Page 402 - DCAC Feb 2026 Files

Docusign Envelope ID: 85996917-6BEE-4FAB-81B1-158917754832

6. Fund managers must compare favorably against a comparable peer group for selection.

7. Each fund manager will acknowledge, through the fund prospectus, the following duties and
responsibilities.

a. Exercise investment discretion, including holding cash equivalents as an alternative, within stated
investment constraints, objectives and guidelines.

b. Promptly inform, by prospectus, all significant and/or material matters and changes pertaining
to the investment of assets, especially as they relate to its stated investment philosophy and
investment management decision process. These factors include, but are not limited to:
• Investment strategy
• Portfolio structure
• Tactical approaches
• Ownership
• Organizational structure
• Financial condition
• Professional staff
• Recommendations for guideline changes
• Internal expenses and management costs
• All legal material, SEC and other regulatory agency proceedings affecting the firm

c. Utilize the same care, skill, prudence and due diligence under the circumstances then prevailing
that experienced investment professionals acting in a like capacity and fully familiar with such
matters would use in like activities with like aims in accordance and compliance with IRS
regulations and all applicable laws, rules and regulations from local, state, federal and
international political entities pertaining to fiduciary duties and responsibilities.

8. The Committee and its Investment Management Consultant will determine the appropriateness of
each fund manager based on the objectives and guidelines stated in the IPS.

9. Fund managers of Target-Date Retirement portfolios are subject to additional criteria based on the
guidelines detailed in Section III.E.

E. Ongoing Review

1. Performance Objectives and Review. Investment performance will be reviewed quarterly to determine
the continued feasibility of achieving the investment objectives and the continued appropriateness of
the IPS for achieving those objectives. Progress toward attainment of the performance expectations of
the IPS will be examined; emphasis will be placed on peer group comparisons with managers employing
similar styles. It is understood that there are likely to be short-term periods during which performance
deviates from appropriate indices and peer comparisons. The Committee will exercise its prerogative to
take action by replacing a fund manager at the appropriate time, if so determined.

At the Committee’s quarterly meeting, the Committee will consider:
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