LKCM Small-Mid Cap Equity Fund | ||||||||
Schedule of Investments | ||||||||
as of March 31, 2024 (Unaudited) | ||||||||
COMMON STOCKS - 96.4% | Shares | Value | ||||||
Aerospace & Defense - 2.1% | ||||||||
Axon Enterprise, Inc.(a) | 2,300 | $ | 719,624 | |||||
Banks - 3.0% | ||||||||
Cullen/Frost Bankers, Inc. | 3,384 | 380,938 | ||||||
Pinnacle Financial Partners, Inc. | 3,738 | 321,019 | ||||||
Webster Financial Corp. | 6,747 | 342,545 | ||||||
1,044,502 | ||||||||
Beverages - 1.6% | ||||||||
Celsius Holdings, Inc.(a) | 6,550 | 543,126 | ||||||
Biotechnology - 2.0% | ||||||||
Natera, Inc.(a) | 7,458 | 682,109 | ||||||
Building Products - 5.9% | ||||||||
Builders FirstSource, Inc.(a) | 4,213 | 878,621 | ||||||
CSW Industrials, Inc. | 3,254 | 763,388 | ||||||
Zurn Elkay Water Solutions Corp. | 11,573 | 387,348 | ||||||
2,029,357 | ||||||||
Capital Markets - 1.8% | ||||||||
LPL Financial Holdings, Inc. | 2,299 | 607,396 | ||||||
Chemicals - 1.5% | ||||||||
Quaker Chemical Corp. | 2,498 | 512,715 | ||||||
Construction & Engineering - 4.0% | ||||||||
AECOM | 7,031 | 689,600 | ||||||
WillScot Mobile Mini Holdings Corp.(a) | 15,140 | 704,010 | ||||||
1,393,610 | ||||||||
Construction Materials - 2.1% | ||||||||
Eagle Materials, Inc. | 2,710 | 736,443 | ||||||
Distributors - 1.7% | ||||||||
Pool Corp. | 1,496 | 603,636 | ||||||
Electronic Equipment, Instruments & Components - 1.4% | ||||||||
Trimble, Inc.(a) | 7,505 | 483,022 | ||||||
Energy Equipment & Services - 1.5% | ||||||||
Weatherford International PLC (a)(b) | 4,584 | 529,085 | ||||||
Financial Services - 5.4% | ||||||||
AvidXchange Holdings, Inc.(a) | 44,551 | 585,846 | ||||||
Corpay, Inc.(a) | 2,363 | 729,080 | ||||||
Euronet Worldwide, Inc.(a) | 4,901 | 538,767 | ||||||
1,853,693 | ||||||||
Health Care Equipment & Supplies - 3.1% | ||||||||
Enovis Corp.(a) | 11,210 | 700,064 | ||||||
Neogen Corp.(a) | 23,383 | 368,984 | ||||||
1,069,048 | ||||||||
Health Care Providers & Services - 3.6% | ||||||||
Ensign Group, Inc. | 5,653 | 703,346 | ||||||
Progyny, Inc.(a) | 14,492 | 552,870 | ||||||
1,256,216 | ||||||||
Hotels, Restaurants & Leisure - 2.1% | ||||||||
Wingstop, Inc. | 1,970 | 721,808 | ||||||
Insurance - 5.0% | ||||||||
Globe Life, Inc. | 3,657 | 425,565 | ||||||
Goosehead Insurance, Inc. - Class A(a) | 7,798 | 519,503 | ||||||
Palomar Holdings, Inc.(a) | 9,497 | 796,133 | ||||||
1,741,201 | ||||||||
IT Services - 1.3% | ||||||||
Twilio Inc. - Class A(a) | 7,235 | 442,420 | ||||||
Life Sciences Tools & Services - 3.5% | ||||||||
Charles River Laboratories International, Inc.(a) | 2,172 | 588,503 | ||||||
Stevanato Group SpA (b) | 18,863 | 605,502 | ||||||
1,194,005 | ||||||||
Machinery - 4.9% | ||||||||
ITT, Inc. | 4,568 | 621,385 | ||||||
Kadant, Inc. | 1,715 | 562,692 | ||||||
Toro Co. | 5,346 | 489,854 | ||||||
1,673,931 | ||||||||
Media - 1.3% | ||||||||
Nexstar Media Group, Inc. - Class A | 2,635 | 453,984 | ||||||
Metals & Mining - 2.4% | ||||||||
Reliance Steel & Aluminum Co. | 2,523 | 843,136 | ||||||
Oil, Gas & Consumable Fuels - 4.4% | ||||||||
HF Sinclair Corp. | 4,317 | 260,617 | ||||||
Northern Oil and Gas, Inc. | 11,982 | 475,446 | ||||||
Permian Resources Corp. | 44,305 | 782,426 | ||||||
1,518,489 | ||||||||
Personal Care Products - 1.8% | ||||||||
BellRing Brands, Inc.(a) | 10,788 | 636,816 | ||||||
Professional Services - 5.9% | ||||||||
Broadridge Financial Solutions, Inc. | 3,601 | 737,700 | ||||||
CBIZ, Inc.(a) | 8,208 | 644,328 | ||||||
Paylocity Holding Corp.(a) | 3,703 | 636,398 | ||||||
2,018,426 | ||||||||
Real Estate Management & Development - 5.2% | ||||||||
Colliers International Group, Inc. (b) | 5,338 | 652,465 | ||||||
DigitalBridge Group, Inc. | 29,602 | 570,431 | ||||||
FirstService Corp. (b) | 3,344 | 554,435 | ||||||
1,777,331 | ||||||||
Software - 7.3% | ||||||||
Altair Engineering, Inc. - Class A(a) | 6,702 | 577,377 | ||||||
Q2 Holdings, Inc.(a) | 17,973 | 944,661 | ||||||
Sprout Social, Inc. - Class A(a) | 9,476 | 565,812 | ||||||
Workiva Inc.(a) | 4,758 | 403,478 | ||||||
2,491,328 | ||||||||
Specialty Retail - 5.7% | ||||||||
Academy Sports & Outdoors, Inc. | 7,711 | 520,801 | ||||||
Five Below, Inc.(a) | 1,497 | 271,526 | ||||||
Floor & Decor Holdings, Inc. - Class A(a) | 4,292 | 556,329 | ||||||
Murphy USA, Inc. | 1,485 | 622,512 | ||||||
1,971,168 | ||||||||
Textiles, Apparel & Luxury Goods - 1.6% | ||||||||
On Holding AG - Class A(a)(b) | 15,848 | 560,702 | ||||||
Trading Companies & Distributors - 3.3% | ||||||||
SiteOne Landscape Supply, Inc.(a) | 3,186 | 556,116 | ||||||
Watsco, Inc. | 1,309 | 565,449 | ||||||
1,121,565 | ||||||||
TOTAL COMMON STOCKS (Cost $25,087,733) | 33,229,892 | |||||||
SHORT-TERM INVESTMENTS - 7.1% | ||||||||
Money Market Funds - 7.1% | Shares | |||||||
Fidelity Investments Money Market Government Portfolio, 5.22%(b) | 397,581 | 397,581 | ||||||
Invesco Short-Term Investments Trust - Government & Agency Portfolio - Institutional Shares, 5.24%(b) | 1,032,173 | 1,032,173 | ||||||
MSILF Government Portfolio, 5.22%(b) | 1,032,173 | 1,032,173 | ||||||
2,461,927 | ||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $2,461,927) | 2,461,927 | |||||||
TOTAL INVESTMENTS - 103.5% (Cost $27,549,660) | $ | 35,691,819 | ||||||
Liabilities in Excess of Other Assets - (3.5)% | (1,195,103 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 34,496,716 |
(a) | Non-income producing security. |
(b) | Security issued by non-U.S. incorporated company. |
(c) | The rate shown represents the 7-day effective yield as of March 31, 2024. |
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. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
The accompanying notes are an integral part of these financial statements. |
LKCM SMALL-MID CAP EQUITY FUND Sector Classification as of March 31, 2024 | ||||
(% of Net Assets) | ||||
Industrials | 26.1 | % | ||
Financials | 15.2 | |||
Health Care | 12.2 | |||
Consumer Discretionary | 11.1 | |||
Information Technology | 10.0 | |||
Materials | 6.0 | |||
Energy | 5.9 | |||
Real Estate | 5.2 | |||
Consumer Staples | 3.4 | |||
Communication Services | 1.3 | |||
Money Market Funds | 7.1 | |||
Liabilities in Excess of Other Assets | (3.5 | ) | ||
100.0 | % |
Fair Value Measurement Summary at March 31, 2024 |
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. Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Rule”) establishes requirements for |
determining fair value in good faith for purposes of the Investment Company Act of 1940, including related oversight and reporting requirements. |
The Valuation Rule also defines when market quotations are “readily available” for purposes of the Investment Company Act of 1940, the |
threshold for determining whether the Fund must fair value a security. The Valuation Rule permits the Fund’s board to designate the |
Fund’s primary investment adviser as “valuation designee” to perform the Fund’s fair value determinations subject to board oversight |
and certain reporting and other requirements intended to ensure that the registered investment company’s board receives the |
information it needs to oversee the investment adviser’s fair value determinations. The Board has designated the Adviser as valuation |
designee under the Valuation Rule to perform fair value functions in accordance with the requirements of the Valuation Rule. The |
Adviser may value securities at fair value in good faith pursuant to the Adviser’s and the Fund’s procedures. The Adviser may use |
prices provided by independent pricing services to assist in the fair valuation of the Fund’s portfolio securities. |
The Trust has adopted accounting standards which establish an authoritative 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 and a discussion of changes in valuation techniques and related inputs during the period. These standards |
define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market |
participants at the measurement date. The fair value hierarchy is organized into three levels based upon the assumptions (referred to |
as "inputs') used in pricing the asset or liability. These standards state that "observable inputs" reflect the assumptions market |
participants would use in pricing the asset or liability based on market data obtained from independent sources and "unobservable |
inputs" reflect an entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. These |
inputs are summarized in the three broad levels listed below. |
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 March 31, 2024, the Fund's assets carried at fair value were classified as follows: |
LKCM Small-Mid Cap Equity Fund | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common Stocks | 33,229,892 | – | – | 33,229,892 | ||||||||||||
Money Market Funds | 2,461,927 | – | – | 2,461,927 | ||||||||||||
Total Assets | 35,691,819 | – | – | 35,691,819 | ||||||||||||
Refer to the Schedule of Investments for industry classifications. |