RAYMOND JAMES FINL INC

Ticker: RJF CUSIP: 754730109 Class: COM

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

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

Q4 2025

Shares 48,044 Value ($000) $7,715 Avg Close $160.93 Range $150.18 - $172.42

Q3 2025

Shares 50,644 Value ($000) $8,741 Avg Close $164.67 Range $150.75 - $176.55

Q2 2025

Shares 52,044 Value ($000) $7,982 Avg Close $141.83 Range $116.45 - $153.30

Q1 2025

Shares 50,044 Value ($000) $6,952 Avg Close $153.20 Range $133.32 - $172.04

Q4 2024

Shares 49,644 Value ($000) $7,711 Avg Close $148.59 Range $118.47 - $168.60

Q3 2024

Shares 50,444 Value ($000) $6,177 Avg Close $114.48 Range $102.17 - $123.30

Q2 2024

Shares 51,044 Value ($000) $6,310 Avg Close $120.53 Range $112.36 - $128.12

Q1 2024

Shares 51,544 Value ($000) $6,619 Avg Close $113.40 Range $103.88 - $125.71

Q4 2023

Shares 51,444 Value ($000) $5,736 Avg Close $99.79 Range $88.85 - $111.22

Q3 2023

Shares 51,544 Value ($000) $5,177 Avg Close $102.14 Range $95.46 - $107.73

Q2 2023

Shares 52,444 Value ($000) $5,442 Avg Close $89.26 Range $78.83 - $100.63

Q1 2023

Shares 53,244 Value ($000) $4,966 Avg Close $101.38 Range $81.63 - $115.53

Q4 2022

Shares 52,644 Value ($000) $5,625 Avg Close $106.98 Range $92.69 - $120.10

Q3 2022

Shares 52,544 Value ($000) $5,192 Avg Close $96.20 Range $81.65 - $105.83

Q2 2022

Shares 52,544 Value ($000) $4,698 Avg Close $92.74 Range $80.31 - $109.02

Q1 2022

Shares 47,144 Value ($000) $5,182 Avg Close $99.95 Range $86.39 - $110.73

Q4 2021

Shares 46,652 Value ($000) $4,684 Avg Close $92.93 Range $86.67 - $97.28

Q3 2021

Shares 46,553 Value ($000) $4,296 Avg Close $83.99 Range $76.84 - $89.47

Q2 2021

Shares 30,735 Value ($000) $3,992 Avg Close $81.39 Range $76.27 - $86.35

Q1 2021

Shares 30,735 Value ($000) $3,767 Avg Close $69.45 Range $57.79 - $77.60

Q4 2020

Shares 30,635 Value ($000) $2,931 Avg Close $53.12 Range $44.10 - $59.93

Q3 2020

Shares 31,135 Value ($000) $2,265 Avg Close $44.70 Range $40.00 - $48.55

Q2 2020

Shares 31,135 Value ($000) $2,143 Avg Close $41.37 Range $34.63 - $52.54

Q1 2020

Shares 28,300 Value ($000) $1,789 Avg Close $51.50 Range $33.00 - $62.36

Q4 2019

Shares 29,900 Value ($000) $2,675 Avg Close $52.49 Range $45.73 - $55.67

Q3 2019

Shares 29,700 Value ($000) $2,449 Avg Close $49.20 Range $44.03 - $53.07

Q2 2019

Shares 30,300 Value ($000) $2,562 Avg Close $51.40 Range $47.79 - $55.31

Q1 2019

Shares 36,600 Value ($000) $2,943 Avg Close $48.09 Range $42.74 - $51.20

Q4 2018

Shares 36,900 Value ($000) $2,746 Avg Close $47.62 Range $41.18 - $57.27

Q3 2018

Shares 39,100 Value ($000) $3,599 Avg Close $54.90 Range $52.01 - $57.99

Q2 2018

Shares 38,400 Value ($000) $3,431 Avg Close $55.11 Range $49.67 - $60.49

Q1 2018

Shares 38,200 Value ($000) $3,415 Avg Close $55.10 Range $49.81 - $58.60

Q4 2017

Shares 37,700 Value ($000) $3,367 Avg Close $50.88 Range $48.21 - $53.74

Q3 2017

Shares 38,900 Value ($000) $3,280 Avg Close $47.50 Range $43.53 - $50.48

Q2 2017

Shares 42,100 Value ($000) $3,377 Avg Close $44.22 Range $41.78 - $48.49

Q1 2017

Shares 42,000 Value ($000) $3,203 Avg Close $44.57 Range $40.34 - $47.83

Q4 2016

Shares 50,925 Value ($000) $3,528 Avg Close $38.59 Range $32.95 - $43.48

Q3 2016

Shares 50,725 Value ($000) $2,953 Avg Close $32.06 Range $26.85 - $34.20

Q2 2016

Shares 50,525 Value ($000) $2,491 Avg Close $29.63 Range $25.54 - $32.74

Q1 2016

Shares 51,125 Value ($000) $2,434 Avg Close $26.48 Range $22.91 - $32.60

Q4 2015

Shares 50,325 Value ($000) $2,917 Avg Close $32.04 Range $26.29 - $34.28

Q3 2015

Shares 58,425 Value ($000) $2,900 Avg Close $31.75 Range $27.57 - $35.30

Q2 2015

Shares 58,325 Value ($000) $3,475 Avg Close $33.20 Range $31.31 - $34.99

Q1 2015

Shares 57,625 Value ($000) $3,272 Avg Close $31.81 Range $28.93 - $33.92

Q4 2014

Shares 59,925 Value ($000) $3,433 Avg Close $31.14 Range $27.19 - $32.96

Q3 2014

Shares 59,625 Value ($000) $3,195 Avg Close $29.62 Range $27.59 - $31.94

Q2 2014

Shares 58,525 Value ($000) $2,969 Avg Close $28.16 Range $26.71 - $31.67

Q1 2014

Shares 58,325 Value ($000) $3,262 Avg Close $29.40 Range $26.98 - $31.57

Q4 2013

Shares 57,725 Value ($000) $3,013 Avg Close $25.99 Range $22.36 - $29.33

Q3 2013

Shares 57,325 Value ($000) $2,389 Avg Close $24.14 Range $22.98 - $25.38

Q2 2013

Shares 52,025 Value ($000) $2,236 Avg Close $24.09 Range $21.83 - $25.95

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	48,044	$7,715	$160.93	$150.18 - $172.42
Q3 2025	50,644	$8,741	$164.67	$150.75 - $176.55
Q2 2025	52,044	$7,982	$141.83	$116.45 - $153.30
Q1 2025	50,044	$6,952	$153.20	$133.32 - $172.04
Q4 2024	49,644	$7,711	$148.59	$118.47 - $168.60
Q3 2024	50,444	$6,177	$114.48	$102.17 - $123.30
Q2 2024	51,044	$6,310	$120.53	$112.36 - $128.12
Q1 2024	51,544	$6,619	$113.40	$103.88 - $125.71
Q4 2023	51,444	$5,736	$99.79	$88.85 - $111.22
Q3 2023	51,544	$5,177	$102.14	$95.46 - $107.73
Q2 2023	52,444	$5,442	$89.26	$78.83 - $100.63
Q1 2023	53,244	$4,966	$101.38	$81.63 - $115.53
Q4 2022	52,644	$5,625	$106.98	$92.69 - $120.10
Q3 2022	52,544	$5,192	$96.20	$81.65 - $105.83
Q2 2022	52,544	$4,698	$92.74	$80.31 - $109.02
Q1 2022	47,144	$5,182	$99.95	$86.39 - $110.73
Q4 2021	46,652	$4,684	$92.93	$86.67 - $97.28
Q3 2021	46,553	$4,296	$83.99	$76.84 - $89.47
Q2 2021	30,735	$3,992	$81.39	$76.27 - $86.35
Q1 2021	30,735	$3,767	$69.45	$57.79 - $77.60
Q4 2020	30,635	$2,931	$53.12	$44.10 - $59.93
Q3 2020	31,135	$2,265	$44.70	$40.00 - $48.55
Q2 2020	31,135	$2,143	$41.37	$34.63 - $52.54
Q1 2020	28,300	$1,789	$51.50	$33.00 - $62.36
Q4 2019	29,900	$2,675	$52.49	$45.73 - $55.67
Q3 2019	29,700	$2,449	$49.20	$44.03 - $53.07
Q2 2019	30,300	$2,562	$51.40	$47.79 - $55.31
Q1 2019	36,600	$2,943	$48.09	$42.74 - $51.20
Q4 2018	36,900	$2,746	$47.62	$41.18 - $57.27
Q3 2018	39,100	$3,599	$54.90	$52.01 - $57.99
Q2 2018	38,400	$3,431	$55.11	$49.67 - $60.49
Q1 2018	38,200	$3,415	$55.10	$49.81 - $58.60
Q4 2017	37,700	$3,367	$50.88	$48.21 - $53.74
Q3 2017	38,900	$3,280	$47.50	$43.53 - $50.48
Q2 2017	42,100	$3,377	$44.22	$41.78 - $48.49
Q1 2017	42,000	$3,203	$44.57	$40.34 - $47.83
Q4 2016	50,925	$3,528	$38.59	$32.95 - $43.48
Q3 2016	50,725	$2,953	$32.06	$26.85 - $34.20
Q2 2016	50,525	$2,491	$29.63	$25.54 - $32.74
Q1 2016	51,125	$2,434	$26.48	$22.91 - $32.60
Q4 2015	50,325	$2,917	$32.04	$26.29 - $34.28
Q3 2015	58,425	$2,900	$31.75	$27.57 - $35.30
Q2 2015	58,325	$3,475	$33.20	$31.31 - $34.99
Q1 2015	57,625	$3,272	$31.81	$28.93 - $33.92
Q4 2014	59,925	$3,433	$31.14	$27.19 - $32.96
Q3 2014	59,625	$3,195	$29.62	$27.59 - $31.94
Q2 2014	58,525	$2,969	$28.16	$26.71 - $31.67
Q1 2014	58,325	$3,262	$29.40	$26.98 - $31.57
Q4 2013	57,725	$3,013	$25.99	$22.36 - $29.33
Q3 2013	57,325	$2,389	$24.14	$22.98 - $25.38
Q2 2013	52,025	$2,236	$24.09	$21.83 - $25.95