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Hired Federated Hermes Core Plus Bond for an ~$2B mandate (over Loomis Sayles and Reams).

Within the NEST Advisor College Savings Plan lineup, Council approved replacing the Northern Small Cap Value Fund (Northern Trust) with the American Century Avantis U.S. Small Cap Value Fund, and reduced the maximum initial Class A sales charge from 3.5% to 2.5%.

In SIO comments, Ms. Hung reported a recent fund commitment to the Northwood Investors U.S. Real Estate Fund. The minutes note the commitment as completed but do not state the dollar amount.

Council directed staff to partially redeem from the Clarion Lion Property Fund (LPF) across the Defined Benefit Plans, Cash Balance Benefit Plans, General Endowments Plan, Health Care Endowment Plan and Omaha School Employees' Retirement System, to bring the total account size to no less than $200 million at the time redemption notice is submitted. (Amount shown is the post-redemption account floor, not a commitment.)

Council directed staff to fully redeem from the PRISA II Fund (PGIM Real Estate) across the Defined Benefit Plans and Cash Balance Benefit Plans, as part of a core real estate review aligning the portfolio with recent IPS changes.

Council directed staff to fully redeem from the UBS Trumbull Property Income (TPI) Fund across the Defined Benefit Plans, Cash Balance Benefit Plans, General Endowments Plan and Health Care Endowment Plan, as part of a core real estate review aligning the portfolio with recent IPS changes.

Council approved a $10 million commitment to Francisco Partners Agility IV, allocated $9M to the Defined Benefit and Cash Balance Benefit Plans and $1M to the Omaha School Employees' Retirement System (OSERS), subject to legal review and satisfactory terms.

Council approved a $30 million commitment to Francisco Partners Fund VIII, allocated $26M to the Defined Benefit and Cash Balance Benefit Plans, $2M to the Omaha School Employees' Retirement System (OSERS), $1M to the General Endowments, and $1M to the Health Care Endowment, subject to legal review and satisfactory terms.

Council approved a $40 million commitment to OceanSound Partners Fund III, allocated $34M to the Defined Benefit and Cash Balance Benefit Plans, $3M to the Omaha School Employees' Retirement System, $2M to the General Endowments, and $1M to the Health Care Endowment, subject to legal review and satisfactory terms.

Council approved a $50 million commitment to Wheelock Street Real Estate Fund VIII, allocated $40M to the Defined Benefit and Cash Balance Benefit Plans, $5M to the Omaha School Employees' Retirement System, $3M to the General Endowments, and $2M to the Health Care Endowment, subject to legal review and satisfactory terms.