LKCM Balanced Fund

Schedule of Investments

March 31, 2026 (Unaudited)

 

     
COMMON STOCKS - 68.2%    Shares      Value  

Aerospace & Defense - 2.0%

     

L3Harris Technologies, Inc.

     5,850       $      2,019,128   
     

 

 

 

Banks - 3.8%

     

Bank of America Corp.

     29,100        1,418,625  

Cullen/Frost Bankers, Inc.

     8,300        1,137,764  

JPMorgan Chase & Co.

     4,500        1,323,720  
     

 

 

 

        3,880,109  
     

 

 

 

Beverages - 3.2%

     

Coca-Cola Co.

     21,400        1,627,470  

Keurig Dr Pepper, Inc.

     31,000        816,230  

PepsiCo, Inc.

     5,750        892,917  
     

 

 

 

        3,336,617  
     

 

 

 

Broadline Retail - 2.1%

     

Amazon.com, Inc. (a)

     10,300        2,145,181  
     

 

 

 

Capital Markets - 1.1%

     

Moody’s Corp.

     2,650        1,156,063  
     

 

 

 

Chemicals - 3.3%

     

Corteva, Inc.

     7,658        641,051  

Ecolab Inc.

     3,600        957,672  

Linde PLC

     3,600        1,784,736  
     

 

 

 

        3,383,459  
     

 

 

 

Commercial Services & Supplies - 3.6%

     

Cintas Corp.

     8,000        1,353,120  

Waste Connections, Inc.

     7,100        1,153,324  

Waste Management, Inc.

     5,250        1,206,397  
     

 

 

 

        3,712,841  
     

 

 

 

Construction Materials - 1.6%

     

Martin Marietta Materials, Inc.

     2,800        1,648,304  
     

 

 

 

Consumer Staples Distribution & Retail - 1.8%

     

Walmart, Inc.

     14,600        1,814,488  
     

 

 

 

Diversified Telecommunication Services - 0.8%

     

Verizon Communications Inc.

     17,341        870,518  
     

 

 

 

Electric Utilities - 0.8%

     

Constellation Energy Corp.

     2,900        809,825  
     

 

 

 

Electrical Equipment - 2.8%

     

Eaton Corp. PLC

     1,800        643,806  

Emerson Electric Co.

     8,800        1,152,976  

Rockwell Automation, Inc.

     3,025        1,085,612  
     

 

 

 

        2,882,394  
     

 

 

 

Electronic Equipment, Instruments & Components - 1.4%

     

Teledyne Technologies, Inc. (a)

     2,450        1,482,275  
     

 

 

 

Entertainment - 0.9%

     

Netflix, Inc. (a)

     10,000        961,500  
     

 

 

 

Financial Services - 1.1%

     

Visa, Inc. - Class A

     3,850        1,163,624  
     

 

 

 


Health Care Equipment & Supplies - 2.1%

     

Abbott Laboratories

     7,800        800,826   

Alcon AG

     17,900        1,348,765  
     

 

 

 

             2,149,591  
     

 

 

 

Health Care Providers & Services - 0.5%

     

BrightSpring Health Services, Inc. (a)

     12,000        511,320  
     

 

 

 

Household Products - 1.5%

     

Colgate-Palmolive Co.

     13,400        1,142,082  

Procter & Gamble Co.

     3,150        454,986  
     

 

 

 

        1,597,068  
     

 

 

 

Industrial Conglomerates - 0.3%

     

Honeywell International Inc.

     1,600        361,648  
     

 

 

 

Insurance - 0.6%

     

Arthur J Gallagher & Co.

     3,100        671,398  
     

 

 

 

Interactive Media & Services - 4.5%

     

Alphabet, Inc. - Class C

     9,700        2,782,542  

Meta Platforms, Inc. - Class A

     3,275        1,873,726  
     

 

 

 

        4,656,268  
     

 

 

 

Life Sciences Tools & Services - 1.9%

     

Danaher Corp.

     5,800        1,099,680  

Thermo Fisher Scientific, Inc.

     1,700        835,601  
     

 

 

 

        1,935,281  
     

 

 

 

Metals & Mining - 1.9%

     

Newmont Goldcorp Corp.

     17,700        1,916,025  
     

 

 

 

Oil, Gas & Consumable Fuels - 7.2%

     

Chevron Corp.

     7,795        1,612,785  

ConocoPhillips Co.

     10,900        1,438,800  

Coterra Energy, Inc.

     18,000        632,520  

EOG Resources, Inc.

     4,000        578,280  

Exxon Mobil Corp.

     10,127        1,718,147  

Kinder Morgan, Inc.

     42,000        1,408,260  
     

 

 

 

        7,388,792  
     

 

 

 

Pharmaceuticals - 2.4%

     

Merck & Co., Inc.

     12,500        1,503,625  

Zoetis Inc.

     8,026        948,753  
     

 

 

 

        2,452,378  
     

 

 

 

Semiconductors & Semiconductor Equipment - 3.9%

     

NVIDIA Corp.

     20,000        3,488,000  

QUALCOMM, Inc.

     4,400        566,632  
     

 

 

 

        4,054,632  
     

 

 

 

Software - 6.0%

     

Microsoft Corp.

     6,500        2,406,105  

Oracle Corp.

     9,100        1,338,701  

Palo Alto Networks, Inc. (a)

     3,700        593,184  

Salesforce, Inc.

     4,550        849,348  

Trimble Inc. (a)

     15,150        988,235  
     

 

 

 

        6,175,573  
     

 

 

 

Specialty Retail - 1.4%

     

Home Depot, Inc.

     4,500        1,480,005  
     

 

 

 

Technology Hardware, Storage & Peripherals - 3.7%

     

Apple Inc.

     15,150        3,844,919  
     

 

 

 

TOTAL COMMON STOCKS (Cost $31,484,163)

        70,461,224  
     

 

 

 


     
CORPORATE BONDS - 30.8%    Par      Value  

Aerospace & Defense - 2.3%

     

L3Harris Technologies, Inc., 5.40%, 07/31/2033 (Callable 04/30/2033)

     750,000        770,252   

Lockheed Martin Corp., 4.50%, 02/15/2029 (Callable 01/15/2029)

     785,000        791,708  

RTX Corp., 5.15%, 02/27/2033 (Callable 11/27/2032)

     800,000        816,525  
     

 

 

 

             2,378,485  
     

 

 

 

Banks - 0.7%

     

Cullen/Frost Bankers, Inc., 4.50%, 03/17/2027 (Callable 02/17/2027)

     750,000        755,625  
     

 

 

 

Beverages - 0.7%

     

Keurig Dr Pepper, Inc., 2.55%, 09/15/2026 (Callable 06/15/2026)

     750,000        743,315  
     

 

 

 

Biotechnology - 1.9%

     

AbbVie, Inc.

     

3.20%, 05/14/2026 (Callable 05/01/2026)

     600,000        599,409  

4.95%, 03/15/2031 (Callable 01/15/2031)

     250,000        255,438  

Amgen, Inc.

     

2.60%, 08/19/2026 (Callable 05/19/2026)

     450,000        447,409  

5.25%, 03/02/2030 (Callable 01/02/2030)

     650,000        667,623  
     

 

 

 

        1,969,879  
     

 

 

 

Broadline Retail - 0.7%

     

Amazon.com, Inc.

     

4.55%, 12/01/2027 (Callable 11/01/2027)

     550,000        555,116  

4.65%, 12/01/2029 (Callable 10/01/2029)

     125,000        126,904  
     

 

 

 

        682,020  
     

 

 

 

Chemicals - 1.9%

     

Air Products and Chemicals, Inc., 1.85%, 05/15/2027 (Callable 03/15/2027)

     675,000        659,107  

DuPont de Nemours, Inc., 4.73%, 11/15/2028 (Callable 08/15/2028) (b)

     280,000        281,166  

Ecolab, Inc.

     

2.70%, 11/01/2026 (Callable 08/01/2026)

     500,000        496,163  

5.25%, 01/15/2028 (Callable 12/15/2027)

     475,000        483,951  
     

 

 

 

        1,920,387  
     

 

 

 

Commercial Services & Supplies - 1.9%

     

Republic Services, Inc., 4.88%, 04/01/2029 (Callable 03/01/2029)

     750,000        761,522  

Waste Management, Inc.

     

4.50%, 03/15/2028 (Callable 02/15/2028)

     200,000        201,339  

4.63%, 02/15/2030 (Callable 12/15/2029)

     500,000        504,867  

4.15%, 04/15/2032 (Callable 01/15/2032)

     500,000        490,687  
     

 

 

 

        1,958,415  
     

 

 

 

Communications Equipment - 0.7%

     

Cisco Systems, Inc., 5.05%, 02/26/2034 (Callable 11/26/2033)

     750,000        761,569  
     

 

 

 

Consumer Finance - 0.8%

     

American Express Co., 4.05%, 05/03/2029 (Callable 03/03/2029)

     850,000        847,334  
     

 

 

 

Crude Petroleum Extraction - 0.5%

     

Enterprise Products Operating LLC, 5.35%, 01/31/2033 (Callable 10/31/2032)

     500,000        516,136  
     

 

 

 

Electric Utilities - 1.0%

     

Duke Energy Corp.

     

5.00%, 12/08/2027 (Callable 11/08/2027)

     495,000        500,432  

4.50%, 08/15/2032 (Callable 05/15/2032)

     500,000        492,423  
     

 

 

 

        992,855  
     

 

 

 

Financial Services - 1.0%

     

Mastercard, Inc., 4.85%, 03/09/2033 (Callable 12/09/2032)

     500,000        506,987  

Visa Inc., 1.90%, 04/15/2027 (Callable 02/15/2027)

     500,000        489,662  
     

 

 

 

        996,649  
     

 

 

 

Health Care Equipment & Supplies - 1.1%

     

Abbott Laboratories, 3.75%, 11/30/2026 (Callable 08/30/2026)

     355,000        354,504  


Stryker Corp., 5.20%, 02/10/2035 (Callable 11/10/2034)

     750,000        760,066   
     

 

 

 

             1,114,570  
     

 

 

 

Household Products - 0.6%

     

Colgate-Palmolive Co., 3.10%, 08/15/2027 (Callable 07/15/2027)

     595,000        588,691  
     

 

 

 

Insurance - 0.9%

     

Arthur J Gallagher & Co., 5.00%, 02/15/2032 (Callable 12/15/2031)

     975,000        978,774  
     

 

 

 

Interactive Media & Services - 1.3%

     

Meta Platforms, Inc.

     

3.50%, 08/15/2027 (Callable 07/15/2027)

     250,000        248,273  

4.60%, 05/15/2028 (Callable 04/15/2028)

     250,000        252,711  

4.55%, 08/15/2031 (Callable 06/15/2031)

     550,000        552,226  

4.75%, 08/15/2034 (Callable 05/15/2034)

     250,000        247,248  
     

 

 

 

        1,300,458  
     

 

 

 

IT Services - 0.1%

     

International Business Machines Corp., 4.75%, 02/06/2033 (Callable 11/06/2032)

     125,000        124,478  
     

 

 

 

Life Sciences Tools & Services - 0.7%

     

Thermo Fisher Scientific, Inc., 4.95%, 11/21/2032 (Callable 08/21/2032)

     750,000        763,714  
     

 

 

 

Oil, Gas & Consumable Fuels - 3.4%

     

Chevron Corp., 2.00%, 05/11/2027 (Callable 03/11/2027)

     400,000        391,370  

ConocoPhillips Co.

     

6.95%, 04/15/2029

     500,000        536,722  

5.05%, 09/15/2033 (Callable 06/15/2033)

     250,000        254,437  

Devon Energy Corp., 4.50%, 01/15/2030 (Callable 04/11/2026)

     500,000        498,478  

EOG Resources, Inc., 4.38%, 04/15/2030 (Callable 01/15/2030)

     750,000        748,299  

Kinder Morgan, Inc., 5.20%, 06/01/2033 (Callable 03/01/2033)

     325,000        330,646  

ONEOK, Inc., 5.80%, 11/01/2030 (Callable 09/01/2030)

     750,000        779,728  
     

 

 

 

        3,539,680  
     

 

 

 

Other Electric Power Generation - 0.3%

     

Duke Energy Progress LLC, 5.25%, 03/15/2033 (Callable 12/15/2032)

     300,000        308,948  
     

 

 

 

Personal Care Products - 0.1%

     

Kenvue, Inc., 5.00%, 03/22/2030 (Callable 01/22/2030)

     120,000        122,209  
     

 

 

 

Pharmaceuticals - 1.5%

     

Bristol-Myers Squibb Co., 5.10%, 02/22/2031 (Callable 12/22/2030)

     800,000        822,640  

Eli Lilly & Co., 4.50%, 02/09/2029 (Callable 01/09/2029)

     575,000        580,750  

Zoetis, Inc., 4.15%, 08/17/2028 (Callable 07/17/2028)

     100,000        99,696  
     

 

 

 

        1,503,086  
     

 

 

 

Semiconductors & Semiconductor Equipment - 0.6%

     

Broadcom, Inc., 5.05%, 07/12/2029 (Callable 06/12/2029)

     250,000        255,192  

NVIDIA Corp., 3.20%, 09/16/2026 (Callable 06/16/2026)

     400,000        398,859  
     

 

 

 

        654,051  
     

 

 

 

Software - 3.3%

     

Adobe, Inc., 4.80%, 04/04/2029 (Callable 03/04/2029)

     850,000        863,961  

Intuit, Inc.

     

5.13%, 09/15/2028 (Callable 08/15/2028)

     550,000        560,680  

5.20%, 09/15/2033 (Callable 06/15/2033)

     275,000        279,937  

Oracle Corp.

     

4.65%, 05/06/2030 (Callable 03/06/2030)

     220,000        215,029  

4.90%, 02/06/2033 (Callable 11/06/2032)

     750,000        711,529  

Roper Technologies, Inc.

     

4.75%, 02/15/2032 (Callable 12/15/2031)

     300,000        296,262  

4.90%, 10/15/2034 (Callable 07/15/2034)

     500,000        483,277  
     

 

 

 

        3,410,675  
     

 

 

 

Specialized REITs - 0.7%

     

American Tower Corp.

     

3.38%, 10/15/2026 (Callable 07/15/2026)

     635,000        631,380  


5.80%, 11/15/2028 (Callable 10/15/2028)

     75,000        77,351   
     

 

 

 

        708,731  
     

 

 

 

Specialty Retail - 1.9%

     

Home Depot, Inc.

     

2.80%, 09/14/2027 (Callable 06/14/2027)

     500,000        491,549  

4.90%, 04/15/2029 (Callable 03/15/2029)

     220,000        224,204  

O’Reilly Automotive, Inc.

     

4.20%, 04/01/2030 (Callable 01/01/2030)

     500,000        494,609  

4.70%, 06/15/2032 (Callable 03/15/2032)

     250,000        248,535  

Tractor Supply Co., 5.25%, 05/15/2033 (Callable 02/15/2033)

     500,000        508,198  
     

 

 

 

        1,967,095  
     

 

 

 

Support Activities for Oil and Gas Operations - 0.1%

     

ConocoPhillips Co., 4.70%, 01/15/2030 (Callable 12/15/2029)

     100,000        100,867  
     

 

 

 

Wireless Telecommunications Carriers (except Satellite) - 0.1%

     

T-Mobile USA, Inc., 3.75%, 04/15/2027 (Callable 02/15/2027)

     100,000        99,392  
     

 

 

 

TOTAL CORPORATE BONDS (Cost $31,743,054)

        31,808,088  
     

 

 

 

     
REAL ESTATE INVESTMENT TRUSTS - 0.7%    Shares      Value  

Specialized REITs - 0.7%

     

American Tower Corp.

     4,500        776,610  
     

 

 

 

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $847,757)

        776,610  
     

 

 

 

SHORT-TERM INVESTMENTS

     
MONEY MARKET FUNDS - 0.1%    Shares      Value  

Invesco Government & Agency Portfolio - Institutional Class, 3.58% (c)

     81,371        81,371  
     

 

 

 

TOTAL MONEY MARKET FUNDS (Cost $81,371)

        81,371  
     

 

 

 

TOTAL INVESTMENTS - 99.8% (Cost $64,156,345)

        103,127,293  

Other Assets in Excess of Liabilities - 0.2%

        176,260  
     

 

 

 

TOTAL NET ASSETS - 100.0%

       $    103,303,553  
     

 

 

 

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

PLC - Public Limited Company

REIT - Real Estate Investment Trust

The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, 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. Bank Global Fund Services.

 

(a)

Non-income producing security.

(b)

Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of March 31, 2026, the value of these securities total $281,166 or 0.3% of the Fund’s net assets.

(c)

The rate shown represents the 7-day annualized yield as of March 31, 2026.


Summary of Fair Value Disclosure as of March 31, 2026 (Unaudited)

LKCM Balanced Fund (the “Fund”) has adopted fair value accounting standards which establish a 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, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund’s securities as of March 31, 2026:

 

     Level 1      Level 2      Level 3      Total  

Investments:

           

Common Stocks

    $ 70,461,224        $ –       $ –        $ 70,461,224   

Corporate Bonds

     –         31,808,088         –         31,808,088   

Real Estate Investment Trusts

     776,610         –         –         776,610   

Money Market Funds

     81,371         –         –         81,371   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

    $     71,319,205        $    31,808,088        $         –        $    103,127,293   
  

 

 

    

 

 

    

 

 

    

 

 

 

Refer to the Schedule of Investments for further disaggregation of investment categories.

Sector Classification as of March 31, 2026

       (% of Net Assets)

Information Technology

    $ 20,508,172        19.7%  

Industrials

     13,312,911        12.9   

Health Care

     12,399,819        12.1   

Energy

     10,928,472        10.6   

Financials

     10,449,576        10.0   

Materials

     8,868,175        8.7   

Consumer Staples

     8,202,388        7.9   

Communication Services

     7,888,136        7.6   

Consumer Discretionary

     6,274,301        6.1   

Utilities

     1,802,680        1.8   

Real Estate

     1,485,341        1.4   

Money Market Funds

     81,371        0.1   

Other Assets in Excess of Liabilities

     1,102,211        1.1   
  

 

 

    

 

 

 
    $    103,303,553           100.0%