CULLEN/FROST BANKERS, INC.

PublicCIK: 39263

CFRNYSECFR-PBNYSE

Location

SAN ANTONIO, TX

1393

Positions

$8.81B

Total AUM (reported)

67.33M

Total Shares

Allocation by class

DOMESTIC COMMON STOCK$5.52B62.6%

DOMESTIC LARGE CAP FUND-ETF$1.22B13.9%

DOMESTIC MID CAP FUND-ETF$436.82M5.0%

INTL COMMON STOCK$311.59M3.5%

INTL DEVELOPED MKTS FUND-ETF$282.33M3.2%

INTL EMERGING MKTS FUND-ETF$259.97M3.0%

EQUITIES$208.31M2.4%

Portfolio Concentration

Top 3$1.18B13.3%

4–10$1.52B17.3%

11–25$1.76B20.0%

Rest$4.34B49.3%

Top 3 weight

13.3%

Top 10 weight

30.6%

Voting Authority Distribution

Total shares with voting rights: 67.33M

Sole

Full voting authority

64.53M

% of voting shares95.9%

Shared

Joint voting authority

499.68K

% of voting shares0.7%

None

No voting authority

2.29M

% of voting shares3.4%

Investment Discretion (by position count)

Sole0

Shared0

Other1393

Dominant voting typeSole · 95.9% of voting shares

Institutional Holdings1393

Rows:

APPLE INC COM

DFND

DOMESTIC COMMON STOCK

Shares1.89M

TypeSH

Market value$479.66M

5.45%

Sole

1.75M

Shared

10.58K

None

130.93K

PUTNAM ETF TRUST FOCUSED LAR CAP

DFND

DOMESTIC LARGE CAP FUND-ETF

Shares7.72M

TypeSH

Market value$358.39M

4.07%

Sole

7.68M

Shared

39.15K

None

952.00

MICROSOFT CORP COM

DFND

DOMESTIC COMMON STOCK

Shares911.35K

TypeSH

Market value$337.36M

3.83%

Sole

880.15K

Shared

3.32K

None

27.88K

NVIDIA CORPORATION COM

DFND

DOMESTIC COMMON STOCK

Shares1.64M

TypeSH

Market value$286.82M

3.26%

Sole

1.62M

Shared

5.17K

None

18.20K

VANGUARD INDEX FDS GROWTH ETF

DFND

DOMESTIC LARGE CAP FUND-ETF

Shares656.26K

TypeSH

Market value$286.65M

3.26%

Sole

653.76K

Shared

1.23K

None

1.26K

ISHARES INC MSCI EMRG CHN

DFND

INTL EMERGING MKTS FUND-ETF

Shares2.56M

TypeSH

Market value$201.63M

2.29%

Sole

2.54M

Shared

17.61K

None

1.65K

AMAZON COM INC COM

DFND

DOMESTIC COMMON STOCK

Shares950.83K

TypeSH

Market value$198.03M

2.25%

Sole

929.60K

Shared

5.74K

None

15.50K

ISHARES TR MSCI EAFE ETF

DFND

INTL DEVELOPED MKTS FUND-ETF

Shares2.01M

TypeSH

Market value$195.54M

2.22%

Sole

Shared

13.56K

None

2.96K

ALPHABET INC CAP STK CL A

DFND

DOMESTIC COMMON STOCK

Shares653.83K

TypeSH

Market value$188.01M

2.14%

Sole

637.31K

Shared

3.55K

None

12.96K

BROADCOM INC COM

DFND

DOMESTIC COMMON STOCK

Shares534.73K

TypeSH

Market value$165.50M

1.88%

Sole

525.87K

Shared

4.66K

None

4.19K

ISHARES TR RUS MD CP GR ETF

DFND

DOMESTIC MID CAP FUND-ETF

Shares1.27M

TypeSH

Market value$163.21M

1.85%

Sole

1.26M

Shared

9.71K

None

1.23K

VANGUARD INDEX FDS SMALL CP ETF

DFND

DOMESTIC SMALL CAP FUND-ETF

Shares590.09K

TypeSH

Market value$154.56M

1.76%

Sole

585.15K

Shared

3.70K

None

1.25K

ALPHABET INC CAP STK CL C

DFND

DOMESTIC COMMON STOCK

Shares501.63K

TypeSH

Market value$143.90M

1.63%

Sole

486.06K

Shared

1.78K

None

13.80K

ISHARES TR RUS 1000 GRW ETF

DFND

DOMESTIC LARGE CAP FUND-ETF

Shares327.38K

TypeSH

Market value$139.59M

1.59%

Sole

322.70K

Shared

205.00

None

4.47K

VANGUARD INDEX FDS MID CAP ETF

DFND

DOMESTIC MID CAP FUND-ETF

Shares441.99K

TypeSH

Market value$126.93M

1.44%

Sole

437.72K

Shared

3.02K

None

1.25K

META PLATFORMS INC CL A

DFND

DOMESTIC COMMON STOCK

Shares207.47K

TypeSH

Market value$118.70M

1.35%

Sole

206.07K

Shared

234.00

None

1.17K

STATE STR SPDR S&P 500 ETF T TR UNIT

DFND

DOMESTIC LARGE CAP FUND-ETF

Shares180.72K

TypeSH

Market value$117.53M

1.33%

Sole

174.13K

Shared

6.59K

None

0.00

ISHARES TR S&P MC 400VL ETF

DFND

DOMESTIC MID CAP FUND-ETF

Shares825.35K

TypeSH

Market value$109.36M

1.24%

Sole

815.77K

Shared

8.92K

None

654.00

VISA INC COM CL A

DFND

DOMESTIC COMMON STOCK

Shares348.69K

TypeSH

Market value$105.39M

1.20%

Sole

334.02K

Shared

1.81K

None

12.85K

CORNING INC COM

DFND

DOMESTIC COMMON STOCK

Shares772.48K

TypeSH

Market value$105.03M

1.19%

Sole

766.87K

Shared

5.04K

None

574.00

NEW YORK LIFE INVTS ACTIVE E NYLI WINSLOW LAR

DFND

EQUITIES

Shares2.15M

TypeSH

Market value$102.60M

1.17%

Sole

2.15M

Shared

0.00

None

0.00

JPMORGAN CHASE & CO COM

DFND

DOMESTIC COMMON STOCK

Shares341.39K

TypeSH

Market value$100.42M

1.14%

Sole

312.67K

Shared

2.56K

None

26.16K

ELI LILLY & CO COM

DFND

DOMESTIC COMMON STOCK

Shares103.85K

TypeSH

Market value$95.52M

1.08%

Sole

103.48K

Shared

86.00

None

283.00

ISHARES TR RUS 1000 VAL ETF

DFND

DOMESTIC LARGE CAP FUND-ETF

Shares435.08K

TypeSH

Market value$92.96M

1.06%

Sole

422.35K

Shared

2.23K

None

10.51K

COSTCO WHOLESALE CORPORATION COM

DFND

DOMESTIC COMMON STOCK

Shares88.45K

TypeSH

Market value$88.13M

1.00%

Sole

88.02K

Shared

25.00

None

407.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	Shared	None
APPLE INC COMDFND	DOMESTIC COMMON STOCK	1.89M	SH	$479.66M 5.45%	1.75M	10.58K	130.93K
PUTNAM ETF TRUST FOCUSED LAR CAPDFND	DOMESTIC LARGE CAP FUND-ETF	7.72M	SH	$358.39M 4.07%	7.68M	39.15K	952.00
MICROSOFT CORP COMDFND	DOMESTIC COMMON STOCK	911.35K	SH	$337.36M 3.83%	880.15K	3.32K	27.88K
NVIDIA CORPORATION COMDFND	DOMESTIC COMMON STOCK	1.64M	SH	$286.82M 3.26%	1.62M	5.17K	18.20K
VANGUARD INDEX FDS GROWTH ETFDFND	DOMESTIC LARGE CAP FUND-ETF	656.26K	SH	$286.65M 3.26%	653.76K	1.23K	1.26K
ISHARES INC MSCI EMRG CHNDFND	INTL EMERGING MKTS FUND-ETF	2.56M	SH	$201.63M 2.29%	2.54M	17.61K	1.65K
AMAZON COM INC COMDFND	DOMESTIC COMMON STOCK	950.83K	SH	$198.03M 2.25%	929.60K	5.74K	15.50K
ISHARES TR MSCI EAFE ETFDFND	INTL DEVELOPED MKTS FUND-ETF	2.01M	SH	$195.54M 2.22%	2M	13.56K	2.96K
ALPHABET INC CAP STK CL ADFND	DOMESTIC COMMON STOCK	653.83K	SH	$188.01M 2.14%	637.31K	3.55K	12.96K
BROADCOM INC COMDFND	DOMESTIC COMMON STOCK	534.73K	SH	$165.50M 1.88%	525.87K	4.66K	4.19K
ISHARES TR RUS MD CP GR ETFDFND	DOMESTIC MID CAP FUND-ETF	1.27M	SH	$163.21M 1.85%	1.26M	9.71K	1.23K
VANGUARD INDEX FDS SMALL CP ETFDFND	DOMESTIC SMALL CAP FUND-ETF	590.09K	SH	$154.56M 1.76%	585.15K	3.70K	1.25K
ALPHABET INC CAP STK CL CDFND	DOMESTIC COMMON STOCK	501.63K	SH	$143.90M 1.63%	486.06K	1.78K	13.80K
ISHARES TR RUS 1000 GRW ETFDFND	DOMESTIC LARGE CAP FUND-ETF	327.38K	SH	$139.59M 1.59%	322.70K	205.00	4.47K
VANGUARD INDEX FDS MID CAP ETFDFND	DOMESTIC MID CAP FUND-ETF	441.99K	SH	$126.93M 1.44%	437.72K	3.02K	1.25K
META PLATFORMS INC CL ADFND	DOMESTIC COMMON STOCK	207.47K	SH	$118.70M 1.35%	206.07K	234.00	1.17K
STATE STR SPDR S&P 500 ETF T TR UNITDFND	DOMESTIC LARGE CAP FUND-ETF	180.72K	SH	$117.53M 1.33%	174.13K	6.59K	0.00
ISHARES TR S&P MC 400VL ETFDFND	DOMESTIC MID CAP FUND-ETF	825.35K	SH	$109.36M 1.24%	815.77K	8.92K	654.00
VISA INC COM CL ADFND	DOMESTIC COMMON STOCK	348.69K	SH	$105.39M 1.20%	334.02K	1.81K	12.85K
CORNING INC COMDFND	DOMESTIC COMMON STOCK	772.48K	SH	$105.03M 1.19%	766.87K	5.04K	574.00
NEW YORK LIFE INVTS ACTIVE E NYLI WINSLOW LARDFND	EQUITIES	2.15M	SH	$102.60M 1.17%	2.15M	0.00	0.00
JPMORGAN CHASE & CO COMDFND	DOMESTIC COMMON STOCK	341.39K	SH	$100.42M 1.14%	312.67K	2.56K	26.16K
ELI LILLY & CO COMDFND	DOMESTIC COMMON STOCK	103.85K	SH	$95.52M 1.08%	103.48K	86.00	283.00
ISHARES TR RUS 1000 VAL ETFDFND	DOMESTIC LARGE CAP FUND-ETF	435.08K	SH	$92.96M 1.06%	422.35K	2.23K	10.51K
COSTCO WHOLESALE CORPORATION COMDFND	DOMESTIC COMMON STOCK	88.45K	SH	$88.13M 1.00%	88.02K	25.00	407.00

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