LKCM SMALL CAP EQUITY FUND | ||||||||
SCHEDULE OF INVESTMENTS | ||||||||
September 30, 2022 (Unaudited) | ||||||||
COMMON STOCKS - 95.5% | Shares | Value | ||||||
Aerospace & Defense - 2.2% | ||||||||
Hexcel Corp. | 35,325 | $ | 1,827,009 | |||||
Mercury Systems, Inc. (a) | 42,800 | 1,737,680 | ||||||
3,564,689 | ||||||||
Banks - 9.4% | ||||||||
Cadence Bank | 139,494 | 3,544,543 | ||||||
Comerica, Inc. | 16,064 | 1,142,150 | ||||||
Cullen/Frost Bankers, Inc. | 21,375 | 2,826,202 | ||||||
Glacier Bancorp, Inc. | 43,655 | 2,144,770 | ||||||
Pinnacle Financial Partners, Inc. | 35,705 | 2,895,676 | ||||||
Seacoast Banking Corp. of Florida | 41,346 | 1,249,890 | ||||||
Synovus Financial Corp. | 41,395 | 1,552,726 | ||||||
15,355,957 | ||||||||
Beverages - 3.3% | ||||||||
Celsius Holdings, Inc. (a) | 28,445 | 2,579,392 | ||||||
Primo Water Corp. (b) | 228,003 | 2,861,438 | ||||||
5,440,830 | ||||||||
Biotechnology - 1.1% | ||||||||
Neogen Corp. (a) | 129,782 | 1,813,055 | ||||||
Building Products - 3.5% | ||||||||
CSW Industrials, Inc. | 17,750 | 2,126,450 | ||||||
PGT Innovations, Inc. (a) | 101,185 | 2,120,838 | ||||||
Zurn Elkay Water Solutions Corp. | 60,995 | 1,494,377 | ||||||
5,741,665 | ||||||||
Chemicals - 2.6% | ||||||||
Avient Corp. | 8,250 | 249,975 | ||||||
Ecovyst, Inc. (a) | 307,330 | 2,593,865 | ||||||
Ferroglobe Representation & Warranty Insurance Trust (a)(c) | 302,970 | – | ||||||
Quaker Chemical Corp. | 9,340 | 1,348,509 | ||||||
4,192,349 | ||||||||
Commercial Services & Supplies - 1.2% | ||||||||
Driven Brands Holdings Inc. (a) | 68,000 | 1,902,640 | ||||||
Communications Equipment - 1.6% | ||||||||
Lumentum Holdings, Inc. (a) | 37,580 | 2,576,861 | ||||||
Construction & Engineering - 1.8% | ||||||||
NV5 Global, Inc. (a) | 23,342 | 2,890,206 | ||||||
Construction Materials - 0.8% | ||||||||
Eagle Materials, Inc. | 11,875 | 1,272,762 | ||||||
Energy Equipment & Services - 1.7% | ||||||||
Weatherford International Public Limited Co. (a)(b) | 86,789 | 2,802,417 | ||||||
Food Products - 1.9% | ||||||||
Utz Brands, Inc. | 204,545 | 3,088,630 | ||||||
Health Care Equipment & Supplies - 7.1% | ||||||||
Alphatec Holdings, Inc. (a) | 416,000 | 3,635,840 | ||||||
Cerus Corp. (a) | 685,724 | 2,468,606 | ||||||
Enovis Corp. (a) | 51,995 | 2,395,410 | ||||||
Omnicell, Inc. (a) | 7,500 | 652,725 | ||||||
STAAR Surgical Co. (a) | 35,000 | 2,469,250 | ||||||
11,621,831 | ||||||||
Health Care Providers & Services - 5.1% | ||||||||
HealthEquity, Inc. (a) | 44,000 | 2,955,480 | ||||||
Medpace Holdings, Inc. (a) | 11,815 | 1,856,964 | ||||||
Progyny, Inc. (a) | 53,370 | 1,977,892 | ||||||
R1 RCM Inc. (a) | 80,125 | 1,484,716 | ||||||
8,275,052 | ||||||||
Hotels, Restaurants & Leisure - 4.9% | ||||||||
Everi Holdings, Inc. (a) | 148,000 | 2,400,560 | ||||||
Playa Hotels & Resorts NV (a)(b) | 269,190 | 1,566,686 | ||||||
Red Rock Resorts, Inc. - Class A | 67,500 | 2,312,550 | ||||||
Wingstop, Inc. | 12,855 | 1,612,274 | ||||||
7,892,070 | ||||||||
Insurance - 2.4% | ||||||||
Goosehead Insurance, Inc. - Class A (a) | 10,595 | 377,606 | ||||||
Palomar Holdings, Inc. (a) | 42,234 | 3,535,830 | ||||||
3,913,436 | ||||||||
Internet & Catalog Retail - 1.3% | ||||||||
Magnite, Inc. (a) | 321,660 | 2,113,306 | ||||||
IT Consulting & Services - 2.1% | ||||||||
LiveRamp Holdings, Inc. (a) | 87,109 | 1,581,899 | ||||||
Perficient Inc. (a) | 25,450 | 1,654,759 | ||||||
Repay Holdings Corp. (a) | 17,000 | 120,020 | ||||||
3,356,678 | ||||||||
Leisure Equipment & Products - 1.8% | ||||||||
Topgolf Callaway Brands Corp. (a) | 115,000 | 2,214,900 | ||||||
YETI Holdings, Inc. (a) | 25,535 | 728,258 | ||||||
2,943,158 | ||||||||
Machinery - 8.4% | ||||||||
Alamo Group, Inc. | 17,135 | 2,095,096 | ||||||
Altra Industrial Motion Corp. | 18,400 | 618,608 | ||||||
ESAB Corp. | 75,047 | 2,503,568 | ||||||
Evoqua Water Technologies Corp. (a) | 55,250 | 1,827,118 | ||||||
Helios Technologies, Inc. | 35,295 | 1,785,927 | ||||||
ITT, Inc. | 26,880 | 1,756,339 | ||||||
Watts Water Technologies, Inc. - Class A | 24,025 | 3,020,663 | ||||||
13,607,319 | ||||||||
Marine - 1.7% | ||||||||
Kirby Corp. (a) | 46,370 | 2,817,905 | ||||||
Media & Entertainment - 1.6% | ||||||||
Nexstar Media Group, Inc. - Class A | 16,000 | 2,669,600 | ||||||
Oil, Gas & Consumable Fuels - 6.5% | ||||||||
CNX Resources Corp. (a) | 180,000 | 2,795,400 | ||||||
HF Sinclair Corp. | 56,574 | 3,045,944 | ||||||
Magnolia Oil & Gas Corp. - Class A | 145,000 | 2,872,450 | ||||||
Northern Oil and Gas, Inc. | 67,726 | 1,856,370 | ||||||
10,570,164 | ||||||||
Personal Products - 1.3% | ||||||||
BellRing Brands, Inc. (a) | 101,375 | 2,089,339 | ||||||
Professional Services - 1.1% | ||||||||
Upwork, Inc. (a) | 125,760 | 1,712,851 | ||||||
Real Estate Development - 0.7% | ||||||||
FirstService Corp. (b) | 9,995 | 1,189,505 | ||||||
Software - 7.4% | ||||||||
Altair Engineering, Inc. - Class A (a) | 39,940 | 1,766,147 | ||||||
Model N, Inc. (a) | 63,650 | 2,178,740 | ||||||
Nutanix, Inc. (a) | 147,068 | 3,063,426 | ||||||
Sprout Social, Inc. - Class A (a) | 38,250 | 2,321,010 | ||||||
Workiva Inc. (a) | 35,140 | 2,733,892 | ||||||
12,063,215 | ||||||||
Software & Services - 0.9% | ||||||||
Alarm.com Holdings, Inc. (a) | 22,430 | 1,454,810 | ||||||
Specialty Retail - 4.2% | ||||||||
Academy Sports & Outdoors, Inc. | 53,000 | 2,235,540 | ||||||
Leslie's, Inc. (a) | 141,780 | 2,085,584 | ||||||
Petco Health & Wellness Co, Inc. (a) | 217,355 | 2,425,682 | ||||||
6,746,806 | ||||||||
Technology Hardware, Storage & Peripherals - 1.2% | ||||||||
Avid Technology, Inc. (a) | 84,585 | 1,967,447 | ||||||
Textiles, Apparel & Luxury Goods - 1.1% | ||||||||
Crocs, Inc. (a) | 26,531 | 1,821,618 | ||||||
Thrifts & Mortgage Finance - 1.9% | ||||||||
Home BancShares, Inc. | 137,301 | 3,090,646 | ||||||
Trading Companies & Distributors - 1.7% | ||||||||
Global Industrial Co. | 65,265 | 1,751,060 | ||||||
Textainer Group Holdings Ltd. (b) | 35,000 | 940,100 | ||||||
2,691,160 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $133,028,274) | 155,249,977 | |||||||
REIT - 1.2% | Shares | Value | ||||||
Real Estate Investment Trust (REIT) - 1.2% | ||||||||
Pebblebrook Hotel Trust | 138,410 | 2,008,330 | ||||||
TOTAL REIT | ||||||||
(Cost $3,013,204) | 2,008,330 | |||||||
SHORT-TERM INVESTMENTS - 3.5% | ||||||||
Money Market Funds - 3.5% | ||||||||
Invesco Short-Term Investments Trust - Government & Agency Portfolio - Institutional Shares, 2.95% (d) | 4,917,303 | 4,917,303 | ||||||
MSILF Government Portfolio - Institutional Class, 2.81% (d) | 752,554 | 752,554 | ||||||
5,669,857 | ||||||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $5,669,857) | 5,669,857 | |||||||
Total Investments - 100.2% | 162,928,164 | |||||||
(Cost $141,711,335) | ||||||||
Liabilities in Excess of Other Assets - (0.2)% | (290,670 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 162,637,494 | ||||||
(a) | Non-income producing security. | ||||
(b) | Security 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 | |
September 30, 2022 | |
Sectors: | % Net Assets |
Industrials | 21.5% |
Financials | 13.8% |
Health Care | 13.4% |
Information Technology | 13.2% |
Consumer Discretionary | 11.9% |
Energy | 8.2% |
Consumer Staples | 6.5% |
Money Market Funds | 3.5% |
Materials | 3.4% |
Communication Services | 2.9% |
Real Estate | 1.9% |
Liabilities in excess of other assets | -0.2% |
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 that authorize the Adviser to fair value a security in good faith under certain circumstances. The Funds 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 Small Cap Equity Fund | ||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 155,249,977 | $ | – | $ | – | (1) | $ | 155,249,977 | |||||||
REIT | 2,008,330 | – | – | 2,008,330 | ||||||||||||
Short-Term Investments | 5,669,857 | – | – | 5,669,857 | ||||||||||||
Total Investments* | $ | 162,928,164 | $ | – | $ | – | $ | 162,928,164 | ||||||||
* 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 | - | |||||
Balance as of September 30, 2022 | $ | - | (1) | |||
Change in unrealized appreciation/depreciation during the period | ||||||
for Level 3 investments held at September 30, 2022 | $ | - | (1) | |||
(1) Level 3 security valued at $0. | ||||||