INTERNATIONAL BUSINESS MACHS

Ticker: IBM CUSIP: 459200101 Class: COM

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

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

Q4 2025

Shares 244,740 Value ($000) $72,494 Avg Close $298.78 Range $262.11 - $324.90

Q3 2025

Shares 251,940 Value ($000) $71,087 Avg Close $259.55 Range $232.08 - $292.01

Q2 2025

Shares 252,740 Value ($000) $74,503 Avg Close $253.82 Range $210.49 - $292.56

Q1 2025

Shares 290,986 Value ($000) $72,357 Avg Close $239.40 Range $209.20 - $261.47

Q4 2024

Shares 291,086 Value ($000) $63,989 Avg Close $216.31 Range $196.83 - $233.32

Q3 2024

Shares 293,186 Value ($000) $64,818 Avg Close $188.97 Range $166.24 - $216.80

Q2 2024

Shares 293,886 Value ($000) $50,828 Avg Close $165.85 Range $154.39 - $183.50

Q1 2024

Shares 289,986 Value ($000) $55,376 Avg Close $172.56 Range $148.54 - $189.10

Q4 2023

Shares 289,286 Value ($000) $47,313 Avg Close $141.50 Range $126.39 - $156.49

Q3 2023

Shares 287,586 Value ($000) $40,348 Avg Close $131.75 Range $120.98 - $141.33

Q2 2023

Shares 294,486 Value ($000) $39,405 Avg Close $118.05 Range $110.47 - $128.27

Q1 2023

Shares 290,786 Value ($000) $38,119 Avg Close $120.73 Range $110.43 - $131.92

Q4 2022

Shares 288,286 Value ($000) $40,617 Avg Close $123.05 Range $102.35 - $137.32

Q3 2022

Shares 289,786 Value ($000) $34,429 Avg Close $115.64 Range $105.06 - $124.09

Q2 2022

Shares 287,986 Value ($000) $40,661 Avg Close $117.50 Range $107.95 - $126.60

Q1 2022

Shares 287,186 Value ($000) $37,340 Avg Close $112.10 Range $102.68 - $121.43

Q4 2021

Shares 286,769 Value ($000) $38,330 Avg Close $106.49 Range $97.83 - $117.62

Q3 2021

Shares 246,823 Value ($000) $34,291 Avg Close $112.12 Range $106.97 - $117.48

Q2 2021

Shares 246,423 Value ($000) $36,123 Avg Close $113.44 Range $102.70 - $121.73

Q1 2021

Shares 550,123 Value ($000) $73,309 Avg Close $98.07 Range $91.22 - $107.97

Q4 2020

Shares 549,923 Value ($000) $69,224 Avg Close $93.41 Range $81.15 - $103.82

Q3 2020

Shares 555,723 Value ($000) $67,615 Avg Close $93.86 Range $87.12 - $99.96

Q2 2020

Shares 526,723 Value ($000) $63,612 Avg Close $91.40 Range $78.00 - $102.76

Q1 2020

Shares 202,987 Value ($000) $22,517 Avg Close $98.28 Range $67.58 - $117.24

Q4 2019

Shares 214,187 Value ($000) $28,710 Avg Close $99.90 Range $95.55 - $107.55

Q3 2019

Shares 588,087 Value ($000) $85,520 Avg Close $102.47 Range $94.04 - $110.34

Q2 2019

Shares 587,387 Value ($000) $81,001 Avg Close $98.62 Range $91.51 - $103.66

Q1 2019

Shares 631,587 Value ($000) $89,117 Avg Close $94.64 Range $78.71 - $101.33

Q4 2018

Shares 635,287 Value ($000) $72,213 Avg Close $87.95 Range $74.66 - $107.42

Q3 2018

Shares 480,487 Value ($000) $72,654 Avg Close $101.25 Range $95.14 - $106.71

Q2 2018

Shares 461,287 Value ($000) $64,442 Avg Close $99.95 Range $94.63 - $110.30

Q1 2018

Shares 460,687 Value ($000) $70,683 Avg Close $107.30 Range $98.32 - $115.38

Q4 2017

Shares 460,887 Value ($000) $70,709 Avg Close $102.11 Range $96.94 - $108.49

Q3 2017

Shares 471,487 Value ($000) $68,403 Avg Close $96.87 Range $92.88 - $103.07

Q2 2017

Shares 288,987 Value ($000) $44,455 Avg Close $103.77 Range $98.95 - $115.36

Q1 2017

Shares 289,887 Value ($000) $50,481 Avg Close $114.39 Range $107.32 - $119.58

Q4 2016

Shares 290,987 Value ($000) $48,301 Avg Close $103.05 Range $95.06 - $110.31

Q3 2016

Shares 480,035 Value ($000) $76,254 Avg Close $101.76 Range $95.61 - $106.13

Q2 2016

Shares 483,335 Value ($000) $73,361 Avg Close $95.13 Range $90.08 - $99.15

Q1 2016

Shares 501,435 Value ($000) $75,942 Avg Close $84.07 Range $73.78 - $96.70

Q4 2015

Shares 524,835 Value ($000) $72,228 Avg Close $87.52 Range $82.31 - $94.87

Q3 2015

Shares 517,735 Value ($000) $75,056 Avg Close $95.35 Range $87.10 - $106.76

Q2 2015

Shares 547,135 Value ($000) $88,997 Avg Close $102.99 Range $96.57 - $107.49

Q1 2015

Shares 584,535 Value ($000) $93,818 Avg Close $96.47 Range $90.53 - $100.82

Q4 2014

Shares 586,935 Value ($000) $94,168 Avg Close $100.47 Range $91.12 - $114.79

Q3 2014

Shares 1,277,035 Value ($000) $242,420 Avg Close $114.33 Range $108.62 - $117.41

Q2 2014

Shares 921,535 Value ($000) $167,047 Avg Close $112.28 Range $107.17 - $118.40

Q1 2014

Shares 903,335 Value ($000) $173,883 Avg Close $109.22 Range $101.79 - $116.27

Q4 2013

Shares 904,735 Value ($000) $169,701 Avg Close $106.40 Range $101.46 - $111.01

Q3 2013

Shares 485,635 Value ($000) $89,930 Avg Close $111.55 Range $106.48 - $117.56

Q2 2013

Shares 485,635 Value ($000) $92,810 Avg Close $118.94 Range $109.29 - $125.13

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	244,740	$72,494	$298.78	$262.11 - $324.90
Q3 2025	251,940	$71,087	$259.55	$232.08 - $292.01
Q2 2025	252,740	$74,503	$253.82	$210.49 - $292.56
Q1 2025	290,986	$72,357	$239.40	$209.20 - $261.47
Q4 2024	291,086	$63,989	$216.31	$196.83 - $233.32
Q3 2024	293,186	$64,818	$188.97	$166.24 - $216.80
Q2 2024	293,886	$50,828	$165.85	$154.39 - $183.50
Q1 2024	289,986	$55,376	$172.56	$148.54 - $189.10
Q4 2023	289,286	$47,313	$141.50	$126.39 - $156.49
Q3 2023	287,586	$40,348	$131.75	$120.98 - $141.33
Q2 2023	294,486	$39,405	$118.05	$110.47 - $128.27
Q1 2023	290,786	$38,119	$120.73	$110.43 - $131.92
Q4 2022	288,286	$40,617	$123.05	$102.35 - $137.32
Q3 2022	289,786	$34,429	$115.64	$105.06 - $124.09
Q2 2022	287,986	$40,661	$117.50	$107.95 - $126.60
Q1 2022	287,186	$37,340	$112.10	$102.68 - $121.43
Q4 2021	286,769	$38,330	$106.49	$97.83 - $117.62
Q3 2021	246,823	$34,291	$112.12	$106.97 - $117.48
Q2 2021	246,423	$36,123	$113.44	$102.70 - $121.73
Q1 2021	550,123	$73,309	$98.07	$91.22 - $107.97
Q4 2020	549,923	$69,224	$93.41	$81.15 - $103.82
Q3 2020	555,723	$67,615	$93.86	$87.12 - $99.96
Q2 2020	526,723	$63,612	$91.40	$78.00 - $102.76
Q1 2020	202,987	$22,517	$98.28	$67.58 - $117.24
Q4 2019	214,187	$28,710	$99.90	$95.55 - $107.55
Q3 2019	588,087	$85,520	$102.47	$94.04 - $110.34
Q2 2019	587,387	$81,001	$98.62	$91.51 - $103.66
Q1 2019	631,587	$89,117	$94.64	$78.71 - $101.33
Q4 2018	635,287	$72,213	$87.95	$74.66 - $107.42
Q3 2018	480,487	$72,654	$101.25	$95.14 - $106.71
Q2 2018	461,287	$64,442	$99.95	$94.63 - $110.30
Q1 2018	460,687	$70,683	$107.30	$98.32 - $115.38
Q4 2017	460,887	$70,709	$102.11	$96.94 - $108.49
Q3 2017	471,487	$68,403	$96.87	$92.88 - $103.07
Q2 2017	288,987	$44,455	$103.77	$98.95 - $115.36
Q1 2017	289,887	$50,481	$114.39	$107.32 - $119.58
Q4 2016	290,987	$48,301	$103.05	$95.06 - $110.31
Q3 2016	480,035	$76,254	$101.76	$95.61 - $106.13
Q2 2016	483,335	$73,361	$95.13	$90.08 - $99.15
Q1 2016	501,435	$75,942	$84.07	$73.78 - $96.70
Q4 2015	524,835	$72,228	$87.52	$82.31 - $94.87
Q3 2015	517,735	$75,056	$95.35	$87.10 - $106.76
Q2 2015	547,135	$88,997	$102.99	$96.57 - $107.49
Q1 2015	584,535	$93,818	$96.47	$90.53 - $100.82
Q4 2014	586,935	$94,168	$100.47	$91.12 - $114.79
Q3 2014	1,277,035	$242,420	$114.33	$108.62 - $117.41
Q2 2014	921,535	$167,047	$112.28	$107.17 - $118.40
Q1 2014	903,335	$173,883	$109.22	$101.79 - $116.27
Q4 2013	904,735	$169,701	$106.40	$101.46 - $111.01
Q3 2013	485,635	$89,930	$111.55	$106.48 - $117.56
Q2 2013	485,635	$92,810	$118.94	$109.29 - $125.13