LKCM Equity Fund | ||||||||
Schedule of Investments | ||||||||
as of March 31, 2024 (Unaudited) | ||||||||
COMMON STOCKS - 97.3% | Shares | Value | ||||||
Banks - 5.2% | ||||||||
Bank of America Corp. | 160,000 | $ | 6,067,200 | |||||
Cullen/Frost Bankers, Inc. | 65,000 | 7,317,050 | ||||||
JPMorgan Chase & Co. | 68,000 | 13,620,400 | ||||||
27,004,650 | ||||||||
Beverages - 2.6% | ||||||||
Coca-Cola Co. | 95,000 | 5,812,100 | ||||||
PepsiCo, Inc. | 45,000 | 7,875,450 | ||||||
13,687,550 | ||||||||
Biotechnology - 1.5% | ||||||||
Amgen, Inc. | 28,000 | 7,960,960 | ||||||
Broadline Retail - 1.2% | ||||||||
Amazon.com, Inc.(a) | 35,000 | 6,313,300 | ||||||
Chemicals - 4.9% | ||||||||
Ecolab, Inc. | 55,000 | 12,699,500 | ||||||
FMC Corp. | 80,000 | 5,096,000 | ||||||
Linde PLC(b) | 17,200 | 7,986,304 | ||||||
25,781,804 | ||||||||
Commercial Services & Supplies - 5.1% | ||||||||
Cintas Corp. | 16,000 | 10,992,480 | ||||||
Waste Connections, Inc. (b) | 90,000 | 15,480,900 | ||||||
26,473,380 | ||||||||
Construction & Engineering - 2.6% | ||||||||
Fluor Corp.(a) | 125,000 | 5,285,000 | ||||||
Valmont Industries, Inc. | 35,000 | 7,989,800 | ||||||
13,274,800 | ||||||||
Construction Materials - 2.1% | ||||||||
Martin Marietta Materials, Inc. | 18,000 | 11,050,920 | ||||||
Electrical Equipment - 2.5% | ||||||||
Emerson Electric Co. | 75,000 | 8,506,500 | ||||||
Generac Holdings, Inc.(a) | 35,000 | 4,414,900 | ||||||
12,921,400 | ||||||||
Electronic Equipment, Instruments & Components - 4.0% | ||||||||
Teledyne Technologies, Inc.(a) | 25,000 | 10,733,000 | ||||||
Trimble, Inc.(a) | 160,000 | 10,297,600 | ||||||
21,030,600 | ||||||||
Financial Services - 1.0% | ||||||||
Mastercard, Inc. - Class A | 10,600 | 5,104,642 | ||||||
Food Products - 0.9% | ||||||||
Kraft Heinz Co. | 120,000 | 4,428,000 | ||||||
Ground Transportation - 1.1% | ||||||||
Union Pacific Corp. | 24,000 | 5,902,320 | ||||||
Health Care Equipment & Supplies - 3.7% | ||||||||
Alcon, Inc. (b) | 60,000 | 4,997,400 | ||||||
Neogen Corp.(a) | 450,000 | 7,101,000 | ||||||
Stryker Corp. | 20,000 | 7,157,400 | ||||||
19,255,800 | ||||||||
Household Durables - 0.8% | ||||||||
Newell Brands, Inc. | 500,000 | 4,015,000 | ||||||
Household Products - 2.2% | ||||||||
Kimberly-Clark Corp. | 50,000 | 6,467,500 | ||||||
Procter & Gamble Co. | 30,000 | 4,867,500 | ||||||
11,335,000 | ||||||||
Interactive Media & Services - 3.2% | ||||||||
Alphabet, Inc. - Class A(a) | 110,000 | 16,602,300 | ||||||
IT Services - 1.9% | ||||||||
Akamai Technologies, Inc.(a) | 90,000 | 9,788,400 | ||||||
Life Sciences Tools & Services - 3.4% | ||||||||
Danaher Corp. | 35,750 | 8,927,490 | ||||||
Thermo Fisher Scientific, Inc. | 15,000 | 8,718,150 | ||||||
17,645,640 | ||||||||
Machinery - 6.8% | ||||||||
Chart Industries, Inc.(a) | 37,000 | 6,094,640 | ||||||
Franklin Electric Co., Inc. | 85,000 | 9,078,850 | ||||||
IDEX Corp. | 20,000 | 4,880,400 | ||||||
Toro Co. | 80,000 | 7,330,400 | ||||||
Xylem, Inc./NY | 60,000 | 7,754,400 | ||||||
35,138,690 | ||||||||
Marine Transportation - 2.0% | ||||||||
Kirby Corp.(a) | 110,000 | 10,485,200 | ||||||
Oil, Gas & Consumable Fuels - 6.3% | ||||||||
Chevron Corp. | 42,500 | 6,703,950 | ||||||
ConocoPhillips | 100,000 | 12,728,000 | ||||||
Coterra Energy, Inc. | 384,000 | 10,705,920 | ||||||
Kimbell Royalty Partners LP | 160,000 | 2,483,200 | ||||||
32,621,070 | ||||||||
Pharmaceuticals - 4.3% | ||||||||
Merck & Co., Inc. | 80,000 | 10,556,000 | ||||||
Pfizer Inc. | 145,000 | 4,023,750 | ||||||
Zoetis, Inc. | 47,000 | 7,952,870 | ||||||
22,532,620 | ||||||||
Semiconductors & Semiconductor Equipment - 2.6% | ||||||||
NVIDIA Corp. | 15,000 | 13,553,400 | ||||||
Software - 14.7% | ||||||||
Adobe, Inc.(a) | 18,000 | 9,082,800 | ||||||
Microsoft Corp. | 97,500 | 41,020,200 | ||||||
Oracle Corp. | 120,000 | 15,073,200 | ||||||
Roper Technologies, Inc. | 20,000 | 11,216,800 | ||||||
76,393,000 | ||||||||
Specialty Retail - 4.7% | ||||||||
Academy Sports & Outdoors, Inc. | 90,000 | 6,078,600 | ||||||
O'Reilly Automotive, Inc.(a) | 7,135 | 8,054,559 | ||||||
The Home Depot, Inc. | 26,500 | 10,165,400 | ||||||
24,298,559 | ||||||||
Technology Hardware, Storage & Peripherals - 3.2% | ||||||||
Apple Inc. | 96,000 | 16,462,080 | ||||||
Trading Companies & Distributors - 2.8% | ||||||||
FTAI Aviation Ltd. (b) | 220,000 | 14,806,000 | ||||||
TOTAL COMMON STOCKS (Cost $234,304,768) | 505,867,085 | |||||||
SHORT-TERM INVESTMENTS - 2.7% | ||||||||
Money Market Funds - 2.7% | Shares | |||||||
Invesco Short-Term Investments Trust - Government & Agency Portfolio - Institutional Shares, 5.24%(c) | 13,930,877 | 13,930,877 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $13,930,877) | 13,930,877 | |||||||
TOTAL INVESTMENTS - 100.0% (Cost $248,235,645) | $ | 519,797,962 | ||||||
Liabilities in Excess of Other Assets - 0.0%(d) | (193,662 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 519,604,300 | ||||||
(a) Non-income producing security. (b) Security issued by non-U.S. incorporated company. (c) The rate shown represents the 7-day effective yield as of March 31, 2024. (d) Represents less than 0.05% of net assets. | ||||||||
Percentages are stated as a percent of net assets. | ||||||||
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
The accompanying notes are an integral part of these financial statements. |
LCKM EQUITY FUND Sector Classification as of March 31, 2024 | ||||
(% of Net Assets) | ||||
Information Technology | 26.4 | % | ||
Industrials | 22.9 | |||
Health Care | 12.9 | |||
Materials | 7.0 | |||
Consumer Discretionary | 6.7 | |||
Energy | 6.3 | |||
Financials | 6.2 | |||
Consumer Staples | 5.7 | |||
Communication Services | 3.2 | |||
Money Market Funds | 2.7 | |||
Liabilities in Excess of Other Assets | 0.0 | (a) | ||
100.0 | % |
(a) Represents less than 0.05% of net assets.
Fair Value Measurement Summary at March 31, 2024 | |||||
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, 2024, the Fund's assets carried at fair value were classified as follows: |
LKCM Equity Fund | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common Stocks | 505,867,085 | – | – | 505,867,085 | ||||||||||||
Money Market Funds | 13,930,877 | – | – | 13,930,877 | ||||||||||||
Total Assets | 519,797,962 | – | – | 519,797,962 | ||||||||||||
Refer to the Schedule of Investments for industry classifications. | ||||||||||||||||