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