# EDGAR Filing Document

**Accession Number:** 0000918942
**File Stem:** 0000894189-25-014075
**Filing Date:** 2025-11
**Character Count:** 38215
**Document Hash:** 8ab29a79cd14221772c24b3a3a37fd72
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-014075.hdr.sgml**: 20251119

**ACCESSION NUMBER**: 0000894189-25-014075

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251119

**DATE AS OF CHANGE**: 20251119

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08352
- **FILM NUMBER:** 251500201

**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-Mid Cap Equity Fund (Series ID: S000032022)

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

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **LKCM Small-Mid Cap Equity Fund** | **LKCM Small-Mid Cap Equity Fund** | **LKCM Small-Mid Cap Equity Fund** | **LKCM Small-Mid Cap Equity Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 94.9%** | **COMMON STOCKS - 94.9%** | **Shares** | **Value**  |
| **Aerospace & Defense - 6.7%** | **Aerospace & Defense - 6.7%** | **Aerospace & Defense - 6.7%** | |
| BWX Technologies, Inc. | BWX Technologies, Inc. | 5929 | $1093130 |
| Karman Holdings, Inc. <sup>(a)</sup> | Karman Holdings, Inc. <sup>(a)</sup> | 10724 | 774273 |
| Mercury Systems, Inc. <sup>(a)</sup> | Mercury Systems, Inc. <sup>(a)</sup> | 12859 | 995286 |
|  |  |  | 2862689 |
| **Banks - 3.2%** | **Banks - 3.2%** | **Banks - 3.2%** |  |
| UMB Financial Corp. | UMB Financial Corp. | 6087 | 720396 |
| Webster Financial Corp. | Webster Financial Corp. | 11236 | 667868 |
|  |  |  | 1388264 |
| **Biotechnology - 2.0%** | **Biotechnology - 2.0%** | **Biotechnology - 2.0%** |  |
| Natera, Inc. <sup>(a)</sup> | Natera, Inc. <sup>(a)</sup> | 5422 | 872779 |
| **Building Products - 4.2%** | **Building Products - 4.2%** | **Building Products - 4.2%** |  |
| Builders FirstSource, Inc. <sup>(a)</sup> | Builders FirstSource, Inc. <sup>(a)</sup> | 5039 | 610979 |
| CSW Industrials, Inc. | CSW Industrials, Inc. | 2848 | 691352 |
| Zurn Elkay Water Solutions Corp. | Zurn Elkay Water Solutions Corp. | 11033 | 518882 |
|  |  |  | 1821213 |
| **Capital Markets - 6.4%** | **Capital Markets - 6.4%** | **Capital Markets - 6.4%** |  |
| Houlihan Lokey, Inc. | Houlihan Lokey, Inc. | 3608 | 740794 |
| LPL Financial Holdings, Inc. | LPL Financial Holdings, Inc. | 2798 | 930867 |
| SEI Investments Co. | SEI Investments Co. | 12607 | 1069704 |
|  |  |  | 2741365 |
| **Commercial Services & Supplies - 2.9%** | **Commercial Services & Supplies - 2.9%** | **Commercial Services & Supplies - 2.9%** |  |
| Casella Waste Systems, Inc. - Class A <sup>(a)</sup> | Casella Waste Systems, Inc. - Class A <sup>(a)</sup> | 5517 | 523453 |
| Tetra Tech, Inc. | Tetra Tech, Inc. | 21539 | 718972 |
|  |  |  | 1242425 |
| **Construction & Engineering - 2.5%** | **Construction & Engineering - 2.5%** | **Construction & Engineering - 2.5%** |  |
| AECOM | AECOM | 8140 | 1062026 |
| **Construction Materials - 1.3%** | **Construction Materials - 1.3%** | **Construction Materials - 1.3%** |  |
| Eagle Materials, Inc. | Eagle Materials, Inc. | 2373 | 553004 |
| **Consumer Finance - 2.2%** | **Consumer Finance - 2.2%** | **Consumer Finance - 2.2%** |  |
| FirstCash Holdings, Inc. | FirstCash Holdings, Inc. | 5845 | 925965 |
| **Electronic Equipment, Instruments & Components - 2.6%** | **Electronic Equipment, Instruments & Components - 2.6%** | **Electronic Equipment, Instruments & Components - 2.6%** |  |
| Trimble, Inc. <sup>(a)</sup> | Trimble, Inc. <sup>(a)</sup> | 13514 | 1103418 |
| **Financial Services - 1.8%** | **Financial Services - 1.8%** | **Financial Services - 1.8%** |  |
| Corpay, Inc. <sup>(a)</sup> | Corpay, Inc. <sup>(a)</sup> | 2726 | 785251 |
| **Health Care Equipment & Supplies - 1.3%** | **Health Care Equipment & Supplies - 1.3%** | **Health Care Equipment & Supplies - 1.3%** |  |
| Merit Medical Systems, Inc. <sup>(a)</sup> | Merit Medical Systems, Inc. <sup>(a)</sup> | 6846 | 569793 |
| **Health Care Providers & Services - 4.3%** | **Health Care Providers & Services - 4.3%** | **Health Care Providers & Services - 4.3%** |  |
| Addus HomeCare Corp. <sup>(a)</sup> | Addus HomeCare Corp. <sup>(a)</sup> | 5897 | 695787 |
| Ensign Group, Inc. | Ensign Group, Inc. | 6578 | 1136481 |
|  |  |  | 1832268 |
| **Health Care Technology - 1.6%** | **Health Care Technology - 1.6%** | **Health Care Technology - 1.6%** |  |
| Waystar Holding Corp. <sup>(a)</sup> | Waystar Holding Corp. <sup>(a)</sup> | 18423 | 698600 |
| **Hotels, Restaurants & Leisure - 1.7%** | **Hotels, Restaurants & Leisure - 1.7%** | **Hotels, Restaurants & Leisure - 1.7%** |  |
| Wingstop, Inc. | Wingstop, Inc. | 2835 | 713513 |
| **Insurance - 4.8%** | **Insurance - 4.8%** | **Insurance - 4.8%** |  |
| Goosehead Insurance, Inc. - Class A - Class A | Goosehead Insurance, Inc. - Class A - Class A | 7950 | 591639 |
| Kinsale Capital Group, Inc. | Kinsale Capital Group, Inc. | 1511 | 642568 |
| Palomar Holdings, Inc. <sup>(a)</sup> | Palomar Holdings, Inc. <sup>(a)</sup> | 6909 | 806626 |
|  |  |  | 2040833 |
| **IT Services - 2.2%** | **IT Services - 2.2%** | **IT Services - 2.2%** |  |
| Twilio Inc. - Class A - Class A <sup>(a)</sup> | Twilio Inc. - Class A - Class A <sup>(a)</sup> | 9622 | 963066 |
| **Life Sciences Tools & Services - 2.0%** | **Life Sciences Tools & Services - 2.0%** | **Life Sciences Tools & Services - 2.0%** |  |
| Medpace Holdings, Inc. <sup>(a)</sup> | Medpace Holdings, Inc. <sup>(a)</sup> | 1674 | 860704 |
| **Machinery - 2.8%** | **Machinery - 2.8%** | **Machinery - 2.8%** |  |
| ITT, Inc. | ITT, Inc. | 4712 | 842317 |
| Kadant, Inc. | Kadant, Inc. | 1249 | 371677 |
|  |  |  | 1213994 |
| **Media - 0.9%** | **Media - 0.9%** | **Media - 0.9%** |  |
| Nexstar Media Group, Inc. - Class A | Nexstar Media Group, Inc. - Class A | 1877 | 371158 |
| **Metals & Mining - 1.7%** | **Metals & Mining - 1.7%** | **Metals & Mining - 1.7%** |  |
| Reliance, Inc. | Reliance, Inc. | 2544 | 714431 |
| **Oil, Gas & Consumable Fuels - 4.4%** | **Oil, Gas & Consumable Fuels - 4.4%** | **Oil, Gas & Consumable Fuels - 4.4%** |  |
| Expand Energy Corp. | Expand Energy Corp. | 7220 | 767053 |
| Golar LNG Ltd. | Golar LNG Ltd. | 12778 | 516359 |
| Permian Resources Corp. | Permian Resources Corp. | 45711 | 585101 |
|  |  |  | 1868513 |
| **Professional Services - 6.0%** | **Professional Services - 6.0%** | **Professional Services - 6.0%** |  |
| Broadridge Financial Solutions, Inc. | Broadridge Financial Solutions, Inc. | 3043 | 724751 |
| CBIZ, Inc. <sup>(a)</sup> | CBIZ, Inc. <sup>(a)</sup> | 7185 | 380518 |
| Paylocity Holding Corp. <sup>(a)</sup> | Paylocity Holding Corp. <sup>(a)</sup> | 4255 | 677694 |
| Planet Labs PBC <sup>(a)</sup> | Planet Labs PBC <sup>(a)</sup> | 61280 | 795414 |
|  |  |  | 2578377 |
| **Real Estate Management & Development - 4.7%** | **Real Estate Management & Development - 4.7%** | **Real Estate Management & Development - 4.7%** |  |
| Colliers International Group, Inc. | Colliers International Group, Inc. | 6075 | 948976 |
| FirstService Corp. | FirstService Corp. | 5504 | 1048457 |
|  |  |  | 1997433 |
| **Semiconductors & Semiconductor Equipment - 3.1%** | **Semiconductors & Semiconductor Equipment - 3.1%** | **Semiconductors & Semiconductor Equipment - 3.1%** |  |
| Tower Semiconductor Ltd. <sup>(a)</sup> | Tower Semiconductor Ltd. <sup>(a)</sup> | 18469 | 1335309 |
| **Software - 8.2%** | **Software - 8.2%** | **Software - 8.2%** |  |
| Appfolio, Inc. - Class A <sup>(a)</sup> | Appfolio, Inc. - Class A <sup>(a)</sup> | 3551 | 978869 |
| Cellebrite DI Ltd. <sup>(a)</sup> | Cellebrite DI Ltd. <sup>(a)</sup> | 44066 | 816543 |
| Nutanix, Inc. - Class A <sup>(a)</sup> | Nutanix, Inc. - Class A <sup>(a)</sup> | 11662 | 867536 |
| Q2 Holdings, Inc. <sup>(a)</sup> | Q2 Holdings, Inc. <sup>(a)</sup> | 11788 | 853333 |
|  |  |  | 3516281 |
| **Specialty Retail - 3.4%** | **Specialty Retail - 3.4%** | **Specialty Retail - 3.4%** |  |
| Floor & Decor Holdings, Inc. - Class A <sup>(a)</sup> | Floor & Decor Holdings, Inc. - Class A <sup>(a)</sup> | 10845 | 799276 |
| Murphy USA, Inc. | Murphy USA, Inc. | 1723 | 668972 |
|  |  |  | 1468248 |
| **Textiles, Apparel & Luxury Goods - 1.3%** | **Textiles, Apparel & Luxury Goods - 1.3%** | **Textiles, Apparel & Luxury Goods - 1.3%** |  |
| On Holding AG - Class A <sup>(a)</sup> | On Holding AG - Class A <sup>(a)</sup> | 13603 | 576087 |
| **Trading Companies & Distributors - 4.7%** | **Trading Companies & Distributors - 4.7%** | **Trading Companies & Distributors - 4.7%** |  |
| FTAI Aviation Ltd. | FTAI Aviation Ltd. | 7423 | 1238602 |
| SiteOne Landscape Supply, Inc. <sup>(a)</sup> | SiteOne Landscape Supply, Inc. <sup>(a)</sup> | 5906 | 760693 |
|  |  |  | 1999295 |
| **TOTAL COMMON STOCKS** (Cost $31,605,172) | **TOTAL COMMON STOCKS** (Cost $31,605,172) | **TOTAL COMMON STOCKS** (Cost $31,605,172) | 40676302 |
| **SHORT-TERM INVESTMENTS**<br> ****  | **SHORT-TERM INVESTMENTS**<br> ****  | **SHORT-TERM INVESTMENTS**<br> ****  | **SHORT-TERM INVESTMENTS**<br> ****  |
| **SHORT-TERM INVESTMENTS - 5.2%** | **SHORT-TERM INVESTMENTS - 5.2%** |  | **Value**  |
| Invesco Short-Term Investments Trust - Government & Agency Portfolio - Institutional Shares - Institutional Class, 4.06%<sup>(b)</sup> | Invesco Short-Term Investments Trust - Government & Agency Portfolio - Institutional Shares - Institutional Class, 4.06%<sup>(b)</sup> | 1285755 | 1285755 |
| MSILF Government Portfolio - Institutional Class, 4.05%<sup>(b)</sup> | MSILF Government Portfolio - Institutional Class, 4.05%<sup>(b)</sup> | 922154 | 922154 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $2,207,909) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $2,207,909) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $2,207,909) | 2207909 |
| **TOTAL INVESTMENTS - 100.1% (**Cost $33,813,081**)** | **TOTAL INVESTMENTS - 100.1% (**Cost $33,813,081**)** | **TOTAL INVESTMENTS - 100.1% (**Cost $33,813,081**)** | 42884211 |
| Liabilities in Excess of Other Assets - (0.1)% | Liabilities in Excess of Other Assets - (0.1)% | Liabilities in Excess of Other Assets - (0.1)% | (52785) |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $42831426 |
| two | two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

(a) Non-income producing security.

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

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

------

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

Equity securities listed or traded on a U.S. securities exchange for which market quotations are readily available are valued at the last quoted sale price on the exchange on which the security is primarily traded. Nasdaq Global Market securities are valued at the Nasdaq Official Closing Price ("NOCP"). Unlisted U.S. equity securities and listed U.S. equity securities not traded on a particular valuation date are valued at the mean of the most recent quoted bid and ask price on the relevant exchanges or markets. Equity securities listed on a foreign exchange for which market quotations are readily available are valued at the last quoted sales price on the exchange on which the security is primarily traded. Debt securities are normally valued at the mean of the closing bid and ask price and/or by using a combination of broker quotations or evaluated prices provided by an independent pricing service. Futures contracts and options on futures contracts are valued at the settlement prices established each day on the principal exchange on which they are traded. Forward contracts are valued based on the forward rate using information provided by an independent pricing service. Other assets and securities for which no market or broker quotations or evaluated prices are readily available are valued by the Adviser in good faith at fair value. Rule 2a-5 under the Investment Company Act of 1940 (the "Valuation Rule") establishes requirements for determining fair value in good faith for purposes of the 1940 Act, including related oversight and reporting requirements. The Valuation Rule also defines when market quotations are "readily available" for purposes of the 1940 Act, the threshold for determining whether a security must be fair valued. In many cases, fixed-income and foreign securities are not considered to have a "readily available market quotation" under the Valuation Rule. Accordingly, such securities typically are fair valued. The Valuation Rule permits the Fund's board to designate the Fund's investment adviser as "valuation designee" to perform the Fund's fair value determinations subject to board oversight and certain reporting and other requirements intended to ensure that the registered investment company's board receives the information it needs to oversee the investment adviser's fair value determinations. The Board has designated the Adviser as valuation designee under the Valuation Rule to perform fair value functions in accordance with the requirements of the Valuation Rule. The Adviser may value securities at fair value in good faith pursuant to the Adviser's and the Fund's procedures. The Adviser may use prices provided by independent pricing services to assist in the fair valuation of the Fund's portfolio securities.

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $40676302 | $– | $– | $40676302 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 2207909 | – | – | 2207909 |
| Total Investments\* | $42884211 | $– | $– | $42884211 |
| \*Additional information regarding the industry classifications of these investments is disclosed in the Schedule of Investments. | \*Additional information regarding the industry classifications of these investments is disclosed in the Schedule of Investments. | \*Additional information regarding the industry classifications of these investments is disclosed in the Schedule of Investments. | \*Additional information regarding the industry classifications of these investments is disclosed in the Schedule of Investments. | \*Additional information regarding the industry classifications of these investments is disclosed in the Schedule of Investments. |

---

------

---

| | |
|:---|:---|
| **LKCM Small Mid Cap Equity Fund** | |
| **Sector Classification** | |
| **September 30, 2025 (Unaudited)** | |
| **Sector:** | **% of Net Assets** |
| Industrials | 29.8% |
| Financials | 18.4% |
| Information Technology | 16.1% |
| Health Care | 11.2% |
| Consumer Discretionary | 6.4% |
| Real Estate | 4.7% |
| Energy | 4.4% |
| Materials | 3.0% |
| Communication Services | 0.9% |
| Cash & Others | 5.1% |
|  | **100%** |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Fort Worth

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 76102

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

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

- **a. Name of Series:** LKCM Small-Mid Cap Equity Fund

- **b. EDGAR series identifier (if any):** S000032022

- **c. LEI of Series:** 549300GSTV34G6G1RV63

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $42915107.98

**Total Liabilities:** $83681.46

**Net Assets:** $42831426.52

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000099701 | 0.34%                | 2.75%                | -0.67%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $187790.81               | $-26461.17                                 |
| Month 2  | $350345.62               | $778003.63                                 |
| Month 3  | $110664.42               | $-377958.46                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Builders FirstSource Inc       | Builders FirstSource Inc              | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |      5039 | NS      | $610978.75    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Casella Waste Systems Inc      | Casella Waste Systems Inc             | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               | CORP              | US        |      5517 | NS      | $523452.96    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutanix Inc                    | Nutanix Inc                           | CUSIP: 67059N108<br>LEI: 549300X7J6E8TKVIXW09 | Long             | EC               | CORP              | US        |     11662 | NS      | $867536.18    | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Paylocity Holding Corp         | Paylocity Holding Corp                | CUSIP: 70438V106<br>LEI: 549300VH75FTB4DIEE07 | Long             | EC               | CORP              | US        |      4255 | NS      | $677693.85    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Planet Labs PBC                | Planet Labs PBC                       | CUSIP: 72703X106<br>LEI: 254900Q7PVI3HTQBRB44 | Long             | EC               | CORP              | US        |     61280 | NS      | $795414.40    | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Webster Financial Corp         | Webster Financial Corp                | CUSIP: 947890109<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | EC               | CORP              | US        |     11236 | NS      | $667867.84    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Wingstop Inc                   | Wingstop Inc                          | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               | CORP              | US        |      2835 | NS      | $713512.80    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| AECOM                          | AECOM                                 | CUSIP: 00766T100<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | EC               | CORP              | US        |      8140 | NS      | $1062025.80   | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstCash Holdings Inc         | FirstCash Holdings Inc                | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5845 | NS      | $925964.90    | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Goosehead Insurance Inc        | Goosehead Insurance Inc               | CUSIP: 38267D109<br>LEI: 549300WH5MBIWHJ9XY95 | Long             | EC               | CORP              | US        |      7950 | NS      | $591639.00    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Tetra Tech Inc                 | Tetra Tech Inc                        | CUSIP: 88162G103<br>LEI: 549300UJ1LP7JGJC5P32 | Long             | EC               | CORP              | US        |     21539 | NS      | $718971.82    | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Twilio Inc                     | Twilio Inc                            | CUSIP: 90138F102<br>LEI: 5493004W8TRGD63APX93 | Long             | EC               | CORP              | US        |      9622 | NS      | $963065.98    | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Colliers International Group I | Colliers International Group Inc      | CUSIP: 194693107<br>LEI: D3O8K13PHLEXXD1DT480 | Long             | EC               | CORP              | CA        |      6075 | NS      | $948975.75    | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercury Systems Inc            | Mercury Systems Inc                   | CUSIP: 589378108<br>LEI: 549300P3B84SGK7HH679 | Long             | EC               | CORP              | US        |     12859 | NS      | $995286.60    | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| On Holding AG                  | On Holding AG                         | CUSIP: N/A<br>LEI: 506700FB3467B9W95526       | Long             | EC               | CORP              | CH        |     13603 | NS      | $576087.05    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Merit Medical Systems Inc      | Merit Medical Systems Inc             | CUSIP: 589889104<br>LEI: 549300OYTY138SP2CE83 | Long             | EC               | CORP              | US        |      6846 | NS      | $569792.58    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Natera Inc                     | Natera Inc                            | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5422 | NS      | $872779.34    | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| SiteOne Landscape Supply Inc   | SiteOne Landscape Supply Inc          | CUSIP: 82982L103<br>LEI: 5299008LX7SBD4HIAU03 | Long             | EC               | CORP              | US        |      5906 | NS      | $760692.80    | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Cellebrite DI Ltd              | Cellebrite DI Ltd                     | CUSIP: N/A<br>LEI: 254900G03462YGP1IO36       | Long             | EC               | CORP              | IL        |     44066 | NS      | $816542.98    | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Tower Semiconductor Ltd        | Tower Semiconductor Ltd               | CUSIP: N/A<br>LEI: 54930086ZSNXZOUX0C54       | Long             | EC               | CORP              | IL        |     18469 | NS      | $1335308.70   | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Appfolio Inc                   | Appfolio Inc                          | CUSIP: 03783C100<br>LEI: 529900OOUUGT6JFC0S15 | Long             | EC               | CORP              | US        |      3551 | NS      | $978868.66    | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| BWX Technologies Inc           | BWX Technologies Inc                  | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               | CORP              | US        |      5929 | NS      | $1093129.73   | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinsale Capital Group Inc      | Kinsale Capital Group Inc             | CUSIP: 49714P108<br>LEI: 529900QTUQHNZ6HOA508 | Long             | EC               | CORP              | US        |      1511 | NS      | $642567.86    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| LPL Financial Holdings Inc     | LPL Financial Holdings Inc            | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |      2798 | NS      | $930866.62    | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Government & Agency Po | Invesco Government & Agency Portfolio | CUSIP: 825252885<br>LEI: 5493007T1J7WZ5QI1A47 | Long             | STIV             | RF                | US        |   1285755 | NS      | $1285754.64   | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Q2 Holdings Inc                | Q2 Holdings Inc                       | CUSIP: 74736L109<br>LEI: 549300M9RKR9DZXWS696 | Long             | EC               | CORP              | US        |     11788 | NS      | $853333.32    | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Inc                   | Reliance Inc                          | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |      2544 | NS      | $714431.52    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Zurn Elkay Water Solutions Cor | Zurn Elkay Water Solutions Corp       | CUSIP: 98983L108<br>LEI: 549300AM3633XDFU1Q85 | Long             | EC               | CORP              | US        |     11033 | NS      | $518881.99    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Addus HomeCare Corp            | Addus HomeCare Corp                   | CUSIP: 006739106<br>LEI: 52990090ZT33AKPDBX62 | Long             | EC               | CORP              | US        |      5897 | NS      | $695787.03    | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Ensign Group Inc/The           | Ensign Group Inc/The                  | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |      6578 | NS      | $1136481.06   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Karman Holdings Inc            | Karman Holdings Inc                   | CUSIP: 485924104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10724 | NS      | $774272.80    | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio     | MSILF Government Portfolio            | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |    922154 | NS      | $922153.94    | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexstar Media Group Inc        | Nexstar Media Group Inc               | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |      1877 | NS      | $371157.98    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Palomar Holdings Inc           | Palomar Holdings Inc                  | CUSIP: 69753M105<br>LEI: 549300DOI1MUW11BLX74 | Long             | EC               | CORP              | US        |      6909 | NS      | $806625.75    | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| SEI Investments Co             | SEI Investments Co                    | CUSIP: 784117103<br>LEI: 5LJTIFADGZ6XH1RVOC11 | Long             | EC               | CORP              | US        |     12607 | NS      | $1069703.95   | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB Financial Corp             | UMB Financial Corp                    | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |      6087 | NS      | $720396.45    | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Golar LNG Ltd                  | Golar LNG Ltd                         | CUSIP: N/A<br>LEI: 213800C2VSFZG3EZLO34       | Long             | EC               | CORP              | BM        |     12778 | NS      | $516358.98    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| CBIZ Inc                       | CBIZ Inc                              | CUSIP: 124805102<br>LEI: 529900D5X8CFM8O1N813 | Long             | EC               | CORP              | US        |      7185 | NS      | $380517.60    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Floor & Decor Holdings Inc     | Floor & Decor Holdings Inc            | CUSIP: 339750101<br>LEI: 549300M5FR3N688XGQ36 | Long             | EC               | CORP              | US        |     10845 | NS      | $799276.50    | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Houlihan Lokey Inc             | Houlihan Lokey Inc                    | CUSIP: 441593100<br>LEI: 549300S3CNGTQ1QZVY46 | Long             | EC               | CORP              | US        |      3608 | NS      | $740794.56    | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy USA Inc                 | Murphy USA Inc                        | CUSIP: 626755102<br>LEI: 549300Y081F8XIKQIO72 | Long             | EC               | CORP              | US        |      1723 | NS      | $668971.98    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp         | Permian Resources Corp                | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |     45711 | NS      | $585100.80    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions | Broadridge Financial Solutions Inc    | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |      3043 | NS      | $724751.31    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| CSW Industrials Inc            | CSW Industrials Inc                   | CUSIP: 126402106<br>LEI: 549300SYOEO3RVQ7FB83 | Long             | EC               | CORP              | US        |      2848 | NS      | $691352.00    | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Expand Energy Corp             | Expand Energy Corp                    | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |      7220 | NS      | $767052.80    | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Corpay Inc                     | Corpay Inc                            | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |      2726 | NS      | $785251.56    | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc            | Eagle Materials Inc                   | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |      2373 | NS      | $553003.92    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstService Corp              | FirstService Corp                     | CUSIP: 33767E202<br>LEI: 5493000XUDIV75BCF118 | Long             | EC               | CORP              | CA        |      5504 | NS      | $1048456.96   | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| ITT Inc                        | ITT Inc                               | CUSIP: 45073V108<br>LEI: 549300KDSERHTJOXUS80 | Long             | EC               | CORP              | US        |      4712 | NS      | $842317.12    | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Kadant Inc                     | Kadant Inc                            | CUSIP: 48282T104<br>LEI: 549300K06LNJYBMPYP15 | Long             | EC               | CORP              | US        |      1249 | NS      | $371677.42    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Medpace Holdings Inc           | Medpace Holdings Inc                  | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |      1674 | NS      | $860703.84    | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Trimble Inc                    | Trimble Inc                           | CUSIP: 896239100<br>LEI: 549300E2MI7NSZFQWS19 | Long             | EC               | CORP              | US        |     13514 | NS      | $1103418.10   | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Waystar Holding Corp           | Waystar Holding Corp                  | CUSIP: 946784105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18423 | NS      | $698600.16    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd              | FTAI Aviation Ltd                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      7423 | NS      | $1238601.78   | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** LKCM Funds

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

**Name of Signer:** LKCM Funds

**Title:** Chief Financial Officer