Brazos Mutual Funds - Mid Cap Overview

Brazos Mid Cap Fund: Fund Overview

Investment Objective

The Brazos Mid Cap Fund seeks to provide maximum capital appreciation, consistent with reasonable risk to principal, by investing primarily in companies with market capitalizations of $1.0 billion to $12 billion, or a capitalization of companies represented in the Russell Midcap Growth Index at the time of the portfolio's investment.


Quick Look

As of 11/20/2008
Ticker Symbol	BJMCX
CUSIP	10620M860
Fund Number	1417
Inception Date	12/31/99
Daily NAV	$ 5.22
Daily Change	$ -0.33
Daily pricing information provided by Vision® Past performances does not guarantee future results.

Fund Description

The Brazos Mid Cap Fund is believed to provide a great source of growth opportunities, with less risk than smaller capitalization stocks. For years it has been our belief that mid cap stocks merely represent companies further along in their maturity curve, yet still early enough in their life cycles, to present rapid growth opportunities. This asset class offers some unique and positive characteristics such as: maturity as it relates to the management and execution of the business model; growth potential not encumbered by size; less than efficient stock market pricing largely due to a modest level of quality research; reasonably good market liquidity for stock trading; and, certainly for most relevant time periods, strong performance. In short, these stocks combine the growth qualities of small caps and the stability of large caps.

We generally seek investments in securities of companies with high growth rates, above average return on equity, and low debt levels. We seek to identify earnings growth in mid cap companies before it is reflected in those companies' stock price. We look for catalysts for such growth by using multiple screens to identify prospective portfolio companies. To manage fluctuations in the value of the Portfolio's investments, we invest across numerous industry sectors with no industry sector representing more than 25% of the value of the Portfolio.

We incorporate a bottom-up, fundamental research methodology to identify companies for potential purchase. We conduct due diligence with each company’s senior management, suppliers, competitors and customers in an attempt to understand the dynamics within each company's business. We then select companies with strong growth in revenue, earnings and cash flow, predictable operating models, seasoned management, and unique products or services. We confirm our analysis using a variety of screens and confirmation checks.

Investor Profile

The Brazos Mid Cap Fund may be appropriate for investors who:

	Are seeking long-term capital growth;
	Do not need current income;
	Are willing to hold an investment over a long period of time, and;
	Are able to tolerate fluctuations in the principal value of their investment.

Minimums, Fees & Expenses (As of 10/31/2008)
Class	Min Investment	Fund Expenses
		*Management Fee*	*Distribution Fee**	Total Operating Expense Ratio	Expense Ratio Cap
Y	$1,000,000	0.75 %	-	1.20 %	1.20 %
N	$5,000	0.75 %	0.35 %	1.22 %	1.22 %
^*Class N includes 12b-1 fee (no 12b-1 fee on Class Y).
Stocks of micro cap, small cap and mid cap companies are more volatile than stocks of larger cap companies. As of October 31, 2008, the Brazos Mid Cap expense ratio was 1.20%; of that 0.75% is allocated to management fees and the remainder is applied toward other annual portfolio operating expenses.
Please call Shareholder Services at 1-800-426-9157 for more information on our closed share class B. Please call Client Relations at 1-866-521-5642 for more information on Institutional share classes.

Click here to download the Brazos Mid Cap Fund fact sheet in PDF format.

Click here for the Brazos Mid Cap Fund dividend distributions history for 2007.

Click here to view additional disclosures.