Equity Fund Performance as of Dec. 31, 2011	YTD	1YR	3YR	5YR	10YR	Since Inception
LKCM Equity Fund Institutional Class	3.30%	3.30%	15.61%	3.18%	4.60%	6.97%
LKCM Equity Fund Adviser Class	NA	NA	NA	NA	NA	NA
S&P 500 Index	2.11%	2.11%	14.11%	-0.25%	2.92%	6.41%
Lipper Large Cap Core Index	0.09%	0.09%	13.09%	-0.60%	2.16%	5.48%

Inception Date: 01/03/96
All periods over one year are annualized.
Institutional Class Net Expense Ratio: 0.80%* Gross Expense Ratio: 1.05%
Adviser Class Net Expense Ratio: 1.05%* Gross Expense Ratio 1.30%

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 to maximize long-term capital appreciation.

Portfolio Managers

J. Luther King, Jr., CFA, is the lead portfolio manager of the LKCM Equity Fund and oversees the investment team responsible for the LKCM Equity 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.

Steven R. Purvis, CFA, is a member of the investment team responsible for the LKCM Equity Fund. Mr. Purvis has been a Vice President and Portfolio Manager of Luther King Capital Management since 1996 and Principal since 2004. Mr. Purvis graduated with a Bachelor of Science in Business Administration from the University of Missouri and a Masters of Business Administration from the University of Missouri - Kansas City.

Scot C. Hollmann, CFA, is a member of the investment team responsible for the LKCM Equity 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.

Mason D. King, CFA, is a member of the investment team responsible for the LKCM Equity Fund. Mr. King has been an Analyst with Luther King Capital Management since 2004. Mr. King graduated with a Bachelor of Arts from Princeton University and a Masters of Business Administration from the University of Texas.

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 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 Large-Cap Core Funds Index is an index of large cap core mutual funds tracked by Lipper, Inc. A direct investment in an index is not possible.