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

LKCM SMALL-MID CAP EQUITY FUND
SCHEDULE OF INVESTMENTS
September 30, 2022 (Unaudited)
COMMON STOCKS - 89.1%	Shares		Value
Aerospace & Defense - 2.3%
Axon Enterprise, Inc. (a)		2,925	$	338,569
Banks - 6.2%
Cadence Bank		10,270		260,961
Cullen/Frost Bankers, Inc.		2,735		361,622
Zions Bancorp N.A.		5,940		302,108
				924,691
Biotechnology - 4.9%
Charles River Laboratories International, Inc. (a)		1,355		266,664
Natera, Inc. (a)		2,480		108,673
Neogen Corp. (a)		24,612		343,830
				719,167
Building Products - 4.4%
Builders FirstSource, Inc. (a)		3,350		197,382
CSW Industrials, Inc.		2,050		245,590
Zurn Elkay Water Solutions Corp.		8,330		204,085
				647,057
Capital Markets - 3.9%
LPL Financial Holdings, Inc.		2,659		580,938
Chemicals - 2.8%
FMC Corp.		2,510		265,307
Quaker Chemical Corp.		1,028		148,423
				413,730
Commercial Services & Supplies - 2.5%
Driven Brands Holdings Inc. (a)		13,185		368,916
Construction & Engineering - 4.7%
AECOM		4,754		325,031
WillScot Mobile Mini Holdings Corp. (a)		9,210		371,439
				696,470
Construction Materials - 1.0%
Eagle Materials, Inc.		1,390		148,980
Containers & Packaging - 1.7%
Crown Holdings, Inc.		3,071		248,843
Electronic Equipment & Instruments - 1.7%
Trimble, Inc. (a)		4,565		247,743
Food Products - 1.8%
Utz Brands, Inc.		17,510		264,401
Health Care Equipment & Supplies - 3.5%
Enovis Corp. (a)		4,328		199,391
Omnicell, Inc. (a)		1,925		167,533
STAAR Surgical Co. (a)		2,076		146,462
				513,386
Health Care Providers & Services - 1.3%
R1 RCM Inc. (a)		10,770		199,568
Hotels, Restaurants & Leisure - 1.6%
Wingstop, Inc.		1,909		239,427
Insurance - 3.9%
Goosehead Insurance, Inc. - Class A (a)		4,215		150,222
Palomar Holdings, Inc. (a)		5,087		425,884
				576,106
IT Consulting & Services - 6.1%
Black Knight, Inc. (a)		4,900		317,177
Broadridge Financial Solutions, Inc.		2,775		400,488
Perficient Inc. (a)		2,775		180,431
				898,096
IT Services - 2.0%
FleetCor Technologies, Inc. (a)		1,685		296,846
Leisure Equipment & Products - 3.3%
Pool Corp.		1,104		351,304
YETI Holdings, Inc. (a)		4,640		132,333
				483,637
Marine - 2.0%
Kirby Corp. (a)		4,790		291,088
Media - 1.5%
Cable One, Inc.		262		223,499
Media & Entertainment - 2.1%
Nexstar Media Group, Inc. - Class A		1,840		307,004
Multiline Retail - 1.0%
Five Below, Inc. (a)		1,040		143,177
Oil, Gas & Consumable Fuels - 7.3%
CNX Resources Corp. (a)		21,400		332,342
Diamondback Energy Inc.		2,022		243,570
HF Sinclair Corp.		6,530		351,575
Marathon Oil Corp.		6,620		149,480
				1,076,967
Personal Products - 1.4%
BellRing Brands, Inc. (a)		9,955		205,173
Real Estate Development - 1.8%
FirstService Corp. (b)		2,245		267,177
Real Estate Management & Development - 1.5%
Colliers International Group, Inc. (b)		2,500		229,150
Software - 5.1%
Altair Engineering, Inc. - Class A (a)		3,950		174,669
Paylocity Holding Corp. (a)		1,609		388,702
Sprout Social, Inc. - Class A (a)		3,120		189,322
				752,693
Specialty Retail - 3.4%
Academy Sports & Outdoors, Inc.		7,520		317,193
Leslie's, Inc. (a)		12,497		183,831
				501,024
Trading Companies & Distributors - 2.4%
Watsco, Inc.		1,370		352,720
TOTAL COMMON STOCKS
(Cost $12,596,873)				13,156,243
REITS - 2.4%	Shares		Value
Real Estate Investment Trusts (REITs) - 2.4%
Camden Property Trust		1,580		188,731
DigitalBridge Group, Inc.		13,352		167,033
TOTAL REITS
(Cost $620,875)				355,764
SHORT-TERM INVESTMENTS - 7.8%
Money Market Funds - 7.8%
Fidelity Investments Money Market Government Portfolio - Class I, 2.73% (c)		263,952		263,952
Invesco Short-Term Investments Trust - Government & Agency Portfolio - Institutional Shares, 2.95% (c)		446,235		446,235
MSILF Government Portfolio - Institutional Class, 2.81% (c)		446,235		446,235
				1,156,422
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,156,422)				1,156,422
Total Investments - 99.3%				14,668,429
(Cost $14,374,170)
Other Assets in Excess of Liabilities - 0.7%				101,259
TOTAL NET ASSETS - 100.0%			$	14,769,688

(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
September 30, 2022
Sectors:	% Net Assets
Industrials	18.1%
Information Technology	14.9%
Financials	14.1%
Health Care	9.7%
Consumer Discretionary	9.3%
Money Market Funds	7.8%
Energy	7.3%
Real Estate	5.8%
Materials	5.5%
Communication Services	3.6%
Consumer Staples	3.2%
Other assets in excess of liabilities	0.7%
	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 that authorize the Adviser to fair value a security in good faith under certain circumstances.  The Funds 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 Small-Mid Cap Equity Fund
Description	Level 1		Level 2		Level 3		Total
Common Stock	$	13,156,243	$	–	$	–	$	13,156,243
REITS		355,764		–		–		355,764
Short-Term Investments		1,156,422		–		–		1,156,422
Total Investments	$	14,668,429	$	–	$	–	$	14,668,429