LKCM BALANCED FUND
SCHEDULE OF INVESTMENTS
September 30, 2020 (Unaudited)
COMMON STOCKS - 69.6%	Shares		Value
Aerospace & Defense - 1.8%
Honeywell International, Inc.		6,100	$	1,004,121
L3Harris Technologies, Inc.		6,300		1,069,992
				2,074,113
Banks - 2.3%
Bank of America Corp.		55,000		1,324,950
Cullen/Frost Bankers, Inc.		12,400		792,980
Zions Bancorp N.A.		20,000		584,400
				2,702,330
Beverages - 1.9%
The Coca-Cola Co.		26,100		1,288,557
PepsiCo, Inc.		6,700		928,620
				2,217,177
Biotechnology - 1.1%
Charles River Laboratories International, Inc. (a)		5,700		1,290,765
Chemicals - 5.6%
Air Products and Chemicals, Inc.		5,500		1,638,230
Corteva, Inc.		21,358		615,324
DuPont de Nemours, Inc.		8,158		452,606
Ecolab, Inc.		5,900		1,179,056
FMC Corp.		12,600		1,334,466
Linde PLC (b)		5,500		1,309,715
				6,529,397
Commercial Services & Supplies - 3.0%
Cintas Corp.		4,000		1,331,320
Waste Connections, Inc. (b)		9,500		986,100
Waste Management, Inc.		10,000		1,131,700
				3,449,120
Communications Equipment - 1.5%
QUALCOMM, Inc.		15,300		1,800,504
Computers & Peripherals - 2.2%
Apple, Inc.		22,200		2,570,982
Construction Materials - 0.8%
Martin Marietta Materials, Inc.		4,100		964,976
Diversified Financials - 2.0%
JPMorgan Chase & Co.		11,500		1,107,105
Moody's Corp.		4,200		1,217,370
				2,324,475
Diversified Telecommunication Services - 1.7%
AT&T, Inc.		33,689		960,473
Verizon Communications, Inc.		16,341		972,126
				1,932,599
Electrical Equipment & Instruments - 1.7%
Emerson Electric Co.		15,600		1,022,892
Rockwell Automation, Inc.		4,500		993,060
				2,015,952
Electronic Equipment & Instruments - 1.7%
FLIR Systems, Inc.		13,700		491,145
National Instruments Corp.		12,800		456,960
Trimble, Inc. (a)		20,100		978,870
				1,926,975
Food & Drug Retailing - 1.0%
Walmart, Inc.		8,300		1,161,253
Food Products - 0.7%
Mondelez International, Inc. - Class A		13,400		769,830
Health Care Equipment & Supplies - 4.8%
Alcon, Inc. (a)(b)		20,800		1,184,560
Becton, Dickinson & Co.		2,200		511,896
Danaher Corp.		6,200		1,335,046
PerkinElmer, Inc.		10,100		1,267,651
Thermo Fisher Scientific, Inc.		2,950		1,302,484
				5,601,637
Household Products - 2.0%
Colgate-Palmolive Co.		11,900		918,085
Kimberly-Clark Corp.		6,000		885,960
The Procter & Gamble Co.		3,500		486,465
				2,290,510
Internet & Catalog Retail - 1.6%
Amazon.com, Inc. (a)		600		1,889,238
IT Consulting & Services - 4.9%
Black Knight, Inc. (a)		18,400		1,601,720
Broadridge Financial Solutions, Inc.		10,200		1,346,400
PayPal Holdings, Inc. (a)		7,600		1,497,428
Visa, Inc. - Class A		6,100		1,219,817
				5,665,365
Machinery - 1.5%
Fortive Corp.		11,300		861,173
Xylem, Inc.		11,000		925,320
				1,786,493
Media & Entertainment - 4.6%
Alphabet, Inc. - Class C (a)		975		1,432,860
Facebook, Inc. - Class A (a)		4,700		1,230,930
Pinterest, Inc. - Class A (a)		35,000		1,452,850
The Walt Disney Co.		9,500		1,178,760
				5,295,400
Oil & Gas & Consumable Fuels - 2.2%
Cabot Oil & Gas Corp.		25,900		449,624
Chevron Corp.		9,095		654,840
ConocoPhillips		17,900		587,836
EOG Resources, Inc.		10,300		370,182
Pioneer Natural Resources Co.		6,100		524,539
				2,587,021
Personal Products - 0.8%
The Estee Lauder Cos., Inc. - Class A		4,000		873,000
Pharmaceuticals - 4.1%
Abbott Laboratories		12,000		1,305,960
Merck & Co., Inc.		15,200		1,260,840
Pfizer, Inc.		18,100		664,270
Zoetis, Inc.		9,526		1,575,315
				4,806,385
Real Estate Investment Trusts - 1.2%
American Tower Corp.		5,700		1,377,861
Road & Rail - 0.9%
Union Pacific Corp.		5,100		1,004,037
Software - 6.7%
Adobe, Inc. (a)		3,300		1,618,419
Microsoft Corp.		9,800		2,061,234
Oracle Corp.		17,800		1,062,660
RealPage, Inc. (a)		20,900		1,204,676
salesforce.com, Inc. (a)		7,400		1,859,768
				7,806,757
Software & Services - 1.3%
Akamai Technologies, Inc. (a)		13,800		1,525,452
Specialty Retail - 1.6%
The Home Depot, Inc.		5,700		1,582,947
O'Reilly Automotive, Inc. (a)		700		322,756
				1,905,703
Textiles, Apparel & Luxury Goods - 2.4%
NIKE, Inc. - Class B		11,600		1,456,264
VF Corp.		18,200		1,278,550
				2,734,814
TOTAL COMMON STOCKS
(Cost $51,190,607)				80,880,121
	Principal
CORPORATE BONDS - 29.5%	Amount
Aerospace & Defense - 0.9%
Honeywell International, Inc.
1.350%, 06/01/2025
Callable 05/01/2025	$	750,000		774,136
Raytheon Technologies Corp. (c)
3.700%, 12/15/2023
Callable 09/15/2023		250,000		272,210
				1,046,346
Banks - 3.2%
Bank of America Corp.:
2.625%, 04/19/2021		250,000		253,225
3.300%, 01/11/2023		500,000		531,037
The Bank of New York Mellon Corp.:
2.500%, 04/15/2021
Callable 03/15/2021		200,000		202,059
2.200%, 08/16/2023
Callable 06/16/2023		200,000		209,876
Comerica Bank
2.500%, 07/23/2024		300,000		319,365
Comerica, Inc.
3.700%, 07/31/2023
Callable 06/30/2023		475,000		515,162
Truist Bank:
2.625%, 01/15/2022
Callable 12/15/2021		500,000		513,959
3.200%, 04/01/2024
Callable 05/01/2024		250,000		271,319
4.050%, 11/03/2025
Callable 09/03/2025		385,000		445,965
3.300%, 05/15/2026
Callable 04/15/2026		400,000		449,276
				3,711,243
Beverages - 0.4%
PepsiCo, Inc.
3.000%, 08/25/2021		415,000		425,133
Biotechnology - 1.5%
AbbVie, Inc.:
2.850%, 05/14/2023
Callable 03/14/2023		250,000		263,089
3.200%, 05/14/2026
Callable 02/14/2026		600,000		661,375
Amgen, Inc.:
2.700%, 05/01/2022
Callable 03/01/2022		325,000		336,133
3.625%, 05/22/2024
Callable 02/22/2024		250,000		275,377
2.600%, 08/19/2026
Callable 05/19/2026		200,000		217,604
				1,753,578
Chemicals - 0.5%
Ecolab, Inc.
3.250%, 01/14/2023
Callable 11/14/2022		500,000		529,523
Communications Equipment - 1.2%
Cisco Systems, Inc.
2.200%, 09/20/2023
Callable		750,000		788,092
QUALCOMM, Inc.
2.900%, 05/20/2024
Callable 03/20/2024		600,000		646,430
				1,434,522
Computers & Peripherals - 0.7%
Apple, Inc.:
2.850%, 05/06/2021		500,000		507,509
2.500%, 02/09/2025		250,000		269,975
3.200%, 05/13/2025		55,000		61,392
				838,876
Consumer Finance - 0.7%
American Express Co.:
3.400%, 02/27/2023
Callable 01/27/2023		125,000		133,245
3.700%, 08/03/2023
Callable 07/03/2023		300,000		325,928
3.000%, 10/30/2024
Callable 09/29/2024		350,000		380,097
				839,270
Diversified Financials - 1.1%
JPMorgan Chase & Co.:
2.400%, 06/07/2021
Callable 05/07/2021		400,000		405,065
3.250%, 09/23/2022		100,000		105,759
3.375%, 05/01/2023		225,000		240,214
3.875%, 02/01/2024		275,000		303,718
3.200%, 06/15/2026
Callable 03/15/2026		200,000		222,167
				1,276,923
Diversified Telecommunication Services - 1.4%
AT&T, Inc.
3.400%, 05/15/2025
Callable 02/15/2025		750,000		830,725
Verizon Communications, Inc.:
2.450%, 11/01/2022
Callable 08/01/2022		500,000		518,123
3.500%, 11/01/2024
Callable 08/01/2024		250,000		276,263
				1,625,111
Electrical Equipment & Instruments - 1.3%
Emerson Electric Co.:
2.625%, 02/15/2023
Callable 11/15/2022		400,000		419,327
3.150%, 06/01/2025
Callable 03/01/2025		200,000		220,629
Roper Technologies, Inc.:
2.800%, 12/15/2021
Callable 11/15/2021		600,000		615,392
1.000%, 09/15/2025
Callable 08/15/2025		250,000		250,718
				1,506,066
Electronic Equipment & Instruments - 0.5%
Trimble, Inc.
4.150%, 06/15/2023
Callable 05/15/2023		500,000		539,241
Food & Drug Retailing - 0.7%
Walmart, Inc.
3.550%, 06/26/2025
Callable 04/26/2025		700,000		793,592
Health Care Equipment & Supplies - 0.9%
Danaher Corp.
3.350%, 09/15/2025
Callable 06/15/2025		250,000		279,274
Thermo Fisher Scientific, Inc.
3.000%, 04/15/2023
Callable 02/15/2023		705,000		746,106
				1,025,380
Hotels, Restaurants & Leisure - 0.5%
McDonald's Corp.:
3.625%, 05/20/2021		100,000		102,056
1.450%, 09/01/2025
Callable 08/01/2025		500,000		516,433
				618,489
Internet & Catalog Retail - 0.6%
Amazon.com, Inc.
3.300%, 12/05/2021
Callable 10/05/2021		695,000		716,831
Machinery - 0.7%
Illinois Tool Works, Inc.
3.500%, 03/01/2024
Callable 12/01/2023		715,000		783,739
Media & Entertainment - 1.3%
Alphabet, Inc.:
3.375%, 02/25/2024		600,000		660,056
1.998%, 08/15/2026
Callable 05/15/2026		200,000		214,738
The Walt Disney Co.
1.750%, 08/30/2024
Callable 07/30/2024		665,000		692,948
				1,567,742
Oil & Gas & Consumable Fuels - 3.8%
Chevron Corp.:
2.411%, 03/03/2022
Callable 01/03/2022		500,000		513,219
1.995%, 05/11/2027
Callable 03/11/2027		400,000		423,730
ConocoPhillips
2.400%, 12/15/2022
Callable 09/15/2022		490,000		508,741
Enterprise Products Operating, LLC
3.750%, 02/15/2025
Callable 11/15/2024		300,000		333,959
EOG Resources, Inc.
2.625%, 03/15/2023
Callable 12/15/2022		600,000		625,658
Exxon Mobil Corp.:
2.222%, 03/01/2021
Callable 02/01/2021		325,000		327,171
2.709%, 03/06/2025
Callable 12/06/2024		255,000		275,881
3.043%, 03/01/2026
Callable 12/01/2025		400,000		441,974
Kinder Morgan Energy Partners, L.P.
3.950%, 09/01/2022
Callable 06/01/2022		400,000		421,859
Schlumberger Investment SA (b)
3.650%, 12/01/2023
Callable 09/01/2023		500,000		538,398
				4,410,590
Pharmaceuticals - 2.1%
Abbott Laboratories:
3.400%, 11/30/2023
Callable 09/30/2023		480,000		522,276
3.875%, 09/15/2025
Callable 06/15/2025		255,000		291,692
Bristol-Myers Squibb Co.
3.625%, 05/15/2024
Callable 02/15/2024		250,000		275,626
Johnson & Johnson
0.550%, 09/01/2025
Callable 08/01/2025		735,000		735,747
Merck & Co., Inc.
2.350%, 02/10/2022		650,000		669,544
				2,494,885
Real Estate Investment Trusts - 0.9%
American Tower Corp.:
2.400%, 03/15/2025
Callable 02/15/2025		300,000		317,510
3.375%, 10/15/2026
Callable 07/15/2026		635,000		703,752
				1,021,262
Road & Rail - 1.3%
Burlington Northern Santa Fe, LLC
3.000%, 03/15/2023
Callable 12/15/2022		600,000		632,630
Union Pacific Corp.
3.750%, 07/15/2025
Callable 05/15/2025		200,000		227,924
United Parcel Service, Inc.
2.450%, 10/01/2022		600,000		627,082
				1,487,636
Semiconductor Equipment & Products - 0.5%
Intel Corp.
3.700%, 07/29/2025
Callable 04/29/2025		500,000		568,401
Software - 1.8%
Adobe, Inc.
1.900%, 02/01/2025
Callable 01/01/2025		700,000		740,857
Microsoft Corp.:
2.375%, 02/12/2022
Callable 01/12/2022		400,000		410,742
3.125%, 11/03/2025
Callable 08/03/2025		230,000		257,475
Oracle Corp.
2.800%, 07/08/2021		625,000		637,157
				2,046,231
Specialty Retail - 1.0%
The Home Depot, Inc.:
2.625%, 06/01/2022
Callable 05/01/2022		290,000		301,208
2.800%, 09/14/2027
Callable 06/14/2027		500,000		552,985
O'Reilly Automotive, Inc.
4.875%, 01/14/2021
Callable 10/14/2020		300,000		300,451
				1,154,644
TOTAL CORPORATE BONDS
(Cost $32,693,533)				34,215,254
SHORT-TERM INVESTMENT - 0.8%	Shares
Money Market Fund - 0.8%
Invesco Short-Term Investments Trust - Government & Agency Portfolio -Institutional Shares, 0.02% (d)		944,097		944,097
TOTAL SHORT-TERM INVESTMENT
(Cost $944,097)				944,097
Total Investments - 99.9%				116,039,472
(Cost $84,828,237)
Other Assets in Excess of Liabilities - 0.1%				101,612
TOTAL NET ASSETS - 100.0%			$	116,141,084

(a)	Non-income producing security.
(b)	Security issued by non-U.S. incorporated company.
(c)	Rule 144A security. Resale to the public may require registration or may extend only to qualified institutional buyers. The fair market value of the Rule 144A
	securities was $272,210 representing 0.2% of the Fund’s total net assets.
(d)	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 Balanced Fund
Description	Level 1		Level 2		Level 3		Total
Common Stocks	$	80,880,121	$	–	$	–	$	80,880,121
Corporate Bonds		–		34,215,254		–		34,215,254
Money Market Fund		944,097		–		–		944,097
Total Investments	$	81,824,218	$	34,215,254	$	–	$	116,039,472