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Institutional Investment Manager
CULLEN/FROST BANKERS, INC.
CULLEN/FROST BANKERS, INC. (CIK: 0000039263) incorporated in Texas, registered under National Commercial Banks, located at 111 W Houston St, San Antonio, TX. Institutional holdings reported to the SEC.

Institutional Holdings (2014Q3)
Portfolio Summary: 377 holdings with a total value of $2,471,999,000.
#
Name
Shares
Value ($)
%
Options
Notes
201 GENERAL MLS INC 36,221 1,828,000 0.07%
202 D R HORTON INC 88,878 1,824,000 0.07%
203 ISHARES TR 43,242 1,797,000 0.07%
204 SPDR SER TR 47,086 1,783,000 0.07%
205 PHILLIPS 66 21,920 1,783,000 0.07%
206 VANGUARD INTL EQUITY INDEX F 36,041 1,774,000 0.07%
207 SELECT SECTOR SPDR TR 76,283 1,767,000 0.07%
208 SPDR SERIES TRUST 45,929 1,690,000 0.07%
209 PIONEER NAT RES CO 8,578 1,690,000 0.07%
210 KELLOGG CO 27,243 1,678,000 0.07%
211 BERKSHIRE HATHAWAY INC DEL 8 1,655,000 0.07%
212 KINDER MORGAN MANAGEMENT LLC 17,410 1,639,000 0.07%
213 CONAGRA BRANDS INC 47,797 1,579,000 0.06%
214 ISHARES TR 13,829 1,560,000 0.06%
215 TARGET CORP 24,573 1,540,000 0.06%
216 RAYTHEON CO 14,820 1,506,000 0.06%
217 ANALOG DEVICES INC 30,000 1,485,000 0.06%
218 SANDISK CORP 14,800 1,450,000 0.06%
219 BAKER HUGHES INC 22,135 1,440,000 0.06%
220 UNDER ARMOUR INC 20,515 1,417,000 0.06%
221 DirectTV Com 16,354 1,415,000 0.06%
222 AMERICAN ELEC PWR INC 26,923 1,406,000 0.06%
223 ISHARES TR 12,331 1,348,000 0.05%
224 PNC FINL SVCS GROUP INC 15,647 1,339,000 0.05%
225 WESTERN GAS PARTNERS LP 17,647 1,324,000 0.05%
226 TIME WARNER INC NEW 9,140 1,312,000 0.05%
227 Chubb Corporation 14,386 1,310,000 0.05%
228 MAXIM INTEGR 43,208 1,306,000 0.05%
229 ATMOS ENERGY CORP 27,029 1,289,000 0.05%
230 EXPRESS SCRIPTS HLDG CO 18,235 1,288,000 0.05%
231 FRESH MKT INC 36,850 1,287,000 0.05%
232 SELECT SECTOR SPDR TR 24,065 1,279,000 0.05%
233 POTASH CORP SASK INC 36,983 1,278,000 0.05%
234 MAGELLAN MIDSTREAM PRTNRS LP 14,772 1,244,000 0.05%
235 ISHARES TR 8,211 1,243,000 0.05%
236 CLOROX CO DEL 12,616 1,212,000 0.05%
237 ROCKWELL AUTOMATION INC 10,823 1,189,000 0.05%
238 GENERAL DYNAMICS CORP 9,330 1,186,000 0.05%
239 VANGUARD WORLD FD 17,070 1,153,000 0.05%
240 SAP SE 15,892 1,147,000 0.05%
241 WHOLE FOODS MKT INC 29,752 1,133,000 0.05%
242 BECTON DICKINSON & CO 9,910 1,128,000 0.05%
243 NETAPP INC 25,769 1,107,000 0.04%
244 ENERGY TRANSFER L P 17,886 1,103,000 0.04%
245 FREEPORT-MCMORAN INC 32,694 1,067,000 0.04%
246 VANGUARD INDEX FDS 11,760 1,064,000 0.04%
247 ALLIANT ENERGY CORP 18,217 1,010,000 0.04%
248 COMCAST CORP NEW 18,748 1,008,000 0.04%
249 ANNALY CAP MGMT INC 93,786 1,002,000 0.04%
250 SYSCO CORP 26,011 987,000 0.04%
Page 5 of 8

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0000039263-14-000062, filed 2014.10.30).

From 2023-01-03 onward, the SEC requires values to be reported in nearest dollars. Earlier filings reported values in thousands; therefore, positions shown as $0 in older filings may represent actual values between $0–$999.