CULLEN FROST BANKERS INC

Ticker: CFR CUSIP: 229899109 Class: COM

Arizona State Retirement System's Holding History (CIK: 0001558481)

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

Q4 2025

Shares 16,950 Value ($000) $2,146 Avg Close $124.81 Range $118.05 - $131.54

Q3 2025

Shares 18,072 Value ($000) $2,291 Avg Close $128.28 Range $119.45 - $138.08

Q2 2025

Shares 17,823 Value ($000) $2,291 Avg Close $119.75 Range $97.98 - $128.76

Q1 2025

Shares 17,476 Value ($000) $2,188 Avg Close $130.63 Range $116.83 - $142.04

Q4 2024

Shares 17,651 Value ($000) $2,370 Avg Close $126.85 Range $102.70 - $142.25

Q3 2024

Shares 17,577 Value ($000) $1,966 Avg Close $104.76 Range $92.61 - $117.67

Q2 2024

Shares 17,078 Value ($000) $1,736 Avg Close $99.43 Range $89.89 - $110.75

Q1 2024

Shares 16,722 Value ($000) $1,882 Avg Close $100.64 Range $93.55 - $108.34

Q4 2023

Shares 17,029 Value ($000) $1,847 Avg Close $90.62 Range $76.49 - $106.41

Q3 2023

Shares 17,419 Value ($000) $1,589 Avg Close $93.75 Range $81.90 - $110.82

Q2 2023

Shares 17,178 Value ($000) $1,847 Avg Close $95.71 Range $84.54 - $105.15

Q1 2023

Shares 17,699 Value ($000) $1,864 Avg Close $113.27 Range $87.46 - $126.43

Q4 2022

Shares 17,190 Value ($000) $2,298 Avg Close $128.49 Range $113.22 - $144.87

Q3 2022

Shares 16,547 Value ($000) $2,188 Avg Close $117.79 Range $102.24 - $129.36

Q2 2022

Shares 16,483 Value ($000) $1,919 Avg Close $114.03 Range $100.96 - $130.98

Q1 2022

Shares 16,362 Value ($000) $2,265 Avg Close $123.52 Range $110.83 - $131.17

Q4 2021

Shares 16,275 Value ($000) $2,052 Avg Close $113.50 Range $104.50 - $123.02

Q3 2021

Shares 16,444 Value ($000) $1,951 Avg Close $97.86 Range $87.80 - $108.90

Q2 2021

Shares 16,312 Value ($000) $1,827 Avg Close $101.82 Range $92.84 - $108.70

Q1 2021

Shares 17,382 Value ($000) $1,890 Avg Close $89.31 Range $73.93 - $104.16

Q4 2020

Shares 17,274 Value ($000) $1,507 Avg Close $67.58 Range $53.34 - $77.06

Q3 2020

Shares 17,930 Value ($000) $1,147 Avg Close $59.69 Range $52.69 - $66.59

Q2 2020

Shares 13,439 Value ($000) $1,004 Avg Close $58.78 Range $43.52 - $74.12

Q1 2020

Shares 13,954 Value ($000) $778 Avg Close $68.15 Range $40.09 - $81.89

Q4 2019

Shares 32,286 Value ($000) $3,157 Avg Close $77.10 Range $67.80 - $82.90

Q3 2019

Shares 35,535 Value ($000) $3,147 Avg Close $72.94 Range $65.52 - $82.69

Q2 2019

Shares 45,792 Value ($000) $4,289 Avg Close $79.79 Range $73.85 - $85.12

Q1 2019

Shares 45,232 Value ($000) $4,391 Avg Close $80.50 Range $69.90 - $85.96

Q4 2018

Shares 45,895 Value ($000) $4,036 Avg Close $78.37 Range $66.24 - $87.16

Q3 2018

Shares 45,378 Value ($000) $4,739 Avg Close $88.90 Range $82.39 - $93.03

Q2 2018

Shares 40,306 Value ($000) $4,363 Avg Close $89.84 Range $80.91 - $96.62

Q1 2018

Shares 39,167 Value ($000) $4,154 Avg Close $82.70 Range $74.57 - $88.23

Q4 2017

Shares 41,367 Value ($000) $3,915 Avg Close $75.74 Range $72.28 - $81.18

Q3 2017

Shares 33,106 Value ($000) $3,142 Avg Close $70.69 Range $63.69 - $77.00

Q2 2017

Shares 24,000 Value ($000) $2,254 Avg Close $71.70 Range $66.32 - $77.39

Q1 2017

Shares 23,600 Value ($000) $2,100 Avg Close $69.53 Range $63.64 - $74.92

Q4 2016

Shares 23,256 Value ($000) $2,052 Avg Close $61.60 Range $53.50 - $68.59

Q3 2016

Shares 21,556 Value ($000) $1,551 Avg Close $52.78 Range $44.85 - $56.52

Q2 2016

Shares 21,356 Value ($000) $1,361 Avg Close $46.66 Range $38.78 - $51.48

Q1 2016

Shares 25,956 Value ($000) $1,430 Avg Close $38.79 Range $31.63 - $44.93

Q4 2015

Shares 26,056 Value ($000) $1,563 Avg Close $49.23 Range $44.21 - $54.77

Q3 2015

Shares 25,177 Value ($000) $1,601 Avg Close $50.16 Range $43.56 - $58.34

Q4 2014

Shares 37,253 Value ($000) $2,631 Avg Close $54.33 Range $48.79 - $58.92

Q3 2014

Shares 34,853 Value ($000) $2,666 Avg Close $56.16 Range $53.78 - $58.73

Q2 2014

Shares 34,753 Value ($000) $2,760 Avg Close $54.77 Range $51.32 - $57.00

Q1 2014

Shares 33,753 Value ($000) $2,616 Avg Close $52.77 Range $49.21 - $56.00

Q4 2013

Shares 37,553 Value ($000) $2,795 Avg Close $50.20 Range $48.35 - $52.59

Q3 2013

Shares 40,653 Value ($000) $2,868 Avg Close $49.56 Range $46.51 - $53.04

Q2 2013

Shares 46,553 Value ($000) $3,108 Avg Close $43.57 Range $40.75 - $46.68

Q1 2013

Shares 48,953 Value ($000) $3,061 Avg Close $41.01 Range $37.55 - $43.17

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	16,950	$2,146	$124.81	$118.05 - $131.54
Q3 2025	18,072	$2,291	$128.28	$119.45 - $138.08
Q2 2025	17,823	$2,291	$119.75	$97.98 - $128.76
Q1 2025	17,476	$2,188	$130.63	$116.83 - $142.04
Q4 2024	17,651	$2,370	$126.85	$102.70 - $142.25
Q3 2024	17,577	$1,966	$104.76	$92.61 - $117.67
Q2 2024	17,078	$1,736	$99.43	$89.89 - $110.75
Q1 2024	16,722	$1,882	$100.64	$93.55 - $108.34
Q4 2023	17,029	$1,847	$90.62	$76.49 - $106.41
Q3 2023	17,419	$1,589	$93.75	$81.90 - $110.82
Q2 2023	17,178	$1,847	$95.71	$84.54 - $105.15
Q1 2023	17,699	$1,864	$113.27	$87.46 - $126.43
Q4 2022	17,190	$2,298	$128.49	$113.22 - $144.87
Q3 2022	16,547	$2,188	$117.79	$102.24 - $129.36
Q2 2022	16,483	$1,919	$114.03	$100.96 - $130.98
Q1 2022	16,362	$2,265	$123.52	$110.83 - $131.17
Q4 2021	16,275	$2,052	$113.50	$104.50 - $123.02
Q3 2021	16,444	$1,951	$97.86	$87.80 - $108.90
Q2 2021	16,312	$1,827	$101.82	$92.84 - $108.70
Q1 2021	17,382	$1,890	$89.31	$73.93 - $104.16
Q4 2020	17,274	$1,507	$67.58	$53.34 - $77.06
Q3 2020	17,930	$1,147	$59.69	$52.69 - $66.59
Q2 2020	13,439	$1,004	$58.78	$43.52 - $74.12
Q1 2020	13,954	$778	$68.15	$40.09 - $81.89
Q4 2019	32,286	$3,157	$77.10	$67.80 - $82.90
Q3 2019	35,535	$3,147	$72.94	$65.52 - $82.69
Q2 2019	45,792	$4,289	$79.79	$73.85 - $85.12
Q1 2019	45,232	$4,391	$80.50	$69.90 - $85.96
Q4 2018	45,895	$4,036	$78.37	$66.24 - $87.16
Q3 2018	45,378	$4,739	$88.90	$82.39 - $93.03
Q2 2018	40,306	$4,363	$89.84	$80.91 - $96.62
Q1 2018	39,167	$4,154	$82.70	$74.57 - $88.23
Q4 2017	41,367	$3,915	$75.74	$72.28 - $81.18
Q3 2017	33,106	$3,142	$70.69	$63.69 - $77.00
Q2 2017	24,000	$2,254	$71.70	$66.32 - $77.39
Q1 2017	23,600	$2,100	$69.53	$63.64 - $74.92
Q4 2016	23,256	$2,052	$61.60	$53.50 - $68.59
Q3 2016	21,556	$1,551	$52.78	$44.85 - $56.52
Q2 2016	21,356	$1,361	$46.66	$38.78 - $51.48
Q1 2016	25,956	$1,430	$38.79	$31.63 - $44.93
Q4 2015	26,056	$1,563	$49.23	$44.21 - $54.77
Q3 2015	25,177	$1,601	$50.16	$43.56 - $58.34
Q4 2014	37,253	$2,631	$54.33	$48.79 - $58.92
Q3 2014	34,853	$2,666	$56.16	$53.78 - $58.73
Q2 2014	34,753	$2,760	$54.77	$51.32 - $57.00
Q1 2014	33,753	$2,616	$52.77	$49.21 - $56.00
Q4 2013	37,553	$2,795	$50.20	$48.35 - $52.59
Q3 2013	40,653	$2,868	$49.56	$46.51 - $53.04
Q2 2013	46,553	$3,108	$43.57	$40.75 - $46.68
Q1 2013	48,953	$3,061	$41.01	$37.55 - $43.17