MASTERCARD INCORPORATED

Ticker: MA CUSIP: 57636Q104 Class: Common Stock

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

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

Q4 2025

Shares 241,581 Value ($000) $137,914 Avg Close $558.95 Range $524.70 - $585.31

Q3 2025

Shares 254,781 Value ($000) $144,922 Avg Close $573.47 Range $545.13 - $600.98

Q2 2025

Shares 252,081 Value ($000) $141,654 Avg Close $551.47 Range $463.61 - $593.12

Q1 2025

Shares 255,781 Value ($000) $140,199 Avg Close $542.01 Range $497.80 - $579.76

Q4 2024

Shares 257,281 Value ($000) $135,476 Avg Close $514.68 Range $486.24 - $534.63

Q3 2024

Shares 258,581 Value ($000) $127,687 Avg Close $461.72 Range $425.84 - $498.27

Q2 2024

Shares 277,581 Value ($000) $122,458 Avg Close $451.62 Range $433.19 - $478.53

Q1 2024

Shares 325,981 Value ($000) $156,983 Avg Close $452.59 Range $412.22 - $485.16

Q4 2023

Shares 362,181 Value ($000) $154,474 Avg Close $397.11 Range $355.66 - $423.46

Q3 2023

Shares 362,781 Value ($000) $143,629 Avg Close $396.22 Range $381.45 - $413.22

Q2 2023

Shares 374,681 Value ($000) $147,362 Avg Close $369.85 Range $350.88 - $389.52

Q1 2023

Shares 369,181 Value ($000) $134,164 Avg Close $357.45 Range $334.82 - $383.83

Q4 2022

Shares 368,181 Value ($000) $128,028 Avg Close $323.40 Range $272.05 - $362.83

Q3 2022

Shares 367,981 Value ($000) $104,632 Avg Close $325.17 Range $276.34 - $355.07

Q2 2022

Shares 369,148 Value ($000) $116,459 Avg Close $337.29 Range $297.42 - $374.14

Q1 2022

Shares 337,181 Value ($000) $120,502 Avg Close $351.61 Range $298.93 - $391.17

Q4 2021

Shares 335,404 Value ($000) $120,517 Avg Close $337.80 Range $298.92 - $362.54

Q3 2021

Shares 286,364 Value ($000) $99,563 Avg Close $354.74 Range $327.44 - $385.64

Q2 2021

Shares 307,464 Value ($000) $112,252 Avg Close $362.28 Range $345.76 - $391.25

Q1 2021

Shares 308,564 Value ($000) $109,864 Avg Close $339.57 Range $304.04 - $379.11

Q4 2020

Shares 329,764 Value ($000) $117,706 Avg Close $323.35 Range $273.35 - $349.38

Q3 2020

Shares 373,564 Value ($000) $126,328 Avg Close $315.67 Range $280.27 - $356.58

Q2 2020

Shares 364,764 Value ($000) $107,861 Avg Close $273.34 Range $219.87 - $306.47

Q1 2020

Shares 342,528 Value ($000) $82,741 Avg Close $287.82 Range $193.62 - $336.19

Q4 2019

Shares 339,228 Value ($000) $101,290 Avg Close $272.58 Range $249.95 - $291.54

Q3 2019

Shares 339,128 Value ($000) $92,097 Avg Close $266.10 Range $245.19 - $283.62

Q2 2019

Shares 339,628 Value ($000) $89,842 Avg Close $241.35 Range $224.85 - $260.28

Q1 2019

Shares 384,628 Value ($000) $90,561 Avg Close $207.20 Range $174.02 - $228.35

Q4 2018

Shares 384,628 Value ($000) $72,560 Avg Close $190.92 Range $165.28 - $216.43

Q3 2018

Shares 281,778 Value ($000) $62,727 Avg Close $200.34 Range $186.80 - $215.48

Q2 2018

Shares 278,978 Value ($000) $54,825 Avg Close $180.31 Range $160.86 - $195.68

Q1 2018

Shares 271,828 Value ($000) $47,613 Avg Close $163.70 Range $144.52 - $175.98

Q4 2017

Shares 272,228 Value ($000) $41,204 Avg Close $142.19 Range $134.47 - $147.90

Q3 2017

Shares 283,328 Value ($000) $40,006 Avg Close $126.35 Range $115.06 - $137.11

Q2 2017

Shares 434,628 Value ($000) $52,786 Avg Close $113.06 Range $105.80 - $120.27

Q1 2017

Shares 435,828 Value ($000) $49,018 Avg Close $104.26 Range $98.83 - $107.97

Q4 2016

Shares 445,628 Value ($000) $46,011 Avg Close $98.27 Range $94.46 - $103.40

Q3 2016

Shares 342,600 Value ($000) $34,866 Avg Close $90.84 Range $82.10 - $96.94

Q2 2016

Shares 509,700 Value ($000) $44,884 Avg Close $90.26 Range $82.81 - $94.54

Q1 2016

Shares 343,000 Value ($000) $32,414 Avg Close $83.42 Range $74.09 - $90.24

Q4 2015

Shares 344,100 Value ($000) $33,502 Avg Close $92.19 Range $83.59 - $95.82

Q3 2015

Shares 365,100 Value ($000) $32,903 Avg Close $88.30 Range $70.14 - $93.23

Q2 2015

Shares 381,300 Value ($000) $35,644 Avg Close $86.11 Range $79.97 - $90.38

Q1 2015

Shares 376,600 Value ($000) $32,534 Avg Close $81.25 Range $74.77 - $87.12

Q4 2014

Shares 403,600 Value ($000) $34,774 Avg Close $76.31 Range $65.11 - $84.02

Q3 2014

Shares 403,500 Value ($000) $29,827 Avg Close $71.09 Range $68.75 - $73.96

Q2 2014

Shares 411,700 Value ($000) $30,248 Avg Close $69.24 Range $64.02 - $72.61

Q1 2014

Shares 416,500 Value ($000) $31,113 Avg Close $72.72 Range $66.78 - $78.88

Q4 2013

Shares 42,120 Value ($000) $35,190 Avg Close $69.03 Range $60.18 - $78.03

Q3 2013

Shares 42,220 Value ($000) $28,405 Avg Close $58.30 Range $52.66 - $64.55

Q2 2013

Shares 42,420 Value ($000) $24,370 Avg Close $51.54 Range $48.11 - $54.91

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	241,581	$137,914	$558.95	$524.70 - $585.31
Q3 2025	254,781	$144,922	$573.47	$545.13 - $600.98
Q2 2025	252,081	$141,654	$551.47	$463.61 - $593.12
Q1 2025	255,781	$140,199	$542.01	$497.80 - $579.76
Q4 2024	257,281	$135,476	$514.68	$486.24 - $534.63
Q3 2024	258,581	$127,687	$461.72	$425.84 - $498.27
Q2 2024	277,581	$122,458	$451.62	$433.19 - $478.53
Q1 2024	325,981	$156,983	$452.59	$412.22 - $485.16
Q4 2023	362,181	$154,474	$397.11	$355.66 - $423.46
Q3 2023	362,781	$143,629	$396.22	$381.45 - $413.22
Q2 2023	374,681	$147,362	$369.85	$350.88 - $389.52
Q1 2023	369,181	$134,164	$357.45	$334.82 - $383.83
Q4 2022	368,181	$128,028	$323.40	$272.05 - $362.83
Q3 2022	367,981	$104,632	$325.17	$276.34 - $355.07
Q2 2022	369,148	$116,459	$337.29	$297.42 - $374.14
Q1 2022	337,181	$120,502	$351.61	$298.93 - $391.17
Q4 2021	335,404	$120,517	$337.80	$298.92 - $362.54
Q3 2021	286,364	$99,563	$354.74	$327.44 - $385.64
Q2 2021	307,464	$112,252	$362.28	$345.76 - $391.25
Q1 2021	308,564	$109,864	$339.57	$304.04 - $379.11
Q4 2020	329,764	$117,706	$323.35	$273.35 - $349.38
Q3 2020	373,564	$126,328	$315.67	$280.27 - $356.58
Q2 2020	364,764	$107,861	$273.34	$219.87 - $306.47
Q1 2020	342,528	$82,741	$287.82	$193.62 - $336.19
Q4 2019	339,228	$101,290	$272.58	$249.95 - $291.54
Q3 2019	339,128	$92,097	$266.10	$245.19 - $283.62
Q2 2019	339,628	$89,842	$241.35	$224.85 - $260.28
Q1 2019	384,628	$90,561	$207.20	$174.02 - $228.35
Q4 2018	384,628	$72,560	$190.92	$165.28 - $216.43
Q3 2018	281,778	$62,727	$200.34	$186.80 - $215.48
Q2 2018	278,978	$54,825	$180.31	$160.86 - $195.68
Q1 2018	271,828	$47,613	$163.70	$144.52 - $175.98
Q4 2017	272,228	$41,204	$142.19	$134.47 - $147.90
Q3 2017	283,328	$40,006	$126.35	$115.06 - $137.11
Q2 2017	434,628	$52,786	$113.06	$105.80 - $120.27
Q1 2017	435,828	$49,018	$104.26	$98.83 - $107.97
Q4 2016	445,628	$46,011	$98.27	$94.46 - $103.40
Q3 2016	342,600	$34,866	$90.84	$82.10 - $96.94
Q2 2016	509,700	$44,884	$90.26	$82.81 - $94.54
Q1 2016	343,000	$32,414	$83.42	$74.09 - $90.24
Q4 2015	344,100	$33,502	$92.19	$83.59 - $95.82
Q3 2015	365,100	$32,903	$88.30	$70.14 - $93.23
Q2 2015	381,300	$35,644	$86.11	$79.97 - $90.38
Q1 2015	376,600	$32,534	$81.25	$74.77 - $87.12
Q4 2014	403,600	$34,774	$76.31	$65.11 - $84.02
Q3 2014	403,500	$29,827	$71.09	$68.75 - $73.96
Q2 2014	411,700	$30,248	$69.24	$64.02 - $72.61
Q1 2014	416,500	$31,113	$72.72	$66.78 - $78.88
Q4 2013	42,120	$35,190	$69.03	$60.18 - $78.03
Q3 2013	42,220	$28,405	$58.30	$52.66 - $64.55
Q2 2013	42,420	$24,370	$51.54	$48.11 - $54.91