BRAZOS MUTUAL FUNDS
BRAZOS/JMIC Real Estate Securities Portfolio
Supplement dated January 5, 1998 to the
Prospectus dated December 31, 1996
The "Prospectus Summary," page 5, "Administrative Services," is amended by
the addition of the following:
Rodney Square has entered into an agreement with PFPC Inc. ("PFPC")
pursuant to which PFPC will acquire the fund administration business
of Rodney Square. Effective January 5, 1998, the services previously
provided to the Fund by Rodney Square will be provided by PFPC.
Telephone, mail and wire instructions contained in this prospectus
shall remain as stated herein until further notice.
"Purchase of Shares," page 13, "Other Purchase Information" is amended by
the deletion of the last paragraph and addition of the following:
Service Agents, or if applicable, their designees, that have entered
into agreements with the Fund or its agent may enter confirmed
purchase or redemption orders on behalf of clients and customers, with
payment to follow no later than the Portfolio's pricing on the
following business day. If payment is not received by the Fund's
Transfer Agent by such time, the Service Agent could be held liable
for resulting fees or losses. A Portfolio may be deemed to have
received a purchase or redemption order when a Service Agent, or, if
applicable, its authorized designee, accepts the order. Orders
received by the fund in proper form will be priced at the Portfolio's
net asset value next computed after they are accepted by the Service
Agent or its authorized designee. Service Agents are responsible to
their customers and the Fund for timely transmission of all
subscription and redemption requests, investment information,
documentation and money.
"Administrative Services," page 21, is amended by the addition of the
following:
Rodney Square has entered into an agreement with PFPC Inc. ("PFPC")
pursuant to which PFPC will acquire the fund administration business
of Rodney Square. Effective January 5, 1998, the services previously
provided to the Fund by Rodney Square will be provided by PFPC.
Telephone, mail and wire instructions contained in this prospectus
shall remain as stated herein until further notice.
<PAGE>
PFPC, located at 400 Bellevue Parkway, Wilmington, Delaware 19809, is
an indirect wholly-owned subsidiary of PNC Bank Corp., a multi-bank
holding company. PFPC will provide administrative services identical
to the services previously provided by Rodney Square, under the same
terms and conditions and for the same fee.
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