LKCM SMALL CAP EQUITY FUND | ||||||||
SCHEDULE OF INVESTMENTS | ||||||||
March 31, 2022 (Unaudited) | ||||||||
COMMON STOCKS - 95.3% | Shares | Value | ||||||
Aerospace & Defense - 3.7% | ||||||||
Hexcel Corp. | 35,325 | $ | 2,100,778 | |||||
Mercury Systems, Inc. (a) | 42,800 | 2,758,460 | ||||||
Triumph Group, Inc. (a) | 111,098 | 2,808,557 | ||||||
7,667,795 | ||||||||
Auto Components - 0.8% | ||||||||
Fox Factory Holding Corp. (a) | 16,290 | 1,595,605 | ||||||
Banks - 8.6% | ||||||||
Cadence Bank | 114,529 | 3,351,119 | ||||||
Comerica, Inc. | 31,215 | 2,822,772 | ||||||
Cullen/Frost Bankers, Inc. | 21,375 | 2,958,514 | ||||||
Glacier Bancorp, Inc. | 43,655 | 2,194,973 | ||||||
Pinnacle Financial Partners, Inc. | 35,705 | 3,287,716 | ||||||
Seacoast Banking Corp. of Florida | 92,175 | 3,227,969 | ||||||
17,843,063 | ||||||||
Beverages - 2.4% | ||||||||
Celsius Holdings, Inc. (a) | 48,000 | 2,648,640 | ||||||
Primo Water Corp. (b) | 160,000 | 2,280,000 | ||||||
4,928,640 | ||||||||
Biotechnology - 1.4% | ||||||||
Castle Biosciences, Inc. (a) | 34,275 | 1,537,576 | ||||||
Neogen Corp. (a) | 40,790 | 1,257,964 | ||||||
2,795,540 | ||||||||
Building Products - 4.0% | ||||||||
Builders FirstSource, Inc. (a) | 32,500 | 2,097,550 | ||||||
CSW Industrials, Inc. | 17,750 | 2,087,223 | ||||||
PGT Innovations, Inc. (a) | 101,185 | 1,819,306 | ||||||
Zurn Water Solutions Corp. | 60,995 | 2,159,223 | ||||||
8,163,302 | ||||||||
Chemicals - 3.5% | ||||||||
Avient Corp. | 40,000 | 1,920,000 | ||||||
Ecovyst, Inc. | 315,000 | 3,641,400 | ||||||
Ferroglobe Representation & Warranty Insurance Trust (a)(c) | 302,970 | – | ||||||
Quaker Chemical Corp. | 9,340 | 1,614,045 | ||||||
7,175,445 | ||||||||
Commercial Services & Supplies - 0.9% | ||||||||
Driven Brands Holdings, Inc. (a) | 68,000 | 1,787,040 | ||||||
Communications Equipment - 0.9% | ||||||||
Lumentum Holdings, Inc. (a) | 20,000 | 1,952,000 | ||||||
Construction & Engineering - 1.5% | ||||||||
NV5 Global, Inc. (a) | 23,342 | 3,111,489 | ||||||
Construction Materials - 1.5% | ||||||||
Eagle Materials, Inc. | 24,020 | 3,083,207 | ||||||
Energy Equipment & Services - 1.3% | ||||||||
Weatherford International Plc (a)(b) | 80,250 | 2,672,325 | ||||||
Food Products - 0.9% | ||||||||
Utz Brands, Inc. | 125,000 | 1,847,500 | ||||||
Health Care Equipment & Supplies - 3.6% | ||||||||
Alphatec Holdings, Inc. (a) | 150,000 | 1,725,000 | ||||||
Cerus Corp. (a) | 325,000 | 1,784,250 | ||||||
STAAR Surgical Co. (a) | 35,000 | 2,796,850 | ||||||
ViewRay, Inc. (a) | 306,205 | 1,200,324 | ||||||
7,506,424 | ||||||||
Health Care Providers & Services - 6.9% | ||||||||
HealthEquity, Inc. (a) | 44,000 | 2,967,360 | ||||||
Medpace Holdings, Inc. (a) | 19,750 | 3,230,902 | ||||||
Omnicell, Inc. (a) | 7,500 | 971,175 | ||||||
Progyny, Inc. (a) | 53,370 | 2,743,218 | ||||||
R1 RCM, Inc. (a) | 106,100 | 2,839,236 | ||||||
U.S. Physical Therapy, Inc. | 16,015 | 1,592,692 | ||||||
14,344,583 | ||||||||
Hotels, Restaurants & Leisure - 5.0% | ||||||||
Everi Holdings, Inc. (a) | 148,000 | 3,108,000 | ||||||
Playa Hotels & Resorts NV (a)(b) | 269,190 | 2,328,494 | ||||||
Red Rock Resorts, Inc. - Class A | 67,500 | 3,277,800 | ||||||
Wingstop, Inc. | 12,855 | 1,508,534 | ||||||
�� | 10,222,828 | |||||||
Household Durables - 1.1% | ||||||||
Sonos, Inc. (a) | 78,500 | 2,215,270 | ||||||
Insurance - 2.0% | ||||||||
Goosehead Insurance, Inc. - Class A | 10,595 | 832,449 | ||||||
Palomar Holdings, Inc. (a) | 50,000 | 3,199,500 | ||||||
4,031,949 | ||||||||
Internet & Catalog Retail - 1.3% | ||||||||
Magnite, Inc. (a) | 200,000 | 2,642,000 | ||||||
IT Consulting & Services - 3.3% | ||||||||
LiveRamp Holdings, Inc. (a) | 55,000 | 2,056,450 | ||||||
Perficient Inc. (a) | 25,450 | 2,801,790 | ||||||
Repay Holdings Corp. (a) | 128,000 | 1,890,560 | ||||||
6,748,800 | ||||||||
IT Services - 0.3% | ||||||||
Brightcove, Inc. (a) | 80,000 | 624,000 | ||||||
Leisure Equipment & Products - 2.0% | ||||||||
Callaway Golf Company (a) | 115,000 | 2,693,300 | ||||||
YETI Holdings, Inc. (a) | 25,535 | 1,531,589 | ||||||
4,224,889 | ||||||||
Life Sciences Tools & Services - 0.6% | ||||||||
Inotiv, Inc. (a) | 45,000 | 1,178,100 | ||||||
Machinery - 7.0% | ||||||||
Alamo Group, Inc. | 14,000 | 2,013,060 | ||||||
Altra Industrial Motion Corp. | 49,000 | 1,907,570 | ||||||
Enovis Corp. (a) | 56,635 | 2,253,507 | ||||||
Evoqua Water Technologies Corp. (a) | 55,250 | 2,595,645 | ||||||
Helios Technologies, Inc. | 35,295 | 2,832,424 | ||||||
ITT, Inc. | 6,550 | 492,625 | ||||||
Watts Water Technologies, Inc. - Class A | 17,525 | 2,446,315 | ||||||
14,541,146 | ||||||||
Marine - 1.6% | ||||||||
Kirby Corp. (a) | 46,370 | 3,347,450 | ||||||
Media & Entertainment - 2.3% | ||||||||
Nexstar Media Group, Inc. - Class A | 24,920 | 4,696,922 | ||||||
Oil & Gas & Consumable Fuels - 2.2% | ||||||||
Magnolia Oil & Gas Corp. - Class A | 193,005 | 4,564,568 | ||||||
Oil, Gas & Consumable Fuels - 3.8% | ||||||||
CNX Resources Corp. (a) | 200,000 | 4,144,000 | ||||||
HF Sinclair Corp. (a) | 91,625 | 3,651,256 | ||||||
7,795,256 | ||||||||
Personal Products - 1.1% | ||||||||
BellRing Brands, Inc. - Class A (a) | 101,375 | 2,339,735 | ||||||
Professional Services - 1.4% | ||||||||
Upwork, Inc. (a) | 125,760 | 2,922,662 | ||||||
Real Estate Development - 2.2% | ||||||||
FirstService Corp. (b) | 9,995 | 1,448,076 | ||||||
Newmark Group, Inc. - Class A | 193,000 | 3,072,560 | ||||||
4,520,636 | ||||||||
Software - 8.1% | ||||||||
ACI Worldwide, Inc. (a) | 70,000 | 2,204,300 | ||||||
Altair Engineering, Inc. - Class A (a) | 36,190 | 2,330,636 | ||||||
Cognyte Software Ltd. (a)(b) | 130,000 | 1,470,300 | ||||||
Model N, Inc. (a) | 63,650 | 1,712,185 | ||||||
Nutanix, Inc. - Class A (a) | 78,000 | 2,091,960 | ||||||
Q2 Holdings, Inc. (a) | 35,000 | 2,157,750 | ||||||
Sprout Social, Inc. - Class A (a) | 23,500 | 1,882,820 | ||||||
Workiva Inc. (a) | 24,520 | 2,893,360 | ||||||
16,743,311 | ||||||||
Software & Services - 0.7% | ||||||||
Alarm.com Holdings, Inc. (a) | 22,430 | 1,490,698 | ||||||
Specialty Retail - 2.8% | ||||||||
Academy Sports & Outdoors, Inc. | 53,000 | 2,088,200 | ||||||
Leslie's, Inc. (a) | 97,000 | 1,877,920 | ||||||
Petco Health & Wellness Co, Inc. (a) | 96,000 | 1,878,720 | ||||||
5,844,840 | ||||||||
Technology Hardware, Storage & Peripherals - 1.4% | ||||||||
Avid Technology, Inc. (a) | 84,585 | 2,949,479 | ||||||
Thrifts & Mortgage Finance - 1.5% | ||||||||
Home BancShares, Inc. | 137,301 | 3,103,003 | ||||||
Trading Companies & Distributors - 1.7% | ||||||||
Global Industrial Co. | 65,265 | 2,103,491 | ||||||
Textainer Group Holdings Ltd. (b) | 35,000 | 1,332,450 | ||||||
3,435,941 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $134,645,986) | 196,657,441 | |||||||
REITS - 0.7% | Shares | Value | ||||||
Equity Real Estate Investment Trust (REIT) - 0.7% | ||||||||
SL Green Realty Corp. | 17,377 | 1,410,665 | ||||||
TOTAL REITS | ||||||||
(Cost $1,265,623) | 1,410,665 | |||||||
SHORT-TERM INVESTMENTS - 4.0% | ||||||||
Money Market Funds - 4.0% | ||||||||
Invesco Short-Term Investments Trust - Government & Agency Portfolio - Institutional Shares, 0.25% (d) | 6,281,791 | 6,281,791 | ||||||
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Shares, 0.23% (d) | 2,016,798 | 2,016,798 | ||||||
8,298,589 | ||||||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $8,298,589) | 8,298,589 | |||||||
Total Investments - 100.0% | ||||||||
(Cost $144,210,198) | 206,366,695 | |||||||
Liabilities in Excess of Other Assets - (0.0)% | (22,018 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 206,344,677 |
(a) | Non-income producing security. | ||||
(b) | Security is issued by non-U.S. incorporated company. | ||||
(c) | Securities for which market quotations are not readily available. These securities have been valued at their fair value under procedures approved by the Fund's Board of Trustees. Level 3 security. | ||||
(d) | 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 SMALL CAP EQUITY FUND | ||
Sector Classification | ||
March 31, 2022 | ||
Sectors: | % Net Assets | |
Industrials | 21.8% | |
Information Technology | 14.8% | |
Health Care | 12.5% | |
Financials | 12.1% | |
Consumer Discretionary | 11.7% | |
Energy | 7.3% | |
Materials | 5.0% | |
Consumer Staples | 4.4% | |
Money Market Funds | 4.0% | |
Communication Services | 3.5% | |
Real Estate | 2.9% | |
Liabilities in excess of other assets | 0.0% |
Fair Value Measurement Summary at March 31, 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 March 31, 2022, the Fund's assets carried at fair value were classified as follows: |
LKCM Small Cap Equity Fund | ||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 196,657,441 | $ | – | $ | – | (1) | $ | 196,657,441 | |||||||
REITS | 1,410,665 | – | – | 1,410,665 | ||||||||||||
Short-Term Investments | 8,298,589 | – | – | 8,298,589 | ||||||||||||
Total Investments* | $ | 206,366,695 | $ | – | $ | – | $ | 206,366,695 | ||||||||
* Additional information regarding the industry classifications of these investments is disclosed in the Schedule of Investments. | ||||||||||||||||
Level 3 | ||||||||||||||||
Description | Common Stocks | |||||||||||||||
Balance as of December 31, 2021 | $ | - | (1) | |||||||||||||
Purchases | - | |||||||||||||||
Sales proceeds | - | |||||||||||||||
Realized gain (loss) | - | |||||||||||||||
Change in unrealized appreciation/depreciation | - | |||||||||||||||
Transfers into/(out of) Level 3 | - | (1) | ||||||||||||||
Balance as of March 31, 2022 | $ | - | ||||||||||||||
Change in unrealized appreciation/depreciation during the period for Level 3 investments held at March 31, 2022 | ||||||||||||||||
$ | - | (1) | ||||||||||||||
(1) Level 3 security valued at $0. | ||||||||||||||||