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Institutional Investment Manager
CULLINAN ASSOCIATES INC
CULLINAN ASSOCIATES INC (CIK: 0001161670) incorporated in Kentucky, located at 295 N. Hubbards Lane, Louisville, KY. Institutional holdings reported to the SEC.

Institutional Holdings (2016Q4)
Portfolio Summary: 197 holdings with a total value of $1,174,073,000.
#
Name
Shares
Value ($)
%
Options
Notes
51 UNITED TECHNOLOGIES CORP 59,428 6,514,000 0.55%
52 BP PLC 173,712 6,493,000 0.55%
53 MARATHON PETE CORP 128,628 6,476,000 0.55%
54 CME GROUP INC 56,072 6,468,000 0.55%
55 SCHLUMBERGER LTD 76,411 6,415,000 0.55%
56 MCDONALDS CORP 51,900 6,317,000 0.54%
57 VERIZON COMMUNICATIONS INC 117,535 6,274,000 0.53%
58 UNION PAC CORP 59,757 6,196,000 0.53%
59 AUTOMATIC DATA PROCESSING IN 57,440 5,904,000 0.50%
60 MASTERCARD INCORPORATED 56,160 5,799,000 0.49%
61 AMERICAN EXPRESS CO 77,640 5,752,000 0.49%
62 NEXTERA ENERGY INC 47,926 5,725,000 0.49%
63 HARRIS CORP 55,300 5,667,000 0.48%
64 UNITEDHEALTH GROUP INC 33,637 5,383,000 0.46%
65 ISHARES NASDAQ BIOTECHNOLOGY ETF 6,610 5,238,000 0.45%
66 INTERNATIONAL BUSINESS MACHS 31,490 5,227,000 0.45%
67 JOHNSON CTLS INTL PLC 125,967 5,189,000 0.44%
68 SIMON PPTY GROUP INC NEW 28,042 4,982,000 0.42%
69 COSTCO WHSL CORP NEW 29,325 4,695,000 0.40%
70 METLIFE INC 84,105 4,532,000 0.39%
71 INVESCO LTD 148,150 4,495,000 0.38%
72 CROWN CASTLE INTL CORP 51,390 4,459,000 0.38%
73 CVS HEALTH CORP 55,710 4,396,000 0.37%
74 SCHWAB CHARLES CORP 110,300 4,354,000 0.37%
75 BOEING CO 27,721 4,316,000 0.37%
76 AUTODESK INC 57,700 4,270,000 0.36%
77 PNC FINL SVCS GROUP INC 36,110 4,223,000 0.36%
78 YUM BRANDS INC 66,470 4,210,000 0.36%
79 Express Scripts, Inc. 60,625 4,170,000 0.36%
80 ILLINOIS TOOL WKS INC 31,440 3,850,000 0.33%
81 Anheuser-Busch Cos Inc 35,912 3,787,000 0.32%
82 ADOBE INC 36,705 3,779,000 0.32%
83 AMERICAN TOWER CORP NEW 35,480 3,750,000 0.32%
84 TARGET CORP 51,035 3,686,000 0.31%
85 NIKE INC 71,530 3,636,000 0.31%
86 PAYPAL HLDGS INC 90,700 3,580,000 0.30%
87 HASBRO INC 46,000 3,578,000 0.30%
88 FISERV INC 33,600 3,571,000 0.30%
89 ADVANCE AUTO PARTS INC 20,700 3,501,000 0.30%
90 PHILIP MORRIS INTL INC 38,071 3,483,000 0.30%
91 VALERO ENERGY CORP NEW 50,380 3,442,000 0.29%
92 SOUTHERN CO 69,401 3,414,000 0.29%
93 COACH INC 97,100 3,400,000 0.29%
94 PRICE T ROWE GROUP INC 45,062 3,391,000 0.29%
95 AMERIPRISE FINL INC 29,950 3,323,000 0.28%
96 PPL CORP 97,120 3,307,000 0.28%
97 THERMO FISHER SCIENTIFIC INC 22,880 3,228,000 0.27%
98 FEDEX CORP 17,135 3,191,000 0.27%
99 GILEAD SCIENCES INC 44,222 3,167,000 0.27%
100 CSX CORP 87,380 3,140,000 0.27%
Page 2 of 4

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001161670-17-000001, filed 2017.01.30).

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.