LKCM INTERNATIONAL EQUITY FUND
|
||||||||
SCHEDULE OF INVESTMENTS
|
||||||||
September 30, 2020 (Unaudited)
|
||||||||
COMMON STOCKS - 90.3%
|
Shares
|
Value
|
||||||
AUSTRALIA - 2.7%
|
||||||||
Pharmaceuticals - 2.7%
|
||||||||
CSL Ltd.
|
2,510
|
$
|
518,483
|
|||||
Total Australia
|
518,483
|
|||||||
FINLAND - 1.9%
|
||||||||
Banks - 1.9%
|
||||||||
Nordea Bank Abp (a)
|
46,350
|
352,201
|
||||||
Total Finland
|
352,201
|
|||||||
FRANCE - 12.1%
|
||||||||
Chemicals - 2.8%
|
||||||||
Air Liquide SA
|
3,290
|
521,500
|
||||||
Electrical Equipment & Instruments - 3.2%
|
||||||||
Schneider Electric SA
|
4,850
|
602,854
|
||||||
IT Consulting & Services - 2.3%
|
||||||||
Cap Gemini
|
3,425
|
439,414
|
||||||
Oil & Gas & Consumable Fuels - 1.3%
|
||||||||
TOTAL SA
|
7,200
|
247,268
|
||||||
Specialty Retail - 2.5%
|
||||||||
LVMH Moet Hennessy Louis Vuitton SE
|
1,000
|
467,903
|
||||||
Total France
|
2,278,939
|
|||||||
GERMANY - 11.3%
|
||||||||
Insurance - 1.2%
|
||||||||
Allianz SE
|
1,200
|
230,317
|
||||||
Machinery - 2.6%
|
||||||||
KION Group AG
|
5,750
|
490,991
|
||||||
Semiconductor Equipment & Products - 2.2%
|
||||||||
Infineon Technologies AG
|
14,425
|
406,582
|
||||||
Software - 3.1%
|
||||||||
SAP SE
|
3,750
|
583,947
|
||||||
Textiles, Apparel & Luxury Goods - 2.2%
|
||||||||
Adidas AG (a)
|
1,275
|
411,754
|
||||||
Total Germany
|
2,123,591
|
|||||||
IRELAND - 2.4%
|
||||||||
Construction Materials - 2.4%
|
||||||||
CRH PLC
|
12,650
|
458,708
|
||||||
Total Ireland
|
458,708
|
|||||||
ITALY - 2.2%
|
||||||||
Banks - 1.0%
|
||||||||
UniCredit SpA (a)
|
22,750
|
187,967
|
||||||
Textiles, Apparel & Luxury Goods - 1.2%
|
||||||||
Moncler SpA (a)
|
5,750
|
235,300
|
||||||
Total Italy
|
423,267
|
|||||||
JAPAN - 9.5%
|
||||||||
Computers & Peripherals - 2.4%
|
||||||||
Nidec Corp.
|
4,850
|
454,823
|
||||||
Food & Drug Retailing - 2.3%
|
||||||||
Tsuruha Holdings, Inc.
|
3,125
|
443,022
|
||||||
Media & Entertainment - 3.4%
|
||||||||
Nintendo Co., Ltd.
|
1,134
|
642,628
|
||||||
Personal Products - 1.4%
|
||||||||
Shiseido Co., Ltd.
|
4,475
|
259,058
|
||||||
Total Japan
|
1,799,531
|
|||||||
JERSEY - 3.1%
|
||||||||
Trading Companies & Distributors - 3.1%
|
||||||||
Ferguson PLC
|
5,900
|
593,723
|
||||||
Total Jersey
|
593,723
|
|||||||
NETHERLANDS - 5.5%
|
||||||||
Professional Services - 2.1%
|
||||||||
Wolters Kluwer NV
|
4,630
|
394,953
|
||||||
Semiconductor Equipment & Products - 3.4%
|
||||||||
ASML Holding NV
|
1,750
|
646,406
|
||||||
Total Netherlands
|
1,041,359
|
|||||||
SPAIN - 3.4%
|
||||||||
Banks - 0.9%
|
||||||||
CaixaBank SA
|
76,250
|
161,871
|
||||||
Machinery - 2.5%
|
||||||||
Fluidra SA
|
28,800
|
486,357
|
||||||
Total Spain
|
648,228
|
|||||||
SWEDEN - 1.1%
|
||||||||
Oil & Gas & Consumable Fuels - 1.1%
|
||||||||
Lundin Petroleum AB
|
10,500
|
208,224
|
||||||
Total Sweden
|
208,224
|
|||||||
SWITZERLAND - 15.2%
|
||||||||
Banks - 1.9%
|
||||||||
Julius Baer Group Ltd.
|
8,350
|
354,644
|
||||||
Electrical Equipment & Instruments - 2.5%
|
||||||||
ABB Ltd.
|
18,175
|
462,079
|
||||||
Health Care Equipment & Supplies - 2.0%
|
||||||||
Alcon, Inc. (a)
|
6,750
|
382,696
|
||||||
Pharmaceuticals - 6.7%
|
||||||||
Lonza Group AG
|
1,150
|
709,706
|
||||||
Roche Holding AG
|
1,620
|
554,916
|
||||||
1,264,622
|
||||||||
Software - 2.1%
|
||||||||
Temenos AG
|
2,935
|
394,477
|
||||||
Total Switzerland
|
2,858,518
|
|||||||
UNITED KINGDOM - 19.9%
|
||||||||
Banks - 1.9%
|
||||||||
Barclays PLC (a)
|
150,000
|
189,234
|
||||||
Lloyds Banking Group PLC (a)
|
485,000
|
164,650
|
||||||
353,884
|
||||||||
Beverages - 1.5%
|
||||||||
Diageo PLC
|
8,000
|
274,791
|
||||||
Commercial Services & Supplies - 3.1%
|
||||||||
Rentokil Initial Plc (a)
|
84,400
|
583,362
|
||||||
Hotels, Restaurants & Leisure - 3.0%
|
||||||||
Compass Group PLC
|
14,750
|
221,572
|
||||||
InterContinental Hotels Group PLC (a)
|
6,400
|
335,941
|
||||||
557,513
|
||||||||
Household Products - 1.7%
|
||||||||
Reckitt Benckiser Group PLC
|
3,300
|
321,769
|
||||||
Insurance - 1.6%
|
||||||||
Prudential PLC
|
20,600
|
295,577
|
||||||
Oil & Gas & Consumable Fuels - 0.9%
|
||||||||
Royal Dutch Shell PLC - A Shares
|
13,400
|
167,278
|
||||||
Personal Products - 2.4%
|
||||||||
Unilever PLC
|
7,350
|
453,153
|
||||||
Specialty Retail - 1.2%
|
||||||||
Burberry Group PLC
|
11,325
|
227,002
|
||||||
Trading Companies & Distributors - 2.6%
|
||||||||
Ashtead Group PLC
|
13,750
|
495,159
|
||||||
Total United Kingdom
|
3,729,488
|
|||||||
TOTAL COMMON STOCKS
|
||||||||
(Cost $15,683,275)
|
17,034,260
|
|||||||
PREFERRED STOCK - 3.7%
|
||||||||
Health Care Equipment & Supplies - 3.7%
|
||||||||
Sartorius AG
|
696,791
|
|||||||
TOTAL PREFERRED STOCK
|
||||||||
(Cost $367,694)
|
696,791
|
|||||||
SHORT-TERM INVESTMENTS - 5.7%
|
||||||||
Money Market Funds - 5.7%
|
||||||||
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Shares, 0.02% (b)
|
520,360
|
520,360
|
||||||
Invesco Short-Term Investments Trust - Government & Agency Portfolio - Institutional Shares, 0.02% (b)
|
560,000
|
560,000
|
||||||
TOTAL SHORT-TERM INVESTMENTS
|
||||||||
(Cost $1,080,360)
|
1,080,360
|
|||||||
Total Investments - 99.7%
|
18,811,411
|
|||||||
(Cost $17,131,329)
|
||||||||
Other Assets in Excess of Liabilities - 0.3%
|
49,637
|
|||||||
TOTAL NET ASSETS - 100.0%
|
$
|
18,861,048
|
(a)
|
Non-income producing security.
|
|||
(b)
|
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.
|
Fair Value Measurement Summary at September 30, 2020 (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 listedon 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 may use prices provided by independent pricing services to assist in the fair valuation of the Fund's portfolio securities. For foreign securities held by the
LKCM International Equity Fund, such fair value prices generally will be based on such independent pricing services' proprietary multi-factor models that measure movements in relevant indices, market indicators or other factors between
the time the relevant foreign markets have closed and a Fund calculates its net asset value.
|
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, 2020, the Fund's assets carried at fair value were classified as follows:
|
LKCM International Equity Fund
|
||||||||||||||||
Description
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Common Stocks
|
$
|
–
|
$
|
17,034,260
|
$
|
–
|
$
|
17,034,260
|
||||||||
Preferred Stock
|
–
|
696,791
|
–
|
696,791
|
||||||||||||
Money Market Funds
|
1,080,360
|
–
|
–
|
1,080,360
|
||||||||||||
Total Investments
|
$
|
1,080,360
|
$
|
17,731,051
|
$
|
–
|
$
|
18,811,411
|