LKCM Funds NPORT-P LKCM Small-Mid Cap Equity Fund (Mar 2020 report)

LKCM SMALL-MID CAP EQUITY FUND
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
	Shares		Value
COMMON STOCKS - 94.5%
Aerospace & Defense - 2.5%
Mercury Systems, Inc. (a)		3,175	$	226,504
Automobiles - 1.1%
Thor Industries, Inc.		2,230		94,061
Biotechnology - 7.0%
Charles River Laboratories International, Inc. (a)		1,605		202,567
Exact Sciences Corp. (a)		2,265		131,370
Ligand Pharmaceuticals, Inc. (a)		2,080		151,258
Neogen Corp. (a)		2,055		137,664
				622,859
Building Products - 3.7%
Builders FirstSource, Inc. (a)		12,150		148,595
Trex Co., Inc. (a)		2,280		182,719
				331,314
Capital Markets - 1.5%
LPL Financial Holdings, Inc.		2,540		138,252
Chemicals - 3.5%
Compass Minerals International, Inc.		3,330		128,105
FMC Corp.		2,205		180,127
				308,232
Construction & Engineering - 1.1%
EMCOR Group, Inc.		1,620		99,338
Consumer Finance - 1.1%
FirstCash, Inc.		1,345		96,490
Electronic Equipment & Instruments - 2.9%
FLIR Systems, Inc.		3,370		107,470
Trimble, Inc. (a)		4,810		153,102
				260,572
Food Products - 2.7%
Freshpet, Inc. (a)		3,810		243,345
Health Care Equipment & Supplies - 4.3%
PRA Health Sciences, Inc. (a)		2,115		175,630
STAAR Surgical Co. (a)		6,400		206,464
				382,094
Health Care Providers & Services - 4.1%
HealthEquity, Inc. (a)		3,150		159,358
Omnicell, Inc. (a)		3,100		203,298
				362,656
Health Care Technology - 3.2%
Teladoc Health, Inc. (a)		1,850		286,769
Hotels, Restaurants & Leisure - 3.5%
Planet Fitness, Inc. - Class A (a)		2,970		144,639
Wingstop, Inc.		2,055		163,783
				308,422
Insurance - 3.0%
The Hanover Insurance Group, Inc.		1,730		156,704
NMI Holdings, Inc. - Class A (a)		9,920		115,171
				271,875
Internet Software & Services - 1.1%
Euronet Worldwide, Inc. (a)		1,135		97,292
IT Consulting & Services - 1.2%
LiveRamp Holdings, Inc. (a)		3,135		103,204
Leisure Equipment & Products - 3.2%
Pool Corp.		1,450		285,316
Machinery - 4.7%
Colfax Corp. (a)		6,725		133,155
IDEX Corp.		885		122,227
Rexnord Corp.		7,220		163,678
				419,060
Marine - 1.0%
Kirby Corp. (a)		1,955		84,984
Media & Entertainment - 5.2%
Live Nation Entertainment, Inc. (a)		2,980		135,471
Nexstar Media Group, Inc. - Class A		2,635		152,119
Pinterest, Inc. - Class A (a)		11,580		178,795
				466,385
Metals & Mining - 1.9%
Reliance Steel & Aluminum Co.		1,985		173,866
Pharmaceuticals - 2.8%
Horizon Therapeutics PLC (a)(b)		8,565		253,695
Real Estate Development - 1.6%
FirstService Corp. (b)		1,815		139,973
Real Estate Investment Trusts - 4.5%
American Campus Communities, Inc.		3,095		85,886
First Industrial Realty Trust, Inc.		5,190		172,464
PotlatchDeltic Corp.		4,635		145,493
				403,843
Software - 12.0%
ACI Worldwide, Inc. (a)		3,595		86,819
Appian Corp. (a)		2,540		102,184
Fair Isaac Corp. (a)		605		186,153
Five9, Inc. (a)		2,235		170,888
Guidewire Software, Inc. (a)		1,875		148,706
Mimecast Ltd. (a)(b)		3,295		116,314
Proofpoint, Inc. (a)		1,585		162,605
RealPage, Inc. (a)		1,765		93,421
				1,067,090
Software & Services - 5.9%
Akamai Technologies, Inc. (a)		1,600		146,384
Coupa Software, Inc. (a)		1,655		231,253
Envestnet, Inc. (a)		2,705		145,475
				523,112
Textiles, Apparel & Luxury Goods - 0.8%
Columbia Sportswear Co.		980		68,375
Thrifts & Mortgage Finance - 1.2%
Home BancShares, Inc.		8,575		102,814
Trading Companies & Distributors - 2.2%
Watsco, Inc.		1,260		199,118
TOTAL COMMON STOCKS
(Cost $8,166,141)				8,420,910
SHORT-TERM INVESTMENTS - 5.5%
Money Market Funds - 5.5%
Invesco Short-Term Investments Trust - Government & Agency Portfolio - Institutional Shares, 0.43% (c)		271,285		271,285
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Shares, 0.22% (c)		212,854		212,854
TOTAL SHORT-TERM INVESTMENTS
(Cost $484,139)				484,139
Total Investments - 100.0%
(Cost $8,650,280)				8,905,049
Other Assets in Excess of Liabilities - 0.0%				4,112
TOTAL NET ASSETS - 100.0%			$	8,909,161

(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.

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.

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 Small-Mid Cap Equity Fund
Description	Level 1		Level 2		Level 3		Total
Common Stocks	$	8,420,910	$	–	$	–	$	8,420,910
Money Market Funds		484,139		–		–		484,139
Total Investments	$	8,905,049	$	–	$	–	$	8,905,049