NPORT-EX 2 international-equity.htm N-PORT EX

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