LKCM BALANCED FUND | ||||||||
SCHEDULE OF INVESTMENTS | ||||||||
September 30, 2022 (Unaudited) | ||||||||
COMMON STOCKS - 68.0% | Shares | Value | ||||||
Aerospace & Defense - 2.1% | ||||||||
Honeywell International, Inc. | 5,700 | $ | 951,729 | |||||
L3Harris Technologies, Inc. | 5,850 | 1,215,805 | ||||||
2,167,534 | ||||||||
Banks - 3.6% | ||||||||
Bank of America Corp. | 47,900 | 1,446,580 | ||||||
Cullen/Frost Bankers, Inc. | 11,100 | 1,467,642 | ||||||
Zions Bancorp N.A. | 15,100 | 767,986 | ||||||
3,682,208 | ||||||||
Beverages - 2.4% | ||||||||
The Coca-Cola Co. | 21,400 | 1,198,828 | ||||||
PepsiCo, Inc. | 7,550 | 1,232,613 | ||||||
2,431,441 | ||||||||
Biotechnology - 1.3% | ||||||||
Charles River Laboratories International, Inc. (a) | 5,250 | 1,033,200 | ||||||
Neogen Corp. (a) | 20,000 | 279,400 | ||||||
1,312,600 | ||||||||
Chemicals - 6.1% | ||||||||
Air Products and Chemicals, Inc. | 6,000 | 1,396,380 | ||||||
Corteva, Inc. | 18,858 | 1,077,735 | ||||||
DuPont de Nemours, Inc. | 12,658 | 637,963 | ||||||
Ecolab, Inc. | 5,700 | 823,194 | ||||||
FMC Corp. | 12,400 | 1,310,680 | ||||||
Linde PLC (b) | 3,900 | 1,051,401 | ||||||
6,297,353 | ||||||||
Commercial Services & Supplies - 3.0% | ||||||||
Cintas Corp. | 2,700 | 1,048,113 | ||||||
Waste Connections, Inc. (b) | 8,900 | 1,202,657 | ||||||
Waste Management, Inc. | 5,250 | 841,102 | ||||||
3,091,872 | ||||||||
Communications Equipment - 1.2% | ||||||||
QUALCOMM, Inc. | 11,200 | 1,265,376 | ||||||
Computers & Peripherals - 2.1% | ||||||||
Apple, Inc. | 15,950 | 2,204,290 | ||||||
Construction Materials - 1.1% | ||||||||
Martin Marietta Materials, Inc. | 3,400 | 1,095,106 | ||||||
Diversified Financials - 2.4% | ||||||||
JPMorgan Chase & Co. | 13,000 | 1,358,500 | ||||||
Moody's Corp. | 4,650 | 1,130,461 | ||||||
2,488,961 | ||||||||
Diversified Telecommunication Services - 1.0% | ||||||||
Verizon Communications, Inc. | 26,341 | 1,000,168 | ||||||
Electrical Equipment & Instruments - 1.5% | ||||||||
Emerson Electric Co. | 8,800 | 644,336 | ||||||
Rockwell Automation, Inc. | 4,175 | 898,084 | ||||||
1,542,420 | ||||||||
Electronic Equipment & Instruments - 0.9% | ||||||||
Trimble, Inc. (a) | 16,750 | 909,023 | ||||||
Electronic Equipment, Instruments & Components - 1.0% | ||||||||
Teledyne Technologies, Inc. (a) | 2,950 | 995,537 | ||||||
Food & Drug Retailing - 1.2% | ||||||||
Walmart, Inc. | 9,100 | 1,180,270 | ||||||
Health Care Equipment & Supplies - 2.0% | ||||||||
Alcon, Inc. (b) | 17,900 | 1,041,422 | ||||||
PerkinElmer, Inc. | 8,150 | 980,690 | ||||||
2,022,112 | ||||||||
Household Durables - 0.5% | ||||||||
Newell Brands, Inc. | 40,000 | 555,600 | ||||||
Household Products - 2.0% | ||||||||
Colgate-Palmolive Co. | 16,100 | 1,131,025 | ||||||
Kimberly-Clark Corp. | 4,900 | 551,446 | ||||||
The Procter & Gamble Co. | 3,250 | 410,312 | ||||||
2,092,783 | ||||||||
Internet & Catalog Retail - 1.2% | ||||||||
Amazon.com, Inc. (a) | 11,200 | 1,265,600 | ||||||
IT Consulting & Services - 2.5% | ||||||||
Broadridge Financial Solutions, Inc. | 7,250 | 1,046,320 | ||||||
PayPal Holdings, Inc. (a) | 6,100 | 525,027 | ||||||
Visa, Inc. - Class A | 5,650 | 1,003,722 | ||||||
2,575,069 | ||||||||
Life Sciences Tools & Services - 2.6% | ||||||||
Danaher Corp. | 5,100 | 1,317,279 | ||||||
Thermo Fisher Scientific, Inc. | 2,600 | 1,318,694 | ||||||
2,635,973 | ||||||||
Machinery - 1.5% | ||||||||
Fortive Corp. | 9,350 | 545,105 | ||||||
Xylem, Inc. | 11,800 | 1,030,848 | ||||||
1,575,953 | ||||||||
Media & Entertainment - 3.3% | ||||||||
Alphabet, Inc. - Class C (a) | 15,000 | 1,442,250 | ||||||
The Walt Disney Co. (a) | 13,700 | 1,292,321 | ||||||
Meta Platforms, Inc. (a) | 5,175 | 702,144 | ||||||
3,436,715 | ||||||||
Metals & Mining - 0.7% | ||||||||
Newmont Goldcorp Corp. | 18,100 | 760,743 | ||||||
Oil & Gas & Consumable Fuels - 6.2% | ||||||||
Chevron Corp. | 8,395 | 1,206,110 | ||||||
ConocoPhillips | 14,100 | 1,442,994 | ||||||
Coterra Energy, Inc. | 24,000 | 626,880 | ||||||
EOG Resources, Inc. | 4,450 | 497,198 | ||||||
Kinder Morgan, Inc. | 80,000 | 1,331,200 | ||||||
Pioneer Natural Resources Co. | 5,650 | 1,223,395 | ||||||
6,327,777 | ||||||||
Personal Products - 1.0% | ||||||||
The Estee Lauder Cos., Inc. - Class A | 4,600 | 993,140 | ||||||
Pharmaceuticals - 3.3% | ||||||||
Abbott Laboratories | 10,000 | 967,600 | ||||||
Merck & Co., Inc. | 14,500 | 1,248,740 | ||||||
Zoetis, Inc. | 8,026 | 1,190,176 | ||||||
3,406,516 | ||||||||
Real Estate Investment Trusts - 1.1% | ||||||||
American Tower Corp. | 5,500 | 1,180,850 | ||||||
Road & Rail - 1.0% | ||||||||
Union Pacific Corp. | 5,275 | 1,027,676 | ||||||
Software - 4.9% | ||||||||
Adobe, Inc. (a) | 1,850 | 509,120 | ||||||
Microsoft Corp. | 6,750 | 1,572,075 | ||||||
Oracle Corp. | 16,500 | 1,007,655 | ||||||
Roper Technologies, Inc. | 2,600 | 935,064 | ||||||
Salesforce, Inc. (a) | 6,850 | 985,304 | ||||||
5,009,218 | ||||||||
Software & Services - 1.0% | ||||||||
Akamai Technologies, Inc. (a) | 12,800 | 1,028,096 | ||||||
Specialty Retail - 1.3% | ||||||||
The Home Depot, Inc. | 5,000 | 1,379,700 | ||||||
Textiles, Apparel & Luxury Goods - 1.0% | ||||||||
NIKE, Inc. - Class B | 12,000 | 997,440 | ||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $48,410,328) | 69,935,120 | |||||||
Principal | ||||||||
CORPORATE BONDS - 31.3% | Amount | Value | ||||||
Aerospace & Defense - 2.0% | ||||||||
Honeywell International, Inc.: | ||||||||
2.300%, 08/15/2024 | ||||||||
Callable 07/15/2024 | $ | 250,000 | 240,222 | |||||
1.350%, 06/01/2025 | ||||||||
Callable 05/01/2025 | 750,000 | 691,249 | ||||||
L3Harris Technologies, Inc. | ||||||||
3.850%, 06/15/2023 | ||||||||
Callable 05/15/2023 | 900,000 | 896,069 | ||||||
Raytheon Technologies Corp. | ||||||||
3.700%, 12/15/2023 | ||||||||
Callable 09/15/2023 | 250,000 | 247,893 | ||||||
2,075,433 | ||||||||
Banks - 1.4% | ||||||||
Comerica Bank | ||||||||
2.500%, 07/23/2024 | 300,000 | 287,755 | ||||||
The Bank of New York Mellon Corp. | ||||||||
2.200%, 08/16/2023 | ||||||||
Callable 06/16/2023 | 200,000 | 196,150 | ||||||
Truist Bank: | ||||||||
3.200%, 04/01/2024 | ||||||||
Callable 03/01/2024 | 250,000 | 244,287 | ||||||
4.050%, 11/03/2025 | ||||||||
Callable 09/03/2025 | 385,000 | 374,039 | ||||||
3.300%, 05/15/2026 | ||||||||
Callable 04/15/2026 | 400,000 | 371,668 | ||||||
1,473,899 | ||||||||
Beverages - 1.0% | ||||||||
Keurig Dr Pepper, Inc. | ||||||||
2.550%, 09/15/2026 | ||||||||
Callable 06/15/2026 | 750,000 | 677,831 | ||||||
PepsiCo, Inc. | ||||||||
2.375%, 10/06/2026 | ||||||||
Callable 07/06/2026 | 435,000 | 400,253 | ||||||
1,078,084 | ||||||||
Biotechnology - 1.2% | ||||||||
AbbVie, Inc. | ||||||||
3.200%, 05/14/2026 | ||||||||
Callable 02/14/2026 | 600,000 | 561,800 | ||||||
Amgen, Inc.: | ||||||||
3.625%, 05/22/2024 | ||||||||
Callable 02/22/2024 | 250,000 | 245,854 | ||||||
2.600%, 08/19/2026 | ||||||||
Callable 05/19/2026 | 450,000 | 412,962 | ||||||
1,220,616 | ||||||||
Chemicals - 1.0% | ||||||||
Air Products and Chemicals, Inc. | ||||||||
1.850%, 05/15/2027 | ||||||||
Callable 03/15/2027 | 675,000 | 595,729 | ||||||
Ecolab, Inc. | ||||||||
2.700%, 11/01/2026 | ||||||||
Callable 08/01/2026 | 500,000 | 463,552 | ||||||
1,059,281 | ||||||||
Communications Equipment - 1.3% | ||||||||
Cisco Systems, Inc. | ||||||||
2.200%, 09/20/2023 | ||||||||
Callable 07/20/2023 | 750,000 | 733,604 | ||||||
QUALCOMM, Inc. | ||||||||
2.900%, 05/20/2024 | ||||||||
Callable 03/20/2024 | 600,000 | 583,650 | ||||||
1,317,254 | ||||||||
Computers & Peripherals - 0.3% | ||||||||
Apple, Inc.: | ||||||||
2.500%, 02/09/2025 | 250,000 | 238,908 | ||||||
3.200%, 05/13/2025 | 55,000 | 53,288 | ||||||
292,196 | ||||||||
Consumer Finance - 0.6% | ||||||||
American Express Co. | ||||||||
3.000%, 10/30/2024 | ||||||||
Callable 09/29/2024 | 650,000 | 627,959 | ||||||
Diversified Financials - 0.6% | ||||||||
JPMorgan Chase & Co.: | ||||||||
3.875%, 02/01/2024 | 275,000 | 272,004 | ||||||
3.875%, 09/10/2024 | 200,000 | 195,818 | ||||||
3.200%, 06/15/2026 | ||||||||
Callable 03/15/2026 | 200,000 | 185,898 | ||||||
653,720 | ||||||||
Diversified Telecommunication Services - 1.1% | ||||||||
AT&T, Inc. | ||||||||
1.700%, 03/25/2026 | ||||||||
Callable 03/25/2023 | 250,000 | 221,733 | ||||||
Verizon Communications, Inc.: | ||||||||
3.500%, 11/01/2024 | ||||||||
Callable 08/01/2024 | 750,000 | 732,437 | ||||||
2.625%, 08/15/2026 | 250,000 | 227,427 | ||||||
1,181,597 | ||||||||
Electrical Equipment & Instruments - 0.2% | ||||||||
Emerson Electric Co. | ||||||||
3.150%, 06/01/2025 | ||||||||
Callable 03/01/2025 | 200,000 | 192,926 | ||||||
Electronic Equipment & Instruments - 0.5% | ||||||||
Trimble, Inc. | ||||||||
4.150%, 06/15/2023 | ||||||||
Callable 05/15/2023 | 500,000 | 498,371 | ||||||
Food & Drug Retailing - 0.7% | ||||||||
Walmart, Inc. | ||||||||
3.550%, 06/26/2025 | ||||||||
Callable 04/26/2025 | 700,000 | 683,724 | ||||||
Food & Staples Retailing - 0.6% | ||||||||
Costco Wholesale Corp. | ||||||||
1.375%, 06/20/2027 | ||||||||
Callable 04/20/2027 | 690,000 | 596,684 | ||||||
Health Care Providers & Services - 0.1% | ||||||||
CVS Health Corp. | ||||||||
3.375%, 08/12/2024 | ||||||||
Callable 05/12/2024 | 50,000 | 48,726 | ||||||
Hotels, Restaurants & Leisure - 0.5% | ||||||||
McDonald's Corp. | ||||||||
1.450%, 09/01/2025 | ||||||||
Callable 08/01/2025 | 600,000 | 547,747 | ||||||
Household Products - 0.5% | ||||||||
Colgate-Palmolive Co | ||||||||
3.100%, 08/15/2027 | ||||||||
Callable 07/15/2027 | 595,000 | 560,062 | ||||||
Internet & Catalog Retail - 0.2% | ||||||||
Amazon.com, Inc. | ||||||||
1.200%, 06/03/2027 | ||||||||
Callable 04/03/2027 | 260,000 | 222,453 | ||||||
IT Services - 1.3% | ||||||||
PayPal Holdings, Inc. | ||||||||
1.650%, 06/01/2025 | ||||||||
Callable 05/01/2025 | 700,000 | 645,346 | ||||||
Visa Inc.: | ||||||||
3.150%, 12/14/2025 | ||||||||
Callable 09/14/2025 | 300,000 | 286,732 | ||||||
1.900%, 04/15/2027 | ||||||||
Callable 02/15/2027 | 500,000 | 445,090 | ||||||
1,377,168 | ||||||||
Life Sciences Tools & Services - 0.9% | ||||||||
Danaher Corp. | ||||||||
3.350%, 09/15/2025 | ||||||||
Callable 06/15/2025 | 250,000 | 239,998 | ||||||
Thermo Fisher Scientific, Inc. | ||||||||
1.215%, 10/18/2024 | ||||||||
Callable 10/31/2022 | 750,000 | 698,303 | ||||||
938,301 | ||||||||
Machinery - 0.7% | ||||||||
Illinois Tool Works, Inc. | ||||||||
3.500%, 03/01/2024 | ||||||||
Callable 12/01/2023 | 715,000 | 706,653 | ||||||
Media & Entertainment - 1.5% | ||||||||
Alphabet, Inc.: | ||||||||
3.375%, 02/25/2024 | 600,000 | 592,922 | ||||||
1.998%, 08/15/2026 | ||||||||
Callable 05/15/2026 | 200,000 | 182,811 | ||||||
The Walt Disney Co. | ||||||||
1.750%, 08/30/2024 | ||||||||
Callable 07/30/2024 | 810,000 | 766,831 | ||||||
1,542,564 | ||||||||
Multiline Retail - 0.7% | ||||||||
Dollar Tree, Inc. | ||||||||
4.000%, 05/15/2025 | ||||||||
Callable 03/15/2025 | 715,000 | 693,656 | ||||||
Oil & Gas & Consumable Fuels - 2.2% | ||||||||
Chevron Corp. | ||||||||
1.995%, 05/11/2027 | ||||||||
Callable 03/11/2027 | 400,000 | 355,144 | ||||||
Enterprise Products Operating, LLC | ||||||||
3.750%, 02/15/2025 | ||||||||
Callable 11/15/2024 | 665,000 | 644,694 | ||||||
Exxon Mobil Corp.: | ||||||||
2.709%, 03/06/2025 | ||||||||
Callable 12/06/2024 | 255,000 | 243,921 | ||||||
3.043%, 03/01/2026 | ||||||||
Callable 12/01/2025 | 400,000 | 378,469 | ||||||
Kinder Morgan Energy Partners, L.P. | ||||||||
4.250%, 09/01/2024 | ||||||||
Callable 06/01/2024 | 125,000 | 123,051 | ||||||
Schlumberger Investment SA | ||||||||
3.650%, 12/01/2023 | ||||||||
Callable 09/01/2023 | 500,000 | 492,593 | ||||||
2,237,872 | ||||||||
Personal Products - 0.8% | ||||||||
The Estee Lauder Cos., Inc. | ||||||||
2.000%, 12/01/2024 | ||||||||
Callable 11/01/2024 | 805,000 | 769,271 | ||||||
Pharmaceuticals - 2.9% | ||||||||
Abbott Laboratories: | ||||||||
3.400%, 11/30/2023 | ||||||||
Callable 09/30/2023 | 480,000 | 474,470 | ||||||
3.875%, 09/15/2025 | ||||||||
Callable 06/15/2025 | 255,000 | 249,773 | ||||||
Bristol-Myers Squibb Co. | ||||||||
3.625%, 05/15/2024 | ||||||||
Callable 02/15/2024 | 250,000 | 246,332 | ||||||
Johnson & Johnson | ||||||||
0.550%, 09/01/2025 | ||||||||
Callable 08/01/2025 | 735,000 | 656,788 | ||||||
Pfizer, Inc. | ||||||||
0.800%, 05/28/2025 | ||||||||
Callable 04/28/2025 | 800,000 | 727,449 | ||||||
Zoetis Inc. | ||||||||
4.500%, 11/13/2025 | ||||||||
Callable 08/13/2025 | 600,000 | 590,978 | ||||||
2,945,790 | ||||||||
Real Estate Investment Trusts - 1.1% | ||||||||
American Tower Corp.: | ||||||||
2.400%, 03/15/2025 | ||||||||
Callable 02/15/2025 | 600,000 | 557,779 | ||||||
3.375%, 10/15/2026 | ||||||||
Callable 07/15/2026 | 635,000 | 581,355 | ||||||
1,139,134 | ||||||||
Road & Rail - 0.2% | ||||||||
Union Pacific Corp. | ||||||||
3.750%, 07/15/2025 | ||||||||
Callable 05/15/2025 | 200,000 | 195,253 | ||||||
Semiconductor Equipment & Products - 0.7% | ||||||||
Intel Corp. | ||||||||
2.875%, 05/11/2024 | ||||||||
Callable 03/11/2024 | 255,000 | 248,724 | ||||||
3.700%, 07/29/2025 | ||||||||
Callable 04/29/2025 | 500,000 | 487,672 | ||||||
736,396 | ||||||||
Semiconductors & Semiconductor Equipment - 0.4% | ||||||||
NVIDIA Corp. | ||||||||
3.200%, 09/16/2026 | ||||||||
Callable 06/16/2026 | 400,000 | 380,722 | ||||||
Software - 2.5% | ||||||||
Adobe, Inc. | ||||||||
1.900%, 02/01/2025 | ||||||||
Callable 01/01/2025 | 755,000 | 710,635 | ||||||
Fortinet, Inc. | ||||||||
1.000%, 03/15/2026 | ||||||||
Callable 02/15/2026 | 600,000 | 517,418 | ||||||
Microsoft Corp. | ||||||||
3.125%, 11/03/2025 | ||||||||
Callable 08/03/2025 | 230,000 | 221,013 | ||||||
Oracle Corp.: | ||||||||
2.500%, 04/01/2025 | ||||||||
Callable 03/01/2025 | 500,000 | 466,411 | ||||||
2.950%, 05/15/2025 | ||||||||
Callable 02/15/2025 | 500,000 | 471,218 | ||||||
Roper Technologies, Inc. | ||||||||
1.000%, 09/15/2025 | ||||||||
Callable 08/15/2025 | 250,000 | 222,158 | ||||||
2,608,853 | ||||||||
Specialty Retail - 1.6% | ||||||||
Lowe's Cos, Inc. | ||||||||
2.500%, 04/15/2026 | ||||||||
Callable 01/15/2026 | 800,000 | 738,624 | ||||||
O'Reilly Automotive, Inc. | ||||||||
4.200%, 04/01/2030 | ||||||||
Callable 01/01/2030 | 500,000 | 457,333 | ||||||
The Home Depot, Inc. | ||||||||
2.800%, 09/14/2027 | ||||||||
Callable 06/14/2027 | 500,000 | 458,481 | ||||||
1,654,438 | ||||||||
TOTAL CORPORATE BONDS | ||||||||
(Cost $34,753,060) | 32,256,803 | |||||||
SHORT-TERM INVESTMENT - 0.6% | ||||||||
Money Market Fund - 0.6% | ||||||||
Invesco Short-Term Investments Trust - Government & Agency Portfolio -Institutional Shares, 2.95% (c) | 612,349 | 612,349 | ||||||
TOTAL SHORT-TERM INVESTMENT | ||||||||
(Cost $612,349) | 612,349 | |||||||
Total Investments - 99.9% | 102,804,272 | |||||||
(Cost $83,775,737) | ||||||||
Other Assets in Excess of Liabilities - 0.1% | 111,407 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 102,915,679 |
(a) | Non-income producing security. | |||||
(b) | Security is issued by non-U.S. incorporated company. | |||||
(c) | The rate quoted is the annualized seven-day yield of the Fund at period end. | |||||
Investments are classified by industry pursuant to the Global Industry Classification Standard (GICS®), which was | ||||||
developed by and/or is the exclusive property of Morgan Stanley Capital International, 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. Bancorp Fund Services, LLC. | ||||||
The accompanying notes are an integral part of these financial statements. |
LKCM BALANCED FUND | |
Sector Classification | |
September 30, 2022 | |
Sectors: | % Net Assets |
Information Technology | 20.6% |
Health Care | 14.1% |
Industrials | 12.2% |
Consumer Staples | 9.6% |
Materials | 8.9% |
Energy | 8.9% |
Financials | 8.7% |
Consumer Discretionary | 7.1% |
Communication Services | 6.9% |
Real Estate | 2.3% |
Money Market Funds | 0.6% |
Other assets in excess of liabilities | 0.1% |
100.0% |
Fair Value Measurement Summary at September 30, 2022 (Unaudited) | ||||
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 using guidelines approved by the Board of Trustees. The Board of Trustees has established policies and | ||||
procedures for that authorize the Adviser to fair value a security in good faith under certain circumstances. The Fund's may use prices provided | ||||
by independent pricing services to assist in the fair valuation of the Funds' 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 September 30, 2022, the Fund's assets carried at fair value were classified as follows: |
LKCM Balanced Fund | ||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 69,935,120 | $ | – | $ | – | $ | 69,935,120 | ||||||||
Corporate Bonds | – | $ | 32,256,803 | – | 32,256,803 | |||||||||||
Short-Term Investment | 612,349 | – | – | 612,349 | ||||||||||||
Total Investments | $ | 70,547,469 | $ | 32,256,803 | $ | – | $ | 102,804,272 | ||||||||