Form NPORT-P LKCM Funds For: Mar 31

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May 26, 2022 5:10 PM EDT

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      LKCM Funds
      811-08352
      0000918942
      549300P4U5XLVM1D1Z46
      301 Commerce Street
      Suite 1600
      Fort Worth
      
      76102
      800-423-6369
      LKCM Equity Fund
      S000004608
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      2022-12-31
      2022-03-31
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        Alphabet Inc
        5493006MHB84DD0ZWV18
        Alphabet Inc
        02079K305
        
          
          
        
        4500.000000000000
        NS
        USD
        12516075.000000000000
        2.4258785794
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Amazon.com Inc
        ZXTILKJKG63JELOEG630
        Amazon.com Inc
        023135106
        
          
          
        
        4200.000000000000
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        USD
        13691790.000000000000
        2.6537568746
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
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        Amgen Inc
        62QBXGPJ34PQ72Z12S66
        Amgen Inc
        031162100
        
          
          
        
        28000.000000000000
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        USD
        6770960.000000000000
        1.3123544582
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Apple Inc
        HWUPKR0MPOU8FGXBT394
        Apple Inc
        037833100
        
          
          
        
        100000.000000000000
        NS
        USD
        17461000.000000000000
        3.3843090485
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bank of America Corp
        9DJT3UXIJIZJI4WXO774
        Bank of America Corp
        060505104
        
          
          
        
        160000.000000000000
        NS
        USD
        6595200.000000000000
        1.2782884736
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Coterra Energy Inc
        FCNMH6O7VWU7LHXMK351
        Coterra Energy Inc
        127097103
        
          
          
        
        384000.000000000000
        NS
        USD
        10356480.000000000000
        2.0073036467
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chevron Corp
        N/A
        Chevron Corp
        166764100
        
          
          
        
        42500.000000000000
        NS
        USD
        6920275.000000000000
        1.3412948457
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cintas Corp
        N/A
        Cintas Corp
        172908105
        
          
          
        
        16000.000000000000
        NS
        USD
        6806240.000000000000
        1.3191924642
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Coca-Cola Co/The
        UWJKFUJFZ02DKWI3RY53
        Coca-Cola Co/The
        191216100
        
          
          
        
        95000.000000000000
        NS
        USD
        5890000.000000000000
        1.1416058814
        Long
        EC
        CORP
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        N
        
        1
        
          N
          N
          N
        
      
      
        Comerica Inc
        I9Q57JVPWHHZ3ZGBW498
        Comerica Inc
        200340107
        
          
          
        
        100000.000000000000
        NS
        USD
        9043000.000000000000
        1.7527235969
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ConocoPhillips
        WPTL2Z3FIYTHSP5V2253
        ConocoPhillips
        20825C104
        
          
          
        
        100000.000000000000
        NS
        USD
        10000000.000000000000
        1.9382103250
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cullen/Frost Bankers Inc
        529900V2E9G9AY665O34
        Cullen/Frost Bankers Inc
        229899109
        
          
          
        
        65000.000000000000
        NS
        USD
        8996650.000000000000
        1.7437399920
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Danaher Corp
        S4BKK9OTCEWQ3YHPFM11
        Danaher Corp
        235851102
        
          
          
        
        35750.000000000000
        NS
        USD
        10486547.500000000000
        2.0325134638
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DuPont de Nemours Inc
        5493004JF0SDFLM8GD76
        DuPont de Nemours Inc
        26614N102
        
          
          
        
        95000.000000000000
        NS
        USD
        6990100.000000000000
        1.3548283993
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ecolab Inc
        82DYEISM090VG8LTLS26
        Ecolab Inc
        278865100
        
          
          
        
        45000.000000000000
        NS
        USD
        7945200.000000000000
        1.5399468674
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FMC Corp
        CKDHZ2X64EEBQCSP7013
        FMC Corp
        302491303
        
          
          
        
        110000.000000000000
        NS
        USD
        14472700.000000000000
        2.8051136571
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Government Portfolio
        N/A
        Fidelity Government Portfolio
        316175108
        
          
          
        
        14201915.400000000000
        NS
        USD
        14201915.400000000000
        2.7526299063
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        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fortress Transportation and In
        529900E7PUVK6BC8PE80
        Fortress Transportation and Infrastructure Investors LLC
        34960P101
        
          
          
        
        200000.000000000000
        NS
        USD
        5150000.000000000000
        0.9981783174
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Franklin Electric Co Inc
        RR6AURIKMXUE4Q24G284
        Franklin Electric Co Inc
        353514102
        
          
          
        
        85000.000000000000
        NS
        USD
        7058400.000000000000
        1.3680663758
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Generac Holdings Inc
        529900S2H2AHJHSFFI84
        Generac Holdings Inc
        368736104
        
          
          
        
        35000.000000000000
        NS
        USD
        10404100.000000000000
        2.0165334042
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        General Electric Co
        3C7474T6CDKPR9K6YT90
        General Electric Co
        369604301
        
          
          
        
        55000.000000000000
        NS
        USD
        5032500.000000000000
        0.9754043461
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Roper Technologies Inc
        54930003T4SXCIWVXY35
        Roper Technologies Inc
        776696106
        
          
          
        
        20000.000000000000
        NS
        USD
        9444600.000000000000
        1.8305621236
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Invesco Government & Agency Po
        5493007T1J7WZ5QI1A47
        Invesco Government & Agency Portfolio
        825252885
        
          
          
        
        15820065.410000000000
        NS
        USD
        15820065.410000000000
        3.0662614120
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Stryker Corp
        5493002F0SC4JTBU5137
        Stryker Corp
        863667101
        
          
          
        
        20000.000000000000
        NS
        USD
        5347000.000000000000
        1.0363610608
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Teledyne Technologies Inc
        549300VSMO9KYQWDND94
        Teledyne Technologies Inc
        879360105
        
          
          
        
        20000.000000000000
        NS
        USD
        9452600.000000000000
        1.8321126918
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Thermo Fisher Scientific Inc
        HCHV7422L5HDJZCRFL38
        Thermo Fisher Scientific Inc
        883556102
        
          
          
        
        15575.000000000000
        NS
        USD
        9199373.750000000000
        1.7830321186
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Toro Co/The
        YJKE4YIT6BWQHVEW0D14
        Toro Co/The
        891092108
        
          
          
        
        74000.000000000000
        NS
        USD
        6326260.000000000000
        1.2261622451
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Trimble Inc
        549300E2MI7NSZFQWS19
        Trimble Inc
        896239100
        
          
          
        
        150000.000000000000
        NS
        USD
        10821000.000000000000
        2.0973373927
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Union Pacific Corp
        549300LMMRSZZCZ8CL11
        Union Pacific Corp
        907818108
        
          
          
        
        24000.000000000000
        NS
        USD
        6557040.000000000000
        1.2708922630
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Valmont Industries Inc
        5493009ZGZJJ8F77JN08
        Valmont Industries Inc
        920253101
        
          
          
        
        40000.000000000000
        NS
        USD
        9544000.000000000000
        1.8498279342
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Waste Connections Inc
        549300HDLRTPBQU69P29
        Waste Connections Inc
        94106B101
        
          
          
        
        90000.000000000000
        NS
        USD
        12573000.000000000000
        2.4369118416
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Xylem Inc/NY
        549300DF5MV96DRYLQ48
        Xylem Inc/NY
        98419M100
        
          
          
        
        60000.000000000000
        NS
        USD
        5115600.000000000000
        0.9915108739
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Zoetis Inc
        549300HD9Q1LOC9KLJ48
        Zoetis Inc
        98978V103
        
          
          
        
        53500.000000000000
        NS
        USD
        10089565.000000000000
        1.9555699058
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alcon Inc
        549300LDT5AP8S0NBM78
        Alcon Inc
        H01301128
        
          
          
        
        60000.000000000000
        NS
        USD
        4759800.000000000000
        0.9225493505
        Long
        EC
        CORP
        CH
        N
        
        1
        
          N
          N
          N
        
      
      
        Adobe Inc
        FU4LY2G4933NH2E1CP29
        Adobe Inc
        00724F101
        
          
          
        
        28000.000000000000
        NS
        USD
        12757360.000000000000
        2.4726446872
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Akamai Technologies Inc
        OC1LZNN2LF5WTJ5RIL89
        Akamai Technologies Inc
        00971T101
        
          
          
        
        90000.000000000000
        NS
        USD
        10745100.000000000000
        2.0826263763
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Glacier Bancorp Inc
        549300SMJAUKZB5D7V74
        Glacier Bancorp Inc
        37637Q105
        
          
          
        
        60000.000000000000
        NS
        USD
        3016800.000000000000
        0.5847192908
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Home Depot Inc/The
        QEKMOTMBBKA8I816DO57
        Home Depot Inc/The
        437076102
        
          
          
        
        30000.000000000000
        NS
        USD
        8979900.000000000000
        1.7404934898
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Honeywell International Inc
        ISRPG12PN4EIEOEMW547
        Honeywell International Inc
        438516106
        
          
          
        
        50000.000000000000
        NS
        USD
        9729000.000000000000
        1.8856848252
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        IDEX Corp
        549300U5Y5EL6PHYLF13
        IDEX Corp
        45167R104
        
          
          
        
        20000.000000000000
        NS
        USD
        3834600.000000000000
        0.7432261312
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Intel Corp
        KNX4USFCNGPY45LOCE31
        Intel Corp
        458140100
        
          
          
        
        125000.000000000000
        NS
        USD
        6195000.000000000000
        1.2007212963
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        JPMorgan Chase & Co
        8I5DZWZKVSZI1NUHU748
        JPMorgan Chase & Co
        46625H100
        
          
          
        
        68000.000000000000
        NS
        USD
        9269760.000000000000
        1.7966744542
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Keurig Dr Pepper Inc
        DYTQ8KRTKO7Y2BVU5K74
        Keurig Dr Pepper Inc
        49271V100
        
          
          
        
        110000.000000000000
        NS
        USD
        4169000.000000000000
        0.8080398845
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kimberly-Clark Corp
        MP3J6QPYPGN75NVW2S34
        Kimberly-Clark Corp
        494368103
        
          
          
        
        50000.000000000000
        NS
        USD
        6158000.000000000000
        1.1935499181
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kirby Corp
        I7NO6FZO5GUCG585T325
        Kirby Corp
        497266106
        
          
          
        
        100000.000000000000
        NS
        USD
        7219000.000000000000
        1.3991940336
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Estee Lauder Cos Inc/The
        549300VFZ8XJ9NUPU221
        Estee Lauder Cos Inc/The
        518439104
        
          
          
        
        20000.000000000000
        NS
        USD
        5446400.000000000000
        1.0556268714
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Martin Marietta Materials Inc
        5299005MZ4WZECVATV08
        Martin Marietta Materials Inc
        573284106
        
          
          
        
        18000.000000000000
        NS
        USD
        6928020.000000000000
        1.3427959896
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Merck & Co Inc
        4YV9Y5M8S0BRK1RP0397
        Merck & Co Inc
        58933Y105
        
          
          
        
        80000.000000000000
        NS
        USD
        6564000.000000000000
        1.2722412573
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Microsoft Corp
        INR2EJN1ERAN0W5ZP974
        Microsoft Corp
        594918104
        
          
          
        
        80000.000000000000
        NS
        USD
        24664800.000000000000
        4.7805570024
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MSILF Government Portfolio
        549300BI6Y5SI6BYPB26
        MSILF Government Portfolio
        61747C707
        
          
          
        
        15820065.410000000000
        NS
        USD
        15820065.410000000000
        3.0662614120
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        National Instruments Corp
        549300TP4OOPCYWDUP86
        National Instruments Corp
        636518102
        
          
          
        
        75000.000000000000
        NS
        USD
        3044250.000000000000
        0.5900396782
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Newell Brands Inc
        549300LWGYFM1TVO1Z12
        Newell Brands Inc
        651229106
        
          
          
        
        265000.000000000000
        NS
        USD
        5673650.000000000000
        1.0996727010
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Newmont Corp
        549300VSP3RIX7FGDZ51
        Newmont Corp
        651639106
        
          
          
        
        130000.000000000000
        NS
        USD
        10328500.000000000000
        2.0018805342
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Oracle Corp
        1Z4GXXU7ZHVWFCD8TV52
        Oracle Corp
        68389X105
        
          
          
        
        120000.000000000000
        NS
        USD
        9927600.000000000000
        1.9241776823
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PayPal Holdings Inc
        5493005X2GO78EFZ3E94
        PayPal Holdings Inc
        70450Y103
        
          
          
        
        70000.000000000000
        NS
        USD
        8095500.000000000000
        1.5690781686
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PepsiCo Inc
        FJSUNZKFNQ5YPJ5OT455
        PepsiCo Inc
        713448108
        
          
          
        
        45000.000000000000
        NS
        USD
        7532100.000000000000
        1.4598793989
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pfizer Inc
        765LHXWGK1KXCLTFYQ30
        Pfizer Inc
        717081103
        
          
          
        
        130000.000000000000
        NS
        USD
        6730100.000000000000
        1.3044349308
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Procter & Gamble Co/The
        2572IBTT8CCZW6AU4141
        Procter & Gamble Co/The
        742718109
        
          
          
        
        30000.000000000000
        NS
        USD
        4584000.000000000000
        0.8884756130
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Rockwell Automation Inc
        VH3R4HHBHH12O0EXZJ88
        Rockwell Automation Inc
        773903109
        
          
          
        
        25000.000000000000
        NS
        USD
        7000750.000000000000
        1.3568925933
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      2022-05-26
      LKCM Funds
      /s/ Jacob D. Smith
      LKCM Funds
      Chief Financial Officer
    
  
  XXXX

LKCM EQUITY FUND
SCHEDULE OF INVESTMENTS
March 31, 2022 (Unaudited)

COMMON STOCKS - 91.5%	Shares		Value
Aerospace & Defense - 1.9%
Honeywell International, Inc.		50,000	$	9,729,000

Banks - 5.4%
Bank of America Corp.		160,000		6,595,200
Comerica, Inc.		100,000		9,043,000
Cullen/Frost Bankers, Inc.		65,000		8,996,650
Glacier Bancorp, Inc.		60,000		3,016,800
				27,651,650
Beverages - 3.4%
The Coca-Cola Co.		95,000		5,890,000
Keurig Dr Pepper, Inc.		110,000		4,169,000
PepsiCo, Inc.		45,000		7,532,100
				17,591,100
Biotechnology - 1.3%
Amgen, Inc.		28,000		6,770,960

Chemicals - 5.7%
DuPont de Nemours, Inc.		95,000		6,990,100
Ecolab, Inc.		45,000		7,945,200
FMC Corp.		110,000		14,472,700
				29,408,000
Commercial Services & Supplies - 3.8%
Cintas Corp.		16,000		6,806,240
Waste Connections, Inc. (b)		90,000		12,573,000
				19,379,240
Computers & Peripherals - 3.4%
Apple, Inc.		100,000		17,461,000

Construction Materials - 1.3%
Martin Marietta Materials, Inc.		18,000		6,928,020

Diversified Financials - 1.8%
JPMorgan Chase & Co.		68,000		9,269,760

Electrical Equipment & Instruments - 4.6%
Franklin Electric Co., Inc.		85,000		7,058,400
Rockwell Automation, Inc.		25,000		7,000,750
Roper Technologies, Inc.		20,000		9,444,600
				23,503,750
Electronic Equipment & Instruments - 2.7%
National Instruments Corp.		75,000		3,044,250
Trimble, Inc. (a)		150,000		10,821,000
				13,865,250
Electronic Equipment, Instruments & Components - 1.8%
Teledyne Technologies, Inc. (a)		20,000		9,452,600

Health Care Equipment & Supplies - 3.7%
Alcon, Inc. (b)		60,000		4,759,800
Stryker Corp.		20,000		5,347,000
Thermo Fisher Scientific, Inc.		15,575		9,199,374
				19,306,174
Household Durables - 1.1%
Newell Brands, Inc.		265,000		5,673,650

Household Products - 2.1%
Kimberly-Clark Corp.		50,000		6,158,000
The Procter & Gamble Co.		30,000		4,584,000
				10,742,000
Industrial Conglomerates - 1.0%
General Electric Co.		55,000		5,032,500

Internet & Catalog Retail - 2.6%
Amazon.com, Inc. (a)		4,200		13,691,790

IT Consulting & Services - 1.6%
PayPal Holdings, Inc. (a)		70,000		8,095,500

Life Sciences Tools & Services - 2.0%
Danaher Corp.		35,750		10,486,547

Machinery - 6.8%
Generac Holdings, Inc. (a)		35,000		10,404,100
IDEX Corp.		20,000		3,834,600
The Toro Co.		74,000		6,326,260
Valmont Industries, Inc.		40,000		9,544,000
Xylem, Inc.		60,000		5,115,600
				35,224,560
Marine - 1.4%
Kirby Corp. (a)		100,000		7,219,000

Media & Entertainment - 2.4%
Alphabet, Inc. - Class A (a)		4,500		12,516,075

Metals & Mining - 2.0%
Newmont Goldcorp Corp.		130,000		10,328,500

Oil & Gas & Consumable Fuels - 5.3%
Chevron Corp.		42,500		6,920,275
ConocoPhillips		100,000		10,000,000
Coterra Energy, Inc.		384,000		10,356,480
				27,276,755
Oil, Gas & Consumable Fuels - 0.3%
Kimbell Royalty Partners LP		100,000		1,626,000

Personal Products - 1.1%
The Estee Lauder Cos., Inc. - Class A		20,000		5,446,400

Pharmaceuticals - 4.5%
Merck & Co., Inc.		80,000		6,564,000
Pfizer, Inc.		130,000		6,730,100
Zoetis, Inc.		53,500		10,089,565
				23,383,665
Road & Rail - 1.3%
Union Pacific Corp.		24,000		6,557,040

Semiconductor & Semiconductor Equipment - 1.2%
Intel Corp.		125,000		6,195,000

Software - 9.2%
Adobe, Inc. (a)		28,000		12,757,360
Microsoft Corp.		80,000		24,664,800
Oracle Corp.		120,000		9,927,600
				47,349,760
Software & Services - 2.1%
Akamai Technologies, Inc. (a)		90,000		10,745,100

Specialty Retail - 1.7%
The Home Depot, Inc.		30,000		8,979,900

Trading Companies & Distributors - 1.0%
Fortress Transportation and Infrastructure Investors LLC		200,000		5,150,000

TOTAL COMMON STOCKS
(Cost $211,080,144)				472,036,246

SHORT-TERM INVESTMENTS - 8.9%
Money Market Funds - 8.9%
Fidelity Investments Money Market Government Portfolio - Class I, 0.12%(c)		14,500,676		14,500,676
Invesco Short-Term Investments Trust - Government & Agency Portfolio - Institutional Shares, 0.25%(c)		15,709,023		15,709,023
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Shares, 0.23%(c)		15,709,023		15,709,022
				45,918,721
TOTAL SHORT-TERM INVESTMENTS
(Cost $45,918,721)				45,918,721

Total Investments - 100.4%				517,954,967
(Cost $256,998,865)
Liabilities in Excess of Other Assets - (0.4)%				(1,981,297	)
TOTAL NET ASSETS - 100.0%			$	515,973,670

(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 EQUITY FUND
Sector Classification
March 31, 2022

Sectors:	% Net Assets

Information Technology	21.9%
Industrials	21.7%
Health Care	11.6%
Materials	9.0%
Money Market Funds	8.9%
Financials	7.2%
Consumer Staples	6.6%
Energy	5.6%
Consumer Discretionary	5.5%
Communication Services	2.4%
Liabilities in excess of other assets	-0.4%

	100.0%

Fair Value Measurement Summary at March 31, 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 March 31, 2022, the Fund's assets carried at fair value were classified as follows:

LKCM Equity Fund
Description	Level 1		Level 2		Level 3		Total
Common Stock	$	472,036,246	$	–	$	–	$	472,036,246
Short-Term Investment		45,918,721		–		–	$	45,918,721
Total Investments	$	517,954,967	$	–	$	–	$	517,954,967

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