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
|
||||||||
|