ROYAL GOLD INC

Ticker: RGLD CUSIP: 780287108 Class: COM

Municipal Employees' Retirement System of Michigan's Holding History (CIK: 0001588873)

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

Q1 2020

Shares 12,310 Value ($000) $1,080 Avg Close $103.25 Range $59.78 - $123.34

Q4 2019

Shares 12,160 Value ($000) $1,487 Avg Close $118.30 Range $107.00 - $131.52

Q3 2019

Shares 12,030 Value ($000) $1,482 Avg Close $121.78 Range $100.10 - $138.78

Q2 2019

Shares 12,110 Value ($000) $1,241 Avg Close $90.07 Range $80.65 - $102.62

Q1 2019

Shares 11,940 Value ($000) $1,086 Avg Close $87.35 Range $80.72 - $94.49

Q4 2018

Shares 15,740 Value ($000) $1,348 Avg Close $76.98 Range $70.16 - $86.71

Q2 2018

Shares 15,340 Value ($000) $1,424 Avg Close $89.49 Range $85.15 - $93.50

Q1 2018

Shares 20,340 Value ($000) $1,747 Avg Close $84.30 Range $78.78 - $90.51

Q4 2017

Shares 19,760 Value ($000) $1,623 Avg Close $85.67 Range $78.25 - $90.13

Q3 2017

Shares 19,760 Value ($000) $1,700 Avg Close $86.58 Range $76.15 - $94.39

Q2 2017

Shares 25,220 Value ($000) $1,971 Avg Close $75.30 Range $67.10 - $81.29

Q1 2017

Shares 30,270 Value ($000) $2,120 Avg Close $67.82 Range $61.00 - $73.16

Q4 2016

Shares 29,940 Value ($000) $1,897 Avg Close $68.08 Range $60.21 - $79.50

Q3 2016

Shares 29,310 Value ($000) $2,269 Avg Close $80.31 Range $71.67 - $87.74

Q2 2016

Shares 28,880 Value ($000) $2,087 Avg Close $59.48 Range $49.50 - $72.04

Q1 2016

Shares 21,750 Value ($000) $1,121 Avg Close $40.77 Range $24.68 - $53.32

Q4 2015

Shares 20,860 Value ($000) $761 Avg Close $41.77 Range $34.42 - $53.47

Q3 2015

Shares 19,840 Value ($000) $936 Avg Close $51.44 Range $42.21 - $63.99

Q2 2015

Shares 20,520 Value ($000) $1,264 Avg Close $64.12 Range $61.00 - $67.99

Q1 2015

Shares 19,700 Value ($000) $1,248 Avg Close $68.70 Range $57.55 - $77.20

Q4 2014

Shares 21,140 Value ($000) $1,330 Avg Close $65.59 Range $55.55 - $72.81

Q3 2014

Shares 18,400 Value ($000) $1,195 Avg Close $74.64 Range $63.86 - $82.84

Q2 2014

Shares 18,000 Value ($000) $1,370 Avg Close $66.09 Range $58.86 - $76.85

Q1 2014

Shares 18,000 Value ($000) $1,127 Avg Close $61.49 Range $47.02 - $72.90

Q4 2013

Shares 17,800 Value ($000) $820 Avg Close $47.17 Range $42.56 - $53.76

Q3 2013

Shares 10,700 Value ($000) $521 Avg Close $51.85 Range $40.45 - $67.25

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2020	12,310	$1,080	$103.25	$59.78 - $123.34
Q4 2019	12,160	$1,487	$118.30	$107.00 - $131.52
Q3 2019	12,030	$1,482	$121.78	$100.10 - $138.78
Q2 2019	12,110	$1,241	$90.07	$80.65 - $102.62
Q1 2019	11,940	$1,086	$87.35	$80.72 - $94.49
Q4 2018	15,740	$1,348	$76.98	$70.16 - $86.71
Q2 2018	15,340	$1,424	$89.49	$85.15 - $93.50
Q1 2018	20,340	$1,747	$84.30	$78.78 - $90.51
Q4 2017	19,760	$1,623	$85.67	$78.25 - $90.13
Q3 2017	19,760	$1,700	$86.58	$76.15 - $94.39
Q2 2017	25,220	$1,971	$75.30	$67.10 - $81.29
Q1 2017	30,270	$2,120	$67.82	$61.00 - $73.16
Q4 2016	29,940	$1,897	$68.08	$60.21 - $79.50
Q3 2016	29,310	$2,269	$80.31	$71.67 - $87.74
Q2 2016	28,880	$2,087	$59.48	$49.50 - $72.04
Q1 2016	21,750	$1,121	$40.77	$24.68 - $53.32
Q4 2015	20,860	$761	$41.77	$34.42 - $53.47
Q3 2015	19,840	$936	$51.44	$42.21 - $63.99
Q2 2015	20,520	$1,264	$64.12	$61.00 - $67.99
Q1 2015	19,700	$1,248	$68.70	$57.55 - $77.20
Q4 2014	21,140	$1,330	$65.59	$55.55 - $72.81
Q3 2014	18,400	$1,195	$74.64	$63.86 - $82.84
Q2 2014	18,000	$1,370	$66.09	$58.86 - $76.85
Q1 2014	18,000	$1,127	$61.49	$47.02 - $72.90
Q4 2013	17,800	$820	$47.17	$42.56 - $53.76
Q3 2013	10,700	$521	$51.85	$40.45 - $67.25