Annual Audit

MICHIGAN LABORERS’ PENSION FUND

Lansing, Michigan

FINANCIAL STATEMENTS

August 31, 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 – 94

INDEPENDENT AUDITOR’S REPORT ON SUPPLEMENTAL INFORMATION 96

SUPPLEMENTAL SCHEDULES

SCHEDULE OF ASSETS HELD FOR INVESTMENT AT AUGUST 31, 2020 97 – 121

SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED AUGUST 31, 2020 122 INDEPENDENT AUDITOR’S REPORT

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

Ladies and Gentlemen:

Report on the Financial Statements

We have audited the accompanying financial statements of Michigan Laborers’ Pension Fund, which comprise the statement of net assets available for benefits as of August 31, 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 August 31, 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 Laborers’ Pension Fund’s net assets available for benefits as of August 31, 2020 and 2019, and changes therein for the years then ended and its financial status as of August 31, 2019 and 2018, and changes therein for the years then ended in accordance with accounting principles generally accepted in the United States of America.

Emphasis of Matter

As discussed in Note D, the financial statements include investments valued at $346 million (35 percent of net assets) at August 31, 2020 and $342 million (37 percent of net assets) at August 31, 2019, whose fair values have been estimated by management in the absence of readily determinable market values. Management’s estimates are based on information provided by the fund managers. Our opinion is not modified with respect to this matter.

Sterling Heights, Michigan February 16, 2021 MICHIGAN LABORERS’ PENSION FUND

STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS

August 31, 2020 2019 ASSETS Investments at fair value (Notes B and E): U.S. government securities $ 56,035,154 $ 55,331,803 Corporate bonds and notes 47,401,808 41,592,036 Common stock 153,424,716 125,993,224 Limited partnerships (Note F) 188,151,983 173,766,826 Common collective trusts 158,297,069 168,048,910 Mutual funds 365,284,940 336,406,352

Total investments 968,595,670 901,139,151

Receivables: Employer contributions (Note B) 6,769,461 7,319,393 Unsettled investment transactions 625,352 404,756 Accrued interest and dividends 961,014 897,770 Other 239,746 262,005

Total receivables 8,595,573 8,883,924

Other assets: Unexpired insurance premiums 115,499 118,716 Prepaid expenses 13,570 30,844 Prepaid expense -JDC 15,597 21,649 Cash 10,122,560 11,915,650

Total other assets 10,267,226 12,086,859

Total assets 987,458,469 922,109,934

LIABILITIES Accounts payable 1,052,446 795,278 Unsettled investment transactions 1,340,536 973,765

Total liabilities 2,392,982 1,769,043

NET ASSETS AVAILABLE FOR BENEFITS $ 985,065,487 $ 920,340,891 ======

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

3. MICHIGAN LABORERS’ PENSION FUND

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

Years ended August 31, Increase 2020 2019 (Decrease) ADDITIONS Net investment income (Note G) $ 81,930,365 $ 37,972,969 $ 43,957,396 Employer contributions 62,128,253 66,408,700 (4,280,447) Liquidated damages collected 10,308 14,166 (3,858) Other 49,301 18,319 30,982 Total additions 144,118,227 104,414,154 39,704,073

DEDUCTIONS Benefit payments 77,204,005 74,646,513 2,557,492 Administrative expenses: Premiums paid Pension Benefit Guaranty Corporation 579,391 548,912 30,479 Administrative manager’s fee 447,800 447,800 - Payroll audit fees 311,236 305,542 5,694 Trustee and fiduciary liability insurance and bonding 141,947 142,402 (455) Printing and miscellaneous 124,181 104,932 19,249 Legal fees 109,135 130,227 (21,092) Actuarial fees 100,407 63,134 37,273 Collection program cost (Note H) 72,293 71,437 856 Pension benefit checks 68,853 59,104 9,749 Summary annual report costs 52,493 51,408 1,085 Collection fees 42,461 43,673 (1,212) Audit fee 32,200 31,500 700 Conference expenses 28,648 22,549 6,099 Notices to participants 21,437 26,242 (4,805) Bank service charges 16,741 10,632 6,109 SSA compliance costs 12,600 12,000 600 Medical exams 12,395 7,235 5,160 Trustee meeting expense 9,658 23,388 (13,730) Contract monitoring 3,750 3,750 - Form 5500 preparation fee 2,000 1,800 200 Total administrative expenses 2,189,626 2,107,667 81,959

Total deductions 79,393,631 76,754,180 2,639,451

NET INCREASE 64,724,596 27,659,974 $ 37,064,622 ======NET ASSETS AVAILABLE FOR BENEFITS Beginning of year 920,340,891 892,680,917

End of year $985,065,487 $920,340,891 ======

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

4. MICHIGAN LABORERS’ PENSION FUND

STATEMENT OF ACCUMULATED PLAN BENEFITS

August 31, 2019 2018 ACTUARIAL PRESENT VALUE OF ACCUMULATED PLAN BENEFITS

Vested benefits:

Participants currently receiving payments $ 720,183,666 $ 710,070,675

Other participants 428,218,532 406,207,599

1,148,402,198 1,116,278,274

Non-vested benefits 76,922,057 72,631,356

TOTAL ACTUARIAL PRESENT VALUE OF ACCUMULATED PLAN BENEFITS $1,225,324,255 $1,188,909,630 ======

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

5. MICHIGAN LABORERS’ PENSION FUND

STATEMENT OF CHANGES IN ACCUMULATED PLAN BENEFITS

Years ended August 31, 2019 2018

ACTUARIAL PRESENT VALUE OF ACCUMULATED PLAN BENEFITS AT BEGINNING OF YEAR $1,165,074,102 $1,128,935,737

PRESENT VALUE OF EXPECTED ADMINISTRATIVE EXPENSES AT START OF PRIOR YEAR 23,835,528 24,164,050

1,188,909,630 1,153,099,787 Increase (decrease) during the year attributable to:

Change in actuarial assumption - - Administrative expenses (2,107,667) (2,171,996) Benefits accumulated and actuarial experience gain or loss 23,159,619 23,270,738 Interest due to decrease in discount period 90,009,186 87,315,989 Benefits paid (74,646,513) (72,604,888)

Net increase 36,414,625 35,809,843

ACTUARIAL PRESENT VALUE OF ACCUMULATED PLAN BENEFITS AT END OF YEAR $1,225,324,255 $1,188,909,630 ======

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

6. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS

Note A: Description of the Plan

The following brief description of the Michigan Laborers’ Pension Fund, as in effect on August 31, 2020 is provided for general purposes only. For more complete information, refer to the amended and restated Plan document.

1. General – The Pension Fund was established effective July 1, 1964 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 each of the participating Local Union offices 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 August 31, 2020 attributed to hours worked prior to September 1, 2020 have been reflected as contributions due from employers as of August 31, 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 the 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 price represent estimated fair value.

7. MICHIGAN LABORERS’ 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 August 31, 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 Cheiron, 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 August 31, 2019 and 2018 were (a) life expectancy of participants (Sex-District SOA RP-2014 Adjusted to 2006 Blue Collar Mortality Table, with MP-2017 Mortality Improvement Scale (base year: 2006, projected year: 2017) was used for 2019 and 2018. The 2019 and 2018 valuations included the assumed average rate of return of 7.75%. The administrative expenses associated with providing benefits for the 2019 and 2018 valuations were assumed at $1,900,000. 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 collective bargaining agreements. Contributions for the years ended August 31, 2020 and 2019 exceeded the minimum funding requirements of ERISA.

8. MICHIGAN LABORERS’ 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 LABORERS’ 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:

U.S. government securities and 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.

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 LABORERS’ 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 August 31, 2020

Quoted Prices in Active Markets Significant Significant for Identical Other Observable Unobservable Total Assets (Level 1) Inputs (Level 2) Inputs (Level 3)

U.S. government securities $ 56,035,154 $ - $ 56,035,154 $ - Corporate bonds and notes 47,401,808 - 47,401,808 - Common stock 153,424,716 153,424,716 - - Mutual funds 365,284,940 365,284,940 - -

Total 622,146,618 $518,709,656 $103,436,962 $ - ======Investments measured at NAV: Common collective trusts 158,297,069 Limited partnerships 188,151,983

$968,595,670 ======

Fair Value Measurement at August 31, 2019

Quoted Prices in Active Markets Significant Significant for Identical Other Observable Unobservable Total Assets (Level 1) Inputs (Level 2) Inputs (Level 3)

U.S. government securities $ 55,331,803 $ - $ 55,331,803 $ - Corporate bonds and notes 41,592,036 - 41,592,036 - Common stock 125,993,224 125,993,224 - - Mutual funds 336,406,352 336,406,352 - -

Total 559,323,415 $462,399,576 $ 96,923,839 $ - ======Investments measured at NAV: Common collective trusts 168,048,910 Limited partnerships 173,766,826

$901,139,151 ======

11. MICHIGAN LABORERS' 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 investments measured at NAV are as follows: Fair Value Redemption Redemption August 31, Unfunded Frequency, If Notice 2020 2019 Commit. Eligible Period

Common collective trust: Build Fund of America $ - $ 237,820 $ - Monthly 30 Days S & P 500 Flagship NL 51,611,668 58,765,637 - Daily N/A U S Aggregate Bond Index NL Fund 17,951,976 27,597,464 - Daily N/A S & P Global Large Midcap Nat Res Index NL Fund 426,639 430,128 - Daily N/A Russell 1000 Growth Index NL Fund 13,009,600 9,097,002 - Daily N/A QSI Index NL CTF 55,541,375 52,624,146 - Daily N/A U S TIPS Index Fund 8,071,101 7,409,318 - Daily N/A Short Term Investment Fund 11,684,710 11,887,395 - Daily N/A

Limited Partnerships: The Veritas Capital Fund, L.P. 7,483,169 5,592,328 504,146 Quarterly 45 Days Homestead Capital USA Farmland Fund, L.P. 3,595,034 2,911,610 2,625,345 Quarterly N/A ISQ Global Infrastructure Fund, L.P. 2,215,815 1,411,681 912,721 Quarterly 60 Days Charlesbank Equity Fund IX, L.P. 2,045,166 1,608,284 1,489,211 Quarterly N/A IFM Global Infrastructure (US) L.P. 4,284,635 3,736,949 - Quarterly N/A Merit Energy Partners I, L.P. 2,733,520 2,978,685 - Quarterly N/A Infracapital Partners II, L.P. 444,059 433,272 85,410 Quarterly N/A Insight Venture Partners IX, L.P. 3,981,094 3,546,452 9,849 Quarterly 10 Days Harrison Street Real Estate Partners V, L.P. 2,582,860 2,658,836 188,292 Quarterly 2 Days The Energy & Minerals Group Fund III, L.P. 958,240 1,456,429 12,842 Quarterly 60 Days Rockpoint Real Estate Fund, L P 1,972,834 1,718,745 2,677,240 Quarterly 30 Days Turnbridge Capital Partners I-A, L.P. 852,401 2,118,350 709,803 Quarterly N/A DRA Growth and Income Fund, LLC 4,314,017 4,765,846 2,476,188 Quarterly 60 Days Lexington Capital Partners Vll, L.P. 989,728 1,224,919 787,536 Quarterly N/A ICG Longbow UK Real Estate Debt Invest. III, L.P. 517,485 486,983 133,820 Quarterly N/A Vitruvian Investment Partners, L.P. 3,325,771 2,362,325 984,879 Quarterly N/A European Real Estate Debt Fund II, L.P. 434,623 360,695 552,594 Quarterly N/A Divcowest Fund IV Reit, LLC 155,455 260,003 296,646 Quarterly N/A Divcowest Fund, L.P. 1,838,535 1,660,401 3,235,490 Quarterly N/A Alinda Infrastructure Fund II, L.P. 688,509 1,081,263 212,781 Quarterly 5 Days Oaktree Opportunities Fund, L.P. 1,518,112 891,345 900,000 Quarterly N/A Blackstone/GSO Capital Solutions Fund, L.P. 373,554 508,632 1,808,969 Quarterly N/A White Deer Energy Fund, L.P. 1,444,951 1,961,493 1,984,601 Quarterly N/A White Deer Energy Fund TE, L.P. 92,020 157,252 32,927 Quarterly N/A Energy Capital Partners, L.P. 2,604,423 2,502,240 2,192,056 Quarterly N/A Resource Land Fund IV LLC 812,962 1,031,074 38,890 Quarterly N/A GTI 9 Institutional Investors, L.P. 1,772,066 1,797,754 - Quarterly N/A Audax Mezzanine Fund, L.P. 1,520,999 1,592,713 66,291 Quarterly N/A Riverside Capital Appreciation Fund, L.P. 2,998,632 3,012,586 282,792 Quarterly 60 Days

12. MICHIGAN LABORERS' PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note D: Fair Value Measurements (Continued)

Fair Value Redemption Redemption August 31, Unfunded Frequency, If Notice 2020 2019 Commit. Eligible Period

Limited Partnerships:(Continued) EnCap Energy Capital Fund, L.P. 1,490,997 2,268,894 1,829,294 Quarterly N/A Waud Capital Partner FIF, L.P. 4,242,770 3,329,265 1,606,031 Quarterly N/A Energy Ventures IV, L.P. 633,174 1,005,898 221,135 Quarterly N/A Khosla Ventures, L.P. 12,398,698 13,154,394 737,500 Quarterly N/A GTIS Brazil Real Estate Fund II Cayman, L.P. 1,185,164 1,775,273 49,197 Quarterly N/A Oncap III, L.P. 1,031,419 890,149 348,602 Quarterly N/A Pacific Road Resources Fund II, L.P. 933,431 802,398 134,927 Quarterly N/A Chequers Capital XVI, L.P. 481,377 510,012 - Quarterly N/A Vista Equity Partners Fund, L.P. 3,337,613 3,835,725 780,430 Quarterly N/A EIF United States Power Fund IV, L.P. 3,020,718 3,856,444 - Quarterly N/A Capital Intl Private Equity Fund VI, L.P. 1,389,254 1,709,649 258,251 Quarterly N/A HitecVision VI, L.P. 1,801,538 2,188,608 330,811 Quarterly N/A Exeter Industrial Value Fund, L.P. 3,657,962 2,692,489 328,839 Quarterly N/A Exeter Office Value Fund, L.P. 1,175,219 - 1,490,500 Quarterly N/A Global Infrastructure Partners Feeder Fund, L.P. 2,769,683 3,184,069 2,417,417 Quarterly N/A Ridgemont Equity Partners Holdings L.P. 1,928,052 1,358,536 1,827,177 Quarterly N/A U.S. Farming Realty Trust II L P 1,911,366 2,139,404 - Quarterly N/A Mesa West Real Estate Income Fund, L.P. 1,317,855 1,104,383 1,400,000 Quarterly N/A Towerbrook Investors IV (Onshore) L.P. 1,636,436 1,782,161 838,247 Quarterly N/A FPA Apartment Opportunity Fund, L.P. 3,618,791 2,657,797 2,900,818 Quarterly N/A Rialto Real estate Fund II L.P. 1,534,952 1,989,319 - Quarterly 90 Days Actis Energy, L.P. 2,364,142 2,372,000 1,208,858 Quarterly 30 Days Gem Realty Fund, L.P. 1,835,669 2,208,578 2,684,021 Quarterly N/A ASB Real Estate Investment, L.P. 13,389,358 13,138,443 - Quarterly 60 Days KPS Special Situations Fund IV, L.P. 1,816,191 1,012,640 5,733 Quarterly N/A Sentinel Capital Partners V, L.P. 2,095,976 2,010,062 2,211,677 Quarterly N/A Orbimed Royalty Opportunities II, L.P. 399,154 1,059,085 1,112,033 Quarterly N/A Ridgewood Energy Oil & Gas Fund III, L.P. 417,862 301,510 929,335 Quarterly N/A Patria-Brazilian Private Equity Fund V, L.P. 1,582,202 908,413 559,024 Quarterly N/A MSouth Equity Partners lll, L.P. 1,232,749 1,256,872 198,611 Quarterly N/A Sentient Global Resources Fund IV, L.P. 1,100,073 1,454,950 - Quarterly N/A KSL Capital Partners IV, L.P. 2,428,996 2,474,368 580,475 Quarterly N/A Sterling Group Partners IV, L.P. 1,880,773 1,388,279 400,901 Quarterly N/A PAG Asia, L.P. 2,848,329 2,096,109 2,386,762 Quarterly N/A Linden Capital Partners, L.P. 3,089,711 2,844,367 1,683,495 Quarterly N/A Gamut Investment Fund I, L.P. 1,073,315 782,998 898,966 Quarterly N/A Kerogen Energy Fund, II, L.P. 1,554,193 2,477,795 731,086 Quarterly N/A Ares Energy Investors Fund V, L.P. 879,887 912,993 158,229 Quarterly N/A Newstone Capital Partners III, L.P. 1,412,040 1,424,351 126,943 Quarterly N/A DBAG Fund, L.P. 1,199,352 922,662 876,528 Quarterly N/A Tillridgte Global Agribusiness Partners II, L.P. 447,001 321,697 1,803,338 Quarterly N/A

13. MICHIGAN LABORERS' PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note D: Fair Value Measurements (Continued)

Fair Value Redemption Redemption August 31, Unfunded Frequency, If Notice 2020 2019 Commit. Eligible Period

Limited Partnerships:(Continued) Orion Mine Finance Fund II L.P. 2,544,198 2,089,593 609,128 Quarterly N/A Prime Storage Fund II, L.P. 2,001,601 1,647,941 337,014 Quarterly N/A Kerogen Pandion Co Investment Fund L.P. 1,341,356 1,510,087 840,336 Quarterly N/A Vector Capital V, L.P. 1,210,387 686,496 860,196 Quarterly N/A Basalt Infrastructure Partners II, L.P. 1,310,002 986,531 325,445 Quarterly N/A Centerbridge Partners Real Estate Fund, L.P. 1,709,359 651,887 1,389,128 Quarterly N/A Strategic Value Special Situations Fund IV, L.P. 1,122,599 601,550 810,000 Quarterly N/A Accomplice Fund II, L.P. 1,524,016 887,018 - Quarterly N/A Energy Trust Partners V, L.P. 1,107,497 1,207,978 804,696 Quarterly N/A Trilantic Capital Partners VI Parallel (NA), L.P. 490,320 452,039 1,454,147 Quarterly N/A Altaris Health Partners, L.P. 1,493,349 998,204 663,023 Quarterly N/A Atlas Capital Investors V Parallel, L.P. 1,464,452 523,091 1,124,096 Quarterly N/A Tailwater Energy Fund III, L.P. 1,558,682 1,583,397 491,604 Quarterly N/A BCP Fund II-A, L.P. 393,030 89,508 1,491,210 Quarterly N/A Cerberus Global NPL Feeder Fund, L.P. 893,505 843,977 1,819,622 Quarterly N/A Grain Communications Opportunity Fund II, L.P. 1,133,194 195,251 865,175 Quarterly N/A Artemis Real Estate Partners Fund III, L.P. 598,864 292,361 2,098,840 Quarterly N/A Summit Partners Credit Offshore Fund III, L.P. 1,026,994 429,720 1,040,751 Quarterly N/A Ullico Infrastructure Tax Exempt Fund, L.P. 7,871,270 8,294,965 - Quarterly N/A SK Capital Partners V-B, L.P. 484,343 237,607 1,594,999 Quarterly N/A BP Natural Gas Opportunity Partners II, L.P. 101,269 43,756 2,274,941 Quarterly N/A Third Rock Ventures V, L.P. 280,098 55,000 792,000 Quarterly N/A FS Equity Partners VIII, L.P. 516,603 26,685 1,400,679 Quarterly N/A .406 Ventures IV, L.P. 228,899 - 1,732,000 Quarterly N/A TA XIII-B, L.P 334,693 - 912,500 Quarterly N/A JLC Infrastructure Fund I, L.P. 421,695 - 1,520,577 Quarterly N/A Paine Schwartz Food Chain Fund V B, L.P. 206,674 - 2,208,677 Quarterly N/A August Equity Partners V A, L.P. 741 - 1,480,408 Quarterly N/A Berkeley Partners Value Industrial Fund V, L.P. 211,757 - 22,891,793 Quarterly N/A Ara Fund I, L.P 1,129,295 1,060,184 Quarterly N/A Torchlight Debt Fund VII, L.P. 248,513 - 2,250,000 Quarterly N/A D.K. Long-Term Distressed Opport. Fund V, L.P. 98,617 - 1,851,090 Quarterly N/A

$ 346,453,092 $ 341,819,774 $ 120,250,769

14. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note E: Investments

Except for the real estate common collective trust with Ameriserv, common collective trust with SSGA, the mutual funds and the limited partnerships, the Plan’s investments are held by the trust department of Comerica Bank as custodian and managed by several investment management companies.

The following is a comparison of cost to market value of investments, other than cash, held at August 31, 2020: Market Market Value Value Cost Over (Under)

U.S. government securities $ 56,035,154 $ 52,328,603 $ 3,706,551 Corporate bonds and notes 47,401,808 44,957,905 2,443,903 Common stock 153,424,716 116,158,865 37,265,851 Limited partnerships 188,151,983 133,107,234 55,044,749 Common collective trusts 158,297,069 112,663,436 45,633,633 Mutual funds 365,284,940 316,282,591 49,002,349

$968,595,670 $775,498,634 $ 193,097,036 ======

During the Plan years ended August 31, 2020 and 2019 the Plan’s investments (including investments bought, sold and held during the year) appreciated in value by $74,072,907 and $31,985,556, respectively, as follows: Years ended August 31, 2020 2019

U.S. government securities $ 2,701,462 $ 3,038,770 Corporate bonds 1,126,880 1,034,588 Common stock 21,383,029 (2,898,305) Limited partnerships (408,254) 20,303,961 Common collective trusts 22,596,761 10,847,319 Mutual funds 26,673,029 (340,777)

$ 74,072,907 $ 31,985,556 ======

15. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships

The Plan’s investments include ownership interests in Limited Partnerships as follows:

Lexington Capital Partners VII, 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 was formed to acquire a diversified portfolio of interests in private investment funds, principally established global buyout, mezzanine, and venture capital funds primarily through secondary market transactions. It can also invest up to 5% of its committed capital in newly formed global buyout, mezzanine, and venture capital funds once it reaches its capitalization of $6.0 billion.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

a) Net gain - Net profits shall be first allocated to the General Partner if net losses were allocated to the general partner pursuant to Note F(b) below with respect to the nonallocable net loss of the limited partners, until the cumulative amount of net profits allocated to the general partner pursuant to this Note F(a) for the then current and all previous accounting periods is equal to the cumulative amount of net losses allocated to the general partner pursuant to Note F(b) with respect to the nonallocable net loss of the limited partners for all previous accounting periods.

b) Net loss - Net losses, if any, for an accounting period shall be allocated to the Partners in proportion to their respective percentage interest as of the first day of that accounting period except that, to the extent that such an allocation of net losses to a limited partner would result in such limited partner having an adjusted capital account deficit at the end of any accounting period, such allocation of net losses (the “nonallocable net loss”) shall not be made but instead the nonallocable net loss shall be reallocated to the general partner. In the event any limited partner has an adjusted capital account deficit at the end of any fiscal year, such limited partner shall be specially allocated items of partnership income and gain in the amount of such excess as soon as practicable.

Alinda Infrastructure Fund II, 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 primary investment objective is to seek capital appreciation and current income by acquiring, holding, financing, refinancing, and disposing of infrastructural investments and related assets.

16. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Alinda Infrastructure Fund II, L.P. (Continued)

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

Oaktree Opportunities 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 objective is to invest primarily in the securities of entities which are undergoing, are considered likely to undergo, or have undergone (i) reorganization under the federal bankruptcy law or similar laws in other countries or (ii) other extraordinary transactions, such as debt restructuring, reorganizations, and liquidations outside of bankruptcy.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

17. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Oaktree Opportunities Fund, L.P. (Continued)

Blackstone GSO Capital Solution, 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 objective is providing privately negotiated capital solutions to companies in need of liquidity or capital structure transformation due to pending covenant violations, debt maturities, cyclical downturns in their business, or other funding requirements.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

18. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

White Deer Energy 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 entities active in oil and gas development, oil service and equipment manufacturing as well as regional energy infrastructure.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

Energy Capital 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 North American energy infrastructure. It is expected to focus its investments primarily in power generation, electrical transmission, gas storage and pipelines, electric and gas distribution, and coal infrastructure.

19. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Energy Capital Partners, L.P. (Continued)

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

Resource Land Fund IV, L.L.C.

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 will or intends to manage properties in the domestic United States with daily operating responsibilities performed by third parties.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

20. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Resource Land Fund IV, L.L.C. (Continued)

GTI9 Institutional Investors Company, 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 engages in the business of acquiring a diversified portfolio of sustainably managed, high quality, primarily planted forests in locations outside of the United States with robust domestic markets and/or that provide good access to markets in North America, Europe or Asia. It may also invest in forest-related value-added opportunities, including bioenergy, carbon sequestration and wind energy projects, manufacturing facilities and general infrastructure improvements outside the United States.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

21. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Audex Mezzanine 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 targets public and private middle market companies that have a history of cash flow stability and consistent revenue growth, while generally guiding start-up companies and highly cyclical industries. It also considers growth capital investments in companies that have outstanding growth prospects and comparably lower leverage.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

Riverside Capital Appreciation 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 makes equity investments in business entities located principally in the United States with the principal objective of capital appreciation.

22. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Riverside Capital Appreciation Fund, L.P. (Continued)

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

Encap Energy Capital 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 privately negotiated equity and equity-related investments in the upstream and midstream independent oil and gas sector of North America.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

23. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Encap Energy Capital Fund, L.P. (Continued)

Waud Capital Partners FIF, 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 securities by managing, supervising and disposing of such investments, and engaging in such other activities, incidental or ancillary, as the general partner deems necessary or advisable.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

24. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Energy Ventures IV, 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 companies in production of oil and gas technologies.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

a) Net gain - Net profits shall be first allocated to the General Partner if net losses were allocated to the general partner pursuant to Note F(b) below with respect to the non-allocable net loss of the limited partners, until the cumulative amount of net profits allocated to the general partner pursuant to this Note F(a) for the then current and all previous accounting periods is equal to the cumulative amount of net losses allocated to the general partner pursuant to Note F(b) with respect to the non-allocable net loss of the limited partners for all previous accounting periods.

Khosla Ventures, 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 will invest in early-stage companies developing clean energy initiatives, wireless technology, and online systems.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

25. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Khosla Ventures, L.P. (Continued)

b) Net loss - Net losses, if any, for an accounting period shall be allocated to the Partners in proportion to their respective percentage interest as of the first day of that accounting period except that, to the extent that such an allocation of net losses to a limited partner would result in such limited partner having an adjusted capital account deficit at the end of any accounting period, such allocation of net losses (the “non-allocable net loss”) shall not be made but instead the non-allocable net loss shall be reallocated to the general partner. In the event any limited partner has an adjusted capital account deficit at the end of any fiscal year, such limited partner shall be specially allocated items of partnership income and gain in the amount of such excess as soon as practicable.

GTIS Brazil Real Estate Fund II Cayman, 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 will acquire, own, operate, rent, manage, hold, sell, exchange, restructure, securitize, hedge, pledge, hypothecate or otherwise deal in and with real estate related investments primarily in Brazil.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

26. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Oncap III, 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 will invest and acquire small and medium sized businesses headquartered primarily in North America.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

Pacific Road Resources Fund II, 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 will invest in mining projects, related infrastructure, and service businesses, as a direct investor or joint venture partner.

27. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Pacific Road Resources Fund II, L.P. (Continued)

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

Chequers Capital XVI, 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 seeks to invest in majority control positions in primary buyouts of leading mid-market companies, in all sectors, that have clear potential of operational improvements and regional and international growth.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

28. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Chequers Capital XVI, L.P. (Continued)

Vista Equity Partners 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 seeks long-term capital appreciation by acquiring, holding, and disposing of equity, equity-oriented debt securities of companies in software and technology-enabled solutions businesses.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

29. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

EIF United States Power Fund IV, 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 will provide capital for project financing, primarily of independent power and transmission projects and companies and other related projects in the United States.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

CIPEF VI, 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 will invest in private equity and equity-related investments in companies having their primary business activities in emerging markets.

30. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

CIPEF VI, L.P. (Continued)

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

HitecVision VI, 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 will invest in the oil and gas industry through controlled buyouts and growth capital investments in well-run companies with high growth potential in the oil and gas sector. Investments are focused on service and oilfield technology companies, as well as independent E&P companies, providing growth capital and replacement capital.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

31. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Exeter Industrial Value 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 is to acquire debt and equity investments in, develop, redevelop, reposition, operate, lease and sell industrial, flex and related suburban business park properties.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

Global Infrastructure Partners II-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 will invest in high quality infrastructure assets in the energy, transport and water/waste sectors. 32. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Global Infrastructure Partners Feeder Fund, L.P. (Continued)

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

Ridgemont Equity Partners Holding, L.P.

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

The Limited Partnership will invest in business entities located principally in the United States.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

33. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Ridgemont Equity Partners Holding, L.P. (Continued)

ICG Longbow U.K. Real Estate Debt Investments III, L.P.

The Plan has invested in the Limited Partnership and holds ownership interest proportionate to the ratio of its capital contribution to total contributed by all partners.

The Limited Partnership will invest in newly originated first charge whole loans and mezzanine debt.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

34. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

White Deer Energy TE, L.P.

The Plan has invested in the Limited Partnership and holds ownership interest proportionate to the ratio of its capital contribution to total contributed by all partners.

The Limited Partnership will invest in entities active in oil and gas production and established oil service companies primarily in the United States and Canada.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

U.S. Farming Realty Trust II, L.P.

The Plan has invested in the Limited Partnership and holds ownership interest proportionate to the ratio of its capital contribution to total contributed by all partners.

The Limited Partnership will invest in a diversified portfolio of United States farmlands to be leased to farming operators.

35. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

U.S. Farming Realty Trust II, L.P. (Continued)

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

Mesa West Real Estate Income Fund, L.P.

The Plan has invested in the Limited Partnership and holds ownership interest proportionate to the ratio of its capital contribution to total contributed by all partners.

The Limited Partnership will provide first mortgage floating rate loans on institutional quality properties in the United States.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

36. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Mesa West Real Estate Income Fund III, L.P. (Continued)

Towerbrook Investors IV (Onshore), L.P.

The Plan has invested in the Limited Partnership and holds ownership interest proportionate to the ratio of its capital contribution to total contributed by all partners.

The Limited Partnership will invest in companies with significant internal and external growth prospects and superior management, primarily in North America and Europe.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

37. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

FPA Apartment Opportunity Fund, L.P.

The Plan has invested in the Limited Partnership and holds ownership interest proportionate to the ratio of its capital contribution to total contributed by all partners.

The Limited Partnership will make direct and indirect investments in multi-family apartment real estate.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

Rialto Real Estate Fund II, L.P.

The Plan has invested in the Limited Partnership and holds ownership interest proportionate to the ratio of its capital contribution to total contributed by all partners.

The Limited Partnership will invest primarily in United States distressed real estate loans, assets and high-yielding securities.

38. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Rialto Real Estate Fund II, L.P. (Continued)

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

Actis Energy, L.P.

The Plan has invested in the Limited Partnership and holds ownership interest proportionate to the ratio of its capital contribution to total contributed by all partners.

The Limited Partnership will invest in companies whose business comprises of developing, operating, construction and/or owning power and/or energy infrastructural assets.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

39. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Actis Energy, L.P. (Continued)

GEM Realty Fund, L.P.

The Plan has invested in the Limited Partnership and holds ownership interest proportionate to the ratio of its capital contribution to total contributed by all partners.

The Limited Partnership will invest in transitional assets, including under-leased office buildings in metro areas with strong employment growth, dominant regional malls in secondary markets, student housing at large public universities and hotels with strong growth and operating metrics.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

40. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Vitruvian Investment Partners, L.P.

The Plan has invested in the Limited Partnership and holds ownership interest proportionate to the ratio of its capital contribution to total contributed by all partners.

The Limited Partnership will invest in business entities located principally in northern Europe with the principal objective of capital appreciation.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

The Energy & Minerals Group Fund III, L.P.

The Plan has invested in the Limited Partnership and holds ownership interest proportionate to the ratio of its capital contribution to total contributed by all partners.

The Limited Partnership will invest in companies or assets used in (i) the exploration, production and/or development of natural gas, crude oil, refined products and unconventional energy resources and the transporting, processing, gathering, treating, storing, distributing and marketing thereof and ii) the exploration, production and/or development of coal and other minerals or metal resources and the transporting, processing, gathering, treating, storing, distributing, generation or marketing of coal, coal conversion products, electricity or other energy or minerals or metal resources.

41. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

The Energy & Minerals Group Fund III, L.P. (Continued)

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

European Real Estate Debt Fund II, L.P.

The Plan has invested in the Limited Partnership and holds ownership interest proportionate to the ratio of its capital contribution to total contributed by all partners.

The Limited Partnership will invest in newly originated first charge whole loans and mezzanine debt.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

42. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

European Real Estate Debt Fund II, L.P. (Continued)

KPS Special Situations Fund IV, L.P.

The Plan has invested in the Limited Partnership and holds ownership interest proportionate to the ratio of its capital contribution to total contributed by all partners.

The Limited Partnership will invest in manufacturing businesses with at least $400 million in assets.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

43. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Sentinel Capital Partners V, L.P.

The Plan has invested in the Limited Partnership and holds ownership interest proportionate to the ratio of its capital contribution to total contributed by all partners.

The Limited Partnership will invest in managed buyouts, acquisitions of family businesses, corporate divestitures, industry consolidations, and going-private transactions in the United States and Canada. It will also invest in special situations, including balance sheet restructuring and operational turnarounds.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

DivcoWest Fund, L.P.

The Plan has invested in the Limited Partnership and holds ownership interest proportionate to the ratio of its capital contribution to total contributed by all partners.

The Limited Partnership will invest through acquiring direct or indirect interests in developing, redeveloping and operating a broad range of improved and unimproved real estate, real estate-related securities and other real estate-related assets, including office properties and research and development properties.

44. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

DivcoWest Fund, L.P. (Continued)

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

DivcoWest Fund IV REIT, L.P.

The Plan has invested in the Limited Partnership and holds ownership interest proportionate to the ratio of its capital contribution to total contributed by all partners.

The Limited Partnership will invest through acquiring direct or indirect interest in developing, redeveloping and operating a broad range of improved and unimproved real estate, real estate-related securities and other real estate-related assets, including office properties and research and developing properties.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

45. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

DivcoWest Fund IV REIT, L.P. (Continued)

ASB Real Estate Investment, L.P.

The Plan has invested in the Limited Partnership and holds ownership interest proportionate to the ratio of its capital contribution to total contributed by all partners.

The Limited Partnership will invest in acquiring real estate in major metropolitan areas demonstrating high tenant demand.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

46. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Charlesbank Equity Fund IX, 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 objective is to make investments in equity, debt, convertible securities and other interests in business organizations, to provide capital for acquisition and expansion of growing companies, and to carry on any other activity in which the partnership may be lawfully carried on by a Limited Partnership organized under the Partnership Act.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

DRA Growth and Income Fund, L.L.C.

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 objective is to provide members the possibility of gains from the realization of capital appreciation and current income principally by means of investing in real estate. The partnership may acquire, construct, operate, maintain, improve, manage, rent and sell real estate assets and enter into contracts of any kind necessary to accomplish its purpose, including entering into contracts with affiliates of the managing member.

47. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

DRA Growth and Income Fund, L.L.C.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

Exeter Office Value 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 objective is to acquire debt and equity instruments in, develop, redevelop, reposition, operate, expense, and sell big box warehouse and multi-tenant logistics properties.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

48. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Exeter Office Value Fund, L.P. (Continued)

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

Harrison Street Real Estate Partners V, 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 objective is to purchase real estate investments directly or indirectly through joint ventures, co-ownership, or any other capital or vehicle in the target sectors of student housing, senior housing, medical office, and storage.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

b) Net loss - Net losses, if any, for an accounting period shall be allocated to the Partners in proportion to their respective percentage interest as of the first day of that accounting period except that, to the extent that such an allocation of net losses to a limited partner would result in such limited partner having an adjusted capital account deficit at the end of any accounting period, such allocation of net losses (the “non-allocable net loss”) shall not be made but instead the non-allocable net loss shall be reallocated to the general partner. In the event any limited partner has an adjusted capital account deficit at the end of any fiscal year, such limited partner shall be specially allocated items of partnership income and gain in the amount of such excess as soon as practicable.

49. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Homestead Capital USA Farmland 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 objective is to invest in operating farmland across the Mountain West, Delta, Midwest and Pacific Regions of the United States of America.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

IFM Global Infrastructure (US), 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 objective is to acquire and maintain a diversified portfolio of global infrastructure investments (within targeted sub-sectors with varied maturities) that realizes a 10% annual return over a three-year rolling period.

50. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

IFM Global Infrastructure (US), L.P. (Continued)

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

Infracapital Partners II, 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 objective is to construct a diversified portfolio in approximately ten assets that requires 50 to 150 million British pounds. It expects that approximately 80% will be invested in utilities (generally avoiding traditional power generation) and transport assets, with the remaining 20% invested in renewables split equally across UK and Europe.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

51. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Infracapital Partners II, L.P. (Continued)

Insight Ventures Partners IX, 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 objective is making equity investments in founder owned, boot strapped businesses that are growing at a pace due to unique product and/or service offering. The partnership’s key focus has been and will continue to be in the software, internet, and business service segments of the IT sector.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

b) Net loss - Net losses, if any, for an accounting period shall be allocated to the Partners in proportion to their respective percentage interest as of the first day of that accounting period except that, to the extent that such an allocation of net losses to a limited partner would result in such limited partner having an adjusted capital account deficit at the end of any accounting period, such allocation of net losses (the “non-allocable net loss”) shall not be made but instead the non-allocable net loss shall be reallocated to the general partner. In the event any limited partner has an adjusted capital account deficit at the end of any fiscal year, such limited partner shall be specially allocated items of partnership income and gain in the amount of such excess as soon as practicable.

52. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

ISQ Global Infrastructure 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 objective is to achieve returns by making equity and equity-related investments in infrastructure-related assets globally, with a focus on North America, Europe, and selected growth economies in Asia and Latin America (with particular focus on China and India). It may also invest in debt securities that have equity-like returns or an equity component, or are related to its equity investments, including, without limitation, convertible debt, mezzanine debt, bank loans and participations and other similar instruments.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

Merit Energy Partners I, 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 objective is to acquire producing oil and gas assets in the U.S., seek to improve production, reduce operating costs, and increase reserve inventory. The assets that the partnership will target will have long reserve life and predictable decline rates with significant opportunities for operational improvements and development potential.

53. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Merit Energy Partners I, L.P. (Continued)

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

Orbimed Royalty Opportunities II, 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 objective is to invest in health care companies at all stages of development, from start up to growth equity stage.

54. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Orbimed Royalty Opportunities II, L.P. (Continued)

Ridgewood Energy Oil & Gas Fund III, 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 objective is investing in non-operated exploration and development projects in the deep waters of the Gulf of Mexico. It will create a portfolio of approximately 10 to 20 projects diversified by factors such as operator, region, and depth.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

b) Net loss - Net losses, if any, for an accounting period shall be allocated to the Partners in proportion to their respective percentage interest as of the first day of that accounting period except that, to the extent that such an allocation of net losses to a limited partner would result in such limited partner having an adjusted capital account deficit at the end of any accounting period, such allocation of net losses (the “non-allocable net loss”) shall not be made but instead the non-allocable net loss shall be reallocated to the general partner. In the event any limited partner has an adjusted capital account deficit at the end of any fiscal year, such limited partner shall be specially allocated items of partnership income and gain in the amount of such excess as soon as practicable.

55. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Turnbridge Capital Partners I-A, 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 objective is to acquire, hold, sell, and otherwise dispose of portfolio investments primarily headquartered in North America that provide services and equipment in the energy and energy-related infrastructure sectors.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

Veritas Capital 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 objective is to make investments in middle-market companies, in the target industries of aerospace and defense, communications, education, energy, government services, health care, national security, technology and other sectors supported by a government-related customer based or impacted by government regulation or policy.

56. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Veritas Capital Fund, L.P. (Continued)

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

b) Net loss - Net losses, if any, for an accounting period shall be allocated to the Partners in proportion to their respective percentage interest as of the first day of that accounting period except that, to the extent that such an allocation of net losses to a limited partner would result in such limited partner having an adjusted capital account deficit at the end of any accounting period, such allocation of net losses (the “non-allocable net loss”) shall not be made but instead the non-allocable net loss shall be reallocated to the general partner. In the event any limited partner has an adjusted capital account deficit at the end of any fiscal year, such limited partner shall be specially allocated items of partnership income and gain in the amount of such excess as soon as practicable.

Rockpointe Real Estate 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 objective is to make investments in broad ranged real estate related assets, portfolios, and companies to achieve superior risk-adjusted returns.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

57. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Rockpointe Real Estate Fund, L.P. (Continued)

Patria-Brazilian Private Equity Fund V, 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 objective is to make investments in small and medium sized Brazilian companies. The portfolio investments will be using a wide range of transaction structures, including buyout investments, direct or indirect private equity investments, strategic investments restructurings, and recapitalizations.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

b) Net loss - Net losses, if any, for an accounting period shall be allocated to the Partners in proportion to their respective percentage interest as of the first day of that accounting period except that, to the extent that such an allocation of net losses to a limited partner would result in such limited partner having an adjusted capital account deficit at the end of any accounting period, such allocation of net losses (the “non-allocable net loss”) shall not be made but instead the non-allocable net loss shall be reallocated to the general partner. In the event any limited partner has an adjusted capital account deficit at the end of any fiscal year, such limited partner shall be specially allocated items of partnership income and gain in the amount of such excess as soon as practicable.

58. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

MSouth Equity Partners, III, 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 organized to acquire, hold, manage, and sell portfolio investments consisting primarily of equity and equity-related investments.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

a) Net gain - Net profits shall be first allocated to the General Partner if net losses were allocated to the general partner pursuant to Note F(b) below with respect to the nonallocable net loss of the limited partners, until the cumulative amount of net profits allocated to the general partner Pursuant to this Note F (a) for the then current and all previous accounting periods is equal to The cumulative amount of net losses allocated to the general partner pursuant to Note F (b) with respect to the nonallocable net loss of the limited partners for all previous accounting periods.

b) Net loss - Net losses, if any, for an accounting period shall be allocated to the Partners in proportion to their respective percentage interest as of the first day of that accounting period Except that, to the extent that such an allocation of net losses to a limited partner would result In such limited partner having an adjusted capital account deficit at the end of any accounting period, such allocation of net losses (the “nonallocable net loss”) shall not be made but instead the nonallocable net loss shall be reallocated to the general partner. In the event any limited partner has an adjusted capital account deficit at the end of any fiscal year, such limited partner shall be specially allocated items of partnership income and gain in the amount of such excess as soon as practicable.

Sentient Global Resources Fund IV, 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 objective is to make investments in underlying metal or mineral projects with the objective of building new businesses. The partnership will also invest in refinancing and expansion opportunities in established businesses with existing operations that have the potential for future growth.

59. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Sentient Global Resources Fund IV, L.P. (Continued)

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

KSL Capital Partners IV, 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 objective is to make investments in travel and leisure sector businesses including hospitality, recreation, clubs, real estate, and travel services.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

60. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

KSL Capital Partners IV, L.P. (Continued)

Sterling Group Partners IV, 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 objective is to make investments in manufacturing, distribution and industrial service business generally with $100 million to $500 million in total enterprise value.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

61. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

PAG Asia, 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 objective is to focus on large-scale buyouts, control deals, and structured minority investments with companies across Asia.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

Linden Capital 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 objective is to make investments in middle-market healthcare companies in the medical products, services, diagnostics, distribution, and pharmaceutical sectors, among others.

62. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Linden Capital Partners, L.P. (Continued)

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

Gamut Investment Fund I, 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 objective is to make investments in middle-market companies in the following industries: agriculture, chemicals, telecom, industrial, mining, power, distribution, technology, energy, and transportation.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

63. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Gamut Investment Fund I, L.P.

Kerogen Energy Fund II, 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 objective is to make investments predominantly in upstream oil and gas companies with a focus on international basins.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

b) Net loss - Net losses, if any, for an accounting period shall be allocated to the Partners in proportion to their respective percentage interest as of the first day of that accounting period except that, to the extent that such an allocation of net losses to a limited partner would result in such limited partner having an adjusted capital account deficit at the end of any accounting period, such allocation of net losses (the “non-allocable net loss”) shall not be made but instead the non-allocable net loss shall be reallocated to the general partner. In the event any limited partner has an adjusted capital account deficit at the end of any fiscal year, such limited partner shall be specially allocated items of partnership income and gain in the amount of such excess as soon as practicable.

64. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Ares Energy Investors Fund V, 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 objective is to provide capital for project financing, primarily of independent power and transmission projects and companies and other related projects in the United States.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

b) Net loss - Net losses, if any, for an accounting period shall be allocated to the Partners in proportion to their respective percentage interest as of the first day of that accounting period except that, to the extent that such an allocation of net losses to a limited partner would result in such limited partner having an adjusted capital account deficit at the end of any accounting period, such allocation of net losses (the “non-allocable net loss”) shall not be made but instead the non-allocable net loss shall be reallocated to the general partner. In the event any limited partner has an adjusted capital account deficit at the end of any fiscal year, such limited partner shall be specially allocated items of partnership income and gain in the amount of such excess as soon as practicable.

Newstone Capital Partners III, 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 objective is to invest primarily in debt and equity securities in connection with leveraged buyouts, recapitalizations, and later-stage growth financings.

65. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Newstone Capital Partners III, L.P. (Continued)

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

b) Net loss - Net losses, if any, for an accounting period shall be allocated to the Partners in proportion to their respective percentage interest as of the first day of that accounting period except that, to the extent that such an allocation of net losses to a limited partner would result in such limited partner having an adjusted capital account deficit at the end of any accounting period, such allocation of net losses (the “non-allocable net loss”) shall not be made but instead the non-allocable net loss shall be reallocated to the general partner. In the event any limited partner has an adjusted capital account deficit at the end of any fiscal year, such limited partner shall be specially allocated items of partnership income and gain in the amount of such excess as soon as practicable.

DBAG 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 objective is to build, hold and manage a portfolio of capital investments in companies with the objective to achieve long-term capital appreciation through direct investments in equity, equity-related and similar securities or instruments including debt or other securities or instruments with equity-like returns or an equity component.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

66. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

DBAG Fund, L.P. (Continued)

b) Net loss - Net losses, if any, for an accounting period shall be allocated to the Partners in proportion to their respective percentage interest as of the first day of that accounting period except that, to the extent that such an allocation of net losses to a limited partner would result in such limited partner having an adjusted capital account deficit at the end of any accounting period, such allocation of net losses (the “non-allocable net loss”) shall not be made but instead the non-allocable net loss shall be reallocated to the general partner. In the event any limited partner has an adjusted capital account deficit at the end of any fiscal year, such limited partner shall be specially allocated items of partnership income and gain in the amount of such excess as soon as practicable.

Tillbridge Global Agribusiness Partners II, 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 objective is to make investments in agribusiness, with an emphasis on investments in business and/or assets in the midstream agribusiness industry, including, without limitation: agriproduct distribution and services, commodity storage and merchandising, transportation and logistics, commodity processing food and food ingredient processing, and food service manufacturing, packaging, and distribution.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

b) Net loss - Net losses, if any, for an accounting period shall be allocated to the Partners in proportion to their respective percentage interest as of the first day of that accounting period except that, to the extent that such an allocation of net losses to a limited partner would result in such limited partner having an adjusted capital account deficit at the end of any accounting period, such allocation of net losses (the “non-allocable net loss”) shall not be made but instead the non-allocable net loss shall be reallocated to the general partner. In the event any limited partner has an adjusted capital account deficit at the end of any fiscal year, such limited partner shall be specially allocated items of partnership income and gain in the amount of such excess as soon as practicable.

67. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Orion Mine Finance Fund II, 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 objective is to provide flexible capital investment solutions to mining companies in the base and precious metal sector.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

b) Net loss - Net losses, if any, for an accounting period shall be allocated to the Partners in proportion to their respective percentage interest as of the first day of that accounting period except that, to the extent that such an allocation of net losses to a limited partner would result in such limited partner having an adjusted capital account deficit at the end of any accounting period, such allocation of net losses (the “non-allocable net loss”) shall not be made but instead the non-allocable net loss shall be reallocated to the general partner. In the event any limited partner has an adjusted capital account deficit at the end of any fiscal year, such limited partner shall be specially allocated items of partnership income and gain in the amount of such excess as soon as practicable.

Prime Storage Fund II, 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 objective is to generate income and capital appreciation from investments to unlimited liabilities companies that own and operate self-storage facilities across the U.S. and portions of Canada.

68. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Prime Storage Fund II, L.P. (Continued)

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

b) Net loss - Net losses, if any, for an accounting period shall be allocated to the Partners in proportion to their respective percentage interest as of the first day of that accounting period except that, to the extent that such an allocation of net losses to a limited partner would result in such limited partner having an adjusted capital account deficit at the end of any accounting period, such allocation of net losses (the “non-allocable net loss”) shall not be made but instead the non-allocable net loss shall be reallocated to the general partner. In the event any limited partner has an adjusted capital account deficit at the end of any fiscal year, such limited partner shall be specially allocated items of partnership income and gain in the amount of such excess as soon as practicable.

Kerogen Pandion Co-Investment 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 Pandion Energy and such other investment opportunities approved by the limited partners and general partners.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

69. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Kerogen Pandion Co-Investment Fund, L.P. (Continued)

b) Net loss - Net losses, if any, for an accounting period shall be allocated to the Partners in proportion to their respective percentage interest as of the first day of that accounting period except that, to the extent that such an allocation of net losses to a limited partner would result in such limited partner having an adjusted capital account deficit at the end of any accounting period, such allocation of net losses (the “non-allocable net loss”) shall not be made but instead the non-allocable net loss shall be reallocated to the general partner. In the event any limited partner has an adjusted capital account deficit at the end of any fiscal year, such limited partner shall be specially allocated items of partnership income and gain in the amount of such excess as soon as practicable.

Vector Capital V, 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 equity-oriented securities of privately and public held companies in the information technology industry.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

b) Net loss - Net losses, if any, for an accounting period shall be allocated to the Partners in proportion to their respective percentage interest as of the first day of that accounting period except that, to the extent that such an allocation of net losses to a limited partner would result in such limited partner having an adjusted capital account deficit at the end of any accounting period, such allocation of net losses (the “non-allocable net loss”) shall not be made but instead the non-allocable net loss shall be reallocated to the general partner. In the event any limited partner has an adjusted capital account deficit at the end of any fiscal year, such limited partner shall be specially allocated items of partnership income and gain in the amount of such excess as soon as practicable.

70. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Basalt Infrastructure Partners II, C.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 infrastructure assets, or asset-backed companies operating essential energy, transport, and utilities infrastructure assets in Western Europe and North America.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

a) Net gain - Net profits shall be first allocated to the General Partner if net losses were allocated to the general partner pursuant to Note F(b) below with respect to the nonallocable net loss of the limited partners, until the cumulative amount of net profits allocated to the general partner pursuant to this Note F(a) for the then current and all previous accounting periods is equal to the cumulative amount of net losses allocated to the general partner pursuant to Note F(b) with respect to the non-allocable net loss of the limited partners for all previous accounting periods.

b) Net loss - Net losses, if any, for an accounting period shall be allocated to the Partners in proportion to their respective percentage interest as of the first day of that accounting period except that, to the extent that such an allocation of net losses to a limited partner would result in such limited partner having an adjusted capital account deficit at the end of any accounting period, such allocation of net losses (the “non-allocable net loss”) shall not be made but instead the non-allocable net loss shall be reallocated to the general partner. In the event any limited partner has an adjusted capital account deficit at the end of any fiscal year, such limited partner shall be specially allocated items of partnership income and gain in the amount of such excess as soon as practicable.

Centerbridge Partners Real Estate 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 undervalued or inappropriately capitalized U.S. real estate assets and portfolios, and corporate real estate.

71. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Centerbridge Partners Real Estate Fund, L.P.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

b) Net loss - Net losses, if any, for an accounting period shall be allocated to the Partners in proportion to their respective percentage interest as of the first day of that accounting period except that, to the extent that such an allocation of net losses to a limited partner would result in such limited partner having an adjusted capital account deficit at the end of any accounting period, such allocation of net losses (the “non-allocable net loss”) shall not be made but instead the non-allocable net loss shall be reallocated to the general partner. In the event any limited partner has an adjusted capital account deficit at the end of any fiscal year, such limited partner shall be specially allocated items of partnership income and gain in the amount of such excess as soon as practicable.

Strategic Value Special Situations Fund IV, 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 a broad range of distressed and deep value investments diversified by industry and geography.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

72. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Strategic Value Special Situations Fund IV, L.P. (Continued)

b) Net loss - Net losses, if any, for an accounting period shall be allocated to the Partners in proportion to their respective percentage interest as of the first day of that accounting period except that, to the extent that such an allocation of net losses to a limited partner would result in such limited partner having an adjusted capital account deficit at the end of any accounting period, such allocation of net losses (the “non-allocable net loss”) shall not be made but instead the non-allocable net loss shall be reallocated to the general partner. In the event any limited partner has an adjusted capital account deficit at the end of any fiscal year, such limited partner shall be specially allocated items of partnership income and gain in the amount of such excess as soon as practicable.

Accomplice Fund II, 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 technology start-up companies.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

b) Net loss - Net losses, if any, for an accounting period shall be allocated to the Partners in proportion to their respective percentage interest as of the first day of that accounting period except that, to the extent that such an allocation of net losses to a limited partner would result in such limited partner having an adjusted capital account deficit at the end of any accounting period, such allocation of net losses (the “non-allocable net loss”) shall not be made but instead the non-allocable net loss shall be reallocated to the general partner. In the event any limited partner has an adjusted capital account deficit at the end of any fiscal year, such limited partner shall be specially allocated items of partnership income and gain in the amount of such excess as soon as practicable.

73. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Energy Trust Partners V, 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 to make direct equity investments in companies, assets or projects in U.S. and Canadian upstream oil and gas industry as part of a middle market private equity strategy.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

b) Net loss - Net losses, if any, for an accounting period shall be allocated to the Partners in proportion to their respective percentage interest as of the first day of that accounting period except that, to the extent that such an allocation of net losses to a limited partner would result in such limited partner having an adjusted capital account deficit at the end of any accounting period, such allocation of net losses (the “non-allocable net loss”) shall not be made but instead the non-allocable net loss shall be reallocated to the general partner. In the event any limited partner has an adjusted capital account deficit at the end of any fiscal year, such limited partner shall be specially allocated items of partnership income and gain in the amount of such excess as soon as practicable.

Trilantic Capital Partners VI Parallel, 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 companies with global operation by growth capital investments with control or power minority positions in equity.

74. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Trilantic Capital Partners VI Parallel, L.P. (Continued)

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

b) Net loss - Net losses, if any, for an accounting period shall be allocated to the Partners in proportion to their respective percentage interest as of the first day of that accounting period except that, to the extent that such an allocation of net losses to a limited partner would result in such limited partner having an adjusted capital account deficit at the end of any accounting period, such allocation of net losses (the “non-allocable net loss”) shall not be made but instead the non-allocable net loss shall be reallocated to the general partner. In the event any limited partner has an adjusted capital account deficit at the end of any fiscal year, such limited partner shall be specially allocated items of partnership income and gain in the amount of such excess as soon as practicable.

Altaris Health 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 invests in health care related companies primarily in U.S. by acquiring, holding, and disposing of securities, independent or with others principally through private negotiated equity investment.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

75. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Altaris Health Partners, L.P. (Continued)

b) Net loss - Net losses, if any, for an accounting period shall be allocated to the Partners in proportion to their respective percentage interest as of the first day of that accounting period except that, to the extent that such an allocation of net losses to a limited partner would result in such limited partner having an adjusted capital account deficit at the end of any accounting period, such allocation of net losses (the “non-allocable net loss”) shall not be made but instead the non-allocable net loss shall be reallocated to the general partner. In the event any limited partner has an adjusted capital account deficit at the end of any fiscal year, such limited partner shall be specially allocated items of partnership income and gain in the amount of such excess as soon as practicable.

Atlas Capital Investors V Parallel, 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 to acquire real estate assets which are undervalued and/or demonstrate prospects of value creation.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

b) Net loss - Net losses, if any, for an accounting period shall be allocated to the Partners in proportion to their respective percentage interest as of the first day of that accounting period except that, to the extent that such an allocation of net losses to a limited partner would result in such limited partner having an adjusted capital account deficit at the end of any accounting period, such allocation of net losses (the “non-allocable net loss”) shall not be made but instead the non-allocable net loss shall be reallocated to the general partner. In the event any limited partner has an adjusted capital account deficit at the end of any fiscal year, such limited partner shall be specially allocated items of partnership income and gain in the amount of such excess as soon as practicable.

76. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Artemis Real Estate Partners Fund III, 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 multi-family, office, and industrial as well as health care offices, self-storage, hospitality, and retail properties.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

b) Net loss - Net losses, if any, for an accounting period shall be allocated to the Partners in proportion to their respective percentage interest as of the first day of that accounting period except that, to the extent that such an allocation of net losses to a limited partner would result in such limited partner having an adjusted capital account deficit at the end of any accounting period, such allocation of net losses (the “non-allocable net loss”) shall not be made but instead the non-allocable net loss shall be reallocated to the general partner. In the event any limited partner has an adjusted capital account deficit at the end of any fiscal year, such limited partner shall be specially allocated items of partnership income and gain in the amount of such excess as soon as practicable.

BCP Fund II-A, 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 energy service businesses across the energy spectrum.

77. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

BCP Fund II-A, L.P. (Continued)

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

b) Net loss - Net losses, if any, for an accounting period shall be allocated to the Partners in proportion to their respective percentage interest as of the first day of that accounting period except that, to the extent that such an allocation of net losses to a limited partner would result in such limited partner having an adjusted capital account deficit at the end of any accounting period, such allocation of net losses (the “non-allocable net loss”) shall not be made but instead the non-allocable net loss shall be reallocated to the general partner. In the event any limited partner has an adjusted capital account deficit at the end of any fiscal year, such limited partner shall be specially allocated items of partnership income and gain in the amount of such excess as soon as practicable.

BP National Gas Opportunity Partners II, 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 growth capital across a wide range of energy dependent industries and sectors along the natural gas value chain.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

78. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

BP National Gas Opportunity Partners II, L.P. (Continued)

b) Net loss - Net losses, if any, for an accounting period shall be allocated to the Partners in proportion to their respective percentage interest as of the first day of that accounting period except that, to the extent that such an allocation of net losses to a limited partner would result in such limited partner having an adjusted capital account deficit at the end of any accounting period, such allocation of net losses (the “non-allocable net loss”) shall not be made but instead the non-allocable net loss shall be reallocated to the general partner. In the event any limited partner has an adjusted capital account deficit at the end of any fiscal year, such limited partner shall be specially allocated items of partnership income and gain in the amount of such excess as soon as practicable.

Cerberus Global NPL Feeder 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 non-performing loan portfolios in other parts of the world, including China, India, and Brazil.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

b) Net loss - Net losses, if any, for an accounting period shall be allocated to the Partners in proportion to their respective percentage interest as of the first day of that accounting period except that, to the extent that such an allocation of net losses to a limited partner would result in such limited partner having an adjusted capital account deficit at the end of any accounting period, such allocation of net losses (the “non-allocable net loss”) shall not be made but instead the non-allocable net loss shall be reallocated to the general partner. In the event any limited partner has an adjusted capital account deficit at the end of any fiscal year, such limited partner shall be specially allocated items of partnership income and gain in the amount of such excess as soon as practicable.

79. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

FS Equity 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 Limited Partnership invests in privately negotiated equity and equity-related securities in connection with corporate acquisitions organized by Freeman, Spogli & Co., and its affiliates as well as to invest in other special situations where high returns are expected.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

b) Net loss - Net losses, if any, for an accounting period shall be allocated to the Partners in proportion to their respective percentage interest as of the first day of that accounting period except that, to the extent that such an allocation of net losses to a limited partner would result in such limited partner having an adjusted capital account deficit at the end of any accounting period, such allocation of net losses (the “non-allocable net loss”) shall not be made but instead the non-allocable net loss shall be reallocated to the general partner. In the event any limited partner has an adjusted capital account deficit at the end of any fiscal year, such limited partner shall be specially allocated items of partnership income and gain in the amount of such excess as soon as practicable.

Grain Communications Opportunity Fund II, 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 communications sector acquiring, build, owns, and operates communication towers and related wireless infrastructure assets.

80. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Grain Communications Opportunity Fund II, L.P. (Continued)

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

b) Net loss - Net losses, if any, for an accounting period shall be allocated to the Partners in proportion to their respective percentage interest as of the first day of that accounting period except that, to the extent that such an allocation of net losses to a limited partner would result in such limited partner having an adjusted capital account deficit at the end of any accounting period, such allocation of net losses (the “non-allocable net loss”) shall not be made but instead the non-allocable net loss shall be reallocated to the general partner. In the event any limited partner has an adjusted capital account deficit at the end of any fiscal year, such limited partner shall be specially allocated items of partnership income and gain in the amount of such excess as soon as practicable.

SK Capital Partners V-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 invests in specialty materials, chemicals, and pharmaceutical companies.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

81. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

SK Capital Partners V-B, L.P. (Continued)

b) Net loss - Net losses, if any, for an accounting period shall be allocated to the Partners in proportion to their respective percentage interest as of the first day of that accounting period except that, to the extent that such an allocation of net losses to a limited partner would result in such limited partner having an adjusted capital account deficit at the end of any accounting period, such allocation of net losses (the “non-allocable net loss”) shall not be made but instead the non-allocable net loss shall be reallocated to the general partner. In the event any limited partner has an adjusted capital account deficit at the end of any fiscal year, such limited partner shall be specially allocated items of partnership income and gain in the amount of such excess as soon as practicable.

Summit Partners Credit Offshore Fund III, 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 loans and mezzanine debt source through Summit proprietary deal sourcing platform and the syndicated bank loan, high-yield bond, and other corporate credit markets including “stressed” and “destressed” opportunities.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

b) Net loss - Net losses, if any, for an accounting period shall be allocated to the Partners in proportion to their respective percentage interest as of the first day of that accounting period except that, to the extent that such an allocation of net losses to a limited partner would result in such limited partner having an adjusted capital account deficit at the end of any accounting period, such allocation of net losses (the “non-allocable net loss”) shall not be made but instead the non-allocable net loss shall be reallocated to the general partner. In the event any limited partner has an adjusted capital account deficit at the end of any fiscal year, such limited partner shall be specially allocated items of partnership income and gain in the amount of such excess as soon as practicable.

82. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Third Rock Ventures V, 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 medical companies focused on cancer, neurological disorders, rare genetic disease, immune disorders, and cardiovascular diseases.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

b) Net loss - Net losses, if any, for an accounting period shall be allocated to the Partners in proportion to their respective percentage interest as of the first day of that accounting period except that, to the extent that such an allocation of net losses to a limited partner would result in such limited partner having an adjusted capital account deficit at the end of any accounting period, such allocation of net losses (the “non-allocable net loss”) shall not be made but instead the non-allocable net loss shall be reallocated to the general partner. In the event any limited partner has an adjusted capital account deficit at the end of any fiscal year, such limited partner shall be specially allocated items of partnership income and gain in the amount of such excess as soon as practicable.

Ullico Infrastructure Tax-Exempt 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 investment, maintenance and refurbishment of our nation’s infrastructure.

83. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Ullico Infrastructure Tax-Exempt Fund, L.P. (Continued)

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

b) Net loss - Net losses, if any, for an accounting period shall be allocated to the Partners in proportion to their respective percentage interest as of the first day of that accounting period except that, to the extent that such an allocation of net losses to a limited partner would result in such limited partner having an adjusted capital account deficit at the end of any accounting period, such allocation of net losses (the “non-allocable net loss”) shall not be made but instead the non-allocable net loss shall be reallocated to the general partner. In the event any limited partner has an adjusted capital account deficit at the end of any fiscal year, such limited partner shall be specially allocated items of partnership income and gain in the amount of such excess as soon as practicable.

Tailwater Energy Fund III, 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 equity related investments in upstream and midstream oil and gas sector of North America.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

84. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Tailwater Energy Fund III, L.P. (Continued)

b) Net loss - Net losses, if any, for an accounting period shall be allocated to the Partners in proportion to their respective percentage interest as of the first day of that accounting period except that, to the extent that such an allocation of net losses to a limited partner would result in such limited partner having an adjusted capital account deficit at the end of any accounting period, such allocation of net losses (the “non-allocable net loss”) shall not be made but instead the non-allocable net loss shall be reallocated to the general partner. In the event any limited partner has an adjusted capital account deficit at the end of any fiscal year, such limited partner shall be specially allocated items of partnership income and gain in the amount of such excess as soon as practicable.

.406 Ventures IV, 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 equity related investments in digital health, cybersecurity, and data (cloud) companies.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

b) Net loss - Net losses, if any, for an accounting period shall be allocated to the Partners in proportion to their respective percentage interest as of the first day of that accounting period except that, to the extent that such an allocation of net losses to a limited partner would result in such limited partner having an adjusted capital account deficit at the end of any accounting period, such allocation of net losses (the “non-allocable net loss”) shall not be made but instead the non-allocable net loss shall be reallocated to the general partner. In the event any limited partner has an adjusted capital account deficit at the end of any fiscal year, such limited partner shall be specially allocated items of partnership income and gain in the amount of such excess as soon as practicable.

85. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

TA XIII-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 invests in securities of companies in the United States and Europe.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

b) Net loss - Net losses, if any, for an accounting period shall be allocated to the Partners in proportion to their respective percentage interest as of the first day of that accounting period except that, to the extent that such an allocation of net losses to a limited partner would result in such limited partner having an adjusted capital account deficit at the end of any accounting period, such allocation of net losses (the “non-allocable net loss”) shall not be made but instead the non-allocable net loss shall be reallocated to the general partner. In the event any limited partner has an adjusted capital account deficit at the end of any fiscal year, such limited partner shall be specially allocated items of partnership income and gain in the amount of such excess as soon as practicable.

JLC Infrastructure Fund I, 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 objective is to seek a return from income and capital gains by investing in infrastructure assets in transportation, utilities, communications, or social-related infrastructure assets.

86. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

JLC Infrastructure Fund I, L.P. (Continued)

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

b) Net loss - Net losses, if any, for an accounting period shall be allocated to the Partners in proportion to their respective percentage interest as of the first day of that accounting period except that, to the extent that such an allocation of net losses to a limited partner would result in such limited partner having an adjusted capital account deficit at the end of any accounting period, such allocation of net losses (the “non-allocable net loss”) shall not be made but instead the non-allocable net loss shall be reallocated to the general partner. In the event any limited partner has an adjusted capital account deficit at the end of any fiscal year, such limited partner shall be specially allocated items of partnership income and gain in the amount of such excess as soon as practicable.

Paine Schwartz Food Chain Fund V, 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 objective is to seek long-term capital appreciation by acquiring control of operating businesses as a lead or organizing investor.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

87. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Paine Schwartz Food Chain Fund V, L.P. (Continued)

b) Net loss - Net losses, if any, for an accounting period shall be allocated to the Partners in proportion to their respective percentage interest as of the first day of that accounting period except that, to the extent that such an allocation of net losses to a limited partner would result in such limited partner having an adjusted capital account deficit at the end of any accounting period, such allocation of net losses (the “non-allocable net loss”) shall not be made but instead the non-allocable net loss shall be reallocated to the general partner. In the event any limited partner has an adjusted capital account deficit at the end of any fiscal year, such limited partner shall be specially allocated items of partnership income and gain in the amount of such excess as soon as practicable.

August Equity Partners VA, 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 primarily in UK businesses with equity and equity related investments in management buy-ins and buy-outs and in private companies requiring expansion in finance or replacement capital.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

b) Net loss - Net losses, if any, for an accounting period shall be allocated to the Partners in proportion to their respective percentage interest as of the first day of that accounting period except that, to the extent that such an allocation of net losses to a limited partner would result in such limited partner having an adjusted capital account deficit at the end of any accounting period, such allocation of net losses (the “non-allocable net loss”) shall not be made but instead the non-allocable net loss shall be reallocated to the general partner. In the event any limited partner has an adjusted capital account deficit at the end of any fiscal year, such limited partner shall be specially allocated items of partnership income and gain in the amount of such excess as soon as practicable.

88. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Berkley Partners Value Industrial Fund V, 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 institutional value-add light industrial real estate.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

b) Net loss - Net losses, if any, for an accounting period shall be allocated to the Partners in proportion to their respective percentage interest as of the first day of that accounting period except that, to the extent that such an allocation of net losses to a limited partner would result in such limited partner having an adjusted capital account deficit at the end of any accounting period, such allocation of net losses (the “non-allocable net loss”) shall not be made but instead the non-allocable net loss shall be reallocated to the general partner. In the event any limited partner has an adjusted capital account deficit at the end of any fiscal year, such limited partner shall be specially allocated items of partnership income and gain in the amount of such excess as soon as practicable.

Tailwater Energy Fund III, 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 objective is to generate long-term capital appreciation at compelling risk- adjusted returns, primarily from private equity investments in lower middle-market companies in the industrial, chemicals and materials, and energy efficiency sectors in North America and Europe.

89. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Tailwater Energy Fund III, L.P. (Continued)

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

b) Net loss - Net losses, if any, for an accounting period shall be allocated to the Partners in proportion to their respective percentage interest as of the first day of that accounting period except that, to the extent that such an allocation of net losses to a limited partner would result in such limited partner having an adjusted capital account deficit at the end of any accounting period, such allocation of net losses (the “non-allocable net loss”) shall not be made but instead the non-allocable net loss shall be reallocated to the general partner. In the event any limited partner has an adjusted capital account deficit at the end of any fiscal year, such limited partner shall be specially allocated items of partnership income and gain in the amount of such excess as soon as practicable.

Torchlight Debt Fund VII, 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 investments across the spectrum of debt and other interests relating to commercial real estate to achieve significant current income and capital appreciation.

The methodology by which gains and losses, net of expenses of the partnership are to be allocated is as follows:

90. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note F: Investments in Limited Partnerships (Continued)

Torchlight Debt Fund VII, L.P. (Continued)

b) Net loss - Net losses, if any, for an accounting period shall be allocated to the Partners in proportion to their respective percentage interest as of the first day of that accounting period except that, to the extent that such an allocation of net losses to a limited partner would result in such limited partner having an adjusted capital account deficit at the end of any accounting period, such allocation of net losses (the “non-allocable net loss”) shall not be made but instead the non-allocable net loss shall be reallocated to the general partner. In the event any limited partner has an adjusted capital account deficit at the end of any fiscal year, such limited partner shall be specially allocated items of partnership income and gain in the amount of such excess as soon as practicable.

Note G: Net Investment Income

Following is a summary of investment income for the years ended August 31,

2020 2019 Investment income: Interest $ 3,310,657 $ 3,486,177 Dividends 7,519,877 5,139,400 Other 25,652 335,346 Net appreciation (depreciation) in fair value of investments 74,072,907 31,985,556 84,929,093 40,946,479

less – investment expenses 2,998,728 2,973,510

$ 81,930,365 $ 37,972,969 ======Note H: Collection Program Costs

On September 13, 2004, the Michigan Laborers’ Fringe Benefit Funds Joint Delinquency Committee was established to coordinate the collection function of the Fund and five other related benefit funds. The activities of this committee are supported by payments from the six funds. For the years ended August 31, 2020 and 2019, the Fund’s share of the costs to support the collection process was $72,293 and $71,437, respectively.

91. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note I: 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.

Note J: 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 K: 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 August 31, 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 August 31, 2017.

92. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note L: 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 M: Securities Lending

The Trustees of the Plan have an agreement with the custodial bank for the Plan authorizing the bank to lend securities held in the Plan account to third parties. The bank must obtain collateral from the borrower in the form of cash, letters of credit issued by an entity other than the borrower, or acceptable securities. Both the collateral and the securities loaned are marked-to-market on a daily basis so that all loaned securities are fully collateralized, at-all-times. In the event that the loaned securities are not returned by the borrower, the bank will, at its own expense, either replace the loaned securities or, if unable to purchase those securities on the open market, credit the Plan account with cash equal to the fair value of the loaned securities.

The Plan and the bank each receive a percentage of the net income derived from securities lending activities based on the type of securities. Income earned during 2020 and 2019 was $12,230 and $23,062, respectively, net of bank fees of $3,501 and $5,754, respectively.

Although the Plan’s securities lending activities are collateralized as described above, they involve both market and credit risk. In this context, market risk refers to the possibility that the borrowers of securities will be unable to collateralize the loan upon a sudden material change in the fair value of the loaned securities or the collateral. Credit risk refers to the possibility that counterparties involved in the securities lending program may fail to perform in accordance with the terms of their contracts.

The fair value of securities loaned by the plan is $21,290,227 at August 31, 2020 and $5,218,593 at August 31, 2019.

93. MICHIGAN LABORERS’ PENSION FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Note N: Security Lending Deficiency

During the year ended August 31, 2010, the securities lending program was informed about a realized loss in the securities cash collateral pool due to SIGMA Finance Medium Term Note, due 05/18/2009. The Fund recognized a loss in the amount of $525,017 as a result. $106,744 was credited against the deficiency through August 31, 2020 as a result of class action settlements and recognized as income. The remaining deficiency of $418,273 is carried on the books as a liability; but is not required to be paid at this time.

Note O: 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 required by statute for use by construction industry plans.

Note P: 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.

Note Q: Party-in-Interest Transactions

Plan investments, with the exception of the mutual funds, certain common collective trusts, and limited partnerships, are held at Comerica Bank (the Custodian). The transactions of the custodian qualify as party-in-interest transactions.

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

Note R: Subsequent Events

The date to which events occurring after August 31, 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 February 16, 2021, which is the date on which the financial statements were available to be issued.

94. MICHIGAN LABORERS’ 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 February 16, 2021 MICHIGAN LABORERS PENSION FUND SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT Employer I.D. No.38-6233976 Plan No. 001 August 31, 2020

Party-in Identity of Issue, Borrower, Lessor, Description of Investments Including Maturity Date, Rate of Current Interest Or Similar Party Interest, Collateral, Par or Maturity Value Cost Value

U.S. GOVERNMENT SECURITIES

United States Government U.S. Treasury 2.180% due 07/31/2021 $ 1,973,858 $ 1,973,507 United States Government U.S. Treasury 1.875% due 10/31/2022 8,496,841 8,601,538 United States Government U.S. Treasury 2.250% due 11/15/2024 1,945,999 1,942,293 United States Government U.S. Treasury 2.875% due 11/30/2025 396,867 396,977 United States Government U.S. Treasury 0.375% due 07/31/2027 114,156 114,210 United States Government U.S. Treasury 6.125% due 11/15/2027 1,857,228 1,927,901 United States Government U.S. Treasury 0.000% due 08/15/2028 909,874 985,244 United States Government U.S. Treasury 2.250% due 08/15/2046 2,363,091 2,928,225 United States Government Resolution Fdg Corp Fed Book due 04/15/2030 573,487 586,377 United States Government U.S. Treasury 0.125% due 07/15/2022 1,515,332 1,515,146 United States Government U.S. Treasury 0.375% due 07/15/2023 2,098,909 2,100,509 United States Government U.S. Treasury 0.125% due 10/15/2024 3,193,841 3,295,488 United States Government U.S. Treasury 0.375% due 07/15/2027 1,935,089 1,944,390 United States Government U.S. Treasury 0.125% due 07/15/2030 2,266,805 2,233,502 United States Government U.S Treasury 0.750% due 02/15/2045 1,645,304 2,293,251 United States Government GNMA 6.50% due 02/15/2022 1,612 1,577 United States Government FHLM 6.00% due 10/01/2023 1,974 2,145 United States Government FNMA 7.00% due 02/01/2026 4,207 4,070 United States Government FHLM 6.50% due 05/01/2027 21,426 22,897 United States Government FNMA 6.00% due 03/01/2029 813 3,260 United States Government FHLM 6.00% due 05/01/2029 7,089 7,878 United States Government FNMA 7.00% due 01/01/2031 7,837 6,160 United States Government FNMA 7.5% due 05/01/2031 10,357 7,101 United States Government FNMA 6.00% due 09/01/2031 7,686 8,713 United States Government FNMA 6.5% due 10/01/2031 1,468 1,367 United States Government FNMA 7.00% due 03/01/2032 20,214 14,400 United States Government FHLM 7.00% due 04/01/2032 6,779 7,531 United States Government FNMA 7.00% due 07/01/2032 12,534 13,437 United States Government FHLM 6.00% due 03/01/2033 33,782 33,031 United States Government GNMA 5.50% due 06/15/2033 5,718 6,083 United States Government FNMA 4.50% due 07/01/2033 10,072 11,856 United States Government GNMA 5.50% due 10/20/2033 57,225 60,034 United States Government FNMA 6.50% due 07/01/2035 5,739 6,554 United States Government FNMA 4.00% due 05/01/2036 165,483 176,041 United States Government FNMA 4.00% due 12/01/2036 631,698 643,597 United States Government FNMA 7.00% due 03/01/2037 50,615 52,188 United States Government FNMA 7.00% due 04/01/2037 35,277 37,289 United States Government FNMA 5.00% due 08/01/2039 105,390 108,658 United States Government FNMA 5.00% due 09/01/2041 328,932 340,963 United States Government FNMA 4.87% due 10/01/2041 123,686 126,869 United States Government FHLM 5.00% due 11/01/2041 281,684 295,538 United States Government FNMA 4.00% due 11/01/2041 477,537 489,992 United States Government GNMA I and II 3.50% due 08/20/2043 364,822 372,177

97. MICHIGAN LABORERS PENSION FUND SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT Employer I.D. No.38-6233976 Plan No. 001 August 31, 2020

Party-in Identity of Issue, Borrower, Lessor, Description of Investments Including Maturity Date, Rate of Current Interest Or Similar Party Interest, Collateral, Par or Maturity Value Cost Value U.S. GOVERNMENT SECURITIES-Continued

United States Government GNMA II 5.50% due 11/20/2044 148,284 153,683 United States Government GNMA II 5.50% due 02/20/2046 762,397 836,642 United States Government FNMA 4.50% due 06/01/2046 793,885 820,071 United States Government FNMA 4.00% due 04/01/2049 227,338 230,332 United States Government FNMA 3.50% due 01/25/2023 6,258 6,208 United States Government FHLM 3.50% due 01/15/2025 176,665 175,475 United States Government FNMA 4.00% due 12/25/2029 417,051 410,855 United States Government FHLM 6.00% due 04/15/2031 7,511 8,373 United States Government FNMA 5.50% due 06/25/2034 383,502 419,299 United States Government FHLM 6.00% due 07/15/2036 131,949 134,695 United States Government GNMA 5.50% due 02/20/2037 48,866 49,445 United States Government GNMA 5.40% due 03/20/2037 108,785 108,655 United States Government FHLM 1.75% due 11/15/2041 136,749 146,005 United States Government FHLM 3.00% due 02/15/2046 555,336 558,735 United States Government U.S. Treasury bds 0.125% due 07/15/2022 1,908,629 2,081,880 United States Government U.S. Treasury bds 0.125% due 01/15/2023 841,046 868,275 United States Government U.S. Treasury bds 2.375% due 01/15/2025 3,686,850 3,929,065 United States Government U.S. Treasury bds 0.625% due 01/15/2026 1,874,004 1,989,900 United States Government U.S. Treasury bds 1.750% due 01/15/2028 2,677,379 3,173,100 United States Government U.S. Treasury bds 0.125% due 01/15/2030 665,682 699,812 United States Government U.S. Treasury bds 0.750% due 02/15/2042 2,301,124 3,103,740 United States Government U.S. Treasury bds 0.750% due 02/15/2045 380,687 420,780 United States Government U.S Treasury bds 4.96% due 06/15/2045 20,289 10,165

TOTAL U.S. GOVERNMENT SECURITIES 52,328,603 56,035,154

CORPORATE BONDS AND NOTES

Bank Amer Fdg 5.00% due 05/13/2021 207,605 201,396 Southern Co 2.35% due 07/01/2021 88,637 91,324 Lockheed Martin 3.35% due 09/15/2021 27,137 26,826 Toyota Mtr 3.30% due 09/12/2022 180,488 181,909 Huntington Bancshares 2.30% due 01/14/2022 157,216 163,842 Cigna Corp 4.00% due 02/15/2022 143,573 145,677 Medtronic Inc 3.15% due 03/15/2022 128,903 135,657 Omnicom Group 3.625% due 05/01/2022 126,368 126,056 IBM Corp 1.875% due 08/01/2022 102,084 108,254 Capital One 2.65% due 08/08/2022 91,044 98,522 Celgene Corp 3.25% due 08/15/2022 130,295 135,118 Southern Copper Corp 3.50% due 11/08/2022 114,875 120,990 AT&T Broadband Corp 9.455% due 11/15/2022 142,190 120,557 Simon Property Group Inc 2.75% due 02/01/2023 104,748 109,240 Duke Realty 3.625% due 04/15/2023 105,870 106,384 Thermo Fisher Scientific 3.00% due 04/15/2023 169,879 175,218

98. MICHIGAN LABORERS PENSION FUND SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT Employer I.D. No.38-6233976 Plan No. 001 August 31, 2020

PPL Cap Fdg Inc 3.40% due 06/01/2023 88,471 95,945 Aflac Inc 3.625% due 06/15/2023 175,915 190,382 Nucor Corp 4.00% due 08/01/2023 166,509 169,021 Dowdupont Inc 4.205% due 11/15/2023 124,797 127,065 State Street Corp 3.70% due 11/20/2023 158,745 165,876 Fedex Corp 4.00% due 01/15/2024 157,077 166,461 Fifth Third 4.3% due 01/16/2024 91,073 93,893 Anheuser Busch 3.70% due 02/01/2024 182,922 191,987 Gilead Sciences Inc 3.70% due 04/01/2024 175,640 182,477 Costco Wholesale 2.75% due 05/18/2024 115,505 119,010 American Express 3.00% due 10/30/2024 95,296 109,049 JP Morgan Chase & Co 3.125% due 01/23/2025 92,479 92,788 Kimco 3.30% due 02/01/2025 90,287 96,589 Dollar General 4.15% due 11/01/2025 88,339 98,272 Unumprovident Corp 3.875% due 11/05/2025 113,981 119,079 Analog Devices Inc 3.90% due 12/15/2025 126,714 126,340 U S Bancorp 3.10% due 04/27/2026 177,383 196,124 CMS Energy 3.00% due 05/15/2026 155,680 171,118 Priceline.Com 3.60% due 06/01/2026 119,759 129,102 Morgan Stanley 3.125% due 07/27/2026 178,740 200,804 Raymond James Finl Inc 3.625% due 09/15/2026 131,339 148,607 Reinsurance 3.95% due 09/15/2026 142,054 156,024 Spectra Energy Partners 3.375% due 10/15/2026 139,288 154,287 Citigroup Inc 3.20% due 10/21/2026 98,639 111,435 Andveavor 5.125% due 12/15/2026 100,433 102,158 Northrop Grumman Corp 3.20% due 02/01/2027 90,145 107,263 Nisource 3.49% due 05/15/2027 96,736 107,371 Procter & Gamble 2.85% due 08/11/2027 87,421 96,546 Time Warner 6.95% due 01/15/2028 119,338 125,670 Bank New York Mellon Corp 3.40% due 01/29/2028 88,078 104,661 McDonalds Corp 3.80% due 04/01/2028 110,621 127,959 Baker Hughes 6.875% due 01/15/2029 77,186 85,174 Pfizer Inc 3.45% due 03/15/2029 143,050 158,406 CVS/Caremark 3.25% due 08/15/2029 122,369 133,272 Boeing 2.95% due 02/01/2030 70,913 73,366 Target Corp 2.35% due 02/15/2030 115,218 124,929 Quest Diagnostics 2.95% due 06/30/2030 122,355 125,647 Verizon Global 7.75% due 12/01/2030 136,802 164,592 Walt Disney Co 2.65% due 01/13/2031 122,710 124,614 Dominion Resources Inc 6.30% due 03/15/2033 123,008 148,217 Detroit Edison 6.625% due 06/01/2036 79,201 88,245 Burlington North Santa Fe 6.20% due 08/15/2036 153,339 191,416 Estee Lauder Cos 6.00% due 05/15/2037 175,477 209,935 Johnson & Johnson 3.40% due 01/15/2038 132,098 136,296

99. MICHIGAN LABORERS PENSION FUND SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT Employer I.D. No.38-6233976 Plan No. 001 August 31, 2020

United Technologies 4.45% due 11/16/2038 89,185 105,221 IBM Corp 4.15% due 05/15/2039 64,099 67,688 Amgen Inc 5.75% due 03/15/2040 154,089 197,482 Consolidated Edison 5.70% due 06/15/2040 116,245 132,334 Apple Inc 4.45% due 05/06/2044 172,172 222,148 Amazon Com Inc 4.95% due 12/05/2044 193,597 236,815 Wells Fargo Company 3.90% due 05/01/2046 130,668 135,390 Goldman Sachs Group 5.15% due 05/22/2045 133,324 166,303 United Health Group 4.75% due 07/15/2045 178,589 211,277 ConocoPhillips Co 5.95% due 03/15/2046 171,353 212,461 Sysco Inc 4.50% due 04/01/2046 139,055 145,618 Pepsico Inc 4.45% due 04/14/2046 116,914 133,276 Abbvie Inc 4.45% due 05/14/2046 145,256 181,676 Applied Materials Inc 4.35% due 04/01/2047 177,107 224,021 Intel Corp 4.10% due 05/11/2047 109,830 119,950 Anthem Inc 4.375% due 12/01/2047 124,800 151,279 Prudential Financial 3.905% due 12/07/2047 177,159 182,011 Connecticut Lt & Pwr 4.00% due 04/01/2048 81,039 102,420 Duke Energy 4.20% due 07/15/2048 142,787 177,440 Toronto Cominion Bank 3.50% due 07/19/2023 163,215 169,227 Shell Int'l Find B V 3.40% due 08/12/2023 90,408 92,244 BHP Finance USA Ltd 3.85% due 09/30/2023 176,106 187,561 Sumitomo Mitsui Fin 3.784% due 03/09/2026 181,484 200,529 Quebec Province Prov CDA 7.50% due 09/15/2029 168,069 169,116 Vodafone Group Plc 6.15% due 02/27/2037 138,966 169,213 Astrazeneca Plc 4.375% due 11/16/2045 147,390 177,047 Bell Canada 4.464% due 04/01/2048 91,515 114,823 Charles Schwab Corp 3.20% due 01/25/2028 118,470 130,952 Sigma Fin Inc 0.00% due 05/18/2009 4,001 - Stearns Hldgs 9.375% due 08/15/2020 - 14,520 Wyndham Destinations, Inc 5.625% due 03/01/2021 164,000 160,800 CIT Group 4.125% due 03/09/2021 20,000 20,175 Sprint Corp 7.25% due 09/15/2021 194,638 242,673 Lennar Corp 4.125% due 01/15/2022 80,000 81,800 SLM Corp 7.25% due 01/25/2022 30,225 31,500 Ally Financial Inc 4.125% due 02/13/2022 163,281 170,831 CenturyLink Inc 5.80% due 03/15/2022 73,994 78,353 Navient Corp 6.50% due 06/15/2022 163,445 177,225 Dillard Dept Stores Inc 7.875% due 01/01/2023 144,344 158,455 SLM Corp 5.50% due 01/25/2023 140,300 149,177 Occidental 2.70% due 02/15/2023 38,100 62,513 Range Resources 5.00% due 03/15/2023 13,575 14,943 CHS/Cmnty Health Sys 6.25% due 03/31/2023 13,980 15,038 Contintental Res Inc 4.50% due 04/15/2023 32,700 40,375

100. MICHIGAN LABORERS PENSION FUND SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT Employer I.D. No.38-6233976 Plan No. 001 August 31, 2020

Ford Motor 8.50% due 04/21/2023 275,000 303,988 Targa Resources Partners 5.25% due 05/01/2023 143,188 150,780 Tenet Healthcare Corp 6.75% due 06/15/2023 150,063 186,812 Eclipse Res Corp 8.875% due 07/15/2023 33,793 35,788 CIT Group 5.00% due 08/01/2023 143,300 148,232 Allegheny Technologies 7.875% due 08/15/2023 83,427 78,803 Sprint Corp 7.875% due 09/15/2023 105,318 116,250 Communication Sales & Leasing 8.25% due 10/15/2023 53,563 54,175 Goodyear Tire 5.125% due 11/15/2023 79,825 80,201 Targa Resources Partners 4.25% due 11/15/2023 83,913 95,597 Columbia Healthcare Corp 7.50% due 12/15/2023 31,150 45,850 Clear Channel Worldwide Hldgs 9.25% due 02/15/2024 48,250 49,000 CenturyLink Inc 7.50% due 04/01/2024 73,556 73,694 QVC Inc 4.85% due 04/01/2024 4,525 5,290 Columbia/HCA 8.36% due 04/15/2024 21,925 28,687 Cedar Fair 5.375% due 06/01/2024 39,262 40,108 Continental Res Inc 3.80% due 06/01/2024 40,838 54,175 U S Concrete Inc 6.375% due 06/01/2024 301,540 309,720 Sprint Corp 7.125% due 06/15/2024 350,482 406,774 Weyerhaeuser Real Estate 5.875% due 06/15/2024 78,040 92,225 Occidental 2.90% due 08/15/2024 138,224 220,800 Icahn Enterprises 4.75% due 09/15/2024 185,038 191,012 Hospitality Properties Trust 4.35% due 10/01/2024 64,417 61,080 Stearns Hldgs 5.00% due 11/05/2024 32,000 32,000 Lennar Corp 5.875% due 11/15/2024 161,125 178,800 Dana Holding Corp 5.50% due 12/15/2024 44,188 51,000 Southwestern Energy Co 6.45% due 01/23/2025 60,537 64,837 EQT Corp 7.875% due 02/01/2025 12,050 17,213 QVC Inc 4.45% due 02/15/2025 4,750 5,213 NGL Energy Partners 6.125% due 03/01/2025 27,845 19,200 Silgan Holdings 4.75% due 03/15/2025 195,000 198,900 Springleaf Fin Corp 6.875% due 03/15/2025 27,862 33,600 American Axle & Mfg Inc 6.25% due 04/01/2025 29,425 36,094 B & G Foods Hldgs Corp 5.25% due 04/01/2025 85,372 87,950 Ford Motor 9.00% due 04/22/2025 407,125 468,108 Aramark Svcs Inc 6.375% due 05/01/2025 91,925 94,275 Tenet Healthcare Corp 5.125% due 05/01/2025 356,649 357,000 Chemours Co 7.00% due 05/15/2025 12,525 15,300 TD Funding Corp 6.50% due 05/15/2025 75,398 75,563 Centennial Resource Prod 8.00% due 06/01/2025 99,235 42,000 Newell Brands Inc 4.875% due 06/01/2025 19,900 21,670 Columbia/HCA 7.69% due 06/15/2025 17,300 24,000 Hillenbrand Inc 5.75% due 06/15/2025 20,000 21,435 Occidental 3.50% due 06/15/2025 95,481 163,800

101. MICHIGAN LABORERS PENSION FUND SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT Employer I.D. No.38-6233976 Plan No. 001 August 31, 2020

US Steel 6.875% due 08/15/2025 14,250 14,650 Valvoline 4.375% due 08/15/2025 24,875 25,943 Occidental 5.875% due 09/01/2025 85,000 85,425 Veritas US Inc 7.50% due 09/01/2025 35,000 36,323 Columbia/HCA 7.58% due 09/15/2025 102,600 140,100 New Fortress Energy LLC 6.75% due 09/15/2025 75,000 76,102 United Rentals 4.625% due 10/15/2025 95,000 97,138 Ally Finl 5.75% due 11/20/2025 252,312 263,437 Delta Air Lines 7.375% due 01/15/2026 75,812 78,066 Whiting Pete Corp 6.625% due 01/15/2026 53,856 12,925 Crown Amers LLC 4.75% due 02/01/2026 65,000 67,759 Lamar Media Corp 5.75% due 02/01/2026 9,925 10,428 Meredith Corp 6.875% due 02/01/2026 122,137 104,243 Western Digital Corp 4.75% due 02/15/2026 130,000 140,678 Occidental 5.55% due 03/15/2026 24,506 44,325 Springleaf Finl Corp 7.125% due 03/15/2026 335,924 407,363 TD Funding 6.25% due 03/15/2026 225,000 237,532 US Steel Corp 6.25% due 03/15/2026 19,038 20,025 CHS/Community Health 8.00% due 03/15/2026 98,862 103,750 Boyd Gaming Corp 6.375% due 04/01/2026 30,000 31,275 Southwestern Energy Co 7.50% due 04/01/2026 4,812 5,100 Commercial 5.75% due 04/15/2026 180,000 187,200 Occidental 3.40% due 04/15/2026 7,850 13,288 Staples 7.50% due 04/15/2026 91,174 84,075 Iheart Communications 6.375% due 05/01/2026 4,800 5,225 Jagged Peak Energy LLC 5.875% due 05/01/2026 150,000 153,000 AES Corp 6.00% due 05/15/2026 75,000 78,750 Icahn Enterprises 6.25% due 05/15/2026 83,387 85,400 Goodyear Tire 5.00% due 05/31/2026 10,000 10,033 Aramark 4.75% due 06/01/2026 12,750 14,913 Lennar Corp 5.25% due 06/01/2026 19,700 22,571 Amwins Group Inc 7.75% due 07/01/2026 10,450 10,775 Dish Dbs 7.75% due 07/01/2026 154,896 188,925 Wand Merger Corporation 9.125% due 07/15/2026 65,650 70,708 Comstock Resources 9.75% due 08/15/2026 36,000 42,784 Occidental 3.20% due 08/15/2026 10,575 13,153 Post Holdings 5.00% due 08/15/2026 15,581 15,595 Vistra Operations Co 5.50% due 09/01/2026 83,963 84,000 Chesapeake Energy Corp 5.50% due 09/15/2026 210,353 8,869 Marriott Ownership Resort 6.50% due 09/15/2026 108,350 114,263 United Rentals 5.875% due 09/15/2026 26,738 26,600 Hospitality Properties Trust 4.75% due 10/01/2026 74,883 68,813 Netflix.com Inc 4.375% due 11/15/2026 110,212 116,835 Wolverine Escrow LLC 9.00% due 11/15/2026 15,650 15,400

102. MICHIGAN LABORERS PENSION FUND SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT Employer I.D. No.38-6233976 Plan No. 001 August 31, 2020

MGM Growth Pptys Oper. Partnership 5.75% due 02/01/2027 31,959 33,187 Occidental 3.00% due 02/15/2027 12,000 17,100 Post Holdings 5.75% due 03/01/2027 158,250 158,437 Enable Midstream Partners 4.40% due 03/15/2027 10,600 19,634 Navient 5.00% due 03/15/2027 30,000 28,875 MGM 5.50% due 04/15/2027 96,575 111,038 Iheart Communications 8.375% due 05/01/2027 398,237 430,312 Chemours Co 5.375% due 05/15/2027 49,200 65,325 Icahn Enterprises 5.25% due 05/15/2027 150,000 159,375 United Rentals 5.50% due 05/15/2027 35,000 37,445 Avis Budget Car Rent LLC 5.75% due 07/15/2027 55,200 57,450 Occidental 8.50% due 07/15/2027 35,000 38,566 AES Corp 5.125% due 09/01/2027 50,000 53,975 Freeport-McMoran Copper & Gold 5.00% due 09/01/2027 30,800 37,035 Olin Corp 5.125% due 09/15/2027 16,912 19,800 Southwestern Energy Co 7.75% due 10/01/2027 4,813 5,113 WPX Energy 5.25% due 10/15/2027 14,850 19,894 TD Funding 5.50% due 11/15/2027 37,338 39,048 Allegheny Technologies 5.875% due 12/01/2027 15,000 14,411 Boyd Gaming Corp 4.75% due 12/01/2027 85,000 84,586 Columbia/HCA 7.05% due 12/01/2027 379,641 461,000 Centene Corp 4.25% due 12/15/2027 148,740 156,750 Continental Res Inc 4.375% due 01/15/2028 66,137 71,437 MGM Growth Pptys Oper. Partnership 4.50% due 01/15/2028 40,000 41,100 Marriott Ownership Resort 4.75% due 01/15/2028 154,825 145,700 NRG Energy Inc 5.75% due 01/15/2028 192,452 195,750 Encompass Health Corp 4.50% due 02/01/2028 84,410 87,156 Genesis Energy 7.75% due 02/01/2028 75,000 66,750 L Brands Inc 5.25% due 02/01/2028 30,850 38,400 Presidio Holdings Inc 8.25% due 02/01/2028 25,000 26,125 Freeport-McMoran Copper & Gold 4.125% due 03/01/2028 115,000 120,186 Goodyear Tire 7.00% due 03/15/2028 68,850 89,675 CDW LLC 4.25% due 04/01/2028 140,000 146,300 Netflix.com Inc 4.875% due 04/15/2028 160,000 185,200 Enable Midstream Partners 4.95% due 05/15/2028 21,200 39,381 Lamb Weston 4.875% due 05/15/2028 20,000 22,008 Dana Holding Corp 5.625% due 06/15/2028 5,000 5,262 WPX Energy 5.875% due 06/15/2028 30,000 30,450 Commscope Inc 7.125% due 07/01/2028 100,247 106,726 P G & E Corporation 5.00% due 07/01/2028 40,000 39,900 Avantor Funding Inc 4.625% due 07/15/2028 90,000 95,193 Carpenter Technology 6.375% due 07/15/2028 10,000 10,449 EQT Midstream Partners 5.50% due 07/15/2028 16,175 20,715 Freeport-McMoran Copper & Gold 4.375% due 08/01/2028 20,000 21,050

103. MICHIGAN LABORERS PENSION FUND SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT Employer I.D. No.38-6233976 Plan No. 001 August 31, 2020

Group 1 Automotive Inc 4.00% due 08/15/2028 10,000 9,977 Treehouse Foods Inc 4.00% due 09/01/2028 45,000 45,796 Sprint Capital 6.875% due 11/15/2028 132,600 159,688 Cincinnati Bell Tel 6.30% due 12/01/2028 274,137 311,862 Hercules Inc 6.50% due 06/2029 206,075 255,625 Olin Corp 5.625% due 08/01/2029 4,400 5,000 Occidental 3.50% due 08/15/2028 19,837 34,400 KB Home 4.80% due 11/15/2029 55,000 59,538 Diamondback Energy Inc 3.50% due 12/01/2029 3,288 5,091 Apache Corp 4.25% due 01/15/2030 67,856 77,842 EQT Corp 8.75% due 02/01/2030 77,244 95,800 Encompass Health Corp 4.75% due 02/01/2030 149,000 156,327 Olin Corp 5.00% due 02/01/2030 46,750 53,075 Western Midstream Operating LP 4.05% due 02/01/2030 61,000 97,256 Expedia Inc 3.25% due 02/15/2030 86,375 99,431 CCO Hldgs LLC 4.75% due 03/01/2030 667,425 709,071 Freeport-McMoran Copper & Gold 4.25% due 03/01/2030 132,400 141,834 Boeing Co 5.15% due 05/01/2030 165,000 184,912 Autonation Inc 4.75% due 06/01/2030 14,922 17,595 P G & E Corporation 5.25% due 07/01/2030 45,000 44,797 Occidental 8.875% due 07/15/2030 30,000 33,900 United Rentals 4.00% due 07/15/2030 55,000 57,475 Freeport-McMoran Copper & Gold 4.625% due 08/01/2030 15,000 16,031 Host Hotels & Resorts 3.50% due 09/15/2030 59,221 59,299 Sensata Technologies 3.75% due 02/15/2031 30,000 30,083 Deutsche Bank 5.882% due 07/08/2031 210,606 212,786 Broadcom Inc 4.30% due 11/15/2032 59,924 69,073 HCA Inc 7.50% due 11/06/2033 104,887 169,219 Boeing Co 3.25% due 02/01/2035 4,096 4,695 Pulte Homes 6.00% due 02/15/2035 129,063 177,045 General Motors 5.00% due 04/01/2035 10,988 16,306 L Brands Inc 6.875% due 11/01/2035 45,894 46,022 General Motors 6.60% due 04/01/2036 56,325 78,076 L Brands Inc 6.75% due 07/01/2036 22,350 30,603 Columbia/HCA 7.75% due 07/15/2036 7,444 12,700 Boeing Co 3.55% due 03/01/2038 4,100 4,523 General Motors 5.15% due 04/01/2038 18,219 26,621 Boeing Co 3.50% due 03/01/2039 7,873 9,040 Hess Corp 5.60% due 02/15/2041 34,756 57,589 Kraft Foods Group 5.00% due 06/04/2042 61,436 66,440 Murphy Oil Corp 6.375% due 12/01/2042 30,613 34,200 General Motors 6.25% due 10/02/2043 149,963 221,671 Buckeye Partners 5.85% due 11/15/2043 16,800 19,411 Apache Corp 4.25% due 01/15/2044 56,289 71,200

104. MICHIGAN LABORERS PENSION FUND SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT Employer I.D. No.38-6233976 Plan No. 001 August 31, 2020

Western Gas Partners 5.45% due 04/01/2044 37,825 46,266 Continental Res Inc 4.90% due 06/01/2044 40,338 48,712 Buckeye Partners 5.60% due 10/15/2044 20,775 23,000 Enlink Midstream Partners 5.05% due 04/01/2045 23,850 19,500 General Motors 5.20% due 04/01/2045 96,252 102,917 General Motors 6.75% due 04/01/2046 35,225 54,695 Kraft Heinz Foods Co 4.375% due 06/01/2046 41,834 46,162 Boeing Co 3.375% due 06/15/2046 16,450 16,998 Occidental 4.100% due 02/15/2047 7,775 7,500 Boeing Co 3.65% due 03/01/2047 4,412 4,333 Enlink Midstream Partners 5.45% due 06/01/2047 98,788 78,456 Boeing Co 3.625% due 03/01/2048 8,218 8,755 Western Gas Partners 5.30% due 03/01/2048 3,850 4,464 Occidental 4.20% due 03/15/2048 11,031 11,362 Boeing Co 3.85% due 11/01/2048 4,553 4,454 Occidental 4.40% due 08/15/2049 78,251 92,400 Boeing Co 3.75% due 02/01/2050 3,942 4,495 Western Midstream Operating LP 5.25% due 02/01/2050 35,003 45,064 Boeing Co 5.805% due 05/01/2050 165,000 197,950 Energy Transfer Partners 6.25% due 12/31/2099 199,769 149,384 Oil States International 1.50% due 02/15/2023 69,687 41,874 Avaya Hldgs 2.25% due 06/15/2023 56,744 55,235 Nabors Inds 0.75% due 01/15/2024 64,424 17,985 Dish Network 2.375% due 03/15/2024 191,943 188,114 Flexion Therapeutics 3.375% due 05/01/2024 25,229 24,998 Biomarin Pharmaceutical Inc 0.599% due 08/01/2024 174,442 184,382 Calamp Corp 2.00% due 08/01/2025 64,927 64,873 Dish Network 3.375% due 08/15/2026 309,647 300,812 Provincia De Buenos Aires 0.448934% due 05/31/2022 132,556 26,861 Cenovus Energy Inc 3.00% due 08/15/2022 20,233 25,405 Istar Financial Inc 5.25% due 09/15/2022 113,513 116,645 Leviathan Bond Ltd 6.125% due 06/30/2025 30,000 30,236 Cenovus Energy Inc 5.375% due 07/15/2025 35,000 35,625 Teva Pharmaceutical 3.15% due 10/01/2026 190,281 192,412 Cenovus Energy Inc 4.25% due 04/15/2027 6,900 9,509 Leviathan Bond Ltd 6.50% due 06/30/2027 40,000 41,810 Methanex Corp 5.25% due 12/15/2029 4,550 5,035 Telecom Italia 6.00% due 09/30/2034 31,725 36,450 Cenovus Energy Inc 5.25% due 06/15/2037 3,250 4,539 Arcelormittal Sa Luxembourg 7.00% due 10/15/2039 23,262 25,700 Arcelormittal Sa Luxembourg 7.00% due 03/01/2041 82,938 95,171 Methanex Corp 5.65% due 12/01/2044 56,100 63,700 Teva Pharmaceutical 4.10% due 10/01/2046 207,830 257,475 Cenovus Energy Inc 5.40% due 06/15/2047 37,600 53,818

105. MICHIGAN LABORERS PENSION FUND SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT Employer I.D. No.38-6233976 Plan No. 001 August 31, 2020

OGX Petroleo Gas 0.00% due 06/01/2018 363,600 - Whiting Pete Corp 5.75% due 03/15/2021 219,044 48,375 Ladder Cap Fin Hldgs 5.875% due 08/01/2021 226,712 233,825 DCP Midstream LLC 4.75% due 09/30/2021 162,975 163,200 Ladder Cap Fin Hldgs 5.25% due 03/15/2022 33,756 39,600 Nielsen Fin LLC 5.00% due 04/15/2022 185,000 185,176 American Airls Group 5.00% due 06/01/2022 8,500 6,450 Bombardier Inc 6.00% due 10/15/2022 106,374 93,500 Banco Hipotecario 1.4717% due 11/07/2022 65,086 16,279 Polaris Inter Corp 8.50% due 12/01/2022 38,715 40,600 Bombardier Inc 6.125% due 01/15/2023 96,444 76,950 Argos Merger Sub 7.125% due 03/15/2023 236,724 251,848 Vine Oil & Gas 9.75% due 04/15/2023 54,763 41,925 Sabre Glbl Inc 5.25% due 11/15/2023 69,217 69,475 Greenbrier 2.875% due 02/01/2024 102,757 90,724 First Quantum Minerals 6.50% due 03/01/2024 188,000 199,000 MPH Acquisition 7.125% due 06/01/2024 85,268 91,377 Six Flags Entmt 4.875% due 07/31/2024 37,225 38,778 Tallgrass Energy Partners 5.50% due 09/15/2024 9,775 9,800 Aerie Pharmaceuticals 1.50% due 10/01/2024 35,291 27,540 Gray Television Inc 5.125% due 10/15/2024 51,156 51,114 Aviation Cap Group 5.50% due 12/15/2024 94,087 97,726 Parsley Energy LLC 5.375% due 01/15/2025 30,375 35,656 SM Energy Co 10.00% due 01/15/2025 77,897 54,306 CHS/Cmnty Health 6.625% due 02/15/2025 234,875 255,625 PTC Inc 3.625% due 02/15/2025 40,000 41,100 Shelf Drilling Hldgs 8.25% due 02/15/2025 178,246 64,750 Uniti Group LP 7.875% due 02/15/2025 32,025 36,992 Wynn Las Vegas 5.50% due 03/01/2025 138,606 138,600 Pilgrims Pride Corp 5.75% due 03/15/2025 98,181 102,750 First Quantum Minerals 7.50% due 04/01/2025 192,750 204,006 Bway Hldg Co 7.25% due 04/15/2025 59,775 72,916 NCR Corp 8.125% due 04/15/2025 15,000 16,781 Sabre Glbl Inc 9.25% due 04/15/2025 20,000 22,250 Spirit Aerosystems Inc 7.50% due 04/15/2025 135,384 136,265 Expedia Inc 6.50% due 05/01/2025 125,000 137,354 Expedia Inc 7.00% due 05/01/2025 65,000 70,668 Quicken Lns 5.75% due 05/01/2025 321,874 324,056 Polyone Corporation 5.75% due 05/15/2025 65,000 69,063 Uber Technologies Inc 7.50% due 05/15/2025 35,000 36,740 Petsmart Inc 8.875% due 06/01/2025 9,200 10,380 Commscope Technologies 6.00% due 06/15/2025 29,889 33,832 Outfront Media Capital LLC 6.25% due 06/15/2025 30,000 31,275 Provident Fdg 6.375% due 06/15/2025 55,000 53,625

106. MICHIGAN LABORERS PENSION FUND SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT Employer I.D. No.38-6233976 Plan No. 001 August 31, 2020

Realogy Group LLC 7.625% due 06/15/2025 71,500 73,631 Wesco Distr Inc 7.125% due 06/15/2025 45,000 49,500 Caesars Resort Collection 5.75% due 07/01/2025 30,000 31,425 EQT Midstream Partners 6.00% due 07/01/2025 60,000 63,675 Eldorado Resorts Inc 6.25% due 07/01/2025 70,000 74,199 SP Finco 6.75% due 07/01/2025 4,925 4,925 American Airls Inc 11.75% due 07/15/2025 64,350 62,417 Studio City 6.00% due 07/15/2025 200,000 211,060 Integra Lifesciences Hldgs 0.50% due 08/15/2025 64,673 61,428 Parsley Energy LLC 5.25% due 08/15/2025 23,138 25,675 Xerox Holdings 5.00% due 08/15/2025 35,000 35,350 Herbalife Nutrition LLC 7.875% due 09/01/2025 85,000 93,713 Sabre Glbl Inc 7.375% due 09/01/2025 25,000 26,212 Marriott Ownership Resorts 6.125% due 09/15/2025 5,137 5,313 Ladder Cap 5.25% due 10/01/2025 41,588 42,750 CRC Escrow Issuer LLC 5.25% due 10/15/2025 38,425 43,082 Hologic Inc 4.375% due 10/15/2025 50,000 51,033 Cleveland-Cliffs Inc 9.875% due 10/17/2025 77,075 82,731 Jeld-Wen Inc 4.625% due 12/15/2025 84,193 85,425 NSG Hldgs 7.75% due 12/15/2025 86,372 91,124 Catalent Pharma Solutions Inc 4.875% due 01/15/2026 50,000 51,000 Talen Energy Supply LLC 10.50% due 01/15/2026 30,050 32,100 By Crown Parent LLC 4.25% due 01/31/2026 35,000 35,740 Range Resources 9.25% due 02/01/2026 52,950 57,915 Berry Global Inc 4.50% due 02/15/2026 110,000 112,155 Hess Infrastructure Partners 5.625% due 02/15/2026 235,000 244,503 IRB Hldg Corp 6.75% due 02/15/2026 40,420 40,650 American Woodmark Corp 4.875% due 03/15/2026 30,000 30,525 CHS/Cmnty Health Sys 8.00% due 03/15/2026 110,737 114,125 Cleveland-Cliffs Inc 6.75% due 03/15/2026 10,044 10,213 Brookfield Propety 5.75% due 05/15/2026 235,838 187,450 Wyndham Destinations Inc 6.625% due 07/31/2026 105,000 111,038 Diamond Sports Group LLC 5.375% due 08/15/2026 174,643 132,600 Dun & Bradstreet Corp 6.875% due 08/15/2026 138,670 146,475 Select Med Corp 6.25% due 08/15/2026 23,688 26,857 Chegg Inc 0.00% due 09/01/2026 15,000 15,246 Uber Technologies 8.00% due 11/01/2026 432,944 450,326 Centurylink Inc 5.125% due 12/15/2026 100,088 103,703 Nationstar Mtg Hldgs 6.00% due 01/15/2027 58,625 74,222 Valeant Pharmaceuticals Intl 8.50% due 01/31/2027 5,325 5,500 Ladder Cap 4.25% due 02/01/2027 104,144 100,925 MEG Energy 7.125% due 02/01/2027 32,575 38,271 Presidio Holdings Inc 4.875% due 02/01/2027 25,000 25,625 VICI Properties 3.75% due 02/15/2027 5,000 4,988

107. MICHIGAN LABORERS PENSION FUND SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT Employer I.D. No.38-6233976 Plan No. 001 August 31, 2020

Tallgrass Energy Partners 6.00% due 03/01/2027 78,873 74,800 Commscope Technologies 5.00% due 03/15/2027 266,219 312,638 William Carter Co 5.625% due 03/15/2027 30,000 31,500 Frontier Communications Corp 8.00% due 04/01/2027 115,742 115,575 PAR Pharmaceuticals 7.50% due 04/01/2027 16,687 26,688 CSC Hldgs LLC 5.50% due 04/15/2027 209,859 213,292 Mineral Resources 8.125% due 05/01/2027 138,587 149,182 Biomarin Pharmaceutical Inc 1.25% due 05/15/2027 128,165 124,138 Panther BF Aggregate 8.50% due 05/15/2027 50,213 63,707 Builders Firstsource Inc 6.75% due 06/01/2027 64,188 70,850 Univision Communications 6.625% due 06/01/2027 30,000 30,075 EQT Midstream Partners 6.50% due 07/01/2027 60,000 65,700 Eldorado Resorts Inc 8.125% due 07/01/2027 40,000 42,400 Catalent Pharma Solutions Inc 5.00% due 07/15/2027 31,419 31,650 Hexion Inc 7.875% due 07/15/2027 30,737 35,088 Nexstar Escrow Inc 5.625% due 07/15/2027 25,000 26,375 YPF Sociedad Anonima 6.95% due 07/21/2027 90,313 62,475 Endo Designated Activity 9.50% due 07/31/2027 45,390 73,610 Expedia Inc 4.625% due 08/01/2027 54,998 57,396 NGPL Pipeco LLC 4.875% due 08/15/2027 127,250 136,976 Logan Merger Sub Inc 5.50% due 09/01/2027 80,000 81,575 Hill-Rom Holdings Inc 4.375% due 09/15/2027 20,000 20,911 Uber Technologies 7.50% due 09/15/2027 263,742 277,813 Pilgrims Pride Corp 5.875% due 09/30/2027 83,664 90,313 SS&C Technologies Inc 5.50% due 09/30/2027 40,344 42,844 Live Nation Inc 4.75% due 10/15/2027 117,000 113,324 PFG Escrow Corporation 5.50% due 10/15/2027 50,000 52,125 Parsley Energy LLC 5.625% due 10/15/2027 69,023 87,975 Nationstar Mortgage LLC 4.875% due 11/01/2027 70,000 66,500 Viper Energy Partners LP 5.375% due 11/01/2027 10,000 10,297 Jeld-Wen Inc 4.875% due 12/15/2027 30,000 31,200 Mattel Inc 5.875% due 12/15/2027 29,761 32,628 Modg Inc 4.25% due 12/15/2027 15,000 15,488 Terrier Media Buyer 8.875% due 12/15/2027 40,000 41,412 Iheartcommunications Inc 4.75% due 01/15/2028 65,000 62,056 Prestige Brands Inc 5.125% due 01/15/2028 40,000 41,955 Prime Sec Svcs Borrowers LLC 6.25% due 01/15/2028 150,000 157,500 Quicken Lns 5.25% due 01/15/2028 96,837 111,957 Tallgrass Energy Partners 5.50% due 01/15/2028 9,125 9,150 Taylor Morrison Communities 5.75% due 01/15/2028 40,000 44,871 Aramark Svcs Inc 5.00% due 02/01/2028 13,500 14,925 Installed Bldg Prods Inc 5.75% due 02/01/2028 30,000 31,650 Lamar Media Corp 3.75% due 02/15/2028 80,000 79,900 PTC Inc 4.00% due 02/15/2028 60,000 62,118

108. MICHIGAN LABORERS PENSION FUND SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT Employer I.D. No.38-6233976 Plan No. 001 August 31, 2020

Asbury Automotive Group 4.50% due 03/01/2028 19,000 19,428 Block Communications 4.875% due 03/01/2028 20,000 20,500 Science Applications Intl Corp 4.875% due 04/01/2028 5,000 5,181 Scientific Games Corp 7.00% due 05/15/2028 40,000 39,209 Jaguar Holding Company 5.00% due 06/15/2028 55,000 58,300 Spirit Aerosystems Inc 4.60% due 06/15/2028 68,262 62,800 Wesco Distr Inc 7.25% due 06/15/2028 64,510 72,507 Endo Designated Activity 6.00% due 06/30/2028 71,422 81,375 Dish DBS Corp 7.375% due 07/01/2028 45,000 47,714 Viasat Inc 6.50% due 07/15/2028 75,000 77,625 Angi Group LLC 3.875% due 08/15/2028 80,000 81,038 Graham Packaging Co Inc 7.125% due 08/15/2028 25,000 26,219 Pattern Energy Group Inc 4.50% due 08/15/2028 20,000 21,050 Windstream Escrow LLC 7.75% due 08/15/2028 34,969 35,044 Xerox Holdings 5.50% due 08/15/2028 35,000 35,788 Harvest Midstream 7.50% due 09/01/2028 35,000 36,250 Intelligent Packaging Limited 6.00% due 09/15/2028 30,000 30,525 NCR Corp 5.00% due 10/01/2028 30,000 30,242 International Game Technology 5.25% due 01/152029 200,000 205,000 Summit Matls LLC 5.25% due 01/15/2029 15,000 15,714 Bausch Health Cos 7.25% due 05/30/2029 40,475 43,900 CCO Hldgs LLC 5.375% due 06/01/2029 106,475 115,238 NRG Energy Inc 5.25% due 06/15/2029 4,650 5,450 Iron Mtn Inc 4.875% due 09/15/2029 305,915 316,438 Wynn Resorts Finance LLC 5.125% due 10/01/2029 81,500 78,000 Netflix.com Inc 5.375% due 11/15/2029 90,000 108,225 Scientific Games Corp 7.25% due 11/15/2029 40,000 39,500 Yumi Brands Corp 4.75% due 01/15/2030 25,000 27,562 Bausch Health Cos 5.25% due 01/30/2030 70,000 69,579 Novelis Corp 4.75% due 01/30/2030 105,000 106,414 Albertsons Cos Inc 4.875% due 02/15/2030 90,000 96,750 Lamar Media Corp 4.00% due 02/15/2030 30,000 30,638 Asbury Automotive Group 4.75% due 03/01/2030 22,000 22,800 Builders Firstsource Inc 5.00% due 03/01/2030 65,000 69,388 Mattamy Group Corp 4.625% due 03/01/2030 50,000 51,125 Targa Resources Partners 5.50% due 03/01/2030 10,000 10,547 Wyndham Destinations Inc 4.625% due 03/01/2030 60,000 56,400 Outfront Media Capital 4.625% due 03/15/2030 25,000 24,187 Post Hldgs Inc 4.625% due 04/15/2030 73,237 78,281 Boise Cascade Co 4.875% due 07/01/2030 5,000 5,412 Sirius XM Radio 4.125% due 07/01/2030 185,000 194,731 Taylor Morrison Communities 5.125% due 08/01/2030 65,000 70,587 CCO Hldgs LLC 4.50% due 08/15/2030 74,075 79,594 VICI Properties 4.125% due 08/15/2030 65,000 65,000

109. MICHIGAN LABORERS PENSION FUND SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT Employer I.D. No.38-6233976 Plan No. 001 August 31, 2020

MSCI Inc 3.625% due 09/01/2030 65,000 68,176 NCR Corp 5.25% due 10/01/2030 25,000 25,325 CSC Hldgs LLC 4.125% due 12/01/2030 205,000 212,790 Targa Resources Partners 4.875% due 02/01/2031 125,000 126,423 Davita Inc 3.75% due 02/15/2031 90,000 89,163 CCO Holdings 4.50% due 05/01/2032 40,000 42,395 Meccanica Hldgs 6.25% due 01/15/2040 106,410 145,920 Enlink Midstream Partners 5.60% due 04/01/2044 45,012 36,300 Argentinian 1.35% due 04/01/2022 52,223 49,243 Kraft Heinz Foods 4.875% due 10/01/2049 404,416 518,316

TOTAL CORPORATE BONDS AND NOTES 44,957,905 47,401,808

COMMON STOCK

Battalion Oil Corp Common stock 114,333 6,113 Hercules Offshore Inc Escrow Common stock 51,024 51,024 Hexion Holdings Corp SHS Common stock 165,806 23,846 Chesapeake Energy Corp Common stock 63,175 168 Bank of America Corp Common stock 40,132 44,852 Wells Fargo & Co Common stock 91,797 93,874 Bunge Limited Common stock 469,995 431,965 Dommo Energia Common stock 8,004 184 McDermot Int'l Ltd Common stock 183,569 7,045 Alphabet Inc CL A Common stock 1,718,396 3,545,857 American Express Co Common stock 585,735 648,957 Amphenol Corp CL A Common stock 364,101 425,365 Analog Devices Inc Common stock 1,068,485 1,327,289 Apple Inc Common stock 704,192 2,818,105 Avery Dennison Corp Common stock 415,334 429,828 Bank of America Corp Common stock 1,858,131 1,634,567 Boston Scientific Group Common stock 554,984 603,199 CDW Group Common stock 254,265 273,556 Caterpillar Inc Common stock 279,583 306,251 Cisco Sys Inc Common stock 523,541 917,229 Coca Cola Co Common stock 1,390,241 1,592,489 Commerce Bancshares Inc Common stock 442,304 466,612 ConocoPhillips Common stock 1,142,969 839,642 Danaher Corp Common stock 553,946 1,143,224 Walt Disney Co Common stock 510,987 548,052 Dollar General Corp New Common stock 594,531 917,343 Dollar Tree Inc Common stock 818,883 844,384 EOG Resources Inc Common stock 243,183 162,317

110. MICHIGAN LABORERS PENSION FUND SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT Employer I.D. No.38-6233976 Plan No. 001 August 31, 2020

Electronic Arts Common stock 479,108 711,018 Fidelity Natl Information Svcs Common stock 351,245 469,747 Home Depot Inc Common stock 668,334 909,278 Honeywell International Inc Common stock 1,372,260 1,768,570 Humana Inc Common stock 425,117 762,667 Intercontinental Exchange Group I Common stock 1,177,416 2,301,579 IQVIA Hldgs Inc Common stock 435,522 500,420 J P Morgan Chase & Co Common stock 1,095,223 1,005,908 Johnson & Johnson Common stock 2,397,212 2,726,096 Kimberly Clark Corp Common stock 594,382 687,518 Laboratory Corp of Amer Hldgs Common stock 403,136 483,137 Lowes Cos Inc Common stock 590,344 1,099,800 Marsh & McLennan Cos Inc Common stock 919,492 996,844 McDonalds Corp Common stock 1,483,307 1,939,402 Microsoft Corp Common stock 1,336,896 3,990,528 Norfolk Southern Corp Common stock 710,402 994,853 PTC Inc Common stock 97,164 134,830 Palo Alto Networks Inc Common stock 241,674 299,883 Pfizer Inc Common stock 1,080,911 1,262,715 Procter & Gamble Co Common stock 1,222,457 1,877,691 Ross Stores Inc Common stock 619,679 648,216 Salesforce.com Inc Common stock 475,190 856,394 Charles Schwab Corporation Common stock 344,453 348,727 Starbucks Corp Common stock 811,441 934,238 Texas Instrs Inc Common stock 787,122 951,694 Thermo Fisher Scientific Inc Common stock 763,146 1,179,266 Visa Inc CL A Common stock 646,130 1,498,557 Vulcan Materials Matls Co Common stock 283,299 289,800 Waste Management Inc Common stock 426,035 448,248 Zoetis Inc Common stock 277,249 763,037 Accenture Plc Common stock 417,710 632,695 Medtronic Plc Common stock 1,548,866 1,958,211 Aptiv Plc Common stock 288,531 346,547 Crown Castle Int'l Corp Common stock 364,141 374,006 Prologis Inc Common stock 712,108 1,158,657 Acceleron Pharma Inc Common stock 241,899 223,206 Advanced Micro Devices Inc Common stock 147,472 1,116,450 Albemarle Corp Common stock 272,294 289,321 Align Technology Inc Common stock 419,521 625,737 Alnylam Pharmaceuticals Inc Common stock 194,764 169,116 Amedisys Inc Common stock 281,701 355,835 Autozone Inc Common stock 336,632 531,162 Baker Hughes A Ge Co Common stock 262,395 165,834 Ball Corp Common stock 288,506 341,090

111. MICHIGAN LABORERS PENSION FUND SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT Employer I.D. No.38-6233976 Plan No. 001 August 31, 2020

Biomarin Pharmaceutical Inc Common stock 281,523 219,342 Burlington Stores Inc Common stock 265,018 639,629 Caesars Entertainment Inc Common stock 221,419 404,689 Chipotle Mexican Grill Inc CL A Common stock 156,205 457,288 Citrix Sys Inc Common stock 122,656 133,003 Cognex Corp Common stock 376,533 600,638 Coherent Inc Common stock 292,989 232,868 Constellation Brands Inc CL A Common stock 305,278 295,352 Corteva Inc Common stock 255,342 288,955 Crowdstrike Holdings Inc A Common stock 387,869 868,669 Dexcom Inc Common stock 120,164 387,549 Docusign Inc Common stock 139,422 390,250 Draftkings Inc CL A Common stock 189,825 166,369 Fair Issac Corp Common stock 360,530 399,751 Fidelity Natl Information Svcs Com Common stock 203,224 342,882 Fleetcor Technologies Inc Common stock 569,600 506,672 Fortune Brands Home & Sec Inc Common stock 353,437 593,016 Global Payments Common stock 539,386 719,373 Grainger W W Inc Common stock 477,743 600,767 Guardant Health Inc Common stock 173,868 193,769 IAA Spinco Inc IAA Inc Common stock 263,695 336,208 IPG Photonics Corp Common stock 92,570 184,210 Idexx Laboratories Inc Common stock 204,570 660,891 Insulet Corp Common stock 320,359 427,988 Iqvia Hldgs Inc Common stock 252,439 374,824 Keysight Technologies Inc - W/I Common stock 167,971 350,337 LPL Finl Hldgs Inc Common stock 249,100 266,034 L3 Harris Technologies Inc Com Common stock 331,236 446,428 Lennar Corp CL A Common stock 326,690 416,074 LionsGate Entertainment Corp A Common stock 147,180 76,664 LuluLemon Athletica Inc Common stock 337,479 862,538 MSCI Inc CL A Common stock 320,866 692,043 Marketaxess Holdings Inc Common stock 281,522 644,356 Martin Marietta Materials Inc Common stock 254,549 366,789 Masimo Corp Common stock 298,490 429,408 Maxim Integrated Prods Inc Common stock 431,331 501,323 Microchip Technology Inc Common stock 236,107 534,020 Moderna Inc Com Common stock 171,393 226,920 Monster Beverage Corp New Common stock 216,991 627,608 Moody's Corporation Common stock 136,310 412,201 National Oilwell Varco Inc Common stock 184,787 95,280 O Reilly Automotive Inc New Common stock 181,236 202,083 Old Dominion Fght Lines Inc Common stock 108,163 482,199 PTC Inc Common stock 204,193 314,725

112. MICHIGAN LABORERS PENSION FUND SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT Employer I.D. No.38-6233976 Plan No. 001 August 31, 2020

Peloton Interactive Inc A Common stock 203,888 599,023 Perspecta Inc Common stock 411,541 354,149 Pinterest Inc Common stock 542,997 719,318 Planet Fitness Inc CL A Common stock 190,470 175,258 Pool Corp Com Common stock 372,605 989,421 Quidel Corp Common stock 283,193 241,945 Resmed Inc Common stock 373,682 369,876 Ringcentral Inc Class A Common stock 467,428 1,019,730 Sarepta Therapeutics Inc Common stock 204,771 224,315 Seattle Genetics Inc WA Common stock 286,190 408,992 Servicenow Inc Common stock 79,082 374,530 Sirius XM Hldgs Common stock 118,726 234,800 Splunk Inc Common stock 336,232 870,521 Synopsys Inc Common stock 280,475 971,507 TakeTwo Intreractive Software Common stock 232,611 323,892 Tandem Diabetic Care Inc Common stock 193,122 219,240 Teledoc Inc Common stock 349,286 412,399 Teleflex Inc Common stock 234,967 263,669 Transunion Common stock 319,393 634,530 Twitter Inc Common stock 560,060 680,770 Tyler Technologies Inc Common stock 422,900 752,085 United Rentals Inc Common stock 108,277 296,028 Universal Display Corp Common stock 230,370 215,690 Vail Resorts Inc Common stock 244,916 315,404 Veeva Sys Inc Class A Common stock 391,311 691,562 Wabtec Corp Common stock 420,167 366,624 West Pharmaceutical Services Common stock 251,474 363,469 Workday Inc Common stock 282,135 378,742 Xilinx Inc Common stock 411,130 412,682 Zendesk Inc Common stock 419,568 521,994 Zoetis Inc Common stock 135,146 348,217 Horizon Therapeutics Public Limited Company Common stock 428,013 555,738 Elastic NV Common stock 396,170 526,396 Ritchie Bros Autioneers Inc Common stock 220,583 378,055 Shopify Inc Common stock 73,838 373,247 Waste Connections Inc Common stock 520,211 967,890 HIS Market Ltd Common stock 359,276 636,563 Marvel Technology Group Ltd Common stock 383,505 547,031 Aptiv Plc Common stock 307,774 302,281 Spotify Technology Common stock 155,920 173,246 SBA Communications Corp Common stock 175,667 801,597 AAR Corp Common stock 42,178 26,517 AZZ Inc Common stock 195,774 134,475 Allete Inc Common stock 168,418 133,443

113. MICHIGAN LABORERS PENSION FUND SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT Employer I.D. No.38-6233976 Plan No. 001 August 31, 2020

Angiodynamics Inc Common stock 75,124 33,864 Astec Inds Inc Common stock 109,702 168,177 Belden CDT Inc Common stock 143,592 111,885 CSG Systems Intl Inc Common stock 106,833 106,595 California Water Svc Group Common stock 108,000 109,315 Chembio Diagnostics Inc Common stock 40,418 23,915 Circor Intl Inc Com Common stock 75,115 110,328 Coeur D Alene Mines Corp Idaho Common stock 16,739 33,282 Columbus McKinnon Corp NY Common stock 143,986 151,975 Community Bk Sys Inc Common stock 150,085 149,944 Commvault Sys Inc Common stock 86,052 87,584 Compass Minerals Intl Inc Common stock 260,206 272,068 Conduent Inc Common stock 108,455 43,271 Core-Mark Hldg Co Inc Common Stock 82,299 106,342 Cousins Properties Inc Common Stock 67,782 58,088 Enersys Common stock 143,331 160,947 Enterprise Finl Svcs Corp Common stock 198,376 118,713 Flir Sys Inc Common stock 85,509 96,826 Faro Technologies Inc Common stock 362,710 422,846 Ferro Corp Common stock 128,886 113,913 Fireeye Inc Common stock 46,451 45,391 First Busey Corp Common stock 181,089 105,500 Glacier Bancorp Inc New Com Common stock 69,050 68,346 Glatfelter Common stock 218,644 241,684 Haemonetics Corp Mass Common stock 57,789 67,424 Hain Celestial Group Inc Common stock 374,851 591,925 Helmerich & Payne Inc Common stock 156,887 62,789 Huron Consulting Group Inc Common stock 64,333 66,068 ICU Med Inc Common stock 179,433 205,046 Investors Bancorp Inc New Common stock 156,169 102,874 Jack in the Box Inc Common stock 70,857 68,960 Lakeland Finl Corp Common stock 191,849 186,644 Magellan Health Svcs Inc Common stock 294,786 359,114 Manitowoc Inc Common Stock 72,518 77,178 Mednax Inc Common Stock 233,567 202,057 NCR Corp New Common stock 759,254 683,902 National Bk Hldgs Corp Common stock 245,753 209,859 New Jersey Resources Corp Common stock 153,768 107,811 Nextier Oilfield Solutions Inc Common stock 118,551 32,808 Orthofix Med Inc Common stock 947,863 689,841 PDC Energy Inc Common stock 279,667 114,125 PNM Resources Inc Common stock 113,556 126,104 Papa Johns Intl Inc Common stock 31,056 69,294 Parsley Energy Inc Class A Common Stock 108,910 74,250

114. MICHIGAN LABORERS PENSION FUND SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT Employer I.D. No.38-6233976 Plan No. 001 August 31, 2020

Pilgrims Pride Corp Common stock 98,687 81,856 Progress Software Corp Common stock 442,544 473,436 Quanex Building Products Common stock 107,799 154,534 Quotient Technology Inc Common stock 79,131 88,781 Rev Group Inc Common Stock 35,056 35,952 Regal Beloit Corp Wisconsin Common stock 560,903 698,446 Renasant Corp Common stock 200,616 143,848 SPX Corp Common stock 232,595 321,171 Schnitzer Steel Inds Inc CL A Common stock 115,696 144,595 Seacoast Banking Corp Florida Common stock 190,250 180,581 Seirra Wireless Inc Common stock 95,487 98,530 Silgan Holdings Inc Common stock 135,610 200,043 Sterling Construction Co Common stock 145,087 173,837 Tapestry Inc Common stock 32,601 31,655 Treehouse Foods Inc Common stock 359,718 300,355 Umpqua Hldgs Corp Common stock 302,986 181,303 Under Armour Inc CL A Common stock 102,950 111,854 United Community Bank Common stock 205,165 135,755 Wesbanco Inc Common stock 194,382 102,145 WPX Energy Inc Common stock 239,967 122,031 Gildan Activewear Inc Common stock 50,737 79,971 Alkermes Plc Common stock 60,717 55,194 Columbia Ppty Tr Inc Common stock 29,805 15,706 Empire St Rlty Tr Inc Common stock 133,913 60,820 Equity Commonwealth Common stock 671,726 668,732 Physcians Rlty Tr Common stock 125,511 140,626 Adobe Sys Inc Common stock 623,658 707,965 Alphabet Inc CL C Common stock 1,146,019 1,228,903 Amazon Com Inc Common stock 1,368,602 1,487,364 Amphenol Corp CL A Common stock 381,866 380,347 Apple Inc Common stock 921,558 1,037,482 Booking Hldgs Inc Common stock 447,549 485,254 CDW Corp Common stock 377,022 374,477 Colgate Palmolive Co Common stock 158,739 162,879 Cooper Companies Inc Common stock 263,003 271,939 Copart Inc Common stock 153,211 157,253 Ecolab Inc Common stock 396,851 400,270 Edwards Lifesciences Corp Common stock 266,832 292,114 Electronic Arts Common stock 309,322 307,671 Fidelity Natl Information Svcs Common stock 303,217 316,031 Home Depot Inc Common stock 664,245 657,587 Illinois Tool Works Inc Wks Inc Common stock 390,216 390,161 Intercontinentalexchange Group I Common stock 557,647 571,411 Johnson & Johnson Common stock 321,749 330,445

115. MICHIGAN LABORERS PENSION FUND SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT Employer I.D. No.38-6233976 Plan No. 001 August 31, 2020

Lilly Eli & Co Common stock 325,652 319,039 Marsh & McLennan Cos Inc Common stock 183,811 181,672 Mastercard Inc Common stock 940,795 1,020,483 Microsoft Corp Common stock 1,374,319 1,474,741 Motorola Solutions Inc Common stock 198,270 209,067 O Reilly Automotive Inc New Common stock 368,849 365,054 Paypal Hldgs Inc Common stock 910,491 944,964 Pepsico Inc Common stock 523,765 529,847 Progressive Corp Common stock 393,596 421,027 Qualcomm Inc Common stock 454,660 481,402 Rockwell Automation Inc Common stock 250,059 245,976 Ross Stores Inc Common stock 434,719 409,223 Salesforce.com Inc Common stock 468,214 650,270 Charles Schwab Corporation Common stock 368,941 377,115 Stanley Black & Decker Inc Common stock 598,667 603,262 Thermo Fischer Scientific Inc Common stock 688,977 705,243 Wal-Mart Stores Inc Common stock 193,665 198,140 Zimmer Biomet Holdings Inc Common stock 417,184 421,372 Zoetis Inc Common stock 350,068 355,902 Accenture Plc Common stock 569,359 584,949 Medtronic Plc Common stock 300,063 315,102 Roche Hldg Ltd Common stock 266,608 270,137 ABM Inds Inc Common stock 63,673 64,838 Aaron's Inc Common stock 137,823 134,136 American States Water Co Common stock 87,443 84,601 Amerisafe Inc Common stock 77,246 78,408 BWX Technologies Inc Common stock 122,059 115,836 Badger Meter Inc Common stock 95,297 88,402 Bank OZK Common stock 95,341 86,031 Brunswick Corp Common stock 92,455 87,017 Cabot Microelectronics Corp Common stock 120,255 111,324 Calavo Growers Inc Common stock 97,671 97,871 Caseys General Stores Common stock 119,867 120,227 Chemed Corp Common stock 159,920 162,372 Chesapeake Utils Corp Common stock 82,855 79,346 Cogent Communications Group Common stock 77,270 76,945 Core-Mark Hldg Co Inc Common stock 89,237 92,440 Encompass Health Corp Common stock 117,302 121,999 Ensign Group Inc Common stock 167,444 177,142 Evercore Partners Inc Common stock 73,837 72,771 Exponent Inc Common stock 120,809 117,142 Federal Agric Mtg Corp CL C Common stock 92,443 89,413 Home Bancshares Inc Common stock 85,646 80,434 J & J Snack Foods Common stock 86,952 90,271

116. MICHIGAN LABORERS PENSION FUND SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT Employer I.D. No.38-6233976 Plan No. 001 August 31, 2020

Kennedy-Wilson Hldgs Inc Common stock 63,462 61,676 Lakeland Finl Corp Common stock 90,286 83,932 Landstar System Inc Common stock 86,892 88,771 Lemaitre Vascular Inc Common stock 100,256 107,234 Littlefuse Inc Common stock 105,239 100,547 Luminex Corp Del Common stock 77,665 64,963 MGP Ingredients Inc New Common stock 80,639 77,570 MSC Indl Direct Inc CL A Common stock 96,013 93,644 Mantech International Corp CL A Common stock 104,440 103,967 Maximus Inc Common stock 95,250 94,146 Monro Inc Common stock 78,589 71,025 Monringstar Inc Common stock 103,425 105,379 Nexstar Broadcasting Group Inc Common stock 90,627 95,146 Pool Corp Com Common stock 94,975 95,401 Power Integrations Inc Common stock 107,658 101,865 Quaker Chemical Corp Common stock 100,136 95,570 Shoe Carnival Inc Common stock 35,991 42,678 Standex Intl Corp Common stock 96,129 93,990 Tetra Tech Inc New Common stock 137,276 134,865 Unifirst Corp Mass Common stock 104,704 102,089 Universal Display Corp Common stock 99,117 92,664 Algonquin Pwr & Utils Corp Common stock 101,658 102,397 Audio Codes Ord Common stock 66,420 56,811 Americold Realty Tr Common stock 106,510 105,309 Cohen & Steers Inc Common stock 116,277 113,014 Innovative Indl Pptys Inc Common stock 93,538 95,395 Nexpoint Residential Tr Inc Common stock 81,470 81,020 QTS Realty Tr Inc Common stock 110,529 109,461 Alarm Com Hldgs Inc Common stock 228,110 223,135 Aspen Technology Inc (Delaware) Common stock 158,841 184,193 Atrion Corp Common stock 343,670 334,812 Bio Techne Corp Common stock 366,110 646,314 Black Knight Inc Common stock 282,918 434,461 Blackline Inc Common stock 212,701 522,997 Bright Horizons Family Solutions Common stock 355,021 504,241 Brooks Automation Inc Common stock 243,237 434,208 Cable One Inc Common stock 348,598 506,091 Calavo Growers Inc Common stock 206,506 171,750 Cantel Medical Corporation Common stock 281,507 156,023 Cogent Communicaitons Group Common stock 299,405 374,571 Coupa Software Inc Common stock 59,951 192,056 Douglas Dynamics Inc Common stock 440,862 449,700 Evo Pmts Inc Common stock 456,039 491,398 Envestnet Inc Common stock 406,309 651,554

117. MICHIGAN LABORERS PENSION FUND SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT Employer I.D. No.38-6233976 Plan No. 001 August 31, 2020

Evertec Inc Common stock 157,997 256,767 Exponent Inc Common stock 196,266 321,659 Floor & Décor Holdings Inc Common stock 353,742 513,852 Guidewire Software Inc Common stock 404,255 518,198 Hamilton Lane Inc Common stock 275,516 506,067 Healthequity Inc Common stock 280,921 297,804 Heico Corp CL A Common stock 308,532 514,561 Helios Technologies Inc Common stock 177,161 174,060 IAA Spinco Inc IAA Inc Common stock 442,530 558,464 Idex Corp Common stock 102,452 154,818 John Bean Technologies Corp Common stock 270,188 317,576 Lemaitre Vascular Inc Common stock 226,159 242,358 Littlefuse Inc Common stock 161,048 160,043 Mesa Laboratories Inc Common stock 298,677 432,081 Middleby Corp Common stock 127,984 102,991 Monro Inc Common stock 388,367 288,247 Okta Inc Common stock 39,618 160,235 Orthopediatrics Corp Common stock 167,971 436,867 Pros Hldgs Inc Common stock 334,155 358,800 Qualys Inc Common stock 232,358 315,236 Repligen Corp Common stock 186,933 283,176 Siteone Landscape Supply Inc Common stock 267,214 515,331 Teladoc Inc Common stock 45,624 207,494 Trex Company Inc Common stock 246,819 503,482 Trupanion Inc Common stock 133,332 312,960 Tyler Technologies Inc Common stock 186,372 371,208 WD Forty Co Common stock 78,197 137,343 Wayfair Inc Common stock 81,425 260,083 Decartes Sys Group Inc Common stock 165,997 316,331 Novanta Inc Common stock 241,516 414,748

TOTAL COMMON STOCK 116,158,865 153,424,716

LIMITED PARTNERSHIPS

The Veritas Capital Fund, L.P. The Veritas Capital Fund, L.P. 2,861,284 7,483,169 Homestead Capital USA Farmland Fund, L.P. Homestead Capital USA Farmland Fund, L.P. 3,686,534 3,595,034 ISQ Global Infrastructure Fund, L.P. ISQ Global Infrastructure Fund, L.P. 1,710,102 2,215,815 Charlesbank Equity Fund IX, L.P. Charlesbank Equity Fund IX, L.P. 1,366,605 2,045,166 IFM Global Infrastructure (US) L.P. IFM Global Infrastructure (US) L.P. 2,681,106 4,284,635 Merit Energy Partners I, L.P. Merit Energy Partners I, L.P. 2,225,102 2,733,520 Infracapital Partners II, L.P. Infracapital Partners II, L.P. 281,405 444,059 Insight Venture Partners IX, L.P. Insight Venture Partners IX, L.P. 1,457,490 3,981,094

118. MICHIGAN LABORERS PENSION FUND SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT Employer I.D. No.38-6233976 Plan No. 001 August 31, 2020

Harrison Street Real Estate Partners V, L.P. Harrison Street Real Estate Partners V, L.P. 1,407,020 2,582,860 The Energy & Minerals Group Fund III, L.P. The Energy & Minerals Group Fund III, L.P. 1,793,295 958,240 Rockpoint Real Estate Fund, L P Rockpoint Real Estate Fund, L P 1,785,124 1,972,834 Turnbridge Capital Partners I-A, L.P. Turnbridge Capital Partners I-A, L.P. 1,290,197 852,401 DRA Growth and Income Fund, LLC DRA Growth and Income Fund, LLC 3,563,879 4,314,017 Lexington Capital Partners Vll, L.P. Lexington Capital Partners Vll, L.P. - 989,728 ICG Longbow UK Real Estate Debt Invest. III, L.P. ICG Longbow UK Real Estate Debt Invest. III, L.P. 361,719 517,485 Vitruvian Investment Partners, L.P. Vitruvian Investment Partners, L.P. 1,401,430 3,325,771 European Real Estate Debt Fund II, L.P. European Real Estate Debt Fund II, L.P. 343,485 434,623 Divcowest Fund IV Reit, LLC Divcowest Fund IV Reit, LLC - 155,455 Divcowest Fund, L.P. Divcowest Fund, L.P. 1,372,222 1,838,535 Alinda Infrastructure Fund II, L.P. Alinda Infrastructure Fund II, L.P. 521,047 688,509 Oaktree Opportunities Fund, L.P. Oaktree Opportunities Fund, L.P. 1,100,000 1,518,112 Blackstone/GSO Capital Solutions Fund, L.P. Blackstone/GSO Capital Solutions Fund, L.P. 202,820 373,554 White Deer Energy Fund, L.P. White Deer Energy Fund, L.P. 2,075,502 1,444,951 White Deer Energy Fund TE, L.P. White Deer Energy Fund TE, L.P. - 92,020 Energy Capital Partners, L.P. Energy Capital Partners, L.P. 1,941,850 2,604,423 Resource Land Fund IV LLC Resource Land Fund IV LLC - 812,962 GTI 9 Institutional Investors, L.P. GTI 9 Institutional Investors, L.P. 1,475,635 1,772,066 Audax Mezzanine Fund, L.P. Audax Mezzanine Fund, L.P. - 1,520,999 Riverside Capital Appreciation Fund, L.P. Riverside Capital Appreciation Fund, L.P. 2,233 2,998,632 EnCap Energy Capital Fund, L.P. EnCap Energy Capital Fund, L.P. 2,277,315 1,490,997 Waud Capital Partner FIF, L.P. Waud Capital Partner FIF, L.P. 2,535,897 4,242,770 Energy Ventures IV, L.P. Energy Ventures IV, L.P. 1,098,946 633,174 Khosla Ventures, L.P. Khosla Ventures, L.P. 6,765,349 12,398,698 GTIS Brazil Real Estate Fund II Cayman, L.P. GTIS Brazil Real Estate Fund II Cayman, L.P. 2,929,700 1,185,164 Oncap III, L.P. Oncap III, L.P. 697,748 1,031,419 Pacific Road Resources Fund II, L.P. Pacific Road Resources Fund II, L.P. 1,244,191 933,431 Chequers Capital XVI, L.P. Chequers Capital XVI, L.P. 210,890 481,377 Vista Equity Partners Fund, L.P. Vista Equity Partners Fund, L.P. - 3,337,613 EIF United States Power Fund IV, L.P. EIF United States Power Fund IV, L.P. 2,592,484 3,020,718 Capital Intl Private Equity Fund VI, L.P. Capital Intl Private Equity Fund VI, L.P. 1,144,279 1,389,254 HitecVision VI, L.P. HitecVision VI, L.P. 1,562,521 1,801,538 Exeter Industrial Value Fund, L.P. Exeter Industrial Value Fund, L.P. 1,962,307 3,657,962 Exeter Office Value Fund, L.P. Exeter Office Value Fund, L.P. 280,902 1,175,219 Global Infrastructure Partners Feeder Fund, L.P. Global Infrastructure Partners Feeder Fund, L.P. 1,409,931 2,769,683 Ridgemont Equity Partners Holdings L.P. Ridgemont Equity Partners Holdings L.P. 558,986 1,928,052 U.S. Farming Realty Trust II L P U.S. Farming Realty Trust II L P 1,639,002 1,911,366 Mesa West Real Estate Income Fund, L.P. Mesa West Real Estate Income Fund, L.P. 786,315 1,317,855 Towerbrook Investors IV (Onshore) L.P. Towerbrook Investors IV (Onshore) L.P. 940,153 1,636,436 FPA Apartment Opportunity Fund, L.P. FPA Apartment Opportunity Fund, L.P. 1,148,882 3,618,791 Rialto Real estate Fund II L.P. Rialto Real estate Fund II L.P. 338,326 1,534,952 Actis Energy, L.P. Actis Energy, L.P. 1,625,982 2,364,142 Gem Realty Fund, L.P. Gem Realty Fund, L.P. 1,390,576 1,835,669

119. MICHIGAN LABORERS PENSION FUND SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT Employer I.D. No.38-6233976 Plan No. 001 August 31, 2020

ASB Real Estate Investment, L.P. ASB Real Estate Investment, L.P. 8,500,009 13,389,358 KPS Special Situations Fund IV, L.P. KPS Special Situations Fund IV, L.P. 1,501,329 1,816,191 Sentinel Capital Partners V, L.P. Sentinel Capital Partners V, L.P. 941,474 2,095,976 Orbimed Royalty Opportunities II, L.P. Orbimed Royalty Opportunities II, L.P. - 399,154 Ridgewood Energy Oil & Gas Fund III, L.P. Ridgewood Energy Oil & Gas Fund III, L.P. 811,986 417,862 Patria-Brazilian Private Equity Fund V, L.P. Patria-Brazilian Private Equity Fund V, L.P. 1,429,098 1,582,202 MSouth Equity Partners lll, L.P. MSouth Equity Partners lll, L.P. 915,218 1,232,749 Sentient Global Resources Fund IV, L.P. Sentient Global Resources Fund IV, L.P. 1,833,250 1,100,073 KSL Capital Partners IV, L.P. KSL Capital Partners IV, L.P. 2,490,278 2,428,996 Sterling Group Partners IV, L.P. Sterling Group Partners IV, L.P. 1,545,770 1,880,773 PAG Asia, L.P. PAG Asia, L.P. 1,606,854 2,848,329 Linden Capital Partners, L.P. Linden Capital Partners, L.P. 1,228,727 3,089,711 Gamut Investment Fund I, L.P. Gamut Investment Fund I, L.P. 1,101,582 1,073,315 Kerogen Energy Fund, II, L.P. Kerogen Energy Fund, II, L.P. 1,555,948 1,554,193 Ares Energy Investors Fund V, L.P. Ares Energy Investors Fund V, L.P. 657,930 879,887 Newstone Capital Partners III, L.P. Newstone Capital Partners III, L.P. 1,062,623 1,412,040 DBAG Fund, L.P. DBAG Fund, L.P. 1,289,583 1,199,352 Tillridgte Global Agribusiness Partners II, L.P. Tillridgte Global Agribusiness Partners II, L.P. 690,544 447,001 Orion Mine Finance Fund II L.P. Orion Mine Finance Fund II L.P. 1,454,065 2,544,198 Prime Storage Fund II, L.P. Prime Storage Fund II, L.P. 1,730,278 2,001,601 Kerogen Pandion Co Investment Fund L.P. Kerogen Pandion Co Investment Fund L.P. 1,191,534 1,341,356 Vector Capital V, L.P. Vector Capital V, L.P. 1,139,804 1,210,387 Basalt Infrastructure Partners II, L.P. Basalt Infrastructure Partners II, L.P. 1,174,447 1,310,002 Centerbridge Partners Real Estate Fund, L.P. Centerbridge Partners Real Estate Fund, L.P. 1,626,490 1,709,359 Strategic Value Special Situations Fund IV, L.P. Strategic Value Special Situations Fund IV, L.P. 990,000 1,122,599 Accomplice Fund II, L.P. Accomplice Fund II, L.P. 1,300,000 1,524,016 Energy Trust Partners V, L.P. Energy Trust Partners V, L.P. 1,238,768 1,107,497 Trilantic Capital Partners VI Parallel (NA), L.P. Trilantic Capital Partners VI Parallel (NA), L.P. 548,270 490,320 Altaris Health Partners, L.P. Altaris Health Partners, L.P. 1,336,977 1,493,349 Atlas Capital Investors V Parallel, L.P. Atlas Capital Investors V Parallel, L.P. 1,609,499 1,464,452 Tailwater Energy Fund III, L.P. Tailwater Energy Fund III, L.P. 1,691,941 1,558,682 BCP Fund II-A, L.P. BCP Fund II-A, L.P. 508,790 393,030 Cerberus Global NPL Feeder Fund, L.P. Cerberus Global NPL Feeder Fund, L.P. 471,753 893,505 Grain Communications Opportunity Fund II, L.P. Grain Communications Opportunity Fund II, L.P. 1,123,097 1,133,194 Artemis Real Estate Partners Fund III, L.P. Artemis Real Estate Partners Fund III, L.P. 601,182 598,864 Summit Partners Credit Offshore Fund III, L.P. Summit Partners Credit Offshore Fund III, L.P. 825,150 1,026,994 Ullico Infrastructure Tax Exempt Fund, L.P. Ullico Infrastructure Tax Exempt Fund, L.P. 7,346,904 7,871,270 SK Capital Partners V-B, L.P. SK Capital Partners V-B, L.P. 655,001 484,343 BP Natural Gas Opportunity Partners II, L.P. BP Natural Gas Opportunity Partners II, L.P. 224,621 101,269 Third Rock Ventures V, L.P. Third Rock Ventures V, L.P. 308,000 280,098 FS Equity Partners VIII, L.P. FS Equity Partners VIII, L.P. 599,321 516,603 .406 Ventures IV, L.P. .406 Ventures IV, L.P. 268,000 228,899 TA XIII-B, L.P TA XIII-B, L.P 337,500 334,693 JLC Infrastructure Fund I, L.P. JLC Infrastructure Fund I, L.P. 313,787 421,695

120. MICHIGAN LABORERS PENSION FUND SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT Employer I.D. No.38-6233976 Plan No. 001 August 31, 2020

Paine Schwartz Food Chain Fund V B, L.P. Paine Schwartz Food Chain Fund V B, L.P. 291,323 206,674 August Equity Partners V A, L.P. August Equity Partners V A, L.P. 19,592 741 Berkeley Partners Value Industrial Fund V, L.P. Berkeley Partners Value Industrial Fund V, L.P. 219,102 211,757 Ara Fund I, L.P Ara Fund I, L.P 931,370 1,129,295 Torchlight Debt Fund VII, L.P. Torchlight Debt Fund VII, L.P. 250,000 248,513 D.K. Long-Term Distressed Opportunites Fund V, L.P. D.K. Long-Term Distressed Opportunites Fund V, L.P. 79,944 98,617

TOTAL LIMITED PARTNERSHIPS 133,616,481 188,151,983

COMMON COLLECTIVE TRUSTS

State Street Global Advisor S & P 500 Flagship NL 36,317,898 51,611,668 State Street Global Advisor U S Aggregate Bond Index NL Fund 15,905,320 17,951,976 State Street Global Advisor SSGA S & P Global Large Midcap Nat Res Index NL Fund 374,821 426,639 State Street Global Advisor Russell 1000 Growth Index NL Fund 8,434,908 13,009,600 State Street Global Advisor QSI Index NL CTF 32,948,553 55,541,375 State Street Global Advisor TIPS Index Fund 6,997,226 8,071,101 * Comerica Bank Short Term Investment Fund 11,684,710 11,684,710

TOTAL COMMON COLLECTIVE TRUSTS 112,663,436 158,297,069

MUTUAL FUNDS

AFL-CIO Housing Investment Trust 22,937,389 24,083,559 Dimensional Emerging Markets Dimensional Emerging Markets Value Port Inst Class 35,144,321 27,571,879 GQG Partners Intl. Equity CIT CL B 22,500,000 30,003,754 Franklin Templeton Investments Sierra Franklin EAFE Plus Equity Fund 24,000,000 30,714,960 Reliance Trust Driehaus Int'l Small Cap Growth 16,174,080 19,913,756 Aberdeen Emerging Markets Bond Fund 30,250,357 30,648,544 Cedar Street International Small Cap Fund 16,138,636 16,515,898 Altrinsic International Equity Collective Fund 19,000,000 20,109,980 William Blair Emerging Leaders Growth CIT 20,500,000 36,380,818 Iridian Iridian Value Oportunity CIT Clas B 23,596,078 28,660,175 Artisan Artisan Int. Value Fd. Instl. SHS 19,000,000 20,483,339 Baird Core Plus Bond Fund 63,379,505 70,155,590 Lazard Lazard GLIF US Trust CL A 3,641,711 10,026,016 Standish Emerging Market Debt Commingled Fund 20,514 16,672

TOTAL MUTUAL FUNDS 316,282,591 365,284,940

TOTAL ASSETS HELD FOR INVESTMENT $ 776,007,881 $ 968,595,670

121. MICHIGAN LABORERS PENSION FUND SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT Employer I.D. No. 38-6233976 Plan No. 001 Year Ended August 31, 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

Comerica Bank Short Term Fund 998 purchases 187,240,907 187,240,907 187,240,907 707 sales 187,374,537 187,374,537 187,374,537 -

122.