Retirement Commission Special Meeting Materials (linked)

Town of Waterford
Quarterly Investment Review - Second 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.

Disclosure
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 the prior approval of 
Fiducient Advisors. 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 a possibility of a loss.
2

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3

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Research 
Insights
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Conference
Recent
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As of May 31, 2022
4

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

Fiduciary Governance Calendar
6

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.
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

Investment Policy Statement 
A well-written Investment Policy Statement serves as the blueprint for the management of the
investment program. As such, there are certain criteria that are required in an IPS, and other criteria
that may or may not be included based on the organization’s circumstances:
www.FiducientAdvisors.com
In the following pages, you will find the 
most recent IPS on file for the Waterford 
Pension.
•
The body of the IPS is as of August 
2016, and the asset allocation table in 
Appendix A is as of July 2021.
•
The 
IPS 
was 
most 
recently 
reviewed/approved by the Retirement 
Commission in July 2021.
•
There are no recommendations for 
change at this point in time.
Important elements of an IPS to consider:
Investment objective(s)

Assignment of responsibilities

Asset allocation framework

Rebalancing guidelines

Selection and monitoring criteria for 
investment strategies

Termination guidelines for investment 
strategies

Liquidity guidelines
N/A
Proxy voting

9

Town of Waterford Pension Plan 
 
Page 1 
 
 
 
 
 
 
Town of Waterford Pension Plan 
 
 
 
FIDUCIARY INVESTMENT ADVISORS  
 
 
 
DISCRETIONARY INVESTMENT PORTFOLIO 
 
 
 
INVESTMENT POLICY STATEMENT 
 
 
 
August 2016 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
10

Town of Waterford Pension Plan 
 
Page 2 
 
Introduction & Purpose 
This investment policy statement (the “Policy”) outlines the goals and investment 
objectives for the discretionary investment portfolio (the “Portfolio”) overseen by 
Fiduciary Investment Advisors (the “Investment Advisor”) on behalf of the Town of 
Waterford Pension Plan (the “Client”).  The Client acknowledges that by executing this 
statement it hereby cedes responsibility for the investment of its designated assets to 
the Investment Advisor.   
This document is intended to provide an overview of the general guidelines in place for 
managing the Portfolio.  This statement: 
• 
Describes the investment objectives of the Portfolio; 
• 
Defines the responsibilities of, and summarizes the investment management 
services provided by, the Investment Advisor and other parties; 
• 
Outlines the process for evaluating the performance of the investment managers 
being used in the construction of the Portfolio and for the Portfolio as a whole.  
Investment Objective 
The Portfolio shall be invested in accordance with sound investment practices that 
emphasize long-term investment fundamentals.  Consistent with this approach, the 
Investment Advisor has determined that the investment of the Portfolio’s assets shall 
be guided by the following underlying goals: 
• 
To diversify the Portfolio in order to reduce risk; 
• 
To achieve investment results over the long-term that compare favorably with 
those of other professionally managed portfolios and appropriate market 
indexes;  
• 
To maintain sufficient liquidity to meet the obligations of the Client.  
Assignment of Responsibilities 
 
Investment Advisor – The Investment Advisor is charged with the day-to-day 
responsibility of overseeing the Portfolio and may discharge some of its responsibilities 
to authorized individuals within its employment.  To that end, the Investment Advisor’s 
responsibilities include: establishing and maintaining the Portfolio’s investment policy, 
its objectives and its return evaluation framework.  The Investment Advisor (or the 
individuals it so authorizes) will meet periodically to discharge its responsibilities.  The 
Investment Advisor shall undertake its duties with the care, skill, prudence and 
diligence appropriate to the circumstances then prevailing.  The Investment Advisor 
recognizes (and the Client acknowledges) that some risk must be assumed to achieve 
the Portfolio’s long-term investment objectives.  The Investment Advisor will direct, in 
its sole discretion and without first consulting the Client, the investment and 
reinvestment of the assets in the Client’s account (the “Account”) in securities, mutual 
11

Town of Waterford Pension Plan 
 
Page 3 
 
funds, independent investment managers and/or programs, and cash or cash 
equivalents. 
 
Custodian – The Custodian is responsible for the safekeeping and custody of assets.  The 
Custodian will physically (or through agreement with a sub-custodian) maintain 
possession of securities owned by your Account, collect dividends and interest 
payments, redeem maturing securities, and effect receipt and delivery following 
purchases and sales.  The Custodian may also perform regular accounting of all assets 
owned, purchased, or sold, as well as movement of assets into and out of your Account. 
 
Asset Allocation 
 
The asset allocation target ranges set forth in Appendix A represent a long-term view.  
Short-term market volatility may cause the asset mix to fall outside the targeted range. 
 
Investment Monitoring and Reporting 
 
The Investment Advisor will periodically review performance of the individual 
investment mandates being used in the Portfolio and the Portfolio as a whole.  
Performance monitoring is the mechanism for revisiting the investment selection 
process and confirming that the criteria originally satisfied remain intact and that 
an investment continues to be appropriate for the Portfolio.  While frequent change 
is neither expected nor desirable, the process of monitoring investment 
performance relative to specified guidelines is an on-going one.  
 
The monitoring process will generally utilize the same criteria that formed the basis 
of the investment selection decision.  In addition, a set of “watch list criteria” may 
be employed to track important quantitative and qualitative elements, assist in the 
evaluation process, and focus the Investment Advisor on potential areas of concern. 
 
Watch list criteria may include the following: 
 
• Performance relative to benchmark performance over various time frames; 
• Deterioration of risk-adjusted performance; 
• Notable style drift / change in investment objective; 
• High manager fees relative to peers; 
• Significant organizational or manager change. 
 
 
 
Proxy Voting 
Each investment manager utilized by the Investment Advisor is responsible for and 
empowered to exercise all rights, including voting rights, as are acquired through the 
purchase of securities, where practical.  
12

Town of Waterford Pension Plan 
 
Page 4 
 
Approval 
It is understood that this Policy is to be reviewed periodically by the Client to 
determine if any revisions are warranted by changing circumstances including, but not 
limited to, changes in financial status, risk tolerance, or changes involving the 
engagement of the Investment Advisor. The Client’s execution of this document 
further serves as an acknowledgement of, and agreement with, the asset allocation 
framework depicted in the attached appendix.  Please remember to contact Fiduciary 
Investment Advisors, in writing, if there are any changes in your personal/financial 
situation or investment objectives for the purpose of reviewing/evaluating/revising 
our previous recommendations and/or services. 
 
As Approved by Retirement Commission on August 17, 2016 
13

14

Investment Policy Statement 
A well-written Investment Policy Statement serves as the blueprint for the management of the
investment program. As such, there are certain criteria that are required in an IPS, and other criteria
that may or may not be included based on the organization’s circumstances:
www.FiducientAdvisors.com
In the following pages, you will find the 
most recent IPS on file for the Waterford 
OPEB.
•
The body of the IPS is as of August 
2016, and the asset allocation table in 
Appendix A is as of July 2021.
•
The 
IPS 
was 
most 
recently 
reviewed/approved by the Retirement 
Commission in July 2021.
•
There are no recommendations for 
change at this point in time.
Important elements of an IPS to consider:
Investment objective(s)

Assignment of responsibilities

Asset allocation framework

Rebalancing guidelines

Selection and monitoring criteria for 
investment strategies

Termination guidelines for investment 
strategies

Liquidity guidelines
N/A
Proxy voting

15

 
 
 
 
Town of Waterford, CT 
 
 
 
 
OPEB PLAN 
 
 
 
 
INVESTMENT POLICY STATEMENT 
 
 
 
August 2016 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
16

Town of Waterford OPEB Plan 
page 2 
Introduction & Purpose 
The Town of Waterford OPEB Plan (the “Plan”) has been established to provide post 
employment retirement benefits to those individuals eligible to receive them.  This 
policy statement outlines the goals and investment objectives for the Plan.  This 
document is also intended to provide guidelines for managing the Plan, and to outline 
specific investment policies that will govern how those goals are to be achieved.  This 
statement: 
•
Describes the investment objectives of the Plan;
•
Describes an appropriate risk posture for the investment of the Plan’s assets;
•
Defines the responsibilities of, and summarizes the investment management
services provided by, the Investment Advisor and other parties;
•
Outlines the process for evaluating the performance of the investment managers
being used in the construction of the Portfolio and for the Portfolio as a whole.
Investment Objectives 
The Plan’s assets shall be invested in accordance with sound investment practices that 
emphasize long-term investment fundamentals.  In establishing the investment 
objectives of the Plan, the Advisor has taken into account the financial needs and 
circumstances of the Plan, the time horizon available for investment, the nature of the 
Plan’s cash flows and liabilities, and other factors that affect their risk tolerance. 
Consistent with these attributes, the Investment Advisor has determined that the 
investment of the Plan’s assets shall be guided by the following underlying goals: 
•
To diversify the Plan in order to reduce risk;
•
To achieve investment results over the long-term that compare favorably with
those of other professionally managed portfolios and appropriate market
indexes;
•
To maintain sufficient liquidity to meet the obligations of the Plan.
Assignment of Responsibilities 
Investment Advisor – The Investment Advisor is charged with the day-to-day 
responsibility of overseeing the Plan and may discharge some of its responsibilities to 
authorized individuals within its employment.  To that end, the Investment Advisor’s 
responsibilities include: establishing and maintaining the Plan’s investment policy, its 
objectives and its return evaluation framework.  The Investment Advisor (or the 
individuals it so authorizes) will meet periodically to discharge its responsibilities.  The 
Investment Advisor shall undertake its duties with the care, skill, prudence and 
diligence appropriate to the circumstances then prevailing.  The Investment Advisor 
recognizes (and the Town of Waterford acknowledges) that some risk must be assumed 
to achieve the Plan’s long-term investment objectives.  The Investment Advisor will 
direct, in its sole discretion and without first consulting Waterford, the investment and 
17

Town of Waterford OPEB Plan 
page 3 
reinvestment of the assets in the Waterford OPEB Plan in securities, mutual funds, 
independent investment managers and/or programs, and cash or cash equivalents. 
Custodian – The Custodian is responsible for the safekeeping and custody of assets.  The 
Custodian will physically (or through agreement with a sub-custodian) maintain 
possession of securities owned by the Plan, collect dividends and interest payments, 
redeem maturing securities, and effect receipt and delivery following purchases and 
sales.  The Custodian may also perform regular accounting of all assets owned, 
purchased, or sold, as well as movement of assets into and out of the Plan (for example, 
to accommodate payments to eligible Plan participants). 
Asset Allocation 
The asset allocation target ranges set forth in Appendix A represent a long-term view.  
Short-term market volatility may cause the asset mix to fall outside the targeted range. 
Investment Monitoring and Reporting 
The Investment Advisor will periodically review performance of the individual 
investment mandates being used in the Plan and the Plan as a whole.  Performance 
monitoring is the mechanism for revisiting the investment selection process and 
confirming that the criteria originally satisfied remain intact and that an investment 
continues to be appropriate for the Plan.  While frequent change is neither 
expected nor desirable, the process of monitoring investment performance relative 
to specified guidelines is an on-going one.  
The monitoring process will generally utilize the same criteria that formed the basis 
of the investment selection decision.  In addition, a set of “watch list criteria” may 
be employed to track important quantitative and qualitative elements, assist in the 
evaluation process, and focus the Investment Advisor on potential areas of concern. 
Watch list criteria may include the following: 
•
Performance relative to benchmark performance over various time frames;
•
Deterioration of risk-adjusted performance;
•
Notable style drift / change in investment objective;
•
High manager fees relative to peers;
•
Significant organizational or manager change.
Proxy Voting 
Each investment manager utilized by the Investment Advisor is responsible for and 
empowered to exercise all rights, including voting rights, as are acquired through the 
purchase of securities, where practical. 
18

Town of Waterford OPEB Plan 
page 4 
Approval 
It is understood that this Policy is to be reviewed periodically by the Town of Waterford 
to determine if any revisions are warranted by changing circumstances including, but 
not limited to, changes in financial status, risk tolerance, or changes involving the 
engagement of the Investment Advisor. The Town of Waterford’s execution of this 
document further serves as an acknowledgement of, and agreement with, the asset 
allocation framework depicted in the attached appendix.  Please remember to contact 
Fiduciary Investment Advisors, in writing, if there are any changes in your 
personal/financial situation or investment objectives for the purpose of 
reviewing/evaluating/revising our previous recommendations and/or services. 
As approved by Retirement Commission on August 17, 2016 
19

20

Governance & Oversight
•
While governmental plans are not subject to Title I of 
ERISA, which deals with fiduciary duties, they are subject 
to applicable provisions in the Internal Revenue Code 
(“Code”) and state laws.
•
Legislative history suggests that the satisfaction of ERISA 
rules would be sufficient to satisfy the Code requirements.
•
The “exclusive benefit rule” under IRC Section 401(a)(2) 
has been interpreted to mean exercise of prudence in the 
investment of plan assets is a requirement.
•
Many states have adopted “prudent investor” language, 
which includes many of the basic ERISA fiduciary 
principles (including duty of loyalty, duty of prudence, duty 
to diversify).
www.FiducientAdvisors.com
Duty of Loyalty:
Act exclusively in the interest of plan participants and beneficiaries
“Five Key Duties”
Duty of Prudence:  
Act in accordance with the “prudent expert rule”
Duty to Diversify Investments:  
Diversify the portfolio options to balance risk
Duty to Follow Plan Documents:
Follow the plan provisions and policies governing the plan
Duty to Avoid Prohibited Transactions:
Ensure legal and appropriate transactions and be free from conflict
21

Committee/Board Best Practices
www.FiducientAdvisors.com
Documentation

Leadership
Effective leader with the ability to see the big picture and set the direction to achieve the Plan’s objectives
Keeps meetings running smoothly and efficiently, guides discussion, encourages participation

Committee/Board Makeup 
Controlled turnover leads to well-informed Committee/Board members with institutional memory
Diversity (of age, gender, economic background, profession, etc.) fosters lively discussion and varied 
points of view
Large enough to promote meaningful discussion/debate, but small enough to reach consensus
Seek ongoing Committee/Board education to enable members to make informed decisions.
Structure/Makeup
Governance

Meeting Frequency/Attendance
Meetings must be frequent enough for the Committee/Board to fulfill its duties, not so frequent as to 
discourage attendance
Meeting attendance is expected, member participation should be encouraged

Meeting Preparation
Use of a formal agenda leads to a structured, efficient meeting
Materials should be sent in advance and reviewed by all members prior to the meeting

Governance Calendar
Ensures that significant fiduciary responsibilities/obligations are reviewed on a regular basis, including fees
Allows for a structured long-term approach in the face of potential short-term “fire drills”

Investment Policy Statement
Serves as the Committee’s/Board’s blueprint
Outlines roles and responsibilities of the Committee/Board members and other parties
Establishes formal procedures for hiring/terminating managers, evaluating performance, etc.

Meeting minutes
Should be reviewed and approved by all Committee/Board members on a timely basis
Provide historical context for why/how decisions were made and educate newer members on past decisions

Clearly outlined goals and objectives
Require well-defined methods for evaluation
Note: This is not meant to be a complete list of all fiduciary duties and responsibilities.  Please consult your legal advisor for advice about your specific situation. 
22

Capital Markets Overview
23

Market Themes
1. Capital markets continued to exhibit high
volatility as investors contend with the rising
odds of a recession. Returns across asset
classes were broadly negative for the quarter.
2. The Fed’s more hawkish stance and intensified
commitment to combat high inflation comes at
the risk of accelerating the onset of an economic
slowdown.
3. Recessions and the volatility that typically
accompanies them often sets the stage for
better forward-looking opportunities in the
market with lower entry prices.
Markets Moving Ahead of the Fed
Markets have moved quickly, reacting to the Fed’s increasingly hawkish posture by 
adjusting their rate expectations for the Fed’s final meeting of the year in December 
2022. Markets have priced in significantly higher terminal rates for this year than the 
current level of 1.50 – 1.75%.
Staying Invested is Key
Although the probability of a recession may be rising, trying to predict its start date 
may prove to be a fool’s errand. Equity markets see the most volatility before and 
during a recession; yet returns following the onset of a recession are typically strong 
given the forward-looking nature of markets.
Source: CME FedWatch Tool, Fiducient Advisors. As of June 30, 2022. 
Source: Morningstar Direct, NBER, Fiducient Advisors. Returns shown are cumulative.
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. 
90
100
110
120
35
45
55
65
75
May-17
May-18
May-19
May-20
May-21
May-22
ISM Manufacturing PMI
ISM Services PMI
Consumer Confidence (Right)
Higher Recession Risk
Softening economic data, including data from both producers and consumers, 
reveals the rising probability of an economic slowdown with the three-pronged 
challenge of high inflation, supply chain issues and an aggressive Fed.
Source: FactSet, ISM, Conference Board. As of June 30, 2022.
61%
33%
64%
34%
0%
10%
20%
30%
40%
50%
60%
70%
150-200
200-250
250-300
300-350
350-400
Market Probability
Rate Expectation for December 2022 (bps)
1Q 2022
2Q 2022
Year
6 months before -
- Onset
Onset - End
Onset + 3yr
Onset + 5yr
1973
-1.2%
-33.1%
5.5%
33.1%
1980
7.7%
8.8%
87.0%
117.4%
1981
-1.0%
-1.3%
70.6%
221.9%
1990
3.1%
6.1%
49.6%
110.2%
2001
-17.7%
-11.8%
-3.3%
18.5%
2007
-2.3%
-33.9%
4.6%
46.4%
2020
9.3%
-23.1%
N/A
N/A
Average
-0.3%
-12.6%
35.7%
91.3%
S&P 500 Returns around a Recession
24

Economic Review
U.S. Breakeven Inflation Levels
While current inflation levels remain elevated relative to history, expectations for 
inflation over the medium- and longer-term have come down significantly in 
recent months.
U.S. Labor Market – Number of Unemployed per Job Opening
The U.S. labor market remains tight, with less than 1 job seeker for each job 
opening. This historic tightness in the job market may support wage growth.
Leading Economic Indicators
Leading economic indicators have fallen from peak levels but remain in positive 
territory supporting a positive outlook for economic growth in the near-term.
Source: FactSet. As of June 30, 2022.
Source: FactSet, DOL, BLS. As of June 30, 2022.
2
2.5
3
3.5
4
Mar-21
Jun-21
Sep-21
Dec-21
Mar-22
Jun-22
Breakeven Inflation (%)
5-Year Breakeven Inflation
10-Year Breakeven Inflation
0
1
2
3
4
5
6
7
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
Markets and Cycles
Historically, markets have led the economy as indicated by industrial production, 
lending credence to their forward-looking nature.
S&P 500
Industrial 
Production
0
1
-25
-20
-15
-10
-5
0
5
10
15
1992 
1997 
2002 
2007 
2012 
2017 
2022
Source: FactSet, Conference Board. As of May 31, 2022. 
Source: Capital Group. Data from 1950 – 2019.
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. 
Year over Year Change (%)
US Recession
US Leading Economic Indicator
25

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 (2Q)
- The Federal Reserve raised its target rate by 75 basis
points in June. Interest rates moved broadly higher in
advance of the announcement and pushed bond returns
negative.
- Spread sectors generally underperformed for the
quarter, with notable weakness in the U.S. high yield
market.
- In addition to suffering from a longer duration profile in
the face of rising interest rates, a strengthening U.S.
dollar was a drag on non-U.S. fixed income returns.
Equity (2Q)
- Equity markets added to their first quarter losses as
focus shifted to record-high inflation, the Fed’s
commitment to fighting it and evidence of a slowing
global economy, in addition to the conflict in Ukraine.
- Although the rout was broad-based, discrepancies
persisted with growth names losing to value names and
major differences between sectors.
- Emerging markets and international developed names
beat domestic ones, though were still lower. The former
were buoyed by a late-quarter reopening in China.
Real Asset / Alternatives (2Q)
+ Energy markets continued to exhibit strength, though
a late quarter June selloff reflects broader concerns of a
slowing economy.
- Other commodities, including both industrial and
precious metals, as well as REITs, were led lower over
slowing growth concerns, political grandstanding and
the potential investors are taking profits given 2022
returns.
+ Hedge funds continued to exhibit lower volatility than
the market, albeit with some negative returns.
Source: Morningstar Direct. As of June 30, 2022. *Hedge fund returns as of May 31, 2022. 
-8.9
-5.5
-10.3
-11.8
-14.2
-21.9
-12.2
-14.5
-20.9
-23.4
-19.6
-17.6
-20.2
-9.1
18.4
-5.5
-6.1
-0.4
-4.7
-5.6
-9.8
-12.3
-7.5
-8.6
-16.7
-17.2
-14.5
-11.4
-17.0
-10.5
-5.7
-2.8
-27
-24
-21
-18
-15
-12
-9
-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
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
QTD
26

2.98
2.32
1.45
0
0.5
1
1.5
2
2.5
3
3.5
4
Yield (%)
6/30/2022
3/31/2022
6/30/2021
Fixed Income Market Update
U.S. Treasury Yields Curve
Interest rates jumped in anticipation of the Fed’s decision to raise the Fed 
Funds rate by 75 basis points in June but retreated late in the quarter on 
increasing concerns of an economic slowdown. The 1-year yield spiked from 
1.1% to 2.5%, while the 10-year ended 66 basis points higher.
Corporate Market Spreads – Trailing 5 Years
Despite a relatively favorable earnings season, growing fears of an economic slowdown have investors shunning riskier areas of the fixed income market. As a result, 
both investment grade and high yield corporate bond spreads widened and moved back above their respective 10-year averages to levels last seen in summer 2020.
Index Performance Attribution (2Q 2022)
Spread sectors generally lagged Treasuries during the second quarter. Foreign 
bonds were more susceptible to higher interest rates and a strengthening U.S. 
dollar, while high yield came under pressure over growing fears of recession.
Source: FactSet. As of June 30, 2022.
155
569
0
250
500
750
1000
1250
0
100
200
300
400
500
Jun-17
Dec-17
Jun-18
Dec-18
Jun-19
Dec-19
Jun-20
Dec-20
Jun-21
Dec-21
Jun-22
HY Spread (basis points)
IG Spread (basis points)
Bloomberg US Corporate Investment Grade
Bloomberg US High Yield - Corporate
10-Yr Averages: IG = 126 bps, HY = 433 bps
Source: FactSet. As of June 30, 2022.
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. As of June 30, 2022.
-11.0%
-4.7%
-9.8%
-4.2%
-0.7%
-0.9%
-8.0%
-1.0%
-6.9%
-15.0%
-10.0%
-5.0%
0.0%
Foreign Bond (unhedged)
U.S. Core Bond
U.S. High Yield
U.S. MBS
Total Return
Excess Return (Comp. Treasury)
Currency Return
1yr  3yr  5yr             10yr       
     20yr 
      30yr
27

-21.3
-11.3
-20.3
-28.7
-8.8
-15.2
-22.2
-25.9
-11.9
-28.5
-16.9
3.4
-14.6
-18.1
-10.5
-13.6
-14.8
-17.7
-15.7
-20.9
-35
-30
-25
-20
-15
-10
-5
0
5
10
U.S.
China
Japan
Germany
U.K.
India
France
Italy
Canada
Korea
Total Return (%)
YTD
QTD
-26.2
-20.7
-20.2
-17.5
-16.1
-15.9
-14.8
-14.7
-5.9
-5.2
-5.1
-4.6
-30.0
-20.0
-10.0
0.0
Cons Disc
Comm Servs
Info Tech
Financials
S&P 500
Materials
Industrials
Real Estate
Health Care
Energy
Utilities
Cons Staples
Total Return (%)
S&P 500 Sector
Equity Market Update
U.S. Equities – Return by Sector (2Q 2022)
While all sectors were negative for the quarter, defensive names fared better than 
their cyclical and highly-valued peers as investors adopted a risk-off stance.
Source: Morningstar Direct. As of June 30, 2022.
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: Morningstar Direct. As of June 30, 2022.
10
15
20
25
30
U.S.
Int'l Developed
Emerging Markets
Trailing P/E
Range (+/- 1 Std Dev)
Median
3/31/2022
6/30/2022
Source: FactSet. As of June 30, 2022.
Country Total Returns (%) – Top 10 Largest Economies
Concerns over slowing growth, high inflation, and aggressive central banks were common themes globally. Equity markets, both developed and emerging, were lower. 
Germany remains under pressure given its reliance on Russian natural gas and recent measures such as a shift back to coal-based power plants to address concerns. 
China was a positive outlier: investors had been concerned about the economic impact of severe COVID restrictions; the lifting of restriction was viewed in positive light.
Equity Valuations (Trailing PE – Last 15 Years)
During the quarter, prices fell significantly and pushed multiples below historic 
averages. Despite growth concerns, analysts’ second-half 2022 EPS estimates 
remained steady.
28

-7.5
-8.5
-9.7
-14.7
-14.8
-15.8
-18.5
-21.5
-21.8
-29.4
-10.6
-8.4
-22.0
-10.2
-20.5
-20.3
-20.1
-16.1
-26.6
-27.4
-40
-30
-20
-10
0
Diversified
Specialty
Data Centers
Health Care
Retail
Residential
Self Storage
Lodging/Resorts
Industrial
Office
Total Return (%)
YTD
QTD
Real Assets Market Update
REIT Sector Performance
Long-duration assets in the industrial and office sectors were hit hard by higher 
interest rates, while highly-priced sectors such as data centers and specialty 
segments saw prices come down amid a market-wide repricing.
Commodity Performance
Energy commodities soared early in the quarter with strong demand and further 
sanctions on Russia; however, prices retreated in the second half of the quarter 
as recession concerns impacted demand and markets priced in potential export 
bans and taxes on excess profits. Metals and agricultural commodities similarly 
saw prices fall as countries sought to find suppliers besides Russia and Ukraine.
Source: Morningstar Direct. As of June 30, 2022. 
Source: Morningstar Direct. As of June 30, 2022.
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. 
58.3
-9.6
-4.4
13.0
7.0
-26.4
-10.5
-5.7
-40
-30
-20
-10
0
10
20
30
40
50
60
70
Energy
Industrial
Metals
Precious
Metals
Agriculture
Total Return (%)
YTD
QTD
29

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 Direct, as of June 30, 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
10 Years (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
18.4
U.S. Large Cap
12.8
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
Hedge Funds
-5.5
U.S. Small Cap
9.4
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
Municipals 5-Year
-5.5
U.S. Equity REITs
7.4
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
TIPS
-8.9
International 
Developed
5.4
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
U.S. Core Bond
-10.3
Balanced
5.0
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
High Yield Municipals
-11.8
High Yield
4.5
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
Foreign Bond
-12.2
High Yield Municipals
4.4
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
High Yield
-14.2
Hedge Funds
3.8
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
EM Debt (unhedged)
-14.5
Emerging Markets
3.1
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
Balanced
-14.9
TIPS
1.7
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
Emerging Markets
-17.6
Municipals 5-Year
1.6
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
International 
Developed
-19.6
U.S. Core Bond
1.5
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
U.S. Equity REITs
-20.2
Foreign Bond
0.8
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
U.S. Large Cap
-20.9
Commodities
-0.8
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
-23.4
EM Debt (unhedged)
-1.5
30

Financial Markets Performance
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. 
Global Fixed Income Markets
QTD
YTD
1YR
3YR
5YR
7YR
10YR
15YR
Bloomberg 1-3-Month T-Bill
0.1%
0.2%
0.2%
0.6%
1.1%
0.8%
0.6%
0.7%
Bloomberg U.S. TIPS
-6.1%
-8.9%
-5.1%
3.0%
3.2%
2.8%
1.7%
3.9%
Bloomberg Municipal Bond (5 Year)
-0.4%
-5.5%
-5.3%
0.2%
1.2%
1.5%
1.6%
3.0%
Bloomberg High Yield Municipal Bond
-5.6%
-11.8%
-10.4%
1.1%
3.6%
4.4%
4.4%
4.2%
Bloomberg U.S. Aggregate
-4.7%
-10.3%
-10.3%
-0.9%
0.9%
1.4%
1.5%
3.3%
Bloomberg U.S. Corporate High Yield
-9.8%
-14.2%
-12.8%
0.2%
2.1%
3.5%
4.5%
5.8%
Bloomberg Global Aggregate ex-U.S. Hedged
-4.0%
-7.9%
-7.7%
-1.4%
1.3%
2.0%
2.7%
3.4%
Bloomberg Global Aggregate ex-U.S. Unhedged
-11.0%
-16.5%
-18.8%
-5.1%
-1.8%
-0.3%
-1.1%
1.4%
Bloomberg U.S. Long Gov / Credit
-12.3%
-21.9%
-20.1%
-2.3%
1.0%
2.7%
2.6%
5.3%
JPMorgan GBI-EM Global Diversified
-8.6%
-14.5%
-19.3%
-5.8%
-2.3%
-0.5%
-1.5%
1.8%
Global Equity Markets
QTD
YTD
1YR
3YR
5YR
7YR
10YR
15YR
S&P 500
-16.1%
-20.0%
-10.6%
10.6%
11.3%
11.1%
13.0%
8.5%
Dow Jones Industrial Average
-10.8%
-14.4%
-9.1%
7.2%
10.0%
10.8%
11.7%
8.4%
NASDAQ Composite
-22.3%
-29.2%
-23.4%
12.2%
13.5%
13.1%
15.4%
11.2%
Russell 3000
-16.7%
-21.1%
-13.9%
9.8%
10.6%
10.4%
12.6%
8.4%
Russell 1000
-16.7%
-20.9%
-13.0%
10.2%
11.0%
10.8%
12.8%
8.5%
Russell 1000 Growth
-20.9%
-28.1%
-18.8%
12.6%
14.3%
13.5%
14.8%
10.7%
Russell 1000 Value
-12.2%
-12.9%
-6.8%
6.9%
7.2%
7.7%
10.5%
6.1%
Russell Mid Cap
-16.8%
-21.6%
-17.3%
6.6%
8.0%
8.0%
11.3%
7.8%
Russell Mid Cap Growth
-21.1%
-31.0%
-29.6%
4.3%
8.9%
8.3%
11.5%
8.2%
Russell Mid Cap Value
-14.7%
-16.2%
-10.0%
6.7%
6.3%
7.2%
10.6%
6.9%
Russell 2000
-17.2%
-23.4%
-25.2%
4.2%
5.2%
5.9%
9.4%
6.3%
Russell 2000 Growth
-19.3%
-29.5%
-33.4%
1.4%
4.8%
5.0%
9.3%
6.8%
Russell 2000 Value
-15.3%
-17.3%
-16.3%
6.2%
4.9%
6.4%
9.1%
5.6%
MSCI ACWI
-15.7%
-20.2%
-15.8%
6.2%
7.0%
7.0%
8.8%
4.8%
MSCI ACWI ex. U.S.
-13.7%
-18.4%
-19.4%
1.4%
2.5%
2.9%
4.8%
1.6%
MSCI EAFE
-14.5%
-19.6%
-17.8%
1.1%
2.2%
2.7%
5.4%
1.4%
MSCI EAFE Growth
-16.9%
-26.8%
-23.8%
1.3%
3.5%
3.9%
6.3%
2.5%
MSCI EAFE Value
-12.4%
-12.1%
-11.9%
0.2%
0.5%
1.2%
4.2%
0.1%
MSCI EAFE Small Cap
-17.7%
-24.7%
-24.0%
1.1%
1.7%
3.7%
7.2%
2.8%
MSCI Emerging Markets
-11.4%
-17.6%
-25.3%
0.6%
2.2%
2.8%
3.1%
2.0%
Alternatives
QTD
YTD
1YR
3YR
5YR
7YR
10YR
15YR
Consumer Price Index*
1.3%
4.6%
8.5%
4.5%
3.6%
3.0%
2.5%
2.3%
FTSE NAREIT Equity REITs
-17.0%
-20.2%
-6.3%
4.0%
5.3%
6.7%
7.4%
5.8%
S&P Real Assets
-10.5%
-9.1%
-4.9%
3.5%
4.5%
4.2%
4.4%
4.4%
FTSE EPRA NAREIT Developed 
-17.2%
-20.4%
-12.7%
-0.2%
2.9%
4.0%
5.6%
2.8%
FTSE EPRA NAREIT Developed ex U.S.
-17.5%
-20.1%
-20.6%
-4.4%
0.4%
1.4%
3.9%
0.6%
Bloomberg Commodity Total Return
-5.7%
18.4%
24.3%
14.3%
8.4%
2.8%
-0.8%
-1.8%
HFRI Fund of Funds Composite*
-2.8%
-5.5%
-3.8%
4.9%
3.9%
2.7%
3.8%
1.9%
HFRI Fund Weighted Composite*
-1.9%
-2.9%
-2.3%
8.0%
5.8%
4.6%
5.3%
3.9%
Alerian MLP
-7.4%
10.0%
4.3%
0.1%
-0.3%
-2.1%
0.7%
3.7%
Source: Morningstar, FactSet. As of June 30, 2022. *Consumer Price Index and HFRI indexes as of May 31, 2022.
Total Return as of June 30, 2022
Periods greater than one year are annualized
All returns are in U.S. dollar terms
31

Pension Portfolio Review
32

Summary of Portfolio Activity
• Q2 2022
• No notable portfolio activity.
• Q1 2022: 
• Reallocated the OPEB portfolio to align with Fiducient Advisor’s best practices in order to 
adapt to current market conditions.
• Q4 2021: 
• Finished investing cash in the Pension & OPEB plans according to standing target 
allocation as part of the DCA.
• 3Q 2021: 
• Completed multistep rebalancing in the Pension & OPEB to bring the allocations back in 
line with established targets. 
• Began a Dollar Cost Average program to invest incoming cash and contributions.
www.FiducientAdvisors.com
33

Historical Performance
Portfolio (11/2016)
Portfolio Benchmark (11/2016)
0.0
10.0
-10.0
-20.0
-30.0
Return
 
(%)
QTD
YTD
Fiscal 
YTD
1
Year
3
Years
5
Years
10
Years
Since
Inception
-11.9
-16.8
-14.6
-14.6
2.3
3.8
4.7
-11.8
-18.1
-16.7
-16.7
1.8
3.1
4.0
Summary of Cash Flows
QTD
YTD
Fiscal
YTD
1
Year
Since
Inception
Waterford Pension
   Beginning Market Value
626,760
698,649
640,451
640,451
564,680
   Net Contributions
-22,313
-44,604
2,054
2,054
-161,684
   Gain/Loss
-73,085
-122,683
-111,143
-111,143
128,365
   Ending Market Value
531,361
531,361
531,361
531,361
531,361
Current Benchmark Composition
From Date
To Date
03/2022
Present
35.00% Pension Fixed Income Benchmark, 38.00% Dow Jones
U.S. Total Stock Market Index , 27.00% MSCI AC World ex USA
(Net)
Portfolio Allocation
Short Term Liquidity
Fixed Income
Domestic Equity
International Equity
Short Term Liquidity
1.7%
Fixed Income
36.4%
International Equity
25.0%
Domestic Equity
36.9%
Actual vs. Target Allocations
Target
Actual
Differences
0.0%
15.0%
30.0%
45.0%
60.0%
-15.0 %
International Equity
$132,985
Domestic Equity
$195,909
Fixed Income
$193,217
Short Term Liquidity
$9,250
27.0%
38.0%
35.0%
0.0%
25.0%
36.9%
36.4%
1.7%
-2.0 %
-1.1 %
1.4%
1.7%
Portfolio Dashboard
Waterford Pension
As of June 30, 2022
Inception Date: 11/2016
34

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
$132,985
Domestic Equity
$195,909
Fixed Income
$193,217
Short Term Liquidity
$9,250
27.0%
38.0%
35.0%
0.0%
25.0%
36.9%
36.4%
1.7%
-2.0 %
-1.1 %
1.4%
1.7%
Asset
Allocation
($)
Asset
Allocation
(%)
Target
Allocation
(%)
Differences
(%)
Minimum
Allocation
(%)
Maximum
Allocation
(%)
   Short Term Liquidity
9,250
1.7
0.0
1.7
0.0
10.0
   Fixed Income
193,217
36.4
35.0
1.4
20.0
50.0
   Domestic Equity
195,909
36.9
38.0
-1.1
20.0
50.0
   International Equity
132,985
25.0
27.0
-2.0
15.0
45.0
Waterford Pension
531,361
100.0
100.0
0.0
-
-
Asset Allocation
Waterford Pension
As of June 30, 2022
35

Asset
Allocation
($)
Asset
Allocation
(%)
Target
Allocation
(%)
Differences
(%)
Waterford Pension
531,361
100.0
100.0
0.0
     Short Term Liquidity
9,250
1.7
0.0
1.7
       Allspring Government Money Market Fund Instl
9,250
1.7
0.0
1.7
     Fixed Income
193,217
36.4
35.0
1.4
       Baird Aggregate Bond Fund Class Institutional
53,595
10.1
9.5
0.6
       Metropolitan West Total Return Bond Pl
53,011
10.0
9.5
0.5
       BlackRock Strategic Income Opportunities Fund K
74,171
14.0
13.5
0.5
       PGIM Global Total Return R6
12,441
2.3
2.5
-0.2
     Domestic Equity
195,909
36.9
38.0
-1.1
       Fidelity Total Market Index Fund
195,909
36.9
38.0
-1.1
     International Equity
132,985
25.0
27.0
-2.0
       American Funds EuroPacific Growth R6
132,985
25.0
27.0
-2.0
Asset Allocation
Waterford Pension
As of June 30, 2022
36

Trailing Performance Summary
QTD
YTD
Fiscal
YTD
1
Year
3
Years
5
Years
7
Years
10
Years
Since
Inception
Inception
Date
Waterford Pension
-11.8
-18.1
-16.7
-16.7
1.8
3.1
-
-
4.0
11/2016
   Pension Blended Benchmark
-11.9
-16.8
-14.6
-14.6
2.3
3.8
-
-
4.7
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
YTD
Fiscal
YTD
1
Year
3
Years
5
Years
10
Years
Since
Inception
Inception
Date
Waterford Pension
11/2016
   Beginning Market Value
626,760
698,649
640,451
640,451
537,010
571,781
-
564,680
   Net Contributions
-22,313
-44,604
2,054
2,054
-37,533
-128,770
-
-161,684
   Gain/Loss
-73,085
-122,683
-111,143
-111,143
31,885
88,351
-
128,365
   Ending Market Value
531,361
531,361
531,361
531,361
531,361
531,361
-
531,361
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 June 30, 2022
Waterford Pension
37

Manager
Status
Allocation
Market
Value
($)
%
Performance(%)
QTD
YTD
Fiscal
YTD
1
Year
3
Years
5
Years
10
Years
Since
Inception
Inception
Date
Waterford Pension
531,361
100.0
-11.8
-18.1
-16.7
-16.7
1.8
3.1
-
4.0
11/2016
   Pension Blended Benchmark
-11.9
-16.8
-14.6
-14.6
2.3
3.8
-
4.7
Short Term Liquidity
9,250
1.7
0.1
0.1
0.1
0.1
0.4
0.9
-
0.9
11/2016
   90 Day U.S. Treasury Bill
0.1
0.1
0.2
0.2
0.6
1.1
0.6
1.0
Allspring Government Money Market Fund Instl
9,250
1.7
0.1
0.1
0.1
0.1
0.4
0.9
-
0.9
11/2016
   90 Day U.S. Treasury Bill
0.1
0.1
0.2
0.2
0.6
1.1
0.6
1.0
Fixed Income
193,217
36.4
-4.7
-9.8
-10.0
-10.0
0.0
1.3
-
1.2
11/2016
   Fixed Income Benchmark
-5.0
-10.6
-10.6
-10.6
-1.1
0.8
-
0.7
Baird Aggregate Bond Fund Class Institutional
53,595
10.1
-5.0
-11.0
-11.0
-11.0
-0.7
1.1
2.1
-7.5
04/2021
Maintain
   Blmbg. U.S. Aggregate Index
-4.7
-10.3
-10.3
-10.3
-0.9
0.9
1.5
-7.0
   IM U.S. Broad Market Core Fixed Income (MF) Median
-5.4
-11.0
-11.2
-11.2
-0.9
0.8
1.6
-7.6
      Baird Aggregate Bond Fund Class Institutional Rank
30
51
45
45
36
26
10
44
Metropolitan West Total Return Bond Pl
53,011
10.0
-5.7
-11.6
-11.6
-11.6
-0.7
1.1
2.3
1.0
11/2016
Maintain
   Blmbg. U.S. Aggregate Index
-4.7
-10.3
-10.3
-10.3
-0.9
0.9
1.5
0.8
   IM U.S. Broad Market Core+ Fixed Income (MF) Median
-5.9
-11.5
-11.3
-11.3
-0.7
0.9
1.8
1.0
      Metropolitan West Total Return Bond Pl Rank
38
56
58
58
48
35
23
48
BlackRock Strategic Income Opportunities Fund K
74,171
14.0
-2.6
-5.4
-5.6
-5.6
1.7
2.4
2.9
2.4
06/2018
Maintain
   Blmbg. U.S. Aggregate Index
-4.7
-10.3
-10.3
-10.3
-0.9
0.9
1.5
1.1
   IM Alternative Credit Focus (MF) Median
-4.4
-7.2
-7.8
-7.8
0.4
0.8
1.7
1.0
      BlackRock Strategic Income Opportunities Fund K Rank
19
31
25
25
21
21
12
15
PGIM Global Total Return R6
12,441
2.3
-11.4
-20.7
-22.1
-22.1
-5.3
-0.9
1.4
-16.0
04/2021
Maintain
   Blmbg. Global Aggregate
-8.3
-13.9
-15.2
-15.2
-3.2
-0.6
0.1
-11.5
   IM Global Fixed Income (MF) Median
-7.0
-12.6
-14.4
-14.4
-2.3
-0.2
0.6
-10.1
      PGIM Global Total Return R6 Rank
96
98
98
98
96
77
28
98
Manager Performance
Waterford Pension
As of June 30, 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.
38

Manager Performance
Waterford Pension
As of June 30, 2022
Manager
Status
Allocation
Market
Value
($)
%
Performance(%)
QTD
YTD
Fiscal
YTD
1
Year
3
Years
5
Years
10
Years
Since
Inception
Inception
Date
Domestic Equity
195,909
36.9
-16.8
-21.3
-14.2
-14.2
9.6
10.5
-
12.1
11/2016
   Domestic Equity Benchmark
-16.8
-21.3
-14.2
-14.2
9.6
10.5
-
12.1
Fidelity Total Market Index Fund
195,909
36.9
-16.8
-21.3
-14.2
-14.2
9.6
10.5
12.5
10.2
04/2019
Maintain
   Dow Jones U.S. Total Stock Market Index
-16.8
-21.3
-14.2
-14.2
9.6
10.5
12.5
10.2
   IM U.S. Multi-Cap Core Eq