LKCM Funds NPORT-P LKCM International Equity Fund (Mar 2020 report)

LKCM INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
	Shares		Value
COMMON STOCKS - 88.9%
AUSTRALIA - 3.3%
Pharmaceuticals - 3.3%
CSL Ltd.		2,300	$	416,925
Total Australia				416,925
FINLAND - 1.8%
Banks - 1.8%
Nordea Bank Abp		40,500		227,829
Total Finland				227,829
FRANCE - 14.0%
Aerospace & Defense - 1.8%
Safran SA		2,625		232,568
Chemicals - 3.0%
Air Liquide SA		2,925		373,369
Electrical Equipment & Instruments - 2.8%
Schneider Electric SA		4,195		354,574
IT Consulting & Services - 2.0%
Cap Gemini		2,990		249,852
Oil & Gas & Consumable Fuels - 1.9%
TOTAL SA		6,220		234,362
Specialty Retail - 2.5%
LVMH Moet Hennessy Louis Vuitton SE		865		317,240
Total France				1,761,965
GERMANY - 7.7%
Insurance - 0.8%
Allianz SE		584		99,454
Machinery - 1.6%
KION Group AG		4,750		204,430
Semiconductor Equipment & Products - 1.4%
Infineon Technologies AG		11,953		172,551
Software - 2.9%
SAP SE		3,325		371,230
Textiles, Apparel & Luxury Goods - 1.0%
adidas AG		550		122,115
Total Germany				969,780
IRELAND - 2.4%
Construction Materials - 2.4%
CRH PLC		10,900		294,768
Total Ireland				294,768
ITALY - 2.6%
Banks - 1.2%
UniCredit SpA		19,400		150,090
Textiles, Apparel & Luxury Goods - 1.4%
Moncler SpA		4,800		174,426
Total Italy				324,516
JAPAN - 9.6%
Computers & Peripherals - 1.7%
Nidec Corp.		4,285		220,825
Food & Drug Retailing - 3.0%
Tsuruha Holdings, Inc.		2,820		371,810
Media & Entertainment - 3.1%
Nintendo Co., Ltd.		995		386,711
Personal Products - 1.8%
Shiseido Co., Ltd.		3,900		229,213
Total Japan				1,208,559
JERSEY - 2.6%
Trading Companies & Distributors - 2.6%
Ferguson PLC		5,200		321,528
Total Jersey				321,528
NETHERLANDS - 3.4%
Semiconductor Equipment & Products - 3.4%
ASML Holding NV		1,600		421,784
Total Netherlands				421,784
SPAIN - 2.7%
Banks - 1.0%
CaixaBank SA		68,500		126,767
Machinery - 1.7%
Fluidra SA (a)		22,750		212,895
Total Spain				339,662
SWEDEN - 1.4%
Oil & Gas & Consumable Fuels - 1.4%
Lundin Petroleum AB		9,200		173,665
Total Sweden				173,665
SWITZERLAND - 16.0%
Banks - 1.9%
Julius Baer Group Ltd.		7,250		242,857
Electrical Equipment & Instruments - 2.2%
ABB Ltd.		15,800		274,620
Health Care Equipment & Supplies - 2.1%
Alcon, Inc. (a)		5,250		268,961
Pharmaceuticals - 7.0%
Lonza Group AG		1,065		438,060
Roche Holding AG		1,350		434,352
				872,412
Software - 2.8%
Temenos AG		2,700		351,944
Total Switzerland				2,010,794
UNITED KINGDOM - 21.4%
Banks - 1.9%
Barclays PLC		60,000		68,186
Lloyds Banking Group PLC		425,000		166,154
				234,340
Beverages - 1.8%
Diageo PLC		7,100		225,137
Commercial Services & Supplies - 2.9%
Rentokil Initial PLC		76,250		364,168
Hotels, Restaurants & Leisure - 3.7%
Compass Group PLC		14,445		225,054
InterContinental Hotels Group PLC		5,570		236,966
				462,020
Household Products - 1.9%
Reckitt Benckiser Group PLC		3,200		243,761
Insurance - 1.6%
Prudential PLC		16,400		205,489
Oil & Gas & Consumable Fuels - 1.6%
Royal Dutch Shell PLC - A Shares		11,700		203,272
Personal Products - 2.6%
Unilever PLC		6,460		325,778
Specialty Retail - 1.3%
Burberry Group PLC		10,325		167,830
Trading Companies & Distributors - 2.1%
Ashtead Group PLC		12,000		259,367
Total United Kingdom				2,691,162
TOTAL COMMON STOCKS
(Cost $13,528,528)				11,162,937
PREFERRED STOCKS - 3.1%
GERMANY - 3.1%
Health Care Equipment & Supplies - 3.1%
Sartorius AG		1,600		382,522
TOTAL PREFERRED STOCKS
(Cost $334,087)				382,522
SHORT-TERM INVESTMENTS - 8.0%
Money Market Funds - 8.0%
Fidelity Investments Money Market Government Portfolio - Class I, 0.30% (b)		261,830		261,830
Invesco Short-Term Investments Trust - Government & Agency Portfolio - Institutional Shares, 0.43% (b)		373,941		373,941
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Shares, 0.22% (b)		373,941		373,941
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,009,712)				1,009,712
Total Investments - 100.0%
(Cost $14,872,327)				12,555,171
Liabilities in Excess of Other Assets - 0.0%				(1,186	)
TOTAL NET ASSETS - 100.0%			$	12,553,985

(a)	Non-income producing security.
(b)	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.

Fair Value Measurement Summary at March 31, 2020 (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 Funds may use prices provided by independent pricing services to assist in the fair valuation of the Funds' portfolio securities.  For foreign securities held by the LKCM International Equity Fund, such fair value prices generally will be based on such independent pricing services' proprietary multi-factor models that measure movements in relevant indices, market indicators or other factors between the time the relevant foreign markets have closed and a Fund calculates its net asset value.

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, 2020, the Fund's assets carried at fair value were classified as follows:

LKCM International Equity Fund
Description	Level 1		Level 2		Level 3		Total
Common Stocks	$	–	$	11,162,937	$	–	$	11,162,937
Preferred Stock		–		382,522		–		382,522
Money Market Funds		1,009,712		–		–		1,009,712
Total Investments	$	1,009,712	$	11,545,459	$	–	$	12,555,171