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<PAGE> PAGE 2
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<PAGE> PAGE 6
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 21
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064 B000400 N
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 Y
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 Y
070 M010400 Y
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 Y
070 Q020400 N
070 R010400 Y
070 R020400 N
071 A000400 25687
071 B000400 13284
071 C000400 19640
071 D000400 68
072 A000400 12
072 B000400 1278
072 C000400 0
072 D000400 0
<PAGE> PAGE 22
072 E000400 0
072 F000400 103
072 G000400 20
072 H000400 0
072 I000400 11
072 J000400 5
072 K000400 0
072 L000400 1
072 M000400 1
072 N000400 4
072 O000400 0
072 P000400 0
072 Q000400 30
072 R000400 3
072 S000400 2
072 T000400 0
072 U000400 3
072 V000400 0
072 W000400 0
072 X000400 183
072 Y000400 50
072 Z000400 1145
072AA000400 34
072BB000400 120
072CC010400 0
072CC020400 1085
072DD010400 1143
072DD020400 0
072EE000400 22
073 A010400 0.5153
073 A020400 0.0000
073 B000400 0.0085
073 C000400 0.0000
074 A000400 0
074 B000400 0
074 C000400 150
074 D000400 25405
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 0
074 L000400 470
074 M000400 19
074 N000400 26044
074 O000400 0
074 P000400 19
074 Q000400 0
074 R010400 0
<PAGE> PAGE 23
074 R020400 0
074 R030400 0
074 R040400 9
074 S000400 0
074 T000400 26016
074 U010400 2686
074 U020400 0
074 V010400 9.69
074 V020400 0.00
074 W000400 0.0000
074 X000400 65
074 Y000400 0
075 A000400 0
075 B000400 20529
076 000400 0.00
008 A000501 LUTHER KING CAPITAL MANAGEMENT CORPORATION
008 B000501 A
008 C000501 801-14458
008 D010501 FORT WORTH
008 D020501 TX
008 D030501 76102
008 A000502 TT INTERNATIONAL
008 B000502 S
008 C000502 801-45435
008 D010502 LONDON
008 D050502 UNITED KINGDOM
008 D060502 EC4R ODP
015 A000501 FIRSTAR BANK MILWAUKEE,N.A.
015 B000501 C
015 C010501 MILWAUKEE
015 C020501 WI
015 C030501 53202
015 E010501 X
015 A000502 THE CHASE MANHATTAN BANK
015 B000502 S
015 C010502 NEW YORK
015 C020502 NY
015 C030502 10003
015 E010502 X
015 A000503 THE CHASE MANHATTAN BANK
015 B000503 S
015 C010503 SYDNEY
015 D010503 AUSTRALIA
015 E040503 X
015 A000504 ROYAL BANK OF CANADA
015 B000504 S
015 C010504 TORONTO
015 D010504 CANADA
015 E040504 X
015 A000505 MERITA BANK
015 B000505 S
<PAGE> PAGE 24
015 C010505 HELSINKI
015 D010505 FINLAND
015 E040505 X
015 A000506 PARIBAS
015 B000506 S
015 C010506 PARIS
015 D010506 FRANCE
015 E040506 X
015 A000507 DRESDNER BANK AG
015 B000507 S
015 C010507 FRANFURT
015 D010507 GERMANY
015 E040507 X
015 A000508 THE CHASE MANHATTAN BANK
015 B000508 S
015 C010508 HONG KONG
015 D010508 HONG KONG
015 E040508 X
015 A000509 PARIBAS
015 B000509 S
015 C010509 MILAN
015 D010509 ITALY
015 E040509 X
015 A000510 THE FUJI BANK LTD.
015 B000510 S
015 C010510 TOKYO
015 D010510 JAPAN
015 E040510 X
015 A000511 ABN-AMRO BANK N.V.
015 B000511 S
015 C010511 AMSTERDAM
015 D010511 NETHERLANDS
015 E040511 X
015 A000512 STANDARD CHARTERED BANK
015 B000512 S
015 C010512 SINGAPORE
015 D010512 SINGAPORE
015 E040512 X
015 A000513 THE CHASE MANHATTAN BANK
015 B000513 S
015 C010513 MADRID
015 D010513 SPAIN
015 E040513 X
015 A000514 SKANDINAVISKA ENSKILDA BANKEN
015 B000514 S
015 C010514 STOCKHOLM
015 D010514 SWEDEN
015 E040514 X
015 A000515 UBS AG
015 B000515 S
015 C010515 ZURICH
<PAGE> PAGE 25
015 D010515 SWITZERLAND
015 E040515 X
015 A000516 THE CHASE MANHATTAN BANK
015 B000516 S
015 C010516 TAIPEI
015 D010516 TAIWAN
015 E040516 X
015 A000517 THE CHASE MANHATTAN BANK
015 B000517 S
015 C010517 LONDON
015 D010517 UNITED KINGDOM
015 E040517 X
015 A000518 HONGKONG & SHANGHAI BANKING CORPORATON, LTD.
015 B000518 S
015 C010518 SEOUL
015 D010518 SOUTH KOREA
015 E040518 X
024 000500 N
028 A010500 199
028 A020500 0
028 A030500 0
028 A040500 1318
028 B010500 537
028 B020500 0
028 B030500 0
028 B040500 1058
028 C010500 459
028 C020500 0
028 C030500 0
028 C040500 982
028 D010500 464
028 D020500 0
028 D030500 0
028 D040500 1867
028 E010500 1668
028 E020500 0
028 E030500 0
028 E040500 582
028 F010500 6211
028 F020500 1444
028 F030500 0
028 F040500 548
028 G010500 9538
028 G020500 1444
028 G030500 0
028 G040500 6355
028 H000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 1.000
<PAGE> PAGE 26
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 Y
053 B000500 Y
053 C000500 N
055 A000500 Y
055 B000500 N
056 000500 Y
057 000500 N
062 A000500 N
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
<PAGE> PAGE 27
066 A000500 Y
066 B000500 N
066 C000500 N
066 D000500 N
066 E000500 N
066 F000500 N
066 G000500 Y
067 000500 N
068 A000500 N
068 B000500 Y
069 000500 N
070 A010500 N
070 A020500 N
070 B010500 Y
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 Y
070 F020500 Y
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 Y
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 Y
070 M010500 Y
070 M020500 Y
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 Y
070 Q020500 N
070 R010500 Y
070 R020500 Y
071 A000500 114248
071 B000500 119318
071 C000500 55845
071 D000500 205
<PAGE> PAGE 28
072 A000500 12
072 B000500 62
072 C000500 663
072 D000500 0
072 E000500 0
072 F000500 586
072 G000500 41
072 H000500 0
072 I000500 15
072 J000500 168
072 K000500 0
072 L000500 4
072 M000500 4
072 N000500 9
072 O000500 0
072 P000500 0
072 Q000500 39
072 R000500 10
072 S000500 6
072 T000500 0
072 U000500 6
072 V000500 0
072 W000500 1
072 X000500 889
072 Y000500 186
072 Z000500 22
072AA000500 18482
072BB000500 15170
072CC010500 20224
072CC020500 0
072DD010500 0
072DD020500 0
072EE000500 1451
073 A010500 0.0000
073 A020500 0.0000
073 B000500 0.2710
073 C000500 0.0000
074 A000500 5850
074 B000500 0
074 C000500 0
074 D000500 0
074 E000500 491
074 F000500 73658
074 G000500 0
074 H000500 0
074 I000500 154
074 J000500 1847
074 K000500 0
074 L000500 74
074 M000500 2398
074 N000500 84472
<PAGE> PAGE 29
074 O000500 425
074 P000500 106
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 49
074 S000500 0
074 T000500 83892
074 U010500 5434
074 U020500 0
074 V010500 15.44
074 V020500 0.00
074 W000500 0.0000
074 X000500 128
074 Y000500 0
075 A000500 0
075 B000500 58565
076 000500 0.00
SIGNATURE JACQUI BROWNFIELD
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000918942
<NAME> LKCM FUNDS
<SERIES>
<NUMBER> 01
<NAME> SMALL CAP EQUITY FUND
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<S> <C>
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<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 169,517
<INVESTMENTS-AT-VALUE> 230,404
<RECEIVABLES> 159
<ASSETS-OTHER> 66
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 230,629
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 465
<TOTAL-LIABILITIES> 465
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 159,728
<SHARES-COMMON-STOCK> 12,733
<SHARES-COMMON-PRIOR> 15,779
<ACCUMULATED-NII-CURRENT> 62
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 9,487
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 60,887
<NET-ASSETS> 230,164
<DIVIDEND-INCOME> 1,285
<INTEREST-INCOME> 1,058
<OTHER-INCOME> 0
<EXPENSES-NET> 1,982
<NET-INVESTMENT-INCOME> 361
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<NET-CHANGE-FROM-OPS> 31,783
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (364)
<DISTRIBUTIONS-OF-GAINS> (3,140)
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<NUMBER-OF-SHARES-SOLD> 537
<NUMBER-OF-SHARES-REDEEMED> (3,775)
<SHARES-REINVESTED> 192
<NET-CHANGE-IN-ASSETS> (17,854)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (616)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,644
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<GROSS-EXPENSE> 1,982
<AVERAGE-NET-ASSETS> 219,213
<PER-SHARE-NAV-BEGIN> 15.72
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 2.61
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> (0.25)
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<EXPENSE-RATIO> 0.90
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000918942
<NAME> LKCM FUNDS
<SERIES>
<NUMBER> 02
<NAME> EQUITY FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 19,782
<INVESTMENTS-AT-VALUE> 27,498
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<TOTAL-ASSETS> 27,553
<PAYABLE-FOR-SECURITIES> 0
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<OTHER-ITEMS-LIABILITIES> 61
<TOTAL-LIABILITIES> 61
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18,694
<SHARES-COMMON-STOCK> 1,844
<SHARES-COMMON-PRIOR> 2,854
<ACCUMULATED-NII-CURRENT> 1
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,081
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7,716
<NET-ASSETS> 27,492
<DIVIDEND-INCOME> 433
<INTEREST-INCOME> 168
<OTHER-INCOME> 0
<EXPENSES-NET> 324
<NET-INVESTMENT-INCOME> 277
<REALIZED-GAINS-CURRENT> 11,961
<APPREC-INCREASE-CURRENT> (5,005)
<NET-CHANGE-FROM-OPS> 7,233
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (276)
<DISTRIBUTIONS-OF-GAINS> (6,530)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 402
<NUMBER-OF-SHARES-REDEEMED> (1,698)
<SHARES-REINVESTED> 286
<NET-CHANGE-IN-ASSETS> 13,577
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 95
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 377
<AVERAGE-NET-ASSETS> 40,394
<PER-SHARE-NAV-BEGIN> 14.39
<PER-SHARE-NII> 0.10
<PER-SHARE-GAIN-APPREC> 2.97
<PER-SHARE-DIVIDEND> (0.15)
<PER-SHARE-DISTRIBUTIONS> (2.40)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.91
<EXPENSE-RATIO> 0.80
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000918942
<NAME> LKCM FUNDS
<SERIES>
<NUMBER> 03
<NAME> BALANCED FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 5,978
<INVESTMENTS-AT-VALUE> 6,800
<RECEIVABLES> 44
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<TOTAL-ASSETS> 6,858
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,020
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 9
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 822
<NET-ASSETS> 6,851
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<EXPENSES-NET> 38
<NET-INVESTMENT-INCOME> 92
<REALIZED-GAINS-CURRENT> 35
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (94)
<DISTRIBUTIONS-OF-GAINS> (7)
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<NUMBER-OF-SHARES-SOLD> 224
<NUMBER-OF-SHARES-REDEEMED> (5)
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<NET-CHANGE-IN-ASSETS> 3,211
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (19)
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<OVERDIST-NET-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 91
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<PER-SHARE-NAV-BEGIN> 11.05
<PER-SHARE-NII> 0.22
<PER-SHARE-GAIN-APPREC> 1.26
<PER-SHARE-DIVIDEND> (0.22)
<PER-SHARE-DISTRIBUTIONS> (0.01)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.30
<EXPENSE-RATIO> 0.80
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000918942
<NAME> LKCM FUNDS
<SERIES>
<NUMBER> 04
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<S> <C>
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 26,972
<SHARES-COMMON-STOCK> 2,686
<SHARES-COMMON-PRIOR> 1,419
<ACCUMULATED-NII-CURRENT> 4
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (86)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (874)
<NET-ASSETS> 26,016
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,278
<OTHER-INCOME> 0
<EXPENSES-NET> 133
<NET-INVESTMENT-INCOME> 1,145
<REALIZED-GAINS-CURRENT> (86)
<APPREC-INCREASE-CURRENT> (1,085)
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<DISTRIBUTIONS-OF-INCOME> (1,143)
<DISTRIBUTIONS-OF-GAINS> (22)
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<NUMBER-OF-SHARES-SOLD> 1,611
<NUMBER-OF-SHARES-REDEEMED> (439)
<SHARES-REINVESTED> 95
<NET-CHANGE-IN-ASSETS> 11,459
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 22
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<PER-SHARE-NAV-BEGIN> 10.25
<PER-SHARE-NII> 0.52
<PER-SHARE-GAIN-APPREC> (0.55)
<PER-SHARE-DIVIDEND> (0.52)
<PER-SHARE-DISTRIBUTIONS> (0.01)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.69
<EXPENSE-RATIO> 0.65
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000918942
<NAME> LKCM FUNDS
<SERIES>
<NUMBER> 05
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<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 50,612
<INVESTMENTS-AT-VALUE> 74,303
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<TOTAL-LIABILITIES> 580
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 58,567
<SHARES-COMMON-STOCK> 5,434
<SHARES-COMMON-PRIOR> 5,174
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,636
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 23,689
<NET-ASSETS> 83,892
<DIVIDEND-INCOME> 663
<INTEREST-INCOME> 62
<OTHER-INCOME> 0
<EXPENSES-NET> 703
<NET-INVESTMENT-INCOME> 22
<REALIZED-GAINS-CURRENT> 3,312
<APPREC-INCREASE-CURRENT> 20,224
<NET-CHANGE-FROM-OPS> 23,558
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (1,451)
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<NUMBER-OF-SHARES-SOLD> 1,118
<NUMBER-OF-SHARES-REDEEMED> (952)
<SHARES-REINVESTED> 94
<NET-CHANGE-IN-ASSETS> 26,907
<ACCUMULATED-NII-PRIOR> (126)
<ACCUMULATED-GAINS-PRIOR> (217)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 586
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 889
<AVERAGE-NET-ASSETS> 58,565
<PER-SHARE-NAV-BEGIN> 11.01
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 4.70
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.27)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 15.44
<EXPENSE-RATIO> 1.20
</TABLE>
On August 10, 1999, the Board of Trustees ratified the termination of Deloitte
and Touche LLP as the Funds independent accountants. For the periods ended
April 30, 1995 and December 31, 1995 and the years ended December 31, 1996
through December 31, 1998, Deloitte and Touche LLP expressed an unqualified
opinion on the Funds' financial statements. There were no disagreements between
Fund management and Deloitte and Touche LLP prior to their termination. The
Board of Trustees approved the termination of Deloitte and Touche LLP and the
appointment of PricewaterhouseCoopers LLP as the FundS' independent accountants.
Report of Independent Accountants
To the Board of Trustees and Shareholders of LKCM Funds
In planning and performing our audit of the financial statements of the LKCM
Small Cap Equity Fund, LKCM Equity Fund, LKCM Balanced Fund, LKCM Fixed Income
Fund and LKCM International Fund (constituting the LKCM Funds, hereafter
referred to as the "Funds") for the year ended December 31, 1999, we considered
their internal control, including control activities for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on internal control.
The management of the Funds is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that controls may become inadequate
because of changes in conditions or that the effectiveness of their design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in amounts that would be
material in relation to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1999.
This report is intended solely for the information and use of the Board of
Trustees, management of the Funds and the Securities and Exchange Commission and
is not intended to be and should not be used by anyone other than these
specified parties.
PricewaterhouseCoopers LLP
Milwaukee, Wisconsin
February 15, 2000
