TOLL BROTHERS INC

Ticker: TOL CUSIP: 889478103 Class: COM

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

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

Q4 2025

Shares 22,826 Value ($000) $3,087 Avg Close $135.75 Range $123.90 - $145.01

Q3 2025

Shares 23,426 Value ($000) $3,236 Avg Close $130.53 Range $113.52 - $149.79

Q2 2025

Shares 23,926 Value ($000) $2,731 Avg Close $103.77 Range $86.67 - $116.28

Q1 2025

Shares 23,926 Value ($000) $2,526 Avg Close $120.06 Range $101.50 - $141.15

Q4 2024

Shares 23,926 Value ($000) $3,013 Avg Close $148.49 Range $120.77 - $169.52

Q3 2024

Shares 24,326 Value ($000) $3,758 Avg Close $135.60 Range $108.86 - $156.00

Q2 2024

Shares 25,126 Value ($000) $2,894 Avg Close $121.04 Range $111.27 - $135.37

Q1 2024

Shares 25,626 Value ($000) $3,315 Avg Close $108.81 Range $95.46 - $130.28

Q4 2023

Shares 25,826 Value ($000) $2,655 Avg Close $83.33 Range $68.08 - $105.91

Q3 2023

Shares 26,126 Value ($000) $1,932 Avg Close $78.94 Range $72.57 - $84.57

Q2 2023

Shares 25,326 Value ($000) $2,003 Avg Close $67.10 Range $57.09 - $79.47

Q1 2023

Shares 26,026 Value ($000) $1,562 Avg Close $57.66 Range $49.87 - $62.61

Q4 2022

Shares 26,826 Value ($000) $1,339 Avg Close $45.99 Range $39.53 - $53.02

Q3 2022

Shares 26,926 Value ($000) $1,131 Avg Close $46.36 Range $40.51 - $51.82

Q2 2022

Shares 28,026 Value ($000) $1,250 Avg Close $46.79 Range $40.20 - $51.13

Q1 2022

Shares 28,526 Value ($000) $1,341 Avg Close $56.03 Range $47.01 - $72.75

Q4 2021

Shares 29,027 Value ($000) $2,101 Avg Close $64.27 Range $54.72 - $75.61

Q3 2021

Shares 29,027 Value ($000) $1,605 Avg Close $59.14 Range $52.02 - $64.86

Q2 2021

Shares 28,327 Value ($000) $1,638 Avg Close $60.95 Range $55.61 - $68.88

Q1 2021

Shares 41,527 Value ($000) $2,356 Avg Close $52.34 Range $41.22 - $59.52

Q4 2020

Shares 41,827 Value ($000) $1,818 Avg Close $46.37 Range $40.95 - $50.42

Q3 2020

Shares 41,827 Value ($000) $2,035 Avg Close $40.45 Range $31.03 - $49.70

Q2 2020

Shares 42,027 Value ($000) $1,370 Avg Close $27.35 Range $16.75 - $37.80

Q1 2020

Shares 33,500 Value ($000) $645 Avg Close $37.84 Range $13.28 - $49.31

Q4 2019

Shares 38,000 Value ($000) $1,501 Avg Close $39.96 Range $38.41 - $41.62

Q3 2019

Shares 37,500 Value ($000) $1,539 Avg Close $36.87 Range $34.55 - $41.70

Q2 2019

Shares 39,200 Value ($000) $1,436 Avg Close $37.33 Range $34.55 - $39.58

Q1 2019

Shares 47,800 Value ($000) $1,730 Avg Close $35.94 Range $32.30 - $37.96

Q4 2018

Shares 48,300 Value ($000) $1,591 Avg Close $32.12 Range $28.68 - $34.36

Q3 2018

Shares 50,100 Value ($000) $1,655 Avg Close $36.19 Range $32.92 - $39.80

Q2 2018

Shares 52,000 Value ($000) $1,923 Avg Close $40.96 Range $35.72 - $45.29

Q1 2018

Shares 52,100 Value ($000) $2,253 Avg Close $46.96 Range $42.57 - $52.73

Q4 2017

Shares 52,900 Value ($000) $2,540 Avg Close $46.01 Range $41.16 - $51.08

Q3 2017

Shares 57,200 Value ($000) $2,372 Avg Close $39.33 Range $36.55 - $41.60

Q2 2017

Shares 61,000 Value ($000) $2,410 Avg Close $37.32 Range $34.99 - $39.82

Q1 2017

Shares 60,100 Value ($000) $2,170 Avg Close $33.34 Range $30.45 - $37.28

Q4 2016

Shares 60,100 Value ($000) $1,863 Avg Close $29.64 Range $26.65 - $33.48

Q3 2016

Shares 60,700 Value ($000) $1,813 Avg Close $28.89 Range $26.19 - $32.25

Q2 2016

Shares 61,200 Value ($000) $1,647 Avg Close $28.10 Range $25.29 - $30.17

Q1 2016

Shares 61,900 Value ($000) $1,827 Avg Close $27.95 Range $23.75 - $33.39

Q4 2015

Shares 64,100 Value ($000) $2,135 Avg Close $35.68 Range $32.83 - $38.15

Q3 2015

Shares 73,700 Value ($000) $2,523 Avg Close $37.86 Range $33.71 - $42.19

Q2 2015

Shares 73,000 Value ($000) $2,788 Avg Close $37.44 Range $35.03 - $40.33

Q1 2015

Shares 72,400 Value ($000) $2,848 Avg Close $36.54 Range $32.19 - $39.84

Q4 2014

Shares 77,000 Value ($000) $2,639 Avg Close $32.62 Range $28.92 - $35.48

Q3 2014

Shares 76,800 Value ($000) $2,393 Avg Close $34.26 Range $31.14 - $37.62

Q2 2014

Shares 75,400 Value ($000) $2,782 Avg Close $35.46 Range $33.26 - $37.89

Q1 2014

Shares 75,300 Value ($000) $2,703 Avg Close $36.82 Range $34.50 - $39.95

Q4 2013

Shares 74,400 Value ($000) $2,753 Avg Close $33.17 Range $29.64 - $37.26

Q3 2013

Shares 70,800 Value ($000) $2,296 Avg Close $32.34 Range $29.85 - $35.26

Q2 2013

Shares 69,300 Value ($000) $2,261 Avg Close $33.80 Range $29.87 - $39.25

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	22,826	$3,087	$135.75	$123.90 - $145.01
Q3 2025	23,426	$3,236	$130.53	$113.52 - $149.79
Q2 2025	23,926	$2,731	$103.77	$86.67 - $116.28
Q1 2025	23,926	$2,526	$120.06	$101.50 - $141.15
Q4 2024	23,926	$3,013	$148.49	$120.77 - $169.52
Q3 2024	24,326	$3,758	$135.60	$108.86 - $156.00
Q2 2024	25,126	$2,894	$121.04	$111.27 - $135.37
Q1 2024	25,626	$3,315	$108.81	$95.46 - $130.28
Q4 2023	25,826	$2,655	$83.33	$68.08 - $105.91
Q3 2023	26,126	$1,932	$78.94	$72.57 - $84.57
Q2 2023	25,326	$2,003	$67.10	$57.09 - $79.47
Q1 2023	26,026	$1,562	$57.66	$49.87 - $62.61
Q4 2022	26,826	$1,339	$45.99	$39.53 - $53.02
Q3 2022	26,926	$1,131	$46.36	$40.51 - $51.82
Q2 2022	28,026	$1,250	$46.79	$40.20 - $51.13
Q1 2022	28,526	$1,341	$56.03	$47.01 - $72.75
Q4 2021	29,027	$2,101	$64.27	$54.72 - $75.61
Q3 2021	29,027	$1,605	$59.14	$52.02 - $64.86
Q2 2021	28,327	$1,638	$60.95	$55.61 - $68.88
Q1 2021	41,527	$2,356	$52.34	$41.22 - $59.52
Q4 2020	41,827	$1,818	$46.37	$40.95 - $50.42
Q3 2020	41,827	$2,035	$40.45	$31.03 - $49.70
Q2 2020	42,027	$1,370	$27.35	$16.75 - $37.80
Q1 2020	33,500	$645	$37.84	$13.28 - $49.31
Q4 2019	38,000	$1,501	$39.96	$38.41 - $41.62
Q3 2019	37,500	$1,539	$36.87	$34.55 - $41.70
Q2 2019	39,200	$1,436	$37.33	$34.55 - $39.58
Q1 2019	47,800	$1,730	$35.94	$32.30 - $37.96
Q4 2018	48,300	$1,591	$32.12	$28.68 - $34.36
Q3 2018	50,100	$1,655	$36.19	$32.92 - $39.80
Q2 2018	52,000	$1,923	$40.96	$35.72 - $45.29
Q1 2018	52,100	$2,253	$46.96	$42.57 - $52.73
Q4 2017	52,900	$2,540	$46.01	$41.16 - $51.08
Q3 2017	57,200	$2,372	$39.33	$36.55 - $41.60
Q2 2017	61,000	$2,410	$37.32	$34.99 - $39.82
Q1 2017	60,100	$2,170	$33.34	$30.45 - $37.28
Q4 2016	60,100	$1,863	$29.64	$26.65 - $33.48
Q3 2016	60,700	$1,813	$28.89	$26.19 - $32.25
Q2 2016	61,200	$1,647	$28.10	$25.29 - $30.17
Q1 2016	61,900	$1,827	$27.95	$23.75 - $33.39
Q4 2015	64,100	$2,135	$35.68	$32.83 - $38.15
Q3 2015	73,700	$2,523	$37.86	$33.71 - $42.19
Q2 2015	73,000	$2,788	$37.44	$35.03 - $40.33
Q1 2015	72,400	$2,848	$36.54	$32.19 - $39.84
Q4 2014	77,000	$2,639	$32.62	$28.92 - $35.48
Q3 2014	76,800	$2,393	$34.26	$31.14 - $37.62
Q2 2014	75,400	$2,782	$35.46	$33.26 - $37.89
Q1 2014	75,300	$2,703	$36.82	$34.50 - $39.95
Q4 2013	74,400	$2,753	$33.17	$29.64 - $37.26
Q3 2013	70,800	$2,296	$32.34	$29.85 - $35.26
Q2 2013	69,300	$2,261	$33.80	$29.87 - $39.25