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

LKCM EQUITY FUND
SCHEDULE OF INVESTMENTS
September 30, 2022 (Unaudited)
COMMON STOCKS - 91.8%	Shares		Value
Aerospace & Defense - 2.0%
Honeywell International, Inc.		50,000	$	8,348,500
Banks - 5.5%
Bank of America Corp.		160,000		4,832,000
Comerica, Inc.		100,000		7,110,000
Cullen/Frost Bankers, Inc.		65,000		8,594,300
Glacier Bancorp, Inc.		60,000		2,947,800
				23,484,100
Beverages - 3.9%
The Coca-Cola Co.		95,000		5,321,900
Keurig Dr Pepper, Inc.		110,000		3,940,200
PepsiCo, Inc.		45,000		7,346,700
				16,608,800
Biotechnology - 2.5%
Amgen, Inc.		28,000		6,311,200
Neogen Corp. (a)		300,000		4,191,000
				10,502,200
Chemicals - 6.6%
Air Products & Chemicals, Inc.		25,000		5,818,250
DuPont de Nemours, Inc.		85,000		4,284,000
Ecolab, Inc.		45,000		6,498,900
FMC Corp.		110,000		11,627,000
				28,228,150
Commercial Services & Supplies - 4.3%
Cintas Corp.		16,000		6,211,040
Waste Connections, Inc. (b)		90,000		12,161,700
				18,372,740
Computers & Peripherals - 3.1%
Apple, Inc.		96,000		13,267,200
Construction Materials - 1.4%
Martin Marietta Materials, Inc.		18,000		5,797,620
Diversified Financials - 1.7%
JPMorgan Chase & Co.		68,000		7,106,000
Electrical Equipment & Instruments - 2.9%
Franklin Electric Co., Inc.		85,000		6,945,350
Rockwell Automation, Inc.		25,000		5,377,750
				12,323,100
Electronic Equipment & Instruments - 2.6%
National Instruments Corp.		75,000		2,830,500
Trimble, Inc. (a)		150,000		8,140,500
				10,971,000
Electronic Equipment, Instruments & Components - 1.6%
Teledyne Technologies, Inc. (a)		20,000		6,749,400
Food Products - 0.8%
The Kraft Heinz Company		100,000		3,335,000
Health Care Equipment & Supplies - 1.8%
Alcon, Inc. (b)		60,000		3,490,800
Stryker Corp.		20,000		4,050,800
				7,541,600
Household Durables - 0.9%
Newell Brands, Inc.		290,000		4,028,100
Household Products - 2.2%
Kimberly-Clark Corp.		50,000		5,627,000
The Procter & Gamble Co.		30,000		3,787,500
				9,414,500
Internet & Catalog Retail - 1.3%
Amazon.com, Inc. (a)		50,000		5,650,000
IT Consulting & Services - 1.4%
PayPal Holdings, Inc. (a)		70,000		6,024,900
Life Sciences Tools & Services - 4.0%
Danaher Corp.		35,750		9,233,868
Thermo Fisher Scientific, Inc.		15,575		7,899,484
				17,133,352
Machinery - 7.8%
Generac Holdings, Inc. (a)		35,000		6,234,900
IDEX Corp.		20,000		3,997,000
The Toro Co.		80,000		6,918,400
Valmont Industries, Inc.		40,000		10,744,800
Xylem, Inc.		60,000		5,241,600
				33,136,700
Marine - 1.6%
Kirby Corp. (a)		110,000		6,684,700
Media & Entertainment - 2.0%
Alphabet, Inc. - Class A (a)		90,000		8,608,500
Metals & Mining - 1.5%
Newmont Goldcorp Corp.		150,000		6,304,500
Oil & Gas & Consumable Fuels - 6.2%
Chevron Corp.		42,500		6,105,975
ConocoPhillips		100,000		10,234,000
Coterra Energy, Inc.		384,000		10,030,080
				26,370,055
Oil, Gas & Consumable Fuels - 0.5%
Kimbell Royalty Partners LP		130,000		2,207,400
Personal Products - 1.0%
The Estee Lauder Cos., Inc. - Class A		20,000		4,318,000
Pharmaceuticals - 4.8%
Merck & Co., Inc.		80,000		6,889,600
Pfizer, Inc.		130,000		5,688,800
Zoetis, Inc.		53,500		7,933,515
				20,511,915
Road & Rail - 1.2%
FTAI Infrastructure Inc. (a)		200,000		480,000
Union Pacific Corp.		24,000		4,675,680
				5,155,680
Semiconductor & Semiconductor Equipment - 0.7%
Intel Corp.		125,000		3,221,250
Software - 9.7%
Adobe, Inc. (a)		25,000		6,880,000
Microsoft Corp.		85,000		19,796,500
Oracle Corp.		120,000		7,328,400
Roper Technologies, Inc.		20,000		7,192,800
				41,197,700
Software & Services - 1.7%
Akamai Technologies, Inc. (a)		90,000		7,228,800
Specialty Retail - 1.9%
The Home Depot, Inc.		30,000		8,278,200
Trading Companies & Distributors - 0.7%
Fortress Transportation and Infrastructure Investors LLC		200,000		2,999,000
TOTAL COMMON STOCKS
(Cost $226,697,789)				391,108,662
SHORT-TERM INVESTMENTS - 8.3%
Money Market Funds - 8.3%
Fidelity Investments Money Market Government Portfolio - Class I, 2.73% (c)		9,589,326		9,589,325
Invesco Short-Term Investments Trust - Government & Agency Portfolio - Institutional Shares, 2.95% (c)		12,925,060		12,925,060
MSILF Government Portfolio - Institutional Class, 2.81% (c)		12,925,060		12,925,060
				35,439,445
TOTAL SHORT-TERM INVESTMENTS
(Cost $35,439,445)				35,439,445
Total Investments - 100.1%				426,548,107
(Cost $262,137,234)
Liabilities in Excess of Other Assets - (0.1)%				(215,817	)
TOTAL NET ASSETS - 100.0%			$	426,332,290

(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 EQUITY FUND
Sector Classification
September 30, 2022
Sectors:	% Net Assets
Information Technology	20.8%
Industrials	20.4%
Health Care	13.1%
Materials	9.5%
Money Market Funds	8.3%
Energy	8.0%
Financials	7.2%
Consumer Staples	6.6%
Consumer Discretionary	4.2%
Communication Services	2.0%
Liabilities in excess of other assets	-0.1%
	100.0%

Fair Value Measurement Summary at September 30, 2022 (Unaudited)

Equity securities listed or traded on a U.S. securities exchange for which market quotations are readily available are valued at the last quoted

sale price on the exchange on which the security is primarily traded.  Nasdaq Global Market securities are valued at the Nasdaq Official

Closing Price ("NOCP").  Unlisted U.S. equity securities and listed U.S. equity securities not traded on a particular valuation date are valued at

the mean of the most recent quoted bid and ask price on the relevant exchanges or markets.  Equity securities listed on a foreign exchange for

which market quotations are readily available are valued at the last quoted sales price on the exchange on which the security is primarily

traded.  Debt securities are normally valued at the mean of the closing bid and ask price and/or by using a combination of broker quotations or

evaluated prices provided by an independent pricing service.  Futures and options on futures are valued at the settlement prices established each

day on the principal exchange on which they are traded.  Forward contracts are valued based on the forward rate using information provided by

an independent pricing service.  Other assets and securities for which no market or broker quotations or evaluated prices are readily available

are valued in good faith at fair value using guidelines approved by the Board of Trustees.  The Board of Trustees has established policies and

procedures for that authorize the Adviser to fair value a security in good faith under certain circumstances.  The Fund's may use prices provided

by independent pricing services to assist in the fair valuation of the Funds' portfolio securities.

The Trust has adopted accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring

fair value.  These standards require additional disclosures about the various inputs and valuation techniques used to develop the

measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period.  These standards

define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market

participants at the measurement date.  The fair value hierarchy is organized into three levels based upon the assumptions (referred to

as "inputs') used in pricing the asset or liability.  These standards state that "observable inputs" reflect the assumptions market

participants would use in pricing the asset or liability based on market data obtained from independent sources and "unobservable

inputs" reflect an entity's own assumptions about the assumptions market participants would use in pricing the asset or liability.  These

inputs are summarized in the three broad levels listed below.

Level 1 -  Quoted unadjusted prices for identical instruments in active markets to which the Trust has access at the date of measurement.

Level 2 -  Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not

active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active

markets.  Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public

information exists or instances where prices vary substantially over time or among brokered market makers.

Level 3 -  Model derived valuations in which one or more significant inputs or significant value drivers are unobservable.  Unobservable

inputs are those inputs that reflect the Trust's own assumptions that market participants would use to price the asset or liability

based on the best available information.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those

securities.  As of September 30, 2022, the Fund's assets carried at fair value were classified as follows:

LKCM Equity Fund
Description	Level 1		Level 2		Level 3		Total
Common Stock	$	391,108,662	$	–	$	–	$	391,108,662
Short-Term Investments		35,439,445		–		–		35,439,445
Total Investments	$	426,548,107	$	–	$	–	$	426,548,107