| LKCM Fixed Income Fund | |
| Schedule of Investments | |
| as of March 31, 2024 (Unaudited) | |
| | |
CORPORATE BONDS - 64.6% | | Par | | | Value | |
| Aerospace & Defense - 2.0% | |
| L3Harris Technologies, Inc., 5.40%, 07/31/2033 (Callable 04/30/2033) | | $ | 3,025,000 | | | $ | 3,045,231 | |
| RTX Corp., 5.15%, 02/27/2033 (Callable 11/27/2032) | | | 2,750,000 | | | | 2,756,635 | |
| | | | | | | | 5,801,866 | |
| | | | | | | | | |
| Banks - 3.4% | |
| Bank of America Corp., 4.45%, 03/03/2026 | | | 2,000,000 | | | | 1,971,714 | |
| Cullen/Frost Bankers, Inc., 4.50%, 03/17/2027 (Callable 02/17/2027) | | | 3,942,000 | | | | 3,778,171 | |
| JPMorgan Chase & Co. | |
| 3.30%, 04/01/2026 (Callable 01/01/2026) | | | 3,500,000 | | | | 3,389,994 | |
| 3.20%, 06/15/2026 (Callable 03/15/2026) | | | 636,000 | | | | 612,346 | |
| | | | | | | | 9,752,225 | |
| | | | | | | | | |
| Beverages - 0.7% | |
| Keurig Dr Pepper, Inc., 2.55%, 09/15/2026 (Callable 06/15/2026) | | | 2,225,000 | | | | 2,097,114 | |
| | | | | | | | | |
| Biotechnology - 2.6% | |
| AbbVie, Inc., 4.95%, 03/15/2031 (Callable 01/15/2031) | | | 4,000,000 | | | | 4,030,319 | |
| Amgen, Inc. | |
| 2.60%, 08/19/2026 (Callable 05/19/2026) | | | 1,000,000 | | | | 947,214 | |
| 2.20%, 02/21/2027 (Callable 12/21/2026) | | | 2,500,000 | | | | 2,316,102 | |
| | | | | | | | 7,293,635 | |
| | | | | | | | | |
| Chemicals - 2.0% | |
| Air Products and Chemicals, Inc., 1.50%, 10/15/2025 (Callable 09/15/2025) | | | 4,000,000 | | | | 3,794,890 | |
| Ecolab Inc., 2.70%, 11/01/2026 (Callable 08/01/2026) | | | 2,000,000 | | | | 1,900,571 | |
| | | | | | | | 5,695,461 | |
| | | | | | | | | |
| Commercial Services & Supplies - 0.7% | |
| Waste Management, Inc., 4.63%, 02/15/2030 (Callable 12/15/2029) | | | 2,065,000 | | | | 2,057,617 | |
| | | | | | | | | |
| Consumer Finance - 0.7% | |
| American Express Co., 4.20%, 11/06/2025 (Callable 10/06/2025) | | | 2,000,000 | | | | 1,972,835 | |
| | | | | | | | | |
| Consumer Staples Distribution & Retail - 1.0% | |
| Dollar Tree, Inc., 4.00%, 05/15/2025 (Callable 03/15/2025) | | | 3,000,000 | | | | 2,950,237 | |
| | | | | | | | | |
| Containers & Packaging - 1.5% | |
| Ball Corp., 5.25%, 07/01/2025 | | | 4,252,000 | | | | 4,258,053 | |
| | | | | | | | | |
| Diversified Telecommunication Services - 4.2% | |
| AT&T, Inc. | |
| 1.70%, 03/25/2026 (Callable 04/12/2024) | | | 1,450,000 | | | | 1,356,688 | |
| 4.25%, 03/01/2027 (Callable 12/01/2026) | | | 4,235,000 | | | | 4,158,064 | |
| Verizon Communications, Inc. | |
| 3.50%, 11/01/2024 (Callable 08/01/2024) | | | 1,750,000 | | | | 1,728,416 | |
| 4.13%, 03/16/2027 | | | 2,000,000 | | | | 1,959,313 | |
| 2.10%, 03/22/2028 (Callable 01/22/2028) | | | 3,000,000 | | | | 2,701,994 | |
| | | | | | | | 11,904,475 | |
| | | | | | | | | |
| Electrical Equipment - 2.7% | |
| Emerson Electric Co., 3.15%, 06/01/2025 (Callable 03/01/2025) | | | 6,500,000 | | | | 6,354,446 | |
| Rockwell Automation, Inc., 2.88%, 03/01/2025 (Callable 12/01/2024) | | | 1,440,000 | | | | 1,409,417 | |
| | | | | | | | 7,763,863 | |
| | | | | | | | | |
| Electronic Equipment, Instruments & Components - 1.8% | |
| Trimble, Inc., 6.10%, 03/15/2033 (Callable 12/15/2032) | | | 5,000,000 | | | | 5,230,553 | |
| | | | | | | | | |
| Energy Equipment & Services - 1.0% | |
| Enterprise Products Operating LLC, 3.75%, 02/15/2025 (Callable 11/15/2024) | | | 2,963,000 | | | | 2,923,789 | |
| | | | | | | | | |
| Food Products - 0.5% | |
| Kraft Heinz Food Co., 4.63%, 01/30/2029 (Callable 10/30/2028) | | | 1,353,000 | | | | 1,334,022 | |
| | | | | | | | | |
| Ground Transportation - 2.9% | |
| Burlington Northern Santa Fe, LLC, 3.00%, 04/01/2025 (Callable 01/01/2025) | | | 2,250,000 | | | | 2,203,583 | |
| Union Pacific Corp. | |
| 3.25%, 01/15/2025 (Callable 10/15/2024) | | | 3,295,000 | | | | 3,240,830 | |
| 3.75%, 07/15/2025 (Callable 05/15/2025) | | | 3,025,000 | | | | 2,972,970 | |
| | | | | | | | 8,417,383 | |
| | | | | | | | | |
| Health Care Equipment & Supplies - 1.4% | |
| Abbott Laboratories | |
| 2.95%, 03/15/2025 (Callable 12/15/2024) | | | 3,925,000 | | | | 3,846,049 | |
| 4.75%, 11/30/2036 (Callable 05/30/2036) | | | 200,000 | | | | 198,430 | |
| | | | | | | | 4,044,479 | |
| | | | | | | | | |
| Health Care Providers & Services - 3.4% | |
| CVS Health Corp. | |
| 3.75%, 04/01/2030 (Callable 01/01/2030) | | | 2,000,000 | | | | 1,864,561 | |
| 5.30%, 06/01/2033 (Callable 03/01/2033) | | | 4,000,000 | | | | 4,012,897 | |
| UnitedHealth Group, Inc., 4.25%, 01/15/2029 (Callable 12/15/2028) | | | 4,000,000 | | | | 3,924,517 | |
| | | | | | | | 9,801,975 | |
| | | | | | | | | |
| Hotels, Restaurants & Leisure - 0.8% | |
| McDonald's Corp., 3.50%, 07/01/2027 (Callable 05/01/2027) | | | 2,500,000 | | | | 2,397,673 | |
| | | | | | | | | |
| Household Products - 0.3% | |
| Procter & Gamble Co., 8.00%, 09/01/2024 | | | 775,000 | | | | 785,373 | |
| | | | | | | | | |
| Industrial Conglomerates - 2.1% | |
| Honeywell International, Inc. | |
| 2.30%, 08/15/2024 (Callable 07/15/2024) | | | 3,105,000 | | | | 3,067,039 | |
| 1.35%, 06/01/2025 (Callable 05/01/2025) | | | 3,000,000 | | | | 2,876,363 | |
| | | | | | | | 5,943,402 | |
| | | | | | | | | |
| Life Sciences Tools & Services - 3.3% | |
| Danaher Corp., 3.35%, 09/15/2025 (Callable 06/15/2025) | | | 5,500,000 | | | | 5,384,042 | |
| Thermo Fisher Scientific, Inc., 5.09%, 08/10/2033 (Callable 05/10/2033) | | | 4,000,000 | | | | 4,049,650 | |
| | | | | | | | 9,433,692 | |
| | | | | | | | | |
| Oil, Gas & Consumable Fuels - 7.0% | |
| Chevron Corp., 2.95%, 05/16/2026 (Callable 02/16/2026) | | | 1,870,000 | | | | 1,801,435 | |
| ConocoPhillips Co., 5.05%, 09/15/2033 (Callable 06/15/2033) | | | 2,000,000 | | | | 2,020,729 | |
| Devon Energy Corp., 4.50%, 01/15/2030 (Callable 01/15/2025) | | | 4,000,000 | | | | 3,856,789 | |
| Kinder Morgan Energy Partners, L.P., 4.25%, 09/01/2024 (Callable 06/01/2024) | | | 3,000,000 | | | | 2,981,120 | |
| Kinder Morgan, Inc., 5.20%, 06/01/2033 (Callable 03/01/2033) | | | 7,300,000 | | | | 7,190,985 | |
| ONEOK, Inc., 6.35%, 01/15/2031 (Callable 10/15/2030) | | | 2,000,000 | | | | 2,117,690 | |
| | | | | | | | 19,968,748 | |
| | | | | | | | | |
| Personal Care Products - 0.2% | |
| Estee Lauder Cos., Inc., 2.00%, 12/01/2024 (Callable 11/01/2024) | | | 556,000 | | | | 543,485 | |
| | | | | | | | | |
| Pharmaceuticals - 1.7% | |
| Bristol-Myers Squibb Co., 3.63%, 05/15/2024 (Callable 05/02/2024) | | | 4,750,000 | | | | 4,737,813 | |
| | | | | | | | | |
| Semiconductors & Semiconductor Equipment - 3.4% | |
| Intel Corp., 3.70%, 07/29/2025 (Callable 04/29/2025) | | | 2,250,000 | | | | 2,206,302 | |
| NVIDIA Corp., 1.55%, 06/15/2028 (Callable 04/15/2028) | | | 4,000,000 | | | | 3,570,242 | |
| QUALCOMM, Inc., 2.90%, 05/20/2024 (Callable 05/02/2024) | | | 4,000,000 | | | | 3,985,573 | |
| | | | | | | | 9,762,117 | |
| | | | | | | | | |
| Software - 6.0% | |
| Adobe Inc., 1.90%, 02/01/2025 (Callable 01/01/2025) | | | 4,280,000 | | | | 4,165,103 | |
| Intuit, Inc., 5.20%, 09/15/2033 (Callable 06/15/2033) | | | 5,000,000 | | | | 5,092,612 | |
| Oracle Corp. | |
| 2.65%, 07/15/2026 (Callable 04/15/2026) | | | 2,000,000 | | | | 1,894,048 | |
| 2.30%, 03/25/2028 (Callable 01/25/2028) | | | 3,000,000 | | | | 2,710,353 | |
| 6.15%, 11/09/2029 (Callable 09/09/2029) | | | 3,000,000 | | | | 3,164,312 | |
| | | | | | | | 17,026,428 | |
| | | | | | | | | |
| Specialized REITs - 2.3% | |
| American Tower Corp. | |
| 3.38%, 10/15/2026 (Callable 07/15/2026) | | | 4,030,000 | | | | 3,851,554 | |
| 4.05%, 03/15/2032 (Callable 12/15/2031) | | | 3,000,000 | | | | 2,749,149 | |
| | | | | | | | 6,600,703 | |
| | | | | | | | | |
| Specialty Retail - 4.1% | |
| Lowe's Cos., Inc., 2.50%, 04/15/2026 (Callable 01/15/2026) | | | 1,000,000 | | | | 951,074 | |
| O'Reilly Automotive, Inc. | |
| 4.35%, 06/01/2028 (Callable 03/01/2028) | | | 675,000 | | | | 663,291 | |
| 4.20%, 04/01/2030 (Callable 01/01/2030) | | | 2,325,000 | | | | 2,225,132 | |
| 4.70%, 06/15/2032 (Callable 03/15/2032) | | | 2,750,000 | | | | 2,690,062 | |
| Tractor Supply Co., 5.25%, 05/15/2033 (Callable 02/15/2033) | | | 5,000,000 | | | | 5,035,007 | |
| | | | | | | | 11,564,566 | |
| | | | | | | | | |
| Technology Hardware, Storage & Peripherals - 0.9% | |
| Apple Inc., 2.50%, 02/09/2025 | | | 2,515,000 | | | | 2,459,345 | |
TOTAL CORPORATE BONDS (Cost $188,886,504) | | | | 184,522,927 | |
| | | | | | | | | |
U.S. GOVERNMENT SPONSORED ENTITIES - 23.2% | | Par | | | Value | |
| Federal Home Loan Banks | |
1.50%, 12/17/2024 (Callable 06/17/2024) (a) | | | 2,500,000 | | | | 2,442,347 | |
| 3.05%, 12/30/2024 | | | 2,500,000 | | | | 2,463,847 | |
| 3.00%, 01/27/2025 (Callable 04/27/2024) | | | 2,200,000 | | | | 2,159,178 | |
3.00%, 04/14/2025 (Callable 04/14/2024) (a) | | | 5,000,000 | | | | 4,939,746 | |
| 3.25%, 06/09/2025 (Callable 06/09/2024) | | | 1,000,000 | | | | 979,729 | |
1.13%, 10/28/2025 (Callable 04/28/2024) (a) | | | 3,000,000 | | | | 2,856,935 | |
3.50%, 11/12/2025 (Callable 05/12/2024) (a) | | | 1,505,000 | | | | 1,491,527 | |
0.75%, 01/27/2026 (a) | | | 3,000,000 | | | | 2,790,840 | |
2.25%, 02/17/2026 (Callable 02/17/2025) (a) | | | 2,500,000 | | | | 2,405,781 | |
| 2.38%, 03/13/2026 | | | 3,575,000 | | | | 3,425,446 | |
0.88%, 03/30/2026 (Callable 03/30/2025) (a) | | | 3,000,000 | | | | 2,821,078 | |
0.75%, 05/26/2026 (Callable 05/26/2024) (a) | | | 2,500,000 | | | | 2,353,279 | |
1.13%, 10/28/2026 (Callable 04/28/2024) (a) | | | 3,000,000 | | | | 2,791,763 | |
| 1.25%, 11/10/2026 (Callable 11/10/2024) | | | 3,000,000 | | | | 2,758,183 | |
1.75%, 01/25/2027 (Callable 04/25/2024) (a) | | | 2,500,000 | | | | 2,373,381 | |
3.00%, 03/10/2027 (Callable 06/10/2024) (a) | | | 3,150,000 | | | | 3,077,024 | |
3.50%, 05/24/2027 (Callable 05/24/2024) (a) | | | 2,650,000 | | | | 2,627,735 | |
| 4.50%, 09/29/2027 | | | 1,750,000 | | | | 1,756,660 | |
1.00%, 01/27/2028 (a) | | | 4,000,000 | | | | 3,537,752 | |
1.50%, 11/16/2028 (Callable 05/16/2024) (a) | | | 3,000,000 | | | | 2,732,008 | |
| 2.82%, 06/27/2029 (Callable 04/08/2024) | | | 4,000,000 | | | | 3,699,456 | |
1.25%, 09/30/2031 (Callable 06/30/2024) (a) | | | 3,000,000 | | | | 2,539,912 | |
1.75%, 12/15/2033 (Callable 06/15/2024) (a) | | | 2,500,000 | | | | 2,161,901 | |
| Freddie Mac | |
| 0.75%, 05/28/2025 (Callable 05/28/2024) | | | 3,500,000 | | | | 3,334,418 | |
5.00%, 06/30/2027 (Callable 06/30/2024) (a) | | | 1,895,000 | | | | 1,877,787 | |
TOTAL U.S. GOVERNMENT SPONSORED ENTITIES (Cost $70,304,392) | | | | 66,397,713 | |
| | | | | | | | | |
U.S. GOVERNMENT ISSUES - 10.5% | | Par | | | Value | |
| U.S. Treasury Notes | |
| 2.00%, 02/15/2025 | | | 2,000,000 | | | | 1,946,919 | |
| 4.63%, 06/30/2025 | | | 2,000,000 | | | | 1,993,281 | |
| 5.00%, 08/31/2025 | | | 4,000,000 | | | | 4,009,063 | |
| 4.25%, 01/31/2026 | | | 2,000,000 | | | | 1,984,844 | |
| 4.63%, 11/15/2026 | | | 500,000 | | | | 501,855 | |
| 4.13%, 09/30/2027 | | | 400,000 | | | | 397,133 | |
| 4.00%, 10/31/2029 | | | 2,000,000 | | | | 1,977,969 | |
| 5.38%, 02/15/2031 | | | 2,500,000 | | | | 2,686,621 | |
| 4.13%, 11/15/2032 | | | 8,500,000 | | | | 8,450,693 | |
| 4.50%, 11/15/2033 | | | 3,000,000 | | | | 3,070,078 | |
| 4.00%, 02/15/2034 | | | 3,000,000 | | | | 2,953,359 | |
TOTAL U.S. GOVERNMENT ISSUES (Cost $30,336,549) | | | | 29,971,815 | |
| | | | | | | | | |
| SHORT-TERM INVESTMENTS - 1.0% | | | | | | | | |
Money Market Funds - 1.0% | | Shares | | | | | |
Invesco Short-Term Investments Trust - Government & Agency Portfolio - Institutional Shares, 5.24%(b) | | | 2,728,114 | | | | 2,728,114 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $2,728,114) | | | | 2,728,114 | |
| | | | | | | | | |
TOTAL INVESTMENTS - 99.3% (Cost $292,255,559) | | | $ | 283,620,569 | |
| Other Assets in Excess of Liabilities - 0.7% | | | | 1,871,581 | |
| TOTAL NET ASSETS - 100.0% | | | | | | $ | 285,492,150 | |
| | | | | | |
(a) Step coupon bond. The rate disclosed is as of March 31, 2024. (b) 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. | |
| 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: | | | |
