Brazos Micro Cap Fund: Fund Performance

Distribution History
Record Date	Ex Date	Pay Date	Reinvest Price	Net Income	Long Term Capital Gains	Short Term Capital Gains
07/12/99	07/13/99	07/13/99	$16.95	-	-	$1.47000
12/28/99	12/29/99	12/29/99	$20.85	-	$0.36178	$0.87678
10/23/00	10/24/00	10/24/00	$21.72	$0	$0	$4.26894
12/27/00	12/28/00	12/28/00	$18.86	-	$1.76357	$0.23710
12/14/05	12/15/05	12/15/05	$20.87	-	$0.14435	-
12/14/06	12/15/06	12/15/06	$20.57	-	$1.12064	$2.96941
12/13/07	12/14/07	12/14/07	$24.75	-	$0.98151	$2.97513

Performance data quoted represents past performance and does not guarantee future results.   The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.  Current performance of the funds may be higher or lower than the performance quoted. Current performance of the funds may be higher or lower than the performance quoted. Performance data current to the most recent month end may be obtained by calling 800-426-9157 or clicking on the Disclosure link. 

The returns above are for the Class Y, Institutional Class of shares. Class Y shares include a management fee, and other expenses. Share classes of the fund are offered which have loads; 12b-1 fees, and management fees and other charges associated with these share classes. Due to these loads and charges, the returns of load class shares would be lower than the returns for the institutional shares. For a description of loads and charges see Fees & Expenses. Performance reflects fee waivers in effect, agreed to by the advisor. In the absence of fee waivers, performance would be reduced. Returns shown include the reinvestment of all dividends and other distributions.

The Brazos Mutual Funds are offered currently only to U.S. residents, and all information contained on this website is intended only for such persons. Nothing on this website should be considered a solicitation to buy or an offer to sell shares of any of the five Brazos Mutual Funds in any jurisdiction where the offer and/or solicitation would be unlawful under the securities laws of such jurisdiction.

The longer term performance results presented for the Brazos Micro Cap reflect periods of above average performance attributable to investment in certain securities during the initial public offering or other non-recurring factors. In particular, certain periods such as 1998 and 1999 for Brazos Micro Cap reflect substantial benefits from first day realized and unrealized gains from participation in initial public offerings. It is unlikely that the Fund will benefit to the same extent from these types of gains in the future, especially if Fund assets remain at current levels or if they increase. Returns are higher due to the maintenance of the Fund’s expenses by Brazos Capital Management. Investment performance reflects voluntary fee waivers and expense reimbursements in effect. In the absence of such waivers and reimbursements, total returns would be reduced.

The Brazos Micro Cap Fund invests in smaller companies which involves additional risks such as limited liquidity and greater volatility. In addition, Micro Cap is subject to the risk that micro-capitalization stocks may fail to reach their apparent value at the time of investment or may even fail as a business. Micro-capitalization companies may lack resources to take advantage of a valuable product or favorable market position or may be unable to withstand the competitive pressures of larger, more established competitors.

For more complete information on the Fund, including our load share classes, long term performance, and more detailed information on the Class N and Class Y shares please read the prospectus Investor Expenses section of the prospectus.

The Brazos Funds are distributed by Quasar Distributors, LLC.