In 2026, the District of Columbia Retirement Board (DCRB) started an annual report of investment fund advisory fees and fund expenses. In this report, DCRB reports the aggregate fees and expenses attributable to DCRB’s interests in third-party investment funds and such funds’ investment activities, in each case as borne by DCRB directly or indirectly and as reported by DCRB’s fee verification consultant as of the date of the applicable report.
These amounts do not reflect, and are generally greater than, actual out-of-pocket costs to DCRB. The amounts presented include investment management fees and fund expenses, which are not payable by DCRB but are payable by investment funds to their applicable investment manager or the investment fund’s other service providers and may be deducted by investment managers from investment fund-level capital accounts attributable to DCRB’s interests in such funds. The amounts presented do not include additional performance-based compensation investment managers may receive as a share of a fund’s profits rather than as an expense to DCRB or the applicable fund.