LKCM Funds NPORT-P LKCM Small-Mid Cap Equity Fund (Mar 2023 report)

LKCM SMALL-MID CAP EQUITY FUND
SCHEDULE OF INVESTMENTS
March 31, 2023 (Unaudited)
COMMON STOCKS - 95.0%	Shares		Value
Aerospace & Defense - 3.6%
Axon Enterprise, Inc. (a)		2,737	$	615,414
Banks - 2.5%
Cadence Bank		10,438		216,693
Cullen/Frost Bankers, Inc.		2,016		212,365
				429,058
Biotechnology - 4.9%
Charles River Laboratories International, Inc. (a)		1,203		242,789
Natera, Inc. (a)		4,305		239,014
Neogen Corp. (a)		18,287		338,675
				820,478
Building Products - 4.5%
Builders FirstSource, Inc. (a)		3,350		297,413
CSW Industrials, Inc.		2,050		284,806
Zurn Elkay Water Solutions Corp.		8,330		177,929
				760,148
Capital Markets - 1.8%
LPL Financial Holdings, Inc.		1,494		302,386
Chemicals - 3.0%
FMC Corp.		2,510		306,546
Quaker Chemical Corp.		1,028		203,493
				510,039
Commercial Services & Supplies - 2.4%
Driven Brands Holdings Inc. (a)		13,185		399,637
Construction & Engineering - 4.5%
AECOM		4,468		376,742
WillScot Mobile Mini Holdings Corp. (a)		8,025		376,212
				752,954
Construction Materials - 1.2%
Eagle Materials, Inc.		1,390		203,983
Electronic Equipment, Instruments & Components - 1.5%
Trimble, Inc. (a)		4,704		246,584
Financial Services - 4.2%
Euronet Worldwide, Inc. (a)		3,289		368,039
FleetCor Technologies, Inc. (a)		1,606		338,625
				706,664
Food Products - 1.5%
Utz Brands, Inc.		15,766		259,666
Health Care Equipment & Supplies - 2.9%
Enovis Corp. (a)		6,504		347,899
STAAR Surgical Co. (a)		2,076		132,760
				480,659
Health Care Providers & Services - 1.0%
Progyny, Inc. (a)		5,160		165,739
Hotels, Restaurants & Leisure - 4.0%
Bowlero Corp. (a)		21,491		364,272
Wingstop, Inc.		1,674		307,313
				671,585
Insurance - 3.7%
Goosehead Insurance, Inc. - Class A (a)		6,643		346,765
Palomar Holdings, Inc. (a)		5,087		280,802
				627,567
IT Services - 4.0%
AvidXchange Holdings, Inc. (a)		23,050		179,790
Perficient Inc. (a)		3,092		223,211
Twilio Inc. - Class A (a)		4,055		270,185
				673,186
Leisure Equipment & Products - 3.1%
Pool Corp.		922		315,730
YETI Holdings, Inc. (a)		5,138		205,520
				521,250
Life Sciences Tools & Services - 0.5%
Stevanato Group SpA (b)		3,570		92,463
Machinery - 2.8%
ITT, Inc.		3,292		284,100
The Toro Co.		1,709		189,972
				474,072
Marine Transportation - 1.7%
Kirby Corp. (a)		4,021		280,264
Media & Entertainment - 2.0%
Nexstar Media Group, Inc. - Class A		1,939		334,788
Metals & Mining - 2.4%
Reliance Steel & Aluminum Co.		1,593		408,987
Multiline Retail - 0.8%
Five Below, Inc. (a)		684		140,883
Oil, Gas & Consumable Fuels - 5.6%
Diamondback Energy Inc.		2,022		273,314
HF Sinclair Corp.		4,141		200,341
Marathon Oil Corp.		10,052		240,846
Northern Oil and Gas, Inc.		7,517		228,141
				942,642
Personal Care Products - 2.0%
BellRing Brands, Inc. (a)		9,955		338,470
Professional Services - 2.7%
Broadridge Financial Solutions, Inc.		3,125		458,031
Real Estate Management & Development - 5.5%
Colliers International Group, Inc. (b)		3,506		370,058
DigitalBridge Group, Inc.		20,265		242,978
FirstService Corp. (b)		2,245		316,523
				929,559
Software - 6.9%
Altair Engineering, Inc. - Class A (a)		3,950		284,835
Paylocity Holding Corp. (a)		1,995		396,566
Sprout Social, Inc. - Class A (a)		3,689		224,586
Workiva Inc. (a)		2,519		257,971
				1,163,958
Specialty Retail - 4.1%
Academy Sports & Outdoors, Inc.		7,812		509,733
Leslie's, Inc. (a)		16,162		177,944
				687,677
Textiles, Apparel & Luxury Goods - 1.4%
Tapestry, Inc.		5,386		232,190
Trading Companies & Distributors - 2.3%
Watsco, Inc.		1,204		383,065
TOTAL COMMON STOCKS
(Cost $13,706,852)				16,014,046
REITS - 1.0%
Residential REITs - 1.0%
Camden Property Trust		1,580		165,647
TOTAL REITS
(Cost $272,729)				165,647
SHORT-TERM INVESTMENTS - 3.9%
Money Market Funds - 3.9%
Invesco Short-Term Investments Trust - Government & Agency Portfolio - Institutional Shares, 4.74% (c)		495,109		495,109
MSILF Government Portfolio, 4.74% (c)		168,106		168,106
				663,215
TOTAL SHORT-TERM INVESTMENTS
(Cost $663,215)				663,215
Total Investments - 99.9%				16,842,908
(Cost $14,642,796)
Other Assets in Excess of Liabilities - 0.1%				19,307
TOTAL NET ASSETS - 100.0%			$	16,862,215

(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 SMALL-MID CAP EQUITY FUND
Sector Classification
March 31, 2023
Sectors:	% Net Assets
Industrials	24.5%
Consumer Discretionary	13.4%
Financials	13.3%
Information Technology	11.3%
Health Care	9.2%
Materials	6.7%
Real Estate	6.5%
Energy	5.6%
Money Market Funds	3.9%
Consumer Staples	3.5%
Communication Services	2.0%
Other assets in excess of liabilities	0.1%

Fair Value Measurement Summary at March 31, 2023 (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. Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Rule”) establishes requirements for determining

fair value in good faith for purposes of the Investment Company Act of 1940, including related oversight and reporting requirements. The

Valuation Rule also defines when market quotations are “readily available” for purposes of the Investment Company Act of 1940, the

threshold for determining whether the Fund must fair value a security. The Valuation Rule permits the Fund’s board to designate the

Fund’s primary investment adviser as “valuation designee” to perform the Fund’s fair value determinations subject to board oversight

and certain reporting and other requirements intended to ensure that the registered investment company’s board receives the

information it needs to oversee the investment adviser’s fair value determinations. The Board has designated the Adviser as valuation

designee under the Valuation Rule to perform fair value functions in accordance with the requirements of the Valuation Rule. The

Adviser may value securities at fair value in good faith pursuant to the Adviser’s and the Fund’s procedures. The Adviser may use

prices provided by independent pricing services to assist in the fair valuation of the Fund’s 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, 2023, 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	$	16,014,046	$	–	$	–	$	16,014,046
REITS		165,647		–		–		165,647
Short-Term Investments		663,215		–		–		663,215
Total Investments	$	16,842,908	$	–	$	–	$	16,842,908