Page 109 - DCAC Nov 2025 Files

Equity exposure As of 9/30/2025

Overview
Each shape on the graph
represents participants of a
certain age that are at a certain
level of total equity exposure
from all of their funds. The size
of the shape indicates the
number of participants.

The black line displays the equity
exposure, by age, for a
representative target date glide
path. The glide path was derived
in conjunction with Morningstar
Investment Management LLC
and is for illustrative purposes
only.

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