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

LKCM INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
September 30, 2020 (Unaudited)
COMMON STOCKS - 90.3%	Shares		Value
AUSTRALIA - 2.7%
Pharmaceuticals - 2.7%
CSL Ltd.		2,510	$	518,483
Total Australia				518,483
FINLAND - 1.9%
Banks - 1.9%
Nordea Bank Abp (a)		46,350		352,201
Total Finland				352,201
FRANCE - 12.1%
Chemicals - 2.8%
Air Liquide SA		3,290		521,500
Electrical Equipment & Instruments - 3.2%
Schneider Electric SA		4,850		602,854
IT Consulting & Services - 2.3%
Cap Gemini		3,425		439,414
Oil & Gas & Consumable Fuels - 1.3%
TOTAL SA		7,200		247,268
Specialty Retail - 2.5%
LVMH Moet Hennessy Louis Vuitton SE		1,000		467,903
Total France				2,278,939
GERMANY - 11.3%
Insurance - 1.2%
Allianz SE		1,200		230,317
Machinery - 2.6%
KION Group AG		5,750		490,991
Semiconductor Equipment & Products - 2.2%
Infineon Technologies AG		14,425		406,582
Software - 3.1%
SAP SE		3,750		583,947
Textiles, Apparel & Luxury Goods - 2.2%
Adidas AG (a)		1,275		411,754
Total Germany				2,123,591
IRELAND - 2.4%
Construction Materials - 2.4%
CRH PLC		12,650		458,708
Total Ireland				458,708
ITALY - 2.2%
Banks - 1.0%
UniCredit SpA (a)		22,750		187,967
Textiles, Apparel & Luxury Goods - 1.2%
Moncler SpA (a)		5,750		235,300
Total Italy				423,267
JAPAN - 9.5%
Computers & Peripherals - 2.4%
Nidec Corp.		4,850		454,823
Food & Drug Retailing - 2.3%
Tsuruha Holdings, Inc.		3,125		443,022
Media & Entertainment - 3.4%
Nintendo Co., Ltd.		1,134		642,628
Personal Products - 1.4%
Shiseido Co., Ltd.		4,475		259,058
Total Japan				1,799,531
JERSEY - 3.1%
Trading Companies & Distributors - 3.1%
Ferguson PLC		5,900		593,723
Total Jersey				593,723
NETHERLANDS - 5.5%
Professional Services - 2.1%
Wolters Kluwer NV		4,630		394,953
Semiconductor Equipment & Products - 3.4%
ASML Holding NV		1,750		646,406
Total Netherlands				1,041,359
SPAIN - 3.4%
Banks - 0.9%
CaixaBank SA		76,250		161,871
Machinery - 2.5%
Fluidra SA		28,800		486,357
Total Spain				648,228
SWEDEN - 1.1%
Oil & Gas & Consumable Fuels - 1.1%
Lundin Petroleum AB		10,500		208,224
Total Sweden				208,224
SWITZERLAND - 15.2%
Banks - 1.9%
Julius Baer Group Ltd.		8,350		354,644
Electrical Equipment & Instruments - 2.5%
ABB Ltd.		18,175		462,079
Health Care Equipment & Supplies - 2.0%
Alcon, Inc. (a)		6,750		382,696
Pharmaceuticals - 6.7%
Lonza Group AG		1,150		709,706
Roche Holding AG		1,620		554,916
				1,264,622
Software - 2.1%
Temenos AG		2,935		394,477
Total Switzerland				2,858,518
UNITED KINGDOM - 19.9%
Banks - 1.9%
Barclays PLC (a)		150,000		189,234
Lloyds Banking Group PLC (a)		485,000		164,650
				353,884
Beverages - 1.5%
Diageo PLC		8,000		274,791
Commercial Services & Supplies - 3.1%
Rentokil Initial Plc (a)		84,400		583,362
Hotels, Restaurants & Leisure - 3.0%
Compass Group PLC		14,750		221,572
InterContinental Hotels Group PLC (a)		6,400		335,941
				557,513
Household Products - 1.7%
Reckitt Benckiser Group PLC		3,300		321,769
Insurance - 1.6%
Prudential PLC		20,600		295,577
Oil & Gas & Consumable Fuels - 0.9%
Royal Dutch Shell PLC - A Shares		13,400		167,278
Personal Products - 2.4%
Unilever PLC		7,350		453,153
Specialty Retail - 1.2%
Burberry Group PLC		11,325		227,002
Trading Companies & Distributors - 2.6%
Ashtead Group PLC		13,750		495,159
Total United Kingdom				3,729,488
TOTAL COMMON STOCKS
(Cost $15,683,275)				17,034,260
PREFERRED STOCK - 3.7%
Health Care Equipment & Supplies - 3.7%
Sartorius AG				696,791
TOTAL PREFERRED STOCK
(Cost $367,694)				696,791
SHORT-TERM INVESTMENTS - 5.7%
Money Market Funds - 5.7%
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Shares, 0.02% (b)		520,360		520,360
Invesco Short-Term Investments Trust - Government & Agency Portfolio - Institutional Shares, 0.02% (b)		560,000		560,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,080,360)				1,080,360
Total Investments - 99.7%				18,811,411
(Cost $17,131,329)
Other Assets in Excess of Liabilities - 0.3%				49,637
TOTAL NET ASSETS - 100.0%			$	18,861,048

(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 September 30, 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 listedon 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 may use prices provided by independent pricing services to assist in the fair valuation of the Fund's 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 September 30, 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	$	–	$	17,034,260	$	–	$	17,034,260
Preferred Stock		–		696,791		–		696,791
Money Market Funds		1,080,360		–		–		1,080,360
Total Investments	$	1,080,360	$	17,731,051	$	–	$	18,811,411