LKCM Funds NPORT-P LKCM Balanced Fund (Sep 2022 report)

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