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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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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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SIGNATURE DAN L. HOCKENBROUGH
TITLE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0001025870
<NAME> BRAZOS SMALL CAP GROWTH PORTFOLIO
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,132,532
<AVERAGE-NET-ASSETS> 176,236,970
<PER-SHARE-NAV-BEGIN> 13.49
<PER-SHARE-NII> (0.11)
<PER-SHARE-GAIN-APPREC> 0.79
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.10)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.07
<EXPENSE-RATIO> 1.21
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001025870
<NAME> BRAZOS REAL ESTATE SECURITIES PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-START> DEC-01-1997
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 93,345,389
<INVESTMENTS-AT-VALUE> 84,682,438
<RECEIVABLES> 928,419
<ASSETS-OTHER> 104,989
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 85,715,846
<PAYABLE-FOR-SECURITIES> 819,591
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 107,232
<TOTAL-LIABILITIES> 926,823
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 100,608,626
<SHARES-COMMON-STOCK> 9,207,237
<SHARES-COMMON-PRIOR> 4,742,801
<ACCUMULATED-NII-CURRENT> 435,600
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (7,592,252)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (8,662,951)
<NET-ASSETS> 84,789,023
<DIVIDEND-INCOME> 4,076,921
<INTEREST-INCOME> 236,442
<OTHER-INCOME> 0
<EXPENSES-NET> (989,263)
<NET-INVESTMENT-INCOME> 3,324,100
<REALIZED-GAINS-CURRENT> (7,566,179)
<APPREC-INCREASE-CURRENT> (9,733,110)
<NET-CHANGE-FROM-OPS> (13,975,189)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,252,946)
<DISTRIBUTIONS-OF-GAINS> (567,899)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,926,396
<NUMBER-OF-SHARES-REDEEMED> (722,943)
<SHARES-REINVESTED> 260,983
<NET-CHANGE-IN-ASSETS> 31,480,770
<ACCUMULATED-NII-PRIOR> 575,203
<ACCUMULATED-GAINS-PRIOR> 506,602
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 712,269
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,036,971
<AVERAGE-NET-ASSETS> 79,259,946
<PER-SHARE-NAV-BEGIN> 11.24
<PER-SHARE-NII> 0.44
<PER-SHARE-GAIN-APPREC> (1.90)
<PER-SHARE-DIVIDEND> (0.43)
<PER-SHARE-DISTRIBUTIONS> (0.14)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.21
<EXPENSE-RATIO> 1.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001025870
<NAME> BRAZOS MICRO CAP GROWTH PORTFOLIO
<S> <C>
<PERIOD-TYPE> 11-MOS
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 45,388,339
<INVESTMENTS-AT-VALUE> 48,125,229
<RECEIVABLES> 16,195
<ASSETS-OTHER> 40,340
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 48,181,764
<PAYABLE-FOR-SECURITIES> 310,509
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 92,270
<TOTAL-LIABILITIES> 407,779
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 45,605,030
<SHARES-COMMON-STOCK> 3,972,438
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (567,935)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,736,890
<NET-ASSETS> 47,773,985
<DIVIDEND-INCOME> 5,513
<INTEREST-INCOME> 304,400
<OTHER-INCOME> 0
<EXPENSES-NET> (435,021)
<NET-INVESTMENT-INCOME> (125,108)
<REALIZED-GAINS-CURRENT> (567,935)
<APPREC-INCREASE-CURRENT> 2,736,890
<NET-CHANGE-FROM-OPS> 2,043,847
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,701,406
<NUMBER-OF-SHARES-REDEEMED> (728,968)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 47,773,985
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 326,266
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 521,220
<AVERAGE-NET-ASSETS> 29,623,654
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.05)
<PER-SHARE-GAIN-APPREC> 2.08
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.03
<EXPENSE-RATIO> 1.60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Trustees of
Brazos Mutual Funds:
In planning and performing our audits of the financial
statements and financial highlights of Brazos Mutual
Funds (comprising respectively, the Brazos Small Cap
Growth Portfolio, Brazos Real Estate Securities
Portfolio and Brazos Micro Cap Growth Portfolio) (the
"Portfolios") for the year ended November 30, 1998, we
considered its internal control, including control
activities over safeguarding securities, in order to
determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and
financial highlights and to comply with the
requirements of Form N-SAR, not to provide assurance
on internal control.
The management of the Portfolios 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 and financial highlights 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,
error 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 it may
become inadequate because of changes in conditions or
that the effectiveness of the 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 and financial highlights 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 over safeguarding securities, that
we consider to be material weaknesses as defined above
as of November 30, 1998.
This report is intended solely for the information and
use of management, the Board of Trustees of Brazos
Mutual Funds and the Securities and Exchange
Commission.
PricewaterhouseCoopers LLP
December 30, 1998
