COMMERCE BANCSHARES INC

Ticker: CBSH CUSIP: 200525103 Class: COM

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

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

Q4 2025

Shares 30,552 Value ($000) $1,599 Avg Close $52.11 Range $48.44 - $57.07

Q3 2025

Shares 29,574 Value ($000) $1,767 Avg Close $58.30 Range $54.88 - $62.59

Q2 2025

Shares 29,174 Value ($000) $1,814 Avg Close $57.93 Range $49.49 - $62.12

Q1 2025

Shares 29,174 Value ($000) $1,815 Avg Close $59.88 Range $55.23 - $64.40

Q4 2024

Shares 28,974 Value ($000) $1,805 Avg Close $59.04 Range $50.31 - $67.77

Q3 2024

Shares 27,881 Value ($000) $1,656 Avg Close $54.15 Range $48.48 - $58.18

Q2 2024

Shares 28,381 Value ($000) $1,583 Avg Close $47.99 Range $44.76 - $50.53

Q1 2024

Shares 29,081 Value ($000) $1,547 Avg Close $45.82 Range $43.24 - $48.68

Q4 2023

Shares 28,481 Value ($000) $1,521 Avg Close $41.46 Range $35.60 - $49.64

Q3 2023

Shares 27,125 Value ($000) $1,301 Avg Close $41.31 Range $38.36 - $45.32

Q2 2023

Shares 27,925 Value ($000) $1,360 Avg Close $42.12 Range $37.54 - $48.33

Q1 2023

Shares 28,725 Value ($000) $1,676 Avg Close $52.79 Range $45.66 - $57.30

Q4 2022

Shares 29,025 Value ($000) $1,976 Avg Close $56.76 Range $52.34 - $61.17

Q3 2022

Shares 27,453 Value ($000) $1,816 Avg Close $56.24 Range $52.01 - $59.93

Q2 2022

Shares 27,953 Value ($000) $1,835 Avg Close $55.14 Range $50.88 - $59.98

Q1 2022

Shares 28,053 Value ($000) $2,008 Avg Close $57.13 Range $53.28 - $60.07

Q4 2021

Shares 28,106 Value ($000) $1,932 Avg Close $54.83 Range $51.93 - $57.26

Q3 2021

Shares 26,672 Value ($000) $1,859 Avg Close $53.54 Range $49.49 - $57.50

Q2 2021

Shares 26,572 Value ($000) $1,981 Avg Close $58.31 Range $53.71 - $61.48

Q1 2021

Shares 39,072 Value ($000) $2,993 Avg Close $55.58 Range $48.87 - $62.89

Q4 2020

Shares 38,372 Value ($000) $2,521 Avg Close $46.53 Range $39.14 - $51.16

Q3 2020

Shares 36,545 Value ($000) $2,057 Avg Close $41.07 Range $37.95 - $44.23

Q2 2020

Shares 36,545 Value ($000) $2,173 Avg Close $41.89 Range $34.09 - $49.70

Q1 2020

Shares 28,738 Value ($000) $1,447 Avg Close $44.86 Range $32.28 - $50.80

Q4 2019

Shares 30,538 Value ($000) $2,075 Avg Close $45.53 Range $40.31 - $48.49

Q3 2019

Shares 28,608 Value ($000) $1,735 Avg Close $41.15 Range $38.28 - $43.51

Q2 2019

Shares 29,108 Value ($000) $1,737 Avg Close $41.43 Range $39.66 - $43.21

Q1 2019

Shares 35,208 Value ($000) $2,044 Avg Close $41.87 Range $38.62 - $44.45

Q4 2018

Shares 35,408 Value ($000) $1,996 Avg Close $41.75 Range $37.08 - $44.76

Q3 2018

Shares 35,123 Value ($000) $2,319 Avg Close $45.32 Range $42.24 - $47.64

Q2 2018

Shares 34,523 Value ($000) $2,234 Avg Close $42.06 Range $37.87 - $44.27

Q1 2018

Shares 34,223 Value ($000) $2,050 Avg Close $38.29 Range $35.75 - $40.49

Q4 2017

Shares 33,723 Value ($000) $1,883 Avg Close $36.94 Range $35.36 - $38.20

Q3 2017

Shares 33,641 Value ($000) $1,943 Avg Close $36.44 Range $33.70 - $38.30

Q2 2017

Shares 36,041 Value ($000) $2,048 Avg Close $35.70 Range $33.50 - $37.46

Q1 2017

Shares 35,541 Value ($000) $1,996 Avg Close $36.74 Range $34.22 - $38.88

Q4 2016

Shares 35,141 Value ($000) $2,032 Avg Close $34.52 Range $30.44 - $37.99

Q3 2016

Shares 33,468 Value ($000) $1,649 Avg Close $30.95 Range $29.09 - $32.78

Q2 2016

Shares 33,368 Value ($000) $1,598 Avg Close $29.79 Range $27.21 - $31.28

Q1 2016

Shares 33,168 Value ($000) $1,491 Avg Close $26.60 Range $23.59 - $29.10

Q4 2015

Shares 33,169 Value ($000) $1,411 Avg Close $27.58 Range $25.96 - $29.68

Q3 2015

Shares 36,794 Value ($000) $1,676 Avg Close $27.31 Range $25.22 - $28.93

Q2 2015

Shares 38,094 Value ($000) $1,782 Avg Close $26.27 Range $24.55 - $28.52

Q1 2015

Shares 37,594 Value ($000) $1,591 Avg Close $24.60 Range $23.24 - $25.84

Q4 2014

Shares 39,394 Value ($000) $1,713 Avg Close $24.97 Range $22.29 - $26.05

Q3 2014

Shares 37,423 Value ($000) $1,671 Avg Close $25.44 Range $24.59 - $26.46

Q2 2014

Shares 38,123 Value ($000) $1,773 Avg Close $24.54 Range $23.22 - $26.18

Q1 2014

Shares 38,423 Value ($000) $1,784 Avg Close $24.53 Range $22.87 - $26.10

Q4 2013

Shares 38,123 Value ($000) $1,712 Avg Close $24.09 Range $22.29 - $25.01

Q3 2013

Shares 35,927 Value ($000) $1,574 Avg Close $23.25 Range $21.81 - $24.60

Q2 2013

Shares 35,427 Value ($000) $1,543 Avg Close $21.46 Range $19.80 - $23.09

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	30,552	$1,599	$52.11	$48.44 - $57.07
Q3 2025	29,574	$1,767	$58.30	$54.88 - $62.59
Q2 2025	29,174	$1,814	$57.93	$49.49 - $62.12
Q1 2025	29,174	$1,815	$59.88	$55.23 - $64.40
Q4 2024	28,974	$1,805	$59.04	$50.31 - $67.77
Q3 2024	27,881	$1,656	$54.15	$48.48 - $58.18
Q2 2024	28,381	$1,583	$47.99	$44.76 - $50.53
Q1 2024	29,081	$1,547	$45.82	$43.24 - $48.68
Q4 2023	28,481	$1,521	$41.46	$35.60 - $49.64
Q3 2023	27,125	$1,301	$41.31	$38.36 - $45.32
Q2 2023	27,925	$1,360	$42.12	$37.54 - $48.33
Q1 2023	28,725	$1,676	$52.79	$45.66 - $57.30
Q4 2022	29,025	$1,976	$56.76	$52.34 - $61.17
Q3 2022	27,453	$1,816	$56.24	$52.01 - $59.93
Q2 2022	27,953	$1,835	$55.14	$50.88 - $59.98
Q1 2022	28,053	$2,008	$57.13	$53.28 - $60.07
Q4 2021	28,106	$1,932	$54.83	$51.93 - $57.26
Q3 2021	26,672	$1,859	$53.54	$49.49 - $57.50
Q2 2021	26,572	$1,981	$58.31	$53.71 - $61.48
Q1 2021	39,072	$2,993	$55.58	$48.87 - $62.89
Q4 2020	38,372	$2,521	$46.53	$39.14 - $51.16
Q3 2020	36,545	$2,057	$41.07	$37.95 - $44.23
Q2 2020	36,545	$2,173	$41.89	$34.09 - $49.70
Q1 2020	28,738	$1,447	$44.86	$32.28 - $50.80
Q4 2019	30,538	$2,075	$45.53	$40.31 - $48.49
Q3 2019	28,608	$1,735	$41.15	$38.28 - $43.51
Q2 2019	29,108	$1,737	$41.43	$39.66 - $43.21
Q1 2019	35,208	$2,044	$41.87	$38.62 - $44.45
Q4 2018	35,408	$1,996	$41.75	$37.08 - $44.76
Q3 2018	35,123	$2,319	$45.32	$42.24 - $47.64
Q2 2018	34,523	$2,234	$42.06	$37.87 - $44.27
Q1 2018	34,223	$2,050	$38.29	$35.75 - $40.49
Q4 2017	33,723	$1,883	$36.94	$35.36 - $38.20
Q3 2017	33,641	$1,943	$36.44	$33.70 - $38.30
Q2 2017	36,041	$2,048	$35.70	$33.50 - $37.46
Q1 2017	35,541	$1,996	$36.74	$34.22 - $38.88
Q4 2016	35,141	$2,032	$34.52	$30.44 - $37.99
Q3 2016	33,468	$1,649	$30.95	$29.09 - $32.78
Q2 2016	33,368	$1,598	$29.79	$27.21 - $31.28
Q1 2016	33,168	$1,491	$26.60	$23.59 - $29.10
Q4 2015	33,169	$1,411	$27.58	$25.96 - $29.68
Q3 2015	36,794	$1,676	$27.31	$25.22 - $28.93
Q2 2015	38,094	$1,782	$26.27	$24.55 - $28.52
Q1 2015	37,594	$1,591	$24.60	$23.24 - $25.84
Q4 2014	39,394	$1,713	$24.97	$22.29 - $26.05
Q3 2014	37,423	$1,671	$25.44	$24.59 - $26.46
Q2 2014	38,123	$1,773	$24.54	$23.22 - $26.18
Q1 2014	38,423	$1,784	$24.53	$22.87 - $26.10
Q4 2013	38,123	$1,712	$24.09	$22.29 - $25.01
Q3 2013	35,927	$1,574	$23.25	$21.81 - $24.60
Q2 2013	35,427	$1,543	$21.46	$19.80 - $23.09