LKCM FIXED INCOME FUND | ||||||||
SCHEDULE OF INVESTMENTS | ||||||||
March 31, 2022 (Unaudited) | ||||||||
Principal | ||||||||
CORPORATE BONDS - 72.3% | Amount | Value | ||||||
Aerospace & Defense - 5.0% | ||||||||
Honeywell International, Inc.: | ||||||||
2.300%, 08/15/2024 | ||||||||
Callable 07/15/2024 | 3,105,000 | $ | 3,100,909 | |||||
1.350%, 06/01/2025 | ||||||||
Callable 05/01/2025 | 3,000,000 | 2,895,293 | ||||||
L3Harris Technologies, Inc. | ||||||||
3.850%, 06/15/2023 | ||||||||
Callable 05/15/2023 | 6,650,000 | 6,750,115 | ||||||
Raytheon Technologies Corp. | ||||||||
3.700%, 12/15/2023 | ||||||||
Callable 09/15/2023 | 1,750,000 | 1,781,788 | ||||||
14,528,105 | ||||||||
Air Freight & Logistics - 1.0% | ||||||||
United Parcel Service, Inc. | ||||||||
2.450%, 10/01/2022 | 3,000,000 | 3,014,130 | ||||||
Banks - 5.3% | ||||||||
Bank of America Corp.: | ||||||||
3.300%, 01/11/2023 | 2,000,000 | 2,023,040 | ||||||
4.450%, 03/03/2026 | 2,000,000 | 2,071,700 | ||||||
Comerica, Inc. | ||||||||
3.700%, 07/31/2023 | ||||||||
Callable 06/30/2023 | 2,000,000 | 2,028,112 | ||||||
The Bank of New York Mellon Corp. | ||||||||
2.800%, 05/04/2026 | ||||||||
Callable 02/04/2026 | 300,000 | 300,270 | ||||||
Truist Bank: | �� | |||||||
3.200%, 04/01/2024 | ||||||||
Callable 03/01/2024 | 2,500,000 | 2,531,603 | ||||||
3.300%, 05/15/2026 | ||||||||
Callable 04/15/2026 | 4,333,000 | 4,367,928 | ||||||
Wells Fargo & Co. | ||||||||
4.125%, 08/15/2023 | 2,000,000 | 2,046,275 | ||||||
15,368,928 | ||||||||
Beverages - 0.8% | ||||||||
Keurig Dr Pepper, Inc. | ||||||||
2.550%, 09/15/2026 | ||||||||
Callable 06/15/2026 | 2,225,000 | 2,161,257 | ||||||
Biotechnology - 2.7% | ||||||||
AbbVie, Inc. | ||||||||
2.900%, 11/06/2022 | 2,115,000 | 2,129,296 | ||||||
Amgen, Inc.: | ||||||||
2.250%, 08/19/2023 | ||||||||
Callable 06/19/2023 | 2,350,000 | 2,359,982 | ||||||
2.600%, 08/19/2026 | ||||||||
Callable 05/19/2026 | 1,000,000 | 988,715 | ||||||
2.200%, 02/21/2027 | ||||||||
Callable 12/21/2026 | 2,500,000 | 2,414,830 | ||||||
7,892,823 | ||||||||
Chemicals - 2.0% | ||||||||
Air Products and Chemicals, Inc. | ||||||||
1.500%, 10/15/2025 | ||||||||
Callable 09/15/2025 | 4,000,000 | 3,821,201 | ||||||
Ecolab, Inc. | ||||||||
2.700%, 11/01/2026 | ||||||||
Callable 08/01/2026 | 2,000,000 | 1,981,890 | ||||||
5,803,091 | ||||||||
Communications Equipment - 1.4% | ||||||||
QUALCOMM, Inc. | ||||||||
2.900%, 05/20/2024 | ||||||||
Callable 03/20/2024 | 4,000,000 | 4,032,806 | ||||||
Computers & Peripherals - 2.0% | ||||||||
Apple, Inc.: | ||||||||
2.400%, 05/03/2023 | 3,250,000 | 3,270,354 | ||||||
2.500%, 02/09/2025 | 2,515,000 | 2,513,138 | ||||||
5,783,492 | ||||||||
Consumer Finance - 3.7% | ||||||||
American Express Co.: | ||||||||
2.500%, 08/01/2022 | ||||||||
Callable 07/01/2022 | 3,000,000 | 3,010,706 | ||||||
3.400%, 02/27/2023 | ||||||||
Callable 01/27/2023 | 2,500,000 | 2,531,399 | ||||||
2.500%, 07/30/2024 | ||||||||
Callable 06/30/2024 | 1,063,000 | 1,059,444 | ||||||
3.000%, 10/30/2024 | ||||||||
Callable 09/29/2024 | 2,000,000 | 2,011,572 | ||||||
4.200%, 11/06/2025 | ||||||||
Callable 10/06/2025 | 2,000,000 | 2,086,631 | ||||||
10,699,752 | ||||||||
Containers & Packaging - 1.6% | ||||||||
Ball Corp. | ||||||||
5.250%, 07/01/2025 | 4,252,000 | 4,510,203 | ||||||
Diversified Financials - 4.0% | ||||||||
JPMorgan Chase & Co.: | ||||||||
3.375%, 05/01/2023 | 3,788,000 | 3,832,166 | ||||||
2.700%, 05/18/2023 | ||||||||
Callable 03/18/2023 | 1,855,000 | 1,863,784 | ||||||
3.875%, 02/01/2024 | 1,750,000 | 1,789,262 | ||||||
3.300%, 04/01/2026 | ||||||||
Callable 01/01/2026 | 3,500,000 | 3,535,109 | ||||||
3.200%, 06/15/2026 | ||||||||
Callable 03/15/2026 | 636,000 | 640,837 | ||||||
11,661,158 | ||||||||
Diversified Telecommunication Services - 5.7% | ||||||||
AT&T, Inc.: | ||||||||
3.000%, 06/30/2022 | ||||||||
Callable 04/30/2022 | 2,230,000 | 2,232,653 | ||||||
1.700%, 03/25/2026 | ||||||||
Callable 03/25/2023 | 1,450,000 | 1,374,742 | ||||||
3.800%, 02/15/2027 | ||||||||
Callable 11/15/2026 | 2,000,000 | 2,049,593 | ||||||
4.250%, 03/01/2027 | ||||||||
Callable 12/01/2026 | 4,000,000 | 4,196,354 | ||||||
Verizon Communications, Inc.: | ||||||||
3.500%, 11/01/2024 | ||||||||
Callable 08/01/2024 | 1,750,000 | 1,784,371 | ||||||
4.125%, 03/16/2027 | 2,000,000 | 2,082,182 | ||||||
2.100%, 03/22/2028 | ||||||||
Callable 01/22/2028 | 3,000,000 | 2,807,232 | ||||||
16,527,127 | ||||||||
Electrical Equipment - 0.3% | ||||||||
Rockwell Automation, Inc. | ||||||||
0.350%, 08/15/2023 | 825,000 | 802,897 | ||||||
Electrical Equipment & Instruments - 2.8% | ||||||||
Emerson Electric Co. | ||||||||
3.150%, 06/01/2025 | ||||||||
Callable 03/01/2025 | 6,500,000 | 6,574,595 | ||||||
Rockwell Automation, Inc. | ||||||||
2.875%, 03/01/2025 | ||||||||
Callable 12/01/2024 | 1,440,000 | 1,437,961 | ||||||
8,012,556 | ||||||||
Electronic Equipment & Instruments - 1.6% | ||||||||
Trimble, Inc. | ||||||||
4.150%, 06/15/2023 | ||||||||
Callable 05/15/2023 | 4,500,000 | 4,566,819 | ||||||
Household Products - 0.3% | ||||||||
The Procter & Gamble Co. | ||||||||
8.000%, 09/01/2024 | 775,000 | 865,224 | ||||||
Internet & Catalog Retail - 0.9% | ||||||||
Amazon.com, Inc. | ||||||||
2.500%, 11/29/2022 | ||||||||
Callable 08/29/2022 | 2,500,000 | 2,511,428 | ||||||
IT Services - 0.6% | ||||||||
PayPal Holdings, Inc. | ||||||||
1.650%, 06/01/2025 | 1,860,000 | 1,791,912 | ||||||
Life Sciences Tools & Services - 3.2% | ||||||||
Danaher Corp. | ||||||||
3.350%, 09/15/2025 | ||||||||
Callable 06/15/2025 | 5,500,000 | 5,545,178 | ||||||
Thermo Fisher Scientific, Inc. | ||||||||
1.215%, 10/18/2024 | 4,000,000 | 3,853,530 | ||||||
9,398,708 | ||||||||
Media & Entertainment - 1.4% | ||||||||
Alphabet, Inc. | ||||||||
3.375%, 02/25/2024 | 4,000,000 | 4,088,323 | ||||||
Oil & Gas & Consumable Fuels - 4.6% | ||||||||
Chevron Corp.: | ||||||||
2.355%, 12/05/2022 | ||||||||
Callable 09/05/2022 | 1,000,000 | 1,004,344 | ||||||
2.954%, 05/16/2026 | ||||||||
Callable 02/16/2026 | 1,870,000 | 1,881,497 | ||||||
Enterprise Products Operating, LLC | ||||||||
3.750%, 02/15/2025 | ||||||||
Callable 11/15/2024 | 2,963,000 | 3,021,719 | ||||||
Kinder Morgan Energy Partners, L.P. | ||||||||
4.250%, 09/01/2024 | ||||||||
Callable 06/01/2024 | 3,000,000 | 3,074,295 | ||||||
Kinder Morgan, Inc. | ||||||||
3.150%, 01/15/2023 | ||||||||
Callable 12/15/2022 | 4,350,000 | 4,374,794 | ||||||
13,356,649 | ||||||||
Personal Products - 0.2% | ||||||||
The Estee Lauder Cos., Inc. | ||||||||
2.000%, 12/01/2024 | ||||||||
Callable 11/01/2024 | 556,000 | 547,805 | ||||||
Pharmaceuticals - 4.2% | ||||||||
Abbott Laboratories: | ||||||||
3.400%, 11/30/2023 | ||||||||
Callable 09/30/2023 | 1,750,000 | 1,780,592 | ||||||
2.950%, 03/15/2025 | ||||||||
Callable 12/15/2024 | 3,925,000 | 3,957,667 | ||||||
Bristol-Myers Squibb Co. | ||||||||
3.625%, 05/15/2024 | ||||||||
Callable 02/15/2024 | 4,750,000 | 4,830,097 | ||||||
Zoetis, Inc. | ||||||||
3.250%, 02/01/2023 | ||||||||
Callable 11/01/2022 | 1,664,000 | 1,676,047 | ||||||
12,244,403 | ||||||||
Real Estate Investment Trusts - 3.5% | ||||||||
American Tower Corp.: | ||||||||
3.500%, 01/31/2023 | 3,500,000 | 3,534,218 | ||||||
5.000%, 02/15/2024 | 2,500,000 | 2,589,396 | ||||||
3.375%, 10/15/2026 | ||||||||
Callable 07/15/2026 | 4,030,000 | 3,987,531 | ||||||
10,111,145 | ||||||||
Road & Rail - 4.6% | ||||||||
Burlington Northern Santa Fe, LLC: | ||||||||
3.000%, 03/15/2023 | ||||||||
Callable 12/15/2022 | 4,695,000 | 4,732,023 | ||||||
3.000%, 04/01/2025 | ||||||||
Callable 01/01/2025 | 2,250,000 | 2,274,251 | ||||||
Union Pacific Corp.: | ||||||||
3.250%, 01/15/2025 | ||||||||
Callable 10/15/2024 | 3,295,000 | 3,330,080 | ||||||
3.750%, 07/15/2025 | ||||||||
Callable 05/15/2025 | 3,025,000 | 3,104,331 | ||||||
13,440,685 | ||||||||
Semiconductor Equipment & Products - 0.8% | ||||||||
Intel Corp. | ||||||||
3.700%, 07/29/2025 | ||||||||
Callable 04/29/2025 | 2,250,000 | 2,307,752 | ||||||
Semiconductors & Semiconductor Equipment - 1.3% | ||||||||
NVIDIA Corp. | ||||||||
1.550%, 06/15/2028 | ||||||||
Callable 04/15/2028 | 4,000,000 | 3,687,704 | ||||||
Software - 4.8% | ||||||||
Adobe, Inc. | ||||||||
1.900%, 02/01/2025 | ||||||||
Callable 01/01/2025 | 4,280,000 | 4,192,603 | ||||||
Oracle Corp.: | ||||||||
2.500%, 10/15/2022 | 3,000,000 | 3,010,222 | ||||||
2.650%, 07/15/2026 | ||||||||
Callable 04/15/2026 | 2,000,000 | 1,922,971 | ||||||
3.250%, 11/15/2027 | ||||||||
Callable 08/15/2027 | 2,000,000 | 1,948,966 | ||||||
2.300%, 03/25/2028 | ||||||||
Callable 01/25/2028 | 3,000,000 | 2,750,939 | ||||||
13,825,701 | ||||||||
Specialty Retail - 2.0% | ||||||||
Lowe's Cos, Inc. | ||||||||
2.500%, 04/15/2026 | ||||||||
Callable 01/15/2026 | 1,000,000 | 977,626 | ||||||
The Home Depot, Inc.: | ||||||||
2.625%, 06/01/2022 | ||||||||
Callable 05/01/2022 | 2,125,000 | 2,127,488 | ||||||
2.700%, 04/01/2023 | ||||||||
Callable 01/01/2023 | 2,750,000 | 2,769,446 | ||||||
5,874,560 | ||||||||
TOTAL CORPORATE BONDS | ||||||||
(Cost $212,632,289) | 209,417,143 | |||||||
U.S. GOVERNMENT ISSUES - 5.3% | ||||||||
U.S. Treasury Inflation Indexed Bonds - 1.5% | ||||||||
0.625%, 01/15/2024 | 4,217,255 | 4,439,873 | ||||||
U.S. Treasury Notes - 3.8% | ||||||||
1.750%, 07/15/2022 | 2,000,000 | 2,006,279 | ||||||
1.375%, 02/15/2023 | 2,000,000 | 1,996,649 | ||||||
2.000%, 02/15/2023 | 2,000,000 | 2,007,196 | ||||||
2.000%, 02/15/2025 | 2,000,000 | 1,974,336 | ||||||
2.000%, 08/15/2025 | 1,000,000 | 983,672 | ||||||
1.625%, 02/15/2026 | 2,000,000 | 1,936,016 | ||||||
10,904,148 | ||||||||
TOTAL U.S. GOVERNMENT ISSUES | ||||||||
(Cost $15,230,884) | 15,344,021 | |||||||
U.S. GOVERNMENT SPONSORED ENTITIES - 8.8% | ||||||||
Fannie Mae - 0.6% | ||||||||
0.500%, 06/17/2025 | 1,852,000 | 1,738,398 | ||||||
Federal Home Loan Banks - 7.1% | ||||||||
0.300%, 01/27/2026 | ||||||||
Callable 10/27/2021 (a) | 3,000,000 | 2,824,169 | ||||||
2.375%, 03/13/2026 | 3,575,000 | 3,554,004 | ||||||
0.500%, 03/30/2026 | ||||||||
Callable 03/30/2022 (a) | 3,000,000 | 2,851,198 | ||||||
0.650%, 01/27/2028 | ||||||||
Callable 07/27/2021 (a) | 4,000,000 | 3,700,660 | ||||||
2.820%, 06/27/2029 | ||||||||
Callable 06/27/2022 (a) | 4,000,000 | 3,904,404 | ||||||
1.000%, 01/27/2031 | ||||||||
Callable 10/27/2021 (a) | 4,000,000 | 3,639,946 | ||||||
20,474,381 | ||||||||
Freddie Mac - 1.1% | ||||||||
0.750%, 05/28/2025 | ||||||||
Callable 05/28/2021 | 3,500,000 | 3,327,473 | ||||||
TOTAL U.S. GOVERNMENT SPONSORED ENTITIES | ||||||||
(Cost $27,168,578) | 25,540,252 | |||||||
US GOVERNMENT AGENCY ISSUE - 11.8% | ||||||||
Federal Home Loan Banks - 11.8% | ||||||||
0.500%, 12/17/2024 | ||||||||
Callable 06/17/2022 (a) | 2,500,000 | 2,436,191 | ||||||
2.000%, 04/14/2025 | ||||||||
Callable 04/14/2023 (a) | 5,000,000 | 4,989,123 | ||||||
0.500%, 10/28/2025 | ||||||||
Callable 10/28/2022 (a) | 3,000,000 | 2,880,070 | ||||||
1.000%, 02/17/2026 | ||||||||
Callable 02/17/2023 (a) | 2,500,000 | 2,439,719 | ||||||
0.500%, 05/26/2026 | ||||||||
Callable 11/26/2021 (a) | 2,500,000 | 2,379,733 | ||||||
0.625%, 10/28/2026 | ||||||||
Callable 04/28/2022 (a) | 3,000,000 | 2,862,288 | ||||||
1.250%, 11/10/2026 | ||||||||
Callable 11/10/2022 (a) | 3,000,000 | 2,856,185 | ||||||
0.750%, 01/25/2027 | ||||||||
Callable 4/25/2022 (a) | 2,500,000 | 2,407,135 | ||||||
1.500%, 03/10/2027 | ||||||||
Callable 06/10/2022 (a) | 3,150,000 | 3,115,090 | ||||||
1.000%, 11/16/2028 | ||||||||
Callable 05/16/2022 (a) | 3,000,000 | 2,840,424 | ||||||
1.000%, 09/30/2031 | ||||||||
Callable 12/30/2021 (a) | 3,000,000 | 2,765,554 | ||||||
1.250%, 12/15/2033 | ||||||||
Callable 06/15/2022 (a) | 2,500,000 | 2,316,980 | ||||||
34,288,492 | ||||||||
TOTAL US GOVERNMENT AGENCY ISSUE | ||||||||
(Cost $35,626,970) | 34,288,492 | |||||||
SHORT-TERM INVESTMENTS - 3.0% | ||||||||
Money Market Funds - 3.0% | Shares | |||||||
Invesco Short-Term Investments Trust - Government & Agency Portfolio - Institutional Shares, 0.25%(b) | 8,653,164 | 8,653,165 | ||||||
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Shares, 0.23%(b) | 83,277 | 83,277 | ||||||
8,736,442 | ||||||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $8,736,442) | 8,736,442 | |||||||
Total Investments - 101.2% | 293,326,350 | |||||||
(Cost $299,395,163) | ||||||||
Liabilities in Excess of Other Assets - (1.2)% | (3,488,201 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 289,838,149 | ||||||
(a) | Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end. | ||||
(b) | 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 FIXED INCOME FUND | ||
Sector Classification | ||
March 31, 2022 | ||
Sectors: | % Net Assets | |
U.S. Government Sponsored Entities | 20.6% | |
Industrials | 13.7% | |
Financials | 13.0% | |
Information Technology | 12.4% | |
Health Care | 10.2% | |
Communication Services | 7.1% | |
U.S. Government Issues | 5.3% | |
Energy | 4.6% | |
Materials | 3.6% | |
Real Estate | 3.5% | |
Money Market Funds | 3.0% | |
Consumer Discretionary | 2.9% | |
Consumer Staples | 1.3% | |
Liabilities in excess of other assets | -1.2% |
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 Fixed Income Fund | ||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Bonds | $ | – | $ | 209,417,143 | $ | – | $ | 209,417,143 | ||||||||
U.S. Government Issues | – | 15,344,021 | – | 15,344,021 | ||||||||||||
U.S. Government Sponsored Entities | – | 59,828,744 | – | 59,828,744 | ||||||||||||
Short-Term Investment | 8,736,442 | – | – | 8,736,442 | ||||||||||||
Total Investments | $ | 8,736,442 | $ | 284,589,908 | $ | – | $ | 293,326,350 | ||||||||