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

LKCM SMALL CAP EQUITY FUND
  
SCHEDULE OF INVESTMENTS
  
September 30, 2020 (Unaudited)
  
             
COMMON STOCKS - 98.5%
  
Shares
    
Value
  
Aerospace & Defense - 1.4%
            
Mercury Systems, Inc. (a)
    
27,400
    
$
2,122,404
  
                 
Automobiles - 1.0%
                
Thor Industries, Inc.
    
16,125
      
1,536,068
  
                 
Banks - 4.1%
                
BancorpSouth Bank
    
49,149
      
952,508
  
Comerica, Inc.
    
33,485
      
1,280,801
  
Cullen/Frost Bankers, Inc.
    
15,360
      
982,272
  
Glacier Bancorp, Inc.
    
30,185
      
967,429
  
Pinnacle Financial Partners, Inc.
    
19,150
      
681,548
  
Seacoast Banking Corp. of Florida (a)
    
71,750
      
1,293,653
  
             
6,158,211
  
Biotechnology - 7.5%
                
CareDx, Inc. (a)
    
36,460
      
1,383,292
  
Castle Biosciences, Inc. (a)
    
34,275
      
1,763,449
  
Emergent BioSolutions, Inc. (a)
    
23,330
      
2,410,689
  
Karyopharm Therapeutics, Inc. (a)
    
49,640
      
724,744
  
Ligand Pharmaceuticals, Inc. (a)
    
17,565
      
1,674,296
  
Natera, Inc. (a)
    
29,085
      
2,101,100
  
Neogen Corp. (a)
    
16,145
      
1,263,346
  
             
11,320,916
  
Building Products - 5.3%
                
Builders FirstSource, Inc. (a)
    
75,210
      
2,453,350
  
CSW Industrials, Inc.
    
24,550
      
1,896,488
  
PGT Innovations, Inc. (a)
    
112,771
      
1,975,748
  
Trex Co., Inc. (a)
    
22,000
      
1,575,200
  
             
7,900,786
  
Chemicals - 2.4%
                
Compass Minerals International, Inc.
    
35,395
      
2,100,693
  
Ferroglobe Representation & Warranty Insurance Trust (a)(c)
    
302,970
      
–
  
Quaker Chemical Corp.
    
8,280
      
1,487,999
  
             
3,588,692
  
Construction & Engineering - 0.5%
                
NV5 Global, Inc. (a)
    
15,080
      
795,772
  
                 
Construction Materials - 0.7%
                
Eagle Materials, Inc.
    
12,500
      
1,079,000
  
                 
Diversified Consumer Services - 1.2%
                
K12, Inc. (a)
    
66,385
      
1,748,581
  
                 
Electronic Equipment & Instruments - 1.1%
                
Novanta, Inc. (a)(b)
    
16,290
      
1,715,989
  
                 
Food Products - 2.0%
                
Freshpet, Inc. (a)
    
27,590
      
3,080,424
  
                 
Health  Care  Technology - 1.4%
                
Inovalon Holdings, Inc. - Class A (a)
    
77,215
      
2,042,337
  
                 
Health Care Equipment & Supplies - 5.7%
                
Cantel Medical Corp.
    
15,940
      
700,403
  
Mesa Laboratories, Inc.
    
4,815
      
1,226,669
  
NeoGenomics, Inc. (a)
    
73,675
      
2,717,871
  
STAAR Surgical Co. (a)
    
52,525
      
2,970,814
  
ViewRay, Inc. (a)
    
231,300
      
809,550
  
Zynex, Inc. (a)
    
4,095
      
71,458
  
             
8,496,765
  
Health Care Providers & Services - 7.3%
                
HealthEquity, Inc. (a)
    
24,350
      
1,250,860
  
Medpace Holdings, Inc. (a)
    
23,765
      
2,655,739
  
Omnicell, Inc. (a)
    
18,320
      
1,367,771
  
Progyny, Inc. (a)
    
53,370
      
1,570,679
  
R1 RCM, Inc. (a)
    
156,665
      
2,686,805
  
U.S. Physical Therapy, Inc.
    
16,015
      
1,391,383
  
             
10,923,237
  
Hotels, Restaurants & Leisure - 3.6%
                
Everi Holdings, Inc. (a)
    
182,357
      
1,504,445
  
Red Rock Resorts, Inc. - Class A
    
87,100
      
1,489,410
  
Wingstop, Inc.
    
17,860
      
2,440,569
  
             
5,434,424
  
Household Durables - 1.0%
                
Century Communities, Inc. (a)
    
37,145
      
1,572,348
  
                 
Insurance - 5.3%
                
Goosehead Insurance, Inc. - Class A
    
16,595
      
1,436,961
  
Kinsale Capital Group, Inc.
    
14,330
      
2,725,279
  
Palomar Holdings, Inc. (a)
    
35,920
      
3,744,301
  
             
7,906,541
  
Internet & Catalog Retail - 1.3%
                
Magnite, Inc. (a)
    
274,625
      
1,907,271
  
                 
IT Consulting & Services - 3.5%
                
LiveRamp Holdings, Inc. (a)
    
38,026
      
1,968,606
  
Perficient, Inc. (a)
    
46,145
      
1,972,237
  
Repay Holdings Corp. (a)
    
58,085
      
1,364,998
  
             
5,305,841
  
Leisure Equipment & Products - 2.4%
                
Callaway Golf Co.
    
98,325
      
1,881,940
  
YETI Holdings, Inc. (a)
    
38,400
      
1,740,288
  
             
3,622,228
  
Machinery - 6.1%
                
Alamo Group, Inc.
    
12,025
      
1,299,061
  
Colfax Corp. (a)
    
56,660
      
1,776,857
  
Evoqua Water Technologies Corp. (a)
    
85,835
      
1,821,418
  
ITT, Inc.
    
18,935
      
1,118,112
  
Rexnord Corp.
    
60,995
      
1,820,091
  
Watts Water Technologies, Inc. - Class A
    
13,865
      
1,388,580
  
             
9,224,119
  
Media & Entertainment - 1.9%
                
Nexstar Media Group, Inc. - Class A
    
24,735
      
2,224,418
  
Sinclair Broadcast Group, Inc. - Class A
    
34,555
      
664,493
  
             
2,888,911
  
Multiline Retail - 2.4%
                
Five Below, Inc. (a)
    
13,950
      
1,771,650
  
Ollie's Bargain Outlet Holdings, Inc. (a)
    
20,790
      
1,816,006
  
             
3,587,656
  
Oil & Gas & Consumable Fuels - 0.5%
                
Brigham Minerals, Inc. - Class A
    
80,000
      
713,600
  
                 
Personal Products - 0.9%
                
BellRing Brands, Inc. - Class A (a)
    
62,620
      
1,298,739
  
                 
Pharmaceuticals - 0.6%
                
Reata Pharmaceuticals, Inc. - Class A (a)
    
8,775
      
854,861
  
                 
Professional Services - 1.5%
                
Upwork, Inc. (a)
    
125,760
      
2,193,254
  
                 
Real Estate Development - 2.2%
                
FirstService Corp. (b)
    
14,040
      
1,851,735
  
Newmark Group, Inc. - Class A
    
348,143
      
1,503,978
  
             
3,355,713
  
Real Estate Investment Trusts - 2.3%
                
First Industrial Realty Trust, Inc.
    
42,915
      
1,708,017
  
PotlatchDeltic Corp.
    
41,675
      
1,754,517
  
             
3,462,534
  
Software - 13.9%
                
ACI Worldwide, Inc. (a)
    
58,555
      
1,530,042
  
Altair Engineering, Inc. - Class A (a)
    
36,190
      
1,519,256
  
Appian Corp. (a)
    
42,575
      
2,756,731
  
Cloudera, Inc. (a)
    
173,920
      
1,893,989
  
Five9, Inc. (a)
    
12,665
      
1,642,397
  
LivePerson, Inc. (a)
    
41,745
      
2,170,323
  
Mimecast Ltd. (a)(b)
    
42,410
      
1,989,877
  
Model N, Inc. (a)
    
42,110
      
1,485,641
  
OneSpan, Inc. (a)
    
100,155
      
2,099,249
  
Q2 Holdings, Inc. (a)
    
14,515
      
1,324,639
  
RealPage, Inc. (a)
    
21,620
      
1,246,177
  
Talend SA - ADR (a)(b)
    
29,960
      
1,169,638
  
             
20,827,959
  
Software & Services - 3.1%
                
Alarm.com Holdings, Inc. (a)
    
22,430
      
1,239,257
  
Envestnet, Inc. (a)
    
19,936
      
1,538,262
  
Medallia, Inc. (a)
    
68,155
      
1,868,810
  
             
4,646,329
  
Thrifts & Mortgage Finance - 2.0%
                
Essent Group Ltd. (b)
    
37,570
      
1,390,465
  
Home BancShares, Inc.
    
106,661
      
1,616,981
  
             
3,007,446
  
Trading Companies & Distributors - 2.4%
                
Systemax, Inc.
    
71,915
      
1,721,645
  
Textainer Group Holdings Ltd. (a)(b)
    
130,328
      
1,845,445
  
             
3,567,090
  
TOTAL COMMON STOCKS
                
 (Cost $100,691,648)
            
147,886,046
  
                 
SHORT-TERM INVESTMENT - 1.9%
                
Money Market Fund - 1.9%
                
Invesco Short-Term Investments Trust - Government & Agency Portfolio - Institutional Shares, 0.02% (d)
    
2,888,861
      
2,888,861
  
                 
TOTAL SHORT-TERM INVESTMENT
                
 (Cost $2,888,861)
            
2,888,861
  
                 
Total Investments - 100.4%
            
150,774,907
  
 (Cost $103,580,509)
                
Liabilities in Excess of Other Assets - (0.4)%
            
(653,867
)
TOTAL NET ASSETS - 100.0%
          
$
150,121,040
  

ADR
  
American Depositary Receipt
    
(a)
  
Non-income producing security.
    
(b)
  
Security issued by non-U.S. incorporated company.
    
(c)
  
Securities for which market quotations are not readily available.  These securities have been valued at their fair value under procedures approved by the Fund's Board of Trustees. Level 3 security.
    
(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 Small Cap Equity Fund
                        
Description
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
  
$
147,886,046
    
$
–
    
$
–
    
$
147,886,046
  
Money Market Fund
    
2,888,861
      
–
      
–
      
2,888,861
  
Total Investments
  
$
150,774,907
    
$
–
    
$
–
    
$
150,774,907
  
   
Below is a reconciliation of Level 3 assets held by the LKCM Small Cap Equity Fund for which significant observable inputs were used to determine fair value.
          
                                 
Description
                  
Common Stocks
          
Balance as of January 1, 2020
                  
$
0
          
   
Purchases
              
-
          
   
Sales proceeds
              
-
          
   
Accreted discounts, net
                  
   
Realized gain (loss)
      
-
          
   
Change in unrealized appreciation/depreciation
      
-
          
   
Transfers into/(out of) Level 3
      
-
          
Balance as of September 30, 2020
                  
$
0
          
Change in unrealized appreciation/depreciation during the period
                          
for Level 3 investments held at September 30, 2020
                  
$
-