# EDGAR Filing Document

**Accession Number:** 0000918942
**File Stem:** 0001133228-25-009327
**Filing Date:** 2025-9
**Character Count:** 266542
**Document Hash:** eebca593e215c1f9ebadfae439c6fdf3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-009327.hdr.sgml**: 20250903

**ACCESSION NUMBER**: 0001133228-25-009327

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250903

**DATE AS OF CHANGE**: 20250903

**EFFECTIVENESS DATE**: 20250903

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LKCM Funds
- **CENTRAL INDEX KEY:** 0000918942

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08352
- **FILM NUMBER:** 251288031

**BUSINESS ADDRESS:**
- **STREET 1:** 301 COMMERCE
- **STREET 2:** SUITE 1600
- **CITY:** FORT WORTH
- **STATE:** TX
- **ZIP:** 76102
- **BUSINESS PHONE:** 817-332-3235

**MAIL ADDRESS:**
- **STREET 1:** 301 COMMERCE
- **STREET 2:** SUITE 1600
- **CITY:** FORT WORTH
- **STATE:** TX
- **ZIP:** 76102

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** U.S. Bancorp Fund Services, LLC
- **DATE OF NAME CHANGE:** 20040819

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LKCM FUND
- **DATE OF NAME CHANGE:** 19940211

## Series and Classes Contracts Data

### LKCM Small Cap Equity Fund (Series ID: S000004604)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000012571 | LKCM Small Cap Equity Fund | LKSCX           |

### LKCM Balanced Fund (Series ID: S000004605)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000012573 | LKCM Balanced Fund | LKBAX           |

### LKCM Fixed Income Fund (Series ID: S000004606)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000012574 | LKCM Fixed Income Fund | LKFIX           |

### LKCM Equity Fund (Series ID: S000004608)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000012576 | LKCM Equity Fund | LKEQX           |

### LKCM Aquinas Catholic Equity Fund (Series ID: S000004610)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000012579 | LKCM Aquinas Catholic Equity Fund | AQEIX           |

### LKCM Small-Mid Cap Equity Fund (Series ID: S000032022)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000099701 | LKCM Small-Mid Cap Equity Fund | LKSMX           |

### LKCM INTERNATIONAL EQUITY FUND (Series ID: S000065295)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000211353 | LKCM International Equity Fund | LKINX           |

?xml version='1.0' encoding='ASCII'? 2025-07-03463250_LKCMSmallCapEquityFund_InstitutionalClass_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **811-08352**

**LKCM Funds**

(Exact name of registrant as specified in charter)

**c/o Luther King Capital Management Corporation**

**301 Commerce Street, Suite 1600**

**Fort Worth, TX 76102**

(Address of principal executive offices) (Zip code)

**K&L Gates LLP**

**1601 K Street, NW**

**Washington, DC 20006**

(Name and address of agent for service)

**1-800-688-LKCM and 1-800-423-6369**

Registrant's telephone number, including area code

Date of fiscal year end: **December 31**

Date of reporting period: **June 30, 2025**

**<u>Item 1. Reports to Stockholders.</u>**

The Registrant's Semi-Annual Shareholder Reports for the period ended June 30, 2025, which were transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended, are as follows:

(a) ---

| | | |
|:---|:---|:---|
| ![image](img40811_202407031551942.jpg) | **LKCM Small Cap Equity Fund**  | ![image](img36347_202412301729295.jpg) |
| ![image](img40811_202407031551942.jpg) | LKSCX  | ![image](img36347_202412301729295.jpg) |
| ![image](img40811_202407031551942.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img36347_202412301729295.jpg) |

---

This semi-annual shareholder report contains important information about the LKCM Small Cap Equity Fund for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.lkcmfunds.com/literature. You can also request this information by contacting us at 1-800-688-LKCM.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LKCM Small Cap Equity Fund | $50 | 1.00% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $287896841 |
| **Number of Holdings** | 79 |
| **Portfolio Turnover** | 20% |

---

Visit https://lkcmfunds.com/lkcmfund/lkcm-small-cap-equity-fund/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Financials  | 20.0% |
|  Industrials  | 19.7% |
|  Information Technology  | 14.9% |
|  Health Care  | 13.6% |
|  Consumer Discretionary  | 10.5% |
|  Consumer Staples  | 4.7% |
|  Energy  | 4.6% |
|  Materials  | 4.3% |
|  Communication Services  | 4.3% |
|  Real Estate  | 2.4% |
|  Cash & Other  | 1.0% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Magnite, Inc.  | 3.0% |
|  Hawkins, Inc.  | 2.4% |
|  ESAB Corp.  | 2.2% |
|  Palomar Holdings, Inc.  | 2.0% |
|  Piper Sandler Cos.  | 1.8% |
|  Ensign Group, Inc.  | 1.8% |
|  Lumentum Holdings, Inc.  | 1.8% |
|  Alphatec Holdings, Inc.  | 1.8% |
|  Pinnacle Financial Partners, Inc.  | 1.8% |
|  Ollie's Bargain Outlet Holdings, Inc.  | 1.8% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://lkcmfunds.com/lkcmfund/lkcm-small-cap-equity-fund/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-688-LKCM, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

LKCM Small Cap Equity Fund PAGE 1 TSR-SAR-501885107

------

---

| | | |
|:---|:---|:---|
| ![image](img40811_202407031551942.jpg) | **LKCM Small-Mid Cap Equity Fund**  | ![image](img36347_202412301729295.jpg) |
| ![image](img40811_202407031551942.jpg) | LKSMX  | ![image](img36347_202412301729295.jpg) |
| ![image](img40811_202407031551942.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img36347_202412301729295.jpg) |

---

This semi-annual shareholder report contains important information about the LKCM Small-Mid Cap Equity Fund for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.lkcmfunds.com/literature. You can also request this information by contacting us at 1-800-688-LKCM.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LKCM Small-Mid Cap Equity Fund | $50 | 1.00% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $40811708 |
| **Number of Holdings** | 54 |
| **Portfolio Turnover** | 17% |

---

Visit https://lkcmfunds.com/lkcmfund/lkcm-small-mid-cap-equity-fund/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Industrials  | 28.1% |
|  Financials  | 22.9% |
|  Information Technology  | 14.3% |
|  Health Care  | 11.0% |
|  Consumer Discretionary  | 8.9% |
|  Real Estate  | 4.3% |
|  Energy  | 3.6% |
|  Materials  | 3.1% |
|  Cash & Other  | 3.0% |
|  Communication Services  | 0.8% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Q2 Holdings, Inc.  | 3.2% |
|  SEI Investments Co.  | 2.8% |
|  Palomar Holdings, Inc.  | 2.8% |
|  Twilio Inc.  | 2.6% |
|  LPL Financial Holdings, Inc.  | 2.6% |
|  Trimble, Inc.  | 2.5% |
|  Ensign Group, Inc.  | 2.5% |
|  AECOM  | 2.4% |
|  FirstService Corp.  | 2.4% |
|  Wingstop  | 2.3% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://lkcmfunds.com/lkcmfund/lkcm-small-mid-cap-equity-fund/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-688-LKCM, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

LKCM Small-Mid Cap Equity Fund PAGE 1 TSR-SAR-501885859

------

---

| | | |
|:---|:---|:---|
| ![image](img40811_202407031551942.jpg) | **LKCM Equity Fund**  | ![image](img36347_202412301729295.jpg) |
| ![image](img40811_202407031551942.jpg) | LKEQX  | ![image](img36347_202412301729295.jpg) |
| ![image](img40811_202407031551942.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img36347_202412301729295.jpg) |

---

This semi-annual shareholder report contains important information about the LKCM Equity Fund for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.lkcmfunds.com/literature. You can also request this information by contacting us at 1-800-688-LKCM.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LKCM Equity Fund | $40 | 0.80% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $504153898 |
| **Number of Holdings** | 53 |
| **Portfolio Turnover** | 2% |

---

Visit https://lkcmfunds.com/lkcmfund/lkcm-equity-fund/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Information Technology  | 26.8% |
|  Industrials  | 23.6% |
|  Health Care  | 10.7% |
|  Materials  | 7.9% |
|  Financials  | 7.3% |
|  Consumer Discretionary  | 7.1% |
|  Energy  | 6.7% |
|  Consumer Staples  | 4.5% |
|  Communication Services  | 3.8% |
|  Cash & Other  | 1.6% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Microsoft Corp.  | 7.9% |
|  Oracle Corp.  | 5.2% |
|  NVIDIA Corp.  | 4.7% |
|  Apple Inc.  | 3.9% |
|  Alphabet, Inc.  | 3.9% |
|  Waste Connections, Inc.  | 3.3% |
|  Ecolab, Inc.  | 2.9% |
|  JPMorgan Chase & Co.  | 2.9% |
|  Cintas Corp.  | 2.8% |
|  Trimble, Inc.  | 2.6% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://lkcmfunds.com/lkcmfund/lkcm-equity-fund/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-688-LKCM, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

LKCM Equity Fund PAGE 1 TSR-SAR-501885206

------

---

| | | |
|:---|:---|:---|
| ![image](img40811_202407031551942.jpg) | **LKCM Balanced Fund**  | ![image](img36347_202412301729295.jpg) |
| ![image](img40811_202407031551942.jpg) | LKBAX  | ![image](img36347_202412301729295.jpg) |
| ![image](img40811_202407031551942.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img36347_202412301729295.jpg) |

---

This semi-annual shareholder report contains important information about the LKCM Balanced Fund for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.lkcmfunds.com/literature. You can also request this information by contacting us at 1-800-688-LKCM.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LKCM Balanced Fund | $41 | 0.80% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $114761682 |
| **Number of Holdings** | 136 |
| **Portfolio Turnover** | 3% |

---

Visit https://lkcmfunds.com/lkcmfund/lkcm-balanced-fund/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Information Technology  | 21.7% |
|  Industrials  | 14.8% |
|  Financials  | 11.2% |
|  Energy  | 9.3% |
|  Health Care  | 8.9% |
|  Consumer Staples  | 8.1% |
|  Communication Services  | 7.5% |
|  Materials  | 7.2% |
|  Consumer Discretionary  | 6.8% |
|  Utilities  | 2.0% |
|  Real Estate  | 1.5% |
|  Cash & Other  | 1.0% |

---

---

| | |
|:---|:---|
| **Security Type** | **(% of Net** **Assets)** |
|  Common Stocks  | 69.4% |
|  Corporate Bonds  | 29.2% |
|  Cash & Other  | 1.4% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Meta Platforms Inc.  | 3.2% |
|  Oracle Corp.  | 3.1% |
|  NVIDIA Corp.  | 3.1% |
|  Amazon.com, Inc.  | 3.0% |
|  Microsoft Corp.  | 2.9% |
|  Apple Inc.  | 2.9% |
|  Waste Management, Inc.  | 2.1% |
|  Home Depot, Inc.  | 2.1% |
|  L3Harris Technologies, Inc.  | 2.0% |
|  Alphabet Inc.  | 1.9% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://lkcmfunds.com/lkcmfund/lkcm-balanced-fund/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-688-LKCM, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

LKCM Balanced Fund PAGE 1 TSR-SAR-501885305

------

---

| | | |
|:---|:---|:---|
| ![image](img40811_202407031551942.jpg) | **LKCM Fixed Income Fund**  | ![image](img36347_202412301729295.jpg) |
| ![image](img40811_202407031551942.jpg) | LKFIX  | ![image](img36347_202412301729295.jpg) |
| ![image](img40811_202407031551942.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img36347_202412301729295.jpg) |

---

This semi-annual shareholder report contains important information about the LKCM Fixed Income Fund for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.lkcmfunds.com/literature. You can also request this information by contacting us at 1-800-688-LKCM.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LKCM Fixed Income Fund | $25 | 0.50% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $277620501 |
| **Number of Holdings** | 93 |
| **Portfolio Turnover** | 19% |
| **Effective Duration** | 3.60 years |
| **30-Day SEC Yield** | 4.01% |

---

Visit https://lkcmfunds.com/lkcmfund/lkcm-fixed-income-fund/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  U.S. Government Sponsored Entities  | 12.8% |
|  Government Bonds  | 12.6% |
|  Information Technology  | 11.9% |
|  Industrials  | 11.3% |
|  Health Care  | 10.7% |
|  Financials  | 10.3% |
|  Energy  | 9.1% |
|  Communication Services  | 7.2% |
|  Consumer Discretionary  | 5.2% |
|  Real Estate  | 2.5% |
|  Materials  | 2.4% |
|  Utilities  | 1.7% |
|  Consumer Staples  | 1.3% |
|  Cash & Other  | 1.0% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Federal Home Loan Banks  | 12.7% |
|  United States Treasury Note/Bond  | 12.5% |
|  ONEOK, Inc.  | 3.6% |
|  L3Harris Technologies, Inc.  | 3.5% |
|  Oracle Corp.  | 2.9% |
|  Meta Platforms, Inc.  | 2.7% |
|  Kinder Morgan, Inc.  | 2.6% |
|  RTX Corp.  | 2.5% |
|  Bank of America Corp.  | 2.5% |
|  American Tower Corp.  | 2.5% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://lkcmfunds.com/lkcmfund/lkcm-fixed-income-fund/.

LKCM Fixed Income Fund PAGE 1 TSR-SAR-501885404

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-688-LKCM, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

LKCM Fixed Income Fund PAGE 2 TSR-SAR-501885404

------

---

| | | |
|:---|:---|:---|
| ![image](img40811_202407031551942.jpg) | **LKCM International Equity Fund**  | ![image](img36347_202412301729295.jpg) |
| ![image](img40811_202407031551942.jpg) | LKINX  | ![image](img36347_202412301729295.jpg) |
| ![image](img40811_202407031551942.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img36347_202412301729295.jpg) |

---

This semi-annual shareholder report contains important information about the LKCM International Equity Fund for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.lkcmfunds.com/literature. You can also request this information by contacting us at 1-800-688-LKCM.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LKCM International Equity Fund | $54 | 1.00% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $70446449 |
| **Number of Holdings** | 49 |
| **Portfolio Turnover** | 12% |

---

Visit https://lkcmfunds.com/lkcmfund/lkcm-international-equity-fund/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Financials  | 21.9% |
|  Industrials  | 15.0% |
|  Information Technology  | 13.8% |
|  Health Care  | 12.9% |
|  Consumer Discretionary  | 8.8% |
|  Energy  | 6.7% |
|  Cash & Other  | 6.0% |
|  Materials  | 5.6% |
|  Consumer Staples  | 4.9% |
|  Communication Services  | 4.4% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Cameco Corp.  | 3.1% |
|  Lonza Group AG  | 2.8% |
|  MSILF Government Portfolio  | 2.8% |
|  Barclays PLC  | 2.7% |
|  SAP SE  | 2.6% |
|  Allianz SE  | 2.5% |
|  ASML Holding NV  | 2.5% |
|  Halma PLC  | 2.4% |
|  Sage Group PLC  | 2.4% |
|  ING Groep NV  | 2.4% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(% of Net** **Assets)** |
|  United Kingdom  | 22.9% |
|  Germany  | 13.1% |
|  France  | 10.5% |
|  Switzerland  | 9.1% |
|  Netherlands  | 9.1% |
|  Canada  | 9.0% |
|  Japan  | 4.9% |
|  Australia  | 3.5% |
|  Sweden  | 2.7% |
|  Norway  | 2.3% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://lkcmfunds.com/lkcmfund/lkcm-international-equity-fund/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-688-LKCM, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

LKCM International Equity Fund PAGE 1 TSR-SAR-501885834

------

---

| | | |
|:---|:---|:---|
| ![image](img40811_202407031551942.jpg) | **LKCM Aquinas Catholic Equity Fund**  | ![image](img98839_202412301727531.jpg) |
| ![image](img40811_202407031551942.jpg) | AQEIX  | ![image](img98839_202412301727531.jpg) |
| ![image](img40811_202407031551942.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img98839_202412301727531.jpg) |

---

This semi-annual shareholder report contains important information about the LKCM Aquinas Catholic Equity Fund for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.aquinasfunds.com/applications-documents/. You can also request this information by contacting us at 1-800-423-6369.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

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| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LKCM Aquinas Catholic Equity Fund | $51 | 1.00% |

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**KEY FUND STATISTICS** (as of June 30, 2025)

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| | |
|:---|:---|
| **Net Assets** | $61085135 |
| **Number of Holdings** | 46 |
| **Portfolio Turnover** | 6% |

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Visit https://www.aquinasfunds.com for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Information Technology  | 29.2% |
|  Materials  | 12.2% |
|  Industrials  | 11.7% |
|  Consumer Discretionary  | 11.7% |
|  Health Care  | 8.1% |
|  Energy  | 6.7% |
|  Financials  | 6.0% |
|  Consumer Staples  | 4.6% |
|  Communication Services  | 4.0% |
|  Utilities  | 3.7% |
|  Cash & Other  | 2.1% |

---

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| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Microsoft Corp.  | 5.1% |
|  Oracle Corp.  | 5.0% |
|  NVIDIA Corp.  | 4.8% |
|  Alphabet, Inc.  | 4.0% |
|  Roper Technologies, Inc.  | 3.7% |
|  Stryker Corp.  | 3.6% |
|  Trimble, Inc.  | 3.1% |
|  Amazon.com, Inc.  | 2.9% |
|  Sherwin-Williams Co.  | 2.8% |
|  Corteva, Inc.  | 2.7% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://www.aquinasfunds.com/applications-documents/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-423-6369, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

LKCM Aquinas Catholic Equity Fund PAGE 1 TSR-SAR-501885883

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**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports on Form N-CSR.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports on Form N-CSR.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports on Form N-CSR.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Schedule of Investments is included within the financial statements filed under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) **LKCM** 

**FUNDS**

**LKCM SMALL CAP EQUITY FUND** 

**LKCM SMALL-MID CAP EQUITY FUND** 

**LKCM EQUITY FUND** 

**LKCM BALANCED FUND** 

**LKCM FIXED INCOME FUND** 

**LKCM INTERNATIONAL EQUITY FUND** 

Financial Statements and Other Information

June 30, 2025

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**TABLE OF CONTENTS** 

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| | |
|:---|:---|
|  | **Page** |
| [Schedules of Investments](#soi1) |  |
| &nbsp;&nbsp;&nbsp; [LKCM Small Cap Equity Fund](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [LKCM Small-Mid Cap Equity Fund](#soi2) | [3](#soi2) |
| &nbsp;&nbsp;&nbsp; [LKCM Equity Fund](#soi3) | [5](#soi3) |
| &nbsp;&nbsp;&nbsp; [LKCM Balanced Fund](#soi4) | [7](#soi4) |
| &nbsp;&nbsp;&nbsp; [LKCM Fixed Income Fund](#soi5) | [11](#soi5) |
| &nbsp;&nbsp;&nbsp; [LKCM International Equity Fund](#soi6) | [14](#soi6) |
| [Statements of Assets and Liabilities](#sal) | [16](#sal) |
| [Statements of Operations](#sop) | [17](#sop) |
| [Statements of Changes in Net Assets](#scna) | [18](#scna) |
| [Financial Highlights](#fihi1) |  |
| &nbsp;&nbsp;&nbsp; [LKCM Small Cap Equity Fund](#fihi1) | [22](#fihi1) |
| &nbsp;&nbsp;&nbsp; [LKCM Small-Mid Cap Equity Fund](#fihi2) | [23](#fihi2) |
| &nbsp;&nbsp;&nbsp; [LKCM Equity Fund](#fihi3) | [24](#fihi3) |
| &nbsp;&nbsp;&nbsp; [LKCM Balanced Fund](#fihi4) | [25](#fihi4) |
| &nbsp;&nbsp;&nbsp; [LKCM Fixed Income Fund](#fihi5) | [26](#fihi5) |
| &nbsp;&nbsp;&nbsp; [LKCM International Equity Fund](#fihi6) | [27](#fihi6) |
| [Notes to the Financial Statements](#notes) | [28](#notes) |
| [Additional Information](#ai1) | [38](#ai1) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**LKCM Small Cap Equity Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.1%**<br>|  |  |
| **Aerospace & Defense - 1.9%**<br>|  |  |
| Karman Holdings, Inc.<sup>(a)</sup> | 41564 | $2093579  |
| Mercury Systems, Inc.<sup>(a)</sup> | 60778 | 3273503  |
|  |  | 5367082  |
| **Banks - 8.3%**<br>|  |  |
| Cadence Bank | 106080 | 3392438  |
| Cullen/Frost Bankers, Inc. | 9622 | 1236812  |
| Hilltop Holdings, Inc. | 72049 | 2186687  |
| Home BancShares, Inc./AR | 162789 | 4632975  |
| Pinnacle Financial Partners, Inc. | 47082 | 5198324  |
| UMB Financial Corp. | 34624 | 3641060  |
| Webster Financial Corp. | 64812 | 3538735  |
|  |  | 23827031  |
| **Beverages - 0.8%**<br>|  |  |
| Primo Brands Corp. | 81084 | 2401708  |
| **Biotechnology - 1.1%**<br>|  |  |
| Halozyme Therapeutics, Inc.<sup>(a)</sup> | 60000 | 3121200  |
| **Broadline Retail - 1.8%**<br>|  |  |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 38884 | 5124134  |
| **Building Products - 1.5%**<br>|  |  |
| Zurn Elkay Water Solutions Corp. | 117884 | 4311018  |
| **Capital Markets - 2.9%**<br>|  |  |
| Donnelley Financial Solutions, Inc.<sup>(a)</sup> | 48320 | 2978928  |
| Piper Sandler Cos. | 19101 | 5308932  |
|  |  | 8287860  |
| **Chemicals - 2.4%**<br>|  |  |
| Hawkins, Inc. | 48811 | 6936043  |
| **Commercial Services & Supplies - 2.6%**<br>|  |  |
| Casella Waste Systems, Inc. - Class A<sup>(a)</sup> | 32000 | 3692160  |
| CECO Environmental Corp.<sup>(a)</sup> | 136646 | 3868448  |
|  |  | 7560608  |
| **Communications Equipment - 3.0%**<br>|  |  |
| Ciena Corporation<sup>(a)</sup> | 41315 | 3360149  |
| Lumentum Holdings, Inc.<sup>(a)</sup> | 55000 | 5228300  |
|  |  | 8588449  |
| **Construction Materials - 1.0%**<br>|  |  |
| Eagle Materials, Inc. | 14319 | 2894013  |
| **Consumer Finance - 1.4%**<br>|  |  |
| FirstCash Holdings, Inc. | 29091 | 3931358  |
| **Diversified Consumer Services - 0.5%**<br>|  |  |
| Mister Car Wash, Inc.<sup>(a)</sup> | 250000 | 1502500  |
| **Electrical Equipment - 0.8%**<br>|  |  |
| Generac Holdings, Inc.<sup>(a)</sup> | 16020 | 2294224  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **Electronic Equipment, Instruments & Components - 0.8%**<br>|  |  |
| Rogers Corp.<sup>(a)</sup> | 32224 | $2206700  |
| **Energy Equipment & Services - 1.5%**<br>|  |  |
| Archrock, Inc. | 173006 | 4295739  |
| **Financial Services - 4.1%**<br>|  |  |
| AvidXchange Holdings, Inc.<sup>(a)</sup> | 401642 | 3932075  |
| Euronet Worldwide, Inc.<sup>(a)</sup> | 33688 | 3415290  |
| Shift4 Payments, Inc. - Class A<sup>(a)</sup> | 45973 | 4556384  |
|  |  | 11903749  |
| **Food Products - 1.1%**<br>|  |  |
| Utz Brands, Inc. | 254175 | 3189896  |
| **Health Care Equipment & Supplies - 4.3%**<br>|  |  |
| Alphatec Holdings, Inc.<sup>(a)</sup> | 470000 | 5217000  |
| Enovis Corp.<sup>(a)</sup> | 95000 | 2979200  |
| Merit Medical Systems, Inc.<sup>(a)</sup> | 44000 | 4113120  |
|  |  | 12309320  |
| **Health Care Providers & Services - 4.6%**<br>|  |  |
| Addus HomeCare Corp.<sup>(a)</sup> | 30146 | 3472518  |
| Ensign Group, Inc. | 34000 | 5244840  |
| HealthEquity, Inc.<sup>(a)</sup> | 44387 | 4649982  |
|  |  | 13367340  |
| **Health Care Technology - 1.3%**<br>|  |  |
| Phreesia, Inc.<sup>(a)</sup> | 73075 | 2079714  |
| Waystar Holding Corp.<sup>(a)</sup> | 41049 | 1677673  |
|  |  | 3757387  |
| **Hotels, Restaurants & Leisure - 3.2%**<br>|  |  |
| Everi Holdings, Inc.<sup>(a)</sup> | 114126 | 1625154  |
| Kura Sushi USA, Inc. - Class A<sup>(a)</sup> | 47073 | 4052044  |
| Wingstop, Inc. | 10484 | 3530382  |
|  |  | 9207580  |
| **Insurance - 3.4%**<br>|  |  |
|  Goosehead Insurance, Inc. - Class A - Class A | 39676 | 4186215  |
| Palomar Holdings, Inc.<sup>(a)</sup> | 36545 | 5637066  |
|  |  | 9823281  |
| **Leisure Products - 0.9%**<br>|  |  |
| Mattel, Inc.<sup>(a)</sup> | 129165 | 2547134  |
| **Life Sciences Tools & Services - 2.3%**<br>|  |  |
|  Charles River Laboratories International, Inc.<sup>(a)</sup> | 13398 | 2032878  |
| Medpace Holdings, Inc.<sup>(a)</sup> | 14794 | 4643245  |
|  |  | 6676123  |
| **Machinery - 9.8%**<br>|  |  |
| Alamo Group, Inc. | 19787 | 4321085  |
| Chart Industries, Inc.<sup>(a)</sup> | 25000 | 4116250  |
| ESAB Corp. | 53383 | 6435321  |

---

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LKCM Small Cap Equity Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Machinery - (Continued)** | **Machinery - (Continued)** | **Machinery - (Continued)** |
| Franklin Electric Co., Inc. | 30970 | $2779248  |
| Helios Technologies, Inc. | 54993 | 1835116  |
| ITT, Inc. | 31035 | 4867219  |
|  Watts Water Technologies, Inc. - Class A - Class A | 16359 | 4022515  |
|  |  | 28376754  |
| **Media - 4.3%**<br>|  |  |
| Magnite, Inc.<sup>(a)</sup> | 357028 | 8611515  |
| Nexstar Media Group, Inc. - Class A | 21672 | 3748173  |
|  |  | 12359688  |
| **Metals & Mining - 0.9%**<br>|  |  |
| Materion Corp. | 31279 | 2482614  |
| **Oil, Gas & Consumable Fuels - 3.1%**<br>|  |  |
| Gulfport Energy Corp.<sup>(a)</sup> | 20708 | 4165828  |
|  Magnolia Oil & Gas Corp. - Class A - Class A | 91685 | 2061079  |
| Permian Resources Corp. | 202836 | 2762626  |
|  |  | 8989533  |
| **Personal Care Products - 1.2%**<br>|  |  |
| BellRing Brands, Inc.<sup>(a)</sup> | 60620 | 3511717  |
| **Professional Services - 2.2%**<br>|  |  |
| CBIZ, Inc.<sup>(a)</sup> | 46306 | 3320603  |
| Upwork, Inc.<sup>(a)</sup> | 229376 | 3082814  |
|  |  | 6403417  |
|  **Real Estate Management & Development - 2.4%**<br>|  |  |
| Colliers International Group, Inc. | 20337 | 2654792  |
| FirstService Corp. | 23654 | 4130461  |
|  |  | 6785253  |
|  **Semiconductors & Semiconductor Equipment - 1.7%**<br>|  |  |
| Tower Semiconductor Ltd.<sup>(a)</sup> | 115000 | 4985250  |
| **Software - 9.5%**<br>|  |  |
| Appian Corp. - Class A<sup>(a)</sup> | 89506 | 2672649  |
| Braze, Inc. - Class A<sup>(a)</sup> | 118555 | 3331395  |
| Five9, Inc.<sup>(a)</sup> | 22818 | 604221  |
| LiveRamp Holdings, Inc.<sup>(a)</sup> | 110777 | 3660072  |
| Onestream, Inc.<sup>(a)</sup> | 175000 | 4952500  |
| Q2 Holdings, Inc.<sup>(a)</sup> | 52825 | 4943892  |
| Workiva Inc.<sup>(a)</sup> | 48843 | 3343303  |
| Yext, Inc.<sup>(a)</sup> | 438568 | 3727828  |
|  |  | 27235860  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Specialty Retail - 2.8%**<br>|  |  |
| Academy Sports & Outdoors, Inc. | 87015 | $3899142  |
| Warby Parker, Inc. - Class A<sup>(a)</sup> | 191061 | 4189968  |
|  |  | 8089110  |
| **Textiles, Apparel & Luxury Goods - 1.3%**<br>|  |  |
| Crocs, Inc.<sup>(a)</sup> | 37119 | 3759412  |
| **Tobacco - 1.5%**<br>|  |  |
| Turning Point Brands, Inc. | 58053 | 4398676  |
| **Trading Companies & Distributors - 0.9%**<br>|  |  |
| SiteOne Landscape Supply, Inc.<sup>(a)</sup> | 20432 | 2471046  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $211,200,488)** |  | 285279807  |
| **SHORT-TERM INVESTMENTS - 1.1%**<br>|  |  |
| **Money Market Funds - 1.1%**<br>|  |  |
|  Invesco Short-Term Investments Trust - Government & Agency Portfolio - Institutional Shares - Class Institutional, 4.26%<sup>(b)</sup> | 3138297 | 3138297  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $3,138,297)** |  | 3138297  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.2%** <br>**(Cost $214,338,785)** |  | $288418104  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.2)% |  | (521263)  |
| **TOTAL NET ASSETS - 100.0%** |  | $287896841 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LKCM Small-Mid Cap Equity Fund** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 97.0%**<br>|  |  |
| **Aerospace & Defense - 4.2%**<br>|  |  |
| BWX Technologies, Inc. | 6490 | $934949  |
| Mercury Systems, Inc.<sup>(a)</sup> | 14296 | 769983  |
|  |  | 1704932  |
| **Banks - 4.4%**<br>|  |  |
| Pinnacle Financial Partners, Inc. | 5005 | 552602  |
| UMB Financial Corp. | 6087 | 640109  |
| Webster Financial Corp. | 11236 | 613485  |
|  |  | 1806196  |
| **Biotechnology - 2.2%**<br>|  |  |
| Natera, Inc.<sup>(a)</sup> | 5422 | 915993  |
| **Building Products - 4.3%**<br>|  |  |
| Builders FirstSource, Inc.<sup>(a)</sup> | 5039 | 588001  |
| CSW Industrials, Inc. | 2130 | 610948  |
| Zurn Elkay Water Solutions Corp. | 14817 | 541857  |
|  |  | 1740806  |
| **Capital Markets - 6.5%**<br>|  |  |
| Houlihan Lokey, Inc. | 2741 | 493243  |
| LPL Financial Holdings, Inc. | 2798 | 1049166  |
| SEI Investments Co. | 12607 | 1132865  |
|  |  | 2675274  |
| **Commercial Services & Supplies - 3.9%**<br>|  |  |
| Casella Waste Systems, Inc. - Class A<sup>(a)</sup> | 5517 | 636552  |
| Tetra Tech, Inc. | 26371 | 948301  |
|  |  | 1584853  |
| **Construction & Engineering - 2.4%**<br>|  |  |
| AECOM | 8834 | 997005  |
| **Construction Materials - 1.2%**<br>|  |  |
| Eagle Materials, Inc. | 2373 | 479607  |
|  **Electronic Equipment, Instruments & Components - 2.5%**<br>|  |  |
| Trimble, Inc.<sup>(a)</sup> | 13514 | 1026794  |
| **Financial Services - 3.8%**<br>|  |  |
| Corpay, Inc.<sup>(a)</sup> | 2726 | 904541  |
| Euronet Worldwide, Inc.<sup>(a)</sup> | 6401 | 648934  |
|  |  | 1553475  |
| **Health Care Equipment & Supplies - 1.6%**<br>|  |  |
| Merit Medical Systems, Inc.<sup>(a)</sup> | 6846 | 639964  |
| **Health Care Providers & Services - 4.1%**<br>|  |  |
| Addus HomeCare Corp.<sup>(a)</sup> | 5897 | 679276  |
| Ensign Group, Inc. | 6578 | 1014722  |
|  |  | 1693998  |
| **Health Care Technology - 1.6%**<br>|  |  |
| Waystar Holding Corp.<sup>(a)</sup> | 16195 | 661890  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Hotels, Restaurants & Leisure - 2.3%**<br>|  |  |
| Wingstop, Inc. | 2835 | $954658  |
| **Insurance - 8.2%**<br>|  |  |
|  Baldwin Insurance Group, Inc. - Class A<sup>(a)</sup> | 12937 | 553833  |
|  Goosehead Insurance, Inc. - Class A - Class A | 8698 | 917726  |
| Kinsale Capital Group, Inc. | 1511 | 731173  |
| Palomar Holdings, Inc.<sup>(a)</sup> | 7318 | 1128801  |
|  |  | 3331533  |
| **IT Services - 2.6%**<br>|  |  |
| Twilio Inc. - Class A - Class A<sup>(a)</sup> | 8503 | 1057433  |
| **Life Sciences Tools & Services - 1.4%**<br>|  |  |
| Medpace Holdings, Inc.<sup>(a)</sup> | 1832 | 574991  |
| **Machinery - 2.8%**<br>|  |  |
| ITT, Inc. | 4712 | 738983  |
| Kadant, Inc. | 1249 | 396495  |
|  |  | 1135478  |
| **Media - 0.8%**<br>|  |  |
| Nexstar Media Group, Inc. - Class A | 1877 | 324627  |
| **Metals & Mining - 2.0%**<br>|  |  |
| Reliance, Inc. | 2544 | 798562  |
| **Oil, Gas & Consumable Fuels - 3.6%**<br>|  |  |
| Expand Energy Corp. | 7220 | 844307  |
| Permian Resources Corp. | 45711 | 622584  |
|  |  | 1466891  |
| **Professional Services - 6.5%**<br>|  |  |
| Broadridge Financial Solutions, Inc. | 3499 | 850362  |
| CBIZ, Inc.<sup>(a)</sup> | 12135 | 870201  |
| Paylocity Holding Corp.<sup>(a)</sup> | 5099 | 923888  |
|  |  | 2644451  |
|  **Real Estate Management & Development - 4.3%**<br>|  |  |
| Colliers International Group, Inc. | 6075 | 793031  |
| FirstService Corp. | 5504 | 961108  |
|  |  | 1754139  |
|  **Semiconductors & Semiconductor Equipment - 2.1%**<br>|  |  |
| Tower Semiconductor Ltd.<sup>(a)</sup> | 19580 | 848793  |
| **Software - 7.1%**<br>|  |  |
| Appfolio, Inc. - Class A<sup>(a)</sup> | 3551 | 817724  |
| Nutanix, Inc. - Class A<sup>(a)</sup> | 10303 | 787561  |
| Q2 Holdings, Inc.<sup>(a)</sup> | 13744 | 1286301  |
|  |  | 2891586  |

---

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LKCM Small-Mid Cap Equity Fund** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)**<br>|  |  |
| **Specialty Retail - 4.8%**<br>|  |  |
| Academy Sports & Outdoors, Inc. | 10829 | $485248  |
| &nbsp;&nbsp;&nbsp; Floor & Decor Holdings, Inc. - <br>Class A<sup>(a)</sup> | 8117 | 616567  |
| Murphy USA, Inc. | 2135 | 868518  |
|  |  | 1970333  |
| **Textiles, Apparel & Luxury Goods - 1.7%**<br>|  |  |
| On Holding AG - Class A<sup>(a)</sup> | 13603 | 708036  |
| **Trading Companies & Distributors - 4.1%**<br>|  |  |
| FTAI Aviation Ltd. | 3092 | 355704  |
| SiteOne Landscape Supply, Inc.<sup>(a)</sup> | 5906 | 714271  |
| Watsco, Inc. | 1350 | 596187  |
|  |  | 1666162  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $30,918,245)** |  | 39608460  |
| **SHORT-TERM INVESTMENTS - 3.1%**<br>|  |  |
| **Money Market Funds - 3.1%**<br>|  |  |
|  Invesco Short-Term Investments Trust - Government & Agency Portfolio - Institutional Shares - Class Institutional, 4.26%<sup>(b)</sup> | 1222311 | 1222311  |
|  MSILF Government Portfolio - Class Institutional, 4.23%<sup>(b)</sup> | 23440 | 23440  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,245,751)** |  | 1245751  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.1%** <br>**(Cost $32,163,996)** |  | $40854211  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.1)% |  | (42507)  |
| **TOTAL NET ASSETS - 100.0%** |  | $40811704 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LKCM EQUITY FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 98.5%**<br>|  |  |
| **Banks - 4.6%**<br>|  |  |
| Bank of America Corp. | 180000 | $8517600  |
| JPMorgan Chase & Co. | 50000 | 14495500  |
|  |  | 23013100  |
| **Beverages - 2.3%**<br>|  |  |
| Coca-Cola Co. | 95000 | 6721250  |
| Keurig Dr Pepper, Inc. | 150000 | 4959000  |
|  |  | 11680250  |
| **Biotechnology - 1.6%**<br>|  |  |
| Amgen, Inc. | 28000 | 7817880  |
| **Broadline Retail - 1.7%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 38000 | 8336820  |
| **Capital Markets - 1.0%**<br>|  |  |
| S&P Global, Inc. | 10000 | 5272900  |
| **Chemicals - 5.0%**<br>|  |  |
| Ecolab, Inc. | 55000 | 14819200  |
| Linde PLC | 22000 | 10321960  |
|  |  | 25141160  |
| **Commercial Services & Supplies - 6.2%**<br>|  |  |
| Cintas Corp. | 64000 | 14263680  |
| Waste Connections, Inc. | 90000 | 16804800  |
|  |  | 31068480  |
| **Construction & Engineering - 3.5%**<br>|  |  |
| Fluor Corp.<sup>(a)</sup> | 125000 | 6408750  |
| Valmont Industries, Inc. | 35000 | 11429950  |
|  |  | 17838700  |
| **Construction Materials - 2.0%**<br>|  |  |
| Martin Marietta Materials, Inc. | 18000 | 9881280  |
| **Electrical Equipment - 3.0%**<br>|  |  |
| Emerson Electric Co. | 75000 | 9999750  |
| Generac Holdings, Inc.<sup>(a)</sup> | 35000 | 5012350  |
|  |  | 15012100  |
|  **Electronic Equipment, Instruments & Components - 5.1%**<br>|  |  |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 25000 | 12807750  |
| Trimble, Inc.<sup>(a)</sup> | 170000 | 12916600  |
|  |  | 25724350  |
| **Financial Services - 1.7%**<br>|  |  |
| Mastercard, Inc. - Class A | 15000 | 8429100  |
| **Ground Transportation - 1.1%**<br>|  |  |
| Union Pacific Corp. | 24000 | 5521920  |
| &nbsp;&nbsp;&nbsp; **Health Care Equipment &** <br>**Supplies - 3.0%**<br>|  |  |
| Alcon AG | 60000 | 5296800  |
| Neogen Corp.<sup>(a)</sup> | 450000 | 2151000  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Stryker Corp. | 20000 | $7912600  |
|  |  | 15360400  |
| **Household Durables - 0.5%**<br>|  |  |
| Newell Brands, Inc. | 500000 | 2700000  |
| **Household Products - 2.2%**<br>|  |  |
| Kimberly-Clark Corp. | 50000 | 6446000  |
| Procter & Gamble Co. | 30000 | 4779600  |
|  |  | 11225600  |
| **Interactive Media & Services - 3.8%**<br>|  |  |
| Alphabet, Inc. - Class A - Class A | 110000 | 19385300  |
| **Life Sciences Tools & Services - 2.3%**<br>|  |  |
| Danaher Corp. | 32750 | 6469435  |
| Thermo Fisher Scientific, Inc. | 13000 | 5270980  |
|  |  | 11740415  |
| **Machinery - 6.5%**<br>|  |  |
| Chart Industries, Inc.<sup>(a)</sup> | 40000 | 6586000  |
| Franklin Electric Co., Inc. | 85000 | 7627900  |
| IDEX Corp. | 30000 | 5267100  |
| Toro Co. | 80000 | 5654400  |
| Xylem, Inc./NY | 60000 | 7761600  |
|  |  | 32897000  |
| **Marine Transportation - 1.7%**<br>|  |  |
| Kirby Corp.<sup>(a)</sup> | 75000 | 8505750  |
| **Metals & Mining - 1.0%**<br>|  |  |
| Wheaton Precious Metals Corp. | 55000 | 4939000  |
| **Oil, Gas & Consumable Fuels - 6.7%**<br>|  |  |
| Cameco Corp. | 90000 | 6680700  |
| Chevron Corp. | 42500 | 6085575  |
| ConocoPhillips Co. | 100000 | 8974000  |
| Coterra Energy, Inc. | 384000 | 9745920  |
| Kimbell Royalty Partners LP | 180000 | 2512800  |
|  |  | 33998995  |
| **Pharmaceuticals - 3.8%**<br>|  |  |
| Merck & Co., Inc. | 80000 | 6332800  |
| Pfizer Inc. | 220000 | 5332800  |
| Zoetis, Inc. | 47000 | 7329650  |
|  |  | 18995250  |
|  **Semiconductors & Semiconductor Equipment - 4.7%**<br>|  |  |
| NVIDIA Corp. | 150000 | 23698500  |
| **Software - 13.1%**<br>|  |  |
| Microsoft Corp. | 80000 | 39792800  |
| Oracle Corp. | 120000 | 26235600  |
|  |  | 66028400  |

---

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LKCM EQUITY FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)**<br>|  |  |
| **Specialty Retail - 4.9%**<br>|  |  |
| Academy Sports & Outdoors, Inc. | 90000 | $4032900  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 120000 | 10815600  |
| The Home Depot, Inc. | 26500 | 9715960  |
|  |  | 24564460  |
|  **Technology Hardware, Storage & Peripherals - 3.9%**<br>|  |  |
| Apple Inc. | 96000 | 19696320  |
| **Trading Companies & Distributors - 1.6%**<br>|  |  |
| FTAI Aviation Ltd. | 70000 | 8052800  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $232,262,132)** |  | 496526230  |
| **SHORT-TERM INVESTMENTS - 1.6%**<br>|  |  |
| **Money Market Funds - 1.6%**<br>|  |  |
|  Invesco Short-Term Investments Trust - Government & Agency Portfolio - Institutional Shares - Class Institutional, 4.26%<sup>(b)</sup> | 8050609 | 8050609  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $8,050,609)** |  | 8050609  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.1%** <br>**(Cost $240,312,741)** |  | $504576839  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.1)% |  | (422939)  |
| **TOTAL NET ASSETS - 100.0%** |  | $504153900 |

---

Percentages are stated as a percent of net assets.

LP - Limited Partnership

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LKCM BALANCED FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 68.6%**<br>|  |  |
| **Aerospace & Defense - 1.3%**<br>|  |  |
| L3Harris Technologies, Inc. | 5850 | $1467414  |
| **Banks - 3.8%**<br>|  |  |
| Bank of America Corp. | 33100 | 1566292  |
| Cullen/Frost Bankers, Inc. | 8300 | 1066882  |
| JPMorgan Chase & Co. | 5900 | 1710469  |
|  |  | 4343643  |
| **Beverages - 3.0%**<br>|  |  |
| Coca-Cola Co. | 21400 | 1514050  |
| Keurig Dr Pepper, Inc. | 35000 | 1157100  |
| PepsiCo, Inc. | 5750 | 759230  |
|  |  | 3430380  |
| **Broadline Retail - 2.1%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 11200 | 2457168  |
| **Capital Markets - 1.2%**<br>|  |  |
| Moody's Corp. | 2650 | 1329214  |
| **Chemicals - 2.8%**<br>|  |  |
| Corteva, Inc. | 7658 | 570751  |
| Ecolab Inc. | 3600 | 969984  |
| Linde PLC | 3600 | 1689048  |
|  |  | 3229783  |
| **Commercial Services & Supplies - 3.8%**<br>|  |  |
| Cintas Corp. | 8000 | 1782960  |
| Waste Connections, Inc. | 7100 | 1325712  |
| Waste Management, Inc. | 5250 | 1201305  |
|  |  | 4309977  |
| **Construction Materials - 1.5%**<br>|  |  |
| Martin Marietta Materials, Inc. | 3100 | 1701776  |
|  **Consumer Staples Distribution & Retail - 1.3%**<br>|  |  |
| Walmart, Inc. | 15600 | 1525368  |
|  **Diversified Telecommunication Services - 0.9%**<br>|  |  |
| Verizon Communications Inc. | 23841 | 1031600  |
| **Electric Utilities - 0.8%**<br>|  |  |
| Constellation Energy Corp. | 2900 | 936004  |
| **Electrical Equipment - 2.0%**<br>|  |  |
| Emerson Electric Co. | 8800 | 1173304  |
| Rockwell Automation, Inc. | 3325 | 1104465  |
|  |  | 2277769  |
| **Electronic Equipment, Instrume - 0.1%**<br>|  |  |
| Ralliant Corp.<sup>(a)</sup> | 3117 | 151127  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Electronic Equipment, Instruments & Components - 2.2%**<br>|  |  |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 2450 | $1255159  |
| Trimble Inc.<sup>(a)</sup> | 17150 | 1303057  |
|  |  | 2558216  |
| **Entertainment - 1.0%**<br>|  |  |
| Netflix, Inc.<sup>(a)</sup> | 900 | 1205217  |
| **Financial Services - 2.0%**<br>|  |  |
| Fiserv, Inc.<sup>(a)</sup> | 3100 | 534471  |
| Visa, Inc. - Class A | 4850 | 1721993  |
|  |  | 2256464  |
| **Ground Transportation - 0.3%**<br>|  |  |
| Union Pacific Corp. | 1500 | 345120  |
| **Health Care Equipment & Supplies - 2.2%**<br>|  |  |
| Abbott Laboratories | 6800 | 924868  |
| Alcon AG | 17900 | 1580212  |
|  |  | 2505080  |
| **Household Products - 1.5%**<br>|  |  |
| Colgate-Palmolive Co. | 13400 | 1218060  |
| Procter & Gamble Co. | 3250 | 517790  |
|  |  | 1735850  |
| **Industrial Conglomerates - 1.1%**<br>|  |  |
| Honeywell International Inc. | 5200 | 1210976  |
| **Insurance - 0.9%**<br>|  |  |
| Arthur J Gallagher & Co. | 3100 | 992372  |
| **Interactive Media & Services - 4.0%**<br>|  |  |
| Alphabet Inc. - Class C - Class C | 12200 | 2164158  |
| Meta Platforms, Inc. - Class A | 3275 | 2417245  |
|  |  | 4581403  |
| **IT Services - 0.5%**<br>|  |  |
| Accenture PLC - Class A | 2100 | 627669  |
| **Life Sciences Tools & Services - 1.6%**<br>|  |  |
| Danaher Corp. | 5800 | 1145732  |
| Thermo Fisher Scientific, Inc. | 1700 | 689282  |
|  |  | 1835014  |
| **Machinery - 1.5%**<br>|  |  |
| Chart Industries, Inc.<sup>(a)</sup> | 3000 | 493950  |
| Fortive Corp. | 9350 | 487415  |
| IDEX Corp. | 4000 | 702280  |
|  |  | 1683645  |
| **Metals & Mining - 0.9%**<br>|  |  |
| Newmont Goldcorp Corp. | 17700 | 1031202  |
| **Oil, Gas & Consumable Fuels - 5.2%**<br>|  |  |
| Chevron Corp. | 8695 | 1245037  |
| ConocoPhillips Co. | 10900 | 978166  |

---

The accompanying notes are an integral part of these financial statements.

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LKCM BALANCED FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)** <br>|  |  |
| **Oil, Gas & Consumable Fuels - (Continued)** <br>|  |  |
| Coterra Energy, Inc. | 25000 | $634500  |
| EOG Resources, Inc. | 4450 | 532264  |
| Exxon Mobil Corp. | 12127 | 1307291  |
| Kinder Morgan, Inc. | 42000 | 1234800  |
|  |  | 5932058  |
| **Pharmaceuticals - 2.0%**<br>|  |  |
| Merck & Co., Inc. | 12500 | 989500  |
| Zoetis Inc. | 8026 | 1251655  |
|  |  | 2241155  |
| **Professional Services - 1.0%**<br>|  |  |
| Broadridge Financial Solutions, Inc. | 4850 | 1178695  |
|  **Semiconductors & Semiconductor Equipment - 3.7%**<br>|  |  |
| NVIDIA Corp. | 20000 | 3159800  |
| QUALCOMM, Inc. | 7000 | 1114820  |
|  |  | 4274620  |
| **Software - 8.2%**<br>|  |  |
| Adobe Inc.<sup>(a)</sup> | 1850 | 715728  |
| Microsoft Corp. | 6750 | 3357518  |
| Oracle Corp. | 11900 | 2601697  |
| Roper Technologies, Inc. | 2600 | 1473784  |
| Salesforce, Inc. | 4550 | 1240739  |
|  |  | 9389466  |
| **Specialty Retail - 1.4%**<br>|  |  |
| Home Depot, Inc. | 4500 | 1649880  |
|  **Technology Hardware, Storage & Peripherals - 2.8%**<br>|  |  |
| Apple Inc. | 15950 | 3272462  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $36,220,565)** |  | 78697787 |
|  | **Par** |  |
| **CORPORATE BONDS - 29.2%**<br>|  |  |
| **Aerospace & Defense - 2.1%**<br>|  |  |
|  L3Harris Technologies, Inc., 5.40%, 07/31/2033 (Callable 04/30/2033) | $750000 | 771212  |
|  Lockheed Martin Corp., 4.50%, 02/15/2029 (Callable 01/15/2029) | 785000 | 792817  |
| &nbsp;&nbsp;&nbsp; RTX Corp., 5.15%, 02/27/2033 <br>(Callable 11/27/2032) | 800000 | 818245  |
|  |  | 2382274  |
| **Banks - 0.8%**<br>|  |  |
|  Cullen/Frost Bankers, Inc., 4.50%, 03/17/2027 (Callable 02/17/2027) | 750000 | 735729 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  JPMorgan Chase & Co., 3.20%, 06/15/2026 (Callable 03/15/2026) | $200000 | $198115  |
|  |  | 933844 |
| **Beverages - 1.0%**<br>|  |  |
|  Keurig Dr Pepper, Inc., 2.55%, 09/15/2026 (Callable 06/15/2026) | 750000 | 735306  |
|  PepsiCo, Inc., 2.38%, 10/06/2026 (Callable 07/06/2026) | 435000 | 426467  |
|  |  | 1161773  |
| **Biotechnology - 1.6%**<br>|  |  |
| AbbVie, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/14/2026 <br>(Callable 02/14/2026) | 600000 | 594385  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/15/2031 <br>(Callable 01/15/2031) | 250000 | 256553  |
| Amgen, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.60%, 08/19/2026 (Callable 05/19/2026) | 450000 | 441801  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/02/2030 (Callable 01/02/2030) | 550000 | 566669  |
|  |  | 1859408  |
| **Broadline Retail - 0.8%**<br>|  |  |
| Amazon.com, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.20%, 06/03/2027 (Callable 04/03/2027) | 260000 | 246986  |
| &nbsp;&nbsp;&nbsp; 4.55%, 12/01/2027 (Callable 11/01/2027) | 550000 | 557439  |
| &nbsp;&nbsp;&nbsp; 4.65%, 12/01/2029 (Callable 10/01/2029) | 125000 | 127766  |
|  |  | 932191  |
| **Chemicals - 2.0%**<br>|  |  |
|  Air Products and Chemicals, Inc., 1.85%, 05/15/2027 (Callable 03/15/2027) | 675000 | 648377  |
|  DuPont de Nemours, Inc., 4.73%, 11/15/2028 (Callable 08/15/2028) | 650000 | 660037  |
| Ecolab, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.70%, 11/01/2026 (Callable 08/01/2026) | 500000 | 490541  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/15/2028 (Callable 12/15/2027) | 475000 | 489450  |
|  |  | 2288405  |
| **Commercial Services & Supplies - 1.7%**<br>|  |  |
|  Republic Services, Inc., 4.88%, 04/01/2029 (Callable 03/01/2029) | 750000 | 766252  |
| Waste Management, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/15/2028 (Callable 02/15/2028) | 200000 | 202128  |

---

The accompanying notes are an integral part of these financial statements.

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LKCM BALANCED FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **CORPORATE BONDS - (Continued)** <br>|  |  |
| **Commercial Services & Supplies - (Continued)** <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2030 (Callable 12/15/2029) | $500000 | $507036  |
| &nbsp;&nbsp;&nbsp; 4.15%, 04/15/2032 (Callable 01/15/2032) | 500000 | 489627  |
|  |  | 1965043  |
| **Communications Equipment - 0.7%**<br>|  |  |
|  Cisco Systems, Inc., 5.05%, 02/26/2034 (Callable 11/26/2033) | 750000 | 768306  |
| **Consumer Finance - 0.7%**<br>|  |  |
|  American Express Co., 4.05%, 05/03/2029 (Callable 03/03/2029) | 850000 | 849757  |
|  **Consumer Staples Distribution & Retail - 0.6%**<br>|  |  |
|  Costco Wholesale Corp., 1.38%, 06/20/2027 (Callable 04/20/2027) | 690000 | 658278  |
| **Crude Petroleum Extraction - 0.4%**<br>|  |  |
|  Enterprise Products Operating LLC, 5.35%, 01/31/2033 (Callable 10/31/2032) | 500000 | 518111  |
| **Electric Utilities - 0.9%**<br>|  |  |
| Duke Energy Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/08/2027 (Callable 11/08/2027) | 495000 | 504112  |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/15/2032 (Callable 05/15/2032) | 500000 | 489186  |
|  |  | 993298  |
| **Financial Services - 1.1%**<br>|  |  |
|  Mastercard, Inc., 4.85%, 03/09/2033 (Callable 12/09/2032) | 500000 | 509899  |
| Visa Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.15%, 12/14/2025 (Callable 09/14/2025) | 300000 | 298311  |
| &nbsp;&nbsp;&nbsp; 1.90%, 04/15/2027 (Callable 02/15/2027) | 500000 | 482987  |
|  |  | 1291197  |
| **Health Care Equipment & Supplies - 0.3%**<br>|  |  |
|  Abbott Laboratories, 3.75%, 11/30/2026 (Callable 08/30/2026) | 355000 | 354014  |
| **Household Products - 0.5%**<br>|  |  |
|  Colgate-Palmolive Co., 3.10%, 08/15/2027 (Callable 07/15/2027) | 595000 | 585475  |
| **Industrial Conglomerates - 0.1%**<br>|  |  |
|  Honeywell International, Inc., 4.88%, 09/01/2029 (Callable 08/01/2029) | 150000 | 153665  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Insurance - 0.7%**<br>|  |  |
|  Arthur J Gallagher & Co., 5.00%, 02/15/2032 (Callable 12/15/2031) | $750000 | $760653  |
| **Interactive Media & Services - 1.3%**<br>|  |  |
|  Alphabet, Inc., 2.00%, 08/15/2026 (Callable 05/15/2026) | 200000 | 195712  |
| Meta Platforms, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 08/15/2027 (Callable 07/15/2027) | 250000 | 247640  |
| &nbsp;&nbsp;&nbsp; 4.60%, 05/15/2028 (Callable 04/15/2028) | 250000 | 254599  |
| &nbsp;&nbsp;&nbsp; 4.55%, 08/15/2031 (Callable 06/15/2031) | 550000 | 557689  |
| &nbsp;&nbsp;&nbsp; 4.75%, 08/15/2034 (Callable 05/15/2034) | 250000 | 251187  |
|  |  | 1506827  |
| **IT Services - 0.1%**<br>|  |  |
|  International Business Machines Corp., 4.75%, 02/06/2033 (Callable 11/06/2032) | 125000 | 125622  |
| **Life Sciences Tools & Services - 0.7%**<br>|  |  |
|  Thermo Fisher Scientific, Inc., 4.95%, 11/21/2032 (Callable 08/21/2032) | 750000 | 767723  |
| **Oil, Gas & Consumable Fuels - 3.5%**<br>|  |  |
|  Chevron Corp., 2.00%, 05/11/2027 (Callable 03/11/2027) | 400000 | 386430  |
| ConocoPhillips Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.95%, 04/15/2029 | 500000 | 548320  |
| &nbsp;&nbsp;&nbsp; 5.05%, 09/15/2033 (Callable 06/15/2033) | 250000 | 255028  |
|  Devon Energy Corp., 4.50%, 01/15/2030 (Callable 07/11/2025) | 500000 | 494942  |
|  Enterprise Products Operating LLC, 5.05%, 01/10/2026 | 100000 | 100239  |
|  EOG Resources, Inc., 4.38%, 04/15/2030 (Callable 01/15/2030) | 750000 | 749905  |
|  Exxon Mobil Corp., 3.04%, 03/01/2026 (Callable 12/01/2025) | 400000 | 396990  |
|  Kinder Morgan, Inc., 5.20%, 06/01/2033 (Callable 03/01/2033) | 325000 | 326741  |
|  ONEOK, Inc., 5.80%, 11/01/2030 (Callable 09/01/2030) | 750000 | 785355  |
|  |  | 4043950  |
| **Other Electric Power Generation - 0.3%**<br>|  |  |
|  Duke Energy Progress LLC, 5.25%, 03/15/2033 (Callable 12/15/2032) | 300000 | 309911  |

---

The accompanying notes are an integral part of these financial statements.

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LKCM BALANCED FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **CORPORATE BONDS - (Continued)** <br>|  |  |
| **Personal Care Products - 0.1%**<br>|  |  |
|  Kenvue, Inc., 5.00%, 03/22/2030 (Callable 01/22/2030) | $120000 | $123665  |
| **Pharmaceuticals - 0.5%**<br>|  |  |
|  Eli Lilly & Co., 4.50%, 02/09/2029 (Callable 01/09/2029) | 575000 | 583143  |
|  **Semiconductors & Semiconductor Equipment - 0.6%**<br>|  |  |
|  Broadcom, Inc., 5.05%, 07/12/2029 (Callable 06/12/2029) | 250000 | 256198  |
|  NVIDIA Corp., 3.20%, 09/16/2026 (Callable 06/16/2026) | 400000 | 396422  |
|  |  | 652620  |
| **Software - 2.8%**<br>|  |  |
|  Adobe, Inc., 4.80%, 04/04/2029 (Callable 03/04/2029) | 850000 | 872152  |
| Intuit, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 09/15/2028 (Callable 08/15/2028) | 550000 | 567581  |
| &nbsp;&nbsp;&nbsp; 5.20%, 09/15/2033 (Callable 06/15/2033) | 275000 | 285072  |
| Oracle Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 05/06/2030 (Callable 03/06/2030) | 220000 | 222067  |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/06/2033 (Callable 11/06/2032) | 750000 | 751289  |
|  Roper Technologies, Inc., 4.90%, 10/15/2034 (Callable 07/15/2034) | 500000 | 493289  |
|  |  | 3191450  |
| **Specialized REITs - 0.6%**<br>|  |  |
| American Tower Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 10/15/2026 (Callable 07/15/2026) | 635000 | 627025  |
| &nbsp;&nbsp;&nbsp; 5.80%, 11/15/2028 (Callable 10/15/2028) | 75000 | 78268  |
|  |  | 705293  |
| **Specialty Retail - 2.4%**<br>|  |  |
| Home Depot, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.80%, 09/14/2027 (Callable 06/14/2027) | 500000 | 487234  |
| &nbsp;&nbsp;&nbsp; 4.90%, 04/15/2029 (Callable 03/15/2029) | 220000 | 225791  |
|  Lowe's Cos., Inc., 2.50%, 04/15/2026 (Callable 01/15/2026) | 800000 | 788196  |
| O'Reilly Automotive, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.20%, 04/01/2030 (Callable 01/01/2030) | 500000 | 495522  |
| &nbsp;&nbsp;&nbsp; 4.70%, 06/15/2032 (Callable 03/15/2032) | 250000 | 248345  |
|  Tractor Supply Co., 5.25%, 05/15/2033 (Callable 02/15/2033) | 500000 | 510773  |
|  |  | 2755861  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Support Activities for Oil and Gas Operations - 0.1%**<br>|  |  |
|  ConocoPhillips Co., 4.70%, 01/15/2030 (Callable 12/15/2029) | $100000 | $101408  |
|  **Wireless Telecommunications Carriers (except Satellite) - 0.2%**<br>|  |  |
| T-Mobile USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/15/2027 (Callable 02/15/2027) | 100000 | 98997  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/01/2028 (Callable 07/11/2025) | 100000 | 100017  |
|  |  | 199014  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $33,466,896)** |  | 33522179  |
|  | **Shares** |  |
|  **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.9%**<br>|  |  |
| **Specialized REITs - 0.9%**<br>|  |  |
| American Tower Corp. | 4500 | 994590  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $847,757)** |  | 994590  |
| **SHORT-TERM INVESTMENTS - 1.1%**<br>|  |  |
| **Money Market Funds - 1.1%**<br>|  |  |
|  Invesco Short-Term Investments Trust - Government & Agency Portfolio - Institutional Shares - Class Institutional, 4.26%<sup>(b)</sup> | 1284991 | 1284991  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,284,991)** |  | 1284991  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.8%** <br>**(Cost $71,820,210)** |  | $114499547  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.2% |  | 262134  |
| **TOTAL NET ASSETS - 100.0%** |  | $114761681 |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

PLC - Public Limited Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LKCM FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **CORPORATE BONDS - 72.7%**<br>|  |  |
| **Aerospace & Defense - 6.0%**<br>|  |  |
| L3Harris Technologies, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 06/01/2029 (Callable 05/01/2029) | $4000000 | $4094591  |
| &nbsp;&nbsp;&nbsp; 5.40%, 07/31/2033 (Callable 04/30/2033) | 5525000 | 5681265  |
| RTX Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/15/2029 (Callable 12/15/2028) | 4000000 | 4192333  |
| &nbsp;&nbsp;&nbsp; 5.15%, 02/27/2033 (Callable 11/27/2032) | 2750000 | 2812717  |
|  |  | 16780906  |
| **Banks - 5.4%**<br>|  |  |
| Bank of America Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 03/03/2026 | 2000000 | 1998287  |
| &nbsp;&nbsp;&nbsp; 4.25%, 10/22/2026 | 5000000 | 4991786  |
|  Cullen/Frost Bankers, Inc., 4.50%, 03/17/2027 (Callable 02/17/2027) | 3942000 | 3866992  |
| JPMorgan Chase & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.30%, 04/01/2026 (Callable 01/01/2026) | 3500000 | 3476989  |
| &nbsp;&nbsp;&nbsp; 3.20%, 06/15/2026 (Callable 03/15/2026) | 636000 | 630006  |
|  |  | 14964060  |
| **Beverages - 0.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc., <br>2.55%, 09/15/2026 (Callable 06/15/2026) | 2225000 | 2181407  |
| **Biotechnology - 3.1%**<br>|  |  |
|  AbbVie, Inc., 4.95%, 03/15/2031 (Callable 01/15/2031) | 4000000 | 4104843  |
| Amgen, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.60%, 08/19/2026 (Callable 05/19/2026) | 1000000 | 981781  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/02/2033 (Callable 12/02/2032) | 3500000 | 3586753  |
|  |  | 8673377  |
| **Chemicals - 0.9%**<br>|  |  |
| Ecolab, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.70%, 11/01/2026 (Callable 08/01/2026) | 2000000 | 1962163  |
| &nbsp;&nbsp;&nbsp; 4.80%, 03/24/2030 (Callable 12/24/2029) | 500000 | 512519  |
|  |  | 2474682  |
| **Commercial Services & Supplies - 2.8%**<br>|  |  |
|  Republic Services, Inc., 5.00%, 04/01/2034 (Callable 01/01/2034) | 2500000 | 2538409  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Waste Management, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/15/2028 (Callable 02/15/2028) | $2800000 | $2829785  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2030 (Callable 12/15/2029) | 2370000 | 2403352  |
|  |  | 7771546  |
| **Consumer Finance - 0.7%**<br>|  |  |
|  American Express Co., 4.20%, 11/06/2025 (Callable 10/06/2025) | 2000000 | 1998259  |
| **Containers & Packaging - 1.5%**<br>|  |  |
| Ball Corp., 5.25%, 07/01/2025 | 4252000 | 4252000  |
|  **Diversified Telecommunication Services - 3.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; AT&T, Inc., <br>4.25%, 03/01/2027 (Callable 12/01/2026) | 4235000 | 4232242  |
| Verizon Communications, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/16/2027 | 2000000 | 1999103  |
| &nbsp;&nbsp;&nbsp; 2.10%, 03/22/2028 (Callable 01/22/2028) | 3000000 | 2842683  |
|  |  | 9074028  |
| **Electric Utilities - 1.6%**<br>|  |  |
| Duke Energy Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/15/2032 (Callable 05/15/2032) | 2000000 | 1956745  |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/15/2033 (Callable 06/15/2033) | 2500000 | 2630825  |
|  |  | 4587570  |
| **Electrical Equipment - 1.3%**<br>|  |  |
|  Emerson Electric Co., 5.00%, 03/15/2035 (Callable 12/15/2034) | 3450000 | 3502675  |
|  **Electronic Equipment, Instruments & Components - 1.9%**<br>|  |  |
|  Trimble, Inc., 6.10%, 03/15/2033 (Callable 12/15/2032) | 5000000 | 5313711  |
| **Financial Services - 2.2%**<br>|  |  |
| Fiserv, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/15/2027 (Callable 02/15/2027) | 3000000 | 3040685  |
| &nbsp;&nbsp;&nbsp; 5.35%, 03/15/2031 (Callable 01/15/2031) | 3000000 | 3111269  |
|  |  | 6151954  |
| **Food Products - 0.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Kraft Heinz Food Co., <br>4.63%, 01/30/2029 (Callable 10/30/2028) | 1353000 | 1368205  |

---

The accompanying notes are an integral part of these financial statements.

11<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LKCM FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **CORPORATE BONDS - (Continued)** <br>|  |  |
|  **GICS~DiversifiedTelecommunication Services - 1.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc., <br>4.75%, 02/01/2028 (Callable 07/11/2025) | $3000000 | $3000501  |
| **Ground Transportation - 1.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp., <br>3.75%, 07/15/2025 | 3025000 | 3024086  |
| **Health Care Equipment & Supplies - 1.9%**<br>|  |  |
|  Abbott Laboratories, 4.75%, 11/30/2036 (Callable 05/30/2036) | 200000 | 199210  |
|  Stryker Corp., 4.85%, 02/10/2030 (Callable 01/10/2030) | 5000000 | 5101003  |
|  |  | 5300213  |
| **Health Care Providers & Services - 2.1%**<br>|  |  |
|  CVS Health Corp., 3.75%, 04/01/2030 (Callable 01/01/2030) | 2000000 | 1919046  |
|  UnitedHealth Group, Inc., 4.25%, 01/15/2029 (Callable 12/15/2028) | 4000000 | 3991301  |
|  |  | 5910347  |
| **Hotels, Restaurants & Leisure - 0.9%**<br>|  |  |
|  McDonald's Corp., 3.50%, 07/01/2027 (Callable 05/01/2027) | 2500000 | 2469812  |
| **Insurance - 1.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co., <br>5.00%, 02/15/2032 (Callable 12/15/2031) | 5000000 | 5071022  |
| **Interactive Media & Services - 2.7%**<br>|  |  |
| Meta Platforms, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 05/15/2028 (Callable 04/15/2028) | 2500000 | 2545988  |
| &nbsp;&nbsp;&nbsp; 4.80%, 05/15/2030 (Callable 03/15/2030) | 2950000 | 3039160  |
| &nbsp;&nbsp;&nbsp; 4.75%, 08/15/2034 (Callable 05/15/2034) | 2000000 | 2009495  |
|  |  | 7594643  |
| **Life Sciences Tools & Services - 3.5%**<br>|  |  |
|  Danaher Corp., 3.35%, 09/15/2025 (Callable 07/31/2025) | 5500000 | 5488793  |
|  Thermo Fisher Scientific, Inc., 5.09%, 08/10/2033 (Callable 05/10/2033) | 4000000 | 4097003  |
|  |  | 9585796  |
| **Oil, Gas & Consumable Fuels - 9.0%**<br>|  |  |
|  Chevron Corp., 2.95%, 05/16/2026 (Callable 02/16/2026) | 1870000 | 1848989  |
|  ConocoPhillips Co., 5.05%, 09/15/2033 (Callable 06/15/2033) | 2000000 | 2040222  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  Devon Energy Corp., 4.50%, 01/15/2030 (Callable 07/11/2025) | $4000000 | $3959534  |
|  Kinder Morgan, Inc., 5.20%, 06/01/2033 (Callable 03/01/2033) | 7300000 | 7339096  |
| ONEOK, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.55%, 11/01/2026 (Callable 10/01/2026) | 2500000 | 2534904  |
| &nbsp;&nbsp;&nbsp; 6.35%, 01/15/2031 (Callable 10/15/2030) | 2000000 | 2137635  |
| &nbsp;&nbsp;&nbsp; 6.05%, 09/01/2033 (Callable 06/01/2033) | 5000000 | 5242702  |
|  |  | 25103082  |
|  **Other Management Consulting Services - 0.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Accenture Capital, Inc., <br>4.50%, 10/04/2034 (Callable 07/04/2034) | 2000000 | 1947428  |
|  **Semiconductors & Semiconductor Equipment - 2.8%**<br>|  |  |
| Broadcom, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/2030 (Callable 01/15/2030) | 2500000 | 2553672  |
| &nbsp;&nbsp;&nbsp; 5.15%, 11/15/2031 (Callable 09/15/2031) | 3000000 | 3087315  |
| Intel Corp., 3.70%, 07/29/2025 | 2250000 | 2242664  |
|  |  | 7883651  |
| **Software - 6.3%**<br>|  |  |
|  Adobe, Inc., 4.80%, 04/04/2029 (Callable 03/04/2029) | 700000 | 718243  |
|  Intuit, Inc., 5.20%, 09/15/2033 (Callable 06/15/2033) | 2500000 | 2591564  |
| Oracle Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.65%, 07/15/2026 (Callable 04/15/2026) | 2000000 | 1964487  |
| &nbsp;&nbsp;&nbsp; 6.15%, 11/09/2029 (Callable 09/09/2029) | 3000000 | 3201088  |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/06/2033 (Callable 11/06/2032) | 3000000 | 3005157  |
|  Roper Technologies, Inc., 4.90%, 10/15/2034 (Callable 07/15/2034) | 6000000 | 5919468  |
|  |  | 17400007  |
| **Specialized REITs - 2.5%**<br>|  |  |
| American Tower Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 10/15/2026 (Callable 07/15/2026) | 4030000 | 3979387  |
| &nbsp;&nbsp;&nbsp; 4.05%, 03/15/2032 (Callable 12/15/2031) | 3000000 | 2871448  |
|  |  | 6850835  |
| **Specialty Retail - 4.3%**<br>|  |  |
|  Lowe's Cos., Inc., 2.50%, 04/15/2026 (Callable 01/15/2026) | 1000000 | 985244 |

---

The accompanying notes are an integral part of these financial statements.

12<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LKCM FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **CORPORATE BONDS - (Continued)** <br>|  |  |
| **Specialty Retail - (Continued)** <br>|  |  |
| O'Reilly Automotive, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.35%, 06/01/2028 (Callable 03/01/2028) | $675000 | $677133  |
| &nbsp;&nbsp;&nbsp; 4.20%, 04/01/2030 (Callable 01/01/2030) | 2325000 | 2304177  |
| &nbsp;&nbsp;&nbsp; 4.70%, 06/15/2032 (Callable 03/15/2032) | 2750000 | 2731799  |
|  Tractor Supply Co., 5.25%, 05/15/2033 (Callable 02/15/2033) | 5000000 | 5107728  |
|  |  | 11806081  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $200,386,760)** |  | 202041884  |
|  **U.S. GOVERNMENT SPONSORED ENTITIES - 12.7%**<br>|  |  |
| Federal Home Loan Banks<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 10/28/2025 (Callable 07/28/2025)<sup>(a)</sup> | 3000000 | 2980491  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/12/2025<sup>(a)</sup> | 1505000 | 1506621  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/17/2026<sup>(a)</sup> | 2500000 | 2481255  |
| &nbsp;&nbsp;&nbsp; 2.38%, 03/13/2026 | 3575000 | 3531978  |
| &nbsp;&nbsp;&nbsp; 2.00%, 03/30/2026<sup>(a)</sup> | 3000000 | 2953122  |
| &nbsp;&nbsp;&nbsp; 2.00%, 05/26/2026<sup>(a)</sup> | 2500000 | 2453755  |
| &nbsp;&nbsp;&nbsp; 2.00%, 10/28/2026 (Callable 07/28/2025)<sup>(a)</sup> | 3000000 | 2944799  |
| &nbsp;&nbsp;&nbsp; 2.38%, 01/25/2027 (Callable 07/25/2025)<sup>(a)</sup> | 2500000 | 2462683  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/10/2027 (Callable 09/10/2025)<sup>(a)</sup> | 3150000 | 3145440  |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/29/2027 | 1750000 | 1775395  |
| &nbsp;&nbsp;&nbsp; 1.75%, 11/16/2028 (Callable 08/16/2025)<sup>(a)</sup> | 3000000 | 2864272  |
| &nbsp;&nbsp;&nbsp; 2.82%, 06/27/2029 (Callable 07/09/2025) | 4000000 | 3825322  |
| &nbsp;&nbsp;&nbsp; 2.00%, 12/15/2033 (Callable 09/15/2025)<sup>(a)</sup> | 2500000 | 2267071  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. GOVERNMENT SPONSORED ENTITIES** <br>**(Cost $35,990,738)** |  | 35192204  |
| **U.S. GOVERNMENT ISSUES - 8.5%**<br>|  |  |
| United States Treasury Note/Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/31/2025 | 4000000 | 4003058  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/31/2026 | 2000000 | 1999977  |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/15/2026 | 500000 | 504902  |
| &nbsp;&nbsp;&nbsp; 4.13%, 09/30/2027 | 400000 | 403641  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/31/2029 | 2000000 | 2019297  |
| &nbsp;&nbsp;&nbsp; 4.13%, 11/15/2032 | 8500000 | 8560430  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033 | 3000000 | 3082793  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2034 | 3000000 | 2970117  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. GOVERNMENT ISSUES** <br>**(Cost $23,711,872)** |  | 23544215  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **U.S. TREASURY SECURITIES - 4.0%**<br>|  |  |
| United States Treasury Note/Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 06/15/2026 | $1000000 | $1001291  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/15/2027 | 2300000 | 2330547  |
| &nbsp;&nbsp;&nbsp; 5.38%, 02/15/2031 | 2500000 | 2689258  |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/15/2034 | 5000000 | 5018750  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $10,800,085)** |  | 11039846  |
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 1.0%**<br>|  |  |
| **Money Market Funds - 1.0%**<br>|  |  |
|  Invesco Short-Term Investments Trust - Government & Agency Portfolio - Institutional Shares - Class Institutional, 4.26%<sup>(b)</sup> | 2784599 | 2784599  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $2,784,599)** |  | 2784599  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.9%** <br>**(Cost $273,674,054)** |  | $274602748  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.1% |  | 3017753  |
| **TOTAL NET ASSETS - 100.0%** |  | $277620501 |

---

Percentages are stated as a percent of net assets.

REIT - Real Estate Investment Trust

<sup>(a)</sup> Step coupon bond. The rate disclosed is as of June 30, 2025.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

13<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LKCM INTERNATIONAL EQUITY FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 91.8%**<br>|  |  |
| **Australia - 3.5%**<br>|  |  |
| **Biotechnology - 1.6%**<br>|  |  |
| CSL Ltd. | 7143 | $1128313  |
| **Capital Markets - 1.9%**<br>|  |  |
| Macquarie Group Ltd. | 8771 | 1319209  |
| **Total Australia** |  | 2447522  |
| **Canada - 8.9%**<br>|  |  |
| **Banks - 2.3%**<br>|  |  |
| Royal Bank of Canada | 12225 | 1611177  |
| **Ground Transportation - 1.9%**<br>|  |  |
| Canadian Pacific Kansas City Ltd. | 17518 | 1391663  |
| **Oil, Gas & Consumable Fuels - 4.7%**<br>|  |  |
| Cameco Corp. | 28970 | 2151449  |
| Canadian Natural Resources Ltd. | 36642 | 1151664  |
|  |  | 3303113  |
| **Total Canada** |  | 6305953  |
| **Finland - 2.2%**<br>|  |  |
| **Banks - 2.2%**<br>|  |  |
| Nordea Bank Abp | 105105 | 1561442  |
| **France - 10.5%**<br>|  |  |
| **Aerospace & Defense - 1.5%**<br>|  |  |
| Safran SA | 3210 | 1046862  |
| **Chemicals - 2.4%**<br>|  |  |
| Air Liquide SA | 8055 | 1660955  |
| **Electrical Equipment - 1.9%**<br>|  |  |
| Schneider Electric SA | 5123 | 1375452  |
| **IT Services - 1.6%**<br>|  |  |
| Capgemini SE | 6766 | 1158589  |
| **Personal Care Products - 1.8%**<br>|  |  |
| L'Oreal SA | 2913 | 1247797  |
| **Textiles, Apparel & Luxury Goods - 1.3%**<br>|  |  |
| LVMH Moet Hennessy Louis Vuitton SE | 1737 | 909114  |
| **Total France** |  | 7398769  |
| **Germany - 10.9%**<br>|  |  |
| **Diversified Telecommunication Services - 2.1%**<br>|  |  |
| Deutsche Telekom AG | 40943 | 1498666  |
| **Insurance - 2.5%**<br>|  |  |
| Allianz SE | 4333 | 1758482  |
|  **Semiconductors & Semiconductor Equipment - 2.2%**<br>|  |  |
| Infineon Technologies AG | 36500 | 1557534  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Software - 2.5%**<br>|  |  |
| SAP SE | 5875 | $1796460  |
| **Textiles, Apparel & Luxury Goods - 1.6%**<br>|  |  |
| Adidas AG | 4750 | 1108795  |
| **Total Germany** |  | 7719937  |
| **Italy - 0.8%**<br>|  |  |
| **Textiles, Apparel & Luxury Goods - 0.8%**<br>|  |  |
| Moncler SpA | 9372 | 534595  |
| **Japan - 4.9%**<br>|  |  |
| **Chemicals - 1.0%**<br>|  |  |
| Shin - Etsu Chemical Co. Ltd. | 20346 | 671865  |
| **Electrical Equipment - 1.9%**<br>|  |  |
| NIDEC CORP | 68442 | 1330040  |
| **Insurance - 2.0%**<br>|  |  |
| Tokio Marine Holdings, Inc. | 33709 | 1428623  |
| **Total Japan** |  | 3430528  |
| **Netherlands - 9.1%**<br>|  |  |
| **Banks - 2.4%**<br>|  |  |
| ING Groep NV | 78413 | 1718637  |
| **Capital Markets - 2.4%**<br>|  |  |
| Euronext NV<sup>(a)</sup> | 9738 | 1668533  |
| **Professional Services - 1.8%**<br>|  |  |
| Wolters Kluwer NV | 7657 | 1280546  |
|  **Semiconductors & Semiconductor Equipment - 2.5%**<br>|  |  |
| ASML Holding NV | 2171 | 1739707  |
| **Total Netherlands** |  | 6407423  |
| **Norway - 2.3%**<br>|  |  |
| **Diversified Telecommunication Services - 2.3%**<br>|  |  |
| Telenor ASA | 103807 | 1616503  |
| **Spain - 1.8%**<br>|  |  |
| **Machinery - 1.8%**<br>|  |  |
| Fluidra SA | 51895 | 1301046  |
| **Sweden - 2.7%**<br>|  |  |
| **Financial Services - 1.6%**<br>|  |  |
| Investor AB | 39028 | 1156532  |
| **Hotels, Restaurants & Leisure - 1.1%**<br>|  |  |
| Evolution AB<sup>(a)</sup> | 9250 | 734664  |
| **Total Sweden** |  | 1891196  |
| **Switzerland - 9.1%**<br>|  |  |
| **Capital Markets - 1.9%**<br>|  |  |
| Julius Baer Group Ltd. | 19807 | 1343605  |

---

The accompanying notes are an integral part of these financial statements.

14<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LKCM INTERNATIONAL EQUITY FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)** <br>|  |  |
| **Switzerland - (Continued)** <br>|  |  |
| **Electrical Equipment - 2.0%**<br>|  |  |
| ABB Ltd. | 23792 | $1425827  |
| **Health Care Equipment & Supplies - 2.4%**<br>|  |  |
| Alcon AG | 18908 | 1676818  |
| **Life Sciences Tools & Services - 2.8%**<br>|  |  |
| Lonza Group AG | 2756 | 1970990  |
| **Total Switzerland** |  | 6417240  |
| **United Kingdom - 22.9%**<br>|  |  |
| **Aerospace & Defense - 2.2%**<br>|  |  |
| BAE Systems PLC | 59921 | 1555118  |
| **Banks - 2.7%**<br>|  |  |
| Barclays PLC | 414406 | 1914869  |
| **Beverages - 0.9%**<br>|  |  |
| Diageo PLC | 24735 | 623719  |
|  **Electronic Equipment, Instruments & Components - 2.5%**<br>|  |  |
| Halma PLC | 39143 | 1720491  |
| **Hotels, Restaurants & Leisure - 4.0%**<br>|  |  |
| Compass Group PLC | 45674 | 1547066  |
| InterContinental Hotels Group PLC | 11125 | 1271975  |
|  |  | 2819041  |
| **Oil, Gas & Consumable Fuels - 2.0%**<br>|  |  |
| Shell PLC | 40343 | 1407545  |
| **Personal Care Products - 2.2%**<br>|  |  |
| Unilever PLC | 25865 | 1578439  |
| **Pharmaceuticals - 3.9%**<br>|  |  |
| AstraZeneca PLC | 9145 | 1272698  |
| Haleon PLC | 291052 | 1495896  |
|  |  | 2768594  |
| **Software - 2.5%**<br>|  |  |
| Sage Group PLC | 100140 | 1719680  |
| **Total United Kingdom** |  | 16107496  |
| **United States - 2.2%**<br>|  |  |
| **Construction Materials - 2.2%**<br>|  |  |
| CRH PLC | 16771 | 1539578  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $46,907,026)** |  | 64679228  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCKS - 2.2%**<br>|  |  |
| **Germany - 2.2%**<br>|  |  |
| **Life Sciences Tools & Services - 2.2%**<br>|  |  |
| Sartorius AG, 0.00% | 5932 | $1510872  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $1,753,787)** |  | 1510872  |
| **SHORT - TERM INVESTMENTS - 5.7%**<br>|  |  |
| **Money Market Funds - 5.7%**<br>|  |  |
|  Invesco Short - Term Investments Trust - Government & Agency Portfolio - Institutional Shares - Class Institutional, 4.26%<sup>(b)</sup> | 2099178 | 2099178  |
|  MSILF Government Portfolio - Class Institutional, 4.23%<sup>(b)</sup> | 1944883 | 1944883  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT - TERM INVESTMENTS** <br>**(Cost $4,044,061)** |  | 4044061  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.7%** <br>**(Cost $52,704,874)** |  | $70234161  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.3% |  | 212262  |
| **TOTAL NET ASSETS - 100.0%** |  | $70446423 |

---

Percentages are stated as a percent of net assets.

ASA - Advanced Subscription Agreement

PLC - Public Limited Company

<sup>(a)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2025, the value of these securities total $2,403,197 or 3.4% of the Fund's net assets.

<sup>(b)</sup> The rate shown represents the 7 -day annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

15<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LKCM FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**June 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LKCM Small** <br>**Cap Equity** <br>**Fund** | **LKCM** <br>**Small-Mid** <br>**Cap Equity** <br>**Fund** | **LKCM** <br>**Equity Fund** | **LKCM** <br>**Balanced Fund** | **LKCM** <br>**Fixed Income** <br>**Fund** | **LKCM** <br>**International** <br>**Equity Fund**  |
| **Assets**<br>|  |  |  |  |  |  |
| Investments, at value\* | $288418104 | $40854211 | $504576839 | $114499547 | $274602748 | $70234161  |
| Dividends and interest receivable | 117157 | 15582 | 395072 | 437627 | 3285101 | 343004  |
| Receivable for securities sold |  | 124147 |  |  |  | —  |
| Receivable for Fund shares sold | 1219 |  |  | 10833 |  | —  |
|  Prepaid trustees' fees and officer compensation (Note B) | 16777 | 2744 | 25406 | 5107 | 11203 | 3024  |
| Prepaid expenses and other assets | 28271 | 26967 | 31820 | 15982 | 23207 | 16771  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 288581528 | 41023651 | 505029137 | 114969096 | 277922259 | 70596960  |
| **Liabilities**<br>|  |  |  |  |  |  |
| Payable for securities purchased |  | 129504 |  |  |  | —  |
|  Payable for investment advisory fees | 503424 | 50963 | 674666 | 138581 | 192640 | 105101  |
| Payable for administrative fees | 44552 | 9897 | 93842 | 22082 | 47314 | 17565  |
|  Payable for accounting and transfer agent fees and expenses | 37723 | 9903 | 70801 | 18647 | 39851 | 12625  |
| Payable for professional fees | 13572 | 10961 | 22333 | 13770 | 15085 | 11009  |
|  Payable for custody fees and expenses | 5359 | 716 | 10747 | 2468 | 5029 | 4222  |
| Payable for Fund shares redeemed | 80000 |  |  | 11506 |  | —  |
|  Accrued expenses and other liabilities | 57 | 3 | 2848 | 361 | 1839 | 16  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 684687 | 211947 | 875237 | 207415 | 301758 | 150538  |
| &nbsp;&nbsp;&nbsp; Commitments and <br>Contingencies (Note A)<br>|  |  |  |  |  |  |
| **Net assets** | $287896841 | $40811704 | $504153900 | $114761681 | $277620501 | $70446423  |
| **Net assets consist of:**<br>|  |  |  |  |  |  |
| Paid-in capital | $197162411 | $30029905 | $208485128 | $70407972 | $281786950 | $54287332  |
| Total distributable earnings | 90734430 | 10781799 | 295668772 | 44353709 | (4166449) | 16159091  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $287896841 | $40811704 | $504153900 | $114761681 | $277620501 | $70446423  |
| &nbsp;&nbsp;&nbsp; Shares of beneficial interest outstanding (unlimited shares of <br>no par value authorized) | 13612113 | 3519344 | 13271597 | 3992868 | 26291834 | 4635080  |
| &nbsp;&nbsp;&nbsp; Net asset value per share <br>(offering and redemption price) | $21.15 | $11.60 | $37.99 | $28.74 | $10.56 | $15.20  |
| \* Cost of Investments | $214338785 | $32163996 | $240312741 | $71820210 | $273674054 | $52704874 |

---

<sup>(a)</sup> As disclosed in the Notes to Financial Statements, if applicable.

The accompanying notes are an integral part of these financial statements.

16<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LKCM FUNDS** 

**STATEMENTS OF OPERATIONS** 

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LKCM Small** <br>**Cap Equity** <br>**Fund** | **LKCM** <br>**Small-Mid** <br>**Cap Equity** <br>**Fund** | **LKCM** <br>**Equity Fund** | **LKCM** <br>**Balanced Fund** | **LKCM** <br>**Fixed Income** <br>**Fund** | **LKCM** <br>**International** <br>**Equity Fund**  |
| **Investment Income:**<br>|  |  |  |  |  |  |
| Dividends\* | $1085106 | $166269 | $3000502 | &nbsp;&nbsp; $588867 | $— | $995598  |
| Interest | 298970 | 53924 | 280804 | &nbsp;&nbsp; 677611 | 5489656 | 48118  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 1384076 | 220193 | 3281306 | &nbsp;&nbsp; 1266478 | 5489656 | 1043716  |
| **Expenses:**<br>|  |  |  |  |  |  |
| Investment advisory fees (Note B) | 1034037 | 146072 | 1688479 | &nbsp;&nbsp; 359578 | 687233 | 289147  |
| Administrative fees | 143107 | 32056 | 253640 | &nbsp;&nbsp; 64790 | 144841 | 42894  |
|  Accounting and transfer agent fees and expenses | 105170 | 38973 | 174081 | &nbsp;&nbsp; 62859 | 110495 | 48541  |
| Professional fees | 45047 | 8914 | 77909 | &nbsp;&nbsp; 19562 | 42299 | 11985  |
|  Trustees' fees and officer compensation (Note B) | 35431 | 4225 | 74846 | &nbsp;&nbsp; 17227 | 42776 | 9042  |
| Federal and state registration | 17342 | 8309 | 12365 | &nbsp;&nbsp; 9500 | 7281 | 6211  |
| Custody fees and expenses | 15065 | 2608 | 27428 | &nbsp;&nbsp; 6379 | 14404 | 13138  |
| Reports to shareholders | 1751 | 546 | 2435 | &nbsp;&nbsp; 1103 | 1381 | 616  |
| Other | 4090 | 627 | 8772 | &nbsp;&nbsp; 2124 | 4956 | 1049  |
| &nbsp;&nbsp;&nbsp; Total expenses | 1401040 | 242330 | 2319955 | &nbsp;&nbsp; 543122 | 1055666 | 422623  |
| &nbsp;&nbsp;&nbsp; Less, expense waiver and/or reimbursement (Note B) | (27303) | (47567) | (390263) | &nbsp;&nbsp; (100565) | (368433) | (101347)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 1373737 | 194763 | 1929692 | &nbsp;&nbsp; 442557 | 687233 | 321276  |
| **Net investment income (loss)** | 10339 | 25430 | 1351614 | &nbsp;&nbsp; 823921 | 4802423 | 722440  |
|  **Realized and Unrealized Gain (Loss):**<br>|  |  |  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | $16625904 | $2260810 | $12453223 | &nbsp;&nbsp; $1665871 | $(917328) | $109824  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  |  |  | &nbsp;&nbsp; — |  | (17117)  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (15453176) | (1816690) | 759078 | &nbsp;&nbsp; 3036159 | 6445633 | 8790973  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  |  | 570 | &nbsp;&nbsp; 132 |  | 31139  |
|  **Net Realized and Unrealized Gain (Loss)** | 1172728 | 444120 | 13212871 | &nbsp;&nbsp; 4702162 | 5528305 | 8914819  |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $1183067 | $469550 | $14564485 | &nbsp;&nbsp; $5526083 | $10330728 | $9637259  |
|  \* Net of foreign taxes withheld and/or issuance fees | $4444 | $591 | $14416 | &nbsp;&nbsp; $1669 | $— | $122255 |

---

The accompanying notes are an integral part of these financial statements.

17<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LKCM FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LKCM Small Cap Equity Fund** | **LKCM Small Cap Equity Fund** | **LKCM Small-Mid Cap Equity Fund**  | **LKCM Small-Mid Cap Equity Fund**  |
|  | **Six Months Ended** <br>**June 30, 2025**<br>(Unaudited)  | **Year Ended** <br>**December 31, 2024** | **Six Months Ended** <br>**June 30, 2025**<br>(Unaudited)  | **Year Ended** <br>**December 31, 2024**  |
| **Operations:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment gain (loss) | $10339 | &nbsp;&nbsp; $18868 | &nbsp;&nbsp; $25430 | &nbsp;&nbsp; $(51641)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 16625904 | &nbsp;&nbsp; 19792543 | &nbsp;&nbsp; 2260810 | &nbsp;&nbsp; (10246)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (15453176) | &nbsp;&nbsp; 18672498 | &nbsp;&nbsp; (1816690) | &nbsp;&nbsp; 4941304  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 1183067 | &nbsp;&nbsp; 38483909 | &nbsp;&nbsp; 469550 | &nbsp;&nbsp; 4879417  |
|  **Net Dividends and Distributions to Shareholders**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Capital Gain Distribution |  | &nbsp;&nbsp; (19098420) | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Net Dividends and Distributions to Shareholders** |  | &nbsp;&nbsp; (19098420) | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| **Net increase in net assets from**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Fund share transactions (Note C) | 3699744 | &nbsp;&nbsp; 32078444 | &nbsp;&nbsp; 1322283 | &nbsp;&nbsp; 5646683  |
| &nbsp;&nbsp;&nbsp; **Total increase in net assets** | 4882811 | &nbsp;&nbsp; 51463933 | &nbsp;&nbsp; 1791833 | &nbsp;&nbsp; 10526100  |
| **Net Assets:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 283014030 | &nbsp;&nbsp; 231550097 | &nbsp;&nbsp; 39019871 | &nbsp;&nbsp; 28493771  |
| &nbsp;&nbsp;&nbsp; End of year | $287896841 | &nbsp;&nbsp; $283014030 | &nbsp;&nbsp; $40811704 | &nbsp;&nbsp; $39019871 |

---

The accompanying notes are an integral part of these financial statements.

18<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LKCM FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LKCM Equity Fund** | **LKCM Equity Fund** | **LKCM Balanced Fund**  | **LKCM Balanced Fund**  |
|  | **Six Months Ended** <br>**June 30, 2025**<br>(Unaudited) | **Year Ended** <br>**December 31, 2024** | **Six Months Ended** <br>**June 30, 2025**<br>(Unaudited) | **Year Ended** <br>**December 31, 2024**  |
| **Operations:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $1351614 | &nbsp;&nbsp; $2668816 | $823921 | &nbsp;&nbsp; $1393786  |
| &nbsp;&nbsp;&nbsp; Net realized gain | 12453223 | &nbsp;&nbsp; 51295433 | 1665871 | &nbsp;&nbsp; 3901702  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation | 759648 | &nbsp;&nbsp; 15478606 | 3036291 | &nbsp;&nbsp; 6701157  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 14564485 | &nbsp;&nbsp; 69442855 | 5526083 | &nbsp;&nbsp; 11996645  |
|  **Net Dividends and Distributions to Shareholders** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment income |  | &nbsp;&nbsp; (2500301) | (839372) | &nbsp;&nbsp; (1364595)  |
| &nbsp;&nbsp;&nbsp; Capital Gain Distribution |  | &nbsp;&nbsp; (30192384) |  | &nbsp;&nbsp; (3782676)  |
| &nbsp;&nbsp;&nbsp; **Net Dividends and Distributions to Shareholders** |  | &nbsp;&nbsp; (32692685) | (839372) | &nbsp;&nbsp; (5147271)  |
| **Net decrease in net assets from**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Fund share transactions (Note C) | (18893744) | &nbsp;&nbsp; (22943692) | (4847800) | &nbsp;&nbsp; (5593729)  |
| &nbsp;&nbsp;&nbsp; **Total increase in net assets** | (4329259) | &nbsp;&nbsp; 13806478 | (161089) | &nbsp;&nbsp; 1255645  |
| **Net Assets:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 508483159 | &nbsp;&nbsp; 494676681 | 114922770 | &nbsp;&nbsp; 113667125  |
| &nbsp;&nbsp;&nbsp; End of year | $504153900 | &nbsp;&nbsp; $508483159 | $114761681 | &nbsp;&nbsp; $114922770 |

---

The accompanying notes are an integral part of these financial statements.

19<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LKCM FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LKCM Fixed Income Fund** | **LKCM Fixed Income Fund** | **LKCM International Equity Fund**  | **LKCM International Equity Fund**  |
|  | **Six Months Ended** <br>**June 30, 2025**<br>(Unaudited) | **Year Ended** <br>**December 31, 2024** | **Six Months Ended** <br>**June 30, 2025**<br>(Unaudited) | **Year Ended** <br>**December 31, 2024**  |
| **Operations:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $4802423 | &nbsp;&nbsp; $8433203 | &nbsp;&nbsp; $722440 | &nbsp;&nbsp; $852377  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (917328) | &nbsp;&nbsp; (1889890) | &nbsp;&nbsp; 92707 | &nbsp;&nbsp; 951781  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation | 6445633 | &nbsp;&nbsp; 1750631 | &nbsp;&nbsp; 8822112 | &nbsp;&nbsp; 1106573  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 10330728 | &nbsp;&nbsp; 8293944 | &nbsp;&nbsp; 9637259 | &nbsp;&nbsp; 2910731  |
|  **Net Dividends and Distributions to Shareholders:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment income | (5066921) | &nbsp;&nbsp; (8412958) | &nbsp;&nbsp; — | &nbsp;&nbsp; (834475)  |
| &nbsp;&nbsp;&nbsp; Realized Capital Gain Distribution |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Net Dividends and Distributions to Shareholders** | (5066921) | &nbsp;&nbsp; (8412958) | &nbsp;&nbsp; — | &nbsp;&nbsp; (834475)  |
|  **Net increase (decrease) in net assets from**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Fund share transactions (Note C) | (4765682) | &nbsp;&nbsp; (9250785) | &nbsp;&nbsp; 480306 | &nbsp;&nbsp; (1992887)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | 498125 | &nbsp;&nbsp; (9369799) | &nbsp;&nbsp; 10117565 | &nbsp;&nbsp; 83369  |
| **Net Assets:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 277122376 | &nbsp;&nbsp; 286492175 | &nbsp;&nbsp; 60328858 | &nbsp;&nbsp; 60245489  |
| &nbsp;&nbsp;&nbsp; End of year | $277620501 | &nbsp;&nbsp; $277122376 | &nbsp;&nbsp; $70446423 | &nbsp;&nbsp; $60328858 |

---

The accompanying notes are an integral part of these financial statements.

20<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LKCM FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

**LKCM Small Cap Equity, Small-Mid Cap Equity, Equity, Balanced, Fixed Income and International Equity Funds**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025**<br>(Unaudited) | **Year Ended** <br>**December 31, 2023**  |
| **Operations:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $7736167 | $13315409  |
| &nbsp;&nbsp;&nbsp; Net realized gain | 32181187 | 74041323  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation | 1793818 | 48650769  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 41711172 | 136007501  |
| **Net Dividends and Distributions to Shareholders**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | (5906293) | (13112329)  |
| &nbsp;&nbsp;&nbsp; Realized Capital Gain Distribution |  | (53073480)  |
| &nbsp;&nbsp;&nbsp; **Net Dividends and Distributions to Shareholders** | (5906293) | (66185809)  |
| **Net increase (decrease) in net assets from**<br>|  |  |
| &nbsp;&nbsp;&nbsp; **Fund share transactions (Note C)** | (23004893) | (2055966)  |
| &nbsp;&nbsp;&nbsp; **Total increase in net assets** | 12799986 | 67765726  |
| **Net Assets:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 1282891064 | 1215125338  |
| &nbsp;&nbsp;&nbsp; End of year | $1295691050 | $1282891064 |

---

The accompanying notes are an integral part of these financial statements.

21<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LKCM SMALL CAP EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**Selected data for each share of capital stock outstanding** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21.03 | $19.53 | $16.37 | $21.54 | $21.77 | $16.78  |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>(1)</sup> | —<sup>(1)</sup> | (0.01)<sup>(1)</sup> | (0.04)<sup>(1)</sup> | (0.08)<sup>(1)</sup> | (0.02)<sup>(1)</sup>  |
| Net realized and unrealized gains (losses)  | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | 3.03 | 3.71 | (4.73) | 3.23 | 5.85  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | 3.03 | 3.70 | (4.77) | 3.15 | 5.83  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |  |
| From realized capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (1.53) | (0.54) | (0.40) | (3.38) | (0.84)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (1.53) | (0.54) | (0.40) | (3.38) | (0.84)  |
| Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(2)</sup> | 0.00<sup>(2)</sup> |  |  |  | —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21.15 | $21.03 | $19.53 | $16.37 | $21.54 | $21.77  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.57%<sup>(4)</sup> | 15.45% | 22.57% | -22.11% | 14.49% | 34.79%  |
| **RATIOS AND SUPPLEMENTAL DATA:**<br>|  |  |  |  |  |  |
| Net assets, end of period ($000's) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $287897 | $283014 | $231550 | $170039 | $229199 | $202678  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver and/or reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.02%<sup>(3)</sup> | 1.06% | 1.07% | 1.07% | 1.03% | 1.07%  |
| &nbsp;&nbsp;&nbsp; After expense waiver and/or reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%<sup>(3)</sup> | 1.00% | 1.00% | 1.00% | 1.00% | 1.00%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver and/or reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.01)%<sup>(3)</sup> | (0.05)% | (0.15)% | (0.30)% | (0.35)% | (0.20)%  |
| &nbsp;&nbsp;&nbsp; After expense waiver and/or reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01%<sup>(3)</sup> | 0.01% | (0.08)% | (0.23)% | (0.32)% | (0.13)%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20%<sup>(4)</sup> | 29% | 28% | 42% | 42% | 60% |

---

<sup>(1)</sup> Net investment income (loss) per share represents net investment loss divided by the average shares outstanding throughout the period.

<sup>(2)</sup> Amount rounds to less than $0.005 per share.

<sup>(3)</sup> Annualized.

<sup>(4)</sup> Not annualized.

The accompanying notes are an integral part of these financial statements.

22<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LKCM SMALL-MID CAP EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**Selected data for each share of capital stock outstanding** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.46 | $9.91 | $7.88 | $10.97 | $11.15 | $9.09  |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01<sup>(1)</sup> | (0.02)<sup>(1)</sup> | (0.00)<sup>(1)</sup> | (0.01)<sup>(1)</sup> | (0.06)<sup>(1)</sup> | (0.02)<sup>(1)</sup>  |
| Net realized and unrealized gains (losses)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | 1.57 | 2.03 | (2.43) | 1.77 | 2.80  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | 1.55 | 2.03 | (2.44) | 1.71 | 2.78  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |  |
| From realized capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  |  | (0.65) | (1.89) | (0.72)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  |  | (0.65) | (1.89) | (0.72)  |
| Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | 0.00<sup>(2)</sup> | 0.00<sup>(2)</sup> |  |  | —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.60 | $11.46 | $9.91 | $7.88 | $10.97 | $11.15  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.22%<sup>(4)</sup> | 15.64% | 25.76% | -22.12% | 15.37% | 30.66%  |
| **RATIOS AND SUPPLEMENTAL DATA:**<br>|  |  |  |  |  |  |
| Net assets, end of period ($000's) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $40812 | $39020 | $28494 | $15234 | $14355 | $15108  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver and/or reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.24%<sup>(3)</sup> | 1.40% | 1.74% | 1.80% | 1.74% | 1.98%  |
| &nbsp;&nbsp;&nbsp; After expense waiver and/or reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%<sup>(3)</sup> | 1.00% | 1.00% | 1.00% | 1.00% | 1.00%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver and/or reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.11)%<sup>(3)</sup> | (0.56)% | (0.77)% | (0.92)% | (1.23)% | (1.25)%  |
| &nbsp;&nbsp;&nbsp; After expense waiver and/or reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%<sup>(3)</sup> | (0.15)% | (0.03)% | (0.11)% | (0.49)% | (0.27)%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17%<sup>(4)</sup> | 31% | 32% | 50% | 50% | 76% |

---

<sup>(1)</sup> Net investment income (loss) per share represents net investment loss divided by the average shares outstanding throughout the period.

<sup>(2)</sup> Amount rounds to less than $0.005 per share.

<sup>(3)</sup> Annualized.

<sup>(4)</sup> Not annualized.

The accompanying notes are an integral part of these financial statements.

23<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LKCM EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**Selected data for each share of capital stock outstanding** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $36.88 | $34.41 | $30.99 | $38.69 | $33.74 | $29.02  |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income  | &nbsp;&nbsp;&nbsp;&nbsp;0.10<sup>(1)</sup> | 0.19<sup>(1)</sup> | 0.30<sup>(1)</sup> | 0.31<sup>(1)</sup> | 0.16<sup>(1)</sup> | 0.17<sup>(1)</sup>  |
| Net realized and unrealized gains (losses)  | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | 4.79 | 3.62 | (6.31) | 7.43 | 6.44  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | 4.98 | 3.92 | (6.00) | 7.59 | 6.61  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (0.19) | (0.31) | (0.30) | (0.17) | (0.17)  |
| From realized capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (2.32) | (0.19) | (1.40) | (2.47) | (1.72)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (2.51) | (0.50) | (1.70) | (2.64) | (1.89)  |
| Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(2)</sup> | 0.00<sup>(2)</sup> |  | 0.00<sup>(2)</sup> |  | —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $37.99 | $36.88 | $34.41 | $30.99 | $38.69 | $33.74  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.01%<sup>(4)</sup> | 14.44% | 12.65% | -15.44% | 22.48% | 22.83%  |
| **RATIOS AND SUPPLEMENTAL DATA:**<br>|  |  |  |  |  |  |
| Net assets, end of period ($000's) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $504154 | $508483 | $494677 | $460642 | $542696 | $449653  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver and/or reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.96%<sup>(3)</sup> | 0.98% | 1.00% | 0.97% | 0.96% | 0.98%  |
| &nbsp;&nbsp;&nbsp; After expense waiver and/or reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%<sup>(3)</sup> | 0.80% | 0.80% | 0.80% | 0.80% | 0.80%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver and/or reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.40%<sup>(3)</sup> | 0.33% | 0.73% | 0.74% | 0.27% | 0.37%  |
| &nbsp;&nbsp;&nbsp; After expense waiver and/or reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.56%<sup>(3)</sup> | 0.52% | 0.93% | 0.91%<sup>0</sup> | 0.43% | 0.55%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2%<sup>(4)</sup> | 9% | 10% | 11% | 11% | 10% |

---

<sup>(1)</sup> Net investment income (loss) per share represents net investment loss divided by the average shares outstanding throughout the period.

<sup>(2)</sup> Amount rounds to less than $0.005 per share.

<sup>(3)</sup> Annualized.

<sup>(4)</sup> Not annualized.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**LKCM Balanced Fund** 

**FINANCIAL HIGHLIGHTS** 

**Selected data for each share of capital stock outstanding** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $27.59 | $26.00 | $24.29 | $29.21 | $26.76 | $24.22  |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;0.20<sup>(1)</sup> | 0.33<sup>(1)</sup> | 0.28<sup>(1)</sup> | 0.26<sup>(1)</sup> | 0.20<sup>(1)</sup> | 0.24<sup>(1)</sup>  |
| Net realized and unrealized gains (losses)  | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | 2.53 | 2.34 | (4.30) | 3.54 | 3.42  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | 2.86 | 2.62 | (4.04) | 3.74 | 3.66  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.21) | (0.33) | (0.29) | (0.27) | (0.20) | (0.24)  |
| From realized capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (0.94) | (0.62) | (0.61) | (1.09) | (0.88)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.21) | (1.27) | (0.91) | (0.88) | (1.29) | (1.12)  |
| Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(2)</sup> | 0.00<sup>(2)</sup> | 0.00<sup>(2)</sup> | 0.00<sup>(2)</sup> |  | —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $28.74 | $27.59 | $26.00 | $24.29 | $29.21 | $26.76  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.96%<sup>(4)</sup> | 10.99%<sup>(4)</sup> | 10.84% | -13.84% | 14.01% | 15.28%  |
| **RATIOS AND SUPPLEMENTAL DATA:**<br>|  |  |  |  |  |  |
| Net assets, end of period ($000's) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $114762 | $114923 | $113667 | $108746 | $144901 | $125507  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver and/or reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.98%<sup>(3)</sup> | 1.02% | 1.04% | 0.99% | 0.96% | 0.99%  |
| &nbsp;&nbsp;&nbsp; After expense waiver and/or reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%<sup>(3)</sup> | 0.80% | 0.80% | 0.80% | 0.80% | 0.80%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver and/or reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.31%<sup>(3)</sup> | 0.99% | 0.87% | 0.82% | 0.53% | 0.78%  |
| &nbsp;&nbsp;&nbsp; After expense waiver and/or reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.48%<sup>(3)</sup> | 1.20% | 1.11% | 1.01% | 0.69% | 0.97%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3%<sup>(4)</sup> | 15% | 11% | 13% | 11% | 18% |

---

<sup>(1)</sup> Net investment income (loss) per share represents net investment loss divided by the average shares outstanding throughout the period.

<sup>(2)</sup> Amount rounds to less than $0.005 per share.

<sup>(3)</sup> Annualized.

<sup>(4)</sup> Not annualized.

The accompanying notes are an integral part of these financial statements.

25<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LKCM FIXED INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**Selected data for each share of capital stock outstanding** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.36 | $10.36 | $10.10 | $10.87 | $11.19 | $10.92  |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;0.18<sup>(1)</sup> | 0.31<sup>(1)</sup> | 0.24<sup>(1)</sup> | 0.16<sup>(1)</sup> | 0.15<sup>(1)</sup> | 0.19<sup>(1)</sup>  |
| Net realized and unrealized gains (losses)  | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | 0.00<sup>(2)</sup> | 0.26 | (0.77) | (0.32) | 0.27  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | 0.31 | 0.50 | (0.61) | (0.17) | 0.46  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.19) | (0.31) | (0.24) | (0.15) | (0.15) | (0.19)  |
| From realized capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  |  | (0.01) | (0.00)<sup>(2)</sup> | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.19) | (0.31) | (0.24) | (0.16) | (0.15) | (0.19)  |
| Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | 0.00<sup>(2</sup><sup>)</sup> |  |  | —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.56 | $10.36 | $10.36 | $10.10 | $10.87 | $11.19  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.81%<sup>(4)</sup> | 3.06% | 4.98% | -5.63% | -1.54% | 4.29%  |
| **RATIOS AND SUPPLEMENTAL DATA:**<br>|  |  |  |  |  |  |
| Net assets, end of period ($000's) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $277621 | $277122 | $286492 | $275387 | $295745 | $289857  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver and/or reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.77%<sup>(3)</sup> | 0.81% | 0.81% | 0.79% | 0.78% | 0.79%  |
| &nbsp;&nbsp;&nbsp; After expense waiver and/or reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%<sup>(3)</sup> | 0.50% | 0.50% | 0.50% | 0.50% | 0.50%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver and/or reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.23%<sup>(3)</sup> | 2.70% | 2.02% | 1.25% | 1.05% | 1.46%  |
| &nbsp;&nbsp;&nbsp; After expense waiver and/or reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.49%<sup>(3)</sup> | 3.01% | 2.33% | 1.54% | 1.33% | 1.75%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19%<sup>(4)</sup> | 25% | 23% | 21% | 31% | 46% |

---

<sup>(1)</sup> Net investment income (loss) per share represents net investment loss divided by the average shares outstanding throughout the period.

<sup>(2)</sup> Amount rounds to less than $0.005 per share.

<sup>(3)</sup> Annualized.

<sup>(4)</sup> Not annualized.

The accompanying notes are an integral part of these financial statements.

26<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LKCM INTERNATIONAL EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**Selected data for each share of capital stock outstanding** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13.11 | $12.68 | $11.08 | $14.50 | $12.44 | $10.89  |
|  **INCOME (LOSS) FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16<sup>(1)</sup> | 0.18<sup>(1)</sup> | 0.19<sup>(1)</sup> | 0.45<sup>(1)</sup> | 0.10<sup>(1)</sup> | 0.03<sup>(1)</sup>  |
| Net realized and unrealized gains (losses)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93 | 0.43 | 1.59 | (3.42) | 2.14 | 1.54  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 | 0.61 | 1.78 | (2.97) | 2.24 | 1.57  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (0.18) | (0.18) | (0.30) | (0.08) | (0.02)  |
| From return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  |  |  |  | (0.00)<sup>(2)</sup>  |
| From realized capital gain distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  |  | (0.15) | (0.10) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (0.18) | (0.18) | (0.45) | (0.18) | (0.02)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15.20 | $13.11 | $12.68 | $11.08 | $14.50 | $12.44  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.94%<sup>(4)</sup> | 4.83% | 16.09% | -20.51% | 18.00% | 14.45%  |
| **RATIOS AND SUPPLEMENTAL DATA:**<br>|  |  |  |  |  |  |
| Net assets, end of period ($000's) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $70446 | $60329 | $60245 | $45009 | $55504 | $32295  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver and/or reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.32%<sup>(3)</sup> | 1.38% | 1.41% | 1.45% | 1.40% | 1.88%  |
| &nbsp;&nbsp;&nbsp; After expense waiver and/or reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%<sup>(3)</sup> | 1.00% | 1.00% | 1.00% | 1.00% | 1.00%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver and/or reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.93%<sup>(3)</sup> | 0.98% | 1.17% | 3.35% | 0.29% | (0.55)%  |
| &nbsp;&nbsp;&nbsp; After expense waiver and/or reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%<sup>(3)</sup> | 1.36% | 1.58% | 3.80% | 0.69% | 0.33%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12%<sup>(4)</sup> | 17% | 11% | 26% | 15% | 6% |

---

<sup>(1)</sup> Net investment income (loss) per share represents net investment loss divided by the average shares outstanding throughout the period.

<sup>(2)</sup> Amount rounds to less than $0.005 per share.

<sup>(3)</sup> Annualized.

<sup>(4)</sup> Not annualized.

The accompanying notes are an integral part of these financial statements.

27<br>

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**LKCM FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)** 

A. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

LKCM Funds (the "Trust") is registered under the Investment Company Act of 1940 ("1940 Act") as an open-end, management investment company. The Trust was organized as a Delaware statutory trust on February 10, 1994 and consists of seven diversified series as of June 30, 2025, six of which are presented herein and include the LKCM Small Cap Equity Fund, LKCM Small-Mid Cap Equity Fund, LKCM Equity Fund, LKCM Balanced Fund, LKCM Fixed Income Fund and LKCM International Equity Fund (collectively, the "Funds"). The assets of the Funds are invested in separate, independently managed portfolios. Investment operations of the Funds began on July 14, 1994 (LKCM Small Cap Equity Fund), January 3, 1996 (LKCM Equity Fund), December 30, 1997 (LKCM Balanced Fund and LKCM Fixed Income Fund), May 2, 2011 (LKCM Small-Mid Cap Equity Fund) and May 1, 2019 (LKCM International Equity Fund). Each Fund charges a 1% redemption fee for redemptions of Fund shares held for less than 30 days, unless otherwise determined by a Fund in its discretion.

The LKCM Small Cap Equity Fund seeks to maximize long-term capital appreciation by investing under normal circumstances at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of smaller companies (those with market capitalizations at the time of investment between $0.8 billion and $7 billion) which Luther King Capital Management Corporation (the "Adviser") believes are likely to have above-average growth in revenue and/or earnings and potential for above-average capital appreciation. The LKCM Small-Mid Cap Equity Fund seeks to maximize long-term capital appreciation by investing under normal circumstances at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of small-mid capitalization companies (those with market capitalizations at the time of investment between $2 billion and $20 billion) which the Adviser believes are likely to have above-average growth in revenue and/or earnings and potential for above-average capital appreciation. The LKCM Equity Fund seeks to maximize long-term capital appreciation by investing under normal circumstances at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of companies which the Adviser believes are likely to have above-average growth in revenue and/or earnings, above-average returns on shareholders' equity, potential for above-average capital appreciation and/or companies that the Adviser believes have attractive relative valuations. The LKCM Balanced Fund seeks current income and long-term capital appreciation by investing primarily in a portfolio of equity and fixed income securities with at least 25% of the Fund's total assets invested in fixed income securities under normal circumstances. The LKCM Fixed Income Fund seeks current income by investing under normal circumstances at least 80% of its net assets (plus any borrowings for investment purposes) in a portfolio of investment grade corporate and U.S. Government fixed income securities. The LKCM International Equity Fund seeks to maximize long-term capital appreciation by investing primarily in equity securities of non-U.S. companies and invests under normal circumstances at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities.

The following is a summary of significant accounting policies followed by the Funds in preparation of the financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946, *Investment Companies*.

&nbsp;&nbsp;&nbsp;&nbsp;1. *Security Valuation:* 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 contracts and
 options on futures contracts 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 by the Adviser in good faith
 at fair value. Rule 2a-5 under the Investment Company Act of 1940 (the "Valuation Rule") establishes requirements for determining
 fair value

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**[**TABLE OF CONTENTS**](#TOC)**

**LKCM FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

in good faith for purposes of the 1940 Act, including related oversight and reporting requirements. The Valuation Rule also defines when market quotations are "readily available" for purposes of the 1940 Act, the threshold for determining whether a security must be fair valued. In many cases, fixed-income and foreign securities are not considered to have a "readily available market quotation" under the Valuation Rule. Accordingly, such securities typically are fair valued. The Valuation Rule permits the Fund's board to designate the Funds' investment adviser as "valuation designee" to perform the Fund's fair value determinations subject to board oversight and certain reporting and other requirements intended to ensure that the registered investment company's board receives the information it needs to oversee the investment adviser's fair value determinations. The Board has designated the Adviser as valuation designee under the Valuation Rule to perform fair value functions in accordance with the requirements of the Valuation Rule. The Adviser may value securities at fair value in good faith pursuant to the Adviser's and the Fund's procedures. The Adviser may use prices provided by independent pricing services to assist in the fair valuation of the Funds' portfolio securities. For foreign securities held by the LKCM International Equity Fund, such fair value prices generally will be based on such independent pricing services' proprietary multi-factor models that measure movements in relevant indices, market indicators and other factors between the time the relevant foreign markets have closed and the time the Fund calculates its net asset value, and therefore may differ from quoted or official closing prices for such foreign securities in such foreign markets.

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 –<br>| 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 –<br>| 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 June 30, 2025, the Funds' assets carried at fair value were classified as follows:

**LKCM Small Cap Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $285279807 | $— | $— | $285279807  |
| Short-Term Investments | 3138297 |  |  | 3138297  |
| **Total Investments\*** | $288418104 | $— | $— | $288418104 |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**LKCM FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

**LKCM Small-Mid Cap Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $39608460 | $— | $— | $39608460  |
| Short-Term Investments | 1245751 |  |  | 1245751  |
| **Total Investments\*** | $40854211 | $— | $— | $40854211 |

---

**LKCM Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $496526230 | $— | $— | $496526230  |
| Short-Term Investments | 8050609 |  |  | 8050609  |
| **Total Investments\*** | $504576839 | $— | $— | $504576839 |

---

**LKCM Balanced Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $78697787 | $— | $— | $78697787  |
| Corporate Bonds |  | 33522179 |  | 33522179  |
| REITs | 994590 |  |  | 994590  |
| Short-Term Investment | 1284991 |  |  | 1284991  |
| **Total Investments\*** | $80977368 | $33522179 | $— | $114499547 |

---

**LKCM Fixed Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Corporate Bonds | $— | $202041884 | $— | $202041884  |
| U.S. Government Sponsored Entities |  | 35192204 |  | 35192204  |
| U.S. Government Issues |  | 23544215 |  | 23544215  |
| U.S. Treasury Obligations |  | 11039846 |  | 11039846  |
| Short-Term Investment | 2784599 |  |  | 2784599  |
| **Total Investments\*** | $2784599 | $271818149 | $— | $274602748 |

---

**LKCM International Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $7845531 | $56833697 | $— | $64679228  |
| Preferred Stock |  | 1510872 |  | 1510872  |
| Short-Term Investments | 4044061 |  |  | 4044061  |
| **Total Investments\*** | $11889592 | $58344569 | $— | $70234161 |

---

\* Additional information regarding the industry classifications of these investments is disclosed in the Schedule of Investments.

There were no transfers into or out of Level 1, Level 2 or Level 3 fair value measurements during the reporting period. reporting period.

30<br>

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**LKCM FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;2. *Federal Income Taxes:* The Funds have elected to be treated as "regulated investment companies" under Subchapter M of the Internal
 Revenue Code and each Fund intends to distribute all of its investment company net taxable income and net capital gains to shareholders.
 Therefore, no federal income tax provision is recorded.

&nbsp;&nbsp;&nbsp;&nbsp;3. *Distributions to Shareholders:* The LKCM Small Cap Equity Fund, LKCM Small-Mid Cap Equity Fund, LKCM Equity Fund and LKCM International Equity
 Fund generally intend to declare and pay income dividends and distribute net capital gains, if any, at least on an annual basis. The LKCM
 Balanced Fund and LKCM Fixed Income Fund generally intend to declare and pay income dividends on a quarterly basis and distribute net
 capital gains, if any, at least on an annual basis.

&nbsp;&nbsp;&nbsp;&nbsp;4. *Foreign Securities:* Investing in securities of foreign companies and foreign governments involves special risks and considerations not typically associated
 with investing in securities of U.S. issuers. These risks include devaluation of currencies and future adverse political and economic
 developments. Moreover, securities of many foreign companies and foreign governments and their markets may be less liquid and their prices
 more volatile than those of securities of comparable U.S. companies and securities of the U.S. government.

&nbsp;&nbsp;&nbsp;&nbsp;5. *Expense Allocation:* Expenses incurred by the Funds are allocated among the Funds based upon (i) relative average net assets, (ii) a specific identification
 basis as incurred, or (iii) evenly among the Funds, depending on the nature of the expense.

&nbsp;&nbsp;&nbsp;&nbsp;6. *Use of Estimates:* The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America
 requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
 assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting
 period. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;7. *Guarantees and Indemnifications:* In the normal course of business, the Funds enter into contracts with service providers that contain general
 indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims against
 the Funds that have not yet occurred. Based on experience, the Funds expect the risk of loss to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;8. *Security Transactions and Investment Income:* Security and shareholder transactions are recorded on the trade date. Realized gains and losses on sales
 of investments are calculated on the identified cost basis. Dividend income and dividends and distributions to shareholders are recorded
 on the ex-dividend date. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding
 of the applicable jurisdiction's tax rules and rates. Interest income is recognized on the accrual basis. All discounts and premiums
 are amortized based on the effective interest method for tax and financial reporting purposes. The Funds may hold the securities of real
 estate investment trusts ("REITs"). Distributions from such investments may include income, capital gains and return of capital.

&nbsp;&nbsp;&nbsp;&nbsp;9. *Other:* Distributions
 from net investment income and realized capital gains are determined in accordance with income tax regulations, which may differ from
 U.S. GAAP. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect
 their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on portfolio securities
 held by the Fund and have no impact on net assets or NAV per share.

&nbsp;&nbsp;&nbsp;&nbsp;10. *Restricted and Illiquid Securities:* The Funds are permitted to invest in securities that are subject to legal or contractual restrictions
 on resale including investments considered by the Funds to be illiquid. Restricted securities generally may be resold in transactions
 exempt from registration. Illiquid investments are investments that the Funds reasonably expect cannot be sold or disposed of in current
 market conditions within seven calendar days or less in the ordinary course of business without the sale or disposition

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**LKCM FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

significantly changing the market value of the investment. A security may be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at the current valuation may be difficult.

&nbsp;&nbsp;&nbsp;&nbsp;11. *Segment Reporting:* During the reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements
 to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only
 and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280
 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating
 results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources
 to be allocated to the segment and assess its performance, and has discrete financial information available. The Trust's principal
 executive officer and principal financial officer act as the CODM. Each Fund within the Trust represents a single operating segment, as
 the CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is pre-determined
 in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by each Fund's portfolio
 managers as a team. The financial information in the form of a Fund's total returns, expense ratios, changes in net assets resulting
 from operations, subscriptions and redemptions and profitability to the advisor, which are used by the CODM to assess the segment's
 performance versus each Fund's comparative benchmarks and peers to make resource allocation decisions for each Fund's single
 segment, is consistent with that presented within each Fund's financial statements. Segment assets are reflected on the accompanying
 statement of assets and liabilities as "total assets" and significant segment expenses are listed on the accompanying statement
 of operations.

B. INVESTMENT ADVISORY AND OTHER AGREEMENTS

The Adviser serves as the investment adviser to the Funds under an Investment Advisory Agreement (the "Agreement"). The Adviser receives a fee, computed daily and payable quarterly, at the annual rates presented below as applied to each Fund's average daily net assets. The Adviser has contractually agreed to waive all or a portion of its management fee and/or reimburse expenses of the Funds through May 1, 2026 in order to limit each Fund's operating expenses to the annual cap rates presented below. This expense limitation excludes interest, taxes, brokerage commissions, indirect fees and expenses relating to investments in other investment companies, including money market funds, and extraordinary expenses.

For the six months ended June 30, 2025, the Adviser waived the following management fees and/or reimbursed expenses to meet its expense cap obligations: expenses to meet its expense cap obligations:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LKCM** <br>**Small Cap** <br>**Equity Fund** | **LKCM** <br>**Small-Mid** <br>**Cap Equity** <br>**Fund** | **LKCM** <br>**Equity Fund** | **LKCM** <br>**Balanced** <br>**Fund** | **LKCM** <br>**Fixed Income** <br>**Fund** | **LKCM** <br>**International** <br>**Equity Fund**  |
| Annual Management Fee Rate | &nbsp;&nbsp; 0.75% | 0.75% | 0.70% | 0.65% | 0.50% | 0.90%  |
| Annual Cap on Expenses | &nbsp;&nbsp; 1.00% | 1.00% | 0.80% | 0.80% | 0.50% | 1.00%  |
|  Fees Waived and/or Expenses Reimbursed in 2025 | &nbsp;&nbsp; $27303 | $47567 | $390263 | $100565 | $368433 | $101347 |

---

The Trust reimburses the Adviser for a portion of compensation paid to the Trust's Chief Compliance Officer. This compensation is reported as part of the "Trustees' fees and officer compensation" expense on the Statement of Operations.

U.S. Bancorp Fund Services, LLC ("U.S. Bancorp"), doing business as U.S. Bank Global Fund Services, serves as transfer agent and administrator for the Trust and serves as accounting services agent for the Trust. U.S. Bank, N.A. serves as custodian for the Funds.

32<br>

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**LKCM FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

Distribution services are performed pursuant to a distribution contract with Quasar Distributors, LLC ("Quasar"), the Trust's principal underwriter.

The Funds have adopted a Distribution Plan pursuant to Rule 12b—1 under the 1940 Act, under which each Fund may pay an annualized fee of up to 0.75% of its average daily net assets for distribution and other services. Currently, the Board of Trustees has not authorized payments under this plan and, as a result, the Funds currently neither accrue nor pay any fees under the plan.

C. FUND SHARES

At June 30, 2025, there was an unlimited number of shares of beneficial interest, no par value, authorized, for each Fund. The following tables summarize the activity in shares of each Fund: each Fund. The following table summarizes the activity in shares of each Fund:

**LKCM Small Cap Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| Shares sold | 819421 | $17048466 | 1932642 | $39616847  |
|  Shares issued to shareholders in reinvestment of distributions |  |  | 840316 | 17814706  |
| Shares redeemed | (664274)  | (13348742) | (1172132) | (25353567)  |
| Redemption fee |  | 20 | 458 |  |
| Net increase | 155147 | $3699744 | 1600827 | $32078444  |
| **Shares Outstanding:**<br>|  |  |  |  |
| Beginning of period | 13456966 |  | 11856139 |  |
| End of period | 13612113 |  | 13456966 |  |

---

**LKCM Small-Mid Cap Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| Shares sold | &nbsp;&nbsp; 241721 | &nbsp;&nbsp; $2715130 | 670022 | $7098560  |
|  Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | —  |
| Shares redeemed | &nbsp;&nbsp; (128575) | &nbsp;&nbsp; (1392847) | (140385) | (1451877)  |
| Redemption fee | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | —  |
| Net increase | &nbsp;&nbsp; 113146 | &nbsp;&nbsp; $1322283 | 529637 | $5646683  |
| **Shares Outstanding:**<br>|  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 3406198 |  | 2876562 |  |
| End of period | &nbsp;&nbsp; 3519344 |  | 3406198 |  |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**LKCM FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

**LKCM Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| Shares sold | 220462 | $7915751 | 404257 | $14933764  |
|  Shares issued to shareholders in reinvestment of distributions |  |  | 843664 | 31325241  |
| Shares redeemed | (734877) | (26809495) | (1839762) | (69204555)  |
| Redemption fee |  | 0 |  | 1858  |
| Net decrease | (514415) | $(18893744) | (591841) | $(22943692)  |
| **Shares Outstanding:**<br>|  |  |  |  |
| Beginning of period | 13786012 |  | 14377853 |  |
| End of period | 13271597 |  | 13786012 |  |

---

**LKCM Balanced Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| Shares sold | &nbsp;&nbsp; 77937 | &nbsp;&nbsp; $2137557 | 140456 | $4030087  |
|  Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp; 29130 | &nbsp;&nbsp; 813047 | 179311 | 4985889  |
| Shares redeemed | &nbsp;&nbsp; (280184) | &nbsp;&nbsp; (7798405) | (526267) | (14609707)  |
| Redemption fee | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |  | 2  |
| Net decrease | &nbsp;&nbsp; (173117) | &nbsp;&nbsp; $(4847800) | (206501) | $(5593729)  |
| **Shares Outstanding:**<br>|  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 4165985 |  | 4372486 |  |
| End of period | &nbsp;&nbsp; 3992868 |  | 4165985 |  |

---

**LKCM Fixed Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| Shares sold | 514192 | $5376250 | 2037482 | $21176820  |
|  Shares issued to shareholders in reinvestment of distributions | 435727 | 4574409 | 739156 | 7670884  |
| Shares redeemed | (1407232) | (14716341) | (3690233) | (38098490)  |
| Redemption fee |  |  |  |  |
| Net decrease | (457313) | $(4765682) | (913595) | $(9250785)  |
| **Shares Outstanding:**<br>|  |  |  |  |
| Beginning of period | 26749147 |  | 27662742 |  |
| End of period | 26291834 |  | 26749147 |  |

---

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**LKCM FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

**LKCM International Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| Shares sold | &nbsp;&nbsp; 81358 | &nbsp;&nbsp; $1159766 | 147146 | $2007875  |
|  Shares issued to shareholders in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 49109 | 647743  |
| Shares redeemed | &nbsp;&nbsp; (49134) | &nbsp;&nbsp; (679460) | (346336) | (4648505)  |
| Net increase (decrease) | &nbsp;&nbsp; 32224 | &nbsp;&nbsp; $480306 | (150082) | $(1992887)  |
| **Shares Outstanding:**<br>|  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 4602856 |  | 4752938 |  |
| End of period | &nbsp;&nbsp; 4635080 |  | 4602856 |  |

---

D. SECURITY TRANSACTIONS

Purchases and sales of investment securities, other than short-term investments, for the period ended June 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Purchases** | **Sales**  | **Sales**  |
|  | **U.S. Government** | **Other** | **U.S. Government** | **Other**  |
| LKCM Small Cap Equity Fund | &nbsp;&nbsp; $— | $61216761 | &nbsp;&nbsp; $— | $52622316  |
| LKCM Small-Mid Cap Equity Fund | &nbsp;&nbsp; — | 8644526 | &nbsp;&nbsp; — | 6459418  |
| LKCM Equity Fund | &nbsp;&nbsp; — | 10719813 | &nbsp;&nbsp; — | 19991357  |
| LKCM Balanced Fund | &nbsp;&nbsp; — | 3406599 | &nbsp;&nbsp; — | 8876208  |
| LKCM Fixed Income Fund | &nbsp;&nbsp; 5935742 | 45517343 | &nbsp;&nbsp; 28550075 | 26778430  |
| LKCM International Equity Fund | &nbsp;&nbsp; — | 7683156 | &nbsp;&nbsp; — | 9946066 |

---

&nbsp;&nbsp;&nbsp;&nbsp;E. **TAX INFORMATION** 

At December 31, 2024, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LKCM** <br>**Small Cap** <br>**Equity Fund** | **LKCM** <br>**Small-Mid** <br>**Cap Equity** <br>**Fund** | **LKCM** <br>**Equity Fund** | **LKCM** <br>**Balanced** <br>**Fund** | **LKCM** <br>**Fixed Income** <br>**Fund** | **LKCM** <br>**International** <br>**Equity Fund**  |
| Tax cost | $193159652 | $28548524 | $245586036 | $75104466 | $279956636 | $51499815  |
| Gross unrealized appreciation | $95618646 | $11250044 | $269818427 | $41219525 | $836817 | $13518411  |
| Gross unrealized depreciation | (6086151) | (743535) | 6111508) | (1576286) | (6353756) | (4794628)  |
| Net unrealized appreciation | $89532495 | $10506509 | $263706919 | $39643239 | $(5516939) | $8723783  |
| Undistributed ordinary income | 18868 |  |  | 29191  | 348984 | 581990  |
|  Undistributed long-term capital gain |  |  | 17397368 |  |  | —  |
| Distributable earnings | $18868 | $— | $17397368 | $29191 | $348984 | $581990  |
| Other accumulated losses |  | (194260) |  | (5432) | (4262301) | (2783941)  |
| Total distributable earnings | $89551363 | $10312249 | $281104287 | $39666998 | $(9430256) | $6521832 |

---

The difference between book cost of investments and tax cost of investments is attributable primarily to the tax deferral of losses on wash sales.

35<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LKCM FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

To the extent the Funds realize future net capital gains, taxable distributions will be reduced by any unused capital loss carryforwards as permitted by the Internal Revenue Code. At December 31, 2024, the capital loss carryforwards were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-Term** | **Long-Term** | **Capital Loss** <br>**Carryover** <br>**Utilized**  |
| LKCM Small-Mid Cap Equity Fund | $194260 | $— | $—  |
| LKCM Fixed Income Fund | 463294 | 3799007 | —  |
| LKCM International Equity Fund | 841195 | 1942746 | 967548 |

---

At December 31, 2024, the following Funds deferred, on a tax basis, post-October capital losses of:

---

| | |
|:---|:---|
| LKCM Balanced Fund  | $5432 |

---

The tax components of dividends paid during the periods shown below for the Funds were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  |
|  | **Ordinary** <br>**Income** | **Long-Term** <br>**Capital Gains** | **Ordinary** <br>**Income** | **Long-Term** <br>**Capital Gains**  |
| LKCM Small Cap Equity Fund | $— | $— | $— | $19098420  |
| LKCM Small-Mid Cap Equity Fund |  |  |  | —  |
| LKCM Equity Fund |  |  | 2500301 | 30192384  |
| LKCM Balanced Fund | 839372 |  | 1364595 | 3782676  |
| LKCM Fixed Income Fund | 5066921 |  | 8412958 | —  |
| LKCM International Equity Fund |  |  | 834475 |  |

---

The Funds designated earnings and profits distributed to shareholders upon the redemption of shares during 2025 and 2024 in determining undistributed net capital gains as of December 31, 2024.

The Trust has adopted financial reporting rules regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. The Trust has reviewed all open tax years and major jurisdictions and concluded that there is no impact on the Funds' financial position or results of operations. Tax years that remain open to examination by major tax jurisdictions include tax years ended December 31, 2021 through December 31, 2024 for all LKCM Funds. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on tax returns as of December 31, 2024. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. If applicable, the Funds would recognize interest accrued related to unrecognized tax benefits in "interest expense" and penalties in "other expense" on the statement of operations.

F. OTHER MATTERS

Investing in the Funds involves risks and the potential loss of all or a portion of your investment. Each Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect the Fund's performance. Factors that affect markets in general, including geopolitical, regulatory, market and economic developments and other developments that impact specific economic sectors, industries, companies, and segments of the market, could adversely impact the Fund's investments and lead to a decline in the value of your investment in a Fund. Geopolitical and other events, including wars, such as between Russia and Ukraine and in the Middle East, tensions and other conflicts between nations, terrorism, economic uncertainty, trade disputes, pandemics, public health crises, natural disasters and related events have led, and in the future may continue to lead, to instability in world economies and markets generally and reduced liquidity in equity, credit, and fixed income markets. In addition, policy changes by the U.S. Government, the U.S. Federal Reserve and/or foreign governments, such as changes in interest rates, and political events within the U.S. and abroad may cause increased volatility in financial markets, affect investor and consumer confidence, and adversely impact the broader financial markets and economy, perhaps suddenly and to a significant degree. Market disruptions

36<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LKCM FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

have caused, and may continue to cause, broad changes in market value, negative public perceptions concerning these developments, and adverse investor sentiment or publicity. The foregoing may adversely affect, among other things, the value and liquidity of a Fund's investments, a Fund's ability to satisfy redemption requests, a Fund's financial and operational performance, and/or the value of your investment in a Fund.

G. SUBSEQUENT EVENTS

In preparing these financial statements, management has evaluated the Funds' related events and transactions that occurred subsequent to June 30, 2025 through the date the financial statements were issued and has determined that there were no significant subsequent events requiring recognition or disclosure in the financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**LKCM FUNDS** 

**ADDITIONAL INFORMATION** 

**The below information is required disclosure from N-CSR** 

**Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Item 9. Proxy Disclosure for Open-End Investment Companies.** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Item 10. Remuneration Paid to Trustees, Officers, and Others of Open-End Investment Companies.** 

Information regarding remuneration paid by the Registrant to its directors, officers and affiliated persons is included in the financial statements filed under Item 7 of this Form N-CSR.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

**RENEWAL OF INVESTMENT ADVISORY AGREEMENT WITH RESPECT TO LKCM SMALL CAP EQUITY FUND, LKCM SMALL-MID CAP EQUITY FUND, LKCM EQUITY FUND, LKCM BALANCED** 

**FUND, LKCM FIXED INCOME FUND AND LKCM INTERNATIONAL EQUITY FUND** 

<u>Introduction</u>. At a meeting held on February 25, 2025, the Board of Trustees of LKCM Funds, including the independent Trustees (the "Board"), approved the renewal of the Investment Advisory Agreement (the "Agreement") between Luther King Capital Management Corporation ("LKCM") and LKCM Funds, on behalf of the LKCM Small Cap Equity Fund (the "Small Cap Equity Fund"), LKCM Small-Mid Cap Equity Fund (the "Small-Mid Cap Equity Fund"), LKCM Equity Fund (the "Equity Fund"), LKCM Balanced Fund (the "Balanced Fund"), LKCM Fixed Income Fund (the "Fixed Income Fund") and LKCM International Equity Fund (the "International Equity Fund" and collectively, the "Funds").

In voting to approve the renewal of the Agreement, the Board considered information furnished throughout the year at regularly scheduled Board meetings, as well as information prepared specifically in connection with the annual renewal process. The Board also considered the overall fairness of the Agreement and factors it deemed relevant with respect to each Fund, including, but not limited to: (1) the nature, extent and quality of the services provided to each Fund; (2) the performance of each Fund as compared to a relevant market index, peer groups of funds compiled by Broadridge Financial Solutions, Inc. ("Broadridge") and Lipper, Inc. ("Lipper") and an account managed by LKCM pursuant to similar investment strategies ("Similar Account") or a composite ("Composite") of Similar Accounts; (3) the contractual advisory fee rate, actual advisory fee rate and net expense ratio of each Fund, how those compared to a peer group of funds compiled by Broadridge, and how each applicable Fund's contractual advisory fee rate compared to the Similar Accounts; (4) the costs of services provided to the Funds and the profitability of LKCM with respect to such services; (5) the extent to which economies of scale would be realized by LKCM as a Fund grows and whether the fee levels reflect economies of scale for the benefit of investors; and (6) any other benefits derived by LKCM from its relationship with the Funds. The Board did not identify any single factor or item of information as controlling, and each Board member may have accorded different weights to the various factors in reaching his conclusions with respect to the Agreement.

In considering the renewal of the Agreement, the Board requested and considered a broad range of information provided by LKCM, including, but not limited to, reports relating to each Fund's performance and expenses, information regarding the Similar Accounts, certain portfolio compliance policies and the background and experience of the portfolio managers. In addition, the Board considered a memorandum from its legal counsel regarding the Board's legal duties in considering the renewal of the Agreement. The Board also considered that it meets each quarter to review, among other matters, the Funds' performance and expenses and various aspects of the Funds' operations.

<u>Nature, Extent and Quality of Services</u>. The Board considered the nature, extent and quality of the advisory services provided by LKCM to each Fund under the Agreement. The Board considered that LKCM was established in 1979 and provides investment management services to private funds, foundations, endowments, pension plans, trusts, estates, high net worth individuals and other clients. The Board considered that LKCM is responsible for managing the Funds, including identifying investments for the Funds, monitoring the Funds' investment programs, executing trades and overseeing the Funds' performance and compliance with applicable rules and regulations and the Funds' investment policies. The Board considered LKCM's financial resources, insurance coverage, culture of compliance and compliance operations that support the Funds. The Board also considered LKCM's representation that it has invested

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**LKCM FUNDS** 

**ADDITIONAL INFORMATION(Continued)** 

considerable resources into the firm and its personnel to augment investment management and client services. The Board considered information regarding the portfolio managers and other key personnel who provide services to each Fund and considered LKCM's representation that the firm historically has experienced low personnel turnover. The Board also considered LKCM's representation that the firm has implemented a compensation structure designed to attract and retain highly qualified investment professionals.

The Board also considered the compliance services provided to the Funds by LKCM, including LKCM's oversight of the Funds' day-to-day operations. The Board considered the quality of LKCM's compliance personnel. In addition, the Board considered LKCM's summary of its oversight of the Funds' key service providers. The Board also considered LKCM's description of its best execution practices and noted LKCM's representation that it believes that its soft dollar and commission-sharing arrangements for client transactions (including those for the Funds) comply with the requirements of the safe harbor provided by Section 28(e) of the Securities Exchange Act of 1934, as amended.

<u>Performance of the Funds</u>. The Board considered the performance of each Fund compared to the Fund's benchmark index ("benchmark"), peer groups of funds compiled by Broadridge and Lipper, and a Lipper peer group index ("Lipper Index") for various time periods ended December 31, 2024. Additionally, the Board considered LKCM's discussion of each Fund's performance.

The Board considered LKCM's representation that its investment strategy for the Funds focuses on investments in higher quality companies that meet LKCM's stringent investment criteria, which LKCM believes have not been characteristics that have driven the performance of certain funds' benchmarks in certain years. The Board considered that these factors had affected the performance of certain Funds for shorter and/or longer-term periods ended December 31, 2024. The Board also considered certain additional factors cited by LKCM as contributing to or detracting from a Fund's performance during the prior year.

The Board considered that the Small Cap Equity Fund outperformed the Russell 2000 Index and its Lipper Index for the one-year, three-year, five-year, ten-year and since-inception periods.

The Board considered that the Small-Mid Cap Equity Fund outperformed the Russell 2500 Index and its Lipper Index for the one-year, three-year, five-year and ten-year periods, but underperformed for the since-inception period.

The Board considered that the Equity Fund underperformed the S&P 500 Index for the one-year, three-year, five-year, ten-year and since-inception periods. The Board also considered that the Equity Fund underperformed its Lipper Index for the one-year, three-year, five-year and ten-year periods, but outperformed its Lipper Index for the since-inception period.

The Board considered that the Balanced Fund underperformed the S&P 500 Index, and outperformed the Bloomberg U.S. Intermediate Government/Credit Bond Index, for the one-year, three-year, five-year, ten-year and since-inception periods. The Board also considered the Balanced Fund's performance as compared to a custom blended index that reflected the Fund's historical allocation to equity and fixed income securities. The Board considered that the Balanced Fund underperformed the Blended Index for the one-year, three-year, five-year, ten-year and since-inception periods. The Board also considered that the Balanced Fund outperformed its Lipper Index for the since-inception period but underperformed its Lipper Index for the one-year, three-year, five-year and ten-year periods.

The Board considered that the Fixed Income Fund outperformed the Bloomberg U.S. Intermediate Government/Credit Bond Index for the one-year, three-year, five-year and ten-year periods, but underperformed for the since-inception period. The Board noted that the Fixed Income Fund outperformed its Lipper Index for the since-inception period but underperformed its Lipper Index for the one-year, three-year, five-year and ten-year periods.

The Board noted that the International Equity Fund outperformed the MSCI EAFE Index and its Lipper Index for the one-year, five-year and since-inception periods, and underperformed for the three-year period.

The Board also considered the performance of each Fund against its Similar Account or Composite, as applicable. The Board considered LKCM's explanation that underperformance, if any, generally was attributable to tax considerations attendant to the management of a Fund that do not apply to non-taxable portfolios included in the Composite as well as the timing of cash flows resulting from shareholder purchases and redemptions. In the case of the International Equity Fund, the Board also considered LKCM's explanation that the Fund's underperformance relative

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**LKCM FUNDS** 

**ADDITIONAL INFORMATION(Continued)** 

to a private investment partnership was attributable to the timing of cash flows associated with the investment of Fund assets, as the Fund realized net subscriptions and the investment of those proceeds.

<u>Fees and Expenses</u>. The Board considered each Fund's contractual advisory fee rate, actual advisory fee rate (the contractual advisory fee rate net of fee waivers and/or expense reimbursements), total expense ratio (including Rule 12b-1 fees and non-Rule 12b-1 service fees) and net expense ratio (the total expense ratio, including Rule 12b-1 fees and non-Rule 12b-1 service fees, after fee waivers and/or expense reimbursements). The Board also considered that LKCM had implemented fee waivers and expense caps for each Fund through May 1, 2025, and that LKCM was proposing to continue the current contractual fee waiver through May 1, 2026.

The Board considered comparisons of the contractual advisory fee rate, actual advisory fee rate and net expense ratio of each Fund to a category of similar funds compiled by Broadridge ("Expense Group"). The Board also considered comparisons of the actual advisory fee rate and net expense ratio to a broader category comprised of the Fund, the Expense Group and other similar retail funds ("Expense Universe"). Contractual advisory fee rates were compared to the Expense Group at a Fund's asset level. Although advisory fees for Broadridge comparison purposes typically reflect combined advisory and administration fees, advisory fee comparisons did not include the Funds' administrative expenses because the Funds pay separate investment advisory fees to LKCM and administration fees to a third-party administrator. The first quartile in an Expense Group and Expense Universe represents those funds with the lowest fees or expenses.

The Board considered that, although certain of the Funds' contractual advisory fee rates are higher than those of their peers, the expense cap arrangements generally cause the Funds' actual advisory fee rates and overall net expense ratios to be lower than, or in line with, those of their peers.

The Board considered that the contractual advisory fee rate for the Small Cap Equity Fund was in the first quartile of its Expense Group and the Fund's actual advisory fee rate was in the second quartile of its Expense Group and second quartile of its Expense Universe. The Board also considered that the Small Cap Equity Fund's net expense ratio was in the first quartile of its Expense Group and in the second quartile of its Expense Universe. In this case, the Small Cap Equity Fund's contractual advisory fee rate was lower than the median of its Expense Group, and its actual advisory fee rate and net expense ratio were lower than the median of its Expense Group and Expense Universe, as applicable.

The Board considered that the contractual advisory fee rate for the Small-Mid Cap Equity Fund was in the first quartile of its Expense Group and the Fund's actual advisory fee rate was in the second quartile of its Expense Group and in the first quartile of its Expense Universe. The Board also considered that the Small-Mid Cap Equity Fund's net expense ratio was in the first quartile of its Expense Group and in the second quartile of its Expense Universe. In this case, the Small-Mid Cap Equity Fund's contractual advisory fee rate was equal to the median of its Expense Group, and its actual advisory fee rate and net expense ratio were lower than the median of its Expense Group and Expense Universe, as applicable.

The Board considered that the contractual advisory fee rate for the Equity Fund was in the second quartile of its Expense Group and the Fund's actual advisory fee rate was in the second quartile of its Expense Group and Expense Universe, as applicable. The Board also considered that the Equity Fund's net expense ratio was in the second quartile of its Expense Group and in the second quartile of its Expense Universe. In this case, the Equity Fund's contractual advisory fee rate was lower than the median of its Expense Group, and its actual advisory fee rate and net expense ratio were lower than the median of its Expense Group and Expense Universe, as applicable.

The Board considered that the contractual advisory fee rate for the Balanced Fund was in the first quartile of its Expense Group and the Fund's actual advisory fee rate was in the first quartile of its Expense Group and Expense Universe. The Board also considered that the Balanced Fund's net expense ratio was in the first quartile of its Expense Group and in the second quartile in its Expense Universe. In this case, the Balanced Fund's contractual advisory fee rate was lower than the median of its Expense Group, and its actual advisory fee rate and net expense ratio were lower than the median of its Expense Group and Expense Universe, as applicable.

The Board considered that the contractual advisory fee rate for the Fixed Income Fund was in the fourth quartile of its Expense Group and the Fund's actual advisory fee rate was in the first quartile of its Expense Group and in the first quartile of its Expense Universe. The Board also considered that the Fixed Income Fund's net expense ratio was in the first quartile of its Expense Group and Expense Universe. In this case, the Fixed Income Fund's contractual advisory fee

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**LKCM FUNDS** 

**ADDITIONAL INFORMATION(Continued)** 

rate was higher than the median of its Expense Group and its actual advisory fee rate and net expense ratio were lower than the median of its Expense Group and Expense Universe, as applicable.

The Board considered that the contractual advisory fee rate for the International Equity Fund was in the fourth quartile of its Expense Group and the Fund's actual advisory fee rate was in the first quartile of its Expense Group and Expense Universe. The Board also considered that the International Equity Fund's net expense ratio was in the second quartile of its Expense Group and in the third quartile for its Expense Universe. In this case, the International Equity Fund's contractual advisory fee rate was higher than the median of its Expense Group, its actual advisory fee rate was lower than the median of its Expense Group and Expense Universe, and its net expense ratio was equal to the median of its Expense Group and slightly higher than the median of its Expense Universe.

The Board also considered the advisory fee rates generally charged by LKCM to Similar Accounts and noted LKCM's explanation that the fee rates charged by LKCM to the Funds and its Similar Accounts differ primarily as a result of the greater regulatory, compliance and related expenses incurred by LKCM in providing investment management services to the Funds as compared to the Similar Accounts.

<u>Costs, Profitability and Economies of Scale</u>. The Board considered LKCM's costs in rendering services to the Funds and the profitability of LKCM. The Board considered the fees paid by each Fund to LKCM for the last three calendar years net of fee waivers and reimbursed expenses. The Board also considered the estimated profit and loss analysis provided by LKCM on a Fund-by-Fund basis for the past calendar year, before and after any distribution payments made by LKCM. The Board considered that, during the year, LKCM had capped the Funds' net expense ratios and facilitated the distribution of the Funds. With respect to economies of scale, the Board considered that the Funds generally benefit from competitive effective advisory fee rates and net expense ratios despite not having reached an asset size at which economies of scale traditionally would be considered to exist. The Board also considered that, while there are no breakpoints in the Funds' advisory fee rate schedules, LKCM waives fees and/or reimburses expenses to maintain the Funds' effective advisory fee rates and net expense ratios at competitive levels.

<u>Benefits Derived by LKCM from Its Relationship with the Funds</u>. The Board requested and considered information regarding the potential fall-out benefits to LKCM from its association with the Funds. The Board considered that LKCM believes that both LKCM and the Funds benefit from LKCM's soft dollar and commission-sharing arrangements, which enhance the level of research that LKCM is able to perform on the Funds' portfolio companies. The Board also considered that LKCM believes its relationship with the Funds provides an indirect benefit to both parties in the form of enhanced recognition among institutional and other investors, consultants and other members of the financial community. The Board considered the potential indirect benefits to LKCM of this recognition, in the form of additional clients with separately managed portfolios or subadvisory relationships with other mutual funds, which also may attract additional investors to the Funds.

<u>Conclusion</u>. Based on its evaluation of these and other factors, the Board: (1) concluded that the fees paid to LKCM under the Agreement are fair and reasonable; (2) determined that shareholders would benefit from LKCM's continued management of the Funds; and (3) approved the renewal of the Agreement with respect to the Funds.

41<br>

![](logo_lkcm.jpg)

**LKCM Aquinas Catholic Equity Fund** 

Financial Statements and Other Information

June 30, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#soi22) | [1](#soi22) |
| [Statement of Assets and Liabilities](#saln1) | [3](#saln1) |
| [Statement of Operations](#sopn1) | [4](#sopn1) |
| [Statements of Changes in Net Assets](#scnan1) | [5](#scnan1) |
| [Financial Highlights](#fh) | [6](#fh) |
| [Notes to the Financial Statements](#notes1) | [7](#notes1) |
| [Additional Information](#ai1n1) | [13](#ai1n1) |

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**[**TABLE OF CONTENTS**](#TOC2)**

**LKCM Aquinas Catholic Equity Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.1%**<br>|  |  |
| **Aerospace & Defense - 2.5%**<br>|  |  |
| L3Harris Technologies, Inc. | 6000 | $1505040  |
| **Banks - 0.8%**<br>|  |  |
| Cullen/Frost Bankers, Inc. | 4000 | 514160  |
| **Beverages - 3.5%**<br>|  |  |
| Keurig Dr Pepper, Inc. | 25000 | 826500  |
| PepsiCo, Inc. | 10000 | 1320400  |
|  |  | 2146900  |
| **Broadline Retail - 2.9%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 8000 | 1755120  |
| **Capital Markets - 3.6%**<br>|  |  |
| Charles Schwab Corp. | 10000 | 912400  |
| Intercontinental Exchange, Inc. | 7000 | 1284290  |
|  |  | 2196690  |
| **Chemicals - 10.4%**<br>|  |  |
| Corteva, Inc. | 22500 | 1676925  |
| DuPont de Nemours, Inc. | 10000 | 685900  |
| Ecolab, Inc. | 5000 | 1347200  |
| Linde PLC | 2000 | 938360  |
| Sherwin-Williams Co. | 5000 | 1716800  |
|  |  | 6365185  |
| **Construction Materials - 1.8%**<br>|  |  |
| Martin Marietta Materials, Inc. | 2000 | 1097920  |
| **Electric Utilities - 1.6%**<br>|  |  |
| Constellation Energy Corp. | 3100 | 1000556  |
|  **Electronic Equipment, Instruments & Components - 5.6%**<br>|  |  |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 3000 | 1536930  |
| Trimble, Inc.<sup>(a)</sup> | 25000 | 1899500  |
|  |  | 3436430  |
| **Financial Services - 1.6%**<br>|  |  |
| Fiserv, Inc.<sup>(a)</sup> | 5500 | 948255  |
| **Food Products - 1.1%**<br>|  |  |
| Kraft Heinz Co. | 25000 | 645500  |
| **Health Care Equipment & Supplies - 5.5%** | **Health Care Equipment & Supplies - 5.5%** |  |
| Alcon AG | 13500 | 1191780  |
| Stryker Corp. | 5500 | 2175965  |
|  |  | 3367745  |
| **Household Durables - 1.5%**<br>|  |  |
| Whirlpool Corporation | 9300 | 943206  |
|  **Independent Power and Renewable Electricity Producers - 2.1%**<br>|  |  |
| Clearway Energy, Inc. - Class C | 40000 | 1280000  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Interactive Media & Services - 4.0%**<br>|  |  |
| Alphabet, Inc. - Class A - Class A | 14000 | $2467220  |
| **Leisure Products - 1.3%**<br>|  |  |
| Mattel, Inc.<sup>(a)</sup> | 40000 | 788800  |
| **Machinery - 3.3%**<br>|  |  |
| Chart Industries, Inc.<sup>(a)</sup> | 2700 | 444555  |
| IDEX Corp. | 5300 | 930521  |
| Illinois Tool Works Inc. | 2500 | 618125  |
|  |  | 1993201  |
| **Marine Transportation - 1.5%**<br>|  |  |
| Kirby Corp.<sup>(a)</sup> | 8000 | 907280  |
| **Oil, Gas & Consumable Fuels - 6.7%**<br>|  |  |
| Devon Energy Corp. | 25000 | 795250  |
| Diamondback Energy Inc. | 5000 | 687000  |
| Expand Energy Corp. | 8500 | 993990  |
| Kinder Morgan, Inc. | 27500 | 808500  |
| Permian Resources Corp. | 60000 | 817200  |
|  |  | 4101940  |
| **Pharmaceuticals - 2.6%**<br>|  |  |
| Zoetis, Inc. | 10000 | 1559500  |
| **Professional Services - 4.5%**<br>|  |  |
| Broadridge Financial Solutions, Inc. | 5500 | 1336665  |
| Verisk Analytics, Inc. | 4500 | 1401750  |
|  |  | 2738415  |
|  **Semiconductors & Semiconductor Equipment - 4.8%**<br>|  |  |
| NVIDIA Corp. | 18500 | 2922815  |
| **Software - 16.2%**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 3700 | 1431456  |
| Microsoft Corp. | 6300 | 3133683  |
| Oracle Corp. | 14000 | 3060820  |
| Roper Technologies, Inc. | 4000 | 2267360  |
|  |  | 9893319  |
| **Specialty Retail - 4.4%**<br>|  |  |
| Academy Sports & Outdoors, Inc. | 27500 | 1232275  |
| Home Depot, Inc. | 4000 | 1466560  |
|  |  | 2698835  |
|  **Technology Hardware, Storage & Peripherals - 2.7%**<br>|  |  |
| Apple Inc. | 8000 | 1641360  |
| **Textiles, Apparel & Luxury Goods - 1.6%** | **Textiles, Apparel & Luxury Goods - 1.6%** | **Textiles, Apparel & Luxury Goods - 1.6%** |
| Ralph Lauren Corp. | 3500 | 959980  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $29,711,274)** |  | 59875372  |

---

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC2)**

**LKCM Aquinas Catholic Equity Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 2.1%** | **SHORT-TERM INVESTMENTS - 2.1%** | **SHORT-TERM INVESTMENTS - 2.1%** |
| **Money Market Funds - 2.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Invesco Short-Term Investments Trust - Government & Agency Portfolio - Institutional Shares - Class <br>Institutional, 4.26%<sup>(b)</sup> | 1308303 | $1308303  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,308,303)** |  | 1308303  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.2%** <br>**(Cost $31,019,577)** |  | $61183675  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of <br>Other Assets - (0.2)% |  | (98539)  |
| **TOTAL NET ASSETS - 100.0%** |  | $61085136 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

2<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**LKCM AQUINAS CATHOLIC EQUITY FUND** 

**STATEMENT OF ASSETS AND LIABILITIES** 

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets**<br>|  |
| Investments, at value\* | $61183675  |
| Dividends and interest receivable | 34545  |
| Receivable for Fund shares sold | 8218  |
| Prepaid trustees' fees and officer compensation (Note B) | 2994  |
| Prepaid expenses and other assets | 27746  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 61257178  |
| **Liabilities**<br>|  |
| Payable for investment advisory fees | 70506  |
| Payable for distribution expense | 27582  |
| Payable for administrative fees | 14738  |
| Payable for accounting and transfer agent fees and expenses | 14912  |
| Payable for professional fees | 12489  |
| Payable for custody fees and expenses | 1506  |
| Payable for Fund shares redeemed | 30291  |
| Accrued expenses and other liabilities | 18  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 172042  |
| Commitments and Contingencies (Note A)<br>|  |
| **Net assets** | $61085136  |
| **Net Assets Consist of:**<br>|  |
| Paid-in capital | $27871847  |
| Total distributable earnings | 33213289  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $61085136  |
| Shares of beneficial interest outstanding (unlimited shares of no par value authorized) | 3338621  |
| Net asset value per share (offering and redemption price) | $18.30  |
| \* Cost of Investments | $31019577 |

---

The accompanying notes are an integral part of these financial statements.

3<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**LKCM AQUINAS CATHOLIC EQUITY FUND** 

**STATEMENT OF OPERATIONS** 

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income:** <br>|  |
| Dividends\* | $403438  |
| Interest | 16643  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 420081  |
| **Expenses:**<br>|  |
| Investment advisory fees (Note B) | 262759  |
| Administrative fees | 39159  |
| Accounting and transfer agent fees and expenses | 47874  |
| Distribution expense (Note B) | 29195  |
| Professional fees | 11889  |
| Trustees' fees and officer compensation (Note B) | 8617  |
| Federal and state registration | 9988  |
| Custody fees and expenses | 3735  |
| Reports to shareholders | 1500  |
| Other | 1023  |
| &nbsp;&nbsp;&nbsp; Total expenses | 415739  |
| &nbsp;&nbsp;&nbsp; Less, expense waiver and/or reimbursement (Note B) | (123784)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 291955  |
| **Net investment income (loss)** | 128126  |
| **Realized and Unrealized Gain (Loss):**<br>|  |
| Net realized gain (loss) on:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | $2886011  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | (647517)  |
| **Net Realized and Unrealized Gain (Loss)** | 2238494  |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $2366620  |
| \* Net of foreign taxes withheld and/or issuance fees | $717 |

---

The accompanying notes are an integral part of these financial statements.

4<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**LKCM AQUINAS CATHOLIC EQUITY FUND** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025**<br>(Unaudited) | **Year Ended** <br>**December 31,** <br>**2024** |
| **Operations:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $128126 | $178517  |
| &nbsp;&nbsp;&nbsp; Net realized gain | &nbsp;&nbsp; 2886011 | 4380108  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation | &nbsp;&nbsp; (647517) | 2743520  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | &nbsp;&nbsp; 2366620 | 7302145  |
| **Net Dividends and Distributions to Shareholders**<br>| &nbsp;&nbsp; — | (4426034)  |
| **Net increase (decrease) in net assets from fund share transactions** | &nbsp;&nbsp; (1390779) | (989966)  |
| **Total increase in net assets** | &nbsp;&nbsp; 975841 | 1886145  |
| **Net Assets:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | &nbsp;&nbsp; 60109295 | 58223150  |
| &nbsp;&nbsp;&nbsp; End of period | &nbsp;&nbsp; $61085136 | $60109295 |

---

The accompanying notes are an integral part of these financial statements.

5<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**LKCM AQUINAS CATHOLIC EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**Selected data for each share of capital stock outstanding** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  | **Year Ended December 31**  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17.59 | $16.73 | $15.05 | $19.52 | $17.53 | $15.06  |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income (loss) from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income (loss) from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income (loss) from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income (loss) from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income (loss) from investment** <br>**operations:**  | &nbsp;&nbsp;&nbsp; **Income (loss) from investment** <br>**operations:**  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.04<sup>(1)</sup> | 0.05<sup>(1)</sup> | 0.12<sup>(1)</sup> | 0.17<sup>(1)</sup> | 0.05<sup>(1)</sup> | 0.06<sup>(1)</sup>  |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | 2.20 | 2.00 | (3.72) | 4.40 | 3.59  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | 2.25 | 2.12 | (3.55) | 4.45 | 3.65  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (0.05) | (0.12) | (0.18) | (0.05) | (0.06)  |
| From realized capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (1.34) | (0.32) | (0.74) | (2.41) | (1.12)  |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (1.39) | (0.44) | (0.92) | (2.46) | (1.18)  |
| Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(2)</sup> | 0.00<sup>(2)</sup> | 0.00<sup>(2)</sup> |  |  | —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18.30 | $17.59 | $16.73 | $15.05 | $19.52 | $17.53  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.04%<sup>(4)</sup> | 13.37% | 14.07% | -18.17% | 25.34% | 24.28%  |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |
| Net assets, end of period ($000's) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $61085 | $60109 | $58223 | $50083 | $63916 | $53862  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver and/or reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.42%<sup>(3)</sup> | 1.47% | 1.53% | 1.45% | 1.40% | 1.48%  |
| &nbsp;&nbsp;&nbsp; After expense waiver and/or reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%<sup>(3)</sup> | 1.00% | 1.00% | 1.00% | 1.00% | 1.00%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver and/or reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01%<sup>(3)</sup> | (0.17)% | 0.24% | 0.57% | (0.15)% | (0.12)%  |
| &nbsp;&nbsp;&nbsp; After expense waiver and/or reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44%<sup>(3)</sup> | 0.30% | 0.77% | 1.02% | 0.25% | 0.36%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6%<sup>(4)</sup> | 11% | 16% | 23% | 18% | 17% |

---

<sup>(1)</sup> Net investment income (loss) per share represents net investment loss divided by the average shares outstanding throughout the period.

<sup>(2)</sup> Amount rounds to less than $0.005 per share.

<sup>(3)</sup> Annualized.

<sup>(4)</sup> Not annualized.

The accompanying notes are an integral part of these financial statements.

6<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**LKCM AQUINAS CATHOLIC EQUITY FUND** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)** 

A. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

LKCM Funds (the "Trust") is registered under the Investment Company Act of 1940 ("1940 Act") as an open-end, management investment company. The Trust was organized as a Delaware statutory trust on February 10, 1994 and consists of seven diversified series as of June 30, 2025, one of which is presented herein: the LKCM Aquinas Catholic Equity Fund (the "Fund"). The Fund is subject to expenses pursuant to the Rule 12b-1 plan described in Note B. The Fund charges a 1% redemption fee for redemptions of Fund shares held for less than 30 days, unless otherwise determined by the Fund in its discretion.

The LKCM Aquinas Catholic Equity Fund seeks to maximize long-term capital appreciation, while incorporating Catholic values investing principles in the investment process. The LKCM Aquinas Catholic Equity Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of companies that Luther King Capital Management Corporation (the "Adviser") believes are likely to have above-average growth in revenue and/or earnings, above- average returns on shareholders' equity, potential for above-average capital appreciation, and/or companies the Adviser believes have attractive relative valuations.

The Fund practices socially responsible investing within the framework provided by the United States Conference of Catholic Bishops' Socially Responsible Investment Guidelines (the "Guidelines"). The Fund's investment approach incorporates the Guidelines through a combination of screening portfolio companies based on criteria set forth in the Guidelines, dialogue with companies whose policies and practices may conflict with the Guidelines, and/or potentially excluding from the Fund's portfolio the securities of those companies that are unwilling to alter their policies and practices over a reasonable period of time. The Adviser monitors companies selected for the Fund for policies on various issues contemplated by the Guidelines. If the Fund invests in a company whose policies and practices are inconsistent with the Guidelines, the Adviser may attempt to influence the company, sell the company's securities, or otherwise exclude future investments in such company.

The following is a summary of significant accounting policies followed by the Fund in preparation of the financial statements. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946, *Investment Companies*.

&nbsp;&nbsp;&nbsp;&nbsp;1. *Security Valuation:* 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 contracts and
 options on futures contracts 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 by the Adviser in good faith
 at fair value. Rule 2a-5 under the Investment Company Act of 1940 (the "Valuation Rule") establishes requirements for determining
 fair value in good faith for purposes of the 1940 Act, including related oversight and reporting requirements. The Valuation Rule also
 defines when market quotations are "readily available" for purposes of the 1940 Act, the threshold for determining whether
 a security must be fair valued. In many cases, fixed-income and foreign securities are not considered to have a "readily available
 market quotation" under the Valuation Rule. Accordingly, such securities typically are fair valued. The Valuation Rule permits
 the Fund's board to designate the Fund's primary investment adviser as "valuation designee" to perform the Fund's
 fair value determinations subject to board oversight and certain reporting and other requirements intended to ensure that the registered
 investment company's board receives the information it needs to oversee the investment adviser's fair value determinations.
 The Board has designated the Adviser as valuation designee under the

7<br>

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**LKCM AQUINAS CATHOLIC EQUITY FUND** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

Valuation Rule to perform fair value functions in accordance with the requirements of the Valuation Rule. The Adviser may value securities at fair value in good faith pursuant to the Adviser's and the Fund's procedures. The Adviser 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 –<br>| 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 –<br>| 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 June 30, 2025, the Fund's assets carried at fair value were classified as follows:

**LKCM Aquinas Catholic Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $59875372 | $— | $— | $59875372  |
| Short-Term Investment | 1308303 |  |  | 1308303  |
| **Total Investments\*** | $61183675 | $— | $— | $61183675 |

---

\* Additional information regarding the industry classifications of these investments is disclosed in the Schedule of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;2. *Federal Income Taxes:* The Fund has elected to be treated as a "regulated investment company" under Subchapter M of the Internal Revenue
 Code and the Fund intends to distribute all of its investment company net taxable income and net capital gains to shareholders. Therefore,
 no federal income tax provision is recorded.

&nbsp;&nbsp;&nbsp;&nbsp;3. *Distributions to Shareholders:* The Fund generally intends to declare and pay income dividends and distribute net capital gain, if any, at least
 on an annual basis.

&nbsp;&nbsp;&nbsp;&nbsp;4. *Foreign Securities:* Investing in securities of foreign companies and foreign governments involves special risks and considerations not typically associated
 with investing in securities of U.S. issuers. These risks

8<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**LKCM AQUINAS CATHOLIC EQUITY FUND** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

include devaluation of currencies and future adverse political and economic developments. Moreover, securities of many foreign companies and foreign governments and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. companies and securities of the U.S. government.

&nbsp;&nbsp;&nbsp;&nbsp;5. *Expense Allocation:* Expenses incurred by the Funds in the Trust are allocated among the Funds based upon (i) relative average net assets, (ii) a specific
 identification basis as incurred, or (iii) evenly among the Funds, depending on the nature of the expense.

&nbsp;&nbsp;&nbsp;&nbsp;6. *Use of Estimates:* The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America
 requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
 assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting
 period. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;7. *Guarantees and Indemnifications:* In the normal course of business, the Fund enters into contracts with service providers that contain general
 indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims against
 the Fund that have not yet occurred. Based on experience, the Fund expects the risk of loss to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;8. *Security Transactions and Investment Income:* Security and shareholder transactions are recorded on the trade date. Realized gains and losses on sales
 of investments are calculated on the identified cost basis. Dividend income and dividends and distributions to shareholders are recorded
 on the ex-dividend date. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding
 of the applicable jurisdiction's tax rules and rates. Interest income is recognized on the accrual basis. All discounts and premiums
 are amortized based on the effective interest method for tax and financial reporting purposes. The Fund may hold the securities of real
 estate investment trusts ("REITs"). Distributions from such investments may include income, capital gains and return of capital.

&nbsp;&nbsp;&nbsp;&nbsp;9. *Other:* Distributions
 from net investment income and realized capital gains are determined in accordance with income tax regulations, which may differ from
 U.S. GAAP. Certain capital accounts in the consolidated financial statements are periodically adjusted for permanent differences in order
 to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on portfolio
 securities held by the Fund and have no impact on net assets or NAV per share.

&nbsp;&nbsp;&nbsp;&nbsp;10. *Restricted and Illiquid Securities:* The Fund is permitted to invest in securities that are subject to legal or contractual restrictions on
 resale including investments considered by the Fund to be illiquid. Restricted securities generally may be resold in transactions exempt
 from registration. Illiquid investments are investments that the Fund reasonably expects cannot be sold or disposed of in current market
 conditions within seven calendar days or less in the ordinary course of business without the sale or disposition significantly changing
 the market value of the investment. A security may be considered illiquid if it lacks a readily available market or if its valuation has
 not changed for a certain period of time. Disposal of these securities may involve time-consuming negotiations and expense, and prompt
 sale at the current valuation may be difficult.

&nbsp;&nbsp;&nbsp;&nbsp;11. *Segment Reporting:* During the reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements
 to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only
 and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280
 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating
 results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources
 to be allocated to the segment and assess its performance, and has discrete financial information available. The Trust's principal
 executive officer and principal financial officer act as the CODM. Each Fund within the Trust represents a single operating segment, as
 the CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is pre-determined
 in accordance with the terms of its prospectus, based on

9<br>

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**LKCM AQUINAS CATHOLIC EQUITY FUND** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

a defined investment strategy which is executed by each Fund's portfolio managers as a team. The financial information in the form of a Fund's total returns, expense ratios, changes in net assets resulting from operations, subscriptions and redemptions and profitability to the advisor, which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and peers to make resource allocation decisions for each Fund's single segment, is consistent with that presented within each Fund's financial statements. Segment assets are reflected on the accompanying statement of assets and liabilities as "total assets" and significant segment expenses are listed on the accompanying statement of operations.

B. INVESTMENT ADVISORY AND OTHER AGREEMENTS

The Adviser serves as the investment adviser to the Fund under an Investment Advisory Agreement (the "Agreement"). The Adviser receives a fee, computed daily and payable quarterly, at the annual rate presented below as applied to the Fund's average daily net assets. The Adviser has contractually agreed to waive all or a portion of its management fee and/or reimburse expenses of the Fund through May 1, 2026 in order to limit the Fund's operating expenses to the annual cap rate presented below. This expense limitation excludes interest, taxes, brokerage commissions, indirect fees and expenses relating to investments in other investment companies, including money market funds, and extraordinary expenses.

For the six months ended June 30, 2025, the Adviser waived the following management fees and/or reimbursed expenses to meet its expense cap obligations:

---

| | |
|:---|:---|
|  | **LKCM Aquinas** <br>**Catholic Equity Fund**  |
| Annual Management Fee Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90%  |
| Annual Cap on Expenses | &nbsp;&nbsp;&nbsp;&nbsp;1.00%  |
| Fees Waived and/or Expenses Reimbursed in 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(123784) |

---

The Trust reimburses the Adviser for a portion of compensation paid to the Trust's Chief Compliance Officer. This compensation is reported as part of the "Trustees fees and officer compensation" expense on the Statement of Operations.

U.S. Bancorp Fund Services, LLC ("U.S. Bancorp"), doing business as U.S. Bank Global Fund Services, serves as transfer agent and administrator for the Fund and serves as accounting services agent for the Fund. U.S. Bank, N.A. serves as custodian for the Fund.

Distribution services are performed pursuant to a distribution contract with Quasar Distributors, LLC ("Quasar"), the Trust's principal underwriter.

The Trust has adopted a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act for the Fund, under which the Fund may pay an annualized fee of up to 1.00% of its average daily net assets for distribution and other services. However, the Board of Trustees has currently only authorized an annual fee of 0.10% of the average daily net assets for the Fund.

10<br>

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**LKCM AQUINAS CATHOLIC EQUITY FUND** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

C. FUND SHARES

At June 30, 2025, there was an unlimited number of shares of beneficial interest, no par value, authorized for the Fund. The following table summarizes the activity in shares of the Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025**  | **Six Months Ended** <br>**June 30, 2025**  | **Year Ended** <br>**December 31, 2024**  | **Year Ended** <br>**December 31, 2024**  |
|  | **Shares** | **Amount**  | **Shares** | **Amount** |
| Shares sold | 42534 | $719480  | 94402 | $1689787 |
|  Shares issued to shareholders in reinvestment of distributions |  | —  | 233056 | 4136741 |
| Shares redeemed | (121302) | (2110267)  | (390153) | (6816546) |
| Redemption fee |  | 8  |  | 52 |
| Net increase | (78769) | $(1390779)  | (62695) | $(989966) |
| **Shares Outstanding:**<br>|  |  |  |  |
| Beginning of period | 3417390 |  | 3480085 |  |
| End of period | 3338621 |  | 3417390 |  |

---

D. SECURITY TRANSACTIONS

Purchases and sales of investment securities, other than short-term investments, for the Fund for the period ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales**  | **Sales**  |
| **U.S. Government** | **Other** | **U.S. Government** | **Other**  |
| $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3565352 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5785247 |

---

E. TAX INFORMATION

At December 31, 2024, the components of accumulated earnings (losses) on a tax basis for the Fund were as follows:

---

| | |
|:---|:---|
| Tax cost | $29389180  |
| Gross unrealized appreciation | $31215615  |
| Gross unrealized depreciation | (404000)  |
| Net unrealized appreciation | $30811615  |
| Undistributed ordinary income | 35054  |
| Undistributed long-term capital gain | —  |
| Distributable earnings | $35054  |
| Other accumulated losses |  |
| Total distributable earnings | $30846669 |

---

At December 31, 2024, the Fund deferred, on a tax basis, no post-October capital losses.

To the extent the Fund realizes future net capital gains, taxable distributions will be reduced by any unused capital loss carryforwards as permitted by the Internal Revenue Code. At December 31, 2024, the Fund had no capital loss carryforwards.

11<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**LKCM AQUINAS CATHOLIC EQUITY FUND** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

The tax components of dividends paid during the periods shown below for the Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2023**  | **Year Ended December 31, 2023**  |
|  | **Ordinary** <br>**Income** | **Long-Term** <br>**Capital Gains** | **Ordinary** <br>**Income** | **Long-Term** <br>**Capital Gains**  |
| LKCM Aquinas Catholic Equity Fund | $153095 | $4272939 | $416560 | &nbsp;&nbsp; $1078666 |

---

The Fund designated earnings and profits distributed to shareholders upon the redemption of shares during 2024 and 2023 in determining undistributed net capital gains as of December 31, 2024 and 2023, respectively.

The Trust has adopted financial reporting rules regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. The Trust has reviewed all open tax years and major jurisdictions and concluded that there is no impact on the Fund's financial position or results of operations. Tax years that remain open to examination by major tax jurisdictions include tax years ended December 31, 2021 through December 31, 2024. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on tax returns as of December 31, 2024. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. If applicable, the Fund would recognize interest accrued related to unrecognized tax benefits in "interest expense" and penalties in "other expense" on the statement of operations.

F. OTHER MATTERS

Investing in the Funds involves risks and the potential loss of all or a portion of your investment. Each Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect the Fund's performance. Factors that affect markets in general, including geopolitical, regulatory, market and economic developments and other developments that impact specific economic sectors, industries, companies, and segments of the market, could adversely impact the Fund's investments and lead to a decline in the value of your investment in a Fund. Geopolitical and other events, including wars, such as between Russia and Ukraine and in the Middle East tensions and other conflicts between nations, terrorism, economic uncertainty, trade disputes, pandemics, public health crises, natural disasters and related events have led, and in the future may continue to lead, to instability in world economies and markets generally and reduced liquidity in equity, credit, and fixed income markets. In addition, policy changes by the U.S. Government, the U.S. Federal Reserve and/or foreign governments, such as changes in interest rates, and political events within the U.S. and abroad may cause increased volatility in financial markets, affect investor and consumer confidence, and adversely impact the broader financial markets and economy, perhaps suddenly and to a significant degree. Market disruptions have caused, and may continue to cause, broad changes in market value, negative public perceptions concerning these developments, and adverse investor sentiment or publicity. The foregoing may adversely affect, among other things, the value and liquidity of a Fund's investments, a Fund's ability to satisfy redemption requests, a Fund's financial and operational performance, and/or the value of your investment in a Fund.

G. SUBSEQUENT EVENTS

In preparing these financial statements, management has evaluated the Fund's related events and transactions that occurred subsequent to June 30, 2025 through the date the financial statements were issued and has determined that there were no significant subsequent events requiring recognition or disclosure in the financial statements.

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**[**TABLE OF CONTENTS**](#TOC2)**

**LKCM AQUINAS CATHOLIC EQUITY FUND** 

**ADDITIONAL INFORMATION** 

**The below information is required disclosure from N-CSR** 

**Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Item 9. Proxy Disclosure for Open-End Investment Companies.** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Item 10. Remuneration Paid to Trustees, Officers, and Others of Open-End Investment Companies.** 

Information regarding remuneration paid by the Registrant to its directors, officers and affiliated persons is included in the financial statements filed under Item 7 of this Form N-CSR.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

**RENEWAL OF INVESTMENT ADVISORY AGREEMENT WITH RESPECT** 

**TO LKCM AQUINAS CATHOLIC EQUITY FUND** 

<u>Introduction.</u> At a meeting held on February 25, 2025, the Board of Trustees of LKCM Funds, including the independent Trustees (the "Board"), approved the renewal of the Investment Advisory Agreement (the "Agreement") between Luther King Capital Management Corporation ("LKCM") and LKCM Funds, on behalf of the LKCM Aquinas Catholic Equity Fund (the "Fund").

In voting to approve the renewal of the Agreement, the Board considered information furnished throughout the year at regularly scheduled Board meetings, as well as information prepared specifically in connection with the annual renewal process. The Board also considered the overall fairness of the Agreement and factors it deemed relevant with respect to the Fund, including, but not limited to: (1) the nature, extent and quality of the services provided to the Fund; (2) the performance of the Fund as compared to a relevant market index and peer groups of funds compiled by Broadridge Financial Solutions, Inc. ("Broadridge") and Lipper, Inc. ("Lipper"); (3) the contractual advisory fee rate, actual advisory fee rate and net expense ratio of the Fund and how those compared to a peer group of funds compiled by Broadridge; (4) the costs of services provided to the Fund and the profitability of LKCM with respect to such services; (5) the extent to which economies of scale would be realized by LKCM as the Fund grows and whether the fee levels reflect economies of scale for the benefit of investors; and (6) any other benefits derived by LKCM from its relationship with the Fund. The Board did not identify any single factor or item of information as controlling, and each Board member may have accorded different weights to the various factors in reaching his conclusions with respect to the Agreement.

In considering the renewal of the Agreement, the Board requested and considered a broad range of information provided by LKCM, including, but not limited to, the Fund's Catholic values investing mandate, reports relating to the Fund's performance and expenses, certain portfolio compliance policies and the background and experience of the portfolio managers. In addition, the Board considered a memorandum from its legal counsel regarding the Board's legal duties in considering the renewal of the Agreement. The Board also considered that it meets each quarter to review, among other matters, the Fund's performance and expenses and various aspects of the Fund's operations.

<u>Nature, Extent and Quality of Services.</u> The Board considered the nature, extent and quality of the advisory services provided by LKCM to the Fund under the Agreement. The Board considered that LKCM was established in 1979 and provides investment management services to private funds, foundations, endowments, pension plans, trusts, estates, high net worth individuals and other clients. The Board considered that LKCM is responsible for managing the Fund, including identifying investments for the Fund, monitoring the Fund's investment program, executing trades and overseeing the Fund's performance and compliance with applicable rules and regulations and the Fund's investment policies. The Board considered LKCM's financial resources, insurance coverage, culture of compliance and compliance operations that support the Fund. The Board also considered LKCM's representation that it has invested considerable resources into the firm and its personnel to augment investment management and client services. The Board considered information regarding the portfolio managers and other key personnel who provide services to the Fund and considered LKCM's representation that the firm historically has experienced low personnel turnover. The Board also considered LKCM's representation that the firm has implemented a compensation structure designed to attract and retain highly qualified investment professionals.

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**[**TABLE OF CONTENTS**](#TOC2)**

**LKCM AQUINAS CATHOLIC EQUITY FUND** 

**ADDITIONAL INFORMATION(Continued)** 

The Board also considered the compliance services provided to the Fund by LKCM, including LKCM's oversight of the Fund's day-to-day operations. The Board considered the quality of LKCM's compliance personnel. In addition, the Board considered LKCM's summary of its oversight of the Fund's key service providers. The Board also considered LKCM's description of its best execution practices and noted LKCM's representation that its soft dollar and commission-sharing arrangements for client transactions (including those for the Fund) comply with the requirements of the safe harbor provided by Section 28(e) of the Securities Exchange Act of 1934, as amended.

<u>Performance of the Fund.</u> The Board considered the performance of the Fund compared to the S&P 500 Index, peer groups of funds compiled by Broadridge and Lipper, and a Lipper peer group index ("Lipper Index") for various time periods ended December 31, 2024. The Board considered that, in 2016, upon the closing of the reorganizations of the LKCM Aquinas Small Cap Fund and LKCM Aquinas Growth Fund into the Fund (the "Reorganization"), the Fund's name, investment strategies, expenses, benchmark index and Lipper index changed, and the Board considered this in reviewing the Fund's longer-term performance against its current benchmark and Lipper Index. The Board also considered LKCM's discussion of the Fund's performance.

The Board considered that the Fund underperformed the S&P 500 Index and its Lipper Index for the one-year, three-year, five-year, ten-year and since-inception periods. In considering the comparative performance data, the Board considered that the Fund is managed in accordance with its Catholic values investing guidelines, which restrict the Fund's investments and generally are not applicable to the S&P 500 Index or the funds included in the Lipper Index. The Board considered LKCM's representation that the Fund's stringent investment criteria and certain additional factors cited by LKCM had contributed to or detracted from the Fund's performance during the prior year.

<u>Fees and Expenses.</u> The Board considered the contractual advisory fee rate, actual advisory fee rate (the contractual advisory fee rate net of fee waivers and/or expense reimbursements), total expense ratio (including Rule 12b-1 fees and non-Rule 12b-1 service fees) and net expense ratio (the total expense ratio, including Rule 12b-1 fees and non-Rule 12b-1 service fees, after fee waivers and/or expense reimbursements) of the Fund. The Board also considered that LKCM had implemented fee waivers and expense caps for the Fund through May 1, 2025, and that LKCM was proposing to continue the current contractual fee waiver through May 1, 2026.

The Board considered a comparison of the Fund's contractual advisory fee rate, actual advisory fee rate and net expense ratio to a category of similar funds compiled by Broadridge ("Expense Group"). The Board also considered comparisons of the actual advisory fee rate and net expense ratio to a broader category comprised of the Fund, the Expense Group and other similar retail funds ("Expense Universe"). The contractual advisory fee rate was compared to the Expense Group at the Fund's asset level. Although advisory fees for Broadridge comparison purposes typically reflect combined advisory and administration fees, advisory fee comparisons did not include the Fund's administrative expenses because the Fund pays separate investment advisory fees to LKCM and administration fees to a third-party administrator. The first quartile in an Expense Group and Expense Universe represents those funds with the lowest fees or expenses.

The Board considered that the Fund's contractual advisory fee rate was in the fourth quartile of its Expense Group and the Fund's actual advisory fee rate was in the first quartile of its Expense Group and in the second quartile of its Expense Universe. The Board also considered that the Fund's net expense ratio was in the second quartile of its Expense Group and third quartile of its Expense Universe. In this case, the Fund's contractual advisory fee rate was higher than the median of its Expense Group, its actual advisory fee rate was lower than the median of its Expense Group and Expense Universe, and its net expense ratio was equal to the median of its Expense Group and higher than the median of its Expense Universe.

The Board considered that, although the Fund's contractual advisory fee rate was higher than those of its peers, the expense cap arrangements caused the Fund's actual advisory fee rate to be lower than that of its peers.

<u>Costs, Profitability and Economies of Scale.</u> The Board considered LKCM's costs in rendering services to the Fund and the profitability of LKCM. The Board considered the fees paid by the Fund to LKCM for the last three calendar years net of fee waivers and reimbursed expenses. The Board also considered the estimated profit and loss analysis provided by LKCM for the past calendar year, before and after any distribution payments made by LKCM. The Board noted that, during the year, LKCM had capped the Fund's net expense ratio. With respect to economies of scale, the Board considered that the Fund generally benefits from a competitive effective advisory fee rate and net expense ratio despite not having reached an asset size at which economies of scale traditionally would be considered to exist. The

14<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**LKCM AQUINAS CATHOLIC EQUITY FUND** 

**ADDITIONAL INFORMATION(Continued)** 

Board also considered that, while there are no breakpoints in the Fund's advisory fee rate schedule, LKCM waives fees and/or reimburses expenses to maintain the Fund's effective advisory fee rate and net expense ratio at a competitive level.

<u>Benefits Derived by LKCM from Its Relationship with the Fund.</u> The Board requested and considered information regarding the potential fall-out benefits to LKCM from its association with the Fund. The Board considered that LKCM believes that both LKCM and the Fund benefit from LKCM's soft dollar and commission-sharing arrangements, which enhance the level of research that LKCM is able to perform on the Fund's portfolio companies. The Board also considered that LKCM believes its relationship with the Fund provides an indirect benefit to both parties in the form of enhanced recognition among institutional and other investors, consultants and other members of the financial community. The Board considered the potential indirect benefits to LKCM of this recognition, in the form of additional clients with separately managed portfolios or subadvisory relationships with other mutual funds, which also may attract additional investors to the Fund.

<u>Conclusion.</u> Based on its evaluation of these and other factors, the Board: (1) concluded that the fees paid to LKCM under the Agreement are fair and reasonable; (2) determined that shareholders would benefit from LKCM's continued management of the Fund; and (3) approved the renewal of the Agreement with respect to the Fund.

15<br>

&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of this Form N-CSR.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Trustees, Officers, and Others of Open-End Investment Companies.</u>**

Information regarding remuneration paid by the Registrant to its directors, officers and affiliated persons is included in the financial statements filed under Item 7(a) of this Form N-CSR.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

**RENEWAL OF INVESTMENT ADVISORY AGREEMENT WITH RESPECT TO LKCM SMALL CAP EQUITY FUND, LKCM SMALL-MID CAP EQUITY FUND, LKCM EQUITY FUND, LKCM BALANCED FUND, LKCM FIXED INCOME FUND AND LKCM INTERNATIONAL EQUITY FUND**

<u>Introduction</u>. At a meeting held on February 25, 2025, the Board of Trustees of LKCM Funds, including the independent Trustees (the "Board"), approved the renewal of the Investment Advisory Agreement (the "Agreement") between Luther King Capital Management Corporation ("LKCM") and LKCM Funds, on behalf of the LKCM Small Cap Equity Fund (the "Small Cap Equity Fund"), LKCM Small-Mid Cap Equity Fund (the "Small-Mid Cap Equity Fund"), LKCM Equity Fund (the "Equity Fund"), LKCM Balanced Fund (the "Balanced Fund"), LKCM Fixed Income Fund (the "Fixed Income Fund") and LKCM International Equity Fund (the "International Equity Fund" and collectively, the "Funds").

In voting to approve the renewal of the Agreement, the Board considered information furnished throughout the year at regularly scheduled Board meetings, as well as information prepared specifically in connection with the annual renewal process. The Board also considered the overall fairness of the Agreement and factors it deemed relevant with respect to each Fund, including, but not limited to: (1) the nature, extent and quality of the services provided to each Fund; (2) the performance of each Fund as compared to a relevant market index, peer groups of funds compiled by Broadridge Financial Solutions, Inc. ("Broadridge") and Lipper, Inc. ("Lipper") and an account managed by LKCM pursuant to similar investment strategies ("Similar Account") or a composite ("Composite") of Similar Accounts; (3) the contractual advisory fee rate, actual advisory fee rate and net expense ratio of each Fund, how those compared to a peer group of funds compiled by Broadridge, and how each applicable Fund's contractual advisory fee rate compared to the Similar Accounts; (4) the costs of services provided to the Funds and the profitability of LKCM with respect to such services; (5) the extent to which economies of scale would be realized by LKCM as a Fund grows and whether the fee levels reflect economies of scale for the benefit of investors; and (6) any other benefits derived by LKCM from its relationship with the Funds. The Board did not identify any single factor or item of information as controlling, and each Board member may have accorded different weights to the various factors in reaching his conclusions with respect to the Agreement.

In considering the renewal of the Agreement, the Board requested and considered a broad range of information provided by LKCM, including, but not limited to, reports relating to each Fund's performance and expenses, information regarding the Similar Accounts, certain portfolio compliance policies and the background and experience of the portfolio managers. In addition, the Board considered a memorandum from its legal counsel regarding the Board's legal duties in considering the renewal of the Agreement. The Board also considered that it meets each quarter to review, among other matters, the Funds' performance and expenses and various aspects of the Funds' operations.

<u>Nature, Extent and Quality of Services</u>. The Board considered the nature, extent and quality of the advisory services provided by LKCM to each Fund under the Agreement. The Board considered that LKCM was established in 1979 and provides investment management services to private funds, foundations, endowments, pension plans, trusts, estates, high net worth individuals and other clients. The Board considered that LKCM is responsible for managing the Funds, including identifying investments for the Funds, monitoring the Funds' investment

programs, executing trades and overseeing the Funds' performance and compliance with applicable rules and regulations and the Funds' investment policies. The Board considered LKCM's financial resources, insurance coverage, culture of compliance and compliance operations that support the Funds. The Board also considered LKCM's representation that it has invested considerable resources into the firm and its personnel to augment investment management and client services. The Board considered information regarding the portfolio managers and other key personnel who provide services to each Fund and considered LKCM's representation that the firm historically has experienced low personnel turnover. The Board also considered LKCM's representation that the firm has implemented a compensation structure designed to attract and retain highly qualified investment professionals.

The Board also considered the compliance services provided to the Funds by LKCM, including LKCM's oversight of the Funds' day-to-day operations. The Board considered the quality of LKCM's compliance personnel. In addition, the Board considered LKCM's summary of its oversight of the Funds' key service providers. The Board also considered LKCM's description of its best execution practices and noted LKCM's representation that it believes that its soft dollar and commission-sharing arrangements for client transactions (including those for the Funds) comply with the requirements of the safe harbor provided by Section 28(e) of the Securities Exchange Act of 1934, as amended.

<u>Performance of the Funds</u>. The Board considered the performance of each Fund compared to the Fund's benchmark index ("benchmark"), peer groups of funds compiled by Broadridge and Lipper, and a Lipper peer group index ("Lipper Index") for various time periods ended December 31, 2024. Additionally, the Board considered LKCM's discussion of each Fund's performance.

The Board considered LKCM's representation that its investment strategy for the Funds focuses on investments in higher quality companies that meet LKCM's stringent investment criteria, which LKCM believes have not been characteristics that have driven the performance of certain funds' benchmarks in certain years. The Board considered that these factors had affected the performance of certain Funds for shorter and/or longer-term periods ended December 31, 2024. The Board also considered certain additional factors cited by LKCM as contributing to or detracting from a Fund's performance during the prior year.

The Board considered that the Small Cap Equity Fund outperformed the Russell 2000 Index and its Lipper Index for the one-year, three-year, five-year, ten-year and since-inception periods.

The Board considered that the Small-Mid Cap Equity Fund outperformed the Russell 2500 Index and its Lipper Index for the one-year, three-year, five-year and ten-year periods, but underperformed for the since-inception period.

The Board considered that the Equity Fund underperformed the S&P 500 Index for the one-year, three-year, five-year, ten-year and since-inception periods. The Board also considered that the Equity Fund underperformed its Lipper Index for the one-year, three-year, five-year and ten-year periods, but outperformed its Lipper Index for the since-inception period.

The Board considered that the Balanced Fund underperformed the S&P 500 Index, and outperformed the Bloomberg U.S. Intermediate Government/Credit Bond Index, for the one-year, three-year, five-year, ten-year and since-inception periods. The Board also considered the Balanced Fund's performance as compared to a custom blended index that reflected the Fund's historical allocation to equity and fixed income securities. The Board considered that the

Balanced Fund underperformed the Blended Index for the one-year, three-year, five-year, ten-year and since-inception periods. The Board also considered that the Balanced Fund outperformed its Lipper Index for the since-inception period but underperformed its Lipper Index for the one-year, three-year, five-year and ten-year periods.

The Board considered that the Fixed Income Fund outperformed the Bloomberg U.S. Intermediate Government/Credit Bond Index for the one-year, three-year, five-year and ten-year periods, but underperformed for the since-inception period. The Board noted that the Fixed Income Fund outperformed its Lipper Index for the since-inception period but underperformed its Lipper Index for the one-year, three-year, five-year and ten-year periods.

The Board noted that the International Equity Fund outperformed the MSCI EAFE Index and its Lipper Index for the one-year, five-year and since-inception periods, and underperformed for the three-year period.

The Board also considered the performance of each Fund against its Similar Account or Composite, as applicable. The Board considered LKCM's explanation that underperformance, if any, generally was attributable to tax considerations attendant to the management of a Fund that do not apply to non-taxable portfolios included in the Composite as well as the timing of cash flows resulting from shareholder purchases and redemptions. In the case of the International Equity Fund, the Board also considered LKCM's explanation that the Fund's underperformance relative to a private investment partnership was attributable to the timing of cash flows associated with the investment of Fund assets, as the Fund realized net subscriptions and the investment of those proceeds.

<u>Fees and Expenses</u>. The Board considered each Fund's contractual advisory fee rate, actual advisory fee rate (the contractual advisory fee rate net of fee waivers and/or expense reimbursements), total expense ratio (including Rule 12b-1 fees and non-Rule 12b-1 service fees) and net expense ratio (the total expense ratio, including Rule 12b-1 fees and non-Rule 12b-1 service fees, after fee waivers and/or expense reimbursements). The Board also considered that LKCM had implemented fee waivers and expense caps for each Fund through May 1, 2025, and that LKCM was proposing to continue the current contractual fee waiver through May 1, 2026.

The Board considered comparisons of the contractual advisory fee rate, actual advisory fee rate and net expense ratio of each Fund to a category of similar funds compiled by Broadridge ("Expense Group"). The Board also considered comparisons of the actual advisory fee rate and net expense ratio to a broader category comprised of the Fund, the Expense Group and other similar retail funds ("Expense Universe"). Contractual advisory fee rates were compared to the Expense Group at a Fund's asset level. Although advisory fees for Broadridge comparison purposes typically reflect combined advisory and administration fees, advisory fee comparisons did not include the Funds' administrative expenses because the Funds pay separate investment advisory fees to LKCM and administration fees to a third-party administrator. The first quartile in an Expense Group and Expense Universe represents those funds with the lowest fees or expenses.

The Board considered that, although certain of the Funds' contractual advisory fee rates are higher than those of their peers, the expense cap arrangements generally cause the Funds' actual advisory fee rates and overall net expense ratios to be lower than, or in line with, those of their peers.

The Board considered that the contractual advisory fee rate for the Small Cap Equity Fund was in the first quartile of its Expense Group and the Fund's actual advisory fee rate was in the second quartile of its Expense Group and second quartile of its Expense Universe. The Board also considered that the Small Cap Equity Fund's net expense ratio was in the first quartile of its Expense Group and in the second quartile of its Expense Universe. In this case, the Small Cap Equity Fund's contractual advisory fee rate was lower than the median of its Expense Group, and its actual advisory fee rate and net expense ratio were lower than the median of its Expense Group and Expense Universe, as applicable.

The Board considered that the contractual advisory fee rate for the Small-Mid Cap Equity Fund was in the first quartile of its Expense Group and the Fund's actual advisory fee rate was in the second quartile of its Expense Group and in the first quartile of its Expense Universe. The Board also considered that the Small-Mid Cap Equity Fund's net expense ratio was in the first quartile of its Expense Group and in the second quartile of its Expense Universe. In this case, the Small-Mid Cap Equity Fund's contractual advisory fee rate was equal to the median of its Expense Group, and its actual advisory fee rate and net expense ratio were lower than the median of its Expense Group and Expense Universe, as applicable.

The Board considered that the contractual advisory fee rate for the Equity Fund was in the second quartile of its Expense Group and the Fund's actual advisory fee rate was in the second quartile of its Expense Group and Expense Universe, as applicable. The Board also considered that the Equity Fund's net expense ratio was in the second quartile of its Expense Group and in the second quartile of its Expense Universe. In this case, the Equity Fund's contractual advisory fee rate was lower than the median of its Expense Group, and its actual advisory fee rate and net expense ratio were lower than the median of its Expense Group and Expense Universe, as applicable.

The Board considered that the contractual advisory fee rate for the Balanced Fund was in the first quartile of its Expense Group and the Fund's actual advisory fee rate was in the first quartile of its Expense Group and Expense Universe. The Board also considered that the Balanced Fund's net expense ratio was in the first quartile of its Expense Group and in the second quartile in its Expense Universe. In this case, the Balanced Fund's contractual advisory fee rate was lower than the median of its Expense Group, and its actual advisory fee rate and net expense ratio were lower than the median of its Expense Group and Expense Universe, as applicable.

The Board considered that the contractual advisory fee rate for the Fixed Income Fund was in the fourth quartile of its Expense Group and the Fund's actual advisory fee rate was in the first quartile of its Expense Group and in the first quartile of its Expense Universe. The Board also considered that the Fixed Income Fund's net expense ratio was in the first quartile of its Expense Group and Expense Universe. In this case, the Fixed Income Fund's contractual advisory fee rate was higher than the median of its Expense Group and its actual advisory fee rate and net expense ratio were lower than the median of its Expense Group and Expense Universe, as applicable.

The Board considered that the contractual advisory fee rate for the International Equity Fund was in the fourth quartile of its Expense Group and the Fund's actual advisory fee rate was in the first quartile of its Expense Group and Expense Universe. The Board also considered that the International Equity Fund's net expense ratio was in the second quartile of its Expense Group and in the third quartile for its Expense Universe. In this case, the International Equity Fund's contractual advisory fee rate was higher than the median of its Expense Group, its actual

advisory fee rate was lower than the median of its Expense Group and Expense Universe, and its net expense ratio was equal to the median of its Expense Group and slightly higher than the median of its Expense Universe.

The Board also considered the advisory fee rates generally charged by LKCM to Similar Accounts and noted LKCM's explanation that the fee rates charged by LKCM to the Funds and its Similar Accounts differ primarily as a result of the greater regulatory, compliance and related expenses incurred by LKCM in providing investment management services to the Funds as compared to the Similar Accounts.

<u>Costs, Profitability and Economies of Scale</u>. The Board considered LKCM's costs in rendering services to the Funds and the profitability of LKCM. The Board considered the fees paid by each Fund to LKCM for the last three calendar years net of fee waivers and reimbursed expenses. The Board also considered the estimated profit and loss analysis provided by LKCM on a Fund-by-Fund basis for the past calendar year, before and after any distribution payments made by LKCM. The Board considered that, during the year, LKCM had capped the Funds' net expense ratios and facilitated the distribution of the Funds. With respect to economies of scale, the Board considered that the Funds generally benefit from competitive effective advisory fee rates and net expense ratios despite not having reached an asset size at which economies of scale traditionally would be considered to exist. The Board also considered that, while there are no breakpoints in the Funds' advisory fee rate schedules, LKCM waives fees and/or reimburses expenses to maintain the Funds' effective advisory fee rates and net expense ratios at competitive levels.

<u>Benefits Derived by LKCM from Its Relationship with the Funds</u>. The Board requested and considered information regarding the potential fall-out benefits to LKCM from its association with the Funds. The Board considered that LKCM believes that both LKCM and the Funds benefit from LKCM's soft dollar and commission-sharing arrangements, which enhance the level of research that LKCM is able to perform on the Funds' portfolio companies. The Board also considered that LKCM believes its relationship with the Funds provides an indirect benefit to both parties in the form of enhanced recognition among institutional and other investors, consultants and other members of the financial community. The Board considered the potential indirect benefits to LKCM of this recognition, in the form of additional clients with separately managed portfolios or subadvisory relationships with other mutual funds, which also may attract additional investors to the Funds.

<u>Conclusion</u>. Based on its evaluation of these and other factors, the Board: (1) concluded that the fees paid to LKCM under the Agreement are fair and reasonable; (2) determined that shareholders would benefit from LKCM's continued management of the Funds; and (3) approved the renewal of the Agreement with respect to the Funds.

**RENEWAL OF INVESTMENT ADVISORY AGREEMENT WITH RESPECT**

**TO LKCM AQUINAS CATHOLIC EQUITY FUND**

<u>Introduction</u>. At a meeting held on February 25, 2025, the Board of Trustees of LKCM Funds, including the independent Trustees (the "Board"), approved the renewal of the Investment Advisory Agreement (the "Agreement") between Luther King Capital Management Corporation ("LKCM") and LKCM Funds, on behalf of the LKCM Aquinas Catholic Equity Fund (the "Fund").

In voting to approve the renewal of the Agreement, the Board considered information furnished throughout the year at regularly scheduled Board meetings, as well as information prepared specifically in connection with the annual renewal process. The Board also considered the overall fairness of the Agreement and factors it deemed relevant with respect to the Fund, including, but not limited to: (1) the nature, extent and quality of the services provided to the Fund; (2) the performance of the Fund as compared to a relevant market index and peer groups of funds compiled by Broadridge Financial Solutions, Inc. ("Broadridge") and Lipper, Inc. ("Lipper"); (3) the contractual advisory fee rate, actual advisory fee rate and net expense ratio of the Fund and how those compared to a peer group of funds compiled by Broadridge; (4) the costs of services provided to the Fund and the profitability of LKCM with respect to such services; (5) the extent to which economies of scale would be realized by LKCM as the Fund grows and whether the fee levels reflect economies of scale for the benefit of investors; and (6) any other benefits derived by LKCM from its relationship with the Fund. The Board did not identify any single factor or item of information as controlling, and each Board member may have accorded different weights to the various factors in reaching his conclusions with respect to the Agreement.

In considering the renewal of the Agreement, the Board requested and considered a broad range of information provided by LKCM, including, but not limited to, the Fund's Catholic values investing mandate, reports relating to the Fund's performance and expenses, certain portfolio compliance policies and the background and experience of the portfolio managers. In addition, the Board considered a memorandum from its legal counsel regarding the Board's legal duties in considering the renewal of the Agreement. The Board also considered that it meets each quarter to review, among other matters, the Fund's performance and expenses and various aspects of the Fund's operations.

<u>Nature, Extent and Quality of Services</u>. The Board considered the nature, extent and quality of the advisory services provided by LKCM to the Fund under the Agreement. The Board considered that LKCM was established in 1979 and provides investment management services to private funds, foundations, endowments, pension plans, trusts, estates, high net worth individuals and other clients. The Board considered that LKCM is responsible for managing the Fund, including identifying investments for the Fund, monitoring the Fund's investment program, executing trades and overseeing the Fund's performance and compliance with applicable rules and regulations and the Fund's investment policies. The Board considered LKCM's financial resources, insurance coverage, culture of compliance and compliance operations that support the Fund. The Board also considered LKCM's representation that it has invested considerable resources into the firm and its personnel to augment investment management and client services. The Board considered information regarding the portfolio managers and other key personnel who provide services to the Fund and considered LKCM's representation that the firm historically has experienced low personnel turnover. The Board also considered LKCM's representation that the firm has implemented a compensation structure designed to attract and retain highly qualified investment professionals.

The Board also considered the compliance services provided to the Fund by LKCM, including LKCM's oversight of the Fund's day-to-day operations. The Board considered the quality of LKCM's compliance personnel. In addition, the Board considered LKCM's summary of its oversight of the Fund's key service providers. The Board also considered LKCM's description of its best execution practices and noted LKCM's representation that its soft dollar and commission-sharing arrangements for client transactions (including those for the Fund) comply with the requirements of the safe harbor provided by Section 28(e) of the Securities Exchange Act of 1934, as amended.

<u>Performance of the Fund</u>. The Board considered the performance of the Fund compared to the S&P 500 Index, peer groups of funds compiled by Broadridge and Lipper, and a Lipper peer group index ("Lipper Index") for various time periods ended December 31, 2024. The Board considered that, in 2016, upon the closing of the reorganizations of the LKCM Aquinas Small Cap Fund and LKCM Aquinas Growth Fund into the Fund (the "Reorganization"), the Fund's name, investment strategies, expenses, benchmark index and Lipper index changed, and the Board considered this in reviewing the Fund's longer-term performance against its current benchmark and Lipper Index. The Board also considered LKCM's discussion of the Fund's performance.

The Board considered that the Fund underperformed the S&P 500 Index and its Lipper Index for the one-year, three-year, five-year, ten-year and since-inception periods. In considering the comparative performance data, the Board considered that the Fund is managed in accordance with its Catholic values investing guidelines, which restrict the Fund's investments and generally are not applicable to the S&P 500 Index or the funds included in the Lipper Index. The Board considered LKCM's representation that the Fund's stringent investment criteria and certain additional factors cited by LKCM had contributed to or detracted from the Fund's performance during the prior year.

<u>Fees and Expenses</u>. The Board considered the contractual advisory fee rate, actual advisory fee rate (the contractual advisory fee rate net of fee waivers and/or expense reimbursements), total expense ratio (including Rule 12b-1 fees and non-Rule 12b-1 service fees) and net expense ratio (the total expense ratio, including Rule 12b-1 fees and non-Rule 12b-1 service fees, after fee waivers and/or expense reimbursements) of the Fund. The Board also considered that LKCM had implemented fee waivers and expense caps for the Fund through May 1, 2025, and that LKCM was proposing to continue the current contractual fee waiver through May 1, 2026.

The Board considered a comparison of the Fund's contractual advisory fee rate, actual advisory fee rate and net expense ratio to a category of similar funds compiled by Broadridge ("Expense Group"). The Board also considered comparisons of the actual advisory fee rate and net expense ratio to a broader category comprised of the Fund, the Expense Group and other similar retail funds ("Expense Universe"). The contractual advisory fee rate was compared to the Expense Group at the Fund's asset level. Although advisory fees for Broadridge comparison purposes typically reflect combined advisory and administration fees, advisory fee comparisons did not include the Fund's administrative expenses because the Fund pays separate investment advisory fees to LKCM and administration fees to a third-party administrator. The first quartile in an Expense Group and Expense Universe represents those funds with the lowest fees or expenses.

The Board considered that the Fund's contractual advisory fee rate was in the fourth quartile of its Expense Group and the Fund's actual advisory fee rate was in the first quartile of its Expense Group and in the second quartile of its Expense Universe. The Board also considered that the Fund's net expense ratio was in the second quartile of its Expense Group and third quartile of its Expense Universe. In this case, the Fund's contractual advisory fee rate was higher than the median of its Expense Group, its actual advisory fee rate was lower than the median of its Expense Group and Expense Universe, and its net expense ratio was equal to the median of its Expense Group and higher than the median of its Expense Universe.

The Board considered that, although the Fund's contractual advisory fee rate was higher than those of its peers, the expense cap arrangements caused the Fund's actual advisory fee rate to be lower than that of its peers.

<u>Costs, Profitability and Economies of Scale</u>. The Board considered LKCM's costs in rendering services to the Fund and the profitability of LKCM. The Board considered the fees paid by the Fund to LKCM for the last three calendar years net of fee waivers and reimbursed expenses. The Board also considered the estimated profit and loss analysis provided by LKCM for the past calendar year, before and after any distribution payments made by LKCM. The Board noted that, during the year, LKCM had capped the Fund's net expense ratio. With respect to economies of scale, the Board considered that the Fund generally benefits from a competitive effective advisory fee rate and net expense ratio despite not having reached an asset size at which economies of scale traditionally would be considered to exist. The Board also considered that, while there are no breakpoints in the Fund's advisory fee rate schedule, LKCM waives fees and/or reimburses expenses to maintain the Fund's effective advisory fee rate and net expense ratio at a competitive level.

<u>Benefits Derived by LKCM from Its Relationship with the Fund</u>. The Board requested and considered information regarding the potential fall-out benefits to LKCM from its association with the Fund. The Board considered that LKCM believes that both LKCM and the Fund benefit from LKCM's soft dollar and commission-sharing arrangements, which enhance the level of research that LKCM is able to perform on the Fund's portfolio companies. The Board also considered that LKCM believes its relationship with the Fund provides an indirect benefit to both parties in the form of enhanced recognition among institutional and other investors, consultants and other members of the financial community. The Board considered the potential indirect benefits to LKCM of this recognition, in the form of additional clients with separately managed portfolios or subadvisory relationships with other mutual funds, which also may attract additional investors to the Fund.

<u>Conclusion</u>. Based on its evaluation of these and other factors, the Board: (1) concluded that the fees paid to LKCM under the Agreement are fair and reasonable; (2) determined that shareholders would benefit from LKCM's continued management of the Fund; and (3) approved the renewal of the Agreement with respect to the Fund.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's board of trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's disclosure controls
 and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days
 of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange
 Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring
 that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known
 to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act)
 that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the
 Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* (1) Not applicable for semi-annual reports on Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) The certifications required by Rule 30a-2(a) under the Investment Company Act of 1940 are filed herewith as EX.99.CERT.](lsar-efp16898_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [The certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are furnished herewith as EX.99.906CERT.](lsar-efp16898_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| <u>LKCM Funds</u> | <u>LKCM Funds</u> |
| By | /s/ J. Luther King, Jr. |
|  | J. Luther King, Jr., |
|  | President / Principal Executive Officer |
| Date | 8/25/2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By | /s/ J. Luther King, Jr. |
|  | J. Luther King, Jr., |
|  | President / Principal Executive Officer |
| Date | 8/25/2025 |

---

---

| | |
|:---|:---|
| By | /s/ Jacob D. Smith |
|  | Jacob D. Smith, |
|  | Chief Financial Officer / Principal Financial Officer |
| Date | 8/25/2025 |

---

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, J. Luther King, Jr., certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of LKCM Funds;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 8/25/2025 | /s/ J. Luther King, Jr. |
|  |  | J. Luther King, Jr. |
|  |  | President / Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Jacob D. Smith, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of LKCM Funds;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 8/25/2025 | /s/ Jacob D. Smith |
|  |  | Jacob D. Smith |
|  |  | Chief Financial Officer / Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the LKCM Funds, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the LKCM Funds for the period ended June 30, 2024 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the LKCM Funds for the stated period.

---

| | |
|:---|:---|
| /s/ J. Luther King, Jr. | /s/ Jacob D. Smith |
| J. Luther King, Jr. | Jacob D. Smith |
| President / Principal Executive Officer | Chief Financial Officer / Principal Financial Officer |
| LKCM Funds | LKCM Funds |

---

Dated: <u>8/25/2025</u> Dated: <u>8/25/2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by LKCM Funds for purposes of Section 18 of the Securities Exchange Act of 1934.