LKCM Small Cap Equity Fund | ||||||||
Schedule of Investments | ||||||||
as of March 31, 2024 (Unaudited) | ||||||||
COMMON STOCKS - 92.7% | Shares | Value | ||||||
Aerospace & Defense - 1.6% | ||||||||
Hexcel Corp. | 39,900 | $ | 2,906,715 | |||||
Mercury Systems, Inc.(a) | 46,949 | 1,384,995 | ||||||
4,291,710 | ||||||||
Banks - 6.4% | ||||||||
Cadence Bank | 99,352 | 2,881,208 | ||||||
Cullen/Frost Bankers, Inc. | 21,375 | 2,406,184 | ||||||
Hilltop Holdings, Inc. | 32,874 | 1,029,614 | ||||||
Home BancShares, Inc./AR | 141,973 | 3,488,276 | ||||||
Pinnacle Financial Partners, Inc. | 46,057 | 3,955,375 | ||||||
Webster Financial Corp. | 61,844 | 3,139,820 | ||||||
16,900,477 | ||||||||
Beverages - 1.4% | ||||||||
Primo Water Corp. (b) | 202,743 | 3,691,950 | ||||||
Broadline Retail - 1.1% | ||||||||
Ollie's Bargain Outlet Holdings, Inc.(a) | 35,092 | 2,792,270 | ||||||
Building Products - 3.3% | ||||||||
CSW Industrials, Inc. | 20,048 | 4,703,261 | ||||||
Zurn Elkay Water Solutions Corp. | 115,319 | 3,859,727 | ||||||
8,562,988 | ||||||||
Capital Markets - 1.1% | ||||||||
Piper Sandler Cos. | 15,150 | 3,007,123 | ||||||
Chemicals - 4.1% | ||||||||
Ecovyst, Inc.(a) | 367,120 | 4,093,388 | ||||||
Ferroglobe Representation & Warranty Insurance Trust(a)(c) | 302,970 | 0 | ||||||
Hawkins, Inc. | 45,718 | 3,511,143 | ||||||
Quaker Chemical Corp. | 14,941 | 3,066,640 | ||||||
10,671,171 | ||||||||
Commercial Services & Supplies - 0.7% | ||||||||
Driven Brands Holdings Inc.(a) | 124,781 | 1,970,292 | ||||||
Communications Equipment - 0.6% | ||||||||
Lumentum Holdings, Inc.(a) | 34,025 | 1,611,084 | ||||||
Construction Materials - 1.4% | ||||||||
Eagle Materials, Inc. | 13,412 | 3,644,711 | ||||||
Consumer Finance - 1.0% | ||||||||
FirstCash Holdings, Inc. | 20,481 | 2,612,147 | ||||||
Electrical Equipment - 0.7% | ||||||||
Generac Holdings, Inc.(a) | 15,144 | 1,910,264 | ||||||
Energy Equipment & Services - 1.5% | ||||||||
Weatherford International PLC(a)(b) | 33,545 | 3,871,764 | ||||||
Financial Services - 4.1% | ||||||||
AvidXchange Holdings, Inc.(a) | 339,404 | 4,463,163 | ||||||
Euronet Worldwide, Inc.(a) | 28,100 | 3,089,033 | ||||||
Repay Holdings Corp.(a) | 279,840 | 3,078,240 | ||||||
10,630,436 | ||||||||
Food Products - 1.0% | ||||||||
Utz Brands, Inc. | 139,223 | 2,567,272 | ||||||
Health Care Equipment & Supplies - 3.1% | ||||||||
Alphatec Holdings, Inc.(a) | 195,847 | 2,700,730 | ||||||
Enovis Corp.(a) | 54,242 | 3,387,413 | ||||||
Neogen Corp.(a) | 125,934 | 1,987,239 | ||||||
8,075,382 | ||||||||
Health Care Providers & Services - 4.6% | ||||||||
Ensign Group, Inc. | 21,023 | 2,615,682 | ||||||
HealthEquity, Inc.(a) | 37,029 | 3,022,677 | ||||||
Progyny, Inc.(a) | 79,386 | 3,028,576 | ||||||
R1 RCM Inc.(a) | 257,880 | 3,321,494 | ||||||
11,988,429 | ||||||||
Hotels, Restaurants & Leisure - 5.9% | ||||||||
Bowlero Corp. | 189,190 | 2,591,903 | ||||||
Everi Holdings, Inc.(a) | 262,126 | 2,634,366 | ||||||
Playa Hotels & Resorts NV(a)(b) | 350,322 | 3,398,123 | ||||||
Red Rock Resorts, Inc. - Class A | 51,909 | 3,105,197 | ||||||
Wingstop, Inc. | 10,350 | 3,792,240 | ||||||
15,521,829 | ||||||||
Insurance - 3.3% | ||||||||
Goosehead Insurance, Inc. - Class A(a) | 63,278 | 4,215,580 | ||||||
Palomar Holdings, Inc.(a) | 52,983 | 4,441,565 | ||||||
8,657,145 | ||||||||
IT Services - 0.5% | ||||||||
Perficient Inc.(a) | 25,450 | 1,432,580 | ||||||
Leisure Products - 0.4% | ||||||||
YETI Holdings, Inc.(a) | 28,454 | 1,096,902 | ||||||
Life Sciences Tools & Services - 3.3% | ||||||||
Medpace Holdings, Inc.(a) | 13,349 | 5,394,998 | ||||||
Stevanato Group SpA(b) | 96,142 | 3,086,158 | ||||||
8,481,156 | ||||||||
Machinery - 9.5% | ||||||||
Alamo Group, Inc. | 19,357 | 4,419,784 | ||||||
Chart Industries, Inc.(a) | 19,311 | 3,180,908 | ||||||
ESAB Corp. | 52,221 | 5,774,076 | ||||||
Franklin Electric Co., Inc. | 18,534 | 1,979,616 | ||||||
Helios Technologies, Inc. | 51,458 | 2,299,658 | ||||||
ITT, Inc. | 30,360 | 4,129,871 | ||||||
Watts Water Technologies, Inc. - Class A | 15,324 | 3,257,116 | ||||||
25,041,029 | ||||||||
Marine Transportation - 1.9% | ||||||||
Kirby Corp.(a) | 52,376 | 4,992,480 | ||||||
Media - 2.3% | ||||||||
Magnite, Inc.(a) | 279,296 | 3,002,432 | ||||||
Nexstar Media Group, Inc. - Class A | 18,077 | 3,114,486 | ||||||
6,116,918 | ||||||||
Oil, Gas & Consumable Fuels - 6.8% | ||||||||
CNX Resources Corp.(a) | 164,454 | 3,900,849 | ||||||
HF Sinclair Corp. | 48,714 | 2,940,864 | ||||||
Magnolia Oil & Gas Corp. - Class A | 159,066 | 4,127,763 | ||||||
Northern Oil and Gas, Inc. | 76,508 | 3,035,838 | ||||||
Permian Resources Corp. | 216,937 | 3,831,107 | ||||||
17,836,421 | ||||||||
Personal Care Products - 2.2% | ||||||||
BellRing Brands, Inc.(a) | 98,013 | 5,785,707 | ||||||
Professional Services - 2.9% | ||||||||
CBIZ, Inc.(a) | 43,369 | 3,404,467 | ||||||
NV5 Global, Inc.(a) | 24,215 | 2,373,312 | ||||||
Upwork, Inc.(a) | 142,058 | 1,741,631 | ||||||
7,519,410 | ||||||||
Real Estate Management & Development - 0.9% | ||||||||
FirstService Corp. (b) | 14,470 | 2,399,126 | ||||||
Semiconductors & Semiconductor Equipment - 1.0% | ||||||||
Tower Semiconductor Ltd.(a) (b) | 79,601 | 2,662,654 | ||||||
Software - 8.7% | ||||||||
Altair Engineering, Inc. - Class A(a) | 47,450 | 4,087,817 | ||||||
Appian Corp. - Class A(a) | 48,326 | 1,930,624 | ||||||
LiveRamp Holdings, Inc.(a) | 92,415 | 3,188,317 | ||||||
Model N, Inc.(a) | 71,897 | 2,046,908 | ||||||
Nutanix, Inc. - Class A(a) | 33,000 | 2,036,760 | ||||||
Q2 Holdings, Inc.(a) | 79,392 | 4,172,844 | ||||||
Sprout Social, Inc. - Class A(a) | 41,388 | 2,471,277 | ||||||
Workiva Inc.(a) | 33,777 | 2,864,290 | ||||||
22,798,837 | ||||||||
Specialty Retail - 1.5% | ||||||||
Academy Sports & Outdoors, Inc. | 59,874 | 4,043,890 | ||||||
Textiles, Apparel & Luxury Goods - 1.6% | ||||||||
Crocs, Inc.(a) | 29,199 | 4,198,816 | ||||||
Trading Companies & Distributors - 2.3% | ||||||||
Global Industrial Co. | 73,726 | 3,301,450 | ||||||
SiteOne Landscape Supply, Inc.(a) | 15,657 | 2,732,930 | ||||||
6,034,380 | ||||||||
TOTAL COMMON STOCKS (Cost $159,214,514) | 243,418,750 | |||||||
SHORT-TERM INVESTMENTS - 7.4% | ||||||||
Money Market Funds - 7.4% | Shares | |||||||
Fidelity Investments Money Market Government Portfolio, 5.22%(d) | 3,601,036 | 3,601,036 | ||||||
Invesco Short-Term Investments Trust - Government & Agency Portfolio - Institutional Shares, 5.24%(d) | 7,844,290 | 7,844,290 | ||||||
MSILF Government Portfolio, 5.21%(d) | 7,844,290 | 7,844,290 | ||||||
19,289,616 | ||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $19,289,616) | 19,289,616 | |||||||
TOTAL INVESTMENTS - 100.1% (Cost $178,504,130) | $ | 262,708,366 | ||||||
Liabilities in Excess of Other Assets - (0.1)% | (312,568 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 262,395,798 |
(a) | Non-income producing security. |
(b) | Security issued by non-U.S. incorporated company. |
(c) | Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of March 31, 2024. |
(d) | The rate shown represents the 7-day effective yield as of March 31, 2024. |
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. |
LKCM SMALL CAP EQUITY FUND Sector Classification as of March 31, 2024 | ||||
(% of Net Assets) | ||||
Industrials | 22.9 | % | ||
Financials | 15.9 | |||
Health Care | 11.0 | |||
Information Technology | 10.8 | |||
Consumer Discretionary | 10.5 | |||
Energy | 8.3 | |||
Materials | 5.5 | |||
Consumer Staples | 4.6 | |||
Communication Services | 2.3 | |||
Real Estate | 0.9 | |||
Money Market Funds | 7.4 | |||
Liabilities in Excess of Other Assets | (0.1 | ) | ||
100.0 | % |
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 Small Cap Equity Fund | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 243,418,750 | – | $ | – | $ | 243,418,750 | |||||||||
Money Market Funds | 19,289,616 | – | – | 19,289,616 | ||||||||||||
Total Assets | $ | 262,708,366 | – | $ | – | $ | 262,708,366 | |||||||||
(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, 2023 | $ | - | (1) | |||||
Purchases | - | |||||||
Sales proceeds | - | |||||||
Realized gain (loss) | - | |||||||
Change in unrealized appreciation/depreciation | - | |||||||
Transfers into/(out of) Level 3 | - | |||||||
Balance as of March 31, 2024 | $ | - | (1) | |||||
Change in unrealized appreciation/depreciation during the period for Level 3 investments held at March 31, 2024 |
(1) Level 3 security valued at $0.
Refer to the Schedule of Investments for industry classifications.