LKCM SMALL CAP EQUITY FUND | ||||||||
SCHEDULE OF INVESTMENTS | ||||||||
March 31, 2023 (Unaudited) | ||||||||
COMMON STOCKS - 95.8% | Shares | Value | ||||||
Aerospace & Defense - 2.5% | ||||||||
Hexcel Corp. | 35,640 | $ | 2,432,430 | |||||
Mercury Systems, Inc. (a) | 43,181 | 2,207,413 | ||||||
4,639,843 | ||||||||
Banks - 5.3% | ||||||||
Cadence Bank | 115,551 | 2,398,839 | ||||||
Cullen/Frost Bankers, Inc. | 21,566 | 2,271,762 | ||||||
Glacier Bancorp, Inc. | 29,400 | 1,235,094 | ||||||
Pinnacle Financial Partners, Inc. | 36,024 | 1,987,084 | ||||||
Synovus Financial Corp. | 57,000 | 1,757,310 | ||||||
9,650,089 | ||||||||
Beverages - 3.0% | ||||||||
Celsius Holdings, Inc. (a) | 28,699 | 2,667,285 | ||||||
Primo Water Corp. (b) | 181,078 | 2,779,547 | ||||||
5,446,832 | ||||||||
Biotechnology - 1.2% | ||||||||
Neogen Corp. (a) | 115,822 | 2,145,023 | ||||||
Building Products - 4.0% | ||||||||
CSW Industrials, Inc. | 17,908 | 2,487,958 | ||||||
PGT Innovations, Inc. (a) | 102,087 | 2,563,405 | ||||||
Zurn Elkay Water Solutions Corp. | 103,000 | 2,200,080 | ||||||
7,251,443 | ||||||||
Chemicals - 4.3% | ||||||||
Avient Corp. | 40,000 | 1,646,400 | ||||||
Ecovyst, Inc. (a) | 327,898 | 3,623,273 | ||||||
Ferroglobe Representation & Warranty Insurance Trust (a)(c) | 302,970 | – | ||||||
Quaker Chemical Corp. | 13,347 | 2,642,039 | ||||||
7,911,712 | ||||||||
Commercial Services & Supplies - 1.1% | ||||||||
Driven Brands Holdings Inc. (a) | 68,607 | 2,079,478 | ||||||
Communications Equipment - 0.9% | ||||||||
Lumentum Holdings, Inc. (a) | 31,294 | 1,690,189 | ||||||
Construction Materials - 1.0% | ||||||||
Eagle Materials, Inc. | 11,980 | 1,758,065 | ||||||
Energy Equipment & Services - 1.7% | ||||||||
Weatherford International Plc (a)(b) | 51,453 | 3,053,736 | ||||||
Food Products - 1.4% | ||||||||
Utz Brands, Inc. | 150,200 | 2,473,794 | ||||||
Health Care Equipment & Supplies - 3.4% | ||||||||
Alphatec Holdings, Inc. (a) | 233,216 | 3,638,170 | ||||||
Enovis Corp. (a) | 48,444 | 2,591,269 | ||||||
6,229,439 | ||||||||
Health Care Providers & Services - 4.9% | ||||||||
HealthEquity, Inc. (a) | 33,070 | 1,941,540 | ||||||
Medpace Holdings, Inc. (a) | 11,921 | 2,241,744 | ||||||
Progyny, Inc. (a) | 62,801 | 2,017,168 | ||||||
R1 RCM Inc. (a) | 187,155 | 2,807,325 | ||||||
9,007,777 | ||||||||
Hotels, Restaurants & Leisure - 6.0% | ||||||||
Bowlero Corp. (a) | 47,424 | 803,837 | ||||||
Everi Holdings, Inc. (a) | 149,321 | 2,560,855 | ||||||
Playa Hotels & Resorts NV (a)(b) | 312,889 | 3,003,734 | ||||||
Red Rock Resorts, Inc. - Class A | 47,739 | 2,127,727 | ||||||
Wingstop, Inc. | 12,970 | 2,381,033 | ||||||
10,877,186 | ||||||||
Insurance - 3.1% | ||||||||
Goosehead Insurance, Inc. - Class A (a) | 59,000 | 3,079,800 | ||||||
Palomar Holdings, Inc. (a) | 47,320 | 2,612,064 | ||||||
5,691,864 | ||||||||
Internet & Catalog Retail - 1.3% | ||||||||
Magnite, Inc. (a) | 252,896 | 2,341,817 | ||||||
IT Services - 4.2% | ||||||||
AvidXchange Holdings, Inc. (a) | 221,205 | 1,725,399 | ||||||
LiveRamp Holdings, Inc. (a) | 82,544 | 1,810,190 | ||||||
Perficient Inc. (a) | 34,782 | 2,510,912 | ||||||
Repay Holdings Corp. (a) | 249,942 | 1,642,119 | ||||||
7,688,620 | ||||||||
Leisure Equipment & Products - 1.9% | ||||||||
Topgolf Callaway Brands Corp. (a) | 116,026 | 2,508,482 | ||||||
YETI Holdings, Inc. (a) | 25,763 | 1,030,520 | ||||||
3,539,002 | ||||||||
Life Sciences Tools & Services - 0.5% | ||||||||
Stevanato Group SpA (b) | 36,592 | 947,733 | ||||||
Machinery - 10.3% | ||||||||
Alamo Group, Inc. | 17,287 | 3,183,574 | ||||||
Chart Industries, Inc. (a) | 5,462 | 684,935 | ||||||
ESAB Corporation | 50,193 | 2,964,900 | ||||||
Evoqua Water Technologies Corp. (a) | 55,742 | 2,771,492 | ||||||
Generac Holdings, Inc. (a) | 14,122 | 1,525,317 | ||||||
Helios Technologies, Inc. | 35,609 | 2,328,829 | ||||||
ITT, Inc. | 27,119 | 2,340,370 | ||||||
Watts Water Technologies, Inc. - Class A | 17,681 | 2,976,066 | ||||||
18,775,483 | ||||||||
Marine Transportation - 1.8% | ||||||||
Kirby Corp. (a) | 46,783 | 3,260,775 | ||||||
Media & Entertainment - 1.5% | ||||||||
Nexstar Media Group, Inc. - Class A | 16,143 | 2,787,250 | ||||||
Oil, Gas & Consumable Fuels - 6.6% | ||||||||
CNX Resources Corp. (a) | 151,250 | 2,423,025 | ||||||
HF Sinclair Corp. | 45,420 | 2,197,419 | ||||||
Magnolia Oil & Gas Corp. - Class A | 146,294 | 3,200,913 | ||||||
Northern Oil and Gas, Inc. | 68,331 | 2,073,846 | ||||||
Permian Resources Corp. | 199,520 | 2,094,960 | ||||||
11,990,163 | ||||||||
Personal Care Products - 1.9% | ||||||||
BellRing Brands, Inc. (a) | 102,280 | 3,477,520 | ||||||
Professional Services - 1.8% | ||||||||
NV5 Global, Inc. (a) | 17,808 | 1,851,498 | ||||||
Upwork, Inc. (a) | 126,881 | 1,436,293 | ||||||
3,287,791 | ||||||||
Real Estate Development - 1.0% | ||||||||
FirstService Corp. (b) | 13,104 | 1,847,533 | ||||||
Software - 8.7% | ||||||||
Altair Engineering, Inc. - Class A (a) | 42,382 | 3,056,166 | ||||||
Appian Corp. (a) | 43,166 | 1,915,707 | ||||||
Model N, Inc. (a) | 64,217 | 2,149,343 | ||||||
Nutanix, Inc. (a) | 97,933 | 2,545,279 | ||||||
Q2 Holdings, Inc. (a) | 35,312 | 869,381 | ||||||
Sprout Social, Inc. - Class A (a) | 38,591 | 2,349,420 | ||||||
Workiva Inc. (a) | 30,171 | 3,089,812 | ||||||
15,975,108 | ||||||||
Specialty Retail - 3.9% | ||||||||
Academy Sports & Outdoors, Inc. | 53,473 | 3,489,113 | ||||||
Leslie's, Inc. (a) | 192,717 | 2,121,814 | ||||||
Petco Health & Wellness Co, Inc. (a) | 164,000 | 1,476,000 | ||||||
7,086,927 | ||||||||
Technology Hardware, Storage & Peripherals - 1.5% | ||||||||
Avid Technology, Inc. (a) | 85,339 | 2,729,141 | ||||||
Textiles, Apparel & Luxury Goods - 1.9% | ||||||||
Crocs, Inc. (a) | 26,768 | 3,384,546 | ||||||
Thrifts & Mortgage Finance - 1.6% | ||||||||
Home BancShares, Inc. | 138,526 | 3,007,400 | ||||||
Trading Companies & Distributors - 1.6% | ||||||||
Global Industrial Co. | 65,847 | 1,767,334 | ||||||
Textainer Group Holdings Ltd. (b) | 35,312 | 1,133,868 | ||||||
2,901,202 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $130,662,247) | 174,934,481 | |||||||
REITS - 0.7% | ||||||||
Hotel & Resort REITs - 0.7% | ||||||||
Pebblebrook Hotel Trust | 92,820 | 1,303,193 | ||||||
TOTAL REITS | ||||||||
(Cost $1,858,861) | 1,303,193 | |||||||
SHORT-TERM INVESTMENTS - 3.6% | ||||||||
Money Market Funds - 3.6% | ||||||||
Invesco Short-Term Investments Trust - Government & Agency Portfolio - Institutional Shares, 4.74%(d) | 5,380,705 | 5,380,705 | ||||||
MSILF Government Portfolio, 4.74%(d) | 1,170,342 | 1,170,342 | ||||||
6,551,047 | ||||||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $6,551,047) | 6,551,047 | |||||||
Total Investments - 100.1% | 182,788,721 | |||||||
(Cost $139,072,155) | ||||||||
Liabilities in Excess of Other Assets - (0.1)% | (179,713 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 182,609,008 |
(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 | |
March 31, 2023 | |
Sectors: | % Net Assets |
Industrials | 23.1% |
Information Technology | 14.4% |
Consumer Discretionary | 13.6% |
Financials | 11.0% |
Health Care | 10.0% |
Energy | 8.3% |
Consumer Staples | 6.3% |
Materials | 5.3% |
Money Market Funds | 3.6% |
Communication Services | 2.8% |
Real Estate | 1.7% |
Liabilities in excess of other assets | -0.1% |
Fair Value Measurement Summary at March 31, 2023 (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. Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Rule”) establishes requirements for determining | ||||||
fair value in good faith for purposes of the Investment Company Act of 1940, including related oversight and reporting requirements. The | ||||||
Valuation Rule also defines when market quotations are “readily available” for purposes of the Investment Company Act of 1940, the | ||||||
threshold for determining whether the Fund must fair value a security. The Valuation Rule permits the Fund’s board to designate the | ||||||
Fund’s primary investment adviser as “valuation designee” to perform the Fund’s fair value determinations subject to board oversight | ||||||
and certain reporting and other requirements intended to ensure that the registered investment company’s board receives the | ||||||
information it needs to oversee the investment adviser’s fair value determinations. The Board has designated the Adviser as valuation | ||||||
designee under the Valuation Rule to perform fair value functions in accordance with the requirements of the Valuation Rule. The | ||||||
Adviser may value securities at fair value in good faith pursuant to the Adviser’s and the Fund’s procedures. The Adviser may use | ||||||
prices provided by independent pricing services to assist in the fair valuation of the Fund’s 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, 2023, 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 Stock | $ | 174,934,481 | $ | – | $ | – | (1) | $ | 174,934,481 | ||||||||
REITS | 1,303,193 | – | – | 1,303,193 | |||||||||||||
Short-Term Investments | 6,551,047 | – | – | 6,551,047 | |||||||||||||
Total Investments* | $ | 182,788,721 | $ | – | $ | – | $ | 182,788,721 | |||||||||
* 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, 2022 | $ | - | (1) | ||||||||||||||
Purchases | - | ||||||||||||||||
Sales proceeds | - | ||||||||||||||||
Realized gain (loss) | - | ||||||||||||||||
Change in unrealized appreciation/depreciation | - | ||||||||||||||||
Transfers into/(out of) Level 3 | - | ||||||||||||||||
Balance as of March 31, 2023 | $ | - | (1) | ||||||||||||||
Change in unrealized appreciation/depreciation during the period | |||||||||||||||||
for Level 3 investments held at March 31, 2023 | $ | - | (1) | ||||||||||||||
(1) Level 3 security valued at $0. |