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Following the resignation of former Trustee David Miller, the Board approved updates to the FY2025-FY2026 standing committee and working group assignments to fill the resulting vacancies. Investment Committee leadership: Matt Hunt (President) as Chair and Marsha Byas as Vice Chair, with all Trustees serving on the Investment Committee. Stan Rupnik continues as Executive Director & Chief Investment Officer.

On the Investment Committee's recommendation, the Board approved the fiscal year 2026 Global Income Strategies Review Plan as presented. The plan sets the annual review framework and proposed recommendations for the TRS global income (fixed income / credit) portfolio. General investment consultant RVK Inc. supports the program.

On the Investment Committee's recommendation (committee met October 23, 2025), the Board approved the fiscal year 2026 Private Debt & Private Credit Tactical Plan as presented. The plan, presented by TRS Global Income Strategies staff with private debt consultant Aksia, covers a review of FY2025 initiatives, FY2026 initiatives, fee analysis, and pacing for the private debt / private credit program. Individual fund commitments are executed by staff and approved in executive session under 5 ILCS 120/2(c)(7); the public minutes record the pacing/tactical plan, not named fund commitments.

$200M commitment to Pretium Residential Credit III.

$130M commitment to THL Equity Fund X.

$150M commitment to Vista Foundation Fund V.