# EDGAR Filing Document

**Accession Number:** 0000918942
**File Stem:** 0000894189-25-014073
**Filing Date:** 2025-11
**Character Count:** 82230
**Document Hash:** cf2b77a86b1981acc5c7a6f678d4f969
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-014073.hdr.sgml**: 20251119

**ACCESSION NUMBER**: 0000894189-25-014073

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251119

**DATE AS OF CHANGE**: 20251119

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08352
- **FILM NUMBER:** 251500199

**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 Balanced Fund (Series ID: S000004605)

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

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **LKCM Balanced Fund** | **LKCM Balanced Fund** | **LKCM Balanced Fund** | **LKCM Balanced Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 68.9%** | **COMMON STOCKS - 68.9%** | **Shares** | **Value**  |
| **Aerospace & Defense - 1.6%** | **Aerospace & Defense - 1.6%** | **Aerospace & Defense - 1.6%** | |
| L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | 5850 | $1786649 |
| **Banks - 4.0%** | **Banks - 4.0%** | **Banks - 4.0%** |  |
| Bank of America Corp. | Bank of America Corp. | 33100 | 1707629 |
| Cullen/Frost Bankers, Inc. | Cullen/Frost Bankers, Inc. | 8300 | 1052191 |
| JPMorgan Chase & Co. | JPMorgan Chase & Co. | 5500 | 1734865 |
|  |  |  | 4494685 |
| **Beverages - 2.8%** | **Beverages - 2.8%** | **Beverages - 2.8%** |  |
| Coca-Cola Co. | Coca-Cola Co. | 21400 | 1419248 |
| Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | 35000 | 892850 |
| PepsiCo, Inc. | PepsiCo, Inc. | 5750 | 807530 |
|  |  |  | 3119628 |
| **Broadline Retail - 2.2%** | **Broadline Retail - 2.2%** | **Broadline Retail - 2.2%** |  |
| Amazon.com, Inc. <sup>(a)</sup> | Amazon.com, Inc. <sup>(a)</sup> | 11200 | 2459184 |
| **Capital Markets - 1.1%** | **Capital Markets - 1.1%** | **Capital Markets - 1.1%** |  |
| Moody's Corp. | Moody's Corp. | 2650 | 1262672 |
| **Chemicals - 2.8%** | **Chemicals - 2.8%** | **Chemicals - 2.8%** |  |
| Corteva, Inc. | Corteva, Inc. | 7658 | 517911 |
| Ecolab Inc. | Ecolab Inc. | 3600 | 985896 |
| Linde PLC | Linde PLC | 3600 | 1710000 |
|  |  |  | 3213807 |
| **Commercial Services & Supplies - 3.6%** | **Commercial Services & Supplies - 3.6%** | **Commercial Services & Supplies - 3.6%** |  |
| Cintas Corp. | Cintas Corp. | 8000 | 1642080 |
| Waste Connections, Inc. | Waste Connections, Inc. | 7100 | 1248180 |
| Waste Management, Inc. | Waste Management, Inc. | 5250 | 1159358 |
|  |  |  | 4049618 |
| **Construction Materials - 1.7%** | **Construction Materials - 1.7%** | **Construction Materials - 1.7%** |  |
| Martin Marietta Materials, Inc. | Martin Marietta Materials, Inc. | 3100 | 1953868 |
| **Consumer Staples Distribution & Retail - 1.3%** | **Consumer Staples Distribution & Retail - 1.3%** | **Consumer Staples Distribution & Retail - 1.3%** |  |
| Walmart, Inc. | Walmart, Inc. | 14600 | 1504676 |
| **Diversified Telecommunication Services - 0.9%** | **Diversified Telecommunication Services - 0.9%** | **Diversified Telecommunication Services - 0.9%** |  |
| Verizon Communications Inc. | Verizon Communications Inc. | 23841 | 1047812 |
| **Electric Utilities - 0.8%** | **Electric Utilities - 0.8%** | **Electric Utilities - 0.8%** |  |
| Constellation Energy Corp. | Constellation Energy Corp. | 2900 | 954303 |
| **Electrical Equipment - 2.0%** | **Electrical Equipment - 2.0%** | **Electrical Equipment - 2.0%** |  |
| Emerson Electric Co. | Emerson Electric Co. | 8800 | 1154384 |
| Rockwell Automation, Inc. | Rockwell Automation, Inc. | 3325 | 1162187 |
|  |  |  | 2316571 |
| **Electronic Equipment, Instruments & Components - 2.5%** | **Electronic Equipment, Instruments & Components - 2.5%** | **Electronic Equipment, Instruments & Components - 2.5%** |  |
| Teledyne Technologies, Inc. <sup>(a)</sup> | Teledyne Technologies, Inc. <sup>(a)</sup> | 2450 | 1435798 |
| Trimble Inc. <sup>(a)</sup> | Trimble Inc. <sup>(a)</sup> | 17150 | 1400297 |
|  |  |  | 2836095 |
| **Entertainment - 1.0%** | **Entertainment - 1.0%** | **Entertainment - 1.0%** |  |
| Netflix, Inc. <sup>(a)</sup> | Netflix, Inc. <sup>(a)</sup> | 900 | 1079028 |
| **Financial Services - 1.5%** | **Financial Services - 1.5%** | **Financial Services - 1.5%** |  |
| Visa, Inc. - Class A | Visa, Inc. - Class A | 4850 | 1655693 |
| **Health Care Equipment & Supplies - 2.0%** | **Health Care Equipment & Supplies - 2.0%** | **Health Care Equipment & Supplies - 2.0%** |  |
| Abbott Laboratories | Abbott Laboratories | 6800 | 910792 |
| Alcon AG | Alcon AG | 17900 | 1333729 |
|  |  |  | 2244521 |
| **Household Products - 1.4%** | **Household Products - 1.4%** | **Household Products - 1.4%** |  |
| Colgate-Palmolive Co. | Colgate-Palmolive Co. | 13400 | 1071196 |
| Procter & Gamble Co. | Procter & Gamble Co. | 3250 | 499363 |
|  |  |  | 1570559 |
| **Industrial Conglomerates - 0.5%** | **Industrial Conglomerates - 0.5%** | **Industrial Conglomerates - 0.5%** |  |
| Honeywell International Inc. | Honeywell International Inc. | 2800 | 589400 |
| **Insurance - 0.9%** | **Insurance - 0.9%** | **Insurance - 0.9%** |  |
| Arthur J Gallagher & Co. | Arthur J Gallagher & Co. | 3100 | 960194 |
| **Interactive Media & Services - 4.6%** | **Interactive Media & Services - 4.6%** | **Interactive Media & Services - 4.6%** |  |
| Alphabet Inc. - Class C - Class C | Alphabet Inc. - Class C - Class C | 11400 | 2776470 |
| Meta Platforms, Inc. - Class A | Meta Platforms, Inc. - Class A | 3275 | 2405095 |
|  |  |  | 5181565 |
| **Life Sciences Tools & Services - 1.7%** | **Life Sciences Tools & Services - 1.7%** | **Life Sciences Tools & Services - 1.7%** |  |
| Danaher Corp. | Danaher Corp. | 5800 | 1149908 |
| Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | 1700 | 824534 |
|  |  |  | 1974442 |
| **Metals & Mining - 1.3%** | **Metals & Mining - 1.3%** | **Metals & Mining - 1.3%** |  |
| Newmont Goldcorp Corp. | Newmont Goldcorp Corp. | 17700 | 1492287 |
| **Oil, Gas & Consumable Fuels - 5.3%** | **Oil, Gas & Consumable Fuels - 5.3%** | **Oil, Gas & Consumable Fuels - 5.3%** |  |
| Chevron Corp. | Chevron Corp. | 8695 | 1350247 |
| ConocoPhillips Co. | ConocoPhillips Co. | 10900 | 1031031 |
| Coterra Energy, Inc. | Coterra Energy, Inc. | 25000 | 591250 |
| EOG Resources, Inc. | EOG Resources, Inc. | 4450 | 498934 |
| Exxon Mobil Corp. | Exxon Mobil Corp. | 12127 | 1367319 |
| Kinder Morgan, Inc. | Kinder Morgan, Inc. | 42000 | 1189020 |
|  |  |  | 6027801 |
| **Pharmaceuticals - 2.0%** | **Pharmaceuticals - 2.0%** | **Pharmaceuticals - 2.0%** |  |
| Merck & Co., Inc. | Merck & Co., Inc. | 12500 | 1049125 |
| Zoetis Inc. | Zoetis Inc. | 8026 | 1174364 |
|  |  |  | 2223489 |
| **Professional Services - 1.0%** | **Professional Services - 1.0%** | **Professional Services - 1.0%** |  |
| Broadridge Financial Solutions, Inc. | Broadridge Financial Solutions, Inc. | 4850 | 1155124 |
| **Semiconductors & Semiconductor Equipment - 4.1%** | **Semiconductors & Semiconductor Equipment - 4.1%** | **Semiconductors & Semiconductor Equipment - 4.1%** |  |
| NVIDIA Corp. | NVIDIA Corp. | 20000 | 3731600 |
| QUALCOMM, Inc. | QUALCOMM, Inc. | 5400 | 898344 |
|  |  |  | 4629944 |
| **Software - 9.1%** | **Software - 9.1%** | **Software - 9.1%** |  |
| Adobe Inc. <sup>(a)</sup> | Adobe Inc. <sup>(a)</sup> | 1850 | 652588 |
| Microsoft Corp. | Microsoft Corp. | 6750 | 3496162 |
| Oracle Corp. | Oracle Corp. | 11900 | 3346756 |
| Palo Alto Networks, Inc. <sup>(a)</sup> | Palo Alto Networks, Inc. <sup>(a)</sup> | 3300 | 671946 |
| Roper Technologies, Inc. | Roper Technologies, Inc. | 2200 | 1097118 |
| Salesforce, Inc. | Salesforce, Inc. | 4550 | 1078350 |
|  |  |  | 10342920 |
| **Specialty Retail - 1.6%** | **Specialty Retail - 1.6%** | **Specialty Retail - 1.6%** |  |
| Home Depot, Inc. | Home Depot, Inc. | 4500 | 1823355 |
| **Technology Hardware, Storage & Peripherals - 3.6%** | **Technology Hardware, Storage & Peripherals - 3.6%** | **Technology Hardware, Storage & Peripherals - 3.6%** |  |
| Apple Inc. | Apple Inc. | 15950 | 4061348 |
| **TOTAL COMMON STOCKS** (Cost $33,064,375) | **TOTAL COMMON STOCKS** (Cost $33,064,375) | **TOTAL COMMON STOCKS** (Cost $33,064,375) | 78011238 |
| **CORPORATE BONDS - 29.8%** | **CORPORATE BONDS - 29.8%** | **Par** | **Value**  |
| **Aerospace & Defense - 2.1%** | **Aerospace & Defense - 2.1%** | **Aerospace & Defense - 2.1%** | **Aerospace & Defense - 2.1%** |
|  L3Harris Technologies, Inc., 5.40%, 07/31/2033 (Callable 04/30/2033) | L3Harris Technologies, Inc., 5.40%, 07/31/2033 (Callable 04/30/2033) | 750000 | 782188 |
|  Lockheed Martin Corp., 4.50%, 02/15/2029 (Callable 01/15/2029) | Lockheed Martin Corp., 4.50%, 02/15/2029 (Callable 01/15/2029) | 785000 | 796952 |
|  RTX Corp., 5.15%, 02/27/2033 (Callable 11/27/2032) | RTX Corp., 5.15%, 02/27/2033 (Callable 11/27/2032) | 800000 | 828953 |
|  |  |  | 2408093 |
| **Banks - 0.8%** | **Banks - 0.8%** | **Banks - 0.8%** | **Banks - 0.8%** |
|  Cullen/Frost Bankers, Inc., 4.50%, 03/17/2027 (Callable 02/17/2027) | Cullen/Frost Bankers, Inc., 4.50%, 03/17/2027 (Callable 02/17/2027) | 750000 | 743243 |
|  JPMorgan Chase & Co., 3.20%, 06/15/2026 (Callable 03/15/2026) | JPMorgan Chase & Co., 3.20%, 06/15/2026 (Callable 03/15/2026) | 200000 | 198895 |
|  |  |  | 942138 |
| **Beverages - 1.0%** | **Beverages - 1.0%** | **Beverages - 1.0%** | **Beverages - 1.0%** |
|  Keurig Dr Pepper, Inc., 2.55%, 09/15/2026 (Callable 06/15/2026) | Keurig Dr Pepper, Inc., 2.55%, 09/15/2026 (Callable 06/15/2026) | 750000 | 739334 |
|  PepsiCo, Inc., 2.38%, 10/06/2026 (Callable 07/06/2026) | PepsiCo, Inc., 2.38%, 10/06/2026 (Callable 07/06/2026) | 435000 | 428974 |
|  |  |  | 1168308 |
| **Biotechnology - 1.7%** | **Biotechnology - 1.7%** | **Biotechnology - 1.7%** | **Biotechnology - 1.7%** |
| AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
| &nbsp;&nbsp; 3.20%, 05/14/2026 (Callable 02/14/2026) | &nbsp;&nbsp; 3.20%, 05/14/2026 (Callable 02/14/2026) | 600000 | 597336 |
| &nbsp;&nbsp; 4.95%, 03/15/2031 (Callable 01/15/2031) | &nbsp;&nbsp; 4.95%, 03/15/2031 (Callable 01/15/2031) | 250000 | 258540 |
| Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
| &nbsp;&nbsp; 2.60%, 08/19/2026 (Callable 05/19/2026) | &nbsp;&nbsp; 2.60%, 08/19/2026 (Callable 05/19/2026) | 450000 | 444236 |
| &nbsp;&nbsp; 5.25%, 03/02/2030 (Callable 01/02/2030) | &nbsp;&nbsp; 5.25%, 03/02/2030 (Callable 01/02/2030) | 550000 | 570390 |
|  |  |  | 1870502 |
| **Broadline Retail - 0.6%** | **Broadline Retail - 0.6%** | **Broadline Retail - 0.6%** | **Broadline Retail - 0.6%** |
| Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. |
| &nbsp;&nbsp; 4.55%, 12/01/2027 (Callable 11/01/2027) | &nbsp;&nbsp; 4.55%, 12/01/2027 (Callable 11/01/2027) | 550000 | 558515 |
| &nbsp;&nbsp; 4.65%, 12/01/2029 (Callable 10/01/2029) | &nbsp;&nbsp; 4.65%, 12/01/2029 (Callable 10/01/2029) | 125000 | 128334 |
|  |  |  | 686849 |
| **Chemicals - 2.0%** | **Chemicals - 2.0%** | **Chemicals - 2.0%** | **Chemicals - 2.0%** |
|  Air Products and Chemicals, Inc., 1.85%, 05/15/2027 (Callable 03/15/2027) | Air Products and Chemicals, Inc., 1.85%, 05/15/2027 (Callable 03/15/2027) | 675000 | 653865 |
|  DuPont de Nemours, Inc., 4.73%, 11/15/2028 (Callable 08/15/2028) | DuPont de Nemours, Inc., 4.73%, 11/15/2028 (Callable 08/15/2028) | 650000 | 655341 |
| Ecolab, Inc. | Ecolab, Inc. | Ecolab, Inc. | Ecolab, Inc. |
| &nbsp;&nbsp; 2.70%, 11/01/2026 (Callable 08/01/2026) | &nbsp;&nbsp; 2.70%, 11/01/2026 (Callable 08/01/2026) | 500000 | 493626 |
| &nbsp;&nbsp; 5.25%, 01/15/2028 (Callable 12/15/2027) | &nbsp;&nbsp; 5.25%, 01/15/2028 (Callable 12/15/2027) | 475000 | 488059 |
|  |  |  | 2290891 |
| **Commercial Services & Supplies - 1.7%** | **Commercial Services & Supplies - 1.7%** | **Commercial Services & Supplies - 1.7%** | **Commercial Services & Supplies - 1.7%** |
|  Republic Services, Inc., 4.88%, 04/01/2029 (Callable 03/01/2029) | Republic Services, Inc., 4.88%, 04/01/2029 (Callable 03/01/2029) | 750000 | 769284 |
| Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. |
| &nbsp;&nbsp; 4.50%, 03/15/2028 (Callable 02/15/2028) | &nbsp;&nbsp; 4.50%, 03/15/2028 (Callable 02/15/2028) | 200000 | 202512 |
| &nbsp;&nbsp; 4.63%, 02/15/2030 (Callable 12/15/2029) | &nbsp;&nbsp; 4.63%, 02/15/2030 (Callable 12/15/2029) | 500000 | 508973 |
| &nbsp;&nbsp; 4.15%, 04/15/2032 (Callable 01/15/2032) | &nbsp;&nbsp; 4.15%, 04/15/2032 (Callable 01/15/2032) | 500000 | 495114 |
|  |  |  | 1975883 |
| **Communications Equipment - 0.7%** | **Communications Equipment - 0.7%** | **Communications Equipment - 0.7%** | **Communications Equipment - 0.7%** |
|  Cisco Systems, Inc., 5.05%, 02/26/2034 (Callable 11/26/2033) | Cisco Systems, Inc., 5.05%, 02/26/2034 (Callable 11/26/2033) | 750000 | 776243 |
| **Consumer Finance - 0.8%** | **Consumer Finance - 0.8%** | **Consumer Finance - 0.8%** | **Consumer Finance - 0.8%** |
|  American Express Co., 4.05%, 05/03/2029 (Callable 03/03/2029) | American Express Co., 4.05%, 05/03/2029 (Callable 03/03/2029) | 850000 | 851985 |
| **Consumer Staples Distribution & Retail - 0.6%** | **Consumer Staples Distribution & Retail - 0.6%** | **Consumer Staples Distribution & Retail - 0.6%** | **Consumer Staples Distribution & Retail - 0.6%** |
|  Costco Wholesale Corp., 1.38%, 06/20/2027 (Callable 04/20/2027) | Costco Wholesale Corp., 1.38%, 06/20/2027 (Callable 04/20/2027) | 690000 | 663180 |
| **Crude Petroleum Extraction - 0.5%** | **Crude Petroleum Extraction - 0.5%** | **Crude Petroleum Extraction - 0.5%** | **Crude Petroleum Extraction - 0.5%** |
|  Enterprise Products Operating LLC, 5.35%, 01/31/2033 (Callable 10/31/2032) | Enterprise Products Operating LLC, 5.35%, 01/31/2033 (Callable 10/31/2032) | 500000 | 522804 |
| **Electric Utilities - 0.9%** | **Electric Utilities - 0.9%** | **Electric Utilities - 0.9%** | **Electric Utilities - 0.9%** |
| Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
| &nbsp;&nbsp; 5.00%, 12/08/2027 (Callable 11/08/2027) | &nbsp;&nbsp; 5.00%, 12/08/2027 (Callable 11/08/2027) | 495000 | 504337 |
| &nbsp;&nbsp; 4.50%, 08/15/2032 (Callable 05/15/2032) | &nbsp;&nbsp; 4.50%, 08/15/2032 (Callable 05/15/2032) | 500000 | 497318 |
|  |  |  | 1001655 |
| **Financial Services - 1.2%** | **Financial Services - 1.2%** | **Financial Services - 1.2%** | **Financial Services - 1.2%** |
|  Mastercard, Inc., 4.85%, 03/09/2033 (Callable 12/09/2032) | Mastercard, Inc., 4.85%, 03/09/2033 (Callable 12/09/2032) | 500000 | 513903 |
| Visa Inc. | Visa Inc. | Visa Inc. | Visa Inc. |
| &nbsp;&nbsp; 3.15%, 12/14/2025 (Callable 10/31/2025) | &nbsp;&nbsp; 3.15%, 12/14/2025 (Callable 10/31/2025) | 300000 | 299481 |
| &nbsp;&nbsp; 1.90%, 04/15/2027 (Callable 02/15/2027) | &nbsp;&nbsp; 1.90%, 04/15/2027 (Callable 02/15/2027) | 500000 | 486252 |
|  |  |  | 1299636 |
| **Health Care Equipment & Supplies - 0.3%** | **Health Care Equipment & Supplies - 0.3%** | **Health Care Equipment & Supplies - 0.3%** | **Health Care Equipment & Supplies - 0.3%** |
|  Abbott Laboratories, 3.75%, 11/30/2026 (Callable 08/30/2026) | Abbott Laboratories, 3.75%, 11/30/2026 (Callable 08/30/2026) | 355000 | 355024 |
| **Household Products - 0.5%** | **Household Products - 0.5%** | **Household Products - 0.5%** | **Household Products - 0.5%** |
|  Colgate-Palmolive Co., 3.10%, 08/15/2027 (Callable 07/15/2027) | Colgate-Palmolive Co., 3.10%, 08/15/2027 (Callable 07/15/2027) | 595000 | 588374 |
| **Industrial Conglomerates - 0.1%** | **Industrial Conglomerates - 0.1%** | **Industrial Conglomerates - 0.1%** | **Industrial Conglomerates - 0.1%** |
|  Honeywell International, Inc., 4.88%, 09/01/2029 (Callable 08/01/2029) | Honeywell International, Inc., 4.88%, 09/01/2029 (Callable 08/01/2029) | 150000 | 154380 |
| **Insurance - 0.9%** | **Insurance - 0.9%** | **Insurance - 0.9%** | **Insurance - 0.9%** |
|  Arthur J Gallagher & Co., 5.00%, 02/15/2032 (Callable 12/15/2031) | Arthur J Gallagher & Co., 5.00%, 02/15/2032 (Callable 12/15/2031) | 975000 | 995867 |
| **Interactive Media & Services - 1.3%** | **Interactive Media & Services - 1.3%** | **Interactive Media & Services - 1.3%** | **Interactive Media & Services - 1.3%** |
|  Alphabet, Inc., 2.00%, 08/15/2026 (Callable 05/15/2026) | Alphabet, Inc., 2.00%, 08/15/2026 (Callable 05/15/2026) | 200000 | 197051 |
| Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
| &nbsp;&nbsp; 3.50%, 08/15/2027 (Callable 07/15/2027) | &nbsp;&nbsp; 3.50%, 08/15/2027 (Callable 07/15/2027) | 250000 | 249056 |
| &nbsp;&nbsp; 4.60%, 05/15/2028 (Callable 04/15/2028) | &nbsp;&nbsp; 4.60%, 05/15/2028 (Callable 04/15/2028) | 250000 | 255203 |
| &nbsp;&nbsp; 4.55%, 08/15/2031 (Callable 06/15/2031) | &nbsp;&nbsp; 4.55%, 08/15/2031 (Callable 06/15/2031) | 550000 | 561311 |
| &nbsp;&nbsp; 4.75%, 08/15/2034 (Callable 05/15/2034) | &nbsp;&nbsp; 4.75%, 08/15/2034 (Callable 05/15/2034) | 250000 | 253342 |
|  |  |  | 1515963 |
| **IT Services - 0.1%** | **IT Services - 0.1%** | **IT Services - 0.1%** | **IT Services - 0.1%** |
|  International Business Machines Corp., 4.75%, 02/06/2033 (Callable 11/06/2032) | International Business Machines Corp., 4.75%, 02/06/2033 (Callable 11/06/2032) | 125000 | 127038 |
| **Life Sciences Tools & Services - 0.7%** | **Life Sciences Tools & Services - 0.7%** | **Life Sciences Tools & Services - 0.7%** | **Life Sciences Tools & Services - 0.7%** |
|  Thermo Fisher Scientific, Inc., 4.95%, 11/21/2032 (Callable 08/21/2032) | Thermo Fisher Scientific, Inc., 4.95%, 11/21/2032 (Callable 08/21/2032) | 750000 | 776103 |
| **Oil, Gas & Consumable Fuels - 3.6%** | **Oil, Gas & Consumable Fuels - 3.6%** | **Oil, Gas & Consumable Fuels - 3.6%** | **Oil, Gas & Consumable Fuels - 3.6%** |
|  Chevron Corp., 2.00%, 05/11/2027 (Callable 03/11/2027) | Chevron Corp., 2.00%, 05/11/2027 (Callable 03/11/2027) | 400000 | 389013 |
| ConocoPhillips Co. | ConocoPhillips Co. | ConocoPhillips Co. | ConocoPhillips Co. |
| &nbsp;&nbsp; 6.95%, 04/15/2029 | &nbsp;&nbsp; 6.95%, 04/15/2029 | 500000 | 547355 |
| &nbsp;&nbsp; 5.05%, 09/15/2033 (Callable 06/15/2033) | &nbsp;&nbsp; 5.05%, 09/15/2033 (Callable 06/15/2033) | 250000 | 257747 |
|  Devon Energy Corp., 4.50%, 01/15/2030 (Callable 10/11/2025) | Devon Energy Corp., 4.50%, 01/15/2030 (Callable 10/11/2025) | 500000 | 500922 |
|  Enterprise Products Operating LLC, 5.05%, 01/10/2026 | Enterprise Products Operating LLC, 5.05%, 01/10/2026 | 100000 | 100212 |
|  EOG Resources, Inc., 4.38%, 04/15/2030 (Callable 01/15/2030) | EOG Resources, Inc., 4.38%, 04/15/2030 (Callable 01/15/2030) | 750000 | 754601 |
|  Exxon Mobil Corp., 3.04%, 03/01/2026 (Callable 12/01/2025) | Exxon Mobil Corp., 3.04%, 03/01/2026 (Callable 12/01/2025) | 400000 | 398510 |
|  Kinder Morgan, Inc., 5.20%, 06/01/2033 (Callable 03/01/2033) | Kinder Morgan, Inc., 5.20%, 06/01/2033 (Callable 03/01/2033) | 325000 | 332841 |
|  ONEOK, Inc., 5.80%, 11/01/2030 (Callable 09/01/2030) | ONEOK, Inc., 5.80%, 11/01/2030 (Callable 09/01/2030) | 750000 | 790779 |
|  |  |  | 4071980 |
| **Other Electric Power Generation - 0.3%** | **Other Electric Power Generation - 0.3%** | **Other Electric Power Generation - 0.3%** | **Other Electric Power Generation - 0.3%** |
|  Duke Energy Progress LLC, 5.25%, 03/15/2033 (Callable 12/15/2032) | Duke Energy Progress LLC, 5.25%, 03/15/2033 (Callable 12/15/2032) | 300000 | 312358 |
| **Personal Care Products - 0.1%** | **Personal Care Products - 0.1%** | **Personal Care Products - 0.1%** | **Personal Care Products - 0.1%** |
|  Kenvue, Inc., 5.00%, 03/22/2030 (Callable 01/22/2030) | Kenvue, Inc., 5.00%, 03/22/2030 (Callable 01/22/2030) | 120000 | 123307 |
| **Pharmaceuticals - 0.5%** | **Pharmaceuticals - 0.5%** | **Pharmaceuticals - 0.5%** | **Pharmaceuticals - 0.5%** |
|  Eli Lilly & Co., 4.50%, 02/09/2029 (Callable 01/09/2029) | Eli Lilly & Co., 4.50%, 02/09/2029 (Callable 01/09/2029) | 575000 | 584320 |
| **Semiconductors & Semiconductor Equipment - 0.6%** | **Semiconductors & Semiconductor Equipment - 0.6%** | **Semiconductors & Semiconductor Equipment - 0.6%** | **Semiconductors & Semiconductor Equipment - 0.6%** |
|  Broadcom, Inc., 5.05%, 07/12/2029 (Callable 06/12/2029) | Broadcom, Inc., 5.05%, 07/12/2029 (Callable 06/12/2029) | 250000 | 257622 |
|  NVIDIA Corp., 3.20%, 09/16/2026 (Callable 06/16/2026) | NVIDIA Corp., 3.20%, 09/16/2026 (Callable 06/16/2026) | 400000 | 397857 |
|  |  |  | 655479 |
| **Software - 2.8%** | **Software - 2.8%** | **Software - 2.8%** | **Software - 2.8%** |
|  Adobe, Inc., 4.80%, 04/04/2029 (Callable 03/04/2029) | Adobe, Inc., 4.80%, 04/04/2029 (Callable 03/04/2029) | 850000 | 873320 |
| Intuit, Inc. | Intuit, Inc. | Intuit, Inc. | Intuit, Inc. |
| &nbsp;&nbsp; 5.13%, 09/15/2028 (Callable 08/15/2028) | &nbsp;&nbsp; 5.13%, 09/15/2028 (Callable 08/15/2028) | 550000 | 568052 |
| &nbsp;&nbsp; 5.20%, 09/15/2033 (Callable 06/15/2033) | &nbsp;&nbsp; 5.20%, 09/15/2033 (Callable 06/15/2033) | 275000 | 287757 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| &nbsp;&nbsp; 4.65%, 05/06/2030 (Callable 03/06/2030) | &nbsp;&nbsp; 4.65%, 05/06/2030 (Callable 03/06/2030) | 220000 | 223209 |
| &nbsp;&nbsp; 4.90%, 02/06/2033 (Callable 11/06/2032) | &nbsp;&nbsp; 4.90%, 02/06/2033 (Callable 11/06/2032) | 750000 | 756515 |
|  Roper Technologies, Inc., 4.90%, 10/15/2034 (Callable 07/15/2034) | Roper Technologies, Inc., 4.90%, 10/15/2034 (Callable 07/15/2034) | 500000 | 500816 |
|  |  |  | 3209669 |
| **Specialized REITs - 0.6%** | **Specialized REITs - 0.6%** | **Specialized REITs - 0.6%** | **Specialized REITs - 0.6%** |
| American Tower Corp. | American Tower Corp. | American Tower Corp. | American Tower Corp. |
| &nbsp;&nbsp; 3.38%, 10/15/2026 (Callable 07/15/2026) | &nbsp;&nbsp; 3.38%, 10/15/2026 (Callable 07/15/2026) | 635000 | 630474 |
| &nbsp;&nbsp; 5.80%, 11/15/2028 (Callable 10/15/2028) | &nbsp;&nbsp; 5.80%, 11/15/2028 (Callable 10/15/2028) | 75000 | 78359 |
|  |  |  | 708833 |
| **Specialty Retail - 2.5%** | **Specialty Retail - 2.5%** | **Specialty Retail - 2.5%** | **Specialty Retail - 2.5%** |
| Home Depot, Inc. | Home Depot, Inc. | Home Depot, Inc. | Home Depot, Inc. |
| &nbsp;&nbsp; 2.80%, 09/14/2027 (Callable 06/14/2027) | &nbsp;&nbsp; 2.80%, 09/14/2027 (Callable 06/14/2027) | 500000 | 490715 |
| &nbsp;&nbsp; 4.90%, 04/15/2029 (Callable 03/15/2029) | &nbsp;&nbsp; 4.90%, 04/15/2029 (Callable 03/15/2029) | 220000 | 226517 |
|  Lowe's Cos., Inc., 2.50%, 04/15/2026 (Callable 01/15/2026) | Lowe's Cos., Inc., 2.50%, 04/15/2026 (Callable 01/15/2026) | 800000 | 793817 |
| O'Reilly Automotive, Inc. | O'Reilly Automotive, Inc. | O'Reilly Automotive, Inc. | O'Reilly Automotive, Inc. |
| &nbsp;&nbsp; 4.20%, 04/01/2030 (Callable 01/01/2030) | &nbsp;&nbsp; 4.20%, 04/01/2030 (Callable 01/01/2030) | 500000 | 498721 |
| &nbsp;&nbsp; 4.70%, 06/15/2032 (Callable 03/15/2032) | &nbsp;&nbsp; 4.70%, 06/15/2032 (Callable 03/15/2032) | 250000 | 252206 |
|  Tractor Supply Co., 5.25%, 05/15/2033 (Callable 02/15/2033) | Tractor Supply Co., 5.25%, 05/15/2033 (Callable 02/15/2033) | 500000 | 516468 |
|  |  |  | 2778444 |
| **Support Activities for Oil and Gas Operations - 0.1%** | **Support Activities for Oil and Gas Operations - 0.1%** | **Support Activities for Oil and Gas Operations - 0.1%** | **Support Activities for Oil and Gas Operations - 0.1%** |
|  ConocoPhillips Co., 4.70%, 01/15/2030 (Callable 12/15/2029) | ConocoPhillips Co., 4.70%, 01/15/2030 (Callable 12/15/2029) | 100000 | 102026 |
| **Wireless Telecommunications Carriers (except Satellite) - 0.2%** | **Wireless Telecommunications Carriers (except Satellite) - 0.2%** | **Wireless Telecommunications Carriers (except Satellite) - 0.2%** | **Wireless Telecommunications Carriers (except Satellite) - 0.2%** |
| T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
| &nbsp;&nbsp; 3.75%, 04/15/2027 (Callable 02/15/2027) | &nbsp;&nbsp; 3.75%, 04/15/2027 (Callable 02/15/2027) | 100000 | 99474 |
| &nbsp;&nbsp; 4.75%, 02/01/2028 (Callable 10/11/2025) | &nbsp;&nbsp; 4.75%, 02/01/2028 (Callable 10/11/2025) | 100000 | 100156 |
|  |  |  | 199630 |
| **TOTAL CORPORATE BONDS** (Cost $33,412,488) | **TOTAL CORPORATE BONDS** (Cost $33,412,488) | **TOTAL CORPORATE BONDS** (Cost $33,412,488) | 33716962 |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.7%** | **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.7%** | **Shares** | **Value**  |
| **Specialized REITs - 0.7%** | **Specialized REITs - 0.7%** | **Specialized REITs - 0.7%** |  |
| American Tower Corp. | American Tower Corp. | 4500 | 865440 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $847,757) | **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $847,757) | **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $847,757) | 865440 |
| **SHORT-TERM INVESTMENTS**<br> ****  | **SHORT-TERM INVESTMENTS**<br> ****  | **SHORT-TERM INVESTMENTS**<br> ****  | **SHORT-TERM INVESTMENTS**<br> ****  |
| **SHORT-TERM INVESTMENTS - 0.5%** | **SHORT-TERM INVESTMENTS - 0.5%** |  | **Value**  |
| Invesco Short-Term Investments Trust - Government & Agency Portfolio - Institutional Shares - Institutional Class, 4.06%<sup>(b)</sup> | Invesco Short-Term Investments Trust - Government & Agency Portfolio - Institutional Shares - Institutional Class, 4.06%<sup>(b)</sup> | 514176 | 514176 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $514,176) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $514,176) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $514,176) | 514176 |
| **TOTAL INVESTMENTS - 99.9% (**Cost $67,838,796**)** | **TOTAL INVESTMENTS - 99.9% (**Cost $67,838,796**)** | **TOTAL INVESTMENTS - 99.9% (**Cost $67,838,796**)** | 113107816 |
| Other Assets in Excess of Liabilities - 0.1% | Other Assets in Excess of Liabilities - 0.1% | Other Assets in Excess of Liabilities - 0.1% | 151646 |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $113259462 |
| two | two | two | –% |
| Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. |  |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

LLC - Limited Liability Company <br> PLC - Public Limited Company <br> REIT - Real Estate Investment Trust

(a) Non-income producing security.

(b) The rate shown represents the 7-day annualized yield as of September 30, 2025.

Investments are classified by industry pursuant to the Global Industry Classification Standard ("GICS<sup>®</sup>"), which 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.

------

#### Fair Value Measurement Summary at September 30, 2025 (Unaudited)

Equity securities listed or traded on a U.S. securities exchange for which market quotations are readily available are valued at the last quoted sale price on the exchange on which the security is primarily traded. Nasdaq Global Market securities are valued at the Nasdaq Official Closing Price ("NOCP"). Unlisted U.S. equity securities and listed U.S. equity securities not traded on a particular valuation date are valued at the mean of the most recent quoted bid and ask price on the relevant exchanges or markets. Equity securities listed on a foreign exchange for which market quotations are readily available are valued at the last quoted sales price on the exchange on which the security is primarily traded. Debt securities are normally valued at the mean of the closing bid and ask price and/or by using a combination of broker quotations or evaluated prices provided by an independent pricing service. Futures 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 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 Fund's portfolio securities.

The Trust has adopted accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy is organized into three levels based upon the assumptions (referred to as "inputs") used in pricing the asset or liability. These standards state that "observable inputs" reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from independent sources and "unobservable inputs" reflect an entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. These inputs are summarized in the three broad levels listed below.

Level 1 - Quoted unadjusted prices for identical instruments in active markets to which the Trust has access at the date of measurement.

Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among brokered market makers.

Level 3 - Model derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those inputs that reflect the Trust's own assumptions that market participants would use to price the asset or liability based on the best available information.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. As of September 30, 2025, the Fund's assets carried at fair value were classified as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $78011238 | $– | $– | $78011238 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | – | 33716962 | – | 33716962 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts - Common | 865440 | – | – | 865440 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 514176 | – | – | 514176 |
| Total Investments\* | $79390854 | $33716962 | $– | $113107816 |
| \*Additional information regarding the industry classifications of these investments is disclosed in the Schedule of Investments. | \*Additional information regarding the industry classifications of these investments is disclosed in the Schedule of Investments. | \*Additional information regarding the industry classifications of these investments is disclosed in the Schedule of Investments. | \*Additional information regarding the industry classifications of these investments is disclosed in the Schedule of Investments. | \*Additional information regarding the industry classifications of these investments is disclosed in the Schedule of Investments. |

---

------

---

| | |
|:---|:---|
| **LKCM Balanced Fund** | |
| **Sector Classification** | |
| **September 30, 2025 (Unaudited)** | |
| **Sector:** | **% of Net Assets** |
| Information Technology | 23.5% |
| Industrials | 12.6% |
| Financials | 11.2% |
| Energy | 8.9% |
| Health Care | 8.9% |
| Communication Services | 8.0% |
| Materials | 7.8% |
| Consumer Staples | 7.7% |
| Consumer Discretionary | 6.9% |
| Utilities | 1.7% |
| Real Estate | 1.3% |
| Cash & Others | 1.5% |
|  | **100%** |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** LKCM Funds

- **b. Investment Company Act file number:** 811-08352

- **c. CIK number of Registrant:** 0000918942

- **d. LEI of Registrant:** 549300P4U5XLVM1D1Z46

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 301 Commerce Street

  - **City:** Fort Worth

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 76102

  - **Telephone number:** 800-423-6369

**Item A.2. Information about the Series.**

- **a. Name of Series:** LKCM Balanced Fund

- **b. EDGAR series identifier (if any):** S000004605

- **c. LEI of Series:** 549300NU32P0I8JB8I98

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $113539413.40

**Total Liabilities:** $211549.31

**Net Assets:** $113327864.09

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 327.554300000000 | **1-Year:** 2151.371852000000 | **5-Year:** 6153.733488000000 | **10-Year:** 2743.451247000000 | **30-Year:** 0.000000000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 0.000000000000 | **5-Year:** 0.000000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000012573 | 1.22%                | 0.89%                | 1.16%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-79868.34               | $1360523.59                                |
| Month 2  | $-87202.38               | $972305.65                                 |
| Month 3  | $909282.42               | $256852.92                                 |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AMGEN INC                      | Amgen Inc                             | CUSIP: 031162DQ0<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    550000 | PA      | $570389.85    | 0.50%             | 2030-03-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp           | Bank of America Corp                  | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     33100 | NS      | $1707629.00   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| ECOLAB INC                     | Ecolab Inc                            | CUSIP: 278865AV2<br>LEI: 82DYEISM090VG8LTLS26 | Long             | DBT              | CORP              | US        |    500000 | PA      | $493626.43    | 0.44%             | 2026-11-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| ECOLAB INC                     | Ecolab Inc                            | CUSIP: 278865BP4<br>LEI: 82DYEISM090VG8LTLS26 | Long             | DBT              | CORP              | US        |    475000 | PA      | $488058.65    | 0.43%             | 2028-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| EXXON MOBIL CORPORATION        | Exxon Mobil Corp                      | CUSIP: 30231GAT9<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |    400000 | PA      | $398509.45    | 0.35%             | 2026-03-01      | Fixed         | 3.04%                 | No            |                  2 | On Loan: No      |
| Honeywell International Inc    | Honeywell International Inc           | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      2800 | NS      | $589400.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| IBM CORP                       | International Business Machines Corp  | CUSIP: 459200KY6<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    125000 | PA      | $127037.95    | 0.11%             | 2033-02-06      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO            | JPMorgan Chase & Co                   | CUSIP: 46625HRS1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198895.11    | 0.18%             | 2026-06-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| L3HARRIS TECH INC              | L3Harris Technologies Inc             | CUSIP: 502431AQ2<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |    750000 | PA      | $782188.30    | 0.69%             | 2033-07-31      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| MASTERCARD INC                 | Mastercard Inc                        | CUSIP: 57636QAX2<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |    500000 | PA      | $513902.49    | 0.45%             | 2033-03-09      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc     | Verizon Communications Inc            | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     23841 | NS      | $1047811.95   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| VISA INC                       | Visa Inc                              | CUSIP: 92826CAD4<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | DBT              | CORP              | US        |    300000 | PA      | $299481.02    | 0.26%             | 2025-12-14      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| WASTE MANAGEMENT INC           | Waste Management Inc                  | CUSIP: 94106LBS7<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |    500000 | PA      | $495114.21    | 0.44%             | 2032-04-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories            | Abbott Laboratories                   | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |      6800 | NS      | $910792.00    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN EXPRESS CO            | American Express Co                   | CUSIP: 025816CW7<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    850000 | PA      | $851984.69    | 0.75%             | 2029-05-03      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| American Tower Corp            | American Tower Corp                   | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      4500 | NS      | $865440.00    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| AMGEN INC                      | Amgen Inc                             | CUSIP: 031162CJ7<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    450000 | PA      | $444236.32    | 0.39%             | 2026-08-19      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                   | Broadcom Inc                          | CUSIP: 11135FBX8<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257622.56    | 0.23%             | 2029-07-12      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Chevron Corp                   | Chevron Corp                          | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8695 | NS      | $1350246.55   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CISCO SYSTEMS INC              | Cisco Systems Inc                     | CUSIP: 17275RBT8<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |    750000 | PA      | $776243.21    | 0.68%             | 2034-02-26      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP               | Duke Energy Corp                      | CUSIP: 26441CBT1<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    500000 | PA      | $497317.67    | 0.44%             | 2032-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                     | AbbVie Inc                            | CUSIP: 00287YAY5<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    600000 | PA      | $597335.68    | 0.53%             | 2026-05-14      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| ADOBE INC                      | Adobe Inc                             | CUSIP: 00724PAF6<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | DBT              | CORP              | US        |    850000 | PA      | $873320.09    | 0.77%             | 2029-04-04      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                 | Amazon.com Inc                        | CUSIP: 023135CQ7<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    125000 | PA      | $128334.59    | 0.11%             | 2029-12-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP            | American Tower Corp                   | CUSIP: 03027XAK6<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    635000 | PA      | $630473.42    | 0.56%             | 2026-10-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| ARTHUR J GALLAGHER & CO        | Arthur J Gallagher & Co               | CUSIP: 04316JAM1<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |    975000 | PA      | $995867.36    | 0.88%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLGATE-PALMOLIVE CO           | Colgate-Palmolive Co                  | CUSIP: 194162AN3<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | DBT              | CORP              | US        |    595000 | PA      | $588373.81    | 0.52%             | 2027-08-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| CONOCOPHILLIPS COMPANY         | ConocoPhillips Co                     | CUSIP: 20826FBJ4<br>LEI: 6VJJ5GQWIRDQ06DUXG89 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102025.51    | 0.09%             | 2030-01-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Constellation Energy Corp      | Constellation Energy Corp             | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |      2900 | NS      | $954303.00    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| CULLEN/FROST BANKERS INC       | Cullen/Frost Bankers Inc              | CUSIP: 229899AB5<br>LEI: 529900V2E9G9AY665O34 | Long             | DBT              | CORP              | US        |    750000 | PA      | $743242.50    | 0.66%             | 2027-03-17      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DUPONT DE NEMOURS INC          | DuPont de Nemours Inc                 | CUSIP: 26078JAD2<br>LEI: 5493004JF0SDFLM8GD76 | Long             | DBT              | CORP              | US        |    650000 | PA      | $655340.46    | 0.58%             | 2028-11-15      | Fixed         | 4.72%                 | No            |                  2 | On Loan: No      |
| EOG Resources Inc              | EOG Resources Inc                     | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |      4450 | NS      | $498934.00    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp               | Exxon Mobil Corp                      | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     12127 | NS      | $1367319.25   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc             | Meta Platforms Inc                    | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      3275 | NS      | $2405094.50   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS INC             | Meta Platforms Inc                    | CUSIP: 30303M8T2<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    550000 | PA      | $561310.53    | 0.50%             | 2031-08-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC             | Meta Platforms Inc                    | CUSIP: 30303M8U9<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253341.71    | 0.22%             | 2034-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                 | Home Depot Inc/The                    | CUSIP: 437076CW0<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    220000 | PA      | $226517.05    | 0.20%             | 2029-04-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| INTUIT INC                     | Intuit Inc                            | CUSIP: 46124HAF3<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | DBT              | CORP              | US        |    550000 | PA      | $568051.96    | 0.50%             | 2028-09-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| KENVUE INC                     | Kenvue Inc                            | CUSIP: 49177JAH5<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | DBT              | CORP              | US        |    120000 | PA      | $123307.21    | 0.11%             | 2030-03-22      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan Inc              | Kinder Morgan Inc                     | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |     42000 | NS      | $1189020.00   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| KINDER MORGAN INC              | Kinder Morgan Inc                     | CUSIP: 49456BAX9<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    325000 | PA      | $332841.30    | 0.29%             | 2033-06-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| L3Harris Technologies Inc      | L3Harris Technologies Inc             | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |      5850 | NS      | $1786648.50   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| LOWE'S COS INC                 | Lowe's Cos Inc                        | CUSIP: 548661DM6<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    800000 | PA      | $793816.54    | 0.70%             | 2026-04-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Martin Marietta Materials Inc  | Martin Marietta Materials Inc         | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |      3100 | NS      | $1953868.00   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| O'REILLY AUTOMOTIVE INC        | O'Reilly Automotive Inc               | CUSIP: 67103HAL1<br>LEI: 549300K2RLMQL149Q332 | Long             | DBT              | CORP              | US        |    250000 | PA      | $252205.94    | 0.22%             | 2032-06-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                      | ONEOK Inc                             | CUSIP: 682680BK8<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    750000 | PA      | $790778.73    | 0.70%             | 2030-11-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                    | Oracle Corp                           | CUSIP: 68389XCN3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    220000 | PA      | $223208.99    | 0.20%             | 2030-05-06      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                    | Oracle Corp                           | CUSIP: 68389XCP8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    750000 | PA      | $756514.55    | 0.67%             | 2033-02-06      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Invesco Government & Agency Po | Invesco Government & Agency Portfolio | CUSIP: 825252885<br>LEI: 5493007T1J7WZ5QI1A47 | Long             | STIV             | RF                | US        |    514176 | NS      | $514176.45    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| T-MOBILE USA INC               | T-Mobile USA Inc                      | CUSIP: 87264ABD6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99474.20     | 0.09%             | 2027-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP               | Duke Energy Corp                      | CUSIP: 26441CBW4<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    495000 | PA      | $504337.04    | 0.45%             | 2027-12-08      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER       | Enterprise Products Operating LLC     | CUSIP: 29379VCD3<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    500000 | PA      | $522804.31    | 0.46%             | 2033-01-31      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Merck & Co Inc                 | Merck & Co Inc                        | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     12500 | NS      | $1049125.00   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                    | Netflix Inc                           | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |       900 | NS      | $1079028.00   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                   | Newmont Corp                          | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     17700 | NS      | $1492287.00   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp                           | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     20000 | NS      | $3731600.00   | 3.29%             |  |  |  | No            |                  1 | On Loan: No      |
| O'REILLY AUTOMOTIVE INC        | O'Reilly Automotive Inc               | CUSIP: 67103HAJ6<br>LEI: 549300K2RLMQL149Q332 | Long             | DBT              | CORP              | US        |    500000 | PA      | $498720.66    | 0.44%             | 2030-04-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Procter & Gamble Co/The        | Procter & Gamble Co/The               | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      3250 | NS      | $499362.50    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Rockwell Automation Inc        | Rockwell Automation Inc               | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               | CORP              | US        |      3325 | NS      | $1162187.25   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| T-MOBILE USA INC               | T-Mobile USA Inc                      | CUSIP: 87264AAV7<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100155.57    | 0.09%             | 2028-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Thermo Fisher Scientific Inc   | Thermo Fisher Scientific Inc          | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |      1700 | NS      | $824534.00    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| THERMO FISHER SCIENTIFIC       | Thermo Fisher Scientific Inc          | CUSIP: 883556CU4<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | DBT              | CORP              | US        |    750000 | PA      | $776102.99    | 0.68%             | 2032-11-21      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| TRACTOR SUPPLY CO              | Tractor Supply Co                     | CUSIP: 892356AB2<br>LEI: 549300OJ9VZHZRO6I137 | Long             | DBT              | CORP              | US        |    500000 | PA      | $516467.92    | 0.46%             | 2033-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Waste Connections Inc          | Waste Connections Inc                 | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |      7100 | NS      | $1248180.00   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| WASTE MANAGEMENT INC           | Waste Management Inc                  | CUSIP: 94106LCB3<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |    200000 | PA      | $202512.27    | 0.18%             | 2028-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Zoetis Inc                     | Zoetis Inc                            | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |      8026 | NS      | $1174364.32   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                      | Linde PLC                             | CUSIP: N/A<br>LEI: 5299003QR1WT0EF88V51       | Long             | EC               | CORP              | US        |      3600 | NS      | $1710000.00   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA CORP                    | NVIDIA Corp                           | CUSIP: 67066GAE4<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | DBT              | CORP              | US        |    400000 | PA      | $397856.67    | 0.35%             | 2026-09-16      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| PepsiCo Inc                    | PepsiCo Inc                           | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      5750 | NS      | $807530.00    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| ROPER TECHNOLOGIES INC         | Roper Technologies Inc                | CUSIP: 776696AJ5<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |    500000 | PA      | $500816.34    | 0.44%             | 2034-10-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| COSTCO WHOLESALE CORP          | Costco Wholesale Corp                 | CUSIP: 22160KAN5<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | DBT              | CORP              | US        |    690000 | PA      | $663180.46    | 0.59%             | 2027-06-20      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Cullen/Frost Bankers Inc       | Cullen/Frost Bankers Inc              | CUSIP: 229899109<br>LEI: 529900V2E9G9AY665O34 | Long             | EC               | CORP              | US        |      8300 | NS      | $1052191.00   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                 | Salesforce Inc                        | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      4550 | NS      | $1078350.00   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Teledyne Technologies Inc      | Teledyne Technologies Inc             | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |      2450 | NS      | $1435798.00   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Trimble Inc                    | Trimble Inc                           | CUSIP: 896239100<br>LEI: 549300E2MI7NSZFQWS19 | Long             | EC               | CORP              | US        |     17150 | NS      | $1400297.50   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBOTT LABORATORIES            | Abbott Laboratories                   | CUSIP: 002824BF6<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |    355000 | PA      | $355024.46    | 0.31%             | 2026-11-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                     | AbbVie Inc                            | CUSIP: 00287YDT3<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    250000 | PA      | $258540.66    | 0.23%             | 2031-03-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Adobe Inc                      | Adobe Inc                             | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      1850 | NS      | $652587.50    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| AIR PRODUCTS & CHEMICALS       | Air Products and Chemicals Inc        | CUSIP: 009158AY2<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | DBT              | CORP              | US        |    675000 | PA      | $653864.98    | 0.58%             | 2027-05-15      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                          | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     11400 | NS      | $2776470.00   | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC                   | Alphabet Inc                          | CUSIP: 02079KAC1<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    200000 | PA      | $197051.42    | 0.17%             | 2026-08-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com Inc                        | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     11200 | NS      | $2459184.00   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM INC                 | Amazon.com Inc                        | CUSIP: 023135CP9<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    550000 | PA      | $558514.63    | 0.49%             | 2027-12-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP            | American Tower Corp                   | CUSIP: 03027XCE8<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |     75000 | PA      | $78359.10     | 0.07%             | 2028-11-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Broadridge Financial Solutions | Broadridge Financial Solutions Inc    | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |      4850 | NS      | $1155124.50   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc             | Coterra Energy Inc                    | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |     25000 | NS      | $591250.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The               | Coca-Cola Co/The                      | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     21400 | NS      | $1419248.00   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| CONOCOPHILLIPS COMPANY         | ConocoPhillips Co                     | CUSIP: 208251AE8<br>LEI: 6VJJ5GQWIRDQ06DUXG89 | Long             | DBT              | CORP              | US        |    500000 | PA      | $547355.29    | 0.48%             | 2029-04-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| ConocoPhillips                 | ConocoPhillips                        | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     10900 | NS      | $1031031.00   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| CONOCOPHILLIPS COMPANY         | ConocoPhillips Co                     | CUSIP: 20826FBF2<br>LEI: 6VJJ5GQWIRDQ06DUXG89 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257747.22    | 0.23%             | 2033-09-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Corteva Inc                    | Corteva Inc                           | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |      7658 | NS      | $517910.54    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                   | Danaher Corp                          | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |      5800 | NS      | $1149908.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| DEVON ENERGY CORPORATION       | Devon Energy Corp                     | CUSIP: 25179MBF9<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |    500000 | PA      | $500922.31    | 0.44%             | 2030-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| KEURIG DR PEPPER INC           | Keurig Dr Pepper Inc                  | CUSIP: 26138EAU3<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |    750000 | PA      | $739334.19    | 0.65%             | 2026-09-15      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY PROGRESS LLC       | Duke Energy Progress LLC              | CUSIP: 26442UAQ7<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |    300000 | PA      | $312358.41    | 0.28%             | 2033-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| EOG RESOURCES INC              | EOG Resources Inc                     | CUSIP: 26875PAU5<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | DBT              | CORP              | US        |    750000 | PA      | $754601.31    | 0.67%             | 2030-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Ecolab Inc                     | Ecolab Inc                            | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |      3600 | NS      | $985896.00    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Emerson Electric Co            | Emerson Electric Co                   | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |      8800 | NS      | $1154384.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER       | Enterprise Products Operating LLC     | CUSIP: 29379VCC5<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100211.42    | 0.09%             | 2026-01-10      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC             | Meta Platforms Inc                    | CUSIP: 30303M8G0<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249056.42    | 0.22%             | 2027-08-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC             | Meta Platforms Inc                    | CUSIP: 30303M8L9<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255202.62    | 0.23%             | 2028-05-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Arthur J Gallagher & Co        | Arthur J Gallagher & Co               | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |      3100 | NS      | $960194.00    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The             | Home Depot Inc/The                    | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      4500 | NS      | $1823355.00   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| HOME DEPOT INC                 | Home Depot Inc/The                    | CUSIP: 437076BT8<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    500000 | PA      | $490715.45    | 0.43%             | 2027-09-14      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| HONEYWELL INTERNATIONAL        | Honeywell International Inc           | CUSIP: 438516CQ7<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154380.09    | 0.14%             | 2029-09-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| INTUIT INC                     | Intuit Inc                            | CUSIP: 46124HAG1<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | DBT              | CORP              | US        |    275000 | PA      | $287756.60    | 0.25%             | 2033-09-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co            | JPMorgan Chase & Co                   | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      5500 | NS      | $1734865.00   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Keurig Dr Pepper Inc           | Keurig Dr Pepper Inc                  | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |     35000 | NS      | $892850.00    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| ELI LILLY & CO                 | Eli Lilly & Co                        | CUSIP: 532457CK2<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    575000 | PA      | $584320.22    | 0.52%             | 2029-02-09      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LOCKHEED MARTIN CORP           | Lockheed Martin Corp                  | CUSIP: 539830CC1<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    785000 | PA      | $796952.03    | 0.70%             | 2029-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                        | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      6750 | NS      | $3496162.50   | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Moody's Corp                   | Moody's Corp                          | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |      2650 | NS      | $1262672.00   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                    | Oracle Corp                           | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     11900 | NS      | $3346756.00   | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc         | Palo Alto Networks Inc                | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |      3300 | NS      | $671946.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| PEPSICO INC                    | PepsiCo Inc                           | CUSIP: 713448DN5<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |    435000 | PA      | $428974.12    | 0.38%             | 2026-10-06      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| QUALCOMM Inc                   | QUALCOMM Inc                          | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      5400 | NS      | $898344.00    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX CORP                       | RTX Corp                              | CUSIP: 75513ECR0<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    800000 | PA      | $828953.10    | 0.73%             | 2033-02-27      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| REPUBLIC SERVICES INC          | Republic Services Inc                 | CUSIP: 760759BB5<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |    750000 | PA      | $769284.11    | 0.68%             | 2029-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Roper Technologies Inc         | Roper Technologies Inc                | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |      2200 | NS      | $1097118.00   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                       | Visa Inc                              | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      4850 | NS      | $1655693.00   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| VISA INC                       | Visa Inc                              | CUSIP: 92826CAL6<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | DBT              | CORP              | US        |    500000 | PA      | $486252.12    | 0.43%             | 2027-04-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| Walmart Inc                    | Walmart Inc                           | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     14600 | NS      | $1504676.00   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management Inc           | Waste Management Inc                  | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |      5250 | NS      | $1159357.50   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| WASTE MANAGEMENT INC           | Waste Management Inc                  | CUSIP: 94106LBT5<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |    500000 | PA      | $508972.32    | 0.45%             | 2030-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Alcon AG                       | Alcon AG                              | CUSIP: N/A<br>LEI: 549300LDT5AP8S0NBM78       | Long             | EC               | CORP              | CH        |     17900 | NS      | $1333729.00   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple Inc                             | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     15950 | NS      | $4061348.50   | 3.58%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEVRON CORP                   | Chevron Corp                          | CUSIP: 166764BX7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $389013.31    | 0.34%             | 2027-05-11      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Cintas Corp                    | Cintas Corp                           | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8000 | NS      | $1642080.00   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co           | Colgate-Palmolive Co                  | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |     13400 | NS      | $1071196.00   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-19

**Name of Applicant:** LKCM Funds

**Signature:** /s/ Jacob D. Smith

**Name of Signer:** LKCM Funds

**Title:** Chief Financial Officer