LKCM INTERNATIONAL EQUITY FUND | ||||||||
SCHEDULE OF INVESTMENTS | ||||||||
March 31, 2023 (Unaudited) | ||||||||
COMMON STOCKS - 90.8% | Shares | Value | ||||||
AUSTRALIA - 4.2% | ||||||||
Diversified Operations - 2.0% | ||||||||
BHP Billiton Ltd. | 35,750 | $ | 1,130,197 | |||||
Pharmaceuticals - 2.2% | ||||||||
CSL Ltd. | 6,315 | 1,223,027 | ||||||
Total Australia | 2,353,224 | |||||||
CANADA - 1.8% | ||||||||
Oil, Gas & Consumable Fuels - 1.8% | ||||||||
Cenovus Energy Inc. | 60,000 | 1,046,837 | ||||||
Total Canada | 1,046,837 | |||||||
FINLAND - 1.8% | ||||||||
Banks - 1.8% | ||||||||
Nordea Bank Abp | 95,520 | 1,019,991 | ||||||
Total Finland | 1,019,991 | |||||||
FRANCE - 13.6% | ||||||||
Aerospace & Defense - 2.2% | ||||||||
Safran SA | 8,221 | 1,217,015 | ||||||
Chemicals - 2.2% | ||||||||
Air Liquide SA | 7,585 | 1,269,649 | ||||||
Electronic Equipment, Instruments & Components - 2.2% | ||||||||
Schneider Electric SA | 7,534 | 1,259,117 | ||||||
IT Consulting & Services - 2.0% | ||||||||
Cap Gemini | 6,150 | 1,142,893 | ||||||
Personal Care Products - 2.2% | ||||||||
L'Oreal SA | 2,750 | 1,228,823 | ||||||
Specialty Retail - 2.8% | ||||||||
LVMH Moet Hennessy Louis Vuiton SE | 1,672 | 1,534,749 | ||||||
Total France | 7,652,246 | |||||||
GERMANY - 11.9% | ||||||||
Diversified Telecommunication Services - 2.2% | ||||||||
Deutsche Telekom AG | 52,000 | 1,260,085 | ||||||
Insurance - 1.8% | ||||||||
Allianz SE | 4,418 | 1,019,838 | ||||||
Pharmaceuticals - 2.0% | ||||||||
Bayer AG | 17,575 | 1,122,724 | ||||||
Semiconductors & Semiconductor Equipment - 2.6% | ||||||||
Infineon Technologies AG | 36,000 | 1,478,354 | ||||||
Software - 2.3% | ||||||||
SAP SE | 10,500 | 1,325,846 | ||||||
Textiles, Apparel & Luxury Goods - 1.0% | ||||||||
Adidas AG | 3,074 | 544,938 | ||||||
Total Germany | 6,751,785 | |||||||
IRELAND - 2.5% | ||||||||
Construction Materials - 2.5% | ||||||||
CRH PLC | 28,149 | 1,422,101 | ||||||
Total Ireland | 1,422,101 | |||||||
ITALY - 1.1% | ||||||||
Textiles, Apparel & Luxury Goods - 1.1% | ||||||||
Moncler SpA | 9,372 | 647,341 | ||||||
Total Italy | 647,341 | |||||||
JAPAN - 3.8% | ||||||||
Building Products - 1.8% | ||||||||
Daikin Industries Ltd. | 5,783 | 1,037,508 | ||||||
Computers & Peripherals - 2.0% | ||||||||
Nidec Corp. | 21,000 | 1,092,861 | ||||||
Total Japan | 2,130,369 | |||||||
NETHERLANDS - 8.3% | ||||||||
Banks - 1.7% | ||||||||
ING Groep NV | 80,661 | 957,881 | ||||||
Capital Markets - 2.0% | ||||||||
Euronext NV | 14,500 | 1,110,341 | ||||||
Professional Services - 2.3% | ||||||||
Wolters Kluwer NV | 10,096 | 1,274,490 | ||||||
Semiconductors & Semiconductor Equipment - 2.3% | ||||||||
ASML Holding NV | 2,000 | 1,362,902 | ||||||
Total Netherlands | 4,705,614 | |||||||
NORWAY - 3.7% | ||||||||
Diversified Telecommunication Services - 2.1% | ||||||||
Telenor ASA | 98,000 | 1,149,067 | ||||||
Oil, Gas & Consumable Fuels - 1.6% | ||||||||
Aker BP ASA | 38,000 | 931,951 | ||||||
Total Norway | 2,081,018 | |||||||
SPAIN - 1.9% | ||||||||
Machinery - 1.9% | ||||||||
Fluidra SA | 60,250 | 1,061,826 | ||||||
Total Spain | 1,061,826 | |||||||
SWEDEN - 2.4% | ||||||||
Hotels, Restaurants & Leisure - 2.4% | ||||||||
Evolution AB | 10,348 | 1,386,409 | ||||||
Total Sweden | 1,386,409 | |||||||
SWITZERLAND - 12.2% | ||||||||
Banks - 2.2% | ||||||||
Julius Baer Group Ltd. | 18,000 | 1,229,552 | ||||||
Electronic Equipment, Instruments & Components - 2.1% | ||||||||
ABB Ltd. | 33,939 | 1,167,553 | ||||||
Food Products - 1.9% | ||||||||
Nestle SA | 8,600 | 1,048,603 | ||||||
Health Care Equipment & Supplies - 2.2% | ||||||||
Alcon, Inc. | 17,850 | 1,267,127 | ||||||
Pharmaceuticals - 3.8% | ||||||||
Lonza Group AG | 1,850 | 1,113,700 | ||||||
Roche Holding AG | 3,850 | 1,100,109 | ||||||
2,213,809 | ||||||||
Total Switzerland | 6,926,644 | |||||||
UNITED KINGDOM - 21.6% | ||||||||
Aerospace & Defense - 1.7% | ||||||||
BAE Systems Plc | 80,000 | 967,686 | ||||||
Banks - 1.6% | ||||||||
Barclays PLC | 500,000 | 899,948 | ||||||
Beverages - 2.2% | ||||||||
Diageo PLC | 27,650 | 1,234,004 | ||||||
Commercial Services & Supplies - 2.3% | ||||||||
Rentokil Initial Plc | 175,000 | 1,278,989 | ||||||
Hotels, Restaurants & Leisure - 4.3% | ||||||||
Compass Group PLC | 48,000 | 1,206,307 | ||||||
InterContinental Hotels Group PLC | 18,044 | 1,181,257 | ||||||
2,387,564 | ||||||||
Insurance - 1.6% | ||||||||
Prudential PLC | 67,275 | 921,100 | ||||||
Oil, Gas & Consumable Fuels - 2.6% | ||||||||
Shell Plc | 50,750 | 1,446,295 | ||||||
Personal Care Products - 2.3% | ||||||||
Unilever PLC | 25,000 | 1,295,469 | ||||||
Specialty Retail - 1.1% | ||||||||
Burberry Group PLC | 20,000 | 640,393 | ||||||
Trading Companies & Distributors - 1.9% | ||||||||
Ashtead Group PLC | 17,501 | 1,074,642 | ||||||
Total United Kingdom | 12,146,090 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $47,080,682) | 51,331,495 | |||||||
PREFERRED STOCKS - 1.9% | ||||||||
Life Sciences Tools & Services - 1.9% | ||||||||
Sartorius AG | 2,575 | 1,085,255 | ||||||
TOTAL PREFERRED STOCKS | ||||||||
(Cost $858,883) | 1,085,255 | |||||||
SHORT-TERM INVESTMENTS - 6.8% | ||||||||
Money Market Funds - 6.8% | ||||||||
Fidelity Investments Money Market Government Portfolio - Class I, 4.71% (a) | 512,886 | 512,886 | ||||||
MSILF Government Portfolio, 4.74% (a) | 1,681,409 | 1,681,409 | ||||||
Invesco Short-Term Investments Trust - Government & Agency Portfolio - Institutional Shares, 4.74% (a) | 1,681,409 | 1,681,409 | ||||||
3,875,704 | ||||||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $3,875,704) | 3,875,704 | |||||||
Total Investments - 99.5% | 56,292,454 | |||||||
(Cost $51,815,269) | ||||||||
Other Assets in Excess of Liabilities - 0.5% | 305,302 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 56,597,756 |
(a) | 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 INTERNATIONAL EQUITY FUND | |
Sector Classification | |
March 31, 2023 | |
Sectors: | % Net Assets |
Industrials | 18.4% |
Financials | 12.7% |
Consumer Discretionary | 12.7% |
Health Care | 12.1% |
Information Technology | 11.2% |
Consumer Staples | 8.6% |
Money Market Funds | 6.8% |
Materials | 6.7% |
Energy | 6.0% |
Communication Services | 4.3% |
Other assets in excess of liabilities | 0.5% |
Country Breakdown (% of net assets) | Percent of net assets |
United Kingdom | 21.5% |
Germany | 13.9% |
France | 13.5% |
Switzerland | 12.2% |
Netherlands | 8.3% |
United States | 6.9% |
Australia | 4.2% |
Japan | 3.8% |
Norway | 3.7% |
Ireland | 2.5% |
Sweden | 2.5% |
Spain | 1.9% |
Canada | 1.9% |
Finland | 1.8% |
Italy | 1.1% |
Other assets in excess of liabilities | 0.4% |
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 International Equity Fund | ||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 1,046,837 | $ | 50,284,658 | $ | – | $ | 51,331,495 | ||||||||
Preferred Stocks | – | 1,085,255 | – | 1,085,255 | ||||||||||||
Short-Term Investments | 3,875,704 | – | – | 3,875,704 | ||||||||||||
Total Investments | $ | 4,922,541 | $ | 51,369,913 | $ | – | $ | 56,292,454 | ||||||||