PINNACLE WEST CAP CORP

Ticker: PNW CUSIP: 723484101 Class: COM

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

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

Q4 2025

Shares 31,261 Value ($000) $2,773 Avg Close $89.23 Range $86.18 - $93.48

Q3 2025

Shares 32,261 Value ($000) $2,893 Avg Close $88.79 Range $84.44 - $93.47

Q2 2025

Shares 32,461 Value ($000) $2,904 Avg Close $89.32 Range $84.01 - $93.67

Q1 2025

Shares 30,861 Value ($000) $2,940 Avg Close $86.37 Range $78.26 - $93.02

Q4 2024

Shares 30,861 Value ($000) $2,616 Avg Close $84.97 Range $80.67 - $91.67

Q3 2024

Shares 30,961 Value ($000) $2,743 Avg Close $80.90 Range $70.66 - $87.05

Q2 2024

Shares 31,061 Value ($000) $2,372 Avg Close $70.74 Range $65.76 - $74.22

Q1 2024

Shares 31,061 Value ($000) $2,321 Avg Close $65.20 Range $60.62 - $69.54

Q4 2023

Shares 31,061 Value ($000) $2,231 Avg Close $67.20 Range $62.94 - $70.91

Q3 2023

Shares 31,061 Value ($000) $2,289 Avg Close $71.78 Range $66.39 - $77.25

Q2 2023

Shares 31,061 Value ($000) $2,530 Avg Close $71.39 Range $67.35 - $75.96

Q1 2023

Shares 31,061 Value ($000) $2,461 Avg Close $66.77 Range $63.66 - $71.10

Q4 2022

Shares 30,761 Value ($000) $2,339 Avg Close $62.50 Range $51.16 - $70.75

Q3 2022

Shares 30,561 Value ($000) $1,971 Avg Close $63.64 Range $55.76 - $68.03

Q2 2022

Shares 30,361 Value ($000) $2,220 Avg Close $63.84 Range $55.80 - $68.19

Q1 2022

Shares 28,461 Value ($000) $2,223 Avg Close $60.39 Range $56.02 - $66.65

Q4 2021

Shares 28,428 Value ($000) $2,007 Avg Close $55.84 Range $51.86 - $61.46

Q3 2021

Shares 28,328 Value ($000) $2,050 Avg Close $65.26 Range $58.98 - $71.06

Q2 2021

Shares 28,328 Value ($000) $2,322 Avg Close $68.95 Range $65.28 - $72.42

Q1 2021

Shares 28,328 Value ($000) $2,304 Avg Close $62.43 Range $56.60 - $66.33

Q4 2020

Shares 28,328 Value ($000) $2,265 Avg Close $65.83 Range $58.83 - $73.60

Q3 2020

Shares 28,728 Value ($000) $2,142 Avg Close $60.54 Range $54.95 - $66.17

Q2 2020

Shares 28,728 Value ($000) $2,105 Avg Close $59.12 Range $52.33 - $65.86

Q1 2020

Shares 25,787 Value ($000) $1,954 Avg Close $70.35 Range $46.70 - $82.05

Q4 2019

Shares 27,187 Value ($000) $2,445 Avg Close $69.39 Range $65.00 - $74.61

Q3 2019

Shares 26,987 Value ($000) $2,620 Avg Close $71.87 Range $68.70 - $75.42

Q2 2019

Shares 26,887 Value ($000) $2,530 Avg Close $72.15 Range $69.78 - $75.74

Q1 2019

Shares 32,287 Value ($000) $3,086 Avg Close $67.77 Range $60.95 - $73.24

Q4 2018

Shares 32,087 Value ($000) $2,734 Avg Close $64.12 Range $57.80 - $69.17

Q3 2018

Shares 33,387 Value ($000) $2,644 Avg Close $59.27 Range $56.90 - $61.30

Q2 2018

Shares 33,187 Value ($000) $2,674 Avg Close $57.22 Range $53.85 - $59.87

Q1 2018

Shares 32,887 Value ($000) $2,624 Avg Close $56.89 Range $53.69 - $61.68

Q4 2017

Shares 32,787 Value ($000) $2,793 Avg Close $63.49 Range $60.19 - $66.68

Q3 2017

Shares 33,887 Value ($000) $2,865 Avg Close $62.55 Range $59.60 - $65.04

Q2 2017

Shares 36,687 Value ($000) $3,124 Avg Close $61.03 Range $58.21 - $63.58

Q1 2017

Shares 36,587 Value ($000) $3,051 Avg Close $56.18 Range $53.40 - $59.69

Q4 2016

Shares 36,387 Value ($000) $2,839 Avg Close $52.24 Range $49.50 - $55.16

Q3 2016

Shares 38,823 Value ($000) $2,950 Avg Close $53.79 Range $51.20 - $56.86

Q2 2016

Shares 38,623 Value ($000) $3,131 Avg Close $51.08 Range $48.16 - $55.70

Q1 2016

Shares 38,223 Value ($000) $2,869 Avg Close $46.44 Range $42.15 - $51.17

Q4 2015

Shares 37,923 Value ($000) $2,445 Avg Close $42.78 Range $40.93 - $44.75

Q3 2015

Shares 40,023 Value ($000) $2,567 Avg Close $40.69 Range $37.54 - $43.56

Q2 2015

Shares 42,923 Value ($000) $2,442 Avg Close $39.75 Range $37.04 - $42.55

Q1 2015

Shares 42,623 Value ($000) $2,717 Avg Close $43.61 Range $40.31 - $47.62

Q4 2014

Shares 45,523 Value ($000) $3,110 Avg Close $40.25 Range $35.11 - $46.19

Q3 2014

Shares 45,223 Value ($000) $2,471 Avg Close $35.72 Range $33.53 - $37.13

Q2 2014

Shares 45,223 Value ($000) $2,616 Avg Close $35.10 Range $33.77 - $36.96

Q1 2014

Shares 45,023 Value ($000) $2,461 Avg Close $33.65 Range $32.14 - $35.28

Q4 2013

Shares 44,723 Value ($000) $2,367 Avg Close $34.02 Range $32.61 - $36.23

Q3 2013

Shares 44,723 Value ($000) $2,448 Avg Close $34.55 Range $32.11 - $37.02

Q2 2013

Shares 44,623 Value ($000) $2,475 Avg Close $35.40 Range $31.53 - $37.84

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	31,261	$2,773	$89.23	$86.18 - $93.48
Q3 2025	32,261	$2,893	$88.79	$84.44 - $93.47
Q2 2025	32,461	$2,904	$89.32	$84.01 - $93.67
Q1 2025	30,861	$2,940	$86.37	$78.26 - $93.02
Q4 2024	30,861	$2,616	$84.97	$80.67 - $91.67
Q3 2024	30,961	$2,743	$80.90	$70.66 - $87.05
Q2 2024	31,061	$2,372	$70.74	$65.76 - $74.22
Q1 2024	31,061	$2,321	$65.20	$60.62 - $69.54
Q4 2023	31,061	$2,231	$67.20	$62.94 - $70.91
Q3 2023	31,061	$2,289	$71.78	$66.39 - $77.25
Q2 2023	31,061	$2,530	$71.39	$67.35 - $75.96
Q1 2023	31,061	$2,461	$66.77	$63.66 - $71.10
Q4 2022	30,761	$2,339	$62.50	$51.16 - $70.75
Q3 2022	30,561	$1,971	$63.64	$55.76 - $68.03
Q2 2022	30,361	$2,220	$63.84	$55.80 - $68.19
Q1 2022	28,461	$2,223	$60.39	$56.02 - $66.65
Q4 2021	28,428	$2,007	$55.84	$51.86 - $61.46
Q3 2021	28,328	$2,050	$65.26	$58.98 - $71.06
Q2 2021	28,328	$2,322	$68.95	$65.28 - $72.42
Q1 2021	28,328	$2,304	$62.43	$56.60 - $66.33
Q4 2020	28,328	$2,265	$65.83	$58.83 - $73.60
Q3 2020	28,728	$2,142	$60.54	$54.95 - $66.17
Q2 2020	28,728	$2,105	$59.12	$52.33 - $65.86
Q1 2020	25,787	$1,954	$70.35	$46.70 - $82.05
Q4 2019	27,187	$2,445	$69.39	$65.00 - $74.61
Q3 2019	26,987	$2,620	$71.87	$68.70 - $75.42
Q2 2019	26,887	$2,530	$72.15	$69.78 - $75.74
Q1 2019	32,287	$3,086	$67.77	$60.95 - $73.24
Q4 2018	32,087	$2,734	$64.12	$57.80 - $69.17
Q3 2018	33,387	$2,644	$59.27	$56.90 - $61.30
Q2 2018	33,187	$2,674	$57.22	$53.85 - $59.87
Q1 2018	32,887	$2,624	$56.89	$53.69 - $61.68
Q4 2017	32,787	$2,793	$63.49	$60.19 - $66.68
Q3 2017	33,887	$2,865	$62.55	$59.60 - $65.04
Q2 2017	36,687	$3,124	$61.03	$58.21 - $63.58
Q1 2017	36,587	$3,051	$56.18	$53.40 - $59.69
Q4 2016	36,387	$2,839	$52.24	$49.50 - $55.16
Q3 2016	38,823	$2,950	$53.79	$51.20 - $56.86
Q2 2016	38,623	$3,131	$51.08	$48.16 - $55.70
Q1 2016	38,223	$2,869	$46.44	$42.15 - $51.17
Q4 2015	37,923	$2,445	$42.78	$40.93 - $44.75
Q3 2015	40,023	$2,567	$40.69	$37.54 - $43.56
Q2 2015	42,923	$2,442	$39.75	$37.04 - $42.55
Q1 2015	42,623	$2,717	$43.61	$40.31 - $47.62
Q4 2014	45,523	$3,110	$40.25	$35.11 - $46.19
Q3 2014	45,223	$2,471	$35.72	$33.53 - $37.13
Q2 2014	45,223	$2,616	$35.10	$33.77 - $36.96
Q1 2014	45,023	$2,461	$33.65	$32.14 - $35.28
Q4 2013	44,723	$2,367	$34.02	$32.61 - $36.23
Q3 2013	44,723	$2,448	$34.55	$32.11 - $37.02
Q2 2013	44,623	$2,475	$35.40	$31.53 - $37.84