LKCM Fixed Income Fund

Schedule of Investments

March 31, 2026 (Unaudited)

 

     
CORPORATE BONDS - 78.9%    Par      Value 

Aerospace & Defense - 6.1%

      

L3Harris Technologies, Inc.
5.05%, 06/01/2029 (Callable 05/01/2029)

    $ 4,000,000       $     4,070,259   

5.40%, 07/31/2033 (Callable 04/30/2033)

      5,525,000        5,674,192  

RTX Corp.
5.75%, 01/15/2029 (Callable 12/15/2028)

      4,000,000        4,148,130  

5.15%, 02/27/2033 (Callable 11/27/2032)

      2,750,000        2,806,804  
     

 

 

 

     16,699,385  
     

 

 

 

Banks - 4.8%

 

Bank of America Corp., 4.25%, 10/22/2026

      5,000,000        4,997,987  

Cullen/Frost Bankers, Inc., 4.50%, 03/17/2027 (Callable 02/17/2027)

      3,942,000        3,971,565  

JPMorgan Chase & Co.
3.30%, 04/01/2026

      3,500,000        3,500,000  

3.20%, 06/15/2026 (Callable 05/01/2026)

      636,000        634,660  
     

 

 

 

     13,104,212  
     

 

 

 

Beverages - 0.8%

 

Keurig Dr Pepper, Inc.,
2.55%, 09/15/2026 (Callable 06/15/2026)

      2,225,000        2,205,169  
     

 

 

 

Biotechnology - 3.9%

 

AbbVie, Inc., 4.95%, 03/15/2031 (Callable 01/15/2031)

      4,000,000        4,087,005  

Amgen, Inc.
2.60%, 08/19/2026 (Callable 05/19/2026)

      1,000,000        994,242  

5.25%, 03/02/2033 (Callable 12/02/2032)

      5,500,000        5,649,318  
     

 

 

 

     10,730,565  
     

 

 

 

Chemicals - 0.9%

 

Ecolab, Inc.
2.70%, 11/01/2026 (Callable 08/01/2026)

      2,000,000        1,984,653  

4.80%, 03/24/2030 (Callable 12/24/2029)

      500,000        508,260  
     

 

 

 

     2,492,913  
     

 

 

 

Commercial Services & Supplies - 5.6%

 

Republic Services, Inc.
4.75%, 07/15/2030 (Callable 06/15/2030)

      4,000,000        4,052,618  

5.00%, 04/01/2034 (Callable 01/01/2034)

      3,000,000        3,032,953  

Waste Management, Inc.
4.50%, 03/15/2028 (Callable 02/15/2028)

      5,800,000        5,838,836  

4.63%, 02/15/2030 (Callable 12/15/2029)

      2,370,000        2,393,068  
     

 

 

 

     15,317,475  
     

 

 

 

Crude Petroleum Extraction - 1.8%

 

Enterprise Products Operating LLC, 4.15%, 10/16/2028 (Callable 07/16/2028)

      5,000,000        4,990,810  
     

 

 

 

Diversified Telecommunication Services - 3.8%

 

AT&T, Inc.
4.25%, 03/01/2027 (Callable 12/01/2026)

      4,235,000        4,233,365  

4.30%, 02/15/2030 (Callable 11/15/2029)

      2,000,000        1,987,370  

Verizon Communications, Inc.
4.13%, 03/16/2027

      1,484,000        1,483,277  

2.10%, 03/22/2028 (Callable 01/22/2028)

      3,000,000        2,882,621  
     

 

 

 

     10,586,633  
     

 

 

 

Electric Utilities - 1.7%

 

Duke Energy Corp.
4.50%, 08/15/2032 (Callable 05/15/2032)

      2,000,000        1,969,694  

5.75%, 09/15/2033 (Callable 06/15/2033)

      2,500,000        2,604,268  
     

 

 

 

     4,573,962  

Electrical Equipment - 3.1%

 

Emerson Electric Co., 5.00%, 03/15/2035 (Callable 12/15/2034)

      8,475,000        8,539,890   
     

 

 

 

Entertainment - 0.7%

 

Netflix, Inc., 4.90%, 08/15/2034 (Callable 05/15/2034)

      2,000,000        2,017,007  
     

 

 

 

Health Care Equipment & Supplies - 3.7%

 

Abbott Laboratories, 4.75%, 11/30/2036 (Callable 05/30/2036)

      200,000        196,773  

Stryker Corp.
4.25%, 09/11/2029 (Callable 08/11/2029)

      2,500,000        2,490,257  

4.85%, 02/10/2030 (Callable 01/10/2030)

      7,500,000        7,604,553  
     

 

 

 

     10,291,583  
  

 

 

 

Health Care Providers & Services - 1.5%

 

UnitedHealth Group, Inc., 4.25%, 01/15/2029 (Callable 12/15/2028)

      4,000,000        3,993,998  
     

 

 

 

Hotels, Restaurants & Leisure - 1.8%

 

McDonald’s Corp., 3.50%, 07/01/2027 (Callable 05/01/2027)

      5,000,000        4,956,331  
     

 

 

 

Insurance - 1.9%

 

Arthur J Gallagher & Co., 5.00%, 02/15/2032 (Callable 12/15/2031)

      5,250,000        5,270,320  
     

 

 

 

Interactive Media & Services - 2.7%

 

Meta Platforms, Inc.
4.60%, 05/15/2028 (Callable 04/15/2028)

      2,500,000        2,527,115  

4.80%, 05/15/2030 (Callable 03/15/2030)

      2,950,000        2,996,789  

4.75%, 08/15/2034 (Callable 05/15/2034)

      2,000,000        1,977,980  
     

 

 

 

     7,501,884  
  

 

 

 

Life Sciences Tools & Services - 1.5%

 

Thermo Fisher Scientific, Inc., 5.09%, 08/10/2033 (Callable 05/10/2033)

      4,000,000        4,081,875  
     

 

 

 

Oil, Gas & Consumable Fuels - 8.8%

 

Chevron Corp., 2.95%, 05/16/2026 (Callable 05/01/2026)

      1,000,000        998,485  

ConocoPhillips Co., 5.05%, 09/15/2033 (Callable 06/15/2033)

      2,000,000        2,035,497  

Devon Energy Corp., 4.50%, 01/15/2030 (Callable 04/11/2026)

      4,000,000        3,987,825  

Kinder Morgan, Inc., 5.20%, 06/01/2033 (Callable 03/01/2033)

      7,300,000        7,426,818  

ONEOK, Inc.
5.55%, 11/01/2026 (Callable 10/01/2026)

      2,500,000        2,514,892  

6.35%, 01/15/2031 (Callable 10/15/2030)

      2,000,000        2,126,748  

6.05%, 09/01/2033 (Callable 06/01/2033)

      5,000,000        5,240,745  
     

 

 

 

        24,331,010  
  

 

 

 

Other Management Consulting Services - 0.7%

 

Accenture Capital, Inc., 4.50%, 10/04/2034 (Callable 07/04/2034)

      2,000,000        1,936,567  
     

 

 

 

Pharmaceuticals - 1.1%

 

Bristol-Myers Squibb Co., 5.10%, 02/22/2031 (Callable 12/22/2030)

      3,000,000        3,084,900  
     

 

 

 

Semiconductors & Semiconductor Equipment - 3.0%

 

Broadcom, Inc.
5.00%, 04/15/2030 (Callable 01/15/2030)

      2,500,000        2,547,342  

5.15%, 11/15/2031 (Callable 09/15/2031)

      5,500,000        5,644,264  
     

 

 

 

     8,191,606  
  

 

 

 

Software - 9.8%

 

Adobe, Inc., 4.80%, 04/04/2029 (Callable 03/04/2029)

      700,000        711,497  

Intuit, Inc., 5.20%, 09/15/2033 (Callable 06/15/2033)

      2,500,000        2,544,882  

Oracle Corp.
2.65%, 07/15/2026 (Callable 05/01/2026)

      2,234,000        2,221,870  

6.15%, 11/09/2029 (Callable 09/09/2029)

      3,000,000        3,094,340  

4.90%, 02/06/2033 (Callable 11/06/2032)

      3,000,000        2,846,117  

Roper Technologies, Inc.
4.75%, 02/15/2032 (Callable 12/15/2031)

      3,500,000        3,456,390  

4.90%, 10/15/2034 (Callable 07/15/2034)

      6,000,000        5,799,322  

Trimble, Inc., 6.10%, 03/15/2033 (Callable 12/15/2032)

      6,000,000        6,282,853  
     

 

 

 

     26,957,271  
     

 

 

 

Specialized REITs - 4.4%

 

American Tower Corp.
3.38%, 10/15/2026 (Callable 07/15/2026)

      4,030,000        4,007,026   

5.25%, 07/15/2028 (Callable 06/15/2028)

      4,200,000        4,273,219  

4.05%, 03/15/2032 (Callable 12/15/2031)

      4,050,000        3,882,902  
     

 

 

 

     12,163,147  
     

 

 

 

Specialty Retail - 4.8%

 

O’Reilly Automotive, Inc.
4.35%, 06/01/2028 (Callable 03/01/2028)

      2,125,000        2,127,880  

4.20%, 04/01/2030 (Callable 01/01/2030)

      2,325,000        2,299,929  

4.70%, 06/15/2032 (Callable 03/15/2032)

      2,750,000        2,733,890  

Tractor Supply Co., 5.25%, 05/15/2033 (Callable 02/15/2033)

      5,925,000        6,022,140  
     

 

 

 

     13,183,839  
     

 

 

 

TOTAL CORPORATE BONDS (Cost $216,478,933)

 

      217,202,352  
     

 

 

 

 

      
     
U.S. TREASURY SECURITIES - 13.1%    Par      Value  

United States Treasury Note/Bond

      

4.13%, 06/15/2026

      1,000,000        1,000,852  

4.63%, 11/15/2026

      500,000        502,581  

4.50%, 05/15/2027

      2,300,000        2,317,250  

4.13%, 09/30/2027

      400,000        401,680  

4.00%, 10/31/2029

      2,000,000        2,008,438  

4.00%, 07/31/2030

      4,000,000        4,013,672  

5.38%, 02/15/2031

      2,500,000        2,657,812  

4.13%, 11/30/2031

      3,500,000        3,518,936  

4.13%, 11/15/2032

      8,500,000        8,508,301  

4.50%, 11/15/2033

      3,000,000        3,064,160  

4.00%, 02/15/2034

      3,000,000        2,961,621  

4.25%, 11/15/2034

      5,000,000        5,002,539  
     

 

 

 

TOTAL U.S. TREASURY SECURITIES (Cost $36,007,425)

 

      35,957,842  
     

 

 

 

 

 

   
     
U.S. GOVERNMENT SPONSORED ENTITIES - 6.8%    Par      Value  

Federal Home Loan Banks

      

2.00%, 05/26/2026 (a)

      2,500,000        2,493,222  

2.50%, 10/28/2026 (Callable 04/28/2026) (a)

      3,000,000        2,985,460  

2.75%, 01/25/2027 (Callable 04/25/2026) (a)

      2,500,000        2,489,565  

4.50%, 09/29/2027

      1,750,000        1,767,524  

2.00%, 11/16/2028 (Callable 05/16/2026) (a)

      3,000,000        2,901,954  

2.82%, 06/27/2029 (Callable 04/08/2026)

      4,000,000        3,868,626  

2.25%, 12/15/2033 (Callable 06/15/2026) (a)

      2,500,000        2,295,667  
     

 

 

 

TOTAL U.S. GOVERNMENT SPONSORED ENTITIES (Cost $19,230,745)

 

         18,802,018  
     

 

 

 

 

      
SHORT-TERM INVESTMENTS  
     
MONEY MARKET FUNDS - 0.3%    Shares      Value  

Invesco Government & Agency Portfolio - Institutional Class, 3.58% (b)

      881,656        881,656  
     

 

 

 

TOTAL MONEY MARKET FUNDS (Cost $881,656)

         881,656  
     

 

 

 

TOTAL INVESTMENTS - 99.1% (Cost $272,598,759)

         272,843,868  

Other Assets in Excess of Liabilities - 0.9%

         2,449,489  
     

 

 

 

TOTAL NET ASSETS - 100.0%

       $ 275,293,357  
     

 

 

 

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

REIT - Real Estate Investment Trust

The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, 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. Bank Global Fund Services.

 

(a)

Step coupon bond. The rate disclosed is as of March 31, 2026.

(b)

The rate shown represents the 7-day annualized yield as of March 31, 2026.

Summary of Fair Value Disclosure as of March 31, 2026 (Unaudited)

LKCM Fixed Income Fund (the “Fund”) has adopted fair value accounting standards which establish a 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, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund’s securities as of March 31, 2026:

 

    

Level 1

     

Level 2

     

Level 3

     

Total

  

Investments:

            

Corporate Bonds

    $ –       $ 217,202,352      $ –       $ 217,202,352  

U.S. Treasury Securities

      –         35,957,842        –         35,957,842  

U.S. Government Sponsored Entities

      –         18,802,018        –         18,802,018  

Money Market Funds

      881,656        –         –         881,656  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

    $    881,656      $    271,962,212      $       –       $   272,843,868  
  

 

 

     

 

 

     

 

 

     

 

 

  

Refer to the Schedule of Investments for further disaggregation of investment categories.

 

Sector Classification as of March 31, 2026         
(% of Net Assets)  

Industrials

    $ 40,556,750        14.8 % 

Information Technology

      35,148,877        12.8  

Health Care

      32,182,921        11.7  

Energy

      24,331,010        8.8  

Communication Services

      20,105,524        7.2  

U.S. Government Sponsored Entities

      18,802,018        6.8  

Financials

      18,374,532        6.7  

Consumer Discretionary

      18,140,170        6.6  

Real Estate

      12,163,147        4.4  

Utilities

      4,573,962        1.7  

Materials

      2,492,913        0.9  

Consumer Staples

      2,205,169        0.8  

Money Market Funds

      881,656        0.3  

Other Assets in Excess of Liabilities

      45,334,708        16.5  
  

 

 

     

 

 

  
   $    275,293,357           100.0 %