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Form NPORT-P LKCM Funds For: Mar 31

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StreetInsider.com Top Tickers, 4/24/2024

1. TSLA
2. ENPH
3. TXN
4. BA
5. SPOT
6. META
7. V
8. IBM
9. KMB
10. MSFT


May 26, 2022 4:58 PM EDT 

  
    NPORT-P
    false
    
      
      
        
          0000918942
          XXXXXXXX
        
      
      
      
      
        S000032022
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      LKCM Funds
      811-08352
      0000918942
      549300P4U5XLVM1D1Z46
      301 Commerce Street
      Suite 1600
      Fort Worth
      
      76102
      800-423-6369
      LKCM Small-Mid Cap Equity Fund
      S000032022
      549300GSTV34G6G1RV63
      2022-12-31
      2022-03-31
      N
    
    
      17819660.480000000000
      65187.120000000000
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      0.000000000000
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      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      N
      
        
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Nutanix Inc
        549300X7J6E8TKVIXW09
        Nutanix Inc
        67059N108
        
          
          
        
        6710.000000000000
        NS
        USD
        179962.200000000000
        1.0136160975
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Omnicell Inc
        5493008RH0GTKHHPZI77
        Omnicell Inc
        68213N109
        
          
          
        
        1925.000000000000
        NS
        USD
        249268.250000000000
        1.4039743390
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Palomar Holdings Inc
        549300DOI1MUW11BLX74
        Palomar Holdings Inc
        69753M105
        
          
          
        
        6035.000000000000
        NS
        USD
        386179.650000000000
        2.1751118277
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Paylocity Holding Corp
        549300VH75FTB4DIEE07
        Paylocity Holding Corp
        70438V106
        
          
          
        
        1525.000000000000
        NS
        USD
        313799.250000000000
        1.7674376685
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Perficient Inc
        549300HTBXKL2755T650
        Perficient Inc
        71375U101
        
          
          
        
        2775.000000000000
        NS
        USD
        305499.750000000000
        1.7206917029
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pool Corp
        5493005VZK1KMN6CO617
        Pool Corp
        73278L105
        
          
          
        
        1000.000000000000
        NS
        USD
        422850.000000000000
        2.3816532962
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Quaker Chemical Corp
        549300PJQ1R3WCWCPS54
        Quaker Chemical Corp
        747316107
        
          
          
        
        1438.000000000000
        NS
        USD
        248500.780000000000
        1.3996516538
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        R1 RCM Inc
        549300VKOMJ3EM506212
        R1 RCM Inc
        749397105
        
          
          
        
        10770.000000000000
        NS
        USD
        288205.200000000000
        1.6232821676
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Invesco Government & Agency Po
        5493007T1J7WZ5QI1A47
        Invesco Government & Agency Portfolio
        825252885
        
          
          
        
        548263.310000000000
        NS
        USD
        548263.310000000000
        3.0880291343
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        STAAR Surgical Co
        5299006LRHI7OJ8BY308
        STAAR Surgical Co
        852312305
        
          
          
        
        2390.000000000000
        NS
        USD
        190984.900000000000
        1.0757001693
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Trex Co Inc
        N/A
        Trex Co Inc
        89531P105
        
          
          
        
        2035.000000000000
        NS
        USD
        132946.550000000000
        0.7488059336
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Trimble Inc
        549300E2MI7NSZFQWS19
        Trimble Inc
        896239100
        
          
          
        
        4565.000000000000
        NS
        USD
        329319.100000000000
        1.8548514131
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Upwork Inc
        5493004QJ6WWBXVE2S70
        Upwork Inc
        91688F104
        
          
          
        
        11165.000000000000
        NS
        USD
        259474.600000000000
        1.4614604147
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Utz Brands Inc
        N/A
        Utz Brands Inc
        918090101
        
          
          
        
        12450.000000000000
        NS
        USD
        184011.000000000000
        1.0364204912
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Watsco Inc
        549300F1Y3LN5BX5WN75
        Watsco Inc
        942622200
        
          
          
        
        1045.000000000000
        NS
        USD
        318348.800000000000
        1.7930624781
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WillScot Mobile Mini Holdings
        549300HJ4VIXF476Q166
        WillScot Mobile Mini Holdings Corp
        971378104
        
          
          
        
        8370.000000000000
        NS
        USD
        327518.100000000000
        1.8447074907
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Wingstop Inc
        549300SSH3F8HPIM3Q47
        Wingstop Inc
        974155103
        
          
          
        
        1205.000000000000
        NS
        USD
        141406.750000000000
        0.7964570232
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        YETI Holdings Inc
        549300DSQICIGNT5GO63
        YETI Holdings Inc
        98585X104
        
          
          
        
        4725.000000000000
        NS
        USD
        283405.500000000000
        1.5962484172
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Zions Bancorp NA
        8WH0EE09O9V05QJZ3V89
        Zions Bancorp NA
        989701107
        
          
          
        
        5940.000000000000
        NS
        USD
        389426.400000000000
        2.1933987683
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Zurn Water Solutions Corp
        549300AM3633XDFU1Q85
        Zurn Water Solutions Corp
        98983L108
        
          
          
        
        6560.000000000000
        NS
        USD
        232224.000000000000
        1.3079745892
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Horizon Therapeutics Plc
        529900P0GSQ79OOZEV53
        Horizon Therapeutics Plc
        G46188101
        
          
          
        
        3135.000000000000
        NS
        USD
        329833.350000000000
        1.8577478662
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Academy Sports & Outdoors Inc
        N/A
        Academy Sports & Outdoors Inc
        00402L107
        
          
          
        
        7520.000000000000
        NS
        USD
        296288.000000000000
        1.6688075957
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Altair Engineering Inc
        549300FJ89HZ6GU9S994
        Altair Engineering Inc
        021369103
        
          
          
        
        3950.000000000000
        NS
        USD
        254380.000000000000
        1.4327656746
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Axon Enterprise Inc
        549300QP2IEEGFE16681
        Axon Enterprise Inc
        05464C101
        
          
          
        
        2925.000000000000
        NS
        USD
        402860.250000000000
        2.2690633613
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BellRing Brands Inc
        549300S3BOK5CMTS8054
        BellRing Brands Inc
        07831C103
        
          
          
        
        9955.000000000000
        NS
        USD
        229761.400000000000
        1.2941042820
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Black Knight Inc
        549300TUSNXS3BFFML48
        Black Knight Inc
        09215C105
        
          
          
        
        6880.000000000000
        NS
        USD
        398971.200000000000
        2.2471587408
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Broadridge Financial Solutions
        549300KZDJZQ2YIHRC28
        Broadridge Financial Solutions Inc
        11133T103
        
          
          
        
        2775.000000000000
        NS
        USD
        432095.250000000000
        2.4337260883
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Brunswick Corp/DE
        YM4O38W15AX4YLLQKU27
        Brunswick Corp/DE
        117043109
        
          
          
        
        1735.000000000000
        NS
        USD
        140344.150000000000
        0.7904720526
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Builders FirstSource Inc
        549300W0SKP6L3H7DP63
        Builders FirstSource Inc
        12008R107
        
          
          
        
        4720.000000000000
        NS
        USD
        304628.800000000000
        1.7157861786
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CSW Industrials Inc
        549300SYOEO3RVQ7FB83
        CSW Industrials Inc
        126402106
        
          
          
        
        2050.000000000000
        NS
        USD
        241059.500000000000
        1.3577395122
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CNX Resources Corp
        549300JK3KH8PWM3B226
        CNX Resources Corp
        12653C108
        
          
          
        
        21400.000000000000
        NS
        USD
        443408.000000000000
        2.4974438329
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cable One Inc
        549300648QS85T0XSH18
        Cable One Inc
        12685J105
        
          
          
        
        150.000000000000
        NS
        USD
        219636.000000000000
        1.2370741477
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cadence Bank
        Q7C315HKI8VX0SSKBS64
        Cadence Bank
        12740C103
        
          
          
        
        10270.000000000000
        NS
        USD
        300500.200000000000
        1.6925323208
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Camden Property Trust
        5493002MYX22OHYJBD89
        Camden Property Trust
        133131102
        
          
          
        
        1200.000000000000
        NS
        USD
        199440.000000000000
        1.1233225337
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Charles River Laboratories Int
        549300BSQ0R4UZ5KX287
        Charles River Laboratories International Inc
        159864107
        
          
          
        
        1205.000000000000
        NS
        USD
        342183.850000000000
        1.9273106167
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Colfax Corp
        635400OP2DYYYMOIYL17
        Colfax Corp
        194014106
        
          
          
        
        7885.000000000000
        NS
        USD
        313744.150000000000
        1.7671273241
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Comerica Inc
        I9Q57JVPWHHZ3ZGBW498
        Comerica Inc
        200340107
        
          
          
        
        3935.000000000000
        NS
        USD
        355842.050000000000
        2.0042388348
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cullen/Frost Bankers Inc
        529900V2E9G9AY665O34
        Cullen/Frost Bankers Inc
        229899109
        
          
          
        
        2735.000000000000
        NS
        USD
        378551.350000000000
        2.1321463179
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Diamondback Energy Inc
        549300R22LSX6OHWEN64
        Diamondback Energy Inc
        25278X109
        
          
          
        
        2915.000000000000
        NS
        USD
        399588.200000000000
        2.2506339214
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DigitalBridge Group Inc
        549300XG87L902AGBO89
        DigitalBridge Group Inc
        25401T108
        
          
          
        
        38800.000000000000
        NS
        USD
        279360.000000000000
        1.5734626104
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Driven Brands Holdings Inc
        N/A
        Driven Brands Holdings Inc
        26210V102
        
          
          
        
        8095.000000000000
        NS
        USD
        212736.600000000000
        1.1982140821
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Eagle Materials Inc
        529900KRXRGXL61SG039
        Eagle Materials Inc
        26969P108
        
          
          
        
        2690.000000000000
        NS
        USD
        345288.400000000000
        1.9447966324
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FMC Corp
        CKDHZ2X64EEBQCSP7013
        FMC Corp
        302491303
        
          
          
        
        2510.000000000000
        NS
        USD
        330240.700000000000
        1.8600422176
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Government Portfolio
        N/A
        Fidelity Government Portfolio
        316175108
        
          
          
        
        351683.810000000000
        NS
        USD
        351683.810000000000
        1.9808180331
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FirstService Corp
        5493000XUDIV75BCF118
        FirstService Corp
        33767E202
        
          
          
        
        2245.000000000000
        NS
        USD
        325255.600000000000
        1.8319642234
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Five Below Inc
        529900AAXP5Z6BGI7418
        Five Below Inc
        33829M101
        
          
          
        
        1040.000000000000
        NS
        USD
        164704.800000000000
        0.9276805719
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HF Sinclair Corp
        N/A
        HF Sinclair Corp
        403949100
        
          
          
        
        10640.000000000000
        NS
        USD
        424004.000000000000
        2.3881530666
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ITT Inc
        549300KDSERHTJOXUS80
        ITT Inc
        45073V108
        
          
          
        
        3470.000000000000
        NS
        USD
        260978.700000000000
        1.4699320825
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kirby Corp
        I7NO6FZO5GUCG585T325
        Kirby Corp
        497266106
        
          
          
        
        4790.000000000000
        NS
        USD
        345790.100000000000
        1.9476223991
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LPL Financial Holdings Inc
        549300XROQ4Y8G2L7682
        LPL Financial Holdings Inc
        50212V100
        
          
          
        
        2820.000000000000
        NS
        USD
        515157.600000000000
        2.9015650848
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Leslie's Inc
        N/A
        Leslie's Inc
        527064109
        
          
          
        
        19210.000000000000
        NS
        USD
        371905.600000000000
        2.0947149063
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Magnite Inc
        54930018FR2YX1HHSB02
        Magnite Inc
        55955D100
        
          
          
        
        11200.000000000000
        NS
        USD
        147952.000000000000
        0.8333223802
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Medical Properties Trust Inc
        254900U6E39J1MQCCY14
        Medical Properties Trust Inc
        58463J304
        
          
          
        
        12035.000000000000
        NS
        USD
        254419.900000000000
        1.4329904066
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Medpace Holdings Inc
        549300H8TYEUVTW14A54
        Medpace Holdings Inc
        58506Q109
        
          
          
        
        1660.000000000000
        NS
        USD
        271559.400000000000
        1.5295266409
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MSILF Government Portfolio
        549300BI6Y5SI6BYPB26
        MSILF Government Portfolio
        61747C707
        
          
          
        
        548263.310000000000
        NS
        USD
        548263.310000000000
        3.0880291343
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Natera Inc
        N/A
        Natera Inc
        632307104
        
          
          
        
        2480.000000000000
        NS
        USD
        100886.400000000000
        0.5682308788
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Neogen Corp
        549300HJT9FC36N4UW43
        Neogen Corp
        640491106
        
          
          
        
        5960.000000000000
        NS
        USD
        183806.400000000000
        1.0352681055
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Newmark Group Inc
        N/A
        Newmark Group Inc
        65158N102
        
          
          
        
        15985.000000000000
        NS
        USD
        254481.200000000000
        1.4333356717
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Nexstar Media Group Inc
        52990083ZRR5UT591988
        Nexstar Media Group Inc
        65336K103
        
          
          
        
        1840.000000000000
        NS
        USD
        346803.200000000000
        1.9533285667
        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 SMALL-MID CAP EQUITY FUND
            
SCHEDULE OF INVESTMENTS
            
March 31, 2022 (Unaudited)
            
             
COMMON STOCKS - 87.7%
  
Shares
    
Value
  
Aerospace & Defense - 2.3%
            
Axon Enterprise, Inc. (a)
    
2,925
    
$
402,860
  
                 
Banks - 8.0%
                
Cadence Bank
    
10,270
      
300,500
  
Comerica, Inc.
    
3,935
      
355,842
  
Cullen/Frost Bankers, Inc.
    
2,735
      
378,551
  
Zions Bancorp N.A.
    
5,940
      
389,427
  
             
1,424,320
  
Biotechnology - 3.5%
                
Charles River Laboratories International, Inc. (a)
    
1,205
      
342,184
  
Natera, Inc. (a)
    
2,480
      
100,887
  
Neogen Corp. (a)
    
5,960
      
183,806
  
             
626,877
  
Building Products - 5.1%
                
Builders FirstSource, Inc. (a)
    
4,720
      
304,629
  
CSW Industrials, Inc.
    
2,050
      
241,059
  
Trex Co., Inc. (a)
    
2,035
      
132,947
  
Zurn Water Solutions Corp.
    
6,560
      
232,224
  
             
910,859
  
Capital Markets - 2.9%
                
LPL Financial Holdings, Inc.
    
2,820
      
515,158
  
                 
Chemicals - 3.3%
                
FMC Corp.
    
2,510
      
330,240
  
Quaker Chemical Corp.
    
1,438
      
248,501
  
             
578,741
  
Commercial Services & Supplies - 1.2%
                
Driven Brands Holdings, Inc. (a)
    
8,095
      
212,737
  
                 
Construction & Engineering - 1.8%
                
WillScot Mobile Mini Holdings Corp. (a)
    
8,370
      
327,518
  
                 
Construction Materials - 1.9%
                
Eagle Materials, Inc.
    
2,690
      
345,288
  
                 
Electronic Equipment & Instruments - 1.9%
                
Trimble, Inc. (a)
    
4,565
      
329,319
  
                 
Food Products - 1.0%
                
Utz Brands, Inc.
    
12,450
      
184,011
  
                 
Health Care Equipment & Supplies - 1.1%
                
STAAR Surgical Co. (a)
    
2,390
      
190,985
  
                 
Health Care Providers & Services - 4.6%
                
Medpace Holdings, Inc. (a)
    
1,660
      
271,560
  
Omnicell, Inc. (a)
    
1,925
      
249,268
  
R1 RCM, Inc. (a)
    
10,770
      
288,205
  
             
809,033
  
Hotels, Restaurants & Leisure - 0.8%
                
Wingstop, Inc.
    
1,205
      
141,407
  
                 
Insurance - 2.2%
                
Palomar Holdings, Inc. (a)
    
6,035
      
386,180
  
                 
Internet & Catalog Retail - 0.8%
                
Magnite, Inc. (a)
    
11,200
      
147,952
  
                 
IT Consulting & Services - 6.4%
                
Black Knight, Inc. (a)
    
6,880
      
398,971
  
Broadridge Financial Solutions, Inc.
    
2,775
      
432,095
  
Perficient Inc. (a)
    
2,775
      
305,500
  
             
1,136,566
  
Leisure Equipment & Products - 4.8%
                
Brunswick Corp.
    
1,735
      
140,344
  
Pool Corp.
    
1,000
      
422,850
  
YETI Holdings, Inc. (a)
    
4,725
      
283,406
  
             
846,600
  
Machinery - 3.2%
                
Enovis Corp. (a)
    
7,885
      
313,744
  
ITT, Inc.
    
3,470
      
260,979
  
             
574,723
  
Marine - 1.9%
                
Kirby Corp. (a)
    
4,790
      
345,790
  
                 
Media - 1.2%
                
Cable One, Inc.
    
150
      
219,636
  
                 
Media & Entertainment - 2.0%
                
Nexstar Media Group, Inc. - Class A
    
1,840
      
346,803
  
                 
Multiline Retail - 0.9%
                
Five Below, Inc. (a)
    
1,040
      
164,705
  
                 
Oil, Gas & Consumable Fuels - 7.1%
                
CNX Resources Corp. (a)
    
21,400
      
443,408
  
Diamondback Energy Inc.
    
2,915
      
399,588
  
HF Sinclair Corp. (a)
    
10,640
      
424,004
  
             
1,267,000
  
Personal Products - 1.3%
                
BellRing Brands, Inc. (a)
    
9,955
      
229,761
  
                 
Pharmaceuticals - 1.9%
                
Horizon Therapeutics PLC (a)(b)
    
3,135
      
329,833
  
                 
Professional Services - 1.5%
                
Upwork, Inc. (a)
    
11,165
      
259,475
  
                 
Real Estate Development - 3.3%
                
FirstService Corp. (b)
    
2,245
      
325,256
  
Newmark Group, Inc. - Class A
    
15,985
      
254,481
  
             
579,737
  
Software - 4.2%
                
Altair Engineering, Inc. - Class A (a)
    
3,950
      
254,380
  
Nutanix, Inc. - Class A (a)
    
6,710
      
179,962
  
Paylocity Holding Corp. (a)
    
1,525
      
313,799
  
             
748,141
  
Specialty Retail - 3.8%
                
Academy Sports & Outdoors, Inc.
    
7,520
      
296,288
  
Leslie's, Inc. (a)
    
19,210
      
371,906
  
             
668,194
  
Trading Companies & Distributors - 1.8%
                
Watsco, Inc.
    
1,045
      
318,349
  
                 
TOTAL COMMON STOCKS
                
 (Cost $12,338,420)
            
15,568,558
  
                 
                 
REITS - 4.1%
                
Equity Real Estate Investment Trusts (REITs) - 4.1%
                
Camden Property Trust
    
1,200
      
199,440
  
DigitalBridge Group, Inc. (a)
    
38,800
      
279,360
  
Medical Properties Trust, Inc.
    
12,035
      
254,420
  
             
733,220
  
TOTAL REITS
                
 (Cost $761,635)
            
733,220
  
                 
SHORT-TERM INVESTMENTS - 8.2%
                
Money Market Funds - 8.2%
                
Fidelity Investments Money Market Government Portfolio - Class I, 0.12%(c)
    
365,964
      
365,964
  
Invesco Short-Term Investments Trust - Government & Agency Portfolio - Institutional Shares, 0.25%(c)
    
541,123
      
541,123
  
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Shares, 0.23%(c)
    
541,123
      
541,123
  
             
1,448,210
  
TOTAL SHORT-TERM INVESTMENTS
                
 (Cost $1,448,210)
            
1,448,210
  
                 
Total Investments - 100.0%
            
17,749,988
  
 (Cost $14,548,265)
                
Other Assets in Excess of Liabilities - 0.0%
            
4,485
  
TOTAL NET ASSETS - 100.0%
          
$
17,754,473
  
                 
(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 SMALL-MID CAP EQUITY FUND
    
Sector Classification
    
March 31, 2022
    
     
Sectors:
% Net Assets
  
     
Industrials
18.9%
  
Financials
13.1%
  
Information Technology
12.5%
  
Health Care
11.0%
  
Consumer Discretionary
10.3%
  
Money Market Funds
8.2%
  
Real Estate
7.4%
  
Energy
7.1%
  
Materials
5.2%
  
Communication Services
4.0%
  
Consumer Staples
2.3%
  
Other assets in excess of liabilities
0.0%
  



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 Small-Mid Cap Equity Fund
                        
Description
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
  
$
15,568,558
    
$
–
    
$
–
    
$
15,568,558
  
Short-Term Investments
    
1,448,210
      
–
      
–
    
$
1,448,210
  
REITs
    
733,220
                    
$
733,220
  
Total Investments
  
$
17,749,988
    
$
–
    
$
–
    
$
17,749,988
  
 
                                


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