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BRAMWELL GROWTH FUND
Average Annual Total Returns as of 4/30/00
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YTD One Year Five Years Since Inception<F1>
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GROWTH FUND 4.95% 27.43% 26.29% 25.20%
S&P 500/R STOCK INDEX<F2> (0.78) 10.13 25.26 24.59
(PHOTO)
ELIZABETH R. BRAMWELL, CFA
President and
Chief Investment Officer
MORNINGSTAR OVERALL RATING/TM
(4 STARS)
(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 Fund is capped at 1.75% which for the years
ended June 30, 1997 favorably affected performance. 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 reflect historical risk-adjusted
performance as of 4/30/00 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 Fund received 4 stars for the 3- and 5-year periods. The Fund was rated
out of 3,606 and 2,294 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
and the next 22.5% receive 4 stars.
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