LKCM SMALL-MID CAP EQUITY FUND
SCHEDULE OF INVESTMENTS
September 30, 2020 (Unaudited)
COMMON STOCKS - 96.2%	Shares		Value
Aerospace & Defense - 3.6%
Axon Enterprise, Inc. (a)		3,045	$	276,181
Mercury Systems, Inc. (a)		2,460		190,552
				466,733
Automobiles - 1.7%
Thor Industries, Inc.		2,230		212,430
Banks - 3.4%
Comerica, Inc.		4,610		176,332
Cullen/Frost Bankers, Inc.		1,905		121,825
Zions Bancorp N.A.		4,605		134,558
				432,715
Biotechnology - 10.2%
Charles River Laboratories International, Inc. (a)		1,545		349,865
Emergent BioSolutions, Inc. (a)		1,930		199,427
Exact Sciences Corp. (a)		2,145		218,682
Ligand Pharmaceuticals, Inc. (a)		1,990		189,687
Natera, Inc. (a)		2,470		178,433
Neogen Corp. (a)		2,055		160,804
				1,296,898
Building Products - 4.5%
Builders FirstSource, Inc. (a)		7,475		243,835
Trex Co., Inc. (a)		4,560		326,496
				570,331
Capital Markets - 1.4%
LPL Financial Holdings, Inc.		2,380		182,475
Chemicals - 2.5%
Compass Minerals International, Inc.		3,330		197,635
FMC Corp.		1,150		121,797
				319,432
Electronic Equipment & Instruments - 1.8%
Trimble, Inc. (a)		4,810		234,247
Food Products - 3.2%
Freshpet, Inc. (a)		3,625		404,731
Health Care Equipment & Supplies - 4.1%
NeoGenomics, Inc. (a)		6,405		236,280
STAAR Surgical Co. (a)		5,155		291,567
				527,847
Health Care Providers & Services - 2.8%
Medpace Holdings, Inc. (a)		1,955		218,471
Omnicell, Inc. (a)		1,790		133,642
				352,113
Hotels, Restaurants & Leisure - 3.7%
Churchill Downs, Inc.		1,215		199,041
Wingstop, Inc.		1,970		269,201
				468,242
Insurance - 4.4%
Kinsale Capital Group, Inc.		1,495		284,319
Palomar Holdings, Inc. (a)		2,690		280,406
				564,725
IT Consulting & Services - 1.6%
LiveRamp Holdings, Inc. (a)		3,970		205,527
Leisure Equipment & Products - 2.9%
Pool Corp.		1,100		367,994
Machinery - 4.4%
Colfax Corp. (a)		6,470		202,899
IDEX Corp.		885		161,433
Rexnord Corp.		6,845		204,255
				568,587
Media & Entertainment - 1.9%
Nexstar Media Group, Inc. - Class A		2,745		246,858
Metals & Mining - 1.3%
Teck Resources Ltd. - Class B (b)		12,010		167,179
Multiline Retail - 3.4%
Five Below, Inc. (a)		1,790		227,330
Ollie's Bargain Outlet Holdings, Inc. (a)		2,310		201,779
				429,109
Pharmaceuticals - 3.5%
Horizon Therapeutics PLC (a)(b)		4,445		345,288
Reata Pharmaceuticals, Inc. - Class A (a)		1,000		97,420
				442,708
Professional Services - 1.8%
Upwork, Inc. (a)		13,485		235,178
Real Estate Development - 1.9%
FirstService Corp. (b)		1,815		239,380
Real Estate Investment Trusts - 3.0%
First Industrial Realty Trust, Inc.		4,910		195,418
PotlatchDeltic Corp.		4,390		184,819
				380,237
Software - 15.8%
Appian Corp. (a)		4,430		286,842
Cloudera, Inc. (a)		18,400		200,376
Fair Isaac Corp. (a)		575		244,593
Five9, Inc. (a)		2,235		289,835
Guidewire Software, Inc. (a)		1,875		195,506
Mimecast Ltd. (a)(b)		4,750		222,870
OneSpan, Inc. (a)		7,875		165,060
Proofpoint, Inc. (a)		1,525		160,964
Q2 Holdings, Inc. (a)		1,585		144,647
RealPage, Inc. (a)		1,765		101,735
				2,012,428
Software & Services - 4.5%
Akamai Technologies, Inc. (a)		1,150		127,121
Envestnet, Inc. (a)		2,565		197,915
Medallia, Inc. (a)		9,295		254,869
				579,905
Thrifts & Mortgage Finance - 1.5%
Essent Group Ltd. (b)		5,045		186,715
Trading Companies & Distributors - 1.4%
Watsco, Inc.		795		185,148
TOTAL COMMON STOCKS
(Cost $8,688,616)				12,279,872
SHORT-TERM INVESTMENTS - 3.8%
Money Market Funds - 3.8%
Invesco Short-Term Investments Trust - Government & Agency Portfolio - Institutional Shares, 0.02% (c)		380,000		380,000
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Shares, 0.02% (c)		108,309		108,309
TOTAL SHORT-TERM INVESTMENTS
(Cost $488,309)				488,309
Total Investments - 100.0%				12,768,181
(Cost $9,176,925)
Liabilities in Excess of Other Assets - 0.0%				(1,980	)
TOTAL NET ASSETS - 100.0%			$	12,766,201

(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 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 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 Fund may use prices provided by independent pricing services to assist in the fair valuation of the Fund's 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 September 30, 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	$	12,279,872	$	–	$	–	$	12,279,872
Money Market Funds		488,309		–		–		488,309
Total Investments	$	12,768,181	$	–	$	–	$	12,768,181