LKCM Funds NPORT-P LKCM Balanced Fund (Mar 2020 report)

LKCM BALANCED FUND
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
	Shares		Value
COMMON STOCKS - 68.1%
Aerospace & Defense - 2.2%
Honeywell International, Inc.		6,100	$	816,119
L3Harris Technologies, Inc.		6,300		1,134,756
				1,950,875
Banks - 2.8%
Bank of America Corp.		38,500		817,355
Comerica, Inc.		13,500		396,090
Cullen/Frost Bankers, Inc.		9,900		552,321
Truist Financial Corp.		4,014		123,792
Zions Bancorp N.A.		20,000		535,200
				2,424,758
Beverages - 2.1%
The Coca-Cola Co.		22,600		1,000,050
PepsiCo, Inc.		6,700		804,670
				1,804,720
Biotechnology - 1.2%
Charles River Laboratories International, Inc. (a)		8,100		1,022,301
Chemicals - 5.3%
Air Products and Chemicals, Inc.		5,500		1,097,855
Corteva, Inc.		21,358		501,913
DuPont de Nemours, Inc.		8,158		278,188
Ecolab, Inc.		4,800		747,984
FMC Corp.		13,700		1,119,153
Linde PLC (b)		5,500		951,500
				4,696,593
Commercial Services & Supplies - 1.8%
Cintas Corp.		4,000		692,880
Waste Management, Inc.		10,000		925,600
				1,618,480
Communications Equipment - 0.8%
QUALCOMM, Inc.		10,800		730,620
Computers & Peripherals - 1.6%
Apple, Inc.		5,550		1,411,309
Construction Materials - 0.9%
Martin Marietta Materials, Inc.		4,100		775,843
Diversified Financials - 2.1%
JPMorgan Chase & Co.		9,500		855,285
Moody's Corp.		4,700		994,050
				1,849,335
Diversified Telecommunication Services - 1.9%
AT&T, Inc.		26,689		777,984
Verizon Communications, Inc.		16,341		878,002
				1,655,986
Electrical Equipment & Instruments - 1.6%
Emerson Electric Co.		15,600		743,340
Rockwell Automation, Inc.		4,500		679,095
				1,422,435
Electronic Equipment & Instruments - 1.8%
FLIR Systems, Inc.		13,700		436,893
National Instruments Corp.		12,800		423,424
Trimble, Inc. (a)		22,200		706,626
				1,566,943
Food & Drug Retailing - 1.1%
Walmart, Inc.		8,300		943,046
Food Products - 0.8%
Mondelez International, Inc. - Class A		13,400		671,072
Health Care Equipment & Supplies - 5.3%
Alcon, Inc. (a) (b)		13,800		701,316
Becton, Dickinson & Co.		4,400		1,010,988
Danaher Corp.		6,600		913,506
Medtronic PLC (b)		4,100		369,738
PerkinElmer, Inc.		10,100		760,328
Thermo Fisher Scientific, Inc.		3,100		879,160
				4,635,036
Household Products - 2.3%
Colgate-Palmolive Co.		13,600		902,496
Kimberly-Clark Corp.		6,000		767,220
The Procter & Gamble Co.		3,500		385,000
				2,054,716
Internet & Catalog Retail - 1.4%
Amazon.com, Inc. (a)		650		1,267,318
IT Consulting & Services - 4.5%
Black Knight, Inc. (a)		18,400		1,068,304
Broadridge Financial Solutions, Inc.		8,000		758,640
PayPal Holdings, Inc. (a)		11,800		1,129,732
Visa, Inc. - Class A		6,100		982,832
				3,939,508
Machinery - 1.3%
Fortive Corp.		11,300		623,647
Stanley Black & Decker, Inc.		5,400		540,000
				1,163,647
Marine - 0.5%
Kirby Corp. (a)		10,200		443,394
Media & Entertainment - 3.8%
Alphabet, Inc. - Class C (a)		925		1,075,599
Facebook, Inc. - Class A (a)		4,700		783,960
Pinterest, Inc. - Class A (a)		35,000		540,400
The Walt Disney Co.		9,500		917,700
				3,317,659
Oil & Gas & Consumable Fuels - 2.5%
Cabot Oil & Gas Corp.		25,900		445,221
Chevron Corp.		7,295		528,596
ConocoPhillips		11,400		351,120
EOG Resources, Inc.		10,300		369,976
Exxon Mobil Corp.		4,633		175,915
Pioneer Natural Resources Co.		4,100		287,615
				2,158,443
Pharmaceuticals - 4.4%
Abbott Laboratories		13,500		1,065,285
Merck & Co., Inc.		13,200		1,015,608
Pfizer, Inc.		18,100		590,784
Zoetis, Inc.		10,326		1,215,267
				3,886,944
Real Estate Investment Trusts - 1.6%
American Tower Corp.		6,300		1,371,825
Road & Rail - 0.8%
Union Pacific Corp.		5,100		719,304
Software - 6.4%
Adobe, Inc. (a)		3,300		1,050,192
Microsoft Corp.		9,800		1,545,558
Oracle Corp.		17,800		860,274
RealPage, Inc. (a)		20,900		1,106,237
salesforce.com, Inc. (a)		7,400		1,065,452
				5,627,713
Software & Services - 1.5%
Akamai Technologies, Inc. (a)		14,800		1,354,052
Specialty Retail - 1.6%
The Home Depot, Inc.		6,500		1,213,615
O'Reilly Automotive, Inc. (a)		700		210,735
				1,424,350
Textiles, Apparel & Luxury Goods - 2.2%
NIKE, Inc. - Class B		11,600		959,784
VF Corp.		18,200		984,256
				1,944,040
TOTAL COMMON STOCKS
(Cost $49,832,223)				59,852,265
	Principal
CORPORATE BONDS - 30.7%	Amount
Aerospace & Defense - 0.3%
Rockwell Collins, Inc.
3.700%, 12/15/2023
Callable 09/15/2023	$	250,000		260,903
Air Freight & Logistics - 1.1%
FedEx Corp.
2.700%, 04/15/2023		425,000		404,038
United Parcel Service, Inc.
2.450%, 10/01/2022		600,000		603,264
				1,007,302
Banks - 3.1%
Bank of America Corp.
2.625%, 04/19/2021		250,000		251,430
The Bank of New York Mellon Corp.:
2.500%, 04/15/2021
Callable 03/15/2021		200,000		199,943
2.200%, 08/16/2023
Callable 06/16/2023		200,000		201,262
Comerica Bank
2.500%, 07/23/2024		300,000		297,973
Comerica, Inc.
3.700%, 07/31/2023
Callable 06/30/2023		475,000		488,466
Truist Bank:
2.625%, 01/15/2022
Callable 12/15/2021		500,000		502,692
4.050%, 11/03/2025
Callable 09/03/2025		385,000		399,201
3.300%, 05/15/2026
Callable 04/15/2026		400,000		411,592
				2,752,559
Beverages - 0.5%
PepsiCo, Inc.
3.000%, 08/25/2021		415,000		426,730
Biotechnology - 1.7%
AbbVie, Inc.:
2.850%, 05/14/2023
Callable 03/14/2023		250,000		254,025
3.200%, 05/14/2026
Callable 02/14/2026		600,000		597,790
Amgen, Inc.:
2.700%, 05/01/2022
Callable 03/01/2022		325,000		333,104
3.625%, 05/22/2024
Callable 02/22/2024		250,000		262,501
				1,447,420
Chemicals - 0.6%
Ecolab, Inc.
3.250%, 01/14/2023
Callable 11/14/2022		500,000		499,781
Communications Equipment - 0.7%
QUALCOMM, Inc.
2.900%, 05/20/2024
Callable 03/20/2024		600,000		622,248
Computers & Peripherals - 0.9%
Apple, Inc.:
2.850%, 05/06/2021		500,000		505,084
2.500%, 02/09/2025		250,000		264,198
3.200%, 05/13/2025		55,000		59,768
				829,050
Consumer Finance - 0.9%
American Express Co.:
3.400%, 02/27/2023
Callable 01/27/2023		125,000		128,236
3.700%, 08/03/2023
Callable 07/03/2023		300,000		311,698
3.000%, 10/30/2024
Callable 09/29/2024		350,000		358,705
				798,639
Diversified Financials - 1.1%
JPMorgan Chase & Co.:
2.400%, 06/07/2021
Callable 05/07/2021		400,000		400,954
3.250%, 09/23/2022		100,000		103,266
3.375%, 05/01/2023		225,000		235,491
3.200%, 06/15/2026
Callable 03/15/2026		200,000		208,173
				947,884
Diversified Telecommunication Services - 0.5%
Verizon Communications, Inc.:
2.450%, 11/01/2022
Callable 08/01/2022		200,000		203,919
3.500%, 11/01/2024
Callable 08/01/2024		250,000		266,455
				470,374
Electrical Equipment & Instruments - 1.4%
Emerson Electric Co.:
2.625%, 02/15/2023
Callable 11/15/2022		400,000		404,776
3.150%, 06/01/2025
Callable 03/01/2025		200,000		204,246
Roper Technologies, Inc.
2.800%, 12/15/2021
Callable 11/15/2021		600,000		601,129
				1,210,151
Electronic Equipment & Instruments - 0.6%
Trimble, Inc.
4.150%, 06/15/2023
Callable 05/15/2023		500,000		506,581
Food & Drug Retailing - 1.3%
Costco Wholesale Corp.
2.250%, 02/15/2022		400,000		409,621
Walmart, Inc.
3.550%, 06/26/2025
Callable 04/26/2025		700,000		765,425
				1,175,046
Health Care Equipment & Supplies - 0.3%
Danaher Corp.
3.350%, 09/15/2025
Callable 06/15/2025		250,000		261,651
Health Care Providers & Services - 0.5%
CVS Health Corp.
2.125%, 06/01/2021
Callable 05/01/2021		400,000		400,555
Hotels, Restaurants & Leisure - 0.1%
McDonald's Corp.
3.625%, 05/20/2021		100,000		102,873
Internet & Catalog Retail - 0.8%
Amazon.com, Inc.
3.300%, 12/05/2021
Callable 10/05/2021		695,000		719,523
Machinery - 0.9%
Illinois Tool Works, Inc.
3.500%, 03/01/2024
Callable 12/01/2023		715,000		758,313
Media & Entertainment - 1.0%
Alphabet, Inc.:
3.375%, 02/25/2024		600,000		661,031
1.998%, 08/15/2026
Callable 05/15/2026		200,000		211,642
				872,673
Oil & Gas & Consumable Fuels - 4.9%
Chevron Corp.
2.411%, 03/03/2022
Callable 01/03/2022		500,000		504,232
ConocoPhillips
2.400%, 12/15/2022
Callable 09/15/2022		490,000		487,537
Enterprise Products Operating, LLC:
2.850%, 04/15/2021
Callable 03/15/2021		500,000		494,264
3.750%, 02/15/2025
Callable 11/15/2024		300,000		298,854
EOG Resources, Inc.
2.625%, 03/15/2023
Callable 12/15/2022		600,000		583,898
Exxon Mobil Corp.:
2.222%, 03/01/2021
Callable 02/01/2021		325,000		327,208
2.709%, 03/06/2025
Callable 12/06/2024		255,000		264,336
3.043%, 03/01/2026
Callable 12/01/2025		400,000		423,752
Kinder Morgan Energy Partners, L.P.
3.950%, 09/01/2022
Callable 06/01/2022		400,000		396,938
Schlumberger Investment SA (b)
3.650%, 12/01/2023
Callable 09/01/2023		500,000		497,575
				4,278,594
Pharmaceuticals - 1.9%
Abbott Laboratories:
3.400%, 11/30/2023
Callable 09/30/2023		480,000		504,637
3.875%, 09/15/2025
Callable 06/15/2025		255,000		276,117
Bristol-Myers Squibb Co. (c)
3.625%, 05/15/2024
Callable 02/15/2024		250,000		264,644
Merck & Co., Inc.
2.350%, 02/10/2022		650,000		659,468
				1,704,866
Real Estate Investment Trusts - 0.7%
American Tower Corp.
3.375%, 10/15/2026
Callable 07/15/2026		635,000		630,590
Road & Rail - 0.9%
Burlington Northern Santa Fe, LLC
3.000%, 03/15/2023
Callable 12/15/2022		600,000		615,487
Union Pacific Corp.
3.750%, 07/15/2025
Callable 05/15/2025		200,000		215,298
				830,785
Semiconductor Equipment & Products - 1.2%
Intel Corp.
3.700%, 07/29/2025
Callable 04/29/2025		500,000		552,384
Texas Instruments Inc.
2.750%, 03/12/2021
Callable 02/12/2021		470,000		472,699
				1,025,083
Software - 1.5%
Microsoft Corp.:
2.375%, 02/12/2022
Callable 01/12/2022		400,000		412,339
3.125%, 11/03/2025
Callable 08/03/2025		230,000		252,213
Oracle Corp.
2.800%, 07/08/2021		625,000		634,499
				1,299,051
Specialty Retail - 1.3%
The Home Depot, Inc.:
2.625%, 06/01/2022
Callable 05/01/2022		290,000		295,286
2.800%, 09/14/2027
Callable 06/14/2027		500,000		517,990
O'Reilly Automotive, Inc.
4.875%, 01/14/2021
Callable 10/14/2020		300,000		298,217
				1,111,493
TOTAL CORPORATE BONDS
(Cost $26,547,682)				26,950,718
SHORT-TERM INVESTMENT - 1.1%
Money Market Fund - 1.1%	Shares
Invesco Short-Term Investments Trust - Government & Agency Portfolio -Institutional Shares, 0.43% (d)		961,966		961,966
TOTAL SHORT-TERM INVESTMENT
(Cost $961,966)				961,966
Total Investments - 99.9%
(Cost $77,341,871)				87,764,949
Other Assets in Excess of Liabilities - 0.1%				120,362
TOTAL NET ASSETS - 100.0%			$	87,885,311

(a)	Non-income producing security.
(b)	Security issued by non-U.S. incorporated company.
(c)	Rule 144A security. Resale to the public may require registration or may extend
	only to qualified institutional buyers. The fair market value of the Rule 144A
	securities was $264,644 representing 0.3% of the Fund’s total net assets.
(d)	The rate quoted is the annualized seven-day yield of the fund at period end.
Investments are classified by industry pursuant to the Global Industry Classification Standard (GICS®), which was
developed by and/or is the exclusive property of Morgan Stanley Capital International, 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. Bancorp Fund Services, LLC.

Fair Value Measurement Summary at March 31, 2020 (Unaudited)

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 using guidelines approved by the Board of Trustees.  The Board of Trustees has established policies and procedures for that authorize the Adviser to fair value a security in good faith under certain circumstances.  The Funds may use prices provided by independent pricing services to assist in the fair valuation of the Funds' 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, 2020, the Fund's assets carried at fair value were classified as follows:

LKCM Balanced Fund
Description	Level 1		Level 2		Level 3		Total
Common Stocks	$	59,852,265	$	–	$	–	$	59,852,265
Corporate Bonds		–		26,950,718		–		26,950,718
Money Market Fund		961,966		–		–		961,966
Total Investments	$	60,814,231	$	26,950,718	$	–	$	87,764,949