LKCM Equity Fund
Schedule of Investments
March 31, 2026 (Unaudited)
| COMMON STOCKS - 100.1% | Shares | Value | ||||||
| Aerospace & Defense - 6.0% |
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| BWX Technologies, Inc. |
42,000 | $ | 8,588,580 | |||||
| FTAI Aviation Ltd. |
50,000 | 12,250,000 | ||||||
| RTX Corp. |
24,000 | 4,629,600 | ||||||
| TransDigm Group, Inc. |
3,000 | 3,476,880 | ||||||
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| 28,945,060 | ||||||||
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| Banks - 4.9% |
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| Bank of America Corp. |
180,000 | 8,775,000 | ||||||
| JPMorgan Chase & Co. |
50,000 | 14,708,000 | ||||||
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| 23,483,000 | ||||||||
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| Beverages - 1.5% |
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| Coca-Cola Co. |
95,000 | 7,224,750 | ||||||
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| Biotechnology - 2.0% |
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| Amgen, Inc. |
28,000 | 9,851,800 | ||||||
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| Broadline Retail - 1.6% |
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| Amazon.com, Inc. (a) |
38,000 | 7,914,260 | ||||||
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| Chemicals - 5.3% |
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| Ecolab, Inc. |
55,000 | 14,631,100 | ||||||
| Linde PLC |
22,000 | 10,906,720 | ||||||
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| 25,537,820 | ||||||||
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| Commercial Services & Supplies - 5.9% |
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| Cintas Corp. |
64,000 | 10,824,960 | ||||||
| Tetra Tech, Inc. |
100,000 | 3,012,000 | ||||||
| Waste Connections, Inc. |
90,000 | 14,619,600 | ||||||
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| 28,456,560 | ||||||||
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| Construction & Engineering - 4.1% |
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| Fluor Corp. (a) |
125,000 | 5,831,250 | ||||||
| Valmont Industries, Inc. |
35,000 | 13,984,950 | ||||||
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| 19,816,200 | ||||||||
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| Construction Materials - 2.2% |
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| Martin Marietta Materials, Inc. |
18,000 | 10,596,240 | ||||||
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| Electrical Equipment - 3.4% |
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| Emerson Electric Co. |
75,000 | 9,826,500 | ||||||
| Generac Holdings, Inc. (a) |
35,000 | 6,836,550 | ||||||
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| 16,663,050 | ||||||||
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| Electronic Equipment, Instruments & Components - 3.1% |
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| Teledyne Technologies, Inc. (a) |
25,000 | 15,125,250 | ||||||
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| Entertainment - 0.7% |
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| Netflix, Inc. (a) |
35,000 | 3,365,250 | ||||||
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| Financial Services - 1.6% |
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| Mastercard, Inc. - Class A |
15,000 | 7,494,900 | ||||||
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| Health Care Equipment & Supplies - 2.1% |
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| Alcon AG |
60,000 | 4,521,000 | ||||||
| Stryker Corp. |
17,000 | 5,586,030 | ||||||
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| 10,107,030 | ||||||||
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| Household Products - 0.9% |
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| Procter & Gamble Co. |
30,000 | 4,333,200 | ||||||
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| Interactive Media & Services - 6.5% |
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| Alphabet, Inc. - Class A |
110,000 | 31,631,600 | ||||||
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| Life Sciences Tools & Services - 0.9% |
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| Thermo Fisher Scientific, Inc. |
9,000 | 4,423,770 | ||||||
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| Machinery - 4.7% |
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| Franklin Electric Co., Inc. |
85,000 | 7,834,450 | ||||||
| Toro Co. |
80,000 | 7,475,200 | ||||||
| Xylem, Inc. |
60,000 | 7,170,000 | ||||||
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| 22,479,650 | ||||||||
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| Marine Transportation - 2.3% |
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| Kirby Corp. (a) |
85,000 | 11,294,800 | ||||||
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| Metals & Mining - 1.5% |
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| Wheaton Precious Metals Corp. |
55,000 | 7,205,550 | ||||||
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| Oil, Gas & Consumable Fuels - 10.3% |
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| Cameco Corp. |
90,000 | 9,774,900 | ||||||
| Chevron Corp. |
42,500 | 8,793,250 | ||||||
| ConocoPhillips Co. |
100,000 | 13,200,000 | ||||||
| Coterra Energy, Inc. |
384,000 | 13,493,760 | ||||||
| Range Resources Corporation |
100,000 | 4,518,000 | ||||||
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| 49,779,910 | ||||||||
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| Pharmaceuticals - 2.1% |
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| Johnson & Johnson |
30,000 | 7,333,200 | ||||||
| Pfizer Inc. |
100,000 | 2,808,000 | ||||||
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| 10,141,200 | ||||||||
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| Semiconductors & Semiconductor Equipment - 5.1% |
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| NVIDIA Corp. |
140,000 | 24,416,000 | ||||||
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| Software - 10.8% |
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| Microsoft Corp. |
70,000 | 25,911,900 | ||||||
| Oracle Corp. |
102,935 | 15,142,768 | ||||||
| Trimble, Inc. (a) |
170,000 | 11,089,100 | ||||||
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| 52,143,768 | ||||||||
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| Specialty Retail - 5.1% |
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| Academy Sports & Outdoors, Inc. |
90,000 | 5,080,500 | ||||||
| O’Reilly Automotive, Inc. (a) |
120,000 | 11,077,200 | ||||||
| The Home Depot, Inc. |
26,500 | 8,715,585 | ||||||
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| 24,873,285 | ||||||||
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| Technology Hardware, Storage & Peripherals - 4.7% |
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| Apple Inc. |
90,000 | 22,841,100 | ||||||
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| Trading Companies & Distributors - 0.8% |
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| United Rentals, Inc. |
5,305 | 3,865,010 | ||||||
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| TOTAL COMMON STOCKS (Cost $213,490,657) |
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484,010,013 | ||||||
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| SHORT-TERM INVESTMENTS |
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| MONEY MARKET FUNDS - 0.1% | Shares | Value | ||||||
| Invesco Government & Agency Portfolio - Institutional Class, 3.58% (b) |
512,988 | 512,988 | ||||||
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| TOTAL MONEY MARKET FUNDS (Cost $512,988) |
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512,988 | ||||||
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| TOTAL INVESTMENTS - 100.2% (Cost $214,003,645) |
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484,523,001 | ||||||
| Liabilities in Excess of Other Assets - (0.2)% |
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(867,716 | ) | |||||
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| TOTAL NET ASSETS - 100.0% |
$ | 483,655,285 | ||||||
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Percentages are stated as a percent of net assets.
PLC - Public Limited Company
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) Non-income producing security.
(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 Equity 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 |
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| Investments: |
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| Common Stocks |
$ | 484,010,013 | $ | – | $ | – | $ | 484,010,013 | ||||||||
| Money Market Funds |
512,988 | – | – | 512,988 | ||||||||||||
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| Total Investments |
$ | 484,523,001 | $ | – | $ | – | $ | 484,523,001 | ||||||||
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Refer to the Schedule of Investments for further disaggregation of investment categories.
| Sector Classification as of March 31, 2026 | ||||||||
| (% of Net Assets) | ||||||||
| Industrials |
$ | 131,520,330 | 27.2% | |||||
| Information Technology |
114,526,118 | 23.7 | ||||||
| Energy |
49,779,910 | 10.3 | ||||||
| Materials |
43,339,610 | 9.0 | ||||||
| Communication Services |
34,996,850 | 7.2 | ||||||
| Health Care |
34,523,800 | 7.1 | ||||||
| Consumer Discretionary |
32,787,545 | 6.7 | ||||||
| Financials |
30,977,900 | 6.5 | ||||||
| Consumer Staples |
11,557,950 | 2.4 | ||||||
| Money Market Funds |
512,988 | 0.1 | ||||||
| Liabilities in Excess of Other Assets |
(867,716) | (0.2) | ||||||
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| $ | 483,655,285 | 100.0% | ||||||
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