BRAZOS MUTUAL FUNDS AMENDMENT TO FUND ADMINISTRATON SERVICING AGREEMENT
AMENDMENT
TO FUND ADMINISTRATON SERVICING AGREEMENT
    THIS
AMENDMENT dated as of the 10th day
of  July, 2008, to the Fund Administration Servicing Agreement, dated
as of October 1, 2002,  as amended (the “Fund Administration
Agreement”), is entered into by and between BRAZOS MUTUAL FUNDS,
a  Delaware business  trust (the “Trust”) and U.S. BANCORP FUND SERVICES,
LLC,  a Wisconsin limited liability company
(”USBFS”).
    RECITALS
    WHEREAS, the parties have
entered into a Fund Administration Agreement; and
    WHEREAS, the parties desire to
amend the fees of said Fund Administration Agreement; and
    WHEREAS, Section 7 of the Fund
Administration Agreement allows for its amendment by written agreement executed
by the parties; and
    NOW THEREFORE, the parties
agree to amend the following:
    Exhibit B
of the Fund Administration Agreement is hereby superseded and replaced with
Exhibit B attached hereto.
    Except to
the extent amended hereby, the Fund Administration Agreement shall remain in
full force and effect.
    IN WITNESS WHEREOF, the
parties hereto have caused this Amendment to be executed by a duly authorized
officer on one or more counterparts as of the date and year first written
above.
    | BRAZOS MUTUAL FUNDS | U.S BANCORP FUND SERVICES, LLC | |
| By: /s/ ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇, ▇▇. | By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇ | |
| Name: ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇, ▇▇. | Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇ | |
| Title: President | Title: Executive Vice President | 
Exhibit B
to the Fund Administration Agreement – Brazos Mutual Funds
    | FUND
      ADMINISTRATION & COMPLIANCE SERVICES FEE
      SCHEDULE - Effective 6-1-08 through 6-1-10 | |
| Domestic
      Funds Annual Fee Based Upon Market Value Per
      Fund* ¨ ___
      basis points on the first $___ ¨ ___
      basis points on the next $___ ¨ ___
      basis points on the balance ¨ Minimum
      annual fee:  $___ per fund portfolio **___%
      Continue discount for a period of            1
      year 6/2008 – 6/2009. **___%
      Discount for year 7/2009 – 6/2010.** **
      No discount applied after June 2010** International
      Funds Annual Fee Based Upon Market Value Per
      Fund* ___
      basis points on the first $___ ___
      basis points on the next $___ ___
      basis points on the next $___ ___
      basis points on the balance Minimum
      annual fee:  $___ per fund portfolio Conversion
      and extraordinary services quoted separately.  * All expenses relating to a US
      Bancorp Fund Services Fund Administrator attending board meetings in
      person will be billed as an out of pocket expense to the
      funds. Fees
      are billed monthly. . | Annual Legal
      Administration – Add the following for legal administration
      services in support of external legal counsel: · ___
      basis point at each level · $___
      additional minimum · (Waived) Daily Performance Reporting (Pre-&
      Post-Tax) · Performance
      Service - $___/CUSIP/Month · Setup
      - $___/CUSIP · Conversion
      – quoted separately · FTP
      Delivery - $___ per FTP site · (Waived) Daily
      Compliance Services (▇▇▇▇▇▇▇ River) · Base
      fee - $___/fund/month · ___
      basis point on the fund assets · (Waived) ReportSource
      - $___ /month – Web reporting Plus
      out-of-pocket expenses, including but not limited to: · Postage,
      Stationery · Programming,
      Special Reports · Proxies,
      Insurance · ▇▇▇▇▇
      filing  - Approx. $___/page · Retention
      of records · Federal
      and state regulatory filing fees · Certain
      insurance premiums · Expenses
      from board of directors meetings · Auditing
      and legal expenses · Blue
      Sky conversion expenses (if necessary) · All
      other out-of-pocket expenses · Systems
      charge of $___ per quarter to be billed in March, June, September and
      December. | 
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        Exhibit B
(continued) to the Fund Administration Agreement
    | Chief
      Compliance Officer Support
      Services FEE
      SCHEDULE Effective
      6-1-08 through 6-1-10 | 
| Chief Compliance Officer Support
      Services U.S,
      Bancorp provides support to the Chief Compliance Officer (CCO) of each
      fund serviced either by U.S. Bancorp Fund Services, LLC or Quasar
      Distributors, LLC.  Indicated below are samples of functions
      performed by USBFS in this CCO support role: • Business
      Line Functions Supported • Fund
      Administration and Compliance • Transfer
      Agent and Shareholder Services • Fund
      Accounting • Custody
      Services • CCO
      Portal – Web On-line Access to Fund CCO Documents • Daily
      Resource to Fund CCO, Fund Board, Advisor • Provide
      USBFS/USB Critical Procedures & Compliance Controls • Daily
      and Periodic Reporting • Periodic
      CCO Conference Calls • Dissemination
      of Industry/Regulatory Information • Client
      & Business Line CCO Education & Training • Due
      Diligence Review of USBFS Service Facilities • Quarterly
      USBFS Certification • Board
      Meeting Presentation and Board Support • Testing,
      Documentation, Reporting Annual
      Fee Schedule* · $___
      per service line per year  **___%
      discount for the first year Fees
      are billed monthly. | 
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