Balanced Fund Performance as of Dec. 31, 2011	YTD	1YR	3YR	5YR	10YR	Since Inception
LKCM Balanced Fund	3.16%	3.16%	11.83%	3.98%	4.64%	4.99%
S&P 500 Index	2.11%	2.11%	14.11%	-0.25%	2.92%	3.69%
Barclays Capital Interm. Gov/Credit Bond Index	5.80%	5.80%	5.65%	5.88%	5.20%	5.70%
Lipper Mixed-Asset Target Allocation Growth Funds Index	-0.54%	-0.54%	12.22%	1.32%	4.44%	4.72%

Inception Date: 12/30/97
All periods over one year are annualized.
Net Expense Ratio: 0.80%* Gross Expense Ratio: 1.26%

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Fund performance current to the most recent month-end may be lower or higher than the performance quoted and can be obtained by calling 1-800-688-LKCM. The fund imposes a 1.00% redemption fee on shares held less than 30 days, and if reflected, the fee would reduce the performance shown.

Investment Objective

The Fund seeks current income and long-term capital appreciation.

Portfolio Managers

Scot C. Hollmann, CFA, is the lead portfolio manager of the LKCM Balanced Fund and oversees the investment team responsible for the LKCM Balanced Fund. Mr. Hollmann has been a Vice President and Portfolio Manager of Luther King Capital Management since 1983 and Principal since 1986. Mr. Hollmann graduated with a Bachelor of Business Administration and a Masters of Business Administration from Texas Christian University.

J. Luther King, Jr., CFA, is a member of the investment team responsible for the Balanced Fund. Mr. King has been President, Principal and Portfolio Manager of Luther King Capital Management since 1979. Mr. King graduated with a Bachelor of Science and a Masters of Business Administration from Texas Christian University.

Mark L. Johnson, CFA, is a member of the investment team responsible for the LKCM Balanced Fund. Mr. Johnson has been a Vice President and Portfolio Manager of Luther King Capital Management since 2002. Mr. Johnson graduated with a Bachelor of Arts from Duke University.

Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities.

Small-capitalization funds typically carry additional risks, since smaller companies generally have a higher risk of failure, and, historically, their stocks have experienced a greater degree of market volatility than stocks on average.

*Luther King Capital Management has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund through April 30, 2012 to maintain designated expense ratios (excluding acquired fund fees). Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced. Investment performance for the last quarter is based upon net expense ratio.

The Barclays Capital U.S. Intermediate Government/Credit Bond Index is an unmanaged market value weighted index measuring both the principal price changes of, and income provided by, the underlying universe of securities that comprise the index. Securities included in the index must meet the following criteria: fixed as opposed to variable rate; remaining maturity of one to ten years; minimum outstanding par value of $250 million; rated investment grade or higher by Moody's Investors Service or equivalent; must be dollar denominated and non-convertible; and must be publicly issued. A direct investment in an index is not possible.

The S&P 500 Index is an unmanaged index consisting of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index (stock price times number of shares outstanding), with each stock's weight in the Index proportionate to its market value. The S&P 500 Index is one of the most widely used benchmarks of U.S. equity performance. A direct investment in an index is not possible.

The Lipper Mixed-Asset Target Allocation Growth Funds Index is an unmanaged index consisting of funds that, by portfolio practice, maintain a mix of between 60%-80% equity securities, with the remainder invested in bonds, cash and cash equivalents. A direct investment in an index is not possible.