Retirement Commission Special Meeting (linked)

Town of Waterford
Quarterly Investment Review - Second Quarter 2025
This report is intended for the exclusive use of clients or prospective clients (the “recipient”) of Fiducient Advisors and the information contained herein is confidential and the dissemination or
distribution to any other person without the prior approval of Fiducient Advisors is strictly prohibited. Information has been obtained from sources believed to be reliable, though not independently
verified. Any forecasts are hypothetical and represent future expectations and not actual return volatilities and correlations will differ from forecasts. This report does not represent a specific
investment recommendation. The opinions and analysis expressed herein are based on Fiducient Advisor research and professional experience and are expressed as of the date of this report.
Please consult with your advisor, attorney and accountant, as appropriate, regarding specific advice. Past performance does not indicate future performance and there is risk of loss.

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Table of Contents
Section 1 
Fiduciary Governance Calendar 
Section 2 
Capital Markets Overview 
Section 3 
OPEB Portfolio Review
Section 4 
Pension Portfolio Review 
Section 5 
Appendix
3

Fiduciary Governance Calendar
4

Fiduciary Governance Calendar
www.FiducientAdvisors.com
Fiduciary Trail®
•
Investment Review
•
Investment Policy Review
•
Fiduciary Training
•
Investment Review
•
Municipal Landscape Update
•
Annual Actuarial Review
Q1
Q2
Q3
Q4
Municipal  
Landscape
Asset Allocation 
Focus
Fiduciary Lockbox®
Governance
Fee Focus
•
Investment Review
•
Portfolio Expense and 
Liquidity Review*
•
Investment Review
•
Capital Markets 
Assumptions
•
Asset Allocation Review
*Liquidity analysis is provided only for portfolios with marketable alternatives and/or private equity.
The fiduciary governance calendar is designed to create a disciplined framework around governance, which 
helps ensure that over the course of a calendar year key fiduciary obligations and responsibilities are being met.  
5

Portfolio Expense Structure
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DISCLOSURE: The figures on this page have been obtained from sources we deem to be reliable. Fiducient Advisors has not independently verified this information. A breakdown of investment 
management fees are detailed in the main report. 
Estimated Annual Cost
Investment Portfolio
(Weighted Average)
OPEB: 0.39%
Pension: 0.16%
Principal 
(Base cost)
0.05% on all invested assets
Per account fee of $750, $10,000 annual minimum
Fiducient
First $2MM: 0.75%, 0.5% Thereafter  
Fiducient Weighted Average Fee: 0.53%
Unless otherwise noted, Fiducient’s fee represents the approximate annualized fee based on the portfolio market value as of March 31, 2025.
Please inform Fiducient of any changes to the portfolio’s custodial arrangement(s) that may impact share class selection.
6

Underlying Investment Management Fees – OPEB 
www.FiducientAdvisors.com
Data is as of the most recent quarterly report ending June 30, 2025.
7

Underlying Investment Management Fees – Pension 
www.FiducientAdvisors.com
Data is as of the most recent quarterly report ending June 30, 2025.
8

Actuarial Review
Source: Hooker & Holcombe, Town of Waterford Retirement Plan 2023 Valuation Report & Waterford OPEB 2024 
Valuation Report
www.FiducientAdvisors.com
Town of Waterford OPEB Plan
7/1/2024
7/1/2022
Actuarial Value of Assets
$13,194,398
$9,206,097
Total Accrued Liability
$34,097,347
$30,074,765
Funded Ratio
38.7%
30.6%
Actuarial Return Assumption
6.50%
6.50%
Town of Waterford Retirement Plan
7/1/2023
7/1/2021
Actuarial Value of Assets
$554,662
$587,576
Total Accrued Liability
$717,948
$786,000
Funded Ratio
77.3%
74.8%
Actuarial Return Assumption
6.25%
6.25%
9

Capital Markets Overview
10

Market Themes
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Deficit Expected to Grow with “Big Beautiful Bill”
Tariffs and trade policy jump started the quarter, but fiscal policy came 
to the forefront as the Trump administration announced the “Big 
Beautiful Bill.” Concerns of a growing budget deficit contributed to 
higher yields on the long-end of the curve and added to overall volatility 
within the fixed income market. Lack of fiscal discipline contributed to 
Moody’s downgrade of the U.S., the last of the big three rating agencies 
to do so.
Inflation Watch
Over the past decade, oil and the 10-year Treasury yield have been 
positively correlated. When crude rallies, yields tend to follow as higher 
oil prices are expected to bleed into headline inflation. The recent 
divergence has been driven by a slump in demand and increased 
supply by OPEC+ countries and may serve as an indicator to the 
potential future path of interest rates. 
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. 
Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.
0
20
40
60
80
100
120
140
160
0.0
1.0
2.0
3.0
4.0
5.0
6.0
6/2015
3/2016
12/2016
9/2017
6/2018
3/2019
12/2019
9/2020
6/2021
3/2022
12/2022
9/2023
6/2024
3/2025
Crude Oil Price
UST-10Y Rate
UST-10Y
Crude Oil
Source: FactSet, as of June 30, 2025.
5.8%
7.0%
6.8%
7.1%
6.6%
6.3%
6.1%
6.3%
6.9%
6.6%
6.2%
5.5%
5.2%
5.7%
5.5%
5.9% 5.9%
6.0%
6.5%
6.1%
5.0%
5.5%
6.0%
6.5%
7.0%
7.5%
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Projected Deficit as % of GDP
"Big Beautiful Bill" Projection
Baseline Projection
Source: CBO. As of June 2025.
11

Market Themes
www.FiducientAdvisors.com
Diverging Central Bank Policy
The Federal Reserve held its policy rate steady during the quarter as it 
balances inflation and labor market data signals. However, while the 
U.S. has maintained rates, select regions around the globe have 
continued to ease rates, notably in the UK and Euro Area. This 
diverging policy has been one of the many factors contributing to U.S. 
dollar volatility this year and a tailwind for non-U.S. markets.
When Uncertainty is High, Context is Grounding
Much has been made of recent U.S. dollar weakness and grumblings 
of the potential for the U.S. losing its reserve currency status. Similarly, 
with rising tensions in the Middle East, oil has been volatile adding to 
inflation concerns. At first glance investors may have concern, but with 
a bit of context that concern may abate. The U.S. dollar is still relatively 
strong, and oil is priced similarly to times when inflation is near 2.5 
percent. 
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. 
Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.
U.S.; 4.50
Euro Area; 
2.15
UK; 4.25
Japan; 0.50
Canada; 2.75
China; 3.00
-0.5
0.5
1.5
2.5
3.5
4.5
5.5
Policy Rate (%)
Source: FactSet. As of June 30, 2025.
60
70
80
90
100
110
120
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
US Dollar
20-Year Average
50
60
70
80
90
100
110
120
130
Crude Oil
Oil Average, CPI is <= 2.5%
Source: FactSet. As of June 30, 2025
Source: FactSet. As of June 30, 2025
12

Asset Class Returns
www.FiducientAdvisors.com
Fixed Income (2Q 2025)
+ The Federal Reserve left rates unchanged at 4.25%–
4.50% for a fourth consecutive meeting, in line with
expectations, as policymakers take a cautious stance to
fully evaluate the economic impact of President Trump’s
policies. Core bonds subsequently gained on falling
rates.
+ Credit markets produced a positive return on
persistently tight credit spreads. Resilient labor data and
positive risk sentiment supported prices despite slowing
growth. The U.S. dollar depreciated which benefitted
non-USD bonds.
Equity (2Q 2025)
+ Equities gained on improved clarity around trade, and
investor optimism about future policy support. Small
caps lagged large, as investors favored large AI-related
names.
+ Central bank activity in Europe also provided a boost
to international developed markets.
+ Emerging markets outperformed developed markets
during the period. A falling U.S. dollar and improved
sentiment on a trade deal between the U.S. and China
boosted returns.
Real Asset / Alternatives (2Q 2025)
- Equity REITs had a negative quarter, as investors
rotated away from high valuation sectors such as
residential.
- Commodities were negative for the quarter on falling
energy, agriculture, and industrial metals.
+ Hedge Funds posted gains with equity hedge
strategies outperforming.
4.7
2.3
4.0
-0.3
4.6
3.4
5.9
6.1
-1.8
19.4
15.3
1.8
7.8
5.5
1.0
0.5
1.3
1.2
-1.1
3.5
-0.2
4.6
11.1
8.5
11.8
12.0
-0.9
3.2
-3.1
1.4
-6
-3
0
3
6
9
12
15
18
21
TIPS
Municipals 5-
Year
U.S. Core Bond
High Yield
Municipals
High Yield
U.S. Long
Duration
Foreign Bond U.S Large Cap U.S. Small Cap
International
Developed
Emerging
Markets
U.S. Equity
REITs
Real Assets
Commodities
Hedge Funds*
Total Returns (%)
YTD
QTD
Source: Morningstar Direct. As of June 30, 2025. *Hedge fund returns as of May 31, 2025.
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. 
Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.
13

0
250
500
750
1,000
1,250
0
100
200
300
400
500
6/17
12/17
6/18
12/18
6/19
12/19
6/20
12/20
6/21
12/21
6/22
12/22
6/23
12/23
6/24
12/24
6/25
Spreads (bps)
Bloomberg U.S. Inv. Grade Corp Index (LHS)
Bloomberg U.S. Corp High Yield Index (RHS)
Source: FactSet. As of June 30, 2025.
Fixed Income Market Update
www.FiducientAdvisors.com
U.S. Treasury Yield Curve
The 2-year yield declined as markets increasingly priced in rate cuts in 
response to slowing economic growth and a softer-than-expected 
inflation backdrop. The yield curve remains inverted on the front-end 
highlighting investor concerns about slowing growth and ongoing 
uncertainty around trade and fiscal policy. The shift lower in yields 
reflected a defensive tone in rates markets as the Fed held steady and 
economic data show signs of slowing.
Corporate Credit Spreads – Trailing 5 Years
Corporate credit spreads tightened over the quarter as investors 
responded to strong demand and resilient corporate fundamentals. 
Despite softer growth data, credit markets remained well-behaved with 
no signs of stress or disorderly repricing.
6/30/2025 10Yr Avg
IG
83 bps
120 bps
HY
290 bps
410 bps
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. 
Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.
3.72
4.24
3.89
4.23
4.71
4.36
3.0
3.5
4.0
4.5
5.0
5.5
6.0
0
5
10
15
20
25
30
Yield (%)
U.S. Treasury Maturity (yrs)
6/30/25
3/31/25
6/28/24
Source: FactSet. As of June 30, 2025.
14

32.7%
2.0%
10.0%
13.8%
17.2%
10.7%
18.3%
7.5%
10.1%
13.5%
16.6%
11.0%
3.8%
17.6%
8.5%
11.1%
S.Korea
 China
 Value
Growth
Small
Large
 Neth.
 Switz.
 Value
Growth
Small
Large
 Value
Growth
Small
Large
Source: Morningstar Direct. As of June 30, 2025.
Equity Market Update
www.FiducientAdvisors.com
Market Capitalization, Style, and Select Country Performance (2Q 2025)
International equities posted strong gains in the second quarter as the U.S. dollar depreciated. Europe rallied on rate cuts and Japan rose on data 
suggesting economic resilience despite rising trade pressures. Emerging markets outperformed developed peers, driven by strength in South Korea 
and positive risk sentiment. Small caps and growth stocks mostly led global equity performance, while China, and India underperformed the broader 
EM index.
U.S. Equities – Returns by Sector (2Q 2025)
U.S. equities advanced in the second quarter, led by technology, industrials, and communication services, as investors embraced pro-cyclical themes 
and AI-related momentum. Health care, energy, and staples lagged the broader market as investors rotated toward areas with higher earnings 
leverage. Sector leadership reflected a risk-on tone, even as macroeconomic signals remain mixed.
U.S.
Emerging Markets
Int’l Developed
11.1%
-3.9%
6.4%
0.8%
9.2%
-1.1%
12.7%
8.1%
6.0%
3.5%
9.4%
6.2%
18.5%
11.5%
1.1%
-8.6%
5.5%
-7.2%
12.9%
23.7%
3.1%
-0.1%
4.3%
10.9%
Comm.
Services
Cons. Disc.
Cons.
Staples
Energy
Financials
Health Care
Industrials
IT
Materials
Real Estate
Utilities
S&P 500
YTD
QTD
Source: Morningstar Direct. As of June 30, 2025.
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. 
Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.
15

Real Assets Market Update
www.FiducientAdvisors.com
REIT Sector Performance (2Q 2025)
REITs declined over the quarter, underperforming broader equity 
markets as investors favored higher-beta sectors and growth-sensitive 
assets. Office and lodging/resorts led performance among property 
types, benefiting from relative value interest and signs of demand 
stability. In contrast, single-family rental REITs, health care, and timber 
lagged, pressured by valuation concerns and sensitivity to macro 
headwinds. 
Commodity Performance (2Q 2025)
Commodities declined in the second quarter, with losses concentrated in 
energy, agriculture and industrial metals. Oil and natural gas fell amid 
easing Middle East tensions and tepid demand. Industrial metals such as 
copper fell on weak demand expectations. Precious metals like platinum 
and gold posted strong returns amid geopolitical tensions.
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. 
Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.
-1.2
8.1
24.1
-2.1
-10.9
-0.4
4.9
-4.0
-15
-10
-5
0
5
10
15
20
25
30
Energy
Industrial
Metals
Precious
Metals
Agriculture
Total Return (%)
YTD
QTD
Source: Morningstar Direct. As of June 30, 2025.
9.3
1.7
-9.0
10.3
-1.0
-1.7
0.0
-14.2
-0.5
19.5
-7.4
-7.5
-0.3
14.5
7.3
-3.1
-1.4
-5.8
-0.8
3.6
-6.3
2.7
-13.0
3.4
-20
-10
0
10
20
30
Diversified
Specialty
Data Centers
Health Care
Retail
Residential
Self Storage
Lodging/Resorts
Industrial
Infrastructure
Timber
Office
Total Return (%)
YTD
QTD
Source: Morningstar Direct. As of June 30, 2025.
16

Marketable Alternatives
Benchmark Return Indices cannot be invested in directly. HFRI benchmarks are net of fees. Past performance does not indicate future performance and 
there is a possibility of a loss. See disclosures for list of indices representing each asset class.
Fund of Funds / Asset Weighted (1Q)
+ The HFRI Fund of Funds Composite returned 0.4
percent over the trailing 3-month period and 1.2 percent
year-to-date.
- The HFRI Asset Weighted Composite returned -0.2
percent over the trailing 3-month period and 1.2 percent
year-to-date.
+/- Marketable alternatives generally outpaced US 
markets but trailed global indices over the trailing 3-
month period.
Equity Hedge / Event Driven (1Q)
+ Equity Hedge strategies returned 1.2 percent over the
period, rebounding nicely from a challenging equity 
market in March.
- Within Equity Hedge Strategies, Healthcare and
Technology/Healthcare strategies were notable
detractors.
+ Event Driven strategies returned 0.8 percent over the
period with Multi-Strategy and Special Situations
strategies notable contributors.
Macro / Relative Value (1Q)
- Macro strategies returned -2.3 percent over the period,
bringing year-to-date performance into negative
territory.
+/- The dispersion between Systematic Macro 
strategies and Discretionary Macro strategies was 
notable, with Systematic Macro strategies trailing their 
discretionary peers over the period.
+ Relative Value strategies returned 1.0 percent over
the period with positive performance across strategy
types.
Source: Morningstar Direct. As of May 31, 2025.
www.FiducientAdvisors.com
0.4%
-0.2%
1.2%
0.8%
-2.3%
1.0%
1.2%
1.2%
3.0%
1.8%
-1.5%
2.8%
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
HFRI Fund of Funds
Composite
HFRI Asset Weighted
Composite
HFRI Equity Hedge
HFRI Event Driven
HFRI Macro
HFRI Relative Value
Total Return
Trailing 3-Month
YTD
17

$142
$187
$253
$201
$352
$263
$379
$401
$395
$333
$149
400 
426 
514 
458 
538 
539 
827 
1,051 
898 
476 
146
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Capital raised ($B)
Fund count
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. 
Indices cannot be invested in directly.
Source: Cambridge Associates. As of March 31, 2025. Returns presented as horizon pooled 
return, net of fees. S&P 500 Index as of March 31, 2025. Indices cannot be invested in directly.
Private Equity Market Update
Private Equity Performance (As of March 31, 2025)
U.S. Private Equity Deal Activity
U.S. Private Equity Fundraising Activity
Public market performance has been strong as of late; however, longer term periods 
continue to favor private markets. Growth equity and venture capital returns have 
started to recover. 
Source: Pitchbook. As of June 30, 2025.
Source: Pitchbook. As of June 30, 2025.
U.S. Private Equity deal activity in the first half of the year is on pace to surpass recent years.  
www.FiducientAdvisors.com
The first half of 2025 is off to a slower start compared to recent years. 
$548.2
$463.2
$590.2
$674.1
$679.2
$618.0
$1,244.2
$941.3
$724.0
$838.2
$512.7
4,643
4,781
5,315
6,202
6,480
6,550
10,207
9,343
7,944
8,559
4,430
0
2,000
4,000
6,000
8,000
10,000
12,000
$0.0
$200.0
$400.0
$600.0
$800.0
$1,000.0
$1,200.0
$1,400.0
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Deal value ($B)
Deal count
Estimated deal count
Benchmark
1-YR
3-YR
5-YR
10-Y
15-Y
US Private Equity Index
8.1%
4.4%
15.8%
15.1%
16.0%
US Buyout Index
7.9%
6.1%
15.7%
14.9%
15.9%
US Growth Equity Index
8.8%
-0.1%
16.4%
16.2%
16.4%
US Venture Capital Index
6.2%
-6.5%
15.1%
13.7%
14.8%
S&P 500 Index
8.3%
9.1%
18.6%
12.5%
13.2%
18

The Case for Diversification
www.FiducientAdvisors.com
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
10 Years (Ann)
U.S. Equity REITs
2.8
U.S. Small Cap
21.3
Emerging Markets 
Equity
37.3
High Yield Municipals
4.8
U.S. Large Cap
31.4
U.S. Large Cap
21.0
U.S. Equity REITs
41.3
Commodities
16.1
U.S. Large Cap
26.5
U.S. Large Cap
24.5
International Dev.Eq.
19.4
U.S. Large Cap
13.3
Municipals 5-Year
2.4
High Yield
17.1
International 
Developed Equity
25.0
Cash
1.8
U.S. Mid Cap
30.5
U.S. Small Cap
20.0
Commodities
27.1
Cash
1.5
International 
Developed Equity
18.2
U.S. Mid Cap
15.3
Emerging Markets Eq.
15.3
U.S. Mid Cap
9.9
High Yield Municipals
1.8
U.S. Mid Cap
13.8
U.S. Large Cap
21.7
Municipals 5-Year
1.7
U.S. Equity REITs
28.7
Emerging Markets 
Equity
18.3
U.S. Large Cap
26.5
Hedge Funds
-5.3
U.S. Mid Cap
17.2
U.S. Small Cap
11.5
U.S. Large Cap
6.1
U.S. Small Cap
7.1
U.S. Large Cap
0.9
U.S. Large Cap
12.1
U.S. Mid Cap
18.5
U.S. Core Bond
0.0
U.S. Small Cap
25.5
U.S. Mid Cap
17.1
U.S. Mid Cap
22.6
Municipals 5-Year
-5.3
U.S. Small Cap
16.9
Balanced
10.8
Commodities
5.5
Balanced
6.3
U.S. Core Bond
0.5
Commodities
11.8
Balanced
15.4
TIPS
-1.3
International 
Developed Equity
22.0
Balanced
13.5
U.S. Small Cap
14.8
High Yield
-11.2
Balanced
15.4
Hedge Funds
9.1
U.S. Mid Cap
4.8
U.S. Equity REITs
6.6
Cash
0.0
Emerging Markets 
Equity
11.2
U.S. Small Cap
14.6
High Yield
-2.1
Balanced
19.4
TIPS
11.0
International 
Developed Equity
11.3
TIPS
-11.8
High Yield
13.4
High Yield
8.2
TIPS
4.7
International 
Developed Equity
6.5
Hedge Funds
-0.3
U.S. Equity REITs
8.6
High Yield Municipals
9.7
U.S. Equity REITs
-4.0
Emerging Markets 
Equity
18.4
Hedge Funds
10.9
Balanced
10.2
U.S. Core Bond
-13.0
U.S. Equity REITs
11.4
Emerging Markets 
Equity
7.5
High Yield
4.6
High Yield
5.4
International 
Developed Equity
-0.8
Balanced
5.9
U.S. Equity REITs
8.7
Hedge Funds
-4.0
High Yield
14.3
International 
Developed Equity
7.8
High Yield Municipals
7.8
High Yield Municipals
-13.1
Emerging Markets 
Equity
9.8
High Yield Municipals
6.3
Balanced
4.3
High Yield Municipals
4.4
Balanced
-1.0
TIPS
4.7
Hedge Funds
7.8
U.S. Large Cap
-4.8
High Yield Municipals
10.7
U.S. Core Bond
7.5
Hedge Funds
6.2
International 
Developed Equity
-14.5
High Yield Municipals
9.2
Commodities
5.4
U.S. Core Bond
4.0
Emerging Markets 
Equity
4.8
TIPS
-1.4
High Yield Municipals
3.0
High Yield
7.5
Balanced
-5.5
U.S. Core Bond
8.7
High Yield
7.1
TIPS
6.0
Balanced
-16.0
Hedge Funds
6.1
Cash
5.3
Municipals 5-Year
2.3
Hedge Funds
3.5
U.S. Mid Cap
-2.4
U.S. Core Bond
2.6
U.S. Core Bond
3.5
U.S. Mid Cap
-9.1
TIPS
8.4
High Yield Municipals
4.9
High Yield
5.3
U.S. Mid Cap
-17.3
U.S. Core Bond
5.5
U.S. Equity REITs
4.9
Cash
2.1
Commodities
2.0
U.S. Small Cap
-4.4
International 
Developed Equity
1.0
Municipals 5-Year
3.1
U.S. Small Cap
-11.0
Hedge Funds
8.4
Municipals 5-Year
4.3
Municipals 5-Year
0.3
U.S. Large Cap
-19.1
Cash
5.1
International 
Developed Equity
3.8
U.S. Equity REITs
1.8
TIPS
2.
High Yield
-4.5
Hedge Funds
0.5
TIPS
3.0
Commodities
-11.2
Commodities
7.7
Cash
0.5
Cash
0.0
Emerging Markets 
Equity
-20.1
Municipals 5-Year
4.3
TIPS
1.8
Hedge Funds
1.0
Cash
2.0
Emerging Markets 
Equity
-14.9
Cash
0.3
Commodities
1.7
International 
Developed Equity
-13.8
Municipals 5-Year
5.4
Commodities
-3.1
U.S. Core Bond
-1.5
U.S. Small Cap
-20.4
TIPS
3.9
U.S. Core Bond
1.3
High Yield Munis
-0.3
Municipals 5-Year
1.8
Commodities
-24.7
Municipals 5-Year
-0.4
Cash
0.8
Emerging Markets 
Equity
-14.6
Cash
2.2
U.S. Equity REITs
-5.1
Emerging Markets 
Equity
-2.5
U.S. Equity REITs
-24.9
Commodities
-7.9
Municipals 5-Year
1.2
U.S. Small Cap
-1.8
U.S. Core Bond
1.8
Sources: Morningstar, FactSet. As of June 30, 2025. *Periods greater than one year are annualized. Total returns in U.S. dollars. Hedge Funds as of May 31, 2025.
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. 
Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.
19

Financial Markets Performance
www.FiducientAdvisors.com
Global Fixed Income Markets
QTD
YTD
1YR
3YR
5YR
7YR
10YR
15YR
Bloomberg 1-3-Month T-Bill
1.1%
2.1%
4.8%
4.7%
2.8%
2.5%
2.0%
1.3%
Bloomberg U.S. TIPS
0.5%
4.7%
5.8%
2.3%
1.6%
3.0%
2.7%
2.9%
Bloomberg Municipal Bond (5 Year)
1.3%
2.3%
4.3%
2.7%
0.9%
1.9%
1.8%
2.2%
Bloomberg High Yield Municipal Bond
-1.1%
-0.3%
1.8%
4.5%
3.1%
3.5%
4.4%
5.1%
Bloomberg U.S. Aggregate
1.2%
4.0%
6.1%
2.5%
-0.7%
1.8%
1.8%
2.3%
Bloomberg U.S. Corporate High Yield
3.5%
4.6%
10.3%
9.9%
6.0%
5.3%
5.4%
6.4%
Bloomberg Global Aggregate ex-U.S. Hedged
1.9%
1.8%
6.1%
4.3%
0.9%
2.3%
2.7%
3.1%
Bloomberg Global Aggregate ex-U.S. Unhedged
7.3%
10.0%
11.2%
2.7%
-1.6%
-0.5%
0.6%
0.8%
Bloomberg U.S. Long Gov / Credit
-0.2%
3.4%
3.3%
-0.3%
-4.9%
0.7%
1.8%
3.4%
Global Equity Markets
QTD
YTD
1YR
3YR
5YR
7YR
10YR
15YR
S&P 500
10.9%
6.2%
15.2%
19.7%
16.6%
14.4%
13.6%
14.9%
Dow Jones Industrial Average
5.5%
4.5%
14.7%
15.0%
13.5%
11.2%
12.1%
13.2%
NASDAQ Composite
18.0%
5.9%
15.7%
23.7%
16.0%
16.3%
16.2%
17.5%
Russell 3000
11.0%
5.8%
15.3%
19.1%
16.0%
13.6%
13.0%
14.5%
Russell 1000
11.1%
6.1%
15.7%
19.6%
16.3%
14.1%
13.3%
14.7%
Russell 1000 Growth
17.8%
6.1%
17.2%
25.7%
18.1%
17.9%
17.0%
17.5%
Russell 1000 Value
3.8%
6.0%
13.7%
12.8%
13.9%
9.6%
9.2%
11.6%
Russell Mid Cap
8.5%
4.8%
15.2%
14.3%
13.1%
10.0%
9.9%
12.6%
Russell Mid Cap Growth
18.2%
9.8%
26.5%
21.5%
12.7%
12.7%
12.1%
14.3%
Russell Mid Cap Value
5.3%
3.1%
11.5%
11.3%
13.7%
8.2%
8.4%
11.4%
Russell 2000
8.5%
-1.8%
7.7%
10.0%
10.0%
5.5%
7.1%
10.3%
Russell 2000 Growth
12.0%
-0.5%
9.7%
12.4%
7.4%
5.7%
7.1%
11.1%
Russell 2000 Value
5.0%
-3.2%
5.5%
7.5%
12.5%
4.8%
6.7%
9.3%
MSCI ACWI
11.5%
10.0%
16.2%
17.3%
13.7%
10.8%
10.0%
10.6%
MSCI ACWI ex. U.S.
12.0%
17.9%
17.7%
14.0%
10.1%
6.6%
6.1%
6.7%
MSCI EAFE
11.8%
19.4%
17.7%
16.0%
11.2%
7.2%
6.5%
7.5%
MSCI EAFE Growth
13.5%
16.0%
11.4%
13.6%
7.9%
6.8%
6.7%
7.8%
MSCI EAFE Value
10.1%
22.8%
24.2%
18.4%
14.3%
7.3%
6.1%
7.0%
MSCI EAFE Small Cap
16.6%
20.9%
22.5%
13.3%
9.3%
5.0%
6.5%
8.4%
MSCI Emerging Markets
12.0%
15.3%
15.3%
9.7%
6.8%
4.5%
4.8%
4.4%
Alternatives
QTD
YTD
1YR
3YR
5YR
7YR
10YR
15YR
Consumer Price Index*
0.1%
0.5%
2.4%
3.2%
4.6%
3.6%
3.1%
2.6%
FTSE NAREIT All Equity REITs
-0.9%
1.8%
9.2%
3.4%
6.7%
5.5%
6.6%
9.1%
S&P Real Assets
3.2%
7.8%
11.8%
6.0%
7.3%
5.0%
4.7%
5.9%
FTSE EPRA NAREIT Developed 
4.7%
6.7%
12.4%
4.6%
6.1%
3.1%
4.2%
6.8%
FTSE EPRA NAREIT Developed ex U.S.
16.0%
20.0%
19.2%
4.2%
3.1%
0.7%
2.2%
5.0%
Bloomberg Commodity Total Return
-3.1%
5.5%
5.8%
0.1%
12.7%
4.9%
2.0%
0.0%
HFRI Fund of Funds Composite*
1.4%
1.0%
5.4%
5.4%
6.2%
4.3%
3.5%
3.7%
HFRI Asset Weighted Composite*
0.7%
1.2%
4.0%
4.0%
6.5%
4.2%
3.6%
4.5%
Sources: Morningstar, FactSet. As of June 30, 2025. *Consumer Price Index and HFRI indexes as of May 31, 2025.
Total Return as of June 30, 2025
Periods greater than one year are annualized
All returns are in U.S. dollar terms
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. 
Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.
20

OPEB Portfolio Review
21

Historical Performance
Portfolio (03/2017)
Portfolio Benchmark (03/2017)
0.0
4.0
8.0
12.0
16.0
Return
 
(%)
QTD
YTD
1
Year
3
Years
5
Years
Since
Inception
7.5
8.1
12.6
11.8
8.6
7.6
6.8
7.2
11.1
11.0
8.3
7.3
Summary of Cash Flows
QTD
YTD
1
Year
Since
Inception
Waterford OPEB
   Beginning Market Value
15,876,087
15,821,625
13,331,511
1,164,759
   Net Contributions
151
-2,111
1,984,881
10,615,292
   Gain/Loss
1,086,934
1,143,659
1,646,781
5,183,121
   Ending Market Value
16,963,173
16,963,173
16,963,173
16,963,173
Current Benchmark Composition
From Date
To Date
03/2025
Present
35.00% Blmbg. 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
Portfolio Allocation
Short Term Liquidity
Fixed Income
Domestic Equity
International Equity
Real Assets
Short Term Liquidity
0.2%
Fixed Income
34.8%
Real Assets
4.5%
International Equity
24.2%
Domestic Equity
36.4%
Actual vs. Target Allocations
Target
Actual
Differences
0.0%
15.0%
30.0%
45.0%
60.0%
-15.0 %
Real Assets
$763,586
International Equity
$4,098,974
Domestic Equity
$6,177,275
Fixed Income
$5,895,417
Short Term Liquidity
$27,921
4.5%
23.0%
37.5%
35.0%
0.0%
4.5%
24.2%
36.4%
34.8%
0.2%
0.0%
1.2%
-1.1 %
-0.2 %
0.2%
Portfolio Dashboard
Waterford OPEB
As of June 30, 2025
Inception Date: 03/2017. Client portfolio performance is presented net of underlying investment manager and Fiducient Advisors' fees.
22

Actual vs. Target
Target Allocation
Actual Allocation
Allocation Differences
0.0%
8.0%
16.0%
24.0%
32.0%
40.0%
48.0%
-8.0 %
-16.0 %
Real Assets
$763,586
International Equity
$4,098,974
Domestic Equity
$6,177,275
Fixed Income
$5,895,417
Short Term Liquidity
$27,921
4.5%
23.0%
37.5%
35.0%
0.0%
4.5%
24.2%
36.4%
34.8%
0.2%
0.0%
1.2%
-1.1 %
-0.2 %
0.2%
Asset
Allocation
($)
Asset
Allocation
(%)
Target
Allocation
(%)
Differences
(%)
Minimum
Allocation
(%)
Maximum
Allocation
(%)
Waterford OPEB
16,963,173
100.0
100.0
0.0
-
-
   Short Term Liquidity
27,921
0.2
0.0
0.2
0.0
10.0
   Fixed Income
5,895,417
34.8
35.0
-0.2
15.0
45.0
   Domestic Equity
6,177,275
36.4
37.5
-1.1
20.0
50.0
   International Equity
4,098,974
24.2
23.0
1.2
15.0
45.0
   Real Assets
763,586
4.5
4.5
0.0
0.0
10.0
Asset Allocation
Waterford OPEB
As of June 30, 2025
23

Waterford OPEB
As of June 30, 2025
Current Portfolio 
Allocation
Current Fixed Income  
Allocation
Yield to Maturity
Duration
(Years)
Average Credit Quality
Fidelity Inflation-Protected Bond Index
1.5%
4.3%
1.1%
6.6
AAA
Baird Aggregate Bond Fund Class Institutional
11.9%
34.2%
4.1%
6.1
A
Harbor Core Bond Retirement - IR&M
11.9%
34.2%
4.4%
6.1
A
BlackRock Strategic Income Opportunities Fund K
8.5%
24.4%
5.0%
3.5
BB
Artisan High Income Instl
1.0%
2.9%
6.6%
2.4
B
Fixed Income
35%
100%
4.3%
5.4
Cash & Equivalents
Investment Grade 
Securities
BB Rated Securities
B Rated Securities
<B Rated Securities
Not-Rated Securities
Fidelity Inflation-Protected Bond Index
0.5%
99.5%
0.0%
0.0%
0.0%
0.0%
Baird Aggregate Bond Fund Class Institutional
2.2%
97.6%
0.2%
0.0%
0.0%
0.0%
Harbor Core Bond Retirement - IR&M
0.8%
99.2%
0.0%
0.0%
0.0%
0.0%
BlackRock Strategic Income Opportunities Fund K
-12.0%
77.5%
11.2%
8.7%
2.2%
12.4%
Artisan High Income Instl
7.4%
-3.9%
27.5%
43.1%
21.0%
4.9%
Fixed Income
-1.7%
90.4%
3.6%
3.4%
1.2%
3.2%
Past performance may not be indicative of future results. Account information has been compiled solely by Fiduciary Investment Advisors, LLC, has not been independently verified, and does not reflect the impact of taxes on non-qualified accounts. In preparing this 
report, Fiducient Advisors has relied upon information provided by third party sources. A copy of our current written disclosure statement discussing our advisory services and fees continues to remain available for your review upon request. Historical performance results 
for investment indices and/or categories have been provided for general comparison purposes only, and generally do not reflect the deduction of transaction and/or custodial charges, the deduction of an investment management fee, nor the impact of taxes, the 
incurrence of which would have the effect of decreasing historical performance results. It should not be assumed that your account holdings correspond directly to any comparative indices.
Important Disclosure Information: 
Holding characteristics are sourced from Morngingstar Direct and manager provided data. Mutual fund data is as of the most recent submission to Morningstar. 
Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments, including derivatives, which may be used to gain or reduce 
market exposure and/or risk management.  
Fixed Income Asset Class Summary
Fund
Credit Rating Exposure
Manager Characteristics
Fund
Holdings Overview
Fixed Income Sector Analysis
-2%
37%
27%
31%
3%
Cash & Equivalents
Securitzed
U.S. Government
Corporate
Other
-1.7%
90.4%
3.6%
3.4%
1.2%
3.2%
-10.0%
10.0%
30.0%
50.0%
70.0%
90.0%
Cash & Equivalents
Investment Grade Securities
BB Rated Securities
B Rated Securities
<B Rated Securities
Not-Rated Securities
24

Asset
Allocation
($)
Asset
Allocation
(%)
Target
Allocation
(%)
Differences
(%)
Waterford OPEB
16,963,173
100.0
100.0
0.0
     Short Term Liquidity
27,921
0.2
0.0
0.2
       Allspring Government Money Market Fund Instl
27,921
0.2
0.0
0.2
     Fixed Income
5,895,417
34.8
35.0
-0.2
       Fidelity Inflation-Protected Bond Index
253,875
1.5
1.5
0.0
       Baird Aggregate Bond Fund Class Institutional
2,018,551
11.9
12.0
-0.1
       Harbor Core Bond Retirement - IR&M
2,015,331
11.9
12.0
-0.1
       BlackRock Strategic Income Opportunities Fund K
1,436,873
8.5
8.5
0.0
       Artisan High Income Instl
170,787
1.0
1.0
0.0
     Domestic Equity
6,177,275
36.4
37.5
-1.1
       Fidelity 500 Index Fund
4,183,433
24.7
25.0
-0.3
       Fidelity Mid Cap Index
1,232,981
7.3
7.5
-0.2
       Hotchkis & Wiley Small Cap Diversified Value Z
382,572
2.3
2.5
-0.2
       Conestoga Small Cap Instl
378,289
2.2
2.5
-0.3
     International Equity
4,098,974
24.2
23.0
1.2
       Dodge & Cox International Stock Fund
1,900,867
11.2
10.5
0.7
       JHancock International Dynamic Growth R6 - Axiom
1,837,957
10.8
10.5
0.3
       ARGA Emerging Markets Value Fund
187,194
1.1
1.0
0.1
       GQG Partners Emerging Markets Equity R6
172,957
1.0
1.0
0.0
     Real Assets
763,586
4.5
4.5
0.0
       DWS RREEF Real Assets R6
763,586
4.5
4.5
0.0
Asset Allocation
Waterford OPEB
As of June 30, 2025
25

Trailing Performance Summary
QTD
YTD
1
Year
3
Years
5
Years
7
Years
10
Years
Since
Inception
Inception
Date
Waterford OPEB
6.8
7.2
11.1
11.0
8.3
7.5
-
7.3
03/2017
   OPEB Blended Benchmark
7.5
8.1
12.6
11.8
8.6
7.7
-
7.6
03/2017
Calendar Year Performance Summary
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
Waterford OPEB
8.8
15.4
-14.8
9.3
17.8
19.8
-7.2
-
-
-
   OPEB Blended Benchmark
10.7
15.8
-15.7
11.0
13.9
20.1
-5.8
-
-
-
Plan Reconciliation
QTD
YTD
1
Year
3
Years
5
Years
10
Years
Since
Inception
Inception
Date
Waterford OPEB
03/2017
   Beginning Market Value
15,876,087
15,821,625
13,331,511
8,456,127
6,119,819
-
1,164,759
   Net Contributions
151
-2,111
1,984,881
4,572,280
6,406,711
-
10,615,292
   Gain/Loss
1,086,934
1,143,659
1,646,781
3,934,766
4,436,643
-
5,183,121
   Ending Market Value
16,963,173
16,963,173
16,963,173
16,963,173
16,963,173
-
16,963,173
Benchmark Composition
Weight (%)
Mar-2025
    Blmbg. U.S. Aggregate
35.0
    Dow Jones U.S. Total Stock Market Index
37.5
    MSCI AC World ex USA (Net)
23.0
    Diversified Real Asset Blended Index
4.5
Performance Overview
As of June 30, 2025
Waterford OPEB
Client portfolio performance is presented net of underlying investment manager and Fiducient Advisors' fees.
26

Manager
Recommendation
Comments
Fidelity Inflation-Protected Bond Index
Maintain
Baird Aggregate Bond Fund Class Institutional
Maintain
Harbor Core Bond Retirement - IR&M
Maintain
BlackRock Strategic Income Opportunities Fund K
Maintain
Artisan High Income Instl
Maintain
Fidelity 500 Index Fund
Maintain
Fidelity Total Market Index Fund
Maintain
Fidelity Mid Cap Index
Maintain
Hotchkis & Wiley Small Cap Diversified Value Z
Maintain
Conestoga Small Cap Instl
Maintain
Dodge & Cox International Stock Fund
Maintain
JHancock International Dynamic Growth R6 - Axiom
Maintain
ARGA Emerging Markets Value Fund
Maintain
GQG Partners Emerging Markets Equity R6
Maintain
Fidelity Global ex-U.S. Index
Maintain
DWS RREEF Real Assets R6
Maintain
Manager Status Commentary
Waterford - Combined
As of June 30, 2025
Commentary produced upon change of status.
27

Manager
Status
Allocation
Market
Value
($)
%
Performance(%)
QTD
YTD
1
Year
3
Years
5
Years
Since
Inception
Inception
Date
Waterford OPEB
16,963,173
100.0
6.8
7.2
11.1
11.0
8.3
7.3
03/2017
   OPEB Blended Benchmark
7.5
8.1
12.6
11.8
8.6
7.6
Short Term Liquidity *
27,921
0.2
1.0
2.1
5.0
4.4
2.7
2.2
03/2017
   90 Day U.S. Treasury Bill
1.0
2.1
4.7
4.6
2.8
2.3
Allspring Government Money Market Fund Instl *
27,921
0.2
1.0
2.1
5.0
4.4
2.7
2.2
03/2017
   90 Day U.S. Treasury Bill
1.0
2.1
4.7
4.6
2.8
2.3
Fixed Income
5,895,417
34.8
1.6
4.3
6.6
3.7
0.8
2.3
03/2017
   Fixed Income Benchmark
1.2
4.0
6.0
2.5
-0.8
1.5
Fidelity Inflation-Protected Bond Index
253,875
1.5
0.6
4.7
5.8
2.4
1.5
3.5
02/2023
Maintain
   Blmbg. U.S. TIPS
0.5
4.7
5.8
2.3
1.6
3.5
   IM U.S. TIPS (MF) Median
0.6
4.5
6.0
2.5
1.7
3.7
      Fidelity Inflation-Protected Bond Index Rank
52
28
57
55
58
52
Baird Aggregate Bond Fund Class Institutional
2,018,551
11.9
1.2
4.1
6.2
3.2
-0.3
-0.1
04/2021
Maintain
   Blmbg. U.S. Aggregate Index
1.2
4.0
6.1
2.5
-0.7
-0.4
   IM U.S. Broad Market Core Fixed Income (MF) Median
1.2
4.0
6.1
2.7
-0.5
-0.4
      Baird Aggregate Bond Fund Class Institutional Rank
65
41
36
28
41
26
Harbor Core Bond Retirement - IR&M
2,015,331
11.9
1.1
3.9
6.0
2.7
-0.6
5.3
03/2024
Maintain
   Blmbg. U.S. Aggregate
1.2
4.0
6.1
2.5
-0.7
5.3
   IM U.S. Broad Market Core Fixed Income (MF) Median
1.2
4.0
6.1
2.7
-0.5
5.4
      Harbor Core Bond Retirement - IR&M Rank
75
64
57
49
55
59
BlackRock Strategic Income Opportunities Fund K
1,436,873
8.5
2.9
4.7
8.5
5.7
3.9
3.8
06/2018
Maintain
   Blmbg. U.S. Aggregate Index
1.2
4.0
6.1
2.5
-0.7
1.7
   IM Alternative Credit Focus (MF) Median
1.6
3.7
7.4
5.8
3.9
3.4
      BlackRock Strategic Income Opportunities Fund K Rank
15
9
17
52
48
33
Manager Performance
Waterford OPEB
As of June 30, 2025
Client 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 non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a statement or data from the client’s
custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of fees unless otherwise stated. The fund’s
inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception. Inception dates for asset class composites reflect the
start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of underlying component strategies. * Return displayed as gross of
fees.
28

Manager Performance
Waterford OPEB
As of June 30, 2025
Manager
Status
Allocation
Market
Value
($)
%
Performance(%)
QTD
YTD
1
Year
3
Years
5
Years
Since
Inception
Inception
Date
Artisan High Income Instl
170,787
1.0
3.8
5.0
11.0
10.2
7.7
10.0
02/2023
Maintain
   Blmbg. U.S. Corp: High Yield
3.5
4.6
10.3
9.9
6.0
9.2
   IM U.S. High Yield Bonds (MF) Median
3.5
4.3
9.1
9.1
5.4
8.3
      Artisan High Income Instl Rank
26
11
5
9
5
4
Domestic Equity
6,177,275
36.4
9.5
4.2
13.4
16.8
15.0
12.9
03/2017
   Dow Jones U.S. Total Stock Market Index
11.1
5.7
15.2
19.1
15.9
13.5
Fidelity 500 Index Fund
4,183,433
24.7
10.9
6.2
15.1
19.7
16.6
12.7
04/2021
Maintain
   S&P 500 Index
10.9
6.2
15.2
19.7
16.6
12.7
   IM U.S. Large Cap Core Equity (MF) Median
10.7
5.9
12.9
18.5
15.4
11.5
      Fidelity 500 Index Fund Rank
46
41
27
30
21
20
Fidelity Mid Cap Index
1,232,981
7.3
8.5
4.8
15.2
14.3
13.1
6.9
04/2021
Maintain
   Russell Midcap Index
8.5
4.8
15.2
14.3
13.1
6.9
   IM U.S. Mid Cap Core Equity (MF) Median
6.0
2.1
9.8
11.7
13.0
6.5
      Fidelity Mid Cap Index Rank
23
12
12
13
47
37
Hotchkis & Wiley Small Cap Diversified Value Z
382,572
2.3
2.7
-5.8
1.1
7.3
15.0
3.6
04/2021
Maintain
   Russell 2000 Value Index
5.0
-3.2
5.5
7.5
12.5
2.0
   IM U.S. Small Cap Value Equity (MF) Median
4.4
-3.7
4.1
8.9
14.5
3.9
      Hotchkis & Wiley Small Cap Diversified Value Z Rank
75
76
86
69
43
58
Conestoga Small Cap Instl
378,289
2.2
4.8
-7.7
2.9
7.6
5.7
0.0
04/2021
Maintain
   Russell 2000 Growth Index
12.0
-0.5
9.7
12.4
7.4
-0.4
   IM U.S. Small Cap Growth Equity (MF) Median
10.7
-1.1
6.5
10.2
8.1
0.6
      Conestoga Small Cap Instl Rank
91
99
80
85
73
56
Client 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 non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a statement or data from the client’s
custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of fees unless otherwise stated. The fund’s
inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception. Inception dates for asset class composites reflect the
start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of underlying component strategies. * Return displayed as gross of
fees.
29

Manager Performance
Waterford OPEB
As of June 30, 2025
Manager
Status
Allocation
Market
Value
($)
%
Performance(%)
QTD
YTD
1
Year
3
Years
5
Years
Since
Inception
Inception
Date
International Equity
4,098,974
24.2
12.5
18.6
18.1
13.8
10.0
9.1
03/2017
   MSCI AC World ex USA (Net)
12.0
17.9
17.7
14.0
10.1
7.4
Dodge & Cox International Stock Fund
1,900,867
11.2
11.6
22.4
23.1
15.4
13.9
8.8
04/2021
Maintain
   MSCI AC World ex USA Value (Net)
10.4
19.9
21.4
15.6
13.1
8.4
   IM International Large Cap Value Equity (MF) Median
11.5
22.3
22.6
16.9
13.4
8.6
      Dodge & Cox International Stock Fund Rank
44
45
40
76
34
48
JHancock International Dynamic Growth R6 - Axiom
1,837,957
10.8
14.2
15.7
15.4
19.4
12.6
10.5
03/2025
Maintain
   MSCI AC World ex USA Growth (Net)
13.7
15.9
14.1
12.4
7.1
11.1
   IM International Growth Equity (MF) Median
13.0
18.1
17.2
13.9
8.8
11.5
      JHancock International Dynamic Growth R6 - Axiom Rank
36
73
63
3
4
63
ARGA Emerging Markets Value Fund
187,194
1.1
12.9
21.2
24.4
17.4
-
17.7
03/2023
Maintain
   MSCI Emerging Markets Value (Net)
10.0
14.8
12.7
10.2
9.1
13.7
   IM Emerging Markets Equity (MF) Median
12.3
14.6
14.2
9.9
6.4
13.3
      ARGA Emerging Markets Value Fund  Rank
37
4
3
2
-
9
GQG Partners Emerging Markets Equity R6
172,957
1.0
5.5
5.1
-3.9
11.4
8.5
9.0
03/2025
Maintain
   MSCI Emerging Markets Growth (Net)
13.8
15.7
17.7
9.2
4.6
13.6
   IM Emerging Markets Equity (MF) Median
12.3
14.6
14.2
9.9
6.4
13.0
      GQG Partners Emerging Markets Equity R6 Rank
100
98
100
33
24
97
Real Assets
763,586
4.5
2.9
7.5
9.4
4.2
8.0
5.7
10/2019
   Diversified Real Asset Blended Index
4.2
9.1
12.5
5.7
8.3
5.8
DWS RREEF Real Assets R6
763,586
4.5
2.9
8.0
12.4
4.4
8.6
4.2
03/2025
Maintain
   DWS Real Assets Benchmark
2.9
8.4
12.2
4.7
8.4
4.2
Client 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 non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a statement or data from the client’s
custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of fees unless otherwise stated. The fund’s
inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception. Inception dates for asset class composites reflect the
start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of underlying component strategies. * Return displayed as gross of
fees.
30

Performance(%)
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
Waterford OPEB
8.8
15.4
-14.8
9.3
17.8
19.8
-7.2
-
-
-
   OPEB Blended Benchmark
10.7
15.8
-15.7
11.0
13.9
20.1
-5.8
-
-
-
Short Term Liquidity *
5.4
4.4
1.5
0.0
0.4
2.2
1.7
-
-
-
   90 Day U.S. Treasury Bill
5.3
5.0
1.5
0.0
0.7
2.3
1.9
0.9
0.3
0.0
Allspring Government Money Market Fund Instl *
5.4
4.4
1.5
0.0
0.4
2.2
1.7
-
-
-
   90 Day U.S. Treasury Bill
5.3
5.0
1.5
0.0
0.7
2.3
1.9
0.9
0.3
0.0
Fixed Income
2.0
6.6
-11.3
-0.6
8.9
8.9
-0.5
-
-
-
   Fixed Income Benchmark
1.1
5.5
-13.2
-1.7
7.5
8.7
0.0
-
-
-
Fidelity Inflation-Protected Bond Index
2.0
3.8
-12.0
5.9
10.9
8.3
-1.4
3.0
4.9
-1.7
   Blmbg. U.S. TIPS
1.8
3.9
-11.8
6.0
11.0
8.4
-1.3
3.0
4.7
-1.4
   IM U.S. TIPS (MF) Median
2.1
3.7
-11.7
5.3
9.7
7.3
-1.6
2.6
4.4
-2.1
      Fidelity Inflation-Protected Bond Index Rank
55
47
64
23
29
24
43
30
28
35
Baird Aggregate Bond Fund Class Institutional
1.9
6.4
-13.4
-1.5
8.6
9.5
-0.3
4.2
3.5
0.6
   Blmbg. U.S. Aggregate Index
1.3
5.5
-13.0
-1.5
7.5
8.7
0.0
3.5
2.6
0.5
   IM U.S. Broad Market Core Fixed Income (MF) Median
1.6
5.8
-13.7
-1.3
8.2
8.8
-0.6
3.6
2.9
0.0
      Baird Aggregate Bond Fund Class Institutional Rank
43
23
36
57
37
27
33
22
33
20
Harbor Core Bond Retirement - IR&M
1.6
5.8
-13.3
-1.6
9.1
8.8
-
-
-
-
   Blmbg. U.S. Aggregate
1.3
5.5
-13.0
-1.5
7.5
8.7
0.0
3.5
2.6
0.5
   IM U.S. Broad Market Core Fixed Income (MF) Median
1.6
5.8
-13.7
-1.3
8.2
8.8
-0.6
3.6
2.9
0.0
      Harbor Core Bond Retirement - IR&M Rank
49
48
33
62
26
50
-
-
-
-
BlackRock Strategic Income Opportunities Fund K
5.4
7.4
-5.6
1.0
7.3
7.8
-0.5
5.0
3.6
-0.6
   Blmbg. U.S. Aggregate Index
1.3
5.5
-13.0
-1.5
7.5
8.7
0.0
3.5
2.6
0.5
   IM Alternative Credit Focus (MF) Median
6.1
7.3
-7.6
1.9
3.9
7.3
-1.9
4.5
4.9
-1.6
      BlackRock Strategic Income Opportunities Fund K Rank
69
49
41
58
17
43
29
43
64
25
Calendar Year Performance
Waterford OPEB
As of June 30, 2025
Client 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 non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a statement or data from the client’s
custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of fees unless otherwise stated. The fund’s
inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception. Inception dates for asset class composites reflect the
start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of underlying component strategies. * Return displayed as gross of
fees.
31

Calendar Year Performance
Waterford OPEB
As of June 30, 2025
Performance(%)
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
Artisan High Income Instl
8.5
16.0
-9.5
6.4
10.2
14.2
-1.4
8.9
14.5
1.2
   Blmbg. U.S. Corp: High Yield
8.2
13.4
-11.2
5.3
7.1
14.3
-2.1
7.5
17.1
-4.5
   IM U.S. High Yield Bonds (MF) Median
7.6
12.2
-11.0
4.9
5.4
13.8
-3.0
6.6
13.8
-4.0
      Artisan High Income Instl Rank
23
3
25
19
4
42
11
5
38
2
Domestic Equity
20.3
23.5
-18.0
26.4
20.8
30.9
-5.2
-
-
-
   Dow Jones U.S. Total Stock Market Index
23.9
26.1
-19.5
25.7
20.8
30.9
-5.3
21.2
12.6
0.4
Fidelity 500 Index Fund
25.0
26.3
-18.1
28.7
18.4
31.5
-4.4
21.8
12.0
1.4
   S&P 500 Index
25.0
26.3
-18.1
28.7
18.4
31.5
-4.4
21.8
12.0
1.4
   IM U.S. Large Cap Core Equity (MF) Median
22.9
24.8
-18.7
26.9
18.4
30.7
-5.4
21.5
9.7
0.5
      Fidelity 500 Index Fund Rank
27
37
45
26
50
37
32
45
20
35
Fidelity Mid Cap Index
15.3
17.2
-17.3
22.6
17.1
30.5
-9.0
18.5
13.9
-2.4
   Russell Midcap Index
15.3
17.2
-17.3
22.6
17.1
30.5
-9.1
18.5
13.8
-2.4
   IM U.S. Mid Cap Core Equity (MF) Median
12.3
13.9
-13.2
25.7
8.4
28.6
-11.6
14.9
14.5
-3.7
      Fidelity Mid Cap Index Rank
28
25
87
69
17
32
20
26
55
31
Hotchkis & Wiley Small Cap Diversified Value Z
4.4
16.4
-6.4
35.4
1.1
-
-
-
-
-
   Russell 2000 Value Index
8.1
14.6
-14.5
28.3
4.6
22.4
-12.9
7.8
31.7
-7.5
   IM U.S. Small Cap Value Equity (MF) Median
8.6
16.6
-11.1
32.0
3.6
21.1
-16.1
8.5
26.7
-7.0
      Hotchkis & Wiley Small Cap Diversified Value Z Rank
85
55
23
33
68
-
-
-
-
-
Conestoga Small Cap Instl
9.0
22.4
-28.1
16.4
30.6
25.4
0.8
28.7
14.3
8.3
   Russell 2000 Growth Index
15.2
18.7
-26.4
2.8
34.6
28.5
-9.3
22.2
11.3
-1.4
   IM U.S. Small Cap Growth Equity (MF) Median
14.1
16.5
-27.5
10.5
36.6
27.6
-5.6
20.7
10.1
-2.4
      Conestoga Small Cap Instl Rank
83
9
53
27
64
63
12
14
24
2
Client 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 non-mutual fund or ETF investments is based on the returns provided by managers, calculations based on a manager statement, or calculations based on a statement or data from the client’s
custodian. Funds may include returns of an equivalent share class with a longer return history if period includes dates prior to the fund's inception. Returns are net of fees unless otherwise stated. The fund’s
inception date represents the first month the client made the investment. Composite performance includes all funds held in the composite since inception. Inception dates for asset class composites reflect the
start date at which these returns could be calculated using historical and existing system capabilities and may vary from the inception dates of underlying component strategies. * Return displayed as gross of
fees.
32

Calendar Year Performa