NPORT-EX 2 smid-194536.htm


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.