# EDGAR Filing Document

**Accession Number:** 0000918942
**File Stem:** 0001133228-26-003110
**Filing Date:** 2026-3
**Character Count:** 239599
**Document Hash:** cd16a12dc93eb301f2200f54acc80cd9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-003110.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001133228-26-003110

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 51

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260305

**EFFECTIVENESS DATE**: 20260306

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08352
- **FILM NUMBER:** 26727631

**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'? 2025-10-03511280_LKCMBalancedFund_InstitutionalClass_TSRAnnual

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: December 31, 2025

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

The Registrant's Annual Shareholder Reports for the fiscal year ended December 31, 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 Balanced Fund**  | ![image](img36347_202412301729295.jpg) |
| ![image](img40811_202407031551942.jpg) | LKBAX  | ![image](img36347_202412301729295.jpg) |
| ![image](img40811_202407031551942.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img36347_202412301729295.jpg) |

---

This annual shareholder report contains important information about the LKCM Balanced Fund for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at

https://lkcmfunds.com/lkcmfund/lkcm-balanced-fund/. You can also request this information by contacting us at 1-800-688-LKCM.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $83 | 0.80% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

&nbsp;&nbsp;&nbsp;&nbsp;• The LKCM Balanced Fund returned 8.44% for the year ended December 31, 2025. One of the Fund's benchmarks, the S&P 500® Index, returned 17.88% for the year ended December 31, 2025. The Fund's other benchmark, the Bloomberg Intermediate Government/Credit Bond Index, returned 6.97% for the year ended December 31, 2025.

• Strong corporate earnings growth, accelerating capital expenditures related to technology, data centers and artificial intelligence, supportive monetary policy, and other factors contributed to the strong performance in the overall equity markets and benefited the Fund, despite trade policy uncertainty and volatility.

• Stock selection decisions in the Materials and Utilities sectors were the largest contributors to the Fund's relative performance.

• The Fund's underweight position in the Consumer Discretionary also contributed to the Fund's relative performance.

• Stock selection decisions in the Information Technology, Industrials and Healthcare sectors were the largest detractors from the Fund's relative performance.

• The Fund's overweight position in the Consumer Staples sector and underweight position in the Information Technology sector also detracted from the Fund's relative performance.

• The Fund's fixed income portfolio benefited from its focus on intermediate-term corporate bonds during the overall declining interest rate environment.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?***\**

The following chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6337img003.jpg)

LKCM Balanced Fund PAGE 1 TSR-AR-501885305

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **LKCM Balanced Fund**  | 8.44 | 5.56 | 8.35 |
| **S&P 500® Index**  | 17.88 | 14.42 | 14.82 |
| **Bloomberg Intermediate Government/Credit Bond** **Index**  | 6.97 | 0.96 | 2.29 |

---

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

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance** **information reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.**

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $109142702 |
| **Number of Holdings** | 127 |
| **Net Advisory Fee** | $479503 |
| **Portfolio Turnover** | 6% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors (% of Net Assets)** | **Top Sectors (% of Net Assets)** |
|  Information Technology  | 22.2% |
|  Industrials  | 13.6% |
|  Health Care  | 11.3% |
|  Financials  | 10.3% |
|  Energy  | 9.2% |
|  Communication Services  | 7.8% |
|  Materials  | 7.8% |
|  Consumer Staples  | 7.6% |
|  Consumer Discretionary  | 6.1% |
|  Utilities  | 2.1% |
|  Real Estate  | 1.4% |
|  Cash & Other  | 0.6% |

---

---

| | |
|:---|:---|
| **Security Type (% of Net Assets)** | **Security Type (% of Net Assets)** |
|  Common Stocks  | 69.4% |
|  Corporate Bonds  | 29.8% |
|  Cash & Other  | 0.8% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers (% of Net Assets)** | **Top 10 Issuers (% of Net Assets)** |
|  Apple Inc.  | 3.8% |
|  NVIDIA Corp.  | 3.4% |
|  Alphabet Inc.  | 2.9% |
|  Microsoft Corp.  | 2.9% |
|  Amazon.com, Inc.  | 2.2% |
|  Meta Platforms, Inc.  | 2.0% |
|  Oracle Corp.  | 1.6% |
|  Newmont Corp  | 1.6% |
|  Martin Marietta Materials Inc.  | 1.6% |
|  L3Harris Technologies Inc.  | 1.6% |

---

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-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 2 TSR-AR-501885305

------

---

| | | |
|:---|:---|:---|
| ![image](img40811_202407031551942.jpg) | **LKCM Equity Fund**  | ![image](img36347_202412301729295.jpg) |
| ![image](img40811_202407031551942.jpg) | LKEQX  | ![image](img36347_202412301729295.jpg) |
| ![image](img40811_202407031551942.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img36347_202412301729295.jpg) |

---

This annual shareholder report contains important information about the LKCM Equity Fund for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at

https://lkcmfunds.com/lkcmfund/lkcm-equity-fund/. You can also request this information by contacting us at 1-800-688-LKCM.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $84 | 0.80% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

&nbsp;&nbsp;&nbsp;&nbsp;• The LKCM Equity Fund returned 10.36% for the year ended December 31, 2025. The Fund's benchmark, the S&P 500® Index, returned 17.88% for the year ended December 31, 2025.

• Strong corporate earnings growth, accelerating capital expenditures related to technology, data centers and artificial intelligence, supportive monetary policy, and other factors contributed to the strong performance in the overall equity markets and benefited the Fund, despite trade policy uncertainty and volatility.

• Stock selection decisions in the Communication Services and Materials sectors were the largest contributors to the Fund's relative performance.

• The Fund's underweight positions in the Consumer Discretionary and Real Estate sectors also contributed to the Fund's relative performance.

• Stock selection decisions in the Industrials, Information Technology and Healthcare sectors were the largest detractors from the Fund's relative performance.

• The Fund's underweight position in the Communication Services sector and overweight position in the Materials sector also detracted from the Fund's relative performance.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?***\**

The following chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6339img003.jpg)

LKCM Equity Fund PAGE 1 TSR-AR-501885206

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **LKCM Equity Fund**  | 10.36 | 8.06 | 11.94 |
| **S&P 500® Index**  | 17.88 | 14.42 | 14.82 |

---

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

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance** **information reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.**

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $506560616 |
| **Number of Holdings** | 49 |
| **Net Advisory Fee** | $2595265 |
| **Portfolio Turnover** | 9% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Information Technology  | 28.0% |
|  Industrials  | 24.2% |
|  Materials  | 8.2% |
|  Financials  | 7.9% |
|  Communication Services  | 7.4% |
|  Energy  | 7.4% |
|  Health Care  | 7.1% |
|  Consumer Discretionary  | 6.6% |
|  Consumer Staples  | 3.2% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Microsoft Corp.  | 7.6% |
|  Alphabet, Inc.  | 6.8% |
|  NVIDIA Corp.  | 5.5% |
|  Apple Inc.  | 5.2% |
|  Oracle Corp.  | 4.6% |
|  JPMorgan Chase & Co.  | 3.2% |
|  Waste Connections, Inc.  | 3.1% |
|  Ecolab, Inc.  | 2.9% |
|  Valmont Industries, Inc.  | 2.8% |
|  FTAI Aviation Ltd.  | 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://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 2 TSR-AR-501885206

------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| December 31, 2025  | ![image](img36347_202412301729295.jpg) |

---

This annual shareholder report contains important information about the LKCM Fixed Income Fund for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at

https://lkcmfunds.com/lkcmfund/lkcm-fixed-income-fund/. You can also request this information by contacting us at 1-800-688-LKCM.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $52 | 0.50% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

&nbsp;&nbsp;&nbsp;&nbsp;• The LKCM Fixed Income Fund returned 6.66% for the year ended December 31, 2025. The Fund's benchmark, the Bloomberg Intermediate Government/Credit Bond Index, returned 6.97% for the year ended December 31, 2025.

• The U.S. Treasury curve further steepened during the year with yields on longer-dated issues declining modestly and yields on shorter-dated issues declining meaningfully as the Federal Reserve cut the Federal funds rate by 0.75% in the latter part of the year as the U.S. employment backdrop weakened and inflation declined, although continuing to remain above the Federal Reserve's target level.

• Longer-dated issues outperformed their shorter-dated counterparts, which resulted in the Fund modestly underperforming its benchmark in light of the Fund's overall shorter average duration.

• The Fund's relative performance benefited from an overweight position in high-quality corporate bonds, as corporate bonds outperformed U.S. Treasuries and Government Agency issues during that year that comprise most of the Fund's benchmark.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?***\**

The following chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6338img003.jpg)

LKCM Fixed Income Fund PAGE 1 TSR-AR-501885404

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **LKCM Fixed Income Fund**  | 6.66 | 1.40 | 2.41 |
| **Bloomberg U.S. Aggregate Bond Index**  | 7.30 | -0.36 | 2.01 |
| **Bloomberg Intermediate Government/Credit Bond** **Index**  | 6.97 | 0.96 | 2.29 |

---

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

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance** **information reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.**

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $282170294 |
| **Number of Holdings** | 87 |
| **Net Advisory Fee** | $527254 |
| **Portfolio Turnover** | 34% |
| **Effective Duration** | 3.66 years |
| **30-Day SEC Yield** | 3.72% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Industrials  | 14.6% |
|  Information Technology  | 12.2% |
|  Government Bonds  | 11.7% |
|  Energy  | 10.9% |
|  U.S. Government Sponsored Entities  | 10.0% |
|  Health Care  | 10.0% |
|  Communication Services  | 8.5% |
|  Financials  | 7.3% |
|  Consumer Discretionary  | 6.1% |
|  Real Estate  | 4.4% |
|  Cash & Other  | 2.6% |
|  Utilities  | 1.7% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Emerson Electric Co., 5.00%, 03/15/35  | 3.1% |
|  United States Treasury Note/Bond, 4.13%, 11/15/32  | 3.1% |
|  Stryker Corp, 4.85%, 02/10/30  | 2.7% |
|  Kinder Morgan Inc., 5.20%, 06/01/33  | 2.7% |
|  Trimble Inc., 6.10%, 03/15/33  | 2.3% |
|  Roper Technologies Inc., 4.90%, 10/15/34  | 2.1% |
|  Waste Management Inc., 4.50%, 03/15/28  | 2.1% |
|  L3Harris Technologies Inc., 5.40%, 07/31/33  | 2.0% |
|  Broadcom Inc., 5.15%, 11/15/31  | 2.0% |
|  T-Mobile USA Inc., 4.75%, 02/01/28  | 2.0% |

---

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/.

**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-AR-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) | Annual Shareholder Report \| December 31, 2025  | ![image](img36347_202412301729295.jpg) |

---

This annual shareholder report contains important information about the LKCM International Equity Fund for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at

https://lkcmfunds.com/lkcmfund/lkcm-international-equity-fund/. You can also request this information by contacting us at 1-800-688-LKCM.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $111 | 1.00% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

&nbsp;&nbsp;&nbsp;&nbsp;• The LKCM International Equity Fund returned 21.87% for the year ended December 31, 2025. The Fund's benchmark, the MSCI/EAFE® Index, returned 31.89% for the year ended December 31, 2025.

• International equity markets generally outperformed the United States equity markets during the year.

• Stock selection decisions in the Energy sector were the largest contributors to the Fund's relative performance.

• The Fund's underweight positions in the Consumer Staples and Healthcare sectors also contributed to the Fund's relative performance.

• Stock selection decisions in the Industrials and Consumer Discretionary sectors were the largest detractors from the Fund's relative performance.

• The Fund's underweight position in the Utilities sector and overweight position in the Information Technology sector also detracted from the Fund's relative performance.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?***\**

The following chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6340img003.jpg)

LKCM International Equity Fund PAGE 1 TSR-AR-501885834

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(05/01/2019)** |
| **LKCM International Equity Fund**  | 21.87 | 6.82 | 8.61 |
| **MSCI/EAFE® Index**  | 31.89 | 9.47 | 9.56 |

---

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

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance** **information reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.**

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $73942747 |
| **Number of Holdings** | 50 |
| **Net Advisory Fee** | $365649 |
| **Portfolio Turnover** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors (% of Net Assets)** |  |
|  Financials  | 23.4% |
|  Industrials  | 15.7% |
|  Information Technology  | 13.4% |
|  Health Care  | 11.4% |
|  Consumer Discretionary  | 8.5% |
|  Energy  | 7.0% |
|  Materials  | 6.4% |
|  Consumer Staples  | 5.2% |
|  Cash & Other  | 5.0% |
|  Communication Services  | 4.0% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers (% of Net Assets)** | **Top 10 Issuers (% of Net Assets)** |
|  ASML Holding NV  | 3.3% |
|  Cameco Corp.  | 3.2% |
|  ING Groep NV  | 3.0% |
|  Barclays PLC  | 3.0% |
|  CRH PLC  | 2.8% |
|  Royal Bank of Canada  | 2.8% |
|  Nordea Bank Abp  | 2.7% |
|  Allianz SE  | 2.6% |
|  Lonza Group AG  | 2.5% |
|  Halma PLC  | 2.5% |

---

---

| | |
|:---|:---|
| **Top Ten Countries (% of Net Assets)** | **Top Ten Countries (% of Net Assets)** |
|  United Kingdom  | 23.0% |
|  France  | 12.6% |
|  Germany  | 12.6% |
|  Switzerland  | 10.4% |
|  Netherlands  | 9.7% |
|  Canada  | 9.7% |
|  Japan  | 3.3% |
|  Ireland  | 2.8% |
|  Finland  | 2.7% |
|  Norway  | 2.0% |

---

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 2 TSR-AR-501885834

------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| December 31, 2025  | ![image](img36347_202412301729295.jpg) |

---

This annual shareholder report contains important information about the LKCM Small Cap Equity Fund for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at

https://lkcmfunds.com/lkcmfund/lkcm-small-cap-equity-fund/. You can also request this information by contacting us at 1-800-688-LKCM.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $107 | 1.00% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

&nbsp;&nbsp;&nbsp;&nbsp;• The LKCM Small Cap Equity Fund returned 13.29% for the year ended December 31, 2025. The Fund's benchmark, the Russell 2000® Index, returned 12.81% for the year ended December 31, 2025.

• Strong corporate earnings growth, accelerating capital expenditures related to technology, data centers and artificial intelligence, supportive monetary policy, and other factors contributed to the strong performance in the overall equity markets and benefited the Fund, despite trade policy uncertainty and volatility.

• Stock selection decisions in the Information Technology sector were the largest contributor to the Fund's relative performance.

• The Fund's underweight positions in the Healthcare and Real Estate sectors also contributed to the Fund's relative performance.

• Stock selection decisions in the Healthcare and Materials sectors were the largest detractors from the Fund's relative performance.

• The Fund's overweight position in the Consumer Staples sector also detracted from the Fund's relative performance.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?***\**

The following chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6341img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **LKCM Small Cap Equity Fund**  | 13.29 | 7.41 | 11.05 |
| **Russell 3000® Index**  | 17.15 | 13.15 | 14.29 |
| **Russell 2000® Index**  | 12.81 | 6.09 | 9.62 |

---

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

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance** **information reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.**

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $325487904 |
| **Number of Holdings** | 77 |
| **Net Advisory Fee** | $2042905 |
| **Portfolio Turnover** | 40% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Information Technology  | 20.6% |
|  Industrials  | 18.5% |
|  Health Care  | 17.3% |
|  Financials  | 15.2% |
|  Consumer Discretionary  | 7.9% |
|  Consumer Staples  | 5.2% |
|  Energy  | 4.2% |
|  Materials  | 3.8% |
|  Communication Services  | 2.9% |
|  Real Estate  | 2.0% |
|  Cash & Other  | 1.6% |
|  Utilities  | 0.8% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Lumentum Holdings, Inc.  | 3.8% |
|  Tower Semiconductor Ltd.  | 3.6% |
|  Alphatec Holdings, Inc.  | 3.0% |
|  Ciena Corporation  | 3.0% |
|  Medpace Holdings, Inc.  | 2.2% |
|  CECO Environmental Corp.  | 2.0% |
|  Vita Coco Co., Inc.  | 2.0% |
|  Planet Labs PBC  | 2.0% |
|  Turning Point Brands, Inc.  | 1.9% |
|  Piper Sandler Cos.  | 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-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 2 TSR-AR-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) | Annual Shareholder Report \| December 31, 2025  | ![image](img36347_202412301729295.jpg) |

---

This annual shareholder report contains important information about the LKCM Small-Mid Cap Equity Fund for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at

https://lkcmfunds.com/lkcmfund/lkcm-small-mid-cap-equity-fund/. You can also request this information by contacting us at 1-800-688-LKCM.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $103 | 1.00% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

&nbsp;&nbsp;&nbsp;&nbsp;• The Small-Mid Cap Equity Fund returned 5.28% for the year ended December 31, 2025. The Fund's benchmark, the Russell 2500® Index, returned 11.91% for the year ended December 31, 2025.

• Strong corporate earnings growth, accelerating capital expenditures related to technology, data centers and artificial intelligence, supportive monetary policy, and other factors contributed to the strong performance in the overall equity markets and benefited the Fund, despite trade policy uncertainty and volatility.

• Stock selection decisions in the Information Technology sector were the largest contributor to the Fund's relative performance.

• The Fund's underweight position in the Consumer Staples sector and overweight position in the Industrials sector also contributed to the Fund's relative performance.

• Stock selection decisions in the Consumer Discretionary and Financials sectors were the largest detractors from the Fund's relative performance.

• The Fund's underweight position in the Utilities sector also detracted from the Fund's relative performance.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?***\**

The following chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6342img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **LKCM Small-Mid Cap Equity Fund**  | 5.28 | 6.59 | 10.42 |
| **Russell 3000® Index**  | 17.15 | 13.15 | 14.29 |
| **Russell 2500® Index**  | 11.91 | 7.26 | 10.40 |

---

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

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance** **information reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.**

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $43126256 |
| **Number of Holdings** | 54 |
| **Net Advisory Fee** | $177975 |
| **Portfolio Turnover** | 44% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Industrials  | 23.5% |
|  Financials  | 22.0% |
|  Information Technology  | 19.8% |
|  Health Care  | 11.4% |
|  Consumer Discretionary  | 5.9% |
|  Materials  | 4.5% |
|  Energy  | 4.4% |
|  Real Estate  | 4.1% |
|  Cash & Other  | 2.3% |
|  Utilities  | 1.2% |
|  Communication Services  | 0.9% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Tower Semiconductor Ltd.  | 4.3% |
|  FTAI Aviation Ltd.  | 3.4% |
|  Twilio Inc. - Class A  | 3.2% |
|  Natera, Inc.  | 2.9% |
|  Planet Labs PBC  | 2.5% |
|  Trimble, Inc.  | 2.5% |
|  NCR Atleos Corp.  | 2.4% |
|  BWX Technologies, Inc.  | 2.4% |
|  Ensign Group, Inc.  | 2.4% |
|  LPL Financial Holdings, Inc.  | 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 2 TSR-AR-501885859

------

---

| | | |
|:---|:---|:---|
| ![image](img646885_202602261725277.jpg) | **LKCM Aquinas Catholic Equity Fund**  | ![image](img98839_202412301727531.jpg) |
| ![image](img646885_202602261725277.jpg) | AQEIX  | ![image](img98839_202412301727531.jpg) |
| ![image](img646885_202602261725277.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img98839_202412301727531.jpg) |

---

This annual shareholder report contains important information about the LKCM Aquinas Catholic Equity Fund for the period of January 1, 2025, to December 31, 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 PAST YEAR?** (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 Aquinas Catholic Equity Fund | $103 | 1.00% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

&nbsp;&nbsp;&nbsp;&nbsp;• The LKCM Aquinas Catholic Equity Fund returned 6.72% for the year ended December 31, 2025. The Fund's benchmark, the S&P 500® Index, returned 17.88% for the year ended December 31, 2025.

• Strong corporate earnings growth, accelerating capital expenditures related to technology, data centers and artificial intelligence, supportive monetary policy, and other factors contributed to the strong performance in the overall equity markets and benefited the Fund, despite trade policy uncertainty and volatility.

• Stock selection decisions in the Communication Services sector were the largest contributor to the Fund's relative performance.

• The Fund's underweight position in the Real Estate sector and overweight position in the Industrials sector also contributed to the Fund's relative performance.

• Stock selection decisions in the Information Technology, Industrials and Healthcare sectors were the largest detractors from the Fund's relative performance.

• The Fund's overweight position in the Materials sector and underweight position in the Communication Services sector also detracted from the Fund's relative performance.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?***\**

The following chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6336img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **LKCM Aquinas Catholic Equity Fund**  | 6.72 | 7.20 | 10.88 |
| **S&P 500® Index**  | 17.88 | 14.42 | 14.82 |

---

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

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance** **information reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.**

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $59653305 |
| **Number of Holdings** | 44 |
| **Net Advisory Fee** | $261695 |
| **Portfolio Turnover** | 9% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Information Technology  | 31.4% |
|  Consumer Discretionary  | 12.7% |
|  Industrials  | 11.7% |
|  Materials  | 11.6% |
|  Communication Services  | 7.3% |
|  Health Care  | 7.1% |
|  Energy  | 7.0% |
|  Utilities  | 4.1% |
|  Financials  | 3.0% |
|  Consumer Staples  | 2.4% |
|  Cash & Other  | 1.7% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Alphabet, Inc.  | 7.4% |
|  NVIDIA Corp.  | 5.5% |
|  Microsoft Corp.  | 4.9% |
|  Apple Inc.  | 3.6% |
|  Oracle Corp.  | 3.6% |
|  Trimble, Inc.  | 3.3% |
|  Stryker Corp.  | 3.2% |
|  Amazon.com, Inc.  | 3.1% |
|  Roper Technologies, Inc.  | 3.0% |
|  L3Harris Technologies, Inc.  | 3.0% |

---

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 2 TSR-AR-501885883

------

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

The Registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*A copy of the registrant's Code of Ethics is filed herewith.*

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

The Registrant's board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Richard J. Howell is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

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

The Registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the Registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. The following table details the aggregate fees billed or expected to be billed by the principal accountant for each of the last two fiscal years for audit services (which are reflected under "Audit Fees"), audit-related services (which are reflected under "Audit-Related Fees"), tax services (which are reflected under "Tax Fees"), and other services fees (which are reflected under "All Other Fees").

---

| | | |
|:---|:---|:---|
| | FYE 12/31/2025 | FYE 12/31/2024 |
| Audit Fees | $175000 | $175000 |
| Audit-Related Fees |  |  |
| Tax Fees | 38395 | 38395 |
| All Other Fees |  |  |

---

The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the Registrant, including services provided to any entity affiliated with the Registrant.

The percentage of fees billed by the principal accountant applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 12/31/2025 | FYE 12/31/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

All of the principal accountant's hours spent on auditing the Registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

The following table indicates the non-audit fees billed or expected to be billed by the Registrant's principal accountant for services to the Registrant and to the Registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

 

---

| | | |
|:---|:---|:---|
| Non-Audit Related Fees | FYE 12/31/2025 | FYE 12/31/2024 |
| Registrant | $38395 | $38395 |
| Registrant's Investment Adviser |  |  |

---

The audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the Registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

The Registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

The Registrant is not a foreign issuer.

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

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

**<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 BALANCED FUND** 

**LKCM EQUITY FUND** 

**LKCM FIXED INCOME FUND** 

**LKCM INTERNATIONAL EQUITY FUND** 

**LKCM SMALL CAP EQUITY FUND** 

**LKCM SMALL-MID CAP EQUITY FUND** 

Financial Statements and Other Information

December 31, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedules of Investments](#soi1)<br>|  |
| &nbsp;&nbsp;&nbsp; [LKCM Balanced Fund](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [LKCM Equity Fund](#soi2) | [5](#soi2) |
| &nbsp;&nbsp;&nbsp; [LKCM Fixed Income Fund](#soi3) | [7](#soi3) |
| &nbsp;&nbsp;&nbsp; [LKCM International Equity Fund](#soi4) | [10](#soi4) |
| &nbsp;&nbsp;&nbsp; [LKCM Small Cap Equity Fund](#soi5) | [12](#soi5) |
| &nbsp;&nbsp;&nbsp; [LKCM Small-Mid Cap 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)<br>|  |
| &nbsp;&nbsp;&nbsp; [LKCM Balanced Fund](#fihi1) | [20](#fihi1) |
| &nbsp;&nbsp;&nbsp; [LKCM Equity Fund](#fihi2) | [21](#fihi2) |
| &nbsp;&nbsp;&nbsp; [LKCM Fixed Income Fund](#fihi3) | [22](#fihi3) |
| &nbsp;&nbsp;&nbsp; [LKCM International Equity Fund](#fihi4) | [23](#fihi4) |
| &nbsp;&nbsp;&nbsp; [LKCM Small Cap Equity Fund](#fihi5) | [24](#fihi5) |
| &nbsp;&nbsp;&nbsp; [LKCM Small-Mid Cap Equity](#fihi6) | [25](#fihi6) |
| [Notes to the Financial Statements](#notes) | [26](#notes) |
| [Report of Independent Registered Public Accounting Firm](#rep1) | [36](#rep1) |
| [Additional Information](#ai1) | [37](#ai1) |

---

------

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

**LKCM Balanced Fund** 

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 68.7%** | **COMMON STOCKS - 68.7%** |  |
| **Aerospace & Defense - 1.6%** | **Aerospace & Defense - 1.6%** |  |
| L3Harris Technologies, Inc. | 5850 | $1717385  |
| **Banks - 3.8%**<br>|  |  |
| Bank of America Corp. | 29100 | 1600500  |
| Cullen/Frost Bankers, Inc. | 8300 | 1051029  |
| JPMorgan Chase & Co. | 4500 | 1449990  |
|  |  | 4101519  |
| **Beverages - 3.0%**<br>|  |  |
| Coca-Cola Co. | 21400 | 1496074  |
| Keurig Dr Pepper, Inc. | 35000 | 980350  |
| PepsiCo, Inc. | 5750 | 825240  |
|  |  | 3301664  |
| **Broadline Retail - 2.2%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 10300 | 2377446  |
| **Capital Markets - 1.2%**<br>|  |  |
| Moody's Corp. | 2650 | 1353753  |
| **Chemicals - 2.8%**<br>|  |  |
| Corteva, Inc. | 7658 | 513316  |
| Ecolab Inc. | 3600 | 945072  |
| Linde PLC | 3600 | 1535004  |
| Solstice Advanced Materials, Inc.<sup>(a)</sup> | 700 | 34006  |
|  |  | 3027398  |
| **Commercial Services & Supplies - 3.6%** | **Commercial Services & Supplies - 3.6%** |  |
| Cintas Corp. | 8000 | 1504560  |
| Waste Connections, Inc. | 7100 | 1245056  |
| Waste Management, Inc. | 5250 | 1153477  |
|  |  | 3903093  |
| **Construction Materials - 1.6%**<br>|  |  |
| Martin Marietta Materials, Inc. | 2800 | 1743448  |
| &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 1.5%**<br>|  |  |
| Walmart, Inc. | 14600 | 1626586  |
| &nbsp;&nbsp;&nbsp; **Diversified Telecommunication** <br>**Services - 0.7%**<br>|  |  |
| Verizon Communications Inc. | 17341 | 706299  |
| **Electric Utilities - 0.9%**<br>|  |  |
| Constellation Energy Corp. | 2900 | 1024483  |
| **Electrical Equipment - 2.8%**<br>|  |  |
| Eaton Corp. PLC | 1800 | 573318  |
| Emerson Electric Co. | 8800 | 1167936  |
| Rockwell Automation, Inc. | 3325 | 1293658  |
|  |  | 3034912  |
|  **Electronic Equipment, Instruments & Components - 1.1%**<br>|  |  |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 2450 | 1251288  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Entertainment - 0.9%**<br>|  |  |
| Netflix, Inc.<sup>(a)</sup> | 10000 | $937600  |
| **Financial Services - 1.2%**<br>|  |  |
| Visa, Inc. - Class A | 3850 | 1350233  |
| **Health Care Equipment & Supplies - 2.2%** | **Health Care Equipment & Supplies - 2.2%** |  |
| Abbott Laboratories | 7800 | 977262  |
| Alcon AG | 17900 | 1410699  |
|  |  | 2387961  |
| **Household Products - 1.4%**<br>|  |  |
| Colgate-Palmolive Co. | 13400 | 1058868  |
| Procter & Gamble Co. | 3150 | 451427  |
|  |  | 1510295  |
| **Industrial Conglomerates - 0.5%**<br>|  |  |
| Honeywell International Inc. | 2800 | 546252  |
| **Insurance - 0.7%**<br>|  |  |
| Arthur J Gallagher & Co. | 3100 | 802249  |
| **Interactive Media & Services - 4.9%**<br>|  |  |
| Alphabet Inc. - Class C | 10200 | 3200760  |
| Meta Platforms, Inc. - Class A | 3275 | 2161795  |
|  |  | 5362555  |
| **Life Sciences Tools & Services - 2.1%**<br>|  |  |
| Danaher Corp. | 5800 | 1327736  |
| Thermo Fisher Scientific, Inc. | 1700 | 985065  |
|  |  | 2312801  |
| **Metals & Mining - 1.6%**<br>|  |  |
| Newmont Goldcorp Corp. | 17700 | 1767345  |
| **Oil, Gas & Consumable Fuels - 5.2%**<br>|  |  |
| Chevron Corp. | 7795 | 1188036  |
| ConocoPhillips Co. | 10900 | 1020349  |
| Coterra Energy, Inc. | 18000 | 473760  |
| EOG Resources, Inc. | 4000 | 420040  |
| Exxon Mobil Corp. | 12127 | 1459363  |
| Kinder Morgan, Inc. | 42000 | 1154580  |
|  |  | 5716128  |
| **Pharmaceuticals - 2.1%**<br>|  |  |
| Merck & Co., Inc. | 12500 | 1315750  |
| Zoetis Inc. | 8026 | 1009831  |
|  |  | 2325581  |
| **Professional Services - 1.0%**<br>|  |  |
| Broadridge Financial Solutions, Inc. | 4850 | 1082374  |
|  **Semiconductors & Semiconductor Equipment - 4.1%**<br>|  |  |
| NVIDIA Corp. | 20000 | 3730000  |
| QUALCOMM, Inc. | 4400 | 752620  |
|  |  | 4482620  |

---

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

1<br>

------

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

**LKCM Balanced Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)** <br>|  |  |
| **Software - 8.8%**<br>|  |  |
| Adobe Inc.<sup>(a)</sup> | 1650 | $577484  |
| Microsoft Corp. | 6500 | 3143530  |
| Oracle Corp. | 9100 | 1773681  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 3700 | 681540  |
| Roper Technologies, Inc. | 2200 | 979286  |
| Salesforce, Inc. | 4550 | 1205341  |
| Trimble Inc.<sup>(a)</sup> | 15150 | 1187002  |
|  |  | 9547864  |
| **Specialty Retail - 1.4%**<br>|  |  |
| Home Depot, Inc. | 4500 | 1548450  |
|  **Technology Hardware, Storage & Peripherals - 3.8%**<br>|  |  |
| Apple Inc. | 15150 | 4118679  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $32,871,105)** |  | 74968261 |
|  | **Par** |  |
| **CORPORATE BONDS - 29.8%**<br>|  |  |
| **Aerospace & Defense - 2.2%**<br>|  |  |
|  L3Harris Technologies, Inc., 5.40%, 07/31/2033 (Callable 04/30/2033) | $750000 | 782614  |
|  Lockheed Martin Corp., 4.50%, 02/15/2029 (Callable 01/15/2029) | 785000 | 798122  |
|  RTX Corp., 5.15%, 02/27/2033 (Callable 11/27/2032) | 800000 | 827799  |
|  |  | 2408535  |
| **Banks - 0.7%**<br>|  |  |
|  Cullen/Frost Bankers, Inc., 4.50%, 03/17/2027 (Callable 02/17/2027) | 750000 | 753300  |
| **Beverages - 1.1%**<br>|  |  |
|  Keurig Dr Pepper, Inc., 2.55%, 09/15/2026 (Callable 06/15/2026) | 750000 | 742346  |
|  PepsiCo, Inc., 2.38%, 10/06/2026 (Callable 07/06/2026) | 435000 | 430801  |
|  |  | 1173147  |
| **Biotechnology - 1.8%**<br>|  |  |
| AbbVie, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.20%, 05/14/2026 (Callable 02/14/2026) | 600000 | 598754  |
| &nbsp;&nbsp;&nbsp; 4.95%, 03/15/2031 (Callable 01/15/2031) | 250000 | 258844  |
| Amgen, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.60%, 08/19/2026 (Callable 05/19/2026) | 450000 | 446642  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/02/2030 (Callable 01/02/2030) | 650000 | 675627  |
|  |  | 1979867 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Broadline Retail - 0.6%**<br>|  |  |
| Amazon.com, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 12/01/2027 (Callable 11/01/2027) | $550000 | $559600  |
| &nbsp;&nbsp;&nbsp; 4.65%, 12/01/2029 (Callable 10/01/2029) | 125000 | 128459  |
|  |  | 688059  |
| **Chemicals - 1.8%**<br>|  |  |
|  Air Products and Chemicals, Inc., 1.85%, 05/15/2027 (Callable 03/15/2027) | 675000 | 658594  |
|  DuPont de Nemours, Inc., 4.73%, 11/15/2028 (Callable 08/15/2028)<sup>(b)</sup> | 280000 | 283925  |
| Ecolab, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.70%, 11/01/2026 (Callable 08/01/2026) | 500000 | 495646  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/15/2028 (Callable 12/15/2027) | 475000 | 488164  |
|  |  | 1926329  |
| **Commercial Services & Supplies - 1.8%**<br>|  |  |
|  Republic Services, Inc., 4.88%, 04/01/2029 (Callable 03/01/2029) | 750000 | 770047  |
| Waste Management, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/15/2028 (Callable 02/15/2028) | 200000 | 202856  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2030 (Callable 12/15/2029) | 500000 | 509997  |
| &nbsp;&nbsp;&nbsp; 4.15%, 04/15/2032 (Callable 01/15/2032) | 500000 | 496363  |
|  |  | 1979263  |
| **Communications Equipment - 0.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc., <br>5.05%, 02/26/2034 (Callable 11/26/2033) | 750000 | 773521  |
| **Consumer Finance - 0.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; American Express Co., <br>4.05%, 05/03/2029 (Callable 03/03/2029) | 850000 | 854066  |
| **Crude Petroleum Extraction - 0.5%**<br>|  |  |
|  Enterprise Products Operating LLC, 5.35%, 01/31/2033 (Callable 10/31/2032) | 500000 | 523888  |
| **Electric Utilities - 0.9%**<br>|  |  |
| Duke Energy Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/08/2027 (Callable 11/08/2027) | 495000 | 505117  |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/15/2032 (Callable 05/15/2032) | 500000 | 499308  |
|  |  | 1004425  |

---

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

2<br>

------

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

**LKCM Balanced Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **CORPORATE BONDS - (Continued)** <br>|  |  |
| **Financial Services - 0.9%**<br>|  |  |
|  Mastercard, Inc., 4.85%, 03/09/2033 (Callable 12/09/2032) | $500000 | $515183  |
|  Visa Inc., 1.90%, 04/15/2027 (Callable 02/15/2027) | 500000 | 489986  |
|  |  | 1005169  |
| **Health Care Equipment & Supplies - 1.0%**<br>|  |  |
|  Abbott Laboratories, 3.75%, 11/30/2026 (Callable 08/30/2026) | 355000 | 355107  |
|  Stryker Corp., 5.20%, 02/10/2035 (Callable 11/10/2034) | 750000 | 772145  |
|  |  | 1127252  |
| **Household Products - 0.5%**<br>|  |  |
|  Colgate-Palmolive Co., 3.10%, 08/15/2027 (Callable 07/15/2027) | 595000 | 590456  |
| **Industrial Conglomerates - 0.2%**<br>|  |  |
|  Honeywell International, Inc., 4.88%, 09/01/2029 (Callable 08/01/2029) | 150000 | 154405  |
| **Insurance - 0.9%**<br>|  |  |
|  Arthur J Gallagher & Co., 5.00%, 02/15/2032 (Callable 12/15/2031) | 975000 | 998661  |
| **Interactive Media & Services - 1.2%**<br>|  |  |
| Meta Platforms, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 08/15/2027 (Callable 07/15/2027) | 250000 | 249681  |
| &nbsp;&nbsp;&nbsp; 4.60%, 05/15/2028 (Callable 04/15/2028) | 250000 | 254741  |
| &nbsp;&nbsp;&nbsp; 4.55%, 08/15/2031 (Callable 06/15/2031) | 550000 | 560463  |
| &nbsp;&nbsp;&nbsp; 4.75%, 08/15/2034 (Callable 05/15/2034) | 250000 | 252764  |
|  |  | 1317649  |
| **IT Services - 0.1%**<br>|  |  |
|  International Business Machines Corp., 4.75%, 02/06/2033 (Callable 11/06/2032) | 125000 | 127209  |
| **Life Sciences Tools & Services - 0.7%**<br>|  |  |
|  Thermo Fisher Scientific, Inc., 4.95%, 11/21/2032 (Callable 08/21/2032) | 750000 | 776409  |
| **Oil, Gas & Consumable Fuels - 3.4%**<br>|  |  |
|  Chevron Corp., 2.00%, 05/11/2027 (Callable 03/11/2027) | 400000 | 391469  |
| ConocoPhillips Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.95%, 04/15/2029 | 500000 | 544419  |
| &nbsp;&nbsp;&nbsp; 5.05%, 09/15/2033 (Callable 06/15/2033) | 250000 | 257660  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  Devon Energy Corp., 4.50%, 01/15/2030 (Callable 01/12/2026) | $500000 | $501740  |
|  Enterprise Products Operating LLC, 5.05%, 01/10/2026 | 100000 | 100002  |
|  EOG Resources, Inc., 4.38%, 04/15/2030 (Callable 01/15/2030) | 750000 | 755993  |
|  Kinder Morgan, Inc., 5.20%, 06/01/2033 (Callable 03/01/2033) | 325000 | 335004  |
|  ONEOK, Inc., 5.80%, 11/01/2030 (Callable 09/01/2030) | 750000 | 791623  |
|  |  | 3677910  |
| **Other Electric Power Generation - 0.3%**<br>|  |  |
|  Duke Energy Progress LLC, 5.25%, 03/15/2033 (Callable 12/15/2032) | 300000 | 312681  |
| **Personal Care Products - 0.1%**<br>|  |  |
|  Kenvue, Inc., 5.00%, 03/22/2030 (Callable 01/22/2030) | 120000 | 123702  |
| **Pharmaceuticals - 1.3%**<br>|  |  |
|  Bristol-Myers Squibb Co., 5.10%, 02/22/2031 (Callable 12/22/2030) | 800000 | 833940  |
|  Eli Lilly & Co., 4.50%, 02/09/2029 (Callable 01/09/2029) | 575000 | 586219  |
|  |  | 1420159  |
|  **Semiconductors & Semiconductor Equipment - 0.6%**<br>|  |  |
|  Broadcom, Inc., 5.05%, 07/12/2029 (Callable 06/12/2029) | 250000 | 257645  |
|  NVIDIA Corp., 3.20%, 09/16/2026 (Callable 06/16/2026) | 400000 | 398593  |
|  |  | 656238  |
| **Software - 2.9%**<br>|  |  |
|  Adobe, Inc., 4.80%, 04/04/2029 (Callable 03/04/2029) | 850000 | 872427  |
| Intuit, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 09/15/2028 (Callable 08/15/2028) | 550000 | 567704  |
| &nbsp;&nbsp;&nbsp; 5.20%, 09/15/2033 (Callable 06/15/2033) | 275000 | 288113  |
| Oracle Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 05/06/2030 (Callable 03/06/2030) | 220000 | 218350  |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/06/2033 (Callable 11/06/2032) | 750000 | 724341  |
|  Roper Technologies, Inc., 4.90%, 10/15/2034 (Callable 07/15/2034) | 500000 | 499985  |
|  |  | 3170920 |

---

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

3<br>

------

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

**LKCM Balanced Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **CORPORATE BONDS - (Continued)** <br>|  |  |
| **Specialized REITs - 0.7%**<br>|  |  |
| American Tower Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 10/15/2026 (Callable 07/15/2026) | $635000 | $631867  |
| &nbsp;&nbsp;&nbsp; 5.80%, 11/15/2028 (Callable 10/15/2028) | 75000 | 78341  |
|  |  | 710208  |
| **Specialty Retail - 1.8%**<br>|  |  |
| Home Depot, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.80%, 09/14/2027 (Callable 06/14/2027) | 500000 | 492536  |
| &nbsp;&nbsp;&nbsp; 4.90%, 04/15/2029 (Callable 03/15/2029) | 220000 | 226604  |
| O'Reilly Automotive, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.20%, 04/01/2030 (Callable 01/01/2030) | 500000 | 499739  |
| &nbsp;&nbsp;&nbsp; 4.70%, 06/15/2032 (Callable 03/15/2032) | 250000 | 253055  |
|  Tractor Supply Co., 5.25%, 05/15/2033 (Callable 02/15/2033) | 500000 | 517951  |
|  |  | 1989885  |
|  **Support Activities for Oil and Gas Operations - 0.1%**<br>|  |  |
|  ConocoPhillips Co., 4.70%, 01/15/2030 (Callable 12/15/2029) | 100000 | 101982  |
|  **Wireless Telecommunications Carriers (except Satellite) - 0.2%**<br>|  |  |
| T-Mobile USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/01/2028 (Callable 01/12/2026) | 100000 | 100044  |
|  |  | 199773  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $32,146,736)** |  | 32525068  |
|  | **Shares** |  |
|  **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.7%**<br>|  |  |
| **Specialized REITs - 0.7%**<br>|  |  |
| American Tower Corp. | 4500 | 790065  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $847,757)** |  | 790065 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Invesco Short-Term Investments <br>Trust - Government & Agency <br>Portfolio - Institutional Class, <br>3.91%<sup>(c)</sup> | 639109 | $639109  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $639,109)** |  | 639109  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.8%** <br>**(Cost $66,504,707)** |  | $108922503  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.2% |  | 220199  |
| **TOTAL NET ASSETS - 100.0%** |  | $109142702 |

---

Par amount is in USD unless otherwise indicated.

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> 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 December 31, 2025, the value of these securities total $283,925 or 0.3% of the Fund's net assets.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

4<br>

------

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

**LKCM EQUITY FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 100.1%**<br>|  |  |
| **Aerospace & Defense - 3.1%**<br>|  |  |
| BWX Technologies, Inc. | 42000 | $7259280  |
| RTX Corp. | 24000 | 4401600  |
| TransDigm Group, Inc. | 3000 | 3989550  |
|  |  | 15650430  |
| **Banks - 5.1%**<br>|  |  |
| Bank of America Corp. | 180000 | 9900000  |
| JPMorgan Chase & Co. | 50000 | 16111000  |
|  |  | 26011000  |
| **Beverages - 1.3%**<br>|  |  |
| Coca-Cola Co. | 95000 | 6641450  |
| **Biotechnology - 1.8%**<br>|  |  |
| Amgen, Inc. | 28000 | 9164680  |
| **Broadline Retail - 1.7%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 38000 | 8771160  |
| **Capital Markets - 1.0%**<br>|  |  |
| S&P Global, Inc. | 10000 | 5225900  |
| **Chemicals - 4.7%**<br>|  |  |
| Ecolab, Inc. | 55000 | 14438600  |
| Linde PLC | 22000 | 9380580  |
|  |  | 23819180  |
| **Commercial Services & Supplies - 5.5%**<br>|  |  |
| Cintas Corp. | 64000 | 12036480  |
| Waste Connections, Inc. | 90000 | 15782400  |
|  |  | 27818880  |
| **Construction & Engineering - 3.8%**<br>|  |  |
| Fluor Corp.<sup>(a)</sup> | 125000 | 4953750  |
| Valmont Industries, Inc. | 35000 | 14081200  |
|  |  | 19034950  |
| **Construction Materials - 2.2%**<br>|  |  |
| Martin Marietta Materials, Inc. | 18000 | 11207880  |
| **Electrical Equipment - 2.9%**<br>|  |  |
| Emerson Electric Co. | 75000 | 9954000  |
| Generac Holdings, Inc.<sup>(a)</sup> | 35000 | 4772950  |
|  |  | 14726950  |
|  **Electronic Equipment, Instruments & Components - 2.5%**<br>|  |  |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 25000 | 12768250  |
| **Entertainment - 0.7%**<br>|  |  |
| Netflix, Inc.<sup>(a)</sup> | 35000 | 3281600  |
| **Financial Services - 1.7%**<br>|  |  |
| Mastercard, Inc. - Class A | 15000 | 8563200  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Health Care Equipment & Supplies - 2.3%**<br>|  |  |
| Alcon AG | 60000 | $4728600  |
| Stryker Corp. | 20000 | 7029400  |
|  |  | 11758000  |
| **Household Products - 1.8%**<br>|  |  |
| Kimberly-Clark Corp. | 50000 | 5044500  |
| Procter & Gamble Co. | 30000 | 4299300  |
|  |  | 9343800  |
| **Interactive Media & Services - 6.8%**<br>|  |  |
| Alphabet, Inc. - Class A | 110000 | 34430000  |
| **Life Sciences Tools & Services - 1.2%**<br>|  |  |
| Thermo Fisher Scientific, Inc. | 10700 | 6200115  |
| **Machinery - 4.5%**<br>|  |  |
| Franklin Electric Co., Inc. | 85000 | 8120050  |
| Toro Co. | 80000 | 6297600  |
| Xylem, Inc. | 60000 | 8170800  |
|  |  | 22588450  |
| **Marine Transportation - 1.9%**<br>|  |  |
| Kirby Corp.<sup>(a)</sup> | 85000 | 9365300  |
| **Metals & Mining - 1.3%**<br>|  |  |
| Wheaton Precious Metals Corp. | 55000 | 6463600  |
| **Oil, Gas & Consumable Fuels - 7.4%**<br>|  |  |
| Cameco Corp. | 90000 | 8234100  |
| Chevron Corp. | 42500 | 6477425  |
| ConocoPhillips Co. | 100000 | 9361000  |
| Coterra Energy, Inc. | 384000 | 10106880  |
| Range Resources Corporation | 100000 | 3526000  |
|  |  | 37705405  |
| **Pharmaceuticals - 1.7%**<br>|  |  |
| Johnson & Johnson | 30000 | 6208500  |
| Pfizer Inc. | 100000 | 2490000  |
|  |  | 8698500  |
|  **Semiconductors & Semiconductor Equipment - 5.5%**<br>|  |  |
| NVIDIA Corp. | 150000 | 27975000  |
| **Software - 14.9%**<br>|  |  |
| Microsoft Corp. | 80000 | 38689600  |
| Oracle Corp. | 120000 | 23389200  |
| Trimble, Inc.<sup>(a)</sup> | 170000 | 13319500  |
|  |  | 75398300  |
| **Specialty Retail - 4.9%**<br>|  |  |
| Academy Sports & Outdoors, Inc. | 90000 | 4496400  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 120000 | 10945200  |
| The Home Depot, Inc. | 26500 | 9118650  |
|  |  | 24560250  |

---

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

5<br>

------

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

**LKCM EQUITY FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** <br>|  |  |
|  **Technology Hardware, Storage & Peripherals - 5.2%**<br>|  |  |
| Apple Inc. | 96000 | $26098560  |
| **Trading Companies & Distributors - 2.7%**<br>|  |  |
| FTAI Aviation Ltd. | 70000 | 13779500  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $217,733,431)** |  | 507050290  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency <br>Portfolio - Institutional Class, <br>3.68%<sup>(b)</sup> | 4576353 | 4576353  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $4,576,353)** |  | 4576353  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.0%** <br>**(Cost $222,309,784)** |  | $511626643  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of <br>Other Assets - (1.0)% |  | (5066027)  |
| **TOTAL NET ASSETS - 100.0%** |  | $506560616 |

---

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 yield as of December 31, 2025.

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

6<br>

------

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

**LKCM FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 76.5%**<br>|  |  |
| **Aerospace & Defense - 6.0%**<br>|  |  |
| L3Harris Technologies, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 06/01/2029 (Callable 05/01/2029) | $4000000 | $4116281  |
| &nbsp;&nbsp;&nbsp; 5.40%, 07/31/2033 (Callable 04/30/2033) | 5525000 | 5765255  |
| RTX Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/15/2029 (Callable 12/15/2028) | 4000000 | 4191399  |
| &nbsp;&nbsp;&nbsp; 5.15%, 02/27/2033 (Callable 11/27/2032) | 2750000 | 2845559  |
|  |  | 16918494  |
| **Banks - 5.4%**<br>|  |  |
| Bank of America Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 03/03/2026 | 2000000 | 2001512  |
| &nbsp;&nbsp;&nbsp; 4.25%, 10/22/2026 | 5000000 | 5010590  |
|  Cullen/Frost Bankers, Inc., 4.50%, 03/17/2027 (Callable 02/17/2027) | 3942000 | 3959345  |
| JPMorgan Chase & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.30%, 04/01/2026 (Callable 02/01/2026) | 3500000 | 3496260  |
| &nbsp;&nbsp;&nbsp; 3.20%, 06/15/2026 (Callable 03/15/2026) | 636000 | 634206  |
|  |  | 15101913  |
| **Beverages - 0.8%**<br>|  |  |
|  Keurig Dr Pepper, Inc., 2.55%, 09/15/2026 (Callable 06/15/2026) | 2225000 | 2202293  |
| **Biotechnology - 3.1%**<br>|  |  |
|  AbbVie, Inc., 4.95%, 03/15/2031 (Callable 01/15/2031) | 4000000 | 4141505  |
| Amgen, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.60%, 08/19/2026 (Callable 05/19/2026) | 1000000 | 992538  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/02/2033 (Callable 12/02/2032) | 3500000 | 3629019  |
|  |  | 8763062  |
| **Chemicals - 0.9%**<br>|  |  |
| Ecolab, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.70%, 11/01/2026 (Callable 08/01/2026) | 2000000 | 1982581  |
| &nbsp;&nbsp;&nbsp; 4.80%, 03/24/2030 (Callable 12/24/2029) | 500000 | 513585  |
|  |  | 2496166  |
| **Commercial Services & Supplies - 5.3%**<br>|  |  |
| Republic Services, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 07/15/2030 (Callable 06/15/2030) | 4000000 | 4100134  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2034 (Callable 01/01/2034) | 2500000 | 2572385  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Waste Management, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/15/2028 (Callable 02/15/2028) | $5800000 | $5882811  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2030 (Callable 12/15/2029) | 2370000 | 2417387  |
|  |  | 14972717  |
| **Crude Petroleum Extraction - 1.8%**<br>|  |  |
|  Enterprise Products Operating LLC, 4.15%, 10/16/2028 (Callable 07/16/2028) | 5000000 | 5033328  |
| &nbsp;&nbsp;&nbsp; **Diversified Telecommunication** <br>**Services - 3.1%**<br>|  |  |
|  AT&T, Inc., 4.25%, 03/01/2027 (Callable 12/01/2026) | 4235000 | 4245598  |
| Verizon Communications, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/16/2027 | 1484000 | 1488239  |
| &nbsp;&nbsp;&nbsp; 2.10%, 03/22/2028 (Callable 01/22/2028) | 3000000 | 2881634  |
|  |  | 8615471  |
| **Electric Utilities - 1.6%**<br>|  |  |
| Duke Energy Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/15/2032 (Callable 05/15/2032) | 2000000 | 1997232  |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/15/2033 (Callable 06/15/2033) | 2500000 | 2653010  |
|  |  | 4650242  |
| **Electrical Equipment - 3.1%**<br>|  |  |
|  Emerson Electric Co., 5.00%, 03/15/2035 (Callable 12/15/2034) | 8475000 | 8724643  |
| **Entertainment - 0.7%**<br>|  |  |
|  Netflix, Inc., 4.90%, 08/15/2034 (Callable 05/15/2034) | 2000000 | 2050404  |
| &nbsp;&nbsp;&nbsp; **Health Care Equipment &** <br>**Supplies - 3.7%**<br>|  |  |
|  Abbott Laboratories, 4.75%, 11/30/2036 (Callable 05/30/2036) | 200000 | 201736  |
| Stryker Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/11/2029 (Callable 08/11/2029) | 2500000 | 2515839  |
| &nbsp;&nbsp;&nbsp; 4.85%, 02/10/2030 (Callable 01/10/2030) | 7500000 | 7708272  |
|  |  | 10425847  |
| **Health Care Providers & Services - 1.4%**<br>|  |  |
|  UnitedHealth Group, Inc., 4.25%, 01/15/2029 (Callable 12/15/2028) | 4000000 | 4034644  |
| **Hotels, Restaurants & Leisure - 1.8%**<br>|  |  |
|  McDonald's Corp., 3.50%, 07/01/2027 (Callable 05/01/2027) | 5000000 | 4977087  |

---

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

7<br>

------

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

**LKCM FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Insurance - 1.9%**<br>|  |  |
|  Arthur J Gallagher & Co., 5.00%, 02/15/2032 (Callable 12/15/2031) | $5250000 | $5377405  |
| **Interactive Media & Services - 2.7%**<br>|  |  |
| Meta Platforms, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 05/15/2028 (Callable 04/15/2028) | 2500000 | 2547405  |
| &nbsp;&nbsp;&nbsp; 4.80%, 05/15/2030 (Callable 03/15/2030) | 2950000 | 3043770  |
| &nbsp;&nbsp;&nbsp; 4.75%, 08/15/2034 (Callable 05/15/2034) | 2000000 | 2022114  |
|  |  | 7613289  |
| **Life Sciences Tools & Services - 1.5%**<br>|  |  |
|  Thermo Fisher Scientific, Inc., 5.09%, 08/10/2033 (Callable 05/10/2033) | 4000000 | 4159882  |
| **Oil, Gas & Consumable Fuels - 9.0%**<br>|  |  |
|  Chevron Corp., 2.95%, 05/16/2026 (Callable 02/16/2026) | 1870000 | 1864374  |
|  ConocoPhillips Co., 5.05%, 09/15/2033 (Callable 06/15/2033) | 2000000 | 2061275  |
|  Devon Energy Corp., 4.50%, 01/15/2030 (Callable 01/12/2026) | 4000000 | 4013922  |
|  Kinder Morgan, Inc., 5.20%, 06/01/2033 (Callable 03/01/2033) | 7300000 | 7524694  |
| ONEOK, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.55%, 11/01/2026 (Callable 10/01/2026) | 2500000 | 2528007  |
| &nbsp;&nbsp;&nbsp; 6.35%, 01/15/2031 (Callable 10/15/2030) | 2000000 | 2150697  |
| &nbsp;&nbsp;&nbsp; 6.05%, 09/01/2033 (Callable 06/01/2033) | 5000000 | 5336998  |
|  |  | 25479967  |
|  **Other Management Consulting Services - 0.7%**<br>|  |  |
|  Accenture Capital, Inc., 4.50%, 10/04/2034 (Callable 07/04/2034) | 2000000 | 1977624  |
| **Pharmaceuticals - 0.2%**<br>|  |  |
|  Bristol-Myers Squibb Co., 5.10%, 02/22/2031 (Callable 12/22/2030) | 500000 | 521213  |
|  **Semiconductors & Semiconductor Equipment - 2.9%**<br>|  |  |
| Broadcom, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/2030 (Callable 01/15/2030) | 2500000 | 2576531  |
| &nbsp;&nbsp;&nbsp; 5.15%, 11/15/2031 (Callable 09/15/2031) | 5500000 | 5717340  |
|  |  | 8293871  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Software - 8.4%**<br>|  |  |
|  Adobe, Inc., 4.80%, 04/04/2029 (Callable 03/04/2029) | $700000 | $718469  |
|  Intuit, Inc., 5.20%, 09/15/2033 (Callable 06/15/2033) | 2500000 | 2619209  |
| Oracle Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.65%, 07/15/2026 (Callable 04/15/2026) | 2000000 | 1984042  |
| &nbsp;&nbsp;&nbsp; 6.15%, 11/09/2029 (Callable 09/09/2029) | 3000000 | 3135512  |
| &nbsp;&nbsp;&nbsp; 4.90%, 02/06/2033 (Callable 11/06/2032) | 3000000 | 2897364  |
|  Roper Technologies, Inc., 4.90%, 10/15/2034 (Callable 07/15/2034) | 6000000 | 5999824  |
|  Trimble, Inc., 6.10%, 03/15/2033 (Callable 12/15/2032) | 6000000 | 6473173  |
|  |  | 23827593  |
| **Specialized REITs - 4.4%**<br>|  |  |
| American Tower Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 10/15/2026 (Callable 07/15/2026) | 4030000 | 4010117  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/15/2028 (Callable 06/15/2028) | 4200000 | 4320547  |
| &nbsp;&nbsp;&nbsp; 4.05%, 03/15/2032 (Callable 12/15/2031) | 4050000 | 3949968  |
|  |  | 12280632 |
| **Specialty Retail - 4.2%**<br>|  |  |
|  Lowe's Cos., Inc., 2.50%, 04/15/2026 (Callable 02/01/2026) | 1000000 | 996086  |
| O'Reilly Automotive, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.35%, 06/01/2028 (Callable 03/01/2028) | 675000 | 681233  |
| &nbsp;&nbsp;&nbsp; 4.20%, 04/01/2030 (Callable 01/01/2030) | 2325000 | 2323787  |
| &nbsp;&nbsp;&nbsp; 4.70%, 06/15/2032 (Callable 03/15/2032) | 2750000 | 2783598  |
|  Tractor Supply Co., 5.25%, 05/15/2033 (Callable 02/15/2033) | 5000000 | 5179509  |
|  |  | 11964213  |
|  **Wireless Telecommunications Carriers (except Satellite) - 1.9%**<br>|  |  |
|  T-Mobile USA, Inc., 4.75%, 02/01/2028 (Callable 01/12/2026) | 5500000 | 5502407  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $212,569,578)** |  | 215964407  |
| **U.S. TREASURY SECURITIES - 11.6%**<br>|  |  |
| United States Treasury Note/Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/31/2026 | 2000000 | 2000804  |
| &nbsp;&nbsp;&nbsp; 4.13%, 06/15/2026 | 1000000 | 1002893  |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/15/2026 | 500000 | 504515  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/15/2027 | 2300000 | 2330906  |
| &nbsp;&nbsp;&nbsp; 4.13%, 09/30/2027 | 400000 | 404359  |

---

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

8<br>

------

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

**LKCM FIXED INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - (Continued)** | **U.S. TREASURY SECURITIES - (Continued)** | **U.S. TREASURY SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/31/2029 | $2000000 | $2027734  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/31/2030 | 2000000 | 2027383 |
| &nbsp;&nbsp;&nbsp; 5.38%, 02/15/2031 | 2500000 | 2691016  |
| &nbsp;&nbsp;&nbsp; 4.13%, 11/15/2032 | 8500000 | 8611397  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033 | 3000000 | 3103711  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2034 | 3000000 | 2996836  |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/15/2034 | 5000000 | 5063672  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $32,520,800)** |  | 32765226  |
|  **U.S. GOVERNMENT SPONSORED ENTITIES - 9.9%**<br>|  |  |
| Federal Home Loan Banks<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/17/2026<sup>(a)</sup> | 2500000 | 2497586  |
| &nbsp;&nbsp;&nbsp; 2.38%, 03/13/2026 | 3575000 | 3565523  |
| &nbsp;&nbsp;&nbsp; 2.00%, 03/30/2026<sup>(a)</sup> | 3000000 | 2987361  |
| &nbsp;&nbsp;&nbsp; 2.00%, 05/26/2026<sup>(a)</sup> | 2500000 | 2483360  |
| &nbsp;&nbsp;&nbsp; 2.50%, 10/28/2026 (Callable 01/28/2026)<sup>(a)</sup> | 3000000 | 2979993  |
| &nbsp;&nbsp;&nbsp; 2.63%, 01/25/2027 (Callable 01/25/2026)<sup>(a)</sup> | 2500000 | 2486932  |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/29/2027 | 1750000 | 1778346  |
| &nbsp;&nbsp;&nbsp; 2.00%, 11/16/2028 (Callable 02/16/2026)<sup>(a)</sup> | 3000000 | 2910889  |
| &nbsp;&nbsp;&nbsp; 2.82%, 06/27/2029 (Callable 01/09/2026) | 4000000 | 3893156  |
| &nbsp;&nbsp;&nbsp; 2.25%, 12/15/2033 (Callable 03/15/2026)<sup>(a)</sup> | 2500000 | 2316235  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. GOVERNMENT SPONSORED ENTITIES** <br>**(Cost $28,311,782)** |  | 27899381  |
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.9%**<br>|  |  |
|  Invesco Government & Agency Portfolio - Institutional Class, 3.91%<sup>(b)</sup> | 2417677 | 2417677  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $2,417,677)** |  | 2417677  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.9%** <br>**(Cost $275,819,837)** |  | $279046691  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.1% |  | 3123603  |
| **TOTAL NET ASSETS - 100.0%** |  | $282170294 |

---

Par amount is in USD unless otherwise indicated.

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.

LLC - Limited Liability Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> Step coupon bond. The rate disclosed is as of December 31, 2025.

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

9<br>

------

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

**LKCM INTERNATIONAL EQUITY FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 92.6%**<br>|  |  |
| **Australia - 1.6%**<br>|  |  |
| **Capital Markets - 1.6%**<br>|  |  |
| Macquarie Group Ltd. | 9004 | $1216715  |
| **Canada - 9.7%**<br>|  |  |
| **Banks - 2.8%**<br>|  |  |
| Royal Bank of Canada | 12225 | 2084097  |
| **Ground Transportation - 2.0%**<br>|  |  |
| Canadian Pacific Kansas City Ltd. | 19467 | 1433201  |
| **Oil, Gas & Consumable Fuels - 4.9%**<br>|  |  |
| Cameco Corp. | 25701 | 2353358  |
| Canadian Natural Resources Ltd. | 37616 | 1274102  |
|  |  | 3627460  |
| **Total Canada** |  | 7144758  |
| **Finland - 2.7%**<br>|  |  |
| **Banks - 2.7%**<br>|  |  |
| Nordea Bank Abp | 105105 | 1977284  |
| **France - 12.6%**<br>|  |  |
| **Aerospace & Defense - 1.5%**<br>|  |  |
| Safran SA | 3210 | 1118097  |
| **Chemicals - 2.1%**<br>|  |  |
| Air Liquide SA | 8055 | 1513967  |
| **Commercial Services & Supplies - 1.8%**<br>|  |  |
| Elis SA | 47099 | 1336455  |
| **Electrical Equipment - 1.9%**<br>|  |  |
| Schneider Electric SA | 5123 | 1401524  |
| **IT Services - 1.5%**<br>|  |  |
| Capgemini SE | 6766 | 1123481  |
| **Personal Care Products - 1.7%**<br>|  |  |
| L'Oreal SA | 2991 | 1284083  |
| **Textiles, Apparel & Luxury Goods - 2.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis <br>Vuitton SE | 2000 | 1507470  |
| **Total France** |  | 9285077  |
| **Germany - 10.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; **Diversified Telecommunication** <br>**Services - 2.0%**<br>|  |  |
| Deutsche Telekom AG | 44999 | 1464763  |
| **Insurance - 2.6%**<br>|  |  |
| Allianz SE | 4073 | 1883260  |
|  **Semiconductors & Semiconductor Equipment - 2.2%**<br>|  |  |
| Infineon Technologies AG | 37469 | 1634807  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Software - 2.0%**<br>|  |  |
| SAP SE | 6030 | $1465099  |
| **Textiles, Apparel & Luxury Goods - 1.5%**<br>|  |  |
| Adidas AG | 5750 | 1137843  |
| **Total Germany** |  | 7585772  |
| **Ireland - 2.8%**<br>|  |  |
| **Construction Materials - 2.8%**<br>|  |  |
| CRH PLC | 16771 | 2093021  |
| **Italy - 0.8%**<br>|  |  |
| **Textiles, Apparel & Luxury Goods - 0.8%**<br>|  |  |
| Moncler SpA | 9372 | 599059  |
| **Japan - 3.2%**<br>|  |  |
| **Chemicals - 1.5%**<br>|  |  |
| Shin-Etsu Chemical Co. Ltd. | 36279 | 1126868  |
| **Insurance - 1.7%**<br>|  |  |
| Tokio Marine Holdings, Inc. | 34604 | 1279175  |
| **Total Japan** |  | 2406043  |
| **Netherlands - 9.7%**<br>|  |  |
| **Banks - 3.0%**<br>|  |  |
| ING Groep NV | 78413 | 2204049  |
| **Capital Markets - 2.0%**<br>|  |  |
| Euronext NV | 9738 | 1462821  |
| **Food Products - 0.1%**<br>|  |  |
| Magnum Ice Cream Co. NV<sup>(a)</sup> | 5173 | 82106  |
| **Professional Services - 1.4%**<br>|  |  |
| Wolters Kluwer NV | 9855 | 1020745  |
|  **Semiconductors & Semiconductor Equipment - 3.2%**<br>|  |  |
| ASML Holding NV | 2228 | 2400712  |
| **Total Netherlands** |  | 7170433  |
| **Norway - 2.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; **Diversified Telecommunication** <br>**Services - 2.0%**<br>|  |  |
| Telenor ASA | 103807 | 1509815  |
| **Spain - 1.9%**<br>|  |  |
| **Machinery - 1.9%**<br>|  |  |
| Fluidra SA | 51895 | 1405940  |
| **Sweden - 1.9%**<br>|  |  |
| **Financial Services - 1.9%**<br>|  |  |
| Investor AB<sup>(a)</sup> | 40064 | 1427705  |
| **Switzerland - 10.4%**<br>|  |  |
| **Beverages - 1.3%**<br>|  |  |
| Coca-Cola HBC AG | 19115 | 988884  |

---

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

10<br>

------

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

**LKCM INTERNATIONAL EQUITY FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Capital Markets - 2.1%**<br>|  |  |
| Julius Baer Group Ltd. | 19807 | $1547537  |
| **Electrical Equipment - 2.4%**<br>|  |  |
| ABB Ltd. | 23792 | 1753888  |
| **Health Care Equipment & Supplies - 2.1%**<br>|  |  |
| Alcon AG | 19410 | 1535877  |
| **Life Sciences Tools & Services - 2.5%**<br>|  |  |
| Lonza Group AG | 2756 | 1858150  |
| **Total Switzerland** |  | 7684336  |
| **United Kingdom - 23.0%**<br>|  |  |
| **Aerospace & Defense - 1.9%**<br>|  |  |
| BAE Systems PLC | 59921 | 1379080  |
| **Banks - 3.0%**<br>|  |  |
| Barclays PLC | 340235 | 2177880  |
| **Beverages - 0.1%**<br>|  |  |
| Diageo PLC | 4390 | 94595  |
|  **Electronic Equipment, Instruments & Components - 2.5%**<br>|  |  |
| Halma PLC | 39143 | 1857911  |
| **Hotels, Restaurants & Leisure - 4.1%**<br>|  |  |
| Compass Group PLC | 46888 | 1485643  |
| InterContinental Hotels Group PLC<sup>(a)</sup> | 11125 | 1563378  |
|  |  | 3049021  |
| **Oil, Gas & Consumable Fuels - 2.1%**<br>|  |  |
| Shell PLC | 41415 | 1526230  |
| **Personal Care Products - 2.0%**<br>|  |  |
| Unilever PLC | 22991 | 1502162  |
| **Pharmaceuticals - 4.4%**<br>|  |  |
| AstraZeneca PLC | 9388 | 1737331  |
| Haleon PLC | 298781 | 1509848  |
|  |  | 3247179  |
| **Software - 2.0%**<br>|  |  |
| Sage Group PLC | 102800 | 1495168  |
| **Trading Companies & Distributors - 0.9%**<br>|  |  |
| Diploma PLC | 9546 | 679177  |
| **Total United Kingdom** |  | 17008403  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $46,187,946)** |  | 68514361  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **PREFERRED STOCKS - 2.4%**<br>|  |  |
| **Germany - 2.4%**<br>|  |  |
| **Life Sciences Tools & Services - 2.4%**<br>|  |  |
| Sartorius AG, 0.00% | 6090 | $1753702  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $1,565,028)** |  | 1753702  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 4.3%**<br>|  |  |
|  Invesco Government & Agency Portfolio - Institutional Class, 3.91%<sup>(b)</sup> | 2233204 | 2233204  |
|  MSILF Government Portfolio - Institutional Class, 3.69%<sup>(b)</sup> | 919636 | 919636  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $3,152,840)** |  | 3152840  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.3%** <br>**(Cost $50,905,814)** |  | $73420903  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.7% |  | 521844  |
| **TOTAL NET ASSETS - 100.0%** |  | $73942747 |

---

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 yield as of December 31, 2025.

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

11<br>

------

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

**LKCM Small Cap Equity Fund** 

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.5%**<br>|  |  |
| **Aerospace & Defense - 2.7%**<br>|  |  |
| Karman Holdings, Inc.<sup>(a)</sup> | 60000 | $4390200  |
| Mercury Systems, Inc.<sup>(a)</sup> | 60778 | 4437402  |
|  |  | 8827602  |
| **Banks - 5.9%**<br>|  |  |
| Cullen/Frost Bankers, Inc. | 9622 | 1218434  |
| First Financial Bankshares, Inc. | 97712 | 2918658  |
| Hilltop Holdings, Inc. | 72049 | 2445343  |
| Home BancShares, Inc. | 162789 | 4522278  |
| UMB Financial Corp. | 34624 | 3983145  |
| Webster Financial Corp. | 64812 | 4079267  |
|  |  | 19167125  |
| **Beverages - 2.9%**<br>|  |  |
| Primo Brands Corp. | 188529 | 3082449  |
| Vita Coco Co., Inc.<sup>(a)</sup> | 121260 | 6427993  |
|  |  | 9510442  |
| **Biotechnology - 1.2%**<br>|  |  |
| Halozyme Therapeutics, Inc.<sup>(a)</sup> | 60000 | 4038000  |
| **Broadline Retail - 1.3%**<br>|  |  |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 38884 | 4262075  |
| **Building Products - 2.4%**<br>|  |  |
| AAON, Inc. | 42542 | 3243828  |
| CSW Industrials, Inc. | 15197 | 4460775  |
|  |  | 7704603  |
| **Capital Markets - 3.8%**<br>|  |  |
| Donnelley Financial Solutions, Inc.<sup>(a)</sup> | 63736 | 2975834  |
| Miami International Holdings, Inc.<sup>(a)</sup> | 74438 | 3303558  |
| Piper Sandler Cos. | 17952 | 6098474  |
|  |  | 12377866  |
| **Chemicals - 1.3%**<br>|  |  |
| Hawkins, Inc. | 29362 | 4171166  |
|  **Commercial Services & Supplies - 1.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Casella Waste Systems, Inc. - <br>Class A<sup>(a)</sup> | 40924 | 4008097  |
| **Communications Equipment - 6.8%**<br>|  |  |
| Ciena Corporation<sup>(a)</sup> | 41315 | 9662339  |
| Lumentum Holdings, Inc.<sup>(a)</sup> | 33792 | 12455393  |
|  |  | 22117732  |
| **Construction Materials - 0.9%**<br>|  |  |
| Eagle Materials, Inc. | 14319 | 2959451  |
| **Consumer Finance - 1.4%**<br>|  |  |
| FirstCash Holdings, Inc. | 29091 | 4636524  |
| **Diversified Consumer Services - 0.6%**<br>|  |  |
| OneSpaWorld Holdings Ltd. | 99587 | 2065434  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Electrical Equipment - 0.7%**<br>|  |  |
| Generac Holdings, Inc.<sup>(a)</sup> | 16020 | $2184647  |
|  **Electronic Equipment, Instruments & Components - 1.7%**<br>|  |  |
| Rogers Corp.<sup>(a)</sup> | 61450 | 5626976  |
| **Energy Equipment & Services - 2.2%**<br>|  |  |
| Archrock, Inc. | 173006 | 4501616  |
|  WaterBridge Infrastructure LLC - Class A<sup>(a)</sup> | 125000 | 2501250  |
|  |  | 7002866  |
| **Financial Services - 1.7%**<br>|  |  |
| Euronet Worldwide, Inc.<sup>(a)</sup> | 33688 | 2563993  |
| Shift4 Payments, Inc. - Class A<sup>(a)</sup> | 45973 | 2894920  |
|  |  | 5458913  |
| **Food Products - 0.3%**<br>|  |  |
| Utz Brands, Inc. | 102001 | 1058770  |
| **Health Care Equipment & Supplies - 4.2%**<br>|  |  |
| Alphatec Holdings, Inc.<sup>(a)</sup> | 470000 | 9888800  |
| Merit Medical Systems, Inc.<sup>(a)</sup> | 44000 | 3878160  |
|  |  | 13766960  |
| **Health Care Providers & Services - 3.9%**<br>|  |  |
| Addus HomeCare Corp.<sup>(a)</sup> | 30146 | 3237379  |
| Ensign Group, Inc. | 30289 | 5276344  |
| HealthEquity, Inc.<sup>(a)</sup> | 44387 | 4066293  |
|  |  | 12580016  |
| **Health Care Technology - 2.5%**<br>|  |  |
| Phreesia, Inc.<sup>(a)</sup> | 219375 | 3711825  |
| Waystar Holding Corp.<sup>(a)</sup> | 136923 | 4484228  |
|  |  | 8196053  |
| **Hotels, Restaurants & Leisure - 1.6%**<br>|  |  |
| Kura Sushi USA, Inc. - Class A<sup>(a)</sup> | 28613 | 1497318  |
| Wingstop, Inc. | 15616 | 3724260  |
|  |  | 5221578  |
| **Insurance - 2.4%**<br>|  |  |
| Goosehead Insurance, Inc. - Class A | 39676 | 2922138  |
| Palomar Holdings, Inc.<sup>(a)</sup> | 36545 | 4924804  |
|  |  | 7846942  |
| **Leisure Products - 0.8%**<br>|  |  |
| Mattel, Inc.<sup>(a)</sup> | 129165 | 2562634  |
| **Life Sciences Tools & Services - 4.0%**<br>|  |  |
|  Charles River Laboratories International, Inc.<sup>(a)</sup> | 30122 | 6008737  |
| Medpace Holdings, Inc.<sup>(a)</sup> | 12487 | 7013323  |
|  |  | 13022060  |
| **Machinery - 8.4%**<br>|  |  |
| Alamo Group, Inc. | 19787 | 3321643  |
| CECO Environmental Corp.<sup>(a)</sup> | 111030 | 6645145  |
| ESAB Corp. | 42626 | 4762177  |

---

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

12<br>

------

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

**LKCM Small Cap Equity Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Machinery - (Continued)** | **Machinery - (Continued)** | **Machinery - (Continued)** |
| Helios Technologies, Inc. | 38830 | $2077017  |
| ITT, Inc. | 31035 | 5384883  |
|  Watts Water Technologies, Inc. - Class A | 18354 | 5066071  |
|  |  | 27256936  |
| **Media - 2.9%**<br>|  |  |
| Magnite, Inc.<sup>(a)</sup> | 312980 | 5079665  |
| Nexstar Media Group, Inc. - Class A | 21672 | 4400500  |
|  |  | 9480165  |
| **Metals & Mining - 1.6%**<br>|  |  |
| Materion Corp. | 42343 | 5264082  |
| **Oil, Gas & Consumable Fuels - 2.8%**<br>|  |  |
| Gulfport Energy Corp.<sup>(a)</sup> | 20708 | 4307057  |
| Magnolia Oil & Gas Corp. - Class A | 91685 | 2006985  |
| Permian Resources Corp. | 202836 | 2845789  |
|  |  | 9159831  |
| **Pharmaceuticals - 1.5%**<br>|  |  |
| Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | 80688 | 4977643  |
| **Professional Services - 4.4%**<br>|  |  |
| CBIZ, Inc.<sup>(a)</sup> | 46306 | 2336138  |
| Planet Labs PBC<sup>(a)</sup> | 325001 | 6409020  |
| Upwork, Inc.<sup>(a)</sup> | 276747 | 5485125  |
|  |  | 14230283  |
|  **Real Estate Management & Development - 2.1%**<br>|  |  |
| Colliers International Group, Inc. | 20337 | 2989742  |
| FirstService Corp. | 23654 | 3678907  |
|  |  | 6668649  |
|  **Semiconductors & Semiconductor Equipment - 3.6%**<br>|  |  |
| Tower Semiconductor Ltd.<sup>(a)</sup> | 99062 | 11631860  |
| **Software - 6.6%**<br>|  |  |
| Braze, Inc. - Class A<sup>(a)</sup> | 118555 | 4065251  |
| Cellebrite DI Ltd.<sup>(a)</sup> | 101290 | 1826259  |
| LiveRamp Holdings, Inc.<sup>(a)</sup> | 39408 | 1157413  |
| Onestream, Inc.<sup>(a)</sup> | 149162 | 2741597  |
| Q2 Holdings, Inc.<sup>(a)</sup> | 52825 | 3811852  |
| Workiva Inc.<sup>(a)</sup> | 48843 | 4212709  |
| Yext, Inc.<sup>(a)</sup> | 438568 | 3534858  |
|  |  | 21349939  |
| **Specialty Retail - 2.6%**<br>|  |  |
| Academy Sports & Outdoors, Inc. | 87015 | 4347270  |
| Warby Parker, Inc. - Class A<sup>(a)</sup> | 191061 | 4163219  |
|  |  | 8510489  |
| **Textiles, Apparel & Luxury Goods - 0.9%**<br>|  |  |
| Crocs, Inc.<sup>(a)</sup> | 35875 | 3068030  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Tobacco - 1.9%**<br>|  |  |
| Turning Point Brands, Inc. | 58053 | $6292945  |
| **Trading Companies & Distributors - 0.8%**<br>|  |  |
| SiteOne Landscape Supply, Inc.<sup>(a)</sup> | 20432 | 2545010  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $223,530,706)** |  | 320810394  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 1.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency <br>Portfolio - Institutional Class, <br>3.91%<sup>(b)</sup> | 5127138 | 5127138  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $5,127,138)** |  | 5127138  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.1%** <br>**(Cost $228,657,844)** |  | $325937532  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of <br>Other Assets - (0.1)% |  | (449628)  |
| **TOTAL NET ASSETS - 100.0%** |  | $325487904 |

---

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.

LLC - Limited Liability Company

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

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

13<br>

------

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

**LKCM Small-Mid Cap Equity Fund** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.9%**<br>|  |  |
| **Aerospace & Defense - 6.0%**<br>|  |  |
| BWX Technologies, Inc. | 5929 | $1024768  |
| Karman Holdings, Inc.<sup>(a)</sup> | 9467 | 692701  |
| Mercury Systems, Inc.<sup>(a)</sup> | 11794 | 861080  |
|  |  | 2578549  |
| **Banks - 3.3%**<br>|  |  |
| UMB Financial Corp. | 6087 | 700248  |
| Webster Financial Corp. | 11236 | 707194  |
|  |  | 1407442  |
| **Biotechnology - 2.9%**<br>|  |  |
| Natera, Inc.<sup>(a)</sup> | 5422 | 1242126  |
| **Building Products - 4.3%**<br>|  |  |
| Builders FirstSource, Inc.<sup>(a)</sup> | 5039 | 518463  |
| CSW Industrials, Inc. | 2848 | 835973  |
| Zurn Elkay Water Solutions Corp. | 11033 | 512924  |
|  |  | 1867360  |
| **Capital Markets - 6.6%**<br>|  |  |
| Houlihan Lokey, Inc. | 3608 | 628478  |
| LPL Financial Holdings, Inc. | 2798 | 999362  |
| Miami International Holdings, Inc.<sup>(a)</sup> | 6816 | 302494  |
| SEI Investments Co. | 11120 | 912062  |
|  |  | 2842396  |
| **Commercial Services & Supplies - 3.4%**<br>|  |  |
| Casella Waste Systems, Inc. - Class A<sup>(a)</sup> | 7684 | 752571  |
| Tetra Tech, Inc. | 21539 | 722418  |
|  |  | 1474989  |
| **Construction Materials - 1.0%**<br>|  |  |
| Eagle Materials, Inc. | 2025 | 418527  |
| **Consumer Finance - 2.2%**<br>|  |  |
| FirstCash Holdings, Inc. | 5845 | 931576  |
| **Energy Equipment & Services - 1.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; WaterBridge Infrastructure LLC - <br>Class A<sup>(a)</sup> | 26150 | 523262  |
| **Financial Services - 4.3%**<br>|  |  |
| Corpay, Inc.<sup>(a)</sup> | 2726 | 820335  |
| NCR Atleos Corp.<sup>(a)</sup> | 27114 | 1033315  |
|  |  | 1853650  |
| **Health Care Equipment & Supplies - 1.4%**<br>|  |  |
| Merit Medical Systems, Inc.<sup>(a)</sup> | 6846 | 603406  |
| **Health Care Providers & Services - 3.7%**<br>|  |  |
| Encompass Health Corp. | 5402 | 573368  |
| Ensign Group, Inc. | 5873 | 1023077  |
|  |  | 1596445  |
| **Health Care Technology - 1.3%**<br>|  |  |
| Waystar Holding Corp.<sup>(a)</sup> | 16489 | 540015  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Hotels, Restaurants & Leisure - 1.7%**<br>|  |  |
| Wingstop, Inc. | 3101 | $739557  |
| **Insurance - 5.7%**<br>|  |  |
| Goosehead Insurance, Inc. - Class A | 11845 | 872384  |
| Kinsale Capital Group, Inc. | 1714 | 670380  |
| Palomar Holdings, Inc.<sup>(a)</sup> | 6909 | 931057  |
|  |  | 2473821  |
| **IT Services - 3.2%**<br>|  |  |
| Twilio Inc. - Class A<sup>(a)</sup> | 9622 | 1368633  |
| **Life Sciences Tools & Services - 2.2%**<br>|  |  |
| Medpace Holdings, Inc.<sup>(a)</sup> | 1674 | 940202  |
| **Machinery - 3.5%**<br>|  |  |
| ITT, Inc. | 4712 | 817579  |
| SPX Technologies, Inc.<sup>(a)</sup> | 3444 | 689007  |
|  |  | 1506586  |
| **Media - 0.9%**<br>|  |  |
| Nexstar Media Group, Inc. - Class A | 1877 | 381125  |
| **Metals & Mining - 3.5%**<br>|  |  |
| Materion Corp. | 6255 | 777622  |
| Reliance, Inc. | 2544 | 734885  |
|  |  | 1512507  |
| **Oil, Gas & Consumable Fuels - 4.4%**<br>|  |  |
| Expand Energy Corp. | 7220 | 796799  |
| Golar LNG Ltd. | 12778 | 475470  |
| Permian Resources Corp. | 45711 | 641325  |
|  |  | 1913594  |
| **Professional Services - 4.1%**<br>|  |  |
| Broadridge Financial Solutions, Inc. | 3043 | 679106  |
| Planet Labs PBC<sup>(a)</sup> | 55312 | 1090753  |
|  |  | 1769859  |
| **Real Estate Management & Development - 4.1%**<br>|  |  |
| Colliers International Group, Inc. | 6075 | 893086  |
| FirstService Corp. | 5504 | 856037  |
|  |  | 1749123  |
|  **Semiconductors & Semiconductor Equipment - 4.3%**<br>|  |  |
| Tower Semiconductor Ltd.<sup>(a)</sup> | 15821 | 1857702  |
| **Software - 9.8%**<br>|  |  |
| Appfolio, Inc. - Class A<sup>(a)</sup> | 3551 | 826140  |
| Cellebrite DI Ltd.<sup>(a)</sup> | 44066 | 794510  |
| Nutanix, Inc. - Class A<sup>(a)</sup> | 11662 | 602809  |
| Q2 Holdings, Inc.<sup>(a)</sup> | 13347 | 963119  |
| Trimble, Inc.<sup>(a)</sup> | 13514 | 1058822  |
|  |  | 4245400  |

---

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

14<br>

------

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

**LKCM Small-Mid Cap Equity Fund** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Specialty Retail - 2.7%**<br>|  |  |
| Floor & Decor Holdings, Inc. - Class A<sup>(a)</sup> | 9022 | $549350  |
| Warby Parker, Inc. - Class A<sup>(a)</sup> | 29180 | 635832  |
|  |  | 1185182  |
| **Textiles, Apparel & Luxury Goods - 1.5%**<br>|  |  |
| On Holding AG - Class A<sup>(a)</sup> | 13603 | 632267  |
| **Trading Companies & Distributors - 4.7%**<br>|  |  |
| FTAI Aviation Ltd. | 7423 | 1461217  |
| SiteOne Landscape Supply, Inc.<sup>(a)</sup> | 4655 | 579827  |
|  |  | 2041044  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $32,478,132)** |  | 42196345  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 2.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio - <br>Institutional Class, 3.68%<sup>(b)</sup> | 997835 | 997835  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $997,835)** |  | 997835  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.2%** <br>**(Cost $33,475,967)** |  | $43194180  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of <br>Other Assets - (0.2)% |  | (67924)  |
| **TOTAL NET ASSETS - 100.0%** |  | $43126256 |

---

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.

LLC - Limited Liability Company

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

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

15<br>

------

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

**LKCM FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LKCM** <br>**Balanced Fund** | **LKCM** <br>**Equity Fund** | **LKCM Fixed** <br>**Income Fund** | **LKCM** <br>**International** <br>**Equity Fund** | **LKCM Small** <br>**Cap Equity** <br>**Fund**  | **LKCM** <br>**Small-Mid** <br>**Cap Equity** <br>**Fund**  |
| **ASSETS:**<br>|  |  |  |  |  |  |
| Investments, at value | $108922503 | $511626643 | $279046691 | $73420903 | $325937532  | $43194180  |
| Interest receivable | 400748 | 45053 | 3356891 | 12610 | 33516 | 4320  |
| Dividends receivable | 41722 | 192051 |  | 19582 | 72523 | 14074  |
| Dividend tax reclaims receivable | 4045 | 18579 |  | 262380 | 2881 | 242  |
| Receivable for fund shares sold | 214 | 78588 | 74955 |  | 189299 | —  |
| Receivable for investments sold |  |  |  | 388663 |  | —  |
| Prepaid expenses and other assets  | 3512 |  | 136 | 2773 | 14494 | 3721  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 109372744 | 511960914 | 282478673 | 74106911 | 326250245 | 43216537  |
| **LIABILITIES:**<br>|  |  |  |  |  |  |
| Payable for investment advisory fees | 103310 | 625540 | 93165 | 83621 | 522314 | 38789  |
|  Payable for fund administration and accounting fees | 47983 | 166881 | 109944 | 38168 | 105594 | 27598  |
| Payable for capital shares redeemed | 22437 | 24515 |  |  | 40594 | —  |
| Payable for legal fees | 19297 | 82558 | 48889 | 10988 | 47166 | 6758  |
| Payable for professional service fees | 16539 | 41425 | 28123 | 11836 | 27031 | 10164  |
| Payable for transfer agent fees and expenses | 14128 | 31206 | 14343 | 7907 | 14871 | 6163  |
| Payable for custodian fees | 1756 | 6210 | 4723 | 10860 | 3859 | 800  |
| Distributions payable | 1024 |  |  |  |  | —  |
|  Payable for distribution and shareholder servicing fees | 30 | 104 | 69 | 16 | 58 | 9  |
| Payable for investments purchased |  | 4406630 |  |  |  | —  |
| Payable to custodian |  |  |  | 246 |  |  |
| Accrued expenses and other liabilities | 3538 | 15229 | 9123 | 522 | 854 | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 230042 | 5400298 | 308379 | 164164 | 762341 | 90281  |
| Commitments and Contingencies<br>|  |  |  |  |  |  |
| **NET ASSETS** | $109142702 | $506560616 | $282170294 | $73942747 | $325487904 | $43126256  |
| **Net Assets Consist of:** <br>|  |  |  |  |  |  |
| Paid-in capital | $66751303 | $217193324 | $283747298 | $55104823 | $225830153 | $33333904  |
|  Total distributable earnings/(accumulated losses) | 42391399 | 289367292 | (1577004) | 18837924 | 99657751 | 9792352  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $109142702 | $506560616 | $282170294 | $73942747 | $325487904 | $43126256  |
| Net assets | $109142702 | $506560616 | $282170294 | $73942747 | $325487904 | $43126256  |
| Shares issued and outstanding<sup>(a)</sup> | 3868166 | 13469851 | 26479437 | 4688737 | 14876586 | 3799679  |
| Net asset value per share | $28.22 | $37.61 | $10.66 | $15.77 | $21.88 | $11.35  |
| **Cost:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $66504707 | $222309784 | $275819837 | $50905814 | $228657844  | $33475967 |

---

<sup>(a)</sup> Unlimited shares of no par value authorized.

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** 

**For the Year Ended December 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LKCM** <br>**Balanced Fund** | **LKCM** <br>**Equity Fund** | **LKCM** <br>**Fixed Income** <br>**Fund** | **LKCM** <br>**International** <br>**Equity Fund** | **LKCM Small** <br>**Cap Equity** <br>**Fund**  | **LKCM** <br>**Small-Mid** <br>**Cap Equity** <br>**Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |  |
| Dividend income | &nbsp;&nbsp;&nbsp; $1128006 | $5767521 | $— | $1523348 | $1863223 | $285347  |
| Less: dividend withholding taxes | &nbsp;&nbsp;&nbsp; (2378) | (28472) |  | (162374) | (7015) | (1182)  |
| Less: issuance fees | &nbsp;&nbsp;&nbsp; — |  |  | (134) | (81) | —  |
| Interest income | &nbsp;&nbsp;&nbsp; 1371745 | 823466 | 11335363 | 149197 | 534847 | 87878  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp;&nbsp; 2497373 | 6562515 | 11335363 | 1510037 | 2390974 | 372043  |
| **EXPENSES:**<br>|  |  |  |  |  |  |
| Investment advisory fee | &nbsp;&nbsp;&nbsp; 731249 | 3537681 | 1398259 | 614659 | 2197788 | 306339  |
| Fund administration and accounting fees | &nbsp;&nbsp;&nbsp; 190576 | 624307 | 407738 | 138804 | 398502 | 110555  |
| Transfer agent fees | &nbsp;&nbsp;&nbsp; 65613 | 183170 | 97157 | 46968 | 107557 | 37261  |
| Legal fees | &nbsp;&nbsp;&nbsp; 36826 | 160199 | 92773 | 21301 | 93321 | 13466  |
| Trustees' fees | &nbsp;&nbsp;&nbsp; 27762 | 124410 | 67265 | 15204 | 65805 | 8867  |
| Federal and state registration fees | &nbsp;&nbsp;&nbsp; 27584 | 62464 | 37800 | 21435 | 55607 | 32235  |
| Professional service fees | &nbsp;&nbsp;&nbsp; 15036 | 67394 | 37043 | 9008 | 39912 | 5234  |
| Custodian fees | &nbsp;&nbsp;&nbsp; 11710 | 49163 | 28415 | 37293 | 29373 | 5657  |
| Reports to shareholders | &nbsp;&nbsp;&nbsp; 8558 | 14453 | 10522 | 6991 | 11530 | 6646  |
| Distribution expenses | &nbsp;&nbsp;&nbsp; 305 | 1330 | 750 | 181 | 765 | 109  |
| Other expenses and fees | &nbsp;&nbsp;&nbsp; 36525 | 160907 | 91543 | 20121 | 80128 | 10448  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp; 1151744 | 4985478 | 2269265 | 931965 | 3080288 | 536817  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser | &nbsp;&nbsp;&nbsp; (251746) | (942416) | (871005) | (249010) | (154883) | (128364)  |
| &nbsp;&nbsp;&nbsp; Net expenses | &nbsp;&nbsp;&nbsp; 899998 | 4043062 | 1398260 | 682955 | 2925405 | 408453  |
| **NET INVESTMENT INCOME/(LOSS)** | &nbsp;&nbsp;&nbsp; 1597375 | 2519453 | 9937103 | 827082 | (534431) | (36410)  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; 4876761 | 22038163 | (800344) | (1303825) | 30430525 | 2975660  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp;&nbsp; — |  |  | (50105) |  | —  |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 4876761 | 22038163 | (800344) | (1353930) | 30430525 | 2975660  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; 2774618 | 25811839 | 8743793 | 13776775 | 7747193 | (788692)  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp;&nbsp; 134 | 578 |  | 30318 |  | —  |
|  Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; 2774752 | 25812417 | 8743793 | 13807093 | 7747193 | (788692)  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp;&nbsp; 7651513 | 47850580 | 7943449 | 12453163 | 38177718 | 2186968  |
| &nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN** <br>**NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp; $9248888 | $50370033 | $17880552 | $13280245 | $37643287 | $2150558 |

---

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 Balanced Fund** | **LKCM Balanced Fund** | **LKCM Equity Fund**  | **LKCM Equity Fund**  |
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $1597375 | $1393786 | $2519453 | $2668816  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 4876761 | 3901702 | 22038163 | 51295433  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 2774752 | 6701157 | 25812417 | 15478606  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 9248888 | 11996645 | 50370033 | 69442855  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (6351095) | (5147271) | (39172694) | (32692685)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (6351095) | (5147271) | (39172694) | (32692685)  |
| **NET DECREASE IN NET ASSETS FROM**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Fund share transactions (Note C) | (8677861) | (5593729)  | (13119882)  | (22943692)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (5780068) | 1255645 | (1922543) | 13806478 |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 114922770 | 113667125 | 508483159 | 494676681  |
| &nbsp;&nbsp;&nbsp; End of the year | $109142702 | $114922770 | $506560616 | $508483159 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LKCM Fixed Income Fund** | **LKCM Fixed Income Fund** | **LKCM International Equity Fund**  | **LKCM International Equity Fund**  |
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $9937103 | $8433203 | $827082 | $852377  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (800344) | (1889890) | (1353930) | 951781  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 8743793 | 1750631 | 13807093 | 1106573  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 17880552 | 8293944 | 13280245 | 2910731  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (10027300) | (8412958) | (964153) | (834475)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (10027300) | (8412958) | (964153) | (834475) |
| **NET DECREASE IN NET ASSETS FROM** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Fund share transactions (Note C)  | (2805334)  | (9250785)  | 1297797 | (1992887)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets**  | 5047918  | (9369799)  | 13613889  | 83369  |
| **NET ASSETS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year  | 277122376  | 286492175  | 60328858  | 60245489  |
| &nbsp;&nbsp;&nbsp; End of the year  | $282170294  | $277122376  | $73942747  | $60328858 |

---

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 Small Cap Equity Fund** | **LKCM Small Cap Equity Fund** | **LKCM Small-Mid Cap Equity Fund**  | **LKCM Small-Mid Cap Equity Fund**  |
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(534431) | $18868 | &nbsp;&nbsp; $(36410) | &nbsp;&nbsp; $(51641)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 30430525 | 19792543 | &nbsp;&nbsp; 2975660 | &nbsp;&nbsp; (10246)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 7747193 | 18672498 | &nbsp;&nbsp; (788692) | &nbsp;&nbsp; 4941304  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 37643287 | 38483909 | &nbsp;&nbsp; 2150558 | &nbsp;&nbsp; 4879417  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (27077696) | (19098420) | &nbsp;&nbsp; (2610718) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (27077696) | (19098420) | &nbsp;&nbsp; (2610718) | &nbsp;&nbsp; — |
| **NET DECREASE IN NET ASSETS FROM** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Fund share transactions (Note C)  | 31908283 | 32078444 | &nbsp;&nbsp; 4566545 | &nbsp;&nbsp; 5646683  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets**  | 42473874 | 51463933 | &nbsp;&nbsp; 4106385 | &nbsp;&nbsp; 10526100  |
| **NET ASSETS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year  | 283014030 | 231550097 | &nbsp;&nbsp; 39019871 | &nbsp;&nbsp; 28493771  |
| &nbsp;&nbsp;&nbsp; End of the year  | $325487904 | $283014030 | &nbsp;&nbsp; $43126256 | &nbsp;&nbsp; $39019871 |

---

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

19<br>

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

**LKCM Balanced Fund** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $27.59 | $26.00 | $24.29 | $29.21 | $26.76  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.40 | 0.33 | 0.28 | 0.26 | 0.20  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 1.93 | 2.53 | 2.34 | (4.30) | 3.54  |
| **Total from investment operations** | 2.33 | 2.86 | 2.62 | (4.04) | 3.74  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.42) | (0.33) | (0.29) | (0.27) | (0.20)  |
| Net realized gains | (1.28) | (0.94) | (0.62) | (0.61) | (1.09)  |
| **Total distributions** | (1.70) | (1.27) | (0.91) | (0.88) | (1.29)  |
| Redemption fee per share | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | —  |
| **Net asset value, end of year** | $28.22 | $27.59 | $26.00 | $24.29 | $29.21  |
| Total return | 8.44% | 10.99% | 10.84% | (13.84)% | 14.01%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $109143 | $114923 | $113667 | $108746 | $144901  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 1.02% | 1.02% | 1.04% | 0.99% | 0.96%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.80% | 0.80% | 0.80% | 0.80% | 0.80%  |
| Ratio of net investment income (loss) to average net assets | 1.42% | 1.20% | 1.11% | 1.01% | 0.69%  |
| Portfolio turnover rate | 6% | 15% | 11% | 13% | 11% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Amount represents less than $0.005 per share. 

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

20<br>

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

**LKCM Equity Fund** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $36.88 | $34.41 | $30.99 | $38.69 | $33.74  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.19 | 0.19 | 0.30 | 0.31 | 0.16  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 3.66 | 4.79 | 3.62 | (6.31) | 7.43  |
| **Total from investment operations** | 3.85 | 4.98 | 3.92 | (6.00) | 7.59  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.21) | (0.19) | (0.31) | (0.30) | (0.17)  |
| Net realized gains | (2.91) | (2.32) | (0.19) | (1.40) | (2.47)  |
| **Total distributions** | (3.12) | (2.51) | (0.50) | (1.70) | (2.64)  |
| Redemption fee per share | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> |  | 0.00<sup>(c)</sup> | —  |
| **Net asset value, end of year** | $37.61 | $36.88 | $34.41 | $30.99 | $38.69  |
| TOTAL RETURN | 10.36% | 14.44% | 12.65% | (15.44)% | 22.48%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $506561 | $508483 | $494677 | $460642 | $542696  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.99% | 0.98% | 1.00% | 0.97% | 0.96%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.80% | 0.80% | 0.80% | 0.80% | 0.80%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average <br>net assets | 0.50% | 0.52% | 0.93% | 0.91% | 0.43%  |
| Portfolio turnover rate | 9% | 9% | 10% | 11% | 11% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Amount represents less than $0.005 per share. 

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

21<br>

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

**LKCM Fixed Income Fund** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $10.36 | $10.36 | $10.10 | $10.87 | $11.19  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.38 | 0.31 | 0.24 | 0.16 | 0.15  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.30 |  | 0.26 | (0.77) | (0.32)  |
| **Total from investment operations** | 0.68 | 0.31 | 0.50 | (0.61) | (0.17)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.38) | (0.31) | (0.24) | (0.15) | (0.15)  |
| Net realized gains |  |  |  | (0.01) | (0.00)<sup>(c)</sup>  |
| **Total distributions** | (0.38) | (0.31) | (0.24) | (0.16) | (0.15)  |
| Redemption fee per share |  |  | 0.00<sup>(c)</sup> |  | —  |
| **Net asset value, end of year** | $10.66 | $10.36 | $10.36 | $10.10 | $10.87  |
| TOTAL RETURN | 6.66% | 3.06% | 4.98% | (5.63)% | (1.54)%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $282170 | $277122 | $286492 | $275387 | $295745  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.81% | 0.81% | 0.81% | 0.79% | 0.78%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.50% | 0.50% | 0.50% | 0.50% | 0.50%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average <br>net assets | 3.55% | 3.01% | 2.33% | 1.54% | 1.33%  |
| Portfolio turnover rate | 34% | 25% | 23% | 21% | 31% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Amount represents less than $0.005 per share. 

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

22<br>

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

**LKCM International Equity Fund** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $13.11 | $12.68 | $11.08 | $14.50 | $12.44  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.18 | 0.18 | 0.19 | 0.45 | 0.10  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 2.69 | 0.43 | 1.59 | (3.42) | 2.14  |
| **Total from investment operations** | 2.87 | 0.61 | 1.78 | (2.97) | 2.24  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.21) | (0.18) | (0.18) | (0.30) | (0.08)  |
| Net realized gains |  |  |  | (0.15) | (0.10)  |
| **Total distributions** | (0.21) | (0.18) | (0.18) | (0.45) | (0.18)  |
| **Net asset value, end of year** | $15.77 | $13.11 | $12.68 | $11.08 | $14.50  |
| TOTAL RETURN | 21.87% | 4.83% | 16.09% | (20.51)% | 18.00%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $73943 | $60329 | $60245 | $45009 | $55504  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 1.36% | 1.38% | 1.41% | 1.45% | 1.40%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 1.00% | 1.00% | 1.00% | 1.00% | 1.00%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average <br>net assets | 1.21% | 1.36% | 1.58% | 3.80% | 0.69%  |
| Portfolio turnover rate | 21% | 17% | 11% | 26% | 15% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years. 

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

23<br>

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

**LKCM Small Cap Equity Fund** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $21.03 | $19.53 | $16.37 | $21.54 | $21.77  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(a)</sup> | (0.04) |  | (0.01) | (0.04) | (0.08)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 2.85 | 3.03 | 3.71 | (4.73) | 3.23  |
| **Total from investment operations** | 2.81 | 3.03 | 3.70 | (4.77) | 3.15  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income  | 0.00<sup>(d)</sup>  | 0.00  | 0.00  | 0.00  | 0.00  |
| Net realized gains | (1.96) | (1.53) | (0.54) | (0.40) | (3.38)  |
| **Total distributions** | (1.96) | (1.53) | (0.54) | (0.40) | (3.38)  |
| Redemption fee per share | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> |  |  | —  |
| **Net asset value, end of year** | $21.88 | $21.03 | $19.53 | $16.37 | $21.54  |
| TOTAL RETURN | 13.29% | 15.45% | 22.57% | (22.11)% | 14.49%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $325488 | $283014 | $231550 | $170039 | $229199  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 1.05% | 1.06% | 1.07% | 1.07% | 1.03%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 1.00% | 1.00% | 1.00% | 1.00% | 1.00%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average <br>net assets | (0.18)% | 0.01% | (0.08)% | (0.23)% | (0.32)%  |
| Portfolio turnover rate | 40% | 29% | 28% | 42% | 42% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Amount represents less than $0.005 per share. 

<sup>(d)</sup> Amount is less than 0.005. 

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

24<br>

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

**LKCM Small-Mid Cap Equity Fund** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $11.46 | $9.91 | $7.88 | $10.97 | $11.15  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(a)</sup> | (0.01) | (0.02) |  | (0.01) | (0.06)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.62 | 1.57 | 2.03 | (2.43) | 1.77  |
| **Total from investment operations** | 0.61 | 1.55 | 2.03 | (2.44) | 1.71  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net realized gains | (0.72) |  |  | (0.65) | (1.89)  |
| **Total distributions** | (0.72) |  |  | (0.65) | (1.89)  |
| Redemption fee per share |  | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> |  | —  |
| **Net asset value, end of year** | $11.35 | $11.46 | $9.91 | $7.88 | $10.97  |
| TOTAL RETURN | 5.28% | 15.64% | 25.76% | (22.12)% | 15.37%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $43126 | $39020 | $28494 | $15234 | $14355  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 1.31% | 1.40% | 1.74% | 1.80% | 1.74%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 1.00% | 1.00% | 1.00% | 1.00% | 1.00%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average <br>net assets | (0.09)% | (0.15)% | (0.03)% | (0.11)% | (0.49)%  |
| Portfolio turnover rate | 44% | 31% | 32% | 50% | 50% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Amount represents less than $0.005 per share. 

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

25<br>

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

**LKCM FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025** 

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 December 31, 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

26<br>

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

**LKCM FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025(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.  |

---

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

**LKCM FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. As of December 31, 2025, the Funds' assets carried at fair value were classified as follows:

**LKCM Balanced Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**  | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| Common Stocks  | $74968261  | $—  | $—  | $74968261  |
| Corporate Bonds  | —  | 32525068  | —  | 32525068  |
| REITs  | 790065  | —  | —  | 790065  |
| Short-Term Investment  | 639109  | —  | —  | 639109  |
| **Total Investments\***  | $76397435  | $32525068  | $—  | $108922503 |

---

**LKCM Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**  | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| Common Stocks  | $507050290  | $—  | $—  | $507050290  |
| Short-Term Investments  | 4576353  | —  | —  | 4576353  |
| **Total Investments\***  | $511626643  | $—  | $—  | $511626643 |

---

**LKCM Fixed Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**  | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| Corporate Bonds  | $—  | $215964407  | $—  | $215964407  |
| U.S. Treasury Obligations  | —  | 32765226  | —  | 32765226  |
| U.S. Government Sponsored Entities  | —  | 27899381  | —  | 27899381  |
| Short-Term Investment  | 2417677  | —  | —  | 2417677  |
| **Total Investments\***  | $2417677  | $276629014  | $—  | $279046691 |

---

**LKCM International Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**  | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| Common Stocks  | $9319885  | $59194476  | $—  | $68514361  |
| Preferred Stock  | —  | 1753702  | —  | 1753702  |
| Short-Term Investments  | 3152840  | —  | —  | 3152840  |
| **Total Investments\***  | $12472725  | $60948178  | $—  | $73420903 |

---

**LKCM Small Cap Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $320810394  | $— | $— | $320810394  |
| Short-Term Investments | 5127138  |  |  | 5127138  |
| **Total Investments\*** | $325937532  | $— | $— | $325937532 |

---

28<br>

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

**LKCM FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

**LKCM Small-Mid Cap Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $42196345  | $— | $— | $42196345  |
| Short-Term Investments | 997835  |  |  | 997835  |
| **Total Investments\*** | $43194180  | $— | $— | $43194180 |

---

\* 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.

&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

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**LKCM FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LKCM** <br>**Balanced** <br>**Fund** | **LKCM** <br>**Equity Fund** | **LKCM** <br>**Fixed Income** <br>**Fund** | **LKCM** <br>**International** <br>**Equity Fund**  | **LKCM** <br>**Small Cap** <br>**Equity Fund** | **LKCM** <br>**Small-Mid** <br>**Cap Equity** <br>**Fund** |
| Paid-in capital | $173392  | $2934334  | $— | $—  | $459209  | $59736  |
| Total distributable earnings | (173392) | (2934334)  |  | —  | (459209) | (59736) |

---

&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 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:* 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.

&nbsp;&nbsp;&nbsp;&nbsp;12. *New Accounting Pronouncements:* In December 2023, the Financial Accounting Standard Board issued Accounting Standards Update 2023-09, Income Taxes
 (Topic 740) ("ASU 2023-09") Improvements to Income Tax Disclosures, which enhances income tax disclosures, including providing
 specific information regarding income taxes paid. The Funds have adopted ASU 2023-09 as of December 31, 2025, with no material impact
 on the Funds' financial statements.

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.

30<br>

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**LKCM FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

For the year ended December 31, 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>**Balanced** <br>**Fund** | **LKCM** <br>**Equity Fund** | **LKCM** <br>**Fixed Income** <br>**Fund** | **LKCM** <br>**International** <br>**Equity Fund**  | **LKCM** <br>**Small Cap** <br>**Equity Fund** | **LKCM** <br>**Small-Mid** <br>**Cap Equity** <br>**Fund** |
| Annual Management Fee Rate | 0.65% | 0.70% | 0.50% | 0.90%  | 0.75% | 0.75% |
| Annual Cap on Expenses | 0.80% | 0.80% | 0.50% | 1.00%  | 1.00% | 1.00% |
|  Fees Waived and/or Expenses Reimbursed in 2025 | $251746  | $942416  | $871005  | $249010  | $154883  | $128364 |

---

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.

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 December 31, 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:

**LKCM Balanced Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025**  | **Year Ended December 31, 2025**  | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  |
|  | **Shares**  | **Amount**  | **Shares**  | **Amount**  |
| Shares sold  | 98004  | $2724113  | 140455  | $4030087  |
|  Shares issued to shareholders in reinvestment of distributions  | 216727  | 6150006  | 179311  | 4985889  |
| Shares redeemed  | (612550)  | (17551981)  | (526267)  | (14609707)  |
| Redemption fee  | —  | 1  | —  | 2  |
| Net increase (decrease) | (297819)  | $(8677861)  | (206501)  | $(5593729)  |
| **Shares Outstanding:** <br>|  |  |  |  |
| Beginning of period  | 4165985  |  | 4372486  |  |
| End of period  | 3868166  |  | 4165985  |  |

---

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**LKCM FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

**LKCM Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025**  | **Year Ended December 31, 2025**  | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  |
|  | **Shares**  | **Amount**  | **Shares**  | **Amount**  |
| Shares sold  | 390682  | $14724349  | 404257  | $14933764  |
|  Shares issued to shareholders in reinvestment of distributions  | 980829  | 37173433  | 843664  | 31325241  |
| Shares redeemed  | (1687672)  | (65017919)  | (1839762)  | (69204555)  |
| Redemption fee  |  | 255  |  | 1858  |
| Net increase (decrease) | (316161)  | $(13119882)  | (591841)  | $(22943692)  |
| **Shares Outstanding:** <br>|  |  |  |  |
| Beginning of period  | 13786012  |  | 14377853  |  |
| End of period  | 13469851  |  | 13786012  |  |

---

**LKCM Fixed Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025**  | **Year Ended December 31, 2025**  | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  |
|  | **Shares**  | **Amount**  | **Shares**  | **Amount**  |
| Shares sold  | 1061488  | $11190097  | 2037482  | $21176820  |
|  Shares issued to shareholders in reinvestment of distributions  | 860577  | 9096610  | 739156  | 7670885  |
| Shares redeemed  | (2191775)  | (23092041)  | (3690233)  | (38098490)  |
| Redemption fee  |  | —  |  | —  |
| Net increase (decrease) | (269710)  | $(2805334)  | (913595)  | $(9250785)  |
| **Shares Outstanding:** <br>|  |  |  |  |
| Beginning of period  | 26749147  |  | 27662742  |  |
| End of period  | 26479437  |  | 26749147  |  |

---

**LKCM International Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025**  | **Year Ended December 31, 2025**  | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  |
|  | **Shares**  | **Amount**  | **Shares**  | **Amount**  |
| Shares sold  | 197653  | $2911436  | 147145  | $2007875  |
|  Shares issued to shareholders in reinvestment of distributions  | 47556  | 752341  | 49109  | 647743  |
| Shares redeemed  | (159328)  | (2365980)  | (346336)  | (4648505)  |
| Redemption fee  |  |  |  |  |
| Net increase (decrease)  | 85881  | $1297797  | (150082)  | $(1992887)  |
| **Shares Outstanding:** <br>|  |  |  |  |
| Beginning of period  | 4602856  |  | 4752938  |  |
| End of period  | 4688737  |  | 4602856  |  |

---

32<br>

------

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

**LKCM FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

**LKCM Small Cap Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| Shares sold | 1248240  | $26931254  | 1932643 | $39616847  |
|  Shares issued to shareholders in reinvestment of distributions | 1120990  | 24785094  | 840316 | 17814706  |
| Shares redeemed | (949610)  | (19808088)  | (1172132) | (25353567)  |
| Redemption fee |  | 23 |  | 458 |
| Net increase (decrease) | 1419620  | $31908283 | 1600827 | $32078444  |
| **Shares Outstanding:**<br>|  |  |  |  |
| Beginning of period | 13456966 |  | 11856139 |  |
| End of period | 14876586  |  | 13456966 |  |

---

**LKCM Small-Mid Cap Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| Shares sold | 396748  | $4540045  | 670022 | $7098560  |
|  Shares issued to shareholders in reinvestment of distributions | 189167  | 2173516  |  | —  |
| Shares redeemed | (192434)  | (2147016)  | (140386) | (1451877)  |
| Redemption fee |  |  |  | —  |
| Other |  |  |  |  |
| Net increase (decrease) | 393481  | $4566545 | 529636 | $5646683  |
| **Shares Outstanding:**<br>|  |  |  |  |
| Beginning of period | 3406198 |  | 2876562 |  |
| End of period | 3799679  |  | 3406198 |  |

---

D. SECURITY TRANSACTIONS

Purchases and sales of investment securities, other than short-term investments, for the year ended December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Purchases** | **Sales**  | **Sales**  |
|  | **U.S. Government** | **Other** | **U.S. Government** | **Other**  |
| LKCM Balanced Fund  | &nbsp;&nbsp; $—  | $6940419  | &nbsp;&nbsp; $—  | $20251575  |
| LKCM Equity Fund  | &nbsp;&nbsp; —  | 44893747  | &nbsp;&nbsp; —  | 78046789  |
| LKCM Fixed Income Fund  | &nbsp;&nbsp; 7961055  | 84701949  | &nbsp;&nbsp; 40205075  | 54719317  |
| LKCM International Equity Fund  | &nbsp;&nbsp; —  | 13433621  | &nbsp;&nbsp; —  | 15181964  |
| LKCM Small Cap Equity Fund | &nbsp;&nbsp; —  | 120639949  | &nbsp;&nbsp; —  | 113497847  |
| LKCM Small-Mid Cap Equity Fund | &nbsp;&nbsp; —  | 20010250  | &nbsp;&nbsp; —  | 16979336 |

---

33<br>

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

**LKCM FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

E. TAX INFORMATION

At December 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LKCM** <br>**Balanced** <br>**Fund**  | **LKCM** <br>**Equity Fund**  | **LKCM** <br>**Fixed Income** <br>**Fund**  | **LKCM** <br>**International** <br>**Equity Fund**  | **LKCM** <br>**Small Cap** <br>**Equity Fund**  | **LKCM** <br>**Small Mid** <br>**Cap Equity** <br>**Fund**  |
| Tax cost  | $66504707  | $222299309  | $275819837  | $51182448  | $228657844  | $33475969  |
| Gross unrealized appreciation  | 43254350  | 290170802  | 4343055  | 23272921  | 108527204  | 11203778  |
| Gross unrealized depreciation  | (836359)  | (842707)  | (1116201)  | (1013141)  | (11247516)  | (1485567)  |
| Net unrealized appreciation  | 42417991  | 289328095  | 3226854  | 22259780  | 97279688  | 9718211  |
| Undistributed ordinary income  | 1843  | 39199  | 258787  | 680334  | —  | —  |
|  Undistributed long-term capital gain.  | —  | —  | —  | —  | 2378063  | 74141  |
| Distributable earnings  | 1843  | 39199  | 258787  | 680334  | 2378063  | 74141  |
| Other accumulated losses  | (28435)  | (2)  | (5062645)  | (4102190)  | —  | —  |
| Total distributable earnings  | $42391399  | $289367292  | $(1577004)  | $18837924  | $99657751  | $9792352 |

---

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

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, 2025, the capital loss carryforwards were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-Term** | **Long-Term** | **Capital Loss** <br>**Carryover** <br>**Utilized**  |
| LKCM Fixed Income Fund | $419360 | $4643285 | $—  |
| LKCM International Equity Fund | 723906 | 3378284 | —  |
| LKCM Small-Mid Cap Equity Fund |  |  | 194260 |

---

At December 31, 2025, the following Funds deferred, on a tax basis, post-October capital losses of:

---

| | |
|:---|:---|
| LKCM Balanced Fund  | $28435 |
| LKCM Equity Fund | 2 |

---

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 Balanced Fund | $1624723 | $4726372 | $1364595 | $3782676  |
| LKCM Equity Fund | 2648769 | 36523925 | 2500301 | 30192384  |
| LKCM Fixed Income Fund | 10027300 |  | 8412958 | —  |
| LKCM International Equity Fund | 964153 |  | 834475 | —  |
| LKCM Small Cap Equity Fund | 18868 | 27058828 |  | 19098420  |
| LKCM Small-Mid Cap Equity Fund |  | 2610718 |  |  |

---

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, 2025.

34<br>

------

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

**LKCM FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

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, 2022 through December 31, 2025 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, 2025. 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 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 December 31, 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.

35<br>

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

**LKCM FUNDS** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the shareholders and the Board of Trustees of LKCM Funds

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statements of assets and liabilities of LKCM Funds (the "Funds") comprising the LKCM Balanced Fund, LKCM Equity Fund, LKCM Fixed Income Fund, LKCM International Equity Fund, LKCM Small Cap Equity Fund, and LKCM Small-Mid Cap Equity Fund, including the schedules of investments, as of December 31, 2025, the related statements of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the funds constituting the LKCM Funds as of December 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

![](efp22616_deolite.jpg)

Milwaukee, Wisconsin

February 27, 2026

We have served as the auditor of one or more LKCM Funds since 2007.

36<br>

------

**[**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 Trust to its directors, officers and affiliated persons is included in the accompanying financial statements.

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

Not applicable.

37<br>

![](logo_lkcm.jpg)

**LKCM Aquinas Catholic Equity Fund** 

Financial Statements and Other Information

December 31, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#soia) | [1](#soia) |
| [Statement of Assets and Liabilities](#sala) | [3](#sala) |
| [Statement of Operations](#sopa) | [4](#sopa) |
| [Statements of Changes in Net Assets](#scnaa) | [5](#scnaa) |
| [Financial Highlights](#fha) | [6](#fha) |
| [Notes to the Financial Statements](#notesa) | [7](#notesa) |
| [Report of Independent Registered Public Accounting Firm](#rep1a) | [13](#rep1a) |
| [Additional Information](#ai1a) | [14](#ai1a) |

---

------

**[**TABLE OF CONTENTS**](#TOC1)**

**LKCM Aquinas Catholic Equity Fund** 

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.6%**<br>|  |  |
| **Aerospace & Defense - 3.0%**<br>|  |  |
| L3Harris Technologies, Inc. | 6000 | $1761420  |
| **Banks - 0.9%**<br>|  |  |
| Cullen/Frost Bankers, Inc. | 4000 | 506520  |
| **Beverages - 2.4%**<br>|  |  |
| PepsiCo, Inc. | 10000 | 1435200  |
| **Broadline Retail - 3.1%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 8000 | 1846560  |
| **Capital Markets - 2.2%**<br>|  |  |
| Charles Schwab Corp. | 13000 | 1298830  |
| **Chemicals - 9.6%**<br>|  |  |
| Corteva, Inc. | 22500 | 1508175  |
| DuPont de Nemours, Inc. | 10000 | 402000  |
| Ecolab, Inc. | 5000 | 1312600  |
| Linde PLC | 2000 | 852780  |
| Sherwin-Williams Co. | 5000 | 1620150  |
|  |  | 5695705  |
| **Construction Materials - 2.1%**<br>|  |  |
| Martin Marietta Materials, Inc. | 2000 | 1245320  |
| **Electric Utilities - 1.8%**<br>|  |  |
| Constellation Energy Corp. | 3100 | 1095137  |
|  **Electronic Equipment, Instruments & Components - 2.6%**<br>|  |  |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 3000 | 1532190  |
| **Health Care Equipment & Supplies - 5.0%** | **Health Care Equipment & Supplies - 5.0%** | **Health Care Equipment & Supplies - 5.0%** |
| Alcon AG | 13500 | 1063935  |
| Stryker Corp. | 5500 | 1933085  |
|  |  | 2997020  |
| **Household Durables - 1.1%**<br>|  |  |
| Whirlpool Corporation | 9300 | 670902  |
|  **Independent Power and Renewable Electricity Producers - 2.2%**<br>|  |  |
| Clearway Energy, Inc. - Class C | 40000 | 1330400  |
| **Interactive Media & Services - 7.3%**<br>|  |  |
| Alphabet, Inc. - Class A | 14000 | 4382000  |
| **Leisure Products - 1.8%**<br>|  |  |
| Mattel, Inc.<sup>(a)</sup> | 55000 | 1091200  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Machinery - 3.6%**<br>|  |  |
| Chart Industries, Inc.<sup>(a)</sup> | 2700 | $556821  |
| IDEX Corp. | 5300 | 943082  |
| Illinois Tool Works Inc. | 2500 | 615750  |
|  |  | 2115653  |
| **Marine Transportation - 1.5%**<br>|  |  |
| Kirby Corp.<sup>(a)</sup> | 8000 | 881440  |
| **Oil, Gas & Consumable Fuels - 7.0%**<br>|  |  |
| Devon Energy Corp. | 25000 | 915750  |
| Diamondback Energy Inc. | 5000 | 751650  |
| Expand Energy Corp. | 8500 | 938060  |
| Kinder Morgan, Inc. | 27500 | 755975  |
| Permian Resources Corp. | 60000 | 841800  |
|  |  | 4203235  |
| **Pharmaceuticals - 2.1%**<br>|  |  |
| Zoetis, Inc. | 10000 | 1258200  |
| **Professional Services - 3.7%**<br>|  |  |
| Broadridge Financial Solutions, Inc. | 5500 | 1227435  |
| Verisk Analytics, Inc. | 4500 | 1006605  |
|  |  | 2234040  |
|  **Semiconductors & Semiconductor Equipment - 6.2%**<br>|  |  |
| NVIDIA Corp. | 17500 | 3263750  |
| Qnity Electronics, Inc. | 5000 | 408250  |
|  |  | 3672000  |
| **Software - 19.1%**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 3700 | 1294963  |
| Microsoft Corp. | 6000 | 2901720  |
| Oracle Corp. | 11000 | 2144010  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 7000 | 1289400  |
| Roper Technologies, Inc. | 4000 | 1780520  |
| Trimble, Inc.<sup>(a)</sup> | 25000 | 1958750  |
|  |  | 11369363  |
| **Specialty Retail - 4.6%**<br>|  |  |
| Academy Sports & Outdoors, Inc. | 27500 | 1373900  |
| Home Depot, Inc. | 4000 | 1376400  |
|  |  | 2750300  |
| &nbsp;&nbsp;&nbsp; **Technology Hardware, Storage &** <br>**Peripherals - 3.6%** | &nbsp;&nbsp;&nbsp; **Technology Hardware, Storage &** <br>**Peripherals - 3.6%** | &nbsp;&nbsp;&nbsp; **Technology Hardware, Storage &** <br>**Peripherals - 3.6%** |
| Apple Inc. | 8000 | 2174880  |
| **Textiles, Apparel & Luxury Goods - 2.1%** | **Textiles, Apparel & Luxury Goods - 2.1%** | **Textiles, Apparel & Luxury Goods - 2.1%** |
| Ralph Lauren Corp. | 3500 | 1237635  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $27,544,820)** |  | 58785150  |

---

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

1<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**LKCM Aquinas Catholic Equity Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **Money Market Funds - 1.6%**<br>|  |  |
|  Invesco Government & Agency Portfolio - Institutional Class, 3.91%<sup>(b)</sup> | 979017 | $979017  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $979,017)** |  | 979017  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.2%** <br>**(Cost $28,523,837)** |  | $59764167  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of <br>Other Assets - (0.2)% |  | (110862)  |
| **TOTAL NET ASSETS - 100.0%** |  | $59653305 |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

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

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

2<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**LKCM Aquinas Catholic Equity Fund** 

**Statement of Assets and Liabilities** 

**December 31, 2025** 

---

| | |
|:---|:---|
| **ASSETS:**<br>|  |
| Investments, at value | $59764167  |
| Interest receivable | 5324 |
| Dividends receivable | 38871  |
| Receivable for fund shares sold | 1443  |
| Prepaid expenses and other assets | 12288  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 59822093  |
| **LIABILITIES:**<br>|  |
| Payable for investment advisory fees | 59850  |
| Payable for fund administration and accounting fees | 29609  |
| Payable for distribution and shareholder servicing fees | 28984  |
| Payable for capital shares redeemed | 16671  |
| Payable for professional service fees | 12586  |
| Payable for legal fees | 10086  |
| Payable for transfer agent fees and expenses | 8973  |
| Payable for custodian fees | 1063  |
| Accrued expenses and other liabilities | 966  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 168788  |
| Commitments and Contingencies<br>|  |
| **NET ASSETS** | $59653305  |
| **Net Assets Consists of:**<br>|  |
| Paid-in capital | $28395764  |
| Total distributable earnings | 31257541  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $59653305  |
| Net assets | $59653305  |
| Shares issued and outstanding<sup>(a)</sup> | 3366428  |
| Net asset value per share | $17.72  |
| **Cost:**<br>|  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $28523837 |

---

<sup>(a)</sup> Unlimited shares of no par value authorized.

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

3<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**LKCM Aquinas Catholic Equity Fund** 

**Statement of Operations** 

**For the Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **INVESTMENT INCOME:**<br>|  |
| Dividend income | $763392  |
| Less: dividend withholding taxes | (1626) |
| Interest income | 40349  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 802115  |
| **EXPENSES:**<br>|  |
| Investment advisory fee | 541960  |
| Fund administration and accounting fees | 118457  |
| Distribution expenses | 60379  |
| Transfer agent fees | 48735  |
| Federal and state registration fees | 29983  |
| Legal fees | 19458  |
| Reports to shareholders | 15505  |
| Trustees' fees | 14466  |
| Professional service fees | 8200  |
| Custodian fees | 6749  |
| Other expenses and fees | 18551  |
| &nbsp;&nbsp;&nbsp; Total expenses | 882443  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser | (280265)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 602178  |
| **NET INVESTMENT INCOME** | 199937  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |
| Net realized gain (loss) from:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 3337331  |
| Net realized gain (loss) | 3337331  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 428715  |
| Net change in unrealized appreciation (depreciation) | 428715  |
| **Net realized and unrealized gain (loss)** | 3766046  |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $3965983 |

---

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

4<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**LKCM Aquinas Catholic Equity Fund** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $199937 | $178517  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3337331 | 4380108  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 428715 | 2743520  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 3965983 | 7302145  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (3382634) | (4426034)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (3382634) | (4426034) |
| **NET DECREASE IN NET ASSETS FROM**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Fund share transactions (Note C) | (1039339) | (989966) |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (455990) | 1886145 |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 60109295 | 58223150 |
| &nbsp;&nbsp;&nbsp; End of the year | $59653305 | $60109295  |

---

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

5<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**LKCM Aquinas Catholic Equity Fund** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $17.59 | $16.73 | $15.05 | $19.52 | $17.53  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.06 | 0.05 | 0.12 | 0.17 | 0.05  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 1.13 | 2.20 | 2.00 | (3.72) | 4.40  |
| **Total from investment operations** | 1.19 | 2.25 | 2.12 | (3.55) | 4.45  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.07) | (0.05) | (0.12) | (0.18) | (0.05)  |
| Net realized gains | (0.99) | (1.34) | (0.32) | (0.74) | (2.41)  |
| **Total distributions** | (1.06) | (1.39) | (0.44) | (0.92) | (2.46)  |
| Redemption fee per share | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> |  | —  |
| **Net asset value, end of year** | $17.72 | $17.59 | $16.73 | $15.05 | $19.52  |
| Total return | 6.72% | 13.37% | 14.07% | -18.17% | 25.34%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $59653 | $60109 | $58223 | $50083 | $63916  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 1.47% | 1.47% | 1.53% | 1.45% | 1.40%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 1.00% | 1.00% | 1.00% | 1.00% | 1.00%  |
|  Ratio of net investment income (loss) to average net assets | 0.33% | 0.30% | 0.77% | 1.02% | 0.25%  |
| Portfolio turnover rate | 9% | 11% | 16% | 23% | 18% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Amount represents less than $0.005 per share. 

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

6<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**LKCM AQUINAS CATHOLIC EQUITY FUND** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025** 

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 December 31, 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** 

**December 31, 2025(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 December 31, 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 | $58785150 | $— | $— | $58785150  |
| Money Market Funds | 979017 |  |  | 979017  |
| **Total Investments** | $59764167 | $— | $— | $59764167 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

&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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**LKCM AQUINAS CATHOLIC EQUITY FUND** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025(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 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.

---

| | |
|:---|:---|
| **Fund** | **LKCM Aquinas** <br>**Catholic Equity Fund**  |
| Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $172477  |
| Total distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (172477) |

---

&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:* The Trust's principal executive officer and principal financial officer act as the chief operating decision maker (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

9<br>

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**LKCM AQUINAS CATHOLIC EQUITY FUND** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

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.

&nbsp;&nbsp;&nbsp;&nbsp;12. *New Accounting Pronouncements:* In December 2023, the Financial Accounting Standard Board issued Accounting Standards Update 2023-09, Income Taxes
 (Topic 740) ("ASU 2023-09") Improvements to Income Tax Disclosures, which enhances income tax disclosures, including providing
 specific information regarding income taxes paid. The Fund has adopted ASU 2023-09 as of December 31, 2025, with no material impact on
 the Fund's financial statements.

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 year ended December 31, 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;&nbsp;&nbsp;&nbsp;&nbsp;1.00%  |
| Fees Waived and/or Expenses Reimbursed in 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $280265 |

---

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** 

**December 31, 2025(Continued)** 

C. FUND SHARES

At December 31, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**  | **Year Ended** <br>**December 31, 2025**  | **Year Ended** <br>**December 31, 2024**  | **Year Ended** <br>**December 31, 2024**  |
|  | **Shares** | **Amount**  | **Shares** | **Amount** |
| Shares sold | 76157  | $1351746  | 94402 | $1689787 |
|  Shares issued to shareholders in reinvestment of distributions | 178448  | 3185301  | 233056 | 4136741 |
| Shares redeemed | (305567)  | (5576418)  | (390153) | (6816546) |
| Redemption fee |  | 32  |  | 52 |
| Net increase | (50962)  | $(1039339)  | (62695) | $(989966) |
| **Shares Outstanding:**<br>|  |  |  |  |
| Beginning of period | 3417390 |  | 3480085 |  |
| End of period | 3366428  |  | 3417390 |  |

---

D. SECURITY TRANSACTIONS

Purchases and sales of investment securities, other than short-term investments, for the Fund for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales**  | **Sales**  |
| **U.S. Government** | **Other** | **U.S. Government** | **Other**  |
| $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5349437 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10187106 |

---

E. TAX INFORMATION

At December 31, 2025, the components of accumulated earnings (losses) on a tax basis for the Fund were as follows:

---

| | |
|:---|:---|
| Tax cost | $28523837  |
| Gross unrealized appreciation | $31665391  |
| Gross unrealized depreciation | (425061)  |
| Net unrealized appreciation | $31240330  |
| Undistributed ordinary income | 17214  |
| Distributable earnings | $17214  |
| Other accumulated losses | (3) |
| Total distributable earnings | $31257541 |

---

At December 31, 2025, the Fund deferred, on a tax basis, post-October capital losses of $3.

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, 2025, the Fund had no capital loss carryforwards.

11<br>

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**LKCM AQUINAS CATHOLIC EQUITY FUND** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

The tax components of dividends paid during the periods shown below for the Fund 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 Aquinas Catholic Equity Fund | $217777 | $3164857 | $153095 | &nbsp;&nbsp; $4272939 |

---

The Fund 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, 2025 and 2024, 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, 2022 through December 31, 2025. 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, 2025. 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 December 31, 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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**LKCM FUNDS** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the shareholders of LKCM Aquinas Catholic Equity Fund and the Board of Trustees of LKCM Funds

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of LKCM Aquinas Catholic Equity Fund (the "Fund"), one of the funds constituting the LKCM Funds, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

![](efp22616_deolite.jpg)

Milwaukee, Wisconsin

February 27, 2026

We have served as the auditor of one or more LKCM Funds since 2007.

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**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 Trust to its directors, officers and affiliated persons is included in the accompanying financial statements.

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

Not applicable.

14<br>

&nbsp;&nbsp;&nbsp;&nbsp;&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 Directors, 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 of this Form N-CSR.

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

Not applicable.

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

Not applicable.

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

 

Not applicable.

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

Not applicable.

**<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.

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

Not applicable.

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

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* [(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* The code of ethics required by Item 2 of this Form N-CSR is filed herewith as EX.99.CODE.ETH.](lf-efp22616_ex99code.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* The certification required by Rule 30a-2(a) under the Investment Company Act of 1940 is filed herewith as EX.99.CERT.](lf-efp22616_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange
 Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not
 previously disclosed, the information should relate to events occurring during the reporting period. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* The certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are furnished herewith as EX.99.906CERT.](lf-efp22616_ex99906cert.htm)

**SIGNATURES**

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

LKCM Funds

---

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

---

Date <u>2-26-2026</u>

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 |
|  | J. Luther King, Jr., |
|  | President / Principal Executive Officer |

---

Date <u>2-26-2026</u>

---

| | |
|:---|:---|
| By | /s/ Jacob D. Smith |
|  | Jacob D. Smith, |
|  | Chief Financial Officer / Principal Financial Officer |

---

Date <u>2-26-2026</u>

## Ex-99.Codeeth

**EX.99.CODE ETH**

**LKCM FUNDS**

**CODE OF ETHICS FOR CHIEF EXECUTIVE OFFICER, CHIEF FINANCIAL**

**OFFICER AND TREASURER**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**  **<u>Covered Officers and Purposes of this Code</u>** 

This code of ethics ("Code") applies to the Chief Executive Officer, Chief Financial Officer and the Treasurer (the "Covered Officers") of the LKCM Funds (the "Trust"). The Code serves to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant
files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the prompt internal reporting of violations of the Code to an appropriate person
or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Covered Officers Should Resolve Ethically Any Actual or Apparent Conflicts of Interest</u> 

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended ("1940 Act"), and the Investment Advisers Act of 1940, as amended ("Advisers Act"). For example, Covered Officers may not engage individually in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as "affiliated persons" of the Trust.

Conflicts also may arise from a Covered Officer's position or employment at Luther King Capital Management Corporation ("LKCM") and his or her position with the Trust. This Code recognizes that the Covered Officers, in the normal course of their duties (whether formally for the Trust or for LKCM, or for both), will be involved in establishing policies and implementing decisions that will have different effects on LKCM and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and LKCM and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust. Thus, a Covered Officer should not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) use personal influence or personal relationships improperly to influence investment
decisions or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) cause the Trust to take action, or fail to take action, for the personal benefit
of the Covered Officer, rather than the benefit of the Trust.

At times, certain situations may arise that may, or may not be, considered conflicts of interest under this Code. Covered Officers are encouraged to discuss such situations with legal counsel to the Trust if they are concerned that the situation poses a conflict of interest to him or her. Examples of these types of situations include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) service as director on the board of any public or private company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the receipt of any non-nominal gifts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the receipt of any entertainment from any company with which the Trust has current
or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place,
and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any ownership interest in, or any consulting or employment relationship with, any
of the Trusts' service providers, other than LKCM, or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust
for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's
employment, such as compensation or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Disclosure and Compliance</u> 

It is Trust policy to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable laws and regulations in all reports and documents that the Trust files with, or submits to, the Securities and Exchange Commission and in all other public communications made by the Trust. Covered Officers are required to promote compliance with this policy by all employees and to abide by Trust standards, policies and procedures designed to promote compliance with this policy. Thus, a Covered Officer shall

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) familiarize himself or herself with the disclosure requirements generally applicable
to the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) not knowingly misrepresent, or cause others to misrepresent, facts regarding the
Trust to others, whether within or outside the Trust, including to the Trust's Trustees and auditors, and to governmental regulators
and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to the extent appropriate, within his or her area of responsibility, consult with
other officers and employees of the Trust and LKCM with the goal of promoting full, fair, accurate, timely and understandable disclosure
in the reports and documents the Trust files with, or submit to, the SEC and in other public communications made by the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) promote compliance with the standards and restrictions imposed by applicable laws,
rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Reporting and Accountability</u> 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) upon adoption of the Code (or thereafter as applicable, upon becoming a Covered
Officer), affirm in writing to the Board that he or she has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) annually thereafter affirm to the Board that he or she has complied with the requirements
of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) not retaliate against any other Covered Officer or any employee of the Trust or
their affiliated persons for reports of potential violations that are made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) notify the Audit and Compliance Committee ("Committee") promptly if
he or she knows of any violation of this Code (failure to do so is itself a violation of the Code); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) report at least annually any affiliations or other relationships related to conflicts
of interest in accordance with the Trust's Trustees and Officers Questionnaire.

The Committee is responsible for applying this Code to any specific situations presented to it and has the authority to interpret this Code in any particular situation. Any approvals or waivers sought by Covered Officers shall be considered by the Committee.

The following procedures will be used by the Committee in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Committee will take all appropriate action to investigate any potential violations
reported to the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if, after such investigation, the Committee believes that no violation has occurred,
no further action is required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Committee believes that a violation has occurred, it will inform and make
a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to,
applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation
to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Committee will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any changes to or waivers of this Code will, to the extent required, be disclosed
as provided by SEC rules.

The Committee may retain appropriate counsel or other experts to assist and to perform the foregoing duties and its other duties under this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Other Policies and Procedures</u> 

This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Any other policies or procedures of the Trust, LKCM, or other service providers that govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code are to be interpreted and enforced in conjunction with this Code. The codes of ethics under Rule 17j-1 under the 1940 Act for the Trust and LKCM, contain separate requirements applying to the Covered Officers and others and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Amendments</u> 

Any amendments to this Code must be approved or ratified by a majority vote of the Board, including a majority of independent Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Confidentiality</u> 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board, Trust counsel and LKCM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Internal Use</u> 

The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance, or legal conclusion.

May 18, 2010

## 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 directors (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: | 2-26-2026 | /s/ J. Luther King |
|  |  | 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 directors (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: | 2-26-2026 | /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 year ended December 31, 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 | /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>2-26-2026</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.