BRAZOS MUTUAL FUNDS
Supplement to the Prospectus dated March 29, 2000
(Class Y and Class A Shares)
On October 20, 2000, the Board of Trustees of Brazos Mutual Funds
adopted a resolution to change the names of the following Portfolios: the Brazos
Micro Cap Growth Portfolio to Brazos Micro Cap Portfolio, the Brazos Small Cap
Growth Portfolio to Brazos Small Cap Portfolio, the Brazos Mid Cap Growth
Portfolio to Brazos Mid Cap Portfolio and the Brazos Multi Cap Growth Portfolio
to Brazos Multi Cap Portfolio. The name changes became effective on January 1,
2001. Accordingly, all references to "Brazos Micro Cap Growth Portfolio,"
"Brazos Small Cap Growth Portfolio," "Brazos Mid Cap Growth Portfolio" and
"Brazos Multi Cap Growth Portfolio" in the Prospectus should be replaced with
"Brazos Micro Cap Portfolio," "Brazos Small Cap Portfolio," "Brazos Mid Cap
Portfolio" and "Brazos Multi Cap Portfolio," respectively.
Under the section entitled "INVESTOR EXPENSES" on page 8 of the
Prospectus, the information with respect to the Class Y and Class A shares of
the Mid Cap Portfolio under the heading "ANNUAL PORTFOLIO OPERATING EXPENSES"
should be replaced with the following:
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
ANNUAL PORTFOLIO OPERATING EXPENSES (EXPENSES THAT ARE
DEDUCTED FROM PORTFOLIO ASSETS) MID CAP MID CAP
CLASS Y CLASS A
-------------------------------------------------------------------------------------------------------
<S> <C> <C>
Management fees 0.75% 0.75%
Distribution (12b-1) Fees(4) None 0.35%
Other Expenses 0.45% 0.45%
----- -----
Total Annual Portfolio Operating Expenses 1.20%(6) 1.55%(7)
-------------------------------------------------------------------------------------------------------
</TABLE>
The third sentence of footnote 6 on page 9 should be replaced with:
"Nevertheless, JMIC has undertaken to cap the expense ratio set forth above
should total operating expenses exceed 1.20%." The third sentence of footnote 7
on page 9 should be replaced with: "Nevertheless, JMIC has undertaken to cap the
expense ratio set forth above should total operating expenses exceed 1.55%."
The following should replace the information with respect to the Class
Y and Class A shares of the Mid Cap Portfolio in the example following the first
full paragraph on page 9:
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------
1 Year 3 Years 5 Years 10 Years
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Mid Cap
(Class Y) $122 $381 $660 $1,455
Mid Cap
(Class A) $724 $1,036 $1,371 $2,314
--------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Under the section entitled "INVESTOR EXPENSES" on page 18 of the
Prospectus, the information with respect to the Class Y and Class A shares of
the Multi Cap Portfolio under the heading "ANNUAL PORTFOLIO OPERATING EXPENSES"
should be replaced with the following:
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------
ANNUAL PORTFOLIO OPERATING EXPENSES (EXPENSES THAT ARE
DEDUCTED FROM PORTFOLIO ASSETS) MULTI CAP MULTI CAP
CLASS Y CLASS A
--------------------------------------------------------------------------------------------------------
<S> <C> <C>
Management fees 0.75% 0.75%
Distribution (12b-1) Fees(4) None 0.35%
Other Expenses 1.09% 1.09%
----- -----
Total Annual Portfolio Operating Expenses 1.84%(5) 2.19%(6)
--------------------------------------------------------------------------------------------------------
</TABLE>
The first sentence of footnote 5 on page 18 should be replaced with:
"JMIC currently reimburses fund expenses and waives advisory fees to the extent
total operating expenses exceed 1.20% for Y shares." The third sentence of
footnote 6 on page 18 should be replaced with: "Nevertheless, JMIC has
undertaken to cap the expense ratio set forth above should total operating
expenses exceed 1.55%."
The following should replace the information with respect to the Class
Y and Class A shares of the Multi Cap Portfolio in the example following the
first full paragraph on page 18:
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------
1 YEAR 3 YEARS 5 YEARS 10 YEARS
--------------------------------------------------------------------------------------------------------
MULTI CAP
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
(CLASS Y) $187 $579 $995 $2,159
--------------------------------------------------------------------------------------------------------
(CLASS A) $784 $1,221 $1,682 $2,954
--------------------------------------------------------------------------------------------------------
</TABLE>
Dated: January 1, 2001
