Investment Managers Fee Disclosure
As of September 30, 2025
Non-Traditional Growth
Private Equity |
Assets Under Management as of Dec. 31, 2025 | Investment Management Fee Expense Jan. 1, 2025 – Dec. 31, 2025 |
| Adams Street Venture Partnerships * | $531,000 | $3,007 |
| Adams Street 2018 Global Fund * / ** | $107,034,000 | $447,976 |
| Adams Street 2017 Global Fund * / ** | $102,780,000 | $397,557 |
| Adams Street 2016 Global Fund * / ** | $157,987,000 | $578,341 |
| Adams Street 2015 Global Fund * / ** | $140,809,000 | $412,017 |
| Adams Street 2014 Global Fund * / ** | $93,079,000 | $285,750 |
| Adams Street 2013 Global Fund * / ** | $81,439,000 | $275,062 |
| Adams Street 2012 Global Fund * / ** | $51,538,000 | $207,491 |
| Adams Street 2009 Global Offering * / ** | $29,906,000 | $15,936 |
| Adams Street 2008 Global Offering * / ** | $2,713,000 | – |
| Adams Street Global Secondary Fund 5 * / ** | $3,667,000 | $43,750 |
| Aksia CA (Discretionary Advisor) | $741,313 | |
| Advent Int’l GPE X * / ** | $18,114,000 | $373,950 |
| Altaris Health Partners V * / ** | $27,097,000 | $16,626 |
| Avance Inv Partners * / ** | $19,120,000 | $450,863 |
| Base10 Adv Initiative I * / ** | $19,447,000 | $500,000 |
| Base10 Adv Initiative II * / ** | $16,813,000 | $478,279 |
| Base10 Partners III * / ** | $15,786,000 | $489,251 |
| Bregal Sagemount III * / ** | $28,953,000 | $666,697 |
| Bregal Sagemount IV * / ** | $11,145,000 | $478,250 |
| Clearlake Cap Partners VI * / ** | $42,807,000 | $288,662 |
| Clearlake Cap Partners VII * / ** | $40,027,000 | $460,154 |
| Clearlake Cap Partners VIII * / ** (Dec 2024 inception) | $2,642,000 | $591,991 |
| Cortec Group VII * / ** | $34,162,000 | $309,317 |
| Cortec Group VIII * / ** | $10,420,000 | $641,787 |
| GGV Capital VIII * / ** | $18,938,000 | $432,000 |
| GGV Capital VIII Plus * / ** (No management fees) | $4,515,000 | – |
| GGV Capital IX * / ** | $12,949,000 | $712,906 |
| GGV Capital IX Plus * / ** (No management fees) | $3,030,000 | – |
| GGV Discovery III * / ** | $7,141,000 | $225,000 |
| Great Hill Equity Partners VIII * / ** | $16,789,000 | $410,010 |
| Greenbriar Equity Fund VI * / ** | $14,546,000 | $350,809 |
| Harvest Partners VIII * / ** | $70,542,000 | $103 |
| Harvest Partners IX * / ** | $21,992,000 | $714,570 |
| Hg Capital Saturn 2 * / ** | $41,259,000 | $238,552 |
| Hg Capital Saturn 3 * / ** | $23,298,000 | $279,362 |
| Hg Capital Saturn 4 * / ** (November 2025 inception) | – | $175,000 |
| Hg Capital Genesis 9 Eur * / ** | $13,431,000 | $189,708 |
| Hg Capital Genesis 10 * / ** | $5,976,000 | $234,026 |
| Inflexion Buyout Fund VI * / ** | $16,163,000 | $340,815 |
| MBK Partners V * / ** | $54,600,000 | $402,124 |
| MBK Partners VI * / ** (Dec 2024 inception) | $4,108,000 | $387,945 |
| Nautic Partners X * / ** | $25,397,000 | $378,759 |
| Nautic Partners XI * / ** (May 2025 inception) | $1,822,000 | $266,670 |
| Nordic Capital Fund XI * / ** | $44,156,000 | $765,978 |
| Oak HC-FT Partners IV * / ** | $32,416,000 | $546,851 |
| Oak HC-FT Partners V-A * / ** | $27,782,000 | $632,578 |
| OceanSound Partners * / ** | $35,708,000 | $1 |
| OceanSound Partners II * / ** | $29,179,000 | $36,463 |
| OceanSound Partners SMX Continuation Fund * / ** | $12,299,000 | $29,915 |
| One Equity Partners VIII * / ** | $34,653,000 | $427,785 |
| One Equity Partners IX * / ** (Feb 2025 inception) | $7,798,000 | $530,261 |
| One Rock Cap Partners III * / ** | $33,808,000 | $271,907 |
| Orchid Asia VIII * / ** | $14,444,000 | $599,587 |
| PAI Partners VIII * / ** | $26,557,000 | $692,285 |
| Reverence Opp Fund II * / ** | $75,916,000 | $435,231 |
| ROC Asia Pacific Private Equity Fund VI * / ** (Aug 2025 inception) | $8,750,000 | – |
| Rubicon Tech Partners III * / ** | $30,167,000 | $535,415 |
| Rubicon Tech Partners IV * / ** | $17,348,000 | $551,435 |
| Stellex Cap Partners II * / ** | $30,406,000 | $326,870 |
| Stellex Cap Partners III * / ** (Dec 2024 inception) | $4,171,000 | $471,012 |
| Thoma Bravo XIV * / ** | $48,871,000 | – |
| Thoma Bravo XV * / ** | $31,840,000 | – |
| Thoma Bravo Discovery IV * / ** | $27,701,000 | – |
| TorreyCove Co-Inv Fund I * / ** | $278,374,000 | $176,374 |
| TorreyCove Co-Inv Fund II * / ** | $203,447,000 | $402,206 |
| Turn/River Capital VII * / ** (Mar 2025 inception) | $1,000,000 | $222,028 |
| Fairview Lincoln Fund I * / ** | $81,770,000 | $355,000 |
| Fairview Lincoln Fund Series B * / ** | $62,350,000 | $513,080 |
| Fairview Lincoln Fund Series C * / ** | $18,030,000 | $169,454 |
| Mesirow Private Equity Fund VII-B * / ** | $70,255,000 | $380,000 |
| Mesirow Private Equity Special Fund B (FOO) * / ** | $336,266,000 | $933,902 |
| Muller and Monroe SURS Emerging PEFF * / ** | $102,958,000 | $379,348 |
| Pantheon Ventures * | $4,296,000 | $30,531 |
| Pantheon Access (U.S.) 2017 * / ** | $92,934,000 | $284,804 |
| Pantheon Access (U.S.) 2018 * / ** | $199,643,000 | $296,684 |
| Pantheon Europe Fund VI * / ** | $5,159,000 | $793 |
| Pantheon Europe Fund VII * / ** | $18,945,000 | $139,268 |
| Pantheon Multi-Strategy Program 2014 * / ** | $124,894,000 | $421,233 |
| Pantheon USA Fund VIII * / ** | $22,113,000 | – |
| Pantheon USA Fund IX * / ** | $47,614,000 | $348,023 |
Non-Core Real Assets |
Assets Under Management as of Dec. 31, 2025 | Investment Management Fee Expense Jan. 1, 2025 – Dec. 31, 2025 |
| Basis Investment Group Fund I * / ** | $20,657,000 | $303,891 |
| Basis Investment Group Fund II * / ** | $39,912,000 | $541,473 |
| Basis Investment Group Fund II * / ** (Sep 2025 inception) | – | $479,541 |
| Blackstone Real Estate Partners Asia * / ** | $23,277,000 | $750,000 |
| Blackstone Real Estate Partners Europe VI * / ** | $66,379,000 | $869,626 |
| Blackstone Real Estate Partners Europe VI * / ** | $18,117,000 | $837,914 |
| Blue Vista Real Estate Partners IV * / ** | $3,946,000 | $144,872 |
| Brasa Real Estate Fund II * / ** | $40,774,000 | $392,714 |
| Brasa Real Estate Fund III * / ** (Dec 2024 inception) | $10,480,000 | $560,959 |
| Brookfield Strategic Real Estate Partners II * / ** | $16,730,000 | $223,664 |
| Brookfield Strategic Real Estate Partners III * / ** | $38,033,000 | $342,527 |
| Brookfield Strategic Real Estate Partners IV * / ** | $60,628,000 | $989,520 |
| Brookfield Strategic Real Estate Partners V * / ** (Dec 2024 inception) | $11,994,000 | $1,009,415 |
| Cabot Industrial Value VI * / ** | $58,376,000 | $681,276 |
| Cabot Industrial Value VII * / ** | $37,802,000 | $745,581 |
| Crow Holdings Realty Partners VIII * / ** | $118,000 | $1,499 |
| Crow Holdings Realty Partners IX * / ** | $32,978,000 | $422,554 |
| Crow Holdings Realty Partners X * / ** | $26,919,000 | $625,000 |
| Dune Real Estate Parallel Fund II * / ** | $3,433,000 | $30,470 |
| Dune Real Estate Parallel Fund III * / ** | $32,116,000 | $264,703 |
| Dune Real Estate Parallel Fund IV * / ** | $44,170,000 | $615,424 |
| Ember Infrastructure Partners I * / ** | $36,393,000 | $457,611 |
| Ember Infrastructure Partners II * / ** | $13,983,000 | $1,104,187 |
| Franklin Templeton FTPREF * / ** | $187,000 | $52,632 |
| Franklin Templeton MDP RE 2015 * / ** | $61,082,000 | $344,057 |
| Homestead Capital USA Farmland Fund III * / ** | $60,948,000 | $868,280 |
| Homestead Capital USA Farmland Fund IV * / ** | $19,951,000 | $537,117 |
| Longpoint Realty II * / ** | $45,377,000 | $594,865 |
| Longpoint Realty III * / ** | $47,771,000 | $654,689 |
| Long Wharf RE Partners VI * / ** | $27,126,000 | $382,200 |
| Long Wharf RE Partners VII * / ** | $20,828,000 | $854,807 |
| Macquarie Infrastructure Partners III * / ** | $42,963,000 | $296,847 |
| Macquarie Infrastructure Partners IV * / ** | $72,335,000 | $589,903 |
| Newport Capital Partners III * / ** | $9,033,000 | $109,223 |
| Oaktree Real Estate Debt Fund II * / ** | $9,708,000 | $55,800 |
| Pantheon Global Infrastruture Fund IV * / ** | $69,204,000 | $849,311 |
| StepStone Real Estate Global Partnership Fund II * / ** | $9,539,000 | $64,698 |
| Torchlight Debt Fund VII * / ** | $43,579,000 | $568,975 |
| Torchlight Debt Fund VIII * / ** | $13,836,000 | $625,000 |
| Westbrook Real Estate Fund XI * / ** | $50,549,000 | $839,638 |
Non-Traditional Growth
U.S. Equity |
Assets Under Management as of Dec. 31, 2025 | Investment Management Fee Expense Jan. 1, 2025 – Dec. 31, 2025 |
| JP Morgan 130/30 ** (Jul 2025 inception) | $319,330,000 | $321,483 |
| RhumbLine Advisers | $2,403,652,000 | $175,786 |
Non-U.S. Equity |
Assets Under Management as of Dec. 31, 2025 | Investment Management Fee Expense Jan. 1, 2025 – Dec. 31, 2025 |
| Ativo Capital Management | $248,020,000 | $799,037 |
| GlobeFlex Capital ** | $538,965,000 | $2,349,848 |
| Man Numeric ** (Jun 2025 inception) | $299,656,000 | $535,929 |
| Nipun Capital ** | $119,335,000 | $783,688 |
| Solstein Capital | $136,530,000 | $451,444 |
| Strategic Global Advisors | $396,837,000 | $1,288,399 |
| William Blair ** | $116,905,000 | $826,141 |
Global Equity |
Assets Under Management as of Dec. 31, 2025 | Investment Management Fee Expense Jan. 1, 2025 – Dec. 31, 2025 |
| Ariel Investments | $329,200,000 | $1,459,896 |
| BlackRock Institutional Trust Company Global Alpha Tilts ** | $1,549,081,000 | $7,790,781 |
| Earnest Global | $378,590,000 | $1,502,800 |
| Mondrian Investment Partners | $436,893,000 | $1,553,691 |
| Strategic Global Advisors – Global | $297,816,000 | $848,498 |
| T. Rowe Price | $340,037,000 | $1,889,226 |
| Wellington Management | $392,723,000 | $1,988,233 |
| Xponance Global Equity | $202,641,000 | $1,623,274 |
Stabilized Growth
Core Real Assets |
Assets Under Management as of Dec. 31, 2025 | Investment Management Fee Expense Jan. 1, 2025 – Dec. 31, 2025 |
| Blackrock GL Renewable PW */** | $57,005,000 | $900,387 |
| Blackstone Property Partners * / ** | $202,957,000 | $1,915,311 |
| Carlyle Property Investors * / ** | $254,895,000 | $2,170,584 |
| Clarion Lion Properties * / ** | $183,402,000 | $1,407,822 |
| GI Partners ETS Fund * / ** | $63,479,000 | $767,424 |
| Heitman America Real Estate Trust * / ** | $271,494,000 | $1,937,249 |
| IFM Global Infra Fund * / ** | $125,145,000 | $915,684 |
| JPMCB Strategic Property Fund * / ** | $188,318,000 | $1,422,456 |
| Prologis Target U.S Logis * / ** | $164,237,000 | $1,609,958 |
| UBS Trumbull Property Fund * / ** | $84,494,000 | $647,998 |
Option Strategies |
Assets Under Management as of Dec. 31, 2025 | Investment Management Fee Expense Jan. 1, 2025 – Dec. 31, 2025 |
| PAAMCO Newport Monarch Fund ** | $1,217,000 | $9,283 |
Private Credit |
Assets Under Management as of Dec. 31, 2025 | Investment Management Fee Expense Jan. 1, 2025 – Dec. 31, 2025 |
| Meketa Investment Group (Discretionary Advisor) | $404,254 | |
| Ares Pathfinder Core Fund I */** | $154,568,000 | $1,902,669 |
| Ares Pathfinder Core Fund II */** | $53,095,000 | $435,498 |
| Ares SME * / ** (November 2025 inception) | – | $61,891 |
| Ares Specialty Healthcare */** | – | $175,409 |
| Blue Owl Asset Income Fund */** | $75,760,000 | $214,873 |
| Brightwood Capital Fund V */** | $51,197,000 | $493,077 |
| Castlelake AB PCF III */** (Mar 2025 inception) | $23,449,000 | $205,609 |
| Crayhill Capital Management */** | $29,171,000 | $264,072 |
| Fortress Capital Formation */** | $29,335,000 | $396,944 |
| HPS Specialty Loan Fund VI */** | $32,848,000 | $693,557 |
| ICG Senior Debt Ptrs Fund V */** | $36,742,000 | $472,764 |
| Neuberger Berman Private Credit IV */** | $155,152,000 | $2,345,086 |
| Neuberger Berman Private Debt Eagle */** (Feb 2025 inception) | $40,742,000 | $317,219 |
| Pemberton Strategic Credit IV */** (Nov 2024 inception) | $43,634,000 | $605,650 |
| Silver Point Specialty Credit Fund III */** | $42,006,000 | $201,559 |
| Silver Rock Tactical */** | $73,479,000 | $984,089 |
| Silver Rock Tactical Vintage 2022 */** | $205,981,000 | $2,015,958 |
| Sixth Street Tao */** | $46,899,000 | $912,161 |
| Turning Rock Partners II */** | $41,195,000 | $427,051 |
| Turning Rock Partners III */** | $26,443,000 | $231,634 |
Public Credit |
Assets Under Management as of Dec. 31, 2025 | Investment Management Fee Expense Jan. 1, 2025 – Dec. 31, 2025 |
| Advent Convertible Bond (Sep 2025 inception) | $205,420,000 | $352,591 |
| Bivium Capital Partners | $523,796,000 | $2,356,604 |
| Neuberger Berman ** | $770,941,000 | $1,963,052 |
| Oaktree Global Credit (Sep 2025 inception) | $500,000,000 | $571,267 |
| PIMCO Global Credit ** | $703,851,000 | $1,654,411 |
Inflation Sensitive
U.S. TIPS |
Assets Under Management as of Dec. 31, 2025 | Investment Management Fee Expense Jan. 1, 2025 – Dec. 31, 2025 |
| RhumbLine Advisors | $345,016,000 | $49,466 |
Principal Protection
Core Fixed Income |
Assets Under Management as of Dec. 31, 2025 | Investment Management Fee Expense Jan. 1, 2025 – Dec. 31, 2025 |
| Garcia Hamilton & Associates | $611,348,000 | $602,857 |
| LM Capital Group | $617,775,000 | $658,626 |
| Pugh Capital Management | $620,435,000 | $555,313 |
| Ramirez Asset Management | $617,343,000 | $728,919 |
Crisis Risk Offset
Long Duration |
Assets Under Management as of Dec. 31, 2025 | Investment Management Fee Expense Jan. 1, 2025 – Dec. 31, 2025 |
| RhumbLine Long Duration | $839,632,000 | $46,132 |
Trend |
Assets Under Management as of Dec. 31, 2025 | Investment Management Fee Expense Jan. 1, 2025 – Dec. 31, 2025 |
| Aspect Capital ** | $637,557,000 | $2,935,927 |
| Campbell & Company ** | $611,412,000 | $2,802,411 |
| Credit Suisse Asset Management (Inactive as of Oct 2024) | – | – |
| Longtail Alpha ** | $406,984,000 | $1,915,654 |
ARP |
Assets Under Management as of Dec. 31, 2025 | Investment Management Fee Expense Jan. 1, 2025 – Dec. 31, 2025 |
| ARP Investments ** | $270,867,000 | $1,876,078 |
| PIMCO Alternative Risk ** | $421,087,000 | $2,979,017 |
| PIMCO Commodity Alpha Fund ** | $199,237,000 | $3,925,438 |
Tail Risk |
Assets Under Management as of Dec. 31, 2025 | Investment Management Fee Expense Jan. 1, 2025 – Dec. 31, 2025 |
| Longtail Tail Risk ** | $54,442,000 | $4,300,394 |
Long Volatility |
Assets Under Management as of Dec. 31, 2025 | Investment Management Fee Expense Jan. 1, 2025 – Dec. 31, 2025 |
| One River ** | $336,365,000 | $4,822,500 |
Cash Overlay Manager
| Assets Under Management as of Dec. 31, 2025 | Investment Management Fee Expense Jan. 1, 2025 – Dec. 31, 2025 | |
| Parametric Portfolio Associates | $223,021,000 | $2,021,634 |
Securities Lending
| Investment Management Fee Expense Jan. 1, 2025 – Dec. 31, 2025 | |
| Mitsubishi UFJ Trust and Banking | $583,258 |
Investment Consulting
| Investment Management Fee Expense Jan. 1, 2025 – Dec. 31, 2025 | |
| Callan | $348,750 |
| Meketa Investment Group | $617,500 |
Master Trustee/Performance Measurement
| Investment Management Fee Expense Jan. 1, 2025 – Dec. 31, 2025 | |
| Northern Trust Company | $875,000 |
* Expense information is lagged one quarter.
** Commingled fund
Factors that contributed to the selection of investment advisers and consultants included the experience and qualifications of the firm’s principals, the soundness of the firm’s investment philosophy and process, as well as the strength of the investment record and organization.