Lansing, Michigan April 30, 2020

MICHIGAN BAC PENSION FUND

Lansing, Michigan

FINANCIAL STATEMENTS

April 30, 2020 TABLE OF CONTENTS

PAGE

INDEPENDENT AUDITOR’S REPORT 1 – 2

FINANCIAL STATEMENTS

STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS 3

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS 4

STATEMENT OF ACCUMULATED PLAN BENEFITS 5

STATEMENT OF CHANGES IN ACCUMULATED PLAN BENEFITS 6

NOTES TO FINANCIAL STATEMENTS 7 – 18

SUPPLEMENTAL SCHEDULES

SCHEDULE OF ASSETS HELD FOR INVESTMENT AT APRIL 30, 2020 21 – 28

SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED APRIL 30, 2020 29 INDEPENDENT AUDITOR’S REPORT

Board of Trustees Michigan BAC Pension Fund 6525 Centurion Drive Lansing, MI 48917

Gentlemen:

Report on the Financial Statements

We have audited the accompanying financial statements of Michigan BAC Pension Fund, which comprise the statement of net assets available for benefits as of April 30, 2020 and 2019, and the related statement of changes in net assets available for benefits for the years then ended, the statement of accumulated plan benefits as of April 30, 2019 and 2018, the related statement of changes in accumulated plan benefits for the years then ended, and the related notes to the financial statements.

Management’s Responsibility for the Financial Statements

Plan management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Plan’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, information regarding the Michigan BAC Pension Fund’s net assets available for benefits as of April 30, 2020 and 2019, and changes therein for the years then ended and its financial status as of April 30, 2019 and 2018, and changes therein for the years then ended in accordance with accounting principles generally accepted in the United States of America.

Sterling Heights, Michigan September 23, 2020 MICHIGAN BAC PENSION FUND

STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS

April 30, 2020 2019 ASSETS Investments at fair value (Notes B and E): Common stocks $ 19,114,544 $ 21,236,182 Mutual funds 59,622,925 63,011,886 Real estate common collective trusts 8,802,476 8,387,849 Common collective trusts 1,500,519 879,880 Limited liability company/partnerships (Note F) 30,418,516 35,232,127 Corporate bonds and notes 3,303,260 6,087,985

Total investments 122,762,240 134,835,909

Receivables: Employer contributions (Note B) 634,823 643,070 Accrued interest and dividends 35,061 36,619 Other 1,815 22,287

Total receivables 671,699 701,976

Other assets: Unexpired insurance premiums 2,595 2,015 Cash 1,428,853 1,444,472

Total other assets 1,431,448 1,446,487

Total assets 124,865,387 136,984,372

LIABILITIES Accounts payable 325,804 346,187 Unsettled investment transactions 14,342 -

Total liabilities 340,146 346,187

NET ASSETS AVAILABLE FOR BENEFITS $ 124,525,241 $ 136,638,185 ======

The accompanying notes are an integral part of these financial statements.

3. MICHIGAN BAC PENSION FUND

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

Years ended April 30, Increase 2020 2019 (Decrease) ADDITIONS Investment income (loss): Interest and dividends $ 3,620,706 $ 4,151,731 $ (531,025) Net appreciation (depreciation) in fair value of investments (Notes B and E) (14,149,618) (504,952) (13,644,666) (10,528,912) 3,646,779 (14,175,691) less – investment expenses 528,615 530,834 (2,219) Net investment income (loss) (11,057,527) 3,115,945 (14,173,472) Employer contributions 10,012,957 9,096,888 916,069 Liquidated damages collected 6,612 35,018 (28,406) Other 439 2,101 (1,662)

Total additions (1,037,519) 12,249,952 (13,287,471)

DEDUCTIONS Benefit payments 10,609,220 10,367,411 241,809 Administrative expenses: Administrative manager’s fee 143,137 142,678 459 Premiums paid PBGC 71,543 68,432 3,111 Legal fees 64,076 60,193 3,883 Actuarial fees 42,667 41,150 1,517 Other expenses 29,085 22,276 6,809 Collection fees 21,990 22,992 (1,002) Trustee and fiduciary liability insurance and bonding 21,163 21,215 (52) Audit fee 18,400 17,900 500 Payroll audit fees 16,251 8,625 7,626 Printing and miscellaneous 14,135 11,223 2,912 Postage 9,276 8,687 589 Trustee meeting expenses 7,905 9,233 (1,328) Lockbox and bank service charges 5,077 7,479 (2,402) Form 5500 preparation fee 1,500 1,400 100 Conference expenses - 17.289 (17,289) Total administrative expenses 466,205 460,772 5,433

Total deductions 11,075,425 10,828,183 247,242

NET INCREASE (DECREASE) (12,112,944) 1,421,769 $ (13,534,713) ======NET ASSETS AVAILABLE FOR BENEFITS Beginning of year 136,638,185 135,216,416

End of year $124,525,241 $136,638,185 ======The accompanying notes are an integral part of these financial statements.

4. MICHIGAN BAC PENSION FUND

STATEMENT OF ACCUMULATED PLAN BENEFITS

April 30, 2019 2018 ACTUARIAL PRESENT VALUE OF ACCUMULATED PLAN BENEFITS

Vested benefits:

Participants currently receiving payments $ 95,259,129 $ 94,510,193 Expenses on participants currently receiving benefits 4,286,661 4,489,234 Other participants 86,932,709 83,424,542 Expenses on other participants 3,911,972 3,962,666 190,390,471 186,386,635

Non-vested benefits:

Non-vested accumulated benefits 1,546,159 1,444,697 Expenses on non-vested benefits 69,577 68,623 1,615,736 1,513,320

TOTAL ACTUARIAL PRESENT VALUE OF ACCUMULATED PLAN BENEFITS $ 192,006,207 $ 187,899,955 ======

The accompanying notes are an integral part of these financial statements.

5. MICHIGAN BAC PENSION FUND

STATEMENT OF CHANGES IN ACCUMULATED PLAN BENEFITS

Years ended April 30, 2019 2018 ACTUARIAL PRESENT VALUE OF ACCUMULATED PLAN BENEFITS AT BEGINNING OF YEAR $ 187,899,955 $ 181,950,690

Increase (decrease) during the period period attributable to:

Change in actuarial assumption (1,067,772) 777,703 Benefits accumulated and actuarial experience gain or loss 1,909,710 2,100,248 Interest due to decrease in discount period 14,092,497 13,646,302 Benefits paid (10,367,411) (10,122,969) Operational expenses paid (460,772) (452,019)

Net increase 4,106,252 5,949,265

ACTUARIAL PRESENT VALUE OF ACCUMULATED PLAN BENEFITS AT END OF YEAR $ 192,006,207 $ 187,899,955 ======

The accompanying notes are an integral part of these financial statements.

6. MICHIGAN BAC PENSION FUND

NOTES TO FINANCIAL STATEMENTS

Note A: Description of the Plan

The following brief description of the Michigan BAC Pension Fund, as in effect on April 30, 2020 is provided for general purposes only. For more complete information, refer to the Plan documents.

1. General – The Pension Fund was established effective May 1, 1989 as a result of collective bargaining. The Plan is a defined benefit pension plan covering all employees working under collective bargaining agreements which require contributions to the Fund. It is a multi-employer fund subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA), as amended.

2. Retirement Benefits – Information about the Plan, the vesting and benefit provisions, is contained in the Summary Plan Description. Copies are available at the offices of each participating Local Union or the Fund Office.

Note B: Summary of Significant Accounting Policies

1. General – The accounting records of the Plan are maintained on the accrual basis of accounting. Contributions received subsequent to April 30, 2020 attributed to hours worked prior to May 1, 2020 have been reflected as contributions due from employers as of April 30, 2020 in accordance with the consistent policy of the Fund.

2. Estimates – The preparation of financial statements in conformity with generally accepted accounting principles requires the Plan Administrator to make estimates and assumptions that affect certain reported amounts of assets, liabilities and changes therein, disclosure of contingent assets and liabilities, and the actuarial present value of accumulated plan benefits at the date of the financial statements. Actual results could differ from those estimates.

3. Valuation of Investments – Quoted market prices, where available, are used to value investments at fair value. The change in the difference between cost and fair value from the beginning of the year to the end of the year, as well as the realized gains and losses during the year, is reflected as net appreciation (depreciation) in fair value of investments. Investments with no quoted market value represent estimated fair value.

7. MICHIGAN BAC PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note B: Summary of Significant Accounting Policies (Continued)

4. Actuarial Present Value of Accumulated Plan Benefits – Accumulated plan benefits are those future periodic payments, including lump sum distributions, that are attributable under the Plan provisions to the service participants have rendered. Accumulated plan benefits include benefits expected to be paid to (a) retired or terminated participants or their beneficiaries, (b) beneficiaries of participants who have died and (c) present participants or their beneficiaries. Benefits under the plan are based on participants’ service credit as described in the Summary Plan Description. The accumulated plan benefits for active participants are based on their service credit on the date as of which the benefit information is presented April 30, 2019 and 2018. Benefits payable under all circumstances – retirement, death, disability and termination of employment – are included, to the extent they are deemed attributable to participant service rendered to the valuation date. Benefits to be provided via annuity contracts excluded from plan assets are excluded from accumulated plan benefits.

The actuarial present value of accumulated plan benefits is determined by an actuary from United Actuarial Services, Inc. and is that amount that results from applying actuarial assumptions to adjust the accumulated plan benefits to reflect the time value of money (through discounts for interest) and the probability of payment (by means of decrements such as for death, disability, withdrawal or retirement) between the valuation date and the expected date of payment. The significant actuarial assumptions used in the valuations as of April 30, 2019 and 2018 were (a) life expectancy of participants (105% of the RP-2006 Blue Collar Mortality Tables (the RP-2014 Table adjusted backward to 2006 with the MP-2014 Projection Scale) for Employees and Healthy Annuitants projected forward using the MP-2018 Projection Scale was used for 2019 and 105% of the RP-2014 Blue Collar Mortality Tables for Employees and Healthy Annuitants adjusted backward to 2006 with the MP-2014 Projection Scale and projected forward using the MP-2017 Projection Scale was used for 2018), (b) retirement age (based upon certain retirement probabilities) and (c) investment return. The 2019 and 2018 valuations included the assumed average rate of return of 7.5%. The administrative expenses associated with providing benefits for the 2019 and 2018 valuations were assumed at $475,000. The foregoing actuarial assumptions are based on the presumption that the plan will continue. Were the plan to terminate, different actuarial assumptions and other factors might be applicable in determining the actuarial present value of accumulated plan benefits.

Note C: Funding Policy

The Plan is funded entirely by employer contributions as specified in the collection bargaining agreements. Contributions for the years ended April 30, 2020 and 2019 exceeded the minimum funding requirements of ERISA.

8. MICHIGAN BAC PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note D: Fair Value Measurements

FASB Accounting Standards Codification (ASC) 820 Fair Value Measurements and Disclosures, provides a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy under FASB ASC 820 are described as follows:

Level 1 Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the plan has the ability to access.

Level 2 Inputs to the valuation methodology include:

 quoted prices for similar assets or liabilities in active markets;  quoted prices for identical or similar assets or liabilities in inactive markets;  inputs other than quoted prices that are observable for the asset or liability;  inputs that are derived principally from or corroborated by observable market data by correlation or other means.

If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability.

Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value measurement. These level 3 fair value measurements are based primarily on management’s own estimates, using pricing models, discounted cash flow methodologies, or similar techniques taking into account the characteristics of the assets. Significant level 3 inputs include information provided by fund managers, third-party appraisals, year-end audited financial statements, projected discounted cash flows, and net asset value with adjustments related to certain restrictions. Management assesses the valuation of these investments through the engagement of a third-party investment advisor and periodic meetings to review these investments.

In instances whereby inputs used to measure fair value fall into different levels in the above fair value hierarchy, fair value measurements in their entirety are categorized based on the lowest level input that is significant to the valuation. The Fund’s assessment of the significance of particular inputs to these fair value measurements requires judgement and considers factors specific to each asset.

9. MICHIGAN BAC PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note D: Fair Value Measurements (Continued)

The following valuation methodologies have been used to value the Fund’s investments:

Corporate bonds and notes – These investments are valued using quoted market prices and/or other market data for the same or comparable instruments and transactions in establishing the prices, discounted cash flow models, and other pricing models. These models are primarily industry- standard models that consider various assumptions, including time value and yield curve as well as other relevant economic measures.

Common stocks – Common stocks, which are primarily compromised of U.S. common stocks, are valued at closing quoted prices reported in active markets.

Mutual funds – Mutual funds are valued at closing quoted prices reported in active markets.

Common collective trust funds – Common collective trust funds are valued at net asset value per shares (or its equivalent) of the funds, which is based on the fair value of the Fund’s underlying net assets.

Real estate common collective trust funds – Real estate common collective trust funds are valued at net asset value per shares (or its equivalent) of the real estate, which is based on the fair value of the Fund’s underlying net assets.

Limited partnerships – Limited partnerships are valued based on the Fund’s percentage ownership of the net assets of each entity or at net asset value per share (or its equivalent) based on audited investee financial statements, with adjustments to account for partnership activity and other applicable valuation adjustments, where applicable.

The method described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Fund believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to estimate fair value could result in a different fair value measurement at the reporting date.

10. MICHIGAN BAC PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note D: Fair Value Measurements (Continued)

The following table sets forth by level, the fair value hierarchy, the Plan’s assets at fair value as of:

Fair Value Measurement at April 30, 2020

Quoted Prices in Active Markets Significant Significant for Identical Other Observable Unobservable Total Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Common stock $ 19,114,544 $ 19,114,544 $ - $ - Mutual funds 59,622,925 59,622,925 - - Corporate bonds and notes 3,303,260 - 3,303,260 -

Total 82,040,729 $ 78,737,469 $ 3,303,260 $ - ======Investment measured at NAV: Real estate common collective trusts 8,802,476 Common collective trusts 1,500,519 Limited liability company/ partnerships 30,418,516

$122,762,240 ======

Fair Value Measurement at April 30, 2019

Quoted Prices in Active Markets Significant Significant for Identical Other Observable Unobservable Total Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Common stock $ 21,236,182 $ 21,236,182 $ - $ - Mutual funds 63,011,886 63,011,886 - - Corporate bonds and notes 6,087,985 - 6,087,985 -

Total 90,336,053 $ 84,248,068 $ 6,087,985 $ - ======Investment measured at NAV: Real estate common collective trusts 8,387,849 Common collective trusts 879,880 Limited liability company/ partnerships 35,232,127

$134,835,909 ======11. MICHIGAN BAC PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note D: Fair Value Measurements (Continued)

At year end, the fair value, unfunded commitments, and redemption limitations of those investments are as follows: Fair Value Redemption April 30, Unfunded Frequency, If Redemption 2020 2019 Commitments Eligible Notice Period

Common collective trust: COLTV Short Term Investment Fund $ 1,500,519 $ 879,880 $ - Monthly N/A

Real Estate Common Collective Trust: American Core Realty LLC Fund 8,802,476 8,387,849 - Daily N/A

Limited Partnerships: Tricon XI B, L.P. 775,436 2,281,279 - Quarterly 45 Days One William Street Capital Offshore Ltd 5,979,248 6,934,366 - Quarterly 45 Days Adams Street Partners ASP (Feeder) 2014 Global, L.P. 3,809,777 3,410,095 - Quarterly N/A Lexington Capital Partners Vll, L.P. 4,100,562 5,261,599 - Quarterly N/A White Oak Summit, L.P. 3,845,791 4,073,986 - Quarterly 60 Days BCFS Holdings, L.P. 30,028 1,365,062 - Quarterly 60 Days Grosevenor Institutional Partners, L.P. 11,877,674 11,905,740 - Quarterly 70 Days

$ 40,721,511 $ 44,499,856 $ -

12. MICHIGAN BAC PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note E: Investments

The following is a comparison of cost to market value of investments, other than cash, held at April 30, 2020: Market Market Value Value Cost Over (Under)

Common stock $ 19,114,544 $ 20,417,448 $ (1,302,904) Mutual fund 59,622,925 49,118,875 10,504,050 Real estate fund 8,802,476 7,206,533 1,595,943 Common/collective trust 1,500,519 1,500,519 - Limited liability company/partnerships 30,418,516 26,967,975 3,450,541 Corporate bonds and notes 3,303,260 2,508,173 795,087

$122,762,240 $107,719,523 $ 15,042,717 ======

During the Plan years ended April 30, 2020 and 2019 the Plan’s investments (including investments bought, sold and held during the year) depreciated in value by $(14,149,618) and $(504,952), respectively as follows: Years ended April 30, 2020 2019 Net appreciation (depreciation) in fair value: Common stock $ (3,838,066) $ 721,392 Mutual fund (4,698,932) (899,048) Real estate fund 178,504 335,944 Limited liability company/partnerships (3,006,399) (466,897) Corporate bonds and notes (2,784,725) (196,343)

$ (14,149,618) $ (504,952) ======

13. MICHIGAN BAC PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Limited Liability Company/Partnerships

The Plan’s investments include ownership interests in limited liability company/partnerships as follows:

One William Street Capital Offshore Fund, Ltd.

The Plan has invested in this limited partnership and holds an ownership interest proportionate to the ratio of its capital contribution by all members.

The limited liability company invests in superior risk-adjusted absolute returns by acquiring, originating and actively managing a diversified portfolio of debt securities, including bonds, loans and other asset-based instruments.

The methodology by which gains and losses, net of expenses of the limited liability company are to be allocated in proportion to the members’ capital accounts.

Tri-Con XI, B.L.P.

The Plan has invested in this limited partnership and holds an ownership interest proportionate to the ratio of its capital contribution to total capital contributed by all partners.

The limited partnership is a distressed residential real estate fund that primarily invests in land development, home building, condominium development and to a lesser extent, the multi-family, rental apartment and retail sectors.

The methodology by which gains and losses, net of expenses of the limited liability company are to be allocated in proportion to the members’ capital accounts.

Adam Street Partners 2014 Global Fund, L.P.

The Plan has invested in this limited partnership and holds an ownership interest proportionate to the ratio of its capital contribution to total capital contributed by all partners.

The limited partnership invests in private markets, limited partnerships, or similar pooled investments vehicles and privately-held portfolio companies.

The limited partnership was formed to require global equity and alternative assets through a full range of negotiated secondary market transactions including: portfolio acquisitions, balance sheet spin-outs, equity co-investments, hedge fund private equity purchases, and fund recapitalizations. It also has the ability to invest in new private investment funds.

The methodology by which gains and losses, net of expenses of the limited liability company are to be allocated in proportion to the members’ capital accounts.

14. MICHIGAN BAC PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Limited Liability Company (Continued)

Lexington Capital Partners VIII, L.P.

The Plan has invested in this limited partnership and holds an ownership interest proportionate to the ratio of its capital contribution to total capital contributed by all partners.

The methodology by which gains and losses, net of expenses of the limited liability company are to be allocated in proportion to the members’ capital accounts.

White Oak Summit Fund, L.P.

The Plan has invested in this limited partnership and holds an ownership interest proportionate to the ratio of its capital contribution to total capital contributed by all partners.

The limited partnership’s purpose is to earn substantial current income by lending and investing in a diversified portfolio of corporate credit and senior secured asset-based loans and debt instruments issued by small to middle market companies in the United States.

The methodology by which gains and losses, net of expenses of the limited liability partnership are to be allocated in proportion to the members’ capital accounts.

BCFS Holdings, L.P.

The Plan has invested in this limited partnership and holds an ownership interest proportionate to the ratio of its capital contribution to total capital contributed by all partners.

The limited partnership’s purpose is to invest in middle-market companies. It may invest in mezzanine debt and other junior securities and in secondary purchase of assets or portfolios that include senior first liens, stretch senior, senior second lien, and unitranche with exposure across North America, Europe, Australia and New Zealand.

The methodology by which gains and losses, net of expenses of the limited liability company are to be allocated in proportion to the members’ capital accounts.

15. MICHIGAN BAC PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Limited Liability Company (Continued)

Grosvenor Institutional Partners, L.P.

The Plan has invested in this limited partnership and holds an ownership interest proportionate to the ratio of its capital contribution to total capital contributed by all partners.

The limited partnership’s purpose is to invest in Grosvenor Institutional Partners Master Fund, Ltd. The Master Fund Ltd. invests in non-traditional or alternative investment strategies.

The methodology by which gains and losses, net of expenses of the limited liability partnership are to be allocated in proportion to the members’ capital accounts.

Note G: Tax Status

The trust established under the Plan to hold the Plan’s assets is qualified and exempt from income taxes pursuant to Sections 401(a) and 501(a) respectively, of the Internal Revenue Code. The Plan has obtained a favorable tax determination letter from the Internal Revenue Service and the Plan sponsor believes the Plan, as amended, continues to qualify and to operate as designed.

Note H: Plan Termination

In the event the Plan terminates, the net assets of the Plan will be allocated as prescribed by ERISA and its related regulations.

Certain benefits under the Plan are insured by the Pension Benefit Guaranty Corporation (PBGC) if the Plan terminates. Generally, PBGC guarantees most vested normal age retirement benefits, early retirement benefits and certain disability and survivors’ pension benefits. However, PBGC does not guarantee all types of benefits under the Plan and the amount of benefit protection is subject to certain limitations.

Whether all participants receive their benefits should the Plan terminate at some time will depend on the sufficiency, at that time, of the Plan’s net assets to provide those benefits and may also depend on the level of benefits guaranteed by the Pension Benefit Guaranty Corporation.

16. MICHIGAN BAC PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note I: Tax Uncertainties and Open Tax Years

Accounting principles generally accepted in the United States of America require management to evaluate tax positions taken by the Fund and recognize a tax liability (or asset) if the Fund has taken an uncertain position that more likely than not would not be sustained upon examination by the taxing authorities. Management has analyzed the tax positions taken by the Fund, and has concluded that as of April 30, 2020, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Fund is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. Management believes it is no longer subject to income tax examination for years prior to April 30, 2017.

Note J: Risks and Uncertainties

The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the statement of net assets available for benefits.

Plan contributions are made and the actuarial present value of accumulated plan benefits are reported based on certain assumptions pertaining to interest rates, inflation rates and employee demographics, all of which are subject to change. Due to uncertainties inherent in the estimations and assumptions process, it is at least reasonably possible that changes in these estimates and assumptions in the near-term would be material to the financial statements.

In addition to investments and cash equivalents, financial instruments which potentially subject the Plan to concentrations of credit risk consist principally of cash. The Plan places its cash with tier I financial institutions. At times, the amount of cash on deposit in banks may be in excess of the respective financial institution’s FDIC insurance limit.

Note K: Employer Withdrawal Liability

The Fund complies with provisions of the Multi-Employer Pension Plan Amendments Act of 1980 that require imposition of “Withdrawal Liability” on a contributing employer that partially or totally withdraws from the Fund. The Fund uses the presumptive method, as described in ERISA 4211 (b), to allocate unfunded vested benefits to employers that withdraw. This is the method by statute for use by construction industry plans.

Note L: Reportable Transactions

The United States Department of Labor requires all transactions in excess of 5% of the current value of the Plan’s net assets for non-participant-directed investments to be disclosed separately in the financial statements as a reportable transaction.

17. MICHIGAN BAC PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note M: Party-in-Interest Transactions

Plan investments are held at several companies in their capacities as custodian. The transactions of both the custodian and the sweep account qualify as party-in-interest transactions.

Fees paid during the year for legal, auditing, investment advisor, and other professional services rendered by parties-in-interest were based on customary and reasonable rates for such services.

Note N: Derivative Financial Instruments

The Board of Trustees has established an investment policy which permits the uses of derivative instruments by investment managers. The investment policy identifies the permissible use of derivative instruments; and also expressly identifies those types of derivatives to be avoided. The Fund has entered into contractual arrangements classified as derivatives in carrying out its investment strategy, principally to hedge a portion of the Fund’s portfolio to limit or minimize exposure to certain risks.

Note O: Subsequent Events

The date to which events occurring after April 30, 2020, the date of the most recent Statement of Net Assets Available for Benefits, have been evaluated for possible adjustment to the financial statements or disclosures is September 23, 2020, which is the date on which the financial statements were available to be issued.

Note P: Plan Amendment

During the Fund year, the Fund was amended as follows:

Benefit Rate Effective Date: May 1, 2019 Adoption Date: February 27, 2019 Provisions: The benefit rate for work performed on or after May 1, 2019 is now based on a two-tier system. Tier A consists of credited and non-credited employer contributions up to the F.I.P. required amounts. Tier B consists of employer contributions that exceed F.I.P. required amounts. The new accrual forward is 55% of Tier A contributions times 1%; plus 100% of Tier B contributions times 2%.

18. MICHIGAN BAC PENSION FUND

SUPPLEMENTAL SCHEDULES INDEPENDENT AUDITOR’S REPORT ON SUPPLEMENTAL INFORMATION

Our audits were conducted for the purpose of forming an opinion on the financial statements as a whole. The supplemental schedules of assets held for investments and reportable transactions, together referred to as “supplemental information”, are presented for the purpose of additional analysis and are not a required part of the financial statements but are supplemental information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. Such information is the responsibility of the Plan’s management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole.

Sterling Heights, Michigan September 23, 2020 MICHIGAN BAC PENSION FUND SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT Employer I.D. No. 38-2895943 Plan No. 001 April 30, 2020

Party-In- Identity of Issue, Borrower, Lessor, Par or No. Description of Investments Including Maturity Date, Rate of Current Interest Or Similar Party Of Shares Interest, Collateral, Par or Maturity Value Cost Value

COMMON STOCK

Genpact Limited 1,948 Common stock $ 77,245 $ 67,070 Acuity Brands Inc 375 Common stock 49,321 32,471 AES Corp 4,621 Common stock 61,142 61,228 Alexander & Baldwin Inc 3,519 Common stock 84,267 46,240 Alkermes Plc 1,244 Common stock 29,542 17,055 Allison Transmisson Holding 1,905 Common stock 94,240 69,228 Amkor Technology Inc 4,850 Common stock 63,784 47,918 Arcbest Corp 1,093 Common stock 31,000 22,264 ASGN Inc 1,392 Common stock 80,953 64,658 Associated Banc-Corp 2,900 Common stock 62,416 41,006 Athene Holding Ltd 2,175 Common stock 91,017 58,725 Atkore Int'l Group Inc 2,489 Common stock 57,996 60,582 Bank OZK 1,890 Common stock 58,413 42,752 Bankunited Inc 2,604 Common stock 99,882 51,585 Benchmark Electrs Inc 1,768 Common stock 65,626 36,527 Bio Rad Labs Inc 248 Common stock 63,665 109,145 Bio-Techne Corp 351 Common stock 46,496 78,975 BMC Stock Holdings Inc 3,195 Common stock 73,178 67,894 Boise Cascade Co 2,177 Common stock 65,094 68,075 Bottomline Technologies DE Inc 1,187 Common stock 52,783 49,415 Brixmor Ppty Group Inc. 4,593 Common stock 99,770 52,590 Builders Firstsource Inc 3,828 Common stock 70,070 70,244 Caci Int'l Inc 364 Common stock 77,486 91,051 Cadence Design Sys Inc 1,122 Common stock 39,243 91,028 Camden Ppty 1,062 Common stock 98,137 93,530 Cathay General Bancorp Inc 1,165 Common stock 42,981 32,527 Cent Garden & Pet Co 2,558 Common stock 61,653 77,789 Charles Riv laboratories Int'l Inc 367 Common stock 23,485 53,094 Ciena Corp 1,849 Common stock 56,306 85,516 CIT Group Inc 1,168 Common stock 56,582 22,169 Collegium Pharmaceutical Inc 1,669 Common stock 24,644 34,515 Commvault Systems Inc 620 Common stock 29,869 26,468 Comtech Telecommunications Corp 1,014 Common stock 25,541 18,769 Conmed Corp 599 Common stock 49,724 44,272 Cornerrstone Ondemand Inc 663 Common stock 34,832 22,250 Crane Co 1,015 Common stock 48,494 55,267 Crocs Inc 2,879 Common stock 60,342 69,816 Crown Hldgs Inc 680 Common stock 39,290 43,799 CSG System Int'l Inc 1,140 Common stock 48,282 55,381 Dana Inc 2,559 Common stock 47,359 29,428

21. MICHIGAN BAC PENSION FUND SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT Employer I.D. No. 38-2895943 Plan No. 001 April 30, 2020

COMMON STOCK-Continued

Darling Ingredients Inc 2,265 Common stock 41,806 46,636 Dentsply Sirona inc 1,283 Common stock 50,033 54,451 Dexcom Inc 399 Common stock 41,505 133,745 Diodes Inc 643 Common stock 29,097 32,722 Dolby Laboratories Inc 1,084 Common stock 70,644 65,073 East West Bancorp Inc 2,541 Common stock 109,777 89,113 Eastgroup Pptys Inc 672 Common stock 85,586 71,232 Emergent Biosolutions Inc 795 Common stock 46,359 58,790 Employers Hldgs Inc 1,961 Common stock 83,016 59,556 Encompass Health Corp 1,066 Common stock 70,855 70,622 EPAM System Inc 454 Common stock 58,288 100,284 Eqty Lifestyle Pptys Inc 1,569 Common stock 86,777 94,626 Essent Group Ltd 1,679 Common stock 73,664 45,870 Euronet Worldwide Inc 591 Common stock 94,013 54,230 Evercore Inc 1,264 Common stock 117,350 65,222 Exelixis Inc 4,538 Common stock 88,981 112,066 Fabrinet 1,096 Common stock 44,247 68,774 First Bamcorp 1,219 Common stock 46,979 32,413 Flot System Inc 1,624 Common stock 57,691 70,482 Fortnet Inc 557 Common stock 25,718 60,011 Gaming & Leisure Pptys Inc 2,326 Common stock 107,428 65,686 Globus Med Inc 640 Common stock 19,542 30,374 Great Lakes Dredge & Dock Corp 5,978 Common stock 66,399 52,846 Great Westin Bancorp Inc 2,664 Common stock 93,186 50,083 Halozyme Therapeutics Inc 1,581 Common stock 27,531 35,818 Hanmi Financial Corp 2,262 Common stock 49,937 27,302 Herman Miller Inc 2,052 Common stock 69,554 46,252 Hibbett Sports Inc 1,969 Common stock 40,104 30,382 Hill-Rom Hldgs Inc 236 Common stock 8,033 26,548 Hilltop Hldgs Inc 1,516 Common stock 36,435 29,259 HMS Hldgs Corp 2,346 Common stock 58,112 67,272 Horizon Therapeutics Plc 1,670 Common stock 52,475 60,187 Hubbell Inc 591 Common stock 78,177 73,538 Ingredion Inc 864 Common stock 72,700 70,157 Integra Lifesciences Hldg Corp 1,305 Common stock 71,614 66,620 Itron Inc 1,053 Common stock 74,963 73,520 Jabil Inc 2,649 Common stock 66,911 75,338 Jazz Pharmaceutical Plc 711 Common stock 82,637 78,388 J2 Global Inc 584 Common stock 49,785 47,094 KB Home 918 Common stock 19,565 24,088

22. MICHIGAN BAC PENSION FUND SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT Employer I.D. No. 38-2895943 Plan No. 001 April 30, 2020

COMMON STOCK-Continued

KBR Inc 2,382 Common stock 53,916 48,259 K12 Inc 1,915 Common stock 43,956 43,490 Lamar Adertising Co 1,224 Common stock 94,121 70,564 Lamb Weston Hldgs Inc 748 Common stock 41,937 45,897 Life Storage Inc 799 Common stock 92,756 69,984 LPL Financial Hldgs Inc 1,194 Common stock 72,355 71,903 Lydall Inc 1,976 Common stock 44,349 22,131 Madden Steven Ltd 1,483 Common stock 46,804 37,179 Manpower Group Inc 494 Common stock 44,766 36,675 Masonite Int'l Corp 1,259 Common stock 80,313 74,382 MDU Res Group Inc 2,773 Common stock 73,224 62,282 Medpace Hldgs Inc 768 Common stock 44,586 61,332 MTS System Corp 1,811 Common stock 41,317 38,520 National Instrs Corp 1,569 Common stock 75,147 60,281 Neogen Corp 761 Common stock 46,586 47,631 Netscout Sys Inc 1,873 Common stock 48,708 49,597 Neurocrine Biosciences Inc 663 Common stock 56,105 65,067 Nuvasive Inc 1,110 Common stock 74,517 67,577 Old Rep Int'l Corp 4,103 Common stock 95,371 65,443 Onemain Hldgs Inc 1,513 Common stock 50,975 36,630 Orthofix Med Inc 1,028 Common stock 51,215 36,443 Performance Food Group 2,162 Common stock 79,008 63,455 Photronics Inc 6,064 Common stock 63,499 72,465 Piedmont Office Realty 4,285 Common stock 99,722 74,345 Pinnacle W. Cap Corp 1,183 Common stock 112,835 91,079 PNM Res Inc 884 Common stock 27,059 35,793 Ploaris Inc 456 Common stock 37,470 32,344 Portland General Electric Co 1,789 Common stock 79,074 83,707 Primerica Inc 375 Common stock 39,232 38,966 Progress Software Corp 2,005 Common stock 79,176 82,025 Proofprint Inc 424 Common stock 51,552 51,613 PTC Therapeutics Inc 535 Common stock 24,255 27,242 Pulte Group Inc 2,759 Common stock 88,521 77,997 PVH Corp 890 Common stock 77,815 43,815 Ralph Lauren Corp 614 Common stock 50,920 45,301 Raymond James Financial Inc 998 Common stock 64,599 65,788 Regal Beloit Corp 983 Common stock 78,693 69,803 Repligen Corp 486 Common stock 38,128 56,449 RMR Group Inc 612 Common stock 27,350 18,152 Slect Med Hldgs Corp 1,931 Common stock 44,993 32,962

23. MICHIGAN BAC PENSION FUND SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT Employer I.D. No. 38-2895943 Plan No. 001 April 30, 2020

COMMON STOCK-Continued

Skechers USA Inc 2,205 Common stock 70,155 62,137 Skyline Champion Corporations 1,332 Common stock 20,353 26,254 Spirit realty Capital Inc 1,448 Common stock 64,757 44,540 Sprouts farmers Mkt Inc 2,698 Common stock 46,833 56,064 SPS Comm Inc 1,560 Common stock 52,589 86,596 Steel Dynamics Inc 3,156 Common stock 93,320 76,596 Steris Plc 531 Common stock 52,595 75,667 Syles Enterprises Inc 2,586 Common stock 62,055 74,037 Synnex Corp 384 Common stock 46,424 33,623 Tandem Diabetes Care Inc 846 Common stock 47,903 67,494 Tapestry Inc 2,313 Common stock 47,545 34,417 Techtargert Inc 3,042 Common stock 66,134 70,939 Teladoc Health inc 617 Common stock 40,217 101,552 Trueblue Inc 2,389 Common stock 60,718 37,101 Unifirst Corp 473 Common stock 76,442 79,535 United Rentals Inc 201 Common stock 16,055 25,828 Unitil Corp 613 Common stock 38,950 30,840 US Foods Hldg Corp 2,545 Common stock 86,204 54,717 Valmont Inds Inc 675 Common stock 91,015 79,137 Vanda Pharmaceuticals Inc 2,679 Common stock 51,474 30,808 Veeva System Inc 137 Common stock 10,706 26,140 Virtusa Corp 1,254 Common stock 60,109 41,382 Vishay Precision Group Inc 948 Common stock 29,443 21,918 Walker & Dunlop Inc 1,372 Common stock 74,475 52,726 Watts Wtr Technologies Inc 517 Common stock 42,486 42,601 Western Alliance Bancorporation 1,649 Common stock 77,626 59,166 Westrock Co 1,264 Common stock 52,623 40,688 Wex Inc 391 Common stock 68,166 51,737 World Fuel Service 968 Common stock 29,745 24,200 Zions Bancorporation 2,247 Common stock 115,187 71,028 ADR Total SA 934 Common stock 50,264 32,830 ADR Unilever NV New York 2,208 Common stock 105,029 109,119 ADR BP Plc Sponsored 1,307 Common stock 56,254 31,107 ADR Royral Dutch Shell Plc 924 Common stock 55,172 30,612 Accenture Plc 734 Common stock 130,063 135,929 AGCO Corp 841 Common stock 46,901 44,438 Akamai Technologies Inc 1,181 Common stock 108,115 115,396 Allison Transmission Holding 1,001 Common stock 46,024 36,376 Ally Financial Inc 4,400 Common stock 108,180 72,116 Altria Group Inc 2,641 Common stock 129,724 103,659

24. MICHIGAN BAC PENSION FUND SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT Employer I.D. No. 38-2895943 Plan No. 001 April 30, 2020

COMMON STOCK-Continued

Amdocs Ord 1,521 Common stock 94,930 98,013 Ameriprise Fin'l Inc 567 Common stock 59,535 65,171 Amerisource Bergen Corp 1,370 Common stock 127,840 122,834 Apple Inc 477 Common stock 122,281 140,143 Applied Materials Inc 2,311 Common stock 139,879 114,810 Aptiv Plc 672 Common stock 37,189 46,738 Archer-Daniels-Midland Co 511 Common stock 20,386 18,979 Aspent Technology Inc 1,213 Common stock 121,607 124,029 Autoliv Inv 721 Common stock 47,254 43,274 Autozone Inc 122 Common stock 116,494 124,479 Bank of America Corp 2,714 Common stock 52,799 65,272 Best Buy Inc 1,925 Common stock 146,633 147,705 Biogen Inc 345 Common stock 91,581 102,406 BJS Wholesale Club Hldgs Inc 4,497 Common stock 119,450 118,316 Borg Warner Inc 1,377 Common stock 52,560 39,341 Burlington Stores Inc 726 Common stock 99,757 132,633 Cadence Design System Inc 1,663 Common stock 82,849 134,919 Campbell Soup Co 2,313 Common stock 104,245 115,604 Carlisle Companies Inc 317 Common stock 32,629 38,344 CDW Corp 1,247 Common stock 121,417 138,168 Celanese Corp 212 Common stock 16,031 17,611 Centerpoint Energy Inc 3,621 Common stock 81,048 61,666 Cerner Corp 1,675 Common stock 118,371 116,228 Chevron Corp 367 Common stock 40,783 33,764 CIT Group Inc 3,300 Common stock 106,574 62,634 Citigroup Inc 1,517 Common stock 80,629 73,666 Citizens Fin'l Group Inc 3,195 Common stock 105,900 71,536 Conocophillips 875 Common stock 44,974 36,837 Crane Co 748 Common stock 54,252 40,729 Crown Holdings Inc 305 Common stock 15,406 19,645 Cummins Inc 237 Common stock 31,881 38,750 D R Horton Inc 3,242 Common stock 140,499 153,087 Davita Inc 1,401 Common stock 80,352 110,693 Deckers Outdoor Corp 914 Common stock 116,705 135,967 Discover Fin'l Services 1,883 Common stock 83,649 80,913 Dollar General Corp 655 Common stock 102,621 114,821 Dover Corp 430 Common stock 28,142 40,270 Eastan Chemical Co 334 Common stock 26,196 20,210 Electr Arts 993 Common stock 102,047 113,460 Emcor Group Inc 604 Common stock 29,688 38,372

25. MICHIGAN BAC PENSION FUND SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT Employer I.D. No. 38-2895943 Plan No. 001 April 30, 2020

COMMON STOCK-Continued

Emerson Electric Co 797 Common stock 42,501 45,453 Evergy Inc 912 Common stock 59,256 53,288 Exelon Corp 1,572 Common stock 65,068 58,290 Exxon Mobil Corp 790 Common stock 64,677 36,711 Fair Isaac Corporation 416 Common stock 140,878 146,823 Fiserv Inc 1,265 Common stock 76,588 130,371 Franklin Res Inc 3,869 Common stock 119,733 72,892 Gramin Ltd 1,509 Common stock 139,675 122,470 General Mills Inc 1,764 Common stock 76,520 105,646 Gentex Corp 1,583 Common stock 28,942 38,372 Goldman Sachs Group Inc 337 Common stock 60,678 61,813 Helmerich & Payne Inc 1,203 Common stock 61,003 23,783 Hologic Inc 3,084 Common stock 129,535 154,508 Humana Inc 313 Common stock 78,458 119,510 Huntington Ingalls Inds Inc 646 Common stock 162,838 123,651 Huntsman Corp 1,068 Common stock 23,958 17,953 Ingredion Inc 222 Common stock 21,607 18,026 Intel Corp 2,018 Common stock 115,799 121,040 International Paper Co 548 Common stock 24,023 18,769 Jack Henry & Assoc Inc 725 Common stock 118,624 118,574 Jacobs Engr Group Inc 436 Common stock 22,192 36,079 Johnson & Johnson 770 Common stock 88,975 115,531 JPMorgan Chase & Co 692 Common stock 36,356 66,266 Keycorp 5,963 Common stock 105,374 69,469 Keysight Technologies Inc 1,299 Common stock 95,779 125,704 Kimberly-Clark Corp 846 Common stock 112,129 117,154 Lam Resh Corp 481 Common stock 131,669 122,790 Lear Corp 483 Common stock 57,432 47,165 Lennar Corp 2,895 Common stock 159,631 144,953 Lincoln Nat'l Corp 2,159 Common stock 74,496 76,580 Lyndonell Basell Ind 376 Common stock 27,926 21,789 Maration Oil Corp 4,223 Common stock 62,352 25,845 Masco Corp 965 Common stock 30,009 39,604 McKesson Corp 819 Common stock 117,785 115,684 Metlife Inc 1,832 Common stock 81,953 66,099 Microsoft Corp 706 Common stock 76,800 126,522 Morgan Stanley 1,555 Common stock 59,886 61,314 Motorola Soutions Inc 841 Common stock 102,910 120,944 NVR Inc 45 Common stock 139,671 139,500 Northrop Grumaman Corp 380 Common stock 136,549 125,655

26. MICHIGAN BAC PENSION FUND SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT Employer I.D. No. 38-2895943 Plan No. 001 April 30, 2020

COMMON STOCK-Continued

NRG Energy Inc 1,964 Common stock 54,082 65,853 Nucor Corp 461 Common stock 26,725 18,989 Nvidia Corp 426 Common stock 129,700 124,511 OGE Energy Corp 1,743 Common stock 60,467 54,939 Oracke Corp 2,229 Common stock 111,962 118,070 Owens Corning 399 Common stock 25,030 17,301 Packaging Corp 196 Common stock 16,178 18,943 Parker-Hannifin Corp 294 Common stock 32,170 46,487 Pfizer Inc 3,272 Common stock 127,921 125,514 Philip Morris Int'l 1,422 Common stock 113,789 106,081 Portland General Electric Co 1,066 Common stock 54,931 49,878 Principal Fin'l Group Inc 2,130 Common stock 91,079 77,553 Prudential Fin'l Inc 1,139 Common stock 78,820 71,039 Pub Service Enterprise Group Inc 1,097 Common stock 53,261 55,629 Regions Fin'l Corp 6,741 Common stock 65,936 72,466 Reliance Stl & Slum Co 198 Common stock 14,631 17,737 S&P Global Inc 418 Common stock 77,934 122,424 Scotts Miracle-Gro 1,026 Common stock 110,788 127,255 Seagate Technology Plc 2,418 Common stock 144,564 120,779 Skyworks Solutions Inc 1,267 Common stock 143,085 131,616 SLM Corp 9,109 Common stock 99,220 75,969 Smucker JM Co 903 Common stock 102,415 103,764 Sonoco Prod Co 332 Common stock 17,897 16,215 Steel Dynamics Inc 731 Common stock 20,704 17,741 Synchrony Financial 4,210 Common stock 110,921 83,316 T-Mobile US Inc 659 Common stock 40,019 57,860 Target Corp 1,131 Common stock 105,954 124,116 Tyson Foods Inc 2,098 Common stock 179,569 130,475 United Rentals Inc 399 Common stock 39,377 51,270 United Therapeutics Corp 911 Common stock 96,018 99,809 Unum Group 4,543 Common stock 120,761 79,275 US Foods Hldg Corp 7,534 Common stock 150,523 161,981 Valvoline Inc 1,261 Common stock 25,632 21,677 Verizon Communications 977 Common stock 52,329 56,129 Voya Financial Inc 1,443 Common stock 84,128 65,180 Westlake Chem Corp 482 Common stock 27,614 20,943 Bain Capital Specialty Financial Inc 68,556 Common stock 1,309,437 696,529

TOTAL COMMON STOCK 20,417,448 19,114,544

27. MICHIGAN BAC PENSION FUND SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT Employer I.D. No. 38-2895943 Plan No. 001 April 30, 2020

REAL ESTATE

American Core Realty 70 American Core Realty LLC Fund 7,206,533 8,802,476

CORPORATE BONDS AND NOTES

UBS AG London Branch 384,100 ETRACS Alerian MLP Index ETN 2,508,173 3,303,260

LIMITED LIABILITY COMPANY/PARTNERSHIP

Tricon USA Inc 1,051,494 Tricon XI B LP 1,051,494 775,436 One William Street Capital 3,000,000 Offshore Ltd 1013 Series 3,000,000 5,979,248 Adams Street Partners 2,804,325 ASP (Feeder) 2014 Global Fund 2,804,325 3,809,777 Lexington Capital Partners 3,888,723 LCP VIII (AIV 1) LP 4,191,365 4,100,562 White Oak Summit Fund 3,717,049 White Oak Summit Fund 3,645,040 3,845,791 Bain Capital 275,751 BCFS Holdings, L.P. 275,751 30,028 BNY Mellon 12,000,000 Grosevenor Institutional Partners, L.P. 12,000,000 11,877,674

TOTAL LIMITED LIABILITY COMPANY/PARTNERSHIP 26,967,975 30,418,516

COMMON COLLECTIVE TRUST

* Northern Trust Company 1,500,519 COLTV Short Term Investment Fund 1,500,519 1,500,519

103-12 INVESTMENT ENTITY

Invt Dimensions Group Inc. 616,983 Emerging Markets Core Equity Fund 12,468,534 10,649,125 LSV International Equity Trust 77,991 International Equity Trust 11,318,221 15,706,448 Templeton Income Trust 395,473 Templeton Global Bond Fund 5,094,928 3,962,637 Carillon Tower Advisors 682,188 Reams Unconstrained Bond Fund 7,978,521 8,336,340 Doubleline 787,184 Total Return Bond Fund 8,383,978 8,289,043 Northern Trust Company 23,260 Russell 1000 Growth Index Fund 3,874,693 12,679,332

TOTAL 103-12 INVESTMENT ENTITY 49,118,875 59,622,925

TOTAL INVESTMENTS $ 107,719,523 $ 122,762,240

28. MICHIGAN BAC PENSION FUND SCHEDULE H, LINE 4j - SCHEDULE OF REPORTABLE TRANSACTIONS Employer I.D. No. 38-2895943 Plan No. 001 Year ended April 30, 2020

Current Value of Identity of Description of Asset (Include Purchase Selling Lease Expense Incurred Cost Asset on Transaction Net Gain Party Involved Rate of Return and Maturity in Case of Loan) Price Price Rental with Transaction of Asset Date or (Loss)

iii) SERIES OF TRANSACTIONS IN EXCESS OF 5% OF THE CURRENT VALUE OF PLAN ASSETS

Northern Trust CF Short Term Investment Fund 368 purchases 19,335,697 19,335,697 19,335,697 85 sales 12,933,556 12,933,556 12,933,556 -

There were no reportable transactions under categories (i), (ii), and (iv). 29.