LKCM Small-Mid Cap Equity Fund
Schedule of Investments
as of March 31, 2024 (Unaudited)
COMMON STOCKS - 96.4%	Shares		Value
Aerospace & Defense - 2.1%
Axon Enterprise, Inc.(a)		2,300	$	719,624
Banks - 3.0%
Cullen/Frost Bankers, Inc.		3,384		380,938
Pinnacle Financial Partners, Inc.		3,738		321,019
Webster Financial Corp.		6,747		342,545
				1,044,502
Beverages - 1.6%
Celsius Holdings, Inc.(a)		6,550		543,126
Biotechnology - 2.0%
Natera, Inc.(a)		7,458		682,109
Building Products - 5.9%
Builders FirstSource, Inc.(a)		4,213		878,621
CSW Industrials, Inc.		3,254		763,388
Zurn Elkay Water Solutions Corp.		11,573		387,348
				2,029,357
Capital Markets - 1.8%
LPL Financial Holdings, Inc.		2,299		607,396
Chemicals - 1.5%
Quaker Chemical Corp.		2,498		512,715
Construction & Engineering - 4.0%
AECOM		7,031		689,600
WillScot Mobile Mini Holdings Corp.(a)		15,140		704,010
				1,393,610
Construction Materials - 2.1%
Eagle Materials, Inc.		2,710		736,443
Distributors - 1.7%
Pool Corp.		1,496		603,636
Electronic Equipment, Instruments & Components - 1.4%
Trimble, Inc.(a)		7,505		483,022
Energy Equipment & Services - 1.5%
Weatherford International PLC (a)(b)		4,584		529,085
Financial Services - 5.4%
AvidXchange Holdings, Inc.(a)		44,551		585,846
Corpay, Inc.(a)		2,363		729,080
Euronet Worldwide, Inc.(a)		4,901		538,767
				1,853,693
Health Care Equipment & Supplies - 3.1%
Enovis Corp.(a)		11,210		700,064
Neogen Corp.(a)		23,383		368,984
				1,069,048
Health Care Providers & Services - 3.6%
Ensign Group, Inc.		5,653		703,346
Progyny, Inc.(a)		14,492		552,870
				1,256,216
Hotels, Restaurants & Leisure - 2.1%
Wingstop, Inc.		1,970		721,808
Insurance - 5.0%
Globe Life, Inc.		3,657		425,565
Goosehead Insurance, Inc. - Class A(a)		7,798		519,503
Palomar Holdings, Inc.(a)		9,497		796,133
				1,741,201
IT Services - 1.3%
Twilio Inc. - Class A(a)		7,235		442,420
Life Sciences Tools & Services - 3.5%
Charles River Laboratories International, Inc.(a)		2,172		588,503
Stevanato Group SpA (b)		18,863		605,502
				1,194,005
Machinery - 4.9%
ITT, Inc.		4,568		621,385
Kadant, Inc.		1,715		562,692
Toro Co.		5,346		489,854
				1,673,931
Media - 1.3%
Nexstar Media Group, Inc. - Class A		2,635		453,984
Metals & Mining - 2.4%
Reliance Steel & Aluminum Co.		2,523		843,136
Oil, Gas & Consumable Fuels - 4.4%
HF Sinclair Corp.		4,317		260,617
Northern Oil and Gas, Inc.		11,982		475,446
Permian Resources Corp.		44,305		782,426
				1,518,489
Personal Care Products - 1.8%
BellRing Brands, Inc.(a)		10,788		636,816
Professional Services - 5.9%
Broadridge Financial Solutions, Inc.		3,601		737,700
CBIZ, Inc.(a)		8,208		644,328
Paylocity Holding Corp.(a)		3,703		636,398
				2,018,426
Real Estate Management & Development - 5.2%
Colliers International Group, Inc. (b)		5,338		652,465
DigitalBridge Group, Inc.		29,602		570,431
FirstService Corp. (b)		3,344		554,435
				1,777,331
Software - 7.3%
Altair Engineering, Inc. - Class A(a)		6,702		577,377
Q2 Holdings, Inc.(a)		17,973		944,661
Sprout Social, Inc. - Class A(a)		9,476		565,812
Workiva Inc.(a)		4,758		403,478
				2,491,328
Specialty Retail - 5.7%
Academy Sports & Outdoors, Inc.		7,711		520,801
Five Below, Inc.(a)		1,497		271,526
Floor & Decor Holdings, Inc. - Class A(a)		4,292		556,329
Murphy USA, Inc.		1,485		622,512
				1,971,168
Textiles, Apparel & Luxury Goods - 1.6%
On Holding AG - Class A(a)(b)		15,848		560,702
Trading Companies & Distributors - 3.3%
SiteOne Landscape Supply, Inc.(a)		3,186		556,116
Watsco, Inc.		1,309		565,449
				1,121,565
TOTAL COMMON STOCKS (Cost $25,087,733)				33,229,892
SHORT-TERM INVESTMENTS - 7.1%
Money Market Funds - 7.1%	Shares
Fidelity Investments Money Market Government Portfolio, 5.22%(b)		397,581		397,581
Invesco Short-Term Investments Trust - Government & Agency Portfolio - Institutional Shares, 5.24%(b)		1,032,173		1,032,173
MSILF Government Portfolio, 5.22%(b)		1,032,173		1,032,173
				2,461,927
TOTAL SHORT-TERM INVESTMENTS (Cost $2,461,927)				2,461,927
TOTAL INVESTMENTS - 103.5% (Cost $27,549,660)			$	35,691,819
Liabilities in Excess of Other Assets - (3.5)%				(1,195,103	)
TOTAL NET ASSETS - 100.0%			$	34,496,716

(a)	Non-income producing security.
(b)	Security issued by non-U.S. incorporated company.
(c)	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 SMALL-MID CAP EQUITY FUND Sector Classification as of March 31, 2024
(% of Net Assets)
Industrials	26.1	%
Financials	15.2
Health Care	12.2
Consumer Discretionary	11.1
Information Technology	10.0
Materials	6.0
Energy	5.9
Real Estate	5.2
Consumer Staples	3.4
Communication Services	1.3
Money Market Funds	7.1
Liabilities in Excess of Other Assets	(3.5	)
	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 Small-Mid Cap Equity Fund
	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks		33,229,892		–		–		33,229,892
Money Market Funds		2,461,927		–		–		2,461,927
Total Assets		35,691,819		–		–		35,691,819
Refer to the Schedule of Investments for industry classifications.