CULLEN FROST BANKERS INC

Ticker: CFR CUSIP: 229899109 Class: COM

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

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

Q4 2025

Shares 15,064 Value ($000) $1,908 Avg Close $124.81 Range $118.05 - $131.54

Q3 2025

Shares 15,364 Value ($000) $1,948 Avg Close $128.28 Range $119.45 - $138.08

Q2 2025

Shares 15,464 Value ($000) $1,988 Avg Close $119.75 Range $97.98 - $128.76

Q1 2025

Shares 15,364 Value ($000) $1,924 Avg Close $130.63 Range $116.83 - $142.04

Q4 2024

Shares 15,164 Value ($000) $2,036 Avg Close $126.85 Range $102.70 - $142.25

Q3 2024

Shares 15,164 Value ($000) $1,696 Avg Close $104.76 Range $92.61 - $117.67

Q2 2024

Shares 15,464 Value ($000) $1,572 Avg Close $99.43 Range $89.89 - $110.75

Q1 2024

Shares 15,764 Value ($000) $1,775 Avg Close $100.64 Range $93.55 - $108.34

Q4 2023

Shares 15,364 Value ($000) $1,667 Avg Close $90.62 Range $76.49 - $106.41

Q3 2023

Shares 15,364 Value ($000) $1,401 Avg Close $93.75 Range $81.90 - $110.82

Q2 2023

Shares 15,864 Value ($000) $1,706 Avg Close $95.71 Range $84.54 - $105.15

Q1 2023

Shares 16,264 Value ($000) $1,713 Avg Close $113.27 Range $87.46 - $126.43

Q4 2022

Shares 16,364 Value ($000) $2,188 Avg Close $128.49 Range $113.22 - $144.87

Q3 2022

Shares 16,164 Value ($000) $2,137 Avg Close $117.79 Range $102.24 - $129.36

Q2 2022

Shares 14,464 Value ($000) $1,684 Avg Close $114.03 Range $100.96 - $130.98

Q1 2022

Shares 14,464 Value ($000) $2,002 Avg Close $123.52 Range $110.83 - $131.17

Q4 2021

Shares 14,329 Value ($000) $1,806 Avg Close $113.50 Range $104.50 - $123.02

Q3 2021

Shares 14,229 Value ($000) $1,688 Avg Close $97.86 Range $87.80 - $108.90

Q2 2021

Shares 14,229 Value ($000) $1,594 Avg Close $101.82 Range $92.84 - $108.70

Q1 2021

Shares 20,829 Value ($000) $2,265 Avg Close $89.31 Range $73.93 - $104.16

Q4 2020

Shares 20,429 Value ($000) $1,782 Avg Close $67.58 Range $53.34 - $77.06

Q3 2020

Shares 20,329 Value ($000) $1,300 Avg Close $59.69 Range $52.69 - $66.59

Q2 2020

Shares 20,729 Value ($000) $1,549 Avg Close $58.78 Range $43.52 - $74.12

Q1 2020

Shares 15,800 Value ($000) $881 Avg Close $68.15 Range $40.09 - $81.89

Q4 2019

Shares 16,800 Value ($000) $1,643 Avg Close $77.10 Range $67.80 - $82.90

Q3 2019

Shares 16,500 Value ($000) $1,461 Avg Close $72.94 Range $65.52 - $82.69

Q2 2019

Shares 18,700 Value ($000) $1,751 Avg Close $79.79 Range $73.85 - $85.12

Q1 2019

Shares 22,500 Value ($000) $2,184 Avg Close $80.50 Range $69.90 - $85.96

Q4 2018

Shares 22,800 Value ($000) $2,005 Avg Close $78.37 Range $66.24 - $87.16

Q3 2018

Shares 23,600 Value ($000) $2,465 Avg Close $88.90 Range $82.39 - $93.03

Q2 2018

Shares 21,400 Value ($000) $2,316 Avg Close $89.84 Range $80.91 - $96.62

Q1 2018

Shares 21,100 Value ($000) $2,238 Avg Close $82.70 Range $74.57 - $88.23

Q4 2017

Shares 20,700 Value ($000) $1,959 Avg Close $75.74 Range $72.28 - $81.18

Q3 2017

Shares 22,000 Value ($000) $2,088 Avg Close $70.69 Range $63.69 - $77.00

Q2 2017

Shares 23,500 Value ($000) $2,207 Avg Close $71.70 Range $66.32 - $77.39

Q1 2017

Shares 23,100 Value ($000) $2,055 Avg Close $69.53 Range $63.64 - $74.92

Q4 2016

Shares 22,600 Value ($000) $1,994 Avg Close $61.60 Range $53.50 - $68.59

Q3 2016

Shares 22,200 Value ($000) $1,597 Avg Close $52.78 Range $44.85 - $56.52

Q2 2016

Shares 21,900 Value ($000) $1,396 Avg Close $46.66 Range $38.78 - $51.48

Q1 2016

Shares 21,800 Value ($000) $1,201 Avg Close $38.79 Range $31.63 - $44.93

Q4 2015

Shares 21,700 Value ($000) $1,302 Avg Close $49.23 Range $44.21 - $54.77

Q3 2015

Shares 25,200 Value ($000) $1,602 Avg Close $50.16 Range $43.56 - $58.34

Q2 2015

Shares 25,000 Value ($000) $1,965 Avg Close $53.97 Range $49.18 - $58.88

Q1 2015

Shares 24,900 Value ($000) $1,720 Avg Close $48.75 Range $44.02 - $51.97

Q4 2014

Shares 26,100 Value ($000) $1,844 Avg Close $54.33 Range $48.79 - $58.92

Q3 2014

Shares 26,000 Value ($000) $1,989 Avg Close $56.16 Range $53.78 - $58.73

Q2 2014

Shares 25,000 Value ($000) $1,986 Avg Close $54.77 Range $51.32 - $57.00

Q1 2014

Shares 24,900 Value ($000) $1,930 Avg Close $52.77 Range $49.21 - $56.00

Q4 2013

Shares 24,600 Value ($000) $1,831 Avg Close $50.20 Range $48.35 - $52.59

Q3 2013

Shares 24,400 Value ($000) $1,721 Avg Close $49.56 Range $46.51 - $53.04

Q2 2013

Shares 27,600 Value ($000) $1,843 Avg Close $43.57 Range $40.75 - $46.68

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	15,064	$1,908	$124.81	$118.05 - $131.54
Q3 2025	15,364	$1,948	$128.28	$119.45 - $138.08
Q2 2025	15,464	$1,988	$119.75	$97.98 - $128.76
Q1 2025	15,364	$1,924	$130.63	$116.83 - $142.04
Q4 2024	15,164	$2,036	$126.85	$102.70 - $142.25
Q3 2024	15,164	$1,696	$104.76	$92.61 - $117.67
Q2 2024	15,464	$1,572	$99.43	$89.89 - $110.75
Q1 2024	15,764	$1,775	$100.64	$93.55 - $108.34
Q4 2023	15,364	$1,667	$90.62	$76.49 - $106.41
Q3 2023	15,364	$1,401	$93.75	$81.90 - $110.82
Q2 2023	15,864	$1,706	$95.71	$84.54 - $105.15
Q1 2023	16,264	$1,713	$113.27	$87.46 - $126.43
Q4 2022	16,364	$2,188	$128.49	$113.22 - $144.87
Q3 2022	16,164	$2,137	$117.79	$102.24 - $129.36
Q2 2022	14,464	$1,684	$114.03	$100.96 - $130.98
Q1 2022	14,464	$2,002	$123.52	$110.83 - $131.17
Q4 2021	14,329	$1,806	$113.50	$104.50 - $123.02
Q3 2021	14,229	$1,688	$97.86	$87.80 - $108.90
Q2 2021	14,229	$1,594	$101.82	$92.84 - $108.70
Q1 2021	20,829	$2,265	$89.31	$73.93 - $104.16
Q4 2020	20,429	$1,782	$67.58	$53.34 - $77.06
Q3 2020	20,329	$1,300	$59.69	$52.69 - $66.59
Q2 2020	20,729	$1,549	$58.78	$43.52 - $74.12
Q1 2020	15,800	$881	$68.15	$40.09 - $81.89
Q4 2019	16,800	$1,643	$77.10	$67.80 - $82.90
Q3 2019	16,500	$1,461	$72.94	$65.52 - $82.69
Q2 2019	18,700	$1,751	$79.79	$73.85 - $85.12
Q1 2019	22,500	$2,184	$80.50	$69.90 - $85.96
Q4 2018	22,800	$2,005	$78.37	$66.24 - $87.16
Q3 2018	23,600	$2,465	$88.90	$82.39 - $93.03
Q2 2018	21,400	$2,316	$89.84	$80.91 - $96.62
Q1 2018	21,100	$2,238	$82.70	$74.57 - $88.23
Q4 2017	20,700	$1,959	$75.74	$72.28 - $81.18
Q3 2017	22,000	$2,088	$70.69	$63.69 - $77.00
Q2 2017	23,500	$2,207	$71.70	$66.32 - $77.39
Q1 2017	23,100	$2,055	$69.53	$63.64 - $74.92
Q4 2016	22,600	$1,994	$61.60	$53.50 - $68.59
Q3 2016	22,200	$1,597	$52.78	$44.85 - $56.52
Q2 2016	21,900	$1,396	$46.66	$38.78 - $51.48
Q1 2016	21,800	$1,201	$38.79	$31.63 - $44.93
Q4 2015	21,700	$1,302	$49.23	$44.21 - $54.77
Q3 2015	25,200	$1,602	$50.16	$43.56 - $58.34
Q2 2015	25,000	$1,965	$53.97	$49.18 - $58.88
Q1 2015	24,900	$1,720	$48.75	$44.02 - $51.97
Q4 2014	26,100	$1,844	$54.33	$48.79 - $58.92
Q3 2014	26,000	$1,989	$56.16	$53.78 - $58.73
Q2 2014	25,000	$1,986	$54.77	$51.32 - $57.00
Q1 2014	24,900	$1,930	$52.77	$49.21 - $56.00
Q4 2013	24,600	$1,831	$50.20	$48.35 - $52.59
Q3 2013	24,400	$1,721	$49.56	$46.51 - $53.04
Q2 2013	27,600	$1,843	$43.57	$40.75 - $46.68