LKCM Aquinas Catholic Equity Fund
Schedule of Investments
March 31, 2026 (Unaudited)
| COMMON STOCKS - 98.6% | Shares | Value | ||||||
| Aerospace & Defense - 3.8% |
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| L3Harris Technologies, Inc. |
6,000 | $ | 2,070,900 | |||||
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| Beverages - 2.8% |
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| PepsiCo, Inc. |
10,000 | 1,552,900 | ||||||
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| Broadline Retail - 3.0% |
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| Amazon.com, Inc. (a) |
8,000 | 1,666,160 | ||||||
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| Capital Markets - 2.2% |
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| Charles Schwab Corp. |
13,000 | 1,221,740 | ||||||
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| Chemicals - 11.0% |
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| Corteva, Inc. |
22,500 | 1,883,475 | ||||||
| DuPont de Nemours, Inc. |
10,000 | 458,000 | ||||||
| Ecolab, Inc. |
5,000 | 1,330,100 | ||||||
| Linde PLC |
1,500 | 743,640 | ||||||
| Sherwin-Williams Co. |
5,000 | 1,602,750 | ||||||
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| 6,017,965 | ||||||||
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| Construction Materials - 2.1% |
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| Martin Marietta Materials, Inc. |
2,000 | 1,177,360 | ||||||
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| Consumer Finance - 1.4% |
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| American Express Company |
2,500 | 756,200 | ||||||
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| Electric Utilities - 1.6% |
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| Constellation Energy Corp. |
3,100 | 865,675 | ||||||
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| Electrical Equipment - 1.6% |
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| Eaton Corp. PLC |
2,500 | 894,175 | ||||||
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| Electronic Equipment, Instruments & Components - 2.8% |
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| Teledyne Technologies, Inc. (a) |
2,500 | 1,512,525 | ||||||
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| Health Care Equipment & Supplies - 5.2% |
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| Alcon AG |
13,500 | 1,017,225 | ||||||
| Stryker Corp. |
5,500 | 1,807,245 | ||||||
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| 2,824,470 | ||||||||
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| Independent Power and Renewable Electricity Producers - 2.7% |
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| Clearway Energy, Inc. - Class C |
37,500 | 1,473,375 | ||||||
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| Interactive Media & Services - 5.0% |
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| Alphabet, Inc. - Class A |
9,500 | 2,731,820 | ||||||
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| Leisure Products - 1.5% |
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| Mattel, Inc. (a) |
55,000 | 799,150 | ||||||
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| Machinery - 4.0% |
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| Chart Industries, Inc. (a) |
2,700 | 558,225 | ||||||
| IDEX Corp. |
5,300 | 1,004,615 | ||||||
| Illinois Tool Works Inc. |
2,500 | 650,725 | ||||||
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| 2,213,565 | ||||||||
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| Marine Transportation - 1.6% |
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| Kirby Corp. (a) |
6,500 | 863,720 | ||||||
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| Oil, Gas & Consumable Fuels - 9.7% |
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| Devon Energy Corp. |
25,000 | 1,258,000 | ||||||
| Diamondback Energy Inc. |
5,000 | 988,950 | ||||||
| Expand Energy Corp. |
8,500 | 933,130 | ||||||
| Kinder Morgan, Inc. |
25,000 | 838,250 | ||||||
| Permian Resources Corp. |
60,000 | 1,279,200 | ||||||
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| 5,297,530 | ||||||||
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| Pharmaceuticals - 2.2% |
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| Zoetis, Inc. |
10,000 | 1,182,100 | ||||||
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| Professional Services - 1.6% |
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| Verisk Analytics, Inc. |
4,500 | 853,875 | ||||||
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| Semiconductors & Semiconductor Equipment - 4.8% |
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| NVIDIA Corp. |
15,000 | 2,616,000 | ||||||
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| Software - 15.8% |
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| Adobe, Inc. (a) |
3,700 | 899,396 | ||||||
| Microsoft Corp. |
6,000 | 2,221,020 | ||||||
| Oracle Corp. |
9,000 | 1,323,990 | ||||||
| Palo Alto Networks, Inc. (a) |
7,000 | 1,122,240 | ||||||
| Roper Technologies, Inc. |
4,000 | 1,415,440 | ||||||
| Trimble, Inc. (a) |
25,000 | 1,630,750 | ||||||
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| 8,612,836 | ||||||||
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| Specialty Retail - 5.2% |
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| Academy Sports & Outdoors, Inc. |
27,500 | 1,552,375 | ||||||
| Home Depot, Inc. |
4,000 | 1,315,560 | ||||||
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| 2,867,935 | ||||||||
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| Technology Hardware, Storage & Peripherals - 3.7% |
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| Apple Inc. |
8,000 | 2,030,320 | ||||||
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| Textiles, Apparel & Luxury Goods - 3.3% |
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| Capri Holdings Ltd. (a) |
42,500 | 748,850 | ||||||
| Ralph Lauren Corp. |
3,000 | 1,031,970 | ||||||
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| 1,780,820 | ||||||||
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| TOTAL COMMON STOCKS (Cost $26,958,121) |
53,883,116 | |||||||
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| SHORT-TERM INVESTMENTS |
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| MONEY MARKET FUNDS - 0.7% | Shares | Value | ||||||
| Invesco Government & Agency Portfolio - Institutional Class, 3.58% (b) |
364,164 | 364,164 | ||||||
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| TOTAL MONEY MARKET FUNDS (Cost $364,164) |
364,164 | |||||||
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| TOTAL INVESTMENTS - 99.3% (Cost $27,322,285) |
54,247,280 | |||||||
| Other Assets in Excess of Liabilities - 0.7% |
357,669 | |||||||
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| TOTAL NET ASSETS - 100.0% |
$ | 54,604,949 | ||||||
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Percentages are stated as a percent of net assets.
PLC - Public Limited Company
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
| (a) | Non-income producing security. |
| (b) | The rate shown represents the 7-day annualized yield as of March 31, 2026. |
Summary of Fair Value Disclosure as of March 31, 2026 (Unaudited)
LKCM Aquinas Catholic Equity Fund (the “Fund”) has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of March 31, 2026:
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Investments: |
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| Common Stocks |
$ | 53,883,116 | $ | – | $ | – | $ | 53,883,116 | ||||||||
| Money Market Funds |
364,164 | – | – | 364,164 | ||||||||||||
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| Total Investments |
$ | 54,247,280 | $ | – | $ | – | $ | 54,247,280 | ||||||||
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Refer to the Schedule of Investments for further disaggregation of investment categories.
Sector Classification as of March 31, 2026
(% of Net Assets)
| Information Technology |
$ | 14,771,681 | 27.1% | |||||
| Materials |
7,195,325 | 13.1 | ||||||
| Consumer Discretionary |
7,114,065 | 13.0 | ||||||
| Industrials |
6,896,235 | 12.6 | ||||||
| Energy |
5,297,530 | 9.7 | ||||||
| Health Care |
4,006,570 | 7.4 | ||||||
| Communication Services |
2,731,820 | 5.0 | ||||||
| Utilities |
2,339,050 | 4.3 | ||||||
| Financials |
1,977,940 | 3.6 | ||||||
| Consumer Staples |
1,552,900 | 2.8 | ||||||
| Money Market Funds |
364,164 | 0.7 | ||||||
| Other Assets in Excess of Liabilities |
357,669 | 0.7 | ||||||
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| $ | 54,604,949 | 100.0% | ||||||
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