Our Firm Luther King Capital Management Corporation (“LKCM,” “we” or “us”) is an investment adviser registered with the Securities and Exchange Commission that was founded by J. Luther King, Jr. in 1979. Our parent company is Southwest JLK Corporation, a corporation formed under Texas law. Our employees own or control all of the stock of Southwest JLK Corporation, with J. Luther King, Jr. owning and controlling a majority of the stock and constituting our principal owner. We are organized as a Delaware corporation and our principal place of business is located at 301 Commerce Street, Suite 1600, Fort Worth, Texas 76102. As of March 31, 2023, we had 97 employees, including 65 investment and other professionals with many educational and professional designations, including CFA, MBA, CIC, CPA and CFP. As of March 31, 2023, our “regulatory assets under management” were approximately $26,635,000,000, of which approximately $26,386,000,000 we managed on a discretionary basis and approximately $249,000,000 we managed on a non-discretionary basis. Our “regulatory assets under management” vary significantly from the amount of assets under management we disclose in other reports and documents due to the manner in which regulatory assets under management must be calculated and reported under applicable federal securities laws. As of March 31, 2023, the amount of assets under management we disclose in such other reports and documents was approximately $24,071,000,000. We provide investment advisory services to a variety of clients, including:
• separately managed portfolios for individuals, trusts, estates, charitable organizations, government entities, corporations and other business entities, foundations, endowments, and pension and profit sharing plans;
• LKCM Funds, an open-end management investment company registered under the Investment Company Act of 1940 consisting of seven mutual funds (each, a “Fund,” and together, the “LKCM Funds”);
• sub-advised portfolios;
• affiliated private investment partnerships (“LKCM Partnerships”);
• special purpose private investment partnerships (“Single-Investment Partnerships”);
• model portfolio programs; and
• wrap fee programs. Separately Managed Portfolios We manage equity, small cap, small-mid cap, fixed income, balanced and international equity portfolios for institutional and non-institutional clients. We provide investment advisory services to clients with separately managed portfolios based upon their respective investment objectives, goals, restrictions, tax status, risk profiles, liquidity requirements, instructions and other relevant considerations. Clients with separately managed portfolios may impose restrictions on investments in certain securities or types of securities. LKCM Funds We serve as the investment adviser to the LKCM Funds, a registered investment company comprised of the following mutual funds:
• LKCM Equity Fund;
• LKCM Small Cap Equity Fund;
• LKCM Small-Mid Cap Equity Fund;
• LKCM Balanced Fund;
• LKCM Fixed Income Fund;
• LKCM International Equity Fund; and
• LKCM Aquinas Catholic Equity Fund. We provide investment advisory services to each Fund based on the investment objectives, policies, strategies and restrictions contained in the prospectus and statement of additional information for such Fund as filed from time to time with the Securities and Exchange Commission or otherwise provided under applicable federal securities laws. LKCM Partnerships We serve as the investment adviser to affiliated private investment partnerships (each, an “LKCM Partnership”) that are exempt from registration under the Investment Company Act of 1940, including:
• LKCM Investment Partnership, L.P.;
• LKCM Investment Partnership II, L.P.;
• LKCM Private Discipline (QP), L.P. and LKCM Private Discipline International, L.P. (which are feeder funds of LKCM Private Discipline Master Fund, SPC);
• LKCM Micro-Cap Partnership, L.P.;
• LKCM Headwater Investments I, L.P.;
• LKCM Headwater

Investments II, L.P.;
• LKCM Headwater II Sidecar Partnership, L.P.;
• LKCM Headwater Investments III, L.P.;
• LKCM Headwater Investments IV, L.P.;
• LKCM International Equity, L.P.; and
• LKCM Technology Partnership, L.P. We provide investment advisory services to each LKCM Partnership based on the investment objectives, policies, strategies and restrictions contained in the offering and organizational documents for such LKCM Partnership. Single-Investment Partnerships We or our principals, affiliates or related persons from time to time form capital around a particular strategy, theme, investment or co-investment opportunity, or establish, on a transaction-by-transaction basis, pooled investment vehicles through which we, our principals, affiliates or employees, our clients, the LKCM Partnerships, or other investors, including those which may not be our clients or investors in the LKCM Partnerships, invest (each, a “Single-Investment Partnership”), such as LKCM Headwater PM Co-Investment Partnership, L.P., LKCM Headwater IL Co-Investment Partnership, L.P. and LKCM Headwater Intuity Co-Investment Partnership, L.P. The investment objectives, policies and restrictions of each Single-Investment Partnership are contained in the offering and organizational documents for such Single-Investment Partnership. Sub-Advised Portfolios We serve as sub-adviser to unaffiliated investment advisers, trust companies and other financial institutions for certain of their separately managed portfolios. We provide investment advisory services to each sub-advised portfolio based on the underlying client’s investment objectives, goals, restrictions, tax status, risk profile, liquidity requirements, instructions and other relevant considerations communicated to us by the primary investment adviser, trust company, other financial institution or the underlying client. Sub-advised relationships may impose restrictions on investments in certain securities or types of securities. Model Portfolio Programs We participate in model portfolio programs established by unaffiliated third-party sponsors. Under these programs, we provide non-discretionary investment advice to the sponsors of the programs in the form of a model portfolio for the investment strategy selected by the sponsors. The sponsors use the model portfolios to assist them in managing their client portfolios. The sponsors of the programs have sole responsibility for implementing, administering, and monitoring the investment, trading, compliance and operational aspects of the programs for their clients. Wrap Fee Programs We serve as a portfolio manager under wrap fee programs established by unaffiliated third-party sponsors. Our investment advisory services are based on each program client’s investment objectives, goals, restrictions, tax status, risk profile, liquidity requirements, instructions and other relevant considerations communicated to us by the applicable sponsor or program client. Under the programs, the sponsors charge program clients a wrap fee for portfolio management, trading, custodial and other services, and the sponsors pay us a portion of these fees for our investment advisory services. We generally provide investment advisory services under the wrap fee programs in the same manner as those we provide for separately managed portfolios. We generally do not have discretion in selecting the broker-dealers through which trades for program clients are executed, as the wrap fee programs generally require these trades be executed through the applicable sponsors or their affiliates. As a result, wrap fee program clients may pay higher commissions or realize less favorable prices on securities transactions than those clients for which we have discretionary authority to select brokers. Other Services We provide investment advice to clients through consultations on an as-requested basis. We also offer advice to qualified existing or prospective clients regarding investing in the LKCM Funds, the LKCM Partnerships and/or the Single-Investment Partnerships.