Page 305 - DCAC Feb 2026 Files

Manager Scorecard
Manager Score Factor Comments
MassMutual Mid Cap Growth I Performance This fund has underperformed benchmarks and peers over the last 3 and 5 year rolling periods. Innovest will continue to monitor the fund.
Harbor Small Cap Growth Instl People Westfield Capital, the sub-advisor on this strategy, has experienced recent turnover with the exits of Ethan Meyers and analyst Kevin Shin.
Despite this, the 16-member team remains deep and collaborative. Lead manager Will Muggia continues to steer the strategy with a
consistent, valuation-conscious growth approach. Innovest will continue to monitor this team transition. (2Q25)
American Funds EUPAC R6 People Arun Swaminathan and Lisa Thompson joined the management team of American Funds EUPAC on Sept. 1, 2025. In addition, Noriko Chen was
removed from the strategy as a portfolio manager. This brings the total number of managers to 11 (3Q2025).
American Funds EUPAC R6 Performance This fund's performance has improved over its 3- and 5- year time periods (4Q25).
Invesco Developing Markets R6 Asset Base Assets withdrawn from this strategy as a percent of AUM are more than 50% over the last 12 months, warranting a major concern. Innovest
will continue to monitor whether outflows have begun to impact the integrity of the firm or the manager's ability to carry out their investment
mandate. (4Q25)
Invesco Developing Markets R6 Performance This fund’s performance has lagged its peers, struggling in the 3-year period. This is due in part to relatively high exposure in the Russian
Markets. Innovest will continue to monitor the performance of this fund.
PIMCO Total Return Instl People Effective December 2025, Michael Cudzil was added as a named portfolio manager to this strategy. His appointment comes as Mark Kiesel
steps off the strategy. Michael joins a team of three other experienced portfolio managers. While this transition does not warrant a concern,
Innovest will continue to monitor. (4Q25)
Parnassus Core Equity Institutional Culture Parnassus was given a minor concern due to a lack of client-centered behaviors within their response to Innovest’s questionnaire. The firm
does demonstrate a commitment to their employees and community, however there is little mention of the focus being placed on client
wellbeing.
Vanguard Target Retirement 2040 Fund Organization Vanguard announced in June 2025 plans to split its investment management team and stewardship function into two distinct entities to
enhance regulatory alignment and long-term capacity. This restructuring will not be completed until 2026. In addition, John Bendl replaced
Michael Rollings as CFO, effective July 1, 2025 after Mr. Rollings retired from Vanguard after nine years with the firm. These developments do
not warrant a concern, but Innovest will continue to monitor future implications (3Q25).

The Expense Ratio and Median Expense Ratio for Hedge Fund of Funds and Private Equity Fund of Funds excludes underlying fund expenses; the expenses shown are only at the Fund of Funds level.
For additional disclosures related to any non-mutual fund alternative investments, please see the full disclaimer in the appendix.
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