LKCM Funds NPORT-P LKCM Equity Fund (Mar 2022 report)

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