annual report november 30 2004 brazos small cap portfolio real estate securities micro growth mid investment adviser capital management 5949 sherry lane suite 1600 dallas texas 75225 www brazosfunds com mutual funds dear fellow shareholders clients and friends the equity markets of last twelve months were heavily influenced by news day election year politics negative geopolitical events occurring around world invest ment results for market indices class y shares each fund ended are shown in following table 6 12 5 years inception to 11 04 cumulative annualized 31 97 99 24 9 16 54 96 17 71 208 85 russell 2000 index a 7 88 10 83 1 09 33 2 43 58 61 79 38
