# EDGAR Filing Document

**Accession Number:** 0000918942
**File Stem:** 0000894189-25-014071
**Filing Date:** 2025-11
**Character Count:** 37325
**Document Hash:** 23cd494dfe5095d54f9aa16d1819655b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-014071.hdr.sgml**: 20251119

**ACCESSION NUMBER**: 0000894189-25-014071

**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:** 251500197

**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 INTERNATIONAL EQUITY FUND (Series ID: S000065295)

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

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **LKCM International Equity Fund** | **LKCM International Equity Fund** | **LKCM International Equity Fund** | **LKCM International 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 - 91.1%** | **COMMON STOCKS - 91.1%** | **Shares** | **Value**  |
| **<u>Australia</u> - 1.8%** | **<u>Australia</u> - 1.8%** | **<u>Australia</u> - 1.8%** | |
| **Capital Markets - 1.8%** | **Capital Markets - 1.8%** | | |
| Macquarie Group Ltd. | Macquarie Group Ltd. | 9004 | $1306930 |
| **<u>Canada</u> - 9.2%** | **<u>Canada</u> - 9.2%** | **<u>Canada</u> - 9.2%** |  |
| **Banks - 2.5%** | **Banks - 2.5%** |  |  |
| Royal Bank of Canada | Royal Bank of Canada | 12225 | 1801819 |
|  |  |  | $– |
| **Ground Transportation - 2.0%** | **Ground Transportation - 2.0%** |  |  |
| Canadian Pacific Kansas City Ltd. | Canadian Pacific Kansas City Ltd. | 19467 | 1449849 |
|  |  |  | $– |
| **Oil, Gas & Consumable Fuels - 4.7%** | **Oil, Gas & Consumable Fuels - 4.7%** |  |  |
| Cameco Corp. | Cameco Corp. | 25701 | 2156986 |
| Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | 37616 | 1202782 |
|  |  |  | 3359768 |
| **Total Canada** | **Total Canada** | **Total Canada** | 6611436 |
| **<u>Finland</u> - 2.4%** | **<u>Finland</u> - 2.4%** | **<u>Finland</u> - 2.4%** |  |
| **Banks - 2.4%** | **Banks - 2.4%** |  |  |
| Nordea Bank Abp | Nordea Bank Abp | 105105 | 1727961 |
| **<u>France</u> - 12.7%** | **<u>France</u> - 12.7%** | **<u>France</u> - 12.7%** |  |
| **Aerospace & Defense - 1.6%** | **Aerospace & Defense - 1.6%** |  |  |
| Safran SA | Safran SA | 3210 | 1139133 |
|  |  |  | $– |
| **Chemicals - 2.3%** | **Chemicals - 2.3%** |  |  |
| Air Liquide SA | Air Liquide SA | 8055 | 1678318 |
|  |  |  | $– |
| **Commercial Services & Supplies - 1.9%** | **Commercial Services & Supplies - 1.9%** |  |  |
| Elis SA | Elis SA | 47099 | 1359482 |
|  |  |  | $– |
| **Electrical Equipment - 2.0%** | **Electrical Equipment - 2.0%** |  |  |
| Schneider Electric SA | Schneider Electric SA | 5123 | 1441986 |
|  |  |  | $– |
| **IT Services - 1.4%** | **IT Services - 1.4%** |  |  |
| Capgemini SE | Capgemini SE | 6766 | 987009 |
|  |  |  | $– |
| **Personal Care Products - 1.8%** | **Personal Care Products - 1.8%** |  |  |
| L'Oreal SA | L'Oreal SA | 2991 | 1299555 |
|  |  |  | $– |
| **Textiles, Apparel & Luxury Goods - 1.7%** | **Textiles, Apparel & Luxury Goods - 1.7%** |  |  |
| LVMH Moet Hennessy Louis Vuitton SE | LVMH Moet Hennessy Louis Vuitton SE | 2000 | 1230766 |
| **Total France** | **Total France** | **Total France** | 9136249 |
| **<u>Germany</u> - 10.5%** | **<u>Germany</u> - 10.5%** | **<u>Germany</u> - 10.5%** |  |
| **Diversified Telecommunication Services - 2.1%** | **Diversified Telecommunication Services - 2.1%** |  |  |
| Deutsche Telekom AG | Deutsche Telekom AG | 44999 | 1533096 |
|  |  |  | $– |
| **Insurance - 2.4%** | **Insurance - 2.4%** |  |  |
| Allianz SE | Allianz SE | 4073 | 1713625 |
|  |  |  | $– |
| **Semiconductors & Semiconductor Equipment - 2.0%** | **Semiconductors & Semiconductor Equipment - 2.0%** |  |  |
| Infineon Technologies AG | Infineon Technologies AG | 37469 | 1469920 |
|  |  |  | $– |
| **Software - 2.3%** | **Software - 2.3%** |  |  |
| SAP SE | SAP SE | 6030 | 1614641 |
|  |  |  | $– |
| **Textiles, Apparel & Luxury Goods - 1.7%** | **Textiles, Apparel & Luxury Goods - 1.7%** |  |  |
| Adidas AG | Adidas AG | 5750 | 1218322 |
| **Total Germany** | **Total Germany** | **Total Germany** | 7549604 |
| **<u>Italy</u> - 0.8%** | **<u>Italy</u> - 0.8%** | **<u>Italy</u> - 0.8%** |  |
| **Textiles, Apparel & Luxury Goods - 0.8%** | **Textiles, Apparel & Luxury Goods - 0.8%** |  |  |
| Moncler SpA | Moncler SpA | 9372 | 551575 |
| **<u>Japan</u> - 3.7%** | **<u>Japan</u> - 3.7%** | **<u>Japan</u> - 3.7%** |  |
| **Chemicals - 1.7%** | **Chemicals - 1.7%** |  |  |
| Shin-Etsu Chemical Co. Ltd. | Shin-Etsu Chemical Co. Ltd. | 36279 | 1187903 |
|  |  |  | $– |
| **Insurance - 2.0%** | **Insurance - 2.0%** |  |  |
| Tokio Marine Holdings, Inc. | Tokio Marine Holdings, Inc. | 34604 | 1464550 |
| **Total Japan** | **Total Japan** | **Total Japan** | 2652453 |
| **<u>Netherlands</u> - 9.8%** | **<u>Netherlands</u> - 9.8%** | **<u>Netherlands</u> - 9.8%** |  |
| **Banks - 2.9%** | **Banks - 2.9%** |  |  |
| ING Groep NV | ING Groep NV | 78413 | 2055662 |
|  |  |  | $– |
| **Capital Markets - 2.0%** | **Capital Markets - 2.0%** |  |  |
| Euronext NV <sup>(a)</sup> | Euronext NV <sup>(a)</sup> | 9738 | 1457894 |
|  |  |  | $– |
| **Professional Services - 1.9%** | **Professional Services - 1.9%** |  |  |
| Wolters Kluwer NV | Wolters Kluwer NV | 9855 | 1345211 |
|  |  |  | $– |
| **Semiconductors & Semiconductor Equipment - 3.0%** | **Semiconductors & Semiconductor Equipment - 3.0%** |  |  |
| ASML Holding NV | ASML Holding NV | 2228 | 2172723 |
| **Total Netherlands** | **Total Netherlands** | **Total Netherlands** | 7031490 |
| **<u>Norway</u> - 2.4%** | **<u>Norway</u> - 2.4%** | **<u>Norway</u> - 2.4%** |  |
| **Diversified Telecommunication Services - 2.4%** | **Diversified Telecommunication Services - 2.4%** |  |  |
| Telenor ASA | Telenor ASA | 103807 | 1722520 |
| **<u>Spain</u> - 2.0%** | **<u>Spain</u> - 2.0%** | **<u>Spain</u> - 2.0%** |  |
| **Machinery - 2.0%** | **Machinery - 2.0%** |  |  |
| Fluidra SA | Fluidra SA | 51895 | 1411697 |
| **<u>Sweden</u> - 1.7%** | **<u>Sweden</u> - 1.7%** | **<u>Sweden</u> - 1.7%** |  |
| **Financial Services - 1.7%** | **Financial Services - 1.7%** |  |  |
| Investor AB <sup>(b)</sup> | Investor AB <sup>(b)</sup> | 40064 | 1254177 |
| **<u>Switzerland</u> - 8.9%** | **<u>Switzerland</u> - 8.9%** | **<u>Switzerland</u> - 8.9%** |  |
| **Capital Markets - 1.9%** | **Capital Markets - 1.9%** |  |  |
| Julius Baer Group Ltd. | Julius Baer Group Ltd. | 19807 | 1379210 |
|  |  |  | $– |
| **Electrical Equipment - 2.4%** | **Electrical Equipment - 2.4%** |  |  |
| ABB Ltd. | ABB Ltd. | 23792 | 1721668 |
|  |  |  | $– |
| **Health Care Equipment & Supplies - 2.0%** | **Health Care Equipment & Supplies - 2.0%** |  |  |
| Alcon AG | Alcon AG | 19410 | 1459921 |
|  |  |  | $– |
| **Life Sciences Tools & Services - 2.6%** | **Life Sciences Tools & Services - 2.6%** |  |  |
| Lonza Group AG | Lonza Group AG | 2756 | 1842767 |
| **Total Switzerland** | **Total Switzerland** | **Total Switzerland** | 6403566 |
| **<u>United Kingdom</u> - 22.4%** | **<u>United Kingdom</u> - 22.4%** | **<u>United Kingdom</u> - 22.4%** |  |
| **Aerospace & Defense - 2.3%** | **Aerospace & Defense - 2.3%** |  |  |
| BAE Systems PLC | BAE Systems PLC | 59921 | 1667986 |
|  |  |  | $– |
| **Banks - 2.4%** | **Banks - 2.4%** |  |  |
| Barclays PLC | Barclays PLC | 340235 | 1750619 |
|  |  |  | $– |
| **Beverages - 0.9%** | **Beverages - 0.9%** |  |  |
| Diageo PLC | Diageo PLC | 25393 | 607596 |
|  |  |  | $– |
| **Electronic Equipment, Instruments & Components - 2.5%** | **Electronic Equipment, Instruments & Components - 2.5%** |  |  |
| Halma PLC | Halma PLC | 39143 | 1822136 |
|  |  |  | $– |
| **Hotels, Restaurants & Leisure - 4.1%** | **Hotels, Restaurants & Leisure - 4.1%** |  |  |
| Compass Group PLC | Compass Group PLC | 46888 | 1598212 |
| InterContinental Hotels Group PLC | InterContinental Hotels Group PLC | 11125 | 1345128 |
|  |  |  | 2943340 |
| **Oil, Gas & Consumable Fuels - 2.1%** | **Oil, Gas & Consumable Fuels - 2.1%** |  |  |
| Shell PLC | Shell PLC | 41415 | 1476073 |
|  |  |  | $– |
| **Personal Care Products - 2.1%** | **Personal Care Products - 2.1%** |  |  |
| Unilever PLC | Unilever PLC | 25865 | 1528845 |
|  |  |  | $– |
| **Pharmaceuticals - 3.9%** | **Pharmaceuticals - 3.9%** |  |  |
| AstraZeneca PLC | AstraZeneca PLC | 9388 | 1438252 |
| Haleon PLC | Haleon PLC | 298781 | 1344568 |
|  |  |  | 2782820 |
| **Software - 2.1%** | **Software - 2.1%** |  |  |
| Sage Group PLC | Sage Group PLC | 102800 | 1524986 |
| **Total United Kingdom** | **Total United Kingdom** | **Total United Kingdom** | 16104401 |
| **<u>United States</u> - 2.8%** | **<u>United States</u> - 2.8%** | **<u>United States</u> - 2.8%** |  |
| **Construction Materials - 2.8%** | **Construction Materials - 2.8%** |  |  |
| CRH PLC | CRH PLC | 16771 | 2010843 |
| **TOTAL COMMON STOCKS** (Cost $45,384,464) | **TOTAL COMMON STOCKS** (Cost $45,384,464) | **TOTAL COMMON STOCKS** (Cost $45,384,464) | 65474902 |
| **PREFERRED STOCKS - 1.9%** | **PREFERRED STOCKS - 1.9%** | **Shares** | **Value**  |
| **<u>Germany</u> - 1.9%** | **<u>Germany</u> - 1.9%** | **<u>Germany</u> - 1.9%** |  |
| **Life Sciences Tools & Services - 1.9%** | **Life Sciences Tools & Services - 1.9%** |  |  |
|  Sartorius AG, 0.00% | Sartorius AG, 0.00% | 6090 | 1423704 |
| **TOTAL PREFERRED STOCKS** (Cost $1,793,207) | **TOTAL PREFERRED STOCKS** (Cost $1,793,207) | **TOTAL PREFERRED STOCKS** (Cost $1,793,207) | 1423704 |
| **SHORT-TERM INVESTMENTS**<br> ****  | **SHORT-TERM INVESTMENTS**<br> ****  | **SHORT-TERM INVESTMENTS**<br> ****  | **SHORT-TERM INVESTMENTS**<br> ****  |
| **SHORT-TERM INVESTMENTS - 6.7%** | **SHORT-TERM INVESTMENTS - 6.7%** |  | **Value**  |
| Fidelity Investments Money Market Government Portfolio - Class I - Institutional Class, 4.04%<sup>(c)</sup> | Fidelity Investments Money Market Government Portfolio - Class I - Institutional Class, 4.04%<sup>(c)</sup> | 516054 | 516054 |
| Invesco Short-Term Investments Trust - Government & Agency Portfolio - Institutional Shares - Institutional Class, 4.06%<sup>(c)</sup> | Invesco Short-Term Investments Trust - Government & Agency Portfolio - Institutional Shares - Institutional Class, 4.06%<sup>(c)</sup> | 2133317 | 2133317 |
| MSILF Government Portfolio - Institutional Class, 4.05%<sup>(c)</sup> | MSILF Government Portfolio - Institutional Class, 4.05%<sup>(c)</sup> | 2133317 | 2133317 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $4,782,688) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $4,782,688) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $4,782,688) | 4782688 |
| **TOTAL INVESTMENTS - 99.7% (**Cost $51,960,359**)** | **TOTAL INVESTMENTS - 99.7% (**Cost $51,960,359**)** | **TOTAL INVESTMENTS - 99.7% (**Cost $51,960,359**)** | 71681294 |
| Other Assets in Excess of Liabilities - 0.3% | Other Assets in Excess of Liabilities - 0.3% | Other Assets in Excess of Liabilities - 0.3% | 197397 |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $71878691 |
| two | two | two | –% |
| Percentages are stated as a percent of net assets.<br> ASA - Advanced Subscription Agreement<br> PLC - Public Limited Company | Percentages are stated as a percent of net assets.<br> ASA - Advanced Subscription Agreement<br> PLC - Public Limited Company | Percentages are stated as a percent of net assets.<br> ASA - Advanced Subscription Agreement<br> PLC - Public Limited Company | –% |

---

(a) 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 September 30, 2025, the value of these securities total $1,457,894 or 2.0% of the Fund's net assets.

(b) Non-income producing security.

(c) 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 | $8622279 | $56852623 | $– | $65474902 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | – | 1423704 | – | 1423704 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 4782688 | – | – | 4782688 |
|  Total Investments\* | $13404967 | $58276327 | $– | $71681294 |

---

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

------

---

| | |
|:---|:---|
| **LKCM International Fund** | |
| **Sector Classification** | |
| **September 30, 2025 (Unaudited)** | |
| **Sector:** | **% of Net Assets** |
| Financials | 22.0% |
| Industrials | 16.1% |
| Information Technology | 13.3% |
| Health Care | 10.4% |
| Consumer Discretionary | 8.3% |
| Materials | 6.8% |
| Energy | 6.8% |
| Consumer Staples | 4.8% |
| Communication Services | 4.5% |
| Cash & Others | 7.0% |
|  | **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 International Equity Fund

- **b. EDGAR series identifier (if any):** S000065295

- **c. LEI of Series:** 549300MMILTZ5UBGDE52

**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:** $72044168.06

**Total Liabilities:** $164221.32

**Net Assets:** $71879946.74

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000211353 | -2.50%               | 2.97%                | 1.57%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $490.27                  | $-1717503.77                               |
| Month 2  | $-837646.67              | $2838222.07                                |
| Month 3  | $4872.45                 | $1070930.76                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Deutsche Telekom AG            | Deutsche Telekom AG                   | CUSIP: N/A<br>LEI: 549300V9QSIG4WX4GJ96       | Long             | EC               | CORP              | DE        |     44999 | NS      | $1533096.51   | 2.13%             |  |  |  | No            |                  2 | On Loan: No      |
| BAE Systems PLC                | BAE Systems PLC                       | CUSIP: N/A<br>LEI: 8SVCSVKSGDWMW2QHOH83       | Long             | EC               | CORP              | GB        |     59921 | NS      | $1667986.12   | 2.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Sartorius AG                   | Sartorius AG                          | CUSIP: N/A<br>LEI: 529900EQV2DY4FOAMU38       | Long             | EP               | CORP              | DE        |      6090 | NS      | $1423703.91   | 1.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokio Marine Holdings Inc      | Tokio Marine Holdings Inc             | CUSIP: N/A<br>LEI: 5299009QN2NZ191KLS29       | Long             | EC               | CORP              | JP        |     34604 | NS      | $1464550.41   | 2.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Invesco Government & Agency Po | Invesco Government & Agency Portfolio | CUSIP: 825252885<br>LEI: 5493007T1J7WZ5QI1A47 | Long             | STIV             | RF                | US        |   2133317 | NS      | $2133317.19   | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Pacific Kansas City L | Canadian Pacific Kansas City Ltd      | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     19467 | NS      | $1449848.78   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                      | Shell PLC                             | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        |     41415 | NS      | $1476073.04   | 2.05%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                | AstraZeneca PLC                       | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | GB        |      9388 | NS      | $1438251.50   | 2.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SAP SE                         | SAP SE                                | CUSIP: N/A<br>LEI: 529900D6BF99LW9R2E68       | Long             | EC               | CORP              | DE        |      6030 | NS      | $1614641.11   | 2.25%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML Holding NV                | ASML Holding NV                       | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | NL        |      2228 | NS      | $2172723.11   | 3.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Compass Group PLC              | Compass Group PLC                     | CUSIP: G23296208<br>LEI: 2138008M6MH9OZ6U2T68 | Long             | EC               | CORP              | GB        |     46888 | NS      | $1598212.49   | 2.22%             |  |  |  | No            |                  2 | On Loan: No      |
| ING Groep NV                   | ING Groep NV                          | CUSIP: N/A<br>LEI: 549300NYKK9MWM7GGW15       | Long             | EC               | CORP              | NL        |     78413 | NS      | $2055662.04   | 2.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays PLC                   | Barclays PLC                          | CUSIP: N/A<br>LEI: 213800LBQA1Y9L22JB70       | Long             | EC               | CORP              | GB        |    340235 | NS      | $1750619.01   | 2.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Fidelity Government Portfolio  | Fidelity Government Portfolio         | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |    516053 | NS      | $516053.48    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| adidas AG                      | adidas AG                             | CUSIP: N/A<br>LEI: 549300JSX0Z4CW0V5023       | Long             | EC               | CORP              | DE        |      5750 | NS      | $1218321.89   | 1.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Air Liquide SA                 | Air Liquide SA                        | CUSIP: N/A<br>LEI: 969500MMPQVHK671GT54       | Long             | EC               | CORP              | FR        |      8055 | NS      | $1678317.53   | 2.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Telenor ASA                    | Telenor ASA                           | CUSIP: N/A<br>LEI: 549300IM1QSBY4SLPM26       | Long             | EC               | CORP              | NO        |    103807 | NS      | $1722520.48   | 2.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Lonza Group AG                 | Lonza Group AG                        | CUSIP: N/A<br>LEI: 549300EFW4H2TCZ71055       | Long             | EC               | CORP              | CH        |      2756 | NS      | $1842767.28   | 2.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Safran SA                      | Safran SA                             | CUSIP: N/A<br>LEI: 969500UIC89GT3UL7L24       | Long             | EC               | CORP              | FR        |      3210 | NS      | $1139132.99   | 1.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Julius Baer Group Ltd          | Julius Baer Group Ltd                 | CUSIP: N/A<br>LEI: 5299007MF0604ZGJER92       | Long             | EC               | CORP              | CH        |     19807 | NS      | $1379210.27   | 1.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Moncler SpA                    | Moncler SpA                           | CUSIP: N/A<br>LEI: 815600EBD7FB00525B20       | Long             | EC               | CORP              | IT        |      9372 | NS      | $551575.08    | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Halma PLC                      | Halma PLC                             | CUSIP: N/A<br>LEI: 2138007FRGLUR9KGBT40       | Long             | EC               | CORP              | GB        |     39143 | NS      | $1822136.10   | 2.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Cameco Corp                    | Cameco Corp                           | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |     25701 | NS      | $2156985.56   | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Shin-Etsu Chemical Co Ltd      | Shin-Etsu Chemical Co Ltd             | CUSIP: N/A<br>LEI: 353800PX8Q64N86H5W41       | Long             | EC               | CORP              | JP        |     36279 | NS      | $1187902.73   | 1.65%             |  |  |  | No            |                  2 | On Loan: No      |
| ABB Ltd                        | ABB Ltd                               | CUSIP: N/A<br>LEI: 5493000LKVGOO9PELI61       | Long             | EC               | CORP              | CH        |     23792 | NS      | $1721668.35   | 2.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Unilever PLC                   | Unilever PLC                          | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               | CORP              | GB        |     25865 | NS      | $1528844.58   | 2.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Macquarie Group Ltd            | Macquarie Group Ltd                   | CUSIP: N/A<br>LEI: ACMHD8HWFMFUIQQ8Y590       | Long             | EC               | CORP              | AU        |      9004 | NS      | $1306930.08   | 1.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Euronext NV                    | Euronext NV                           | CUSIP: N/A<br>LEI: 724500QJ4QSZ3H9QU415       | Long             | EC               | CORP              | NL        |      9738 | NS      | $1457894.14   | 2.03%             |  |  |  | No            |                  2 | On Loan: No      |
| CRH PLC                        | CRH PLC                               | CUSIP: N/A<br>LEI: 549300MIDJNNTH068E74       | Long             | EC               | CORP              | US        |     16771 | NS      | $2010842.90   | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Diageo PLC                     | Diageo PLC                            | CUSIP: N/A<br>LEI: 213800ZVIELEA55JMJ32       | Long             | EC               | CORP              | GB        |     25393 | NS      | $607595.49    | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian Natural Resources Ltd | Canadian Natural Resources Ltd        | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |     37616 | NS      | $1202782.21   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| L'Oreal SA                     | L'Oreal SA                            | CUSIP: N/A<br>LEI: 529900JI1GG6F7RKVI53       | Long             | EC               | CORP              | FR        |      2991 | NS      | $1299554.77   | 1.81%             |  |  |  | No            |                  2 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitt | LVMH Moet Hennessy Louis Vuitton SE   | CUSIP: N/A<br>LEI: IOG4E947OATN0KJYSD45       | Long             | EC               | CORP              | FR        |      2000 | NS      | $1230766.20   | 1.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Capgemini SE                   | Capgemini SE                          | CUSIP: N/A<br>LEI: 96950077L0TN7BAROX36       | Long             | EC               | CORP              | FR        |      6766 | NS      | $987009.30    | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Schneider Electric SE          | Schneider Electric SE                 | CUSIP: N/A<br>LEI: 969500A1YF1XUYYXS284       | Long             | EC               | CORP              | FR        |      5123 | NS      | $1441985.88   | 2.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Allianz SE                     | Allianz SE                            | CUSIP: N/A<br>LEI: 529900K9B0N5BT694847       | Long             | EC               | CORP              | DE        |      4073 | NS      | $1713624.66   | 2.38%             |  |  |  | No            |                  2 | On Loan: No      |
| MSILF Government Portfolio     | MSILF Government Portfolio            | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |   2133317 | NS      | $2133317.19   | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Fluidra SA                     | Fluidra SA                            | CUSIP: N/A<br>LEI: 95980020140005026620       | Long             | EC               | CORP              | ES        |     51895 | NS      | $1411697.17   | 1.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Sage Group PLC/The             | Sage Group PLC/The                    | CUSIP: N/A<br>LEI: 2138005RN5XYLTF8G138       | Long             | EC               | CORP              | GB        |    102800 | NS      | $1524986.26   | 2.12%             |  |  |  | No            |                  2 | On Loan: No      |
| InterContinental Hotels Group  | InterContinental Hotels Group PLC     | CUSIP: N/A<br>LEI: 2138007ZFQYRUSLU3J98       | Long             | EC               | CORP              | GB        |     11125 | NS      | $1345127.86   | 1.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Investor AB                    | Investor AB                           | CUSIP: W5R777115<br>LEI: 549300VEBQPHRZBKUX38 | Long             | EC               | CORP              | SE        |     40064 | NS      | $1254176.97   | 1.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Elis SA                        | Elis SA                               | CUSIP: N/A<br>LEI: 969500UX71LCE8MAY492       | Long             | EC               | CORP              | FR        |     47099 | NS      | $1359481.90   | 1.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Infineon Technologies AG       | Infineon Technologies AG              | CUSIP: N/A<br>LEI: TSI2PJM6EPETEQ4X1U25       | Long             | EC               | CORP              | DE        |     37469 | NS      | $1469919.58   | 2.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Haleon PLC                     | Haleon PLC                            | CUSIP: N/A<br>LEI: 549300PSB3WWEODCUP19       | Long             | EC               | CORP              | GB        |    298781 | NS      | $1344568.35   | 1.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Nordea Bank Abp                | Nordea Bank Abp                       | CUSIP: N/A<br>LEI: 529900ODI3047E2LIV03       | Long             | EC               | CORP              | FI        |    105105 | NS      | $1727961.43   | 2.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada           | Royal Bank of Canada                  | CUSIP: 780087102<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | EC               | CORP              | CA        |     12225 | NS      | $1801819.36   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Wolters Kluwer NV              | Wolters Kluwer NV                     | CUSIP: N/A<br>LEI: 724500TEM53I0U077B74       | Long             | EC               | CORP              | NL        |      9855 | NS      | $1345210.58   | 1.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Alcon AG                       | Alcon AG                              | CUSIP: N/A<br>LEI: 549300LDT5AP8S0NBM78       | Long             | EC               | CORP              | CH        |     19410 | NS      | $1459920.38   | 2.03%             |  |  |  | No            |                  2 | 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