Agenda

Retirement Plan Sub-Committee - Agenda - Feb 3, 2026

Feb 3, 2026

A public record published by the Town of Simsbury (simsbury-ct.gov). mySimsbury indexes it and makes it readable; it is not the official copy. View the original file.

933 HOPMEADOW STREET SIMSBURY, CONNECTICUT 06070
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Retirement Plan Sub-Committee
Tuesday, February 3, 2026 at 8:00 A.M.
SPECIAL MEETING AGENDA
I. Call to Order
II. Housekeeping Items
a) Appointment of Chair for 2026
b) Appointment of Vice Chair for 2026
c) 2026 Regular Meeting Schedule
III. Review of Minutes
a) September 2, 2025
IV. Pensions Plans & OPEB Trust Fourth Quarter 2025 Performance Reviews and Fiduciary
Governance Update
V. Defined Contribution Plans Fourth Quarter 2025 Performance Reviews and Fiduciary
Governance Update
VI. Adjourn
Town of Simsbury933 HOPMEADOW STREET ~ SIMSBURY, CONNECTICUT 06070
Telephone (860) 658-3230
Facsimile (860) 658-9467
townmanager@simsbury-ct.gov
www.simsbury-ct.gov
An Equal Opportunity Employer
8:30 – 7:00 Monday
8:30 - 4:30 Tuesday through Thursday
8:30 - 1:00 Friday
To: Trish Munroe, Town Clerk
Cc: Retirement Plan Subcommittee
From: Kelsey Chamberlain, Deputy Finance Director/ Deputy Treasurer
Date: January 14, 2026
Re: Retirement Plan Subcommittee – 2026 Meeting Schedule
A total of four meetings will be held, beginning in February, on the first Tuesday at 8:00 am
unless otherwise noted below.
Meeting dates are as follows:
February 3, 2026*
May 5, 2026
September 1, 2026
December 1, 2026
The meetings will be held virtually. Meetings will be properly noticed in accordance with FOIA
requirements.
*Due to filing timing of calendar, the first meeting will be a special meeting.
Page 1 of 3
Retirement Plan Sub-Committee
Regular Meeting
September 2, 2025 – 8:00 A.M.
Virtual on Zoom
MINUTES
I. CALL TO ORDER – Chairman Burrick called the meeting to order at 8:00 A.M.
Present: Chair, Todd Burrick; Committee Members: Robert Helfand, Heather Goetz;
and James Watson; Town Manager, Marc Nelson; Deputy Finance Director, Kelsey
Chamberlain; Board of Finance Chair, Lisa Heavner; Human Resources Generalist,
Crystal Lusso; and Fiducient Advisors: Chris Kachmar and Tyler Polk.
II. APPROVAL OF MINUTES
May 6, 2025 Regular Meeting
MOTION: Chairman Burrick made a motion, seconded by Commissioner Watson to
approve the Minutes of the May 6, 2025 Regular Meeting as written. The motion
carried unanimously. (4-0-0)
III. PENSIONS PLANS & OPEB TRUST SECOND QUARTER 2025
PERFORMANCE REVIEW AND FIDUCIARY GOVERNANCE UPDATE
Mr. Kachmar provided an overview of the second quarter consisting of the bill passing
in Washington causing effects on interest rates, federal inflation is at 2%, the core bond
markets and investment grade markets are up about 6%, the international markets have
done exceptionally well, the U.S. large caps are positive, and the small caps have
recovered well.
Town Manager Nelson asked about consumer confidence with this backdrop, to which
Mr. Kachmar responded it has been resilient but fluctuating. Labor markets have started
to roll over which could be the precursor to softening confidence and therefore
spending. The GDP growth number was around 1.75% and is now up to 3%. Corporate
earnings are very good.
Retirement Plan Sub Committee
Regular Meeting Minutes
September 2, 2025
Page 2 of 3
Commissioner Helfand asked about Mr. Kachmar’s thoughts on the court of appeals
decision disapproving tariffs, to which Mr. Kachmar responded he doesn’t have a
definitive answer because it is all so new.
Pension Plans
It’s important to be certain that on a run rate the expenses are reasonable given the
investing circumstances and portfolio position. The primary investment-related
expense is the investment managers and that is a reasonable amount. The pension plans
are 0.5%
Chairwoman Heavner asked Mr. Kachmar if he ever worked with another organization,
like Fidelity, because they already have the OPED invested with it, or does he advise
keeping it separate to which he responded that although they are seeing everything
under one hood, they are not there yet but are close to coming to a solution. She
requested a list of the towns in CT that are doing that.
They are using ETFs for the existing OPED program, and their investment related
expense is about 18 basis points. Rebuilding the program using Fidelity indices, they
could get the same allocation for a third of the price, which is 6 basis points.
Chairman Burrick asked that since they are indexing the same things is the performance
identical to which Mr. Kachmar responded the performance has been very similar. It is
really a comparison of investment fee to investment fee.
Chairwoman Heavner asked if they should be doing this with all their funds, to which
he responded with the complexion of liabilities and cash flow dynamics there is
rationale for having some measure of active management in the legacy pension plans.
As for the performance numbers the portfolio was a little higher than 6% for the Second
Quarter, about 7% year to date. The fiscal year ends at 11% return and that is higher
than the actuarial bogey and that relationship to actuarial return targets is consistent
and advantageous over the long haul.
In explaining the shortfall, small cap equities are about 10 to 12% of the market, at
target they are at 20%. Over long periods of time small caps have higher absolute
returns than the large cap markets and Mr. Kachmar predicts the relationship will be
restored soon.
The programs are in good shape and there are no recommendations.
Retirement Plan Sub Committee
Regular Meeting Minutes
September 2, 2025
Page 3 of 3
IV. DEFINED CONTRIBUTIONS PLANS SECOND QUARTER 2025
PERFORMANCE REVIEWS AND FIDUCIARY GOVERNANCE UPDATE
Mr. Polk stated the second quarter is focused on investments and 118 out of 201
participants are invested in those target date funds.
He sees room for private equity potentially embedded in asset allocation vehicles like
target date funds.
Relative to their peers T. Rowe has a little bit higher of a U.S. biased from an equity
standpoint. The longer-term performance has been very beneficial. Since these
portfolios have been in the plan, they have been the sort of top performing target defund
suite over the last ten years.
Chairman Burrick stated the next meeting was scheduled for December 2nd but will be
rescheduled.
V. ADJOURNMENT
MOTION: Commissioner Helfand made a motion, seconded by Commissioner Goetz,
to adjourn the meeting. The motion carried unanimously. (4-0-0)
Chairman Burrick adjourned the meeting at 8:49 P.M.
Respectfully submitted,
Amanda Blaze
Commission Clerk
Town of Simsbury Retirement Plans
Performance Summary - Fourth Quarter 2025
This report is intended for the exclusive use of clients or prospective clients (the “recipient”) of Fiducient Advisors and the information contained herein is confidential and the dissemination or
distribution to any other person without the prior approval of Fiducient Advisors is strictly prohibited. Information has been obtained from sources believed to be reliable, though not independently
verified. Any forecasts are hypothetical and represent future expectations and not actual return volatilities and correlations will differ from forecasts. This report does not represent a specific
investment recommendation. The opinions and analysis expressed herein are based on Fiducient Advisor research and professional experience and are expressed as of the date of this report.
Please consult with your advisor, attorney and accountant, as appropriate, regarding specific advice. Past performance does not indicate future performance and there is risk of loss.
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Table of Contents
Section 1 Capital Markets Overview
Section 2 DB Plan Reviews
Section 3 OPEB Trust Review
Section 4 DC Plan Reviews4
Section 1 Quarterly Capital Markets Overview5
Market Themes
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Non-U.S. Equities Shine in 2025
Non-U.S. equities closed out the year on a high note, outpacing
domestic markets in Q4 and beating U.S. equities by the widest margin
for the calendar year since 2009 . A weaker U.S. dollar, more attractive
valuations compared to the U.S. and a favorable corporate backdrop all
helped propel non-U.S. markets ahead.
“AI” Playbook - Market Exposure to “AI”
The rise of AI has been considerable in recent years and AI is poised to be
an influential factor in markets in 2026. Earnings growth expectations for
mid- and small-cap companies are relatively higher compared to other areas
of the market, creating opportunity outside of the “Magnificent 7.” Thoughtful
diversification and owning “too little” AI may be preferred over risking a
severe drawdown from overexposure should AI falter.
See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility of a loss.
Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.
37.7%
33.9%
26.5%
S&P 500 Russell 3000 MSCI ACWI
Sources: BlackRock, Morningstar, Fiducient Advisors. As of November 30, 2025. Exposure
to "AI" based on the common holdings compared to the following indexes: Morningstar
Global Artificial Intelligence Select Index; NYSE Semiconductor Index; S&P Data Center,
Tower REIT, and Communications Equipment Index; Morningstar Global Digital
Infrastructure & Connectivity Index.
S&P 500,
17.9
Russell 2000,
12.8
MSCI EAFE,
31.2
MSCI EM,
33.6
Bbg US Agg,
7.3
-30.0
-20.0
-10.0
0.0
10.0
20.0
30.0
40.0
Dec-24 Mar-25 Jun-25 Sep-25 Dec-25
YTD Cumulative Return (%)
S&P 500
Russell 2000
MSCI EAFE
MSCI EM
Bbg US Agg
Source: FactSet. As of December 31, 2025.6
Market Themes
www.FiducientAdvisors.com
Navigating Valuation – Valuation Rank (Last 20 Years)
Valuations look full relative to history across asset classes and
investors should evaluate risk tolerances appropriately. Pockets of
opportunity exist. Fixed income looks attractive both on an absolute
basis and relative to public equities. Where appropriate, investors may
consider marketable alternative strategies that may help reduce
downside risk in a narrow and fully valued market.
Noise Resistance – BB Weight in Corp High Yield Index
Credit was a standout in 2025 as high yield bonds returned over 8% during
the year. While spreads hover near 20-year lows, strong corporate
fundamentals and an increase in the credit quality of the index broadly
temper concern. This lower cost of lending bodes well for economic
expansion, but we continue to exercise caution given current valuations.
See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility of a loss.
Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
P/E P/B P/CF P/S Yield Spread
Percentile
S&P 500 Russell 2000 MSCI EAFE
MSCI EM Bloomberg Agg Bloomberg HY
Source: FactSet. As of December 31, 2025. Yield is Dividend yield for equity indexes and
yield to worst for fixed income. Rank is based on last 20 years, monthly data.
54.8%
30%
35%
40%
45%
50%
55%
60%
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-19
Jan-20
Jan-21
Jan-22
Jan-23
Jan-24
Jan-25
BB Weight in Index
Source: FactSet. As of December 31, 2025.7
Asset Class Returns
www.FiducientAdvisors.com
Fixed Income (4Q 2025)
+ Interest rates were volatile during the quarter as the
Federal Reserve cut interest rates twice even as
inflation remained sticky. Core bonds delivered a
positive return during the period.
+ The corporate bond market, particularly high yield,
produced a positive return in the quarter and strong
gains for the year. All-in yields remain attractive and
corporate fundamentals remain supportive of the asset
class.
+/- Favorable economic data pushed longer dated
yields higher in the quarter. Long duration bonds were
flat.
Equity (4Q 2025)
+ Favorable earnings, a Fed rate cut, and positive
economic data helped support equity markets during
the quarter. Large cap modestly edged out small cap as
the outlook for further rate cuts in 2026 diminished.
+ Non-U.S. markets outpaced domestic and developed
edged out emerging. Europe experienced favorable
returns as the outlook for economic growth improved
and corporate earnings were favorable.
+ Emerging markets rounded out a banner year with a
strong quarter. AI-related strength in select
semiconductor companies were among top contributors.
Real Asset / Alternatives (4Q 2025)
- Equity REITs struggled during the quarter despite
strength in the broader equity market. The interest rate
sensitive asset class was negatively impacted from
rising long-term rates.
+ Commodities were positive overall but experienced
mixed underlying returns as precious metals closed out
a strong year while energy-related commodities
declined.
+ Hedge funds were modestly positive for the period
ending in November and have outpaced fixed income
markets so far in 2025.
7.0
5.0
7.3
2.5
8.6
6.6 5.8
17.4
12.8
31.2
33.6
2.3
13.2
15.8
9.2
0.1 0.5 1.1 1.1 1.3
0.0 0.0
2.4 2.2
4.9 4.7
-2.1
1.6
5.8
1.9
-6
-3
0
3
6
9
12
15
18
21
24
27
30
33
36
TIPS Municipals 5-
Year
U.S. Core Bond High Yield
Municipals
High Yield U.S. Long
Duration
Foreign Bond U.S Large Cap U.S. Small Cap International
Developed
Emerging
Markets
U.S. Equity
REITs
Real Assets Commodities Hedge Funds*
Total Returns (%)
YTD QTD
Source: Morningstar Direct. As of December 31, 2025. *Hedge fund returns as of November 30, 2025.
See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility of a loss.
Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.8
0
250
500
750
1,000
1,250
0
100
200
300
400
500
6/17
12/17
6/18
12/18
6/19
12/19
6/20
12/20
6/21
12/21
6/22
12/22
6/23
12/23
6/24
12/24
6/25
12/25
Spreads (bps)
Bloomberg U.S. Inv. Grade Corp Index (LHS)
Bloomberg U.S. Corp High Yield Index (RHS)
Source: FactSet. As of December 31, 2025.
Fixed Income Market Update
www.FiducientAdvisors.com
U.S. Treasury Yield Curve
Interest rates were volatile during the quarter and the U.S. yield curve
steepened. The Federal Reserve cut interest rates twice over labor
market concerns, pushing front-end yields lower. However, better than
expected economic data and the market’s more positive outlook on the
economy moved long-end yields higher.
Corporate Credit Spreads – Trailing 5 Years
Credit spreads were volatile during the period, widening early in the quarter
before trending back closer to where they started. Strong corporate
fundamentals, a favorable technical backdrop and increased credit quality
have pushed spreads to near 10-year lows, and we remain mindful of
elevated valuations within the high yield asset class.
3.47
4.18
3.60
4.16
4.25
4.58
3.0
3.2
3.4
3.6
3.8
4.0
4.2
4.4
4.6
4.8
5.0
0 5 10 15 20 25 30
Yield (%)
U.S. Treasury Maturity (yrs)
12/31/25
9/30/25
12/31/24
Source: FactSet. As of December 31, 2025.
12/31/2025 10Yr Avg
IG 78 bps 116 bps
HY 266 bps 395 bps
See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility of a loss.
Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.9
27.3%
-7.4%
6.4%
3.3%1.6%
5.4%
9.8%
-1.0%
7.8%
1.9%2.7%
5.3%3.8%
1.1%2.2%2.4%
S.Korea
China
Value
Growth
Small
Large
Switz.
Aust.
Value
Growth
Small
Large
Value
Growth
Small
Large
Source: Morningstar Direct. As of December 31, 2025.
Equity Market Update
www.FiducientAdvisors.com
Market Capitalization, Style, and Select Country Performance (4Q 2025)
Equity markets were broadly positive across regions during the quarter, with non-U.S. markets generally outpacing domestic markets. From a style
perspective, value stocks outperformed their growth counterparts during the quarter. Emerging markets was once again the standout among its peers.
AI optimism helped drive semiconductor companies higher in South Korea and Taiwan, but weaker economic data was a headwind for Chinese
equities.
U.S. Equities – Returns by Sector (4Q 2025)
The S&P had a favorable quarter as investors digested the government shutdown and subsequent data delays, two Federal Reserve rate cuts and
relatively strong corporate earnings reports. Underlying sector performance was mixed. Health care was a standout sector during the quarter. Positive
news on expanded GLP-1 access and tariff exemptions helped companies such as Eli Lilly, which was one of the top contributors to the S&P during
the quarter. A volatile interest rate environment and rising long-end yields weighed on the REIT sector.
U.S. Emerging MarketsInt’l Developed
33.6%
6.0%
3.9%
8.7%
15.0%14.6%
19.4%
24.0%
10.5%
3.2%
16.0%
17.9%
7.3%
0.7%0.0%1.5%2.0%
11.7%
0.9%1.4%1.1%
-2.9%-1.4%
2.7%
Comm.
Services
Cons. Disc.Cons.
Staples
EnergyFinancialsHealth CareIndustrialsITMaterialsReal EstateUtilitiesS&P 500
YTD QTD
Source: Morningstar Direct. As of December 31, 2025.
See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility of a loss.
Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.10
Real Assets Market Update
www.FiducientAdvisors.com
REIT Sector Performance (4Q 2025)
Rising long-term yields negatively impacted REITs in the fourth quarter and the
space lagged the broader equity market. Office struggled as the hybrid work
environment continues to create uncertainty for the space. Industrial-related
REITs were among the few positive areas in the quarter.
Commodity Performance (4Q 2025)
It was a strong quarter for commodities, driven by precious and industrial metals.
Gold had a banner year, touching multiple all-time highs as investors digested
uncertainty surrounding trade policy, inflation, and economic data throughout the
year. Precious metals had its best calendar year of the last 30 years.
-10.4
21.4
80.2
-2.3-6.2
12.0
21.8
0.6
-20
-10
0
10
20
30
40
50
60
70
80
90
Energy Industrial
Metals
Precious
Metals
Agriculture
Total Return (%)
YTD QTD
Source: Morningstar Direct. As of December 31, 2025.
15.5
-5.5
-14.2
28.5
5.1
-7.4
-10.0
-5.1
17.0
-0.5
-10.2
-14.0
-3.9
-9.4
-5.1
1.4
-1.8
-1.6
-8.4
4.3
9.5
-6.3
-4.7
-13.1
-20 -10 0 10 20 30 40
Diversified
Specialty
Data Centers
Health Care
Retail
Residential
Self Storage
Lodging/Resorts
Industrial
Infrastructure
Timber
Office
Total Return (%)
YTD QTD
Source: Morningstar Direct. As of December 31, 2025.
See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility of a loss.
Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.11
The Case for Diversification
www.FiducientAdvisors.com
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10 Years (Ann)
U.S. Equity REITs
2.8
U.S. Small Cap
21.3
Emerging Markets
Equity
37.3
High Yield Municipals
4.8
U.S. Large Cap
31.4
U.S. Large Cap
21.0
U.S. Equity REITs
41.3
Commodities
16.1
U.S. Large Cap
26.5
U.S. Large Cap
24.5
Emerging Markets
Equity
33.6
U.S. Large Cap
14.6
Municipals 5-Year
2.4
High Yield
17.1
International
Developed Equity
25.0
Cash
1.8
U.S. Mid Cap
30.5
U.S. Small Cap
20.0
Commodities
27.1
Cash
1.5
International
Developed Equity
18.2
U.S. Mid Cap
15.3
International
Developed Equity
31.2
U.S. Mid Cap
11.0
High Yield Municipals
1.8
U.S. Mid Cap
13.8
U.S. Large Cap
21.7
Municipals 5-Year
1.7
U.S. Equity REITs
28.7
Emerging Markets
Equity
18.3
U.S. Large Cap
26.5
Hedge Funds
-5.3
U.S. Mid Cap
17.2
U.S. Small Cap
11.5
U.S. Large Cap
17.4
U.S. Small Cap
9.6
U.S. Large Cap
0.9
U.S. Large Cap
12.1
U.S. Mid Cap
18.5
U.S. Core Bond
0.0
U.S. Small Cap
25.5
U.S. Mid Cap
17.1
U.S. Mid Cap
22.6
Municipals 5-Year
-5.3
U.S. Small Cap
16.9
Balanced
10.8
Balanced
16.2
Emerging Markets
Equity
8.4
U.S. Core Bond
0.5
Commodities
11.8
Balanced
15.4
TIPS
-1.3
International
Developed Equity
22.0
Balanced
13.5
U.S. Small Cap
14.8
High Yield
-11.2
Balanced
15.4
Hedge Funds
9.1
Commodities
15.8
International
Developed Equity
8.2
Cash
0.0
Emerging Markets
Equity
11.2
U.S. Small Cap
14.6
High Yield
-2.1
Balanced
19.4
TIPS
11.0
International
Developed Equity
11.3
TIPS
-11.8
High Yield
13.4
High Yield
8.2
U.S. Small Cap
12.8
Balanced
8.0
Hedge Funds
-0.3
U.S. Equity REITs
8.6
High Yield Municipals
9.7
U.S. Equity REITs
-4.0
Emerging Markets
Equity
18.4
Hedge Funds
10.9
Balanced
10.2
U.S. Core Bond
-13.0
U.S. Equity REITs
11.4
Emerging Markets
Equity
7.5
U.S. Mid Cap
10.6
High Yield
6.5
International
Developed Equity
-0.8
Balanced
5.9
U.S. Equity REITs
8.7
Hedge Funds
-4.0
High Yield
14.3
International
Developed Equity
7.8
High Yield Municipals
7.8
High Yield Municipals
-13.1
Emerging Markets
Equity
9.8
High Yield Municipals
6.3
Hedge Funds
9.2
U.S. Equity REITs
5.8
Balanced
-1.0
TIPS
4.7
Hedge Funds
7.8
U.S. Large Cap
-4.8
High Yield Municipals
10.7
U.S. Core Bond
7.5
Hedge Funds
6.2
International
Developed Equity
-14.5
High Yield Municipals
9.2
Commodities
5.4
High Yield
8.6
Commodities
5.7
TIPS
-1.4
High Yield Municipals
3.0
High Yield
7.5
Balanced
-5.5
U.S. Core Bond
8.7
High Yield
7.1
TIPS
6.0
Balanced
-16.0
Hedge Funds
6.1
Cash
5.3
U.S. Core Bond
7.3
Hedge Funds
4.7
U.S. Mid Cap
-2.4
U.S. Core Bond
2.6
U.S. Core Bond
3.5
U.S. Mid Cap
-9.1
TIPS
8.4
High Yield Municipals
4.9
High Yield
5.3
U.S. Mid Cap
-17.3
U.S. Core Bond
5.5
U.S. Equity REITs
4.9
TIPS
7.0
High Yield Municipals
4.3
U.S. Small Cap
-4.4
International
Developed Equity
1.0
Municipals 5-Year
3.1
U.S. Small Cap
-11.0
Hedge Funds
8.4
Municipals 5-Year
4.3
Municipals 5-Year
0.3
U.S. Large Cap
-19.1
Cash
5.1
International
Developed Equity
3.8
Municipals 5-Year
5.0
TIPS
3.1
High Yield
-4.5
Hedge Funds
0.5
TIPS
3.0
Commodities
-11.2
Commodities
7.7
Cash
0.5
Cash
0.0
Emerging Markets
Equity
-20.1
Municipals 5-Year
4.3
TIPS
1.8
Cash
4.3
Cash
2.2
Emerging Markets
Equity
-14.9
Cash
0.3
Commodities
1.7
International
Developed Equity
-13.8
Municipals 5-Year
5.4
Commodities
-3.1
U.S. Core Bond
-1.5
U.S. Small Cap
-20.4
TIPS
3.9
U.S. Core Bond
1.3
High Yield Municipals
2.5
U.S. Core Bond
2.0
Commodities
-24.7
Municipals 5-Year
-0.4
Cash
0.8
Emerging Markets
Equity
-14.6
Cash
2.2
U.S. Equity REITs
-5.1
Emerging Markets
Equity
-2.5
U.S. Equity REITs
-24.9
Commodities
-7.9
Municipals 5-Year
1.2
U.S. Equity REITs
2.3
Municipals 5-Year
1.9
Sources: Morningstar, FactSet. As of December 31, 2025. *Periods greater than one year are annualized. Total returns in U.S. dollars. Hedge Funds as of November 30, 2025.
See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility of a loss.
Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.12
Financial Markets Performance
www.FiducientAdvisors.com
Global Fixed Income Markets QTD YTD 1YR 3YR 5YR 7YR 10YR 15YR
Bloomberg 1-3-Month T-Bill 1.0% 4.3% 4.3% 4.9% 3.2% 2.7% 2.2% 1.5%
Bloomberg U.S. TIPS 0.1% 7.0% 7.0% 4.2% 1.1% 3.5% 3.1% 2.9%
Bloomberg Municipal Bond (5 Year) 0.5% 5.0% 5.0% 3.5% 1.0% 2.1% 1.9% 2.4%
Bloomberg High Yield Municipal Bond 1.1% 2.5% 2.5% 6.0% 2.2% 3.7% 4.3% 5.3%
Bloomberg U.S. Aggregate 1.1% 7.3% 7.3% 4.7% -0.4% 2.0% 2.0% 2.4%
Bloomberg U.S. Corporate High Yield 1.3% 8.6% 8.6% 10.1% 4.5% 6.2% 6.5% 6.0%
Bloomberg Global Aggregate ex-U.S. Hedged 0.5% 2.8% 2.8% 5.3% 0.8% 2.2% 2.6% 3.1%
Bloomberg Global Aggregate ex-U.S. Unhedged -0.5% 8.8% 8.8% 3.3% -3.6% -0.5% 0.6% 0.1%
Bloomberg U.S. Long Gov / Credit 0.0% 6.6% 6.6% 3.1% -4.9% 1.1% 2.0% 3.6%
Global Equity Markets QTD YTD 1YR 3YR 5YR 7YR 10YR 15YR
S&P 500 2.7% 17.9% 17.9% 23.0% 14.4% 17.3% 14.8% 14.1%
Dow Jones Industrial Average 4.0% 14.9% 14.9% 15.4% 11.6% 13.2% 13.1% 12.5%
NASDAQ Composite 2.7% 21.1% 21.1% 31.4% 13.4% 20.6% 17.7% 16.7%
Russell 3000 2.4% 17.1% 17.1% 22.2% 13.2% 16.6% 14.3% 13.6%
Russell 1000 2.4% 17.4% 17.4% 22.7% 13.6% 17.0% 14.6% 13.9%
Russell 1000 Growth 1.1% 18.6% 18.6% 31.1% 15.3% 21.2% 18.1% 16.6%
Russell 1000 Value 3.8% 15.9% 15.9% 13.9% 11.3% 12.1% 10.5% 10.8%
Russell Mid Cap 0.2% 10.6% 10.6% 14.4% 8.7% 12.8% 11.0% 11.2%
Russell Mid Cap Growth -3.7% 8.7% 8.7% 18.6% 6.6% 14.2% 12.5% 12.2%
Russell Mid Cap Value 1.4% 11.0% 11.0% 12.3% 9.8% 11.4% 9.8% 10.3%
Russell 2000 2.2% 12.8% 12.8% 13.7% 6.1% 10.6% 9.6% 9.5%
Russell 2000 Growth 1.2% 13.0% 13.0% 15.6% 3.2% 10.6% 9.6% 9.9%
Russell 2000 Value 3.3% 12.6% 12.6% 11.7% 8.9% 10.1% 9.3% 8.7%
MSCI ACWI 3.3% 22.3% 22.3% 20.6% 11.2% 14.0% 11.7% 9.8%
MSCI ACWI ex. U.S. 5.1% 32.4% 32.4% 17.3% 7.9% 10.1% 8.4% 5.9%
MSCI EAFE 4.9% 31.2% 31.2% 17.2% 8.9% 10.5% 8.2% 6.6%
MSCI EAFE Growth 1.9% 20.8% 20.8% 13.2% 4.4% 9.4% 7.4% 6.5%
MSCI EAFE Value 7.8% 42.2% 42.2% 21.4% 13.4% 11.3% 8.7% 6.6%
MSCI EAFE Small Cap 2.7% 31.8% 31.8% 14.9% 5.6% 9.1% 7.5% 7.1%
MSCI Emerging Markets 4.7% 33.6% 33.6% 16.4% 4.2% 8.1% 8.4% 3.8%
Alternatives QTD YTD 1YR 3YR 5YR 7YR 10YR 15YR
FTSE NAREIT All Equity REITs -2.1% 2.3% 2.3% 6.1% 4.8% 6.4% 5.8% 7.8%
S&P Real Assets 1.6% 13.2% 13.2% 8.1% 5.6% 6.5% 6.1% 5.0%
FTSE EPRA NAREIT Developed -0.5% 10.7% 10.7% 7.8% 3.8% 4.5% 4.2% 5.5%
FTSE EPRA NAREIT Developed ex U.S. 1.4% 26.1% 26.1% 7.6% 0.6% 2.3% 3.1% 3.6%
Bloomberg Commodity Total Return 5.8% 15.8% 15.8% 4.0% 10.6% 8.1% 5.7% -1.1%
HFRI Fund of Funds Composite* 1.9% 9.2% 9.3% 8.2% 5.7% 6.0% 4.7% 4.0%
HFRI Asset Weighted Composite* 1.5% 8.5% 8.9% 7.1% 6.5% 5.5% 4.6% 4.6%
Sources: Morningstar, FactSet. As of December 31, 2025. *Consumer Price Index and HFRI indexes as of November 30, 2025.
Total Return as of December 31, 2025
Periods greater than one year are annualized
All returns are in U.S. dollar terms
See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility of a loss.
Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.13
Section 2 DB Plan Reviews14
Table of Contents
Section 1 Fiduciary Governance Calendar
Section 2 Combined Pensions Summary15
Fiduciary Governance Calendar
www.FiducientAdvisors.com
Fiduciary Trail®
• Investment Review
• Investment Policy Review
• Fiduciary Training
• Investment Review
• Municipal Landscape Update
• Annual Actuarial Review
Q1 Q2
Q3Q4 Municipal
Landscape
Asset Allocation
Focus
Fiduciary Lockbox®
Governance Fee Focus
• Investment Review
• Portfolio Expense and
Liquidity Review*
• Investment Review
• Capital Markets
Assumptions
• Asset Allocation Review
*Liquidity analysis is provided only for portfolios with marketable alternatives and/or private equity.
The fiduciary governance calendar is designed to create a disciplined framework around governance, which
helps ensure that over the course of a calendar year key fiduciary obligations and responsibilities are being met.16
Asset Allocation Analysis
www.FiducientAdvisors.com
• We believe Asset Allocation is the primary determinant of long-term investment results.
• We believe our propriety Frontier Engineer® system is the cornerstone of asset allocation decisions.
• Our Capital Markets Group develops Capital Market Assumptions (CMAs) for each major asset class at
least annually.
 The Capital Markets Group considers and analyzes a wide variety of factors that we believe will have the
greatest impact on future returns and risks for each asset class studied.
 Our CMAs are not intended to predict the future return in any single year, but rather to reflect our median
expected outcome over the next ten years.
 Our forecasting efforts center on a ten-year horizon. Any adjustments made to extend the forecast horizon to
twenty years or beyond are grounded in our expectation that asset classes ultimately mean revert towards
longer term historical averages.
 Fiducient Advisors’, A Wealthspire Company, Capital Markets’ Team develop our CMAs based on a “building
block” approach outlined in our white paper “Capital Market Forecasts”. (Copies are available upon
requested.)
• Correlations (how asset classes behave in reference to one another) also significantly impact asset
allocation analysis.
• Fat Tails (non-normal return elements of skewness & kurtosis) also meaningfully impact our asset
allocation analysis.17
2026 Outlook and Investment Implications
www.FiducientAdvisors.com
• On the heels of robust returns across the investable universe in 2025, our forward-looking return
expectations have decreased across most asset classes.
 Extremely strong investment returns across most asset classes over the past three years have resulted in full
valuations in many segments of the marketplace.
 Of note, returns for the S&P 500 Index in 2025 were driven more by earnings growth than by multiple
expansion, which was not the case in 2023 and 2024.
• We remain constructive on international equities and continue to advocate for a modest
overweight to international markets relative to the global opportunity set.
 International markets performed exceedingly well in 2025, raising valuations. However, international equity
valuations continue to look attractive relative to domestic equities.
 The 12/31/25 allocation of the MSCI ACWI was approximately 64% U.S. equity, 36% international equity
(~25% developed international, ~11% emerging markets)
• While fixed income spreads are historically tight, the fixed income arena exhibits attractive real
yields and offers the potential for downside protection in the event of an equity market dislocation.
• As appropriate, we recommend the use of real assets and alternatives as a source of
diversification and potential risk mitigation.
 Exposure to “alternatives” may include marketable alternatives (hedge funds) and private investments.
 Subject to portfolio size, liquidity needs, and risk tolerance, there are potential benefits to all these market
segments.
• Our approach to building diversified “all weather” portfolios worked well in 2025, and we believe
most client portfolios are already well-positioned to withstand the market environment for 2026. We
are not recommending significant allocation changes for most clients at the current juncture.18
2026 2025 Y / Y
Change
U.S. Bonds 5.0% 5.2% -0.2%
TIPS 4.7% 4.8% -0.1%
Dynamic Bonds1 5.3% 5.3% -0.1%
High Yield Bonds 6.6% 6.8% -0.2%
Muni Bond2 5.6% 5.6% -0.1%
Muni High Yield2 10.0% 9.3% 0.7%
U.S. All Cap 6.4% 6.6% -0.3%
Intl Developed Equity 7.9% 7.5% 0.3%
Emerging Markets 8.7% 8.6% 0.1%
Real Estate 7.5% 7.1% 0.4%
Broad Real Assets3 7.6% 7.6% -0.1%
Marketable Alts 8.2% 8.4% -0.2%
Private Equity 9.4% 9.6% -0.3%
Real Assets
&
Alternatives
Real estate rose modestly. The asset class lagged the
broader equity market amidst ongoing struggles in underlying
property sectors. Persistent inflation and economic
uncertainty resulted in surging precious metal prices
throughout the year. Our broad real assets outlook fell from
last year.
Reduced forecasts for both the underlying equity and fixed
income asset classes resulted in diminished expectations for
marketable alternatives compared to last year. Yet, nominal
forecasts remain attractive relative to long-only equities, and
particularly so on a risk-adjusted basis. Private equity
expectations fell as equity valuations generally moved higher
and ongoing deal activity remains muted.
20-Year Market Forecasts
Fixed
Income
Interest rates were volatile in 2025, as the market digested
global trade policy shifts, persistent inflation, the government
shutdown and a weakening labor market. The Federal
Reserve resumed cutting interest rates in September after a
nine month hiatus. Yields broadly fell, driving expected
returns lower compared to last year across most fixed
income segments. While all-in yields still remain attractive,
credit spreads hover near 20-year tights, putting additional
pressure on the high yield forecast.
The municipal high yield forecast rose as spreads widened in
the space, and long end yields moved higher.
Global
Equity
Despite volatility early in the year, global equity markets
rallied over 36% since the April 8 low.4 AI-led strength pushed
U.S. valuations higher and our forecasts lower. Strong
performance abroad resulted in increased valuations, but
moderating geopolitical uncertainty abroad helped modestly
boost our 2026 forecasts for non-U.S. markets.
www.FiducientAdvisors.com
2026-2045 Twenty-Year Outlook
1) Dynamic bonds are a blend of 33% Cash, 33% Corp HY, and 34% Global Bonds. 2) Tax Equivalent yield based on highest marginal Federal tax rate (37%). 3) Broad Real Assets is 20%
REITS, 20% Global Infrastructure, 20% Commodities, 20% US Bonds, 15% Corp High Yield, 5% TIPS. 4) Morningstar Direct. Based on MSCI ACWI NR USD, as of October 31, 2025. Outputs
and opinions are as of the date referenced and are subject to change based on market or economic conditions. Information is intended for general information purposes only and does not
represent any specific investment recommendation. Please consult with your advisor, attorney and accountant, as appropriate, regarding specific advice. There is no guarantee that any of these
expectations will become actual results. For additional information on forecast methodologies, please speak with your advisor. Please see the index proxy summary slide at the end of this
presentation for summary of indices used to represent each asset class. Past performance does not indicate future performance and there is a possibility of a loss.
Please see the Frontier Engineer Hypothetical Performance Disclosures at the end of the presentation for additional information.19
Frontier Engineer® Analysis
www.FiducientAdvisors.com
*The expected one in a hundred worst case calendar year return based on normally distributed capital market assumptions. Greater losses are possible (1% expected likelihood).
**The expected one in a hundred worst case calendar year return based on non-normally distributed capital market assumptions (factoring in skewness & kurtosis). Greater losses are possible (1% expected
likelihood).
Historical Returns and Risk Metrics for each Mix represent back-tested calculations developed with the benefit of hindsight. Return calculations use an asset-weighted methodology based on the target asset
allocation of each mix and the total return of index proxies used to represent each asset class and are net of fees. Historical returns are hypothetical and do not represent returns earned by a client. It is not
possible to invest in an index. Please see the Frontier Engineer® Hypothetical Performance Disclosures at the end of the presentation for additional information, including index proxies used to represent each
asset class. Please ask for a copy of Fiducient Advisors’, A Wealthspire Company, white paper titled 10-Year Capital Market Forecasts. Past performance does not indicate future performance and it is possible
to lose money when investing. Please refer to the Capital Markets Assumptions Slide for the hypothetical alpha and hypothetical fee inputs used in the calculation methodology.
12/31/2025
Fixed Income
Equity
Real Assets
US Bond
US Bonds - Dynamic
US Equity (LC)
US Equity (SC)
Int'l Dev. Equity
EM Equity
Private Real Estate
Broad Real Assets
Annualized Return
Annualized Volatility
Normal 100 Year
Flood*
Non-Normal 100
Year Flood**
Annualized Net Return
Annualized Volatility
Current Mix (A) 37.5% 54.0% 8.5% 30.0% 7.5% 26.0% 7.0% 18.5% 2.5% 5.0% 3.5% 7.1% 10.9% -18% -25% 8.5% 9.4%
Observation Mix (A) 37.5% 54% 9% 28.5% 9.0% 27.0% 6.5% 14.0% 6.0% 5.0% 4.0% 7.2% 11.0% -18% -25% 8.7% 9.4%
Observation Mix (B) 42.5% 49% 9% 32.0% 10.5% 24.5% 6.0% 12.5% 5.5% 5.0% 4.0% 7.1% 10.3% -16% -24% 8.4% 8.8%
Observation Mix (C) 32.5% 59% 9% 24.5% 8.0% 29.5% 7.5% 15.0% 6.5% 5.0% 4.0% 7.3% 11.6% -19% -27% 8.9% 10.1%
4.14 3.7 3.7 3.7 3.7 3.7 3.7 3.7
3 32% 11% 45% 11% 23% 10% 5% 5%
2018 - - - - - - - - 11.0% 11.0%
3/31/2018 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 10.0% 10.0%
1/0/1900 0% 0% 0% 0% 0% 0% 0% 0% 9.0% 28.0%
0% 0% 0% 0% 0% 0% 0% 0% 0.0% 6.0%
1/26/2026
1.26.2026
Past (1/88-12/25)
AB CA
US Bond
US Bonds - Dynamic US Equity (LC)
US Equity (SC)
Int'l Dev. Equity
EM Equity
Private Real Estate Broad Real Assets
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
0.0% 5.0% 10.0% 15.0% 20.0% 25.0%
E(Annualized Net Return)
E(Standard Deviation)
Observation
Mix(es)
Current Mix(es)
Asset Classes
Engineer Frontier
A
Asset Allocation Forecasts20
Frontier Engineer® Analysis - Simsbury OPEB
www.FiducientAdvisors.com
*The expected one in a hundred worst case calendar year return based on normally distributed capital market assumptions. Greater losses are possible (1% expected likelihood).
**The expected one in a hundred worst case calendar year return based on non-normally distributed capital market assumptions (factoring in skewness & kurtosis). Greater losses are possible (1% expected
likelihood).
Historical Returns and Risk Metrics for each Mix represent back-tested calculations developed with the benefit of hindsight. Return calculations use an asset-weighted methodology based on the target asset
allocation of each mix and the total return of index proxies used to represent each asset class and are net of fees. Historical returns are hypothetical and do not represent returns earned by a client. It is not
possible to invest in an index. Please see the Frontier Engineer® Hypothetical Performance Disclosures at the end of the presentation for additional information, including index proxies used to represent each
asset class. Please ask for a copy of Fiducient Advisors’, A Wealthspire Company, white paper titled 10-Year Capital Market Forecasts. Past performance does not indicate future performance and it is possible
to lose money when investing. Please refer to the Capital Markets Assumptions Slide for the hypothetical alpha and hypothetical fee inputs used in the calculation methodology.
12/31/2025
Fixed Income
Equity
Real Assets
Alternatives
TIPS
US Bond
US Equity (LC)
US Equity (MC)
US Equity (SC)
Int'l Dev. Equity
EM Equity
Real Estate
Annualized Return
Annualized Volatility
Normal 100 Year
Flood*
Non-Normal 100
Year Flood**
Annualized Net Return
Annualized Volatility
Current Mix (A) 35.0% 60.0% 5.0% 0.0% 17.5% 17.5% 26.0% 6.0% 3.0% 19.0% 6.0% 5.0% 7.2% 12.0% -20% -27% 8.9% 10.0%
Observation Mix (A) 35% 61% 5% 0% 4.5% 30.5% 25.5% 7.5% 5.0% 15.5% 7.0% 4.5% 7.2% 12.0% -20% -25% 9.0% 10.0%
Observation Mix (B) 40% 56% 5% 0% 5.0% 35.0% 23.0% 7.0% 4.5% 14.5% 6.5% 4.5% 7.1% 11.3% -19% -24% 8.8% 9.3%
Observation Mix (C) 30% 66% 5% 0% 4.0% 26.0% 27.5% 8.0% 5.5% 17.0% 7.5% 4.5% 7.3% 12.7% -21% -27% 9.2% 10.7%
3.7 4.14 3.7 3.7 3.7 3.7 3.7 3.7
3 18% 35% 40% 12% 8% 25% 11% 5%
2018 - - - - - - - - 12.0% 12.0%
3/31/2018 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 11.0% 11.0%
1/0/1900 Exclude ST Bonds: 0% 0% 0% 0% 0% 0% 0% 0% 9.0% 28.0%
Include ST Bonds: 0% 0% 0% 0% 0% 0% 0% 0% 0.0% 7.0%
1/26/2026
1.26.2026
Past (1/88-12/25)
AB CA
TIPS
US Bond
US Equity (LC)
US Equity (MC) US Equity (SC)
Int'l Dev. Equity
EM Equity
Real Estate
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
0.0% 5.0% 10.0% 15.0% 20.0% 25.0%
E(Annualized Net Return)
E(Standard Deviation)
Observation
Mix(es)
Current Mix(es)
Asset Classes
Engineer Frontier A
Asset Allocation Forecasts21
Historical Performance
Portfolio (08/1994) Portfolio Benchmark (08/1994)
0.0
5.0
10.0
15.0
20.0
Return (%)
QTD 1
Year
3
Years
5
Years
10
Years
FA Incep
Dec-2012
Since
Inception
2.4
15.8
12.7
6.3
7.8 7.5 7.7
2.1
14.0
11.4
5.5
7.4 7.0 7.3
Summary of Cash Flows
QTD 1
Year
Since
Inception
Town Plan
Beginning Market Value 33,783,654 30,501,315 4,896,705
Net Contributions -555,562 -731,775 -8,655,933
Gain/Loss 709,873 4,168,425 37,697,193
Ending Market Value 33,937,965 33,937,965 33,937,965
Current Benchmark Composition
From Date To Date
06/2024 Present 37.50% Blmbg. U.S. Aggregate, 33.00% Russell 3000 Index,
18.50% MSCI AC World ex USA (Net), 2.50% MSCI Emerging
Markets (Net), 5.00% NCREIF Fund Index - ODCE (net), 3.50%
Diversified Real Asset Blended Index
Portfolio Allocation
Short Term Liquidity Fixed Income Domestic Equity
International Equity Real Estate Real Assets
Short Term Liquidity
1.8%
Fixed Income
35.9%
Real Assets
3.6%
Real Estate
4.3%
International Equity
21.4%
Domestic Equity
32.9%
Actual vs. Target Allocations
Target Actual Differences
0.0% 15.0% 30.0% 45.0% 60.0%-15.0 %
Real Assets
$1,206,463
Real Estate
$1,472,290
International Equity
$7,269,440
Domestic Equity
$11,172,764
Fixed Income
$12,191,066
Short Term Liquidity
$625,943
3.5%
5.0%
21.0%
33.0%
37.5%
0.0%
3.6%
4.3%
21.4%
32.9%
35.9%
1.8%
0.1%
-0.7 %
0.4%
-0.1 %
-1.6 %
1.8%
Portfolio Dashboard
Town Plan As of December 31, 2025
Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees.22
Asset
Allocation
($)
Asset
Allocation
(%)
Target
Allocation
(%)
Differences
(%)
Town Plan 33,937,965 100.0 100.0 0.0
Short Term Liquidity 625,943 1.8 0.0 1.8
AllSpring Govt Money Market Fund 625,943 1.8 0.0 1.8
Fixed Income 12,191,066 35.9 37.5 -1.6
Dodge & Cox Income 4,865,606 14.3 15.0 -0.7
Hartford Total Return Bond R6 4,869,162 14.3 15.0 -0.7
BlackRock Strategic Income Opportunities K 2,456,298 7.2 7.5 -0.3
Domestic Equity 11,172,764 32.9 33.0 -0.1
Vanguard Institutional Index I 9,260,220 27.3 26.0 1.3
Neuberger Genesis Fund Class R6 1,912,544 5.6 7.0 -1.4
International Equity 7,269,440 21.4 21.0 0.4
Hartford International Opportunities R6 6,431,822 19.0 18.5 0.5
Vanguard Emerging Markets Stock Adm 837,618 2.5 2.5 0.0
Real Estate 1,472,290 4.3 5.0 -0.7
Barings Core Property Fund LP 1,472,290 4.3 5.0 -0.7
Real Assets 1,206,463 3.6 3.5 0.1
DWS RREEF Real Assets Fund R6 1,206,463 3.6 3.5 0.1
Asset Allocation
Town Plan As of December 31, 202523
Historical Performance
Portfolio (08/1994) Portfolio Benchmark (08/1994)
0.0
5.0
10.0
15.0
20.0
Return (%)
QTD 1
Year
3
Years
5
Years
10
Years
FA Incep
Dec-2012
Since
Inception
2.4
15.8
12.7
6.3
7.8 7.5 7.7
2.1
14.0
11.6
5.6
7.4 7.1 7.3
Summary of Cash Flows
QTD 1
Year
Since
Inception
Board of Education
Beginning Market Value 33,410,687 30,455,322 3,743,350
Net Contributions -676,493 -1,164,260 -3,558,562
Gain/Loss 700,370 4,143,502 33,249,775
Ending Market Value 33,434,563 33,434,563 33,434,563
Current Benchmark Composition
From Date To Date
06/2024 Present 37.50% Blmbg. U.S. Aggregate, 33.00% Russell 3000 Index,
18.50% MSCI AC World ex USA (Net), 2.50% MSCI Emerging
Markets (Net), 5.00% NCREIF Fund Index - ODCE (net), 3.50%
Diversified Real Asset Blended Index
Portfolio Allocation
Short Term Liquidity Fixed Income Domestic Equity
International Equity Real Estate Real Assets
Short Term Liquidity
2.1%
Fixed Income
36.1%
Real Assets
3.5%
Real Estate
3.7%
International Equity
21.5%
Domestic Equity
33.1%
Actual vs. Target Allocations
Target Actual Differences
0.0% 15.0% 30.0% 45.0% 60.0%-15.0 %
Real Assets
$1,180,001
Real Estate
$1,226,908
International Equity
$7,173,796
Domestic Equity
$11,071,247
Fixed Income
$12,084,375
Short Term Liquidity
$698,236
3.5%
5.0%
21.0%
33.0%
37.5%
0.0%
3.5%
3.7%
21.5%
33.1%
36.1%
2.1%
0.0%
-1.3 %
0.5%
0.1%
-1.4 %
2.1%
Portfolio Dashboard
Board of Education As of December 31, 2025
Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees.24
Asset
Allocation
($)
Asset
Allocation
(%)
Target
Allocation
(%)
Differences
(%)
Board of Education 33,434,563 100.0 100.0 0.0
Short Term Liquidity 698,236 2.1 0.0 2.1
AllSpring Govt Money Market Fund 698,236 2.1 0.0 2.1
Fixed Income 12,084,375 36.1 37.5 -1.4
Dodge & Cox Income 4,815,936 14.4 15.0 -0.6
Hartford Total Return Bond R6 4,800,020 14.4 15.0 -0.6
BlackRock Strategic Income Opportunities K 2,468,420 7.4 7.5 -0.1
Domestic Equity 11,071,247 33.1 33.0 0.1
Vanguard Institutional Index I 9,135,765 27.3 26.0 1.3
Neuberger Genesis Fund Class R6 1,935,482 5.8 7.0 -1.2
International Equity 7,173,796 21.5 21.0 0.5
Hartford International Opportunities R6 6,299,042 18.8 18.5 0.3
Vanguard Emerging Markets Stock Adm 874,754 2.6 2.5 0.1
Real Estate 1,226,908 3.7 5.0 -1.3
Barings Core Property Fund LP 1,226,908 3.7 5.0 -1.3
Real Assets 1,180,001 3.5 3.5 0.0
DWS RREEF Real Assets Fund R6 1,180,001 3.5 3.5 0.0
Asset Allocation
Board of Education As of December 31, 202525
Historical Performance
Portfolio (08/1994) Portfolio Benchmark (08/1994)
0.0
5.0
10.0
15.0
20.0
Return (%)
QTD 1
Year
3
Years
5
Years
10
Years
FA Incep
Dec-2012
Since
Inception
2.4
15.8
12.7
6.3
7.8 7.5 7.7
2.1
13.9
11.3
5.5
7.4 7.0 7.3
Summary of Cash Flows
QTD 1
Year
Since
Inception
Police Plan
Beginning Market Value 25,543,615 22,607,617 3,402,802
Net Contributions -448,070 -91,979 -6,532,985
Gain/Loss 529,582 3,109,490 28,755,311
Ending Market Value 25,625,128 25,625,128 25,625,128
Current Benchmark Composition
From Date To Date
06/2024 Present 37.50% Blmbg. U.S. Aggregate, 33.00% Russell 3000 Index,
18.50% MSCI AC World ex USA (Net), 2.50% MSCI Emerging
Markets (Net), 5.00% NCREIF Fund Index - ODCE (net), 3.50%
Diversified Real Asset Blended Index
Portfolio Allocation
Short Term Liquidity Fixed Income Domestic Equity
International Equity Real Estate Real Assets
Short Term Liquidity
1.0%
Fixed Income
36.2%
Real Assets
3.6%
Real Estate
4.5%
International Equity
21.6%
Domestic Equity
33.2%
Actual vs. Target Allocations
Target Actual Differences
0.0% 15.0% 30.0% 45.0% 60.0%-15.0 %
Real Assets
$910,927
Real Estate
$1,145,114
International Equity
$5,528,620
Domestic Equity
$8,502,726
Fixed Income
$9,285,923
Short Term Liquidity
$251,817
3.5%
5.0%
21.0%
33.0%
37.5%
0.0%
3.6%
4.5%
21.6%
33.2%
36.2%
1.0%
0.1%
-0.5 %
0.6%
0.2%
-1.3 %
1.0%
Portfolio Dashboard
Police Plan As of December 31, 2025
Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees.26
Asset
Allocation
($)
Asset
Allocation
(%)
Target
Allocation
(%)
Differences
(%)
Police Plan 25,625,128 100.0 100.0 0.0
Short Term Liquidity 251,817 1.0 0.0 1.0
AllSpring Govt Money Market Fund 251,817 1.0 0.0 1.0
Fixed Income 9,285,923 36.2 37.5 -1.3
Dodge & Cox Income 3,711,175 14.5 15.0 -0.5
Hartford Total Return Bond R6 3,703,719 14.5 15.0 -0.5
BlackRock Strategic Income Opportunities K 1,871,030 7.3 7.5 -0.2
Domestic Equity 8,502,726 33.2 33.0 0.2
Vanguard Institutional Index I 6,852,178 26.7 26.0 0.7
Neuberger Genesis Fund Class R6 1,650,548 6.4 7.0 -0.6
International Equity 5,528,620 21.6 21.0 0.6
Hartford International Opportunities R6 4,896,655 19.1 18.5 0.6
Vanguard Emerging Markets Stock Adm 631,964 2.5 2.5 0.0
Real Estate 1,145,114 4.5 5.0 -0.5
Barings Core Property Fund LP 1,145,114 4.5 5.0 -0.5
Real Assets 910,927 3.6 3.5 0.1
DWS RREEF Real Assets Fund R6 910,927 3.6 3.5 0.1
Asset Allocation
Police Plan As of December 31, 202527
Simsbury OPEB
Potential Portfolio Changes
www.FiducientAdvisors.com
Manager/Fund Name Mandate/Style Vehicle Symbol Liquidity Investment
Expense* Current Allocation
Proposed
Allocation
Cash
Bank Sweep Cash & Cash Equivalents Sweep N/A Daily 0.0% 0.0%
Total Cash 0.0% 0.0%
Fixed Income
iShares Tips Bond ETF TIPS ETF TIP Daily 0.18% 17.5% 17.5%
iShares Core U.S. Aggregate Bond ETF Core ETF AGG Daily 0.03% 17.5%
Fidelity® US Bond Index Core Mutual Fund FXNAX Daily 0.025% 17.5%
Total Fixed Income 35.0% 35.0%
Domestic Equity
iShares Core S&P 500 ETF Large Cap (Passive) ETF IVV Daily 0.03% 26.0%
iShares Russell Mid-Cap ETF Mid Cap (Passive) ETF IWR Daily 0.19% 6.0%
iShares Russell 2000 ETF Small Cap (Passive) ETF IWM Daily 0.19% 3.0%
Fidelity® 500 Index Large Cap (Passive) Mutual Fund FXAIX Daily 0.015% 26.0%
Fidelity® Mid Cap Index Mid Cap (Passive) Mutual Fund FSMDX Daily 0.025% 6.0%
Fidelity® Small Cap Index Small Cap (Passive) Mutual Fund FSSNX Daily 0.025% 3.0%
Total Domestic Equity 35.0% 35.0%
International Equity
iShares MSCI EAFE ETF International Blend ETF EFA Daily 0.32% 19.0%
iShares MSCI Emerging Markets ETF Emerging Markets Blend ETF EEM Daily 0.72% 6.0%
Fidelity® International Index International Blend Mutual Fund FSPSX Daily 0.035% 19.0%
Fidelity® Emerging Markets Idx Emerging Markets Blend Mutual Fund FPADX Daily 0.075% 6.0%
Total International Equity 25.0% 25.0%
Real Estate
iShares Cohen & Steers REIT ETF Domestic REITs (Passive) ETF ICF Daily 0.33% 5.0%
Fidelity Real Estate Index Domestic REITs (Passive) Mutual Fund FSRNX Daily 0.07% 5.0%
Total Real Estate 5.0% 5.0%
Portfolio Totals 100.0% 100.0%
Weighted Average Investment Expense 0.18% 0.06%
*Investment Expense for Mutual Funds represents the net expense ratio sourced from Morningstar
**Fiducient Advisors has b een engaged as a plan consultant b y retirement plans sponsored b y various investment management companies, including Cohen & Steers Capital. All fees paid to Fiducient Advisors are for
investment consulting services only. Use of this investment manager b y a client is b ased solely on merit; Fiducient Advisors does not receive any additional compensation28
Historical Performance
Portfolio (06/2008) Portfolio Benchmark (06/2008)
0.0
6.0
12.0
18.0
24.0
Return (%)
QTD Fiscal
YTD
1
Year
3
Years
5
Years
10
Years
Since
Inception
2.1
7.3
16.0
13.3
6.8
8.1
6.5
2.1
7.5
16.3
13.3
6.7
8.0
6.4
Summary of Cash Flows
QTD Fiscal
YTD
1
Year
Since
Inception
Simsbury OPEB
Beginning Market Value 28,240,919 26,827,214 24,799,848 1,364,267
Net Contributions - - - 10,385,959
Gain/Loss 592,479 2,006,185 4,033,550 17,083,172
Ending Market Value 28,833,398 28,833,398 28,833,398 28,833,398
Current Benchmark Composition
From Date To Date
09/2024 Present 17.50% Blmbg. U.S. Aggregate, 17.50% Blmbg. U.S. TIPS,
26.00% S&P 500, 6.00% Russell Midcap Index, 3.00% Russell
2000 Index, 19.00% MSCI EAFE (Net), 6.00% MSCI Emerging
Markets (Net), 5.00% Cohen Steers Realty Majors Index
Portfolio Allocation
Total Short Term Liquidity Total Fixed Income Total Domestic Equity
Total International Equity Total Real Estate
Total Short Term Liquidity
0.1%
Total Fixed Income
30.4%
Total Real Estate
4.1%
Total International Equity
27.1%
Total Domestic Equity
38.3%
Actual vs. Target Allocations
Target Actual Differences
0.0% 20.0% 40.0% 60.0%-20.0 %
Total Real Estate
$1,190,780
Total International Equity
$7,813,781
Total Domestic Equity
$11,040,052
Total Fixed Income
$8,751,862
Total Short Term Liquidity
$36,924
5.0%
25.0%
35.0%
35.0%
0.0%
4.1%
27.1%
38.3%
30.4%
0.1%
-0.9 %
2.1%
3.3%
-4.6 %
0.1%
Portfolio Dashboard
Simsbury OPEB As of December 31, 2025
Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees.29
Asset
Allocation
($)
Asset
Allocation
(%)
Target
Allocation
(%)
Differences
(%)
Simsbury OPEB 28,833,398 100.0 100.0 0.0
Total Short Term Liquidity 36,924 0.1 0.0 0.1
Money Market Fund 36,924 0.1 0.0 0.1
Total Fixed Income 8,751,862 30.4 35.0 -4.6
iShares TIPS Bond ETF 4,372,647 15.2 17.5 -2.3
iShares Core U.S. Aggregate Bond ETF 4,379,214 15.2 17.5 -2.3
Total Domestic Equity 11,040,052 38.3 35.0 3.3
iShares Core S&P 500 ETF 8,441,242 29.3 26.0 3.3
iShares Russell Midcap Index Fund 1,729,004 6.0 6.0 0.0
iShares Russell 2000 ETF 869,806 3.0 3.0 0.0
Total International Equity 7,813,781 27.1 25.0 2.1
iShares MSCI EAFE ETF 5,814,150 20.2 19.0 1.2
iShares MSCI Emerging Markets ETF 1,999,631 6.9 6.0 0.9
Total Real Estate 1,190,780 4.1 5.0 -0.9
iShares Cohen & Steers REIT ETF 1,190,780 4.1 5.0 -0.9
Asset Allocation
Simsbury OPEB As of December 31, 202530
Section 4 DC Plan Reviews31
www.FiducientAdvisors.com
Fiduciary Governance Calendar
• Investment Review
• Administrative Fee
Review
• Investment Expense
Analysis
• Benchmarking and
Trends
• Recordkeeper
Negotiations
Fiduciary Trail®
• Investment Review
• Investment Menu
Review
• Asset Class Updates
• Trends and Best
Practices
• Stable Value/Fixed
Account Review
• QDIA Analysis
• Investment Review
• Regulatory and Legislative
Update
• Litigation Trends
• Committee Best Practices
• Investment Policy
Statement Review
• Investment Review
• Recordkeeper Services
Update
• Plan Demographic
Review/Benchmarking
• Education and Advice
Review¹
• Cybersecurity Review
Fiduciary Lockbox®
¹ Plan Sponsors should prudently select and monitor participant advice and managed accounts providers.
Q1 Investment
Focus
Q2
Fee Focus
Q3Q4 Participant
Focus
Practice and
Policy Focus32
www.FiducientAdvisors.com
Inclusion of Collective Investment Trusts (“CITs”) in 403(b) Plans1
On December 2, 2025, the Incentivizing New Ventures and Economic Strength Through Capital Formation Act (INVEST) was introduced in the House
of Representatives including three titles with several proposed legislative changes. Title II (Increasing Opportunities for Investors), Section 202 seeks
to make investment opportunities more inclusive by providing retirement fairness for charities and educational institutions paving the way for 403(b)
retirement plans to invest in the same products as 401(k) plans, most notably Collective Investment Trusts (“CITs”). Under the current law, these
plans cannot do so. On December 11, 2025, the bill was passed and will now move to the Senate. Should it pass there and get signed by the
President, this provision will enhance retirement savings by reducing costs, improving diversification and enhancing flexibility in investment selection.
Auto Reenroll Act of 20252
On May 21, 2025, the Auto Reenroll Act of 2025 was introduced in the Senate to help workers take advantage of their employer-sponsored retirement
plans. This Bipartisan bill would allow for periodic reenrollment under qualified automatic contribution arrangements (QACAs) and for other purposes
at least once every three years (but not more frequently than annually), unless the individual affirmatively opts out again. This legislation ensures that
participants who may have previously opted out are given another opportunity to start saving for their future. Proactively encouraging participants to
enroll is critical because some may choose not to participate when they are first hired but then never revisit that decision or increase their contribution
as their income increases.
Pending Regulatory and Legislative Topics
1 Source: Incentivizing New Ventures and Economic Strength Through Capital Formation Act as of December 2025
2 Source: Auto Reenroll Act of 2025 as of May 2025
3 Source: Executive Order: Democratizing Access to Alternative Assets for 401(k) Investors as of August 2025
Private Assets in Defined Contribution Plans³
On August 7, 2025, President Trump signed an executive order titled “Democratizing Access to Alternative Assets for 401(k) Investors” to encourage
the inclusion of private assets in retirement plans. These asset classes are already being utilized as strategic allocations in defined benefit plans and
endowments/foundations but are not common in defined contribution plans. Historical evidence indicates there may be opportunity for private assets
to outperform public markets and these asset classes may provide plan sponsors an opportunity to enhance portfolio diversification. Integrating
private assets in the DC landscape, however, may offer complex challenges such as new solutions’ lack of track record, higher fees, liquidity
constraints, litigation risk and compliance. These products and solutions are still in their infancy stages and, as with other plan investments, having a
prudent process in place for selection and monitoring as well as documenting that process will be important.33
Litigation Trends
www.FiducientAdvisors.com
47 45
23 28
102
63
90
48
66
23
2 2 1 2 12 15
30 35
60
92
0
20
40
60
80
100
120
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Count of Excess Fee and Performance
Lawsuits by Year²
Cases Filed Pending Cases 2025 Annual Estimate¹
¹Source: Insights on Fiduciary Liability & Other Risk Exposures as of April 2025
²Source: Summary of 2024 on Excess Fee and Performance Litigation as of January 2025
2 0
12
32
9
4
12
36
0
10
20
30
40
Under $250M $250M-$500M $500M-$1B Over $1B
Excessive Fee Lawsuits – By Size of Plan²
2023 2024
ERISA Litigation Continues¹
Fiduciary conduct remains a focus of
litigation and overall volume of litigation
remains high. As of March 31, 2025, 23
defined contribution class actions were
filed, on pace for 92 in 2025.
Increase in Stable Value Claims²
Claims alleging investment imprudence
in the monitoring and retention of stable
value offerings continues to be a focus
for plaintiffs.
Decline in Excess Float Income
Claims²
Excess float income claims dropped
from 9 filings in 2023 to 2 filings in 2024.
Increase in Forfeiture Claims²
In 2024, 29 forfeiture claims were filed,
compared to 5 claims in 2023. This
represents a large increase year over
year, highlighting a notable shift in
litigation activity.34
www.FiducientAdvisors.com
Steen v. Sonoco Products¹
Outcome: Claim Dismissed
Claim: Plaintiffs alleged the plan sponsor breached ERISA’s anti-
inurement provision by deploying forfeitures to offset
contributions.
Court Opinion: The judge ruled that the use of forfeitures to
reduce company contributions is permitted under ERISA’s anti-
inurement provision. There were no allegations of the plan
sponsor removing assets from the plan.
Forfeiture Claims
¹Source: Steen v. Sonoco Products Company, No. 4:24-cv-03105 as of June 2025
²Source: Matula v. Wells Fargo, No. 25-2441 as of June 2025
³Source: Barragan v. Honeywell Int’l, No. WL 2383652 as of August 2025
4Source: Becerra v. Bank of America, No. 3:24-cv-921 as of August 2025
While forfeiture litigation continues to be prevalent several courts are dismissing plaintiffs’ claims. These dismissals,
however, have resulted in a rising number of appeals. The use of plan forfeitures remains a focus for plaintiffs and plan
sponsors should continue to consult with legal counsel to determine the best approach in administering forfeitures.
Becerra v. Bank of America4
Outcome: Claim Proceeds
Claim: Plaintiffs alleged Bank of America infringed on ERISA
fiduciary duties, violated the anti-inurement provision and
engaged in prohibited transactions by leveraging forfeitures to
offset plan contributions.
Court Opinion: The alleged violation continued because assets
were not used for the exclusive benefit of plan participants. The
court found that Bank of America fiduciaries had engaged in self-
dealing, validating plaintiff’s prohibited transaction claim.
Matula v. Wells Fargo²
Outcome: Claim Dismissed With Prejudice
Claim: The plaintiff alleged the plan sponsor violated ERISA by
leveraging forfeitures to offset employer contributions instead of
distributing the funds to participant accounts.
Court Opinion: The judge ruled the claim is not valid under
ERISA as the plan does not authorize the plan sponsor to use
forfeited funds to pay optional services and operating expenses
or to make payments to participants without an error being
corrected. The plaintiff appealed the decision in the 8th circuit.
Barragan v. Honeywell Int’l³
Outcome: Claim Dismissed With Prejudice
Claim: Through an amendment of the initial complaint, the
plaintiff alleged the plan sponsor breached fiduciary duties of
loyalty and prudence by offsetting contributions using forfeitures
instead of paying plan expenses.
Court Opinion: Plaintiffs did not display a breach of fiduciary
duties because participant plan contributions were not decreased
due to the use of forfeitures. Plaintiffs appealed the ruling in the
3rd Circuit.35
Fiduciary Best Practices Review
www.FiducientAdvisors.com
Governance Related
• Periodically review all governance documents, including Investment Policy Statement, plan
documents/amendments, and summary plan description.
• Schedule periodic meetings and establish a quorum.
• Consider periodic updates to committee or governing body.
• Review required plan bonding annually and consider other non-required coverages that may help protect
plan fiduciaries (e.g. Fiduciary Liability Insurance).
• Contact counsel prior to disseminating information about your processes and procedures.
Participant Related
• Periodically evaluate participant communications, education and advice services.
• Discuss automatic or other plan design features that may benefit participant retirement readiness.
• Consider periodic communications to participants concerning the process related to restricted/closed funds.
• Periodically review the plan’s procedures for locating lost participants.
Plan Related
• Periodically review and document all plan related fees to ensure reasonableness.
• Periodically evaluate Plan Recordkeeper(s).
• Periodically ensure you are operating according to all plan documents.
• Ensure that all required plan related disclosures are sent to participants.
• Ensure the plan is acting in accordance with the plan’s protocol on proxy voting.
• Periodically review plan suspense accounts (e.g. float, forfeitures, ERISA budget) and allocation of these funds.
• Periodically review service provider cybersecurity protocols.36
Town of Simsbury Investment Policy Statement Page 1
TOWN OF SIMSBURY DEFINED CONTRIBUTION PLANS
INVESTMENT POLICY STATEMENT
February 2022
I. PLAN DESCRIPTION
The Town of Simsbury sponsors the Simsbury 457/401 Plans (the "Plan") for the benefit of
its employees. It is intended to provide eligible employees with the long-term
accumulation of retirement savings through a combination of employee and employer
contributions to individual participant accounts and the earnings thereon.
The Plan's participants and beneficiaries are expected to have different investment
objectives, time horizons and risk tolerances. To meet these varying investment needs,
participants and beneficiaries will be able to direct their account balances among a range
of investment options to construct diversified portfolios that reasonably span the
risk/return spectrum. Participants and beneficiaries alone bear the risk of the results from
the investment options and asset mixes that they select.
II. PURPOSE OF THE INVESTMENT POLICY STATEMENT
This investment policy statement is intended to assist the Plan's fiduciaries, who are
charged with making investment-related decisions for the plan in a prudent manner. It
outlines the underlying philosophies and processes for the selection, monitoring and
evaluation of the investment categories and investment options utilized by the Plan.
Specifically, this Investment Policy Statement:
• Defines the Plan's investment objectives
• Defines the roles of those responsible for the Plan's investments
• Describes the criteria and procedures for selecting investment
categories and investment options
• Establishes investment performance measurement standards and
monitoring procedures
• Describes methods for addressing investments that fail to satisfy
established objectives
This Investment Policy Statement will be reviewed periodically, and, if appropriate, can
be amended as needed.
III. INVESTMENT OBJECTIVES
The following criteria may be considered when choosing a menu of investment options:37
Town of Simsbury Investment Policy Statement Page 2
• The menu of investment options should represent a broad range that
allows for participant choice among various asset classes and investment
styles.
• Investment options should have varying degrees of risk and potential for
return.
• Investment options should have returns that are competitive in the
marketplace when compared to appropriate benchmarks.
• Investment options should have total expense ratios that are competitive
in the marketplace.
These are not necessarily the only criteria that may be considered.
IV. ROLES AND RESPONSIBILITIES
The parties responsible for the management and administration of the Plan include:
1. The Town of Simsbury Retirement Plan Sub-Committee, (the "Committee")
which is responsible for:
• Establishing and maintaining the Investment Policy Statement
• Selecting the plan record keeper and administrator
• Selecting investment options
• Periodically evaluating the Plan's investment performance and
recommending investment option changes
2. The Plan’s Administrator, who is responsible for day to day administration of the plan.
3. The Plan's Trustee, who is responsible for holding and investing plan assets in
accordance with the terms of the Trust Agreement
4. The Investment Managers of the Plan options, who are responsible for making
reasonable investment decisions consistent with the stated approach as described
by prospectus and reporting investment results on a regular basis
5. The Plan Record keeper, who is responsible for maintaining and updating individual
account balances as well as information regarding plan contributions, withdrawals
and distributions
At the Committee’s discretion, the services of an investment consultant may be utilized
to assist the Committee with any of the following, including, without limitation:
Investment policy development, fund menu construction, fund analysis and
recommendations, performance monitoring, and employee education.
V. SELECTION OF INVESTMENTS
Set forth below are the considerations and guidelines employed in selection of38
Town of Simsbury Investment Policy Statement Page 3
investment options:
The Plan intends to provide a broad range of investment options that will span a
risk/return spectrum. Further, the Plan’s investment options will allow Plan
participants to construct portfolios consistent with their unique individual
circumstances, goals, time horizons and tolerance for risk.
After determining the asset classes to be used, the Committee must evaluate and
select investment options. Each investment option should be managed by a prudent
expert that meets certain minimum criteria:
• Be a bank, insurance company, mutual fund company, or investment adviser
registered under the Registered Investment Advisers Act of 1940.
• Be operating in good standing with regulators and clients.
• Provide qualitative and quantitative information on the history of the firm, its
investment philosophy and approach, and other relevant information.
Assuming the minimum criteria are met, additional factors that may be considered
include:
• Results compared to an appropriate, style-specific benchmark and peer group.
• Adherence to stated investment objective.
• Fees compared to similar investments in the marketplace.
• Availability of relevant information in a timely fashion.
VI. INVESTMENT MONITORING AND REPORTING
The Committee will periodically review the investment options in the Plan. Investment
options that no longer accept participant and/or employer contributions and cannot be
removed from the Plan due to contractual limitations and where participants have been
notified of this will not be monitored by the committee. Performance monitoring is the
mechanism for revisiting the investment option selection process and confirming that the
criteria originally satisfied remain intact and that an investment option continues to be
an appropriate offering. While frequent change is neither expected nor desirable, the
process of monitoring investment performance relative to specified guidelines is an on -
going process.
Monitoring should occur on a periodic basis. The monitoring process may utilize the same
criteria that formed the basis of the investment selection decision; however, these are
not the only criteria that may be considered. 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 Committee on potential areas of concern.
Watch list criteria may include the following:
• Results versus benchmark over a specified period of time39
Town of Simsbury Investment Policy Statement Page 4
• Deterioration of risk-adjusted performance
• Notable style drift / change in investment objective
• Expense ratio versus category average
• Significant organizational or manager change
VII. TERMINATION OF AN INVESTMENT OPTION
An investment option may be terminated when the Committee has lost confidence in the
manager's ability to:
• Achieve investment objectives,
• Comply with investment guidelines,
• Comply with reporting requirements, or
• Maintain a stable organization and retain key relevant investment
professionals.
There are no hard and fast rules for termination. However, if the investment option has
consistently failed to adhere to one or more of the above conditions, failure to remedy
the circumstances of unsatisfactory performance, within a reasonable time, may be
grounds for termination.
Any recommendation to terminate an investment option will be treated on an individual
basis, and will not be made solely based on quantitative data. In addition to those above,
other factors may include professional or client turnover, or material change to
investment processes. Considerable judgment must be exercised in the termination
decision process.
An investment option to be terminated shall be removed using one of the following
approaches:
• Remove and replace (map assets) to an alternative comparable option,
• Freeze assets in the terminated option and direct new assets to a
replacement option,
• Phase out the option over a specific time period,
• Remove the option and do not provide a replacement option, or
• A reasonable solution that may be determined at the time of termination.
The process for selecting a replacement for a terminated investment option may follow
the criteria outlined in Part V, Selection of Investments.
VIII. PARTICIPANT EDUCATION AND COMMUNICATION
The Plan will communicate to employees that:40
Town of Simsbury Investment Policy Statement Page 5
• they control their own investments,
• investment changes are permitted on a daily basis and may be subject to
individual investment option requirements,
• educational materials allowing employees to make informed decisions are
readily available.
IX. COORDINATION WITH THE PLAN DOCUMENT
If any term or condition of this investment policy conflicts with any term or condition in
the Plan Document, the terms and conditions of the Plan Document shall control.
X. APPROVAL
It is understood that this investment policy is to be reviewed periodically by the
Committee 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 investment managers.
This Investment Policy Statement has been adopted by:41
Dec-2025 Sep-2025 Jun-2025 Mar-2025
($) % ($) % ($) % ($) %
T. Rowe Price Retirement 2005 I Class - 0.0 - 0.0 - 0.0 - 0.0
T. Rowe Price Retirement 2010 I Class - 0.0 - 0.0 - 0.0 - 0.0
T. Rowe Price Retirement 2015 I Class 238,265 1.1 234,312 1.1 225,103 1.1 215,210 1.2
T. Rowe Price Retirement 2020 I Class 252,702 1.2 321,155 1.5 310,395 1.6 297,074 1.6
T. Rowe Price Retirement 2025 I Class 144 0.0 19,665 0.1 17,924 0.1 16,154 0.1
T. Rowe Price Retirement 2030 I Class 1,274,434 6.1 1,227,413 5.9 1,148,831 5.8 1,102,906 6.0
T. Rowe Price Retirement 2035 I Class 251,610 1.2 119,552 0.6 105,201 0.5 116,247 0.6
T. Rowe Price Retirement 2040 I Class 854,690 4.1 868,794 4.2 805,736 4.1 699,809 3.8
T. Rowe Price Retirement 2045 I Class 44,385 0.2 42,575 0.2 37,809 0.2 31,745 0.2
T. Rowe Price Retirement 2050 I Class 1,363,644 6.5 1,308,529 6.3 1,200,203 6.1 1,098,361 6.0
T. Rowe Price Retirement 2055 I Class 23,171 0.1 22,014 0.1 35,662 0.2 12,594 0.1
T. Rowe Price Retirement 2060 I Class 131,681 0.6 115,183 0.6 99,137 0.5 86,988 0.5
Target Date Funds 4,434,725 21.3 4,279,192 20.5 3,986,002 20.2 3,677,087 20.0
MissionSquare PLUS Fund R10 3,709,408 17.8 3,746,818 18.0 3,637,049 18.4 3,532,137 19.2
Stable Value / Money Market Funds 3,709,408 17.8 3,746,818 18.0 3,637,049 18.4 3,532,137 19.2
Fidelity US Bond Index 190,128 0.9 183,367 0.9 186,663 0.9 172,138 0.9
Dodge & Cox Income X 331,766 1.6 320,057 1.5 308,232 1.6 269,161 1.5
Fixed Income Funds 521,893 2.5 503,424 2.4 494,895 2.5 441,298 2.4
Fidelity Large Cap Value Index 53,068 0.3 54,465 0.3 29,732 0.2 25,085 0.1
MFS Value Fund R6 957,049 4.6 1,099,045 5.3 1,056,099 5.4 1,016,184 5.5
Fidelity 500 Index 6,156,628 29.6 6,161,681 29.5 5,729,306 29.1 5,354,131 29.1
Fidelity Large Cap Growth Index 384,693 1.8 327,143 1.6 296,266 1.5 284,892 1.6
T. Rowe Price Growth Stock I 2,196,924 10.6 2,189,515 10.5 2,037,450 10.3 1,796,369 9.8
Fidelity Mid Cap Value Index 49,758 0.2 45,878 0.2 52,353 0.3 41,221 0.2
Vanguard Explorer Value Inv 583,298 2.8 558,953 2.7 513,476 2.6 478,821 2.6
Fidelity Extended Market Index 169,229 0.8 218,898 1.0 207,103 1.1 209,976 1.1
Fidelity Mid Cap Growth Index 53,127 0.3 109,036 0.5 54,602 0.3 90,280 0.5
Eaton Vance Atlanta Capital SMID-Cap R6 692,108 3.3 759,937 3.6 815,079 4.1 758,744 4.1
Fidelity Small Cap Value Index 62,734 0.3 58,407 0.3 42,781 0.2 41,815 0.2
Fidelity Small Cap Growth Index 14,002 0.1 10,989 0.1 14,920 0.1 35,900 0.2
Domestic Equity Funds 11,372,617 54.6 11,593,947 55.6 10,849,168 55.0 10,133,418 55.2
Fidelity Total International Index 343,614 1.7 340,209 1.6 310,396 1.6 235,570 1.3
Hartford International Opportunities R6 438,950 2.1 400,976 1.9 439,326 2.2 352,909 1.9
International Equity Funds 782,563 3.8 741,185 3.6 749,722 3.8 588,480 3.2
Town of Simsbury 457 Plan 20,821,207 100.0 20,864,567 100.0 19,716,835 100.0 18,372,419 100.0
Asset Allocation
Simsbury DC As of December 31, 2025
Source: MissionSquare42
Dec-2025 Sep-2025 Jun-2025 Mar-2025
($) % ($) % ($) % ($) %
T. Rowe Price Retirement 2005 I Class - 0.0 - 0.0 - 0.0 - 0.0
T. Rowe Price Retirement 2010 I Class 5,185 0.2 4,898 0.2 4,655 0.2 4,260 0.2
T. Rowe Price Retirement 2015 I Class - 0.0 - 0.0 - 0.0 - 0.0
T. Rowe Price Retirement 2020 I Class 21,457 0.9 16,929 0.7 13,776 0.6 10,707 0.5
T. Rowe Price Retirement 2025 I Class 121,405 4.9 115,840 4.9 107,089 4.8 94,768 4.8
T. Rowe Price Retirement 2030 I Class 161,527 6.5 146,688 6.2 150,057 6.8 119,283 6.1
T. Rowe Price Retirement 2035 I Class 207,184 8.3 185,281 7.9 167,135 7.5 139,307 7.1
T. Rowe Price Retirement 2040 I Class 252,455 10.1 243,446 10.3 209,574 9.5 181,763 9.2
T. Rowe Price Retirement 2045 I Class 129,740 5.2 114,087 4.9 103,544 4.7 86,038 4.4
T. Rowe Price Retirement 2050 I Class 123,050 4.9 118,278 5.0 106,369 4.8 87,728 4.5
T. Rowe Price Retirement 2055 I Class 26,366 1.1 28,468 1.2 24,839 1.1 19,173 1.0
T. Rowe Price Retirement 2060 I Class 51,148 2.1 47,192 2.0 42,162 1.9 32,478 1.6
Target Date Funds 1,099,517 44.1 1,021,105 43.4 929,200 42.0 775,507 39.4
MissionSquare PLUS Fund R10 771,061 30.9 737,283 31.3 714,533 32.3 694,493 35.3
Stable Value / Money Market Funds 771,061 30.9 737,283 31.3 714,533 32.3 694,493 35.3
Fidelity US Bond Index 18,082 0.7 17,382 0.7 12,659 0.6 12,004 0.6
Dodge & Cox Income X - 0.0 - 0.0 - 0.0 - 0.0
Fixed Income Funds 18,082 0.7 17,382 0.7 12,659 0.6 12,004 0.6
Fidelity Large Cap Value Index - 0.0 - 0.0 - 0.0 - 0.0
MFS Value Fund R6 17,058 0.7 16,324 0.7 15,468 0.7 14,680 0.7
Fidelity 500 Index 180,437 7.2 165,601 7.0 188,618 8.5 167,687 8.5
Fidelity Large Cap Growth Index 96,256 3.9 94,276 4.0 84,566 3.8 70,900 3.6
T. Rowe Price Growth Stock I 123,297 4.9 119,823 5.1 108,364 4.9 90,751 4.6
Fidelity Mid Cap Value Index 1,558 0.1 1,536 0.1 - 0.0 - 0.0
Vanguard Explorer Value Inv 22,345 0.9 21,466 0.9 19,241 0.9 17,678 0.9
Fidelity Extended Market Index 81,808 3.3 79,863 3.4 71,161 3.2 61,716 3.1
Fidelity Mid Cap Growth Index - 0.0 - 0.0 - 0.0 - 0.0
Eaton Vance Atlanta Capital SMID-Cap R6 25,966 1.0 25,379 1.1 25,746 1.2 24,166 1.2
Fidelity Small Cap Value Index - 0.0 - 0.0 - 0.0 - 0.0
Fidelity Small Cap Growth Index - 0.0 - 0.0 - 0.0 - 0.0
Domestic Equity Funds 548,725 22.0 524,268 22.3 513,163 23.2 447,579 22.7
Fidelity Total International Index 5,983 0.2 5,646 0.2 1,932 0.1 1,645 0.1
Hartford International Opportunities R6 49,990 2.0 46,496 2.0 43,380 2.0 37,766 1.9
International Equity Funds 55,973 2.2 52,142 2.2 45,312 2.0 39,411 2.0
Simsbury BOE MissionSquare Plan 2,493,356 100.0 2,352,180 100.0 2,214,867 100.0 1,968,994 100.0
Asset Allocation
Simsbury DC As of December 31, 2025
Source: MissionSquare43
Dec-2025 Sep-2025 Jun-2025 Mar-2025
($) % ($) % ($) % ($) %
T. Rowe Price Retirement 2005 I Class - 0.0 - 0.0 - 0.0 - 0.0
T. Rowe Price Retirement 2010 I Class - 0.0 - 0.0 - 0.0 - 0.0
T. Rowe Price Retirement 2015 I Class - 0.0 - 0.0 - 0.0 - 0.0
T. Rowe Price Retirement 2020 I Class - 0.0 - 0.0 - 0.0 - 0.0
T. Rowe Price Retirement 2025 I Class - 0.0 - 0.0 - 0.0 - 0.0
T. Rowe Price Retirement 2030 I Class 268,060 10.3 248,909 10.3 224,140 10.4 198,874 10.6
T. Rowe Price Retirement 2035 I Class 49,582 1.9 41,467 1.7 32,718 1.5 25,316 1.4
T. Rowe Price Retirement 2040 I Class 571,143 21.9 543,267 22.4 500,144 23.2 452,272 24.2
T. Rowe Price Retirement 2045 I Class 67,655 2.6 59,245 2.4 49,326 2.3 39,427 2.1
T. Rowe Price Retirement 2050 I Class 778,586 29.9 736,557 30.4 671,547 31.1 592,539 31.6
T. Rowe Price Retirement 2055 I Class 106,745 4.1 88,510 3.7 87,170 4.0 65,265 3.5
T. Rowe Price Retirement 2060 I Class 383,876 14.7 347,591 14.4 290,317 13.4 227,703 12.2
Target Date Funds 2,225,648 85.3 2,065,545 85.3 1,855,362 85.9 1,601,395 85.5
MissionSquare PLUS Fund R10 14,667 0.6 13,570 0.6 2,541 0.1 6,089 0.3
Stable Value / Money Market Funds 14,667 0.6 13,570 0.6 2,541 0.1 6,089 0.3
Fidelity US Bond Index 8,210 0.3 7,488 0.3 6,137 0.3 2,227 0.1
Dodge & Cox Income X 4,417 0.2 2,366 0.1 474 0.0 - 0.0
Fixed Income Funds 12,627 0.5 9,855 0.4 6,611 0.3 2,227 0.1
Fidelity Large Cap Value Index 4,458 0.2 6,845 0.3 - 0.0 5,702 0.3
MFS Value Fund R6 1,493 0.1 - 0.0 - 0.0 - 0.0
Fidelity 500 Index 118,490 4.5 108,673 4.5 99,274 4.6 79,812 4.3
Fidelity Large Cap Growth Index 96,084 3.7 91,498 3.8 74,259 3.4 67,597 3.6
T. Rowe Price Growth Stock I 1,401 0.1 - 0.0 - 0.0 - 0.0
Fidelity Mid Cap Value Index 7,927 0.3 7,165 0.3 7,689 0.4 4,408 0.2
Vanguard Explorer Value Inv 13,941 0.5 11,536 0.5 9,891 0.5 8,633 0.5
Fidelity Extended Market Index 27,425 1.1 27,737 1.1 25,584 1.2 22,150 1.2
Fidelity Mid Cap Growth Index 5,704 0.2 4,081 0.2 2,483 0.1 2,805 0.1
Eaton Vance Atlanta Capital SMID-Cap R6 10,599 0.4 8,746 0.4 9,829 0.5 7,872 0.4
Fidelity Small Cap Value Index 5,897 0.2 5,640 0.2 6,341 0.3 5,278 0.3
Fidelity Small Cap Growth Index 2,822 0.1 2,895 0.1 1,305 0.1 991 0.1
Domestic Equity Funds 296,242 11.4 274,815 11.3 236,656 11.0 205,248 11.0
Fidelity Total International Index 41,934 1.6 46,373 1.9 46,183 2.1 44,925 2.4
Hartford International Opportunities R6 17,137 0.7 11,599 0.5 12,904 0.6 12,472 0.7
International Equity Funds 59,071 2.3 57,973 2.4 59,087 2.7 57,397 3.1
Simsbury 401(a) MissionSquare Plan 2,608,256 100.0 2,421,758 100.0 2,160,256 100.0 1,872,356 100.0
Asset Allocation
Simsbury DC As of December 31, 2025
Source: MissionSquare44
T. Rowe Price Retirement Funds
Strategy Overview:
• Launched in 2002, this strategy is run by lead PM Wyatt Lee, but final decisions are made by the T. Rowe Price Asset Allocation
Committee.
• Utilizing internal T. Rowe Price strategies, the glide path is allocated primarily with active strategies.
• Portfolios are chosen based on desired asset class exposure, not the portfolio manager’s assessment of a strategy’s team and
abilities.
• Tactical allocations can be made up to +/- 5% from the glide path. The team tends to look for allocation changes that are based on
a 12 - 18 month timeframe.
• Terminal equity point is 30 years after retirement.
• The strategy can be accessed through both mutual funds and collective trusts.
• The strategy is available in five-year increments (2005 – 2065).
Updates:
• In June 2023, T. Rowe announced the addition of two underlying building blocks: US Hedged Equity and Dynamic Credit, both with
the intent or dampening volatility of the portfolios where held. These strategies are only added to the glide path for vintages 10
years before retirement and into retirement
• In September 2021, T. Rowe announced the addition of the U.S. Structured Research Equity strategy as a building block.
• In May 2020, T. Rowe Price began to implement a change to the strategic glide path for its Retirement Funds, maintaining higher
equity exposures across certain parts of the glide path.
www.FiducientAdvisors.com
Market Risk Asset Classes Implementation
Investment Grade Fixed Income Active Short, Active/Passive Intermediate
Non-U.S. Fixed Income Passive Intermediate
Cash Cash, Govt. Money Market
Inflation Risk Asset Classes Implementation
TIPS Passive Intermediate
Real Estate Active Domestic
Commodities Active
Longevity Risk Asset Classes Implementation
Large Cap Equities Active/Passive Value, Core, Growth
Mid Cap Equities Active Core, Growth
Small Cap Equities Active Core, Growth
Non-U.S. Equities Active Value, Core, Growth
Emerging Markets Equities Active Growth, Value
High Yield Bond Active Domestic, Floating Rate
Emerging Markets Bond Active45
Rank
= 1-50 percentile
= 51-75 percentile
= 76-100 percentile
Fund &
Cat Median
Exp Ratio
Manager
Status
Performance(%)
QTD 1
Year
3
Years
5
Years
10
Years
T. Rowe Price Retirement 2005 I Class 1.6 11.5 10.5 4.7 6.3 0.340 Maintain
T. Rowe Price Retirement 2005 Index 1.7 12.4 11.3 5.2 6.5 -
Target-Date Retirement Median 1.4 10.5 9.3 3.8 5.0 0.660
T. Rowe Price Retirement 2005 I Class Rank 36 29 9 3 4 -
T. Rowe Price Retirement 2010 I Class 1.7 11.9 11.0 5.1 6.7 0.340 Maintain
T. Rowe Price Retirement 2010 Index 1.8 13.0 11.8 5.6 7.0 -
Target-Date 2000-2010 Median 1.5 11.2 9.1 4.1 5.9 0.540
T. Rowe Price Retirement 2010 I Class Rank 28 20 4 11 1 -
T. Rowe Price Retirement 2015 I Class 1.7 12.3 11.4 5.4 7.2 0.340 Maintain
T. Rowe Price Retirement 2015 Index 1.8 13.4 12.2 5.9 7.5 -
Target-Date 2015 Median 1.7 12.0 9.9 4.4 6.3 0.570
T. Rowe Price Retirement 2015 I Class Rank 46 38 3 10 1 -
T. Rowe Price Retirement 2020 I Class 1.8 12.7 11.8 5.7 7.7 0.360 Maintain
T. Rowe Price Retirement 2020 Index 1.9 13.8 12.7 6.2 8.0 -
Target-Date 2020 Median 1.8 12.9 10.8 4.8 6.9 0.650
T. Rowe Price Retirement 2020 I Class Rank 56 54 6 10 1 -
T. Rowe Price Retirement 2025 I Class 1.9 13.1 12.5 6.1 8.3 0.370 Maintain
T. Rowe Price Retirement 2025 Index 2.0 14.4 13.5 6.8 8.8 -
Target-Date 2025 Median 1.9 13.3 11.5 5.3 7.3 0.600
T. Rowe Price Retirement 2025 I Class Rank 59 59 15 7 1 -
T. Rowe Price Retirement 2030 I Class 2.1 14.6 13.9 6.9 9.1 0.390 Maintain
T. Rowe Price Retirement 2030 Index 2.2 16.0 15.0 7.8 9.6 -
Target-Date 2030 Median 2.0 14.5 12.9 6.1 8.1 0.670
T. Rowe Price Retirement 2030 I Class Rank 42 47 10 8 3 -
Manager Performance
Simsbury DC As of December 31, 2025
Explanation of Category rankings: Percentile rankings are on a scale of 1 to 100, with a rank of 1 (1st percentile) being the best and 100 (100th percentile) being the worst. Rankings relate to net of fee
returns for each fund in its respective Morningstar peer group. Due to statistical requirements, investment versus peer group rankings will not populate if peer groups contain less than 10 members.
Returns for periods less than one year are not annualized. Fund level peer groups changed from Lipper to Morningstar effective 09/30/2025. As a result of this change, the peer rankings of funds may
differ.46
Manager Performance
Simsbury DC As of December 31, 2025
Fund &
Cat Median
Exp Ratio
Manager
Status
Performance(%)
QTD 1
Year
3
Years
5
Years
10
Years
T. Rowe Price Retirement 2035 I Class 2.4 16.3 15.5 7.8 9.8 0.410 Maintain
T. Rowe Price Retirement 2035 Index 2.6 17.9 16.7 8.9 10.5 -
Target-Date 2035 Median 2.3 16.0 14.6 7.3 9.0 0.640
T. Rowe Price Retirement 2035 I Class Rank 31 45 14 20 12 -
T. Rowe Price Retirement 2040 I Class 2.7 17.6 16.8 8.5 10.4 0.420 Maintain
T. Rowe Price Retirement 2040 Index 2.8 19.4 18.2 9.9 11.3 -
Target-Date 2040 Median 2.6 17.6 16.2 8.5 9.8 0.700
T. Rowe Price Retirement 2040 I Class Rank 40 49 30 45 18 -
T. Rowe Price Retirement 2045 I Class 2.8 18.7 17.8 9.1 10.9 0.430 Maintain
T. Rowe Price Retirement 2045 Index 2.9 20.6 19.2 10.6 11.7 -
Target-Date 2045 Median 2.8 18.7 17.3 9.2 10.3 0.640
T. Rowe Price Retirement 2045 I Class Rank 51 52 37 51 18 -
T. Rowe Price Retirement 2050 I Class 2.8 19.1 18.1 9.3 11.0 0.440 Maintain
T. Rowe Price Retirement 2050 Index 3.0 21.0 19.5 10.7 11.8 -
Target-Date 2050 Median 2.9 19.5 17.9 9.4 10.4 0.690
T. Rowe Price Retirement 2050 I Class Rank 56 59 46 56 22 -
T. Rowe Price Retirement 2055 I Class 2.9 19.2 18.1 9.3 10.9 0.450 Maintain
T. Rowe Price Retirement 2055 Index 3.0 21.1 19.7 10.8 11.9 -
Target-Date 2055 Median 2.9 19.9 18.0 9.5 10.5 0.640
T. Rowe Price Retirement 2055 I Class Rank 58 67 48 63 27 -
T. Rowe Price Retirement 2060 I Class 2.9 19.2 18.2 9.3 10.9 0.460 Maintain
T. Rowe Price Retirement 2060 Index 3.0 21.1 19.7 10.8 11.9 -
Target-Date 2060 Median 2.9 19.9 18.0 9.6 10.7 0.640
T. Rowe Price Retirement 2060 I Class Rank 58 67 48 62 39 -
Target Date Funds - - - - - 0.411
Historical performance of current share class may differ slightly due to share class exchanges and/or blended performance.
Explanation of Category rankings: Percentile rankings are on a scale of 1 to 100, with a rank of 1 (1st percentile) being the best and 100 (100th percentile) being the worst. Rankings relate to net of fee
returns for each fund in its respective Morningstar peer group. Due to statistical requirements, investment versus peer group rankings will not populate if peer groups contain less than 10 members.
Returns for periods less than one year are not annualized. Fund level peer groups changed from Lipper to Morningstar effective 09/30/2025. As a result of this change, the peer rankings of funds may
differ.47
Rank
= 1-50 percentile
= 51-75 percentile
= 76-100 percentile
Fund &
Cat Median
Exp Ratio
Manager
Status
Performance(%)
QTD 1
Year
3
Years
5
Years
10
Years
MissionSquare PLUS Fund R10 0.8 3.1 3.0 2.6 2.4 0.520 Maintain
Morningstar US CIT Stable Value Index 0.8 3.1 3.0 2.5 2.3 -
Stable Value / Money Market Funds - - - - - 0.520
Fidelity US Bond Index 1.0 7.1 4.6 -0.4 2.0 0.025 Maintain
Blmbg. U.S. Aggregate 1.1 7.3 4.7 -0.4 2.0 -
Intermediate Core Bond Median 1.0 7.1 4.7 -0.4 2.0 0.530
Fidelity US Bond Index Rank 39 52 58 55 58 -
Dodge & Cox Income X 1.3 8.4 6.1 1.1 3.4 0.330 Discuss
Blmbg. U.S. Aggregate 1.1 7.3 4.7 -0.4 2.0 -
Intermediate Core-Plus Bond Median 1.0 7.4 5.4 0.0 2.5 0.650
Dodge & Cox Income X Rank 6 9 12 9 7 -
Fixed Income Funds - - - - - 0.219
Fidelity Large Cap Value Index 3.8 15.9 13.9 11.3 - 0.035 Maintain
Russell 1000 Value Index 3.8 15.9 13.9 11.3 - -
Large Value Median 3.2 15.5 13.6 11.7 - 0.820
Fidelity Large Cap Value Index Rank 38 44 46 59 - -
MFS Value Fund R6 2.2 13.3 11.2 10.2 10.3 0.440 Maintain
Russell 1000 Value Index 3.8 15.9 13.9 11.3 10.5 -
Large Value Median 3.2 15.5 13.6 11.7 10.6 0.820
MFS Value Fund R6 Rank 75 72 79 79 61 -
Manager Performance
Simsbury DC As of December 31, 2025
Explanation of Category rankings: Percentile rankings are on a scale of 1 to 100, with a rank of 1 (1st percentile) being the best and 100 (100th percentile) being the worst. Rankings relate to net of fee
returns for each fund in its respective Morningstar peer group. Due to statistical requirements, investment versus peer group rankings will not populate if peer groups contain less than 10 members.
Returns for periods less than one year are not annualized. Fund level peer groups changed from Lipper to Morningstar effective 09/30/2025. As a result of this change, the peer rankings of funds may
differ.48
Manager Performance
Simsbury DC As of December 31, 2025
Fund &
Cat Median
Exp Ratio
Manager
Status
Performance(%)
QTD 1
Year
3
Years
5
Years
10
Years
Fidelity 500 Index 2.6 17.9 23.0 14.4 14.8 0.015 Maintain
S&P 500 2.7 17.9 23.0 14.4 14.8 -
Large Blend Median 2.4 16.4 21.5 13.1 13.6 0.750
Fidelity 500 Index Rank 33 25 23 19 10 -
Fidelity Large Cap Growth Index 1.1 18.5 31.1 15.3 - 0.035 Maintain
Russell 1000 Growth Index 1.1 18.6 31.2 15.3 - -
Large Growth Median 0.9 15.6 28.3 11.5 - 0.900
Fidelity Large Cap Growth Index Rank 45 25 26 7 - -
T. Rowe Price Growth Stock I 0.9 15.8 29.8 9.5 14.3 0.520 Watch
Russell 1000 Growth Index 1.1 18.6 31.2 15.3 18.1 -
Large Growth Median 0.9 15.6 28.3 11.5 15.4 0.900
T. Rowe Price Growth Stock I Rank 49 49 37 77 73 -
Fidelity Mid Cap Value Index 1.4 11.0 12.3 9.8 - 0.050 Maintain
Russell Midcap Value Index 1.4 11.0 12.3 9.8 - -
Mid-Cap Value Median 2.0 9.9 11.2 10.1 - 0.930
Fidelity Mid Cap Value Index Rank 63 41 34 59 - -
Vanguard Explorer Value Inv 1.5 7.4 12.3 9.4 9.3 0.540 Maintain
Russell 2500 Value Index 3.1 12.7 13.2 10.0 9.7 -
Small Value Median 1.8 6.8 10.4 9.3 8.8 1.090
Vanguard Explorer Value Inv Rank 60 45 22 50 34 -
Mid-Cap Value Median 2.0 9.9 11.2 10.1 9.3 0.930
Vanguard Explorer Value Inv Rank 62 66 33 67 50 -
Fidelity Extended Market Index 0.1 11.4 17.8 6.2 11.0 0.035 Maintain
Dow Jones U.S. Completion Total Stock Market Indx 0.1 11.3 17.6 6.1 10.9 -
Small Blend Median 1.9 8.2 11.9 7.2 9.3 1.000
Fidelity Extended Market Index Rank 84 29 3 69 11 -
Mid-Cap Blend Median 1.3 8.0 12.4 8.6 10.2 0.860
Fidelity Extended Market Index Rank 70 26 7 86 17 -
Explanation of Category rankings: Percentile rankings are on a scale of 1 to 100, with a rank of 1 (1st percentile) being the best and 100 (100th percentile) being the worst. Rankings relate to net of fee
returns for each fund in its respective Morningstar peer group. Due to statistical requirements, investment versus peer group rankings will not populate if peer groups contain less than 10 members.
Returns for periods less than one year are not annualized. Fund level peer groups changed from Lipper to Morningstar effective 09/30/2025. As a result of this change, the peer rankings of funds may
differ.49
Manager Performance
Simsbury DC As of December 31, 2025
Fund &
Cat Median
Exp Ratio
Manager
Status
Performance(%)
QTD 1
Year
3
Years
5
Years
10
Years
Fidelity Mid Cap Growth Index -3.7 8.6 18.6 6.6 - 0.050 Maintain
Russell Midcap Growth Index -3.7 8.7 18.6 6.6 - -
Mid-Cap Growth Median -2.9 6.0 14.4 3.6 - 1.010
Fidelity Mid Cap Growth Index Rank 67 33 17 17 - -
Eaton Vance Atlanta Capital SMID-Cap R6 -0.7 -5.6 7.0 6.5 10.4 0.810 Maintain
Russell 2500 Growth Index 0.3 10.3 14.3 3.0 10.6 -
Small Growth Median 1.9 8.9 12.6 2.7 10.1 1.130
Eaton Vance Atlanta Capital SMID-Cap R6 Rank 82 94 92 15 43 -
Mid-Cap Growth Median -2.9 6.0 14.4 3.6 10.8 1.010
Eaton Vance Atlanta Capital SMID-Cap R6 Rank 30 95 94 19 57 -
Fidelity Small Cap Value Index 3.3 12.7 11.8 8.9 - 0.050 Maintain
Russell 2000 Value Index 3.3 12.6 11.7 8.9 - -
Small Value Median 1.8 6.8 10.4 9.3 - 1.090
Fidelity Small Cap Value Index Rank 24 13 28 58 - -
Fidelity Small Cap Growth Index 1.2 13.0 15.7 3.3 - 0.050 Maintain
Russell 2000 Growth Index 1.2 13.0 15.6 3.2 - -
Small Growth Median 1.9 8.9 12.6 2.7 - 1.130
Fidelity Small Cap Growth Index Rank 64 22 24 44 - -
Domestic Equity Funds - - - - - 0.225
Explanation of Category rankings: Percentile rankings are on a scale of 1 to 100, with a rank of 1 (1st percentile) being the best and 100 (100th percentile) being the worst. Rankings relate to net of fee
returns for each fund in its respective Morningstar peer group. Due to statistical requirements, investment versus peer group rankings will not populate if peer groups contain less than 10 members.
Returns for periods less than one year are not annualized. Fund level peer groups changed from Lipper to Morningstar effective 09/30/2025. As a result of this change, the peer rankings of funds may
differ.50
Manager Performance
Simsbury DC As of December 31, 2025
Fund &
Cat Median
Exp Ratio
Manager
Status
Performance(%)
QTD 1
Year
3
Years
5
Years
10
Years
Fidelity Total International Index 4.6 32.6 17.2 7.9 - 0.060 Maintain
MSCI AC World ex USA IMI (Net) 4.8 32.0 17.1 7.8 - -
Foreign Large Blend Median 4.4 31.2 17.0 8.1 - 0.900
Fidelity Total International Index Rank 41 35 45 55 - -
Hartford International Opportunities R6 4.8 30.3 16.5 7.0 8.2 0.690 Maintain
MSCI AC World ex USA (Net) 5.1 32.4 17.3 7.9 8.4 -
Foreign Large Blend Median 4.4 31.2 17.0 8.1 8.1 0.900
Hartford International Opportunities R6 Rank 33 57 57 72 48 -
International Equity Funds - - - - - 0.413
Historical performance of current share class may differ slightly due to share class exchanges and/or blended performance.
Explanation of Category rankings: Percentile rankings are on a scale of 1 to 100, with a rank of 1 (1st percentile) being the best and 100 (100th percentile) being the worst. Rankings relate to net of fee
returns for each fund in its respective Morningstar peer group. Due to statistical requirements, investment versus peer group rankings will not populate if peer groups contain less than 10 members.
Returns for periods less than one year are not annualized. Fund level peer groups changed from Lipper to Morningstar effective 09/30/2025. As a result of this change, the peer rankings of funds may
differ.51
Rank
= 1-50 percentile
= 51-75 percentile
= 76-100 percentile
Performance(%)
YTD 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
T. Rowe Price Retirement 2005 I Class 11.5 8.2 12.0 -13.7 8.1 11.2 15.1 -3.3 10.7 6.7 -0.7
T. Rowe Price Retirement 2005 Index 12.4 8.7 12.8 -13.5 8.1 12.0 14.9 -2.6 10.1 5.8 -0.1
Target-Date Retirement Median 10.5 6.6 10.5 -12.8 5.8 9.1 12.9 -3.4 8.6 5.0 -1.2
T. Rowe Price Retirement 2005 I Class Rank 29 9 6 63 13 11 16 43 15 9 36
T. Rowe Price Retirement 2010 I Class 11.9 8.7 12.5 -14.0 8.7 11.9 16.2 -3.6 11.7 7.1 -0.8
T. Rowe Price Retirement 2010 Index 13.0 9.1 13.4 -13.9 9.0 12.6 16.0 -3.0 11.2 6.3 -0.2
Target-Date 2000-2010 Median 11.2 6.9 9.8 -12.7 5.6 10.4 13.9 -3.4 10.3 6.2 -0.9
T. Rowe Price Retirement 2010 I Class Rank 20 3 4 92 10 4 2 62 9 12 44
T. Rowe Price Retirement 2015 I Class 12.3 9.0 12.9 -14.2 9.5 12.6 17.4 -4.2 13.3 7.3 -0.6
T. Rowe Price Retirement 2015 Index 13.4 9.5 13.9 -14.2 9.7 13.1 17.4 -3.6 12.9 6.9 -0.3
Target-Date 2015 Median 12.0 6.8 10.9 -13.7 7.9 11.2 15.3 -3.9 11.5 6.5 -1.0
T. Rowe Price Retirement 2015 I Class Rank 38 5 5 64 17 7 3 63 12 13 25
T. Rowe Price Retirement 2020 I Class 12.7 9.3 13.5 -14.7 10.5 13.2 19.4 -4.9 15.7 7.4 -0.3
T. Rowe Price Retirement 2020 Index 13.8 9.9 14.5 -14.6 10.6 13.5 19.4 -4.4 14.9 7.5 -0.5
Target-Date 2020 Median 12.9 7.5 11.7 -14.5 8.6 11.0 16.2 -4.5 12.9 6.5 -1.2
T. Rowe Price Retirement 2020 I Class Rank 54 5 4 62 10 15 2 62 2 15 17
T. Rowe Price Retirement 2025 I Class 13.1 9.9 14.6 -15.7 11.9 14.7 20.9 -5.6 17.7 7.5 -0.2
T. Rowe Price Retirement 2025 Index 14.4 10.5 15.6 -15.4 12.3 14.6 21.4 -5.0 16.7 8.2 -0.6
Target-Date 2025 Median 13.3 8.2 12.6 -15.5 9.8 12.5 18.3 -5.4 15.0 7.0 -1.2
T. Rowe Price Retirement 2025 I Class Rank 59 2 3 59 8 7 2 58 1 22 12
T. Rowe Price Retirement 2030 I Class 14.6 10.9 16.3 -17.0 13.6 15.9 22.5 -6.3 19.4 7.7 0.0
T. Rowe Price Retirement 2030 Index 16.0 11.6 17.5 -16.4 14.2 15.6 23.1 -5.7 18.3 8.8 -0.7
Target-Date 2030 Median 14.5 9.5 14.4 -16.4 11.5 13.1 20.4 -6.5 17.0 7.3 -1.4
T. Rowe Price Retirement 2030 I Class Rank 47 7 5 76 10 6 6 45 3 40 8
Calendar Year Performance
Simsbury DC As of December 31, 2025
Explanation of Category rankings: Percentile rankings are on a scale of 1 to 100, with a rank of 1 (1st percentile) being the best and 100 (100th percentile) being the worst. Rankings relate to net of fee
returns for each fund in its respective Morningstar peer group. Due to statistical requirements, investment versus peer group rankings will not populate if peer groups contain less than 10 members.
Returns for periods less than one year are not annualized. Fund level peer groups changed from Lipper to Morningstar effective 09/30/2025. As a result of this change, the peer rankings of funds may
differ.52
Calendar Year Performance
Simsbury DC As of December 31, 2025
Performance(%)
YTD 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
T. Rowe Price Retirement 2035 I Class 16.3 12.2 18.2 -18.0 15.1 17.0 23.7 -6.9 20.9 7.6 0.1
T. Rowe Price Retirement 2035 Index 17.9 12.9 19.4 -17.1 16.1 16.5 24.5 -6.2 19.6 9.2 -0.9
Target-Date 2035 Median 16.0 11.2 16.4 -17.1 13.9 14.1 22.3 -7.3 18.7 7.8 -1.5
T. Rowe Price Retirement 2035 I Class Rank 45 12 4 80 18 11 17 39 8 57 5
T. Rowe Price Retirement 2040 I Class 17.6 13.4 19.6 -18.9 16.3 18.1 24.7 -7.3 22.0 7.6 0.2
T. Rowe Price Retirement 2040 Index 19.4 14.3 21.0 -17.7 17.7 17.2 25.5 -6.6 20.6 9.6 -1.0
Target-Date 2040 Median 17.6 12.8 18.1 -17.9 15.8 14.7 23.6 -8.0 19.9 8.0 -1.5
T. Rowe Price Retirement 2040 I Class Rank 49 24 11 86 28 11 19 31 4 61 5
T. Rowe Price Retirement 2045 I Class 18.7 14.2 20.5 -19.1 17.2 18.7 25.4 -7.6 22.4 7.7 0.2
T. Rowe Price Retirement 2045 Index 20.6 15.2 21.9 -17.9 18.8 17.6 26.3 -7.0 21.0 9.7 -1.0
Target-Date 2045 Median 18.7 13.9 19.3 -18.2 16.7 15.4 24.6 -8.3 20.7 8.2 -1.5
T. Rowe Price Retirement 2045 I Class Rank 52 35 13 87 37 9 27 30 6 64 6
T. Rowe Price Retirement 2050 I Class 19.1 14.4 20.8 -19.2 17.4 18.7 25.3 -7.6 22.4 7.7 0.2
T. Rowe Price Retirement 2050 Index 21.0 15.5 22.2 -18.0 18.9 17.6 26.3 -7.0 21.0 9.7 -1.0
Target-Date 2050 Median 19.5 14.2 19.9 -18.3 17.0 15.6 24.7 -8.6 20.8 8.2 -1.4
T. Rowe Price Retirement 2050 I Class Rank 59 44 16 81 39 9 32 24 9 65 4
T. Rowe Price Retirement 2055 I Class 19.2 14.6 20.8 -19.2 17.3 18.5 25.4 -7.6 22.3 7.7 0.2
T. Rowe Price Retirement 2055 Index 21.1 15.6 22.4 -18.0 18.9 17.6 26.3 -7.0 21.0 9.7 -1.0
Target-Date 2055 Median 19.9 14.3 20.0 -18.4 17.2 15.7 24.8 -8.6 21.1 8.2 -1.5
T. Rowe Price Retirement 2055 I Class Rank 67 45 25 78 46 10 34 26 11 64 6
T. Rowe Price Retirement 2060 I Class 19.2 14.5 20.9 -19.3 17.4 18.5 25.4 -7.6 22.3 7.6 0.2
T. Rowe Price Retirement 2060 Index 21.1 15.6 22.4 -18.0 18.9 17.6 26.3 -7.0 21.0 9.7 -1.0
Target-Date 2060 Median 19.9 14.4 20.0 -18.4 17.3 15.7 25.1 -8.7 21.3 7.9 -0.9
T. Rowe Price Retirement 2060 I Class Rank 67 47 26 79 47 12 41 24 16 59 2
Historical performance of current share class may differ slightly due to share class exchanges and/or blended performance.
Explanation of Category rankings: Percentile rankings are on a scale of 1 to 100, with a rank of 1 (1st percentile) being the best and 100 (100th percentile) being the worst. Rankings relate to net of fee
returns for each fund in its respective Morningstar peer group. Due to statistical requirements, investment versus peer group rankings will not populate if peer groups contain less than 10 members.
Returns for periods less than one year are not annualized. Fund level peer groups changed from Lipper to Morningstar effective 09/30/2025. As a result of this change, the peer rankings of funds may
differ.53
Rank
= 1-50 percentile
= 51-75 percentile
= 76-100 percentile
Performance(%)
YTD 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
MissionSquare PLUS Fund R10 3.1 3.0 2.8 2.0 1.9 2.2 2.5 2.3 2.1 2.0 2.0
Morningstar US CIT Stable Value Index 3.1 3.0 2.9 1.9 1.7 2.2 2.5 2.2 2.0 1.8 1.8
Fidelity US Bond Index 7.1 1.3 5.5 -13.0 -1.8 7.8 8.5 0.0 3.5 2.5 0.6
Blmbg. U.S. Aggregate 7.3 1.3 5.5 -13.0 -1.5 7.5 8.7 0.0 3.5 2.6 0.5
Intermediate Core Bond Median 7.1 1.5 5.6 -13.4 -1.6 7.9 8.5 -0.4 3.5 2.6 0.2
Fidelity US Bond Index Rank 52 63 55 28 65 52 52 26 47 58 19
Dodge & Cox Income X 8.4 2.3 7.8 -10.8 -0.9 9.5 9.7 -0.3 4.4 5.6 -0.6
Blmbg. U.S. Aggregate 7.3 1.3 5.5 -13.0 -1.5 7.5 8.7 0.0 3.5 2.6 0.5
Intermediate Core-Plus Bond Median 7.4 2.2 6.3 -13.9 -0.8 8.4 9.3 -0.9 4.3 3.9 -0.4
Dodge & Cox Income X Rank 9 44 8 6 56 23 34 27 47 16 60
Fidelity Large Cap Value Index 15.9 14.4 11.5 -7.6 25.1 2.9 26.5 -8.3 13.8 - -
Russell 1000 Value Index 15.9 14.4 11.5 -7.5 25.2 2.8 26.5 -8.3 13.7 - -
Large Value Median 15.5 14.5 11.2 -5.6 26.0 3.0 25.5 -8.7 16.3 - -
Fidelity Large Cap Value Index Rank 44 52 48 68 62 52 37 44 78 - -
MFS Value Fund R6 13.3 12.0 8.3 -5.8 25.6 4.0 30.2 -9.8 17.9 14.3 -0.4
Russell 1000 Value Index 15.9 14.4 11.5 -7.5 25.2 2.8 26.5 -8.3 13.7 17.3 -3.8
Large Value Median 15.5 14.5 11.2 -5.6 26.0 3.0 25.5 -8.7 16.3 14.1 -3.3
MFS Value Fund R6 Rank 72 73 76 52 57 41 9 67 32 49 15
Fidelity 500 Index 17.9 25.0 26.3 -18.1 28.7 18.4 31.5 -4.4 21.8 12.0 1.4
S&P 500 17.9 25.0 26.3 -18.1 28.7 18.4 31.5 -4.4 21.8 12.0 1.4
Large Blend Median 16.4 23.2 24.6 -18.2 26.6 17.5 30.0 -5.6 21.2 10.3 0.1
Fidelity 500 Index Rank 25 25 26 49 22 40 25 24 35 25 26
Calendar Year Performance
Simsbury DC As of December 31, 2025
Explanation of Category rankings: Percentile rankings are on a scale of 1 to 100, with a rank of 1 (1st percentile) being the best and 100 (100th percentile) being the worst. Rankings relate to net of fee
returns for each fund in its respective Morningstar peer group. Due to statistical requirements, investment versus peer group rankings will not populate if peer groups contain less than 10 members.
Returns for periods less than one year are not annualized. Fund level peer groups changed from Lipper to Morningstar effective 09/30/2025. As a result of this change, the peer rankings of funds may
differ.54
Calendar Year Performance
Simsbury DC As of December 31, 2025
Performance(%)
YTD 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Fidelity Large Cap Growth Index 18.5 33.3 42.8 -29.2 27.6 38.4 36.4 -1.6 30.1 - -
Russell 1000 Growth Index 18.6 33.4 42.7 -29.1 27.6 38.5 36.4 -1.5 30.2 - -
Large Growth Median 15.6 29.8 39.3 -31.2 22.0 36.0 33.0 -1.4 29.1 - -
Fidelity Large Cap Growth Index Rank 25 30 31 35 16 40 21 53 41 - -
T. Rowe Price Growth Stock I 15.8 29.8 45.4 -40.1 20.2 37.1 31.0 -0.9 33.8 1.6 10.9
Russell 1000 Growth Index 18.6 33.4 42.7 -29.1 27.6 38.5 36.4 -1.5 30.2 7.1 5.7
Large Growth Median 15.6 29.8 39.3 -31.2 22.0 36.0 33.0 -1.4 29.1 2.6 5.0
T. Rowe Price Growth Stock I Rank 49 51 20 91 60 46 69 44 18 60 5
Fidelity Mid Cap Value Index 11.0 13.0 12.8 -12.1 28.2 4.7 - - - - -
Russell Midcap Value Index 11.0 13.1 12.7 -12.0 28.3 5.0 - - - - -
Mid-Cap Value Median 9.9 11.3 12.1 -7.9 28.6 2.8 - - - - -
Fidelity Mid Cap Value Index Rank 41 34 42 85 57 37 - - - - -
Vanguard Explorer Value Inv 7.4 14.4 15.3 -14.1 28.4 3.3 26.9 -13.0 13.3 20.7 -2.8
Russell 2500 Value Index 12.7 11.0 16.0 -13.1 27.8 4.9 23.6 -12.4 10.4 25.2 -5.5
Small Value Median 6.8 9.2 15.5 -11.4 30.6 3.4 22.2 -14.9 9.6 25.1 -6.0
Vanguard Explorer Value Inv Rank 45 9 52 78 59 52 15 31 16 78 20
Mid-Cap Value Median 9.9 11.3 12.1 -7.9 28.6 2.8 26.7 -13.5 13.7 17.1 -4.4
Vanguard Explorer Value Inv Rank 66 18 33 92 53 46 49 45 58 28 29
Fidelity Extended Market Index 11.4 17.0 25.4 -26.4 12.4 32.2 28.0 -9.4 18.2 16.1 -3.3
Dow Jones U.S. Completion Total Stock Market Indx 11.3 16.9 25.0 -26.5 12.4 32.2 27.9 -9.6 18.1 15.7 -3.4
Small Blend Median 8.2 11.0 16.4 -16.8 22.7 12.8 24.7 -12.0 13.2 20.5 -4.2
Fidelity Extended Market Index Rank 29 10 3 99 99 1 20 23 11 81 38
Mid-Cap Blend Median 8.0 13.6 16.1 -14.6 24.4 12.6 27.2 -11.2 16.0 15.0 -3.2
Fidelity Extended Market Index Rank 26 18 8 98 99 2 44 33 31 40 52
Fidelity Mid Cap Growth Index 8.6 22.0 25.8 -26.7 12.7 34.8 - - - - -
Russell Midcap Growth Index 8.7 22.1 25.9 -26.7 12.7 35.6 - - - - -
Mid-Cap Growth Median 6.0 15.1 20.8 -28.6 11.7 37.4 - - - - -
Fidelity Mid Cap Growth Index Rank 33 25 17 35 44 56 - - - - -
Explanation of Category rankings: Percentile rankings are on a scale of 1 to 100, with a rank of 1 (1st percentile) being the best and 100 (100th percentile) being the worst. Rankings relate to net of fee
returns for each fund in its respective Morningstar peer group. Due to statistical requirements, investment versus peer group rankings will not populate if peer groups contain less than 10 members.
Returns for periods less than one year are not annualized. Fund level peer groups changed from Lipper to Morningstar effective 09/30/2025. As a result of this change, the peer rankings of funds may
differ.55
Calendar Year Performance
Simsbury DC As of December 31, 2025
Performance(%)
YTD 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Eaton Vance Atlanta Capital SMID-Cap R6 -5.6 13.7 14.1 -8.8 22.3 11.3 34.6 -5.3 24.8 11.4 9.8
Russell 2500 Growth Index 10.3 13.9 18.9 -26.2 5.0 40.5 32.7 -7.5 24.5 9.7 -0.2
Small Growth Median 8.9 13.8 16.4 -28.3 9.3 37.8 28.5 -5.1 22.1 9.9 -2.2
Eaton Vance Atlanta Capital SMID-Cap R6 Rank 94 52 67 1 11 98 24 52 37 40 1
Mid-Cap Growth Median 6.0 15.1 20.8 -28.6 11.7 37.4 33.5 -5.5 24.8 5.0 0.1
Eaton Vance Atlanta Capital SMID-Cap R6 Rank 95 59 90 2 9 100 43 48 50 13 1
Fidelity Small Cap Value Index 12.7 8.2 14.7 -14.4 28.1 4.5 - - - - -
Russell 2000 Value Index 12.6 8.1 14.6 -14.5 28.3 4.6 - - - - -
Small Value Median 6.8 9.2 15.5 -11.4 30.6 3.4 - - - - -
Fidelity Small Cap Value Index Rank 13 62 57 80 62 41 - - - - -
Fidelity Small Cap Growth Index 13.0 15.3 18.9 -26.2 2.8 34.4 - - - - -
Russell 2000 Growth Index 13.0 15.2 18.7 -26.4 2.8 34.6 - - - - -
Small Growth Median 8.9 13.8 16.4 -28.3 9.3 37.8 - - - - -
Fidelity Small Cap Growth Index Rank 22 40 30 37 79 60 - - - - -
Fidelity Total International Index 32.6 5.0 15.5 -16.3 8.5 11.1 21.5 -14.4 27.6 - -
MSCI AC World ex USA IMI (Net) 32.0 5.2 15.6 -16.6 8.5 11.1 21.6 -14.8 27.8 - -
Foreign Large Blend Median 31.2 4.6 16.3 -15.9 10.3 9.7 22.1 -15.0 25.5 - -
Fidelity Total International Index Rank 35 45 63 55 69 41 61 42 25 - -
Hartford International Opportunities R6 30.3 8.5 11.9 -17.9 7.7 20.8 26.1 -18.6 24.8 1.2 1.5
MSCI AC World ex USA (Net) 32.4 5.5 15.6 -16.0 7.8 10.7 21.5 -14.2 27.2 4.5 -5.7
Foreign Large Blend Median 31.2 4.6 16.3 -15.9 10.3 9.7 22.1 -15.0 25.5 0.8 -0.9
Hartford International Opportunities R6 Rank 57 11 91 71 74 8 19 86 64 45 19
Historical performance of current share class may differ slightly due to share class exchanges and/or blended performance.
Explanation of Category rankings: Percentile rankings are on a scale of 1 to 100, with a rank of 1 (1st percentile) being the best and 100 (100th percentile) being the worst. Rankings relate to net of fee
returns for each fund in its respective Morningstar peer group. Due to statistical requirements, investment versus peer group rankings will not populate if peer groups contain less than 10 members.
Returns for periods less than one year are not annualized. Fund level peer groups changed from Lipper to Morningstar effective 09/30/2025. As a result of this change, the peer rankings of funds may
differ.56
Manager Recommendation Comments
T. Rowe Price Retirement I Class Target Date Funds Maintain
MissionSquare PLUS Fund R10 Maintain
Fidelity US Bond Index Maintain
Dodge & Cox Income X Discuss 4Q 2025 The strategy was moved to "Discuss" as of Q4 2025. Dodge & Cox announced that Jim Dignan, a member of the strategy's investment committee, will be leaving the firm in June 2026. Lucy
Johns, the strategy's Portfolio Director, will continue to lead the strategy and there are no expected changes to the remaining committee members.
Fidelity Large Cap Value Index Maintain
MFS Value Fund R6 Maintain
Fidelity 500 Index Maintain
Fidelity Large Cap Growth Index Maintain
T. Rowe Price Growth Stock I Watch 3Q 2025 T. Rowe Price Growth Stock has been moved to "Watch" in Q3 2025 after the departure of Lead PM Joe Fath. Jim Stillwagon has been co-PM on the strategy since January 1, 2025, and has
taken over Lead PM responsibilities effective August 1, 2025. Mr. Stillwagon will be supported by Associate PM Eric DeVilbiss.
Fidelity Mid Cap Value Index Maintain
Vanguard Explorer Value Inv Maintain
Fidelity Extended Market Index Maintain
Fidelity Mid Cap Growth Index Maintain
Eaton Vance Atlanta Capital SMID-Cap R6 Maintain
Fidelity Small Cap Value Index Maintain
Fidelity Small Cap Growth Index Maintain
Fidelity Total International Index Maintain
Hartford International Opportunities R6 Maintain
Manager Status Commentary
Simsbury DC As of December 31, 2025
Commentary produced upon change of status.57
FLASH Memo – Dodge & Cox Fixed Income
www.FiducientAdvisors.com
Subject: Dodge & Cox Fixed Income – Jim Dignan Leaving June 2026
Previous Status: Maintain
Current Status: Discuss
Effective Date: Q4 2025
Overview
Dodge & Cox announced that Jim Dignan will be leaving the firm for personal reasons in June 2026. Mr. Dignan currently serves on
both the U.S. Fixed Income and Global Fixed Income Investment Committees and has been with the firm for over 25 years.
Additionally, Mr. Dignan co-leads the Securitized team alongside Nils Reuter. Mr. Reuter will become sole head of the Securitized
team upon Mr. Dignan’s departure.
Following Mr. Dignan’s departure in June, the U.S. Fixed Income Investment Committee, which is responsible for the Dodge & Cox
Income strategy, will shift from seven members to six. Lucy Johns, current Portfolio Director for the strategy, will continue in her role.
The Global Fixed Income Investment Committee, which oversees the Dodge & Cox Global Bond strategy, will move from six
members to five and Matthew Schefer will remain Portfolio Director. There are no plans currently to backfill either of the investment
committee seats. However, as is the process at the firm, Dodge & Cox is continually evaluating the construct and makeup of the
investment committees, and it would not come as a surprise should additional team members be elevated into the committees over
the coming years.
Recommendation
Changes to investment teams warrant scrutiny, but Dodge & Cox’s investment committee structure alleviates much of the concern
for this transition. Across all asset classes, strategies at Dodge & Cox are managed and overseen by investment committees,
responsible for portfolio allocation and security selection for their respective strategies. This structure provides continuity and
stability should there be any departures and reduces “key-person” risk, especially in this instance when there are minimal changes
to the impacted fixed income investment committees. We do not anticipate the announced changes to materially impact the fixed
income investment process and management of the Dodge & Cox Income or Dodge & Cox Global Bond funds. For these reasons
we have moved the strategies to a “discuss” status and recommend no action.58
FLASH Memo – T. Rowe Price Growth Stock
www.FiducientAdvisors.com
Subject: T. Rowe Price Growth Stock –Portfolio Manager Change
Previous Status: Maintain
Current Status: Watch
Effective Date: Q3 2025
Overview
T. Rowe Price announced that Joe Fath, portfolio manager for the T. Rowe Price Growth Stock strategy, left the firm effective
August 1st, 2025. Prior to this announcement, it was communicated that Mr. Fath would move into a new role within T. Rowe Price
with their private equity team in September 2025. However, Mr. Fath decided to leave the firm to pursue another opportunity, which
accelerated his departure date. Mr. Fath has been the portfolio manager on the strategy for eleven years and is replaced by Jim
Stillwagon. Eric DeVilbliss, who has been on the portfolio since 2020, remains in his role as associate portfolio manager.
Mr. Stillwagon has most recently served as the sector leader of media and telecommunication, as well as portfolio manager of the T.
Rowe Price Communications & Technology fund, which has approximately 74% overlap with the T. Rowe Price Growth Stock
strategy. Mr. Stillwagon joined Mr. Fath as portfolio manager on January 1st, 2025.
Recommendation
While the departure of Mr. Fath occurred earlier than expectations, succession planning was already in place. Mr. Stillwagon’s
experience with the T. Rowe Price Communication & Technology fund allows him to more seamlessly take over responsibilities,
given the large overlap between the two strategies. Mr. DeVilbliss provides continuity given his five years of experience on the
team. While we do not anticipate any material changes to the process, this marks a change in leadership for the strategy which we
will monitor closely. At this time, we have placed the T. Rowe Price Growth Stock strategy on Watch status.59
Appendix:
Frontier Engineer®
Disclosures60
Historical Annualized Total Returns
Historical Returns for each asset allocation mix represent back-tested calculations developed with the benefit of hindsight. Return calculations use an asset-weighted methodology based on the target asset allocation of
each mix and the total return of index proxies used to represent each asset class and are net of fees. Historical returns are hypothetical and do not represent returns earned by a client. It is not possible to invest in an
index. Please see the Frontier Engineer ® Hypothetical Performance Disclosures at the end of the presentation for additional information, including index proxies used to represent each asset class. For additional
information on forecast methodologies, please ask for a copy of Fiducient Advisors’, A Wealthspire Company, white paper titled 10-Year Capital Market Forecasts. Past performance does not indicate future
performance and it is possible to lose money when investing.
Annualized net returns as
of 12/31/2025
Fixed Income
Equity
Real Assets
Alternatives
Past 3 Months (Not
Annualized)
1-Year Return
3-Year Return
5-Year Return
7-Year Return
10-Year Return
15-Year Return
20-Year Return
25-Year Return
30-Year Return
38-Year Return
Current Mix (A) 38% 54% 9% 0% 2.3% 15.7% 13.6% 7.1% 9.5% 8.3% 7.8% 7.2% 7.0% 7.6% 8.5%
Observation Mix (A) 38% 54% 9% 0% 2.3% 15.6% 13.7% 7.0% 9.5% 8.3% 7.8% 7.3% 7.2% 7.7% 8.7%
Observation Mix (B) 43% 49% 9% 0% 2.2% 14.8% 12.9% 6.5% 8.9% 7.9% 7.4% 7.0% 7.0% 7.5% 8.4%
Observation Mix (C) 33% 59% 9% 0% 2.4% 16.4% 14.4% 7.6% 10.0% 8.8% 8.2% 7.5% 7.4% 7.9% 8.9%
Cash 100% 1.0% 4.4% 5.0% 3.3% 2.8% 2.2% 1.5% 1.7% 1.8% 2.4% 3.1%
TIPS 100% 0.1% 7.0% 4.2% 1.1% 3.5% 3.1% 2.9% 3.5% 4.5% 4.6% 5.7%
US Bond 100% 1.1% 7.3% 4.7% -0.4% 2.0% 2.0% 2.4% 3.3% 3.8% 4.2% 5.4%
US Bonds - Dynamic 100% 1.0% 6.0% 6.7% 2.8% 3.8% 3.8% 3.5% 4.0% 4.3% 4.6% 5.6%
For. Dev. Bond 100% 0.0% 5.2% 3.7% -2.9% -0.1% 1.0% 1.2% 2.3% 3.1% 3.5% 4.6%
Global Bonds 100% 0.2% 8.2% 4.0% -2.1% 0.7% 1.3% 1.1% 2.5% 3.3% 3.4% 4.9%
HY Bond 100% 1.3% 8.6% 10.1% 4.5% 6.2% 6.5% 6.0% 6.7% 7.2% 6.7% 7.7%
EM Bond 100% 3.3% 19.3% 9.5% 1.1% 3.0% 3.9% 1.4% 4.1% 6.0% 7.2% 7.7%
Global Equity 100% 3.4% 22.9% 21.2% 11.7% 14.5% 12.3% 10.4% 8.7% 7.7% 8.3% 8.7%
US Equity (AC) 100% 2.4% 17.1% 22.2% 13.1% 16.6% 14.3% 13.6% 10.8% 8.9% 10.2% 11.4%
US Equity (LC) 100% 2.7% 17.9% 23.0% 14.4% 17.3% 14.8% 14.1% 11.0% 8.8% 10.4% 11.5%
US Equity (MC) 100% 0.2% 10.6% 14.4% 8.7% 12.8% 11.0% 11.2% 9.5% 9.3% 10.5% 11.7%
US Equity (SC) 100% 2.2% 12.8% 13.7% 6.1% 10.6% 9.6% 9.5% 8.2% 8.2% 8.6% 9.9%
Non-US Equity (ACWI) 100% 5.1% 33.1% 18.0% 8.5% 10.7% 8.9% 6.4% 6.1% 6.2% 6.3% 6.6%
Int'l Dev. Equity 100% 4.9% 31.9% 17.8% 9.5% 11.1% 8.7% 7.1% 6.1% 5.8% 6.1% 6.3%
EM Equity 100% 4.8% 34.4% 17.0% 4.7% 8.5% 8.9% 4.2% 6.4% 8.9% 6.6% 10.1%
Real Estate 100% -2.1% 2.3% 6.1% 4.8% 6.4% 5.8% 7.8% 6.6% 9.0% 9.2% 9.5%
Broad Real Assets 100% 1.6% 13.2% 8.1% 5.6% 6.5% 6.1% 5.0% 5.8% 7.6% 7.5% 6.7%
Marketable Alternatives 100% 3.3% 10.3% 8.5% 5.1% 6.4% 4.8% 3.9% 3.5% 4.0% 5.1% 7.0%
Private Equity 100% 0.0% 2.9% 2.6% 5.7% 10.6% 11.1% 12.0% 11.2% 9.3% 13.8% 14.0%61
Calendar Year Total Returns
Historical Returns for each Mix based on back-tested return calculations developed with the benefit of hindsight. Return calculations use an asset-weighted methodology based on the target asset allocation of each mix
and the total return of index proxies used to represent each asset class and are net of fees. Historical returns used are hypothetical and do not represent returns earned by a client. It is not possible to invest in an index.
Please see the Frontier Engineer ® Hypothetical Performance Disclosures at the end of the presentation for additional information, including index proxies used to represent each asset class. For additional information
on forecast methodologies, please ask for a copy of Fiducient Advisors’, A Wealthspire Company, white paper titled 10-Year Capital Market Forecasts. Past performance does not indicate future performance and it is
possible to lose money when investing.
Calendar Net Year
Returns
Fixed Income
Equity
Real Assets
Alternatives
YTD 12/31/2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
1991
1990
Current Mix (A) 38% 54% 9% 0% 16% 10% 15% -15% 13% 11% 20% -5% 14% 8% 0% 7% 15% 13% 1% 13% 23% -25% 7% 16% 7% 13% 24% -6% -3% 0% 14% 12% 15% 13% 22% 1% 17% 5% 23% -6%
Observation Mix (A) 38% 54% 9%

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