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PADCO ADVISORS INC /MD NEW
> CFR
| Date | Name | Ticker | Shares | Change | Value | Change | Price |
| 12/31/2010 | CULLEN/FROST BANKERS, INC. | CFR | 0 | -3,577 | 0 | -184,000 | |
| 09/30/2010 | CULLEN/FROST BANKERS, INC. | CFR | 0 | -3,577 | 0 | -184,000 | |
| 09/30/2010 | CULLEN/FROST BANKERS, INC. | CFR | 0 | -3,577 | 0 | -184,000 | |
| 06/30/2010 | CULLEN/FROST BANKERS, INC. | CFR | 3,577 | 500 | 184,000 | 30,000 | $51.44 |
| 03/31/2010 | CULLEN/FROST BANKERS, INC. | CFR | 9,787 | 6,710 | 546,000 | 392,000 | $55.79 |
| 12/31/2009 | CULLEN/FROST BANKERS, INC. | CFR | 3,077 | -4,381 | 154,000 | -231,000 | $50.05 |
| 09/30/2009 | CULLEN/FROST BANKERS, INC. | CFR | 7,458 | -360 | 385,000 | 24,000 | $51.62 |
| 06/30/2009 | CULLEN/FROST BANKERS, INC. | CFR | 7,818 | -6,467 | 361,000 | -310,000 | $46.18 |
| 03/31/2009 | CULLEN/FROST BANKERS, INC. | CFR | 14,285 | 9,986 | 671,000 | 453,000 | $46.97 |
| 12/31/2008 | CULLEN/FROST BANKERS, INC. | CFR | 4,299 | 4,299 | 218,000 | 218,000 | $50.71 |
| 09/30/2008 | CULLEN/FROST BANKERS, INC. | CFR | 6,177 | 2,935 | 371,000 | 209,000 | $60.06 |
| 06/30/2008 | CULLEN/FROST BANKERS, INC. | CFR | 3,242 | -630 | 162,000 | -43,000 | $49.97 |
| 03/31/2008 | CULLEN/FROST BANKERS, INC. | CFR | 3,872 | -1,997 | 205,000 | -92,000 | $52.94 |
| 12/31/2007 | CULLEN/FROST BANKERS, INC. | CFR | 5,869 | -488 | 297,000 | -22,000 | $50.60 |
| 09/30/2007 | CULLEN/FROST BANKERS, INC. | CFR | 6,357 | -2,580 | 319,000 | -159,000 | $50.18 |
| 06/30/2007 | CULLEN/FROST BANKERS, INC. | CFR | 8,937 | 1,990 | 478,000 | 114,000 | $53.49 |
| 03/31/2007 | CULLEN/FROST BANKERS, INC. | CFR | 6,947 | -6,854 | 364,000 | -406,000 | $52.40 |
| 12/31/2006 | CULLEN/FROST BANKERS, INC. | CFR | 13,801 | 3,661 | 770,000 | 184,000 | $55.79 |
| 09/30/2006 | CULLEN/FROST BANKERS, INC. | CFR | 10,140 | 10,140 | 586,000 | 586,000 | $57.79 |
| 06/30/2006 | CULLEN/FROST BANKERS, INC. | CFR | 11,686 | 10,216 | 670,000 | 591,000 | $57.33 |
| 03/31/2006 | CULLEN/FROST BANKERS, INC. | CFR | 1,470 | 350 | 79,000 | 19,000 | $53.74 |
| 12/31/2005 | CULLEN/FROST BANKERS, INC. | CFR | 1,120 | -2,400 | 60,000 | -114,000 | $53.57 |
| 09/30/2005 | CULLEN/FROST BANKERS, INC. | CFR | 3,520 | -3,070 | 174,000 | -140,000 | $49.43 |
| 06/30/2005 | CULLEN/FROST BANKERS, INC. | CFR | 6,590 | -1,350 | 314,000 | -44,000 | $47.65 |
| 03/31/2005 | CULLEN/FROST BANKERS, INC. | CFR | 7,940 | 2,573 | 358,000 | 97,000 | $45.09 |
| 12/31/2004 | CULLEN/FROST BANKERS, INC. | CFR | 5,367 | -794 | 261,000 | -25,000 | $48.63 |
| 09/30/2004 | CULLEN/FROST BANKERS, INC. | CFR | 6,161 | 5,417 | 286,000 | 253,000 | $46.42 |
| 06/30/2004 | CULLEN/FROST BANKERS, INC. | CFR | 744 | 344 | 33,000 | 16,000 | $44.35 |
| 03/31/2004 | CULLEN/FROST BANKERS, INC. | CFR | 400 | 400 | 17,000 | 17,000 | $42.50 |
| 09/30/2003 | CULLEN/FROST BANKERS, INC. | CFR | 0 | -7,130 | 0 | -229,000 | |
| 06/30/2003 | CULLEN/FROST BANKERS, INC. | CFR | 7,130 | -7,200 | 229,000 | -206,000 | $32.12 |
| 03/31/2003 | CULLEN/FROST BANKERS, INC. | CFR | 14,330 | 8,030 | 435,000 | 229,000 | $30.36 |
| 12/31/2002 | CULLEN/FROST BANKERS, INC. | CFR | 6,300 | 6,300 | 206,000 | 206,000 | $32.70 |
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