|
LKCM FIXED INCOME FUND
|
||||||||
|
SCHEDULE OF INVESTMENTS
|
||||||||
|
September 30, 2020 (Unaudited)
|
||||||||
|
Principal
|
||||||||
|
CORPORATE BONDS - 77.4%
|
Amount
|
Value
|
||||||
|
Aerospace & Defense - 1.7%
|
||||||||
|
Honeywell International, Inc.
|
||||||||
|
1.350%, 06/01/2025
|
||||||||
|
Callable 05/01/2025
|
$
|
3,000,000
|
$
|
3,096,543
|
||||
|
Raytheon Technologies Corp. (a)
|
||||||||
|
3.700%, 12/15/2023
|
||||||||
|
Callable 09/15/2023
|
1,750,000
|
1,905,473
|
||||||
|
5,002,016
|
||||||||
|
Banks - 7.6%
|
||||||||
|
Bank of America Corp.:
|
||||||||
|
2.625%, 10/19/2020
|
2,600,000
|
2,602,857
|
||||||
|
2.625%, 04/19/2021
|
1,704,000
|
1,725,983
|
||||||
|
4.450%, 03/03/2026
|
2,000,000
|
2,308,378
|
||||||
| The Bank of New York Mellon Corp. | ||||||||
|
2.800%, 05/04/2026
|
||||||||
|
Callable 02/04/2026
|
300,000 | 332,517 | ||||||
|
Comerica, Inc.
|
||||||||
|
3.700%, 07/31/2023
|
||||||||
|
Callable 06/30/2023
|
2,000,000
|
2,169,102
|
||||||
|
Truist Bank:
|
||||||||
|
2.625%, 01/15/2022
|
||||||||
|
Callable 12/15/2021
|
3,700,000
|
3,803,297
|
||||||
|
3.200%, 04/01/2024
|
||||||||
|
Callable 05/01/2024
|
2,500,000
|
2,713,192
|
||||||
|
3.300%, 05/15/2026
|
||||||||
|
Callable 04/15/2026
|
4,333,000
|
4,866,781
|
||||||
|
Wells Fargo & Co.
|
||||||||
|
4.125%, 08/15/2023
|
2,000,000
|
2,185,926
|
||||||
|
22,708,033
|
||||||||
|
Biotechnology - 2.1%
|
||||||||
|
Amgen, Inc.:
|
||||||||
|
2.600%, 08/19/2026
|
||||||||
|
Callable 05/19/2026
|
1,000,000
|
1,088,020
|
||||||
|
2.200%, 02/21/2027
|
||||||||
|
Callable 12/21/2026
|
5,000,000
|
5,308,963
|
||||||
|
6,396,983
|
||||||||
|
Chemicals - 0.7%
|
||||||||
|
Ecolab, Inc.
|
||||||||
|
2.375%, 08/10/2022
|
||||||||
|
Callable 07/10/2022
|
1,925,000
|
1,996,207
|
||||||
|
Communications Equipment - 2.5%
|
||||||||
|
Cisco Systems, Inc.
|
||||||||
|
1.850%, 09/20/2021
|
||||||||
|
Callable 08/20/2021
|
3,000,000
|
3,043,861
|
||||||
|
QUALCOMM, Inc.
|
||||||||
|
2.900%, 05/20/2024
|
||||||||
|
Callable 03/20/2024
|
4,000,000
|
4,309,534
|
||||||
|
7,353,395
|
||||||||
|
Computers & Peripherals - 2.1%
|
||||||||
|
Apple, Inc.:
|
||||||||
|
2.400%, 05/03/2023
|
3,250,000
|
3,424,007
|
||||||
|
2.500%, 02/09/2025
|
2,515,000
|
2,715,947
|
||||||
|
6,139,954
|
||||||||
|
Consumer Finance - 1.5%
|
||||||||
|
American Express Co.:
|
||||||||
|
3.000%, 10/30/2024
|
||||||||
|
Callable 09/29/2024
|
2,000,000
|
2,171,981
|
||||||
|
4.200%, 11/06/2025
|
||||||||
|
Callable 10/06/2025
|
2,000,000
|
2,319,058
|
||||||
|
4,491,039
|
||||||||
|
Containers & Packaging - 2.3%
|
||||||||
|
Ball Corp.:
|
||||||||
|
5.000%, 03/15/2022
|
2,000,000
|
2,106,950
|
||||||
|
5.250%, 07/01/2025
|
4,252,000
|
4,820,918
|
||||||
|
6,927,868
|
||||||||
|
Diversified Financials - 4.2%
|
||||||||
|
JPMorgan Chase & Co.:
|
||||||||
|
3.375%, 05/01/2023
|
3,788,000
|
4,044,142
|
||||||
|
2.700%, 05/18/2023
|
||||||||
|
Callable 03/18/2023
|
1,855,000
|
1,960,100
|
||||||
|
3.875%, 02/01/2024
|
1,750,000
|
1,932,751
|
||||||
|
3.300%, 04/01/2026
|
||||||||
|
Callable 01/01/2026
|
3,500,000
|
3,883,299
|
||||||
|
3.200%, 06/15/2026
|
||||||||
|
Callable 03/15/2026
|
636,000
|
706,491
|
||||||
|
12,526,783
|
||||||||
|
Diversified Telecommunication Services - 8.0%
|
||||||||
|
AT&T, Inc.:
|
||||||||
|
3.800%, 02/15/2027
|
||||||||
|
Callable 11/15/2026
|
2,000,000
|
2,259,589
|
||||||
|
4.250%, 03/01/2027
|
||||||||
|
Callable 12/01/2026
|
4,000,000
|
4,649,275
|
||||||
|
2.300%, 06/01/2027
|
||||||||
|
Callable 04/01/2027
|
3,000,000
|
3,148,525
|
||||||
|
4.100%, 02/15/2028
|
||||||||
|
Callable 11/15/2027
|
2,000,000
|
2,318,296
|
||||||
|
Verizon Communications, Inc.:
|
||||||||
|
1.237% (3 Month LIBOR USD + 1.000%), 03/16/2022 (b)
|
2,200,000
|
2,225,569
|
||||||
|
2.450%, 11/01/2022
|
||||||||
|
Callable 08/01/2022
|
1,750,000
|
1,813,431
|
||||||
|
3.500%, 11/01/2024
|
||||||||
|
Callable 08/01/2024
|
1,750,000
|
1,933,838
|
||||||
|
2.625%, 08/15/2026
|
3,000,000
|
3,283,764
|
||||||
|
4.125%, 03/16/2027
|
2,000,000
|
2,367,334
|
||||||
|
23,999,621
|
||||||||
|
Electrical Equipment & Instruments - 2.7%
|
||||||||
|
Emerson Electric Co.:
|
||||||||
|
2.625%, 12/01/2021
|
||||||||
|
Callable 11/01/2021
|
950,000
|
974,784
|
||||||
|
3.150%, 06/01/2025
|
||||||||
|
Callable 03/01/2025
|
5,000,000
|
5,515,715
|
||||||
|
Rockwell Automation, Inc.
|
||||||||
|
2.875%, 03/01/2025
|
||||||||
|
Callable 12/01/2024
|
1,440,000
|
1,571,598
|
||||||
|
8,062,097
|
||||||||
|
Electronic Equipment & Instruments - 1.6%
|
||||||||
|
Trimble, Inc.
|
||||||||
|
4.150%, 06/15/2023
|
||||||||
|
Callable 05/15/2023
|
4,500,000
|
4,853,170
|
||||||
|
Health Care Equipment & Supplies - 6.1%
|
||||||||
|
Danaher Corp.
|
||||||||
|
3.350%, 09/15/2025
|
||||||||
|
Callable 06/15/2025
|
5,500,000
|
6,144,027
|
||||||
|
Thermo Fisher Scientific, Inc.:
|
||||||||
|
3.000%, 04/15/2023
|
||||||||
|
Callable 02/15/2023
|
2,475,000
|
2,619,307
|
||||||
|
4.150%, 02/01/2024
|
||||||||
|
Callable 11/01/2023
|
4,500,000
|
4,978,194
|
||||||
|
2.950%, 09/19/2026
|
||||||||
|
Callable 06/19/2026
|
4,000,000
|
4,458,780
|
||||||
|
18,200,308
|
||||||||
|
Health Care Providers & Services - 2.2%
|
||||||||
|
CVS Health Corp.:
|
||||||||
|
0.962% (3 Month LIBOR USD + 0.720%), 03/09/2021 (b)
|
4,500,000
|
4,511,744
|
||||||
|
4.125%, 05/15/2021
|
||||||||
|
Callable 02/15/2021
|
2,000,000
|
2,029,682
|
||||||
|
6,541,426
|
||||||||
|
Household Products - 0.3%
|
||||||||
|
The Procter & Gamble Co.
|
||||||||
|
8.000%, 09/01/2024
|
775,000
|
990,247
|
||||||
|
Internet & Catalog Retail - 1.7%
|
||||||||
|
Amazon.com, Inc.
|
||||||||
|
2.500%, 11/29/2022
|
||||||||
|
Callable 08/29/2022
|
5,000,000
|
5,214,274
|
||||||
|
Media & Entertainment - 2.1%
|
||||||||
|
Alphabet, Inc.:
|
||||||||
|
3.375%, 02/25/2024
|
4,000,000
|
4,400,372
|
||||||
|
1.998%, 08/15/2026
|
||||||||
|
Callable 05/15/2026
|
1,725,000
|
1,852,118
|
||||||
|
6,252,490
|
||||||||
|
Multiline Retail - 1.5%
|
||||||||
|
Family Dollar Stores, Inc.
|
||||||||
|
5.000%, 02/01/2021
|
4,500,000
|
4,562,695
|
||||||
|
Oil & Gas & Consumable Fuels - 5.3%
|
||||||||
|
Chevron Corp.:
|
||||||||
|
2.411%, 03/03/2022
|
||||||||
|
Callable 01/03/2022
|
1,450,000
|
1,488,337
|
||||||
|
2.355%, 12/05/2022
|
||||||||
|
Callable 09/05/2022
|
1,000,000
|
1,039,012
|
||||||
|
2.954%, 05/16/2026
|
||||||||
|
Callable 02/16/2026
|
1,870,000
|
2,086,398
|
||||||
|
Enterprise Products Operating, LLC:
|
||||||||
|
2.800%, 02/15/2021
|
2,000,000
|
2,018,076
|
||||||
|
2.850%, 04/15/2021
|
||||||||
|
Callable 03/15/2021
|
2,500,000
|
2,528,085
|
||||||
|
3.750%, 02/15/2025
|
||||||||
|
Callable 11/15/2024
|
2,963,000
|
3,298,403
|
||||||
|
Kinder Morgan Energy Partners, L.P.
|
||||||||
|
4.250%, 09/01/2024
|
||||||||
|
Callable 06/01/2024
|
3,000,000
|
3,324,130
|
||||||
|
15,782,441
|
||||||||
|
Pharmaceuticals - 3.8%
|
||||||||
|
Abbott Laboratories:
|
||||||||
|
3.400%, 11/30/2023
|
||||||||
|
Callable 09/30/2023
|
1,750,000
|
1,904,132
|
||||||
|
2.950%, 03/15/2025
|
||||||||
|
Callable 12/15/2024
|
3,925,000
|
4,292,692
|
||||||
|
Bristol-Myers Squibb Co.
|
||||||||
|
3.625%, 05/15/2024
|
||||||||
|
Callable 02/15/2024
|
4,750,000
|
5,236,887
|
||||||
|
11,433,711
|
||||||||
|
Real Estate Investment Trusts - 3.7%
|
||||||||
|
American Tower Corp.:
|
||||||||
|
3.500%, 01/31/2023
|
3,500,000
|
3,722,694
|
||||||
|
5.000%, 02/15/2024
|
2,500,000
|
2,829,141
|
||||||
|
3.375%, 10/15/2026
|
||||||||
|
Callable 07/15/2026
|
4,030,000
|
4,466,332
|
||||||
|
11,018,167
|
||||||||
|
Road & Rail - 5.2%
|
||||||||
|
Burlington Northern Santa Fe, LLC:
|
||||||||
|
3.000%, 03/15/2023
|
||||||||
|
Callable 12/15/2022
|
4,695,000
|
4,950,334
|
||||||
|
3.000%, 04/01/2025
|
||||||||
|
Callable 01/01/2025
|
2,250,000
|
2,472,394
|
||||||
|
Union Pacific Corp.:
|
||||||||
|
3.250%, 01/15/2025
|
||||||||
|
Callable 10/15/2024
|
1,500,000
|
1,652,103
|
||||||
|
3.750%, 07/15/2025
|
||||||||
|
Callable 05/15/2025
|
3,025,000
|
3,447,345
|
||||||
|
United Parcel Service, Inc.
|
||||||||
|
2.450%, 10/01/2022
|
3,000,000
|
3,135,411
|
||||||
|
15,657,587
|
||||||||
|
Semiconductor Equipment & Products - 0.9%
|
||||||||
|
Intel Corp.
|
||||||||
|
3.700%, 07/29/2025
|
||||||||
|
Callable 04/29/2025
|
2,250,000
|
2,557,804
|
||||||
|
Software - 5.0%
|
||||||||
|
Adobe, Inc.
|
||||||||
|
1.900%, 02/01/2025
|
||||||||
|
Callable 01/01/2025
|
4,280,000
|
4,529,810
|
||||||
|
Oracle Corp.:
|
||||||||
|
2.500%, 10/15/2022
|
3,000,000
|
3,132,982
|
||||||
|
2.650%, 07/15/2026
|
||||||||
|
Callable 04/15/2026
|
2,000,000
|
2,187,585
|
||||||
|
3.250%, 11/15/2027
|
||||||||
|
Callable 08/15/2027
|
4,500,000
|
5,093,845
|
||||||
|
14,944,222
|
||||||||
|
Specialty Retail - 2.6%
|
||||||||
|
The Home Depot, Inc.:
|
||||||||
|
2.700%, 04/01/2023
|
||||||||
|
Callable 01/01/2023
|
2,750,000
|
2,898,705
|
||||||
|
2.950%, 06/15/2029
|
||||||||
|
Callable 03/15/2029
|
2,500,000
|
2,826,974
|
||||||
|
O'Reilly Automotive, Inc.
|
||||||||
|
4.875%, 01/14/2021
|
||||||||
|
Callable 10/14/2020
|
2,203,000
|
2,206,316
|
||||||
|
7,931,995
|
||||||||
|
TOTAL CORPORATE BONDS
|
||||||||
|
(Cost $219,037,329)
|
231,544,533
|
|||||||
|
U.S. GOVERNMENT ISSUES - 11.4%
|
||||||||
|
U.S. Treasury Inflation Indexed Bonds - 1.4%
|
||||||||
|
0.625%, 01/15/2024
|
3,886,575
|
4,131,753
|
||||||
|
U.S. Treasury Notes - 10.0%
|
||||||||
|
1.500%, 11/30/2021
|
4,000,000
|
4,063,594
|
||||||
|
1.125%, 02/28/2022
|
4,000,000
|
4,056,562
|
||||||
|
1.750%, 07/15/2022
|
2,000,000
|
2,058,281
|
||||||
|
1.375%, 02/15/2023
|
2,000,000
|
2,058,750
|
||||||
|
2.000%, 02/15/2023
|
2,000,000
|
2,088,203
|
||||||
|
2.000%, 02/15/2025
|
2,000,000
|
2,153,828
|
||||||
|
2.000%, 08/15/2025
|
1,000,000
|
1,083,945
|
||||||
|
1.625%, 02/15/2026
|
2,000,000
|
2,140,000
|
||||||
|
2.375%, 05/15/2027
|
2,000,000
|
2,255,391
|
||||||
|
3.125%, 11/15/2028
|
3,000,000
|
3,616,055
|
||||||
|
1.500%, 02/15/2030
|
4,000,000
|
4,318,125
|
||||||
|
29,892,734
|
||||||||
|
TOTAL U.S. GOVERNMENT ISSUES
|
||||||||
|
(Cost $32,380,370)
|
34,024,487
|
|||||||
|
U.S. GOVERNMENT SPONSORED ENTITIES - 7.9%
|
||||||||
|
Fannie Mae - 1.6%
|
||||||||
|
1.375%, 10/07/2021
|
2,950,000
|
2,987,091
|
||||||
|
0.500%, 06/17/2025
|
1,852,000
|
1,862,271
|
||||||
|
4,849,362
|
||||||||
|
Federal Home Loan Bank - 3.4%
|
||||||||
|
1.780%, 01/22/2024
|
||||||||
|
Callable 01/22/2021
|
2,230,000
|
2,219,222
|
||||||
|
2.375%, 03/13/2026
|
3,575,000
|
3,941,762
|
||||||
|
2.820%, 06/27/2029
|
||||||||
|
Callable 06/27/2022
|
4,000,000
|
4,081,234
|
||||||
|
10,242,218
|
||||||||
|
Freddie Mac - 2.9%
|
||||||||
|
2.375%, 01/13/2022
|
2,000,000
|
2,058,255
|
||||||
|
1.000%, 04/16/2025 (c)
|
||||||||
|
Callable 10/16/2020
|
3,000,000
|
3,001,191
|
||||||
|
0.750%, 05/28/2025
|
||||||||
|
Callable 05/28/2021
|
3,500,000
|
3,507,933
|
||||||
|
8,567,379
|
||||||||
|
TOTAL U.S. GOVERNMENT SPONSORED ENTITIES
|
||||||||
|
(Cost $23,610,678)
|
23,658,959
|
|||||||
|
SHORT-TERM INVESTMENTS - 2.7%
|
||||||||
|
Corporate Bonds - 1.3%
|
||||||||
|
AbbVie, Inc.
|
||||||||
|
2.300%, 05/14/2021
|
||||||||
|
Callable 04/14/2021
|
2,500,000
|
2,523,541
|
||||||
|
Cisco Systems, Inc.
|
||||||||
|
2.200%, 02/28/2021
|
1,225,000
|
1,234,673
|
||||||
|
3,758,214
|
||||||||
|
Money Market Fund - 1.4%
|
Shares
|
|||||||
|
Invesco Short-Term Investments Trust - Government & Agency Portfolio - Institutional Shares, 0.02% (d)
|
4,075,618
|
4,075,618
|
||||||
|
TOTAL SHORT-TERM INVESTMENTS
|
||||||||
|
(Cost $7,825,374)
|
7,833,832
|
|||||||
|
Total Investments - 99.4%
|
297,061,811
|
|||||||
|
(Cost $282,853,751)
|
||||||||
|
Other Assets in Excess of Liabilities - 0.6%
|
1,673,565
|
|||||||
|
TOTAL NET ASSETS - 100.0%
|
$
|
298,735,376
|
||||||
|
(a)
|
Rule 144A security. Resale to the public may require registration or may extend only to qualified institutional buyers. The value of the Rule 144A securities was
|
|||
|
$1,905,473 representing 0.6% of the Fund’s total net assets.
|
||||
|
(b)
|
Floating rate.
|
|||
|
(c)
|
Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.
|
|||
|
(d)
|
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 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 may use prices provided by independent pricing services to assist in the fair valuation of the Fund's
portfolio securities.
|
|
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 Fixed Income Fund
|
||||||||||||||||
|
Description
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
|
Corporate Bonds
|
$
|
–
|
$
|
235,302,747
|
$
|
–
|
$
|
235,302,747
|
||||||||
|
U.S. Government Issues
|
–
|
34,024,487
|
–
|
34,024,487
|
||||||||||||
|
U.S. Government Sponsored Entities
|
–
|
23,658,959
|
–
|
23,658,959
|
||||||||||||
|
Money Market Fund
|
4,075,618
|
–
|
–
|
4,075,618
|
||||||||||||
|
Total Investments
|
$
|
4,075,618
|
$
|
292,986,193
|
$
|
–
|
$
|
297,061,811
|
||||||||