LKCM Small-Mid Cap Equity Fund

Schedule of Investments

March 31, 2026 (Unaudited)

 

     
COMMON STOCKS - 97.0%    Shares      Value 

Aerospace & Defense - 10.8%

      

BWX Technologies, Inc.

      5,929       $     1,212,421   

FTAI Aviation Ltd.

      6,936        1,699,320  

Karman Holdings, Inc. (a)

      9,467        757,833  

Mercury Systems, Inc. (a)

      11,794        859,901  
     

 

 

 

        4,529,475  
     

 

 

 

Banks - 4.6%

 

   

Coastal Financial Corp. (a)

      5,004        380,804  

Columbia Banking System, Inc.

      15,603        427,990  

Home BancShares, Inc.

      15,820        426,033  

UMB Financial Corp.

      6,087        686,553  
     

 

 

 

        1,921,380  
     

 

 

 

Biotechnology - 2.6%

 

   

Natera, Inc. (a)

      5,422        1,084,346  
     

 

 

 

Building Products - 2.6%

 

   

Builders FirstSource, Inc. (a)

      5,039        414,861  

CSW Industrials, Inc.

      2,564        668,127  
     

 

 

 

        1,082,988  
     

 

 

 

Capital Markets - 6.4%

 

   

Houlihan Lokey, Inc.

      3,608        518,181  

LPL Financial Holdings, Inc.

      3,074        924,751  

Miami International Holdings, Inc. (a)

      9,906        385,542  

SEI Investments Co.

      11,120        872,586  
     

 

 

 

        2,701,060  
     

 

 

 

Commercial Services & Supplies - 3.0%

 

   

Casella Waste Systems, Inc. - Class A (a)

      7,684        609,648  

Tetra Tech, Inc.

      21,539        648,755  
     

 

 

 

        1,258,403  
     

 

 

 

Construction Materials - 0.9%

 

   

Eagle Materials, Inc.

      2,025        383,636  
     

 

 

 

Consumer Finance - 2.6%

 

   

FirstCash Holdings, Inc.

      5,845        1,098,860  
     

 

 

 

Financial Services - 4.9%

 

   

Corpay, Inc. (a)

      2,726        793,239  

NCR Atleos Corp. (a)

      28,786        1,254,494  
     

 

 

 

        2,047,733  
     

 

 

 

Ground Transportation - 1.4%

 

   

Saia, Inc. (a)

      1,679        589,799  
     

 

 

 

Health Care Equipment & Supplies - 2.3%

 

   

Alphatec Holdings, Inc. (a)

      26,735        290,877  

Merit Medical Systems, Inc. (a)

      5,131        353,680  

TransMedics Group, Inc. (a)

      3,325        330,538  
     

 

 

 

        975,095  
     

 

 

 

Health Care Providers & Services - 6.6%

 

   

BrightSpring Health Services, Inc. (a)

      36,893        1,572,011  

Ensign Group, Inc.

      5,873        1,183,409  
     

 

 

 

        2,755,420  
     

 

 

 

Hotels, Restaurants & Leisure - 1.8%

 

   

Wingstop, Inc.

      2,776        430,197  

Wynn Resorts Ltd.

      3,102        315,008   
     

 

 

 

        745,205  
     

 

 

 

Independent Power and Renewable Electricity Producers - 1.5%

 

   

Talen Energy Corp. (a)

      2,025        646,441  
     

 

 

 

Insurance - 4.8%

 

   

Goosehead Insurance, Inc. - Class A (a)

      15,103        644,294  

Kinsale Capital Group, Inc.

      1,714        585,605  

Palomar Holdings, Inc. (a)

      6,394        764,083  
     

 

 

 

        1,993,982  
     

 

 

 

IT Services - 1.7%

 

   

Twilio Inc. - Class A (a)

      5,547        697,923  
     

 

 

 

Life Sciences Tools & Services - 2.2%

 

   

Medpace Holdings, Inc. (a)

      1,893        909,000  
     

 

 

 

Machinery - 4.0%

 

   

ITT, Inc.

      4,712        897,777  

SPX Technologies, Inc. (a)

      3,855        770,769  
     

 

 

 

        1,668,546  
     

 

 

 

Media - 0.8%

 

   

Nexstar Media Group, Inc. - Class A

      1,877        339,418  
     

 

 

 

Metals & Mining - 4.0%

 

   

Materion Corp.

      6,255        904,786  

Reliance, Inc.

      2,544        773,172  
     

 

 

 

        1,677,958  
     

 

 

 

Oil, Gas & Consumable Fuels - 6.3%

 

   

Expand Energy Corp.

      7,220        792,612  

Golar LNG Ltd.

      15,774        853,531  

Permian Resources Corp.

      45,711        974,558  
     

 

 

 

        2,620,701  
     

 

 

 

Professional Services - 2.5%

 

   

Planet Labs PBC (a)

      37,532        1,049,019  
     

 

 

 

Real Estate Management & Development - 3.4%

 

   

FirstService Corp.

      5,504        764,726  

Jones Lang LaSalle, Inc. (a)

      2,138        650,636  
     

 

 

 

        1,415,362  
     

 

 

 

Semiconductors & Semiconductor Equipment - 4.4%

 

   

Tower Semiconductor Ltd. (a)

      10,520        1,846,050  
     

 

 

 

Software - 5.1%

 

   

Cellebrite DI Ltd. (a)

      53,620        738,884  

Q2 Holdings, Inc. (a)

      11,348        536,760  

Trimble, Inc. (a)

      13,514        881,518  
     

 

 

 

             2,157,162  
     

 

 

 

Specialty Retail - 1.5%

 

   

Warby Parker, Inc. - Class A (a)

      29,180        614,823  
     

 

 

 

Textiles, Apparel & Luxury Goods - 2.3%

 

   

Capri Holdings Ltd. (a)

      28,163        496,232  

On Holding AG - Class A (a)

      13,603        462,774  
     

 

 

 

        959,006  
     

 

 

 

Tobacco - 1.1%

 

   

Turning Point Brands, Inc.

      5,471        474,828  
     

 

 

 

Trading Companies & Distributors - 0.9%

 

   

Herc Holdings, Inc.

      3,992        397,404   
     

 

 

 

TOTAL COMMON STOCKS (Cost $33,704,990)

 

      40,641,023  
     

 

 

 

SHORT-TERM INVESTMENTS

      
     
MONEY MARKET FUNDS - 3.2%    Shares      Value  

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

      1,223,964        1,223,964  

MSILF Government Portfolio - Institutional Class, 3.57% (b)

      102,196        102,196  
     

 

 

 

TOTAL MONEY MARKET FUNDS (Cost $1,326,160)

         1,326,160  
     

 

 

 

TOTAL INVESTMENTS - 100.2% (Cost $35,031,150)

         41,967,183  

Liabilities in Excess of Other Assets - (0.2)%

         (98,654 ) 
     

 

 

 

TOTAL NET ASSETS - 100.0%

        $    41,868,529  
     

 

 

 

Percentages are stated as a percent of net assets.

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 Small-Mid Cap 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

  

Investments:

            

Common Stocks

     $ 40,641,023        $ –        $ –        $ 40,641,023   

Money Market Funds

      1,326,160         –         –         1,326,160   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

     $ 41,967,183        $ –        $ –        $ 41,967,183   
  

 

 

     

 

 

     

 

 

     

 

 

  

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

Sector Classification as of March 31, 2026

(% of Net Assets)

Industrials

     $ 10,575,634         25.2%  

Financials

      9,763,015         23.3   

Health Care

      5,723,861         13.7   

Information Technology

      4,701,135         11.2   

Energy

      2,620,701         6.3   

Consumer Discretionary

      2,319,034         5.6   

Materials

      2,061,594         4.9   

Real Estate

      1,415,362         3.4   

Utilities

      646,441         1.5   

Consumer Staples

      474,828         1.1   

Communication Services

      339,418         0.8   

Money Market Funds

      1,326,160         3.2   

Liabilities in Excess of Other Assets

      (98,654)        (0.2)  
  

 

 

     

 

 

  
    $     41,868,529            100.0%