Retirement Commission Special Meeting Agenda (PDF)

FIFTEEN ROPE FERRY ROAD
PHONE: 860-442-0553
WATERFORD, CT 06385-2886
www.waterfordct.org
SPECIAL MEETING AGENDA
. Wednesday, February 16, 2022, 5:30 pm
ZOOM REMOTE ACCESS ONLY
tel Hd O1 a4 G20
Meeting ID: 825 3608 5875 Passcode: 488249
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1. Establishment of a quorum; call to order by the Chair.
2. Public Comment
3. Approval of minutes from the meeting of December 15, 2021.
Consideration of 4Q21 Quarterly Investment Review presented by Devon Francis
of Fiducient Advisors.
Review of revised Retirement Commission FY 23 budget approved 2/9/2022 by
Board of Selectmen.
6. Review of Pension and OPEB Funds — Wells Fargo 4** Quarter (10/1/21 —
12/31/21).
7. Consideration of tentative meeting schedule for remainder of 2022.
8. Adjournment
Encl:
Fiducient Advisors 4Q21 QIR
Draft of Tentative Retirement Commission Meeting Schedule 2022
Wells Fargo OPEB and Pension Funds 4" Quarter
Revised FY23 Retirement Commission budget

FIDUCIENT
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disseminated or distributed to any other person without prior approval. Any dissemination or distribution is strictly prohibited. Information has been obtained from a va
reliable though not independently verified. Any forecasts represent future expectations and actual returns; volatilities and correlations will differ from forecasts. This
specific investment recommendation. Please consult with your advisor, attorney and accountant, as appropriate, regarding: specie ic advic
Past performance does not indicate future performance and there is possibility of a loss.

Disclosure
This report is intended for the exclusive use of clients or prospectiv
Advisors. The information contained herein is intended for the reci
may not be disseminated or distributed to any other person withou
Fiducient Advisors. Any dissemination or distribution is strictly proh
been obtained from a variety of sources believed to be reliable tho
verified. Any forecasts represent future expectations and actual re
correlations will differ from forecasts. This report does not represe
recommendation. Please consult with your advisor, attorney and a
regarding specific advice. Past performance does not indicate futu
is a possibility of a loss.

Fiducient Advisors Update
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February 22
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Table of Contents
Section 1
Section 2
Section 3
Section 4
Section 5
Appendix
Fiduciary Governance
Capital Markets Overv
Pension Portfolio Rev
OPEB Portfolio Review
Manager Review
Frontier Engineer Disc

Fiduciary Governance Calendar

Fiduciary Governance Calendar
Investment Review | Q 1 Q a | ¢ Investmen
Custody Fee Review | _* Investmen
Portfolio Expense Analysis : Fee Focus : Pree and Fiduciary T
olicy
Investment Review | Q4 Q3 « Investment
Asset Allocation Review d _ * Municipal L
Asset/Liability Modeling / Asset/Liability ~~“ Municipal _* Annual Act
| Focus Landscape
Fiduciary Trail® Fiduciary Lockbox®
*Timing of actuarial review is dependent on client’s individual plan and/or fiscal year and actuarial input.
www.FiducientAdvisors.com

January 2022 Investment Outlook
Key Observations
*« We expect economic recovery to persist in 2022 at a more modest pace as extraordinary pandemic s
moderate. Ongoing challenges with a recalibrating global supply chain are expected to continue to lea
higher levels of inflation than we have seen over the last several decades.
* The investing backdrop remains mostly constructive in our view, but investors will likely be served by 
thoughtful and diversified approach to risk-taking. The global economy is still in transition and pandem
economic uncertainties are ongoing.
Capital Market Factors
*¢ Economic Growth: The Conference Board’s 2022 global economic growth forecast is 3.9 percent, a
by the Board as “above potential recovery growth.” 2023-2026 annualized growth is expected to mod
¢ Monetary Policy: The Fed’s rotation to a tighter policy stance is expected to slow and then end its $
asset purchase program sometime in 2022 and begin to raise interest rates. At its December 2021 m
indicated an accelerated pace toward the elimination of its bond buying efforts by the middle of next y
FOMC members now expect at least three interest rate hikes by year-end 2022.
* Fiscal Policy: Massive pandemic-relief and infrastructure spending will likely continue to drive short-
stimulate near-term economic growth and fuel inflationary forces.
¢ Inflation: Current year-over-year inflation is running at a level in excess of 6 percent, which is meani
Fed’s stated target, and is likely to remain high in the immediate future. However, the bond market's 
inflation to gradually moderate back towards 2.5 percent over the next decade.
¢ Currency: The dollar strengthened in 2021 and was supported by a more consistent economic recov
compared to global peers. A more aggressive path to interest rate hikes by the Fed when compared 
would support U.S. dollar strength, but volatility is expected as investors continue to digest the implic
tightening in conjunction with actions of other global central banks.
www.FiducientAdvisors.com Sources: The Conference Board, The Federal Reserve Bank of St. Lou

2022-2041 Twenty-Year Outlook
Investment Themes for 202
2022 Outlook 2021 Outlook Year Over Year
Asset Class E(R)-20 Year E(R)-20 Year Change © ¢ Nominal return forecasts rose for mo
inflation 9 5% 18% but rising inflation expectations mean
Cash* 0.7% 0.7% 0.0% classes have declining year-over-yea
TIPS 2.1% 1.7% 0.3% expectations.
Muni Bond** 2.1% 1.6% 0.5%
7 ad rt) 9 « 9 . . 
i Yield ie ° a one * Meaningfully negative real returns co
. ‘0 . 0 . a . . 
Dynamic Bonds" 2 8% 2 8% 0.1% cash an expensive opportunity cost f
Global Bonds 2.2% 1.8%
* Global bond yields generally rose. D
increase, most fixed income asset cl
looking return expectations remain b
inflation levels.
YY Bond _
* Earnings accelerated in 2021 and ex
stock prices. Non-U.S. equities rema
on a valuation basis as U.S. equities
Marketable Alternative. 16. represent 61 percent of the global eq
Erivate Equity : nu ea capitalization compared to 58 percen
*3-month forecast
“Tax equivalent yield based on highest marginal tax rate (37%) . . . . .
1=33% Cash, 33% Corp HY, and 34% Global Bonds ¢ With higher inflation expectations, re
“20% REITs, 20% Global Infrastructure, 20% Commodities, 20% US Bonds, 15% Corp High Yield, 5% TIPS an important diversifier. Within real a
assets return expectations rose mea
than real estate.
* Alternative asset class return expect
modestly.
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
Past performance does not indicate future performance and there is a possibility of a loss.
www.FiducientAdvisors.

Asset Allocation Analysis
° We believe Asset Allocation is the primary determinant of long-term investment result
¢ Our proprietary Frontier Engineer® system is the cornerstone of asset allocation decis
¢ Our Capital Markets Group develops Capital Market Assumptions (CMAs) for each
at least annually.
“The Capital Markets Group considers and analyzes a wide variety of factors th
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 r
median expected outcome over the next ten years.
¥ Our forecasting efforts center on a ten-year horizon. Any adjustments made to e
horizon to twenty years or beyond are grounded in our expectation that asset
mean revert toward longer term historical averages.
¥ Fiducient Advisors’ Capital Markets Team develops our CMAs based on a “buildin
outlined in our white paper “Capital Market Forecasts”. (Copies are available upon requ
° Correlations (how asset classes behave in reference to one another) also signific
allocation analysis.
¢ Fat Tails (non-normal return elements of skewness and kurtosis) also meaningfull
allocation analysis.
« Given the current market environment, full market cycle (10 year) return assumptio
long term (20 year) assumptions.

Frontier Engineer® Analysis — 20 Year Outlook
Pension Plan.
Asset Allocation
S Bonds - Dynamic
Fixed Income
Global Bonds
Proposed Portfolio 1
Portfolio Mix 2 (+10% Fl) 45% | 55% 27% |14%| 5% 124%] 8% 116%] 7%
Portfolio Mix 3 (-10% Fl) 25% | 75% 15%} 8% | 3% [32% |11% {22% {10% | 
a © Frontier EngineerTM
10.0% Portfolios
© Current Mix(es)
0% TI © Asset Classes
—7 ——Engineer Frontier A US Equity (LC) |
06.0% 7— ——enins
xo}
@
N
7.0%=) US Bonds -
c Dynamic
Sox
Lu
15.0% 20.0% 
E(Standard Deviation)
*The expected one in a hundred worst case calendar year return based on normally distributed capital market assumptions. Greater losses are possib’e (1% expected likelihood).
The expected one in a hundred worst case calendar year return based on non-normaily distributed capital market assumptions (factoring in skewness & kurtosis). Greater losse
likelihood).
Historical Returns and Risk Metrics for each Mix represent back-tested calculations developed with the benefit of hindsight. Return calculations use ar asset-weighted methodolo
allocation of each mix and the total return of index proxies used to represent each asset class and are gross of fees. Historical returns are hypotheticat and do not represent retur
possible to invest in an index. Please see disclosures at the end of this presentation for additional important information, including index proxies used *o represent each asset cla
Fiducient Advisors’ white paper titled 10-Year Capital Market Forecasts. Past performance does not indicate future performance and it is possible te Icse money when investing.
www.FiducientAdvisors.

Town of Waterford Pension Portfolio Allocation Considerations
www.FiducientAdvisors.com
Current Proposed
Asset Class Target Target Expense R
Allocation Allocation
Metropolitan West Total Return Bond 10.50% 9.50% 0.38%
Baird Aggregate Bond 10.50% 9.50% 0.30%
BlackRock Strategic Income Opportunities 11.5% 13.5% 0.67%
PGIM Global Total Return R6 a 2.5% 2.5% 0.55%

Asset Allocation Analysis — Pension
Current .
Ilocation —
cauivalents N/A N/A 4.1%
Fixed Income 20% - 50% 35% 32.8%
Domestic Equity 20% - 50% 35.8% 36.1%
International Equity 15% - 45% 29.3% 27%
The current allocation is within the allowable range as stated within the Investment Policy
Statement (IPS). Any portfolio adjustments that are considered will likely remain within the
allowable range,
www.FiducientAdvisors.com

Frontier Engineer® Analysis — 20 Year Outlook
OPEB Plan
Fixed Income
Proposed Portfolio 1 30%
Asset Allocation
Alternatives
US Bonds - Dynamic
Global Bonds
Portfolio Mix 2 (+10% Fl) 40% | 56% | 4% 24%112%| 4% [22% | 6% | 3% [16%] 8% | 4%
Portfolio Mix 3 (-10% Fl) 20% | 75% | 5% 12%| 6% | 2% 130% | 9% | 4% 122% | 10%] 5%
= © Frontier EngineerTM
® Current Mix(es)
78.0% TI ° Asset Classes
Som
=)rr —— Engineer Frontier A
M6.0% 7-4
xo}
co)
.N
4.0%5 US Bonds -
c Dynamic
c
Lo 0%
Lu
0.0% 1 ; 1 1 
0.0% 5.0% 10.0% 15.0% 20.0% 
E(Standard Deviation)
*The expected one in a hundred worst case calendar year return based on normally distributed capital market assumptions. Greater 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 loss
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 methodol
allocation of each mix and the total return of index proxies used to represent each asset class and are gross of fees. Historical returns are hypothetical and do not represent retu
possible to invest in an index. Please see disclosures at the end of this presentation for additional important information, including index proxies used to represent each asset cla
Fiducient Advisors’ white paper tifled 10-Year Capital Market Forecasts. Past performance does not indicate future performance and it is possible io lose money when investing.
www.FiducientAdvisors.com

Waterford OPEB Portfolio Allocation Considerations
Current —_— Proposed
Asset Class . — Target —_sTarget Expense Ra
Allocation —_ Allocation
Metropolitan West Total Return Bond
Baird Aggregate Bond
BlackRock Strategic Income Opportunities
PIMCO High Yield
al of
12.0% 0.67%
Fidelity 500 Index 25.0% 27.0% 0.02%
Fidelity Mid Cap Index 6.8% 7.0% 0,03%
Hotchkis & Wiley Small Cap Diversified Value 2.0% 2.0% 0.80%
Conestoga Small Ca
Dodge & Cox International Stock Fund 13.0% 12.0% 0.63%
American Funds EuroPacific Growth R6 13.0% 12.0% 0.46%
Baron Emerging Markets Fund 3.3% 3.0%
otal Interna
Principal Diversified Real Asset R6 5.0% 5.0% ee 0.79%
Total Real Asset
www.FiducientAdvisors

Asset Allocation Analysis - OPEB
_ Current
Allocation _
_ Asset Clas
Equivalents N/A N/A 0.3%
Fixed Income 15% - 45% 30% 29.8%
Domestic Equity 20% - 50% 35.8% 36.8%
International Equity 15% - 45% 29.3% 28%
Real Assets 0% - 10% 5% 5%
The current allocation is within the allowable range as stated within the Investment Policy
Statement (IPS). Any portfolio adjustments that are considered will likely remain within the
allowable range.
www.FiducientAdvisors

Actuarial Review
_ Town of Waterford Retirement Plan
o
o
gE
Source: Source: Hooker & Holcombe, Town of Waterford Retirement Plan 2019 Valuation Report & Waterford O
Valuation Report
www.FiducientAdvisors.

Capital Markets Overview

Market Themes
1. Adaptation and flexibility should prove key for investors
in 2022, driven by concern for moderating return
opportunities and heightened capital market volatility.
2. Investors should remain attuned to a more differentiated
array of central bank responses in the New Year as
authorities increasingly customize policies to their
particular economic circumstances.
3. U.S. large cap equities were among the leaders this
quarter as the reopening trade took a back seat and
large growth outpaced value. Real estate markets
continued their banner year while fixed income was
relatively flat, despite increased rate volatility.
Global Policy Rates
Market expectations are such that central bank coordination is likely to wane in
2022 as policy makers around the world react to their individual markets. This may
present both opportunities and risks for investors in the coming quarters.
60
50
50
n
te 40
a@ 30 25
& 2010 0 0 5
0 a
US Fed Eurozone JapanPolicy UK Bank ChinaLoan
Funds Rate Refinancing Rate Rate Prime Rate
Rate
m= Estimated change in policy rate for CY 2022
Source: FactSet. As of January 5, 2022
S&P 500 Drawdowns (%:Change f
The COVID-19. pandemic has driven: volatil
Recent variants have had amore subdued 
50%
40%
30%
20%
10%
0% wil
-10% gnd 30
-20% ~~ Wave Wave
-30%
-40%
Jan-20 Apr-20 Jul-20 Oct-20 Jan-2
Source: FactSet. As of December 20, 2021
Elevated Rate Volatility
The 10-year U.S. Treasury yield experience
as investors digested the emergence of the
inflation, an increasingly hawkish Fed and p
economic recovery.
Covi
1.71.65 A
1.6 re | /\
S
oO
1.4
1.35
1.39/30 10/16 11/1 11
=U .S. 10-Year Treas
Source: FactSet. As of December 31, 2021.
www.FiducientAdvisors.com See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a poss

Economic Review
Real GDP Growth (YoY) U.S. Labor Market
Estimates for positive GDP growth remain strong for 2022. A favorable Job openings are.at twenty-year highs, yet e
consumer profile and corporate health provide a solid foundation for payrolls) are still below pre-pandemic levels
continued recovery, if at a somewhat moderating pace. imbalance could lead to: higher wages and _a
mU.S. & Developing #Eurozone 155
6 : 
=~ Z 
= g 1 
S aoa 145
sg 2 140
2 £= A
5 ° & E 135 “-N
8 8 = an. /
& 4 125 : Pp p
Oa O©vr OR DO O82 SN TST
6 9 O99 99 9 TS OS
8 mee «meee Total Nonfarm Payrolls © ==
2018 2019 2020 2021E 2022E 2023E .
Source: FactSet, IMF World Economic Outlook. As of December 31, 2021. Source: FactSet, U.S. DOL. As of November 30
U.S. Inflation Shipping Costs
Inflation remains elevated, with energy and transportation seeing the Supply chain issues are easing somewhat. T
largest increases year-over-year. Inflation may moderate but we don't measure of shipping costs of raw materials, 
expect it to revert fo benign pre-pandemic levels. which could alleviate :nflation pressure in th
8 6000
7 Jersistent || 6.88
6 Energy Prices Wage Increases 5000
ransportation (Autos) Rents / Housing A
x 5 Supply Chain Disruptions 4.96 8 4000
So4 Semiconductor Shortage &
oO> t
5 3 % 3000
¢ 2
& 7 >
2, a
-1
onome Headline CPl ==—=Core CPI
-2 0 
Nov-18 May-19 Nov-19 May-20 Nov-20 = May-21 Nov-21 Dec-16 Dec-17 Dec-18 De
Source: FactSet, Baltic Exchange. As of Decemb
Source: FactSet, Fiducient Advisors. As of November 30, 2021.
www.FiducientAdvisors.com See disclosures for list of indices representing each asset class. Past performance does not indicate future performanc

Asset Class Returns
o os
a or
i Year-To-Date
NNN DN Ww
ow Dm ON
Total Returns (%)
3
-4
-7-10 8.7
TIPS Municipals U.S.Core High Yield High Yield U.S. Long Foreign EM Debt U.SLarge U.S. Small International Emerging U.S. Equity S&P R
5-Year Bond Municipals Duration Bond {Unhedged) Cap Cap Developed Markets REITs A
*Hedge fund returns are lagged 1 month. Sources: FactSet, J.P. Morgan, Russell, MSCI, FTSE Russell, Alerian, Morningstar. As of December 31, 20
Fixed Income (4Q) Equity (4Q Real Asset / Alterna
+/- U.S. bonds were flat on the quarter. Ahawkish 4 Despite a volatile quarter, U.S. and developed + REITs benefited from
Federal Reserve incited a flatter yield curve. international equities ultimately ended the quarter storage and residential
higher following a year-end rally. have continued to bene
+ Credit spreads ultimately ended the quarter tighter
as investors continued to demand yield in the low-
rate environment.
- Perceptions of lower e
COVID outbreaks led t
weighed on the commo
- Government regulation and intervention in China
continued to weigh on investor enthusiasm, pushing
emerging markets into negative territory for the
- Non-USD debt struggled in the period. A rising quarter.
U.S. dollar coupled with Evergrande’s debt default
was a headwind for EM debt.
www.FiducientAdvisors.com See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and

Fixed Income Market Update
U.S. Treasury Yields Curve
The U.S. curve flattened as the Fed accelerated their tapering program
and outlook for rate hikes in 2022 solidified. Concerns about the impact of
the omicron variant on the economy put pressure on the long-dated rates.
2.5 5 ' ‘ 1 1 t 1
‘ 1 ! 1 ' t
roof tort 2.09 |
2.0 4 i yor 4 i 1
1 1 I t t t
1 I E i] t 1
1.5 hh vt
. 4 1 i
H 1 1 ' 1
1 1 ae ‘i
1 l ' 1 ' ‘
1.0 4 \ fot ot. ae '
1 H H ra 1 0.92 —— 12/31/21 H
1 I “a 1 \ l
0.5 4 y Vet i ——~ 9/30/21 '
| en | 1 1 i) 1
fon oo 42/34/20
0.0 J Y¥r 0 9Yr bY¥r TY¥r | 1G-Yr a0-¥r
Source: FactSet
Credit Market Spreads — Trailing 5 Years
Index Performance Attribution (4Q 2
On a duration adjusted basis, high yield outpac
mortgage market.came under pressure as the 
A strengthening U.S. dollar was a major headw
-1.2%
Foreign Bond (unhedged). +1.3%
U.S. Core Bond
= Total’ Return
U.S. High Yield
m Excess’Return
(Comparable Treasury)
, -0°49
U.S. MBS 2 Currency Return “03
~3% -2% “
Source: FactSet. As of December 31, 2021
Credit spreads ultimately ended the quarter tighter, but the ride through the quarter was bumpy. Investor demand for yield continued to
credit. Credit spreads sit well within their 10-year averages and, when coupled with heightened rate volatility, we currently favor active 
500 
Bloomberg Barclays U.S. Investment Grade Corporate Index (LHS) 40-Yr Averages: (G=129 bps, HY= 445 bps |
400 Bloomberg Barclays U.S. Corporate High Yield Index (RHS) |
8 300 ra 
n8 200 ps f\ tar
fo)a Nt Ep
100 dine al 
0 T F T T T T T T T T
12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/2
Source: FactSet. As of December 31, 2021
www.FiducientAdvisors.com Past performance does not indicate future performance and there is a possibility of a los

Equity Market Update
Equity Valuations (Trailing 15 Years) U.S. Equities — Return by Sector (4Q 2021)
Valuations persist above longer-term averages in the U.S. but are less Real Estate and Information Technology led the way a
pronounced elsewhere in the world. Falling equity prices within emerging reversed course, while-energy and.financials lagged t
markets moved valuations lower and in-line with the 15-year median.
30 wRange (#/° 1 Std Devo Real Estat
@ Current (12/31/2021) IT
Median Material
2 69/30/2021 Staples
n'a 
Utilities
WwW . Discretionary
= 20 rm g Health Care
& ea D S&P 500 m
fe = o Industrials 86
a ns 3 Energy 8.0
Financials 46
10 Comm. Services 0.0 |
U.S International Dev. Emerging Markets 5 0 5 1
Total Return
Source: FactSet. As of December 31, 2021 Source: FactSet. As of December 31, 2021
Country Total Returns (%) — Top 10 Largest Economies
Equities were generally positive within developed regions, with the United States leading the way as COVID precautionary measures do
not as intense as those abroad. Chinese equities continued to be a drag on emerging market performance. Lingering concerns about the
government targeting the technology and for-profit education sectors sent returns lower.
40
© atTD Year-To-Date 28.9
30 :
Ss
< 20 13.8 13.9
wn
£10
=
wc oO
w
43-10
2
-20
-30
US China Japan Germany United India France Italy Ca
Kingdom
Source: FactSet. As of December 31, 2021.
www.FiducientAdvisors.com Past performance does not indicate future performance and there is a possibility of a loss.

Real Assets Market Update
Real Assets Performance REIT Sector Performance
Energy reversed course in the fourth quarter as the breakout of COVID- The Industrial and:Self Storage sectors were the hi
19 cases weakened demand amid new lockdowns around the globe, driven by the uncertainty gererated by the omicron
while the supply chain backlog pushed industrial metals prices higher. Lodging and Office lagged in the quarter. Real Esta
60 performed well for the 2021 calendar year.
52.1 mYTD OQTD Self Storag
50
Industrial
40 Residential
30.3 .
30 26-7 Retail
> ; 
x Specialt
= 20
dD Diversified
oc
2 10 8.6 Data Centers
. 0 Office
Lodging/Resorts
-10 13.9 Health Care 163
“20 0 10 20 30 40 5
Energy Industrial Precious Agriculture Total Ret
Metals Metals otal Retu
Source: FactSet. As of December 31, 2021 Source: FactSet. As cf December 31, 2021
www.FiducientAdvisors.com — Past performance does not indicate future performance and there is a possibility of a los

Private Equity
U.S. Private Equity deal activity is expected to shatter records
in 2021, following heightened urgency ahead of (now unlikely)
tax law changes and slightly reduced activity in 2020.
Fundraising activity has remained heightened with firms
coming back to market sooner and raising larger funds as
pace of deployment remained high.
Private equity performance remained strong, with venture
capital and growth equity outpacing buyout. All markets
outperformed public markets.
Private Equity Performance
Benchmark
US Private Equity 58.2% 25.1% _ 16.7% -
US Buy out Index 51.2% 22.1% 20.4% 15.8% 13.2%
US.Growth Equity Index 79.2% 34.5% 28.8% 20.0% 16.0%
US Venture Capital Index 88.1% 36.1% 25.8% 18.7% 14.6%
S&P 500 Index 40.8% 18.7% 17.6% 14.8% 10.7%
Source: Cambridge Associates. As of June 30, 2021.
Returns presented as horizon pooled return, net of fees.
S&P 500 Total Return Index as of June 30, 2021.
U.S. Private Equity Deal. Activity
2012 2013 2014 2015 2016 20
gum Deal value ($B) = Estimated deal value ($B) 
Source: Pitchbook. As of September 30, 2021.
U.S. Buyout Fundraising Activity
i
iA
fon
&
fr
2015 201
wee Capital raised ($B) ———~ Fu
Source: Pitchbook. As of September 30, 2021.
www.FiducientAdvisors.com See disclosures for list of indices representing each asset class. Past performance does not indicate future perfarmance and there is a poss

Marketable Alternatives
14.0%
12.0%
10.0%8.0% 7.9% 7.8%
. 0
6.6%
6.0%
4.0%
1.7%
HFRI Event Driven* HFRI Macro* HF
2.0%
0.0%
Composite Composite*
Source: HFR BQTR ®YTD - 2021
*Methodology is asset weighted
° The HFRI Asset Weighted Composite finished the quarter in positive territory to conclude a year dominated b
high volatility, challenges of increasing interest rates and inflation, and the second year of a global pand
¢ Equity Hedge strategies were up on the quarter, led by high beta and long-biased strategies that benefitted fr
markets to Close out the year.
¢ Event Driven strategies outperformed on the quarter and the year, led by Activist and Special Situations sub-
that continued to see strong corporate action and M&A activity.
* Macro strategies also advanced for the quarter as commodities rallied and interest rates continued to rise.
° Relative Value Strategies gained modestly on the quarter. Fixed income-based, interest rate-sensitive strateg
rates rose while Volatility Relative Value strategies also contributed.
www.FiducientAdvisors.com See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a pos

The Case For Diversification
US. Equity RE(s
30
Emerging Markets
26
Municipals 5-Year
30)
Emerging Markets
18.4
Emerging Markets
2018
Emerging Markets
11.2
US Eoulty REITs”
: $5
5.2
Emerging Markets
-14.9
Emerging Markets
-14.6
Source: FactSet & Morningstar as of December 31, 2021. Periods greater than one year are annualized. All returns are in U.S. dollar terms. One month lag for Hedge Fund
U.S. 
Emerging Mark
18
Emerging Markets Intem
18.4 
Eme
US. Eauily REITs
4 : 8.0 :
See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility of 
www.FiducientAdvisors.com

Financials Markets Performance
Financial Markets Performance
Total return as of December 31, 2021
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 
Bloomberg 4-3-Month T-Bill 0.0% 0.0% 0.0% 0.9% TAN 0:8% 
Bloomberg U.S. TIPS 2.4% 6.0% 6.0% BA% 5:3% 4.2% 
Bloomberg Municipal Bond (5 Year) 0.0% 0.3% 0.3% 3.3% 3.0% 2.4% 
Bloomberg High Yield Municipal Bond 1.2% 7.8% 7.8% 7.8% 7.5% 6:0% 
Bloomberg U.S. Aggregate 0.0% -1,5% -1.5% 4.8% 3.6% 3.0% 
Bloomberg U.S. Corporate High Yield 0.7% 5.3% 5.3% 8.8% 6.3% 6.1% 
Bloomberg Global Aggregate ex-U.S. Hedged -1.2% -1.4% -1.4% 3.3% 3.1% 3.1% 
Bloomberg Global Aggregate ex-U.S. Unhedged -1.2% -7.0% -7.0% 2.5% 3.1% 1.5% 
Bloomberg U.S. Long Gov / Credit 2.2% -2.5% 2.5% 10.6% 74% 5.7% 
JPMorgan GBI-EM Global Diversified -2.5% 8.7% 8.7% 2.1% 2.8% 1.0% 
Global Equity Markets QTD YTD 1YR 3YR 5YR 7YR 
S&P 500 11.0% 28.7% 28.7% 26.1% 18.5% 14.9% 
Dow Jones Industrial Average 7.9% 20.9% 20.9% 18.5% 15.5% 13.3% 
NASDAQ Composite 8.4% 22.2% 22.2% 34.3% 25.0% 19.8% 
Russell 3000 9.3% 25.7% 25.7% 25.8% 18.0% 14.5% 
Russell 1000 9.8% 26.5% 26.5% 26.2% 18.4% 14.8% 
Russell 1000 Growth 11.6% 27.6% 27.6% 34.1% 25.3% 19.6% 
Russell 1000 Value 7.8% 25.2% 25.2% 17.6% 11.2% 9.7% 
Russell Mid Cap 6.4% 22.6% 22.6% 23.3% 15.1% 12.2% 
Russell Mid Cap Growth 2.8% 12.7% 12.7% 27.5% 19.8% 14.9% 
Russell Mid Cap Value 8.5% 28.3% 28.3% 19.6% 11.2% 10.0% 
Russell 2000 2.1% 14.8% 14.8% 20.0% 12.0% 10.8% 
Russell 2000 Growth 0.0% 2.8% 2.8% 21.2% 14.5% 11.7% 
Russell 2000 Value 44% 28.3% 28.3% 18.0% 9.1% 9.5% 
MSCI ACWI 6.7% 18.5% 18.5% 20.4% 14.4% 10.9% 
MSCI ACWI ex. U.S. 1.8% 7.8% 7.8% 13.2% 9.6% 6.6% 
MSCI EAFE 2.7% 11.3% 11.3% 13.5% 9.5% 6.8% 
MSCIi EAFE Growth 41% 11.3% 11.3% 19.0% 13.6% 9.7% 
MSCI EAFE Value 1.2% 10.9% 10.9% 7.8% 5.32% 3.6% 
MSCI EAFE Smail Cap 0.1% 10.1% 10.1% 15.6% 11.0% 9.5% 
MSCI Emerging Markets -1.3% -2.5% -2.5% 10.9% 9.5% 6.1% 
Alternatives QTD YTD 1YR 3YR 5YR TYR 
Consumer Price Index* 1.7% 6.6% 6.2% 3.3% 2.8% 2.4% 
FTSE NAREIT Equity REITs 16.3% 43.2% 43.2% 18.4% 10.8% 9.3% 
S&P Real Assets 4.8% 15.4% 15.4% 11.0% 74% 5.2% 
FTSE EPRA NAREIT Developed 12.5% 36.9% 36.9% 13.1% 7.2% 7.9% 
FTSE EPRA NAREIT Developed ex U.S. 2.1% 8.8% 8.8% 74% 7.1% 4.8% 
Bloomberg Commodity Total Return -1.6% 27.1% 27.1% 9.9% 3.7% 0.1% 
HFRI Fund of Funds Composite* 0.1% 5.7% 9.6% 7.7% 5.E% 4.1% 
HFRI Fund Weighted Composite* -0.7% 8.9% 13.9% 9.4% 7.L% 5.4% 
Alerian MLP 0.6% 40.2% 40.2% 2.1% -2.7% 5.1% 
*One month lag.
Source: FactSet & Morningstar as of December 31, 2021. Periods greater than 1 year are annualized. All returns are in U.S. dollar terms.
www.FiducientAdvisors.c

Pension Portfolio Review

Summary of Recent Activity - Waterford Pension
December 2021
e Portfolio was successfully repositioned to increase the probability of mee
return of 6.25%
= Employer contributions were implemented to align the portfolio with ou
ensure a target return of 6.25%
¢ The latest contribution was dollar cost averaged into the market over the 
installments over 3 months
= Dollar Cost Average investing was completed and successful.
#» Remaining cash balance will be used for future benefit payments.
www.FiducientAdvisors

Asset Allocation
Waterford Pension
As of December 31, 2021
698,649
28,645
Pension Plan
Wells Fargo Government Money Market Fund
xed income SS e—>=, Ee" LE
Baird Aggregate Bond Fund Class Institutional
Metropolitan West Total Return Bond Pl 69,301 9.9
BlackRock Strategic Income Opportunities Fund K 74,529 10.7
PGIM Global Total Return R6
aes i ” - 9
Fidelity® Total Market Index Fund
American Funds EuroPacific Growth R6 188,614 27.0
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.

Total Plan Performance Summary
Waterford Pension
As of December 31, 2021
Pension Plan 11/01/2016 ||Nov-2021
Beginning Market Value 695,980 653,954 564,680 90 Day U.S. Treasury Bil
Net Contributions -15,127 3,950 -117,079 Pension Fixed Income Benchm
Total Gain/Loss 17,796 40,745 251,048 Dow Jones U.S. Total Stock Mavket Ind
Ending Market Value 698,649 698,649 698,649 MSCI AC World ex USA (Net
Trailing Performance Summa
Pension Blended Benchmark 3.4
Difference -0.8
Calendar Year Performance Summary
a B
a a 
Pension Blended Benchmark
Difference

Manager Gain/Loss Summary
Waterford Pension
Quarter Ending December 31, 2021
Short Term Liquidity
Wells Fargo Government Money Market Fund
Total Short Term Liquidity
Fixed Income
Baird Aggregate Bond Fund Class Institutional
Metropolitan West Total Return Bond Pl
BlackRock Strategic Income Opportunities Fund K
PGIM Global! Total Return R6
Total Fixed Income
Domestic Equity
Fidelity® Total Market Index Fund
Total Domestic Equity
International Equity
American Funds EuroPacific Growth R6
Total International Equity
Pension Plan
Cash activity may include management fees.
69,725
69,725
66,665
67,374
74,680
15,793
224,512
221,119
221,119
180,624
180,624
695,980
~40,127
-40,127
3,000
2,000
5,000
10,000
10,000
10,000
10,000
-15,127
-952
-952
21,173
21,173
-2,011
-2,011
17,796

Market Value and Flow Summary
Waterford Pension
Since Inception Ending December 31, 2021
- 565
Dec-2016 - -
oe = 8 560,862
Mar2017
Jun-2017
547,258
See 
Dec-2019
Mar-2020
Jun-2021
Pee,
Dec-2021
695,980 698,649

Estimated Fee Analysis
As of December 31, 2021
Manager : . : Current Target % Fee Schedule
Baird Aggregate Bond Fund Class Institutional 10.5% 0.30%
Metropolitan West Total Return Bond Pl 10.5% 0.38%
BlackRock Strategic Income Opportunities Fund K 11.5% 0.67%
PGIM Global Total Return R6 0.55%
Fidelity® Total Market Index Fund 0.02%
ican Funds EuroPacific Growth R6 0.46%
A
DISCLOSURE: The figures on this page have been obtained from sources we deem to be reliable, including Morningstar. Fiducient Advisors 
this information.

OPEB Portfolio Review

Summary of Recent Activity - Waterford OPEB
December 2021
¢ Portfolio was successfully repositioned to increase the probability of meet
return of 6.5%
# Employer contributions were implemented to align the portfolio with our
ensure a target return of 6.5%
e The latest contribution was dollar cost averaged into the market over the c
installments over 4 months.
= Dollar Cost Average investing was completed and successful.
www.FiducientAdvisors.

Asset Allocation
Waterford OPEB
As of December 31, 2021
OPEB Plan 10,071,789 100.0 10
Wells Fargo Government Money Market Fund 30,587 0.3
Baird Aggregate Bond Fund Class Institutional 904,204
Metropolitan West Total Return Bond Pl 900,030
BlackRock Strategic Income Opportunities Fund K 999,475
PGIM Global Total Return R6 198,588
7 or cts svg . sone ,
Fidelity 500 Index Fund 2,629,820 26.1 25
Fidelity Mid Cap Index 680,043 6.8
Hotchkis & Wiley Small Cap Diversified Value | 201,855 2.0
Conestoga Small Cap Instl 198,685
ee
Dodge & Cox International Stock Fund 1,269,080
American Funds EuroPacific Growth R6 1,243,702 12.3
309,395
Baron Emerging Markets Fund Instl
Al a _
Principal Diversified Real Asset R6
506,325
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.

Total Plan Performance Summary
Waterford OPEB
As of December 31, 2021
OPEB Blended Benchmark Composition
OPEB Plan 03/01/2017 ||Dec-2021
Beginning Market Value 9,743,913 8,517,353 1,164,759 90 Day U.S. Treasury Bil
Net Contributions -1,916 742,237 6,047,037 Blmbg. U.S. Aggregate Inde
Total Gain/Loss 329,791 812,199 2,859,993 Bloomberg Global Aggrega
Ending Market Value 10,071,789 10,071,789 10,071,789 Dow Jones U.S. Total Stock Market Inde
MSCI AC World ex USA (Net
Diversified Real Asset Blended Inde
Trailing Performance Summa
OPEB Blended Benchmark 3.8 11.0 14.9 N/A N/A N/A ; 98
Difference -0.4 -1.7 0.7 N/A N/A N/A 0.0
Calendar Year Performa
OP
OPEB Blended Benchmark
Difference

Manager Gain/Loss Summary
Waterford OPEB
Quarter Ending December 31, 2021
Short Term Liquidity
Wells Fargo Government Money Market Fund
Total Short Term Liquidity
Fixed Income
Baird Aggregate Bond Fund Class Institutional
Metropolitan West Total Return Bond Pl
BlackRock Strategic Income Opportunities Fund K
PGIM Global Total Return R6
Total Fixed Income
Domestic Equity
Fidelity 500 Index Fund
Fidelity Mid Cap Index
Hotchkis & Wiley Small Cap Diversified Value |
Conestoga Small Cap Instl
Total Domestic Equity
international Equity
Dodge & Cox International Stock Fund
American Funds EuroPacific Growth R6
Baron Emerging Markets Fund Instl
Total International Equity
Alternatives
Principal Diversified Real Asset R6
Total Alternatives
OPEB Plan
Cash activity may include management fees.
386,847
386,847
860,093
860,944
961,494
187,952
2,870,483
2,299,628
622,948
190,796
189,187
3,302,558
1,211,225
1,191,494
302,390
2,705,110
478,915
478,915
9,743,913
-342,916
~342,916
45,000
40,000
40,000
12,000
137,000
69,000
16,000
85,000
28,000
66,000
20,000
114,000
5,000
5,000
-1,916
-13,344
-13,344
-889
-914
-2,019
-1,364
-5,186
261,192
41,095
11,059
9,498
322,845
29,855
-13,792
-12,995
3,067
22,410
22,410
329,791

Market Value & Flow Summary
Waterford OPEB
Since Inception Ending December 31, 2021
Jan-2017
Jun-2017
Dec-2017
Jun-2018
Dec-2018
Jun-2019
‘Dec-2019
carne
a0G2
-1,943 _ 895,006 8517
"9,076,512
BEEE eee SE : s ee ee
Dec-2021 9,743,913 -1,916 329,791 10,071,789
2

Estimated Fee Analysis
As of December 31, 2021
Managers Current Target % . Fee Schedule
Baird Aggregate Bond Fund Class Institutional 9.0%
Metropolitan West Total Return Bond Pl 9.0%
BlackRock Strategic Income Opportunities Fund K 10.0%
PGIM Global Total Return R6 2.0%
Fidelity 500 Index Fund 25.0%
Fidelity Mid Cap Index 6.8%
Hotchkis & Wiley Small Cap Diversified Value | 2.0%
Conestoga Small Cap insti 2.0%
Dodge & Cox International Stock Fund 13.0%
American Funds EuroPacific Growth R6 13.0%
Baron Emerging Markets Fund Instl 3.3%
Principal Diversified Real Asset R6 5.0%
DISCLOSURE: The figures on this page have been obtained from sources we deem to be reliable, including Morningstar. Fiducient Advisors
this information.

Manager Review

Manager Performance Overview
As of December 31, 2021
Wells Fargo Government Money Market Fund
90 Day U.S. Treasury Bill
1.0
1.1
Baird Aggregate Bond Fund Class Institutional -0.1 (44) N/A N/A N/A 
Blmbg. U.S. Aggregate Index 0.0 N/A N/A N/A 
IM U.S. Broad Market Core Fixed Income (MF) Median -0.1 N/A N/A N/A 
Metropolitan West Total Return Bond Pl -0.1 (41) -1.1 (54) 5.7 (52) 4.1 (53) 
Blmbg. U.S. Aggregate Index 0.0 -1.5 4.8 3.6 
IM U.S. Broad Market Core+ Fixed Income (MF) Median -0.2 -1.0 5.7 4.1 
BlackRock Strategic Income Opportunities Fund K -0.2 (39) 1.0 (47) 5.3 (25) N/A 
Blmbg. U.S. Aggregate Index 0.0 -1.5 4.8 N/A 
IM Alternative Credit Focus (MF) Median -0.3 0.8 4.2 N/A 
PGIM Global Total Return R6 -0.7 (52) N/A N/A N/A 
Bloomberg Global Aggregate -0.7 N/A N/A N/A -
IM Global Fixed income (MF) Median -0.7 N/A N/A N/A 
D i
Domestic Equity Benchmark 9.1 25.7 25.7 18.0 1
Fidelity® Total Market Index Fund 9.2 (41) 25.6 (44) N/A N/A 2
Dow Jones U.S. Total Stock Market Index 9.1 25.7 N/A N/A 2
IM U.S. Multi-Cap Core Equity (MF) Median 8.7 25.3 N/A N/A 1
Fidelity 500 Index Fund 11.0 (27) N/A N/A N/A 2
S&P 500 Index 11.0 N/A N/A N/A 2
IM U.S. Large Cap Core Equity (MF) Median 10.0 N/A N/A N/A 1
Fidelity Mid Cap Index 6.4 (77) N/A N/A N/A 1
Russell Midcap Index 6.4 N/A N/A N/A 1
IM U.S. Mid Cap Core Equity (MF) Median 8.0 N/A N/A N/A 1
Returns for periods less than one year are not annualized. Returns are net of fees unless otherwise noted.

Manager Performance Overview
As of December 31, 2021
Hotchkis & Wiley Small Cap Diversified Value | 5.8 (52) N/A N/A N/A 8
Russell 2000 Value Index 4.4 N/A N/A N/A 5
IM U.S. Small Cap Value Equity (MF) Median 5.9 N/A N/A N/A 8
Conestoga Small Cap Inst 5.0 (16) N/A N/A N/A 13
Russell 2000 Growth Index 0.0 N/A N/A N/A -1
IM U.S. Small Cap Growth Equity (MF) Median 1.8 N/A N/A N/A 4
MSCI AC World ex USA (Net) 18 7.8 13.2 9.6 9
Dodge & Cox International Stock Fund 2.4 (42) N/A N/A N/A 3
MSCI AC World ex USA Value (net) 1.2 N/A N/A N/A 3
IM International Large Cap Value Equity (MF) Median 2.2 N/A N/A N/A 5
American Funds EuroPacific Growth R6 -1.1 (99) 2.8 (99) 17.9 (10) 12.9 (9) 12
MSCI AC World ex USA (Net) 1.8 7.8 13.2 9.6 9
IM International Large Cap Core Equity (MF) Median 2.9 10.3 13.2 8.7 8
Baron Emerging Markets Fund Instl -4.1 (85) N/A N/A N/A -5
MSCI Emerging Markets (Net) Index -1.3 N/A N/A N/A -4
IM Emerging Markets Equity (MF) Median -1.3 N/A N/A N/A -4
IE SHB Ss
‘Diversified Real Asset Blended Index 4.0 159 NA” N/A 9
Principal Diversified Real Asset R6 4.7 17.4 N/A N/A 1
Diversified Real Asset Blended index 4.0 15.9 N/A N/A 9
The inception date expressed on the Manager Performance Overview page(s) represents the first day of the first full month following the purchase of the invest
the fund level begin on this inception date. Inception dates for asset class composites reflect the start date at which these returns could be calculated using hist
capabilities and may vary from the inception dates of underlying component strategies. Composite performance includes all funds held in the composite since i
Returns are net of fees unless otherwise stated. Mutual fund performance stated above may differ slightly from the current share class historical performance 
Returns for periods less than one year are not annualized. Returns are net of fees unless otherwise noted.

Manager Commentary
As of December 31, 2021
Fixed Income
Baird Aggregate Bond Fund Class Maintain 4Q 2021 — The Baird strategy produced a modest negative return during the f
Institutional (BAGIX) Bloomberg U.S. Aggregate Bond Index. The broad fixed income market was fl
the quarter essentially where they began, and credit spreads widened modes
(-) Yield curve positioning detracted from results due to an overweight to the
curve.
(-) The portfolio’s overweight to corporate bonds weighed modestly on result
period.
(+) An underweight to agency RMBS proved beneficial as spreads widened in 
Metropolitan West Total Return Bond Pl Maintain 4Q 2021 — The MetWest strategy fell modestly in the fourth quarter, slightly l
(MWTSX) Aggregate Bond Index. The broad fixed income market was essentially flat du
curve flattened and credit spreads widened modestly.
(+) An underweight duration profile had a modest positive impact on returns 
(-) The flattening yield curve detracted from performance as the strategy is un
U.S. yield curve.
(+/-) Sector allocation had a neutral impact overall. An underweight to IG cor
this was offset by an overweight to agency mortgages.
BlackRock Strategic Income Opportunities {Maintain 4Q 2021 — The BlackRock strategy fell during the quarter and underperformed
Fund K (BSIKX) market. The larger fixed income market was essentially flat this quarter on th
modestly higher credit spreads. A stronger U.S. dollar weighed on non-USD in
the quarter with a duration profile of approximately 1.1 years.
(-) Weighing on relative results was the portfolio’s Asian credit positions.
(-) The portfolio’s agency mortgage exposure detracted as the sector underpe
Reserve’s start to its tapering program.
(+) Duration positioning was additive to results for the quarter due to an unde
curve.
(+) The strategy’s structured product exposure contributed to returns.
PGIM Global Total Return R6 (PGTQX) Maintain 4Q 2021 — The PGIM strategy produced a negative return during the fourth q
in line with the Bloomberg Global Aggregate Bond Index. Global fixed income
quarter amid tighter central bank policy, interest rate volatility and widening 
weighed on foreign currencies.
(+) An overweight allocation to the long end of the U.S. yield curve contribute
environment.
(+) Investments within the corporate high yield sector contributed modestly d
(-) Non-U.S. developed sovereign exposure detracted from results.
(-) The strategy’s emerging market exposure was a headwind.

Manager Commentary
As of December 31, 2021
Domestic Equity
Value | (HWVIX)
Fidelity® Total Market Index Fund (FSKAX) | Maintain In accordance with its objective, the Fidelity Total Market Index Fund sufficient
quarter.
Fidelity 500 Index Fund (FXAIX) Maintain In accordance with its objective, the Fidelity 500 Index Fund sufficiently tracke
Fidelity Mid Cap Index (FSMDX) Maintain In accordance with its objective, the Fidelity Mid Cap Index Fund sufficiently tra
quarter.
Hotchkis & Wiley Small Cap Diversified Maintain 4Q 2021 - The Portfolio gained during the quarter and outperformed the Russe
produced strong absolute results during the quarter with large cap stocks once
Growth stocks led the way in the large cap space while valued oriented names
the index, utilities and technology led while the health care and communicatio
the period.
(+) An underweight in health care (+1.1%) and in communication services (+0.6
significant contributors to performance during the fourth quarter.
(+) Stock selection in financials added value (+0.6%) during the quarterly perio
(-) An underweight in Real Estate had the most damaging impact on performan
fourth quarter.
(+) Over the past four quarters, stock selection in financials (+5%) and sector s
were the two biggest positive factors for performance.
(+) During the 3-year period, good stock selection in financials gave the bigges
(+) Over 5 years, beneficial stock selection in financials was the chief performa
As of 11/30/2021, the chief sector overweights (versus the Russell 2000 Value
consumer discretionary (+6%), and industrials (+5.4%). The biggest underweig
health care (-9%), and communication services (-3%). The cash allocation was 

Manager Commentary
As of December 31, 2021
Conestoga Small Cap Instl (CCALX)
Maintain
4Q 2021 - The Fund gained during the quarter and outperformed the Russell 
produced strong absolute results during the quarter with large cap stocks onc
Growth stocks led the way in the large cap space while valued oriented name
the index, utilities and real estate led while the health care and communicatio
the period.
(+) Effective stock selection in health care was the most important positive pe
fourth quarter period.
(+) An overweight in industrials was also favorable adding another 2% over th
(+) An underweight in health care enhanced value (+0.9%) in the quarter as w
(+) Over the past four quarters, stock selection in health care (+9.7%) and sec
were the two biggest positive factors for performance.
(+) During the 3-year period, sector selection in industrials was the greatest p
(+) For the last 5 years, strong stock selection in industrials was the chief perf
As of 11/30/2021, the main sector overweights (versus the Russell 2000 Grow
(+22%), information technology (+4%). The principal underweights were in co
financials (-6%), and health care (-5%). The position in cash was 2.3%.
International Equity
Dodge & Cox International Stock Fund
(DODFX)
Maintain
4Q 2021 - The portfolio gained during the quarter and outperformed the MSC
Within foreign markets, developed stocks produced positive returns while em
the quarter. Within developed markets, small cap stocks outpaced larger pee
value. Style trends differed within emerging markets as value oriented names
that they exhibited throughout much of 2021. Regionally, Switzerland and Fr
performers while China and Japan were laggards within the index.
(+) Stock selection in health care (+1.4%) and an overweight in Switzerland (+
positive impacts throughout the fourth quarter.
(+) Stock selection in materials enhanced performance (+0.6%) for the quarte
(-) In contrast, poor stock selection in financials had the most damaging impa
throughout the fourth quarter.
(+} Over the past year, strong stock selection in health care had the most adv
(+2%).
(+) For the past 3 years, effective stock selection in industrials was the largest
(+4.4%).
(+) Over 5 years, favorable stock selection in health care gave the biggest boo

Manager Commentary
As of December 31, 2021
American Funds EuroPacific Growth R6
(RERGX)
Maintain
4Q 2021 - The Fund declined during the quarter and underperformed the MSC
developed stocks produced positive returns while emerging market stocks fell 
developed markets, small cap stocks outpaced larger peers while growth name
differed within emerging markets as vaiue-oriented names continued the outp
throughout much of 2021. Regionaily, Switzerland and France were among the
China and Japan were laggards within the index.
(-) Detrimental stock selection in information technology had the most signific
throughout the fourth quarter.
(-) Stock selection in health care (-1%) and communication services (-0.9%) also
within the most recent quarter.
(-) During the past 12 months, poor stock selection in financials (-1.7%) and in 
biggest hindrances to performance.
(+) Over the last 3 years, favorable stock selection in consumer discretionar