CULLEN/FROST BANKERS, INC.

PublicCIK: 39263

CFRNYSECFR-PBNYSE

Location

SAN ANTONIO, TX

1418

Positions

$10.14B

Total AUM (reported)

76.22M

Total Shares

Allocation by class

DOMESTIC COMMON STOCK$6.26B61.7%

DOMESTIC LARGE CAP FUND-ETF$1.46B14.4%

DOMESTIC MID CAP FUND-ETF$462.84M4.6%

INTL EMERGING MKTS FUND-ETF$396.48M3.9%

INTL COMMON STOCK$331.52M3.3%

INTL DEVELOPED MKTS FUND-ETF$312.42M3.1%

EQUITIES$299.70M3.0%

Portfolio Concentration

Top 3$1.34B13.2%

4–10$1.85B18.2%

11–25$2.07B20.4%

Rest$4.88B48.1%

Top 3 weight

13.2%

Top 10 weight

31.5%

Voting Authority Distribution

Total shares with voting rights: 76.22M

Sole

Full voting authority

73.43M

% of voting shares96.3%

Shared

Joint voting authority

509.24K

% of voting shares0.7%

None

No voting authority

2.28M

% of voting shares3.0%

Investment Discretion (by position count)

Sole0

Shared0

Other1418

Dominant voting typeSole · 96.3% of voting shares

Institutional Holdings1418

Rows:

APPLE INC COM

DFND

DOMESTIC COMMON STOCK

Shares1.88M

TypeSH

Market value$544.84M

5.37%

Sole

1.74M

Shared

10.58K

None

131.14K

PUTNAM ETF TRUST FOCUSED LAR CAP

DFND

DOMESTIC LARGE CAP FUND-ETF

Shares8.61M

TypeSH

Market value$438.68M

4.32%

Sole

8.57M

Shared

39.06K

None

0.00

VANGUARD INDEX FDS GROWTH ETF

DFND

DOMESTIC LARGE CAP FUND-ETF

Shares4.18M

TypeSH

Market value$360.10M

3.55%

Sole

4.17M

Shared

6.65K

None

7.59K

MICROSOFT CORP COM

DFND

DOMESTIC COMMON STOCK

Shares901.87K

TypeSH

Market value$336.42M

3.32%

Sole

871.23K

Shared

3.32K

None

27.32K

NVIDIA CORPORATION COM

DFND

DOMESTIC COMMON STOCK

Shares1.64M

TypeSH

Market value$327.29M

3.23%

Sole

1.61M

Shared

4.41K

None

18.36K

ISHARES INC MSCI EMRG CHN

DFND

INTL EMERGING MKTS FUND-ETF

Shares3.11M

TypeSH

Market value$317.66M

3.13%

Sole

3.09M

Shared

17.69K

None

1.50K

ALPHABET INC CAP STK CL A

DFND

DOMESTIC COMMON STOCK

Shares660.76K

TypeSH

Market value$236.14M

2.33%

Sole

645.09K

Shared

3.55K

None

12.12K

AMAZON COM INC COM

DFND

DOMESTIC COMMON STOCK

Shares890.25K

TypeSH

Market value$212.18M

2.09%

Sole

869.31K

Shared

5.65K

None

15.29K

ISHARES TR MSCI EAFE ETF

DFND

INTL DEVELOPED MKTS FUND-ETF

Shares2.04M

TypeSH

Market value$211.92M

2.09%

Sole

2.02M

Shared

13.54K

None

3.04K

BROADCOM INC COM

DFND

DOMESTIC COMMON STOCK

Shares548.37K

TypeSH

Market value$207.15M

2.04%

Sole

539.45K

Shared

4.48K

None

4.44K

CORNING INC COM

DFND

DOMESTIC COMMON STOCK

Shares770.08K

TypeSH

Market value$196.70M

1.94%

Sole

765.35K

Shared

4.24K

None

485.00

VANGUARD INDEX FDS SMALL CP ETF

DFND

DOMESTIC SMALL CAP FUND-ETF

Shares600.98K

TypeSH

Market value$182.17M

1.80%

Sole

596K

Shared

3.70K

None

1.28K

ALPHABET INC CAP STK CL C

DFND

DOMESTIC COMMON STOCK

Shares500.36K

TypeSH

Market value$176.79M

1.74%

Sole

485.09K

Shared

1.78K

None

13.50K

ISHARES TR RUS MD CP GR ETF

DFND

DOMESTIC MID CAP FUND-ETF

Shares1.19M

TypeSH

Market value$173.95M

1.71%

Sole

1.18M

Shared

9.60K

None

1.23K

ISHARES TR RUS 1000 GRW ETF

DFND

DOMESTIC LARGE CAP FUND-ETF

Shares1.29M

TypeSH

Market value$160.03M

1.58%

Sole

1.27M

Shared

820.00

None

17.88K

STATE STR SPDR S&P 500 ETF T TR UNIT

DFND

DOMESTIC LARGE CAP FUND-ETF

Shares188.71K

TypeSH

Market value$140.92M

1.39%

Sole

181.20K

Shared

6.50K

None

1.01K

VANGUARD INDEX FDS MID CAP ETF

DFND

DOMESTIC MID CAP FUND-ETF

Shares1.66M

TypeSH

Market value$133.58M

1.32%

Sole

1.64M

Shared

11.83K

None

5.30K

ELI LILLY & CO COM

DFND

DOMESTIC COMMON STOCK

Shares101.16K

TypeSH

Market value$121.33M

1.20%

Sole

100.76K

Shared

91.00

None

305.00

NEW YORK LIFE INVTS ACTIVE E WINSLOW LAR CAP

DFND

EQUITIES

Shares2.11M

TypeSH

Market value$119.36M

1.18%

Sole

2.11M

Shared

0.00

None

0.00

VISA INC COM CL A

DFND

DOMESTIC COMMON STOCK

Shares344.06K

TypeSH

Market value$118.04M

1.16%

Sole

329.58K

Shared

1.81K

None

12.66K

META PLATFORMS INC CL A

DFND

DOMESTIC COMMON STOCK

Shares205.27K

TypeSH

Market value$115.63M

1.14%

Sole

203.44K

Shared

234.00

None

1.60K

ISHARES TR S&P MC 400VL ETF

DFND

DOMESTIC MID CAP FUND-ETF

Shares768.43K

TypeSH

Market value$113.52M

1.12%

Sole

758.94K

Shared

8.84K

None

654.00

JPMORGAN CHASE & CO COM

DFND

DOMESTIC COMMON STOCK

Shares343.50K

TypeSH

Market value$112.44M

1.11%

Sole

314.85K

Shared

2.56K

None

26.09K

ISHARES TR RUS 1000 VAL ETF

DFND

DOMESTIC LARGE CAP FUND-ETF

Shares442.65K

TypeSH

Market value$107.31M

1.06%

Sole

431.59K

Shared

2.23K

None

8.84K

KLA CORP COM NEW

DFND

DOMESTIC COMMON STOCK

Shares337.37K

TypeSH

Market value$101.79M

1.00%

Sole

336.87K

Shared

250.00

None

250.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	Shared	None
APPLE INC COMDFND	DOMESTIC COMMON STOCK	1.88M	SH	$544.84M 5.37%	1.74M	10.58K	131.14K
PUTNAM ETF TRUST FOCUSED LAR CAPDFND	DOMESTIC LARGE CAP FUND-ETF	8.61M	SH	$438.68M 4.32%	8.57M	39.06K	0.00
VANGUARD INDEX FDS GROWTH ETFDFND	DOMESTIC LARGE CAP FUND-ETF	4.18M	SH	$360.10M 3.55%	4.17M	6.65K	7.59K
MICROSOFT CORP COMDFND	DOMESTIC COMMON STOCK	901.87K	SH	$336.42M 3.32%	871.23K	3.32K	27.32K
NVIDIA CORPORATION COMDFND	DOMESTIC COMMON STOCK	1.64M	SH	$327.29M 3.23%	1.61M	4.41K	18.36K
ISHARES INC MSCI EMRG CHNDFND	INTL EMERGING MKTS FUND-ETF	3.11M	SH	$317.66M 3.13%	3.09M	17.69K	1.50K
ALPHABET INC CAP STK CL ADFND	DOMESTIC COMMON STOCK	660.76K	SH	$236.14M 2.33%	645.09K	3.55K	12.12K
AMAZON COM INC COMDFND	DOMESTIC COMMON STOCK	890.25K	SH	$212.18M 2.09%	869.31K	5.65K	15.29K
ISHARES TR MSCI EAFE ETFDFND	INTL DEVELOPED MKTS FUND-ETF	2.04M	SH	$211.92M 2.09%	2.02M	13.54K	3.04K
BROADCOM INC COMDFND	DOMESTIC COMMON STOCK	548.37K	SH	$207.15M 2.04%	539.45K	4.48K	4.44K
CORNING INC COMDFND	DOMESTIC COMMON STOCK	770.08K	SH	$196.70M 1.94%	765.35K	4.24K	485.00
VANGUARD INDEX FDS SMALL CP ETFDFND	DOMESTIC SMALL CAP FUND-ETF	600.98K	SH	$182.17M 1.80%	596K	3.70K	1.28K
ALPHABET INC CAP STK CL CDFND	DOMESTIC COMMON STOCK	500.36K	SH	$176.79M 1.74%	485.09K	1.78K	13.50K
ISHARES TR RUS MD CP GR ETFDFND	DOMESTIC MID CAP FUND-ETF	1.19M	SH	$173.95M 1.71%	1.18M	9.60K	1.23K
ISHARES TR RUS 1000 GRW ETFDFND	DOMESTIC LARGE CAP FUND-ETF	1.29M	SH	$160.03M 1.58%	1.27M	820.00	17.88K
STATE STR SPDR S&P 500 ETF T TR UNITDFND	DOMESTIC LARGE CAP FUND-ETF	188.71K	SH	$140.92M 1.39%	181.20K	6.50K	1.01K
VANGUARD INDEX FDS MID CAP ETFDFND	DOMESTIC MID CAP FUND-ETF	1.66M	SH	$133.58M 1.32%	1.64M	11.83K	5.30K
ELI LILLY & CO COMDFND	DOMESTIC COMMON STOCK	101.16K	SH	$121.33M 1.20%	100.76K	91.00	305.00
NEW YORK LIFE INVTS ACTIVE E WINSLOW LAR CAPDFND	EQUITIES	2.11M	SH	$119.36M 1.18%	2.11M	0.00	0.00
VISA INC COM CL ADFND	DOMESTIC COMMON STOCK	344.06K	SH	$118.04M 1.16%	329.58K	1.81K	12.66K
META PLATFORMS INC CL ADFND	DOMESTIC COMMON STOCK	205.27K	SH	$115.63M 1.14%	203.44K	234.00	1.60K
ISHARES TR S&P MC 400VL ETFDFND	DOMESTIC MID CAP FUND-ETF	768.43K	SH	$113.52M 1.12%	758.94K	8.84K	654.00
JPMORGAN CHASE & CO COMDFND	DOMESTIC COMMON STOCK	343.50K	SH	$112.44M 1.11%	314.85K	2.56K	26.09K
ISHARES TR RUS 1000 VAL ETFDFND	DOMESTIC LARGE CAP FUND-ETF	442.65K	SH	$107.31M 1.06%	431.59K	2.23K	8.84K
KLA CORP COM NEWDFND	DOMESTIC COMMON STOCK	337.37K	SH	$101.79M 1.00%	336.87K	250.00	250.00

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