05/2017 28.0% Blmbg. Intermed. U.S. Government/Credit, 30.0% S&P 500, 18.0% Russell 2500 Index, 2.0% S&P Completion Index,
 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging Markets (Net), 2.0% NCREIF Timberland Index
 01/2008 12/2015 20.0% Blmbg. U.S. Aggregate, 32.0% S&P 500, 18.0% Russell 2500 Index, 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging
 Markets (Net), 8.0% NCREIF Fund Index - ODCE (net), 2.0% NCREIF Timberland Index


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




 Page 112 of 254
 41
Benchmark History
Total Invested Assets As of December 31, 2025
Account Name From Date To Date Benchmark
 01/2008 02/2009 20.0% Blmbg. U.S. Aggregate, 32.0% S&P 500, 18.0% Russell 2500 Index, 10.0% MSCI EAFE (Net), 10.0% MSCI Emerging
 Markets (Net), 8.0% NCREIF Fund Index - ODCE (net), 2.0% NCREIF Timberland Index




 Page 113 of 254
 42
 City of Burlington Employees Retirement System

 Monthly Performance Update - January 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 114 of 254
 43
 Asset Class Performance


 12
 10.6
 10.4
 YTD
 8.9

 8




Total Returns (%)
 5.4 5.2

 4.1
 4
 2.8

 1.4
 1.0 1.0 1.0
 0.3 0.5
 0.1
 0
 -0.2




 -4
 TIPS Municipals 5- U.S. Core Bond High Yield High Yield U.S. Long Foreign Bond U.S Large Cap U.S. Small Cap International Emerging U.S. Equity Real Assets Commodities Hedge Funds*
 Year Municipals Duration Developed Markets REITs
Source: Morningstar Direct. As of January 31, 2026. *Hedge fund returns are as of December 31, 2025.

Fixed Income (January) Equity (January) Real Asset / Alternatives (January)
+ The Federal Reserve held rates steady in January, + U.S. equity markets were positive in January. U.S. + REITs, which lagged in 2025, started the
and interest rates ended the period modestly higher. small cap and value-oriented segments of the year on a positive note. Timber, diversified,
Core bonds posted a slight positive return during the market outperformed while large cap growth stocks and data centers were among the top areas
month. produced negative results, driven primarily by within the asset class in January.
 weakness in software-related technology
+ High yield spreads moved tighter before widening + Real assets had a positive month.
 companies.
at the end of the month as the expectation for the Resource-related equities and commodities
number of rate cuts in 2026 diminished. The asset + Non-U.S. equities performed well. Emerging were the standouts within the space.
class outpaced core bonds. markets continued to lead the way, benefiting from
 + Commodity markets saw double digit gains
 the continued AI boom as well some of the
- Longer duration assets struggled as interest rates driven by rising energy and precious metal
 commodity exporting regions such as Brazil and
moved higher. prices.
 South Africa.
 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
 Page of
 115a of
 loss.
 25444
  www.FiducientAdvisors.com Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.
 Fixed Income Market Update

 U.S. Treasury Yield Curve Corporate Credit Spreads – Trailing 5 Years (January)
 Markets digested a plethora of news during the month including Kevin The corporate bond market continues to perform well. Stable
 Warsh being nominated to be the next chair of the Federal Reserve. fundamentals, and strong demand due to attractive all-in yields continue
 Interest rates rose modestly during the month. Markets viewed Warsh to drive the space. However, valuations remain elevated as credit spreads
 as relatively “hawkish” while the economic backdrop remains resilient. reached their lowest levels in the last 15 years during the month.
 The Fed held interest rates steady at its January meeting and futures
 markets are now pricing in more modest cuts this year than they were
 at the start.
 5.0 500 1,250
 1/30/2026 10Yr Avg
 IG 73 bps 115 bps
 4.8
 HY 265 bps 392 bps
 4.58
 4.6 400 1,000

 4.4
 4.25 4.26




 Spreads (bps)
 4.2 300 750


 Yield (%)
 4.18
 4.0


 3.8 200 500

 3.6 3.52


 3.4 3.47 100 250
 1/30/26

 3.2 12/31/25
 Bloomberg U.S. Inv. Grade Corp Index (LHS)
 12/31/24
 Bloomberg U.S. Corp High Yield Index (RHS)
 3.0 0 0
 0 5 10 15 20 25 30
 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 6/25 12/25
 U.S. Treasury Maturity (yrs)
 Source: FactSet. As of January 31, 2026. Source: FactSet. As of January 31, 2026.
 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
 Page of
 116a of
 loss.
 25445
www.FiducientAdvisors.com Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.
 Equity Market Update


 U.S. Equities – Returns by Sector (January)
 Large cap U.S. equities eked out a small gain in January. Rotation away from the magnificent 7 and other high valuation growth areas led to more
 breadth across markets this month. The energy sector was the standout as companies benefited from rising commodity prices such as oil and natural
 gas. A reversal in leadership took place as information technology produced a negative return. Software-related companies, such as Oracle and
 Salesforce, came under pressure as concerns mounted for the potential disruption to business models due to AI.
 14.4%
 YTD
 8.7%
 7.7%
 6.7%
 5.8%

 2.8%
 1.5% 1.4% 1.7%


 0.0%
 -1.7%
 -2.4%
 S&P 500 Utilities Real Estate Materials IT Industrials Health Care Financials Energy Cons. Cons. Disc. Comm.
 Source: Morningstar Direct. As of January 31, 2026. Staples Services


 Market Capitalization, Style, and Select Country Performance (January)
 Non-U.S. markets continued the trend from 2025, outpacing their domestic counterparts. Abroad, emerging outperformed developed. AI-related names
 continued to perform well in emerging markets such as Taiwan Semiconductor and SK Hynix. Gold and other commodity-related companies, such as
 Gold Field and Petrobras, benefited from the jump in commodity prices during the month.
 28.1%

 14.9%
 9.2% 7.3% 8.8% 9.0%
 5.4% 4.7% 5.1% 5.8% 4.7% 5.7%
  1.4% 1.1%

 -1.3%
 -5.1%

 Small Value Small Value Small Value India
 Growth Growth Growth S.Korea
 Large Large Neth. Large
 Canada

 U.S. Int’l Developed Emerging Markets
  Source: Morningstar Direct. As of January 31, 2026.
 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
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 117a of
 loss.
 25446
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 Real Asset Market Update


Commodity Performance (January) REIT Sector Performance (January)
Commodities were up double digits in January. Energy prices, particularly REITs delivered a positive return in January as the asset class benefited
crude oil and natural gas, moved higher as extremely cold temperatures from improving sentiment. Strength was broad with Timber, Specialty,
rippled across much of the country. Precious metals saw favorable returns Diversified, and Data Centers leading performance. Timber benefited
as well, although gold prices sold off at the end of the month, limiting the from firmer lumber pricing and improving expectations for housing-
gains. related demand. Data Centers rebounded on trends tied to AI-related
 infrastructure needs.
 25
 Data Centers 7.2

 20.6 Diversified 7.6
 20
 Health Care 2.0

 Industrial 2.2
 15
 Infrastructure -0.1
 11.0




 Total Return (%)
 Lodging/Resorts 2.1
 10
 Office -2.2
 5.6
 Residential -0.8
 5
 Retail 4.6


 0 Self Storage 6.3

 -0.3
 Specialty 7.2


 -5 Timber 7.8
 Energy Industrial Metals Precious Metals Agriculture
 Total Return (%)

 Source: FactSet. As of January 31, 2026. YTD Source: FactSet. As of January 31, 2026. YTD

 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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 118a of
 loss.
 25447
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 Financial Markets Performance


 Financial Markets Performance
 Total Return as of January 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% 0.3% 4.2% 4.9% 3.3% 2.7% 2.2% 1.5%
 Bloomberg U.S. TIPS 0.3% 0.3% 6.0% 3.7% 1.1% 3.4% 3.0% 2.9%
 Bloomberg Municipal Bond (5 Year) 1.0% 1.0% 5.4% 3.1% 1.2% 2.1% 1.9% 2.5%
 Bloomberg High Yield Municipal Bond 1.0% 1.0% 2.7% 4.8% 2.0% 3.8% 4.4% 5.4%
 Bloomberg U.S. Aggregate 0.1% 0.1% 6.8% 3.6% -0.2% 1.8% 1.9% 2.4%
 Bloomberg U.S. Corporate High Yield 0.5% 0.5% 7.7% 8.9% 4.5% 5.6% 6.8% 5.9%
 Bloomberg Global Aggregate ex-U.S. Hedged 0.3% 0.3% 2.9% 4.9% 0.9% 2.1% 2.4% 3.2%
 Bloomberg Global Aggregate ex-U.S. Unhedged 1.6% 1.6% 10.0% 2.7% -3.1% -0.6% 0.7% 0.2%
 Bloomberg U.S. Long Gov / Credit -0.2% -0.2% 5.9% 0.8% -4.4% 0.8% 1.7% 3.7%
 Global Equity Markets MTD YTD 1YR 3YR 5YR 7YR 10YR 15YR
 S&P 500 1.5% 1.5% 16.3% 21.1% 15.0% 16.2% 15.6% 14.0%
 Dow Jones Industrial Average 1.8% 1.8% 11.7% 14.9% 12.4% 12.3% 13.9% 12.4%
 NASDAQ Composite 1.0% 1.0% 20.3% 27.4% 13.2% 19.1% 18.7% 16.7%
 Russell 3000 1.6% 1.6% 15.3% 20.2% 13.6% 15.5% 15.1% 13.5%
 Russell 1000 1.4% 1.4% 15.3% 20.7% 14.1% 15.9% 15.4% 13.8%
 Russell 1000 Growth -1.5% -1.5% 14.5% 27.0% 15.1% 19.5% 18.6% 16.3%
 Russell 1000 Value 4.6% 4.6% 15.8% 13.7% 12.5% 11.6% 11.6% 10.9%
 Russell Mid Cap 3.1% 3.1% 9.3% 12.5% 9.4% 11.6% 12.1% 11.2%
 Russell Mid Cap Growth -0.9% -0.9% 1.3% 15.0% 6.5% 12.3% 13.3% 12.0%
 Russell Mid Cap Value 4.3% 4.3% 11.9% 10.9% 10.8% 10.5% 10.9% 10.4%
 Russell 2000 5.4% 5.4% 15.8% 12.2% 6.2% 9.7% 11.2% 9.9%
 Russell 2000 Growth 4.0% 4.0% 13.9% 13.5% 3.0% 9.5% 11.3% 10.3%
 Russell 2000 Value 6.9% 6.9% 17.9% 10.8% 9.2% 9.5% 10.8% 9.2%
 MSCI ACWI 3.0% 3.0% 21.9% 19.1% 11.9% 13.2% 12.7% 9.9%
 MSCI ACWI ex. U.S. 6.0% 6.0% 34.9% 16.6% 9.1% 9.9% 9.8% 6.2%
 MSCI EAFE 5.2% 5.2% 31.2% 16.2% 10.3% 10.3% 9.6% 6.8%
 MSCI EAFE Growth 4.7% 4.7% 19.9% 11.8% 5.7% 9.2% 8.6% 6.8%
 MSCI EAFE Value 5.7% 5.7% 43.1% 20.6% 14.8% 11.2% 10.2% 6.7%
 MSCI EAFE Small Cap 5.8% 5.8% 34.8% 14.3% 6.9% 8.8% 9.0% 7.4%
 MSCI Emerging Markets 8.9% 8.9% 42.8% 16.7% 5.3% 8.1% 10.1% 4.6%
 Alternatives MTD YTD 1YR 3YR 5YR 7YR 10YR 15YR
 FTSE NAREIT All Equity REITs 2.8% 2.8% 4.1% 3.7% 5.4% 5.2% 6.4% 7.7%
 S&P Real Assets 4.1% 4.1% 16.0% 7.7% 6.5% 6.2% 6.8% 5.2%
 FTSE EPRA NAREIT Developed 3.8% 3.8% 12.9% 6.0% 4.7% 3.5% 5.1% 5.6%
 FTSE EPRA NAREIT Developed ex U.S. 5.0% 5.0% 28.2% 7.1% 1.9% 1.6% 4.2% 3.9%
 Bloomberg Commodity Total Return 10.4% 10.4% 22.9% 7.6% 12.3% 8.8% 7.0% -0.5%
 HFRI Fund of Funds Composite* 1.4% 10.6% 10.6% 8.6% 5.2% 6.4% 4.9% 3.9%
 HFRI Asset Weighted Composite* 1.0% 9.7% 9.7% 7.4% 6.0% 5.7% 4.9% 4.4%
 Alerian MLP 8.0% 8.0% 9.0% 20.5% 26.5% 12.7% 11.0% 6.7%
 Sources: Morningstar, FactSet. As of January 31, 2026. *Consumer Price Index and HFRI indexes as of December 31, 2025.

 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
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 loss.
 25448
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Asset Allocation
Total Plan As of January 31, 2026
 Asset Asset Target
 Differences
 Allocation Allocation Allocation
 (%)
 ($) (%) (%)
Total Plan 292,160,846 100.0 100.0 0.0
 Pension Benefits Payable to the City -9,562,182 -3.3 0.0 -3.3
 Total Invested Assets 301,723,029 103.3 100.0 3.3
 Short Term Liquidity 230,244 0.1 0.0 0.1
 Key Bank Cash Portfolio 172,640 0.1 0.0 0.1
 First American Govt Oblig Fund Z 57,604 0.0 0.0 0.0
 Fixed Income 72,192,208 24.7 27.0 -2.3
 JIC Core Bond Fund I 53,392,001 18.3 20.0 -1.7
 BlackRock Strategic Income Opportunities K 18,800,207 6.4 7.0 -0.6
 Equity 217,778,102 74.5 68.5 6.0
 Domestic Equity 134,201,548 45.9 43.0 2.9
 BNYM Mellon DB NSL Stock Index Fund 104,701,797 35.8 33.0 2.8
 BNYM Mellon DB SL SMID Cap Stock Index Fund 29,499,751 10.1 10.0 0.1
 International Equity 83,210,710 28.5 25.5 3.0
 BNYM Mellon DB NSL International Stock Index Fund 57,529,529 19.7 18.0 1.7
 BNYM Mellon DB NSL Emerging Markets Stock Index Fund 25,681,181 8.8 7.5 1.3
 Private Equity 365,845 0.1 0.0 0.1
 Hamilton Lane II 624 0.0 - -
 Hamilton Lane VII A 257,244 0.1 - -
 Hamilton Lane VII B 107,977 0.0 - -
 Real Assets 11,522,475 3.9 4.5 -0.6
 UBS Trumbull Property Fund 7,789,435 2.7 3.0 -0.3
 DWS RREEF Real Assets R6 3,733,040 1.3 1.5 -0.2

Valuations data as of:

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

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




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


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 49
Asset Allocation
Total Invested Assets As of January 31, 2026
 Asset Asset Target
 Differences
 Allocation Allocation Allocation
 (%)
 ($) (%) (%)
 Total Invested Assets 301,723,029 100.0 100.0 0.0
 Short Term Liquidity 230,244 0.1 0.0 0.1
 Key Bank Cash Portfolio 172,640 0.1 0.0 0.1
 First American Govt Oblig Fund Z 57,604 0.0 0.0 0.0
 Fixed Income 72,192,208 23.9 27.0 -3.1
 JIC Core Bond Fund I 53,392,001 17.7 20.0 -2.3
 BlackRock Strategic Income Opportunities K 18,800,207 6.2 7.0 -0.8
 Equity 217,778,102 72.2 68.5 3.7
 Domestic Equity 134,201,548 44.5 43.0 1.5
 BNYM Mellon DB NSL Stock Index Fund 104,701,797 34.7 33.0 1.7
 BNYM Mellon DB SL SMID Cap Stock Index Fund 29,499,751 9.8 10.0 -0.2
 International Equity 83,210,710 27.6 25.5 2.1
 BNYM Mellon DB NSL International Stock Index Fund 57,529,529 19.1 18.0 1.1
 BNYM Mellon DB NSL Emerging Markets Stock Index Fund 25,681,181 8.5 7.5 1.0
 Private Equity 365,845 0.1 0.0 0.1
 Hamilton Lane II 624 0.0 - -
 Hamilton Lane VII A 257,244 0.1 - -
 Hamilton Lane VII B 107,977 0.0 - -
 Real Assets 11,522,475 3.8 4.5 -0.7
 UBS Trumbull Property Fund 7,789,435 2.6 3.0 -0.4
 DWS RREEF Real Assets R6 3,733,040 1.2 1.5 -0.3



Valuations data as of:

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

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




Investments with a zero balance were held in the portfolio during the reporting period and will be removed once they no longer impact portfolio performance.
Asset Allocation weightings may not add up to 100% due to rounding.
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 50
Portfolio Dashboard
Total Invested Assets As of January 31, 2026
Historical Performance Summary of Cash Flows
 24.0 1 Fiscal 1
 Month YTD Year
 Total Invested Assets
 18.1 17.6 Beginning Market Value 293,308,810 275,006,808 260,839,385
 18.0
 Net Contributions 57,549 -5,679,023 -5,678,985



 Return (%)
 13.5 13.1 Gain/Loss 8,356,669 32,395,244 46,562,628
 12.0 11.6
 12.0 Ending Market Value 301,723,029 301,723,029 301,723,029
 10.0
 9.3
 8.4 8.4
 7.4
 6.4 Current Benchmark Composition
 6.0
 From Date To Date
 2.8 2.7
 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 Fiscal 1 3 5 10 Since (net), 1.50% DWS Real Assets Benchmark
 Month YTD Year Years Years Years Inception
 Portfolio (01/2008) Portfolio Benchmark (01/2008)

Portfolio Allocation Actual vs. Target Allocations

 Short Term Liquidity Short Term Liquidity 0.0%
 Real Assets 0.1%
 3.8% 0.1% $230,244 0.1%
 Private Equity Fixed Income
 0.1% 23.9% Fixed Income 27.0%
 23.9%
 International Equity $72,192,208 -3.1 %
 27.6%
 Domestic Equity 43.0%
 44.5%
 $134,201,548 1.5%

 International Equity 25.5%
 27.6%
 $83,210,710 2.1%

 Private Equity 0.0%
 0.1%
 $365,845 0.1%
 Domestic Equity
 44.5% Real Assets 4.5%
 3.8%
 $11,522,475 -0.7 %

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

 International Equity Private Equity Real Assets Target Actual Differences




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



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 51
  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 123 of 254
 52
www.FiducientAdvisors.com
 Recent Portfolio Activities


 Quarter Cash Flow

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

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




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 53
www.FiducientAdvisors.com
Performance Overview
Total Invested Assets As of January 31, 2026
Trailing Performance Summary
 1 Fiscal 1 3 5 7 10 Since Inception
 Month YTD Year Years Years Years Years Inception Date
Total Invested Assets 2.8 12.0 18.1 13.5 8.4 10.5 9.3 6.4 01/2008
  Policy Benchmark 2.7 11.6 17.6 13.1 8.4 9.9 10.0 7.4 01/2008




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




Plan Reconciliation
 1 Fiscal 1 3 5 10 Since Inception
 Month YTD Year Years Years Years Inception Date
Total Invested Assets 01/2008
  Beginning Market Value 293,308,810 275,006,808 260,839,385 223,109,190 230,476,601 145,326,266 126,047,968
  Net Contributions 57,549 -5,679,023 -5,678,985 -18,781,769 -31,759,294 -45,418,557 -57,105,774
  Gain/Loss 8,356,669 32,395,244 46,562,628 97,395,608 103,005,722 201,815,319 232,780,834
  Ending Market Value 301,723,029 301,723,029 301,723,029 301,723,029 301,723,029 301,723,029 301,723,029


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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 54
Manager Performance
 As of January 31, 2026
 Allocation Performance(%)
 Market
 1 Fiscal 1 3 5 10 Since Inception
 Value %
 Month YTD Year Years Years Years Inception Date
 ($)


Total Invested Assets 301,723,029 100.0 2.8 12.0 18.1 13.5 8.4 9.3 6.4 01/2008
  Policy Benchmark 2.7 11.6 17.6 13.1 8.4 10.0 7.4
  Secondary Benchmark 2.7 11.6 17.6 13.1 8.2 9.8 7.2

Short Term Liquidity 230,244 0.1 0.0 0.8 0.8 2.1 1.3 - 1.3 01/2021
  90 Day U.S. Treasury Bill 0.3 2.4 4.1 4.8 3.2 2.2 3.2

Key Bank Cash Portfolio 172,640 0.1

First American Govt Oblig Fund Z 57,604 0.0 0.3 2.3 4.1 4.8 3.2 2.1 4.0 02/2022
  90 Day U.S. Treasury Bill 0.3 2.4 4.1 4.8 3.2 2.2 4.0

Fixed Income 72,192,208 23.9 0.4 3.8 7.8 4.6 0.3 - 0.2 01/2021
  Blmbg. U.S. Aggregate 0.1 3.3 6.8 3.6 -0.2 1.9 -0.3

JIC Core Bond Fund I 53,392,001 17.7 0.2 3.4 7.5 3.7 -0.3 2.2 0.4 03/2020
  Blmbg. U.S. Aggregate 0.1 3.3 6.8 3.6 -0.2 1.9 0.3
  Intermediate Core Bond Median 0.2 3.3 6.8 3.7 -0.2 1.9 0.4
  JIC Core Bond Fund I Rank 70 31 10 50 63 28 51

BlackRock Strategic Income Opportunities K 18,800,207 6.2 0.9 4.8 8.7 6.7 3.4 4.1 4.3 02/2022
  Blmbg. U.S. Aggregate 0.1 3.3 6.8 3.6 -0.2 1.9 0.5
  Nontraditional Bond Median 0.5 3.6 6.2 6.0 3.0 3.6 3.8
  BlackRock Strategic Income Opportunities K Rank 18 19 15 29 35 29 33




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and provided by
Morningstar. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a statement or data
from the client’s custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of fees unless otherwise
stated. The fund’s inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception. Inception dates for asset class
composites reflect the start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of underlying component strategies. Fund
level peer groups changed from Lipper to Morningstar effective 09/30/2025. As a result of this change, the peer rankings of funds may differ.
 Page 126 of 254
 55
Manager Performance
 As of January 31, 2026
 Allocation Performance(%)
 Market
 1 Fiscal 1 3 5 10 Since Inception
 Value %
 Month YTD Year Years Years Years Inception Date
 ($)


Equity 217,778,102 72.2 3.8 15.5 22.5 18.0 11.5 - 11.5 01/2021
  MSCI AC World Index (Net) 3.0 14.5 21.9 19.1 11.9 12.8 11.6

Domestic Equity 134,201,548 44.5 2.2 13.6 15.7 19.1 13.2 - 13.1 01/2021
  Domestic Equity Benchmark 2.3 13.6 15.8 19.1 13.3 14.8 13.1

BNYM Mellon DB NSL Stock Index Fund 104,701,797 34.7 1.5 12.6 16.4 21.1 15.0 - 15.1 04/2016
  S&P 500 1.5 12.6 16.3 21.1 15.0 15.6 15.1
  Large Blend Median 1.4 11.7 14.5 19.5 13.6 14.4 14.0
  BNYM Mellon DB NSL Stock Index Fund Rank 50 26 21 24 19 - 13

BNYM Mellon DB SL SMID Cap Stock Index Fund 29,499,751 9.8 5.0 17.1 13.6 12.1 7.9 - 11.2 04/2016
  Russell 2500 Index 5.0 17.0 13.5 12.0 7.8 11.9 11.1
  U.S. SMID Cap Equity (MF) Median 4.5 12.8 8.5 10.3 8.2 10.9 10.2
  BNYM Mellon DB SL SMID Cap Stock Index Fund Rank 41 27 20 28 52 - 30

International Equity 83,210,710 27.6 6.4 18.9 34.9 16.8 8.6 - 8.7 01/2021
  International Equity Benchmark 6.3 18.7 34.7 16.6 8.8 10.4 8.9

BNYM Mellon DB NSL International Stock Index Fund 57,529,529 19.1 5.2 15.7 31.6 16.6 10.6 - 9.7 04/2016
  MSCI EAFE (Net) 5.2 15.6 31.2 16.2 10.3 9.6 9.2
  Foreign Large Blend Median 5.2 15.5 31.9 15.8 9.3 9.3 9.1
  BNYM Mellon DB NSL International Stock Index Fund Rank 50 47 53 36 24 - 28

BNYM Mellon DB NSL Emerging Markets Stock Index Fund 25,681,181 8.5 9.0 26.6 43.1 16.6 5.1 - 8.8 04/2016
  MSCI Emerging Markets (Net) 8.9 26.1 42.8 16.7 5.3 10.1 8.9
  Diversified Emerging Mkts Median 8.7 25.1 41.6 15.9 5.1 9.6 8.6
  BNYM Mellon DB NSL Emerging Markets Stock Index Fund Rank 44 37 39 40 50 - 46




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and provided by
Morningstar. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a statement or data
from the client’s custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of fees unless otherwise
stated. The fund’s inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception. Inception dates for asset class
composites reflect the start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of underlying component strategies. Fund
level peer groups changed from Lipper to Morningstar effective 09/30/2025. As a result of this change, the peer rankings of funds may differ.
 Page 127 of 254
 56
Manager Performance
 As of January 31, 2026
 Allocation Performance(%)
 Market
 1 Fiscal 1 3 5 10 Since Inception
 Value %
 Month YTD Year Years Years Years Inception Date
 ($)


Private Equity 365,845 0.1 0.0 0.0 -12.9 -11.8 -6.1 - -6.0 01/2021

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

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

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

Real Assets 11,522,475 3.8 1.8 4.8 7.9 -4.0 0.7 - 0.6 01/2021

UBS Trumbull Property Fund 7,789,435 2.6 0.0 2.1 4.8 -4.9 0.8 - 1.1 07/2016
  NCREIF Fund Index - ODCE (net) 0.0 1.2 2.9 -4.3 2.5 3.9 3.6

DWS RREEF Real Assets R6 3,733,040 1.2 5.8 10.8 18.0 7.4 8.1 7.7 13.5 05/2025
  DWS Real Assets Benchmark 5.7 11.7 18.6 7.2 8.0 7.2 14.8

Valuations data as of:

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

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

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




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and provided by
Morningstar. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a statement or data
from the client’s custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of fees unless otherwise
stated. The fund’s inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception. Inception dates for asset class
composites reflect the start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of underlying component strategies. Fund
level peer groups changed from Lipper to Morningstar effective 09/30/2025. As a result of this change, the peer rankings of funds may differ.
 Page 128 of 254
 57
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) (9,562,182)
 February
 March
 April
 May
 FYE June 2026

Total 5,763,273 (15,326,838) 1,382 (9,562,183) (9,562,182) 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: 10,731,075


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 129 of 254
 58
Benchmark History
Total Invested Assets As of January 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 130 of 254
 59
Benchmark History
Total Invested Assets As of January 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




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 60
 Appendix:
Frontier Engineer®
 Disclosures




 Page 132 of 254
 61
 Historical Annualized Total Returns




 Past 3 Months (Not



 Fixed Income Real Assets Alternatives 1-Year Return 3-Year Return 5-Year Return 7-Year Return 10-Year Return 15-Year Return 20-Year Return 25-Year Return 30-Year Return 38-Year Return
 Annualized net returns as
 of 12/31/2025

 Equity Annualized)

 Current Targets (A) 27% 69% 5% 0% 2.7% 17.8% 15.6% 8.3% 10.9% 9.5% 8.8% 7.9% 7.6% 8.1% 9.2%
 Optimized +5 Fixed Income (B) 32% 63% 4% 0% 2.7% 17.4% 14.9% 7.8% 10.3% 9.1% 8.3% 7.6% 7.3% 7.8% 8.9%
 Optimized -5% Fixed Income (C) 22% 73% 5% 0% 2.9% 19.0% 16.4% 8.8% 11.5% 10.0% 9.0% 8.1% 7.7% 8.3% 9.3%
 Cash 100% 1.0% 4.4% 5.0% 3.3% 2.8% 2.2% 1.5% 1.7% 1.8% 2.4% 3.1%
 TIPS 100% 0.1% 7.0% 4.2% 1.1% 3.5% 3.1% 2.9% 3.5% 4.5% 4.6% 5.7%
 US Bond 100% 1.1% 7.3% 4.7% -0.4% 2.0% 2.0% 2.4% 3.3% 3.8% 4.2% 5.4%
 US Bonds - Dynamic 100% 1.0% 6.0% 6.7% 2.8% 3.8% 3.8% 3.5% 4.0% 4.3% 4.6% 5.6%
 For. Dev. Bond 100% 0.0% 5.2% 3.7% -2.9% -0.1% 1.0% 1.2% 2.3% 3.1% 3.5% 4.6%
 Global Bonds 100% 0.2% 8.2% 4.0% -2.1% 0.7% 1.3% 1.1% 2.5% 3.3% 3.4% 4.9%
 HY Bond 100% 1.3% 8.6% 10.1% 4.5% 6.2% 6.5% 6.0% 6.7% 7.2% 6.7% 7.7%
 EM Bond 100% 3.3% 19.3% 9.5% 1.1% 3.0% 3.9% 1.4% 4.1% 6.0% 7.2% 7.7%
 Global Equity 100% 3.4% 22.9% 21.2% 11.7% 14.5% 12.3% 10.4% 8.7% 7.7% 8.3% 8.7%
 US Equity (AC) 100% 2.4% 17.1% 22.2% 13.1% 16.6% 14.3% 13.6% 10.8% 8.9% 10.2% 11.4%
 US Equity (LC) 100% 2.7% 17.9% 23.0% 14.4% 17.3% 14.8% 14.1% 11.0% 8.8% 10.4% 11.5%
 US Equity (MC) 100% 0.2% 10.6% 14.4% 8.7% 12.8% 11.0% 11.2% 9.5% 9.3% 10.5% 11.7%
 US Equity (SC) 100% 2.2% 12.8% 13.7% 6.1% 10.6% 9.6% 9.5% 8.2% 8.2% 8.6% 9.9%
 Non-US Equity (ACWI) 100% 5.1% 33.1% 18.0% 8.5% 10.7% 8.9% 6.4% 6.1% 6.2% 6.3% 6.6%
 Int'l Dev. Equity 100% 4.9% 31.9% 17.8% 9.5% 11.1% 8.7% 7.1% 6.1% 5.8% 6.1% 6.3%
 EM Equity 100% 4.8% 34.4% 17.0% 4.7% 8.5% 8.9% 4.2% 6.4% 8.9% 6.6% 10.1%
 Real Estate 100% -2.1% 2.3% 6.1% 4.8% 6.4% 5.8% 7.8% 6.6% 9.0% 9.2% 9.5%
 Broad Real Assets 100% 1.6% 13.2% 8.1% 5.6% 6.5% 6.1% 5.0% 5.8% 7.6% 7.5% 6.7%
 Marketable Alternatives 100% 3.3% 10.3% 8.5% 5.1% 6.4% 4.8% 3.9% 3.5% 4.0% 5.1% 7.0%
 Private Equity 100% 0.0% 2.9% 2.6% 5.7% 10.6% 11.1% 12.0% 11.2% 9.3% 13.8% 14.0%




Historical Returns for each asset allocation mix represent back-tested calculations developed with the benefit of hindsight. Return calculations use an asset-weighted methodology based on the target asset allocation of
each mix and the total return of index proxies used to represent each asset class and are net of fees. Historical returns are hypothetical and do not represent returns earned by a client. It is not possible to invest in an
index. Please see the Frontier Engineer ® Hypothetical Performance Disclosures at the end of the presentation for additional information, including index proxies used to represent each asset class. For additional
information on forecast methodologies, please ask for a copy of Fiducient Advisors’, A Wealthspire Company, white paper titled 10-Year Capital Market Forecasts. Past performance does not indicate future
performance and it is possible to lose money when investing.
 Page 133 of 254
 Calendar Year Total Returns




 YTD 12/31/2025
 Fixed Income Real Assets Alternatives
 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990

 Equity
 Calendar Net Year
 Returns
 Current Targets (A) 27% 69% 5% 0% 18% 12% 17% -16% 14% 14% 22% -6% 17% 9% -1% 7% 18% 14% -1% 14% 27% -30% 8% 17% 9% 14% 28% -10% -5% -4% 19% 12% 16% 14% 22% 1% 20% 6% 27% -7%
 Optimized +5 Fixed Income (B) 32% 63% 4% 0% 17% 11% 16% -15% 12% 13% 21% -5% 17% 9% -1% 6% 16% 13% 0% 13% 26% -28% 9% 16% 8% 13% 26% -8% -5% -3% 18% 12% 15% 12% 22% 1% 19% 6% 26% -5%
 Optimized -5% Fixed Income (C) 22% 73% 5% 0% 19% 13% 18% -15% 14% 14% 23% -6% 19% 9% -1% 6% 19% 15% -1% 14% 29% -31% 9% 18% 9% 14% 29% -11% -7% -6% 21% 13% 16% 14% 22% 1% 20% 5% 27% -6%
 Cash 100% 4% 5% 5% 2% 0% 1% 2% 2% 1% 0% 0% 0% 0% 0% 0% 0% 0% 2% 5% 5% 3% 1% 1% 2% 4% 6% 5% 5% 5% 5% 6% 4% 3% 4% 6% 8%
 TIPS 100% 7% 2% 4% -12% 6% 11% 8% -1% 3% 5% -1% 4% -9% 7% 14% 6% 11% -2% 12% 0% 3% 8% 8% 17% 8% 13% 2% 4% 3% 4% 18% -3% 10% 7% 16% 9%
 US Bond 100% 7% 1% 6% -13% -2% 8% 9% 0% 4% 3% 1% 6% -2% 4% 8% 7% 6% 5% 7% 4% 2% 4% 4% 10% 8% 12% -1% 9% 10% 4% 18% -3% 10% 7% 16% 9%
 US Bonds - Dynamic 100% 6% 6% 9% -7% 1% 5% 8% 1% 4% 7% -1% 3% 2% 7% 4% 7% 19% -7% 4% 7% 3% 6% 10% 3% 6% 3% 3% 6% 9% 8% 14% 0% 10% 9% 21% 1%
 For. Dev. Bond 100% 5% -1% 7% -18% -6% 8% 7% 1% 6% 3% -2% 4% -2% 4% 5% 4% 3% 9% 8% 5% -2% 9% 10% 14% 1% 4% -1% 15% 3% 8% 19% 1% 14% 6% 14% 9%
 Global Bonds 100% 8% -2% 6% -16% -5% 9% 7% -1% 7% 2% -3% 1% -3% 4% 6% 6% 7% 5% 9% 7% -4% 9% 13% 17% 2% 3% -5% 14% 4% 5% 20% 0% 11% 6% 16% 11%
 HY Bond 100% 9% 8% 13% -11% 5% 7% 14% -2% 8% 17% -4% 2% 7% 16% 5% 15% 58% -26% 2% 12% 3% 11% 29% -1% 5% -6% 2% 2% 13% 11% 19% -1% 17% 16% 46% -10%
 EM Bond 100% 19% -2% 13% -12% -9% 3% 13% -6% 15% 10% -15% -6% -9% 17% -2% 16% 22% -5% 18% 15% 6% 23% 17% 14% 10% 13% 20% -8% 11% 38% 27% -19% 17% 16% 46% -10%

 Global Equity 100% 23% 18% 23% -18% 19% 17% 27% -9% 25% 8% -2% 5% 23% 17% -7% 13% 35% -42% 12% 22% 11% 16% 35% -19% -16% -14% 27% 22% 15% 13% 19% 5% 25% -4% 20% -16%

 US Equity (AC) 100% 17% 24% 26% -19% 26% 21% 31% -5% 21% 13% 0% 13% 34% 16% 1% 17% 28% -37% 5% 16% 6% 12% 31% -22% -11% -7% 21% 24% 32% 22% 37% 0% 11% 10% 34% -5%

 US Equity (LC) 100% 18% 25% 26% -18% 29% 18% 31% -4% 22% 12% 1% 14% 32% 16% 2% 15% 26% -37% 5% 16% 5% 11% 29% -22% -12% -9% 21% 29% 33% 23% 38% 1% 10% 8% 30% -3%

 US Equity (MC) 100% 11% 15% 17% -17% 23% 17% 31% -9% 19% 14% -2% 13% 35% 17% -2% 25% 40% -41% 6% 15% 13% 20% 40% -16% -6% 8% 18% 10% 29% 19% 34% -2% 14% 16% 42% -11%

 US Equity (SC) 100% 13% 12% 17% -20% 15% 20% 26% -11% 15% 21% -4% 5% 39% 16% -4% 27% 27% -34% -2% 18% 5% 18% 47% -20% 2% -3% 21% -3% 22% 16% 28% -2% 19% 18% 46% -19%

 Non-US Equity (ACWI) 100% 33% 6% 16% -16% 8% 11% 22% -14% 28% 5% -5% -3% 16% 17% -13% 12% 42% -45% 17% 27% 17% 21% 41% -15% -19% -15% 31% 14% 2% 7% 10% 7% 35% -11% 14% -23%

 Int'l Dev. Equity 100% 32% 4% 19% -14% 12% 8% 23% -13% 26% 2% 0% -4% 23% 18% -12% 8% 32% -43% 12% 27% 14% 21% 39% -16% -21% -14% 27% 20% 2% 6% 12% 8% 33% -12% 12% -23%

 EM Equity 100% 34% 8% 10% -20% -2% 19% 19% -14% 38% 12% -15% -2% -2% 19% -18% 19% 79% -53% 40% 33% 35% 26% 56% -6% -2% -31% 66% -25% -12% 6% -5% -7% 75% 11% 60% -11%

 Real Estate 100% 2% 5% 11% -25% 41% -5% 29% -4% 9% 9% 3% 28% 3% 20% 8% 28% 28% -38% -16% 35% 12% 32% 37% 4% 14% 26% -5% -18% 20% 35% 15% 3% 20% 15% 36% -15%
 Broad Real Assets 100% 13% 4% 8% -10% 15% 1% 17% -6% 11% 11% -10% 5% 4% 14% 3% 15% 33% -28% 11% 23% 10% 20% 26% 25% -3% 28% 10% -14% 2% 14% 14% 4% 4% 4% 4% -6%

 Marketable Alternatives 100% 10% 9% 6% -5% 6% 11% 8% -4% 8% 1% 0% 3% 9% 5% -6% 6% 11% -21% 10% 10% 7% 7% 12% 1% 3% 4% 26% -5% 16% 14% 11% -3% 26% 12% 14% 18%

 Private Equity 100% 3% 4% 1% -12% 40% 32% 16% 13% 16% 9% 8% 15% 23% 12% 12% 18% 10% -20% 18% 25% 21% 22% 14% -16% -21% 10% 125% 21% 32% 33% 32% 14% 23% 14% 14% 4%




Historical Returns for each Mix based on back-tested return calculations developed with the benefit of hindsight. Return calculations use an asset-weighted methodology based on the target asset allocation of each mix
and the total return of index proxies used to represent each asset class and are net of fees. Historical returns used are hyp othetical and do not represent returns earned by a client. It is not possible to invest in an index.
Please see the Frontier Engineer ® Hypothetical Performance Disclosures at the end of the presentation for additional information, including index proxies used to represent each asset class. For additional information
on forecast methodologies, please ask for a copy of Fiducient Advisors’, A Wealthspire Company, white paper titled 10-Year Capital Market Forecasts. Past performance does not indicate future performance and it is
possible to lose money when investing.
 Page 134 of 254
 Capital Market Assumptions




 Arithmetic Return Geometric Return Standard Deviation US Bonds - Dynamic US Equity (LC) US Equity (SC) Int'l Dev. Equity Private Real Estate Broad Real Assets
 Return & Risk Correlation
 Assumptions Assumptions

 Skewness Kurtosis US Bond EM Equity
 (Forecasts) (Forecasts)


  US Bond 5.2% 5.0% 7.2% -0.33 1.67 US Bond 1.00 0.59 0.24 0.15 0.21 0.12 0.25 0.40

  US Bonds - Dynamic 5.5% 5.3% 6.4% -0.90 6.25 US Bonds - Dynamic 0.59 1.00 0.61 0.59 0.57 0.57 0.62 0.76

  LDI Bonds 6.4% 5.2% 15.5% 0.15 1.27 LDI Bonds 0.93 0.33 0.01 -0.09 -0.03 -0.08 0.12 0.20

  US Equity (LC) 7.7% 6.3% 16.5% -0.57 0.83 US Equity (LC) 0.24 0.61 1.00 0.84 0.70 0.66 0.61 0.64

  US Equity (SC) 8.3% 6.1% 20.9% -0.41 0.99 US Equity (SC) 0.15 0.59 0.84 1.00 0.63 0.65 0.67 0.64

  Int'l Dev. Equity 10.1% 7.9% 21.3% -0.54 1.34 Int'l Dev. Equity 0.21 0.57 0.70 0.63 1.00 0.71 0.52 0.61

  EM Equity 12.5% 8.7% 27.7% -0.65 2.15 EM Equity 0.12 0.57 0.66 0.65 0.71 1.00 0.46 0.58

  Private Real Estate 8.9% 8.5% 9.0% -0.75 6.78 Private Real Estate 0.25 0.62 0.61 0.67 0.52 0.46 1.00 0.83

  Broad Real Assets 8.0% 7.5% 9.0% -1.50 8.09 Broad Real Assets 0.40 0.76 0.64 0.64 0.61 0.58 0.83 1.00
  October 31, 2025 Tw enty-Year Forecasted CMAs
  *Historical mix return calculations assume a w eighted average excess return assumption of 0.5% w ith a Fiducient Advisors' hypothetical fee of 0.25%.




  For additional information on forecast methodologies, please speak with your advisor. Please see Index Proxy Summary slide at the end of this presentation for summary of indexes used to represent each asset
  class. Past performance does not indicate future performance. Please see the Frontier Engineer ® Hypothetical Performance Disclosures at the end of the presentation for additional information.
 Page 135 of 254
www.FiducientAdvisors.com
 Indices for Past Return & Risk Metrics




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


  US Bond Bloomberg US Agg Bond TR USD 12/25 - 1/79
 N. A .
 N.A. - N.A. N. A . N.A. - N.A. N. A . N.A. - N.A.
  US Bonds - Dynamic *Custom Blend of Indices 12/25 - 2/90 B l oomber g US A gg B ond T R USD
 1/90 - 1/79 N. A .
 N.A. - N.A. N. A .
 N.A. - N.A.
  LDI Bonds LDI Blend 12/25 - 6/86
 B l oomber g US A gg B ond T R USD
 5/86 - 1/79 N. A .
 N.A. - N.A. N. A .
 N.A. - N.A.
  US Equity (LC) S&P 500 TR USD 12/25 - 1/79
 N. A .
 N.A. - N.A. N. A . N.A. - N.A. N. A . N.A. - N.A.
  US Equity (SC) Russell 2000 TR USD 12/25 - 1/79 N. A .
 N.A. - N.A. N. A . N.A. - N.A. N. A . N.A. - N.A.
  Int'l Dev. Equity MSCI EAFE GR USD 12/25 - 1/79 N. A .
 N.A. - N.A. N. A .
 N.A. - N.A. N. A .
 N.A. - N.A.
  EM Equity MSCI EM GR USD 12/25 - 1/88
 M SCI E A FE GR USD
 12/87- 1/79 N. A .
 N.A. - N.A. N. A .
 N.A. - N.A.
  Private Real Estate Wilshire US RESI TR USD 12/25 - 1/79 N. A .
 N.A. - N.A. N. A .
 N.A. - N.A. N. A .
 N.A. - N.A.
  Broad Real Assets S&P Real Asset TR USD 12/25 - 5/05 *Cust om Real A sset s I ndex
 4/05 - 1/79 N. A .
 N.A. - N.A. N. A .
 N.A. - N.A.
  *US Bonds - Dynamic Index - 1/3 Bloomberg Gbl Agg Ex USD TR Hdg USD, 1/3 FTSE Treasury Bill 3 Mon USD & 1/3 Bloomberg US Corporate High Yield TR USD




Note: Private Equity Index is frequently 3-6 months behind the other indices. For historical return calculation purposes, it is given 0% returns during the most recent period where gaps may exist. Past
performance, actual or hypothetical, is no guarantee of future results and there is a possibility of a loss. Please see the Frontier Engineer ® Hypothetical Performance Disclosures at the end of the presentation
for additional information. Page 136 of 254
  Frontier Engineer® Hypothetical Performance Disclosures
 The historical performance information derived from the Frontier Engineer® and used or presented in charts, tables, or graphs
 represent simulated historical performance, which has been derived by retroactively applying an asset allocation modeling process in
 its most recently developed form with its most recently derived ten-year (forward-looking) capital market assumptions. Such historical
 return simulations (or back testing) was performed by simulating the combination of actual index returns for the historical period with a
 buy and hold strategy effective January 1, 1988, through the most recently available month-end date with simulated rebalancing
 occurring every month-end (with the reinvestment of dividends and capital gains from each index).

 Back tested performance is hypothetical and does not reflect actual trades or actual client performance. As with all models, there are
 inherent limitations which are derived from the retroactive application developed with the benefit of hindsight, including the risk that
 certain factors such as material economic and market conditions could have contributed to materially different (either higher or lower)
 performance results than those depicted, or that certain material factors may have been included or excluded from consideration. As
 such, actual results during the applicable back tested period would have been different than those depicted.

 The asset allocation modeling process currently used was initially developed in 2002 and was not offered as a strategy prior to that
 time. The output of a forward-looking model (or process) is a representation of allocation percentages among specific asset classes.
 Clients cannot invest directly in a target allocation, but rather, in underlying securities within designated asset classes. Advisor may
 change its models from time to time and regularly updates its model as additional capital market assumption information becomes
Disclosure available or to increase or decrease relative weightings or emphasis on certain factors. Consequently, the Advisor may choose to
 deviate from a stated model over time as the model itself is revised, which could have a materially positive or negative impact on
 performance.

 During the period represented, numerous modelling changes were made, including the regular changes in (ten-year) forward-looking
 expected returns, expected volatilities, expected non-normal return distribution assumptions, as well as tracking-error assumptions
 and risk budgets. Furthermore, such assumptions can be modified client-by-client depending on certain preferences, priorities,
 constraints or unique considerations applicable to each client.

 Other economic and market factors may have impacted decision-making when using the model to manage client funds, including the
 list of approved asset classes by a client or client type as well as any client-directed or Advisor implemented constraints.

 All investments bear the risk of loss, including the loss of principal. Past performance, actual or hypothetical, is no guarantee of future
 results.

 The hypothetical annual Fiducient Advisors’, A Wealthspire Company, fee is divided by 12 and subtracted from the historical monthly
 (index) returns. The hypothetical excess return assumption is divided by 12 and added to the historical monthly (index)
 returns. Furthermore, for forecasted total portfolio (index-based) annual returns based on capital market assumptions, the annual
 Fiducient Advisors’, A Wealthspire Company, fee assumption is subtracted from the hypothetical annual manager excess return
 assumption. Additional information on advisory fees charged by Fiducient Advisors, A Wealtshpire Company, are described in Part 2
 of the Form ADV.




 Page 137 of 254
 66
Index Definitions
 INDEX DEFINITIONS
 FTSE Treasury Bill 3 Month measures return equivalents of yield averages and are not marked to market. It is an average of the last three three-month
 Treasury bill month-end rates.
 Bloomberg Capital US Treasury Inflation Protected Securities Index consists of Inflation-Protection securities issued by the U.S. Treasury.
 Bloomberg Muni 5 Year Index is the 5 year (4-6) component of the Municipal Bond index.
 Bloomberg High Yield Municipal Bond Index covers the universe of fixed rate, non-investment grade debt.
 Bloomberg U.S. Aggregate Index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities,
 mortgage pass-through securities, and asset-backed securities.
 FTSE World Government Bond Index (WGBI) (Unhedged) provides a broad benchmark for the global sovereign fixed income market by measuring the
 performance of fixed-rate, local currency, investment-grade sovereign debt from over 20 countries,
 FTSE World Government Bond Index (WGBI) (Hedged) is designed to represent the FTSE WGBI without the impact of local currency exchange rate
 fluctuations.
 Bloomberg US Corporate High Yield TR USD covers the universe of fixed rate, non-investment grade debt. Eurobonds and debt issues from countries
 designated as emerging markets (sovereign rating of Baa1/BBB+/BBB+ and below using the middle of Moody’s, S&P, and Fitch) are excluded, but Canadian
 and global bonds (SEC registered) of issuers in non-EMG countries are included.
 JP Morgan Government Bond Index-Emerging Market Index (GBI-EMI) is a comprehensive, global local emerging markets index, and consists of regularly
 traded, liquid fixed-rate, domestic currency government bonds to which international investors can gain exposure.
 JPMorgan EMBI Global Diversified is an unmanaged, market-capitalization weighted, total-return index tracking the traded market for U.S.-dollar-
Disclosure denominated Brady bonds, Eurobonds, traded loans, and local market debt instruments issued by sovereign and quasi-sovereign entities.
 MSCI ACWI is designed to represent performance of the full opportunity set of large- and mid-cap stocks across multiple developed and emerging markets,
 including cross-market tax incentives.
 The S&P 500 is a capitalization-weighted index designed to measure performance of the broad domestic economy through changes in the aggregate market
 value of 500 stocks representing all major industries.
 Russell 3000 is a market-cap-weighted index which consists of roughly 3,000 of the largest companies in the U.S. as determined by market capitalization. It
 represents nearly 98% of the investable U.S. equity market.
 Russell Mid Cap measures the performance of the 800 smallest companies in the Russell 1000 Index.
 Russell 2000 consists of the 2,000 smallest U.S. companies in the Russell 3000 index.
 MSCI EAFE is an equity index which captures large and mid-cap representation across Developed Markets countries around the world, excluding the US and
 Canada. The index covers approximately 85% of the free float-adjusted market capitalization in each country.
 MSCI Emerging Markets captures large and mid-cap representation across Emerging Markets countries. The index covers approximately 85% of the free-
 float adjusted market capitalization in each country
 The Wilshire US Real Estate Securities Index (Wilshire US RESI) is comprised of publicly-traded real estate equity securities and designed to offer a
 market-based index that is more reflective of real estate held by pension funds.
 Alerian MLP Index is a float adjusted, capitalization-weighted index, whose constituents represent approximately 85% of total float-adjusted market
 capitalization, is disseminated real-time on a price-return basis (AMZ) and on a total-return basis.
 Bloomberg Commodity Index (BCI) is calculated on an excess return basis and reflects commodity futures price movements. The index rebalances annually
 weighted 2/3 by trading volume and 1/3 by world production and weight-caps are applied at the commodity, sector and group level for diversification.
 Treasury Inflation-Protected Securities (TIPS) are Treasury bonds that are indexed to inflation to protect investors from the negative effects of rising prices.
 The principal value of TIPS rises as inflation rises.
 HFRI Fund of Funds Composite is an equal-weighted index consisting of over 800 constituent hedge funds, including both domestic and offshore funds.
 Cambridge Associates U.S. Private Equity Index (67% Buyout vs. 33% Venture) is based on data compiled from more than 1,200 institutional-quality
 buyout, growth equity, private equity energy, and mezzanine funds formed between 1986 and 2015.
 HFN Hedge Fund Aggregate Average is an equal weighted average of all hedge funds and CTA/managed futures products reporting to the HFN Database.
 Constituents are aggregated from each of the HFN Strategy Specific Indices.
 Goldman Sachs Commodity Index (GSCI) is a broadly diversified, unleveraged, long-only composite index of commodities that measures Page the138 of
 performance
 254 of
 the commodity market. 67
 Material Risk Disclosures


 Material Risk Disclosures

 Fixed Income securities are subject to interest rate risks, the risk of default and liquidity risk. U.S. investors exposed to non-U.S. fixed income may
 also be subject to currency risk and fluctuations.

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

 Domestic Equity can be volatile. The rise or fall in prices take place for a number of reasons including, but not limited to changes to underlying
 company conditions, sector or industry factors, or other macro events. These may happen quickly and unpredictably.

 International Equity can be volatile. The rise or fall in prices take place for a number of reasons including, but not limited to changes to underlying
 company conditions, sector or industry impacts, or other macro events. These may happen quickly and unpredictably. International equity allocations
 may also be impact by currency and/or country specific risks which may result in lower liquidity in some markets.

 Real Assets can be volatile and may include asset segments that may have greater volatility than investment in traditional equity securities. Such

Disclosure volatility could be influenced by a myriad of factors including, but not limited to overall market volatility, changes in interest rates, political and
 regulatory developments, or other exogenous events like weather or natural disaster.

 Private Equity involves higher risk and is suitable only for sophisticated investors. Along with traditional equity market risks, private equity
 investments are also subject to higher fees, lower liquidity and the potential for leverage that may amplify volatility and/or the potential loss of capital.

 Private Credit involves higher risk and is suitable only for sophisticated investors. These assets are subject to interest rate risks, the risk of default
 and limited liquidity. U.S. investors exposed to non-U.S. private credit may also be subject to currency risk and fluctuations.

 Private Real Estate involves higher risk and is suitable only for sophisticated investors. Real estate assets can be volatile and may include unique
 risks to the asset class like leverage and/or industry, sector or geographical concentration. Declines in real estate value may take place for a number
 of reasons including, but are not limited to economic conditions, change in condition of the underlying property or defaults by the borrow.

 Marketable Alternatives involves higher risk and is suitable only for sophisticated investors. Along with traditional market risks, marketable
 alternatives are also subject to higher fees, lower liquidity and the potential for leverage that may amplify volatility or the potential for loss of capital.
 Additionally, short selling involved certain risks including, but not limited to additional costs, and the potential for unlimited loss on certain short sale
 positions.




 Page 139 of 254
 68
 Definitions & Disclosures
 Please note: Due to rounding methodologies of various data providers, certain returns in this report might differ slightly when compared to other sources


REGULATORY DISCLOSURES

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

INDEX DEFINITIONS

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




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




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

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

DEFINITION OF KEY STATISTICS AND TERMS

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




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

DEFINITION OF KEY PRIVATE EQUITY TERMS

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

VALUATION POLICY

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

REPORTING POLICY

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




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

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

MATERIAL RISKS & LIMITATIONS

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


OTHER

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

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

CUSTODIAN STATEMENTS

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




 Page 144 of 254
 73
 City of Burlington Employees Retirement System

 Monthly Performance Update - January 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 145 of 254
 Asset Class Performance


 12
 10.6
 10.4
 YTD
 8.9

 8




Total Returns (%)
 5.4 5.2

 4.1
 4
 2.8

 1.4
 1.0 1.0 1.0
 0.3 0.5
 0.1
 0
 -0.2




 -4
 TIPS Municipals 5- U.S. Core Bond High Yield High Yield U.S. Long Foreign Bond U.S Large Cap U.S. Small Cap International Emerging U.S. Equity Real Assets Commodities Hedge Funds*
 Year Municipals Duration Developed Markets REITs
Source: Morningstar Direct. As of January 31, 2026. *Hedge fund returns are as of December 31, 2025.

Fixed Income (January) Equity (January) Real Asset / Alternatives (January)
+ The Federal Reserve held rates steady in January, + U.S. equity markets were positive in January. U.S. + REITs, which lagged in 2025, started the
and interest rates ended the period modestly higher. small cap and value-oriented segments of the year on a positive note. Timber, diversified,
Core bonds posted a slight positive return during the market outperformed while large cap growth stocks and data centers were among the top areas
month. produced negative results, driven primarily by within the asset class in January.
 weakness in software-related technology
+ High yield spreads moved tighter before widening + Real assets had a positive month.
 companies.
at the end of the month as the expectation for the Resource-related equities and commodities
number of rate cuts in 2026 diminished. The asset + Non-U.S. equities performed well. Emerging were the standouts within the space.
class outpaced core bonds. markets continued to lead the way, benefiting from
 + Commodity markets saw double digit gains
 the continued AI boom as well some of the
- Longer duration assets struggled as interest rates driven by rising energy and precious metal
 commodity exporting regions such as Brazil and
moved higher. prices.
 South Africa.
 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
 Page of
 146a of
 loss.
 254
  www.FiducientAdvisors.com Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.
 Fixed Income Market Update

 U.S. Treasury Yield Curve Corporate Credit Spreads – Trailing 5 Years (January)
 Markets digested a plethora of news during the month including Kevin The corporate bond market continues to perform well. Stable
 Warsh being nominated to be the next chair of the Federal Reserve. fundamentals, and strong demand due to attractive all-in yields continue
 Interest rates rose modestly during the month. Markets viewed Warsh to drive the space. However, valuations remain elevated as credit spreads
 as relatively “hawkish” while the economic backdrop remains resilient. reached their lowest levels in the last 15 years during the month.
 The Fed held interest rates steady at its January meeting and futures
 markets are now pricing in more modest cuts this year than they were
 at the start.
 5.0 500 1,250
 1/30/2026 10Yr Avg
 IG 73 bps 115 bps
 4.8
 HY 265 bps 392 bps
 4.58
 4.6 400 1,000

 4.4
 4.25 4.26




 Spreads (bps)
 4.2 300 750


 Yield (%)
 4.18
 4.0


 3.8 200 500

 3.6 3.52


 3.4 3.47 100 250
 1/30/26

 3.2 12/31/25
 Bloomberg U.S. Inv. Grade Corp Index (LHS)
 12/31/24
 Bloomberg U.S. Corp High Yield Index (RHS)
 3.0 0 0
 0 5 10 15 20 25 30
 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 6/24 12/24 6/25 12/25
 U.S. Treasury Maturity (yrs)
 Source: FactSet. As of January 31, 2026. Source: FactSet. As of January 31, 2026.
 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
 Page of
 147a of
 loss.
 254
www.FiducientAdvisors.com Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.
 Equity Market Update


 U.S. Equities – Returns by Sector (January)
 Large cap U.S. equities eked out a small gain in January. Rotation away from the magnificent 7 and other high valuation growth areas led to more
 breadth across markets this month. The energy sector was the standout as companies benefited from rising commodity prices such as oil and natural
 gas. A reversal in leadership took place as information technology produced a negative return. Software-related companies, such as Oracle and
 Salesforce, came under pressure as concerns mounted for the potential disruption to business models due to AI.
 14.4%
 YTD
 8.7%
 7.7%
 6.7%
 5.8%

 2.8%
 1.5% 1.4% 1.7%


 0.0%
 -1.7%
 -2.4%
 S&P 500 Utilities Real Estate Materials IT Industrials Health Care Financials Energy Cons. Cons. Disc. Comm.
 Source: Morningstar Direct. As of January 31, 2026. Staples Services


 Market Capitalization, Style, and Select Country Performance (January)
 Non-U.S. markets continued the trend from 2025, outpacing their domestic counterparts. Abroad, emerging outperformed developed. AI-related names
 continued to perform well in emerging markets such as Taiwan Semiconductor and SK Hynix. Gold and other commodity-related companies, such as
 Gold Field and Petrobras, benefited from the jump in commodity prices during the month.
 28.1%

 14.9%
 9.2% 7.3% 8.8% 9.0%
 5.4% 4.7% 5.1% 5.8% 4.7% 5.7%
  1.4% 1.1%

 -1.3%
 -5.1%

 Small Value Small Value Small Value India
 Growth Growth Growth S.Korea
 Large Large Neth. Large
 Canada

 U.S. Int’l Developed Emerging Markets
  Source: Morningstar Direct. As of January 31, 2026.
 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
 Page of
 148a of
 loss.
 254
www.FiducientAdvisors.com Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.
 Real Asset Market Update


Commodity Performance (January) REIT Sector Performance (January)
Commodities were up double digits in January. Energy prices, particularly REITs delivered a positive return in January as the asset class benefited
crude oil and natural gas, moved higher as extremely cold temperatures from improving sentiment. Strength was broad with Timber, Specialty,
rippled across much of the country. Precious metals saw favorable returns Diversified, and Data Centers leading performance. Timber benefited
as well, although gold prices sold off at the end of the month, limiting the from firmer lumber pricing and improving expectations for housing-
gains. related demand. Data Centers rebounded on trends tied to AI-related
 infrastructure needs.
 25
 Data Centers 7.2

 20.6 Diversified 7.6
 20
 Health Care 2.0

 Industrial 2.2
 15
 Infrastructure -0.1
 11.0




 Total Return (%)
 Lodging/Resorts 2.1
 10
 Office -2.2
 5.6
 Residential -0.8
 5
 Retail 4.6


 0 Self Storage 6.3

 -0.3
 Specialty 7.2


 -5 Timber 7.8
 Energy Industrial Metals Precious Metals Agriculture
 Total Return (%)

 Source: FactSet. As of January 31, 2026. YTD Source: FactSet. As of January 31, 2026. YTD

 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
 Page of
 149a of
 loss.
 254
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 Financial Markets Performance


 Financial Markets Performance
 Total Return as of January 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% 0.3% 4.2% 4.9% 3.3% 2.7% 2.2% 1.5%
 Bloomberg U.S. TIPS 0.3% 0.3% 6.0% 3.7% 1.1% 3.4% 3.0% 2.9%
 Bloomberg Municipal Bond (5 Year) 1.0% 1.0% 5.4% 3.1% 1.2% 2.1% 1.9% 2.5%
 Bloomberg High Yield Municipal Bond 1.0% 1.0% 2.7% 4.8% 2.0% 3.8% 4.4% 5.4%
 Bloomberg U.S. Aggregate 0.1% 0.1% 6.8% 3.6% -0.2% 1.8% 1.9% 2.4%
 Bloomberg U.S. Corporate High Yield 0.5% 0.5% 7.7% 8.9% 4.5% 5.6% 6.8% 5.9%
 Bloomberg Global Aggregate ex-U.S. Hedged 0.3% 0.3% 2.9% 4.9% 0.9% 2.1% 2.4% 3.2%
 Bloomberg Global Aggregate ex-U.S. Unhedged 1.6% 1.6% 10.0% 2.7% -3.1% -0.6% 0.7% 0.2%
 Bloomberg U.S. Long Gov / Credit -0.2% -0.2% 5.9% 0.8% -4.4% 0.8% 1.7% 3.7%
 Global Equity Markets MTD YTD 1YR 3YR 5YR 7YR 10YR 15YR
 S&P 500 1.5% 1.5% 16.3% 21.1% 15.0% 16.2% 15.6% 14.0%
 Dow Jones Industrial Average 1.8% 1.8% 11.7% 14.9% 12.4% 12.3% 13.9% 12.4%
 NASDAQ Composite 1.0% 1.0% 20.3% 27.4% 13.2% 19.1% 18.7% 16.7%
 Russell 3000 1.6% 1.6% 15.3% 20.2% 13.6% 15.5% 15.1% 13.5%
 Russell 1000 1.4% 1.4% 15.3% 20.7% 14.1% 15.9% 15.4% 13.8%
 Russell 1000 Growth -1.5% -1.5% 14.5% 27.0% 15.1% 19.5% 18.6% 16.3%
 Russell 1000 Value 4.6% 4.6% 15.8% 13.7% 12.5% 11.6% 11.6% 10.9%
 Russell Mid Cap 3.1% 3.1% 9.3% 12.5% 9.4% 11.6% 12.1% 11.2%
 Russell Mid Cap Growth -0.9% -0.9% 1.3% 15.0% 6.5% 12.3% 13.3% 12.0%
 Russell Mid Cap Value 4.3% 4.3% 11.9% 10.9% 10.8% 10.5% 10.9% 10.4%
 Russell 2000 5.4% 5.4% 15.8% 12.2% 6.2% 9.7% 11.2% 9.9%
 Russell 2000 Growth 4.0% 4.0% 13.9% 13.5% 3.0% 9.5% 11.3% 10.3%
 Russell 2000 Value 6.9% 6.9% 17.9% 10.8% 9.2% 9.5% 10.8% 9.2%
 MSCI ACWI 3.0% 3.0% 21.9% 19.1% 11.9% 13.2% 12.7% 9.9%
 MSCI ACWI ex. U.S. 6.0% 6.0% 34.9% 16.6% 9.1% 9.9% 9.8% 6.2%
 MSCI EAFE 5.2% 5.2% 31.2% 16.2% 10.3% 10.3% 9.6% 6.8%
 MSCI EAFE Growth 4.7% 4.7% 19.9% 11.8% 5.7% 9.2% 8.6% 6.8%
 MSCI EAFE Value 5.7% 5.7% 43.1% 20.6% 14.8% 11.2% 10.2% 6.7%
 MSCI EAFE Small Cap 5.8% 5.8% 34.8% 14.3% 6.9% 8.8% 9.0% 7.4%
 MSCI Emerging Markets 8.9% 8.9% 42.8% 16.7% 5.3% 8.1% 10.1% 4.6%
 Alternatives MTD YTD 1YR 3YR 5YR 7YR 10YR 15YR
 FTSE NAREIT All Equity REITs 2.8% 2.8% 4.1% 3.7% 5.4% 5.2% 6.4% 7.7%
 S&P Real Assets 4.1% 4.1% 16.0% 7.7% 6.5% 6.2% 6.8% 5.2%
 FTSE EPRA NAREIT Developed 3.8% 3.8% 12.9% 6.0% 4.7% 3.5% 5.1% 5.6%
 FTSE EPRA NAREIT Developed ex U.S. 5.0% 5.0% 28.2% 7.1% 1.9% 1.6% 4.2% 3.9%
 Bloomberg Commodity Total Return 10.4% 10.4% 22.9% 7.6% 12.3% 8.8% 7.0% -0.5%
 HFRI Fund of Funds Composite* 1.4% 10.6% 10.6% 8.6% 5.2% 6.4% 4.9% 3.9%
 HFRI Asset Weighted Composite* 1.0% 9.7% 9.7% 7.4% 6.0% 5.7% 4.9% 4.4%
 Alerian MLP 8.0% 8.0% 9.0% 20.5% 26.5% 12.7% 11.0% 6.7%
 Sources: Morningstar, FactSet. As of January 31, 2026. *Consumer Price Index and HFRI indexes as of December 31, 2025.

 See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility
 Page of
 150a of
 loss.
 254
www.FiducientAdvisors.com Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.
Asset Allocation
Total Plan As of January 31, 2026
 Asset Asset Target
 Differences
 Allocation Allocation Allocation
 (%)
 ($) (%) (%)
Total Plan 292,160,846 100.0 100.0 0.0
 Pension Benefits Payable to the City -9,562,182 -3.3 0.0 -3.3
 Total Invested Assets 301,723,029 103.3 100.0 3.3
 Short Term Liquidity 230,244 0.1 0.0 0.1
 Key Bank Cash Portfolio 172,640 0.1 0.0 0.1
 First American Govt Oblig Fund Z 57,604 0.0 0.0 0.0
 Fixed Income 72,192,208 24.7 27.0 -2.3
 JIC Core Bond Fund I 53,392,001 18.3 20.0 -1.7
 BlackRock Strategic Income Opportunities K 18,800,207 6.4 7.0 -0.6
 Equity 217,778,102 74.5 68.5 6.0
 Domestic Equity 134,201,548 45.9 43.0 2.9
 BNYM Mellon DB NSL Stock Index Fund 104,701,797 35.8 33.0 2.8
 BNYM Mellon DB SL SMID Cap Stock Index Fund 29,499,751 10.1 10.0 0.1
 International Equity 83,210,710 28.5 25.5 3.0
 BNYM Mellon DB NSL International Stock Index Fund 57,529,529 19.7 18.0 1.7
 BNYM Mellon DB NSL Emerging Markets Stock Index Fund 25,681,181 8.8 7.5 1.3
 Private Equity 365,845 0.1 0.0 0.1
 Hamilton Lane II 624 0.0 - -
 Hamilton Lane VII A 257,244 0.1 - -
 Hamilton Lane VII B 107,977 0.0 - -
 Real Assets 11,522,475 3.9 4.5 -0.6
 UBS Trumbull Property Fund 7,789,435 2.7 3.0 -0.3
 DWS RREEF Real Assets R6 3,733,040 1.3 1.5 -0.2

Valuations data as of:

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

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




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


 Page 151 of 254
Asset Allocation
Total Invested Assets As of January 31, 2026
 Asset Asset Target
 Differences
 Allocation Allocation Allocation
 (%)
 ($) (%) (%)
 Total Invested Assets 301,723,029 100.0 100.0 0.0
 Short Term Liquidity 230,244 0.1 0.0 0.1
 Key Bank Cash Portfolio 172,640 0.1 0.0 0.1
 First American Govt Oblig Fund Z 57,604 0.0 0.0 0.0
 Fixed Income 72,192,208 23.9 27.0 -3.1
 JIC Core Bond Fund I 53,392,001 17.7 20.0 -2.3
 BlackRock Strategic Income Opportunities K 18,800,207 6.2 7.0 -0.8
 Equity 217,778,102 72.2 68.5 3.7
 Domestic Equity 134,201,548 44.5 43.0 1.5
 BNYM Mellon DB NSL Stock Index Fund 104,701,797 34.7 33.0 1.7
 BNYM Mellon DB SL SMID Cap Stock Index Fund 29,499,751 9.8 10.0 -0.2
 International Equity 83,210,710 27.6 25.5 2.1
 BNYM Mellon DB NSL International Stock Index Fund 57,529,529 19.1 18.0 1.1
 BNYM Mellon DB NSL Emerging Markets Stock Index Fund 25,681,181 8.5 7.5 1.0
 Private Equity 365,845 0.1 0.0 0.1
 Hamilton Lane II 624 0.0 - -
 Hamilton Lane VII A 257,244 0.1 - -
 Hamilton Lane VII B 107,977 0.0 - -
 Real Assets 11,522,475 3.8 4.5 -0.7
 UBS Trumbull Property Fund 7,789,435 2.6 3.0 -0.4
 DWS RREEF Real Assets R6 3,733,040 1.2 1.5 -0.3



Valuations data as of:

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

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




Investments with a zero balance were held in the portfolio during the reporting period and will be removed once they no longer impact portfolio performance.
Asset Allocation weightings may not add up to 100% due to rounding.
 Page 152 of 254
Portfolio Dashboard
Total Invested Assets As of January 31, 2026
Historical Performance Summary of Cash Flows
 24.0 1 Fiscal 1
 Month YTD Year
 Total Invested Assets
 18.1 17.6 Beginning Market Value 293,308,810 275,006,808 260,839,385
 18.0
 Net Contributions 57,549 -5,679,023 -5,678,985



 Return (%)
 13.5 13.1 Gain/Loss 8,356,669 32,395,244 46,562,628
 12.0 11.6
 12.0 Ending Market Value 301,723,029 301,723,029 301,723,029
 10.0
 9.3
 8.4 8.4
 7.4
 6.4 Current Benchmark Composition
 6.0
 From Date To Date
 2.8 2.7
 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 Fiscal 1 3 5 10 Since (net), 1.50% DWS Real Assets Benchmark
 Month YTD Year Years Years Years Inception
 Portfolio (01/2008) Portfolio Benchmark (01/2008)

Portfolio Allocation Actual vs. Target Allocations

 Short Term Liquidity Short Term Liquidity 0.0%
 Real Assets 0.1%
 3.8% 0.1% $230,244 0.1%
 Private Equity Fixed Income
 0.1% 23.9% Fixed Income 27.0%
 23.9%
 International Equity $72,192,208 -3.1 %
 27.6%
 Domestic Equity 43.0%
 44.5%
 $134,201,548 1.5%

 International Equity 25.5%
 27.6%
 $83,210,710 2.1%

 Private Equity 0.0%
 0.1%
 $365,845 0.1%
 Domestic Equity
 44.5% Real Assets 4.5%
 3.8%
 $11,522,475 -0.7 %

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

 International Equity Private Equity Real Assets Target Actual Differences




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



 Page 153 of 254
  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 154 of 254
www.FiducientAdvisors.com
 Recent Portfolio Activities


 Quarter Cash Flow

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

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




 Page 155 of 254
www.FiducientAdvisors.com
Performance Overview
Total Invested Assets As of January 31, 2026
Trailing Performance Summary
 1 Fiscal 1 3 5 7 10 Since Inception
 Month YTD Year Years Years Years Years Inception Date
Total Invested Assets 2.8 12.0 18.1 13.5 8.4 10.5 9.3 6.4 01/2008
  Policy Benchmark 2.7 11.6 17.6 13.1 8.4 9.9 10.0 7.4 01/2008




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




Plan Reconciliation
 1 Fiscal 1 3 5 10 Since Inception
 Month YTD Year Years Years Years Inception Date
Total Invested Assets 01/2008
  Beginning Market Value 293,308,810 275,006,808 260,839,385 223,109,190 230,476,601 145,326,266 126,047,968
  Net Contributions 57,549 -5,679,023 -5,678,985 -18,781,769 -31,759,294 -45,418,557 -57,105,774
  Gain/Loss 8,356,669 32,395,244 46,562,628 97,395,608 103,005,722 201,815,319 232,780,834
  Ending Market Value 301,723,029 301,723,029 301,723,029 301,723,029 301,723,029 301,723,029 301,723,029


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




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees.
 Page 156 of 254
Manager Performance
 As of January 31, 2026
 Allocation Performance(%)
 Market
 1 Fiscal 1 3 5 10 Since Inception
 Value %
 Month YTD Year Years Years Years Inception Date
 ($)


Total Invested Assets 301,723,029 100.0 2.8 12.0 18.1 13.5 8.4 9.3 6.4 01/2008
  Policy Benchmark 2.7 11.6 17.6 13.1 8.4 10.0 7.4
  Secondary Benchmark 2.7 11.6 17.6 13.1 8.2 9.8 7.2

Short Term Liquidity 230,244 0.1 0.0 0.8 0.8 2.1 1.3 - 1.3 01/2021
  90 Day U.S. Treasury Bill 0.3 2.4 4.1 4.8 3.2 2.2 3.2

Key Bank Cash Portfolio 172,640 0.1

First American Govt Oblig Fund Z 57,604 0.0 0.3 2.3 4.1 4.8 3.2 2.1 4.0 02/2022
  90 Day U.S. Treasury Bill 0.3 2.4 4.1 4.8 3.2 2.2 4.0

Fixed Income 72,192,208 23.9 0.4 3.8 7.8 4.6 0.3 - 0.2 01/2021
  Blmbg. U.S. Aggregate 0.1 3.3 6.8 3.6 -0.2 1.9 -0.3

JIC Core Bond Fund I 53,392,001 17.7 0.2 3.4 7.5 3.7 -0.3 2.2 0.4 03/2020
  Blmbg. U.S. Aggregate 0.1 3.3 6.8 3.6 -0.2 1.9 0.3
  Intermediate Core Bond Median 0.2 3.3 6.8 3.7 -0.2 1.9 0.4
  JIC Core Bond Fund I Rank 70 31 10 50 63 28 51

BlackRock Strategic Income Opportunities K 18,800,207 6.2 0.9 4.8 8.7 6.7 3.4 4.1 4.3 02/2022
  Blmbg. U.S. Aggregate 0.1 3.3 6.8 3.6 -0.2 1.9 0.5
  Nontraditional Bond Median 0.5 3.6 6.2 6.0 3.0 3.6 3.8
  BlackRock Strategic Income Opportunities K Rank 18 19 15 29 35 29 33




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and provided by
Morningstar. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a statement or data
from the client’s custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of fees unless otherwise
stated. The fund’s inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception. Inception dates for asset class
composites reflect the start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of underlying component strategies. Fund
level peer groups changed from Lipper to Morningstar effective 09/30/2025. As a result of this change, the peer rankings of funds may differ.
 Page 157 of 254
Manager Performance
 As of January 31, 2026
 Allocation Performance(%)
 Market
 1 Fiscal 1 3 5 10 Since Inception
 Value %
 Month YTD Year Years Years Years Inception Date
 ($)


Equity 217,778,102 72.2 3.8 15.5 22.5 18.0 11.5 - 11.5 01/2021
  MSCI AC World Index (Net) 3.0 14.5 21.9 19.1 11.9 12.8 11.6

Domestic Equity 134,201,548 44.5 2.2 13.6 15.7 19.1 13.2 - 13.1 01/2021
  Domestic Equity Benchmark 2.3 13.6 15.8 19.1 13.3 14.8 13.1

BNYM Mellon DB NSL Stock Index Fund 104,701,797 34.7 1.5 12.6 16.4 21.1 15.0 - 15.1 04/2016
  S&P 500 1.5 12.6 16.3 21.1 15.0 15.6 15.1
  Large Blend Median 1.4 11.7 14.5 19.5 13.6 14.4 14.0
  BNYM Mellon DB NSL Stock Index Fund Rank 50 26 21 24 19 - 13

BNYM Mellon DB SL SMID Cap Stock Index Fund 29,499,751 9.8 5.0 17.1 13.6 12.1 7.9 - 11.2 04/2016
  Russell 2500 Index 5.0 17.0 13.5 12.0 7.8 11.9 11.1
  U.S. SMID Cap Equity (MF) Median 4.5 12.8 8.5 10.3 8.2 10.9 10.2
  BNYM Mellon DB SL SMID Cap Stock Index Fund Rank 41 27 20 28 52 - 30

International Equity 83,210,710 27.6 6.4 18.9 34.9 16.8 8.6 - 8.7 01/2021
  International Equity Benchmark 6.3 18.7 34.7 16.6 8.8 10.4 8.9

BNYM Mellon DB NSL International Stock Index Fund 57,529,529 19.1 5.2 15.7 31.6 16.6 10.6 - 9.7 04/2016
  MSCI EAFE (Net) 5.2 15.6 31.2 16.2 10.3 9.6 9.2
  Foreign Large Blend Median 5.2 15.5 31.9 15.8 9.3 9.3 9.1
  BNYM Mellon DB NSL International Stock Index Fund Rank 50 47 53 36 24 - 28

BNYM Mellon DB NSL Emerging Markets Stock Index Fund 25,681,181 8.5 9.0 26.6 43.1 16.6 5.1 - 8.8 04/2016
  MSCI Emerging Markets (Net) 8.9 26.1 42.8 16.7 5.3 10.1 8.9
  Diversified Emerging Mkts Median 8.7 25.1 41.6 15.9 5.1 9.6 8.6
  BNYM Mellon DB NSL Emerging Markets Stock Index Fund Rank 44 37 39 40 50 - 46




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and provided by
Morningstar. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a statement or data
from the client’s custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of fees unless otherwise
stated. The fund’s inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception. Inception dates for asset class
composites reflect the start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of underlying component strategies. Fund
level peer groups changed from Lipper to Morningstar effective 09/30/2025. As a result of this change, the peer rankings of funds may differ.
 Page 158 of 254
Manager Performance
 As of January 31, 2026
 Allocation Performance(%)
 Market
 1 Fiscal 1 3 5 10 Since Inception
 Value %
 Month YTD Year Years Years Years Inception Date
 ($)


Private Equity 365,845 0.1 0.0 0.0 -12.9 -11.8 -6.1 - -6.0 01/2021

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

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

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

Real Assets 11,522,475 3.8 1.8 4.8 7.9 -4.0 0.7 - 0.6 01/2021

UBS Trumbull Property Fund 7,789,435 2.6 0.0 2.1 4.8 -4.9 0.8 - 1.1 07/2016
  NCREIF Fund Index - ODCE (net) 0.0 1.2 2.9 -4.3 2.5 3.9 3.6

DWS RREEF Real Assets R6 3,733,040 1.2 5.8 10.8 18.0 7.4 8.1 7.7 13.5 05/2025
  DWS Real Assets Benchmark 5.7 11.7 18.6 7.2 8.0 7.2 14.8

Valuations data as of:

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

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

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




Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and provided by
Morningstar. Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a statement or data
from the client’s custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of fees unless otherwise
stated. The fund’s inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception. Inception dates for asset class
composites reflect the start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of underlying component strategies. Fund
level peer groups changed from Lipper to Morningstar effective 09/30/2025. As a result of this change, the peer rankings of funds may differ.
 Page 159 of 254
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) (9,562,182)
 February
 March
 April
 May
 FYE June 2026

Total 5,763,273 (15,326,838) 1,382 (9,562,183) (9,562,182) 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: 10,731,075


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 160 of 254
Benchmark History
Total Invested Assets As of January 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 161 of 254
Benchmark History
Total Invested Assets As of January 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 162 of 254
 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 163 of 254
 MSCI EAFE Value captures large and mid-cap securities exhibiting overall value style characteristics across Developed Markets countries around the world, excluding the US and Canada. The value investment style
 characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield. With 507 constituents, the index targets 50% coverage of the free
 float- adjusted market capitalization of the MSCI EAFE Index.
 MSCI EAFE Growth captures large and mid-cap securities exhibiting overall growth style characteristics across Developed Markets countries around the world, excluding the US and Canada. The growth investment
 style characteristics for index construction are defined using five variables: long-term forward EPS growth rate, short-term forward EPS growth rate, current internal growth rate and long-term historical EPS growth trend and
 long-term historical sales per share growth trend. With 542 constituents, the index targets 50% coverage of the free float-adjusted market capitalization of the MSCI EAFE Index.
 MSCI Emerging Markets captures large and mid-cap representation across 23 Emerging Markets countries. With 836 constituents, the index covers approximately 85% of the free-float adjusted market capitalization in each
 country.
 Consumer Price Index is a measure of prices paid by consumers for a market basket of consumer goods and services. The yearly (or monthly) growth rates represent the inflation rate.
 FTSE NAREIT Equity REITs Index contains all Equity REITs not designed as Timber REITs or Infrastructure REITs.
 S&P Developed World Property defines and measures the investable universe of publicly traded property companies domiciled in developed markets. The companies in the index are engaged in real estate related
 activities, such as property ownership,management, development, rental and investment.
 S&P Developed World Property x U.S. defines and measures the investable universe of publicly traded property companies domiciled in developed countries outside of the U.S. The companies included are engaged in real
 estate related activities, such as property ownership, management, development, rental and investment.
 Fund Specific Broad Real Asset Benchmarks:
 • DWS Real Assets: 30%: Dow Jones Brookfield Infrastructure Index, 30%: FTSE EPRA/NAREIT Developed Index,15%: Bloomberg Commodity Index, 15%: S&P Global Natural Resources Index, 10%:
 U.S. Treasury Inflation Notes Total Return Index
 • PIMCO Inflation Response Multi Asset Fund: 45% Bloomberg U.S. TIPS, 20% Bloomberg Commodity Index, 15% JP Morgan Emerging Local Markets Plus, 10% Dow Jones Select REIT, 10% Bloomberg Gold
 Subindex Total Return
 • Principal Diversified Real Assets: 35% BBgBarc U.S. Treasury TIPS Index, 20% S&P Global Infrastructure Index NTR, 20% S&P Global Natural Resources Index NTR, 15% Bloomberg Commodity Index, and
 10% FTSE EPRA/NAREIT Developed Index NTR
 • Wellington Diversified Inflation H: 50% MSCI ACWI Commodity Producers Index, 25% Bloomberg Commodity Index, and 25% Bloomberg Bloomberg US TIPS 1 – 10 Year Index
 Bloomberg Commodity Index is calculated on an excess return basis and reflects commodity futures price movements. The index rebalances annually weighted 2/3 by trading volume and 1/3 by world production and
 weight-caps are applied at the commodity, sector and group level for diversification.
 HFRI Fund Weighted Composite Index is a global, equal-weighted index of over 2,000 single-manager funds that report to HFR Database. Constituent funds report monthly net of all fees performance in US Dollar and
 have a minimum of $50 Million under management or a twelve (12) month track record of active performance. The HFRI Fund Weighted Composite Index does not include Funds of Hedge Funds.
 The Alerian MLP Index is the leading gauge of energy Master Limited Partnerships (MLPs). The float adjusted, capitalization-weighted index, whose constituents represent approximately 85% of total float-adjusted
 market capitalization, is disseminated real-time on a price-return basis (AMZ) and on a total-return basis.
 The Adjusted Alerian MLP Index is commensurate with 65% of the monthly returns of the Alerian MLP Index to incorporate the effect of deferred tax liabilities incurred by MLP entities.
 Cambridge Associates U.S. Private Equity Index is based on data compiled from more than 1,200 institutional-quality buyout, growth equity, private equity energy, and mezzanine funds formed between 1986 and 2015.
 Cambridge Associates U.S. Venture Capital Index is based on data compiled from over 1,600 institutional-quality venture capital funds formed between 1986 and 2015.
 Vanguard Spliced Bloomberg US1-5Yr Gov/Cr Flt Adj Index: Bloomberg U.S. 1–5 Year Government/Credit Bond Index through December 31, 2009; Bloomberg U.S. 1–5 Year
 Government/CreditFloatAdjustedIndex thereafter.
 Vanguard Spliced Bloomberg US5-10Yr Gov/Cr Flt Adj Index: Bloomberg U.S. 5–10 Year Government/Credit Bond Index through December 31, 2009; Bloomberg U.S. 5–10 Year
 Government/CreditFloatAdjustedIndex thereafter.
 Vanguard Spliced Bloomberg US Agg Flt Adj Index: Bloomberg U.S. Aggregate Bond Index through December 31, 2009; Bloomberg U.S. Aggregate Float Adjusted Index thereafter.
 Vanguard Spliced Bloomberg US Long Gov/Cr Flt Adj Index: Bloomberg U.S. Long Government/Credit Bond Index through December 31, 2009; Bloomberg U.S. Long Government/Credit Float Adjusted Index thereafter.
 Vanguard Balanced Composite Index: Made up of two unmanaged benchmarks, weighted 60% Dow Jones U.S. Total Stock Market Index (formerly the Dow Jones Wilshire 5000 Index) and 40% Bloomberg
 U.S. Aggregate Bond Index through May 31, 2005; 60% MSCI US Broad Market Index and 40% Bloomberg U.S. Aggregate Bond Index through December 31, 2009; 60% MSCI US Broad Market Index and 40% Bloomberg U.S.
 Aggregate Float Adjusted Index through January 14, 2013; and 60% CRSP US Total Market Index and 40% Blomberg U.S. Aggregate Float Adjusted Index thereafter.
 Vanguard Spliced Intermediate-Term Tax-Exempt Index: Bloomberg 1–15 Year Municipal Bond Index.
 Vanguard Spliced Extended Market Index: Dow Jones Wilshire 4500 Index through June 17, 2005; S&P Transitional Completion Index through September 16, 2005; S&P Completion Index thereafter.
 Vanguard Spliced Value Index: S&P 500 Value Index (formerly the S&P 500/Barra Value Index) through May 16, 2003; MSCI US Prime Market Value Index through April 16, 2013; CRSP US Large Cap Value Index thereafter.
 Vanguard Spliced Large Cap Index: Consists of MSCI US Prime Market 750 Index through January 30, 2013, and the CRSP US Large Cap Index thereafter.
 Vanguard Spliced Growth Index: S&P 500 Growth Index (formerly the S&P 500/Barra Growth Index) through May 16, 2003; MSCI US Prime Market Growth Index through April 16, 2013; CRSP US Large Cap Growth Index
 thereafter.
 Vanguard Spliced Mid Cap Value Index: MSCI US Mid Cap Value Index through April 16, 2013; CRSP US Mid Cap Value Index thereafter.
 Vanguard Spliced Mid Cap Index: S&P MidCap 400 Index through May 16, 2003; the MSCI US Mid Cap 450 Index through January 30, 2013; and the CRSP US Mid Cap Index thereafter.
 Vanguard Spliced Mid Cap Growth Index: MSCI US Mid Cap Growth Index through April 16, 2013; CRSP US Mid Cap Growth Index thereafter.
 Vanguard Spliced Total Stock Market Index: Dow Jones U.S. Total Stock Market Index (formerly known as the Dow Jones Wilshire 5000 Index) through April 22, 2005; MSCI US Broad Market Index through June 2, 2013; and
 CRSP US Total Market Index thereafter.
 Vanguard Spliced Small Cap Value Index: SmallCap 600 Value Index (formerly the S&P SmallCap 600/Barra Value Index) through May 16, 2003; MSCI US Small Cap Value Index through April 16, 2013; CRSP US Small Cap
 Value Index thereafter.




 Page 164 of 254
 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.




 Page 167 of 254
BURLINGTON EMPLOYEES’
RETIREMENT SYSTEM
BNY PROPOSAL




Andrew Wozniak, CFA, ASA Girish Massand, CFA Brian Tornifolio, CFA Matthew Keller, CFA, FSA
Head of Institutional Solutions Product Specialist Client Portfolio Manager Investment Strategist


The information contained herein is provided at the request of and for the exclusive use of the recipient and should not be further distributed without the permission of
BNY. This material has been distributed for due diligence/RFP purposes only and should not be considered as investment advice or a recommendation of any particular
investment, strategy, investment manager or account arrangement and should not serve as a primary basis for investment decisions. Information contained herein has
been obtained from sources believed to be reliable but is not guaranteed.

INVESTMENT PRODUCTS: NOT FDIC-INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

FOR INSTITUTIONAL INVESTOR AND FINANCIAL PROFESSIONAL USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC. PROPRIETARY AND CONFIDENTIAL.
 Page 168 of 254
 Your Proposed Relationship Team




 Andrew Wozniak, CFA®, ASA Matthew Keller, CFA®, FSA, EA Brian Tornifolio, CFA® Girish Massand, CFA®
 Head of Institutional Solutions Investment Strategist Client Portfolio Manager Product Specialist
 • Actuarial expertise • Asset / liability expertise • Manager evaluation • Business development
 • Asset / liability analysis • Risk management • Portfolio rebalancing • Segment expertise
 • Portfolio design • Consulting actuary • Performance reporting • Sales coordination

 Firm Experience: 27 years Firm Experience: 3 years Firm Experience: 16 years Firm Experience: 9 years
 Industry Experience: 27 years Industry Experience: 26 years Industry Experience: 20 years Industry Experience: 17 years

 B.A. Mathematics, SRU B.S. Mathematics, Grove City B.S. Finance, Duquesne B.S. Finance & Economics,
 M.B.A. Tepper / Carnegie Mellon College University Bryant University
 M.Ed. Mathematics Secondary M.B.A. Duquesne University
 Education, Slippery Rock
 University

2 FOR INSTITUTIONAL INVESTOR AND FINANCIAL PROFESSIONAL USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC. PROPRIETARY AND CONFIDENTIAL.
 Page 169 of 254
 BNY Experience with 94% Top 100 Public Defined Benefit Plans Served by BNY 1



 Public Defined
 Benefit Plans $175B Total Public Defined Benefit Plan Asset Under Management
 173 Total Public Defined Benefit Plan Investment Clients


 8
 Public Entity
 Our Commitment to Relationships
 The State of
 7
 State-level
 Vermont Relationships



 Data as of December 31, 2025, unless otherwise noted.
 1Pensions & Investments Top 1,000 largest US Retirement Plans as of

 June 30, 2023.
 FOR INSTITUTIONAL INVESTOR AND FINANCIAL PROFESSIONAL
 USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC. PROPRIETARY
3 AND CONFIDENTIAL.
 Page 170 of 254
 Getting to Know City of Burlington
 BACKGROUND MUNICIPAL SERVICES Taxes and special assessments, charges for
 Revenue $92.3M
 services, licenses and permits, etc.
 • Largest city in Vermont • Police and fire protection Income
 • Population of 44,000 • Public works and utilities Statement Police, fire, parks and recreation, public works,
 • Historic and cultural hub • Parks and recreation Expenses $91.7M
 community and economic development, etc.
 • Recognized for 100% renewable • Community and economic
 energy use since 2014 development $186M in current assets and $667M in capital
 Assets $946.2M
 • Regional center for education, • City planning and permitting assets.
 healthcare, commerce, and • Education Balance
 tourism Sheet $97M in current liabilities, $109M net pension,
 ECONOMIC FACTORS Liabilities $445.6M $226M bonds and loans payable, $5M net OPEB
 ECONOMIC MISSION liability, etc.
 • Low unemployment below
 • Expand and diversify the local national averages $21M for pension, $370K for OPEB, and $205K for
 Outflows $22.2M
 economy • Strong service-oriented Deferred loss on advanced refunding.
 • Promote jobs, infrastructure, and economy Resources $3M for pension, $3M for OPEB, and $11M for
 business opportunities • High median income Inflows $25.8M
 lease receivables, and $8M for regulatory.
 • Sustainable development • Tourism and culture
 • Enhance employment • Educated workforce Net Capital
 opportunities • Split tax rate structure $438.6M Net investment in capital assets.
 Assets
 • Improve access to education,
 job training, and equitable FUN FACTS Includes community development, grant
 community growth expenses, debt service/renewal and
 • Church Street Marketplace is
 Restricted $43.4M replacements/capital projects, contingency
 one of America’s “Great Public
 PRINCIPAL EMPLOYERS reserve, deposits with bond trustees, special
 Spaces” Net
 Position revenue funds, and permanent funds.
 • University of Vermont Medical • Early adopter of renewable
 Center energy
 • University of Vermont • Birthplace of Ben & Jerry’s ice Unrestricted $15.0M Short- to medium-term financial flexibility.
 • Burlington School District and cream
 City Government • University of Vermont is one of As of September of 2025, Moody’s upgraded the
 Total Net
 • Champlain College the oldest universities in New $497.1M City of Burlington’s general obligation rating
 Position
 • Blodgett Ovens England further to “Aa2.”


 Source: City of Burlington, Vermont, 2025 Annual Financial Statement

4 FOR INSTITUTIONAL INVESTOR AND FINANCIAL PROFESSIONAL USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC. PROPRIETARY AND CONFIDENTIAL.
 Page 171 of 254
 BNY Public Defined Benefit Plan Management

 Investment 1 Governments exist in perpetuity and are backed by the credit of the local sponsor


 Philosophy 2 Governments can raise taxes, if needed

 An appropriate strategic asset allocation is one that considers the benefit security of
 3 plan participants, fiduciary responsibilities, cash flow needs, impact on annual funding
 levels and the demographics / economic health of the community




 Investment
 SET GOALS ANALYZE COLLABORATE IMPLEMENT MONITOR

 OBJECTIVES AND LIABILITY ACTUARIAL PORTFOLIO RISK

 Process and
 RISK APPETITE PROFILE COORDINATION DECISIONS MANAGEMENT

 Aligning the asset Considering the Ensuring that the Allocating to Compliance with
 allocation with the plan's liability asset allocation is appropriate asset investment
 Risk plan's investment
 objectives, such as
 structure,
 including the
 consistent with the
 plan's actuarial
 classes, managers
 and strategies.
 guidelines,
 monitor

 Management
 achieving a target duration and cash assumptions, such Performing investment
 return to fund flow requirements, as inflation and investment and performance
 benefit payments. and the plan's discount rates. operational due relative to
 Assessing the current funding Work closely with diligence on benchmarks /
 plan's ability and status and funding the funds’ actuary investments. tracking error,
 willingness to take policy. to ensure Selecting most portfolio stress
 risk. coordination and appropriate testing / scenario
 collaboration. investment analysis. Satisfy
 vehicles. fiduciary duties.
  FOR INSTITUTIONAL INVESTOR AND FINANCIAL PROFESSIONAL
  USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC. PROPRIETARY
5 AND CONFIDENTIAL.
 Page 172 of 254
 Importance of Asset Allocation

 Simply put, asset allocation is how much you invest in assets
 such as stocks and bonds.




 90% + 10%
 Studies* indicate The remaining 10% has to
 that asset allocation do with the portfolio
 explains over 90% managers you select and
 of your Plan’s the securities / issues they
 investment return purchase




 *Source: Gary P. Brinson, Brian D. Singer, and Gilbert L. Beebower, Determinants of Portfolio Performance II: An Update, The Financial Analysts Journal, 47, 3 (1991) Reall
 For illustrative purposes only.

6 FOR INSTITUTIONAL INVESTOR AND FINANCIAL PROFESSIONAL USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC. PROPRIETARY AND CONFIDENTIAL.
 Page 173 of 254
 Strategic Asset Allocation Considerations
 Expected Return and Risk Analysis of Your Current Allocation Key Considerations

 • Equity – Allocate more to US Large Cap & Emerging
 CURRENT
 Markets and less to US Small/Mid Cap & International
 RISK ALLOCATION Developed Markets
 ASSET CLASS RETURN (STD DEV)
 • Fixed Income – Potential satellite allocations to High
 US Large Cap 7.6% 15.7% 33.0% Yield, Bank Loans, and Emerging Markets Debt

 US Small Cap 7.5% 20.9% 10.0%
 • Other satellite defensives worth discussing:
 Developed ex US Equity 7.8% 15.9% 18.0%
 o Treasury Inflation Protection Securities – no
 Emerging Market Equity 8.1% 17.6% 7.5% explicit inflation objective, lower return potential

 US Aggregate 4.3% 5.2% 27.0% o Long Bonds – downside risk protection

 Private Real Estate 7.4% 12.6% 4.5% • Private Equity – Higher expected return could help
 improve funded status, diversification benefits, higher
 fees, and illiquid.
 PORTFOLIO EXPECTED RETURN 6.8%
 PORTFOLIO STANDARD DEVIATION 11.9%

 The information shown reflects BNY’s 10-Year Capital Market Assumptions (CMAs), which are based on historical market performance and the current market environment. The CMAs and statistics shown are forward looking
 and do not represent actual or guaranteed future performance. Actual results may vary significantly from the information shown and if/when implemented, will be subject to management and/or other fees which will impact
 performance. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment. There is no guarantee that the investment objectives, if implemented, will be successful.
 The information shown is for illustrative purposes only and subject to change. Please refer to the Disclaimers & Disclosures at the end of this presentation for additional information regarding the CMAs.

 Source: BNY Advisors – Based on BNY’s 2026 10 Year Capital Market Assumptions. Actual results may very significantly. Please refer to the Disclaimers & Disclosures at the end of this presentation for additional
 information.


7 FOR INSTITUTIONAL INVESTOR AND FINANCIAL PROFESSIONAL USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC. PROPRIETARY AND CONFIDENTIAL.
 Page 174 of 254
 SAMPLE ASSET LIABILITY STUDY



 Sample Defined Benefit Plan Summary Illustration
 Plan Information Current Asset Allocation
 • Assets: $260M • 70% Equity / 30% Fixed Income
 • Liabilities: $370M (6.60% interest rate) • Portfolio expected return: 6.60%
 • Shortfall: $110M • Portfolio expected volatility: 11.6%
 • Funded status ratio: 70%




 Liability-Related Characteristics Methods & Assumptions
 • Benefit accruals = 2.25% of liability • Monte Carlo simulation
 • Plan liability growth rate: 6.60% • 2026 BNY Capital Market
 • Liability duration 12.3 years Assumptions
 • Accrued liability cashflow stream • Funding policy: Normal Cost + 20
 year amortization of unfunded
 liability
 • No plan expenses modeled
 • Liability interest rate is set equal to
 the portfolio expected return


 Exclusive reliance on the above is not
 advised.


8 FOR INSTITUTIONAL INVESTOR AND FINANCIAL PROFESSIONAL USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC. PROPRIETARY AND CONFIDENTIAL.
 Page 175 of 254
 SAMPLE ASSET LIABILITY STUDY



 Illustration of Asset Allocation Scenarios
 Equity / Fixed Income




 Note: For illustrative purposes only. The portfolio expected returns shown are based on the sample asset allocations shown, are gross of fees, and reflect income and capital appreciation. The expected returns
 and standard deviations are calculated using BNY Advisors’ 10-Year Capital Market Assumptions for each of the sample asset classes. Actual investments associated with the asset classes shown are not included
 in this analysis and any references to expected returns are not promises of actual returns that a client portfolio may achieve. Investment and other fees will reduce a client’s actual return. Exclusive reliance on the
 above is not advised. Numbers may not add due to rounding. Please see Disclosures & Disclaimers for additional information.


9 FOR INSTITUTIONAL INVESTOR AND FINANCIAL PROFESSIONAL USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC. PROPRIETARY AND CONFIDENTIAL.
 Page 176 of 254
 SAMPLE ASSET LIABILITY STUDY



 Sample Defined Benefit Plan Funding Ratio Percentage (5 Years)




 Note: For illustrative purposes only.


10 FOR INSTITUTIONAL INVESTOR AND FINANCIAL PROFESSIONAL USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC. PROPRIETARY AND CONFIDENTIAL.
 Page 177 of 254
 SAMPLE ASSET LIABILITY STUDY



 Sample Defined Benefit Plan Funded Status (5 Years)




 Note: For illustrative purposes only.


11 FOR INSTITUTIONAL INVESTOR AND FINANCIAL PROFESSIONAL USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC. PROPRIETARY AND CONFIDENTIAL.
 Page 178 of 254
 SAMPLE ASSET LIABILITY STUDY



 Sample Defined Benefit Plan Accumulated Contributions (5 Years)




 Note: For illustrative purposes only.

12 FOR INSTITUTIONAL INVESTOR AND FINANCIAL PROFESSIONAL USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC. PROPRIETARY AND CONFIDENTIAL.
 Page 179 of 254
 Active vs. Passive Investment Management

 Fee Productivity

 What is Fee Productivity? We define
 Fee Productivity as a method to
 evaluate the effectiveness of active
 investment strategies while
 adjusting for fees, risk, and
 representative passive option.




 Calculated using representative benchmark indexes instead of
 index-tracking passive ETF
 Sources: BNY Advisors, Morningstar Direct, Trailing 10 Years as
 of 12/31/2023




 For illustrative purposes only.

13 FOR INSTITUTIONAL INVESTOR AND FINANCIAL PROFESSIONAL USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC. PROPRIETARY AND CONFIDENTIAL.
 Page 180 of 254
 MANAGER RESEARCH




 BY THE 13 19
 Average Years
 Dedicated
 of Industry
 Professionals1
 Experience

 NUMBERS

 13 Average Tenure
 at Firm
 8 CFA®
 Charterholders




 3 8
 Professionals
 CAIA
 with MBAs or
 Charterholders
 Masters
 As of September 30, 2025. 1Includes one team member who also supports
 the BNY Advisors Alternatives team. CFA® and Chartered Financial Analyst®
 are registered trademarks owned by the CFA® Institute. CAIA is a registered
 trademark owned by the Chartered Alternative Investment Analyst
 Association.

 FOR INSTITUTIONAL INVESTOR AND FINANCIAL PROFESSIONAL
14 USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC.
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 MANAGER RESEARCH



 Focused Coverage Model
 Coverage Across all Asset Classes & Strategies
 850+
 Strategies Covered
 140+
 High Conviction Strategies
 Growth Income Diversifiers




 580+ 100+
 Listed Listed Private Equity/
 Equity Bonds Private Credit


 Active Strategies Active Alternative
 Covered Manager Relationships
 Listed
 Liquidity Hedge Funds
 Real Estate




 Multi-Strategy
 Preferred/
 Convertibles/
 Non-traditional
 Real
 Assets
 270+
 Passive Strategies
 60+
 Responsible Investment
 Covered Strategies


 Data as of September 30, 2025.

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 MANAGER RESEARCH



 A Disciplined & Objective Approach

 MANAGER MANAGER RATING REGULAR
 PROCESS
 QUESTIONNAIRES MEETINGS ASSESSMENTS MONITORING




 7 Groups, 50+ Factors: Qualitative Scoring Process Oversight

 • Organization • Each factor group rated from 1-5 • Annual reviews

 • Investment Philosophy • Separate interaction score to • Material events/watch process and
 capture the effectiveness of rating status
 EVALUATION • Investment Process
 integrating key elements
 FACTORS • Performance outlier monitoring
 • Implementation
 • Rigorous peer review process on process
 • Investment Personnel final ratings
 • Performance

 • Responsible Investment




 RATING SYSTEM Above Average Average Below Average Watch




 As of September 30, 2025. Process and evaluation factors subject to change.



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 Client Service Model, Reporting, & Communication Practices
 Client Service Model Client Training Examples
 • Brian Tornifolio will be your lead portfolio manager
 Below are some recent examples of educational
 • Matthew Keller will support you as your investment strategist
 sessions that may be of interest for local
 government defined benefit plans. Topics of
 Reporting and Services interest may be discussed at periodic meetings
 or special sessions, whichever you prefer.
 • Monthly investment performance reports
 • Quarterly detailed investment reviews • Economic / market special topics
 • Annual asset / liability studies • Governance / fiduciary best practices
 • Audit, compliance, and filing support
 • Public plan funding and accounting
 • Monitor compliance with investment guidelines
 • Regulatory developments
 • Education and thought leadership
 • Active vs. passive management
 Communication Practices • Impact investing
 • We aim to be viewed as an extension of your staff
 • Asset leveling for financial statements
 • We prefer in-person investment reviews
 • We will be responsive to emails and phone calls
 • We deliver our reports directly to staff via email

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 Page 184 of 254
 NONDISCRETIONARY INVESTMENT
 INVESTMENT VEHICLE
 ADVISORY RECOMMENDATIONS

 INVESTMENT POLICY PERIODIC
 STATEMENT & INVESTMENT
 Summary of INVESTMENT
 GUIDELINES
 PERFORMANCE
 REPORTING
 Services
 ASSET ALLOCATION PERIODIC ASSET /
 RECOMMENDATIONS LIABILITY STUDIES

 REBALANCING / CASH TRUST &
 MANAGEMENT (AS CUSTODY
 APPLICABLE) FACILITATION
 For illustrative purposes only.
 Source: BNY Advisors
 FOR INSTITUTIONAL INVESTOR AND FINANCIAL PROFESSIONAL
 USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC. PROPRIETARY
18 AND CONFIDENTIAL.
 Page 185 of 254
 Fees SUMMARY OF SERVICES

 For the City of Burlington Employees’ Retirement System,
 assuming $293 million in total invested assets as of December
 31, 2025, our indicative annual fee proposal to provide
 investment advisory services would be $117,200, or 4 bps.

 Fees are based on the Market Value of assets in the portfolio.




 For illustrative purposes only.
 Source: BNY Advisors


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 WHY BNY?


  Integration of the Advisory, Investment Management, and Custody Services

  Public Defined Benefit Asset/Liability Forecasting and Reporting

  Consultative, Objective-oriented, and Client-focused Approach

  Private Markets and Alternative Investments Expertise




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 APPENDIX



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 MACROSCOPE
 Unfavorable Favorable SHORT-TERM
 VIEW

 Macro Investment Outlook ⚫ ⚫ ⚫ ⚫ ⚫ RISK-ON/RISK-OFF
 GAUGE
 View based on short-term outlook
 GROWTH INFLATION POLICY VALUATION

 Max Risk-on
 View: ⚫ Delta:  View: ⚫ Delta:  View: ⚫ Delta:  View: ⚫ Delta:  Higher Equity Beta

 Our base case for 2026 is ‘Recovery’ We expect US inflation over the We expect the Fed to lower rates to US equity valuations remain stretched
 which sees a rebound in Q1 driven by medium-term to be above target, 3% by end of 2026, broadly in line by historical levels, suggesting
 the end of the US government reflecting the increase in tariffs on US with market expectations. We expect vulnerability should investors reprice
 shutdown, increased fiscal support, good prices. We expect at target the European Central Bank (ECB) to the growth and policy outlook, but
 and further monetary stimulus. Base inflation in the Eurozone, slightly hold in the near-term given domestic earnings and margins remain robust.
 case for Eurozone is a cyclical pickup above market pricing, and continued inflationary pressures. We expect to Global ex US valuations have
 in growth 2026. Base case for China deflation in China. see two more cuts from the Bank of increased on the back of improving
 sees growth slow toward 4%. England (BoE). We expect Bank of market breath.
 Japan (BOJ) to continue reducing
 policy accommodation in 2026 and
 China to ease further to complement Latest
 fiscal stimulus.


 Previous Month
 EARNINGS SENTIMENT MOMENTUM

 View: ⚫ Delta:  View: ⚫ Delta:  View: ⚫ Delta: 
 2025 earnings have been robust. US equity implied volatility hovered Japan stocks, gold, and UK stocks
 Cyclical sectors have started to show near the lower quartile. Put/call ratios showed strong positive momentum.
 improvement in margins, and we eased and US consumer discretionary Japan bonds, JPYUSD cross, and oil
 expect earnings to be supportive in modestly outperformed staples. showed strong negative momentum.
 2026. Global cyclicals ex tech gained Credit was relatively flat in signal
 relative to global defensives. Rates strength.
 implied volatility remained stable.


 Source: BNY Investment Institute as of December 18, 2025. Short-term defined as 6-12-months. The views presented should not be construed as investment or portfolio construction
 recommendations, nor a recommendation to buy or sell any security or asset class. This is a summary of our individual asset class views, indicating our views of conviction and relative
 preferences across a broad-based range of assets classes, and is independent of any specific portfolio construction considerations. The information has been provided without taking Max Risk-off
 into account the investment objective, financial situation or needs of any particular person. Views expressed are those of the Investment Institute and do not reflect views of other Lower Equity Beta
 managers or the firm overall. This information contains projections or other forward-looking statements regarding future events, targets, or expectations, and is only current as of the
 date indicated. There is no assurance that such events or expectations will be achieved, and actual results may be significantly different from that shown here. The information in this
 presentation is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons.



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 MACROSCOPE TODAY
 Unfavorable Favorable
 VIEW

 SCENARIOS NO
 Will inflationary pressures
 remain strong in 2026?
 YES
 ⚫ ⚫ ⚫ ⚫ ⚫
 IN BRIEF Will the US economy weaken further Will the Fed keep cutting interest rates
 Probability tree due to the tariff shock? rapidly in 2026?
 based on 12-month
 outlook
 YES NO YES NO


 SLOWDOWN (25% PROBABILITY) RECOVERY (40% PROBABILITY) EXPANSION (35% PROBABILITY)
 Asset Class Impact Asset Class Impact Asset Class Impact

 Equities Sovereigns Credit Real Assets Cash Equities Sovereigns Credit Real Assets Cash Equities Sovereigns Credit Real Assets Cash

               
 Outlook Level Return Outlook Level Return Outlook Level Return

 S&P 500 6,400 -6% S&P 500 8,300 +21% S&P 500 7,300 +7%

 10-year US Treasuries 3.3% +6% 10-year US Treasuries 4.15% -1% 10-year US Treasuries 4.5% -3%


 Macro Markets Macro Markets Macro Markets
 ▪ Large tariff hikes and ▪ Equities are volatile in the ▪ US labor market slowdown ▪ Equity price multiples rise ▪ Growth recovers as ▪ Risk assets make gains but
 economic uncertainty lead near term and performance leads the Fed to ease rapidly further. Earnings growth consumers and firms no stronger than longer run
 US firms and consumers to stalls. but underlying growth remain relatively robust. successfully absorb the tariff averages – risk spreads
 remain cautious. ▪ Returns are sub-average. remains robust and fiscal ▪ Credit spreads compress shock. lower near-term.
 ▪ US labor market weakens Credit spreads widen impact in ‘26 is strong. further. ▪ Fiscal boost provides more ▪ Bonds do less well, as short
 further. beyond long-term averages ▪ Inflation remains above ▪ Bonds perform well initially support in ‘26. Rest of the term interest rates rise vs
 ▪ Stimulus in the Eurozone and as recession risks rise. target as higher prices are but returns are capped by world accelerates. expectations.
 China is counteracted by ▪ But sovereign bonds passed through. resilient growth. Real yields ▪ US inflation remains robust ▪ USD recoups some of its
 cooling global demand. outperform on lower rates. ▪ The Fed brings rates below fall. and the Fed cuts to 3.5% in losses in ‘26.
 ▪ Fed cuts are fast in ‘26 and USD weakens. 3% in ‘26. ▪ USD depreciates ‘26.
 US rates fall to 2.5%. significantly. Real assets
 perform strongly.

 Source: BNY Investment Institute as of December 2, 2025. The views presented should not be construed as investment or portfolio construction recommendations, nor a recommendation to buy or sell any security or asset class. This is a summary of
 our individual asset class views, indicating our views of conviction and relative preferences across a broad-based range of assets classes, and is independent of any specific portfolio construction considerations. The information has been provided
 without taking into account the investment objective, financial situation or needs of any particular person. Views expressed are those of the Investment Institute and do not reflect views of other managers or the firm overall. This information contains
 projections or other forward-looking statements regarding future events, targets, or expectations, and is only current as of the date indicated. There is no assurance that such events or expectations will be achieved, and actual results may be
 significantly different from that shown here. The information in this presentation is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons.



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 CAPITAL MARKET ASSUMPTIONS



 Equity & Alternatives
 Asset Class Representative Index Return Volatility Asset Class Representative Index Return Volatility


 Econ.
 Global Listed Infrastructure S&P Global Infrastructure Index 6.7% 15.5%
 United States Inflation US CPI Urban Consumers Index 2.3% 1.0%
 S&P Global Natural Resources
 Global Natural Resources Equity 6.9% 19.8%
 Global Equity MSCI ACWI IMI Index 7.7% 15.4% Index

 US Equity Russell 3000 Index 7.6% 15.9% FTSE EPRA NAREIT Developed
 Global REITs 7.2% 17.9%
 Index
 US Large Cap Russell 1000 Index 7.6% 15.7%
 FTSE NAREIT All Equity REITs
 US Mid Cap Russell Midcap Index 7.6% 17.9% US REITs 6.9% 19.2%
 Index
 Equity US Small Cap Russell 2000 Index 7.5% 20.9% Commodities Bloomberg Commodity Index 2.3% 14.3%
 Developed Non US Equity MSCI World ex USA IMI Index 7.8% 15.9% HFRI Fund Weighted Composite


 Alternatives
 Hedge Funds1 5.8% 6.1%
 Index
 MSCI Small Cap World ex USA
 Developed Non US Small Cap 8.0% 17.4%
 Index Hedge Funds - Absolute Return1 Custom Index 5.4% 4.7%
 Emerging Market Equity MSCI Emerging Markets IMI Index 8.1% 17.6% Hedge Funds - Alternative
 Custom Index 5.8% 6.2%
 Growth1

 Private Equity1 Prequin Private Equity Index 10.5% 21.4%

 Venture Capital1 Prequin Venture Capital Index 8.7% 25.3%

 Private Debt1 Prequin Private Debt Index 7.5% 13.3%

 Private Real Estate1 Prequin Real Estate Index 7.4% 12.6%

 Prequin Private Infrastructure
 Private Infrastructure1 7.8% 14.3%
 Index




 1Consistent with the Representative Index, returns are net of management fees. The Representative Index is not investable. Returns are based on manager averages. Actual results may vary significantly. Please refer to the

 Important Disclosures at the end of this document for additional information regarding BNY’s 10-Year Capital Market Assumptions (CMAs), which are based on historical performance and the current market environment. The
 CMAs and statistics shown are forward looking and do not represent actual or guaranteed future performance. Actual results may vary significantly from the information shown and if implemented, will be subject to
 management and/or other fees which will impact performance. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment. There is no guarantee that the
 investment objectives, if implemented, will be successful. Indices are unmanaged and investors cannot invest directly into any index. The information shown is for illustrative purposes only and subject to change.


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 CAPITAL MARKET ASSUMPTIONS



 Fixed Income
 Asset Class Representative Index Return Volatility Asset Class Representative Index Return Volatility

 Bloomberg Global Aggregate Bloomberg US Govt Inflation-
 Global Aggregate (Hedged) 4.1% 4.0% US TIPS 4.1% 5.7%
 Index Hedged Linked Index

 Bloomberg Global Treasury Index US Agencies Bloomberg US Agencies Index 3.9% 3.1%
 Global Treasury (Hedged) 3.8% 3.8%
 Hedged
 US MBS Bloomberg US MBS Index 4.6% 5.3%
 Bloomberg Global Corporates
 Global Corporate (Hedged) 4.4% 5.9% Bloomberg CMBS Investment
 Index Hedged US Investment Grade CMBS 4.4% 5.8%
 Grade Index
 Bloomberg Global High Yield
 Global High Yield (Hedged) 6.3% 8.1% Bloomberg US Municipal Bond
 Index Hedged US Municipal 3.8% 5.3%
 Index
 US Aggregate Bloomberg US Aggregate Index 4.3% 5.2%
 Bloomberg US Corporate High
 US High Yield 6.1% 7.9%
 Yield Index
 US Treasury Bloomberg US Treasury Index 4.0% 5.0%



 Fixed Income Fixed Income
 Morningstar LSTA US Leveraged
 US Bank Loans 6.5% 5.6%
 Bloomberg US Treasury Bills 3-6 Loan Index
 US Treasury Bills 3.3% 0.6%
 Months Index
 Bloomberg EM USD Aggregate:
 Emerging Mkts Sovereign USD 5.8% 9.1%
 Bloomberg US Intermediate Sovereign
 US Intermediate Treasury 3.7% 3.4%
 Treasury Index
 Bloomberg EM USD Aggregate:
 Emerging Mkts Corporate USD 5.7% 8.0%
 Bloomberg US Long Treasury Corporate
 US Long Treasury 5.1% 13.1%
 Index
 Bloomberg EM Local Currency
 Emerging Mkts Sovereign Local 5.3% 10.0%
 Bloomberg US Strips 20+ Year Government Index
 US Strips 20+ Year 5.9% 20.6%
 Index
 Bloomberg Global Aggregate ex
 Global Aggregate Ex US 3.5% 8.4%
 US Investment Grade Credit Bloomberg US Credit Index 4.6% 6.7% USD Index

 Bloomberg Global Treasury ex-US
 Bloomberg US Intermediate Global Treasury Ex US 3.4% 8.7%
 US Intermediate Inv Grade Credit 4.3% 4.4% Index
 Credit Index
 Bloomberg Global Agg ex USD:
 US Long Investment Grade Credit Bloomberg US Long Credit Index 5.2% 12.0% Global Corporate Ex US 4.6% 9.8%
 Corporate
 Please refer to the Important Disclosures at the end of this document for additional information regarding BNY’s 10-Year Capital Market Assumptions (CMAs), which are based on historical performance and the current market
 environment. The CMAs and statistics shown are forward looking and do not represent actual or guaranteed future performance. Actual results may vary significantly from the information shown and if implemented, will be
 subject to management and/or other fees which will impact performance. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment. There is no guarantee that
 the investment objectives, if implemented, will be successful. Indices are unmanaged and investors cannot invest directly into any index. The information shown is for illustrative purposes only and subject to change.

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 CAPITAL MARKET ASSUMPTIONS



 Backtesting Our CMAs
 20
 +2 Standard Deviations
 Actual 10 Year Return
 15 13.4 2016 Expected Return
 -2 Standard Deviations
 9.9
 10
 8.9
 7.7 8.2
 7.1 6.9 7.1
 7.1 5.9 5.7
 5 6.6 6.6 4.6 6.7
 5.2 5.4 5.4
 2.5

 0 1.8



 -5




 Int Developed Equity
 Hedge Funds
 US REIT



 US Mid Cap Equity
 US Aggregate

 US Large Cap Equity US Small Cap Equity
 Emering Market Equity
 Balanced Allocation
 US High Yield




 Source: BNY Advisors, Bloomberg. Data as of June 30, 2025. Balanced Portfolio: A hypothetical portfolio with weights of 20% U.S. large cap equity, 7% U.S. mid cap equity, 3% U.S. small cap equity, 16% international
 developed equity, 7% emerging equity, 2% U.S. REIT, 25% U.S. Aggregate fixed income, 5% U.S. high yield, and 15% hedge funds. The information shown reflects a comparison between BNY’s 10-Year Capital Market
 Assumptions (CMA) expected returns versus actual 10-year asset class returns. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment. There is no guarantee
 that the investment objectives, if implemented, will be successful. The information shown is for illustrative purposes only and subject to change. Please refer to the Disclaimers & Disclosures at the end of this presentation for
 additional information regarding the CMAs.

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 ALTERNATIVE INVESTMENTS



 Comprehensive Alternative Investment Solutions
 Objective-Driven Alternative Portfolios
 A range of client-centric approaches
 driven by our proprietary asset allocation
 Hedge Funds Illiquid Private Assets
 and portfolio design process

 Growth • Equity Hedge • Venture
 Key Allocation STABILITY Return • Macro • Growth Equity

 Diversified portfolio risk and potential • Distressed Debt • Traditional PE (LBO)
 increased return expectations

 Preservation • Relative Value
 Proprietary Complementary Overlay Drawdown • Market Neutral
 Program seeks to identify the best fit with • Merger Arbitrage
 existing portfolio of traditional assets

 GROWTH INCOME Income • Credit • Private Credit
 Flexible Design & Engagement Yield • Yield Alternatives • Infrastructure
 The ability to leave existing illiquid • Real Estate
 investments undisturbed




 No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment. There is no guarantee that the investment objectives, if implemented, will be successful. It is important to review investment
 objectives, risk tolerance, tax objectives and liquidity needs before choosing an investment style or manager.`



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 Fee Productivity: Success Rate of Asset Management
 Methodology:
 We define historical fee productivity as the percent of active asset managers able to outperform the
 representative passive option on a risk-adjusted basis, as measured by the Sharpe ratio. While past
 performance does not predict future returns, it does provide an illustrative comparison of the difference Determining Fee
 between active and passive options. Choice of the Sharpe ratio reflects the exposure of both options to Productivity:
 absolute risk, rather than the risk inherent to the structure of the passive option. In certain less efficient asset
 classes, such as high yield bonds and emerging markets debt, the structure of the representative passive option The active vs passive decision has
 may vary considerably from the risk allocation of the average peer.
 many facets that we take into
 Investment Horizon: account. This primary metric
 In our view, a 10-year horizon represents a significant portion of the recent past and excludes outlying incorporates the majority, but not
 economic events such as the GFC and European sovereign debt crisis. Furthermore, it represents more closely all, of the relevant factors:
 the amount of time an investment strategy is likely to have the same portfolio management team. We believe
 this to be the most appropriate time period to observe in order to illustrate the current state of the active 1. Investment Horizon
 management landscape while incorporating a range of economic environments. 2. Fee Structure of Available
 Number of products includes institutional share classes of active ETFs and mutual funds that were Options
 Fee Structure active for the 10-year period.
 3. Representative Passive
 Active and passive performance is calculated net of management fees.
 Where available, an index fund were chosen by BNY Advisors’ Manager Research Group. They
 Option
 were chosen for consistency in methodology, size, track record length, and prevalence of the
 tracking index.
 Representative In the event that a passive alternative did not exist over the 10-year horizon, the most prevalent
 Passive Option benchmark was chosen. The study applied a synthetic fee, simulated using the fund’s expense
 ratio as stated in its prospectus for a currently available passive option as identified by BNY
 Advisors’ Manager Research Group.
 The risk-free rate used in calculations is the US 3-month T-bill Auction Average.

 BNY Advisors: As of December 31, 2023

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 Representative Client Portfolio Performance



 Performance as of 12/31/2025
 Description Total return-oriented public defined benefit plan
 Structure / Asset Allocation 64% Growth-Oriented Assets / 36% Fixed Income
 Objective 7% return target
 Annualized Returns 1-Year 5-year 10-Year
 Gross Return 15.74 6.44 7.94
 Net Return1 15.23 5.94 7.39
 Benchmark Return2 15.59 6.47 7.88




 Annualized returns gross of advisory, investment management, and custody fees. For illustrative purposes only. Past performance is not a guarantee of future results.
 1Net Return based on actual client portfolio and reflects the deduction of underlying fund expenses and OCIO fees which include discretionary investment management and trust/custody services

 2Current Benchmark Weights: 20% S&P 500 Index, 10% S&P 400 Midcap Index, 6% Russell 2000 Index, 20% MSCI EAFE Index (Net Div.), 4% MSCI Emerging Market Index (Net Div.), 32% Bloomberg U.S. Aggregate Bond
 Index, 4% JP Morgan EMBI Global Diversified Index, 4% SOFR 30 Day Index
 Source: BNY Advisors. Performance as of December 31, 2025. Based on actual client performance. Representative client portfolio is a public defined benefit plan with similar return objectives and allocations. Please refer to
 the Disclaimers & Disclosures at the end of this presentation for additional information.


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 INTEGRATED CUSTODY AND ACCOUNTING PLATFORM (Optional)
 Cash Balances Holdings and Activity Instruction Capture




 • All currencies and accounts • Posted and settled positions • Create, view, and authorize and release
 wires, trades, and instructions to processing
 • Perform ‘what if’ adjustments • Track status of trades, positions and securities
 systems
 processed
 • Cash projections
 • Create instruction templates
 • Listing of all transactions making up holdings and
 • Drill down into transaction types and
 balances • Customized level or type of authorizations
 status
 • Descriptions on source and destination of inflows
 and outflows

 Online access provided by NEXEN, a BNY Asset Servicing digital platform. Custody to be provided by The Bank of New York Mellon.
 INVESTMENT PRODUCTS: NOT FDIC-INSURED | NO BANK GUARANTEE | MAY LOSE VALUE


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 DISCLAIMERS &
 DISCLOSURES



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 Page 198 of 254
 Disclaimers & Disclosures
 This presentation is for the exclusive use of the recipient and should not be further distributed without the permission of The Bank of New York Mellon Corporation (BNY).
 The information provided is for due diligence/RFP purposes only and should not be construed as investment advice or a recommendation of any particular investment product, strategy, investment manager or
 account arrangement, and should not serve as a primary basis for investment decisions. All investment strategies referenced in this material come with investment risks, including loss of value and/or loss of
 anticipated income. Past performance does not guarantee future results. No investment strategy or risk management technique can guarantee returns in any market environment.
 Effort has been made to ensure that the material presented herein is accurate at the time of publication. However, this material is not intended to constitute legal, tax, investment or financial advice or to be a full
 and exhaustive explanation of the law in any area or of all of the tax, investment or financial options available. Prospective investors should consult a legal, tax or financial professional in order to determine
 whether any investment product, strategy or service is appropriate for their particular circumstances.
 BNY may refer clients to certain of its affiliates offering expertise, products and services which may be of interest to the client. Use of an affiliate after such a referral remains the sole decision of the client.
 Investors should consider the investment objectives, risks, charges and expenses of a fund carefully before investing. To obtain a prospectus, or a summary prospectus, if available, that contains this and other
 information about a fund, contact your financial professional or the applicable firm's website. Please read the prospectus carefully before investing.
 Neither the information nor any opinions expressed herein should be construed as a solicitation or a recommendation by BNY or its affiliates to buy, hold or sell any securities or investments or hire any specific
 manager.
 Diversification and strategic asset allocation do not guarantee a profit nor protect against a loss in declining markets. Past performance is not a guarantee of future results. All investments are subject to risk,
 including the loss of principal.
 Statements of future expectations, estimates and other forward-looking statements are based on available information and BNY’s view as of the time of these statements. Accordingly, such statements are
 inherently speculative as they are based on assumptions that may involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those expressed or implied
 in such statements.
 This material may not be distributed or used for the purpose of providing any referenced products or services or making any offers or solicitations in any jurisdiction or in any circumstances in which such
 products, services, offers or solicitations are unlawful or not authorized, or where they would be, by virtue of such distribution, new or additional registration requirements. This material does not constitute a
 guarantee of any kind by BNY or any of its affiliates.
 BNY Mellon Advisors, Inc. is an investment adviser registered in the United States under the Investment Advisers Act of 1940 and a subsidiary of The Bank of New York Mellon Corporation. BNY Advisors is the
 brand name under which BNY Mellon Advisors, Inc. conducts its investment advisory business. BNY is the corporate brand of The Bank of New York Mellon Corporation and may be used to reference the
 corporation as a whole and/or its various subsidiaries generally. BNY Investments is one of the world’s leading investment management organizations and one of the top U.S. wealth managers, encompassing
 BNY’s affiliated investment management firms, wealth management services and global distribution companies. Trademark(s) belong to their respective owners.
 ©2026 The Bank of New York Mellon Corporation. All rights reserved.




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 Disclaimers & Disclosures
 CAPITAL MARKET ASSUMPTIONS Robust Strategic Asset Allocation (RSAA) is a framework for classifying the market environment with a
 The capital market assumptions are BNY Advisors’ estimates based upon historical market combination of macroeconomic and market indicators with judgement. BNY Advisors has defined
 performance and the current market environment. References to future expected returns are not historical regimes for the period starting in May 1973.
 promises of actual returns that may be realized and should not be relied upon. Actual returns may vary
 significantly. In addition, the historical returns used as a basis for this analysis are based on information ALTERNATIVE INVESTMENTS
 gathered by BNY or from third party sources and have not been independently verified. Alternative Investments, such as private equity and hedge funds, are speculative and involve a high
 The forecasts contained herein are for illustrative purposes only and are not guarantees of degree of risk. There can be no assurance that the fund’s investment objective will be realized or that
 performance. The forecasts have inherent limitations because they are not based on actual appropriate investments may be identified. An investor could lose all or a substantial portion of their
 transactions. The forecast are based upon historical returns of the selected investments and subjective investment. Private funds are exempt from registration with the Securities Exchange Commission and
 estimates and assumptions about circumstances and events that may not have taken place and may are not subject to the same level of regulatory scrutiny as registered investments such as mutual funds.
 never do so. Certain alternative investments require tax reports on Schedule K-1 to be filed which likely requires
 Some of the factors that could impact these forecasts include, but are not limited to: investors to obtain extensions for filing income tax returns each year.
 • General economic conditions Private fund investments do not provide daily liquidity or pricing. There is no secondary market for
 • Financial market performance private fund interests nor is one expected to develop. Investments may be subject to quarterly or
 • Interest rate levels annual liquidity and gates on the percentage of the investment that can be withdrawn. In some cases,
 • Changes to current laws or regulations, and redemptions have been suspended indefinitely. Private equity funds typically provide no liquidity for
 • Future geopolitical conditions five to ten years and must be considered only for long term investment.
 The results do not represent, and are not necessarily indicative of, the results that may be achieved in The funds’ underlying investments may be very thinly traded, or no market may exist. Managers or
 the future. their administrators may assign values to securities and other instruments for which there is no readily
 The asset classes referenced in our capital market assumptions are represented by broad-based available market or third party pricing, or when the manager believes the third party pricing does not
 indices which have been selected because they are well known and are easily recognizable by accurately reflect the value of those securities. Private funds may not be required to provide periodic
 investors. Indices have limitations because indices have volatility and other material characteristics that pricing or valuation information to investors.
 may differ from an actual portfolio. For example, investments made for a portfolio may differ Performance may be volatile as underlying managers may employ leverage and other speculative
 significantly in terms of security holdings, industry weightings and asset allocation from those of the investment practices that may increase the risk of investment loss, and adherence to risk control
 index. Also, the indices noted in this presentation are unmanaged, are not available for direct mechanisms does not guarantee investment returns. Past performance is no guarantee of future
 investment, and are not subject to management fees, transaction costs or other types of expenses that results and the funds present “tail risk”, an unexpected downside performance period due to extreme
 a portfolio may incur. Finally, the performance of the indices reflects reinvestment of dividends and, market volatility which could not be anticipated from a fund’s prior performance. Additionally, high
 where applicable, capital gain distributions. Therefore, investors should carefully consider these fees and expenses of a private fund (and at both levels in a fund of funds) may offset an investor’s
 limitations and differences when evaluating the index performance. profits.
 The indices may be trademarks of various organizations and in those cases have been licensed for use A fund may be subject to concentration risk due to a lack of manager and/or strategy diversification.
 by BNY and are used solely herein for comparative purposes. The foregoing index licensers are not Investors should review the private placement memorandum for each fund under consideration for a
 affiliated with BNY, do not endorse, sponsor, sell or promote the investment strategies mentioned in complete list of the potential risks of an investment in the fund and strategy. Investors should consult
 this presentation and they make no representation regarding advisability of investing in the strategies with their investment, legal and tax professionals before making an investment.
 described herein. Description of the indices are available upon request.



33 FOR INSTITUTIONAL INVESTOR AND FINANCIAL PROFESSIONAL USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC. PROPRIETARY AND CONFIDENTIAL.
 Page 200 of 254
 Disclaimers & Disclosures
 QUALIFICATION AS A CFA® CHARTERHOLDER REQUIRES:
 • A bachelor’s degree from an accredited institution or equivalent education or work experience.
 • Successful completion of all three exam levels of the CFA® program.
 • 48 months of acceptable professional work experience in the investment decision-making process.
 • Fulfillment of local society requirements, which vary by society.
 • Entry into a Member’s Agreement, a Professional Conduct Statement and any additional documentation requested by CFA® Institute.
 CFA® and Chartered Financial Analyst® are registered trademarks owned by the CFA® Institute.


 Not FDIC-Insured | No Bank Guarantee | May Lose Value




34 FOR INSTITUTIONAL INVESTOR AND FINANCIAL PROFESSIONAL USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC. PROPRIETARY AND CONFIDENTIAL.
 Page 201 of 254
BMAIAM-888704-2026-02-19
 Page 202 of 254
City of Burlington
Employees’ Retirement System
Presentation for Investment Advisory Services
February 23, 2026




 Page 203 of 254
Table of Contents

 Page

Introductions & Organization 3

Public Fund Consulting Capabilities 8

RFQ Response Detail 11
 • Investment Policy and Asset Allocation Structure 13
 • Investment Manager Search, Selection, and Monitoring 17
 • Performance Evaluation 22
 • Education & Special Request Support 26

Closing 28

Appendix 30




 Page 204 of 254
Introductions & Organization




 Page 3 Page 205 of 254
RVK Consulting Team Leadership

 • 15 years’ industry experience
 Jordan Cipriani • Based out of Washington DC, supported by our New York office
 Director of East Coast • Serves a diverse client base including public funds, endowments and foundations, corporate
 Consulting, Senior entities, and insurance funds.
 Consultant, Principal
 • Serves as Co-lead of RVK’s Public Fund Client Research Team.
 Joined RVK in 2012 • BBA with dual concentration in Finance and International Business from the George Washington
 Role: Co-Lead Consultant University.
 • Shareholder of the firm and serves on RVK’s Board of Directors.




 • 40 years’ industry experience
 • Based in Denver, CO
 • Serves clients in a hybrid capacity, contributing to both general consulting and manager research,
 Dale Connors, CFA
 focusing on core and core plus real estate strategies.
 Senior Consultant
 • Responsibilities include asset allocation, investment policy development, investment manager
 Joined RVK in 2025 evaluation, asset class portfolio structuring, managing transition and rebalancing of client portfolios,
 Role: Co-Lead Consultant and client education presentations.
 • BBA degree with a major in Finance from the University of Iowa. Holds the Chartered Financial
 Analyst designation and is a member of the CFA Institute and CFA Society of Denver




 Page 4 Page 206 of 254
RVK Cornerstones



 Client Focused 2 3 Trusted Partner



 1
 Expert Advice
 We are a deep team of experienced and dedicated investment professionals who have been providing
  1 consulting and fiduciary services to institutional asset owners for 40 years.


 We are committed to providing an exceptional client service experience, often serving as a highly
  2 collaborative and integrated component of a client’s organization. Our independence, employee ownership,
 and independent business model enables us to focus on our clients’ needs.

 100% of our revenues are from direct consulting fees paid by our clients – RVK has no proprietary asset
  3 management products, no soft dollar arrangements, and receives no commissions, fees, or rebates from
 managers, OCIO providers, or other operational vendors.




 Page 5 Page 207 of 254
RVK by the Numbers

 Assets Under Advisement ($ Billions)
 1985 Year Founded $5,000
 $4,500
 Steady, Organic Growth
 $4,000
 $3,500
 134 Total Employees
 $3,000
 $2,500
 $2,000
 Advanced Degrees $1,500
 53 & Certifications $1,000
 $500
 $0
 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
 208 Total Clients
 Accounts by Client Type


Alignment of Interests 33
 Taft-Hartley
 Revenue Derived from Client Fees 61 54 37
100% Employee Ownership Corporate Government Nonprofit
 Non-Discretionary Investment Consulting 7
 16 High
 Education Net
 Worth




*Client data as of 9/30/25; employee data as of 2/19/2026.
 Page 6 Page 208 of 254
 A Differentiated Partner
  Top 10 Investment Consultants (by AUA*)
 Proprietary
 Discretionary/OCIO M&A Activity Since
 Firm AUA* (in trillions) Equity Ownership Structure Investment
 Practice? 2010?
 Products?

 No
 RVK $4.3 Owned by employees No No
 (Never)


 A $16.2 Owned by public company Yes Yes Yes


 B $4.6 Owned by employees Yes Yes Yes


 C $4.5 Owned by employees Yes Yes Yes


 D $3.5 Owned by employees Yes Yes Yes


 E $3.0 Owned by employees Yes Yes Yes


 F $1.7 Owned by employees Yes No No


 G $1.2 Owned by employees Yes Yes Yes


 H $1.2 Owned by employees No No No


 I $1.1 Owned by employees Yes No Yes



*Per the 2025 Pensions & Investments Special Report. AUA (Assets Under Advisement) as of 6/30/25.

 Page 7 Page 209 of 254
Public Fund Consulting Capabilities




 Page 8 Page 210 of 254
Strategic Partnership that Drives Value
Comprehensive Service, Experience, and Infrastructure for Public Fund Client Success

 Commitment to and Experience Serving Public Funds* Long-Term Relationships and Tenured Consultants
 • Significant public fund footprint; the Firm has been serving • Average retainer client tenure of 15 years
 public fund clients since its inception in 1985 • Average Consultant industry experience of 20 years**
 • 54 public fund clients, $4 trillion AUA • Average Consultant RVK tenure of 16 years**
 • 60 unique public pension plans, $2.7 trillion AUA • Former Public Fund Investment Professionals on Staff




 Experienced Governance and Policy Team Robust Asset Liability/Asset Allocation Modeling
 • Investment Policy Review Practice • The A/L team has completed more than 80 A/L studies covering
 • Led by President Emeritus and tenured RVK Principal over $1 trillion in assets
 • Comprehensive reviews focused on governance, process, • Actuarial Professionals on Staff
 resources, compliance, implementation, staff organization and • Highly customizable, data-driven modeling
 resource deployment, and more • Proprietary Capital Markets Assumptions




 Deep Investment Operations Support and
 Investment Manager Research Expertise
 Performance Measurement Resources
 • Tailored investment research across public and private markets • Specialized search, selection, and ongoing evaluation services
 • Decades of experience with state and municipal procurement for institutional recordkeeping and trust/custody providers,
 • Private markets expertise in commitment pacing, fund due transition management providers, and a broad array of other
 diligence, and program evaluation operational vendors
 • Client-driven research ideas actively evaluated and incorporated • Customized monthly and quarterly reports; inclusive of
 • Expertise in emerging, diverse, and sustainable manager dedicated public fund reports
 strategies

* AUA data as of 9/30/25. Reflects clients served on a full-retainer and/or project basis.
**Employee data as of 2/19/2026; Includes Consultants and Senior Consultants.
 Page 9 Page 211 of 254
 Depth of Experience Serving Public Fund Clients
 • RVK’s overall footprint in, and commitment to, the public sector is significant, having served public fund clients for 40
 years, since the inception of our firm. PA G E
 • During that time, we have built out the necessary infrastructure and resources to serve our public fund clients, from an
 experienced Governance and Policy Team to robust Asset/Liability and Asset Allocation Modeling to dedicated public
 and private market manager research professionals to state-of-the-art performance measurement and operational
 support resources.
 • Today we serve 54 public clients with over $4 trillion in assets under advisement.*
 – More than one-third of the public pension plans RVK advises have less than $1 billion in assets, giving us direct
 experience working with plans whose scale and governance needs are similar to the City’s.



 Representative Public Fund Clients
 • Anchorage Police and Fire Retirement System • Montana Board of Investments
 • Chicago Public Schools • New Jersey Division of Investments
 • City of Jacksonville Employees’ Retirement System • New Mexico State Investment Council
 • City of Jacksonville Police and Fire Pension Fund • New York State Common Retirement Fund
 • City of Lincoln Nebraska Police and Fire • Pennsylvania State Employees’ Retirement System
 • City of Plano Texas • San Diego Transit Corporation
 • Employees Retirement System of Texas • State Board of Administration of Florida
 • Kansas City Police Employees' Retirement Systems • Teachers’ Retirement System of Illinois
 • Los Angeles Fire and Police Pension System • Vermont Pension Investment Commission
 • Los Angeles Department of Water & Power • Wyoming State Treasurer’s Office




*Client data as of 9/30/2025; reflects clients served on a retainer and/or project basis.
 Page 10 Page 212 of 254
RFQ Response Detail




 Page 11 Page 213 of 254
Our Understanding of Your Request
Key Service Categories

 1. Investment Policy and Asset Allocation Structure Review, Analysis, and Recommendations
 PA G E

 2. Investment Manager Search, Selection, and Monitoring
 3. Performance Evaluation
 4. On-Site Consultation and Education
 5. Special Request Support




 Page 12 Page 214 of 254
RFQ Response Detail
1. Investment Policy and Asset Allocation Structure
Review, Analysis, and Recommendations




 Page 13 Page 215 of 254
RVK’s Philosophy: Comprehensive Approach to working with Public Funds
RVK's consulting approach is focused on providing best-in-class investment advice and service to our clients.
Client Service
 • We first and foremost work for client Boards but believe a strong collaboration with Staff and other service
 providers is critical.
 • Our consulting team has considerable public fund and subject matter expertise.
 • RVK’s team approach to servicing clients emphasizes responsiveness, collaboration, and peer review.
 • A commitment to continuous improvement.
Investment Strategy
 • Asset/Liability studies set risk tolerance, aligning the portfolio with current and future liabilities.
 • Asset allocation expresses that risk via allocations to return seeking, diversifying, and preservation assets.
 • Tracking error and excess return potential with structural decisions and manager/security selection.

Risk Mitigation
 • Investment risks are required to generate returns.
 • Seek to understand drivers of risk at every decision point.
 • Minimize and attempt to eliminate non-investment risks over time.

Implementation
 • Focus on effective structure and execution.
 • All decisions made with strategy in mind; monitored and revisited with frequency.
 • Active decisions should be reserved where conviction is highest, and the client has a clear advantage.
Reporting and Monitoring
 • A focus on providing accurate, timely, and relevant data that helps drive decisions.
 • Reporting should tie back to policy objectives.
 • Flexible and customizable structure.


 Page 14 Page 216 of 254
RVK’s Philosophy: Hierarchy of Institutional Fund Management
We believe there is a critical hierarchy of institutional fund management decision-making that begins with
understanding the purpose and objectives of the portfolio (and all relevant constraints).




 Greatest
 impact on long- Fiduciary
 term return Leadership
 and risk
 Statement of
 Investment Policy We prioritize supporting
 clients across the entire
 Asset/Liability
 spectrum of decision makers
 Asset Allocation
 (Board members, Committee
 Total Fund Risk/Return Monitoring
 members and Investment
 Rebalancing Policy
 Staff members).
 Asset Class Structure
 Asset Class Risk/Return Monitoring
 Manager Diversification
 Alternative Asset Class Pacing Studies

 Asset Class Execution
 Manager Level Risk/Return Monitoring

 Performance Reporting
 Investment Policy Statement Guideline Reporting



 Page 15 Page 217 of 254
 RVK’s Philosophy: Hierarchy of Investment Decision-Making
1. Asset/Liability Modeling: Every 3-5 years or when policy changes are contemplated.
 • An Asset Liability study is critical in forecasting System health and identifying the appropriate level of risk for the investment
 portfolio.
2. Asset Allocation Modeling: At least every 1-3 years.
 • While a client’s IPS should state the periodicity at which formal asset allocation studies take place, we typically review your
 strategic asset allocation mix annually to allow you the opportunity to confirm the forward-looking return and risk characteristics
 remain aligned with your goals. In doing so, we also have the ability to complete an “Asset Liability Aware” Study—where we
 look to incorporate projected cash flows from the actuary, as informed by the plan’s liabilities, into our analysis.
3. Asset Class Structuring: At least every 1-2 years.
 • We find that stated periodic strategic reviews of most all asset classes are helpful in clearly outlining the objectives and goals
 sought after by the Board with respect to each structure and how it contributes to Total Fund return, risk and liquidity. This also
 assists both Staff and Consultant in maintaining the appropriate forward-looking workplan to address any shortcomings.
 Large Cap Partner(s)
 US Equity
 Global Public Small Cap Partner(s)
 Equity Partner(s)
 Non-US Equity Developed
 Emerging Partner(s)

 Core Partner(s)
 US Fixed Income Core Plus Partner(s)
 Assets vs. System Global Fixed
 Liabilities Assets Income Developed Partner(s)
 Non-US Fixed Income
 Emerging Partner(s)



 Return Seeking vs. Illiquid Partner(s)
 Alternatives Diversifying Semi-Liquid Partner(s)




 Asset/Liability Study Asset Allocation Study Asset Class Structure Studies/Manager Selection
 (System/Plan Sponsor Risk) (Top-Down Investment Risk) (Bottom-Up Investment Risk)
 Key Decisions: Key Decisions: Key Decisions:
 Liquidity Constraints Thematic/Asset Class Exposures Intended Style/Size Biases
 General Volatility Preference Level/Type of Diversification Active/Passive Implementation
 Pacing Analyses
 Page 16 Page 218 of 254
RFQ Response Detail
2. Investment Manager Search, Selection, and Monitoring




 Page 17 Page 219 of 254
RVK Research Structure
RVK’s internal practice groups are tasked with ongoing research / idea generation for their specific areas.

 PA G E
 Client Research Investment Research Inv. Manager Research Inv. Operations Research

 The economy, capital markets,
 Investment managers, strategies, Operationally-oriented
  Client-specific issues and and the systems, tools, and data
 products, and portfolio investment vendors and
governance-related projects. that support portfolio structure
 implementation approaches. activities.
 decision-making.


 Tony Johnson Ryan Sullivan Joe Ledgerwood, CFA Jonathan Kowolik
 Director of Client Director of Investment Director of Investment Director of IOSG, Senior
 Research, Co-President, Research, Senior Manager Research, Consultant, Principal
 Senior Consultant, Consultant, Principal Principal
 Principal


Client Focused Research Capital Markets Assumptions and In-depth Manager Research Project Consulting
  • Corporate Pension Economic Research • Manager searches, evaluations, • Custodian, recordkeeper, securities
  • Defined Contribution and due diligence across every lending searches/reviews
 Investment Perspectives Committee major and sub-asset class
  • Endowments & Foundations Centralized counsel for RVK’s • Operational due diligence
  • Healthcare consultant and client base
 • Specialist-led research for each
  • Insurance • Ongoing information exchange with
 asset class, including new
  • Public Pension Insights the vendor marketplace
 developments, emerging issues,
 Publications on current market and
  • Sovereign Wealth Funds asset classes, and regulatory
 economic topics
  • Taft Hartley controls
 Client Engagement Work
 Governance Projects • Asset/Liability
 • Investment Program Review • Asset Allocation Tools,
 • OCIO Evaluation & Monitoring Templates, Analysis
 • Advanced Modeling
 • Active/Passive Analysis


 Page 18 Page 220 of 254
 RVK Investment Manager Research
 Senior Leadership
 Joe Ledgerwood, CFA (15/23)
 Director, Investment Management Research PA G E
 Matt Sturdivan, CFA (18/18) Steve Hahn, CFA (18/29)
 Director, Traditional Markets Director, Alternative Markets

 Public Equity Private Credit Private Equity
 Britt Vriesman: Consultant (20/20) Reed Harmon, CFA: Senior Consultant (11/16) Kirby Francis, CFA: Senior Consultant (13/13)
 Evan Walker: Consultant (5/21) Todd Simones: Senior Associate (2/15) Thomas Divins, MBA: Associate (3/3)
 Yan Wang: Consultant (<1/19) Layne Johnson: Senior Associate (4/4) Anthony Lee: Senior Analyst (3/3)
 Tanner Ono: Associate (3/3) Kyle Murto, MBA: Senior Analyst (3/3)
 Coverage: All regions, capitalizations,
 and styles inclusive of shorting. Coverage: Direct Lending, Asset Backed, Buyouts, Growth, Venture, Secondaries, Co-
 Distressed, Special Situations, Secondaries, and Investments, and Separate Accounts/Fund of
 Multi-Sector. One.
 Fixed Income
 Ken Chilton, CFA: Consultant (1/27)
 Ed Zablan: Consultant (2/32)
 Anthony Chan: Senior Associate (3/3)

 Core, Core+, Opportunistic, Unconstrained,
 High Yield, Stable Value, Bank Loans, Securitized, Private Real Assets Hedge Funds/Multi-Asset
 CLOs, and EMD. Jacob Bowland, CFA: Consultant (<1/19) Cameron Collins, CFA: Senior Associate (3/11)
 Robert Hulme, MPA: Consultant (3/19) Rachel Mei: Senior Associate (5/5)
 Kevin Wyllie, MFIN: Consultant (13/13) Daniel Johnson: Senior Analyst (4/4)
 Traditional Markets - Generalists Justin Galicia, MBA: Senior Associate (3/19)
 Sonia Ruiz: Consultant (15/15) 1 Dale Connors, CFA: Senior Consultant (<1/40) Multi-Strategy Hedge Funds, Diversified
 Travis LaFrance: Associate (4/4) 1 Johnny Lane: Associate (<1/9) Inflation Strategies, Global Tactical Asset
 Charles Burris: Associate (3/3) Dannah Mangubat: Senior Analyst (3/3) Allocation, and Listed Infrastructure.
 Daisy Doroteo-Mejia: Analyst (3/3) Clay Welch: Senior Analyst (2/2)
 Manisha Thakkar, CFA: Senior Associate (<1/34)
 Andrew Cunningham: Associate (2/2) Core, Core+, Value Add, and Opportunistic
 Aleina Aliwarga: Senior Analyst (2/2) Real Estate. Core, Core+, and Value Add
 Camille Goodwin: Senior Analyst (3/3) Infrastructure. Timber and Agriculture.
 Phil Jacunski: Senior Analyst (3/3)


(RVK Tenure/Industry Experience)
1 Sustainability Focused Generalist
 Page 19 Page 221 of 254
Bold represents full-time research personnel; italics represents research/consulting hybrid roles.
 RVK’s Investment Manager Research: Value Add
 RVK’s investment manager review process is targeted to meeting the needs of your participants.

 ❑ Client-First Approach – Open-door access to every manager—no fixed “buy list”—so
 recommendations are fully customized.

 ❑ Transparent Due Diligence – Clients can review our complete diligence across all asset classes.

 ❑ Deep, Well-Resourced Team – Seasoned specialists cover every major asset class, bringing both in-
 house and industry experience.

 ❑ Alignment of Interests – We recommend investment managers on the merits of their investment
 products and deliver objective, informed, and unbiased advice.

 ❑ Seamless Consulting Integration – Research and General Consulting teams work as one, tailoring
 solutions to evolving client needs.

 ❑ Beyond Manager Research – Research experts also guide asset-class education, portfolio construction,
 rebalancing, and pacing.
 Due Diligence Activities: Five-Year Average Stats


 140 $17.9B 85 1,353
 Annual Searches Assets Placed Annual Manager Annual Manager
 / Placements Annually Visits* Meetings



*Includes in person and virtual meetings. Data as of 12/31/2025.
 Page 20 Page 222 of 254
Investment Manager Selection
Customized Manager Research Process
 • Searches customized to meet client needs
 • Proprietary and third-party databases and tools
 • Client access to extensive manager universe
 • Open architecture – ideas provided by clients are researched




 Establish Quantitative Qualitative Manager
 Interview
 Criteria Analysis Analysis Selection
 • Asset allocation • Performance • Investment • Adherence to • Asset allocation
 guidelines consistency philosophy style guidelines
 • Manager structure • Risk/Return • Risk control • Source of returns • Manager
 analysis profile • Incentive structure analysis
 • Resource depth
 • Client objectives • Peer ranking structure • Client goals
 • Team stability

Ongoing Monitoring
 • RVK’s research team continually monitors all managers to which our clients have exposure.
 • Material changes or events regarding a manager/strategy are disseminated to consultants and then promptly
 communicated to clients in their preferred method (e.g., phone call, email, memorandum, etc.).

Review/Termination Process
 • Changes to the investment management team, firm, or process; strategy grew above AUM capacity.
 • Plan re-allocation due to target asset allocation changes.
 • Poor performance relative to expectations.

 Page 21 Page 223 of 254
RFQ Response Detail
3. Performance Evaluation




 Page 22 Page 224 of 254
Customized Performance Measurement Capabilities
Client reports are customized to answer the “what” and “why” of performance measurement with an
objective focused on presenting data and analyses that provide clear results that drive decisions.

Executive Summary Memo
A summary memo describing key observations, takeaways and
results from the Executive Summary report.

Dashboard
A 1-page high-level overview of a client’s assets and
performance for the Total Fund and asset class composites.
Includes key economic statistics, capital markets overview,
comparisons to relevant benchmarks, and fund positioning.

Executive Summary Reporting
Typically, 3-4 pages in length, summarizes performance
highlights, major economic events, investment manager
highlights, and major decisions from previous client meetings.

Quarterly Staff Reporting
Detailed performance overview of the Total Fund, individual
asset level composites, and individual managers. Includes
various trailing and rolling time-period analyses, MPT statistics,
composite level structuring, and individual manager level
detail.

Risk Reporting
Focuses on different risk measures for a client’s plan and
analyzes different MPT statistics and comparisons by asset
class. Looks at trends over time across asset classes, inclusive
of experienced equity beta, correlations, and holdings analyses.

 For illustrative purposes only; not intended to show performance.


 Page 23 Page 225 of 254
Investment Manager Guidelines and Compliance Reporting
Our goal is to help you establish practical manager guidelines and maintain accountability through
proactive compliance reporting.

Guideline Development:
 • RVK helps clients create contractual guidelines for managers, balancing flexibility with risk control.

Key Considerations:
  • Mandate objectives & investable universe
  • Examples: position size limits, market cap restrictions, sector constraints, issuer exposure limits

Integration:
  • Guidelines incorporated into manager agreements and IPS.

Compliance Monitoring:
  • Regular reports track adherence and flag breaches for timely action.




 Page 24 Page 226 of 254
 Proprietary Public Fund Reporting
 RVK has been conducting public fund research for nearly 30 years and produces a comprehensive analysis on
 a semi-annual basis. Key data points provided for approximately 70 US public pensions.




For illustrative purposes only; not intended to show performance for any client or fund.
 Page 25 Page 227 of 254
RFQ Response Detail
4. & 5. Education & Special Request Support




 Page 26 Page 228 of 254
Tailored and Topical Research: Covering the Breadth of Public Fund Needs

RVK education and research focuses on current and prospective client needs, keeping consultants and
clients abreast of market trends, strategies, and the changing legal landscape.

 • Public Fund Research and Reporting:
 universe best-practice observations,
 ongoing comparisons for 30+ years

 • Thought Leadership White Papers

 • Monthly "Insights" articles pertaining to
 current market themes and events

 • Monthly and quarterly market reviews
 and outlook

 • Readily accessible off the shelf education

 • Customizable, client-specific, tailored
 education




 Page 27 Page 229 of 254
Closing




 Page 28 Page 230 of 254
Summary

 Thank you!
 On behalf of the entire firm, thank you for the opportunity to present an overview of our investment
 consulting capabilities and for your efforts as well as consideration in this important process.


 RVK Value Proposition:
✓ Trusted Partner – Investment consulting ✓ Expert Advice – An experienced and collaborative
 represents our sole focus and only line of consulting team providing customized fiduciary
 business; no parent company that might introduce services and investment advice.
 potential for misalignment of our business model.
 ✓ Organizational Scale – Our scale provides areas
✓ Client Focused – Exceptional client service of specialization that smaller firms cannot afford
 experience, often serving as a highly collaborative while providing effective communication and
 and integrated component of a client’s access that larger firms tend to lose over time.
 organization. Evidenced by our 97% client
 retention rate over the five calendar years ending
 2024.
 All-Inclusive Fee Proposals:
 RVK proposes a retainer fee inclusive of all items requested in the Scope of Services for this mandate,
 intentionally designed to closely align RVK’s interests with the City of Burlington Employees’ Retirement
 System. The proposed retainer represents the only fee RVK would receive in connection with this
 relationship.


 Page 29 Page 231 of 254
Appendix




 Page 30 Page 232 of 254
 Capabilities Spotlight: Differentiated Approach to Portfolio Stress Testing
 • ➢
 Historical deterministic
 Historical  and and forward-looking
 stochastic stochastic
 scenario analysis
 scenario
 withanalysis to provide
 hypothetical clear understanding
 private markets pacing,of PA G E
 potential
 cash outcomes associated
 flows, and with market stress,
 rebalancing.
 changes in private markets pacing, system cash flows, etc.
 ➢ Capability to stress test:
 ➢ Asset
 • Capability to returns ➢ Asset
 stress test numerous Allocation
 variables individually or
 ➢  Contributions
 simultaneously: ➢ Inflation rates
 ➢ Benefit
 • Asset ➢ RebalancingContributions
 Payments• Employer/Employee
 Allocation Policy
 • Asset Returns • Benefit Payments
 • Private Markets CF’s • Rebalancing Policy




For illustrative purposes only.



 Page 31 Page 233 of 254
RVK Code of Conduct and Ethics Policy
Contact with Other Financial Intermediaries
The cornerstone of our business philosophy is to provide our clients with the highest standard of investment consulting in our
industry. We take pride in the fact that we do not have any business relationships for compensation with investment managers,
OCIO providers, or other operational vendors that we may foreseeably evaluate and/or include in a search process for an RVK client.
In keeping with this philosophy, RVK’s Code of Conduct and Ethics Policy requires employees to observe the following guidelines:
 1. Employees are strictly prohibited from accepting gifts of any monetary value from investment managers, OCIO providers,
 or operational vendors that RVK recommends to RVK clients. This includes gifts, travel, or anything that compromises the
 firm’s commitment to unbiased investment consulting.
 2. Employees will not become involved in situations that compromise the firm’s or the employee’s independence and
 objectivity.
 3. Each of the firm’s employees is expected to protect the confidentiality of the client, firm, and third-party information at all
 times. Employees will be held personally accountable for safeguarding information that is not readily available in the
 public domain.


Contact with Clients
Strategic investment consulting is RVK’s only business, and helping clients meet their investment objectives is our utmost goal. We
offer clients a wide range of non-discretionary investment services in accordance with terms specified in each client’s written
agreement. Employees who consult and render services to clients are committed to being familiar with and understanding each
client’s investment goals and objectives, helping them to better understand and monitor the results of their investment program,
and generally helping our clients meet their short- and long-term objectives.




 Page 32 Page 234 of 254
SEC and DOL Questions
Questions the Securities and Exchange Commission and the Department of Labor recommend all plan
fiduciaries ask their investment consultants.

1. Are you registered with the SEC or a state securities regulator as an investment adviser? If so, have you provided us
 with all disclosures required under those laws (including Part II of Form ADV)?

 Yes, our firm is a Registered Investment Advisor with the Securities and Exchange Commission and has provided
 clients with applicable and required disclosures. Our SEC Form ADV Part 1, 2A, and 3 are publicly available at
 https://adviserinfo.sec.gov/. RVK’s ADV Part 2B is available upon request to any client at any time.

2. Do you or a related company have relationships with money managers that you recommend, consider for
 recommendation, or otherwise mention to the plan for our consideration? If so, describe those relationships.

 We have no financial relationships with any money managers that we recommend or consider for recommendation.
 One hundred percent (100%) of our revenues are derived from cash-based fees for investment consulting provided
 directly to fund fiduciaries. Our firm’s Code of Conduct and Ethics Policy requires that we provide no services for
 compensation to organizations that we evaluate for our clients that would create an actual conflict of interest.

3. Do you or a related company receive any payments from money managers you recommend, consider for
 recommendation, or otherwise mention to the plan for our consideration? If so, what is the extent of these
 payments in relation to your other income (revenue)?

 We receive no commissions, fees, or rebates from managers, OCIO providers, or other operational vendors. In
 addition, our firm’s Code of Conduct and Ethics Policy requires that our employees are not to accept gifts of any
 monetary value from these entities.

4. Do you have any policies or procedures to address conflicts of interest and to prevent these payments or
 relationships from being considered when you provide advice to your clients?

 Yes, we have a Code of Conduct and Ethics Policy.
 Page 33 Page 235 of 254
SEC and DOL Questions (cont’d)
5. If you allow a plan to pay consulting fees using a plan’s brokerage commissions, do you monitor the amount of commissions
 paid and alert plans when consulting fees have been paid in full? If not, how can a plan make sure that it does not over-pay
 its consulting fees?
 No portion of our fees are paid by brokerage commissions. We do not derive any revenue or profits from commission
 recapture programs.
6. If you allow plans to pay your consulting fees using the plan’s brokerage commission, what steps do you take to ensure that
 the plan receives best execution for its securities trades?
 Not applicable. One hundred percent (100%) of our revenues are in the form of cash payments directly from our clients.
7. Do you have any arrangements with broker-dealers under which you or a related company will benefit if money managers
 place trades for their clients with such broker-dealers?
 No, we have no such arrangement with any broker-dealer.
8. Will you acknowledge in writing that you have a fiduciary obligation as an Investment advisor to the Plan while providing
 consulting services?
 Yes. RVK will acknowledge in writing that we have a fiduciary obligation as an investment advisor to the plan while providing
 consulting services.
9. Do you consider yourself a fiduciary under ERISA with respect to the recommendations you provide to a plan?
 RVK is a Registered Investment Advisor, and we view ourselves as co-fiduciaries with respect to relationships with our clients.
 However, our role as a fiduciary is narrowly defined as we do not have discretionary authority to manage assets. The
 investment decisions rest with our clients.
10. What percentage of your plan’s clients utilize money managers, investment funds, brokerage services, or other service
 providers from whom you receive fees?
 Zero.




 Page 34 Page 236 of 254
Disclaimer of Warranties and Limitation of Liability - This document was prepared by RVK, Inc. (RVK) and may include information and data from some or all of the following sources: client staﬀ; custodian banks;
investment managers; specialty investment consultants; actuaries; plan administrators/record-keepers; index providers; as well as other third-party sources as directed by the client or as we believe necessary or
appropriate. RVK has taken reasonable care to ensure the accuracy of the information or data, but makes no warranties and disclaims responsibility for the accuracy or completeness of information or data
provided or methodologies employed by any external source. This document is provided for the client’s internal use only. It should not be construed as legal or tax advice. It does not constitute a recommendation
by RVK or an oﬀer of, or a solicitation for, any particular security and it is not intended to convey any guarantees as to the future performance of the investment products, asset classes, or capital markets. This
document should not be construed as investment advice: it does not reﬂect all potential risks with regard to the client’s investments and should not be used to make investment decisions without additional
considerations or discussions about the risks and limitations involved. Any decision, investment or otherwise, made on the basis of this document is the sole responsibility of the client or intended recipient.
 Page 35 Page 237 of 254
BERS RFQ
Fiducient Advisors / February 2026




 Page 238 of 254
Disclosure




 This report is intended for the exclusive use of clients or prospective clients (the “recipient”) of Fiducient Advisors, 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.




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 [fuh-du-shent] noun

ﬁ•du•cient An experienced fiduciary
 committed to
 helping clients prosper.




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 3
 Thank You!




 The City of Burlington VT is a very important
 client of the firm, and we look forward to
 continuing our strong and successful
 partnership.




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www.FiducientAdvisors.com
 A Strong Partnership
 Milestones


  Consistent delivery of strong returns above actuarial assumption and benchmark.
 • BERS has outperformed the State of VT pension for 1, 3, and 5-year period ending June 30, 2025

  Added oversight and improved transparency, adopting best practices for fiduciaries
  Incorporated Fiduciary Governance Calendar
 Design and cadence informs Board on a variety of pertinent subject matter, including;
 • Committee best practices for stewards of public plans;
 • Fee and liquidity profile of portfolio;
 • Municipal pension landscape insights;
 • Recasting of annual capital market assumptions and portfolio modeling scenarios

  Lowered fees from BNY and Trumbull Properties via thoughtful negotiation and analysis
 • Evaluated liquidity options for Trumbull Properties and cost/benefit analysis to support the
 decision by Board

  Enhanced reporting by immediately incorporating the Pension Benefit Owed the City from day 1
 • Enhanced reporting by adding monthly reconciliations
 • Assisted with the development of repayment policy allowing for flexibility on timing of repayment
  Introduced a custodian to safekeep assets and provide holistic reporting



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 A Strong Partnership
 Milestones
  Support Board education
 • Actuarial concepts
 • Support of EROA
 • Primer on Securities Lending
 • Introduced new asset class via dynamic bonds
 Conduct annual asset allocation analysis and proactive recommendations
 • Added unconstrained Fixed Income Manager via manager search and coordinated interview
 process with PIMCO and Blackrock
 • Since inception, Blackrock strategy has delivered added value and diversification to the BERS
 fixed income allocation
 Support of city’s sustainability initiatives while balancing fiduciary responsibilities
 • Provided in depth support and analysis on fossil fuel exposure and cost/benefit analysis
 • Produced the City report
 • Presented analysis to the City
 • Responded to other requests including weapons divestment and other FOIA requests
 Trading support
 • Assist city staff with trade execution, follow-up, and reconciliation
 • Monitor cashflow daily
 Provide timely monthly investment performance reports and attend monthly Board meetings.
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Structured for
 Your Success




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 Fiducient Advisors




 200+ Associates Firm Assets Business Lines


 31% Investment Consultants
 35% Research & Analytics
 $370+ billion Defined Contribution
 Defined Benefit
 Endowments &
 Foundations
 18% Operations & Compliance Financial Institutions Private Clients
 16% Client Service




As of June 30, 2025, percentages are approximate. There may be overlap in responsibilities of some research professionals.
www.FiducientAdvisors.com
 Page 245 of 254 8
 Supporting BERS

 Insight and Guidance In Making Informed Decisions


 Fiduciary Governance
 A thorough discussion regarding your
 role and responsibilities as a fiduciary
 including the quarterly Fiduciary
 Governance Calendar topics.

 Fiduciary
 Investments Investments
 In-depth reviews of global capital Governance
 markets and specific asset classes,
 the concept of diversification and
 asset allocation and the various types
 of strategies that may be used by
 investment managers.
 Pension
 Pension Liabilities & Other Topics
 Liabilities &
 Understanding key concepts and Other
 assumptions that drive pension
 liability valuations and contribution
 Topics
 volatility and other topics of interest to
 the Committee/Board.




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 BERS Service Team
 Kathryn Pizzi, CFA, ASA, Partner, Senior Consultant
 • 25+ years of industry experience
 • Leads the firm’s Defined Benefit Business Councils for both corporate and municipal plans and member of the firm’s Investment
 Committee
 • Credentialed actuary experienced in pension valuations
 • Member of the CFA Institute, an Associate of the Society of Actuaries, a Member of the American Academy of Actuaries
 • Board Member of the CFA Society Hartford, Board Member of the Hospital for Special Care in New Britain, CT
 • Boston University, BA
 • Email – kpizzi@fiducient.com

 Christopher Rowlins, Partner, Senior Consultant
 • 25+ years industry experience
 • Public Funds Practice Leader
 • Services institutional clients by providing advice and counsel on all areas of fund oversight including policy, asset allocation, manager
 research, portfolio structure, performance monitoring, and overall investment policy
 • Focuses on governmental and corporate retirement plans
 • Member of the firm’s Defined Benefit Business Council
 • Investment & Finance Committee Member for The Village for Family and Children, Member of the Government Finance Officers
 Association and Board Member for CT Public Penson Forum (CPPF)
 • Boston University, BA
 • Email – crowlins@fiducient.com

 Bradford Long, CFA, Managing Partner, Chief Investment Officer
 • 17 years of industry experience; 13 years with Fiducient Advisors
 • Directs the firm’s Core Investment Strategy Group, Target Date Committee and Mission-Aligned Investing research efforts
 • Chair of the firm’s Investment Committee, member of the firm’s Research Forum, Discretionary Committee, Capital Markets Team
 and Mission-Aligned Investing Council
 • The University of Colorado, BA in Finance and Minor in Economics
 • CFA ® Charterholder (Chartered Financial Analyst®); Member of CFA Institute and the CFA Society of Chicago; Member of the New
 York Society of Security Analysts (NYSSA)
 • Active member of Greenhouse Scholars
 • Email – blong@fiducient.com

 Evan Paretti, CFA, Senior Consulting Analyst - Allocation
 • Joined Fiducient Advisors in 2022
 • Responsible for the analysis of defined benefit, endowment, foundation and other nonprofit client investment portfolios
 • Millsaps College, BBA in Business Administration and Philosophy
 • CFA charterholder
 • Email – eparetti@fiducient.com


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 Robust Oversight Structure




 Investment Committee
 This sub-committee structure ensures that our
 clients receive consistent guidance/advice
 BERS Service Team
 The members of your service team will be intimately familiar with
 Defined Benefit Supported by 30+ your organization and will be available whenever you need them.
 Business Council Research
 Professionals
 • Comprised of select Kate Pizzi, CFA, ASA Chris Rowlins
 Partners, Consultants and • Provide thoughtful, Consultant Consultant
 Analysts focused on practical and actionable
 Defined Benefit and Cash research
 Balance plan clients
 • Dedicated teams covering Brad Long
 • Monitor marketplace Global Public Markets,
 trends and best practices CIO
 Capital Markets,
 • Drives implementation Marketable Alternatives,
 and process across the Private Markets and
 Defined Benefit plan Mission-Aligned Investing
 practice
 Dedicated Dedicated Dedicated
 Client Service Consulting Performance
 Associate Analyst Analyst




 Page 248 of 25411
www.FiducientAdvisors.com As of June 30, 2025. There may be overlap in responsibilities of research professionals.
 Signficant Public Fund Industry Experience

 Significant and Longstanding Presence Providing Advice to Public Funds
 Active in numerous organizations dedicated to educating and assisting fiduciaries and
 decision makers
 • Connecticut Government Finance Officers Association (GFOA)
 • Connecticut Council of Small Towns (COST)
 • Connecticut Public Pension Forum (CPPF) – founding member
 • Mass Association of Contributory Retirement Systems (MACRS)
 • Government Finance Officers Association (GFOA) of Pennsylvania
 • Pennsylvania Association of Public Employee Retirement Systems (PAPERS)


 Frequent speakers at national and local conferences on investing and fiduciary
 oversight for public pensions

 • CPPF Webinar on POB’s and COVID Implications
 • Opal Financial Group's Annual Public Funds Summit East
 • Pennsylvania Assoc. of Public Employee Retirement Systems Fall Workshop
 • New England States GFOA Training Seminar
 • Southern California CAIA Conference

 Strive to look beyond the merely routine issues associated with public retirement systems

 • Assist municipalities with the establishment of and the appropriate investment of
 proceeds from pension obligation bonds (POBs)
 • Asset with FOIA requests, ESG considerations, and benchmarking
 • Develop investment strategies for municipalities with reserve pools
 • Assist municipalities in the creation of asset allocation strategies and portfolio design for
 newly established Other Post Retirement Benefits (OPEB) Trusts



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 Building Blocks of Success


 BERS Pension Portfolio


 Take advantage of price changes
 Rebalancing • Proprietary rebalancing framework and limit behavioral errors



 Efficient Cost effective, high potency
 • Pragmatic active/passive evidence-based allocation
 Implementation allocation
 • Negotiated fee structures


 • Public, Private and Marketable Alternatives expertise Seek extraordinary
 Investment
 • Potential competitive advantages and sustainability managers to enhance
 Selection
 • Negotiated capacity outcomes beyond allocation


 • Macro economic risk framework Enhance views of
  Macro Economic &
 • Fundamental component review of asset classes opportunity and risks in
  Fundamental Input
 capital allocation


 • Proprietary asset allocation tool Integrated Cornerstone to optimal
  Frontier Engineer® • Robust scenario analysis and modeling risk-adjusted allocation
 • Customizable to unique return and risk needs Asset
 Long-Term • 10-year forward-looking return and risk
 Allocation
 • Rooted in empirical evidence Valuations are a
 Capital Market
 • Updated annual or on market conditions key input
 Assumptions


 The above is for illustrative purposes only, subject to change, and there can be no assurance that any such investment or portfolio will be able to achieve its objectives.




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 Fiduciary Governance Calendar

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




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




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




 Fiduciary Trail® Fiduciary Lockbox®

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




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www.FiducientAdvisors.com
 Why Fiducient Advisors?



 Proven Track Record


 Significant Public Pension
 Experience


 Our Team Structure Ensures Every
 Client Receives the Firm’s Best Thinking


 Proactive Governance & Fiduciary Support
 via Our Fiduciary Governance Calendar



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www.FiducientAdvisors.com
 Our Service & Fee Proposal for BERS

 Annual Retainer
 • Ongoing review of investment and non-investment topics salient to plan fiduciaries
 Fiduciary • Including Fee Review, Practice and Policy Review, Asset/Liability Modeling, and a Cost for Traditional
 Governance Review of the Pension Landscape Consulting:
 • Fiduciary Trail® documentation and Fiduciary Lockbox secure online portal $68,500 + 3% annual
 Calendar • Committee Training and Education as needed
 increase beginning in
 Establish • Review purpose, circumstance and needs year two
 • Analyze cash flows, liquidity requirements and future growth objective
 Objectives • Analyze current investment portfolio structure (alternatives, capital calls, etc.,)
 and Polices • Develop and review investment policy
 • Explore and define risk tolerance
 • Recommend optimal asset allocation strategy .
 Asset Allocation • Monitor and recommend adjustments
 • Report and reconcile pre-paid pension benefits by the City
 • Examine current actuarial data and plan’s liability profile
 Asset Liability • Model various scenarios cognizant of cash flow needs
 Analysis • Facilitate an optimal strategy recognizing plan liabilities

 • Analyze investment style, risk exposure and performance relative to peers
 Manager Search • Screen alternative manager/fund candidates, identify finalists which meet screening criteria and interview
 candidates with client
 and Selection • Expedite transfer of management authority
 • Evaluate service/fees and assist with manager contract and fee negotiations
 • Comprehensive monitoring of asset class allocations
 • Design strategic rebalancing “trigger points”
 Rebalancing • Oversee cash flows and allocation bands to maximize return and mitigate volatility


 Ongoing • Monthly or ad hoc flash reports
 • Quarterly executive summary reports including funded status tracking
 Performance • Quarterly performance analysis and comparison of performance relative to style peers, manager database and pertinent indices
 Evaluation and • Quarterly analysis of manager portfolio holdings to determine consistency of characteristics and adherence to style of management
 • Quarterly meetings or calls with your investment committee
 Support • Conduct Fiduciary Institute and provide meaningful updates
 • Fiduciary Lockbox Service




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 Delegated Services

 Our 3(21) Traditional 3(38) Discretionary
 Services Consulting Management

 BERS BERS

 Discovery & Strategy
 Define Objectives
 Risk & Return Goals
 Strategic Asset Allocation
 Asset-Liability Analysis

 Implementation
 Sub-Asset Class Structure
 Manager Selection
 Manager Termination/Transition
 Portfolio Rebalancing

 Ongoing Oversight & Evaluation

 Vendor Relations (including actuary)
 Trading

 Cash Flow Management
 Manager Compliance
 Investment Policy Statements
 Page 254 of 25417
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BURLINGTON RETIREMENT BOARD
 BUSHOR CONFERENCE ROOM, 149 CHURCH STREET, 1ST FLOOR
 MINUTES OF MEETING
 February 23, 2026




1. Agenda
1. Agenda
Board Chair Hooper convened the meeting at 9:07 am.
Members present: Chair Hooper, Board Members Mount, Olsen and Dalla Mura (all in person); Board
Members Kasti and Blake (both online)
Others present: CAO Schad, DOF Kukenberger and Kate Pizzi

Subject 1.1. Motion to adopt agenda
Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00
 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 Mount, seconded by Board Member Kasti, to adopt the agenda as
presented. Motion passed unanimously.


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

3. January 26, 2026 Retirement Board Meeting Minutes
3. January 26, 2026 Retirement Board Meeting Minutes

Subject 3.1. January 26, 2026 Retirement Board Meeting Minutes - DFA
Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


Category 3. January 26, 2026 Retirement Board Meeting Minutes

Department Department of Finance and Administration
Type Action
 Information
 Minutes


Recommended Action approve the minutes
3.1. January 26, 2026 Retirement Board Meeting Minutes - DFA
Motion made by Board Member Olsen, seconded by Board Member Mount, to approve the minutes as
presented. Motion passed unanimously.


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

Subject 4.1. Shawn Corey, Class B $844.54; Effective Date of Benefit: 03/01/26
Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Shawn Corey
4.1. Shawn Corey, Class B $844.54; Effective Date of Benefit: 03/01/26


Subject 4.2. Sarah Meade, Class B $661.98; Effective Date of Benefit: 04/01/26
Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Sarah Meade
4.2. Sarah Meade, Class B $661.98; Effective Date of Benefit: 04/01/26


Subject 4.3. Zachary J. Nersinger, Class B $5,874.54; Effective Date of Benefit:
 04/01/26
Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions
Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Zachary J. Nersinger
4.3. Zachary J. Nersinger, Class B $5,874.54; Effective Date of Benefit: 04/01/26


Subject 4.4. Jillian Joubert, Class B $922.98; Effective Date of Benefit: 02/01/26
Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Jillian Joubert
4.4. Jillian Joubert, Class B $922.98; Effective Date of Benefit: 02/01/26


Subject 4.5. Wylance Adams, Class B $1,784.99; Effective Date of Benefit:
 02/01/26
Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Wylance Adams
4.5. Wylance Adams, Class B $1,784.99; Effective Date of Benefit: 02/01/26


Subject 4.6. David Aguirre, Class B $665.04; Effective Date of Benefit: 03/01/26
Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for David Aguirre
4.6. David Aguirre, Class B $665.04; Effective Date of Benefit: 03/01/26
Subject 4.7. Joseph C. Magee, Class B, $5,806.83; Effective Date of Benefit:
 03/01/26
Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Joseph C. Magee
4.7. Joseph C. Magee, Class B, $5,806.83; Effective Date of Benefit: 03/01/26


Subject 4.8. Michael Donnachie, Class B $10,801.33; Effective Date of Benefit:
 03/01/26
Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Michael Donnachie
4.8. Michael Donnachie, Class B $10,801.33; Effective Date of Benefit: 03/01/26


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

Subject 5.1. Douglas Hall, Class B $1,005.01; Effective Date of Benefit: 01/01/26;
 Payment Date: 01/15/26
Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Douglas Hall
5.1. Douglas Hall, Class B $1,005.01; Effective Date of Benefit: 01/01/26; Payment Date: 01/15/26
Subject 5.2. Mary C. Griffin, Class B $5,897.01; Effective Date of Benefit:
 02/01/26; Payment Date: 02/15/26
Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Mary C. Griffin
5.2. Mary C. Griffin, Class B $5,897.01; Effective Date of Benefit: 02/01/26; Payment Date: 02/15/26


Subject 5.3. Cheryl S. Mitchell, Class B $5,272.69; Effective Date of Benefit:
 03/01/26; Payment Date: 03/15/26
Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Cheryl S. Mitchell
5.3. Cheryl S. Mitchell, Class B $5,272.69; Effective Date of Benefit: 03/01/26; Payment Date: 03/15/26


Subject 5.4. Claude Raineault, Class B $3,405.91; Effective Date of Benefit:
 02/01/26; Payment Date: 02/15/26
Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Claude Raineault
5.4. Claude Raineault, Class B $3,405.91; Effective Date of Benefit: 02/01/26; Payment Date: 02/15/26


Subject 5.5. Cynthia B. Wight, Class B $945.76; Effective Date of Benefit:
 03/01/26; Payment Date: 03/15/26
Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00
 AM, Bushor Conference Room, 149 Church Street, 1st Floor
Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Cynthia B. Wight
5.5. Cynthia B. Wight, Class B $945.76; Effective Date of Benefit: 03/01/26; Payment Date: 03/15/26


Subject 5.6. Edin Delahmetovic, Class B $2,950.03; Effective Date of Benefit:
 01/01/26; Payment Date: 02/15/26
Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Edin Delahmetovic
5.6. Edin Delahmetovic, Class B $2,950.03; Effective Date of Benefit: 01/01/26; Payment Date: 02/15/26


Subject 5.7. Elizabeth S. Lesnikoski, Class B $11,062.75; Effective Date of Benefit:
 02/01/26; Payment Date: 02/15/26
Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Elizabeth S. Lesnikoski
5.7. Elizabeth S. Lesnikoski, Class B $11,062.75; Effective Date of Benefit: 02/01/26; Payment Date:
02/15/26


6. Administrative Update
6. Administrative Update

Subject 6.1. Annual Retiree COLA - Board Action Required
Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


Category 6. Administrative Update
Department Retirement Administration


Type Action


Recommended Action The Burlington Employees Retirement System Board declines to reduce or eliminate
 the annual cost-of-living adjustment for eligible BERS retirees for the upcoming
 year, and directs that the COLA be calculated and applied in accordance with
 Section 24-40 of the Burlington Code of Ordinances and the applicable collective
 bargaining agreements, effective January 1, 2026.
6.1. Annual Retiree COLA - Board Action Required
Motion made by Board Member Olsen, seconded by Board Member Mount, to approve the motion as
presented. Motion passed unanimously.


Subject 6.2. Burlington Employees' Retirement System Actuarial Valuation Report
 as of June 30, 2025 - USI
Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


Category 6. Administrative Update

Department Retirement Administration


Type Information
 Presentation
 Discussion


Recommended Action approve the report and place it on file
6.2. Burlington Employees' Retirement System Actuarial Valuation Report as of June 30, 2025 - USI
This agenda item was moved to the March meeting.


7. Fiducient
7. Fiducient

Subject 7.1. Performance Review as of January 31, 2026
Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00
 AM, Bushor Conference Room, 149 Church Street, 1st Floor
Category 7. Fiducient
Department Retirement Administration


Type Information
 Discussion
 Presentation


7.1. Performance Review as of January 31, 2026


Subject 7.2. Asset Allocation Analysis
Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00
 AM, Bushor Conference Room, 149 Church Street, 1st Floor
Category 7. Fiducient
Department Retirement Administration


Type Information
 Discussion
 Presentation


7.2. Asset Allocation Analysis


8. Vendor Presentations
8. Vendor Presentations

Subject 8.1. BNY Mellon (9:20 am - 10:05 am)
Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00
 AM, Bushor Conference Room, 149 Church Street, 1st Floor
Category 8. Vendor Presentations
Department Retirement Administration


Type Information
 Presentation
 Discussion


8.1. BNY Mellon (9:20 am - 10:05 am)


Subject 8.2. RVK (10:10 am - 10:55 am)
Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00
 AM, Bushor Conference Room, 149 Church Street, 1st Floor
Category 8. Vendor Presentations
Department Retirement Administration


Type Discussion
 Information
 Presentation


8.2. RVK (10:10 am - 10:55 am)


Subject 8.3. Fiducient (11:00 am - 11:45 am)
Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00
 AM, Bushor Conference Room, 149 Church Street, 1st Floor
Category 8. Vendor Presentations
Department Retirement Administration


Type Discussion
 Information
 Presentation


8.3. Fiducient (11:00 am - 11:45 am)


Subject 8.4. Board Discussion (11:45 am - 12:00 pm)
Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00
 AM, Bushor Conference Room, 149 Church Street, 1st Floor
Category 8. Vendor Presentations
Department Retirement Administration


Type Discussion


8.4. Board Discussion (11:45 am - 12:00 pm)


9. Adjournment
9. Adjournment

Subject 9.1. Motion to adjourn
Meeting February 23, 2026 - Retirement Board Meeting - Monday, February 23, 2026, 9:00
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


Category 9. Adjournment

Department Retirement Administration


Type Action
 Procedural


Recommended Action Motion to adjourn
9.1. Motion to adjourn
Board Chair Hooper adjourned the meeting at 12:07 pm.