ISHARES TR

Ticker: HYG CUSIP: 464288513 Class: IBOXX HI YD ETF

STATE OF MICHIGAN RETIREMENT SYSTEM's Holding History (CIK: 0000762152)

Note: Option positions (PUT/CALL) are excluded.

Q3 2014

Shares 95,000 Value ($000) $8,735 Avg Close — Range —

Q2 2014

Shares 40,000 Value ($000) $3,808 Avg Close — Range —

Q1 2014

Shares 90,000 Value ($000) $8,495 Avg Close — Range —

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2014	95,000	$8,735	—	—
Q2 2014	40,000	$3,808	—	—
Q1 2014	90,000	$8,495	—	—