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BRAMWELL GROWTH FUND
Average Annual Total Returns as of 9/30/00
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YTD One Year Five Years Since Inception<F1>
------- -------- ---------- -------------------
GROWTH FUND 7.68% 31.17% 22.17% 23.82%
S&P 500/R STOCK INDEX<F2> (1.39) 13.28 21.69 22.62
OVERALL MORNINGSTAR RATING/TM
(FOUR STARS)
(PHOTO)
ELIZABETH R. BRAMWELL, CFA
PRESIDENT AND
CHIEF INVESTMENT OFFICER
(LOGO)
BRAMWELL
FUNDS
For a Prospectus and an Investor Kit, please call
1-800-BRAMCAP
1-800-272-6227
745 Fifth Avenue - New York, New York 10151
www.bramwell.com
<F1> Inception 8/1/94. Average annual total returns are historical and include
changes in share price and reinvested dividends and distributions. The
annual expense ratio of the Growth Fund is capped at 1.75% which favorably
affected performance through June 30, 1997. Past performance is no
guarantee of future results. Investment returns and share values will
fluctuate and you may have a gain or loss when shares are sold. The
Prospectus contains more complete information, including fees and
expenses. Read it carefully before you invest or send money.
<F2> The S&P 500/R Stock Index is an unmanaged index of 500 selected common
stocks, most of which are listed on the New York Stock Exchange. The Index
is adjusted for dividends, weighted towards stocks with large market
capitalizations and represents approximately two-thirds of the total
market value of all domestic common stocks.
Morningstar proprietary ratings on U.S.-domiciled funds reflect historical
risk-adjusted performance as of 8/31/00 and are subject to change every
month. Ratings are calculated from the Fund's 3-year average annual
returns in excess of 90-day Treasury bill returns with appropriate fee
adjustments and a risk factor that reflects fund performance below 90-day
Treasury bill returns. The Overall Morningstar Rating is a weighted
average of a fund's 3-, 5-, and 10-year performance. The Fund received 4
stars for the 3- and 5-year periods. The Fund was rated
out of 3,839 and 2,375 domestic equity funds for the 3- and 5-year
periods. The top ten percent of the funds in its broad asset class receive
5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the
next 22.5% receive 2 stars, and the bottom 10% receive 1 star.
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OUR
NEWEST
FUND!
BRAMWELL
FOCUS FUND
"Focused on the future, guided by the past"
Investment Returns as of 9/30/00
---------------------------------------------
YTD Since Inception<F1>
------ --------------------
FOCUS FUND 6.45% 27.10%
S&P 500/R STOCK INDEX<F2> (1.39) 6.54
(PHOTO)
ELIZABETH R. BRAMWELL, CFA
PRESIDENT AND
CHIEF INVESTMENT OFFICER
(LOGO)
BRAMWELL
FUNDS
For a Prospectus and an Investor Kit, please call
1-800-BRAMCAP
1-800-272-6227
745 Fifth Avenue
New York, New York 10151
www.bramwell.com
<F1> From 10/31/99. Performance is historical and is no guarantee of future
results. The annual expense ratio of the Fund is contractually capped by
the adviser at 1.75% through June 30, 2002. The expense cap has favorably
affected performance through 9/30/00. Investment returns and share value
will fluctuate and you may have a gain or loss when shares are sold. The
Prospectus contains more complete information, including fees and
expenses. Please read it carefully before you invest or send money.
<F2> The S&P 500/R Stock Index is an unmanaged index of 500 selected common
stocks, most of which are listed on the New York Stock Exchange. The Index
is adjusted for dividends, weighted towards stocks with large market
capitalizations and represents approximately two-thirds of the total
market value of all domestic common stocks.
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