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


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