LKCM BALANCED FUND | ||||||||
SCHEDULE OF INVESTMENTS | ||||||||
March 31, 2022 (Unaudited) | ||||||||
COMMON STOCKS - 69.6% | Shares | Value | ||||||
Aerospace & Defense - 2.4% | ||||||||
Axon Enterprise, Inc. (a) | 5,500 | $ | 757,515 | |||||
Honeywell International, Inc. | 5,100 | 992,358 | ||||||
L3Harris Technologies, Inc. | 6,300 | 1,565,361 | ||||||
3,315,234 | ||||||||
Banks - 4.3% | ||||||||
Bank of America Corp. | 55,000 | 2,267,100 | ||||||
Cullen/Frost Bankers, Inc. | 12,500 | 1,730,125 | ||||||
Zions Bancorp N.A. | 28,500 | 1,868,460 | ||||||
5,865,685 | ||||||||
Beverages - 1.8% | ||||||||
The Coca-Cola Co. | 23,100 | 1,432,200 | ||||||
PepsiCo, Inc. | 6,200 | 1,037,756 | ||||||
2,469,956 | ||||||||
Biotechnology - 1.0% | ||||||||
Charles River Laboratories International, Inc. (a) | 5,000 | 1,419,850 | ||||||
Chemicals - 5.9% | ||||||||
Air Products and Chemicals, Inc. | 6,000 | 1,499,460 | ||||||
Corteva, Inc. | 20,358 | 1,170,178 | ||||||
DuPont de Nemours, Inc. | 13,658 | 1,004,955 | ||||||
Ecolab, Inc. | 5,900 | 1,041,704 | ||||||
FMC Corp. | 15,000 | 1,973,550 | ||||||
Linde PLC (b) | 4,200 | 1,341,606 | ||||||
8,031,453 | ||||||||
Commercial Services & Supplies - 2.9% | ||||||||
Cintas Corp. | 4,000 | 1,701,560 | ||||||
Waste Connections, Inc. (b) | 9,500 | 1,327,150 | ||||||
Waste Management, Inc. | 6,000 | 951,000 | ||||||
3,979,710 | ||||||||
Communications Equipment - 1.5% | ||||||||
QUALCOMM, Inc. | 13,300 | 2,032,506 | ||||||
Computers & Peripherals - 2.2% | ||||||||
Apple, Inc. | 17,200 | 3,003,292 | ||||||
Construction Materials - 1.2% | ||||||||
Martin Marietta Materials, Inc. | 4,100 | 1,578,049 | ||||||
Diversified Financials - 2.6% | ||||||||
JPMorgan Chase & Co. | 13,200 | 1,799,424 | ||||||
Moody's Corp. | 5,000 | 1,687,050 | ||||||
3,486,474 | ||||||||
Diversified Telecommunication Services - 0.6% | ||||||||
Verizon Communications, Inc. | 15,841 | 806,941 | ||||||
Electrical Equipment & Instruments - 1.9% | ||||||||
Emerson Electric Co. | 13,400 | 1,313,870 | ||||||
Rockwell Automation, Inc. | 4,500 | 1,260,135 | ||||||
2,574,005 | ||||||||
Electronic Equipment & Instruments - 1.3% | ||||||||
National Instruments Corp. | 12,800 | 519,552 | ||||||
Trimble, Inc. (a) | 18,100 | 1,305,734 | ||||||
1,825,286 | ||||||||
Electronic Equipment, Instruments & Components - 1.1% | ||||||||
Teledyne Technologies, Inc. (a) | 3,200 | 1,512,416 | ||||||
Food & Drug Retailing - 0.9% | ||||||||
Walmart, Inc. | 7,900 | 1,176,468 | ||||||
Health Care Equipment & Supplies - 3.7% | ||||||||
Alcon, Inc. (b) | 20,800 | 1,650,064 | ||||||
PerkinElmer, Inc. | 10,100 | 1,762,046 | ||||||
Thermo Fisher Scientific, Inc. | 2,800 | 1,653,820 | ||||||
5,065,930 | ||||||||
Household Durables - 0.6% | ||||||||
Newell Brands, Inc. | 40,000 | 856,400 | ||||||
Household Products - 1.7% | ||||||||
Colgate-Palmolive Co. | 13,100 | 993,373 | ||||||
Kimberly-Clark Corp. | 6,000 | 738,960 | ||||||
The Procter & Gamble Co. | 3,500 | 534,800 | ||||||
2,267,133 | ||||||||
Internet & Catalog Retail - 1.3% | ||||||||
Amazon.com, Inc. (a) | 550 | 1,792,972 | ||||||
IT Consulting & Services - 3.6% | ||||||||
Black Knight, Inc. (a) | 19,400 | 1,125,006 | ||||||
Broadridge Financial Solutions, Inc. | 10,200 | 1,588,242 | ||||||
PayPal Holdings, Inc. (a) | 6,600 | 763,290 | ||||||
Visa, Inc. - Class A | 6,100 | 1,352,797 | ||||||
4,829,335 | ||||||||
Life Sciences Tools & Services - 1.2% | ||||||||
Danaher Corp. | 5,500 | 1,613,315 | ||||||
Machinery - 1.1% | ||||||||
Fortive Corp. | 10,100 | 615,393 | ||||||
Xylem, Inc. | 11,000 | 937,860 | ||||||
1,553,253 | ||||||||
Media & Entertainment - 3.6% | ||||||||
Alphabet, Inc. - Class C (a) | 725 | 2,024,918 | ||||||
The Walt Disney Co. (a) | 11,800 | 1,618,488 | ||||||
Meta Platforms, Inc. (a) | 5,600 | 1,245,216 | ||||||
4,888,622 | ||||||||
Metals & Mining - 1.1% | ||||||||
Newmont Goldcorp Corp. | 19,500 | 1,549,275 | ||||||
Oil & Gas & Consumable Fuels - 4.3% | ||||||||
Chevron Corp. | 8,395 | 1,366,958 | ||||||
ConocoPhillips | 16,800 | 1,680,000 | ||||||
Coterra Energy, Inc. | 25,900 | 698,523 | ||||||
EOG Resources, Inc. | 4,800 | 572,304 | ||||||
Pioneer Natural Resources Co. | 6,100 | 1,525,183 | ||||||
5,842,968 | ||||||||
Oil, Gas & Consumable Fuels - 1.1% | ||||||||
Kinder Morgan, Inc. | 80,000 | 1,512,800 | ||||||
Personal Products - 0.9% | ||||||||
The Estee Lauder Cos., Inc. - Class A | 4,600 | 1,252,672 | ||||||
Pharmaceuticals - 3.3% | ||||||||
Abbott Laboratories | 10,800 | 1,278,288 | ||||||
Merck & Co., Inc. | 18,900 | 1,550,745 | ||||||
Zoetis, Inc. | 8,626 | 1,626,777 | ||||||
4,455,810 | ||||||||
Real Estate Investment Trusts - 1.1% | ||||||||
American Tower Corp. | 5,900 | 1,482,198 | ||||||
Road & Rail - 1.2% | ||||||||
Union Pacific Corp. | 5,700 | 1,557,297 | ||||||
Software - 4.6% | ||||||||
Adobe, Inc. (a) | 2,000 | 911,240 | ||||||
Microsoft Corp. | 7,300 | 2,250,663 | ||||||
Oracle Corp. | 17,800 | 1,472,594 | ||||||
salesforce.com, Inc. (a) | 7,400 | 1,571,168 | ||||||
6,205,665 | ||||||||
Software & Services - 1.2% | ||||||||
Akamai Technologies, Inc. (a) | 13,800 | 1,647,582 | ||||||
Specialty Retail - 1.2% | ||||||||
The Home Depot, Inc. | 5,300 | 1,586,449 | ||||||
Textiles, Apparel & Luxury Goods - 1.2% | ||||||||
NIKE, Inc. - Class B | 11,800 | 1,587,808 | ||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $53,193,177) | 94,624,809 | |||||||
Principal | ||||||||
CORPORATE BONDS - 28.9% | Amount | Value | ||||||
Aerospace & Defense - 1.6% | ||||||||
Honeywell International, Inc.: | ||||||||
2.300%, 08/15/2024 | ||||||||
Callable 07/15/2024 | 250,000 | 249,671 | ||||||
1.350%, 06/01/2025 | ||||||||
Callable 05/01/2025 | 750,000 | 723,823 | ||||||
L3Harris Technologies, Inc. | ||||||||
3.850%, 06/15/2023 | ||||||||
Callable 05/15/2023 | 900,000 | 913,549 | ||||||
Raytheon Technologies Corp. | ||||||||
3.700%, 12/15/2023 | ||||||||
Callable 09/15/2023 | 250,000 | 254,541 | ||||||
2,141,584 | ||||||||
Banks - 1.9% | ||||||||
Bank of America Corp. | ||||||||
3.300%, 01/11/2023 | 500,000 | 505,760 | ||||||
Comerica Bank | ||||||||
2.500%, 07/23/2024 | 300,000 | 297,002 | ||||||
Comerica, Inc. | ||||||||
3.700%, 07/31/2023 | ||||||||
Callable 06/30/2023 | 475,000 | 481,677 | ||||||
The Bank of New York Mellon Corp. | ||||||||
2.200%, 08/16/2023 | ||||||||
Callable 06/16/2023 | 200,000 | 199,899 | ||||||
Truist Bank: | ||||||||
3.200%, 04/01/2024 | ||||||||
Callable 03/01/2024 | 250,000 | 253,160 | ||||||
4.050%, 11/03/2025 | ||||||||
Callable 09/03/2025 | 385,000 | 397,961 | ||||||
3.300%, 05/15/2026 | ||||||||
Callable 04/15/2026 | 400,000 | 403,225 | ||||||
2,538,684 | ||||||||
Beverages - 1.0% | ||||||||
Keurig Dr Pepper, Inc. | ||||||||
2.550%, 09/15/2026 | ||||||||
Callable 06/15/2026 | 1,000,000 | 971,351 | ||||||
PepsiCo, Inc. | ||||||||
2.375%, 10/06/2026 | ||||||||
Callable 07/06/2026 | 435,000 | 426,385 | ||||||
1,397,736 | ||||||||
Biotechnology - 1.4% | ||||||||
AbbVie, Inc.: | ||||||||
2.850%, 05/14/2023 | ||||||||
Callable 03/14/2023 | 525,000 | 528,588 | ||||||
3.200%, 05/14/2026 | ||||||||
Callable 02/14/2026 | 600,000 | 603,093 | ||||||
Amgen, Inc.: | ||||||||
3.625%, 05/22/2024 | ||||||||
Callable 02/22/2024 | 250,000 | 254,965 | ||||||
2.600%, 08/19/2026 | ||||||||
Callable 05/19/2026 | 450,000 | 444,922 | ||||||
1,831,568 | ||||||||
Chemicals - 0.8% | ||||||||
Air Products and Chemicals, Inc. | ||||||||
1.850%, 05/15/2027 | ||||||||
Callable 03/15/2027 | 675,000 | 639,605 | ||||||
Ecolab, Inc. | ||||||||
2.700%, 11/01/2026 | ||||||||
Callable 08/01/2026 | 500,000 | 495,473 | ||||||
1,135,078 | ||||||||
Communications Equipment - 1.0% | ||||||||
Cisco Systems, Inc. | ||||||||
2.200%, 09/20/2023 | ||||||||
Callable 07/20/2023 | 750,000 | 751,909 | ||||||
QUALCOMM, Inc. | ||||||||
2.900%, 05/20/2024 | ||||||||
Callable 03/20/2024 | 600,000 | 604,921 | ||||||
1,356,830 | ||||||||
Computers & Peripherals - 0.2% | ||||||||
Apple, Inc.: | ||||||||
2.500%, 02/09/2025 | 250,000 | 249,815 | ||||||
3.200%, 05/13/2025 | 55,000 | 55,880 | ||||||
305,695 | ||||||||
Consumer Finance - 0.8% | ||||||||
American Express Co.: | ||||||||
3.400%, 02/27/2023 | ||||||||
Callable 01/27/2023 | 125,000 | 126,570 | ||||||
3.700%, 08/03/2023 | ||||||||
Callable 07/03/2023 | 300,000 | 305,478 | ||||||
3.000%, 10/30/2024 | ||||||||
Callable 09/29/2024 | 650,000 | 653,761 | ||||||
1,085,809 | ||||||||
Diversified Financials - 0.5% | ||||||||
JPMorgan Chase & Co.: | ||||||||
3.375%, 05/01/2023 | 225,000 | 227,623 | ||||||
3.875%, 02/01/2024 | 275,000 | 281,170 | ||||||
3.200%, 06/15/2026 | ||||||||
Callable 03/15/2026 | 200,000 | 201,521 | ||||||
710,314 | ||||||||
Diversified Telecommunication Services - 1.5% | ||||||||
AT&T, Inc.: | ||||||||
3.400%, 05/15/2025 | ||||||||
Callable 02/15/2025 | 850,000 | 853,124 | ||||||
1.700%, 03/25/2026 | ||||||||
Callable 03/25/2023 | 250,000 | 237,025 | ||||||
Verizon Communications, Inc.: | ||||||||
3.500%, 11/01/2024 | ||||||||
Callable 08/01/2024 | 750,000 | 764,730 | ||||||
2.625%, 08/15/2026 | ||||||||
250,000 | 245,109 | |||||||
2,099,988 | ||||||||
Electrical Equipment & Instruments - 0.3% | ||||||||
Emerson Electric Co. | ||||||||
3.150%, 06/01/2025 | ||||||||
Callable 03/01/2025 | 200,000 | 202,295 | ||||||
Roper Technologies, Inc. | ||||||||
1.000%, 09/15/2025 | ||||||||
Callable 08/15/2025 | 250,000 | 232,543 | ||||||
434,838 | ||||||||
Electronic Equipment & Instruments - 0.4% | ||||||||
Trimble, Inc. | ||||||||
4.150%, 06/15/2023 | ||||||||
Callable 05/15/2023 | 500,000 | 507,424 | ||||||
Food & Drug Retailing - 0.5% | ||||||||
Walmart, Inc. | ||||||||
3.550%, 06/26/2025 | ||||||||
Callable 04/26/2025 | 700,000 | 721,093 | ||||||
Food & Staples Retailing - 0.5% | ||||||||
Costco Wholesale Corp. | ||||||||
1.375%, 06/20/2027 | ||||||||
Callable 04/20/2027 | 690,000 | 643,216 | ||||||
Hotels, Restaurants & Leisure - 0.4% | ||||||||
McDonald's Corp. | ||||||||
1.450%, 09/01/2025 | ||||||||
Callable 08/01/2025 | 600,000 | 574,945 | ||||||
Internet & Catalog Retail - 0.2% | ||||||||
Amazon.com, Inc. | ||||||||
1.200%, 06/03/2027 | ||||||||
Callable 04/03/2027 | 260,000 | 240,882 | ||||||
IT Services - 1.5% | ||||||||
PayPal Holdings, Inc. (a) | ||||||||
1.650%, 06/01/2025 | 1,250,000 | 1,204,242 | ||||||
Visa, Inc.: | ||||||||
3.150%, 12/14/2025 | 300,000 | 304,263 | ||||||
1.900%, 04/15/2027 | ||||||||
Callable 02/15/2027 | 500,000 | 482,126 | ||||||
1,990,631 | ||||||||
Life Sciences Tools & Services - 0.9% | ||||||||
Danaher Corp. | ||||||||
3.350%, 09/15/2025 | ||||||||
Callable 06/15/2025 | 250,000 | 252,054 | ||||||
Thermo Fisher Scientific, Inc. | ||||||||
1.215%, 10/18/2024 | 1,000,000 | 963,382 | ||||||
1,215,436 | ||||||||
Machinery - 0.5% | ||||||||
Illinois Tool Works, Inc. | ||||||||
3.500%, 03/01/2024 | ||||||||
Callable 12/01/2023 | 715,000 | 727,503 | ||||||
Media & Entertainment - 1.2% | ||||||||
Alphabet, Inc.: | ||||||||
3.375%, 02/25/2024 | 600,000 | 613,249 | ||||||
1.998%, 08/15/2026 | ||||||||
Callable 05/15/2026 | 200,000 | 195,592 | ||||||
The Walt Disney Co. | ||||||||
1.750%, 08/30/2024 | ||||||||
Callable 07/30/2024 | 810,000 | 796,206 | ||||||
1,605,047 | ||||||||
Oil & Gas & Consumable Fuels - 2.8% | ||||||||
Chevron Corp. | ||||||||
1.995%, 05/11/2027 | ||||||||
Callable 03/11/2027 | 400,000 | 384,959 | ||||||
ConocoPhillips | ||||||||
2.400%, 12/15/2022 | ||||||||
Callable 09/15/2022 | 490,000 | 491,985 | ||||||
Enterprise Products Operating, LLC | ||||||||
3.750%, 02/15/2025 | ||||||||
Callable 11/15/2024 | 665,000 | 678,178 | ||||||
EOG Resources, Inc. | ||||||||
2.625%, 03/15/2023 | ||||||||
Callable 12/15/2022 | 600,000 | 601,921 | ||||||
Exxon Mobil Corp.: | ||||||||
2.709%, 03/06/2025 | ||||||||
Callable 12/06/2024 | 255,000 | 255,296 | ||||||
3.043%, 03/01/2026 | ||||||||
Callable 12/01/2025 | 400,000 | 404,496 | ||||||
Kinder Morgan, Inc. | ||||||||
3.150%, 01/15/2023 | ||||||||
Callable 12/15/2022 | 500,000 | 502,850 | ||||||
Schlumberger Investment SA | ||||||||
3.650%, 12/01/2023 | ||||||||
Callable 09/01/2023 (b) | 500,000 | 508,514 | ||||||
3,828,199 | ||||||||
Oil, Gas & Consumable Fuels - 0.3% | ||||||||
Kinder Morgan Energy Partners LP | ||||||||
3.450%, 02/15/2023 | ||||||||
Callable 100.000000, 11/15/2022 | 425,000 | 428,135 | ||||||
Personal Products - 0.6% | ||||||||
The Estee Lauder Cos., Inc. | ||||||||
2.000%, 12/01/2024 | ||||||||
Callable 11/01/2024 | 805,000 | 793,134 | ||||||
Pharmaceuticals - 2.3% | ||||||||
Abbott Laboratories: | ||||||||
3.400%, 11/30/2023 | ||||||||
Callable 09/30/2023 | 480,000 | 488,391 | ||||||
3.875%, 09/15/2025 | ||||||||
Callable 06/15/2025 | 255,000 | 264,139 | ||||||
Bristol-Myers Squibb Co.: | ||||||||
2.750%, 02/15/2023 | ||||||||
Callable 01/15/2023 | 650,000 | 657,138 | ||||||
3.625%, 05/15/2024 | ||||||||
Callable 02/15/2024 | 250,000 | 254,216 | ||||||
Johnson & Johnson | ||||||||
0.550%, 09/01/2025 | ||||||||
Callable 08/01/2025 | 735,000 | 687,818 | ||||||
Pfizer, Inc. | ||||||||
0.800%, 05/28/2025 | ||||||||
Callable 04/28/2025 | 800,000 | 757,382 | ||||||
3,109,084 | ||||||||
Real Estate Investment Trusts - 0.9% | ||||||||
American Tower Corp.: | ||||||||
2.400%, 03/15/2025 | ||||||||
Callable 02/15/2025 | 600,000 | 584,907 | ||||||
3.375%, 10/15/2026 | ||||||||
Callable 07/15/2026 | 635,000 | 628,308 | ||||||
1,213,215 | ||||||||
Road & Rail - 0.6% | ||||||||
Burlington Northern Santa Fe, LLC | ||||||||
3.000%, 03/15/2023 | ||||||||
Callable 12/15/2022 | 600,000 | 604,732 | ||||||
Union Pacific Corp. | ||||||||
3.750%, 07/15/2025 | ||||||||
Callable 05/15/2025 | 200,000 | 205,245 | ||||||
809,977 | ||||||||
Semiconductor Equipment & Products - 0.4% | ||||||||
Intel Corp. | ||||||||
3.700%, 07/29/2025 | ||||||||
Callable 04/29/2025 | 500,000 | 512,834 | ||||||
�� | ||||||||
Semiconductors & Semiconductor Equipment - 0.5% | ||||||||
Intel Corp. | ||||||||
2.875%, 05/11/2024 | 255,000 | 257,184 | ||||||
NVIDIA Corp. | ||||||||
3.200%, 09/16/2026 | 400,000 | 408,025 | ||||||
665,209 | ||||||||
Software - 2.5% | ||||||||
Adobe, Inc. | ||||||||
1.900%, 02/01/2025 | ||||||||
Callable 01/01/2025 | 1,005,000 | 984,478 | ||||||
Fortinet, Inc. | ||||||||
1.000%, 03/15/2026 | ||||||||
Callable 02/15/2026 | 1,360,000 | 1,240,860 | ||||||
Microsoft Corp. | ||||||||
3.125%, 11/03/2025 | ||||||||
Callable 08/03/2025 | 230,000 | 234,108 | ||||||
Oracle Corp.: | ||||||||
2.500%, 04/01/2025 | ||||||||
Callable 03/01/2025 | 500,000 | 489,359 | ||||||
2.950%, 05/15/2025 | ||||||||
Callable 02/15/2025 | 500,000 | 495,253 | ||||||
3,444,058 | ||||||||
Specialty Retail - 0.9% | ||||||||
Lowe's Cos, Inc. | ||||||||
2.500%, 04/15/2026 | ||||||||
Callable 01/15/2026 | 800,000 | 782,101 | ||||||
The Home Depot, Inc. | ||||||||
2.800%, 09/14/2027 | ||||||||
Callable 06/14/2027 | 500,000 | 495,544 | ||||||
1,277,645 | ||||||||
TOTAL CORPORATE BONDS | ||||||||
(Cost $40,562,698) | 39,345,791 | |||||||
SHORT-TERM INVESTMENTS - 1.4% | ||||||||
Money Market Funds - 1.4% | ||||||||
Invesco Short-Term Investments Trust - Government & Agency Portfolio -Institutional Shares, 0.25%(c) | 1,954,609 | 1,954,609 | ||||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $1,954,609) | 1,954,609 | |||||||
Total Investments - 99.9% | 135,925,209 | |||||||
(Cost $95,710,484) | ||||||||
Other Assets in Excess of Liabilities - 0.1% | 117,324 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 136,042,533 |
(a) | Non-income producing security. | ||||
(b) | Security is issued by non-U.S. incorporated company. | ||||
(c) | 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 BALANCED FUND | ||
Sector Classification | ||
March 31, 2022 | ||
Sectors: | % Net Assets | |
Information Technology | 22.0% | |
Health Care | 13.7% | |
Industrials | 12.5% | |
Financials | 10.1% | |
Materials | 9.0% | |
Energy | 8.5% | |
Consumer Staples | 7.9% | |
Communication Services | 6.9% | |
Consumer Discretionary | 5.9% | |
Real Estate | 2.0% | |
Money Market Funds | 1.4% | |
Other assets in excess of liabilities | 0.1% |
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 Balanced Fund | ||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Bonds | $ | – | $ | 39,345,791 | $ | – | $ | 39,345,791 | ||||||||
Common Stocks | 94,624,809 | – | – | 94,624,809 | ||||||||||||
Short-Term Investment | 1,954,609 | – | – | 1,954,609 | ||||||||||||
Total Investments | $ | 96,579,418 | $ | 39,345,791 | $ | – | $ | 135,925,209 |