Agenda

Retirement Plan Sub-Committee - Agenda - Sep 1, 2026

Sep 1, 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.

Page 1 of 1
Retirement Plan Sub-Committee Regular Meeting
September 1, 2026 at 8:00 A.M.
Watch meetings LIVE and rebroadcasted on Comcast Channels 96, 1090, and LIVE streamed
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AGENDA
I. Call to Order
II. Review of Minutes
a) February 2, 2026
b) May 5, 2026
III. Pensions Plans & OPEB Trust Second Quarter 2026 Performance Reviews and
Fiduciary Governance Update
IV. Defined Contribution Plans Second Quarter 2026 Performance Reviews and Fiduciary
Governance Update
V. Adjourn
Page 1 of 3
Retirement Plan Sub-Committee
Special Meeting
February 3, 2026 – 8:00 A.M.
Virtual on Zoom
Minutes
I. CALL TO ORDER- Board of Finance Chair Heavner called the meeting to order at
8:00 A.M.
Present: Committee Members: Selectman Curtis Looney, Board of Finance Chair Lisa
Heavner, Lalitha Shivaswamy, and Art Wallace; Deputy Finance Director, Kelsey
Chamberlain; and Fiducient Advisors: Chris Kachmar, Dan Duffy, and Tyler Polk.
II. HOUSEKEEPING ITEMS
Appointment of Chair for 2026
MOTION: Selectman Looney made a motion, seconded by Board of Finance
Chairwoman Heavner, for Art Wallace to be appointed as Chair of the Retirement Plan
Sub-Committee for 2026. The motion carried unanimously. (4-0-0)
III. PENSIONS PLANS & OPEB TRUST FOURTH QUARTER 2025 &
PERFROMANCE REVIEWS AND FIDUCIARY GOVERNANCE UPDATE
Mr. Kachmar stated that pension plans currently target a 6.5% return actuarial. The
actuary recommended that they do an additional experience study next year.
There is a little bit of moderation in terms of capital market return expectations,
particularly in fixed income and domestic equity, when comparing last year and this
year. They are down about 20 basis points. There is a bit of reduction in U.S. equities.
International markets have made a slight increase but are still catching up in terms of
valuation.
The assumption is 6.5% but they are forecasted for 7.1% because a bit of excess return
is good for a margin of safety.
Retirement Plan Sub-Committee
Special Meeting Minutes
February 3, 2026
Page 2 of 3
The Town has a good size OPED trust, and they have adopted a balanced total return
perspective. There are 65% return seeking assets and 35% of fixed income. They have
allocated some capital away from the large cap names. The U.S. equity markets are a
bit expensive, and it is elevated from a valuation perspective. Yields and spreads are
tight in fixed income. There were good returns for global equities.
At the end of the calendar year the Town’s Pension Plan was almost $34,000,000 of
invested assets.
Board of Finance Chairwoman Heavner asked if the fees are below benchmark, to
which Kachmar responded that where they are using active management, which is
about 2/3 of the allocations, the fees are below benchmark.
The Town, Board of Education, and Police Department had over $11,000,000 in
aggregate investment gains last year, with an aggregate asset value of almost
$93,000,000.
The OPED trust is due for some rebalancing and recommends transitioning out of ETFs
to traditional indexed funds.
IV. DEFIND CONTRIBUTION PLANS FOURTH QUARTER 2025
PERFORMANCE REVIEWS AND FIDUCIARY GOVERNANCE UPDATE
Mr. Polk stated that it is likely that legislation will allow collective trusts in 43bs, with
an opportunity that could be offered to plan participants. The Senate introduced a bill
that would allow for auto re-enroll into plans every 1 to 3 years. President Trump signed
an executive order democratizing access to alternative investments in 401Ks, 401As,
and 457 plans.
There has been legislation for forfeiture claims where money should just be given back
to everyone as opposed to offsetting the employer’s cost, but there have been lawsuits
around this and how forfeiture dollars are used.
Board of Finance Chairwoman Heavner asked if Town of Simsbury returns it to the
employees, to which Deputy Finance Director Chamberlain responded that those funds
go towards the employer contributions.
Board of Finance Chairwoman Heavner asked who wrote their plan documents, to
which Mr. Polk responded that the recordkeeper writes it. Deputy Finance Director
Chamberlain will email it to the Committee members, and they will discuss which
policy board is responsible for it at the next meeting.
Retirement Plan Sub-Committee
Special Meeting Minutes
February 3, 2026
Page 3 of 3
Mr. Duffy stated that the 457 plan balance was $20.8 million in assets as of quarter
end, up from the end of March, which was $18.4 million. Around 20% of the assets
reside in target date funds, 30% in S&P 500 and Fidelity 500 funds, 11% TROLL price
growth stock, and 18% in the MissionSquare PLUS funds. In all three retirement plans.
Participants of the target day funds have been getting long-term sustained results as
there is a bias for the domestic side. The expenses are at 34 basis points compared to
peer groups sending 66. They are getting a very strong performance for a more efficient
price. Core investment options are seeing good returns. For fixed income they have a
low-cost Fidelity US bond index at 2.5 basis points. Dodge & Cox has added some
excess returns over a longer period. Bloomberg is down by around 40 basis points and
has returned 1.1% annually over a five-year period. The manager’s performance has
overall been underperforming.
Chairman Wallace stated that the MFS are not performing well, and it should be noted
that they are performing as they should and are not being replaced because there is no
definitive median and direct comparison.
V. ADJOURNMENT
MOTION: Chairman Wallace made a motion, seconded by Commissioner Heavner,
to adjourn the meeting. The motion carried unanimously. (2-0-0)
Chairman Wallace adjourned the meeting at 9:11 A.M.
Respectfully submitted,
Amanda Blaze
Commission Clerk
Page 1 of 3
Retirement Plan Sub-Committee
Regular Meeting
May 5, 2026 – 8:00 A.M.
Virtual on Zoom
Minutes
I. CALL TO ORDER- Retirement Plan Sub-Committee Chair Art Wallace called the
meeting to order at 8:00 A.M.
Present: Committee Members: Selectman Steven Antonio, Board of Finance Chair
Lisa Heavner, Deputy Finance Director, Kelsey Chamberlain; Member at Large, Philip
Schulz; and Fiducient Advisors: Chris Kachmar, and Tyler Polk.
II. PENSIONS PLANS & OPEB TRUST FIRST QUARTER 2026 &
PERFROMANCE REVIEWS AND FIDUCIARY GOVERNANCE UPDATE
Mr. Kachmar provided an overview of current market conditions, noting increased
volatility related to geopolitical events, inflation, energy prices, and uncertainty
regarding Federal Reserve policy. Despite the volatility, markets had stabilized,
corporate earnings remained strong, and longer-term investment results continued to
be favorable.
The Committee reviewed the Pension Plan Investment Policy Statements. Mr.
Kachmar reported that the policies remain appropriate and that no changes are
recommended. He also noted that the Committee's governance practices, including
regular meetings, documentation, and oversight, remain in good order.
Overall pension performance was reviewed. The one-year return remained above
12%, and longer-term returns continued to exceed actuarial return expectations.
Fixed-income managers continued to add value, while international equity and real
asset investments generally performed as expected.
The Committee discussed the recent underperformance of the Neuberger
Berman small-cap strategy. Mr. Kachmar explained that the manager's quality-
oriented investment approach has been challenged by recent market conditions,
although its longer-term record has been stronger. The Committee agreed that, given
the duration of the underperformance, a more detailed review would be appropriate.
Retirement Plan Sub-Committee
Regular Meeting Minutes
May 5, 2026
Page 2 of 3
Action: A deeper review of Neuberger Berman at the August meeting and provide
additional information on performance and fees.
The Committee was also informed that the Bearings real estate investment has been
placed on watch status due to changes in its portfolio management team. No
immediate action was recommended.
III. DEFIND CONTRIBUTION PLANS FIRST QUARTER 2026 PERFORMANCE
REVIEWS AND FIDUCIARY GOVERNANCE UPDATE
Mr. Polk reviewed the defined contribution plans with a focus on fees and expenses.
He reported that the plans' recordkeeping costs compare favorably with similar plans
and that the overall fee structure is reasonable.
The Committee discussed Collective Investment Trusts (CITs) as potential lower-cost
alternatives to certain mutual funds. The estimated savings under the current
arrangement are approximately $1,200 annually. Because the savings are relatively
modest, no immediate change was recommended.
Action: CITs will be discussed in greater detail at a future meeting, including costs,
potential savings, and administrative considerations.
Mr. Polk also discussed the possibility of moving from a 3(21) advisory arrangement
to a 3(38) arrangement, which could provide access to lower-cost institutional target-
date funds but would give the investment advisor greater discretion over the
investments.
Action: The Committee will further discuss the potential 3(38) arrangement at the
next meeting.
The defined contribution investment lineup was also reviewed. The target-date funds
have experienced some recent weakness but continue to show strong long-term
results. The T. Rowe Price Growth Stock Fund remains on watch due to recent
underperformance and the departure of its portfolio manager. No immediate
investment changes were recommended.
The Committee discussed whether municipalities could combine or pool retirement-
plan assets to obtain lower fees. Tyler explained that pooled arrangements are more
common in the corporate retirement market but are less common among
municipalities and other non-ERISA plans. Relationship pricing among
municipalities may provide an alternative approach, and the Committee agreed to
continue monitoring this opportunity.
Retirement Plan Sub-Committee
Regular Meeting Minutes
May 5, 2026
Page 3 of 3
The Committee discussed the actuary's recommendation to conduct a pension
experience study this year. The study is typically performed every three to five years
and will help determine whether the Town's actuarial assumptions remain appropriate
and whether pension contributions are adequate.
The Committee expressed support for proceeding with the study. The Board of
Finance expects to obtain estimates and, if possible, complete the study by December
for use in the next budget cycle.
The Committee discussed a proposed change to the OPEB investment structure. The
OPEB assets are currently invested in exchange-traded index funds. As the trust has
grown, institutional index funds have become available that provide similar
investment exposure at a lower cost.
The proposed conversion would not change the overall investment strategy but could
reduce investment expenses from approximately 18 basis points to 4 basis points. The
estimated one-time transaction cost is approximately $11,000.
Because the Committee is advisory, the formal approval must come from the Board
of Finance. The Committee agreed that the proposal should be presented at the
September Board of Finance meeting.
Action: Mr. Kachmar will attend the September Board of Finance meeting to present
the OPEB investment proposal, and staff will coordinate with the appropriate
Committee members.
IV. ADJOURNMENT
The next regular Committee meeting is scheduled for September 1.
There being no further business, the meeting was adjourned at 8:54 A.M.
Respectfully submitted,
Kelsey Chamberlain
Deputy Finance Director
Town of Simsbury Retirement Plans
Performance Summary- Second Quarter 2026
This report is intended for the exclusive use of clients or prospective clients (the “recipient”) of Fiducient Advisors, A Wealthspire Company, and the information contained herein is confidential and
the dissemination or distribution to any other person without the prior approval of Fiducient Advisors, A Wealthspire Company, 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, A Wealthspire Company, 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
www.FiducientAdvisors.com
Strong Earnings Backdrop
Equity markets have generated strong returns year-to-date. While
valuations remain above long-term averages, a favorable earnings
backdrop helps support the price move higher. Earnings grew almost
30% year-over-year in Q1 and expectations remain high for strong
growth for the remainder of 2026. However, we are mindful of
concentration within markets which, when combined with elevated
valuations, leaves less margin for disappointment.
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.
28.8%
23.1%
26.7%
24.2%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
35%
Q4 21
Q1 22
Q2 22
Q3 22
Q4 22
Q1 23
Q2 23
Q3 23
Q4 23
Q1 24
Q2 24
Q3 24
Q4 24
Q1 25
Q2 25
Q3 25
Q4 25
Q1 26
Q2 26E
Q3 26E
Q4 26E
S&P 500 Y/Y Qtrly Earnings Growth
Source: FactSet Earnings Insight, As of June 26, 2026. Estimates for Q2-Q4 2026.
U.S. Economic Picture Remains Favorable
The U.S. economy has remained remarkably resilient in the face of
geopolitical tensions and commodity market volatility. The macro
backdrop has been supported by healthy consumer spending, a labor
market that appears to be solidifying, strong corporate fundamentals, and
an ongoing wave of investment tied to artificial intelligence infrastructure.
While inflation remains above the Federal Reserve's long-term target,
economic growth expectations held firm and recession concerns faded.
-100
-80
-60
-40
-20
0
20
40
60
80
100
Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 Jan-26
Citi Economic Surprise Index - United States
Source: FactSet. As of June 30, 20266
Market Themes
www.FiducientAdvisors.com
See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility of a loss.
Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.
IPO Craze
The quarter was filled with much news and anticipation for the mega-cap
IPO of SpaceX. Despite the initial raise and extreme market cap, the low
float available to the market resulted in relatively low exposure within
market indexes where it was included. Due to this, SpaceX ranked 51st
within the Russell 1000 Index at the end of the quarter, a weight of
roughly 0.2% despite being the 6th largest company by full market cap.
More float will become available as lock-ups expire, but initial impact for
these mega-IPOs on market indexes is likely to be small.
Russell 1000 Index
Top 10 Constituents
Index
Rank
Index
Weight Market Cap ($M)
NVIDIA Corp 1 6.7% $4,842,178
Apple Inc 2 6.0% $4,249,933
Alphabet Inc 3 5.4% $4,318,356
Microsoft Corp 4 4.0% $2,770,955
Amazon.com Inc 5 3.3% $2,563,849
Broadcom Inc 6 2.5% $1,797,176
Micron Technology Inc 7 1.9% $1,303,647
Meta Platforms Inc 8 1.8% $1,429,868
Tesla Inc 9 1.8% $1,579,657
Eli Lilly and Co 10 1.4% $1,129,553
SpaceX 51 0.2% $2,266,821
Source: Morningstar Direct, FactSet. As of June 30, 2026.
Oil Prices and Inflation Expectations Year-to-Date
Tensions in the Middle East and the evolving dynamic of the conflict
between the U.S. and Iran has created extreme volatility in commodity
markets. Shifting commodity prices have fueled a jump in recent inflation
prints, but market expectations for inflation have been volatile as well. The
Fed has remained on hold, but minutes have revealed a more hawkish
tone from the most recent meeting, new chair Warsh’s first meeting
leading the FOMC.
2.0
2.1
2.2
2.3
2.4
2.5
2.6
2.7
2.8
50
60
70
80
90
100
110
120
130
140
Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26
Breakeven Inflation Rate (%)
Oil Prices ($/bbl)
Brent Oil (LH)
5 Year U.S. Breakeven Inflation Rate (RH)
Source: FactSet. As of June 30, 20267
Asset Class Returns
www.FiducientAdvisors.com
Fixed Income (2Q 2026)
+ Fixed income markets had a positive quarter despite
a rise in interest rates and a complicated backdrop for
the asset class as investors digested elevated inflation,
a resilient economy and solid labor market. Core bonds
had a modest positive return, benefiting from strength in
the corporate bond market.
+ High yield bonds were the standout within fixed
income during the quarter with strong investor demand
in the risk-on market.
+ Longer duration assets fared well even in the face of
modestly higher rates on the long-end of the curve.
Equity (2Q 2026)
+ Investors looked through a volatile macro backdrop
and rewarded signs of resilient earnings, easing
geopolitical stress and continued demand tied to
artificial intelligence infrastructure. There was
broadening market leadership with U.S. small cap
outpacing large cap as investors grew more comfortable
with the economic backdrop.
+ Non-U.S. markets also saw strong results, with
emerging markets leading the way, jumping over 24% in
the quarter. Semiconductor and other AI-related
technology companies were the main source of strength
for the asset class.
Real Asset / Alternatives (2Q 2026)
+ Equity REITs had a positive quarter, benefiting from
the risk on market as well as improving sentiment and
fundamentals in areas such as office and lodging.
+ Hedge funds, reported on a month lag, generated
strong results this year amidst the market volatility.
Event driven strategies were among the best over the
trailing three months.
- Commodities, while positive year-to-date, sold off in
the second quarter. Easing tensions in the Middle East
pushed energy prices lower and precious metals gave
back gains from earlier in the year as well.
1.2 1.1
0.6
4.1
2.0
0.8 0.3
10.3
22.6
9.4
23.8
14.9
7.8
14.4
7.3
0.9 1.1 0.7
3.4 2.5 1.5 1.4
15.1
21.5
10.8
24.1
10.7
1.0
-8.1
6.5
-12
-9
-6
-3
0
3
6
9
12
15
18
21
24
27
TIPS Municipals 5-
Year
U.S. Core Bond High Yield
Municipals
High Yield U.S. Long
Duration
Foreign Bond U.S Large Cap U.S. Small Cap International
Developed
Emerging
Markets
U.S. Equity
REITs
Real Assets Commodities Hedge Funds*
Total Returns (%)
YTD QTD
Source: Morningstar Direct. As of June 30, 2026. *Hedge fund returns as of May 31, 2026.
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
6/26
Spreads (bps)
Bloomberg U.S. Inv. Grade Corp Index (LHS)
Bloomberg U.S. Corp High Yield Index (RHS)
Source: FactSet. As of June 30, 2026.
Fixed Income Market Update
www.FiducientAdvisors.com
U.S. Treasury Yield Curve
It was a volatile period for interest rates as markets digested shifting
inflation expectations tied predominately to swinging energy prices.
Ultimately interest rates rose as market expectations shifted from
pricing in rate cuts to pricing in a rate hike by the end of the 2026.
Corporate Credit Spreads – Trailing 5 Years
The corporate bond market continues to garner demand and benefited
from the risk-on environment in the second quarter. Credit spreads
compressed from the start of the period and while all-in yields remain
attractive, the compensation above Treasuries hovers near 20-year tights.
4.14
4.44
3.79
4.30
3.72
4.24
3.0
3.5
4.0
4.5
5.0
5.5
0 5 10 15 20 25 30
Yield (%)
U.S. Treasury Maturity (yrs)
6/30/26
3/31/26
6/30/25
Source: FactSet. As of June 30, 2026.
6/30/2026 10Yr Avg
IG 74 bps 111 bps
HY 270 bps 377 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
87.6%
-8.2%
21.7%26.4%
13.7%
25.4%
36.0%
4.1%7.5%14.5%9.0%12.0%14.0%17.1%21.5%15.1%
S.Korea
Brazil
Value
Growth
Small
Large
Neth.
UK
Value
Growth
Small
Large
Value
Growth
Small
Large
Source: Morningstar Direct. As of June 30, 2026.
Equity Market Update
www.FiducientAdvisors.com
Market Capitalization, Style, and Select Country Performance (2Q 2026)
Equity markets saw a strong rebound in the second quarter. The AI dominated quarter in the U.S. was also experienced abroad, and growth stocks
across the board outpaced their value counterparts. Emerging markets was dominated by South Korea and Taiwan, which account for over 40% of the
index combined. The rally was closely tied to the global AI supply chain, particularly in Asia, where semiconductor and technology-heavy markets
benefited from the same hardware cycle that lifted U.S. chipmakers.
U.S. Equities – Returns by Sector (2Q 2026)
The S&P 500 rose over 15% during the second quarter with positive results across almost all underlying sectors. A strong fundamental backdrop
helped support the rally, with the sixth quarter in a row of double-digit year-over-year earnings growth (Q1 results released in Q2). The information
technology sector led the way as the AI theme remained dominant for most of the quarter, before reversing some in June. A handful of companies
related to semiconductors gained over 200%, including Micron Technology and Intel.
U.S. Emerging MarketsInt’l Developed
0.8%
-0.8%
8.0%
19.7%
-1.2%
3.5%
20.2%19.8%
12.0%11.5%
7.7%
10.2% 8.3%9.3%
0.3%
-13.4%
9.0%8.8%
14.9%
31.8%
2.0%
8.5%
-0.5%
15.2%
Comm.
Services
Cons. Disc.Cons.
Staples
EnergyFinancialsHealth CareIndustrialsITMaterialsReal EstateUtilitiesS&P 500
YTD QTD
Source: Morningstar Direct. As of June 30, 2026.
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 (2Q 2026)
REITs advanced during the second quarter, supported by strong
operating fundamentals and improving investor sentiment. Lodging and
office sectors led performance as travel demand remained strong and
investors became increasingly constructive on office fundamentals
given strong leasing activity. Long-duration infrastructure REITs lagged
as capital rotated from the rate sensitive subsector.
Commodity Performance (2Q 2026)
Commodities declined during the second quarter as weakness across
energy and precious metals more than offset gains in select industrial
metals. Energy markets were pressured by easing geopolitical concerns
and improving supply expectations, while precious metals weakened on
increased expectations of a Fed rate hike in the back half of the year.
38.7
6.6
-7.6
4.7
-13.3
1.9
-14.9
-3.1
-20
-10
0
10
20
30
40
50
Energy Industrial
Metals
Precious
Metals
Agriculture
Total Return (%)
YTD QTD
Source: Morningstar Direct. As of June 30, 2026.
16.4
34.1
33.2
20.2
19.5
7.5
20.8
42.8
8.4
-7.5
2.2
12.4
9.5
19.6
7.5
14.1
12.3
14.7
15.4
36.3
5.7
-3.1
0.3
34.7
-20 0 20 40 60
Diversified
Specialty
Data Centers
Health Care
Retail
Residential
Self Storage
Lodging/Resorts
Industrial
Infrastructure
Timber
Office
Total Return (%)
YTD QTD
Source: Morningstar Direct. As of June 30, 2026.
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
Marketable Alternatives
Benchmark Return Indices cannot be invested in directly. HFRI benchmarks are net of fees. Past performance does not indicate future performance and
there is a possibility of a loss. See disclosures for list of indices representing each asset class.
Fund of Funds / Asset Weighted
+ The HFRI Fund of Funds Composite returned 4.3
percent over the trailing 3-month period and 7.3 percent
year-to-date.
+ The HFRI Asset Weighted Composite returned 2.7
percent over the trailing 3-month period and 5.8 percent
year-to-date.
+/- Marketable alternatives largely outpaced fixed
income and non-US developed markets equities but
trailed US and emerging markets equities.
Equity Hedge / Event Driven
+ Equity Hedge strategies returned 3.5 percent over the
period, driven by strong long alpha.
+ Within the Equity Hedge peer group, strategies
focused on technology were standout performers.
+ Event Driven strategies returned 4.4 percent over the
period, with Special Situations strategies leading the
peer group.
Macro / Relative Value
+ Macro strategies returned 2.3 percent over the period,
led by systematic strategies.
- Discretionary Macro strategies trailed over the period,
generating negative returns.
+ Relative Value strategies returned 1.7 percent over
the period, with Yield Alternatives strategies leading
other sub-strategies.
Source: Morningstar Direct. As of May 31, 2026.
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4.3%
2.7%
3.5%
4.4%
2.3%
1.7%
7.3%
5.8%
6.8% 6.5% 6.3%
3.8%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
HFRI Fund of Funds
Composite
HFRI Asset Weighted
Composite
HFRI Equity Hedge HFRI Event Driven HFRI Macro HFRI Relative Value
Total Return
Trailing 3-Month YTD12
Fundraising in the first half of the year remains muted as investors continue to focus on
distribution activity which remains well below historical averages.
$184
$256
$225
$361
$252
$385
$381
$408
$371
$308
$160
432
520
471
556 545
836
1,095 1,071
797
551
223
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Capital raised ($B) Fund count
$469.4
$594.2
$659.3
$695.5
$617.0
$1,265.4
$942.7
$727.1
$868.6
$1,163.4
$461.0
4,838 5,410
6,304 6,583 6,662
10,379
9,500
8,242 8,625
9,062
4,794
0
2,000
4,000
6,000
8,000
10,000
12,000
$0.0
$200.0
$400.0
$600.0
$800.0
$1,000.0
$1,200.0
$1,400.0
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Deal value ($B) Deal count Estimated deal count
See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility of a loss.
Indices cannot be invested in directly.
Source: Cambridge Associates. As of December 31, 2025. Returns presented as horizon
pooled return, net of fees. S&P 500 Index as of December 31, 2025. Indices cannot be
invested in directly.
Private Equity Market Update
Private Equity Performance (As of December 31, 2025)
U.S. Private Equity Deal Activity
U.S. Private Equity Fundraising Activity
Public market performance has been strong as of late; however, longer term periods
continue to favor private markets. Growth equity and venture capital returns have
continued their recovery.
Source: Pitchbook. As of June 30, 2026.
Source: Pitchbook. As of June 30, 2026.
U.S. private equity deal activity and volume has had a slower pace in the first half of 2026 relative to 2025. Multiple market headwinds including geopolitical risk and AI
disruption have led investors to pullback across all sectors, sizes and deal types.
www.FiducientAdvisors.com
Benchmark 1-YR 3-YR 5-YR 10-Y 15-Y
US Private Equity Index 8.7% 8.7% 11.7% 15.2% 15.0%
US Buyout Index 7.6% 8.6% 12.2% 14.8% 14.8%
US Growth Equity Index 11.9% 8.8% 10.3% 16.6% 15.8%
US Venture Capital Index 21.1% 8.7% 10.2% 14.9% 15.5%
S&P 500 Index 17.9% 23.0% 14.4% 14.8% 14.1%13
The Case for Diversification
www.FiducientAdvisors.com
See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility of a loss.
Indices cannot be invested in directly. Please refer to Material Risk disclosure for important information associated with market volatility.
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 10 Years (Ann)
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
Emerging Markets
Equity
23.8
U.S. Large Cap
15.3
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. Small Cap
22.6
U.S. Mid Cap
12.0
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. Mid Cap
15.3
U.S. Small Cap
11.6
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
U.S. Equity REITs
14.9
Emerging Markets
Equity
10.1
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
Commodities
14.4
International
Developed Equity
9.7
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
U.S. Large Cap
10.3
Balanced
8.4
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
International
Developed Equity
9.4
U.S. Equity REITs
5.9
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
Hedge Funds
7.3
Commodities
5.8
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
Balanced
7.1
Hedge Funds
5.8
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
High Yield Municipals
4.1
High Yield
5.8
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
2.0
High Yield Municipals
4.0
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
Cash
1.8
TIPS
2.6
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
TIPS
1.2
Cash
2.3
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
Municipals 5-Year
1.1
Municipals 5-Year
1.8
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
U.S. Core Bond
0.6
U.S. Core Bond
1.5
Sources: Morningstar, FactSet. As of June 30, 2026. *Periods greater than one year are annualized. Total returns in U.S. dollars. Hedge Funds as of May 31, 2026.14
Financial Markets Performance
www.FiducientAdvisors.com
Global Fixed Income Markets QTD YTD 1YR 3YR 5YR 7YR 10YR 15YR
Bloomberg 1-3-Month T-Bill 0.9% 1.8% 4.0% 4.7% 3.6% 2.8% 2.3% 1.6%
Bloomberg U.S. TIPS 0.9% 1.2% 3.4% 4.0% 1.0% 2.8% 2.6% 2.6%
Bloomberg Municipal Bond (5 Year) 1.1% 1.1% 3.8% 3.4% 1.2% 1.7% 1.8% 2.2%
Bloomberg High Yield Municipal Bond 3.4% 4.1% 7.0% 5.8% 1.8% 3.4% 4.0% 5.2%
Bloomberg U.S. Aggregate 0.7% 0.6% 3.8% 4.2% 0.1% 1.2% 1.5% 2.3%
Bloomberg U.S. Corporate High Yield 2.5% 2.0% 5.9% 8.9% 4.2% 5.1% 5.8% 5.8%
Bloomberg Global Aggregate ex-U.S. Hedged 1.8% 1.6% 2.6% 4.6% 1.4% 1.6% 2.1% 3.2%
Bloomberg Global Aggregate ex-U.S. Unhedged 1.0% -0.9% -1.9% 2.7% -2.9% -1.3% -0.7% -0.3%
Bloomberg U.S. Long Gov / Credit 1.5% 0.8% 3.9% 1.9% -3.8% -0.6% 0.7% 3.5%
Global Equity Markets QTD YTD 1YR 3YR 5YR 7YR 10YR 15YR
S&P 500 15.2% 10.2% 22.3% 20.6% 13.4% 16.1% 15.5% 14.4%
Dow Jones Industrial Average 13.4% 9.8% 20.6% 17.1% 10.8% 12.4% 13.7% 12.6%
NASDAQ Composite 21.6% 13.1% 29.5% 24.7% 13.4% 19.4% 19.4% 17.3%
Russell 3000 15.4% 10.9% 22.8% 20.4% 12.3% 15.5% 15.1% 13.9%
Russell 1000 15.1% 10.3% 22.0% 20.5% 12.7% 15.8% 15.3% 14.1%
Russell 1000 Growth 16.7% 5.3% 17.7% 22.6% 13.7% 18.8% 18.6% 16.5%
Russell 1000 Value 13.9% 16.3% 27.1% 17.8% 11.2% 12.1% 11.5% 11.5%
Russell Mid Cap 13.8% 15.3% 21.6% 16.5% 8.5% 11.9% 12.0% 11.6%
Russell Mid Cap Growth 14.5% 7.3% 6.2% 15.6% 6.0% 11.6% 13.0% 12.0%
Russell Mid Cap Value 13.4% 17.6% 26.6% 16.5% 9.5% 11.4% 10.6% 11.0%
Russell 2000 21.5% 22.6% 40.8% 18.6% 7.0% 11.3% 11.6% 10.5%
Russell 2000 Growth 25.7% 22.2% 38.7% 18.4% 5.6% 10.8% 12.0% 10.8%
Russell 2000 Value 17.2% 23.0% 43.0% 18.7% 8.2% 11.4% 10.9% 10.0%
MSCI ACWI 14.9% 11.2% 23.7% 19.7% 11.0% 13.3% 12.8% 10.3%
MSCI ACWI ex. U.S. 14.5% 13.7% 27.7% 18.8% 8.8% 10.2% 9.9% 6.5%
MSCI EAFE 10.8% 9.4% 20.2% 16.4% 9.0% 9.9% 9.7% 6.9%
MSCI EAFE Growth 14.5% 9.1% 13.7% 11.5% 4.9% 8.2% 8.6% 6.8%
MSCI EAFE Value 7.5% 9.6% 27.0% 21.5% 13.2% 11.3% 10.5% 6.9%
MSCI EAFE Small Cap 9.0% 7.6% 17.4% 15.7% 5.4% 8.5% 8.6% 7.4%
MSCI Emerging Markets 24.1% 23.8% 43.5% 23.0% 7.2% 9.8% 10.1% 5.2%
Alternatives QTD YTD 1YR 3YR 5YR 7YR 10YR 15YR
FTSE NAREIT All Equity REITs 10.7% 14.9% 15.4% 10.1% 3.7% 5.9% 5.9% 8.0%
S&P Real Assets 1.0% 7.8% 13.2% 10.3% 5.1% 5.9% 5.7% 5.1%
FTSE EPRA NAREIT Developed 8.8% 10.2% 14.4% 10.7% 2.7% 3.8% 4.3% 5.7%
FTSE EPRA NAREIT Developed ex U.S. 2.9% -1.6% 3.3% 8.6% -1.5% 0.3% 2.4% 3.2%
Bloomberg Commodity Total Return -8.1% 14.4% 25.5% 11.7% 9.4% 9.5% 5.8% 0.0%
HFRI Fund of Funds Composite* 6.5% 7.3% 17.2% 10.7% 5.7% 6.8% 5.8% 4.3%
HFRI Asset Weighted Composite* 4.7% 5.8% 14.7% 9.4% 6.0% 6.1% 5.6% 4.6%
Sources: Morningstar, FactSet. As of June 30, 2026. *HFRI indexes as of May 31, 2026.
Total Return as of June 30, 2026
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.15
Section 2 DB Plan Reviews16
Table of Contents
Section 1 Fiduciary Governance Calendar
Section 2 Combined Pensions Summary17
Fiduciary Governance Calendar
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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.18
Portfolio Expense Structure
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DISCLOSURE: The figures on this page have been obtained from sources we deem to be reliable. Fiducient Advisors has not independently verified this information. A breakdown of investment
management fees are detailed in the main report.
Estimated Annual Cost
Investment Portfolio
(Weighted Average)
Town: 0.41%
BOE: 0.41%
Police: 0.42%
OPEB: 0.18%
Custodian
(Base cost)
Principal: Asset based fee: 0.025%
Per account fee: $1,000
Raymond James: No custodial fees.
Trade fees only: $0.10 per share
Fiducient
Pension Plans: Flat Fee Subject to Escalator. Approximate Annual Fee: $61,000 (this
equates to 0.06%)
OPEB: Flat fee of 0.20%, Approximate Annual Fee: $58,000
Unless otherwise noted, Fiducient’s fee represents the annualized fee as of December 31, 2025.
Please inform Fiducient of any changes to the portfolio’s custodial arrangement(s) that may impact share class selection.19
Market Value
($)
Estimated
Annual Fee
($)
Estimated
Annual Fee
(%)
Fee Schedule Details
(Ex. Mutual Fund Investments)
Universe Median
Expense Ratio
(%)
Town Plan 34,848,997 143,264 0.41 -
Short Term Liquidity 561,410 1,123 0.20 -
AllSpring Govt Money Market Fund 561,410 1,123 0.20 0.34
Fixed Income 12,331,392 51,175 0.42 -
Dodge & Cox Income 4,904,993 20,110 0.41 0.52
Hartford Total Return Bond R6 4,912,961 15,230 0.31 0.65
BlackRock Strategic Income Opportunities K 2,513,438 15,835 0.63 1.19
Domestic Equity 11,843,261 19,543 0.17 -
Vanguard Institutional Index I 9,659,175 3,381 0.04 0.74
Neuberger Genesis Fund Class R6 2,184,087 16,162 0.74 1.00
International Equity 7,437,949 46,337 0.62 -
Hartford International Opportunities R6 6,547,873 45,180 0.69 0.89
Vanguard Emerging Markets Stock Adm 890,076 1,157 0.13 1.12
Real Estate 1,503,338 14,658 0.98 -
Barings Core Property Fund LP 1,503,338 14,658 0.98 0.98 % of Assets -
Real Assets 1,171,647 10,428 0.89 -
DWS RREEF Real Assets Fund R6 1,171,647 10,428 0.89 -
Estimated Fee Analysis
Town Plan As of June 30, 2026
Estimated Annual Fee (%): The figures on this page have been obtained from sources we deem to be reliable. Fiducient Advisors has not independently verified this information. Fee calculations for mutual
funds represent fees at the net expense level. Fee calculations for commingled funds and/or alternative investments reflect base management fees and exclude underlying fund expenses captured at the NAV
level, any applicable performance-based fees, or incentive fees. Fees for fund of funds are shown at the fund of fund level and do not include fees charged by underlying investment managers/funds.
Private Equity universe fee average: Fund of Funds 0.87% (excludes underlying fund fees and performance-based fees), Direct Funds 2.0% management fee (excludes performance-based fee and any pass-
through expenses).20
Market Value
($)
Estimated
Annual Fee
($)
Estimated
Annual Fee
(%)
Fee Schedule Details
(Ex. Mutual Fund Investments)
Universe Median
Expense Ratio
(%)
Board of Education 34,317,621 140,411 0.41 -
Short Term Liquidity 612,760 1,226 0.20 -
AllSpring Govt Money Market Fund 612,760 1,226 0.20 0.34
Fixed Income 12,223,958 50,832 0.42 -
Dodge & Cox Income 4,854,920 19,905 0.41 0.52
Hartford Total Return Bond R6 4,843,196 15,014 0.31 0.65
BlackRock Strategic Income Opportunities K 2,525,842 15,913 0.63 1.19
Domestic Equity 11,671,809 19,668 0.17 -
Vanguard Institutional Index I 9,461,528 3,312 0.04 0.74
Neuberger Genesis Fund Class R6 2,210,281 16,356 0.74 1.00
International Equity 7,389,218 46,085 0.62 -
Hartford International Opportunities R6 6,514,035 44,947 0.69 0.89
Vanguard Emerging Markets Stock Adm 875,183 1,138 0.13 1.12
Real Estate 1,252,782 12,215 0.98 -
Barings Core Property Fund LP 1,252,782 12,215 0.98 0.98 % of Assets -
Real Assets 1,167,094 10,387 0.89 -
DWS RREEF Real Assets Fund R6 1,167,094 10,387 0.89 -
Estimated Fee Analysis
Board of Education As of June 30, 2026
Estimated Annual Fee (%): The figures on this page have been obtained from sources we deem to be reliable. Fiducient Advisors has not independently verified this information. Fee calculations for mutual
funds represent fees at the net expense level. Fee calculations for commingled funds and/or alternative investments reflect base management fees and exclude underlying fund expenses captured at the NAV
level, any applicable performance-based fees, or incentive fees. Fees for fund of funds are shown at the fund of fund level and do not include fees charged by underlying investment managers/funds.
Private Equity universe fee average: Fund of Funds 0.87% (excludes underlying fund fees and performance-based fees), Direct Funds 2.0% management fee (excludes performance-based fee and any pass-
through expenses).21
Market Value
($)
Estimated
Annual Fee
($)
Estimated
Annual Fee
(%)
Fee Schedule Details
(Ex. Mutual Fund Investments)
Universe Median
Expense Ratio
(%)
Police Plan 26,582,905 110,838 0.42 -
Short Term Liquidity 267,930 536 0.20 -
AllSpring Govt Money Market Fund 267,930 536 0.20 0.34
Fixed Income 9,392,806 38,985 0.42 -
Dodge & Cox Income 3,741,217 15,339 0.41 0.52
Hartford Total Return Bond R6 3,737,034 11,585 0.31 0.65
BlackRock Strategic Income Opportunities K 1,914,555 12,062 0.63 1.19
Domestic Equity 9,173,291 16,499 0.18 -
Vanguard Institutional Index I 7,288,398 2,551 0.04 0.74
Neuberger Genesis Fund Class R6 1,884,893 13,948 0.74 1.00
International Equity 5,703,781 35,622 0.62 -
Hartford International Opportunities R6 5,036,985 34,755 0.69 0.89
Vanguard Emerging Markets Stock Adm 666,796 867 0.13 1.12
Real Estate 1,169,263 11,400 0.98 -
Barings Core Property Fund LP 1,169,263 11,400 0.98 0.98 % of Assets -
Real Assets 875,835 7,795 0.89 -
DWS RREEF Real Assets Fund R6 875,835 7,795 0.89 -
Estimated Fee Analysis
Police Plan As of June 30, 2026
Estimated Annual Fee (%): The figures on this page have been obtained from sources we deem to be reliable. Fiducient Advisors has not independently verified this information. Fee calculations for mutual
funds represent fees at the net expense level. Fee calculations for commingled funds and/or alternative investments reflect base management fees and exclude underlying fund expenses captured at the NAV
level, any applicable performance-based fees, or incentive fees. Fees for fund of funds are shown at the fund of fund level and do not include fees charged by underlying investment managers/funds.
Private Equity universe fee average: Fund of Funds 0.87% (excludes underlying fund fees and performance-based fees), Direct Funds 2.0% management fee (excludes performance-based fee and any pass-
through expenses).22
Investments Inception Subscriptions Redemptions Liquidity Terms Market Value
($)
Liquid
($)
Semi Liquid
($)
AllSpring Govt Money Market Fund 10/2012 Daily Liquid 612,760 612,760 -
Dodge & Cox Income 09/2024 Daily Liquid 4,854,920 4,854,920 -
Hartford Total Return Bond R6 09/2024 Daily Liquid 4,843,196 4,843,196 -
BlackRock Strategic Income Opportunities K 06/2014 Daily Liquid 2,525,842 2,525,842 -
Vanguard Institutional Index I 11/2012 Daily Liquid 9,461,528 9,461,528 -
Neuberger Genesis Fund Class R6 11/2012 Daily Liquid 2,210,281 2,210,281 -
Hartford International Opportunities R6 09/2014 Daily Liquid 6,514,035 6,514,035 -
Vanguard Emerging Markets Stock Adm 02/2019 Daily Liquid 875,183 875,183 -
Barings Core Property Fund LP 10/2013 Quarterly Semi Liquid Contributions and redemptions quarterly with 30 days notice
Redemptions subject to fund level queue
1,252,782 - 1,252,782
DWS RREEF Real Assets Fund R6 11/2022 Daily Liquid 1,167,094 1,167,094 -
AllSpring Govt Money Market Fund 10/2012 Daily Liquid 561,410 561,410 -
Dodge & Cox Income 09/2024 Daily Liquid 4,904,993 4,904,993 -
Hartford Total Return Bond R6 09/2024 Daily Liquid 4,912,961 4,912,961 -
BlackRock Strategic Income Opportunities K 06/2014 Daily Liquid 2,513,438 2,513,438 -
Vanguard Institutional Index I 11/2012 Daily Liquid 9,659,175 9,659,175 -
Neuberger Genesis Fund Class R6 11/2012 Daily Liquid 2,184,087 2,184,087 -
Hartford International Opportunities R6 09/2014 Daily Liquid 6,547,873 6,547,873 -
Vanguard Emerging Markets Stock Adm 02/2019 Daily Liquid 890,076 890,076 -
Barings Core Property Fund LP 10/2013 Quarterly Semi Liquid Contributions and redemptions quarterly with 30 days notice
Redemptions subject to fund level queue
1,503,338 - 1,503,338
DWS RREEF Real Assets Fund R6 11/2022 Daily Liquid 1,171,647 1,171,647 -
AllSpring Govt Money Market Fund 10/2012 Daily Liquid 267,930 267,930 -
Dodge & Cox Income 09/2024 Daily Liquid 3,741,217 3,741,217 -
Hartford Total Return Bond R6 09/2024 Daily Liquid 3,737,034 3,737,034 -
BlackRock Strategic Income Opportunities K 06/2014 Daily Liquid 1,914,555 1,914,555 -
Vanguard Institutional Index I 11/2012 Daily Liquid 7,288,398 7,288,398 -
Neuberger Genesis Fund Class R6 11/2012 Daily Liquid 1,884,893 1,884,893 -
Hartford International Opportunities R6 09/2014 Daily Liquid 5,036,985 5,036,985 -
Vanguard Emerging Markets Stock Adm 02/2019 Daily Liquid 666,796 666,796 -
Barings Core Property Fund LP 10/2013 Quarterly Semi Liquid Contributions and redemptions quarterly with 30 days notice
Redemptions subject to fund level queue
1,169,263 - 1,169,263
DWS RREEF Real Assets Fund R6 11/2022 Daily Liquid 875,835 875,835 -
Total ($) 95,749,522 91,824,139 3,925,383
Total (%) 100.0 95.9 4.1
Liquidity Schedule
AllSpring Govt Money Market Fund As of June 30, 2026
Liquid – daily to monthly | Semi-Liquid – greater than monthly and up to one year | Illiquid – greater than one year
The figures on this page have been obtained from sources we deem to be reliable. Fiducient Advisors has not independently verified this information.23
Redemptions Market Value
($)
% of
Total Plan
Semi Liquid 3,925,383 4.1
Liquid 91,824,139 95.9
Total 95,749,522 100.0
Liquidity Schedule
AllSpring Govt Money Market Fund As of June 30, 2026
Liquid – daily to monthly | Semi-Liquid – greater than monthly and up to one year | Illiquid – greater than one year
The figures on this page have been obtained from sources we deem to be reliable. Fiducient Advisors has not independently verified this information.24
Historical Performance
Portfolio (08/1994) Portfolio Benchmark (08/1994)
0.0
5.0
10.0
15.0
20.0
Return (%)
QTD YTD 1
Year
3
Years
5
Years
10
Years
FA Incep
Dec-2012
Since
Inception
8.6 7.6
15.8
12.8
6.3
8.2 7.8 7.87.8 6.9
14.0
11.3
5.5
7.8 7.3 7.4
Summary of Cash Flows
QTD YTD 1
Year
Since
Inception
Town Plan
Beginning Market Value 32,880,218 33,937,965 31,366,237 4,896,705
Net Contributions -568,362 -1,361,985 -914,887 -10,017,918
Gain/Loss 2,537,141 2,273,017 4,397,647 39,970,211
Ending Market Value 34,848,997 34,848,997 34,848,997 34,848,997
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
1.6%
Fixed Income
35.4%
Real Assets
3.4%
Real Estate
4.3%
International Equity
21.3%
Domestic Equity
34.0%
Actual vs. Target Allocations
Target Actual Differences
0.0% 15.0% 30.0% 45.0% 60.0%-15.0 %
Real Assets
$1,171,647
Real Estate
$1,503,338
International Equity
$7,437,949
Domestic Equity
$11,843,261
Fixed Income
$12,331,392
Short Term Liquidity
$561,410
3.5%
5.0%
21.0%
33.0%
37.5%
0.0%
3.4%
4.3%
21.3%
34.0%
35.4%
1.6%
-0.1 %
-0.7 %
0.3%
1.0%
-2.1 %
1.6%
Portfolio Dashboard
Town Plan As of June 30, 2026
Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees.25
Asset
Allocation
($)
Asset
Allocation
(%)
Target
Allocation
(%)
Differences
(%)
Town Plan 34,848,997 100.0 100.0 0.0
Short Term Liquidity 561,410 1.6 0.0 1.6
AllSpring Govt Money Market Fund 561,410 1.6 0.0 1.6
Fixed Income 12,331,392 35.4 37.5 -2.1
Dodge & Cox Income 4,904,993 14.1 15.0 -0.9
Hartford Total Return Bond R6 4,912,961 14.1 15.0 -0.9
BlackRock Strategic Income Opportunities K 2,513,438 7.2 7.5 -0.3
Domestic Equity 11,843,261 34.0 33.0 1.0
Vanguard Institutional Index I 9,659,175 27.7 26.0 1.7
Neuberger Genesis Fund Class R6 2,184,087 6.3 7.0 -0.7
International Equity 7,437,949 21.3 21.0 0.3
Hartford International Opportunities R6 6,547,873 18.8 18.5 0.3
Vanguard Emerging Markets Stock Adm 890,076 2.6 2.5 0.1
Real Estate 1,503,338 4.3 5.0 -0.7
Barings Core Property Fund LP 1,503,338 4.3 5.0 -0.7
Real Assets 1,171,647 3.4 3.5 -0.1
DWS RREEF Real Assets Fund R6 1,171,647 3.4 3.5 -0.1
Asset Allocation
Town Plan As of June 30, 202626
Historical Performance
Portfolio (08/1994) Portfolio Benchmark (08/1994)
0.0
5.0
10.0
15.0
20.0
Return (%)
QTD YTD 1
Year
3
Years
5
Years
10
Years
FA Incep
Dec-2012
Since
Inception
8.6 7.6
15.8
12.8
6.3
8.2 7.8 7.87.8 6.9
14.0
11.5
5.6
7.9 7.3 7.4
Summary of Cash Flows
QTD YTD 1
Year
Since
Inception
Board of Education
Beginning Market Value 32,481,977 33,434,563 31,162,161 3,743,350
Net Contributions -682,287 -1,363,851 -1,202,408 -4,922,412
Gain/Loss 2,517,931 2,246,908 4,357,868 35,496,683
Ending Market Value 34,317,621 34,317,621 34,317,621 34,317,621
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
35.6%
Real Assets
3.4%
Real Estate
3.7%
International Equity
21.5%
Domestic Equity
34.0%
Actual vs. Target Allocations
Target Actual Differences
0.0% 15.0% 30.0% 45.0% 60.0%-15.0 %
Real Assets
$1,167,094
Real Estate
$1,252,782
International Equity
$7,389,218
Domestic Equity
$11,671,809
Fixed Income
$12,223,958
Short Term Liquidity
$612,760
3.5%
5.0%
21.0%
33.0%
37.5%
0.0%
3.4%
3.7%
21.5%
34.0%
35.6%
1.8%
-0.1 %
-1.3 %
0.5%
1.0%
-1.9 %
1.8%
Portfolio Dashboard
Board of Education As of June 30, 2026
Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees.27
Asset
Allocation
($)
Asset
Allocation
(%)
Target
Allocation
(%)
Differences
(%)
Board of Education 34,317,621 100.0 100.0 0.0
Short Term Liquidity 612,760 1.8 0.0 1.8
AllSpring Govt Money Market Fund 612,760 1.8 0.0 1.8
Fixed Income 12,223,958 35.6 37.5 -1.9
Dodge & Cox Income 4,854,920 14.1 15.0 -0.9
Hartford Total Return Bond R6 4,843,196 14.1 15.0 -0.9
BlackRock Strategic Income Opportunities K 2,525,842 7.4 7.5 -0.1
Domestic Equity 11,671,809 34.0 33.0 1.0
Vanguard Institutional Index I 9,461,528 27.6 26.0 1.6
Neuberger Genesis Fund Class R6 2,210,281 6.4 7.0 -0.6
International Equity 7,389,218 21.5 21.0 0.5
Hartford International Opportunities R6 6,514,035 19.0 18.5 0.5
Vanguard Emerging Markets Stock Adm 875,183 2.6 2.5 0.1
Real Estate 1,252,782 3.7 5.0 -1.3
Barings Core Property Fund LP 1,252,782 3.7 5.0 -1.3
Real Assets 1,167,094 3.4 3.5 -0.1
DWS RREEF Real Assets Fund R6 1,167,094 3.4 3.5 -0.1
Asset Allocation
Board of Education As of June 30, 202628
Historical Performance
Portfolio (08/1994) Portfolio Benchmark (08/1994)
0.0
5.0
10.0
15.0
20.0
Return (%)
QTD YTD 1
Year
3
Years
5
Years
10
Years
FA Incep
Dec-2012
Since
Inception
8.6 7.6
15.8
12.8
6.3
8.2 7.8 7.87.7 6.8
13.8
11.3
5.5
7.8 7.3 7.5
Summary of Cash Flows
QTD YTD 1
Year
Since
Inception
Police Plan
Beginning Market Value 25,014,782 25,625,128 23,488,605 3,402,802
Net Contributions -354,994 -753,583 -204,159 -7,286,568
Gain/Loss 1,923,117 1,711,359 3,298,458 30,466,670
Ending Market Value 26,582,905 26,582,905 26,582,905 26,582,905
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
35.3%
Real Assets
3.3%
Real Estate
4.4%
International Equity
21.5%
Domestic Equity
34.5%
Actual vs. Target Allocations
Target Actual Differences
0.0% 15.0% 30.0% 45.0% 60.0%-15.0 %
Real Assets
$875,835
Real Estate
$1,169,263
International Equity
$5,703,781
Domestic Equity
$9,173,291
Fixed Income
$9,392,806
Short Term Liquidity
$267,930
3.5%
5.0%
21.0%
33.0%
37.5%
0.0%
3.3%
4.4%
21.5%
34.5%
35.3%
1.0%
-0.2 %
-0.6 %
0.5%
1.5%
-2.2 %
1.0%
Portfolio Dashboard
Police Plan As of June 30, 2026
Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees.29
Asset
Allocation
($)
Asset
Allocation
(%)
Target
Allocation
(%)
Differences
(%)
Police Plan 26,582,905 100.0 100.0 0.0
Short Term Liquidity 267,930 1.0 0.0 1.0
AllSpring Govt Money Market Fund 267,930 1.0 0.0 1.0
Fixed Income 9,392,806 35.3 37.5 -2.2
Dodge & Cox Income 3,741,217 14.1 15.0 -0.9
Hartford Total Return Bond R6 3,737,034 14.1 15.0 -0.9
BlackRock Strategic Income Opportunities K 1,914,555 7.2 7.5 -0.3
Domestic Equity 9,173,291 34.5 33.0 1.5
Vanguard Institutional Index I 7,288,398 27.4 26.0 1.4
Neuberger Genesis Fund Class R6 1,884,893 7.1 7.0 0.1
International Equity 5,703,781 21.5 21.0 0.5
Hartford International Opportunities R6 5,036,985 18.9 18.5 0.4
Vanguard Emerging Markets Stock Adm 666,796 2.5 2.5 0.0
Real Estate 1,169,263 4.4 5.0 -0.6
Barings Core Property Fund LP 1,169,263 4.4 5.0 -0.6
Real Assets 875,835 3.3 3.5 -0.2
DWS RREEF Real Assets Fund R6 875,835 3.3 3.5 -0.2
Asset Allocation
Police Plan As of June 30, 202630
Section 3 OPEB Trust Review31
Simsbury OPEB
Proposed 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% 4.5%
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% 30.5%
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% 25.5%
Fidelity® Mid Cap Index Mid Cap (Passive) Mutual Fund FSMDX Daily 0.025% 7.5%
Fidelity® Small Cap Index Small Cap (Passive) Mutual Fund FSSNX Daily 0.025% 5.0%
Total Domestic Equity 35.0% 38.0%
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% 15.5%
Fidelity® Emerging Markets Idx Emerging Markets Blend Mutual Fund FPADX Daily 0.075% 7.0%
Total International Equity 25.0% 22.5%
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% 4.5%
Total Real Estate 5.0% 4.5%
Portfolio Totals 100.0% 100.0%
Weighted Average Investment Expense 0.18% 0.04%
*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 compensation5332
Investment Policy Statement
A well-written Investment Policy Statement serves as the blueprint for the management of the
investment program. As such, there are certain criteria that are required in an IPS, and other criteria
that may or may not be included based on the organization’s circumstances:
www.FiducientAdvisors.com
In the appendix, you will find the most
recent IPS on file for the Simsbury OPEB.
• The body of the IPS is as of May
2017, and the asset allocation table in
Appendix A is as of May 2017.
• The IPS was most recently
reviewed/approved by the Investment
Committee in September 2022.
• There are no recommendations for
change at this point in time.
Important elements of an IPS to consider:
Investment objective(s) 
Assignment of responsibilities 
Asset allocation framework 
Rebalancing guidelines 
Selection and monitoring criteria for
investment strategies 
Termination guidelines for investment
strategies 33
Town of Simsbury OPEB Trust page 7
Appendix A
Target Asset Allocation Table
Asset Class Min
Weight
Target
Weight
Max
Weight
Benchmark
Indices
Fixed Income 25.0% 35.0% 45.0%
Bloomberg Barclays
Aggregate Index,
Bloomberg Barclays
U.S. TIPS Index
Domestic Equities 25.0% 35.0%
38.0% 45.0%
S&P 500 Index,
Russell Midcap
Index, Russell 2000
Index
International Equities 15.0% 25.0%
22.5% 35.0%
MSCI EAFE Index,
MSCI Emerging
Markets Index
Real Estate 0.0% 5.0%
4.5% 10.0%
FTSE EPRA/NAREIT
Developed ex U.S.
Index, Cohen Steers
Realty Majors Index34
Historical Performance
Portfolio (06/2008) Portfolio Benchmark (06/2008)
0.0
6.0
12.0
18.0
24.0
Return (%)
QTD YTD 1
Year
3
Years
5
Years
10
Years
Since
Inception
9.6 8.6
16.5
13.4
6.8
8.5
6.8
8.8 8.7
16.9
13.3
6.7
8.4
6.8
Summary of Cash Flows
QTD YTD 1
Year
Since
Inception
Simsbury OPEB
Beginning Market Value 28,807,945 28,833,398 26,827,214 1,364,267
Net Contributions - - - 10,385,959
Gain/Loss 2,546,135 2,520,682 4,526,866 19,603,854
Ending Market Value 31,354,080 31,354,080 31,354,080 31,354,080
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
33.5%
Total Real Estate
5.2%
Total International Equity
25.1%
Total Domestic Equity
36.1%
Actual vs. Target Allocations
Target Actual Differences
0.0% 15.0% 30.0% 45.0%-15.0 %
Total Real Estate
$1,616,024
Total International Equity
$7,870,873
Total Domestic Equity
$11,319,040
Total Fixed Income
$10,509,444
Total Short Term Liquidity
$38,699
5.0%
25.0%
35.0%
35.0%
0.0%
5.2%
25.1%
36.1%
33.5%
0.1%
0.2%
0.1%
1.1%
-1.5 %
0.1%
Portfolio Dashboard
Simsbury OPEB As of June 30, 2026
Client portfolio performance is presented net of underlying investment manager fees but gross of Fiducient Advisors' fees.35
Asset
Allocation
($)
Asset
Allocation
(%)
Target
Allocation
(%)
Differences
(%)
Simsbury OPEB 31,354,080 100.0 100.0 0.0
Total Short Term Liquidity 38,699 0.1 0.0 0.1
Money Market Fund 38,699 0.1 0.0 0.1
Total Fixed Income 10,509,444 33.5 35.0 -1.5
iShares TIPS Bond ETF 5,253,387 16.8 17.5 -0.7
iShares Core U.S. Aggregate Bond ETF 5,256,057 16.8 17.5 -0.7
Total Domestic Equity 11,319,040 36.1 35.0 1.1
iShares Core S&P 500 ETF 8,373,208 26.7 26.0 0.7
iShares Russell Midcap Index Fund 1,937,389 6.2 6.0 0.2
iShares Russell 2000 ETF 1,008,443 3.2 3.0 0.2
Total International Equity 7,870,873 25.1 25.0 0.1
iShares MSCI EAFE ETF 5,812,729 18.5 19.0 -0.5
iShares MSCI Emerging Markets ETF 2,058,144 6.6 6.0 0.6
Total Real Estate 1,616,024 5.2 5.0 0.2
iShares Cohen & Steers REIT ETF 1,616,024 5.2 5.0 0.2
Asset Allocation
Simsbury OPEB As of June 30, 202636
Neuberger Genesis Fund
• Call to Action: The Neuberger Genesis Fund trailed the Russell 2000 Index by over 700 basis points in Q2
2026 ranking in the 90th percentile in Evestment’s small cap blend universe. The Fund is trailing the benchmark
by over 2600 basis points in the 1-year trailing return period ranking at the 92nd percentile in the same
universe. In addition, the Fund trailed the index in calendar years 2024 and 2023 but the magnitude of those
relative shortfalls was more consistent with normal variation that can occur within an active management
framework. This recent stretch of underperformance is weighing on the Fund’s longer performance record,
particularly in the 3yr, 5yr and 7yr trailing return periods where it trails the Russell 2000 Index by over 1100 basis
points annualized in the 3yr and by close to 300 basis points annualized in the 5yr and 7yr trailing return
periods.
• Context & Analysis: Over the past 20 months, volatile, speculative stocks have outperformed profitable, high-
quality companies creating strong headwinds to Neuberger’s process which focuses on high-quality companies
that have low levels of debt, high returns on assets and defensible competitive advantages. The benchmark
return in April and May was driven almost entirely by a narrow surge in technology and AI-infrastructure related
names. The Fund's lack of exposure to these predominantly volatile, momentum-driven, and lower-quality
companies that do not meet the Fund's investment criteria explained much of the underperformance.
www.FiducientAdvisors.com
Sources: BofA Global Research as of June 30, 2026. See BofA Global Research Model Details Section for complete factor definitions. This material is intended as a broad overview of the portfolio managers’
style, philosophy and process and is subject to change without notice. The portfolio managers’ views may differ from those of other portfolio managers as well as the views of Neuberger.37
Neuberger Genesis Fund
• Recommendation: Neuberger Berman focuses on identifying high-quality companies with sustainable earnings
and resilient business models – criteria that has been clearly out of step with the current market sentiment over
the past twenty months or so. History reminds us that investment styles go in and out of favor, and that
speculative excess eventually gives way to a renewed focus on quality. While performance since April 2025 has
proved to be a disappointment, nearly three decades of small-cap investing have taught Neuberger that
speculative fevers eventually break, and the team remains confident that recent excesses ultimately will create
attractive opportunities for quality-focused small cap investors who stay the course. As shown below, after
periods of heavy speculation, the Genesis's high-quality focused strategy has historically outperformed the
broader benchmark, as shown below:
• Beginning in June, market leadership shifted away from the lowest-quality, most speculative companies that had
driven Russell 2000 returns over the prior two years. Investors increasingly favored businesses with current
earnings power, leading to broader market participation and a meaningful improvement in Genesis Fund
performance. From June 1 through August 19, the Fund returned 9.6%, outperforming the Russell 2000 Index's
4.2% gain by more than 500 basis points and ranking in the 11th percentile of its peer group. Fund management
noted that portfolio earnings remain strong, with holdings generating 16% EPS growth in Q1 2026 versus 12%
for the Russell 2000. In addition, selective profit-taking has created opportunities to redeploy capital into
attractively valued stocks, with 57% of portfolio holdings now trading in the bottom quartile of their 10-year
forward P/E range, up from 49% at year-end. Management remains constructive on the Fund’s outlook, citing
strong underlying earnings growth, improving valuation support, and a market environment that appears
increasingly favorable for higher-quality businesses. As a result, we recommend no change in status here.
www.FiducientAdvisors.com38
Fact sheet | June 30, 2026Vanguard®
Vanguard Small-Cap Index Fund
Domestic stock fund | Admiral™ Shares
Fund facts
Total net
assets
Expense ratio
as of 04/28/26
Ticker
symbol
Turnover
rate
Inception
date
Fund
number
$66,227 MM 0.05% VSMAX 16.8% 11/13/00 0548
Investment objective
Vanguard Small-Cap Index Fund seeks to track the
performance of a benchmark index that measures
the investment return of small-capitalization
stocks.
Benchmark
Spliced Small Cap Index
Growth of a $10,000 investment : December 31, 2015—December 31, 2025
$26,964
Fund as of 12/31/25
$26,896
Benchmark
as of 12/31/25
Annual returns
Spliced Small Cap Index: Russell 2000 Index through May 16, 2003; MSCI US Small Cap 1750 Index through January 30, 2013; CRSP US Small Cap Index thereafter.
F0548 062026
Investment strategy
The fund employs an indexing investment approach
designed to track the performance of the CRSP US
Small Cap Index, a broadly diversified index of
stocks of smaller U.S. companies. The fund
attempts to replicate the target index by investing
all, or substantially all, of its assets in the stocks
that make up the index, holding each stock in
approximately the same proportion as its weighting
in the index.
Note: Vanguard recently announced upcoming changes
to the names of multiple Vanguard U.S. equity index
funds. Following Morningstar’s recent acquisition of
CRSP, the benchmarks tracked by these index funds will
be rebranded from CRSP to Morningstar. In addition,
Vanguard is adding “Morningstar” to the names of the
funds tracking the Morningstar Indexes. For example,
Vanguard Total Stock Market Index Fund will be
renamed Vanguard Morningstar Total Stock Market
Index Fund. The name changes for both the Vanguard
funds and the benchmarks are expected to occur in July
2026. A full list of funds changing names can be found
on Vanguard’s website.
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Annual returns 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Fund 18.30 16.24 -9.31 27.37 19.11 17.73 -17.61 18.20 14.23 8.83
Benchmark 18.26 16.24 -9.33 27.35 19.07 17.71 -17.64 18.09 14.22 8.82
Total returns
Periods ended June 30, 2026
Total returns Quarter Year to date One year Three years Five years Ten years
Fund 16.02% 18.24% 29.48% 16.72% 7.68% 11.74%
Benchmark 16.03% 18.24% 29.48% 16.70% 7.65% 11.72%
The performance data shown represent past performance, which is not a guarantee of future results.
Investment returns and principal value will fluctuate, so investors’ shares, when sold, may be worth more or
less than their original cost. Current performance may be lower or higher than the performance data cited.
For performance data current to the most recent month-end, visit our website at
vanguard.com/performance . The performance of an index is not an exact representation of any particular
investment, as you cannot invest directly in an index.
Figures for periods of less than one year are cumulative returns. All other figures represent average annual
returns. Performance figures include the reinvestment of all dividends and any capital gains distributions. All
returns are net of expenses.39
Fact sheet | June 30, 2026
Vanguard Small-Cap Index Fund
Domestic stock fund| Admiral™ Shares
Ten largest holdings*
1 Credo Technology Group Holding Ltd.
2 Jabil Inc.
3 Revolution Medicines Inc.
4 Astera Labs Inc.
5 Natera Inc.
6 EMCOR Group Inc.
7 Twilio Inc.
8 NRG Energy Inc.
9 MKS Inc.
10 Flex Ltd.
Top 10 as % of total net assets 4.3%
* The holdings listed exclude any temporary cash
investments and equity index products.
F0548 062026
Sector Diversification
Basic Materials 4.7
Energy 4.4
Utilities 3.6
Consumer Staples 3.3
Telecommunications 1.5
Other 0.0
Industrials 22.4%
Technology 15.3
Consumer Discretionary 12.8
Financials 12.3
Health Care 12.3
Real Estate 7.4
Sector categories are based on the Industry Classification Benchmark system (“ICB”), except for
the “Other” category (if applicable), which includes securities that have not been provided an
ICB classification as of the effective reporting period.
Portfolio management
Vanguard Portfolio Management
Kenny Narzikul, CFA
• Portfolio manager.
• Advised the fund since 2023.
• Worked in investment management since 2016.
• B.B.A., James Madison University.
Aaron Choi, CFA
• Portfolio manager.
• Advised the fund since 2025.
• Worked in investment management since 2015.
• B.S., Pennsylvania State University.40
Fact sheet | June 30, 2026
Vanguard Small-Cap Index Fund
Domestic stock fund | Admiral™ Shares
Connect with Vanguard ® • vanguard.com
Plain talk about risk
As with any investment, an investment in the fund could lose money over any time period. The fund’s share price and total return may fluctuate, potentially within a wide range. The
principal risks of investing in the fund are summarized below. Each of the following risks could affect the fund’s performance:
General Market Risk. The markets in which the fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market,
political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition,
investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different
types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the
fund’s investments, thereby resulting in potential losses to the fund over short or long periods.
Investing in Equity Markets. The fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market
volatility can lead to significant fluctuations in stock values, resulting in potential losses to the fund.
Market Capitalization (Market Cap). Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further
classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small-and mid-cap stocks have typically been more volatile due to the
effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to
competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of
the stock market.
Index Investing. The fund is subject to risks associated with index investing. Because the fund generally seeks to track the performance of the target index regardless of how the
target index is performing, the fund’s performance may be lower than it would be if it were actively managed. Although the fund seeks to hold substantially all of the securities
included in the target index, it may be unable to do so. In addition, the fund could be prevented from holding one or more securities in the same proportion as in the target index. The
performance of the fund’s investments, in the aggregate, may not match the investment performance of the target index. This risk, known as tracking error risk, may be heightened
during times of increased market volatility or under other unusual market conditions. The fund also could be negatively impacted by changes to the target index made by the index
provider or by errors made by the index provider. Any gains, losses, or costs associated with or resulting from an error made by the index provider will generally be borne by the fund
and, as a result, the fund’s shareholders.
Concentration Risk. Except as may be necessary to approximate the composition of its target index, the fund will not concentrate its investments in the securities of issuers whose
principal business activities are in the same industry or group of industries. If the target index becomes concentrated and the fund needs to concentrate in the same industry or group
of industries, its performance could be negatively impacted by the industry or industries in which it is concentrated.
Note on frequent trading restrictions
Frequent trading policies may apply to those funds offered as investment options within your plan. Please log on to vanguard.com for your employer plans or contact
Participant Services at 800-523-1188 for additional information.
Center for Research in Security Prices, LLC (CRSP®) and its third-party suppliers have exclusive proprietary rights in the CRSP® Index Data, which has been licensed for use by Vanguard but is and shall remain
valuable intellectual property owned by, and/or licensed to, CRSP®. The Vanguard Funds are not sponsored, endorsed, sold or promoted by CRSP®, The University of Chicago, or The University of Chicago Booth
School of Business and neither CRSP®, The University of Chicago, or The University of Chicago Booth School of Business, make any representation regarding the advisability of investing in the Vanguard Funds.
For more information about Vanguard funds or to obtain a prospectus, see below for which situation is right for you.
If you receive your retirement plan statement from Vanguard or log on to Vanguard’s website to view your plan, visit vanguard.com or call 800-523-1188 .
If you receive your retirement plan statement from a service provider other than Vanguard or log on to a recordkeeper’s website that is not Vanguard to view your plan,
please call 855-402-2646 .
Visit vanguard.com to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information
about a fund are contained in the prospectus; read and consider it carefully before investing.
Financial advisor clients: For more information about Vanguard funds, contact your financial advisor to obtain a prospectus.41
Section 4 DC Plan Reviews42
Fiduciary Governance Calendar
www.FiducientAdvisors.com
• 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 Focus43
Investment Menu Review and Trends44
Investment Menu Design1 – Town of Simsbury
Illustrated below is a “Gap” analysis exercise. A Gap analysis is designed to help identify possible areas of opportunity within a plan’s
investment menu, while at the same time reducing overlap and potential confusion. Proper diversification among the broader asset classes
is important as it provides participants the ability to construct an appropriately allocated portfolio based on their specific risk and return
needs. The number of participants invested in each fund is shown below the fund name.
MissionSquare
PLUS R10
457: 45
BOE: 48
401(a): 3
Fidelity US
Bond Idx
457: 14
BOE: 5
401(a): 3
Dodge & Cox
Income X
457: 21
BOE: 0
401(a): 2
T. Rowe Price
Retirement*
457: 119
BOE: 149
401(a): 73
Capital
Preservation Fixed IncomeMulti Asset
Large Value
Fidelity Large Cap Value
Idx
457: 7
BOE: 0
401(a): 1
MFS Value R6
457: 34
BOE: 5
401(a): 1
Large Blend
Fidelity 500 Idx
457: 59
BOE: 14
401(a): 9
Large Growth
Fidelity Large Cap Growth Idx
Instl Prem
457: 16
BOE: 3
401(a): 5
T. Rowe Price Growth Stock I
457: 40
BOE: 12
401(a): 1
Mid Value
Fidelity Mid Cap Value Idx
457: 7
BOE: 1
401(a): 2
Vanguard Explorer Value
Inv
457: 24
BOE: 7
401(a): 3
Small/Mid Blend
Fidelity Extended
Market Idx
457: 22
BOE: 10
401(a): 3
Mid Growth
Fidelity Mid Cap Growth Idx
457: 8
BOE: 0
401(a): 2
Eaton Vance Atlanta Capital
SMID-Cap Fund R6
457: 25
BOE: 6
401(a): 2
Small Value
Fidelity Small Cap Value
Idx
457: 8
BOE: 0
401(a): 1
Small Growth
Fidelity Small Cap Growth Idx
457: 6
BOE: 0
401(a): 1
Domestic Equity
Fidelity Total
International
Idx
457: 12
BOE: 2
401(a): 2
Hartford
International
Opportunities
R6
457: 26
BOE: 8
401(a): 2
Global /
International Other
*Indicates the current
Qualified Default Investment
Alternative (QDIA)
¹ Source: MissionSquare
Managed Accounts
457 Plan: 5
BOE Plan: 0
401(a) Plan: 1
Number of participants as of 3/31/26
457 Plan: 168
BOE Plan: 198
401(a) Plan: 77
www.FiducientAdvisors.com45
80%
39%
63%
40%
81%
51%
28%
91% 89% 86%
53%
42%
37%
23%
18%
3%
8%
85%
36%
63%
45%
75%
63%
28%
78%
86%
74%
69%
41% 42%
23%
11% 6%
11%
30%
1%
6%
1% 3% 2% <1%
22% 21%
2% 3% 1% <1% 3% 4% <1% <1%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
% of Plans Offering
63rd PSCA Survey 68th PSCA Survey % of Total Plan Assets
Investment Menu Benchmarking
www.FiducientAdvisors.com
¹Source: PSCA 63rd Annual Survey of Profit Sharing and 401(k) Plans; Reflecting 2019 Plan Experience.
2Source: PSCA 68th Annual Survey of Profit Sharing and 401(k) Plans; Reflecting 2024 Plan Experience.
1 2 246
Investment Alternatives – DOL Proposal
www.FiducientAdvisors.com
Proposal Overview
➢ In 2026, the Department of Labor (DOL) issued
proposed regulation on fiduciary duties in selecting
designated investment alternatives.
➢ The proposed framework follows the executive order
released by the Trump Administration in 2025 asking the
DOL to clarify its position on alternative assets and
provide guidance on fiduciary process to consider them
in defined contribution plans.
Key Drivers
➢ The DOL is seeking to answer , “what does a ‘prudent
process’ entail?”
➢ The proposal intends to help mitigate litigation risk
through the inclusion of a safe harbor provision.
➢ As DC plans become the primary retirement savings
vehicle the industry continues to explore products to
meet varying participant objectives.
Implications
➢ Plan Sponsors are not required to add alternative
investments or modify their current investment menu
design.
➢ The proposed guidelines are not final.
The proposal provides a safe harbor for initial
investment selection but does not create a safe
harbor for ongoing monitoring.
The proposed guidelines are asset-neutral which
means they apply to the selection of all
investments selected within the plan.
The proposed guidelines include alternative assets
and their incorporation into products such as target
date funds and managed accounts, though
adoption of alternative assets within these products
remains extremely limited at this time.47
Investment Alternatives – Six Factors
www.FiducientAdvisors.com
Process
Performance
Fees
Liquidity
Valuation
Benchmarking
Complexity
The proposed regulation identifies six factors for a plan
fiduciary to objectively consider when selecting designated
investment alternatives for the plan menu. The six factors are
part of a prudent Process.
➢ Performance – Expected risk-adjusted returns, net of
fees, over an appropriate time horizon.
➢ Fees – Must be “appropriate” relative to value and
returns; lowest cost is not required.
➢ Liquidity – Meet participant level and plan level
needs; illiquid assets may be used if justified.
➢ Valuation – Must have timely and reliable valuation
processes.
➢ Benchmarking – Identify a meaningful benchmark
with comparable mandates and risk.
➢ Complexity – Fiduciary must understand the
investment or engage qualified experts.
The proposal expressly recognizes complexity as part of the
fiduciary analysis.
Fiducient’s experienced and well-credentialed Manager
Research Group & Investment Team, which consists of over
30 investment professionals, conducts in-house research to
ensure these factors are considered in the evaluation of all
investments. Team Members are split across three research
groups:
➢ Public Markets
➢ Private Markets
➢ Marketable Alternatives (Hedge Funds)48
Investment Alternatives – Private Assets
www.FiducientAdvisors.com
What are Private Assets?
Private assets refer to capital in companies or securities
that are not publicly traded. Specific types of private assets
include:
➢ Private Debt: Loans negotiated between lenders.
➢ Private Equity: Equity stakes in private companies.
➢ Private Real Estate: Direct investment in physical
properties.
Why Private Assets in DC Plans?
➢ These asset classes are already being utilized as
strategic allocations in other institutional investment
portfolios such as defined benefit plans and
endowments/foundations.
➢ Historical data suggests there may be opportunity for
private assets to enhance returns1.
➢ These asset classes may provide an opportunity to
create additional portfolio diversification1.
Emerging Products and Solutions
Private assets being utilized as stand-alone investment
options within plan menus is not likely at this time.
Research suggests the “best fit” to incorporate private
assets within retirement plans lies within professionally
managed solutions2:
➢ Managed Accounts
➢ Target Date Funds
1Source: About One-Quarter of Plan Sponsors Ponder Pivot to Private Assets, per BlackRock | PLANSPONSOR; as of September 9, 2025
2Source: Fiducient Advisors – Strategic Shifts: Private Assets in Target Date Funds and Managed Portfolios: as of November 12, 20 25
Potential Challenges
Integrating private assets may offer unique and complex
challenges:
➢ New Products: Any new products may raise concerns
surrounding track record, assets and client concentration.
➢ Fees: Private market securities generally come at a
higher expense than publicly traded securities. Private
market securities might not have explicit or transparent
expense ratios.
➢ Liquidity Constraints: Participant education on illiquidity
and risk is important. Liquidity constraints could have an
impact on rebalancing policies of specific products.
➢ Litigation Risk: Being newer to defined contribution plans
and perceived riskiness could lend itself to being a
litigation target.
➢ Regulatory Compliance: Currently, there is a lack of clear
guidance from regulatory agencies. Final DOL guidance
expected in next 12 months.
Outlook
Private asset products and solutions are still in their infancy
stages within the defined contribution landscape.
Like other investments in the defined contribution space,
having a prudent process in place for selection and
monitoring as well as documenting that process will be
important.49
QDIA Analysis50
Target Date – DOL Guidance
www.FiducientAdvisors.com
The Department of Labor recommends¹ a plan sponsor consider the following, in addition
to other criteria, when choosing a target date fund:
¹ Source: Target Date Retirement Funds – Tips for ERISA Plan Fiduciaries”, United States Department of Labor, Employee Benefit Security Administration, www.dol.gov
➢ Establish a process for comparing and selecting target date funds including reviewing
participant demographic information
➢ Understand the fund’s investments – asset class allocation, individual investments,
and how these will change over time
➢ Review the fees and investment expenses
➢ Consider whether a custom or non-proprietary target date fund would be a better fit
➢ Take advantage of available sources of information to evaluate the target date fund
and recommendations you receive regarding the target date fund selection
➢ Document the process for your records51
Target Date – Due Diligence
www.FiducientAdvisors.com
➢ Qualitative Due Diligence conducted on select Target Date Providers, encompassing over
35 target date suites. Areas of focus:
Asset Classes Allocations CMAs
Assets Under Management Team and Oversight Portfolio Construction
Cash Flows Research Initiatives Philosophy
Glide Path Recent Changes Tactical/Active
Input Assumptions Fees/Minimums Objectives/Targets
➢ Qualitative Due Diligence entails:
▪ Annual Due Diligence Questionnaire
▪ Conference calls
▪ On-site visits (both in-person and virtual)
▪ Conference and seminar attendance (both in-person and virtual)
▪ Proprietary Glide Path Navigator tool
▪ Quantitative screening and monitoring
▪ Periodic review of the target date landscape
▪ Host managers to present to consultants and analysts (both in-person and virtual)52
Target Date – Landscape & Trends
www.FiducientAdvisors.com
Current Landscape
➢ Target Date Fund (TDF) products continue to be
used by the overwhelming majority of Plan Sponsors,
serving as both the most common QDIA and the
largest recipient of participant contributions.
➢ Target Date assets have risen to approximately $5
Trillion dollars with the majority of assets now
invested via collective investment trusts (CITs)
vehicles, accounting for 54% of Target Date assets.
➢ The strategic equity glide paths of TDFs has
continued to increase over the past decade, reasons
cited by asset managers include lower CMA
expectations, and longer life expectancies of
participants. See chart
Emerging Trends
➢ The inclusion of alternatives in target date and managed
account solutions continues to be a buzz topic for asset
managers, recently driven by an executive order and
government guidelines from Washington in 2025.
▪ Despite this guidance, the adoption of alternatives
remains extremely limited given the infancy stage of
these products.
➢ Retirement Income integration continues to be a focus area.
➢ Personalization and hybrid products with managed accounts
continue to garner interest.
➢ For additional information we address the future of TDFs in
this year's annual QDIA Research Paper.
2026 Target-Date Fund Investment Strategy
The Evolving QDIA Landscape: Trends Shaping Default Investment Solutions53
Target Date – Portfolio Overview
www.FiducientAdvisors.com
Target date portfolios are designed to be a
single investment that automatically
reallocates and rebalances for investors
based on their expected retirement date.
The glide path describes the manner in which
a target date portfolio de-risks the equity
allocation over time as the participant ages.
Arguably, this is the most important aspect of
a target date portfolio. It will be the primary
driver of return and risk that the investor
experiences over the lifetime of the
investment.
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Equity Allocation
Age
The risks a participant faces while saving for
retirement fall broadly into two competing
categories, longevity risk and market risk. Target
date products that focus on longevity risk seek to
reduce the risk of an individual running out of
money in retirement.
Products that focus on market risk have a greater
concern for the volatility of account balances. No
single target date product optimally addresses both
of these risks simultaneously.
Longevity
Risk
The risk of
outliving one’s
assets.
Market Risk
The volatility of
account balances.54
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 Active55
Glide Path Comparisons
www.FiducientAdvisors.com
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20052010201520202025203020352040204520502055206020652070
% of Non-Fixed Income
Vintage
T. Rowe Price
S&P Target Date
Index56
Underlying Asset Peer Analysis (2040 Vintage)
www.FiducientAdvisors.com57
5 Year Risk-Reward
www.FiducientAdvisors.com58
Stable Value Analysis59
Capital Preservation – Structures
www.FiducientAdvisors.com
For illustrative purposes only.
Government Money Market Synthetic CIT Stable Value General Ledger/GIC Stable Value
Duration ➢ Lowest (< 6 Months) ➢ Higher (2-4 Years) ➢ Highest (4-8 Years)
Investment Universe
➢ Repurchase Agreements
➢ U.S. Government Obligations
➢ U.S. Treasury Bills
➢ U.S. Treasury Bills
➢ Investment Grade Corporate
Bonds
➢ Non-IG Corporate Bonds
➢ MBS
➢ ABS
➢ CMBS
➢ U.S. Treasury Bills
➢ Investment Grade Corporate Bonds
➢ Non-IG Corporate Bonds
➢ MBS
➢ ABS
➢ CMBS
➢ Equity
➢ Real Estate
➢ Private Assets
Participant Liquidity ➢ Benefit Responsive ➢ Benefit Responsive ➢ Benefit Responsive
Plan Level
Discontinuance
➢ Same as typical core menu
offering ➢ 12-Month Put is Typical ➢ Varies but typically ranges 1-5
years
Plan Type Accessibility ➢ All ➢ Generally not available in
403(b) plans ➢ All
For further insights on navigating market volatility and preserving capital on the strategies outlined please refer to
our blog post on Capital Preservation Amidst Volatility60
Capital Preservation – Landscape
➢Stable value funds are designed to shelter
participants from the impacts of rising
interest rates and rate volatility compared to
similar short term bond portfolios and
money markets.
➢During periods of rapidly rising interest rates,
such as 2022, the shorter maturities of
money markets allow those portfolios to
more quickly reflect higher market yields.
➢Stable value portfolios tend to outpace
money market strategies over longer time
periods given their exposure to longer
duration assets and the typically upward
sloping nature of the yield curve.
➢While Plan Sponsors may consider offering
both Money Market and Stable Value or
replacing Stable Value given the current
interest rate environment, considerations
include:
▪ Over the long-term Stable Value is expected
to outperform.
▪ Equity Wash provisions between these two
investments exist for Participants.
▪ Certain Stable Value products do not allow
for competing investments in a plan’s
investment menu.
▪ Stable Value products have Plan-Level
discontinuance provisions that can delay
mapping of assets.
www.FiducientAdvisors.com
“Stable Value” is represented as a composite of the hi storical returns derived from data collected by the SVIA for its four s table value market
segments (indiv idual ly managed accounts, pooled funds, insurance company gen eral accounts, and insurance company separate acc ounts).
Historical return data is presented as both a range (with the top and bottom deciles removed) and as an av erage. Data from 19 89 to 2008 was
collected from stabl e v alue managers to form a composite for use in research conducted by D avid Babbel and Miguel Herce, and data from 2008 to
present is sourced from the SVIA’s Quarterly Characteristics Survey with the period from 2008 to 2015 deriv ed from reported c rediting rate data.
Returns are gross o f stable value management fees but net of fees necessary to del iver the product, su ch as stable value wrap , third party fixed
income management, trust, custody , and fund administrativ e fees. This composite i s compo sed of varying ty pes of stable value products and, as
such, should not be used as a comparison to a specifi c product.. “Money Market” is a simulati on of money market returns from the iMoneyN et MF R
Mo ney F unds Index. Returns illustrated are gross before any fees
Stable Value at a Glance - Stable Value61
Capital Preservation – Stable Value
www.FiducientAdvisors.com
Prevalence
➢ Stable Value funds are one of the most common capital preservation solutions offered in defined contribution plan menus.
Approximately 63% of plans, according to PSCA’s 68th Annual Survey Report, offer participants a Stable Value fund.
➢ Today it is estimated that Stable Value assets total approximately $854 billion and remain an asset class with attractive
characteristics that are now being adopted in target date and managed account solutions.
Challenges
➢ The sharp uptick in short-term interest rates from early 2022 and throughout 2023, which sent money market fund yields
soaring, generally created challenges for Stable Value.
➢ As expected in a rising rate environment Stable Value market-to-book value ratios fell, this dynamic generally resulted in a
drag on crediting rates.
➢ While Stable Value has faced headwinds in recent years due to the interest-rate environment, wrap providers and
capacity remains extremely healthy and the difference between stable value crediting rates and money market yields has
decreased.
Litigation
➢ In 2025 there were multiple lawsuits filed on behalf of plaintiffs alleging investment imprudence by plan sponsors in the
monitoring and retention of their stable value offerings. The claims in these suits varied:
▪ Some revolved around the use of single insurer general account products.
▪ Some revolved around separate account product structures.
▪ Some revolved around crediting rates lagging comparable solutions.
Source: PSCA 68th Annual Survey of Profit Sharing and 401(k) Plans; Reflecting 2024 Plan Experience.
Source: Capital Preservation: Reiterating the Case for Stable Value - Stable Value62
R10 | Fact Sheet Q2 2026
MissionSquare PLUS Fund
Investment Objective | The PLUS Fund's investment objective is to seek to offer a competitive level of income consistent with
providing capital preservation and meeting liquidity needs. Key goals are to seek to preserve capital, by limiting risk of loss of principal
and delivering stable returns, and to meet liquidity needs of those who invest in the PLUS Fund.
Fund Facts
Asset Class Stable Value/Cash Management
Share Class R10
CUSIP 92208J709
Fund Inception Date 01/02/1991
Share Class Inception Date 10/11/2013
Fund Net Assets1
as of 06/30/2026
$8,270.13 million
Investment Advisor
MissionSquare Investments
Benchmark2 ICE BofA US 3 Month Treasury
Bill Index
Gross Expense Ratio 0.53%
Net Expense Ratio 0.53%
Underlying Fund Characteristics
as of 06/30/2026
Net Crediting Rate3 3.14%
Credit Quality (M/S&P/F)4 Aa3/AA-/AA
Effective Duration (years)5 3.38
Market/Book Value Ratio6 95.57%
Yield to Maturity7 4.81%
Number of Holdings8 3,724
Performance as of 06/30/2026 Annualized
QTD YTD 1 Year 3 Year 5 Year 10 Year
Fund 0.78% 1.56% 3.16% 3.07% 2.68% 2.44%
Benchmark2,9,10 0.89% 1.74% 3.84% 4.64% 3.52% 2.34%
Calendar Year Performance
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Fund 1.98% 2.12% 2.27% 2.45% 2.22% 1.89% 1.97% 2.78% 3.02% 3.13%
Benchmk2,9,10 0.33% 0.86% 1.87% 2.28% 0.67% 0.05% 1.46% 5.01% 5.25% 4.18%
Fund past performance, as shown, is no guarantee of how the Fund will perform in the future. The performance
shown has been annualized for periods greater than one year. Investment returns and principal value will fluctuate,
so that an investor's shares, when redeemed, may be worth more or less than their original cost. For current
performance, participants or plan sponsors in a MissionSquare Retirement administered account can log in at
www.missionsq.org, or institutions can go to www.investments.missionsq.org.
Investment Strategy
MissionSquare Investments employs a structured, multi-product, multi-manager approach in
managing the Fund. The Fund invests primarily in a diversified and tiered portfolio of stable value
investment contracts and in fixed income securities, fixed income mutual funds, and fixed income
commingled trust funds ("fixed income assets") that back certain stable value investment contracts.
In addition, the Fund invests in money market mutual funds, as well as cash and cash equivalents.
The Fund's portfolio may include different types of investments with a variety of negotiated terms and
maturities and is diversified across sectors and issuers. The composition of the Fund's portfolio and
its allocations to various stable value investments and fixed income investment sectors, across the
fund's multiple tiers, is determined based on prevailing economic and capital market conditions,
relative value analysis, liquidity needs, and other factors. The Fund invests in stable value investment
contracts to seek to achieve, over the long run, returns higher than those of money market funds and
short-term bank rates and relatively stable returns compared to short-to intermediate-term fixed
income funds. The Fund generally will not track shorter-term interest rates as closely as money
market mutual funds, because of its longer maturity, potential adverse market changes, and
provisions in stable value contracts held by the Fund. In addition, while the Fund's returns are
generally expected to follow interest rate trends over time, they typically will do so on a lagged basis.
Maturity as of 06/30/2026
12.27% <1 year
30.95% Years 1 - 3
19.97% Years 3 - 5
14.18% Years 5 - 7
19.02% Years 7 - 10
3.61% Years 10+
Due to rounding, percentages shown may not add up to
100%.
Credit Quality4 as of 06/30/2026
14.56% AAA/Aaa
57.01% AA/Aa
14.55% A
10.78% BBB/Baa
3.11% Below Baa
Due to rounding, percentages shown may not add up to
100%.
Investment Risk: Stable Value Risk, Interest Rate Risk, Credit Risk, Stable Value Issuer Risk, Liquidity Risk, Reinvestment Risk, Call Risk, Mortgage-Backed Securities Risk,
Asset-Backed Securities Risk, Securities Lending Risk, Derivative Instruments Risk, Large Investor Risk, Inflation Risk. See the Fund's Disclosure Memorandum for risk
descriptions.
Transfer Restrictions: Direct transfers from the PLUS Fund to competing funds are restricted. Competing funds include, but are not limited to, the following types of
investment options: (1) cash management funds, money market mutual funds, bank collective short-term investment funds, bank accounts or certificates of deposit, stable value
funds or substantially similar investment options that offer guarantees of principal or income, such as guaranteed annuity contracts or similar arrangements with financial
institutions; (2) short-term bond funds that invest in fixed income securities and seek to maintain or have an average portfolio duration of less than two years; and (3) any
investment option that invests 80% or more of its assets in (i) fixed income securities or funds with a duration of less than two years, or (ii) instruments that seek to provide
capital preservation such as stable value funds, bank certificates of deposit or bank accounts, and cash or cash equivalents. To transfer money from the PLUS Fund to a
competing fund, you must first transfer the amount to a non-competing fund for a period of at least 90 days. For example, if you want to transfer money from the PLUS Fund to
a money market fund, you will first need to transfer the money to a non-competing fund and then, 90 days later or any time thereafter, transfer that amount of money to the
money market fund.63
MissionSquare 777 N. Capitol Street, NE, Washington, DC 20002-4240
www.missionsq.org FS7071-0450-2606
R10 | Fact Sheet Q2 2026Fact Sheet | MissionSquare PLUS Fund
Sector Allocation as of 06/30/2026
Fund
Agencies 0.14%
Asset-Backed 10.06%
Cash & Cash
Equivalents 3.60%
Credits 30.59%
Maturing GICs 13.72%
Mortgage-Backed 26.43%
Municipals 0.42%
Other 0.03%
Treasuries 10.58%
Wrap Providers 4.43%
Due to rounding, percentages shown may not add up to 100%.
Structure as of 06/30/2026
Fund
Tier 1 - Cash Buffer 3.38%
Tier 2 - Shorter
Duration Focus 9.60%
Tier 3 - Laddered
Maturity Focus 13.72%
Tier 4 - Total Return
Focus 73.30%
Due to rounding, percentages shown may not add up to 100%.
Portfolio Manager(s)
Oliver Meng, CFA, CAIA, FRM
Head of Stable Value
Managed Fund Since: 11/2021
Jeff Noll
Senior Fund Manager
Managed Fund Since: 03/2026
Yulia Alekseeva, CFA
Managing Vice President, Head
of Fixed Income
Managed Fund Since: 01/2026
Shari Hensrud, CFA, PhD
Senior Vice President and Chief
Investment Officer
Managed Fund Since: 03/2026
Additional Information About Restrictions on PLUS Fund Public Employer Withdrawals and Transfer Restrictions: In the event an Employer initiates withdrawal of all or
part of its Plan’s assets from the PLUS Fund, the payout of such assets may be deferred for a period of up to twelve months. In the case of a total withdrawal, participant
transfers of PLUS Fund assets to other investment options will be restricted and participants will not be able to make additional investments in the PLUS Fund during this
twelve-month period.
Before investing in the Fund, you should carefully consider your investment goals, tolerance for risk, investment time horizon, and personal circumstances. There is no
guarantee that the Fund will meet its investment objective and you can lose money.
The Fund is an investment option of VantageTrust, a group trust established and maintained by VantageTrust Company, LLC, a wholly owned subsidiary of MissionSquare
Retirement. VantageTrust provides for the commingling of assets of certain trusts and plans as described in its Declaration of Trust, and is only available for investment by such
eligible trusts and plans. The Fund is not a mutual fund. Its units are not deposits of VantageTrust Company and are not insured by the Federal Deposit Insurance Corporation
or any other agency. The Fund is a security that has not been registered under the Securities Act of 1933 and is exempt from investment company registration under the
Investment Company Act of 1940. For additional information regarding the Fund, including a description of the principal risks, please consult the Funds Disclosure
Memorandum, which is available when plan administration clients log in at www.missionsq.org, at www.investments.missionsq.org for institutions, or upon request by calling
800-669-7400.
When Funds are marketed to institutional clients, the Funds are offered by MissionSquare Investment Services, an SEC registered broker-dealer and FINRA member firm.
MissionSquare Investment Services is a wholly-owned subsidiary of MissionSquare Retirement and is an affiliate of VantageTrust Company, LLC and MissionSquare
Investments.
1. The source for this information is Morningstar, Inc. Copyright© 2026 Morningstar, Inc.TM All Rights Reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content
providers are responsible for any damages or losses arising from any use of this information. Morningstar, Inc. is a global investment research firm that is not affiliated with
MissionSquare Retirement or its affiliates. MissionSquare Retirement does not independently verify Morningstar data.
2. The Intercontinental Exchange Bank of America ("ICE BofA") US Treasury Bill 3 Month Index is comprised of a single U.S. Treasury Bill issue purchased at the beginning of
each month and held for a full month, at which time that issue is sold and rolled into a newly selected issue. The issue selected each month is that having a maturity date closest
to, but not beyond 90 days from the rebalance date.
3. The PLUS Fund crediting rate is calculated daily. The crediting rate shown is the annualized rate as of the last day of the reported month. The monthly annualized crediting
rate is the average rate of return, assuming the rate stays the same for one year. The PLUS Fund crediting rate is calculated by taking into account current yields on the Fund's
holdings and the prior period performance of certain holdings in the Fund. The Fund's crediting rate is generally expected to follow interest rate trends over time but will typically
do so on a lagged basis and may not move in the same direction as prevailing interest rates over certain time periods.
4. Credit Quality is calculated by MissionSquare Investments (MSQI) and is only one factor that may be considered in assessing the risks of a fixed income portfolio, and it does
not provide a complete picture of the credit risks or the dispersion of those risks within a portfolio. MSQI calculates the average based on the Moody's, S&P, Fitch (M/S&P/F) or
a combination of the three credit ratings of the underlying securities or wrap providers. Moody's, S&P, and Fitch are Nationally Recognized Statistical Rating Organizations and
are not affiliated with MSQI.
5. Effective duration measures the interest rate sensitivity of the underlying portfolio. For the portion of the Fund invested in Maturing GICs, effective duration is not applicable
and a duration of zero is assigned since their current values are not impacted by interest rate changes. If a duration based on weighted average maturity or cash flows is
assigned to the Maturing GICs, the Fund's overall June 30, 2026 duration would be 3.64.
6. Market-to-Book Ratio is a measure of a stable value fund's underlying assets to the book value of its stable value contracts. It will generally be below 100% during periods of
rising interest rates and above 100% during periods of declining interest rates. It is important to note that a declining market-to-book value ratio is evidence of the stable value
fund protecting the fund's investors from mark-to-market declines in the value of the underlying bond portfolio.
7. Yield to Maturity is a measure of a fund's total return anticipated if all the fund's underlying bonds are held until maturity, considering both coupon payments and potential
capital gains or losses.64
R10 | Fact Sheet Q2 2026Fact Sheet | MissionSquare PLUS Fund
MissionSquare 777 N. Capitol Street, NE, Washington, DC 20002-4240
www.missionsq.org FS7071-0450-2606
8. Holdings is the number of individual holdings owned by the fund.
9. Fund performance is shown comparing it to a "benchmark" which may be a (i) broad-based securities market index (ii) a group of mutual funds with similar investment
objectives, or (iii) a short term government backed debt obligation such as a U.S. Treasury Bill. An index is not available for direct investment, is unmanaged, and does not
reflect the costs of portfolio management or trading. A fund's portfolio may differ from the securities held in an index.
10. Certain information including, but not limited to, benchmark performance or other performance and/or fee information, is provided by Morningstar, Inc., © 2026 All rights
reserved. This information: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete
or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Morningstar is a registered trademark of
Morningstar, Inc.65
www.FiducientAdvisors.com
Second Quarter 2026 Plan Summary66
Jun-2026 Mar-2026 Dec-2025 Sep-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 252,746 1.1 237,099 1.2 238,265 1.1 234,312 1.1
T. Rowe Price Retirement 2020 I Class 267,898 1.2 250,494 1.2 252,702 1.2 321,155 1.5
T. Rowe Price Retirement 2025 I Class 5,028 0.0 143 0.0 144 0.0 19,665 0.1
T. Rowe Price Retirement 2030 I Class 1,383,799 6.2 1,261,993 6.2 1,274,434 6.1 1,227,413 5.9
T. Rowe Price Retirement 2035 I Class 300,340 1.3 262,484 1.3 251,610 1.2 119,552 0.6
T. Rowe Price Retirement 2040 I Class 992,799 4.4 872,725 4.3 854,690 4.1 868,794 4.2
T. Rowe Price Retirement 2045 I Class 235,860 1.1 205,058 1.0 44,385 0.2 42,575 0.2
T. Rowe Price Retirement 2050 I Class 1,512,506 6.8 1,360,706 6.7 1,363,644 6.5 1,308,529 6.3
T. Rowe Price Retirement 2055 I Class 31,493 0.1 25,521 0.1 23,171 0.1 22,014 0.1
T. Rowe Price Retirement 2060 I Class 184,832 0.8 146,065 0.7 131,681 0.6 115,183 0.6
Target Date Funds 5,167,302 23.1 4,622,288 22.7 4,434,725 21.3 4,279,192 20.5
MissionSquare PLUS Fund R10 3,832,271 17.1 3,803,626 18.7 3,709,408 17.8 3,746,818 18.0
Stable Value / Money Market Funds 3,832,271 17.1 3,803,626 18.7 3,709,408 17.8 3,746,818 18.0
Fidelity US Bond Index 207,954 0.9 194,465 1.0 190,128 0.9 183,367 0.9
Dodge & Cox Income X 346,374 1.5 347,454 1.7 331,766 1.6 320,057 1.5
Fixed Income Funds 554,328 2.5 541,919 2.7 521,893 2.5 503,424 2.4
Fidelity Large Cap Value Index 96,162 0.4 74,104 0.4 53,068 0.3 54,465 0.3
MFS Value Fund R6 1,016,551 4.5 977,631 4.8 957,049 4.6 1,099,045 5.3
Fidelity 500 Index 6,644,803 29.7 5,768,722 28.4 6,156,628 29.6 6,161,681 29.5
Fidelity Large Cap Growth Index 362,066 1.6 360,038 1.8 384,693 1.8 327,143 1.6
T. Rowe Price Growth Stock I 2,159,724 9.6 1,888,671 9.3 2,196,924 10.6 2,189,515 10.5
Fidelity Mid Cap Value Index 80,144 0.4 29,102 0.1 49,758 0.2 45,878 0.2
Vanguard Explorer Value Inv 723,364 3.2 605,215 3.0 583,298 2.8 558,953 2.7
Fidelity Extended Market Index 186,827 0.8 169,414 0.8 169,229 0.8 218,898 1.0
Fidelity Mid Cap Growth Index 51,527 0.2 48,694 0.2 53,127 0.3 109,036 0.5
Eaton Vance Atlanta Capital SMID-Cap R6 604,829 2.7 606,823 3.0 692,108 3.3 759,937 3.6
Fidelity Small Cap Value Index 74,801 0.3 75,610 0.4 62,734 0.3 58,407 0.3
Fidelity Small Cap Growth Index 12,394 0.1 13,851 0.1 14,002 0.1 10,989 0.1
Domestic Equity Funds 12,013,192 53.7 10,617,875 52.2 11,372,617 54.6 11,593,947 55.6
Fidelity Total International Index 363,124 1.6 319,007 1.6 343,614 1.7 340,209 1.6
Hartford International Opportunities R6 451,168 2.0 423,591 2.1 438,950 2.1 400,976 1.9
International Equity Funds 814,292 3.6 742,598 3.7 782,563 3.8 741,185 3.6
Town of Simsbury 457 Plan 22,381,385 100.0 20,328,306 100.0 20,821,207 100.0 20,864,567 100.0
Asset Allocation
Simsbury DC As of June 30, 2026
Source: MissionSquare67
Jun-2026 Mar-2026 Dec-2025 Sep-2025
($) % ($) % ($) % ($) %
T. Rowe Price Retirement 2005 I Class - 0.0 - 0.0 - 0.0 - 0.0
T. Rowe Price Retirement 2010 I Class 5,879 0.2 5,337 0.2 5,185 0.2 4,898 0.2
T. Rowe Price Retirement 2015 I Class - 0.0 - 0.0 - 0.0 - 0.0
T. Rowe Price Retirement 2020 I Class 30,903 1.1 24,903 1.0 21,457 0.9 16,929 0.7
T. Rowe Price Retirement 2025 I Class 135,377 4.8 126,412 5.0 121,405 4.9 115,840 4.9
T. Rowe Price Retirement 2030 I Class 194,473 6.9 169,966 6.7 161,527 6.5 146,688 6.2
T. Rowe Price Retirement 2035 I Class 266,463 9.4 222,576 8.8 207,184 8.3 185,281 7.9
T. Rowe Price Retirement 2040 I Class 288,492 10.2 247,400 9.7 252,455 10.1 243,446 10.3
T. Rowe Price Retirement 2045 I Class 171,225 6.1 139,500 5.5 129,740 5.2 114,087 4.9
T. Rowe Price Retirement 2050 I Class 129,574 4.6 124,265 4.9 123,050 4.9 118,278 5.0
T. Rowe Price Retirement 2055 I Class 40,169 1.4 30,413 1.2 26,366 1.1 28,468 1.2
T. Rowe Price Retirement 2060 I Class 65,722 2.3 51,938 2.0 51,148 2.1 47,192 2.0
Target Date Funds 1,328,276 46.9 1,142,710 45.0 1,099,517 44.1 1,021,105 43.4
MissionSquare PLUS Fund R10 773,701 27.3 800,098 31.5 771,061 30.9 737,283 31.3
Stable Value / Money Market Funds 773,701 27.3 800,098 31.5 771,061 30.9 737,283 31.3
Fidelity US Bond Index 19,181 0.7 18,537 0.7 18,082 0.7 17,382 0.7
Dodge & Cox Income X - 0.0 - 0.0 - 0.0 - 0.0
Fixed Income Funds 19,181 0.7 18,537 0.7 18,082 0.7 17,382 0.7
Fidelity Large Cap Value Index - 0.0 - 0.0 - 0.0 - 0.0
MFS Value Fund R6 18,975 0.7 17,556 0.7 17,058 0.7 16,324 0.7
Fidelity 500 Index 203,687 7.2 174,634 6.9 180,437 7.2 165,601 7.0
Fidelity Large Cap Growth Index 137,041 4.8 87,600 3.4 96,256 3.9 94,276 4.0
T. Rowe Price Growth Stock I 116,359 4.1 111,401 4.4 123,297 4.9 119,823 5.1
Fidelity Mid Cap Value Index 1,830 0.1 1,614 0.1 1,558 0.1 1,536 0.1
Vanguard Explorer Value Inv 28,137 1.0 23,409 0.9 22,345 0.9 21,466 0.9
Fidelity Extended Market Index 109,804 3.9 82,282 3.2 81,808 3.3 79,863 3.4
Fidelity Mid Cap Growth Index - 0.0 - 0.0 - 0.0 - 0.0
Eaton Vance Atlanta Capital SMID-Cap R6 27,352 1.0 25,324 1.0 25,966 1.0 25,379 1.1
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 643,183 22.7 523,821 20.6 548,725 22.0 524,268 22.3
Fidelity Total International Index 6,974 0.2 6,153 0.2 5,983 0.2 5,646 0.2
Hartford International Opportunities R6 57,829 2.0 50,509 2.0 49,990 2.0 46,496 2.0
International Equity Funds 64,803 2.3 56,661 2.2 55,973 2.2 52,142 2.2
Simsbury BOE MissionSquare Plan 2,829,144 100.0 2,541,827 100.0 2,493,356 100.0 2,352,180 100.0
Asset Allocation
Simsbury DC As of June 30, 2026
Source: MissionSquare68
Jun-2026 Mar-2026 Dec-2025 Sep-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 283,674 9.5 248,494 9.7 268,060 10.3 248,909 10.3
T. Rowe Price Retirement 2035 I Class 32,871 1.1 25,515 1.0 49,582 1.9 41,467 1.7
T. Rowe Price Retirement 2040 I Class 657,879 22.1 578,706 22.6 571,143 21.9 543,267 22.4
T. Rowe Price Retirement 2045 I Class 85,780 2.9 73,474 2.9 67,655 2.6 59,245 2.4
T. Rowe Price Retirement 2050 I Class 714,754 24.0 619,985 24.2 778,586 29.9 736,557 30.4
T. Rowe Price Retirement 2055 I Class 132,535 4.5 111,852 4.4 106,745 4.1 88,510 3.7
T. Rowe Price Retirement 2060 I Class 578,529 19.4 482,937 18.9 383,876 14.7 347,591 14.4
Target Date Funds 2,486,020 83.5 2,140,963 83.6 2,225,648 85.3 2,065,545 85.3
MissionSquare PLUS Fund R10 62,183 2.1 61,348 2.4 14,667 0.6 13,570 0.6
Stable Value / Money Market Funds 62,183 2.1 61,348 2.4 14,667 0.6 13,570 0.6
Fidelity US Bond Index 11,228 0.4 8,913 0.3 8,210 0.3 7,488 0.3
Dodge & Cox Income X 5,787 0.2 5,099 0.2 4,417 0.2 2,366 0.1
Fixed Income Funds 17,015 0.6 14,012 0.5 12,627 0.5 9,855 0.4
Fidelity Large Cap Value Index 6,772 0.2 4,455 0.2 4,458 0.2 6,845 0.3
MFS Value Fund R6 1,618 0.1 1,490 0.1 1,493 0.1 - 0.0
Fidelity 500 Index 139,145 4.7 111,148 4.3 118,490 4.5 108,673 4.5
Fidelity Large Cap Growth Index 108,254 3.6 92,225 3.6 96,084 3.7 91,498 3.8
T. Rowe Price Growth Stock I 1,636 0.1 1,379 0.1 1,401 0.1 - 0.0
Fidelity Mid Cap Value Index 4,433 0.1 5,230 0.2 7,927 0.3 7,165 0.3
Vanguard Explorer Value Inv 20,086 0.7 14,941 0.6 13,941 0.5 11,536 0.5
Fidelity Extended Market Index 34,805 1.2 28,015 1.1 27,425 1.1 27,737 1.1
Fidelity Mid Cap Growth Index 5,579 0.2 5,809 0.2 5,704 0.2 4,081 0.2
Eaton Vance Atlanta Capital SMID-Cap R6 11,689 0.4 10,538 0.4 10,599 0.4 8,746 0.4
Fidelity Small Cap Value Index 8,580 0.3 8,749 0.3 5,897 0.2 5,640 0.2
Fidelity Small Cap Growth Index 1,772 0.1 2,704 0.1 2,822 0.1 2,895 0.1
Domestic Equity Funds 344,369 11.6 286,683 11.2 296,242 11.4 274,815 11.3
Fidelity Total International Index 42,527 1.4 36,245 1.4 41,934 1.6 46,373 1.9
Hartford International Opportunities R6 25,036 0.8 20,333 0.8 17,137 0.7 11,599 0.5
International Equity Funds 67,563 2.3 56,577 2.2 59,071 2.3 57,973 2.4
Simsbury 401(a) MissionSquare Plan 2,977,150 100.0 2,559,583 100.0 2,608,256 100.0 2,421,758 100.0
Asset Allocation
Simsbury DC As of June 30, 2026
Source: MissionSquare69
Rank
= 1-50 percentile
= 51-75 percentile
= 76-100 percentile
Fund &
Cat Median
Exp Ratio
Manager
Status
Performance(%)
QTD YTD 1
Year
3
Years
5
Years
10
Years
T. Rowe Price Retirement 2005 I Class 5.8 5.5 11.2 10.2 4.7 6.4 0.340 Maintain
T. Rowe Price Retirement 2005 Index 6.2 5.3 11.6 10.7 5.3 6.7 -
Target-Date Retirement Median 4.9 4.7 9.9 8.9 3.9 5.2 0.660
T. Rowe Price Retirement 2005 I Class Rank 14 9 16 9 8 4 -
T. Rowe Price Retirement 2010 I Class 6.3 5.9 12.0 10.7 5.0 6.8 0.340 Maintain
T. Rowe Price Retirement 2010 Index 6.7 5.7 12.3 11.2 5.6 7.2 -
Target-Date 2000-2010 Median 5.0 4.8 9.9 9.0 4.1 6.0 0.530
T. Rowe Price Retirement 2010 I Class Rank 3 1 3 3 12 1 -
T. Rowe Price Retirement 2015 I Class 6.6 6.2 12.5 11.0 5.2 7.4 0.340 Maintain
T. Rowe Price Retirement 2015 Index 7.1 6.0 12.9 11.6 5.9 7.7 -
Target-Date 2015 Median 5.7 5.3 10.9 9.7 4.4 6.5 0.570
T. Rowe Price Retirement 2015 I Class Rank 3 18 6 3 12 1 -
T. Rowe Price Retirement 2020 I Class 7.0 6.4 13.1 11.4 5.5 8.0 0.360 Maintain
T. Rowe Price Retirement 20

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