LKCM Funds NPORT-P LKCM Balanced Fund (Mar 2022 report)

LKCM BALANCED FUND
SCHEDULE OF INVESTMENTS
March 31, 2022 (Unaudited)
COMMON STOCKS - 69.6%		Shares		Value
Aerospace & Defense - 2.4%
Axon Enterprise, Inc. (a)			5,500	$	757,515
Honeywell International, Inc.			5,100		992,358
L3Harris Technologies, Inc.			6,300		1,565,361
					3,315,234
Banks - 4.3%
Bank of America Corp.			55,000		2,267,100
Cullen/Frost Bankers, Inc.			12,500		1,730,125
Zions Bancorp N.A.			28,500		1,868,460
					5,865,685
Beverages - 1.8%
The Coca-Cola Co.			23,100		1,432,200
PepsiCo, Inc.			6,200		1,037,756
					2,469,956
Biotechnology - 1.0%
Charles River Laboratories International, Inc. (a)			5,000		1,419,850
Chemicals - 5.9%
Air Products and Chemicals, Inc.			6,000		1,499,460
Corteva, Inc.			20,358		1,170,178
DuPont de Nemours, Inc.			13,658		1,004,955
Ecolab, Inc.			5,900		1,041,704
FMC Corp.			15,000		1,973,550
Linde PLC (b)			4,200		1,341,606
					8,031,453
Commercial Services & Supplies - 2.9%
Cintas Corp.			4,000		1,701,560
Waste Connections, Inc. (b)			9,500		1,327,150
Waste Management, Inc.			6,000		951,000
					3,979,710
Communications Equipment - 1.5%
QUALCOMM, Inc.			13,300		2,032,506
Computers & Peripherals - 2.2%
Apple, Inc.			17,200		3,003,292
Construction Materials - 1.2%
Martin Marietta Materials, Inc.			4,100		1,578,049
Diversified Financials - 2.6%
JPMorgan Chase & Co.			13,200		1,799,424
Moody's Corp.			5,000		1,687,050
					3,486,474
Diversified Telecommunication Services - 0.6%
Verizon Communications, Inc.			15,841		806,941
Electrical Equipment & Instruments - 1.9%
Emerson Electric Co.			13,400		1,313,870
Rockwell Automation, Inc.			4,500		1,260,135
					2,574,005
Electronic Equipment & Instruments - 1.3%
National Instruments Corp.			12,800		519,552
Trimble, Inc. (a)			18,100		1,305,734
					1,825,286
Electronic Equipment, Instruments & Components - 1.1%
Teledyne Technologies, Inc. (a)			3,200		1,512,416
Food & Drug Retailing - 0.9%
Walmart, Inc.			7,900		1,176,468
Health Care Equipment & Supplies - 3.7%
Alcon, Inc. (b)			20,800		1,650,064
PerkinElmer, Inc.			10,100		1,762,046
Thermo Fisher Scientific, Inc.			2,800		1,653,820
					5,065,930
Household Durables - 0.6%
Newell Brands, Inc.			40,000		856,400
Household Products - 1.7%
Colgate-Palmolive Co.			13,100		993,373
Kimberly-Clark Corp.			6,000		738,960
The Procter & Gamble Co.			3,500		534,800
					2,267,133
Internet & Catalog Retail - 1.3%
Amazon.com, Inc. (a)			550		1,792,972
IT Consulting & Services - 3.6%
Black Knight, Inc. (a)			19,400		1,125,006
Broadridge Financial Solutions, Inc.			10,200		1,588,242
PayPal Holdings, Inc. (a)			6,600		763,290
Visa, Inc. - Class A			6,100		1,352,797
					4,829,335
Life Sciences Tools & Services - 1.2%
Danaher Corp.			5,500		1,613,315
Machinery - 1.1%
Fortive Corp.			10,100		615,393
Xylem, Inc.			11,000		937,860
					1,553,253
Media & Entertainment - 3.6%
Alphabet, Inc. - Class C (a)			725		2,024,918
The Walt Disney Co. (a)			11,800		1,618,488
Meta Platforms, Inc. (a)			5,600		1,245,216
					4,888,622
Metals & Mining - 1.1%
Newmont Goldcorp Corp.			19,500		1,549,275
Oil & Gas & Consumable Fuels - 4.3%
Chevron Corp.			8,395		1,366,958
ConocoPhillips			16,800		1,680,000
Coterra Energy, Inc.			25,900		698,523
EOG Resources, Inc.			4,800		572,304
Pioneer Natural Resources Co.			6,100		1,525,183
					5,842,968
Oil, Gas & Consumable Fuels - 1.1%
Kinder Morgan, Inc.			80,000		1,512,800
Personal Products - 0.9%
The Estee Lauder Cos., Inc. - Class A			4,600		1,252,672
Pharmaceuticals - 3.3%
Abbott Laboratories			10,800		1,278,288
Merck & Co., Inc.			18,900		1,550,745
Zoetis, Inc.			8,626		1,626,777
					4,455,810
Real Estate Investment Trusts - 1.1%
American Tower Corp.			5,900		1,482,198
Road & Rail - 1.2%
Union Pacific Corp.			5,700		1,557,297
Software - 4.6%
Adobe, Inc. (a)			2,000		911,240
Microsoft Corp.			7,300		2,250,663
Oracle Corp.			17,800		1,472,594
salesforce.com, Inc. (a)			7,400		1,571,168
					6,205,665
Software & Services - 1.2%
Akamai Technologies, Inc. (a)			13,800		1,647,582
Specialty Retail - 1.2%
The Home Depot, Inc.			5,300		1,586,449
Textiles, Apparel & Luxury Goods - 1.2%
NIKE, Inc. - Class B			11,800		1,587,808
TOTAL COMMON STOCKS
(Cost $53,193,177)					94,624,809
		Principal
CORPORATE BONDS - 28.9%		Amount		Value
Aerospace & Defense - 1.6%
Honeywell International, Inc.:
2.300%, 08/15/2024
Callable 07/15/2024			250,000		249,671
1.350%, 06/01/2025
Callable 05/01/2025			750,000		723,823
L3Harris Technologies, Inc.
3.850%, 06/15/2023
Callable 05/15/2023			900,000		913,549
Raytheon Technologies Corp.
3.700%, 12/15/2023
Callable 09/15/2023			250,000		254,541
					2,141,584
Banks - 1.9%
Bank of America Corp.
3.300%, 01/11/2023			500,000		505,760
Comerica Bank
2.500%, 07/23/2024			300,000		297,002
Comerica, Inc.
3.700%, 07/31/2023
Callable 06/30/2023			475,000		481,677
The Bank of New York Mellon Corp.
2.200%, 08/16/2023
Callable 06/16/2023			200,000		199,899
Truist Bank:
3.200%, 04/01/2024
Callable 03/01/2024			250,000		253,160
4.050%, 11/03/2025
Callable 09/03/2025			385,000		397,961
3.300%, 05/15/2026
Callable 04/15/2026			400,000		403,225
					2,538,684
Beverages - 1.0%
Keurig Dr Pepper, Inc.
2.550%, 09/15/2026
Callable 06/15/2026			1,000,000		971,351
PepsiCo, Inc.
2.375%, 10/06/2026
Callable 07/06/2026			435,000		426,385
					1,397,736
Biotechnology - 1.4%
AbbVie, Inc.:
2.850%, 05/14/2023
Callable 03/14/2023			525,000		528,588
3.200%, 05/14/2026
Callable 02/14/2026			600,000		603,093
Amgen, Inc.:
3.625%, 05/22/2024
Callable 02/22/2024			250,000		254,965
2.600%, 08/19/2026
Callable 05/19/2026			450,000		444,922
					1,831,568
Chemicals - 0.8%
Air Products and Chemicals, Inc.
1.850%, 05/15/2027
Callable 03/15/2027			675,000		639,605
Ecolab, Inc.
2.700%, 11/01/2026
Callable 08/01/2026			500,000		495,473
					1,135,078
Communications Equipment - 1.0%
Cisco Systems, Inc.
2.200%, 09/20/2023
Callable 07/20/2023			750,000		751,909
QUALCOMM, Inc.
2.900%, 05/20/2024
Callable 03/20/2024			600,000		604,921
					1,356,830
Computers & Peripherals - 0.2%
Apple, Inc.:
2.500%, 02/09/2025			250,000		249,815
3.200%, 05/13/2025			55,000		55,880
					305,695
Consumer Finance - 0.8%
American Express Co.:
3.400%, 02/27/2023
Callable 01/27/2023			125,000		126,570
3.700%, 08/03/2023
Callable 07/03/2023			300,000		305,478
3.000%, 10/30/2024
Callable 09/29/2024			650,000		653,761
					1,085,809
Diversified Financials - 0.5%
JPMorgan Chase & Co.:
3.375%, 05/01/2023			225,000		227,623
3.875%, 02/01/2024			275,000		281,170
3.200%, 06/15/2026
Callable 03/15/2026			200,000		201,521
					710,314
Diversified Telecommunication Services - 1.5%
AT&T, Inc.:
3.400%, 05/15/2025
Callable 02/15/2025			850,000		853,124
1.700%, 03/25/2026
Callable 03/25/2023			250,000		237,025
Verizon Communications, Inc.:
3.500%, 11/01/2024
Callable 08/01/2024			750,000		764,730
2.625%, 08/15/2026
			250,000		245,109
					2,099,988
Electrical Equipment & Instruments - 0.3%
Emerson Electric Co.
3.150%, 06/01/2025
Callable 03/01/2025			200,000		202,295
Roper Technologies, Inc.
1.000%, 09/15/2025
Callable 08/15/2025			250,000		232,543
					434,838
Electronic Equipment & Instruments - 0.4%
Trimble, Inc.
4.150%, 06/15/2023
Callable 05/15/2023			500,000		507,424
Food & Drug Retailing - 0.5%
Walmart, Inc.
3.550%, 06/26/2025
Callable 04/26/2025			700,000		721,093
Food & Staples Retailing - 0.5%
Costco Wholesale Corp.
1.375%, 06/20/2027
Callable 04/20/2027			690,000		643,216
Hotels, Restaurants & Leisure - 0.4%
McDonald's Corp.
1.450%, 09/01/2025
Callable 08/01/2025			600,000		574,945
Internet & Catalog Retail - 0.2%
Amazon.com, Inc.
1.200%, 06/03/2027
Callable 04/03/2027			260,000		240,882
IT Services - 1.5%
PayPal Holdings, Inc. (a)
1.650%, 06/01/2025			1,250,000		1,204,242
Visa, Inc.:
3.150%, 12/14/2025			300,000		304,263
1.900%, 04/15/2027
Callable 02/15/2027			500,000		482,126
					1,990,631
Life Sciences Tools & Services - 0.9%
Danaher Corp.
3.350%, 09/15/2025
Callable 06/15/2025			250,000		252,054
Thermo Fisher Scientific, Inc.
1.215%, 10/18/2024			1,000,000		963,382
					1,215,436
Machinery - 0.5%
Illinois Tool Works, Inc.
3.500%, 03/01/2024
Callable 12/01/2023			715,000		727,503
Media & Entertainment - 1.2%
Alphabet, Inc.:
3.375%, 02/25/2024			600,000		613,249
1.998%, 08/15/2026
Callable 05/15/2026			200,000		195,592
The Walt Disney Co.
1.750%, 08/30/2024
Callable 07/30/2024			810,000		796,206
					1,605,047
Oil & Gas & Consumable Fuels - 2.8%
Chevron Corp.
1.995%, 05/11/2027
Callable 03/11/2027			400,000		384,959
ConocoPhillips
2.400%, 12/15/2022
Callable 09/15/2022			490,000		491,985
Enterprise Products Operating, LLC
3.750%, 02/15/2025
Callable 11/15/2024			665,000		678,178
EOG Resources, Inc.
2.625%, 03/15/2023
Callable 12/15/2022			600,000		601,921
Exxon Mobil Corp.:
2.709%, 03/06/2025
Callable 12/06/2024			255,000		255,296
3.043%, 03/01/2026
Callable 12/01/2025			400,000		404,496
Kinder Morgan, Inc.
3.150%, 01/15/2023
Callable 12/15/2022			500,000		502,850
Schlumberger Investment SA
3.650%, 12/01/2023
Callable 09/01/2023 (b)			500,000		508,514
					3,828,199
Oil, Gas & Consumable Fuels - 0.3%
Kinder Morgan Energy Partners LP
3.450%, 02/15/2023
Callable 100.000000, 11/15/2022			425,000		428,135
Personal Products - 0.6%
The Estee Lauder Cos., Inc.
2.000%, 12/01/2024
Callable 11/01/2024			805,000		793,134
Pharmaceuticals - 2.3%
Abbott Laboratories:
3.400%, 11/30/2023
Callable 09/30/2023			480,000		488,391
3.875%, 09/15/2025
Callable 06/15/2025			255,000		264,139
Bristol-Myers Squibb Co.:
2.750%, 02/15/2023
Callable 01/15/2023			650,000		657,138
3.625%, 05/15/2024
Callable 02/15/2024			250,000		254,216
Johnson & Johnson
0.550%, 09/01/2025
Callable 08/01/2025			735,000		687,818
Pfizer, Inc.
0.800%, 05/28/2025
Callable 04/28/2025			800,000		757,382
					3,109,084
Real Estate Investment Trusts - 0.9%
American Tower Corp.:
2.400%, 03/15/2025
Callable 02/15/2025			600,000		584,907
3.375%, 10/15/2026
Callable 07/15/2026			635,000		628,308
					1,213,215
Road & Rail - 0.6%
Burlington Northern Santa Fe, LLC
3.000%, 03/15/2023
Callable 12/15/2022			600,000		604,732
Union Pacific Corp.
3.750%, 07/15/2025
Callable 05/15/2025			200,000		205,245
					809,977
Semiconductor Equipment & Products - 0.4%
Intel Corp.
3.700%, 07/29/2025
Callable 04/29/2025			500,000		512,834
	��
Semiconductors & Semiconductor Equipment - 0.5%
Intel Corp.
2.875%, 05/11/2024			255,000		257,184
NVIDIA Corp.
3.200%, 09/16/2026			400,000		408,025
					665,209
Software - 2.5%
Adobe, Inc.
1.900%, 02/01/2025
Callable 01/01/2025			1,005,000		984,478
Fortinet, Inc.
1.000%, 03/15/2026
Callable 02/15/2026			1,360,000		1,240,860
Microsoft Corp.
3.125%, 11/03/2025
Callable 08/03/2025			230,000		234,108
Oracle Corp.:
2.500%, 04/01/2025
Callable 03/01/2025			500,000		489,359
2.950%, 05/15/2025
Callable 02/15/2025			500,000		495,253
					3,444,058
Specialty Retail - 0.9%
Lowe's Cos, Inc.
2.500%, 04/15/2026
Callable 01/15/2026			800,000		782,101
The Home Depot, Inc.
2.800%, 09/14/2027
Callable 06/14/2027			500,000		495,544
					1,277,645
TOTAL CORPORATE BONDS
(Cost $40,562,698)					39,345,791
SHORT-TERM INVESTMENTS - 1.4%
Money Market Funds - 1.4%
Invesco Short-Term Investments Trust - Government & Agency Portfolio -Institutional Shares, 0.25%(c)			1,954,609		1,954,609
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,954,609)					1,954,609
Total Investments - 99.9%					135,925,209
(Cost $95,710,484)
Other Assets in Excess of Liabilities - 0.1%					117,324
TOTAL NET ASSETS - 100.0%				$	136,042,533

(a)	Non-income producing security.
(b)	Security is issued by non-U.S. incorporated company.
(c)	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.

The accompanying notes are an integral part of these financial statements.

LKCM BALANCED FUND
Sector Classification
March 31, 2022
Sectors:	% Net Assets
Information Technology	22.0%
Health Care	13.7%
Industrials	12.5%
Financials	10.1%
Materials	9.0%
Energy	8.5%
Consumer Staples	7.9%
Communication Services	6.9%
Consumer Discretionary	5.9%
Real Estate	2.0%
Money Market Funds	1.4%
Other assets in excess of liabilities	0.1%

Fair Value Measurement Summary at March 31, 2022 (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 Fund's 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, 2022, the Fund's assets carried at fair value were classified as follows:

LKCM Balanced Fund
Description	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	–	$	39,345,791	$	–	$	39,345,791
Common Stocks		94,624,809		–		–		94,624,809
Short-Term Investment		1,954,609		–		–		1,954,609
Total Investments	$	96,579,418	$	39,345,791	$	–	$	135,925,209