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<PAGE> PAGE 7
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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 19
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<PAGE> PAGE 20
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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 N
070 I020400 N
070 J010400 N
070 J020400 Y
070 K010400 Y
070 K020400 Y
070 L010400 Y
070 L020400 N
<PAGE> PAGE 21
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 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 46170
071 B000400 21533
071 C000400 13977
071 D000400 154
072 A000400 11
072 B000400 103
072 C000400 31
072 D000400 0
072 E000400 0
072 F000400 129
072 G000400 14
072 H000400 0
072 I000400 15
072 J000400 36
072 K000400 0
072 L000400 8
072 M000400 13
072 N000400 49
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 20
072 S000400 7
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 3
072 X000400 294
072 Y000400 100
072 Z000400 -60
072AA000400 4217
072BB000400 0
072CC010400 3853
072CC020400 0
072DD010400 0
072DD020400 0
072EE000400 1900
073 A010400 0.0000
073 A020400 0.0000
<PAGE> PAGE 22
073 B000400 2.1300
073 C000400 0.0000
074 A000400 0
074 B000400 2546
074 C000400 0
074 D000400 757
074 E000400 0
074 F000400 31950
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 749
074 K000400 6
074 L000400 21
074 M000400 0
074 N000400 36029
074 O000400 11
074 P000400 15
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 59
074 S000400 0
074 T000400 35944
074 U010400 2433
074 U020400 0
074 V010400 14.78
074 V020400 0.00
074 W000400 0.0000
074 X000400 241
074 Y000400 0
075 A000400 0
075 B000400 15673
076 000400 0.00
SIGNATURE PETER SUTTON
TITLE CONTROLLER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001025870
<NAME> BRAZOS MUTUAL FUNDS
<SERIES>
<NUMBER> 010
<NAME> BRAZOS SMALL CAP GROWTH PORTFOLIO CLASS Y
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-START> DEC-01-1998
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 486,703,517<F1>
<INVESTMENTS-AT-VALUE> 619,333,837<F1>
<RECEIVABLES> 15,928,721<F1>
<ASSETS-OTHER> 3,655<F1>
<OTHER-ITEMS-ASSETS> 0<F1>
<TOTAL-ASSETS> 635,266,213<F1>
<PAYABLE-FOR-SECURITIES> 2,136,535<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 3,798,905<F1>
<TOTAL-LIABILITIES> 5,935,440<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 491,300,497<F1>
<SHARES-COMMON-STOCK> 33,877,855<F2>
<SHARES-COMMON-PRIOR> 22,263,322<F2>
<ACCUMULATED-NII-CURRENT> 0<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 5,399,956<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 132,630,320<F1>
<NET-ASSETS> 629,330,773<F1>
<DIVIDEND-INCOME> 511,381<F1>
<INTEREST-INCOME> 962,295<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 5,363,850<F1>
<NET-INVESTMENT-INCOME> (3,890,174)<F1>
<REALIZED-GAINS-CURRENT> 25,362,554<F1>
<APPREC-INCREASE-CURRENT> 107,534,782<F1>
<NET-CHANGE-FROM-OPS> 129,007,162<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 21,881,783<F2>
<NUMBER-OF-SHARES-REDEEMED> (10,267,250)<F2>
<SHARES-REINVESTED> 0<F2>
<NET-CHANGE-IN-ASSETS> 316,123,466<F1>
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> (19,962,598)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 4,480,753<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 5,371,023<F1>
<AVERAGE-NET-ASSETS> 498,481,597<F2>
<PER-SHARE-NAV-BEGIN> 14.07<F2>
<PER-SHARE-NII> (0.13)<F2>
<PER-SHARE-GAIN-APPREC> 4.60<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> 0<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 18.54<F2>
<EXPENSE-RATIO> 1.08<F2>
<FN>
<F1>Information given pertains to Brazos Small Cap Growth Portfolio as a whole
<F2>Information given pertains to Brazos Small Cap Growth Portfolio Class Y
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001025870
<NAME> BRAZOS MUTUAL FUNDS
<SERIES>
<NUMBER> 011
<NAME> BRAZOS SMALL CAP GROWTH PORTFOLIO CLASS A
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-START> SEP-08-1999
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 486,703,517<F1>
<INVESTMENTS-AT-VALUE> 619,333,837<F1>
<RECEIVABLES> 15,928,721<F1>
<ASSETS-OTHER> 3,655<F1>
<OTHER-ITEMS-ASSETS> 0<F1>
<TOTAL-ASSETS> 635,266,213<F1>
<PAYABLE-FOR-SECURITIES> 2,136,535<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 3,798,905<F1>
<TOTAL-LIABILITIES> 5,935,440<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 491,300,497<F1>
<SHARES-COMMON-STOCK> 21,287<F2>
<SHARES-COMMON-PRIOR> 0<F2>
<ACCUMULATED-NII-CURRENT> 0<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 5,399,956<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 132,630,320<F1>
<NET-ASSETS> 629,330,773<F1>
<DIVIDEND-INCOME> 511,381<F1>
<INTEREST-INCOME> 962,295<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 5,363,850<F1>
<NET-INVESTMENT-INCOME> (3,890,174)<F1>
<REALIZED-GAINS-CURRENT> 25,362,554<F1>
<APPREC-INCREASE-CURRENT> 107,534,782<F1>
<NET-CHANGE-FROM-OPS> 129,007,162<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 21,287<F2>
<NUMBER-OF-SHARES-REDEEMED> 0<F2>
<SHARES-REINVESTED> 0<F2>
<NET-CHANGE-IN-ASSETS> 316,123,466<F1>
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> (19,962,598)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 4,480,753<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 5,371,023<F1>
<AVERAGE-NET-ASSETS> 197,875<F2>
<PER-SHARE-NAV-BEGIN> 16.90<F2>
<PER-SHARE-NII> (0.05)<F2>
<PER-SHARE-GAIN-APPREC> 1.65<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> 0<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 18.50<F2>
<EXPENSE-RATIO> 1.65<F2>
<FN>
<F1>Information given pertains to Brazos Small Cap Growth Portfolio as a whole
<F2>Information given pertains to Brazos Small Cap Growth Portfolio Class A
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001025870
<NAME> BRAZOS MUTUAL FUNDS
<SERIES>
<NUMBER> 012
<NAME> BRAZOS SMALL CAP GROWTH PORTFOLIO CLASS B
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-START> SEP-08-1999
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 486,703,517<F1>
<INVESTMENTS-AT-VALUE> 619,333,837<F1>
<RECEIVABLES> 15,928,721<F1>
<ASSETS-OTHER> 3,655<F1>
<OTHER-ITEMS-ASSETS> 0<F1>
<TOTAL-ASSETS> 635,266,213<F1>
<PAYABLE-FOR-SECURITIES> 2,136,535<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 3,798,905<F1>
<TOTAL-LIABILITIES> 5,935,440<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 491,300,497<F1>
<SHARES-COMMON-STOCK> 30,424<F2>
<SHARES-COMMON-PRIOR> 0<F2>
<ACCUMULATED-NII-CURRENT> 0<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 5,399,956<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 132,630,320<F1>
<NET-ASSETS> 629,330,773<F1>
<DIVIDEND-INCOME> 511,381<F1>
<INTEREST-INCOME> 962,295<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 5,363,850<F1>
<NET-INVESTMENT-INCOME> (3,890,174)<F1>
<REALIZED-GAINS-CURRENT> 25,362,554<F1>
<APPREC-INCREASE-CURRENT> 107,534,782<F1>
<NET-CHANGE-FROM-OPS> 129,007,162<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 30,424<F2>
<NUMBER-OF-SHARES-REDEEMED> 0<F2>
<SHARES-REINVESTED> 0<F2>
<NET-CHANGE-IN-ASSETS> 316,123,466<F1>
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> (19,962,598)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 4,480,753<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 5,371,023<F1>
<AVERAGE-NET-ASSETS> 279,264<F2>
<PER-SHARE-NAV-BEGIN> 16.90<F2>
<PER-SHARE-NII> (0.09)<F2>
<PER-SHARE-GAIN-APPREC> 1.68<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> 0<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 18.49<F2>
<EXPENSE-RATIO> 2.30<F2>
<FN>
<F1>Information given pertains to Brazos Small Cap Growth Portfolio as a whole
<F2>Information given pertains to Brazos Small Cap Growth Portfolio Class B
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001025870
<NAME> BRAZOS MUTUAL FUNDS
<SERIES>
<NUMBER> 013
<NAME> BRAZOS SMALL CAP GROWTH PORTFOLIO CLASS II
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-START> SEP-08-1999
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 486,703,517<F1>
<INVESTMENTS-AT-VALUE> 619,333,837<F1>
<RECEIVABLES> 15,928,721<F1>
<ASSETS-OTHER> 3,655<F1>
<OTHER-ITEMS-ASSETS> 0<F1>
<TOTAL-ASSETS> 635,266,213<F1>
<PAYABLE-FOR-SECURITIES> 2,136,535<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 3,798,905<F1>
<TOTAL-LIABILITIES> 5,935,440<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 491,300,497<F1>
<SHARES-COMMON-STOCK> 21,452<F2>
<SHARES-COMMON-PRIOR> 0<F2>
<ACCUMULATED-NII-CURRENT> 0<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 5,399,956<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 132,630,320<F1>
<NET-ASSETS> 629,330,773<F1>
<DIVIDEND-INCOME> 511,381<F1>
<INTEREST-INCOME> 962,295<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 5,363,850<F1>
<NET-INVESTMENT-INCOME> (3,890,174)<F1>
<REALIZED-GAINS-CURRENT> 25,362,554<F1>
<APPREC-INCREASE-CURRENT> 107,534,782<F1>
<NET-CHANGE-FROM-OPS> 129,007,162<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 21,452<F2>
<NUMBER-OF-SHARES-REDEEMED> 0<F2>
<SHARES-REINVESTED> 0<F2>
<NET-CHANGE-IN-ASSETS> 316,123,466<F1>
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> (19,962,598)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 4,480,753<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 5,371,023<F1>
<AVERAGE-NET-ASSETS> 211,330<F2>
<PER-SHARE-NAV-BEGIN> 16.90<F2>
<PER-SHARE-NII> (0.08)<F2>
<PER-SHARE-GAIN-APPREC> 1.68<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> 0<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 18.50<F2>
<EXPENSE-RATIO> 2.30<F2>
<FN>
<F1>Information given pertains to Brazos Small Cap Growth Portfolio as a whole
<F2>Information given pertains to Brazos Small Cap Growth Portfolio Class II
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001025870
<NAME> BRAZOS MUTUAL FUNDS
<SERIES>
<NUMBER> 020
<NAME> BRAZOS REAL ESTATE SECURITIES PORTFOLIO CLASS Y
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-START> DEC-01-1998
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 142,454,118<F1>
<INVESTMENTS-AT-VALUE> 129,304,659<F1>
<RECEIVABLES> 1,806,420<F1>
<ASSETS-OTHER> 842<F1>
<OTHER-ITEMS-ASSETS> 324<F1>
<TOTAL-ASSETS> 131,112,245<F1>
<PAYABLE-FOR-SECURITIES> 1,433,299<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 234,337<F1>
<TOTAL-LIABILITIES> 1,667,636<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 161,719,544<F1>
<SHARES-COMMON-STOCK> 15,982,180<F2>
<SHARES-COMMON-PRIOR> 9,207,237<F2>
<ACCUMULATED-NII-CURRENT> 851,041<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (19,976,517)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (13,149,459)<F1>
<NET-ASSETS> 129,444,609<F1>
<DIVIDEND-INCOME> 7,346,312<F1>
<INTEREST-INCOME> 337,007<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 1,424,332<F1>
<NET-INVESTMENT-INCOME> 6,258,987<F1>
<REALIZED-GAINS-CURRENT> (12,384,265)<F1>
<APPREC-INCREASE-CURRENT> (4,486,508)<F1>
<NET-CHANGE-FROM-OPS> (10,611,786)<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (5,836,341)<F2>
<DISTRIBUTIONS-OF-GAINS> 0<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 10,276,203<F2>
<NUMBER-OF-SHARES-REDEEMED> (3,996,289)<F2>
<SHARES-REINVESTED> 495,029<F2>
<NET-CHANGE-IN-ASSETS> 44,655,586<F1>
<ACCUMULATED-NII-PRIOR> 435,600<F1>
<ACCUMULATED-GAINS-PRIOR> (7,592,252)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 1,075,480<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 1,424,842<F1>
<AVERAGE-NET-ASSETS> 119,542,017<F2>
<PER-SHARE-NAV-BEGIN> 9.21<F2>
<PER-SHARE-NII> 0.47<F2>
<PER-SHARE-GAIN-APPREC> (1.17)<F2>
<PER-SHARE-DIVIDEND> (0.44)<F2>
<PER-SHARE-DISTRIBUTIONS> 0<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 8.07<F2>
<EXPENSE-RATIO> 1.19<F2>
<FN>
<F1>Information given pertains to Brazos Real Estate Securities Portfolio as
a whole
<F2>Information given pertains to Brazos Real Estate Securities Portfolio
Class Y
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001025870
<NAME> BRAZOS MUTUAL FUNDS
<SERIES>
<NUMBER> 021
<NAME> BRAZOS REAL ESTATE SECURITIES PORTFOLIO CLASS A
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-START> SEP-08-1999
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 142,454,118<F1>
<INVESTMENTS-AT-VALUE> 129,304,659<F1>
<RECEIVABLES> 1,806,420<F1>
<ASSETS-OTHER> 842<F1>
<OTHER-ITEMS-ASSETS> 324<F1>
<TOTAL-ASSETS> 131,112,245<F1>
<PAYABLE-FOR-SECURITIES> 1,433,299<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 234,337<F1>
<TOTAL-LIABILITIES> 1,667,636<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 161,719,544<F1>
<SHARES-COMMON-STOCK> 17,710<F2>
<SHARES-COMMON-PRIOR> 0<F2>
<ACCUMULATED-NII-CURRENT> 851,041<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (19,976,517)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (13,149,459)<F1>
<NET-ASSETS> 129,444,609<F1>
<DIVIDEND-INCOME> 7,346,312<F1>
<INTEREST-INCOME> 337,007<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 1,424,332<F1>
<NET-INVESTMENT-INCOME> 6,258,987<F1>
<REALIZED-GAINS-CURRENT> (12,384,265)<F1>
<APPREC-INCREASE-CURRENT> (4,486,508)<F1>
<NET-CHANGE-FROM-OPS> (10,611,786)<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (2,095)<F2>
<DISTRIBUTIONS-OF-GAINS> 0<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 17,458<F2>
<NUMBER-OF-SHARES-REDEEMED> 0<F2>
<SHARES-REINVESTED> 252<F2>
<NET-CHANGE-IN-ASSETS> 44,655,586<F1>
<ACCUMULATED-NII-PRIOR> 435,600<F1>
<ACCUMULATED-GAINS-PRIOR> (7,592,252)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 1,075,480<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 1,424,842<F1>
<AVERAGE-NET-ASSETS> 144,763<F2>
<PER-SHARE-NAV-BEGIN> 8.80<F2>
<PER-SHARE-NII> 0.12<F2>
<PER-SHARE-GAIN-APPREC> (0.74)<F2>
<PER-SHARE-DIVIDEND> (0.12)<F2>
<PER-SHARE-DISTRIBUTIONS> 0<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 8.06<F2>
<EXPENSE-RATIO> 1.65<F2>
<F1>Information given pertains to Brazos Real Estate Securities Portfolio as
a whole
<F2>Information given pertains to Brazos Real Estate Securities Portfolio
Class A
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001025870
<NAME> BRAZOS MUTUAL FUNDS
<SERIES>
<NUMBER> 022
<NAME> BRAZOS REAL ESTATE SECURITIES PORTFOLIO CLASS B
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-START> SEP-08-1999
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 142,454,118<F1>
<INVESTMENTS-AT-VALUE> 129,304,659<F1>
<RECEIVABLES> 1,806,420<F1>
<ASSETS-OTHER> 842<F1>
<OTHER-ITEMS-ASSETS> 324<F1>
<TOTAL-ASSETS> 131,112,245<F1>
<PAYABLE-FOR-SECURITIES> 1,433,299<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 234,337<F1>
<TOTAL-LIABILITIES> 1,667,636<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 161,719,544<F1>
<SHARES-COMMON-STOCK> 20,173<F2>
<SHARES-COMMON-PRIOR> 0<F2>
<ACCUMULATED-NII-CURRENT> 851,041<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (19,976,517)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (13,149,459)<F1>
<NET-ASSETS> 129,444,609<F1>
<DIVIDEND-INCOME> 7,346,312<F1>
<INTEREST-INCOME> 337,007<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 1,424,332<F1>
<NET-INVESTMENT-INCOME> 6,258,987<F1>
<REALIZED-GAINS-CURRENT> (12,384,265)<F1>
<APPREC-INCREASE-CURRENT> (4,486,508)<F1>
<NET-CHANGE-FROM-OPS> (10,611,786)<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (2,047)<F2>
<DISTRIBUTIONS-OF-GAINS> 0<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 20,751<F2>
<NUMBER-OF-SHARES-REDEEMED> (824)<F2>
<SHARES-REINVESTED> 246<F2>
<NET-CHANGE-IN-ASSETS> 44,655,586<F1>
<ACCUMULATED-NII-PRIOR> 435,600<F1>
<ACCUMULATED-GAINS-PRIOR> (7,592,252)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 1,075,480<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 1,424,842<F1>
<AVERAGE-NET-ASSETS> 146,427<F2>
<PER-SHARE-NAV-BEGIN> 8.80<F2>
<PER-SHARE-NII> 0.10<F2>
<PER-SHARE-GAIN-APPREC> (0.73)<F2>
<PER-SHARE-DIVIDEND> (0.12)<F2>
<PER-SHARE-DISTRIBUTIONS> 0<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 8.05<F2>
<EXPENSE-RATIO> 2.30<F2>
<F1>Information given pertains to Brazos Real Estate Securities Portfolio as
a whole
<F2>Information given pertains to Brazos Real Estate Securities Portfolio
Class B
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001025870
<NAME> BRAZOS MUTUAL FUNDS
<SERIES>
<NUMBER> 023
<NAME> BRAZOS REAL ESTATE SECURITIES PORTFOLIO CLASS II
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-START> SEP-08-1999
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 142,454,118<F1>
<INVESTMENTS-AT-VALUE> 129,304,659<F1>
<RECEIVABLES> 1,806,420<F1>
<ASSETS-OTHER> 842<F1>
<OTHER-ITEMS-ASSETS> 324<F1>
<TOTAL-ASSETS> 131,112,245<F1>
<PAYABLE-FOR-SECURITIES> 1,433,299<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 234,337<F1>
<TOTAL-LIABILITIES> 1,667,636<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 161,719,544<F1>
<SHARES-COMMON-STOCK> 17,755<F2>
<SHARES-COMMON-PRIOR> 0<F2>
<ACCUMULATED-NII-CURRENT> 851,041<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (19,976,517)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (13,149,459)<F1>
<NET-ASSETS> 129,444,609<F1>
<DIVIDEND-INCOME> 7,346,312<F1>
<INTEREST-INCOME> 337,007<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 1,424,332<F1>
<NET-INVESTMENT-INCOME> 6,258,987<F1>
<REALIZED-GAINS-CURRENT> (12,384,265)<F1>
<APPREC-INCREASE-CURRENT> (4,486,508)<F1>
<NET-CHANGE-FROM-OPS> (10,611,786)<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (2,046)<F2>
<DISTRIBUTIONS-OF-GAINS> 0<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 17,509<F2>
<NUMBER-OF-SHARES-REDEEMED> 0<F2>
<SHARES-REINVESTED> 246<F2>
<NET-CHANGE-IN-ASSETS> 44,655,586<F1>
<ACCUMULATED-NII-PRIOR> 435,600<F1>
<ACCUMULATED-GAINS-PRIOR> (7,592,252)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 1,075,480<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 1,424,842<F1>
<AVERAGE-NET-ASSETS> 144,505<F2>
<PER-SHARE-NAV-BEGIN> 8.80<F2>
<PER-SHARE-NII> 0.11<F2>
<PER-SHARE-GAIN-APPREC> (0.74)<F2>
<PER-SHARE-DIVIDEND> (0.12)<F2>
<PER-SHARE-DISTRIBUTIONS> 0<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 8.05<F2>
<EXPENSE-RATIO> 2.30<F2>
<F1>Information given pertains to Brazos Real Estate Securities Portfolio as
a whole
<F2>Information given pertains to Brazos Real Estate Securities Portfolio
Class II
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001025870
<NAME> BRAZOS MUTUAL FUNDS
<SERIES>
<NUMBER> 030
<NAME> BRAZOS MICRO CAP GROWTH PORTFOLIO CLASS Y
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-START> DEC-01-1998
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 98,237,192<F1>
<INVESTMENTS-AT-VALUE> 124,575,667<F1>
<RECEIVABLES> 2,293,005<F1>
<ASSETS-OTHER> 635<F1>
<OTHER-ITEMS-ASSETS> 1,299,204<F1>
<TOTAL-ASSETS> 128,168,511<F1>
<PAYABLE-FOR-SECURITIES> 4,894,857<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 1,359,421<F1>
<TOTAL-LIABILITIES> 6,254,278<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 87,298,979<F1>
<SHARES-COMMON-STOCK> 6,649,389<F1>
<SHARES-COMMON-PRIOR> 3,972,438<F1>
<ACCUMULATED-NII-CURRENT> 0<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 8,276,779<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 26,338,475<F1>
<NET-ASSETS> 121,914,233<F1>
<DIVIDEND-INCOME> 28,007<F1>
<INTEREST-INCOME> 454,958<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 1,250,862<F1>
<NET-INVESTMENT-INCOME> (767,897)<F1>
<REALIZED-GAINS-CURRENT> 17,495,994<F1>
<APPREC-INCREASE-CURRENT> 23,601,585<F1>
<NET-CHANGE-FROM-OPS> 40,329,682<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0<F1>
<DISTRIBUTIONS-OF-GAINS> (7,883,383)<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 4,272,442<F1>
<NUMBER-OF-SHARES-REDEEMED> (2,032,966)<F1>
<SHARES-REINVESTED> 437,475<F1>
<NET-CHANGE-IN-ASSETS> 74,140,248<F1>
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> (567,935)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 972,652<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 1,251,659<F1>
<AVERAGE-NET-ASSETS> 81,192,738<F1>
<PER-SHARE-NAV-BEGIN> 12.03<F1>
<PER-SHARE-NII> (0.14)<F1>
<PER-SHARE-GAIN-APPREC> 7.91<F1>
<PER-SHARE-DIVIDEND> 0<F1>
<PER-SHARE-DISTRIBUTIONS> (1.47)<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 18.33<F1>
<EXPENSE-RATIO> 1.54<F1>
<FN>
<F1>Information given pertains to Brazos Micro Cap Growth Portfolio as a
whole
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001025870
<NAME> BRAZOS MUTUAL FUNDS
<SERIES>
<NUMBER> 040
<NAME> BRAZOS MULTI CAP GROWTH PORTFOLIO CLASS Y
<S> <C>
<PERIOD-TYPE> 11-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-START> DEC-31-1998
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 31,400,233<F1>
<INVESTMENTS-AT-VALUE> 35,253,163<F1>
<RECEIVABLES> 776,057<F1>
<ASSETS-OTHER> 154<F1>
<OTHER-ITEMS-ASSETS> 0<F1>
<TOTAL-ASSETS> 36,029,374<F1>
<PAYABLE-FOR-SECURITIES> 10,600<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 74,614<F1>
<TOTAL-LIABILITIES> 85,214<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 29,833,692<F1>
<SHARES-COMMON-STOCK> 2,432,517<F1>
<SHARES-COMMON-PRIOR> 0<F1>
<ACCUMULATED-NII-CURRENT> 0<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 2,257,538<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 3,852,930<F1>
<NET-ASSETS> 35,944,160<F1>
<DIVIDEND-INCOME> 31,124<F1>
<INTEREST-INCOME> 102,569<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 193,384<F1>
<NET-INVESTMENT-INCOME> (59,691)<F1>
<REALIZED-GAINS-CURRENT> 4,217,316<F1>
<APPREC-INCREASE-CURRENT> 3,852,930<F1>
<NET-CHANGE-FROM-OPS> 8,010,555<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0<F1>
<DISTRIBUTIONS-OF-GAINS> (1,900,087)<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 2,405,047<F1>
<NUMBER-OF-SHARES-REDEEMED> (106,219)<F1>
<SHARES-REINVESTED> 133,689<F1>
<NET-CHANGE-IN-ASSETS> 35,944,160<F1>
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> 0<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 128,625<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 293,732<F1>
<AVERAGE-NET-ASSETS> 15,672,549<F1>
<PER-SHARE-NAV-BEGIN> 10.00<F1>
<PER-SHARE-NII> (0.05)<F1>
<PER-SHARE-GAIN-APPREC> 6.96<F1>
<PER-SHARE-DIVIDEND> 0<F1>
<PER-SHARE-DISTRIBUTIONS> (2.13)<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 14.78<F1>
<EXPENSE-RATIO> 1.35<F1>
<FN>
<F1>Information given pertains to Brazos Multi Cap Growth Portfolio as a whole
</FN>
</TABLE>
Report of Independent Accountants
To the Board of Trustees and
Shareholders of
Brazos Mutual Funds
In planning and performing our audit of the financial statements of Brazos
Mutual Funds (the "Funds") for the year ended November 30, 1999, we
considered its 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 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 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 November 30, 1999.
This report is intended solely for the information and use of management and
Board of Trustees 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
New York, New York
January 21, 2000
To the Board of Trustees and Shareholders of
Brazos Mutual Funds
