LKCM EQUITY FUND | ||||||||
SCHEDULE OF INVESTMENTS | ||||||||
September 30, 2022 (Unaudited) | ||||||||
COMMON STOCKS - 91.8% | Shares | Value | ||||||
Aerospace & Defense - 2.0% | ||||||||
Honeywell International, Inc. | 50,000 | $ | 8,348,500 | |||||
Banks - 5.5% | ||||||||
Bank of America Corp. | 160,000 | 4,832,000 | ||||||
Comerica, Inc. | 100,000 | 7,110,000 | ||||||
Cullen/Frost Bankers, Inc. | 65,000 | 8,594,300 | ||||||
Glacier Bancorp, Inc. | 60,000 | 2,947,800 | ||||||
23,484,100 | ||||||||
Beverages - 3.9% | ||||||||
The Coca-Cola Co. | 95,000 | 5,321,900 | ||||||
Keurig Dr Pepper, Inc. | 110,000 | 3,940,200 | ||||||
PepsiCo, Inc. | 45,000 | 7,346,700 | ||||||
16,608,800 | ||||||||
Biotechnology - 2.5% | ||||||||
Amgen, Inc. | 28,000 | 6,311,200 | ||||||
Neogen Corp. (a) | 300,000 | 4,191,000 | ||||||
10,502,200 | ||||||||
Chemicals - 6.6% | ||||||||
Air Products & Chemicals, Inc. | 25,000 | 5,818,250 | ||||||
DuPont de Nemours, Inc. | 85,000 | 4,284,000 | ||||||
Ecolab, Inc. | 45,000 | 6,498,900 | ||||||
FMC Corp. | 110,000 | 11,627,000 | ||||||
28,228,150 | ||||||||
Commercial Services & Supplies - 4.3% | ||||||||
Cintas Corp. | 16,000 | 6,211,040 | ||||||
Waste Connections, Inc. (b) | 90,000 | 12,161,700 | ||||||
18,372,740 | ||||||||
Computers & Peripherals - 3.1% | ||||||||
Apple, Inc. | 96,000 | 13,267,200 | ||||||
Construction Materials - 1.4% | ||||||||
Martin Marietta Materials, Inc. | 18,000 | 5,797,620 | ||||||
Diversified Financials - 1.7% | ||||||||
JPMorgan Chase & Co. | 68,000 | 7,106,000 | ||||||
Electrical Equipment & Instruments - 2.9% | ||||||||
Franklin Electric Co., Inc. | 85,000 | 6,945,350 | ||||||
Rockwell Automation, Inc. | 25,000 | 5,377,750 | ||||||
12,323,100 | ||||||||
Electronic Equipment & Instruments - 2.6% | ||||||||
National Instruments Corp. | 75,000 | 2,830,500 | ||||||
Trimble, Inc. (a) | 150,000 | 8,140,500 | ||||||
10,971,000 | ||||||||
Electronic Equipment, Instruments & Components - 1.6% | ||||||||
Teledyne Technologies, Inc. (a) | 20,000 | 6,749,400 | ||||||
Food Products - 0.8% | ||||||||
The Kraft Heinz Company | 100,000 | 3,335,000 | ||||||
Health Care Equipment & Supplies - 1.8% | ||||||||
Alcon, Inc. (b) | 60,000 | 3,490,800 | ||||||
Stryker Corp. | 20,000 | 4,050,800 | ||||||
7,541,600 | ||||||||
Household Durables - 0.9% | ||||||||
Newell Brands, Inc. | 290,000 | 4,028,100 | ||||||
Household Products - 2.2% | ||||||||
Kimberly-Clark Corp. | 50,000 | 5,627,000 | ||||||
The Procter & Gamble Co. | 30,000 | 3,787,500 | ||||||
9,414,500 | ||||||||
Internet & Catalog Retail - 1.3% | ||||||||
Amazon.com, Inc. (a) | 50,000 | 5,650,000 | ||||||
IT Consulting & Services - 1.4% | ||||||||
PayPal Holdings, Inc. (a) | 70,000 | 6,024,900 | ||||||
Life Sciences Tools & Services - 4.0% | ||||||||
Danaher Corp. | 35,750 | 9,233,868 | ||||||
Thermo Fisher Scientific, Inc. | 15,575 | 7,899,484 | ||||||
17,133,352 | ||||||||
Machinery - 7.8% | ||||||||
Generac Holdings, Inc. (a) | 35,000 | 6,234,900 | ||||||
IDEX Corp. | 20,000 | 3,997,000 | ||||||
The Toro Co. | 80,000 | 6,918,400 | ||||||
Valmont Industries, Inc. | 40,000 | 10,744,800 | ||||||
Xylem, Inc. | 60,000 | 5,241,600 | ||||||
33,136,700 | ||||||||
Marine - 1.6% | ||||||||
Kirby Corp. (a) | 110,000 | 6,684,700 | ||||||
Media & Entertainment - 2.0% | ||||||||
Alphabet, Inc. - Class A (a) | 90,000 | 8,608,500 | ||||||
Metals & Mining - 1.5% | ||||||||
Newmont Goldcorp Corp. | 150,000 | 6,304,500 | ||||||
Oil & Gas & Consumable Fuels - 6.2% | ||||||||
Chevron Corp. | 42,500 | 6,105,975 | ||||||
ConocoPhillips | 100,000 | 10,234,000 | ||||||
Coterra Energy, Inc. | 384,000 | 10,030,080 | ||||||
26,370,055 | ||||||||
Oil, Gas & Consumable Fuels - 0.5% | ||||||||
Kimbell Royalty Partners LP | 130,000 | 2,207,400 | ||||||
Personal Products - 1.0% | ||||||||
The Estee Lauder Cos., Inc. - Class A | 20,000 | 4,318,000 | ||||||
Pharmaceuticals - 4.8% | ||||||||
Merck & Co., Inc. | 80,000 | 6,889,600 | ||||||
Pfizer, Inc. | 130,000 | 5,688,800 | ||||||
Zoetis, Inc. | 53,500 | 7,933,515 | ||||||
20,511,915 | ||||||||
Road & Rail - 1.2% | ||||||||
FTAI Infrastructure Inc. (a) | 200,000 | 480,000 | ||||||
Union Pacific Corp. | 24,000 | 4,675,680 | ||||||
5,155,680 | ||||||||
Semiconductor & Semiconductor Equipment - 0.7% | ||||||||
Intel Corp. | 125,000 | 3,221,250 | ||||||
Software - 9.7% | ||||||||
Adobe, Inc. (a) | 25,000 | 6,880,000 | ||||||
Microsoft Corp. | 85,000 | 19,796,500 | ||||||
Oracle Corp. | 120,000 | 7,328,400 | ||||||
Roper Technologies, Inc. | 20,000 | 7,192,800 | ||||||
41,197,700 | ||||||||
Software & Services - 1.7% | ||||||||
Akamai Technologies, Inc. (a) | 90,000 | 7,228,800 | ||||||
Specialty Retail - 1.9% | ||||||||
The Home Depot, Inc. | 30,000 | 8,278,200 | ||||||
Trading Companies & Distributors - 0.7% | ||||||||
Fortress Transportation and Infrastructure Investors LLC | 200,000 | 2,999,000 | ||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $226,697,789) | 391,108,662 | |||||||
SHORT-TERM INVESTMENTS - 8.3% | ||||||||
Money Market Funds - 8.3% | ||||||||
Fidelity Investments Money Market Government Portfolio - Class I, 2.73% (c) | 9,589,326 | 9,589,325 | ||||||
Invesco Short-Term Investments Trust - Government & Agency Portfolio - Institutional Shares, 2.95% (c) | 12,925,060 | 12,925,060 | ||||||
MSILF Government Portfolio - Institutional Class, 2.81% (c) | 12,925,060 | 12,925,060 | ||||||
35,439,445 | ||||||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $35,439,445) | 35,439,445 | |||||||
Total Investments - 100.1% | 426,548,107 | |||||||
(Cost $262,137,234) | ||||||||
Liabilities in Excess of Other Assets - (0.1)% | (215,817 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 426,332,290 | ||||||
(a) | Non-income producing security. | ||||
(b) | Security 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 EQUITY FUND | |
Sector Classification | |
September 30, 2022 | |
Sectors: | % Net Assets |
Information Technology | 20.8% |
Industrials | 20.4% |
Health Care | 13.1% |
Materials | 9.5% |
Money Market Funds | 8.3% |
Energy | 8.0% |
Financials | 7.2% |
Consumer Staples | 6.6% |
Consumer Discretionary | 4.2% |
Communication Services | 2.0% |
Liabilities in excess of other assets | -0.1% |
100.0% |
Fair Value Measurement Summary at September 30, 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 September 30, 2022, the Fund's assets carried at fair value were classified as follows: |
LKCM Equity Fund | ||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 391,108,662 | $ | – | $ | – | $ | 391,108,662 | ||||||||
Short-Term Investments | 35,439,445 | – | – | 35,439,445 | ||||||||||||
Total Investments | $ | 426,548,107 | $ | – | $ | – | $ | 426,548,107 | ||||||||