Municipal Employees' Retirement System of Michigan Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPTS	SS SPDR P ST TERM TSY ETF	25,879,762 (+17.9%)	$758 (+17.8%)	8.6%	$8.89	—	COM	78468R101
SPTL	SS SPDR PF LNG TRM TSY EUSD	15,397,326 (+21.9%)	$408 (+19.7%)	4.6%	$0.15	—	COM	78464A664
VGK	VANGUARD FTSE EUROPE ETF	9,136,296 (+3.4%)	$764 (+8.3%)	8.6%	$9.54	—	COM	922042874
XBB	BONDBLOXXBB RATED USD HY CB	7,372,511 (+18.4%)	$303 (+17.8%)	3.4%	$5.25	—	COM	09789C705
SPTI	SS SPDR P INT TERM TSY ETF	37,247,174 (+3.9%)	$1,074 (+3.6%)	12.2%	$0.03	—	COM	78464A672
IEMG	ISHARES CORE MSCI EMERGING	5,227,998 (+9.5%)	$351 (+11.7%)	4.0%	$41.51	—	COM	46434G103
XLE	SS ENERGY SELECT SECTOR	991,274 (+175.3%)	$44 (+37.8%)	0.5%	$3.33	—	COM	81369Y506
FALN	ISHARES FALLEN ANGELS ETF	3,657,064 (+5.2%)	$100 (+3.4%)	1.1%	$0.03	—	COM	46435G474

Exited Positions (9)

XHLF BONDBLOXX BBG 6 MTH US TREAS 0.3%

Value ($000) $23 Shares 448,334 Est. Cost $11.47 Unrealized —

SPYM STATE STREET SPDR PORTFOLIO 0.2%

Value ($000) $15 Shares 188,205 Est. Cost $0.06 Unrealized —

AG FIRST MAJESTIC SILVER CORP 0.2%

Value ($000) $14 Shares 1,126,289 Est. Cost $5.95 Unrealized +133.7%

SPDW SPDR PORTFOLIO DEVELOPED WOR 0.1%

Value ($000) $12 Shares 276,169 Est. Cost $0.04 Unrealized —

MBB ISHARES MBS ETF 0.1%

Value ($000) $6 Shares 67,551 Est. Cost $16.85 Unrealized —

SPEM SPDR PORTFOLIO EMERGING MARK 0.1%

Value ($000) $5 Shares 107,144 Est. Cost $0.04 Unrealized —

HYBB ISHARES BB RATED CORP BOND 0.0%

Value ($000) $2 Shares 38,566 Est. Cost $27.64 Unrealized —

SPMD SS SPDR P SP 400 MIDCAP ETF 0.0%

Value ($000) $2 Shares 26,947 Est. Cost $0.05 Unrealized —

SPSM SS SPDR P SP 600 SMALL CAP 0.0%

Value ($000) $1 Shares 16,642 Est. Cost $0.04 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
XHLF	BONDBLOXX BBG 6 MTH US TREAS	448,334	$23	0.3%	$11.47	—	—	09789C788
SPYM	STATE STREET SPDR PORTFOLIO	188,205	$15	0.2%	$0.06	—	—	78464A854
AG	FIRST MAJESTIC SILVER CORP	1,126,289	$14	0.2%	$5.95	+133.7%	—	32076V103
SPDW	SPDR PORTFOLIO DEVELOPED WOR	276,169	$12	0.1%	$0.04	—	—	78463X889
MBB	ISHARES MBS ETF	67,551	$6	0.1%	$16.85	—	—	464288588
SPEM	SPDR PORTFOLIO EMERGING MARK	107,144	$5	0.1%	$0.04	—	—	78463X509
HYBB	ISHARES BB RATED CORP BOND	38,566	$2	0.0%	$27.64	—	—	46435U473
SPMD	SS SPDR P SP 400 MIDCAP ETF	26,947	$2	0.0%	$0.05	—	—	78464A847
SPSM	SS SPDR P SP 600 SMALL CAP	16,642	$1	0.0%	$0.04	—	—	78468R853

Decreased Positions (8)

IVV ISHARES CORE S&P 500 ETF 10.7%

Value ($000) $946 (-4.6%) Shares 1,381,225 (-6.8%) Est. Cost $248.71 Unrealized —

SPIB SS SPDR P INT C CORP ETF 4.5%

Value ($000) $396 (-10.0%) Shares 11,704,768 (-9.7%) Est. Cost $0.35 Unrealized —

SCHP SCHWAB US TIPS ETF 4.6%

Value ($000) $404 (-8.6%) Shares 15,248,383 (-7.0%) Est. Cost $0.03 Unrealized —

RING ISHARES MSCI GLOBAL GOLD MIN 0.7%

Value ($000) $62 (-30.0%) Shares 844,062 (-38.5%) Est. Cost $19.43 Unrealized —

STIP ISHARES 05 YEAR TIPS BOND E 0.1%

Value ($000) $10 (-22.0%) Shares 95,402 (-21.3%) Est. Cost $63.73 Unrealized —

BBCA JPMORGAN BETABUILDERS CANADA 1.0%

Value ($000) $85 (+3.1%) Shares 909,454 (-3.3%) Est. Cost $0.08 Unrealized —

PICK ISHARES MSCI GLOBAL METALS & 1.5%

Value ($000) $137 (+1.1%) Shares 2,658,856 (-12.3%) Est. Cost $26.15 Unrealized —

VGSH VANGUARD SHORTTERM TREASURY 0.1%

Value ($000) $8 (-6.6%) Shares 133,074 (-6.4%) Est. Cost $24.39 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IVV	ISHARES CORE S&P 500 ETF	1,381,225 (-6.8%)	$946 (-4.6%)	10.7%	$248.71	—	COM	464287200
SPIB	SS SPDR P INT C CORP ETF	11,704,768 (-9.7%)	$396 (-10.0%)	4.5%	$0.35	—	COM	78464A375
SCHP	SCHWAB US TIPS ETF	15,248,383 (-7.0%)	$404 (-8.6%)	4.6%	$0.03	—	COM	808524870
RING	ISHARES MSCI GLOBAL GOLD MIN	844,062 (-38.5%)	$62 (-30.0%)	0.7%	$19.43	—	COM	46434G855
STIP	ISHARES 05 YEAR TIPS BOND E	95,402 (-21.3%)	$10 (-22.0%)	0.1%	$63.73	—	COM	46429B747
BBCA	JPMORGAN BETABUILDERS CANADA	909,454 (-3.3%)	$85 (+3.1%)	1.0%	$0.08	—	COM	46641Q225
PICK	ISHARES MSCI GLOBAL METALS &	2,658,856 (-12.3%)	$137 (+1.1%)	1.5%	$26.15	—	COM	46434G848
VGSH	VANGUARD SHORTTERM TREASURY	133,074 (-6.4%)	$8 (-6.6%)	0.1%	$24.39	—	COM	92206C102

Unchanged Positions (20)

QVML INVESCO S&P 500 QVM MULTIFA 15.5%

Value ($000) $1,371 Shares 34,132,010 Est. Cost $19.19 Unrealized —

FLCA FRANKLIN FTSE CANADA ETF 1.5%

Value ($000) $134 Shares 2,773,743 Est. Cost $23.72 Unrealized —

IJH ISHARES CORE S&P MIDCAP ETF 3.4%

Value ($000) $303 Shares 4,596,783 Est. Cost $20.05 Unrealized —

QVMM INVESCO S&P MIDCAP 400 QVM M 4.1%

Value ($000) $366 Shares 11,882,576 Est. Cost $22.02 Unrealized —

ICOP ISHARES COPPER AND METALS 0.4%

Value ($000) $35 Shares 784,271 Est. Cost $0.03 Unrealized —

XEMD BONDBLOXXJPM USD EM MK 110 2.4%

Value ($000) $210 Shares 4,714,975 Est. Cost $35.49 Unrealized —

QVMS INVESCO S&P SMALLCAP 600 QVM 2.3%

Value ($000) $201 Shares 7,114,414 Est. Cost $11.82 Unrealized —

XTWY BONDBLOXX BBG 20Y US TSY ETF 0.2%

Value ($000) $16 Shares 420,244 Est. Cost $45.09 Unrealized —

SPHY SS SPDR P HIGH YIELD ETF 1.6%

Value ($000) $142 Shares 6,000,856 Est. Cost $0.02 Unrealized —

XTEN BONDBLOXX BBG 10Y US TSY ETF 0.2%

Value ($000) $19 Shares 403,452 Est. Cost $47.93 Unrealized —

XCCC BONDBLOXXCCCUSD HY CORP BD 0.1%

Value ($000) $5 Shares 121,654 Est. Cost $38.40 Unrealized —

XONE BONDBLOXX BBG 1 DUR US TREAS 0.7%

Value ($000) $58 Shares 1,178,547 Est. Cost $7.55 Unrealized —

XB BONDBLOXXB RATED USD HY CB 0.1%

Value ($000) $11 Shares 266,860 Est. Cost $38.50 Unrealized —

XSVN BONDBLOXX BBG 7 YR US TREAS 0.2%

Value ($000) $19 Shares 403,857 Est. Cost $48.29 Unrealized —

XTWO BONDBLOXX BBG 2Y US TSY ETF 0.2%

Value ($000) $21 Shares 416,558 Est. Cost $30.42 Unrealized —

XFIV BONDBLOXX BBG 5 YR US TREAS 0.4%

Value ($000) $35 Shares 704,064 Est. Cost $27.91 Unrealized —

IJR ISHARES CORE S&P SMALLCAP E 0.0%

Value ($000) $3 Shares 24,129 Est. Cost $57.87 Unrealized —

XTRE BONDBLOXX BBG 3Y US TSY ETF 0.2%

Value ($000) $20 Shares 402,313 Est. Cost $49.22 Unrealized —

SPSB SS SPDR P ST C CORP ETF 0.1%

Value ($000) $7 Shares 228,061 Est. Cost $22.54 Unrealized —

BBAX JPMORGAN BETABUILDERS DEVELO 0.2%

Value ($000) $17 Shares 298,785 Est. Cost $0.05 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
QVML	INVESCO S&P 500 QVM MULTIFA	34,132,010	$1,371	15.5%	$19.19	—	COM	46138G581
FLCA	FRANKLIN FTSE CANADA ETF	2,773,743	$134	1.5%	$23.72	—	COM	35473P827
IJH	ISHARES CORE S&P MIDCAP ETF	4,596,783	$303	3.4%	$20.05	—	COM	464287507
QVMM	INVESCO S&P MIDCAP 400 QVM M	11,882,576	$366	4.1%	$22.02	—	COM	46138G573
ICOP	ISHARES COPPER AND METALS	784,271	$35	0.4%	$0.03	—	COM	46436E189
XEMD	BONDBLOXXJPM USD EM MK 110	4,714,975	$210	2.4%	$35.49	—	COM	09789C879
QVMS	INVESCO S&P SMALLCAP 600 QVM	7,114,414	$201	2.3%	$11.82	—	COM	46138G565
XTWY	BONDBLOXX BBG 20Y US TSY ETF	420,244	$16	0.2%	$45.09	—	COM	09789C796
SPHY	SS SPDR P HIGH YIELD ETF	6,000,856	$142	1.6%	$0.02	—	COM	78468R606
XTEN	BONDBLOXX BBG 10Y US TSY ETF	403,452	$19	0.2%	$47.93	—	COM	09789C812
XCCC	BONDBLOXXCCCUSD HY CORP BD	121,654	$5	0.1%	$38.40	—	COM	09789C887
XONE	BONDBLOXX BBG 1 DUR US TREAS	1,178,547	$58	0.7%	$7.55	—	COM	09789C861
XB	BONDBLOXXB RATED USD HY CB	266,860	$11	0.1%	$38.50	—	COM	09789C804
XSVN	BONDBLOXX BBG 7 YR US TREAS	403,857	$19	0.2%	$48.29	—	COM	09789C820
XTWO	BONDBLOXX BBG 2Y US TSY ETF	416,558	$21	0.2%	$30.42	—	COM	09789C853
XFIV	BONDBLOXX BBG 5 YR US TREAS	704,064	$35	0.4%	$27.91	—	COM	09789C838
IJR	ISHARES CORE S&P SMALLCAP E	24,129	$3	0.0%	$57.87	—	COM	464287804
XTRE	BONDBLOXX BBG 3Y US TSY ETF	402,313	$20	0.2%	$49.22	—	COM	09789C846
SPSB	SS SPDR P ST C CORP ETF	228,061	$7	0.1%	$22.54	—	COM	78464A474
BBAX	JPMORGAN BETABUILDERS DEVELO	298,785	$17	0.2%	$0.05	—	COM	46641Q233