GALLAGHER ARTHUR J & CO

Ticker: AJG CUSIP: 363576109 Class: COM

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

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

Q4 2025

Shares 67,187 Value ($000) $17,387 Avg Close $264.22 Range $236.34 - $312.72

Q3 2025

Shares 69,287 Value ($000) $21,461 Avg Close $300.20 Range $276.20 - $321.70

Q2 2025

Shares 69,587 Value ($000) $22,276 Avg Close $327.56 Range $299.17 - $348.85

Q1 2025

Shares 68,987 Value ($000) $23,817 Avg Close $313.31 Range $273.17 - $344.60

Q4 2024

Shares 67,787 Value ($000) $19,241 Avg Close $288.06 Range $274.49 - $313.35

Q3 2024

Shares 59,687 Value ($000) $16,794 Avg Close $278.61 Range $254.32 - $297.84

Q2 2024

Shares 59,887 Value ($000) $15,529 Avg Close $244.50 Range $226.63 - $263.02

Q1 2024

Shares 59,387 Value ($000) $14,849 Avg Close $236.41 Range $219.54 - $252.26

Q4 2023

Shares 59,087 Value ($000) $13,287 Avg Close $232.39 Range $214.82 - $249.02

Q3 2023

Shares 59,087 Value ($000) $13,468 Avg Close $219.09 Range $207.73 - $232.98

Q2 2023

Shares 58,887 Value ($000) $12,930 Avg Close $203.16 Range $185.32 - $215.79

Q1 2023

Shares 58,287 Value ($000) $11,151 Avg Close $184.71 Range $170.15 - $196.81

Q4 2022

Shares 57,287 Value ($000) $10,801 Avg Close $181.58 Range $163.94 - $195.97

Q3 2022

Shares 56,887 Value ($000) $9,740 Avg Close $171.86 Range $155.35 - $185.72

Q2 2022

Shares 56,787 Value ($000) $9,259 Avg Close $160.18 Range $143.39 - $180.33

Q1 2022

Shares 52,587 Value ($000) $9,182 Avg Close $153.40 Range $141.59 - $170.78

Q4 2021

Shares 52,154 Value ($000) $8,849 Avg Close $156.75 Range $142.44 - $164.55

Q3 2021

Shares 51,954 Value ($000) $7,723 Avg Close $136.81 Range $129.42 - $147.92

Q2 2021

Shares 51,554 Value ($000) $7,222 Avg Close $134.67 Range $118.24 - $146.63

Q1 2021

Shares 48,654 Value ($000) $6,071 Avg Close $114.59 Range $107.07 - $122.80

Q4 2020

Shares 48,354 Value ($000) $5,982 Avg Close $107.71 Range $96.30 - $122.43

Q3 2020

Shares 48,854 Value ($000) $5,158 Avg Close $97.68 Range $90.30 - $102.85

Q2 2020

Shares 48,454 Value ($000) $4,724 Avg Close $83.03 Range $68.97 - $96.18

Q1 2020

Shares 42,752 Value ($000) $3,485 Avg Close $89.38 Range $60.94 - $102.05

Q4 2019

Shares 45,152 Value ($000) $4,300 Avg Close $85.11 Range $79.19 - $89.69

Q3 2019

Shares 44,752 Value ($000) $4,008 Avg Close $83.14 Range $79.33 - $85.65

Q2 2019

Shares 44,352 Value ($000) $3,885 Avg Close $76.79 Range $71.30 - $81.81

Q1 2019

Shares 53,052 Value ($000) $4,143 Avg Close $70.56 Range $64.39 - $74.18

Q4 2018

Shares 52,552 Value ($000) $3,873 Avg Close $67.97 Range $62.33 - $71.85

Q3 2018

Shares 54,452 Value ($000) $4,053 Avg Close $64.92 Range $58.77 - $69.54

Q2 2018

Shares 53,952 Value ($000) $3,522 Avg Close $60.98 Range $58.35 - $63.75

Q1 2018

Shares 53,452 Value ($000) $3,674 Avg Close $60.39 Range $55.42 - $65.39

Q4 2017

Shares 52,952 Value ($000) $3,351 Avg Close $56.83 Range $54.05 - $60.12

Q3 2017

Shares 54,652 Value ($000) $3,364 Avg Close $52.01 Range $49.57 - $54.94

Q2 2017

Shares 58,952 Value ($000) $3,375 Avg Close $49.64 Range $47.74 - $52.14

Q1 2017

Shares 58,652 Value ($000) $3,316 Avg Close $48.08 Range $45.07 - $50.65

Q4 2016

Shares 58,152 Value ($000) $3,022 Avg Close $43.55 Range $40.73 - $45.38

Q3 2016

Shares 61,800 Value ($000) $3,144 Avg Close $42.42 Range $40.40 - $44.25

Q2 2016

Shares 61,500 Value ($000) $2,927 Avg Close $39.55 Range $36.70 - $41.44

Q1 2016

Shares 70,700 Value ($000) $3,145 Avg Close $33.74 Range $30.29 - $37.98

Q4 2015

Shares 69,900 Value ($000) $2,862 Avg Close $35.98 Range $33.21 - $37.20

Q3 2015

Shares 79,000 Value ($000) $3,261 Avg Close $37.63 Range $33.11 - $40.01

Q2 2015

Shares 76,500 Value ($000) $3,618 Avg Close $39.66 Range $38.04 - $40.98

Q1 2015

Shares 74,700 Value ($000) $3,492 Avg Close $38.18 Range $36.06 - $39.70

Q4 2014

Shares 76,800 Value ($000) $3,616 Avg Close $38.03 Range $35.07 - $40.13

Q3 2014

Shares 75,400 Value ($000) $3,420 Avg Close $37.00 Range $35.50 - $38.49

Q2 2014

Shares 74,000 Value ($000) $3,448 Avg Close $36.40 Range $34.22 - $38.53

Q1 2014

Shares 63,000 Value ($000) $2,998 Avg Close $36.99 Range $34.79 - $39.33

Q4 2013

Shares 61,600 Value ($000) $2,891 Avg Close $36.51 Range $34.17 - $38.03

Q3 2013

Shares 59,500 Value ($000) $2,597 Avg Close $34.24 Range $32.24 - $35.69

Q2 2013

Shares 58,300 Value ($000) $2,547 Avg Close $33.49 Range $31.26 - $35.40

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	67,187	$17,387	$264.22	$236.34 - $312.72
Q3 2025	69,287	$21,461	$300.20	$276.20 - $321.70
Q2 2025	69,587	$22,276	$327.56	$299.17 - $348.85
Q1 2025	68,987	$23,817	$313.31	$273.17 - $344.60
Q4 2024	67,787	$19,241	$288.06	$274.49 - $313.35
Q3 2024	59,687	$16,794	$278.61	$254.32 - $297.84
Q2 2024	59,887	$15,529	$244.50	$226.63 - $263.02
Q1 2024	59,387	$14,849	$236.41	$219.54 - $252.26
Q4 2023	59,087	$13,287	$232.39	$214.82 - $249.02
Q3 2023	59,087	$13,468	$219.09	$207.73 - $232.98
Q2 2023	58,887	$12,930	$203.16	$185.32 - $215.79
Q1 2023	58,287	$11,151	$184.71	$170.15 - $196.81
Q4 2022	57,287	$10,801	$181.58	$163.94 - $195.97
Q3 2022	56,887	$9,740	$171.86	$155.35 - $185.72
Q2 2022	56,787	$9,259	$160.18	$143.39 - $180.33
Q1 2022	52,587	$9,182	$153.40	$141.59 - $170.78
Q4 2021	52,154	$8,849	$156.75	$142.44 - $164.55
Q3 2021	51,954	$7,723	$136.81	$129.42 - $147.92
Q2 2021	51,554	$7,222	$134.67	$118.24 - $146.63
Q1 2021	48,654	$6,071	$114.59	$107.07 - $122.80
Q4 2020	48,354	$5,982	$107.71	$96.30 - $122.43
Q3 2020	48,854	$5,158	$97.68	$90.30 - $102.85
Q2 2020	48,454	$4,724	$83.03	$68.97 - $96.18
Q1 2020	42,752	$3,485	$89.38	$60.94 - $102.05
Q4 2019	45,152	$4,300	$85.11	$79.19 - $89.69
Q3 2019	44,752	$4,008	$83.14	$79.33 - $85.65
Q2 2019	44,352	$3,885	$76.79	$71.30 - $81.81
Q1 2019	53,052	$4,143	$70.56	$64.39 - $74.18
Q4 2018	52,552	$3,873	$67.97	$62.33 - $71.85
Q3 2018	54,452	$4,053	$64.92	$58.77 - $69.54
Q2 2018	53,952	$3,522	$60.98	$58.35 - $63.75
Q1 2018	53,452	$3,674	$60.39	$55.42 - $65.39
Q4 2017	52,952	$3,351	$56.83	$54.05 - $60.12
Q3 2017	54,652	$3,364	$52.01	$49.57 - $54.94
Q2 2017	58,952	$3,375	$49.64	$47.74 - $52.14
Q1 2017	58,652	$3,316	$48.08	$45.07 - $50.65
Q4 2016	58,152	$3,022	$43.55	$40.73 - $45.38
Q3 2016	61,800	$3,144	$42.42	$40.40 - $44.25
Q2 2016	61,500	$2,927	$39.55	$36.70 - $41.44
Q1 2016	70,700	$3,145	$33.74	$30.29 - $37.98
Q4 2015	69,900	$2,862	$35.98	$33.21 - $37.20
Q3 2015	79,000	$3,261	$37.63	$33.11 - $40.01
Q2 2015	76,500	$3,618	$39.66	$38.04 - $40.98
Q1 2015	74,700	$3,492	$38.18	$36.06 - $39.70
Q4 2014	76,800	$3,616	$38.03	$35.07 - $40.13
Q3 2014	75,400	$3,420	$37.00	$35.50 - $38.49
Q2 2014	74,000	$3,448	$36.40	$34.22 - $38.53
Q1 2014	63,000	$2,998	$36.99	$34.79 - $39.33
Q4 2013	61,600	$2,891	$36.51	$34.17 - $38.03
Q3 2013	59,500	$2,597	$34.24	$32.24 - $35.69
Q2 2013	58,300	$2,547	$33.49	$31.26 - $35.40