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Investment Managers Fee Disclosure

As of March 31, 2026

Non-Traditional Growth

Private Equity Assets Under Management as of Mar. 31, 2026 Investment Management Fee Expense Apr. 1, 2025 – Mar 31, 2026
Adams Street Venture Partnerships *  $                     289,000  $                                        2,654
Adams Street 2018 Global Fund * / **  $             104,443,000  $                                    435,424
Adams Street 2017 Global Fund * / **  $               98,109,000  $                                    385,010
Adams Street 2016 Global Fund * / **  $             150,126,000  $                                    557,419
Adams Street 2015 Global Fund * / **  $             129,020,000  $                                    394,582
Adams Street 2014 Global Fund * / **  $               85,704,000  $                                    271,439
Adams Street 2013 Global Fund * / **  $               76,739,000  $                                    257,940
Adams Street 2012 Global Fund * / **  $               44,798,000  $                                    201,052
Adams Street 2009 Global Offering * / **  $               17,286,000  $                                               –  
Adams Street 2008 Global Offering * / **  $                  1,948,000  $                                               –  
Adams Street Global Secondary Fund 5 * / **  $                  2,642,000  $                                      47,623
Aksia CA (Discretionary Advisor)  $                                    764,853
Advent Int’l GPE X * / **  $               21,779,000  $                                    373,933
Altaris Health Partners V * / **  $               28,909,000  $                                               –  
Avance Inv Partners * / **  $               24,010,000  $                                    458,652
Base10 Adv Initiative I * / **  $               19,632,000  $                                    500,000
Base10 Adv Initiative II * / **  $               18,275,000  $                                    481,232
Base10 Partners III * / **  $               18,153,000  $                                    491,448
Base 10 Seed & Series A IV (Apr 2025 inception)  $                     928,000  $                                               –  
Bregal Sagemount III * / **  $               28,638,000  $                                    641,959
Bregal Sagemount IV * / **  $               14,417,000  $                                    495,295
Clearlake Cap Partners VI * / **  $               40,201,000  $                                    258,353
Clearlake Cap Partners VII * / **  $               42,966,000  $                                    589,783
Clearlake Cap Partners VIII * / **  $                  6,848,000  $                                    630,554
Cortec Group VII * / **  $               35,565,000  $                                    309,317
Cortec Group VIII * / **  $               10,634,000  $                                    641,787
GGV Capital VIII * / **  $               23,385,000  $                                    432,000
GGV Capital VIII Plus * / ** (No management fees)  $                  6,071,000  $                                               –  
GGV Capital IX * / **  $               25,022,000  $                                    848,372
GGV Capital IX Plus * / ** (No management fees)  $                  6,047,000  $                                               –  
GGV Discovery III * / **  $                  6,745,000  $                                    270,000
Great Hill Equity Partners VIII * / **  $               18,381,000  $                                    475,766
Greenbriar Equity Fund VI * / **  $               18,147,000  $                                    341,799
Harvest Partners VIII * / **  $               68,503,000  $                                               –  
Harvest Partners IX * / **  $               22,784,000  $                                    714,570
Hg Capital Saturn 2 * / **  $               40,552,000  $                                    243,790
Hg Capital Saturn 3 * / **  $               22,784,000  $                                    244,795
  Hg Capital Saturn 4 * / **  $                     631,000  $                                    262,500
Hg Capital Genesis 9 Eur * / **  $               13,657,000  $                                    188,274
Hg Capital Genesis 10 * / **  $                  7,545,000  $                                    241,745
Inflexion Buyout Fund VI * / **  $               19,381,000  $                                    326,238
MBK Partners V * / **  $               54,838,000  $                                    437,885
MBK Partners VI * / **  $               10,753,000  $                                    479,999
Nautic Partners X * / **  $               29,046,000  $                                    339,951
Nautic Partners XI * / ** (May 2025 inception)  $                  7,144,000  $                                    260,454
Nordic Capital Fund XI * / **  $               55,645,000  $                                    789,032
Oak HC-FT Partners IV * / **  $               33,856,000  $                                    547,061
Oak HC-FT Partners V-A * / **  $               33,435,000  $                                    474,848
OceanSound Partners * / **  $               36,644,000  $                                                1
OceanSound Partners II * / **  $               35,112,000  $                                    211,463
OceanSound Partners SMX Continuation Fund * / **  $               12,772,000  $                                      14,960
One Equity Partners VIII * / **  $               34,659,000  $                                    412,322
One Equity Partners IX * / **  $               16,945,000  $                                    530,261
One Rock Cap Partners III * / **  $               25,505,000  $                                  (335,077)
Orchid Asia VIII * / **  $               15,412,000  $                                    600,000
PAI Partners VIII * / **  $               26,781,000  $                                    716,474
Reverence Opp Fund II * / **  $               63,570,000  $                                    435,231
ROC Asia Pacific Private Equity Fund VI * / ** (Aug 2025 inception)  $               10,954,000  $                                    470,034
Rubicon Tech Partners III * / **  $               32,354,000  $                                    522,610
Rubicon Tech Partners IV * / **  $               19,425,000  $                                    551,435
Stellex Cap Partners II * / **  $               31,147,000  $                                    366,100
Stellex Cap Partners III * / **  $                  6,061,000  $                                    310,416
Thoma Bravo XIV * / **  $               53,677,000  $                                               –  
Thoma Bravo XV * / **  $               35,515,000  $                                               –  
Thoma Bravo XVI * / **  $                  2,295,000  $                                               –  
Thoma Bravo Discovery IV * / **  $               29,225,000  $                                               –  
TorreyCove Co-Inv Fund I * / **  $             287,468,000  $                                    175,232
TorreyCove Co-Inv Fund II * / **  $             236,969,000  $                                    473,332
Turn/River Capital VII * / **  $                  2,392,000  $                                    333,042
Fairview Lincoln Fund I * / **  $               67,907,000  $                                    345,625
Fairview Lincoln Fund Series B * / **  $               69,440,000  $                                    538,640
Fairview Lincoln Fund Series C * / **  $               24,430,000  $                                    219,205
Mesirow Private Equity Fund VII-B * / **  $               68,194,000  $                                    370,000
Mesirow Private Equity Special Fund B (FOO) * / **  $             324,214,000  $                                    908,834
Muller and Monroe SURS Emerging PEFF * / **  $               93,246,000  $                                    358,696
Pantheon Ventures *  $                  4,296,000  $                                      25,715
Pantheon Access (U.S.) 2017 * / **  $               98,334,000  $                                    285,001
Pantheon Access (U.S.) 2018 * / **  $             194,243,000  $                                    293,221
Pantheon Europe Fund VI * / **  $                  3,052,000  $                                            922
Pantheon Europe Fund VII * / **  $               17,868,000  $                                    139,944
Pantheon GL Infra Fund V  $               15,789,000  $                                    863,014
Pantheon Multi-Strategy Program 2014 * / **   $             124,894,000  $                                    410,062
Pantheon USA Fund VIII * / **  $               22,113,000  $                                               –  
Pantheon USA Fund IX * / **  $               47,614,000  $                                    338,794
Non-Core Real Assets Assets Under Management as of Mar. 31, 2026 Investment Management Fee Expense Apr. 1, 2025 – Mar 31, 2026
Basis Investment Group Fund I * / **  $               19,380,000  $                                    300,702
Basis Investment Group Fund II * / **  $               41,990,000  $                                    502,161
Basis Investment Group Fund III * / ** (Apr 2025 inception)  $                  9,548,000  $                                    740,548
Blackstone Real Estate Partners Asia * / **  $               27,740,000  $                                    750,000
Blackstone Real Estate Partners Europe VI * / **  $               58,535,000  $                                    903,022
Blackstone Real Estate Partners Europe VI * / **  $               22,287,000  $                                    863,134
Blue Vista Real Estate Partners IV * / **  $                  3,593,000  $                                    126,540
Brasa Real Estate Fund II * / **  $               43,702,000  $                                    412,185
Brasa Real Estate Fund III * / **  $               12,734,000  $                                    750,000
Brookfield Strategic Real Estate Partners II * / **  $               12,136,000  $                                    196,955
Brookfield Strategic Real Estate Partners III * / **  $               36,957,000  $                                    313,509
Brookfield Strategic Real Estate Partners IV * / **  $               62,350,000  $                                    988,493
Brookfield Strategic Real Estate Partners V * / **  $               13,120,000  $                                1,006,216
Cabot Industrial Value VI * / **  $               49,373,000  $                                    681,408
Cabot Industrial Value VII * / **  $               42,795,000  $                                    748,545
Crow Holdings Realty Partners VIII * / **  $                     116,000  $                                               –  
Crow Holdings Realty Partners IX * / **  $               27,983,000  $                                    411,176
Crow Holdings Realty Partners X * / **  $               36,424,000  $                                    625,000
Dune Real Estate Parallel Fund II * / **  $                  3,314,000  $                                      29,209
Dune Real Estate Parallel Fund III * / **   $               27,839,000  $                                    235,120
Dune Real Estate Parallel Fund IV * / **  $               36,488,000  $                                    606,773
Ember Infrastructure Partners I * / **  $               36,707,000  $                                    478,684
Ember Infrastructure Partners II * / **  $               12,410,000  $                                    995,473
Franklin Templeton FTPREF * / **  $                     157,000  $                                      52,632
Franklin Templeton MDP RE 2015 * / **  $               53,309,000  $                                    338,253
Homestead Capital USA Farmland Fund III * / **  $               61,380,000  $                                    868,280
Homestead Capital USA Farmland Fund IV * / **  $               26,973,000  $                                    540,337
Longpoint Realty II * / **  $               32,995,000  $                                    582,389
Longpoint Realty III * / **  $               55,314,000  $                                    625,994
Long Wharf RE Partners VI * / **  $               20,888,000  $                                    376,347
Long Wharf RE Partners VII * / **  $               25,241,000  $                                    600,000
Macquarie Infrastructure Partners III * / **  $               43,464,000  $                                    288,678
Macquarie Infrastructure Partners IV * / **  $               81,903,000  $                                    599,806
Newport Capital Partners III * / **  $                  9,136,000  $                                    105,930
Newport Capital Partners IV * / ** (Dec 2025 inception)  $                     560,000  $                                               –  
Oaktree Real Estate Debt Fund II * / **  $                  9,482,000  $                                      23,899
Pantheon Global Infrastruture Fund IV * / **  $               69,204,000  $                                    850,000
StepStone Real Estate Global Partnership Fund II * / **  $                  9,321,000  $                                      60,913
Torchlight Debt Fund VII * / **  $               42,405,000  $                                    569,930
Torchlight Debt Fund VIII * / **  $               19,158,000  $                                    625,000
Westbrook Real Estate Fund XI * / **  $               46,558,000  $                                    823,445

Traditional Growth

U.S. Equity Assets Under Management as of Mar. 31, 2026 Investment Management Fee Expense Apr. 1, 2025 – Mar 31, 2026
JP Morgan 130/30 ** (Jul 2025 inception)  $             305,991,000  $                                    468,265
RhumbLine Advisers  $          2,364,812,000  $                                    176,020

Non-U.S. Equity

 Assets Under Management as of Mar. 31, 2026 Investment Management Fee Expense Apr. 1, 2025 – Mar 31, 2026
Ativo Capital Management  $             266,688,000  $                                    770,836
GlobeFlex Capital **  $             491,477,000  $                                3,016,449
Man Numeric ** (Jun 2025 inception)  $             319,349,000  $                                    776,535
Nipun Capital **  $             121,069,000  $                                    821,542
Solstein Capital  $             137,032,000  $                                    477,642
Strategic Global Advisors  $             316,413,000  $                                1,153,476
William Blair **  $             121,915,000  $                                    893,397

Global Equity

 Assets Under Management as of Mar. 31, 2026 Investment Management Fee Expense Apr. 1, 2025 – Mar 31, 2026
Ariel Investments  $             231,712,000  $                                1,405,692
BlackRock Institutional Trust Company Global Alpha Tilts **  $          1,403,003,000  $                                7,760,924
Earnest Global  $                  1,284,000  $                                1,337,585
Mondrian Investment Partners  $             450,151,000  $                                1,537,856
Strategic Global Advisors – Global  $             291,259,000  $                                    894,356
T. Rowe Price  $             342,016,000  $                                1,805,583
Wellington Management  $             399,279,000  $                                1,922,327
Xponance Global Equity  $             197,961,000  $                                1,447,645

 

Stabilized Growth

Core Real Assets

 Assets Under Management as of Mar. 31, 2026 Investment Management Fee Expense Apr. 1, 2025 – Mar 31, 2026
Blackrock GL Renewable PW * / **  $               58,169,000  $                                    777,287
Blackstone Property Partners * / **  $             198,193,000  $                                1,744,614
Carlyle Property Investors * / **  $             264,750,000  $                                2,193,030
Clarion Lion Properties * / **  $             187,672,000  $                                1,428,762
GI Partners ETS Fund * / **  $               62,074,000  $                                    738,350
Heitman America Real Estate Trust * / **   $             276,974,000  $                                1,959,939
IFM Global Infra Fund * / **  $             130,984,000  $                                    941,326
JPMCB Strategic Property Fund * / **  $             187,476,000  $                                1,359,235
Prologis Target U.S Logis * /  **  $             168,945,000  $                                1,619,544
UBS Trumbull Property Fund * /  **  $               85,587,000  $                                    823,731

 

Option Strategies

 Assets Under Management as of Mar. 31, 2026 Investment Management Fee Expense Apr. 1, 2025 – Mar 31, 2026
PAAMCO Newport Monarch Fund **  $                  1,192,000  $                                        9,095

Private Credit

 Assets Under Management as of Mar. 31, 2026 Investment Management Fee Expense Apr. 1, 2025 – Mar 31, 2026
Meketa Investment Group (Discretionary Advisor)  $                                 –    $                                    430,691
Ares Pathfinder Core Fund I */**  $             155,515,000  $                                1,883,960
Ares Pathfinder Core Fund II */**  $               59,500,000  $                                    529,478
Ares SME * / ** (Jul 2025 inception)  $                                 –    $                                    132,132
Ares Specialty Healthcare */**  $               12,295,000  $                                    141,416
Blue Owl Asset Income Fund */**  $               84,873,000  $                                    251,160
Brightwood Capital Fund V */**  $               50,553,000  $                                    647,437
Castlelake AB PCF III */**  $               38,099,000  $                                    311,673
Crayhill Capital Management */**  $               27,214,000  $                                    255,320
Fortress Capital Formation */**  $               25,500,000  $                                    375,036
HPS Specialty Loan Fund VI */**  $               45,687,000  $                                    813,481
ICG Senior Debt Ptrs Fund V */**  $               44,042,000  $                                    539,055
Neuberger Berman Private Credit IV */**  $             153,204,000  $                                2,377,313
Neuberger Berman Private Debt Eagle */**  $               41,232,000  $                                    380,796
OHA Senior Private Lending (Nov 2025 inception)  $               30,685,000  $                                               –  
Pemberton Strategic Credit IV */**  $               42,156,000  $                                    618,825
Silver Point Specialty Credit Fund III */**  $               48,754,000  $                                    286,079
Silver Rock Tactical */**  $               75,720,000  $                                    871,107
Silver Rock Tactical Vintage 2022 */**  $             160,914,000  $                                2,169,561
Silver Rock Tactical Vintage 2025 */**  $               33,351,000  $                                               –  
Sixth Street Tao */**  $               59,874,000  $                                    979,804
Turning Rock Partners II */**  $               43,007,000  $                                    416,224
Turning Rock Partners III */**  $               35,169,000  $                                    308,309

Public Credit

 Assets Under Management as of Mar. 31, 2026 Investment Management Fee Expense Apr. 1, 2025 – Mar 31, 2026
Advent Convertible Bond (Sep 2025 inception)  $             212,053,000  $                                    620,194
Bivium Capital Partners  $             531,866,000  $                                2,892,010
CFI Partners (Nov 2025 inception)  $             201,552,000  $                                    109,264
Neuberger Berman **  $             786,130,000  $                                1,990,403
Oaktree Global Credit  * (Sep 2025 inception)  $             507,795,000  $                                    997,707
Oaktree High Income (Oct 2025 inception)  $             204,495,000  $                                    410,996
PIMCO Global Credit **  $             714,374,000  $                                1,977,657

Inflation Sensitive

U.S. TIPS

 Assets Under Management as of Mar. 31, 2026 Investment Management Fee Expense Apr. 1, 2025 – Mar 31, 2026
RhumbLine Advisers (Feb 2026 termed)  $                                 –    $                                      31,719

Principal Protection

Core Fixed Income

 Assets Under Management as of Mar. 31, 2026 Investment Management Fee Expense Apr. 1, 2025 – Mar 31, 2026
Garcia Hamilton & Associates  $             495,714,000  $                                    602,775
LM Capital Group  $             501,416,000  $                                    657,276
Pugh Capital Management  $             505,770,000  $                                    559,953
Ramirez Asset Management  $             501,682,000  $                                    739,910

Crisis Risk Offset

Long Duration

 Assets Under Management as of Mar. 31, 2026 Investment Management Fee Expense Apr. 1, 2025 – Mar 31, 2026
RhumbLine Long Duration  $             836,016,000  $                                      53,662
Trend Assets Under Management as of Mar. 31, 2026 Investment Management Fee Expense Apr. 1, 2025 – Mar 31, 2026
Aspect Capital **  $             689,062,000  $                                2,972,994
Campbell & Company **  $             663,637,000  $                                2,835,099
Longtail Alpha **  $             414,951,000  $                                1,903,129

ARP

 Assets Under Management as of Mar. 31, 2026 Investment Management Fee Expense Apr. 1, 2025 – Mar 31, 2026
ARP Investments **  $             292,351,000  $                                1,881,147
Graham Absolute Return Fund ** (Feb 2026 inception)  $             328,596,000  $                                               –  
Kepos Alpha ** (Mar 2026 inception)  $             250,000,000  $                                               –  
PIMCO Alternative Risk **  $             450,980,000  $                                3,109,640
PIMCO Commodity Alpha Fund **  $             148,977,000  $                                3,726,399

Tail Risk

 Assets Under Management as of Mar. 31, 2026 Investment Management Fee Expense Apr. 1, 2025 – Mar 31, 2026
Longtail Tail Risk **  $               69,665,000  $                                4,294,006

Long Volatility

 Assets Under Management as of Mar. 31, 2026 Investment Management Fee Expense Apr. 1, 2025 – Mar 31, 2026
One River **  $             331,718,000  $                                4,822,500

Cash Overlay Manager

Parametric Portfolio Associates

 Assets Under Management as of Mar. 31, 2026 Investment Management Fee Expense Apr. 1, 2025 – Mar 31, 2026
 $             265,321,000  $                                1,653,271

Securities Lending

 

 Investment Management Fee Expense Apr. 1, 2025 – Mar 31, 2026
Mitsubishi UFJ Trust and Banking  $                                    584,861

Investment Consulting

 

 Investment Management Fee Expense Apr. 1, 2025 – Mar 31, 2026
Callan  $                                    352,500
Meketa Investment Group  $                                    581,250

Master Trustee/Performance Measurement

 

 Investment Management Fee Expense Apr. 1, 2025 – Mar 31, 2026
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.