LKCM Funds NPORT-P LKCM Balanced Fund (Mar 2024 report)

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.