LKCM Funds NPORT-P LKCM Balanced Fund (Sep 2023 report)

LKCM BALANCED FUND
SCHEDULE OF INVESTMENTS
September 30, 2023 (Unaudited)
COMMON STOCKS - 69.2%	Shares		Value
Aerospace & Defense - 1.0%
L3Harris Technologies, Inc.		5,850	$	1,018,602
Banks - 3.4%
Bank of America Corp.		44,900		1,229,362
Cullen/Frost Bankers, Inc.		9,700		884,737
JPMorgan Chase & Co.		10,700		1,551,714
				3,665,813
Beverages - 2.3%
The Coca-Cola Co.		21,400		1,197,972
PepsiCo, Inc.		7,550		1,279,272
				2,477,244
Broadline Retail - 1.3%
Amazon.com, Inc. (a)		11,200		1,423,744
Capital Markets - 1.3%
Moody's Corp.		4,450		1,406,957
Chemicals - 5.8%
Air Products and Chemicals, Inc.		5,600		1,587,040
Albemarle Corporation		4,800		816,192
Corteva, Inc.		7,658		391,783
DuPont de Nemours, Inc.		12,658		944,160
Ecolab Inc.		2,400		406,560
FMC Corp.		11,300		756,761
Linde Plc (b)		3,600		1,340,460
				6,242,956
Commercial Services & Supplies - 2.8%
Cintas Corp.		2,400		1,154,424
Waste Connections, Inc. (b)		8,100		1,087,830
Waste Management, Inc.		5,250		800,310
				3,042,564
Construction Materials - 1.3%
Martin Marietta Materials, Inc.		3,400		1,395,632
Consumer Staples Distribution & Retail - 1.2%
Walmart, Inc.		8,100		1,295,433
Diversified Telecommunication Services - 0.5%
Verizon Communications Inc.		17,341		562,022
Electrical Equipment - 1.7%
Emerson Electric Co.		8,800		849,816
Rockwell Automation, Inc.		3,325		950,518
				1,800,334
Electronic Equipment, Instruments & Components - 2.1%
Teledyne Technologies, Inc. (a)		2,950		1,205,311
Trimble Inc. (a)		19,750		1,063,735
				2,269,046
Entertainment - 1.0%
The Walt Disney Co. (a)		13,700		1,110,385
Financial Services - 1.7%
PayPal Holdings, Inc. (a)		9,100		531,986
Visa, Inc. - Class A		5,650		1,299,557
				1,831,543
Ground Transportation - 1.0%
Union Pacific Corp.		5,275		1,074,148
Health Care Equipment & Supplies - 2.5%
Abbott Laboratories		10,000		968,500
Alcon, Inc. (b)		17,900		1,379,374
Neogen Corp. (a)		20,000		370,800
				2,718,674
Household Durables - 0.3%
Newell Brands, Inc.		40,000		361,200
Household Products - 2.2%
Colgate-Palmolive Co.		16,100		1,144,871
Kimberly-Clark Corp.		6,100		737,185
The Procter & Gamble Co.		3,250		474,045
				2,356,101
Industrial Conglomerates - 1.0%
Honeywell International Inc.		5,700		1,053,018
Insurance - 0.7%
Arthur J Gallagher & Co.		3,400		774,962
Interactive Media & Services - 2.9%
Alphabet Inc. - Class C (a)		15,000		1,977,750
Meta Platforms, Inc. (a)		3,675		1,103,272
				3,081,022
IT Services - 2.0%
Accenture Plc (b)		2,600		798,486
Akamai Technologies, Inc. (a)		12,800		1,363,712
				2,162,198
Life Sciences Tools & Services - 3.4%
Charles River Laboratories International, Inc. (a)		5,250		1,028,895
Danaher Corp.		5,100		1,265,310
Thermo Fisher Scientific, Inc.		2,600		1,316,042
				3,610,247
Machinery - 1.7%
Chart Industries, Inc. (a)		4,800		811,776
Fortive Corp.		9,350		693,396
IDEX Corp.		1,600		332,832
				1,838,004
Metals & Mining - 0.6%
Newmont Goldcorp Corp.		18,100		668,795
Oil, Gas & Consumable Fuels - 5.7%
Chevron Corp.		7,795		1,314,393
ConocoPhillips		10,900		1,305,820
Coterra Energy, Inc.		24,000		649,200
EOG Resources, Inc.		4,450		564,082
Kinder Morgan, Inc.		62,000		1,027,960
Pioneer Natural Resources Co.		5,650		1,296,957
				6,158,412
Personal Care Products - 0.6%
The Estee Lauder Cos., Inc. - Class A		4,600		664,930
Pharmaceuticals - 2.5%
Merck & Co., Inc.		12,500		1,286,875
Zoetis Inc.		8,026		1,396,363
				2,683,238
Professional Services - 0.9%
Broadridge Financial Solutions, Inc.		5,250		940,013
Semiconductors & Semiconductor Equipment - 1.6%
NVIDIA Corp.		2,000		869,980
QUALCOMM, Inc.		7,600		844,056
				1,714,036
Software - 6.4%
Adobe Inc. (a)		1,850		943,315
Microsoft Corp.		6,750		2,131,312
Oracle Corp.		12,800		1,355,776
Roper Technologies, Inc.		2,600		1,259,128
Salesforce, Inc. (a)		6,050		1,226,819
				6,916,350
Specialized REITs - 0.9%
American Tower Corp.		5,500		904,475
Specialty Retail - 1.3%
The Home Depot, Inc.		4,500		1,359,720
Technology Hardware, Storage & Peripherals - 2.5%
Apple Inc.		15,950		2,730,800
Textiles, Apparel & Luxury Goods - 1.1%
NIKE, Inc. - Class B		12,000		1,147,440
TOTAL COMMON STOCKS
(Cost $47,357,721)				74,460,058
	Principal
CORPORATE BONDS - 29.5%	Amount		Value
Aerospace & Defense - 0.4%
RTX Corp.
5.150%, 02/27/2033
Callable 11/27/2032	$	500,000		474,647
Banks - 1.0%
Cullen/Frost Bankers, Inc.
4.500%, 03/17/2027
Callable 02/17/2027		750,000		704,696
JPMorgan Chase & Co.:
3.875%, 09/10/2024		200,000		195,968
3.200%, 06/15/2026
Callable 03/15/2026		200,000		188,173
				1,088,837
Beverages - 1.0%
Keurig Dr Pepper, Inc.
2.550%, 09/15/2026
Callable 06/15/2026		750,000		689,269
PepsiCo, Inc.
2.375%, 10/06/2026
Callable 07/06/2026		435,000		404,303
				1,093,572
Biotechnology - 1.1%
AbbVie, Inc.
3.200%, 05/14/2026
Callable 02/14/2026		600,000		567,161
Amgen, Inc.:
3.625%, 05/22/2024
Callable 02/22/2024		250,000		246,573
2.600%, 08/19/2026
Callable 05/19/2026		450,000		415,575
				1,229,309
Broadline Retail - 0.7%
Amazon.com, Inc.:
1.200%, 06/03/2027
Callable 04/03/2027		260,000		225,988
4.550%, 12/01/2027
Callable 11/01/2027		550,000		539,029
				765,017
Chemicals - 2.0%
Air Products and Chemicals, Inc.
1.850%, 05/15/2027
Callable 03/15/2027		675,000		599,916
DuPont de Nemours, Inc.
4.725%, 11/15/2028
Callable 08/15/2028		650,000		628,922
Ecolab, Inc.:
2.700%, 11/01/2026
Callable 08/01/2026		500,000		463,922
5.250%, 01/15/2028
Callable 12/15/2027		475,000		474,556
				2,167,316
Commercial Services & Supplies - 0.4%
Waste Management, Inc.
4.150%, 04/15/2032
Callable 01/15/2032		500,000		455,665
Consumer Finance - 0.6%
American Express Co.
3.000%, 10/30/2024
Callable 09/29/2024		650,000		630,381
Consumer Staples Distribution & Retail - 1.9%
Costco Wholesale Corp.
1.375%, 06/20/2027
Callable 04/20/2027		690,000		603,639
Dollar Tree, Inc.
4.000%, 05/15/2025
Callable 03/15/2025		825,000		798,889
Walmart, Inc.
3.550%, 06/26/2025
Callable 04/26/2025		700,000		678,612
				2,081,140
Diversified Telecommunication Services - 1.3%
AT&T, Inc.
1.700%, 03/25/2026
Callable 10/10/2023		250,000		226,903
T-Mobile USA, Inc.:
3.750%, 04/15/2027
Callable 02/15/2027		100,000		93,490
4.750%, 02/01/2028
Callable 10/10/2023		100,000		95,980
Verizon Communications Inc.:
3.500%, 11/01/2024
Callable 08/01/2024		750,000		732,808
2.625%, 08/15/2026		250,000		231,101
				1,380,282
Electrical Equipment - 0.2%
Emerson Electric Co.
3.150%, 06/01/2025
Callable 03/01/2025		200,000		192,585
Entertainment - 0.7%
The Walt Disney Co.
1.750%, 08/30/2024
Callable 07/30/2024		810,000		781,568
Financial Services - 1.7%
Mastercard, Inc.
4.850%, 03/09/2033
Callable 12/09/2032		500,000		483,520
PayPal Holdings, Inc.
1.650%, 06/01/2025
Callable 05/01/2025		700,000		655,344
Visa Inc.:
3.150%, 12/14/2025
Callable 09/14/2025		300,000		286,737
1.900%, 04/15/2027
Callable 02/15/2027		500,000		448,824
				1,874,425
Ground Transportation - 0.2%
Union Pacific Corp.
3.750%, 07/15/2025
Callable 05/15/2025		200,000		193,837
Health Care Equipment & Supplies - 0.6%
Abbott Laboratories:
3.875%, 09/15/2025
Callable 06/15/2025		255,000		248,310
3.750%, 11/30/2026
Callable 08/30/2026		355,000		341,053
				589,363
Health Care Providers & Services - 0.1%
CVS Health Corp.
3.375%, 08/12/2024
Callable 05/12/2024		50,000		48,915
Hotels, Restaurants & Leisure - 0.5%
McDonald's Corp.
1.450%, 09/01/2025
Callable 08/01/2025		600,000		555,805
Household Products - 0.5%
Colgate-Palmolive Co.
3.100%, 08/15/2027
Callable 07/15/2027		595,000		557,280
Industrial Conglomerates - 0.9%
Honeywell International, Inc.:
2.300%, 08/15/2024
Callable 07/15/2024		250,000		243,123
1.350%, 06/01/2025
Callable 05/01/2025		750,000		702,277
				945,400
Interactive Media & Services - 0.2%
Alphabet, Inc.
1.998%, 08/15/2026
Callable 05/15/2026		200,000		184,115
Life Sciences Tools & Services - 0.9%
Danaher Corp.
3.350%, 09/15/2025
Callable 06/15/2025		250,000		240,373
Thermo Fisher Scientific, Inc.
1.215%, 10/18/2024
Callable 10/10/2023		750,000		715,217
				955,590
Oil, Gas & Consumable Fuels - 2.6%
Chevron Corp.
1.995%, 05/11/2027
Callable 03/11/2027		400,000		358,720
ConocoPhillips Co.
6.950%, 04/15/2029		500,000		541,851
Devon Energy Corp.
4.500%, 01/15/2030
Callable 01/15/2025		500,000		455,073
Enterprise Products Operating, LLC
3.750%, 02/15/2025
Callable 11/15/2024		665,000		646,226
Exxon Mobil Corp.:
2.709%, 03/06/2025
Callable 12/06/2024		255,000		245,786
3.043%, 03/01/2026
Callable 12/01/2025		400,000		379,970
Kinder Morgan Energy Partners, L.P.
4.250%, 09/01/2024
Callable 06/01/2024		125,000		123,001
				2,750,627
Personal Care Products - 0.7%
The Estee Lauder Cos., Inc.
2.000%, 12/01/2024
Callable 11/01/2024		805,000		773,253
Pharmaceuticals - 2.4%
Eli Lilly & Co.
5.000%, 02/27/2026
Callable 02/27/2024		545,000		543,818
Johnson & Johnson
0.550%, 09/01/2025
Callable 08/01/2025		735,000		672,771
Pfizer, Inc.
0.800%, 05/28/2025
Callable 04/28/2025		800,000		741,608
Zoetis Inc.
4.500%, 11/13/2025
Callable 08/13/2025		600,000		587,717
				2,545,914
Semiconductors & Semiconductor Equipment - 0.8%
Intel Corp.
3.700%, 07/29/2025
Callable 04/29/2025		500,000		484,216
NVIDIA Corp.
3.200%, 09/16/2026
Callable 06/16/2026		400,000		379,070
				863,286
Software - 2.5%
Adobe Inc.
1.900%, 02/01/2025
Callable 01/01/2025		755,000		721,708
Fortinet, Inc.
1.000%, 03/15/2026
Callable 02/15/2026		600,000		536,009
Microsoft Corp.
3.125%, 11/03/2025
Callable 08/03/2025		230,000		220,441
Oracle Corp.:
2.500%, 04/01/2025
Callable 03/01/2025		500,000		476,357
2.950%, 05/15/2025
Callable 02/15/2025		500,000		478,236
Roper Technologies, Inc.
1.000%, 09/15/2025
Callable 08/15/2025		250,000		228,646
				2,661,397
Specialized REITs - 1.1%
American Tower Corp.:
2.400%, 03/15/2025
Callable 02/15/2025		600,000		569,162
3.375%, 10/15/2026
Callable 07/15/2026		635,000		591,716
				1,160,878
Specialty Retail - 2.2%
Lowe's Cos, Inc.
2.500%, 04/15/2026
Callable 01/15/2026		800,000		743,845
O'Reilly Automotive, Inc.:
4.200%, 04/01/2030
Callable 01/01/2030		500,000		456,434
4.700%, 06/15/2032
Callable 03/15/2032		250,000		229,288
The Home Depot, Inc.
2.800%, 09/14/2027
Callable 06/14/2027		500,000		458,468
Tractor Supply Co.
5.250%, 05/15/2033
Callable 02/15/2033		500,000		472,770
				2,360,805
Technology Hardware, Storage & Peripherals - 0.3%
Apple Inc.:
2.500%, 02/09/2025		250,000		240,667
3.200%, 05/13/2025		55,000		53,227
				293,894
TOTAL CORPORATE BONDS
(Cost $33,783,113)				31,655,103
SHORT-TERM INVESTMENTS - 1.2%	Shares		Value
Money Market Funds - 1.2%
Invesco Short-Term Investments Trust - Government & Agency Portfolio -Institutional Shares, 5.26% (c)		1,322,908		1,322,908
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,322,908)				1,322,908
Total Investments - 99.9%				107,438,069
(Cost $82,463,742)
Other Assets in Excess of Liabilities - 0.1%				112,494
TOTAL NET ASSETS - 100.0%			$	107,550,563

(a)	Non-income producing security.
(b)	Security 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, 2023
Sectors:	% Net Assets
Information Technology	18.3%
Health Care	13.4%
Industrials	12.1%
Consumer Staples	10.5%
Financials	10.4%
Materials	9.7%
Energy	8.3%
Consumer Discretionary	7.4%
Communication Services	6.6%
Real Estate	2.0%
Money Market Funds	1.2%
Other assets in excess of liabilities	0.1%

Fair Value Measurement Summary at September 30, 2023 (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. 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 September 30, 2023, the Fund's assets carried at fair value were classified as follows:

LKCM Balanced Fund
Description	Level 1		Level 2		Level 3		Total
Common Stock	$	74,460,058	$	–	$	–	$	74,460,058
Corporate Bonds		–		31,655,103		–		31,655,103
Short-Term Investments		1,322,908		–		–		1,322,908
Total Investments	$	75,782,966	$	31,655,103	$	–	$	107,438,069