NPORT-EX 2 smid-equity.htm

LKCM SMALL-MID CAP EQUITY FUND
            
SCHEDULE OF INVESTMENTS
            
March 31, 2022 (Unaudited)
            
             
COMMON STOCKS - 87.7%
  
Shares
    
Value
  
Aerospace & Defense - 2.3%
            
Axon Enterprise, Inc. (a)
    
2,925
    
$
402,860
  
                 
Banks - 8.0%
                
Cadence Bank
    
10,270
      
300,500
  
Comerica, Inc.
    
3,935
      
355,842
  
Cullen/Frost Bankers, Inc.
    
2,735
      
378,551
  
Zions Bancorp N.A.
    
5,940
      
389,427
  
             
1,424,320
  
Biotechnology - 3.5%
                
Charles River Laboratories International, Inc. (a)
    
1,205
      
342,184
  
Natera, Inc. (a)
    
2,480
      
100,887
  
Neogen Corp. (a)
    
5,960
      
183,806
  
             
626,877
  
Building Products - 5.1%
                
Builders FirstSource, Inc. (a)
    
4,720
      
304,629
  
CSW Industrials, Inc.
    
2,050
      
241,059
  
Trex Co., Inc. (a)
    
2,035
      
132,947
  
Zurn Water Solutions Corp.
    
6,560
      
232,224
  
             
910,859
  
Capital Markets - 2.9%
                
LPL Financial Holdings, Inc.
    
2,820
      
515,158
  
                 
Chemicals - 3.3%
                
FMC Corp.
    
2,510
      
330,240
  
Quaker Chemical Corp.
    
1,438
      
248,501
  
             
578,741
  
Commercial Services & Supplies - 1.2%
                
Driven Brands Holdings, Inc. (a)
    
8,095
      
212,737
  
                 
Construction & Engineering - 1.8%
                
WillScot Mobile Mini Holdings Corp. (a)
    
8,370
      
327,518
  
                 
Construction Materials - 1.9%
                
Eagle Materials, Inc.
    
2,690
      
345,288
  
                 
Electronic Equipment & Instruments - 1.9%
                
Trimble, Inc. (a)
    
4,565
      
329,319
  
                 
Food Products - 1.0%
                
Utz Brands, Inc.
    
12,450
      
184,011
  
                 
Health Care Equipment & Supplies - 1.1%
                
STAAR Surgical Co. (a)
    
2,390
      
190,985
  
                 
Health Care Providers & Services - 4.6%
                
Medpace Holdings, Inc. (a)
    
1,660
      
271,560
  
Omnicell, Inc. (a)
    
1,925
      
249,268
  
R1 RCM, Inc. (a)
    
10,770
      
288,205
  
             
809,033
  
Hotels, Restaurants & Leisure - 0.8%
                
Wingstop, Inc.
    
1,205
      
141,407
  
                 
Insurance - 2.2%
                
Palomar Holdings, Inc. (a)
    
6,035
      
386,180
  
                 
Internet & Catalog Retail - 0.8%
                
Magnite, Inc. (a)
    
11,200
      
147,952
  
                 
IT Consulting & Services - 6.4%
                
Black Knight, Inc. (a)
    
6,880
      
398,971
  
Broadridge Financial Solutions, Inc.
    
2,775
      
432,095
  
Perficient Inc. (a)
    
2,775
      
305,500
  
             
1,136,566
  
Leisure Equipment & Products - 4.8%
                
Brunswick Corp.
    
1,735
      
140,344
  
Pool Corp.
    
1,000
      
422,850
  
YETI Holdings, Inc. (a)
    
4,725
      
283,406
  
             
846,600
  
Machinery - 3.2%
                
Enovis Corp. (a)
    
7,885
      
313,744
  
ITT, Inc.
    
3,470
      
260,979
  
             
574,723
  
Marine - 1.9%
                
Kirby Corp. (a)
    
4,790
      
345,790
  
                 
Media - 1.2%
                
Cable One, Inc.
    
150
      
219,636
  
                 
Media & Entertainment - 2.0%
                
Nexstar Media Group, Inc. - Class A
    
1,840
      
346,803
  
                 
Multiline Retail - 0.9%
                
Five Below, Inc. (a)
    
1,040
      
164,705
  
                 
Oil, Gas & Consumable Fuels - 7.1%
                
CNX Resources Corp. (a)
    
21,400
      
443,408
  
Diamondback Energy Inc.
    
2,915
      
399,588
  
HF Sinclair Corp. (a)
    
10,640
      
424,004
  
             
1,267,000
  
Personal Products - 1.3%
                
BellRing Brands, Inc. (a)
    
9,955
      
229,761
  
                 
Pharmaceuticals - 1.9%
                
Horizon Therapeutics PLC (a)(b)
    
3,135
      
329,833
  
                 
Professional Services - 1.5%
                
Upwork, Inc. (a)
    
11,165
      
259,475
  
                 
Real Estate Development - 3.3%
                
FirstService Corp. (b)
    
2,245
      
325,256
  
Newmark Group, Inc. - Class A
    
15,985
      
254,481
  
             
579,737
  
Software - 4.2%
                
Altair Engineering, Inc. - Class A (a)
    
3,950
      
254,380
  
Nutanix, Inc. - Class A (a)
    
6,710
      
179,962
  
Paylocity Holding Corp. (a)
    
1,525
      
313,799
  
             
748,141
  
Specialty Retail - 3.8%
                
Academy Sports & Outdoors, Inc.
    
7,520
      
296,288
  
Leslie's, Inc. (a)
    
19,210
      
371,906
  
             
668,194
  
Trading Companies & Distributors - 1.8%
                
Watsco, Inc.
    
1,045
      
318,349
  
                 
TOTAL COMMON STOCKS
                
 (Cost $12,338,420)
            
15,568,558
  
                 
                 
REITS - 4.1%
                
Equity Real Estate Investment Trusts (REITs) - 4.1%
                
Camden Property Trust
    
1,200
      
199,440
  
DigitalBridge Group, Inc. (a)
    
38,800
      
279,360
  
Medical Properties Trust, Inc.
    
12,035
      
254,420
  
             
733,220
  
TOTAL REITS
                
 (Cost $761,635)
            
733,220
  
                 
SHORT-TERM INVESTMENTS - 8.2%
                
Money Market Funds - 8.2%
                
Fidelity Investments Money Market Government Portfolio - Class I, 0.12%(c)
    
365,964
      
365,964
  
Invesco Short-Term Investments Trust - Government & Agency Portfolio - Institutional Shares, 0.25%(c)
    
541,123
      
541,123
  
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Shares, 0.23%(c)
    
541,123
      
541,123
  
             
1,448,210
  
TOTAL SHORT-TERM INVESTMENTS
                
 (Cost $1,448,210)
            
1,448,210
  
                 
Total Investments - 100.0%
            
17,749,988
  
 (Cost $14,548,265)
                
Other Assets in Excess of Liabilities - 0.0%
            
4,485
  
TOTAL NET ASSETS - 100.0%
          
$
17,754,473
  
                 
(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 SMALL-MID CAP EQUITY FUND
    
Sector Classification
    
March 31, 2022
    
     
Sectors:
% Net Assets
  
     
Industrials
18.9%
  
Financials
13.1%
  
Information Technology
12.5%
  
Health Care
11.0%
  
Consumer Discretionary
10.3%
  
Money Market Funds
8.2%
  
Real Estate
7.4%
  
Energy
7.1%
  
Materials
5.2%
  
Communication Services
4.0%
  
Consumer Staples
2.3%
  
Other assets in excess of liabilities
0.0%
  



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 Small-Mid Cap Equity Fund
                        
Description
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
  
$
15,568,558
    
$
–
    
$
–
    
$
15,568,558
  
Short-Term Investments
    
1,448,210
      
–
      
–
    
$
1,448,210
  
REITs
    
733,220
                    
$
733,220
  
Total Investments
  
$
17,749,988
    
$
–
    
$
–
    
$
17,749,988