LKCM AQUINAS CATHOLIC EQUITY FUND | ||||||||
SCHEDULE OF INVESTMENTS | ||||||||
September 30, 2022 (Unaudited) | ||||||||
COMMON STOCKS - 93.1% | Shares | Value | ||||||
Aerospace & Defense - 2.5% | ||||||||
Honeywell International, Inc. | 7,000 | $ | 1,168,790 | |||||
Banks - 8.5% | ||||||||
Comerica, Inc. | 15,000 | 1,066,500 | ||||||
Cullen/Frost Bankers, Inc. | 4,000 | 528,880 | ||||||
Truist Financial Corp. | 32,375 | 1,409,607 | ||||||
Zions Bancorp N.A. | 19,000 | 966,340 | ||||||
3,971,327 | ||||||||
Beverages - 5.6% | ||||||||
Keurig Dr Pepper, Inc. | 22,500 | 805,950 | ||||||
PepsiCo, Inc. | 11,000 | 1,795,860 | ||||||
2,601,810 | ||||||||
Chemicals - 8.4% | ||||||||
Air Products & Chemicals, Inc. | 3,500 | 814,555 | ||||||
Corteva, Inc. | 20,000 | 1,143,000 | ||||||
DuPont de Nemours, Inc. | 8,700 | 438,480 | ||||||
Ecolab, Inc. | 5,000 | 722,100 | ||||||
The Sherwin-Williams Co. | 4,000 | 819,000 | ||||||
3,937,135 | ||||||||
Computers & Peripherals - 3.5% | ||||||||
Apple, Inc. | 12,000 | 1,658,400 | ||||||
Construction Materials - 1.4% | ||||||||
Martin Marietta Materials, Inc. | 2,000 | 644,180 | ||||||
Consumer Finance - 2.2% | ||||||||
American Express Company | 7,500 | 1,011,825 | ||||||
Electronic Equipment & Instruments - 2.6% | ||||||||
Trimble, Inc. (a) | 22,500 | 1,221,075 | ||||||
Food Products - 1.1% | ||||||||
The Kraft Heinz Company | 15,000 | 500,250 | ||||||
Health Care Equipment & Supplies - 4.3% | ||||||||
Alcon, Inc. | 17,500 | 1,018,150 | ||||||
Stryker Corp. | 5,000 | 1,012,700 | ||||||
2,030,850 | ||||||||
Internet & Catalog Retail - 1.9% | ||||||||
Amazon.com, Inc. (a) | 8,000 | 904,000 | ||||||
IT Consulting & Services - 2.5% | ||||||||
Broadridge Financial Solutions, Inc. | 5,500 | 793,760 | ||||||
PayPal Holdings, Inc. (a) | 4,200 | 361,494 | ||||||
1,155,254 | ||||||||
Machinery - 1.9% | ||||||||
Xylem, Inc. | 10,000 | 873,600 | ||||||
Marine - 2.1% | ||||||||
Kirby Corp. (a) | 16,500 | 1,002,705 | ||||||
Media & Entertainment - 4.1% | ||||||||
Alphabet, Inc. - Class A (a) | 20,000 | 1,913,000 | ||||||
Oil & Gas & Consumable Fuels - 9.6% | ||||||||
Chevron Corp. | 6,500 | 933,855 | ||||||
Devon Energy Corp. | 32,000 | 1,924,160 | ||||||
Pioneer Natural Resources Co. | 7,500 | 1,623,975 | ||||||
4,481,990 | ||||||||
Oil, Gas & Consumable Fuels - 3.1% | ||||||||
Diamondback Energy Inc. | 5,000 | 602,300 | ||||||
Kinder Morgan, Inc. | 52,500 | 873,600 | ||||||
1,475,900 | ||||||||
Pharmaceuticals - 3.2% | ||||||||
Zoetis, Inc. | 10,000 | 1,482,900 | ||||||
Professional Services - 3.6% | ||||||||
Dun & Bradstreet Holdings, Inc. (a) | 45,000 | 557,550 | ||||||
Verisk Analytics, Inc. | 6,500 | 1,108,444 | ||||||
1,665,994 | ||||||||
Software - 11.6% | ||||||||
Adobe, Inc. (a) | 3,700 | 1,018,240 | ||||||
Microsoft Corp. | 7,500 | 1,746,750 | ||||||
Oracle Corp. | 20,000 | 1,221,400 | ||||||
Roper Technologies, Inc. | 4,000 | 1,438,560 | ||||||
5,424,950 | ||||||||
Software & Services - 2.1% | ||||||||
Akamai Technologies, Inc. (a) | 12,500 | 1,004,000 | ||||||
Specialty Retail - 5.3% | ||||||||
Academy Sports & Outdoors, Inc. | 17,000 | 717,060 | ||||||
The Home Depot, Inc. | 4,000 | 1,103,760 | ||||||
Leslie's, Inc. (a) | 45,000 | 661,950 | ||||||
2,482,770 | ||||||||
Textiles, Apparel & Luxury Goods - 2.0% | ||||||||
Tapestry, Inc. | 32,500 | 923,975 | ||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $24,681,172) | 43,536,680 | |||||||
SHORT-TERM INVESTMENTS - 6.3% | ||||||||
Money Market Funds - 6.3% | ||||||||
Fidelity Investments Money Market Government Portfolio - Class I, 2.73% (b) | 90,883 | 90,882 | ||||||
Invesco Short-Term Investments Trust - Government & Agency Portfolio - Institutional Shares, 2.95% (b) | 1,420,951 | 1,420,951 | ||||||
MSILF Government Portfolio - Institutional Class, 2.81% (b) | 1,420,951 | 1,420,951 | ||||||
2,932,784 | ||||||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $2,932,784) | 2,932,784 | |||||||
Total Investments - 99.4% | 46,469,464 | |||||||
(Cost $27,613,956) | ||||||||
Other Assets in Excess of Liabilities - 0.6% | 277,765 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 46,747,229 |
(a) | Non-income producing security. | |||||
(b) | The rate quoted is the annualized seven-day yield of the Fund at period end. | |||||
Investments are classified by industry pursuant to the Global Industry Classification Standard (GICS®), which was | ||||||
developed by and/or is the exclusive property of Morgan Stanley Capital International, 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. Bancorp Fund Services, LLC. |
The accompanying notes are an integral part of these financial statements. |
LKCM AQUINAS CATHOLIC EQUITY FUND | |
Sector Classification | |
September 30, 2022 | |
Sectors: | % Net Assets |
Information Technology | 22.4% |
Energy | 12.7% |
Financials | 10.7% |
Industrials | 10.1% |
Materials | 9.8% |
Consumer Discretionary | 9.2% |
Health Care | 7.5% |
Consumer Staples | 6.6% |
Money Market Funds | 6.3% |
Communication Services | 4.1% |
Other assets in excess of liabilities | 0.6% |
100.0% |
Fair Value Measurement Summary at September 30, 2022 (Unaudited) | ||||
Equity securities listed or traded on a U.S. securities exchange for which market quotations are readily available are valued at the last quoted | ||||
sale price on the exchange on which the security is primarily traded. Nasdaq Global Market securities are valued at the Nasdaq Official | ||||
Closing Price ("NOCP"). Unlisted U.S. equity securities and listed U.S. equity securities not traded on a particular valuation date are valued at | ||||
the mean of the most recent quoted bid and ask price on the relevant exchanges or markets. Equity securities listed on a foreign exchange for | ||||
which market quotations are readily available are valued at the last quoted sales price on the exchange on which the security is primarily | ||||
traded. Debt securities are normally valued at the mean of the closing bid and ask price and/or by using a combination of broker quotations or | ||||
evaluated prices provided by an independent pricing service. Futures and options on futures are valued at the settlement prices established each | ||||
day on the principal exchange on which they are traded. Forward contracts are valued based on the forward rate using information provided by | ||||
an independent pricing service. Other assets and securities for which no market or broker quotations or evaluated prices are readily available | ||||
are valued in good faith at fair value using guidelines approved by the Board of Trustees. The Board of Trustees has established policies and | ||||
procedures for that authorize the Adviser to fair value a security in good faith under certain circumstances. The Fund's may use prices provided | ||||
by independent pricing services to assist in the fair valuation of the Funds' portfolio securities. | ||||
The Trust has adopted accounting standards which establish an authoritative 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 and a discussion of changes in valuation techniques and related inputs during the period. These standards | ||||
define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market | ||||
participants at the measurement date. The fair value hierarchy is organized into three levels based upon the assumptions (referred to | ||||
as "inputs') used in pricing the asset or liability. These standards state that "observable inputs" reflect the assumptions market | ||||
participants would use in pricing the asset or liability based on market data obtained from independent sources and "unobservable | ||||
inputs" reflect an entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. These | ||||
inputs are summarized in the three broad levels listed below. | ||||
Level 1 - Quoted unadjusted prices for identical instruments in active markets to which the Trust has access at the date of measurement. | ||||
Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not | ||||
active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active | ||||
markets. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public | ||||
information exists or instances where prices vary substantially over time or among brokered market makers. | ||||
Level 3 - Model derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable | ||||
inputs are those inputs that reflect the Trust's own assumptions that market participants would use to price the asset or liability | ||||
based on the best available information. | ||||
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those | ||||
securities. As of September 30, 2022, the Fund's assets carried at fair value were classified as follows: | ||||
LKCM Aquinas Catholic Equity Fund | ||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 43,536,681 | $ | – | $ | – | $ | 43,536,681 | ||||||||
Short-Term Investments | 2,932,784 | – | – | 2,932,784 | ||||||||||||
Total Investments | $ | 46,469,465 | $ | – | $ | – | $ | 46,469,465 | ||||||||