NPORT-EX 2 scequity_093021.htm PART F HOLDINGS
LKCM SMALL CAP EQUITY FUND
  
SCHEDULE OF INVESTMENTS
  
September 30, 2021 (Unaudited)
  
             
COMMON STOCKS - 96.5%
  
Shares
    
Value
  
Aerospace & Defense - 2.2%
            
Hexcel Corp. (a)
    
35,325
    
$
2,097,952
  
Mercury Systems, Inc. (a)
    
19,120
      
906,670
  
Triumph Group, Inc. (a)
    
111,098
      
2,069,756
  
             
5,074,378
  
Auto Components - 1.0%
                
Fox Factory Holding Corp. (a)
    
16,290
      
2,354,557
  
                 
Banks - 7.6%
                
BancorpSouth Bank
    
114,529
      
3,410,674
  
Comerica, Inc.
    
31,215
      
2,512,807
  
Cullen/Frost Bankers, Inc.
    
21,375
      
2,535,503
  
Glacier Bancorp, Inc.
    
43,655
      
2,416,304
  
Pinnacle Financial Partners, Inc.
    
35,705
      
3,359,126
  
Seacoast Banking Corp. of Florida
    
92,175
      
3,116,437
  
             
17,350,851
  
Beverages - 1.6%
                
Celsius Holdings, Inc. (a)
    
40,451
      
3,644,231
  
                 
Biotechnology - 3.3%
                
CareDx, Inc. (a)
    
32,945
      
2,087,725
  
Castle Biosciences, Inc. (a)
    
34,275
      
2,279,287
  
DermTech, Inc. (a)
    
39,475
      
1,267,542
  
Neogen Corp. (a)
    
40,790
      
1,771,510
  
             
7,406,064
  
Building Products - 3.2%
                
Builders FirstSource, Inc. (a)
    
51,015
      
2,639,516
  
CSW Industrials, Inc.
    
24,550
      
3,135,035
  
PGT Innovations, Inc. (a)
    
77,046
      
1,471,579
  
             
7,246,130
  
Chemicals - 1.8%
                
Ecovyst, Inc.
    
163,335
      
1,904,486
  
Ferroglobe Representation & Warranty Insurance Trust (a)(c)
    
302,970
      
–
  
Quaker Chemical Corp.
    
9,340
      
2,220,305
  
             
4,124,791
  
Commercial Services & Supplies - 0.5%
                
Deluxe Corp.
    
34,495
      
1,238,025
  
                 
Construction & Engineering - 1.0%
                
NV5 Global, Inc. (a)
    
23,342
      
2,300,821
  
                 
Construction Materials - 1.4%
                
Eagle Materials, Inc.
    
24,020
      
3,150,463
  
                 
Electronic Equipment & Instruments - 1.1%
                
Novanta, Inc. (a)(b)
    
16,290
      
2,516,805
  
Food Products - 1.4%
                
Freshpet, Inc. (a)
    
22,240
      
3,173,426
  
                 
Health Care Equipment & Supplies - 6.2%
                
Alphatec Holdings, Inc. (a)
    
157,135
      
1,915,476
  
Cerus Corp. (a)
    
325,000
      
1,979,250
  
NeoGenomics, Inc. (a)
    
53,710
      
2,590,970
  
STAAR Surgical Co. (a)
    
26,825
      
3,447,817
  
TransMedics Group, Inc. (a)
    
57,090
      
1,889,108
  
ViewRay, Inc. (a)
    
306,205
      
2,207,738
  
             
14,030,359
  
Health Care Providers & Services - 7.0%
                
HealthEquity, Inc. (a)
    
24,350
      
1,576,906
  
Medpace Holdings, Inc. (a)
    
23,765
      
4,498,239
  
Omnicell, Inc. (a)
    
18,320
      
2,719,238
  
Progyny, Inc. (a)
    
53,370
      
2,988,720
  
R1 RCM, Inc. (a)
    
106,100
      
2,335,261
  
U.S. Physical Therapy, Inc.
    
16,015
      
1,771,259
  
             
15,889,623
  
Hotels, Restaurants & Leisure - 6.6%
                
Bally's Corp. (a)
    
20,000
      
1,002,800
  
Everi Holdings, Inc. (a)
    
197,622
      
4,778,500
  
Playa Hotels & Resorts NV (a)(b)
    
269,190
      
2,231,585
  
Red Rock Resorts, Inc. - Class A (a)
    
95,550
      
4,894,071
  
Wingstop, Inc.
    
12,855
      
2,107,320
  
             
15,014,276
  
Household Durables - 1.3%
                
GoPro, Inc. - Class A (a)
    
106,870
      
1,000,303
  
Sonos, Inc. (a)
    
61,390
      
1,986,581
  
             
2,986,884
  
Insurance - 3.3%
                
Argo Group International Holdings, Ltd. (b)
    
54,285
      
2,834,763
  
Goosehead Insurance, Inc. - Class A
    
10,595
      
1,613,512
  
Palomar Holdings, Inc. (a)
    
36,600
      
2,958,378
  
             
7,406,653
  
Internet & Catalog Retail - 1.6%
                
Magnite, Inc. (a)
    
129,000
      
3,612,000
  
                 
IT Consulting & Services - 3.6%
                
LiveRamp Holdings, Inc. (a)
    
38,026
      
1,795,968
  
Perficient Inc. (a)
    
46,145
      
5,338,977
  
Repay Holdings Corp. (a)
    
49,010
      
1,128,700
  
             
8,263,645
  
IT Services - 0.6%
                
Brightcove, Inc. (a)
    
128,280
      
1,480,351
  
                 
Leisure Equipment & Products - 2.2%
                
Callaway Golf Company (a)
    
99,600
      
2,751,948
  
YETI Holdings, Inc. (a)
    
25,535
      
2,188,094
  
             
4,940,042
  
Machinery - 6.8%
                
Alamo Group, Inc.
    
10,360
      
1,445,531
  
Colfax Corp. (a)
    
56,635
      
2,599,546
  
Evoqua Water Technologies Corp. (a)
    
45,775
      
1,719,309
  
Helios Technologies, Inc.
    
35,295
      
2,898,072
  
ITT, Inc.
    
16,730
      
1,436,103
  
Rexnord Corp.
    
60,995
      
3,921,369
  
Watts Water Technologies, Inc. - Class A
    
9,275
      
1,559,035
  
             
15,578,965
  
Marine - 1.0%
                
Kirby Corp. (a)
    
46,370
      
2,223,905
  
                 
Media & Entertainment - 2.6%
                
Nexstar Media Group, Inc. - Class A
    
24,920
      
3,786,843
  
Sinclair Broadcast Group, Inc. - Class A
    
63,980
      
2,026,887
  
             
5,813,730
  
Multiline Retail - 0.3%
                
Ollie's Bargain Outlet Holdings, Inc. (a)
    
13,230
      
797,504
  
                 
Real Estate Investment Trust - 1.0%
                
SL Green Realty Corp.
    
32,145
      
2,277,152
  
                 
Oil & Gas & Consumable Fuels - 3.6%
                
CNX Resources Corp. (a)
    
133,600
      
1,686,032
  
HollyFrontier Corp.
    
91,625
      
3,035,536
  
Magnolia Oil & Gas Corp. - Class A
    
193,005
      
3,433,559
  
             
8,155,127
  
Personal Products - 1.0%
                
BellRing Brands, Inc. - Class A (a)
    
73,135
      
2,248,901
  
                 
Pharmaceuticals - 0.5%
                
Reata Pharmaceuticals, Inc. - Class A (a)
    
11,410
      
1,147,960
  
                 
Professional Services - 2.5%
                
Upwork, Inc. (a)
    
125,760
      
5,662,973
  
                 
Real Estate Development - 3.0%
                
FirstService Corp. (b)
    
9,995
      
1,803,898
  
Newmark Group, Inc. - Class A
    
358,143
      
5,125,026
  
             
6,928,924
  
Software - 8.5%
                
ACI Worldwide, Inc. (a)
    
52,105
      
1,601,187
  
Alkami Technology, Inc. (a)
    
52,495
      
1,295,577
  
Altair Engineering, Inc. - Class A (a)
    
36,190
      
2,494,939
  
Blackbaud, Inc. (a)
    
31,815
      
2,238,185
  
Model N, Inc. (a)
    
63,650
      
2,132,275
  
OneSpan Inc. (a)
    
92,375
      
1,734,802
  
Q2 Holdings, Inc. (a)
    
11,905
      
954,067
  
Sprout Social, Inc. - Class A (a)
    
29,135
      
3,553,013
  
Workiva Inc. (a)
    
24,520
      
3,456,339
  
             
19,460,384
  
Software & Services - 0.8%
                
Alarm.com Holdings, Inc. (a)
    
22,430
      
1,753,802
  
                 
Specialty Retail - 1.4%
                
Leslie's, Inc. (a)
    
58,665
      
1,204,979
  
Petco Health & Wellness Co, Inc. (a)
    
96,000
      
2,025,600
  
             
3,230,579
  
Technology Hardware, Storage & Peripherals - 1.1%
                
Avid Technology, Inc. (a)
    
84,585
      
2,446,198
  
                 
Thrifts & Mortgage Finance - 1.4%
                
Home BancShares, Inc.
    
137,301
      
3,230,692
  
                 
Trading Companies & Distributors - 2.5%
                
Global Industrial Co.
    
65,265
      
2,472,891
  
Textainer Group Holdings Ltd. (a) (b)
    
89,758
      
3,133,452
  
             
5,606,343
  
TOTAL COMMON STOCKS
                
 (Cost $124,585,862)
            
219,767,514
  
                 
SHORT-TERM INVESTMENTS - 3.7%
                
Money Market Funds - 3.7%
                
Invesco Short-Term Investments Trust - Government & Agency Portfolio - Institutional Shares, 0.03% (d)
    
6,901,467
      
6,901,467
  
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Shares, 0.03% (d)
    
1,623,130
      
1,623,130
  
             
8,524,597
  
TOTAL SHORT-TERM INVESTMENTS
                
 (Cost $8,524,597)
            
8,524,597
  
                 
Total Investments - 100.2%
            
228,292,111
  
 (Cost $133,110,459)
                
Liabilities in Excess of Other Assets - (0.2)%
            
(416,355
)
TOTAL NET ASSETS - 100.0%
          
$
227,875,756
  

(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, 2021 (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, 2021, 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
  
$
219,767,514
    
$
–
    
$
0
        
(1) 
  
$
219,767,514
  
Short-Term Investments
    
8,524,597
      
–
      
–
              
8,524,597
  
Total Investments
  
$
228,292,111
    
$
–
    
$
0
            
$
228,292,111
  
   
(1) Level 3 security valued at $0.
                                        
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.
      
   
Level 3
  
Description
  
Common Stocks
  
Balance as of December 31, 2020
  
$
0
  
     Purchases
    
-
  
     Sales proceeds
    
-
  
     Realized gain (loss)
    
-
  
     Change in unrealized appreciation/depreciation
    
-
  
     Transfers into/(out of) Level 3
    
-
  
Balance as of September 30, 2021
  
$
0
  
         
Change in unrealized appreciation/depreciation during the period
        
for Level 3 investments held at September 30, 2021
  
$
-