Zero-Registration Public Source Trail · CAFR / Board Packet ← Back to MTMSF-MT (Montana State Fund Workers Compensation Reserve) Profile

MTMSF-MT (Montana State Fund Workers Compensation Reserve) → Montana State Fund Separately Managed Account

Field-by-field provenance and archived filing evidence for one of the 5 open public preview records on MTMSF-MT (Montana State Fund Workers Compensation Reserve)’s profile — accessible without registration.

Institutional Allocator

MTMSF-MT (Montana State Fund Workers Compensation Reserve)

Public Pension Plan · Hub: Mountain West & Southwest (CO / AZ / UT / NV / MT / NM)

Reported Holding / Fair Value

$1.47B

Reported holding / fair value (not original commitment) · As of December 2025

$1,467,100,000 USD (raw: 1467.1)

Strategy & Vintage

Private Credit

2024 Vintage

Cited Archive Anchor

pdf_archive/MTMSF_MT/MTMSF_MT_2024_ACFR.pdf#page=15

PDF p.15/30 · Printed p.14

Holding / Fair Value Substantiated · Multiples Not Disclosed on Schedule

Open Cited Filing (investmentmt.com) Single-Page Excerpt (PDF p.15) Full-Res Image (PDF p.15)

Provenance & Entity Scope Notice

Holdings Schedule Disclosure — Reported Portfolio Fair Market Value (Not Original Commitment)

The cited financial schedule for MTMSF-MT (Montana State Fund Workers Compensation Reserve) reports period-end portfolio fair market value / carrying value or invested cost ($1.47B) rather than original commitment check size. This figure is classified as Reported holding / fair value (not original commitment) (not an original commitment ticket) so GPs do not mistake current holding value for initial fund commitment size.

Field-Level Provenance & Substantiation Breakdown

Each claim is evaluated independently against the cited table’s headers and units. Different fields on a single record may originate from distinct schedules.

Entity Type: Legal Fund Vehicle · As-of 2025-12-31

Record Field	Recorded Value	Value Type	Substantiation Status	Field-Specific Source Citation & Audit Note
Fund / Legal Vehicle	Montana State Fund Separately Managed Account	Reported	Table-Substantiated	pdf_archive/MTMSF_MT/MTMSF_MT_2024_ACFR.pdf (PDF Page 15 of 30 · Printed Page 14) Matched on cited page in '14'. Row excerpt: "The Board invests approximately $1.9 billion for several insurance programs. The State Workers’ Compensation Insurance Fund (Montana State Fund) owns the larges"
Disclosed Holding / Fair Market Value	$1.47B (raw: 1467.1)	Reported	Holding / Fair Value (Not Commitment)	pdf_archive/MTMSF_MT/MTMSF_MT_2024_ACFR.pdf (PDF Page 15 of 30 · Printed Page 14) Substantiated on cited holdings schedule (millions, USD) reporting portfolio fair market / carrying value rather than the allocator's original commitment check size.
Fund Vintage Year	2024	Reported	Not Yet Page-Verified	pdf_archive/MTMSF_MT/MTMSF_MT_2024_ACFR.pdf (PDF Page 15 of 30 · Printed Page 14) Retained from allocator disclosure / fund vintage registry without substituting filing year.
Net IRR	Not disclosed	Missing / Unverified	Not Yet Page-Verified	Not disclosed Net IRR is not disclosed for this record (never defaulted to 0 or 1.00x).
TVPI / Net Multiple	Not disclosed	Missing / Unverified	Not Yet Page-Verified	Not disclosed TVPI / Net Multiple is not disclosed for this record (never defaulted to 0 or 1.00x).
DPI (Realized Multiple)	Not disclosed	Missing / Unverified	Not Yet Page-Verified	Not disclosed DPI (Realized Multiple) is not disclosed for this record (never defaulted to 0 or 1.00x).

Archived Filing Excerpt — PDF Page 15 of 30 (Printed Page 14)

Table Class: Nav Or Fair Value Holdings

Archived file MTMSF_MT_2024_ACFR.pdf · Detected Table Title: 14 · Table Units: millions (USD). Full horizontal row highlighting retains surrounding headers, units, and footnotes.

Download Single-Page PDF

Detected Table Columns: Fund / Investment NameFair Value / NAV

Matched Horizontal Row Text: The Board invests approximately $1.9 billion for several insurance programs. The State Workers’ Compensation Insurance Fund (Montana State Fund) owns the largest dollar value of such securities and is discussed in more detail on the next page. The fair values of the insurance

Archived File Integrity Checksum (SHA-256): 137d821af62b751c…fa288c744310 — SHA-256 is a file-byte integrity check confirming the archived file has not changed since retrieval. It does NOT prove factual or extraction accuracy.

Archived filing excerpt from MTMSF_MT_2024_ACFR.pdf, PDF viewer page 15 (printed page 14), highlighting row for Montana State Fund Separately Managed Account

All 5 Open Public Source Trails for MTMSF-MT (Montana State Fund Workers Compensation Reserve)

Click any preview record below to inspect its primary source trail without registration

Open Trail #1 of 5 CAFR / Board Packet · PDF p.15

Montana State Fund Separately Managed Account

Private Credit · 2024 $1.47B (Holding)

Open Trail #2 of 5 CAFR / Board Packet · PDF p.15

Montana State Fund Short-Term Investment Pool

Multi-Strategy · 2024 $49.1M (Holding)

Open Trail #3 of 5 Allocator Webpage (Unanchored URL)

Capvis Equity IV

Private Equity · 2025 $2.3M

Open Trail #4 of 5 Allocator Webpage (Unanchored URL)

SEI Secondary Opportunities Fund I, LP

Secondaries · 2025 $2.2M

Open Trail #5 of 5 Allocator Webpage (Unanchored URL)

Lovell Minnick Equity Partners VI, L.P.

Buyout · 2025 $2.0M

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