VANGUARD TAX-MANAGED FDS

Ticker: VEA CUSIP: 921943858 Class: Exchange Traded Fund

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

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

Q4 2017
Shares 300,000 Value ($000) $13,458 Avg Close — Range —
Q3 2017
Shares 300,000 Value ($000) $13,023 Avg Close — Range —
Q2 2017
Shares 300,000 Value ($000) $12,396 Avg Close — Range —
Q1 2017
Shares 300,000 Value ($000) $11,790 Avg Close — Range —
Q4 2016
Shares 300,000 Value ($000) $10,962 Avg Close — Range —
Q3 2016
Shares 300,000 Value ($000) $11,223 Avg Close — Range —
Q2 2016
Shares 300,000 Value ($000) $10,608 Avg Close — Range —
Q1 2016
Shares 300,000 Value ($000) $10,758 Avg Close — Range —
Q4 2015
Shares 300,000 Value ($000) $11,016 Avg Close — Range —
Q3 2015
Shares 300,000 Value ($000) $10,692 Avg Close — Range —
Q2 2015
Shares 300,000 Value ($000) $11,895 Avg Close — Range —
Q1 2015
Shares 300,000 Value ($000) $11,949 Avg Close — Range —
Q4 2014
Shares 300,000 Value ($000) $11,364 Avg Close — Range —
Q3 2014
Shares 300,000 Value ($000) $11,925 Avg Close — Range —
Q2 2014
Shares 300,000 Value ($000) $12,777 Avg Close — Range —
Q1 2014
Shares 300,000 Value ($000) $12,381 Avg Close — Range —
Q4 2013
Shares 300,000 Value ($000) $12,504 Avg Close — Range —
Q3 2013
Shares 300,000 Value ($000) $11,874 Avg Close — Range —
Q2 2013
Shares 300,000 Value ($000) $10,683 Avg Close — Range —