LKCM SMALL CAP EQUITY FUND | ||||||||
SCHEDULE OF INVESTMENTS | ||||||||
September 30, 2021 (Unaudited) | ||||||||
COMMON STOCKS - 96.5% | Shares | Value | ||||||
Aerospace & Defense - 2.2% | ||||||||
Hexcel Corp. (a) | 35,325 | $ | 2,097,952 | |||||
Mercury Systems, Inc. (a) | 19,120 | 906,670 | ||||||
Triumph Group, Inc. (a) | 111,098 | 2,069,756 | ||||||
5,074,378 | ||||||||
Auto Components - 1.0% | ||||||||
Fox Factory Holding Corp. (a) | 16,290 | 2,354,557 | ||||||
Banks - 7.6% | ||||||||
BancorpSouth Bank | 114,529 | 3,410,674 | ||||||
Comerica, Inc. | 31,215 | 2,512,807 | ||||||
Cullen/Frost Bankers, Inc. | 21,375 | 2,535,503 | ||||||
Glacier Bancorp, Inc. | 43,655 | 2,416,304 | ||||||
Pinnacle Financial Partners, Inc. | 35,705 | 3,359,126 | ||||||
Seacoast Banking Corp. of Florida | 92,175 | 3,116,437 | ||||||
17,350,851 | ||||||||
Beverages - 1.6% | ||||||||
Celsius Holdings, Inc. (a) | 40,451 | 3,644,231 | ||||||
Biotechnology - 3.3% | ||||||||
CareDx, Inc. (a) | 32,945 | 2,087,725 | ||||||
Castle Biosciences, Inc. (a) | 34,275 | 2,279,287 | ||||||
DermTech, Inc. (a) | 39,475 | 1,267,542 | ||||||
Neogen Corp. (a) | 40,790 | 1,771,510 | ||||||
7,406,064 | ||||||||
Building Products - 3.2% | ||||||||
Builders FirstSource, Inc. (a) | 51,015 | 2,639,516 | ||||||
CSW Industrials, Inc. | 24,550 | 3,135,035 | ||||||
PGT Innovations, Inc. (a) | 77,046 | 1,471,579 | ||||||
7,246,130 | ||||||||
Chemicals - 1.8% | ||||||||
Ecovyst, Inc. | 163,335 | 1,904,486 | ||||||
Ferroglobe Representation & Warranty Insurance Trust (a)(c) | 302,970 | – | ||||||
Quaker Chemical Corp. | 9,340 | 2,220,305 | ||||||
4,124,791 | ||||||||
Commercial Services & Supplies - 0.5% | ||||||||
Deluxe Corp. | 34,495 | 1,238,025 | ||||||
Construction & Engineering - 1.0% | ||||||||
NV5 Global, Inc. (a) | 23,342 | 2,300,821 | ||||||
Construction Materials - 1.4% | ||||||||
Eagle Materials, Inc. | 24,020 | 3,150,463 | ||||||
Electronic Equipment & Instruments - 1.1% | ||||||||
Novanta, Inc. (a)(b) | 16,290 | 2,516,805 |
Food Products - 1.4% | ||||||||
Freshpet, Inc. (a) | 22,240 | 3,173,426 | ||||||
Health Care Equipment & Supplies - 6.2% | ||||||||
Alphatec Holdings, Inc. (a) | 157,135 | 1,915,476 | ||||||
Cerus Corp. (a) | 325,000 | 1,979,250 | ||||||
NeoGenomics, Inc. (a) | 53,710 | 2,590,970 | ||||||
STAAR Surgical Co. (a) | 26,825 | 3,447,817 | ||||||
TransMedics Group, Inc. (a) | 57,090 | 1,889,108 | ||||||
ViewRay, Inc. (a) | 306,205 | 2,207,738 | ||||||
14,030,359 | ||||||||
Health Care Providers & Services - 7.0% | ||||||||
HealthEquity, Inc. (a) | 24,350 | 1,576,906 | ||||||
Medpace Holdings, Inc. (a) | 23,765 | 4,498,239 | ||||||
Omnicell, Inc. (a) | 18,320 | 2,719,238 | ||||||
Progyny, Inc. (a) | 53,370 | 2,988,720 | ||||||
R1 RCM, Inc. (a) | 106,100 | 2,335,261 | ||||||
U.S. Physical Therapy, Inc. | 16,015 | 1,771,259 | ||||||
15,889,623 | ||||||||
Hotels, Restaurants & Leisure - 6.6% | ||||||||
Bally's Corp. (a) | 20,000 | 1,002,800 | ||||||
Everi Holdings, Inc. (a) | 197,622 | 4,778,500 | ||||||
Playa Hotels & Resorts NV (a)(b) | 269,190 | 2,231,585 | ||||||
Red Rock Resorts, Inc. - Class A (a) | 95,550 | 4,894,071 | ||||||
Wingstop, Inc. | 12,855 | 2,107,320 | ||||||
15,014,276 | ||||||||
Household Durables - 1.3% | ||||||||
GoPro, Inc. - Class A (a) | 106,870 | 1,000,303 | ||||||
Sonos, Inc. (a) | 61,390 | 1,986,581 | ||||||
2,986,884 | ||||||||
Insurance - 3.3% | ||||||||
Argo Group International Holdings, Ltd. (b) | 54,285 | 2,834,763 | ||||||
Goosehead Insurance, Inc. - Class A | 10,595 | 1,613,512 | ||||||
Palomar Holdings, Inc. (a) | 36,600 | 2,958,378 | ||||||
7,406,653 | ||||||||
Internet & Catalog Retail - 1.6% | ||||||||
Magnite, Inc. (a) | 129,000 | 3,612,000 | ||||||
IT Consulting & Services - 3.6% | ||||||||
LiveRamp Holdings, Inc. (a) | 38,026 | 1,795,968 | ||||||
Perficient Inc. (a) | 46,145 | 5,338,977 | ||||||
Repay Holdings Corp. (a) | 49,010 | 1,128,700 | ||||||
8,263,645 | ||||||||
IT Services - 0.6% | ||||||||
Brightcove, Inc. (a) | 128,280 | 1,480,351 | ||||||
Leisure Equipment & Products - 2.2% | ||||||||
Callaway Golf Company (a) | 99,600 | 2,751,948 | ||||||
YETI Holdings, Inc. (a) | 25,535 | 2,188,094 | ||||||
4,940,042 |
Machinery - 6.8% | ||||||||
Alamo Group, Inc. | 10,360 | 1,445,531 | ||||||
Colfax Corp. (a) | 56,635 | 2,599,546 | ||||||
Evoqua Water Technologies Corp. (a) | 45,775 | 1,719,309 | ||||||
Helios Technologies, Inc. | 35,295 | 2,898,072 | ||||||
ITT, Inc. | 16,730 | 1,436,103 | ||||||
Rexnord Corp. | 60,995 | 3,921,369 | ||||||
Watts Water Technologies, Inc. - Class A | 9,275 | 1,559,035 | ||||||
15,578,965 | ||||||||
Marine - 1.0% | ||||||||
Kirby Corp. (a) | 46,370 | 2,223,905 | ||||||
Media & Entertainment - 2.6% | ||||||||
Nexstar Media Group, Inc. - Class A | 24,920 | 3,786,843 | ||||||
Sinclair Broadcast Group, Inc. - Class A | 63,980 | 2,026,887 | ||||||
5,813,730 | ||||||||
Multiline Retail - 0.3% | ||||||||
Ollie's Bargain Outlet Holdings, Inc. (a) | 13,230 | 797,504 | ||||||
Real Estate Investment Trust - 1.0% | ||||||||
SL Green Realty Corp. | 32,145 | 2,277,152 | ||||||
Oil & Gas & Consumable Fuels - 3.6% | ||||||||
CNX Resources Corp. (a) | 133,600 | 1,686,032 | ||||||
HollyFrontier Corp. | 91,625 | 3,035,536 | ||||||
Magnolia Oil & Gas Corp. - Class A | 193,005 | 3,433,559 | ||||||
8,155,127 | ||||||||
Personal Products - 1.0% | ||||||||
BellRing Brands, Inc. - Class A (a) | 73,135 | 2,248,901 | ||||||
Pharmaceuticals - 0.5% | ||||||||
Reata Pharmaceuticals, Inc. - Class A (a) | 11,410 | 1,147,960 | ||||||
Professional Services - 2.5% | ||||||||
Upwork, Inc. (a) | 125,760 | 5,662,973 | ||||||
Real Estate Development - 3.0% | ||||||||
FirstService Corp. (b) | 9,995 | 1,803,898 | ||||||
Newmark Group, Inc. - Class A | 358,143 | 5,125,026 | ||||||
6,928,924 | ||||||||
Software - 8.5% | ||||||||
ACI Worldwide, Inc. (a) | 52,105 | 1,601,187 | ||||||
Alkami Technology, Inc. (a) | 52,495 | 1,295,577 | ||||||
Altair Engineering, Inc. - Class A (a) | 36,190 | 2,494,939 | ||||||
Blackbaud, Inc. (a) | 31,815 | 2,238,185 | ||||||
Model N, Inc. (a) | 63,650 | 2,132,275 | ||||||
OneSpan Inc. (a) | 92,375 | 1,734,802 | ||||||
Q2 Holdings, Inc. (a) | 11,905 | 954,067 | ||||||
Sprout Social, Inc. - Class A (a) | 29,135 | 3,553,013 | ||||||
Workiva Inc. (a) | 24,520 | 3,456,339 | ||||||
19,460,384 |
Software & Services - 0.8% | ||||||||
Alarm.com Holdings, Inc. (a) | 22,430 | 1,753,802 | ||||||
Specialty Retail - 1.4% | ||||||||
Leslie's, Inc. (a) | 58,665 | 1,204,979 | ||||||
Petco Health & Wellness Co, Inc. (a) | 96,000 | 2,025,600 | ||||||
3,230,579 | ||||||||
Technology Hardware, Storage & Peripherals - 1.1% | ||||||||
Avid Technology, Inc. (a) | 84,585 | 2,446,198 | ||||||
Thrifts & Mortgage Finance - 1.4% | ||||||||
Home BancShares, Inc. | 137,301 | 3,230,692 | ||||||
Trading Companies & Distributors - 2.5% | ||||||||
Global Industrial Co. | 65,265 | 2,472,891 | ||||||
Textainer Group Holdings Ltd. (a) (b) | 89,758 | 3,133,452 | ||||||
5,606,343 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $124,585,862) | 219,767,514 | |||||||
SHORT-TERM INVESTMENTS - 3.7% | ||||||||
Money Market Funds - 3.7% | ||||||||
Invesco Short-Term Investments Trust - Government & Agency Portfolio - Institutional Shares, 0.03% (d) | 6,901,467 | 6,901,467 | ||||||
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Shares, 0.03% (d) | 1,623,130 | 1,623,130 | ||||||
8,524,597 | ||||||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $8,524,597) | 8,524,597 | |||||||
Total Investments - 100.2% | 228,292,111 | |||||||
(Cost $133,110,459) | ||||||||
Liabilities in Excess of Other Assets - (0.2)% | (416,355 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 227,875,756 |
(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. |
Fair Value Measurement Summary at September 30, 2021 (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 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 September 30, 2021, 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 | $ | 219,767,514 | $ | – | $ | 0 | (1) | $ | 219,767,514 | |||||||||||
Short-Term Investments | 8,524,597 | – | – | 8,524,597 | ||||||||||||||||
Total Investments | $ | 228,292,111 | $ | – | $ | 0 | $ | 228,292,111 | ||||||||||||
(1) Level 3 security valued at $0. |
Below is a reconciliation of Level 3 assets held by the LKCM Small Cap Equity Fund for which significant observable |
inputs were used to determine fair value. | ||||
Level 3 | ||||
Description | Common Stocks | |||
Balance as of December 31, 2020 | $ | 0 | ||
Purchases | - | |||
Sales proceeds | - | |||
Realized gain (loss) | - | |||
Change in unrealized appreciation/depreciation | - | |||
Transfers into/(out of) Level 3 | - | |||
Balance as of September 30, 2021 | $ | 0 | ||
Change in unrealized appreciation/depreciation during the period | ||||
for Level 3 investments held at September 30, 2021 | $ | - |