Retirement Commission Special Meeting Materials (linked)

Town of Waterford
Quarterly Investment Review - First Quarter 2022
This report is intended for the exclusive use of clients or prospective clients of Fiducient Advisors. The information contained herein is intended for the recipient, is confidential and may not be
disseminated or distributed to any other person without prior approval. Any dissemination or distribution is strictly prohibited. Information has been obtained from a variety of sources believed to be
reliable though not independently verified. Any forecasts represent future expectations and actual returns; volatilities and correlations will differ from forecasts. This report does not represent a
specific investment recommendation. Please consult with your advisor, attorney and accountant, as appropriate, regarding specific advice.
Past performance does not indicate future performance and there is possibility of a loss.

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Fiducient Advisors Update
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Research 
Insights
• Monthly market recaps
• Monthly market updates 
• Variations on a Theme – February
• Inflation, the Fed, Correction; Oh My! – January 
• Webcast: The Russia Ukraine Conflict: Current Impact and Future Implications
• Fixed Income Complacency – The Practical Side of Fixed Income Today
• In Focus: Russian Invasion of Ukraine – Current Update, Implications & Outlook
• Webcast: 2022 Essential Economic Update
• 2022 Outlook – Navigating Moderation
• Tim Black, Senior Consultant
• Teresa Dao, Consulting Analyst 
• Ted Dawson, Consulting Analyst
• Kate Edler, Performance Analyst
• Gisella Ferrer, Client Service Associate
• Grant LaRussa, Performance Analyst
2022 New Associates – Welcome!
• Taylor Peters, Client Service Associate 
• Sophie Pohlmann, Human Resources Coordinator
• John Poydence, Consulting Analyst
• Brandy Teague, Administrative Assistant
• Molly Thomas, Data Analyst
3

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

Fiduciary Governance Calendar
5

Fiduciary Governance Calendar
www.FiducientAdvisors.com
•
Investment Review
•
Portfolio Expense Analysis
Fiduciary Trail®
•
Investment Review
•
Investment Policy Review
•
Fiduciary Training
•
Investment Review
•
Asset Allocation Review
•
Asset/Liability Modeling
•
Investment Review
•
Municipal Landscape Update
•
Annual Actuarial Review*
Q1
Fee Focus
Q2
Q3
Q4
Practice and 
Policy
Municipal  
Landscape
Asset/Liability 
Focus
Fiduciary Lockbox®
*Timing of actuarial review is dependent on client’s individual plan and/or fiscal year and actuarial input.
6

Portfolio Expense Analysis 
www.FiducientAdvisors.com
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.
Weighted Average Investment 
Management Fee
Pension: 0.28%
OPEB: 0.38%
Principal (Base Fee)
0.05% on all invested assets
Per account fee of $750, $10,000 annual minimum
Fiducient Fee
First $2MM: 0.75%, 0.5% Thereafter
Approximate 2021 fees paid: $60,000
7

Actuarial Review
www.FiducientAdvisors.com
Source: Hooker & Holcombe, Town of Waterford Retirement Plan 2021 Valuation Report & Waterford OPEB 2020 Valuation 
Report
Town of Waterford Retirement Plan
7/1/2021
7/1/2019
Actuarial Value of Assets
$587,576
$553,774
Total Accrued Liability
$786,000
$1,019,984
Funded Ratio
74.8%
54.3%
Actuarial Return Assumption
6.25%
6.25%
Town of Waterford OPEB 
7/1/2020
7/1/2018
Actuarial Value of Assets
$6,109,331
$3,636,422
Total Accrued Liability
$25,386,650
$23,232,946
Funded Ratio
24.1%
15.7%
Actuarial Return Assumption
6.50%
6.75%
8

Capital Markets Overview
9

-10
-5
0
5
10
15
20
-25
-15
-5
5
15
25
Bloom. U.S. Agg TR (%)
S&P 500 TR (%)
Market Themes
www.FiducientAdvisors.com
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.
1.
Capital market volatility increased notably in the quarter
and asset class returns were almost uniformly negative
as the Russia/Ukraine conflict, the Fed’s rate hike
campaign, elevated inflation and rising interest rates
weighed on investor sentiment.
2.
The crisis in Ukraine may temporarily impede global
economic growth and exacerbate existing inflationary
forces, but we think the probability of avoiding recession
is greater than the probability of entering one during the
remainder of the year.
3.
Absent recession, equity markets have historically
proven resilient when confronted by the Fed raising
interest rates. However, the current level of inflation
could prove to be particularly challenging for the Fed
this time around.
Slower But Still Positive Economic Growth Estimated for 2022
The conflict in Ukraine pushed expectations for global economic growth lower. A 
strong U.S. consumer and pent-up demand provides support domestically, while 
Europe will likely feel the impact more than other regions.
Equity & Fixed Income Quarterly Returns
Both equity and bond markets declined during the quarter, a rare event that has 
occurred only 16 times since 1976.
The U.S. Yield Curve Flattens
The U.S. yield curve flattened during the quarter as the spread between the 2-year 
Treasury and 10-year Treasury narrowed to 4 bps, the lowest since 2019. Historically, 
markets have proved to be resilient following an inversion of the 2-10 spread.
Source: Morningstar Direct, Fiducient Advisors. Data from January 1, 1976 to March 31, 2022
Source: FactSet, Morningstar Direct, NBER, Fiducient Advisors. Inversion based on the 2-10 
U.S. Treasury spread.
Inversion Date
Next 12 Month Return
Months to Recession
S&P 500
Bloomberg US 
Agg
Recession 
Start
Months
8/18/1978
8.9
6.7
February-80
18
9/12/1980
5.4
-3.6
August-81
11
12/13/1988
31.7
14.6
August-90
20
5/26/1998
17.3
5.4
April-01
35
12/27/2005
13.8
4.7
January-08
37
8/27/2019
23.2
6.8
March-20
7
Average
16.7
5.8
-
21
Source: UNCTAD Trade and Development Report March 2022 
Q1 2022
Avg 1-year return after a quarter when 
both equities and fixed are negative:
S&P 500: 9.6%
Bbg Agg: 10.7%
3.6
3.0
3.3
2.1
5.7
2.3
2.6
2.4
1.6
1.3
4.8
-7.3
-8
-6
-4
-2
0
2
4
6
World
U.S.
EU
U.K.
China
Russia
Est. GDP Growth (%)
Estimate from 2021
Estimate as of March '22
10

Economic Review
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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.
U.S. Breakeven Inflation Levels
Inflation in the U.S. remains elevated. However, there is a large gap between 
near-term and long-term inflation expectations, with inflation expected to 
moderate longer-term.
Russia’s Top 10 Exports
Russia’s exports are primarily commodity focused. As a result, the sanctions on 
Russia have been a main driver of higher prices in the commodities market.
U.S. Labor Market – Number of Unemployed per Job Opening
The U.S. labor market remains tight as the number of job seekers per job opening 
has fallen to less than 1, which may further support wage growth.
Leading Economic Indicators
Leading economic indicators fell from peak levels but remain in positive territory 
supporting a positive outlook for economic growth in the near term.
Source: FactSet, Conference Board. As of February 28, 2022.
Source: FactSet. As of March 31, 2022.
0
1
2
3
4
5
6
7
00 01 02 03 04 05 06 07 08 09 10 11 11 12 13 14 15 16 17 18 19 20 21 22
Unemployed per Job Opening
Source: FactSet, DOL, BLS. As of February 28, 2022.
Source: OEC. As of 2020. Percent of total Russian exports.
22.5%
14.5%
6.0%
5.7%
4.4%
3.2%
3.0%
1.5%
1.4%
1.4%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Crude Petroleum
Refined Petroleum
Petroleum Gas
Gold
Coal Briquettes
Platinum
Wheat
Refined Copper
Semi-Finished Iron
Raw Aluminium
0
0.2
0.4
0.6
0.8
1
-25
-20
-15
-10
-5
0
5
10
15
92
97
02
07
12
17
22
Year over Year Change (%)
U.S. Recession
Composite Index of 10 Leading Indicator, 2016=100, Index -
United States
2
2.5
3
3.5
4
Mar-21
Jun-21
Sep-21
Dec-21
Mar-22
Breakeven Inflation (%)
5-Year Breakeven Inflation
10-Year Breakeven Inflation
11

Asset Class Returns
www.FiducientAdvisors.com
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.
Fixed Income (1Q)
- U.S. bonds posted the third worst quarter since 1976
as interest rates spiked amid rising inflation and ahead
of the Federal Reserve’s first interest rate increase
since 2018.
- Despite a flattening yield curve, long duration assets
suffered the most in the rising interest rate environment.
- In addition to rising yields around the world, a
strengthening U.S. dollar was a headwind for non-U.S.
debt.
Equity (1Q)
- Equity markets succumbed to investor uncertainty
driven by a multitude of factors this quarter such as the
conflict in Eastern Europe, high inflation, and tightening
central bank policy.
- U.S. large cap equities fared best, led by value stocks.
Growth stocks lagged value across market caps for the
quarter as higher P/E companies underperformed.
- Abroad, developed markets edged out emerging
markets as EM equities were driven lower by the
conflict in Ukraine and weakness in China, Taiwan and
South Korea.
Real Asset / Alternatives (1Q)
+ Commodity markets were one of the few areas that
generated positive results. Strong performance was
driven by soaring energy and metals prices as the
conflict in Ukraine added to the supply/demand
imbalance.
- Equity REITs were not immune to the volatility in the
market and rising interest rates put additional pressure
on the sector.
+ Hedge funds generally outpaced both the broad
equity and fixed income markets despite negative
absolute returns..
Source: Morningstar Direct. As of March 31, 2022. *Hedge fund returns as of February 28, 2022. 
-3.0
-5.1
-5.9
-6.5
-4.8
-11.0
-5.1
-6.5
-5.1
-7.5
-5.9
-7.0
-3.9
1.6
25.5
-3.3
-15
-12
-9
-6
-3
0
3
6
9
12
15
18
21
24
27
30
TIPS
Municipals 5-
Year
U.S. Core
Bond
High Yield
Municipals
High Yield
U.S. Long
Duration
Foreign Bond
EM Debt
(Unhedged)
U.S Large
Cap
U.S. Small
Cap
International
Developed
Emerging
Markets
U.S. Equity
REITs
Real Assets
Commodities Hedge Funds*
Total Returns (%)
YTD
12

Fixed Income Market Update
www.FiducientAdvisors.com
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.
U.S. Treasury Yield Curve
The U.S. yield curve flattened and the 2-10 spread narrowed to its lowest level 
since 2019, as the Federal Reserve raised its target rate by 25 basis points. 
The 10-year ended the quarter 80 basis points higher.
Corporate Market Spreads – Trailing 5 Years
Corporate credit was not immune to the risk off mentality in the markets during the quarter. Both investment grade and high yield corporate bond spreads moved higher in 
the first half of the quarter before settling back in March. Heavy new issuance was met with strong demand as higher yields attracted both domestic and foreign buyers. 
Index Performance Attribution (1Q 2021)
Non-government sectors generally underperformed Treasuries during the quarter, 
as spreads widened in the risk-off environment. A strengthening U.S. dollar 
further weighed on non-U.S. bond returns. 
Source: FactSet. As of March 31, 2022.
2.32
1.52
1.74
0
0.5
1
1.5
2
2.5
3
Yield (%)
3/31/2022
12/31/2021
3/31/2021
1yr  3yr   5yr            10yr     
 20yr 
  30yr
116
325
0
250
500
750
1000
1250
0
100
200
300
400
500
Mar-17
Sep-17
Mar-18
Sep-18
Mar-19
Sep-19
Mar-20
Sep-20
Mar-21
Sep-21
Mar-22
HY Spread (basis points)
IG Spread (basis points)
Bloomberg US Corporate Investment Grade
Bloomberg US High Yield - Corporate
10-Yr Averages: IG = 127 bps, HY = 438 bps
Source: FactSet. As of March 31, 2022.
Source: FactSet. As of March 31, 2022.
-6.2%
-5.9%
-4.8%
-5.1%
-0.4%
-0.6%
-1.0%
-0.7%
-2.2%
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
Foreign Bond (unhedged)
U.S. Core Bond
U.S. High Yield
U.S. MBS
Total Return
Excess Return (Comp. Treasury)
Currency Return
13

-5.3
-14.2
-6.6
-12.9
1.8
-1.9
-8.7
-10.0
4.6
-9.6
-20
-15
-10
-5
0
5
10
U.S.
China
Japan
Germany
U.K.
India
France
Italy
Canada
Korea
Total Return (%)
YTD
-11.9
-1.5
39.0
-2.4
-4.6
-2.6
-9.0
4.8
-1.0
-2.4
-8.4
-6.2
-20.0
0.0
20.0
40.0
Comm Servs
Financials
Energy
Industrials
S&P 500
Health Care
Cons Disc
Utilities
Cons Staples
Materials
Info Tech
Real Estate
Total Return (%)
S&P 500 Sector
Equity Market Update
www.FiducientAdvisors.com
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.
U.S. Equities – Return by Sector (1Q 2022)
The Energy sector was the clear standout for the quarter, driven by a rally in 
commodity prices stemming from the conflict in Ukraine. Growth segments of the 
market such as information technology and consumer discretionary lagged.
Source: Morningstar Direct. As of March 31, 2022.
Source: Morningstar Direct. As of March 31, 2022.
10
15
20
25
30
U.S.
Int'l Developed
Emerging Markets
Trailing P/E
Range (+/- 1 Std Dev)
Median
12/31/2021
3/31/2022
Source: FactSet. As of March 31, 2022.
Country Total Returns (%) – Top 10 Largest Economies
Equities around the world were broadly negative, with select regions generating positive returns. Canada benefited from rising commodity prices. The conflict between 
Ukraine and Russia tugged at investor optimism. Mainland Europe will likely feel the largest impact from the conflict which pushed countries such as Germany, France 
and Italy lower. Chinese equities continued to struggle as COVID-19 lockdowns fueled the negative return.
Equity Valuations (Trailing PE – Last 15 Years)
Equity multiples compressed in the quarter as prices moved lower. Valuations 
in the U.S. remain elevated while non-U.S. regions are at or below their 15-year 
median level. 
14

Real Assets Market Update
www.FiducientAdvisors.com
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.
REIT Sector Performance
Higher valuation areas of the market, such as Data Centers, suffered the most 
as interest rates rose in the period. Easing of covid restrictions and an uptick in 
consumer travel benefitted Lodging/Resorts.
47.9
22.7
6.9
19.9
0
10
20
30
40
50
60
Energy
Industrial
Metals
Precious
Metals
Agriculture
Total Return (%)
YTD
5.2
6.9
2.8
-13.6
-3.3
0.2
-6.8
-5.4
-6.1
-2.0
-20
-10
0
10
Health Care
Lodging/Resorts
Office
Data Centers
Diversified
Specialty
Retail
Residential
Industrial
Self Storage
Total Return (%)
YTD
Source: Morningstar Direct. As of March 31, 2022.
Source: Morningstar Direct. As of March 31, 2022.
Commodity Performance
Commodities surged in the first three months of the year. The conflict between 
Ukraine and Russia and the continued global supply shortages pushed prices 
higher. Oil prices broke through the $120/barrel mark in March before settling in 
just above $100/barrel. 
15

Marketable Alternatives Market Update
• The HFRI Asset Weighted Composite finished the first quarter in positive territory despite a volatile start to the
year headlined by Russia’s invasion of Ukraine, geopolitical tensions, climbing commodity prices, rising interest
rates and inflation uncertainty.
• Despite a brief rally for equities in March, Equity Hedge strategies detracted on the quarter, led by high beta,
long-biased, and growth-focused strategies that struggled to protect capital as risk assets sold off in January
and February.
• Event Driven strategies finished the quarter in negative territory, led by higher-beta Activist and Special
Situations strategies. Meanwhile, Distressed managers generated modest positive performance.
• Macro strategies were strong performers during the quarter as managers were able to capitalize on rising
commodity prices, rising interest rates and global volatility.
• Relative Value strategies gained on the quarter and were again led by fixed income-based, interest rate-
sensitive strategies as rates rose. Volatility Relative Value strategies also contributed.
www.FiducientAdvisors.com
-2.7%
3.0%
-4.2%
-2.2%
8.5%
1.6%
1.3%
7.7%
0.8%
2.8%
13.7%
4.9%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
HFRI Fund of Funds
Composite
HFRI Asset Weighted
Composite*
HFRI Equity Hedge*
HFRI Event Driven*
HFRI Macro*
HFRI Relative Value*
QTR
1 Year
Source: HFR, as of March 31, 2022. 
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 disclosure page for list of indices.
16

Private Equity Market Update
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.
Private Equity Performance (As of September 30, 2021)
U.S. Private Equity Deal Activity
U.S. Buyout Fundraising Activity
U.S. Private Equity deal activity continued at a robust pace 
through the end of the year and into the first quarter as 
deployment across funds remained elevated.
The fundraising market has become increasingly 
competitive for both investors and fund managers. With a 
number of funds in market and LPs closing in on targets, 
urgency and selectivity are simultaneously increasing.
Private equity performance remained strong through the 
third quarter. Trailing marks continued to move higher on a 
quarter over quarter basis.
Source: Cambridge Associates. As of September 30, 2021. Returns presented as 
horizon pooled return, net of fees.
Source: Pitchbook. As of December 31, 2021.
Benchmark
1-YR
3-YR
5-YR
10-Y
15-Y
US Private Equity Index
49.7%
25.9%
22.9%
18.4%
14.1%
US Buyout Index
43.3%
22.6%
20.8%
17.6%
13.3%
US Growth Equity Index
68.7%
35.7%
29.2%
21.5%
17.2%
US Venture Capital Index
83.7%
38.4%
27.6%
20.1%
15.2%
S&P 500 Index
30.0%
16.0%
16.9%
16.6%
10.4%
Source: Pitchbook. As of December 31, 2021.
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17

The Case for Diversification
www.FiducientAdvisors.com
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. 
Source: FactSet & Morningstar as of March 31, 2022. Periods greater than one year are annualized. All returns are in U.S. dollar terms. One month lag for Hedge Funds.
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
YTD
10Yr (Ann)
Emerging Markets
18.2
U.S. Small Cap
38.8
U.S. Equity REITs
30.1
U.S. Equity REITs
3.2
U.S. Small Cap
21.3
Emerging Markets
37.3
High Yield Munis
4.8
U.S. Large Cap
31.5
U.S. Small Cap
20.0
U.S. Equity REITs
43.2
Commodities
25.5
U.S. Large Cap
14.5
High Yield Munis
18.1
U.S. Large Cap
32.4
High Yield Munis
13.8
Municipals 5-Year
2.4
High Yield
17.1
International Dev.
25.0
Municipals 5-Year
1.7
U.S. Equity REITs
26.0
U.S. Large Cap
18.4
Commodities
27.1
TIPS
-3.0
U.S. Small Cap
11.0
U.S. Equity REITs
18.1
International Dev.
22.8
U.S. Large Cap
13.7
High Yield Munis
1.8
U.S. Large Cap
12.0
U.S. Large Cap
21.8
Foreign Bond
0.5
U.S. Small Cap
25.5
Emerging Markets
18.3
US Large Cap
26.5
Hedge Funds
-3.3
U.S. Equity REITs
9.8
International Dev.
17.3
Balanced
12.2
Core Bond
6.0
U.S. Large Cap
1.4
Commodities
11.7
EM Debt 
(unhedged)
15.2
Core Bond
0.0
International Dev.
22.5
TIPS
11.0
US Small Cap
14.8
U.S. Equity REITs
-3.9
International 
Developed
6.3
EM Debt 
(unhedged)
16.9
Hedge Funds
9.0
Balanced
5.1
Core Bond
0.6
Emerging Markets
11.2
U.S. Small Cap
14.6
TIPS
-1.3
Emerging Markets
18.4
Balanced
8.8
International Dev.
11.3
High Yield
-4.8
Balanced
6.1
U.S. Small Cap
16.3
High Yield
7.4
U.S. Small Cap
4.9
Hedge Funds
-0.3
EM Debt 
(unhedged)
9.9
Balanced
13.6
High Yield
-2.1
Balanced
17.5
International Dev.
7.8
Balanced
9.8
Balanced
-4.8
High Yield
5.7
U.S. Large Cap
16.0
U.S. Equity REITs
2.5
TIPS
3.6
International Dev.
-0.8
U.S. Equity REITs
8.5
High Yield Munis
9.7
Hedge Funds
-4.0
High Yield
14.3
Core Bond
7.5
High Yield Munis
7.8
U.S. Large Cap
-5.1
High Yield Munis
5.4
High Yield
15.8
Municipals 5-Year
0.8
Hedge Funds
3.4
TIPS
-1.4
Balanced
7.6
Hedge Funds
7.8
U.S. Large Cap
-4.4
EM Debt 
(unhedged)
13.5
Hedge Funds
7.1
TIPS
6.0
Municipals 5-Year
-5.1
Hedge Funds
3.9
Balanced
11.5
Foreign Bond
-1.0
Municipals 5-Year
3.2
Foreign Bond
-2.3
TIPS
4.7
High Yield
7.5
U.S. Equity REITs
-4.6
High Yield Munis
10.7
High Yield
7.1
Hedge Funds
5.7
Foreign Bond
-5.1
Emerging Markets
3.4
TIPS
7.0
Core Bond
-2.0
Foreign Bond
2.9
Balanced
-3.3
Foreign Bond
3.2
Foreign Bond
6.5
Balanced
-5.8
Core Bond
8.7
Foreign Bond
7.0
High Yield
5.3
International 
Developed
-5.9
TIPS
2.7
Foreign Bond
5.3
Emerging Markets
-2.6
High Yield
2.5
U.S. Small Cap
-4.4
High Yield Munis
3.0
U.S. Equity REITs
5.2
EM Debt 
(unhedged)
-6.2
TIPS
8.4
High Yield Munis
4.9
Municipals 5-Year
0.3
Core Bond
-5.9
Core Bond
2.2
Hedge Funds
4.8
High Yield Munis
-5.5
Emerging Markets
-2.2
High Yield
-4.5
Core Bond
2.6
Core Bond
3.5
U.S. Small Cap
-11.0
Hedge Funds
7.8
Municipals 5-Year
4.3
Core Bond
-1.5
High Yield Munis
-6.5
Municipals 5-Year
1.8
Core Bond
4.2
TIPS
-8.6
International Dev.
-4.9
Emerging Markets
-14.9
International Dev.
1.0
Municipals 5-Year
3.1
Commodities
-11.2
Commodities
7.7
EM Debt 
(unhedged)
2.7
Emerging Markets
-2.5
EM Debt
(unhedged)
-6.5
Foreign Bond
1.6
Municipals 5-Year
3.0
EM Debt 
(unhedged)
-9.0
EM Debt 
(unhedged)
-5.7
EM Debt 
(unhedged)
-14.9
Hedge Funds
0.5
TIPS
3.0
International Dev.
-13.8
Foreign Bond
6.3
Commodities
-3.1
Foreign Bond
-4.2
Emerging Markets
-7.0
Commodities
-0.7
Commodities
-1.1
Commodities
-9.5
Commodities
-17.0
Commodities
-24.7
Municipals 5-Year
-0.4
Commodities
1.7
Emerging Markets
-14.6
Municipals 5-Year
5.4
U.S. Equity REITs
-8.0
EM Debt
(unhedged)
-8.7
U.S. Small Cap
-7.5
EM Debt
(unhedged)
-0.7
18

Global Fixed Income Markets
QTD
YTD
1YR
3YR
5YR
7YR
10YR
15YR
Bloomberg 1-3-Month T-Bill
0.0%
0.0%
0.1%
0.7%
1.1%
0.8%
0.6%
0.8%
Bloomberg U.S. TIPS
-3.0%
-3.0%
4.3%
6.2%
4.4%
3.6%
2.7%
4.3%
Bloomberg Municipal Bond (5 Year)
-5.1%
-5.1%
-4.5%
0.8%
1.5%
1.5%
1.8%
3.1%
Bloomberg High Yield Municipal Bond
-6.5%
-6.5%
-1.3%
4.0%
5.2%
4.9%
5.4%
4.6%
Bloomberg U.S. Aggregate
-5.9%
-5.9%
-4.2%
1.7%
2.1%
1.9%
2.2%
3.6%
Bloomberg U.S. Corporate High Yield
-4.8%
-4.8%
-0.7%
4.6%
4.7%
5.0%
5.7%
6.5%
Bloomberg Global Aggregate ex-U.S. Hedged
-4.1%
-4.1%
-3.6%
0.9%
2.3%
2.2%
3.2%
3.6%
Bloomberg Global Aggregate ex-U.S. Unhedged
-6.1%
-6.1%
-7.9%
-0.2%
1.3%
1.3%
0.1%
2.1%
Bloomberg U.S. Long Gov / Credit
-11.0%
-11.0%
-3.1%
4.2%
4.6%
3.5%
4.7%
6.1%
JPMorgan GBI-EM Global Diversified
-6.5%
-6.5%
-8.5%
-1.1%
0.2%
0.7%
-0.7%
2.8%
Global Equity Markets
QTD
YTD
1YR
3YR
5YR
7YR
10YR
15YR
S&P 500
-4.6%
-4.6%
15.6%
18.9%
16.0%
14.0%
14.6%
10.3%
Dow Jones Industrial Average
-4.1%
-4.1%
7.1%
12.6%
13.4%
12.6%
12.8%
9.8%
NASDAQ Composite
-8.9%
-8.9%
8.1%
23.6%
20.3%
17.6%
17.8%
13.7%
Russell 3000
-5.3%
-5.3%
11.9%
18.2%
15.4%
13.4%
14.3%
10.1%
Russell 1000
-5.1%
-5.1%
13.3%
18.7%
15.8%
13.7%
14.5%
10.3%
Russell 1000 Growth
-9.0%
-9.0%
15.0%
23.6%
20.9%
17.3%
17.0%
12.9%
Russell 1000 Value
-0.7%
-0.7%
11.7%
13.0%
10.3%
9.7%
11.7%
7.4%
Russell Mid Cap
-5.7%
-5.7%
6.9%
14.9%
12.6%
10.7%
12.9%
9.5%
Russell Mid Cap Growth
-12.6%
-12.6%
-0.9%
14.8%
15.1%
11.9%
13.5%
10.4%
Russell Mid Cap Value
-1.8%
-1.8%
11.5%
13.7%
10.0%
9.3%
12.0%
8.3%
Russell 2000
-7.5%
-7.5%
-5.8%
11.7%
9.7%
8.9%
11.0%
8.0%
Russell 2000 Growth
-12.6%
-12.6%
-14.3%
9.9%
10.3%
8.5%
11.2%
8.8%
Russell 2000 Value
-2.4%
-2.4%
3.3%
12.7%
8.6%
8.8%
10.5%
6.9%
MSCI ACWI
-5.4%
-5.4%
7.3%
13.7%
11.6%
9.7%
10.0%
6.5%
MSCI ACWI ex. U.S.
-5.4%
-5.4%
-1.5%
7.5%
6.8%
5.2%
5.6%
3.1%
MSCI EAFE
-5.9%
-5.9%
1.2%
7.8%
6.7%
5.1%
6.3%
2.9%
MSCI EAFE Growth
-11.9%
-11.9%
-1.5%
9.8%
8.9%
6.8%
7.5%
4.2%
MSCI EAFE Value
0.3%
0.3%
3.6%
5.2%
4.2%
3.1%
4.9%
1.4%
MSCI EAFE Small Cap
-8.5%
-8.5%
-3.6%
8.5%
7.4%
7.3%
8.3%
4.5%
MSCI Emerging Markets
-7.0%
-7.0%
-11.4%
4.9%
6.0%
4.7%
3.4%
3.8%
Alternatives
QTD
YTD
1YR
3YR
5YR
7YR
10YR
15YR
Consumer Price Index*
1.4%
1.4%
7.9%
3.9%
3.1%
2.7%
2.2%
2.2%
FTSE NAREIT Equity REITs
-3.9%
-3.9%
26.4%
11.1%
9.6%
8.0%
9.8%
6.4%
S&P Real Assets
1.6%
1.6%
13.5%
8.2%
7.2%
5.5%
5.5%
5.3%
FTSE EPRA NAREIT Developed 
-3.8%
-3.8%
15.3%
6.4%
7.5%
5.8%
7.8%
3.7%
FTSE EPRA NAREIT Developed ex U.S.
-3.2%
-3.2%
3.0%
1.7%
5.4%
3.8%
5.9%
1.7%
Bloomberg Commodity Total Return
25.5%
25.5%
49.3%
16.1%
9.0%
4.3%
-0.7%
-1.4%
HFRI Fund of Funds Composite*
-3.3%
-3.3%
0.5%
6.0%
4.6%
3.3%
3.9%
2.4%
HFRI Fund Weighted Composite*
-2.2%
-2.2%
2.7%
8.3%
6.2%
5.0%
5.3%
4.3%
Alerian MLP
18.8%
18.8%
36.6%
2.7%
-0.1%
-1.9%
1.3%
4.7%
Source: Morningstar, FactSet. As of March 31, 2022. *Consumer Price Index and HFRI indexes as of February 28, 2022.
Total Return as of March 31, 2022
Periods greater than one year are annualized
All returns are in U.S. dollar terms
Financial Markets Performance
www.FiducientAdvisors.com Past performance does not indicate future performance and there is a possibility of a loss.
19

Pension Portfolio Review
20

Historical Performance
Portfolio (11/2016)
Portfolio Benchmark (11/2016)
0.0
6.0
12.0
-6.0
-12.0
Return
 
(%)
QTD
Fiscal 
YTD
1
Year
3
Years
5
Years
10
Years
Since
Inception
-5.5
-3.0
1.2
7.9
7.1
7.4
-7.2
-5.6
-1.6
7.3
6.4
6.7
Summary of Cash Flows
QTD
Fiscal
YTD
1
Year
3
Years
Since
Inception
Waterford Pension
   Beginning Market Value
698,649
640,451
634,422
547,737
564,680
   Net Contributions
-22,291
24,367
3,828
-43,222
-139,370
   Gain/Loss
-49,599
-38,058
-11,490
122,245
201,450
   Ending Market Value
626,760
626,760
626,760
626,760
626,760
Current Benchmark Composition
From Date
To Date
03/2022
Present
35% Pension Fixed Income Benchmark, 38% Dow Jones U.S.
Total Stock Market Index , 27% MSCI AC World ex USA (Net)
Portfolio Allocation
Short Term Liquidity
Fixed Income
Domestic Equity
International Equity
Short Term Liquidity
4.4%
Fixed Income
33.2%
International Equity
24.9%
Domestic Equity
37.6%
Actual vs. Target Allocations
Target
Actual
Differences
0.0%
15.0%
30.0%
45.0%
60.0%
-15.0 %
International Equity
$155,818
Domestic Equity
$235,552
Fixed Income
$207,987
Short Term Liquidity
$27,402
27.0%
38.0%
35.0%
0.0%
24.9%
37.6%
33.2%
4.4%
-2.1 %
-0.4 %
-1.8 %
4.4%
Portfolio Dashboard
Waterford Pension
As of March 31, 2022
Inception Date: 11/2016
21

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 %
International Equity
$155,818
Domestic Equity
$235,552
Fixed Income
$207,987
Short Term Liquidity
$27,402
27.0%
38.0%
35.0%
0.0%
24.9%
37.6%
33.2%
4.4%
-2.1 %
-0.4 %
-1.8 %
4.4%
Asset
Allocation
($)
Asset
Allocation
(%)
Target
Allocation
(%)
Differences
(%)
Minimum
Allocation
(%)
Maximum
Allocation
(%)
   Short Term Liquidity
27,402
4.4
0.0
4.4
0.0
0.0
   Fixed Income
207,987
33.2
35.0
-1.8
20.0
50.0
   Domestic Equity
235,552
37.6
38.0
-0.4
20.0
50.0
   International Equity
155,818
24.9
27.0
-2.1
15.0
45.0
Waterford Pension
626,760
100.0
100.0
0.0
-
-
Asset Allocation
Waterford Pension
As of March 31, 2022
22

Asset
Allocation
($)
Asset
Allocation
(%)
Target
Allocation
(%)
Differences
(%)
Waterford Pension
626,760
100.0
100.0
0.0
     Short Term Liquidity
27,402
4.4
0.0
4.4
       Allspring Government Money Market Fund Instl
27,402
4.4
0.0
4.4
     Fixed Income
207,987
33.2
35.0
-1.8
       Baird Aggregate Bond Fund Class Institutional
56,423
9.0
9.5
-0.5
       Metropolitan West Total Return Bond Pl
56,218
9.0
9.5
-0.5
       BlackRock Strategic Income Opportunities Fund K
81,306
13.0
13.5
-0.5
       PGIM Global Total Return R6
14,040
2.2
2.5
-0.3
     Domestic Equity
235,552
37.6
38.0
-0.4
       Fidelity Total Market Index Fund
235,552
37.6
38.0
-0.4
     International Equity
155,818
24.9
27.0
-2.1
       American Funds EuroPacific Growth R6
155,818
24.9
27.0
-2.1
Asset Allocation
Waterford Pension
As of March 31, 2022
23

Trailing Performance Summary
QTD
Fiscal
YTD
1
Year
3
Years
5
Years
7
Years
10
Years
Since
Inception
Inception
Date
Waterford Pension
-7.2
-5.6
-1.6
7.3
6.4
-
-
6.7
11/2016
   Pension Blended Benchmark
-5.5
-3.0
1.2
7.9
7.1
-
-
7.4
11/2016
Calendar Year Performance Summary
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
Waterford Pension
6.4
14.8
16.8
-5.3
13.0
-
-
-
-
-
   Pension Blended Benchmark
8.0
12.7
17.7
-4.7
13.5
-
-
-
-
-
Plan Reconciliation
QTD
Fiscal
YTD
1
Year
3
Years
5
Years
10
Years
Since
Inception
Inception
Date
Waterford Pension
11/2016
   Beginning Market Value
698,649
640,451
634,422
547,737
560,862
-
564,680
   Net Contributions
-22,291
24,367
3,828
-43,222
-112,688
-
-139,370
   Gain/Loss
-49,599
-38,058
-11,490
122,245
178,586
-
201,450
   Ending Market Value
626,760
626,760
626,760
626,760
626,760
-
626,760
Benchmark Composition
Weight (%)
Mar-2022
    90 Day U.S. Treasury Bill
0.0
    Pension Fixed Income Benchmark
35.0
    Dow Jones U.S. Total Stock Market Index
38.0
    MSCI AC World ex USA (Net)
27.0
Performance Overview
As of March 31, 2022
Waterford Pension
24

Manager
Status
Allocation
Market
Value
($)
%
Performance(%)
QTD
Fiscal
YTD
1
Year
3
Years
5
Years
10
Years
Since
Inception
Inception
Date
Waterford Pension
626,760
100.0
-7.2
-5.6
-1.6
7.3
6.4
-
6.7
11/2016
   Pension Blended Benchmark
-5.5
-3.0
1.2
7.9
7.1
-
7.4
Short Term Liquidity
27,402
4.4
0.0
0.0
0.0
0.6
0.9
-
0.9
11/2016
   90 Day U.S. Treasury Bill
0.0
0.1
0.1
0.8
1.1
0.6
1.1
Allspring Government Money Market Fund Instl
27,402
4.4
0.0
0.0
0.0
0.6
0.9
-
0.9
11/2016
   90 Day U.S. Treasury Bill
0.0
0.1
0.1
0.8
1.1
0.6
1.1
Fixed Income
207,987
33.2
-5.4
-5.6
-4.0
2.6
2.6
-
2.2
11/2016
   Fixed Income Benchmark
-6.0
-6.0
-4.3
1.6
2.1
-
1.7
Baird Aggregate Bond Fund Class Institutional
56,423
9.0
-6.3
-6.3
-4.5
2.0
2.5
2.9
-4.5
04/2021
Maintain
   Blmbg. U.S. Aggregate Index
-5.9
-5.9
-4.2
1.7
2.1
2.2
-4.2
   IM U.S. Broad Market Core Fixed Income (MF) Median
-6.0
-6.1
-4.3
2.0
2.2
2.3
-4.3
      Baird Aggregate Bond Fund Class Institutional Rank
75
63
60
46
31
11
60
Metropolitan West Total Return Bond Pl
56,218
9.0
-6.2
-6.2
-4.5
2.3
2.6
3.2
2.2
11/2016
Maintain
   Blmbg. U.S. Aggregate Index
-5.9
-5.9
-4.2
1.7
2.1
2.2
1.7
   IM U.S. Broad Market Core+ Fixed Income (MF) Median
-6.0
-6.0
-3.9
2.3
2.5
2.7
2.2
      Metropolitan West Total Return Bond Pl Rank
70
61
77
50
46
26
52
BlackRock Strategic Income Opportunities Fund K
81,306
13.0
-2.8
-3.1
-2.0
3.5
3.2
3.3
3.3
06/2018
Maintain
   Blmbg. U.S. Aggregate Index
-5.9
-5.9
-4.2
1.7
2.1
2.2
2.5
   IM Alternative Credit Focus (MF) Median
-3.1
-3.3
-2.1
2.1
2.1
2.3
2.2
      BlackRock Strategic Income Opportunities Fund K Rank
42
46
50
20
18
8
19
PGIM Global Total Return R6
14,040
2.2
-10.5
-12.1
-9.3
0.2
2.3
2.7
-9.3
04/2021
Maintain
   Blmbg. Global Aggregate
-6.2
-7.6
-6.4
0.7
1.7
1.0
-6.4
   IM Global Fixed Income (MF) Median
-5.4
-6.6
-4.8
1.2
1.8
1.6
-4.8
      PGIM Global Total Return R6 Rank
98
98
94
83
27
15
94
Manager Performance
Waterford Pension
As of March 31, 2022
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.
25

Manager Performance
Waterford Pension
As of March 31, 2022
Manager
Status
Allocation
Market
Value
($)
%
Performance(%)
QTD
Fiscal
YTD
1
Year
3
Years
5
Years
10
Years
Since
Inception
Inception
Date
Domestic Equity
235,552
37.6
-5.4
3.1
11.7
18.1
15.4
-
16.6
11/2016
   Domestic Equity Benchmark
-5.4
3.1
11.7
18.1
15.4
-
16.6
Fidelity Total Market Index Fund
235,552
37.6
-5.4
3.1
11.7
18.1
15.3
14.2
18.1
04/2019
Maintain
   Dow Jones U.S. Total Stock Market Index
-5.4
3.1
11.7
18.1
15.3
14.2
18.1
   IM U.S. Multi-Cap Core Equity (MF) Median
-5.7
2.6
10.4
15.8
13.2
12.5
15.8
      Fidelity Total Market Index Fund Rank
45
44
37
23
16
12
23
International Equity
155,818
24.9
-12.2
-15.3
-9.4
8.4
8.0
-
8.7
11/2016
   MSCI AC World ex USA (Net)
-5.4
-6.6
-1.5
7.5
6.8
5.6
7.8
American Funds EuroPacific Growth R6
155,818
24.9
-12.2
-15.3
-9.4
8.4
8.0
7.3
8.7
11/2016
Maintain
   MSCI AC World ex USA (Net)
-5.4
-6.6
-1.5
7.5
6.8
5.6
7.8
   IM International Large Cap Core Equity (MF) Median
-7.3
-6.8
-2.3
7.0
5.7
4.9
6.7
      American Funds EuroPacific Growth R6 Rank
94
99
99
36
9
1
9
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.
26

Performance(%)
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
Waterford Pension
6.4
14.8
16.8
-5.3
13.0
-
-
-
-
-
   Pension Blended Benchmark
8.0
12.7
17.7
-4.7
13.5
-
-
-
-
-
Short Term Liquidity
0.0
0.3
2.0
1.7
0.7
-
-
-
-
-
   90 Day U.S. Treasury Bill
0.0
0.7
2.3
1.9
0.9
0.3
0.0
0.0
0.0
0.1
Allspring Government Money Market Fund Instl
0.0
0.3
2.0
1.7
0.7
-
-
-
-
-
   90 Day U.S. Treasury Bill
0.0
0.7
2.3
1.9
0.9
0.3
0.0
0.0
0.0
0.1
Fixed Income
-0.6
8.7
8.8
-0.5
3.5
-
-
-
-
-
   Fixed Income Benchmark
-1.7
7.5
8.7
0.0
3.5
-
-
-
-
-
Baird Aggregate Bond Fund Class Institutional
-1.5
8.6
9.5
-0.3
4.2
3.5
0.6
6.9
-1.3
7.9
   Blmbg. U.S. Aggregate Index
-1.5
7.5
8.7
0.0
3.5
2.6
0.5
6.0
-2.0
4.2
   IM U.S. Broad Market Core Fixed Income (MF) Median
-1.3
8.2
8.8
-0.6
3.6
2.9
0.1
5.5
-2.0
6.0
      Baird Aggregate Bond Fund Class Institutional Rank
59
38
28
32
22
30
20
7
21
15
Metropolitan West Total Return Bond Pl
-1.1
9.2
9.2
0.3
3.5
2.6
0.2
6.2
0.4
11.6
   Blmbg. U.S. Aggregate Index
-1.5
7.5
8.7
0.0
3.5
2.6
0.5
6.0
-2.0
4.2
   IM U.S. Broad Market Core+ Fixed Income (MF) Median
-1.0
8.5
9.3
-0.9
4.5
4.2
-0.3
5.2
-1.1
8.2
      Metropolitan West Total Return Bond Pl Rank
57
35
54
12
79
86
26
28
17
5
BlackRock Strategic Income Opportunities Fund K
1.0
7.3
7.8
-0.5
5.0
3.6
-0.6
3.6
3.0
9.6
   Blmbg. U.S. Aggregate Index
-1.5
7.5
8.7
0.0
3.5
2.6
0.5
6.0
-2.0
4.2
   IM Alternative Credit Focus (MF) Median
0.8
4.2
6.9
-1.6
4.6
5.2
-1.3
1.1
0.6
8.4
      BlackRock Strategic Income Opportunities Fund K Rank
46
15
37
36
43
74
27
17
31
38
PGIM Global Total Return R6
-5.7
10.1
12.3
-1.6
13.6
2.7
-3.2
5.5
-1.9
13.2
   Blmbg. Global Aggregate
-4.7
9.2
6.8
-1.2
7.4
2.1
-3.2
0.6
-2.6
4.3
   IM Global Fixed Income (MF) Median
-2.7
8.1
8.1
-1.8
6.8
3.0
-3.8
1.9
-2.5
7.3
      PGIM Global Total Return R6 Rank
88
23
6
46
1
52
42
21
42
7
Domestic Equity
25.6
20.8
30.9
-5.1
21.2
-
-
-
-
-
   Domestic Equity Benchmark
25.7
20.8
30.9
-5.2
21.2
-
-
-
-
-
Fidelity Total Market Index Fund
25.6
20.8
30.9
-5.3
21.2
12.7
0.5
12.5
33.4
16.4
   Dow Jones U.S. Total Stock Market Index
25.7
20.8
30.9
-5.3
21.2
12.6
0.4
12.5
33.5
16.4
   IM U.S. Multi-Cap Core Equity (MF) Median
25.3
15.4
28.2
-7.2
20.6
9.9
-0.8
10.9
33.7
15.6
      Fidelity Total Market Index Fund Rank
44
25
25
28
40
26
30
32
53
35
Calendar Year Performance
Waterford Pension
As of March 31, 2022
27

Calendar Year Performance
Waterford Pension
As of March 31, 2022
Performance(%)
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
International Equity
2.8
25.3
27.4
-14.9
31.2
-
-
-
-
-
   MSCI AC World ex USA (Net)
7.8
10.7
21.5
-14.2
27.2
4.5
-5.7
-3.9
15.3
16.8
American Funds EuroPacific Growth R6
2.8
25.3
27.4
-14.9
31.2
1.0
-0.5
-2.3
20.6
19.6
   MSCI AC World ex USA (Net)
7.8
10.7
21.5
-14.2
27.2
4.5
-5.7
-3.9
15.3
16.8
   IM International Large Cap Core Equity (MF) Median
10.3
8.5
22.1
-15.7
24.4
1.3
-2.7
-5.9
20.3
18.6
      American Funds EuroPacific Growth R6 Rank
99
8
11
44
9
52
11
24
46
35
28

Market Value
as of
01/01/2022
Net Contributions
Gain/Loss
Market Value
As of
03/31/2022
Waterford Pension
698,649
-22,291
-49,599
626,760
Short Term Liquidity
28,645
-291
-953
27,402
Allspring Government Money Market Fund Instl
28,645
-291
-953
27,402
Fixed Income
229,098
-9,000
-12,111
207,987
Baird Aggregate Bond Fund Class Institutional
69,588
-9,000
-4,165
56,423
Metropolitan West Total Return Bond Pl
69,301
-9,000
-4,083
56,218
BlackRock Strategic Income Opportunities Fund K
74,529
9,000
-2,223
81,306
PGIM Global Total Return R6
15,680
-
-1,640
14,040
Domestic Equity
252,292
-3,000
-13,740
235,552
Fidelity Total Market Index Fund
252,292
-3,000
-13,740
235,552
International Equity
188,614
-10,000
-22,795
155,818
American Funds EuroPacific Growth R6
188,614
-10,000
-22,795
155,818
Investment Gain/Loss Summary
Waterford Pension
1 Quarter Ending March 31, 2022
Cash activity may include management fees.
29

Market Value
($)
Estimated
Annual Fee
($)
Estimated
Annual Fee
(%)
Waterford Pension
626,760
1,747
0.28
Short Term Liquidity
27,402
-
-
   Allspring Government Money Market Fund Instl
27,402
-
-
Fixed Income
207,987
995
0.48
   Baird Aggregate Bond Fund Class Institutional
56,423
169
0.30
   Metropolitan West Total Return Bond Pl
56,218
208
0.37
   BlackRock Strategic Income Opportunities Fund K
81,306
545
0.67
   PGIM Global Total Return R6
14,040
73
0.52
Domestic Equity
235,552
35
0.02
   Fidelity Total Market Index Fund
235,552
35
0.02
International Equity
155,818
717
0.46
   American Funds EuroPacific Growth R6
155,818
717
0.46
Estimated Fee Analysis
Waterford Pension
As of March 31, 2022
The figures on this page have been obtained from sources we deem to be reliable. Fiducient Advisors has not independently verified this information.
Fee calculations for mutual funds represent fees at the net expense level. Fee calculations for commingled funds and/or alternative investments reflect base management fees and exclude underlying fund
expenses captured at the NAV level, any applicable performance-based fees, or incentive fees. Fees for fund of funds are shown at the fund of fund level and do not include fees charged by underlying
investment managers/funds.
30

OPEB Portfolio Review
31

Historical Performance
Portfolio (03/2017)
Portfolio Benchmark (03/2017)
0.0
6.0
12.0
18.0
-6.0
-12.0
Return
 
(%)
QTD
Fiscal 
YTD
1
Year
3
Years
5
Years
10
Years
Since
Inception
-4.9
-1.9
3.3
9.8
8.3
8.3
-5.2
-2.8
2.1
10.3
8.2
8.1
Summary of Cash Flows
QTD
Fiscal
YTD
1
Year
3
Years
Since
Inception
Waterford OPEB
   Beginning Market Value
10,071,789
9,076,512
8,646,104
4,902,669
1,164,759
   Net Contributions
-2,024
744,078
742,148
2,586,126
6,045,014
   Gain/Loss
-525,185
-276,011
156,328
2,055,786
2,334,807
   Ending Market Value
9,544,580
9,544,580
9,544,580
9,544,580
9,544,580
Current Benchmark Composition
From Date
To Date
03/2022
Present
28% Blmbg. U.S. Aggregate, 2% Blmbg. Global Aggregate, 38%
Dow Jones U.S. Total Stock Market Index , 27% MSCI AC
World ex USA (Net), 5% 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
29.7%
Real Assets
5.4%
International Equity
25.7%
Domestic Equity
39.1%
Actual vs. Target Allocations
Target
Actual
Differences
0.0%
15.0%
30.0%
45.0%
60.0%
-15.0 %
Real Assets
$512,108
International Equity
$2,448,674
Domestic Equity
$3,735,639
Fixed Income
$2,831,353
Short Term Liquidity
$16,806
5.0%
27.0%
38.0%
30.0%
0.0%
5.4%
25.7%
39.1%
29.7%
0.2%
0.4%
-1.3 %
1.1%
-0.3 %
0.2%
Portfolio Dashboard
Waterford OPEB
As of March 31, 2022
Inception Date: 03/2017
32

Actual vs. Target
Target Allocation
Actual Allocation
Allocation Differences
0.0%
8.0%
16.0%
24.0%
32.0%
40.0%
48.0%
56.0%
-8.0 %
-16.0 %
Real Assets
$512,108
International Equity
$2,448,674
Domestic Equity
$3,735,639
Fixed Income
$2,831,353
Short Term Liquidity
$16,806
5.0%
27.0%
38.0%
30.0%
0.0%
5.4%
25.7%
39.1%
29.7%
0.2%
0.4%
-1.3 %
1.1%
-0.3 %
0.2%
Asset
Allocation
($)
Asset
Allocation
(%)
Target
Allocation
(%)
Differences
(%)
Minimum
Allocation
(%)
Maximum
Allocation
(%)
   Short Term Liquidity
16,806
0.2
0.0
0.2
0.0
0.0
   Fixed Income
2,831,353
29.7
30.0
-0.3
15.0
45.0
   Domestic Equity
3,735,639
39.1
38.0
1.1
20.0
50.0
   International Equity
2,448,674
25.7
27.0
-1.3
15.0
45.0
   Real Assets
512,108
5.4
5.0
0.4
0.0
10.0
Waterford OPEB
9,544,580
100.0
100.0
0.0
-
-
Asset Allocation
Waterford OPEB
As of March 31, 2022
33

Asset
Allocation
($)
Asset
Allocation
(%)
Target
Allocation
(%)
Differences
(%)
Waterford OPEB
9,544,580
100.0
100.0
0.0
     Short Term Liquidity
16,806
0.2
0.0
0.2
       Allspring Government Money Market Fund Instl
16,806
0.2
0.0
0.2
     Fixed Income
2,831,353
29.7
30.0
-0.3
       Baird Aggregate Bond Fund Class Institutional
751,406
7.9
8.0
-0.1
       Metropolitan West Total Return Bond Pl
752,230
7.9
8.0
-0.1
       BlackRock Strategic Income Opportunities Fund K
1,149,898
12.0
12.0
0.0
       PGIM Global Total Return R6
177,818
1.9
2.0
-0.1
     Domestic Equity
3,735,639
39.1
38.0
1.1
       Fidelity 500 Index Fund
2,665,275
27.9
27.0
0.9
       Fidelity Mid Cap Index
685,934
7.2
7.0
0.2
       Hotchkis & Wiley Small Cap Diversified Value I
190,251
2.0
2.0
0.0
       Conestoga Small Cap Instl
194,179
2.0
2.0
0.0
     International Equity
2,448,674
25.7
27.0
-1.3
       Dodge & Cox International Stock Fund
1,100,394
11.5
12.0
-0.5
       American Funds EuroPacific Growth R6
1,091,530
11.4
12.0
-0.6
       Baron Emerging Markets Fund Instl
256,750
2.7
3.0
-0.3
     Real Assets
512,108
5.4
5.0
0.4
       Principal Diversified Real Asset R6
512,108
5.4
5.0
0.4
Asset Allocation
Waterford OPEB
As of March 31, 2022
34

Trailing Performance Summary
QTD
Fiscal
YTD
1
Year
3
Years
5
Years
7
Years
10
Years
Since
Inception
Inception
Date
Waterford OPEB
-5.2
-2.8
2.1
10.3
8.2
-
-
8.1
03/2017
   OPEB Blended Benchmark
-4.9
-1.9
3.3
9.8
8.3
-
-
8.3
03/2017
Calendar Year Performance Summary
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
Waterford OPEB
9.3
17.8
19.8
-7.2
-
-
-
-
-
-
   OPEB Blended Benchmark
11.0
13.9
20.1
-5.8
-
-
-
-
-
-
Plan Reconciliation
QTD
Fiscal
YTD
1
Year
3
Years
5
Years
10
Years
Since
Inception
Inception
Date
Waterford OPEB
03/2017
   Beginning Market Value
10,071,789
9,076,512
8,646,104
4,902,669
1,169,228
-
1,164,759
   Net Contributions
-2,024
744,078
742,148
2,586,126
6,045,014
-
6,045,014
   Gain/Loss
-525,185
-276,011
156,328
2,055,786
2,330,339
-
2,334,807
   Ending Market Value
9,544,580
9,544,580
9,544,580
9,544,580
9,544,580
-
9,544,580
Benchmark Composition
Weight (%)
Mar-2022
    90 Day U.S. Treasury Bill
0.0
    Blmbg. U.S. Aggregate
28.0
    Blmbg. Global Aggregate
2.0
    Dow Jones U.S. Total Stock Market Index
38.0
    MSCI AC World ex USA (Net)
27.0
    Diversified Real Asset Blended Index
5.0
Performance Overview
As of March 31, 2022
Waterford OPEB
35

Manager
Recommendation
Comments
Baird Aggregate Bond Fund Class
Institutional
Maintain
Metropolitan West Total Return Bond Pl
Maintain
BlackRock Strategic Income Opportunities
Fund K
Maintain
PGIM Global Total Return R6
Maintain
Fidelity Total Market Index Fund
Maintain
Fidelity 500 Index Fund
Maintain
Fidelity Mid Cap Index
Maintain
Hotchkis & Wiley Small Cap Diversified Value
I
Maintain
Conestoga Small Cap Instl
Maintain
Dodge & Cox International Stock Fund
Maintain
American Funds EuroPacific Growth R6
Maintain
Baron Emerging Markets Fund Instl
Maintain
Principal Diversified Real Asset R6
Discuss 1Q 2022
The Strategy was moved to a discuss status due to a reorganization of the portfolio management team, alterations to the strategic
allocation, and the addition of two new commodity sub-advisors. Effective September 2022, the portfolio management team will move
from five members down to three members after the removal of Marc Dummer and Kelly Grossman. Both team members will remain
with the firm but are shifting to new roles. The strategic allocation (and blended index) will lessen the real return sleeve by 20% and
the global natural resources sleeve by 5%, adding 10% to global infrastructure and 15% to real estate. Lastly, two commodity
sub-advisors are replacing Credit Suisse, Wellington Management and CoreCommodity. Given the multi-PM structure and comfort around
the allocation changes, we recommend no action at this time.
Commentary produced upon change of status.
Manager Status Commentary
Waterford - Combined
As of March 31, 2022
36

Manager
Status
Allocation
Market
Value
($)
%
Performance(%)
QTD
Fiscal
YTD
1
Year
3
Years
5
Years
10
Years
Since
Inception
Inception
Date
Waterford OPEB
9,544,580
100.0
-5.2
-2.8
2.1
10.3
8.2
-
8.1
03/2017
   OPEB Blended Benchmark
-4.9
-1.9
3.3
9.8
8.3
-
8.3
Short Term Liquidity
16,806
0.2
0.0
0.0
0.0
0.7
1.0
-
1.0
03/2017
   90 Day U.S. Treasury Bill
0.0
0.1
0.1
0.8
1.1
0.6
1.1
Allspring Government Money Market Fund Instl
16,806
0.2
0.0
0.0
0.0
0.7
1.0
-
1.0
03/2017
   90 Day U.S. Treasury Bill
0.0
0.1
0.1
0.8
1.1
0.6
1.1
Fixed Income
2,831,353
29.7
-5.3
-5.5
-3.9
2.7
2.6
-
2.5
03/2017
   Fixed Income Benchmark
-5.9
-6.0
-4.3
1.6
2.1
-
2.1
Baird Aggregate Bond Fund Class Institutional
751,406
7.9
-6.3
-6.3
-4.5
2.0
2.5
2.9
-4.5
04/2021
Maintain
   Blmbg. U.S. Aggregate Index
-5.9
-5.9
-4.2
1.7
2.1
2.2
-4.2
   IM U.S. Broad Market Core Fixed Income (MF) Median
-6.0
-6.1
-4.3
2.0
2.2
2.3
-4.3
      Baird Aggregate Bond Fund Class Institutional Rank
75
63
60
46
31
11
60
Metropolitan West Total Return Bond Pl
752,230
7.9
-6.2
-6.2
-4.5
2.3
2.6
3.2
2.6
03/2017
Maintain
   Blmbg. U.S. Aggregate Index
-5.9
-5.9
-4.2
1.7
2.1
2.2
2.1
   IM U.S. Broad Market Core+ Fixed Income (MF) Median
-6.0
-6.0
-3.9
2.3
2.5
2.7
2.5
      Metropolitan West Total Return Bond Pl Rank
70
61
77
50
46
26
48
BlackRock Strategic Income Opportunities Fund K
1,149,898
12.0
-2.8
-3.1
-2.0
3.5
3.2
3.3
3.3
06/2018
Maintain
   Blmbg. U.S. Aggregate Index
-5.9
-5.9
-4.2
1.7
2.1
2.2
2.5
   IM Alternative Credit Focus (MF) Median
-3.1
-3.3
-2.1
2.1
2.1
2.3
2.2
      BlackRock Strategic Income Opportunities Fund K Rank
42
46
50
20
18
8
19
PGIM Global Total Return R6
177,818
1.9
-10.5
-12.1
-9.3
0.2
2.3
2.7
-9.3
04/2021
Maintain
   Blmbg. Global Aggregate
-6.2
-7.6
-6.4
0.7
1.7
1.0
-6.4
   IM Global Fixed Income (MF) Median
-5.4
-6.6
-4.8
1.2
1.8
1.6
-4.8
      PGIM Global Total Return R6 Rank
98
98
94
83
27
15
94
Manager Performance
Waterford OPEB
As of March 31, 2022
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.
37

Manager Performance
Waterford OPEB
As of March 31, 2022
Manager
Status
Allocation
Market
Value
($)
%
Performance(%)
QTD
Fiscal
YTD
1
Year
3
Years
5
Years
10
Years
Since
Inception
Inception
Date
Domestic Equity
3,735,639
39.1
-5.1
4.5
12.6
18.5
15.6
-
15.3
03/2017
   Dow Jones U.S. Total Stock Market Index
-5.4
3.1
11.7
18.1
15.3
14.2
15.1
Fidelity 500 Index Fund
2,665,275
27.9
-4.6
6.5
15.6
18.9
16.0
14.6
15.6
04/2021
Maintain
   S&P 500 Index
-4.6
6.5
15.6
18.9
16.0
14.6
15.6
   IM U.S. Large Cap Core Equity (MF) Median
-5.2
4.4
12.8
17.1
14.4
13.2
12.8
      Fidelity 500 Index Fund Rank
39
24
19
21
19
10
19
Fidelity Mid Cap Index
685,934
7.2
-5.7
-0.6
6.9
14.9
12.6
12.8
6.9
04/2021
Maintain
   Russell Midcap Index
-5.7
-0.5
6.9
14.9
12.6
12.9
6.