Small Cap Equity Fund Performance as of Dec. 31, 2011	YTD	1YR	3YR	5YR	10YR	Since Inception
LKCM Small Cap Equity Fund Institutional Class	4.47%	4.47%	22.41%	2.16%	7.82%	10.76%
LKCM Small Cap Equity Fund Adviser Class	4.19%	4.19%	22.10%	1.89%	-	9.22%
Russell 2000 Index	-4.18%	-4.18%	15.63%	0.15%	-	7.18%
Lipper Small Cap Core Index	-3.81%	-3.81%	17.60%	1.32%	-	8.09%

Institutional Class Inception Date: 07/14/94
Adviser Class Inception Date: 06/05/03
All periods over one year are annualized.
Institutional Class Net Expense Ratio: 0.97%* Gross Expense Ratio: 0.97%
Adviser Class Net Expense Ratio: 1.22%* Gross Expense Ratio: 1.22%

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

Steven R. Purvis, CFA, is the lead portfolio manager of the LKCM Small Cap Equity Fund and oversees the investment team responsible for the LKCM Small Cap 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.

J. Luther King, Jr., CFA, is a member of the investment team responsible for the LKCM Small Cap 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.

Jonathan B. Deweese, CFA, is a member of the investment team responsible for the LKCM Small Cap Equity Fund. Mr. Deweese has been an Analyst with Luther King Capital Management since 2003. Mr. Deweese graduated with a Bachelor of Science from the University of Arkansas and a Masters of Business Administration from the University of Texas.

Benjamin M. Cowan, CFA, is a member of the investment team responsible for the LKCM Small Cap Equity Fund. Mr. Cowan has been an Analyst with Luther King Capital Management since 2005. Mr. Cowan graduated summa cum laude with a Bachelor of Business Administration in Finance and Accounting at Texas Christian University.

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 for the last quarter is based upon net expense ratio.

The Russell 2000 Index is an unmanaged index comprised of the smallest 2,000 companies in the Russell 3000 Index, representing approximately 10% of the Russell 3000 Index total market capitalization. The Russell 3000 Index is an unmanaged index that measures the performance of the 3,000 largest U.S. companies, based on total market capitalization. A direct investment in an index is not possible.

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