LKCM Balanced Fund | ||||||||
Schedule of Investments | ||||||||
as of March 31, 2024 (Unaudited) | ||||||||
COMMON STOCKS - 68.9% | Shares | Value | ||||||
Aerospace & Defense - 1.1% | ||||||||
L3Harris Technologies, Inc. | 5,850 | $ | 1,246,635 | |||||
Banks - 3.6% | ||||||||
Bank of America Corp. | 38,900 | 1,475,088 | ||||||
Cullen/Frost Bankers, Inc. | 9,700 | 1,091,929 | ||||||
JPMorgan Chase & Co. | 8,400 | 1,682,520 | ||||||
4,249,537 | ||||||||
Beverages - 2.2% | ||||||||
Coca-Cola Co. | 21,400 | 1,309,252 | ||||||
PepsiCo, Inc. | 7,550 | 1,321,325 | ||||||
2,630,577 | ||||||||
Broadline Retail - 1.7% | ||||||||
Amazon.com, Inc.(a) | 11,200 | 2,020,256 | ||||||
Capital Markets - 1.1% | ||||||||
Moody's Corp. | 3,350 | 1,316,650 | ||||||
Chemicals - 3.6% | ||||||||
Air Products and Chemicals, Inc. | 3,100 | 751,037 | ||||||
Corteva, Inc. | 7,658 | 441,637 | ||||||
DuPont de Nemours, Inc. | 11,158 | 855,484 | ||||||
Ecolab Inc. | 2,400 | 554,160 | ||||||
Linde PLC(b) | 3,600 | 1,671,552 | ||||||
4,273,870 | ||||||||
Commercial Services & Supplies - 3.4% | ||||||||
Cintas Corp. | 2,200 | 1,511,466 | ||||||
Waste Connections, Inc. (b) | 8,100 | 1,393,281 | ||||||
Waste Management, Inc. | 5,250 | 1,119,038 | ||||||
4,023,785 | ||||||||
Construction Materials - 1.6% | ||||||||
Martin Marietta Materials, Inc. | 3,100 | 1,903,214 | ||||||
Consumer Staples Distribution & Retail - 1.2% | ||||||||
Walmart, Inc. | 24,300 | 1,462,131 | ||||||
Diversified Telecommunication Services - 0.6% | ||||||||
Verizon Communications Inc. | 17,341 | 727,628 | ||||||
Electrical Equipment - 1.7% | ||||||||
Emerson Electric Co. | 8,800 | 998,096 | ||||||
Rockwell Automation, Inc. | 3,325 | 968,672 | ||||||
1,966,768 | ||||||||
Electronic Equipment, Instruments & Components - 2.2% | ||||||||
Teledyne Technologies, Inc.(a) | 2,950 | 1,266,494 | ||||||
Trimble Inc.(a) | 19,750 | 1,271,110 | ||||||
2,537,604 | ||||||||
Entertainment - 1.1% | ||||||||
Walt Disney Co. | 10,200 | 1,248,072 | ||||||
Financial Services - 1.3% | ||||||||
Visa, Inc. - Class A | 5,650 | 1,576,802 | ||||||
Ground Transportation - 1.1% | ||||||||
Union Pacific Corp. | 5,275 | 1,297,281 | ||||||
Health Care Equipment & Supplies - 2.3% | ||||||||
Abbott Laboratories | 10,000 | 1,136,600 | ||||||
Alcon, Inc. (b) | 17,900 | 1,490,891 | ||||||
2,627,491 | ||||||||
Health Care Providers & Services - 0.3% | ||||||||
UnitedHealth Group, Inc. | 700 | 346,290 | ||||||
Household Products - 2.3% | ||||||||
Colgate-Palmolive Co. | 16,100 | 1,449,805 | ||||||
Kimberly-Clark Corp. | 6,100 | 789,035 | ||||||
Procter & Gamble Co. | 3,250 | 527,312 | ||||||
2,766,152 | ||||||||
Industrial Conglomerates - 0.9% | ||||||||
Honeywell International Inc. | 5,200 | 1,067,300 | ||||||
Insurance - 0.7% | ||||||||
Arthur J Gallagher & Co. | 3,400 | 850,136 | ||||||
Interactive Media & Services - 3.1% | ||||||||
Alphabet Inc. - Class C(a) | 13,800 | 2,101,188 | ||||||
Meta Platforms, Inc. - Class A | 3,275 | 1,590,275 | ||||||
3,691,463 | ||||||||
IT Services - 1.7% | ||||||||
Accenture PLC - Class A(b) | 2,600 | 901,186 | ||||||
Akamai Technologies, Inc.(a) | 11,300 | 1,228,988 | ||||||
2,130,174 | ||||||||
Life Sciences Tools & Services - 3.4% | ||||||||
Charles River Laboratories International, Inc.(a) | 4,450 | 1,205,728 | ||||||
Danaher Corp. | 5,100 | 1,273,572 | ||||||
Thermo Fisher Scientific, Inc. | 2,600 | 1,511,146 | ||||||
3,990,446 | ||||||||
Machinery - 1.7% | ||||||||
Chart Industries, Inc.(a) | 4,800 | 790,656 | ||||||
Fortive Corp. | 9,350 | 804,287 | ||||||
IDEX Corp. | 1,600 | 390,432 | ||||||
1,985,375 | ||||||||
Metals & Mining - 0.6% | ||||||||
Newmont Goldcorp Corp. | 18,100 | 648,704 | ||||||
Oil, Gas & Consumable Fuels - 5.5% | ||||||||
Chevron Corp. | 7,795 | 1,229,583 | ||||||
ConocoPhillips Co. | 10,900 | 1,387,352 | ||||||
Coterra Energy, Inc. | 24,000 | 669,120 | ||||||
EOG Resources, Inc. | 4,450 | 568,888 | ||||||
Kinder Morgan, Inc. | 62,000 | 1,137,080 | ||||||
Pioneer Natural Resources Co. | 5,650 | 1,483,125 | ||||||
6,475,148 | ||||||||
Personal Care Products - 0.6% | ||||||||
Estee Lauder Cos., Inc. - Class A | 4,600 | 709,090 | ||||||
Pharmaceuticals - 2.6% | ||||||||
Merck & Co., Inc. | 12,500 | 1,649,375 | ||||||
Zoetis Inc. | 8,026 | 1,358,079 | ||||||
3,007,454 | ||||||||
Professional Services - 0.9% | ||||||||
Broadridge Financial Solutions, Inc. | 5,250 | 1,075,515 | ||||||
Semiconductors & Semiconductor Equipment - 2.6% | ||||||||
NVIDIA Corp. | 2,000 | 1,807,120 | ||||||
QUALCOMM, Inc. | 7,600 | 1,286,680 | ||||||
3,093,800 | ||||||||
Software - 7.4% | ||||||||
Adobe Inc.(a) | 1,850 | 933,510 | ||||||
Microsoft Corp. | 6,750 | 2,839,860 | ||||||
Oracle Corp. | 12,800 | 1,607,808 | ||||||
Roper Technologies, Inc. | 2,600 | 1,458,184 | ||||||
Salesforce, Inc. | 6,050 | 1,822,139 | ||||||
8,661,501 | ||||||||
Specialty Retail - 1.5% | ||||||||
Home Depot, Inc. | 4,500 | 1,726,200 | ||||||
Technology Hardware, Storage & Peripherals - 2.3% | ||||||||
Apple Inc. | 15,950 | 2,735,106 | ||||||
Textiles, Apparel & Luxury Goods - 1.0% | ||||||||
NIKE, Inc. - Class B | 12,000 | 1,127,760 | ||||||
TOTAL COMMON STOCKS (Cost $41,936,007) | 81,195,915 | |||||||
CORPORATE BONDS - 29.0% | Par | Value | ||||||
Aerospace & Defense - 1.7% | ||||||||
L3Harris Technologies, Inc., 5.40%, 07/31/2033 (Callable 04/30/2033) | 500,000 | 503,344 | ||||||
Lockheed Martin Corp., 4.50%, 02/15/2029 (Callable 01/15/2029) | 750,000 | 743,963 | ||||||
RTX Corp., 5.15%, 02/27/2033 (Callable 11/27/2032) | 800,000 | 801,930 | ||||||
2,049,237 | ||||||||
Banks - 0.8% | ||||||||
Cullen/Frost Bankers, Inc., 4.50%, 03/17/2027 (Callable 02/17/2027) | 750,000 | 718,830 | ||||||
JPMorgan Chase & Co., 3.20%, 06/15/2026 (Callable 03/15/2026) | 200,000 | 192,562 | ||||||
911,392 | ||||||||
Beverages - 0.9% | ||||||||
Keurig Dr Pepper, Inc., 2.55%, 09/15/2026 (Callable 06/15/2026) | 750,000 | 706,892 | ||||||
PepsiCo, Inc., 2.38%, 10/06/2026 (Callable 07/06/2026) | 435,000 | 411,159 | ||||||
1,118,051 | ||||||||
Biotechnology - 1.1% | ||||||||
AbbVie, Inc. | ||||||||
3.20%, 05/14/2026 (Callable 02/14/2026) | 600,000 | 579,481 | ||||||
4.95%, 03/15/2031 (Callable 01/15/2031) | 250,000 | 251,895 | ||||||
Amgen, Inc., 2.60%, 08/19/2026 (Callable 05/19/2026) | 450,000 | 426,246 | ||||||
1,257,622 | ||||||||
Broadline Retail - 0.7% | ||||||||
Amazon.com, Inc. | ||||||||
1.20%, 06/03/2027 (Callable 04/03/2027) | 260,000 | 233,919 | ||||||
4.55%, 12/01/2027 (Callable 11/01/2027) | 550,000 | 550,309 | ||||||
784,228 | ||||||||
Chemicals - 1.9% | ||||||||
Air Products and Chemicals, Inc., 1.85%, 05/15/2027 (Callable 03/15/2027) | 675,000 | 620,306 | ||||||
DuPont de Nemours, Inc., 4.73%, 11/15/2028 (Callable 08/15/2028) | 650,000 | 649,389 | ||||||
Ecolab Inc. | ||||||||
2.70%, 11/01/2026 (Callable 08/01/2026) | 500,000 | 475,143 | ||||||
5.25%, 01/15/2028 (Callable 12/15/2027) | 475,000 | 484,296 | ||||||
2,229,134 | ||||||||
Commercial Services & Supplies - 0.4% | ||||||||
Waste Management, Inc., 4.15%, 04/15/2032 (Callable 01/15/2032) | 500,000 | 477,991 | ||||||
Consumer Staples Distribution & Retail - 1.8% | ||||||||
Costco Wholesale Corp., 1.38%, 06/20/2027 (Callable 04/20/2027) | 690,000 | 624,845 | ||||||
Dollar Tree, Inc., 4.00%, 05/15/2025 (Callable 03/15/2025) | 825,000 | 811,315 | ||||||
Walmart, Inc., 3.55%, 06/26/2025 (Callable 04/26/2025) | 700,000 | 688,670 | ||||||
2,124,830 | ||||||||
Diversifed Telecommunication Services - 0.0%(c) | ||||||||
T-Mobile USA, Inc., 5.38%, 04/15/2027 (Callable 04/12/2024) | 55,000 | 55,287 | ||||||
Diversified Telecommunication Services - 0.6% | ||||||||
AT&T, Inc., 1.70%, 03/25/2026 (Callable 04/12/2024) | 250,000 | 233,912 | ||||||
T-Mobile USA, Inc. | ||||||||
3.75%, 04/15/2027 (Callable 02/15/2027) | 100,000 | 96,366 | ||||||
4.75%, 02/01/2028 (Callable 04/12/2024) | 100,000 | 98,775 | ||||||
Verizon Communications Inc., 2.63%, 08/15/2026 | 250,000 | 236,999 | ||||||
666,052 | ||||||||
Electric Utilities - 0.3% | ||||||||
Duke Energy Corp., 5.00%, 12/08/2027 (Callable 11/08/2027) | 345,000 | 344,879 | ||||||
Electrical Equipment - 0.2% | ||||||||
Emerson Electric Co., 3.15%, 06/01/2025 (Callable 03/01/2025) | 200,000 | 195,521 | ||||||
Entertainment - 0.7% | ||||||||
Walt Disney Co., 1.75%, 08/30/2024 (Callable 07/30/2024) | 810,000 | 797,831 | ||||||
Financial Services - 1.6% | ||||||||
Mastercard, Inc., 4.85%, 03/09/2033 (Callable 12/09/2032) | 500,000 | 504,446 | ||||||
PayPal Holdings, Inc., 1.65%, 06/01/2025 (Callable 05/01/2025) | 700,000 | 671,931 | ||||||
Visa Inc. | ||||||||
3.15%, 12/14/2025 (Callable 09/14/2025) | 300,000 | 291,885 | ||||||
1.90%, 04/15/2027 (Callable 02/15/2027) | 500,000 | 462,801 | ||||||
1,931,063 | ||||||||
Ground Transportation - 0.2% | ||||||||
Union Pacific Corp., 3.75%, 07/15/2025 (Callable 05/15/2025) | 200,000 | 196,560 | ||||||
Health Care Equipment & Supplies - 0.5% | ||||||||
Abbott Laboratories | ||||||||
3.88%, 09/15/2025 (Callable 06/15/2025) | 255,000 | 251,625 | ||||||
3.75%, 11/30/2026 (Callable 08/30/2026) | 355,000 | 347,084 | ||||||
598,709 | ||||||||
Health Care Providers & Services - 0.0%(c) | ||||||||
CVS Health Corp., 3.38%, 08/12/2024 (Callable 05/12/2024) | 50,000 | 49,591 | ||||||
Hotels, Restaurants & Leisure - 0.5% | ||||||||
McDonald's Corp., 1.45%, 09/01/2025 (Callable 08/01/2025) | 600,000 | 569,684 | ||||||
Household Products - 0.5% | ||||||||
Colgate-Palmolive Co., 3.10%, 08/15/2027 (Callable 07/15/2027) | 595,000 | 570,001 | ||||||
Industrial Conglomerates - 0.6% | ||||||||
Honeywell International, Inc., 1.35%, 06/01/2025 (Callable 05/01/2025) | 750,000 | 719,091 | ||||||
Interactive Media & Services - 0.2% | ||||||||
Alphabet, Inc., 2.00%, 08/15/2026 (Callable 05/15/2026) | 200,000 | 188,292 | ||||||
Life Sciences Tools & Services - 0.2% | ||||||||
Danaher Corp., 3.35%, 09/15/2025 (Callable 06/15/2025) | 250,000 | 244,729 | ||||||
Oil, Gas & Consumable Fuels - 3.4% | ||||||||
Chevron Corp., 2.00%, 05/11/2027 (Callable 03/11/2027) | 400,000 | 370,057 | ||||||
ConocoPhillips Co. | ||||||||
6.95%, 04/15/2029 | 500,000 | 550,536 | ||||||
5.05%, 09/15/2033 (Callable 06/15/2033) | 250,000 | 252,591 | ||||||
Devon Energy Corp., 4.50%, 01/15/2030 (Callable 01/15/2025) | 500,000 | 482,099 | ||||||
Enterprise Products Operating LLC | ||||||||
3.75%, 02/15/2025 (Callable 11/15/2024) | 665,000 | 656,200 | ||||||
5.05%, 01/10/2026 | 100,000 | 99,989 | ||||||
EOG Resources, Inc., 4.38%, 04/15/2030 (Callable 01/15/2030) | 500,000 | 489,762 | ||||||
Exxon Mobil Corp. | ||||||||
2.71%, 03/06/2025 (Callable 12/06/2024) | 255,000 | 249,385 | ||||||
3.04%, 03/01/2026 (Callable 12/01/2025) | 400,000 | 387,658 | ||||||
Kinder Morgan Energy Partners, L.P., 4.25%, 09/01/2024 (Callable 06/01/2024) | 125,000 | 124,213 | ||||||
Kinder Morgan, Inc., 5.20%, 06/01/2033 (Callable 03/01/2033) | 325,000 | 320,147 | ||||||
3,982,637 | ||||||||
Personal Care Products - 0.7% | ||||||||
Estee Lauder Cos., Inc., 2.00%, 12/01/2024 (Callable 11/01/2024) | 805,000 | 786,881 | ||||||
Pharmaceuticals - 2.2% | ||||||||
Eli Lilly & Co., 5.00%, 02/27/2026 (Callable 04/12/2024) | 545,000 | 544,582 | ||||||
Johnson & Johnson, 0.55%, 09/01/2025 (Callable 08/01/2025) | 735,000 | 691,506 | ||||||
Pfizer, Inc., 0.80%, 05/28/2025 (Callable 04/28/2025) | 800,000 | 762,616 | ||||||
Zoetis Inc., 4.50%, 11/13/2025 (Callable 08/13/2025) | 600,000 | 592,739 | ||||||
2,591,443 | ||||||||
Semiconductors & Semiconductor Equipment - 0.7% | ||||||||
Intel Corp., 3.70%, 07/29/2025 (Callable 04/29/2025) | 500,000 | 490,289 | ||||||
NVIDIA Corp., 3.20%, 09/16/2026 (Callable 06/16/2026) | 400,000 | 386,547 | ||||||
876,836 | ||||||||
Software - 3.1% | ||||||||
Adobe Inc., 1.90%, 02/01/2025 (Callable 01/01/2025) | 755,000 | 734,732 | ||||||
Fortinet, Inc., 1.00%, 03/15/2026 (Callable 02/15/2026) | 600,000 | 552,490 | ||||||
Intuit, Inc. | ||||||||
5.13%, 09/15/2028 (Callable 08/15/2028) | 550,000 | 560,277 | ||||||
5.20%, 09/15/2033 (Callable 06/15/2033) | 275,000 | 280,094 | ||||||
Microsoft Corp., 3.13%, 11/03/2025 (Callable 08/03/2025) | 230,000 | 224,168 | ||||||
Oracle Corp. | ||||||||
2.50%, 04/01/2025 (Callable 03/01/2025) | 500,000 | 485,112 | ||||||
2.95%, 05/15/2025 (Callable 02/15/2025) | 500,000 | 486,982 | ||||||
4.65%, 05/06/2030 (Callable 03/06/2030) | 120,000 | 117,743 | ||||||
Roper Technologies, Inc., 1.00%, 09/15/2025 (Callable 08/15/2025) | 250,000 | 235,197 | ||||||
3,676,795 | ||||||||
Specialized REITs - 1.0% | ||||||||
American Tower Corp. | ||||||||
2.40%, 03/15/2025 (Callable 02/15/2025) | 600,000 | 581,980 | ||||||
3.38%, 10/15/2026 (Callable 07/15/2026) | 635,000 | 606,883 | ||||||
1,188,863 | ||||||||
Specialty Retail - 2.3% | ||||||||
Home Depot, Inc. | ||||||||
2.80%, 09/14/2027 (Callable 06/14/2027) | 500,000 | 471,121 | ||||||
4.90%, 04/15/2029 (Callable 03/15/2029) | 220,000 | 222,296 | ||||||
Lowe's Cos., Inc., 2.50%, 04/15/2026 (Callable 01/15/2026) | 800,000 | 760,860 | ||||||
O'Reilly Automotive, Inc. | ||||||||
4.20%, 04/01/2030 (Callable 01/01/2030) | 500,000 | 478,523 | ||||||
4.70%, 06/15/2032 (Callable 03/15/2032) | 250,000 | 244,551 | ||||||
Tractor Supply Co., 5.25%, 05/15/2033 (Callable 02/15/2033) | 500,000 | 503,501 | ||||||
2,680,852 | ||||||||
Technology Hardware, Storage & Peripherals - 0.2% | ||||||||
Apple Inc. | ||||||||
2.50%, 02/09/2025 | 250,000 | 244,467 | ||||||
3.20%, 05/13/2025 | 55,000 | 53,907 | ||||||
298,374 | ||||||||
TOTAL CORPORATE BONDS (Cost $35,349,311) | 34,162,456 | |||||||
REAL ESTATE INVESTMENT TRUSTS - 0.9% | Shares | Value | ||||||
American Tower Corp. | 5,500 | 1,086,745 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $946,791) | 1,086,745 | |||||||
SHORT-TERM INVESTMENTS - 1.0% | ||||||||
Money Market Funds - 1.0% | Shares | |||||||
Invesco Short-Term Investments Trust - Government & Agency Portfolio - Institutional Shares, 5.24%(d) | 1,192,709 | 1,192,709 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $1,192,709) | 1,192,709 | |||||||
TOTAL INVESTMENTS - 99.8% (Cost $79,424,818) | $ | 117,637,825 | ||||||
Other Assets in Excess of Liabilities - 0.2% | 177,225 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 117,815,050 | ||||||
(a) Non-income producing security. (b) Security issued by non-U.S. incorporated company. (c) Represents less than 0.05% of net assets. (d) 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 BALANCED FUND Sector Classification as of March 31, 2024 | ||||
(% of Net Assets) | ||||
Information Technology | 20.2 | % | ||
Industrials | 13.9 | |||
Health Care | 12.6 | |||
Consumer Staples | 10.2 | |||
Financials | 9.1 | |||
Energy | 8.9 | |||
Materials | 7.7 | |||
Consumer Discretionary | 7.7 | |||
Communication Services | 6.3 | |||
Real Estate | 1.9 | |||
Utilities | 0.3 | |||
Money Market Funds | 1.0 | |||
Other Assets in Excess of Liabilities | 0.2 | |||
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 Balanced Fund | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 81,195,916 | – | – | $ | 81,195,916 | ||||||||||
Corporate Bonds | – | 34,162,456 | – | 34,162,456 | ||||||||||||
Real Estate Investment Trusts | 1,086,745 | – | – | 1,086,745 | ||||||||||||
Money Market Fund | 1,192,709 | – | – | 1,192,709 | ||||||||||||
Total Assets | $ | 83,475,370 | $ | 34,162,456 | – | $ | 117,637,825 | |||||||||
Refer to the Schedule of Investments for industry classifications. | ||||||||||||||||