Retirement Commission - Minutes - 09/23/2025

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Retirement Commission Meeting Minutes—Sept. 23, 2025
Members Present: Susan Driscoll (RTM); James Dimmock (Police Comm); Nancy Natwick (Fire Services);
Paul Goldstein (RTM; 5:50pm)
Members Absent: Craig Merriman (BoE); Mike Rocchetti (BoF); Rob Brule (BoS)
1. Call to order: Consensus to proceed with public comment and presentation while awaiting delayed arrival of member for
quorum; Chair called the meeting to order at 5:50 p.m.
2. Public comment: None.
3. Presentation: Devon Francis of Fiducient Advisors gave an overview of the Aug. 31 Flash Report and fielded questions from
members. Despite some volatility in the stock market in response to geopolitical activity, the experts are not currently
forecasting a recession but, she noted, they're also not expecting growth to continue at such a strong level. Our investments
have dedicated exposure in both small and large capital funds, with a 65/35 mix in fixed and variable returns, but at this time
small capital funds a proving a good investment. Francis also noted that Fiducient’s plan for the July $1.38 million OPEB
contribution was to invest it in three stages between July and October, with the to-be-invested funds held in safe interest-
earning money market funds. She noted that the return expectations in the report were muted, but not pessimistic, adding
that they know the relatively strong 10-year market performance won't last forever due to circumstances beyond our
control. But, she added, our investments are doing well overall and we continue to meet our targeted returns.
. Previous minutes: Motion by Dimmock, second by Goldstein, to approve the January 21, 2025, minutes as presented.
Voice vote: Yes 3. No O Abstain 1 (Natwick) Motion passed.
5. Consideration of Principal’s 4" quarter status reports: Chair relayed Finance Director’s comments that the reports showed
no issues with the detailing of the ins and outs of the two pension fund accounts; no questions from members.
. New business: Chair noted that the state’s recent reforms to MERS, including increased COLAs for benefits, deferred
retirement incentives, and the creation of a hybrid MERS 2.0 for new hires that will include the existing defined benefit plan
and a new defined contribution account will no doubt have an impact, but we are awaiting specific guidance from the OSC’s
Retirement Services Division. Members were asked to remind their groups that Retirement Commission appointments for
the new term must be done between Dec. 1 and Dec. 31.
7. Adjournment: Motion by Dimmock; second by Goldstein to adjourn at 6:35 p.m. Voice vote: Unanimous.
Submitted by
Susan Driscoll, Retirement Commission Chair
encl: Fiducient Flash Report-Aug 31,2025

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

Asset Class Performance
24
eYTD OMTD
Total Returns (%)
High Yield
Municipals
TPS Municipals 5 US, Core Bond
Your
High Yietd
US.long — Foraign Bond UStargaCap U.S, SmallCap Intemational
Duration Developed
Source: Morningstar Direct. As of August 31, 2025. ‘Hedge fund returns are as of duly 34, 2025.
Fixed Income (August)
+ Declining interest rates were a tailwind for fixed
income assets during August. Dovish sentiment
coming out of the Fed's Jackson Hole summit
helped drive the move lower. Core fixed income
generated a modest gain.
+ TIPS outperformed as breakeven levels moved
higher. Inflation expectations remain mixed as
investors continue to digest the impact of tariffs.
+ Risk on sentiment and continued strong demand
for yield supported high yield credit markets.
www.FiducientAdvisors.com
Equi ugust)
+ULS. equity markets rallied in August. Small cap
stocks outperformed as shifting sentiment and
increased expectations for interest rate cuts buoyed
the asset class.
+ Developed international equities were also
positive. Japan was a standout while areas such as
Germany and France lagged.
+ Emerging markets rose with their developed
counterparts. Strength in China and Brazil were key
drivers.
Emerging
Markets REITs.
US. Equily —RealAstels Commosties Hedge Funds*
Real Asset / Alternatives (August)
+ U.S. equity REITs posted favorable results
in August. Lodging/resorts led the space,
which benefited from summer travel.
+ Real assets rose during the month, driven
by favorable returns within infrastructure and
inflation-linked assets.
+ Commodities were positive on the back of
favorable precious metal and agricultural
performance.
See disclosures for list of indices representing each asset class, Past performance does not indicate future performance and there is a possibility of a joss. 2
Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.

Fixed Income Market Update
U.S. Treasury Yield Curve Corporate Credit Spreads — Trailing 5 Years (August)
A disappointing unemployment report early in the month and more Credit markets were subdued in the month and both investment grade
dovish sentiment from the Federal Reserve implying higher odds fora and high yield spreads moved tighter. Anticipation of falling rates
FOMC rate cute pushed yields across the U.S. curve lower during improved the outlook on corporate interest coverage and debt service.
August.55 500 4,250
8/29/2025 10Yr Aw
IG 79 bps 119 bps
HY 272 bps 406 bps
4,000
750
Spreads (bps)
Yield (%)
500
3.6
— 3/29/25 280
7B 125 —— Bloomberg U.S. Inv. Grade Corp Index (LHS)
wwe 12131124 — Bloomberg U.S. Corp High Yield Index (RHS)
3.0 * 5 30 to Wrre ‘ —T : —o
0 5 10 1 25 RR P2eSASTESARRARB
xsrprorrraaggqag g ggg
U.S. Treasury Maturity (yrs) GAGAGAGAGAGCASAGCAS
Source: FactSet. As of August 31, 2025.
Source: FactSet. As of August 31, 2025.
oo . See disclosures for list of indices representing each assef class. Past performance does not indicate future performance and there is a possibilily of a loss. 3
www. FiducientAdvisors.com indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volaiility,

Equity Market Update
U.S. Equities — Returns by Sector (August)
The S&P 500 rose during August, with nearly every sector posting gains. Materials and health care led the month as investors shifted from
growthechnology towards value-oriented cyclicals. Technology lagged as exuberance over artificial intelligence waned on concerns of the profitability
of increased expenditures seen this year.
BY
16.1% 73% aMTD
14.0%
13.0% 42.6% mYTD
10.8% 11.6% "
75%
5.7% 5.8% 5.4% 5.5%
3.8% AY 3.6%
0% 2% , 3.1% 6% oon” g
0.3% 0.0% 9.8% . me
Bae
16%
S&P 500 Utilities RealEstate Materials IT Industrials HealthCare Financials Energy Cons. Cons. Disc. Comm.
Source: Morningstar Direct, As of August31, 2025. Staples Services
Market Capitalization, Style, and Select Country Performance (August)
Developed markets saw a rotation from growth to value as investors favored lower valuations and defensive names on anticipated interest rate cuts
and softening economic growth. Japan rose sharply on revised tariffs and an overall structurally improving economy. Growth outpaced value in
emerging markets, with China surging on policy support and Brazil on strong corporate earnings and attractive valuations.
10.3%
71% 7.0%
5.79
Hee 3.4% 4.2% 48% Th
21% : es , oy, 28% 2.3%
: a 1.2% 11% fn 0.2%
Ss w Ed @ = o 3.1%
o oO ct = o a = 3 Pa c a a s a oo =
a a Dp = a € rf & a a
& 6 BS a 6 2 $s e & g 6 z 8 2 8
mal = a! x gs = oO
o So 8 oO
US. Int’i Developed Emerging Markets
Source: Morningstar Direct, As of August 31, 2025.
a . See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility of aloss. 4
www. FiducientAdvisors.com indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.

Real Asset Market Update
Commodity Performance (August)
Commodities were positive outside of energy sectors, which fell on
oversupply concerns and tepid global demand. Precious metals continued to
climb on concerns of U.S. economic policy and diminishing confidence in the
U.S. dollar. Lower supply pushed base metals higher. Weather disruption
stunted supply for agriculture sectors which supported prices.
35
30
25
20
15
410
Total Return (%)
45
,_
32.5
ied)
© Bs
Energy Industrial
Metals
Source: FactSet. As of August 31, 2025.
Precious
Metals
Agriculture
sYTD
oMTD
REIT Sector Performance (August)
Lower interest rates in the month were a tailwind for equity REITs.
Lodging and resorts were higher on sustained travel demand, and self
storage increased on higher occupancy in urban and coastal areas.
Office stabilized and rose on attractive valuations. Data centers
struggled as investors weighed the sustainability of capacity and energy
sourcing challenges.
Data Centers
Diversified 18.8
Health Care 213
industrial
Infrastructure
Lodging/Resorts
Office
Residential
Retail
Self Storage
Speciaity
Timber
Total Return (%)
Source: FactSet As of August 31,2025. BMTO ®YTO
an . See disclosures for list of indices representing each asset class, Past performance does not indicate future performance and there is a possibility of a loss, 5
www.FiducientAdvisors.com — jndices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.

Financial Markets Performance
Tatal Return as of August 34, 2025
Periods greater than one year are annualized
Alf returns are in U.S. dolfar terms
Global Fixed income Markets ; MID YTD i¥R 3yR sYR TR 10YR 18YR
Bloomberg 1-3-Month T-Bill 0.4% 2.9% 46% 48% 3.0% 2.6% 2.0% 1.4%
Bloomberg U.S. TIPS 15% 6.4% 49% 2.4% 13% 3.2% 2.9% 2.0%
Bloomberg Municipal Bond (6 Year) 0.8% 4.0% 37% 3.2% 1.0% 21% 2.0% 2.2%
Bloomberg High Yield Municipal Bond 05% A3% 15% 3.6% 23% 3.2% 4.4% 4.8%
Blomberg US. Aggregate 1.2% 5.0% 3.1% 3.0% 07% 1.8% 4.8% 2.2%
Bloomberg U.S. Corporate High Yield 1.2% 6.4% 83% 9.3% 5.2% 5.3% 5.8% 6.3%
Bloomberg Global Aggregate ex-U.S, Hedged 0,0% 1.8% 3.6% 43% 0.9% 2.3% 2.6% 2.9%
Bloomberg Global Aggregate ex-U.S, Unhedgad 1.7% 9.0% 3.6% 3.8% 2.7% 05% 05% 0.3%
Bloomberg U.S. Long Gov / Credit 0.5% 3.4% 2.0% 0.0% 5.2% 0.6% 1.7% 3.0%
Global Equity Markets kis) Sais) WR NR BYR WR WOYR isYR
SaP 500 2.0% 10.8% 18.9% 19.5% 14.7% 14.0% 14.6% 15.0%
Dow Jones Industrial Average 3.4% 8.3% 41.4% 15.3% 12.0% 40.6% 13.1% 13.2%
NASDAQ Composite 16% 11.8% 22.0% 22.9% 13.6% 15.9% 17.3% 17.9%
Russell 3000 2.3% 10.6% 15.8% 18.8% 14.1% 13.2% 14.0% 44.7%
Russell 1000 2.4% 10.8% 16.2% 19.3% 14.3% 13.7% 14.3% 14.9%
Russel! 1000 Growth 11% 11.3% 22.6% 25.0% 18.3% 17.3% 17.9% 17.7%
Russail 1000 Value 3.2% 10.0% 9.3% 12.9% 13.0% 9.3% 10.2% 14.7%
Russell Mid Cap 2.5% 94% 12.6% 13.6% 12,0% 9.8% 10.9% 12.7%
Russell Mid Cap Growth 1.0% 13.1% 26.4% 19.4% 11.0% 42.0% 13.0% 14.3%
Russell Mid Cap Value 3.0% 8.1% 8.2% 11.2% 12.9% 8.3% 9.4% 41.6%
Russet 2006 7.1% 71% 8.2% 10.3% 10.1% 5.9% 89% 41.1%
Russell 2000 Growth 5.9% 7.2% 10.5% 11.5% 7.4% 5.6% 87% 41.7%
Russell 2000 Value 8.5% 6.2% 5.8% 8.8% 13.1% 5.7% 86% 10.1%
MSGI ACWI 2.5% 14.3% 15.8% 17.7% 12.0% 10.8% 14.1% 10.6%
MSGI ACWI ex. U.S. 3.5% 21.8% 15.4% 15.1% a9% 7.0% 7.3% 6.5%
MSCI EAFE 43% 22.8% 13.9% 17.0% 10.2% 78% 7.4% 7.3%
MSCI EAFE Growth 2.8% 15.8% 5.6% 12.9% 6.0% 65% 7.2% 7.4%
MSCI EAFE Value 5.7% 30.2% 22.7% 21.3% 14.3% 8.3% 7.3% 6.9%
MSCIEAFE Small Cap 48% 26.4% 18.8% 14.3% 8.0% 5.7% 7.4% 6.4%
MSCI Emerging Markets 1.3% 19.0% 16.8% 10.8% 5.2% 5.0% 69% 42%
‘Alternatives AT yTe i¥R 3YR BYR WR FOR evr
Consumer Price Index" 0.2% 1.4% 27% 3.0% 45% 3.6% 3.1% 2.6%
FTSE NAREIT All Equity REITs 3.3% 41% AA% 3.4% 63% 54% 7.0% 87%
S&P Real Assets 2.7% 10.1% 7.4% 6.4% 6.6% 52% 5.4% 5.6%
FTSE EPRA NAREIT Developed 44% 10.4% 2.8% 5.4% 57% 3.3% 48% 64%
FTSE EPRA NAREIT Developed ex U.S. 46% 23.4% 31% 5.5% 2.3% 1.1% 3.0% 45%
Bloomberg Commodity Total Retum 1.9% 71% 11.8% 08% 10.3% 57% 3.4% 0.2%
HFRI Fund of Funds Composite” 1.0% 3.8% 7.5% 6.5% 5.9% 47% 3.9% 3.9%
HERI Asset Weighted Composite” 06% 3.2% 5.9% 5.1% 6.3% 45% 3.9% 46%
Aletian MLP 08% 9.8% 14.9% 20.7% 29.4% 10.1% 6.8% 7.4%
Sources: Morningstar, FactSet As of August 31, 2025. *Consumer Price Index and HFRI indexes as of July 31, 2026.
oo . See disclosures for list of indices representing each asset class, Past performance does not indicate future performance and there is a possibility of a loss. 6
www.FiducientAdvisors.com —_ ngices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.

Portfolio Dashboard
Waterford OPEB
Historical Peforniaacé 5 7 & a o giSuaniaty of Cash Flaws
As of August 31, 2025
16.0 Fiscal Wp cae Since,
Month QTD. YT yrp Inception
Beginning Mackat Value 48,971,626. 46,868,179. 16,a68,173.eezt.628 1 tea7ee
12.0 Net Contributions 31 1,384,273 1,283,273 1,378,815 11,996,219
iy Gain/Loss 392,298 417,509 417,609 1,863,515 6,602,977
E Ending Market Value 18,763,955 18,763,955 18,763,958 18,763,965
ai
Current Benchinark Composition :
“From Date To.Date : 7
03/2025 Present 38.00% Bimbg. U.S. Aggregate, 37.50% Dow Jones U.S. Total
Stock Market Index , 23.00% MSCI AC World ex USA (Net),
: 4.50% Diversified Real Asset Blended Index
1 QTD Fiscal = YTD 1 3 5 Since - . -
Month YTO Year Years Years_Inception
Wl Portfotio (03/2017) EB Portfolio Benchmark (03/2017)
Porttotio Altacation: 2 i 5 PAchual ys. Target Allocations: : y e K
Real Assets Short Term Liquidity Short Term Liquidity
4.2% 5.0% $937,716
International Equity
22.6% Ng Fixed Income
; $6,138,134 23%
Fixed Income. ”
32.7%
Domestic Equity
$6,657,260 20%
International Equity
$4,233,720
0.4%
Domestic Equity35.5% Real Assets.
$797,128 03%
HE Short Term Liquidity {2 Fixed income EB Domestic Equity 15.0% 0.0% 16.0% 30.0% 45.0% 60.0%
international Equity Reat Assets A target WE Actual differences
Inception Date: 03/2017. Client portfolio performance is presented net of underlying Investment manager and Fiduclent Advisors feas,

Asset Allocation
Waterford OPEB As of August 31, 2025
Assot Asset pt
Allocation ‘Allocation Allocation
Differences:
) (h) 2) a
Waterford OPEB 763,955
Short ‘Term Liquidity. 937,716
Allspring Govamment Money Market Fund insll 937,746
Fixed Income. 6,138,134
Fidelity Inflation-Protected Bond Index 264,955
Baird Aggregate Bond Fund Class Institutional : 2,099,843
“Harbor Core Bond Retirement - IR&M a 8,400,007
BlackRock Strategic Income Opportunities Fund K 1,495,883,
‘Artisan High income Insll : 177,444 _
Domestic Equity “6,687,260 36.6 378 2.0
Fidalily 500 Index Fund —_ 4,471,785 23.8 3500 4.2
"Fidelity Mid Cap Index : ° 1,328,209 ma a: 7: 0.4
Hotchkis & Wiley SmallCap Diversified Value ZS 447,083 24 es aA
Conestoga Small Cap Insil 410,233 22 25 03
international Equity 5 : 4,233,720 228 S280 04
Dodge & Cox International Stock Fund 1,986,657 ~ 10.6 10.5 0.1
“JHancock Internalional Dynamic Growth R6- Axiom : {ari7ee”S~<CS~ : 405 OS
ARGA Emerging Markets Value Fund _ "200,403 a ee : oi
GQG Partners Emerging Markels Equity R6 174,900 09 .. 7 1.0 04
Real Assets : 797,128 42 er 45. 0.3
DWS RREEF Real Assets R6 _ : 797,128 420 45 03

Manager Performance
Waterford OPEB As of August 31, 2025
Allocation : f Performance(%}
Market 3 5
Since incepilon®
Ae 4 Year Nears Nears” Inception Date
Waterford OPEB 18,763,955 100.0 75 03/2017
OPEB Blended Benchmark 7.8
Short term Liquidity ©, S 937,746 50 5 ‘ Z a3 0312047;
90 Day U.S. Treasury Biff 64 a7 0.7 28 4.5 47 29 24
Ailspring Goverment Money Market Fund Insti 937,716 6.0. 0.4 1.0 cr) 34 49 az 29 23 03/2017
90 Day U.S. Treasury Bill 04 a7 07 28 45 47 29 24
: 0,138,139 : y i j a2047
Fixed Income Benchmark 12 a9 09 5.0 3.0 3.0 “0.8 1.6
Fidality Inflation-Protected Bond index 264965 14 AB 16 16264 48 24 12 38 022023
Bimbg. U.S. TIPS 18 17 17 64 49 24 13 40
IM U.S. TIPS (MF) Median 1.6 17 17 6.2 $4 25 1.3 40
Fidelity inflation-Protected Bond index Rank 58 65 65 44 61 84 54 64
Bajrd Aggregate Bond Fund Class Institutionat 2,099,843. 214.2 42 40 40 SA 34. 37, 10.4 02 ‘04/2024
Bimbg. U.S. Aggregate index 1.2 0.9 0.9 5.0 31 3.0 0.7 “0.4
1M U.S. Broad Market Core Fixed Income (MF) Median 4.2 1.0 4.0 5.0 3.2 31 0.5 04
Baird Aggregate Bond Fund Class insiilutional Rank 78 50 50 43 39 26 40 27
Harbor Core Bond Retirement - IR&M 2,100,007. 44.2 4.2. 1.0. : 41.0 49 aA 3.2. : 0.6 5.4 03/2024
Bimbg. U.S. Aggregate 4.2 09 a9 5.0 at 30 07 53
IM U.S. Broad Marke Core Fixed Income (MF) Median 1.2 40 1.0 5.0 32 34 0.5 56
Harbor Core Bond Retirement - IR&M Rank 7 87 87 65 56 47 $4 87
BlackRock Stratagic income Opportunities Furid K 498,883.09 BOA 43 13 64 68 68 36 33 asiz018
Bimbg. U.S. Aggregate Index 12 0g o9 50 34 3.0 0.7 18
IM Allemative Credit Focus (MF) Median 14 13 13 84 66 5.8 35 35
BlackRock Strategic Income Opportunities Fund K Rank 47 55 55 19 40 48 46 33
Client portfotio performance is presented net of underlying investment manager and Fiducient Advisors’ fees. Manager performance for mutual funds and ETFs is based on NAV and provided by Lipper.
Performance for non-mutual fund or ETF investments is based on the returns provided by managers, catculations based on a manager statement, or caiculations 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 incaption, (nception dates for asset class composites reflect the
start date al which these relums could pe calculated using historical and existing system capabilities and may vary from the inception dates of underlying component strategies. * Return displayed as gross of
fees,

Manager Performance
Waterford OPEB As of August 31, 2025
Allocation: Z z Porformancer’)
Martet
A 4 <7 & Since inception
eS & Month: Year Yeats Nears Inception Date
Artisan High Income {nstl eS : 022023
Bimbg. U.S. Cor: High Yield e . 5 64 83 9.2
iM U.S. High Yield Bonds (MF) Median 1,2 4.6 16 6.9 74 as 46 84
Artisan High Income instl Rank 78 56 56 17 6 a 6 5
Domestic Equity: Re 7 G,O8T,280 358 : S © : . 03/2017,
Dow Jones U.S. Total Stock Market index 23 4.6 46 10.5 15.9 18.8 14.0 13.8
Fidelity 600 index Fund 4,471,168. 23.8 2 2.0 43 43 10.8 16.8 19:8 AAT 43.3 04/2024
S&P 500 index 20 43 4.3 10.8 15.9 19.5 14.7 13.3
IM U.S. Large Cap Core Equity (MF) Median 19 3.9 39 104 13.9 18.4 13.5 18
Fidelity 500 Index Fund Rank 39 29 29 35 27 30 22 18
Fidelity Mid Gap index ee 4320208. 74 28 44 44 94 428 43.6 42.0 WF 04/2021
Russell Midcap Index 25 44 44 94 12.6 13.6 12.0 Ag
IM U.S. Mid Cap Core Equity (MF) Median 268 43 43 69 17 11.2 12.0 74
Fidelity Mid Cap index Rank 60 44 44 15 15 18 51 36
Hotchkis & Wiley Smail Cap Diversified Value Z 447,063.24 0° 87, aT. a7 34 28 ab 48.8 87 04/2024
Rusself 2000 Value Index 85 10.4 10.4 69 68 a8 13,4 42
IM U.S. Small Cap Value Equity (MF) Median 76 88 a8 46 42 9.6 149 58
Hotchkis & Wiley Small Cap Diversified Value Z Rank 20 32 32 65 69 72 37 63
Conestoga Smail Gap instf 440,293 8220-27 AZ A7 26.4 38 6.8 PAD 08 ‘0412024
Russelt 2000 Growth index 5.9 77 77 72 10.5 11.6 74 13
IM U.S. Smait Cap Growth Equity (MF) Megian 45 56 5.6 5.0 57 99 72 17
Conestaga Small Cap Inst! Rank a7 97 97 400 100 ot 72 64
Client portfolio performance is presented nat of underlying invesiment manager and Fiducient Advisors’ fees, Manager performance for mutual funds and ETFs is based on NAV and provided by Lipper.
Performance for non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a statement or data from the client's.
custodian, Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are nat of fees unless othenvise stated, Tha 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 rafiect the
start date at which these retums could be calculated using historical and existing system capabilities and may vary fram the inception dates of underlying component strategies. * Return displayed as gross of
fees.

Manager Performance
Waterford OPEB As of August 31, 2025
Allocation << zy Porformancats)
Market : fee Z
4 3 5. Since inception
a 2 aon sp Yeats Nears < Ineeption © Date
{itemational Equity. A0n720 2 226 a2 18 AB 20,7 Ad AGS 4 G3i2047,
MSCI AC Wont ex USA (Net) 35 a2 32 2n.6 15.4 18.4 89 77
Dodge & Cox Intemational Stock Fund 4,986,684°..° 40.6 44 4A 44 274 20:7. ANOS 56. 04/2024
MSCI AC World ex USA Value (Net) 44 49 49 26.7 19.9 17.9 12.8 9.2
1M international Large Cap Value Equity (MF) Median 42 34 3.4 25.9 17.9 19.0 12.4 9.0
Dodge & Cox Intemational Steck Fund Rank 64 17 47 36 22 74 30 47
dHancack intematlonal: Dynamic Growtt: R6 - Axiom, 4,874,766 40.008 2.3 0.7 20.7 449 42.95 49.6 a7 98 og/2026
MSCI AC World ex USA Growth (Net) 2.8 4.6 1.6 17.7 44.2 12.5 62 12.8
IM international Growth Equity (MF) Median 29 06 06 18.6 1.3 44.2 68 12.0
JHancock Intemational Dynamic Growth R6 - Axiom Rank 70 72 72 74 38 2 14 ral
ARGA Emerging Markets Value Fund. 200,403 44 5.0. TA 7A 29.8 31.0 20,2 *: E496 03/2023.
MSC! Emerging Markets Value (Nef) 0.2 1.8 1.6 16.8 12.2 44.2 8.0 13.6
IM Emerging Markets Equity {MF} Median 25 34 34 18.6 16.4 41.3 49 13.8
ARGA Emerging Markets Value Fund Rank 3 3 3 1 2 2 - 4
GQG Partners Emerging Markets Equity R& 174,900 0.9 0.9 4.8. AB 33 44 10:8 44 7.0 03/2025
MSCi Emerging Markets Growth {Nel} 23 46 46 24.0 aut 10.4 26 18.8
IM Emerging Markats Equity (MF) Median 25 34 34 18.6 16.4 14.3 49 16.9
GQG Partners Emerging Markets Equity R6 Rank 93 oF 97 99 99 60 56 100
Diversified Real Asset Blended index 3.2 3.0 3.0 12.3 95 59 ‘i 6.2
DWS RREEF Real Assets R6- 797,128. 42 2. 44 44 9.2. 5.4 44. 5.3 03/2026
DWS Real Assets Benchmark 32 24 24 144 74 4.8 67
Client porifotio performance is prasanted net of underlying investment manager and Fiducient Advisors fees. Manager performance for mutual funds and ETFs is based an NAV and provided by Lipper.
Performance for non-mutual fund or ETF investments is Dased 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 Inciudes dates prior to the fund's inception. Returns are net of fees unless otherwise stalad. The fund's
Inception date represents the first month the client made the invesiment. Composite performance includes alt funds held in the composite since inception. inception dates for asset class composites reflect the
start date at which these retums could be calculated using historical and exisling system capabilities and may vary from the inception dates of underlying component strategies. * Return displayed as gross of
fees,
a

Benchmark History
Waterford OPEB
from Date.
03/2026
032024
02/2023
Eo Date
Present
03/2025
“93/2024
As of August 31, 2025
Borichiiark Composition
0% Bimbg. U.S. Aggregate, 37.5% Dow Jones U.S. Total Stock Market Index , 23.0% MSCIAC World ex USA (Net}, 4.5%
Diversified Reat Asset Blended Index
33.5% Bimdg, U.S, Aggregate, 1.5% Blmbg. Globa} Aggregate, 37.5% Dow Jones U.S. Total Stock Market Index , 23.0% MSCI
AC World ex USA (Net), 4.5% Diversified Real Asset Blanded Index
28.5% Bimbg, U.S. Aggregate, 1.5% Blmbg. Global Aggregate, 38.0% Dow Jones U.S. Total Stock Markat Index , 27.0% MSCI
AC World ex USA (Net), 5.0% Diversified Rea! Asset Blended index
28.5% Bimbg. U.S. Aggragate, 1.5% Blmbg, Global Aggregate, 36.0% Dow Jonas U.S. Total Stock Market Index , 27.0% MSCI
01/2023 02/2023
AC World ex USA (Net), 5.0% Diversified Real Asset Blended Index
03/2022 01/2023 28.0% Blmbg. U.S. Aggregale, 2.0% Bimbg, Global Aggregate, 38.0% Dow Jones U.S. Totat Slock Market index , 27.0% MSCI
a AC World ex USA (Net), 5.0% Diversified Real Asset Blended Index
1212024 03/2022 28.0% Bimbg. U.S. Aggregate, 2.0% Bimbg. Global Aggregate, 35.8% Dow Jones U.S. Total Stock Market Index , 29.3% MSCI
AC World ex USA (Net), 5.0% Diversified Real Asset Blended Index .
14/2024 12/2021 2.0% 80 Day U.S. Treasury Bill, 26.5% Bimbg. U.S. Aggregate, 2.0% Bimbg. Global Aggregata, 36.0% Dow Jonas U.S, Total
Stock Market Index , 28.5% MSCI AC Warid ex USA (Net), 5.0% Diversified Real Assel Blended Index
10/2024 11/2021 4.0% 90 Day U.S. Treasury Bill, 27.5% Bimbg, U.S, Aggregate, 2,0% Blmbg. Global Aggregate, 33.8% Dow Jones U.S. Total
Stock Market index , 27.8% MSCI AC World ex USA (Net), 5,0% Diversified Real Asset Blended Index
08/2021 10/2021 7.8% 90 Day U.S. Treasury Bill, 26.0% &lmbg. U.S. Aggregate, 2.0% Blmbg. Global Aggregate, 33.0% Dow Jones U.S. Total
. Stock Market index , 26.5% MSCI AC World ex USA (Net), 4.8% Diversified Real Assat Blended Index
04/2021 08/2021 30.3% Bimbg. U.S. Aggregate, 2.3% Blmbg. Global Aggregate, 34.8% Dow Jones U.S. Total Stock Markel Index , 27.8% MSCI
AC World ex USA (Nat), 5.0% Diversified Real Asset Blended index

Portfolio Dashboard
Waterford Pension As of August 31, 2025
Historical Performance: & : 3 Surriviary of Gash Glows Q :
16.0 bs Fiscal 4 Since
Month. QTD YTD. yTo Year... inception
Beginning Market Value. 512,458. 495,706. 495,706. 603,831 634,274. 664,680.
12.0 Net Contributions 7,146 7,148 38,401 -68,432 —_-356,608
= _Gainfoss 13,072 072 80,494 60,084 307,852
E a0 Ending Market Value 616,924 815,924 5,924 515,924
a
& 40 Current Benchmark Composition: z
° From Date To Date
03/2024 Present 40.00% Pension Fixed Income Benchmark, 37.00% Dow Jones
U.S. Total Stock Market Index , 23.00% MSCt AC Warld ex USA
00 (Net)
1 QTD Fiscal «= YTD 1 3 5 Since .
Month YTD Year Years Years Inception
HE Portfolio (14/2016) E® Portfolio sanchmark (11/2016)
Porttolio Allocation Z E 2 : Actual ve. carget Allocations: 2
Shant Term Liquiity Short Term Liquidity
International Equity $18,202
22.2%
Fixed Income 40.0%
Fixed Income $193,568 37.5%
37.5% . 2.5%
Domestic Equity 87.0%
. 36.7%
$189,382 03%
Domestic Equity38.7% International Equity
$114,772 08%
Tl Shost Term Liquidity [Fixed Income ~15.0 % 0.0% 15.0% 30.0% 45.0% 60.0%
EB Domestic Equity Internationat Equity EB Target Actual {1 Differences
Client portfolio performance is presented net of underlying investment manager and Fiducient Advisors’ fees.

Asset Allocation
Waterford Pension
Waterford Pension
‘Short Term Liquidity E
Ailspring Government Money Market Fund inst!
Fixed Income
Fidelity inflation-Protected Bond Index
Baird Aggregate Bond Fund Class Institulional
Harbor Core Bond Retirement - IR&M _
BlackRock Strategic Income Opportunies Fund K
493,868
PSSat
Allocation
(ie
Asset
Allocation
() g
As of August 31, 2025
Target :
Allocation. : ee
Ay
10,337
64,778
66,958
45,422
Artisan High income instil
7,673
Domestic Equity
Fidelity Total Market Index Fund
International Equity
"" Fidelily Gtobal ex-U.S, Index
189,382
489,382
444,772.
114,772
14

Manager Performance
Waterford Pension As of August 31, 2025
Allocation be : Parformancers)
Mk A Fiscal 3 G Since inception
© Zs YIG: Nears: Years. Inception Date
Waterford Pension 515,924 00.0 4142016
Pension Blended Benchmark . . . 10.9 12.0 i. 72
Short-Term Liquidity © se Q ¢ Ge : 142016
90 Day U.S. Treasury Bill 0.4 07 07 2.8 4.5 47 29 23
Allspririg Government Money Market. Fund Insti * 48,202 45. 04 0.7. 0,7: q 31 AT $2 3.2. 23. 41/2016
90 Day U.S. Treasury Bilt 04 0.7 07 28 45 47 29 23
Fixed income Boe g = 193,508 : ino
Fixed Income Benchmark 1.2 09 09 St 32 3.0 0.8 1.4
Fidelity inflation-Protected Bond index 10,337. 2.0 16 16 1.6 84 AB 2a 42 38 02/2023
Bimbg, U.S. TIPS 46 17 1? 64 49 2.4 4.3 4.0
IM U.S. TIPS {MF} Median 16 V7 7 62 54 26 1.3 4.0
Fidelity inflation-Protected Bond Index Rank 59 65 65 4 61 84 54 54
Baird-Aggregate Bond Fund Class Institutional 64,778 12.6 42 1,0. 4.0 64 34. a7 20.4 0.2. 04/2024
Bimbg. U.S. Aggregate Index 12 a9 09 5.0 af 30 ~O7 O04
IM U.S. Broad Market Core Fixed Income (MF) Median 12 1.0 1.0 5.0 3.2 3.1 0.5 04
Baird Aggregate Bond Fund Class institutional Rank 76 50 50 43 39 25 40 2?
Harbor Core Bond Retirement - IR&M 65,358 12.7 AZ 4.00 1.0 4g 3 3.2 0.6 03/2024
Bimbg. U.S. Aggregate 12 og 0g 5.0 Bt 30 +07
IM U.S. Broad Market Core Fixed income (MF) Median 1.2 4.0 4.0 5.0 3.2 a4 0.5
Harbor Core Sond Retirement - IR&M Rank 77 57 87 65 56 47 54
BlackRock Strategic Income Opportunities Fund K 46,422 8.8 1.4 4.3. Ay 6.4. 68 6.9 36 o6/2018
Bimbg. U.S. Aggregate Index 12 09 09 50 at 3.0 07
iM Altemative Credit Focus (MF} Madian ut 1.3 1.3 St 65 5a 35
BlackRock Strategic Income Opportunitles Fund K Rank 47 55 55 19 40 48 45 33
Ctiant portfolio performance is presented net of underlying investment manager and Fiducient Advisors' fees. Manager performance for mutual funds and ETFs is based on NAV and provided by Lipper.
Performance for nen-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a statament or data from ihe 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 statad, The fund’s
inception date represents the first month the client made the investment. Camposite performance includes all funds held in the composite since inception. inception dates for asset class composites reflect the
Start date at which these retums could be calculated using historicat and existing system capabilities and may vary from the inception dates of underlying component strategies. * Return displayed as gross of
fees.

Manager Performance
Waterford Pension As of August 31, 2025
Allocation. Pertormance(%).
Market
o fiscal 4 y Since Inception:
valve & 2, XID, Year inception < Date
(3)
Artisan High Income insti 02/2023
Bimbg. U.S. Corp: High Yield a3 93 52 9.3
iM U.S. High Yield Sonds (MF) Median 1.2 16 1.6 5.9 74 EBs) 46 a4
Actisan High Income Insti Rank 76 56 36 17 6 8 6 5
189,382 f ae . ASS 12016.
Domestic Equity Benchmark 23 46 46 10.8 15.9 148.8 14.0 14.8
Fidelity Total Market Index.FundTM::: 189,382 36.7. 23 46 46 10.8. 45.9 488. 14.4 44.8 232) OA2019
Dow Jones U.S. Total Stock Matkel index 23 4.6 46 10.5 15.9 18.8 14.0 14.8
IM U.S. Multi-Gap Core Equity (MF) Median 22 44 44 9.0 12.2 16.4 12.8 13.4
Fidelity Total Market index Fund Rank 4g 28 28 29 16 20 a7 21
Intemational Equity S . a AZ, 4:0: BBE 46.4: Ags 1412078,
MSCI AC World ex USA (Net) 35 3.2 32 21.6 15.4 15.4 a9 8.0
Fidelity Global.ex-U.S, Index 114,772 22.2, 4.0. 28, : 2.8 22:2 LAB. 45:5 9.9 45.2 03/2025
MSCI AC World ex USA (Net) 35 32 32 21.6 15.4 15.4 Bg 15.3
iM International Large Cap Core Equity (MF} Median 36 24 21 214 42.9 15.8 95 13.0
Fidelity Global ex-U.S. Index Rank bre 25 25 41 24 56 64 20
Client portfolio performance is presented net of underlying investment manager and Fiducient Advisors’ fees. Manager performance for mutuai funds and ETFs is based on NAV and provided by Lipper.
Performance for non-rutual fund or ETF invastments 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 equivatent share class wilh 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
incaption date represents the first month the client made the investment. Composite performance includes all funds hefd in the composite since inception. inception dates for asset class composites reflect the
start date al which these returns could be catculated using historical and existing system capabilities and may vary from the inception dates of underlying component strategies. * Return displayed as gross of
fees.
16

Benchmark History
Waterford Pension
Account Name: From: Date: <
Waterford Pension 3/2024
Present
As of August 31, 2025
. Benchmark Composition. .
40,0% Penslon Fixed income Benchmark, 37.0% Dow Jones U.S. Total Stock Market Index , 23.0% MSCI AC World ex
USA (Net)
03/2022 03/2024 35.0% Pension Fixed Income Benchmark, 38.0% Dow Jones U.S. Total Stock Market Index , 27.0% MSC] AC World ex USA
(Net)
44/2021 03/2022 35.0% Pension Fixed Income Benchmark, 35.8% Dow Jones U.S. Total Stock Market index , 29.3% MSCI AC World ex USA.
(Net)
10/2021 1442021 10.0% 90 Day U.S. Treasury Bill, 32.3% Pension Fixed Income Benchrnark, 31.8% Dow Jones U.S. Total Stock Market Index ,
. 26.0% MSCi AC World ex USA (Nel) . .
09/2024 10/2021 14.0% 90 Day U.S. Treasury Bill, 29.8% Pension Fixed Income Benchmark, 31.0% Dow Jones U.S. Total Stock Market Index ,
25.3% MSCI AC. World ex USA (Net) cue .
09/2021 09/2024 48,5% 90 Day U.S. Treasury Bill, 35.0% Pension Fixed income Benchmark, 26.0% Dow Jones U.S. Total Stock Market Index ,
20.5% MSCI AC Warld ex USA {Net}
04/2021 08/2021 50.0% Pension Fixed Income Benchmark, 27.5% Dow Jones U.S. Total Stock Market Index , 22.6% MSCI AC World ex USA.
(Net)
17

Definitions & Disclosures
Please note: Due to rounding methodalogles of varicus data providers, certain returns In this report might differ slightly when compared to other sources.
REGULATORY DISCLOSURES
Offer of ADV Part 28: Rute 204-3 under the Investment Advisers Act of 1940 requires that we make an annualoffer to clients to send them, without charge, a written disclosure statement meeting the requirements of such rue.
We will be glad to send a copy of ous ADV Part 2A to you upon your written request to compliance@fiducient.com.
INDEX DEFINITIONS
Citigroup 3 Month T-Blll measures monthly return equivatents 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 $4 million Guaranteed interest Contracts held for three ye
Bloomberg TreasuryU.S, T-Biits-1-3 Month Index includes aged U.S, Treasury bills, notes and bonds with a remaining maturity from 1 up to (but not incfuding)3 months. Itexcludes zero coupon strips.
Bloomberg Capital US Treasury inflation Protected Securities Index consists of Inflatian-Protection securities issued by the U.S, Treasury.
Bloomberg Muni indexis 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 tworatings agencies.
Bloomberg Muni t Year indexis the 1-year{1-2} component of the Municipal Bond index.
Bloomberg Muni 3 Year indexis the 3-year(2-4) component of the Municipal Bond index.
Bloomberg Muni 5 Year indexis the 5-year(4-6) component of the Municipal Bond index.
Bloomberg Muni? Year Index is the 7-year(6-8] component of the Municipal Bond index.
Bloomberg Intermediate U.S. Gov't/Creditis the Intermediate componentof the U.S. Government/Credit index, which inchides securities in the Gavernment 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 meat specified maturity, liquidity, and qualityrequirements.
Bloamberg U.S. Aggregate Index covers the U.S. investment grade fixed rate bond market, with index components for governmentand corporate securities, mortgage pass-through securities, and asset-
backed securities.
Bloamberg Global Aggregate ex. USD indices representa broad-based measure of the global investment-grade fixed income markets. The two major components of this indexare the Pan-European Aggregate and the
Asian-Pacific Aggregate indices. The index aiso includes Euradoliarand Euro-Yen corporate bonds and Canadian government, agencyand corporate securities,
Bloomberg U.S. Corporate High Vield Index covers the universe of fixed rate, non-Investmentgrade debt. Eurobonds and debt issues fram countries designated as emerging markets (sovereign rating of
Baai/886+/BB6+ and below using the middle of Moody's, S&P, and Fitch} are excluded, but Canadian and glabal bonds (SEC registered) af issuersin non-EMG countries are included,
JP Morgan Government Bond index-Emarging Market (GBI-EM} index is a comprehensive, global facal emerging markets index, and consists of regularly traded, tiquid fixed-rate, domestic currency government
bonds ta which international investors can gain exposure.
The S&P 500 is a capitalization-weighted index af 500 stocks designed to measure parfarmance of the broad domestic economy thraugh changes in the aggregate market vaiue of S00stocks representing ali major industries,
The Dow Jones industrial Indexis a price-weighted average of 30 blue-chip stacks that are generally the leadersin their industry.
The NASDAQIs a broad-based capitalization-weighted index of stocks in all three NASDAQ tiers: Global Select, Global Marketand Capital Market.
Russell 3000 is a market-cap-weighted index which consists of roughly 3,000 of the largest companiesin the U.S. as determined by market capitalization. It vepresents nearly 98% of the investable U.S, equity market,
Russell 1600 consists of the fargest 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 lowerP/8 ratios and lower forecasted growth vatues.
Hussell Mid Cap measures the performance of the 800 smallest companiesin the Russell 1000 Index,
Russell Mid Cap Growth measures the performance of thase Russell Mid Cap companies with higher P/B ratios and higher forecasted growth values,
Aussell Mid Cap Value measures the performance of those Russell Mid Cap companies with lower P/8 ratios and lower forecasted growth values,
Russell 2000 consists of the 2,000 smallest U.S. companies in the Russell 3000 index.
Russell 2060 Growth measures the performance of the Russell 2000 companies with higher P/8 ratiosand higher forecasted grawth values.
Russell 2000 Vatue measures the performance of thase Russell 2000 companies with lower P/8 ratios and lower forecasted growth values.
Rusself 2500 consists of the 2,500 smallest U.S. companies in the Russeil 3000 index.
Russelt 2500 Growth measures the performance of the Russell 2500 companies with higher P/8 ratios and higher forecasted growth values,
Rusself 2500 Value measures the performance of those Russell 2500 companies with lower P/8 ratios and ower 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 (Ail Country World Index) ex. U.S. Index captures iarge and mid-cap representation across 22 of 23 Developed Markets countries (exciuding 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.
MSCIACWI (All Country World index) ex. U.S. Small Cap index captures small caprepresentation across 22 of 23 Developed Markets countries {excluding the US] and 23 Emerging Markets countries. With 4,368
constituents, the indexcovers approximately 14% of the giabal equity opportunity set outside the US,
‘MSC! EAFE is an equityindex which captures large and mid-cap representation across Developed Markets countries around the warld, excluding the US and Canada. With 930 constituents, the index covers approximately
85% of the free float-adjusted market capitalizationin each country,
18

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 investmentstyla
characteristics for index construction are defined using three variables: book vatue to price, 12-month forward earnings to price and dividend yield, With S07 constituents, the Index targets 50% caverage of the free
float- adjusted market capitalization ofthe MSCI EAFE Index.
MSCI EAFE Grawth captures large and mid-cap securities exhibiting overall growth style characteristics across Developed Markets countries araund the world, excluding the US and Canada. The growth Investment
style characteristics for index construction are defined using five variables: long-term forward EPS grawth rate, short-term forward EPS growth rate, current internal grawth rate and long-term historicat EPS growthtrendand
fong-term historical safes per share growth trend. With 542 constituents, the index targets 50% coverage of the free float-adjusted market capitalization of the MCI 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 Indexis 8 measure of prices paid by consumers for a market basket of consumer goods and services. The yearly (or monthly) growth rates representthe 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 pubticly traded property companies domicited in developed markets. The companies in the index are engaged in real estate related
activitfes, suchas propertyownership, management, development, rentaland investment,
S&P Developed Wortd Property x U.S. defines and measures the investable universe of publicly traded property companies domiciled in developed countries qutside of the U.S. The companies included are engagedin real
estate related activities, suchas property ownership, management, development, rentaland investment,
Fund Specific Broad Real Asset Benchmarks:
* DWS Real Assets: 30%: Oow Janes Brookfield iatrastructure index, 30%: FTSE EPRA/NAREIT Developed Index, 15%: Bloomberg Cammadity index, 15%: S&P Global Natural Resources Index, 10%:
U.S. Treasury Inflation Notes Tatal Return index
+ PIMCO inflation Response Muitl Asset Fund: 45% Bloomberg U.S. TIPS, 20% Bloomberg Commeadity Index, 15% JP Morgan Emerging Local Markets Plus, 10% Dow Jones Select REIT, 10% Bloomberg Gold
Subindex Total Return
+ Principat Diversified Real Assets: 35% BBgBare U.S. Treasury TIPS Index, 20% S&P Global infrastructure index NTR, 20% S&P Global Natural Resources index NTR, 45% 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
Btoomberg Commodity Index s calculated on an excess return basis and reflects commodity futures price movements, The index rebatances annually weighted 2/3 by trading volume and 2/3 by world production and
‘weight-caps are applied at the commodity, sector and group level far diversification.
HERI Fund Weighted Composite Indexis a global, equal-weighted index of over 2,000 single-managerfunds thatreport to HFR Database. Constituent funds eport monthly net of all fees performance inUS Dolfar and
havea minimum of $50 Million undes 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 Aterian MLP indexis 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 ona price-return basis (AMZ) andona total-return basis.
‘The Adjusted Alerian MEP index is commensurate with 65% of the monthly returns of the Alerian MLP index to incorporate the effect of deferred tax abilities 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 1986and 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 USt-5Yr Gov/Cr Fit Ad] Index: Bloomberg U.S. 1-5 Year Governmant/Credit Band index through December 34, 2009; Bloomberg U.S, 1-5 Year
Government/Credit Float Adjustedindex thereafter.
Vanguard Spliced Bloomberg US5-10¥¢ Gov/Cr Fit Adj Index: Bloomberg U.S, 5-10 Year Government/Credit Bond Index through December 31, 2009; Bloomberg U.S. 5-10 Year
Government/Credit Float Adjusted Index thereafter.
Vanguard Spliced Bloomberg US Agg lt Adj Index: Bloomberg U.S. Aggregate Bond index through December 31, 2009; Bloomberg U.S. Aggregate Float Adjusted Index thereafter.
Vanguard Spliced Slaomberg US Long Gav/Cr Flt Adj index: Bloomberg U.S. Long Government/Credit Bond Index through December 34, 2009; Sloamberg U.S, Long Government/Credit Float Adjusted index thereafter,
Vanguard Balanced Compasite Index: Made up of two unmanaged benchmarks, weighted 60% Dow Jones U.S. Total Stock Market Index (formerly the Daw 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, 2609; 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-Exemptindex: Bloomberg 4-15 Year Municipal Bond Index.
‘Vanguard Spliced Extended Marketindex: 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 thraugh Aprit 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, 2043, 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) thraugh May 16, 2003; MSC1 US Prime Market Growth index through April 16, 2013; CRSP US Large Cap Growth Index
thereafter.
Vanguard Spliced Mid Cap Vatue Intkex: 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 Grawth 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 S000 Index) through April 22, 2005; MSC] 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; MSC! US Small Cap Value index through April 16, 2013; CRSP US Small Cap
Value index thereafter.

Vanguard Spliced Small Cap Index: Russe!l 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 SmailCap 600 Growth Index (formerly the S&P SmallCap 600/Barra Value Index) through May 16, 2003; MSC! 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 ACW 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, 2043; FTSE Developed ex North America Index through December 20, 2015; FTSE Developed Ali Cap ex US Transition Index through May 34,
2016; FTSE Develaped All Cap ox US Index thereafter. Benchmark returns are adjusted for withholding taxes.
Vanguard Spticed Emerging Markets Index: Select Emerging Markets Index through August 23, 2006; MSC| Emerging Mark