(PHOTO)
ELIZABETH R. BRAMWELL, CFA
President and
Chief Investment Officer
A Diversified Portfolio Seeking Long-Term Capital Growth
BRAMWELL
GROWTH FUND
OBJECTIVE:
Long-term capital growth through equity investment in companies
that are positioned to benefit from research, product development
and plant or market expansion
COMPARATIVE INVESTMENT RETURNS (5/31/00)
--------------------------------------------------------------------------------
One Three Five Since
Year Years Years Inception<F1>
--------------------------------------------------------------------------------
GROWTH FUND 24.64% 26.34% 24.31% 23.79%
S&P 500/R Stock Index 10.48 20.45 23.77 23.76
MORNINGSTAR OVERALL RATING
(4 STARS)
<F1> From August 1, 1994. The annual expense ratio of the Growth Fund is capped
at 1.75% which favorably affected performance through June 30, 1997.
Returns for the Fund include the reinvestment of all dividends and are net
of expenses. Returns for periods greater than one year are compound average
annual rates of return. Past performance is not predictive of future
results. Investment returns and principal value will fluctuate, so that
shares, when redeemed, may be worth more or less than their original cost.
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 5/31/00 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 Fund received 4 stars for the 3- and 5-year periods. The Fund was rated
out of 3,627 and 2,308 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.
(LOGO)
Bramwell
Funds
745 Fifth Avenue - New York, New York 10151
1-800-BRAMCAP
1-800-272-6227
www.bramwell.com
This report is authorized for use only if accompanied or preceded
by an effective Bramwell Funds prospectus.
<PAGE>
Bramwell Growth Funds
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PORTFOLIO CHARACTERISTICS
--------------------------------------------------------------------------------
March 31, 2000
VALUATIONS
BRAMWELL GROWTH FUND
P/E RATIO GROWTH RATE P/E TO GROWTH
--------------------------------------------------------------------------------
2000E P/E 38.1X 25.9% 147%
2001E P/E 30.6 24.3 126
--------------------------------------------------------------------------------
S&P 500/R STOCK INDEX
P/E RATIO GROWTH RATE P/E TO GROWTH
--------------------------------------------------------------------------------
2000E P/E 26.1X 10.0% 261%
2001E P/E 22.6 10.0 226
--------------------------------------------------------------------------------
MARKET CAPITALIZATIONS
--------------------------------------------------------------------------------
Median (weighted) $ 25.9 billion Median (weighted) $ 94.4 billion
Average (weighted) 106.1 billion Average (weighted) 155.7 billion
--------------------------------------------------------------------------------
DISTRIBUTION OF
MARKET CAPITALIZATIONS
MKT CAP ($M) # ISSUES % ISSUES % PORTFOLIO
--------------------------------------------------------------------------------
1-1,000 13 13.4% 4.5%
1,000-5,000 11 11.4 5.5
5,000-25,000 32 33.0 38.1
25,000-50,000 14 14.4 14.7
50,000+ 27 27.8 37.2
--------------------------------------------------------------------------------
97 100.0% 100.0%
--------------------------------------------------------------------------------
MKT CAP ($M) # ISSUES % ISSUES % PORTFOLIO
--------------------------------------------------------------------------------
1-1,000 20 4.0% 0.1%
1,000-5,000 165 33.0 3.9
5,000-25,000 209 41.8 18.3
25,000-50,000 41 8.2 11.0
50,000+ 65 13.0 66.7
--------------------------------------------------------------------------------
500 100.0% 100.0%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
--------------------------------------------------------------------------------
March 31, 2000
MAJOR INDUSTRY SECTORS
AS % OF ASSETS
Retailing.........................19.3%
Information Processing............18.9
Communications....................11.3
Electronics.......................10.1
Industrial Products................7.0
Financial Services.................6.8
Healthcare........................6.4
Employee Staffing..................3.5
Entertainment/Leisure Time.........3.1
Testing & Measurement..............2.8
MAJOR EQUITY HOLDINGS
AS % OF ASSETS
Computer Sciences..................4.4%
Home Depot.........................3.6
General Electric...................3.4
Tiffany............................3.3
Kohl's.............................3.2
Intel..............................3.2
Cisco..............................2.8
Nortel Networks....................2.8
Applied Materials..................2.6
Walgreen...........................2.6
(LOGO)
Bramwell
Funds
745 Fifth Avenue - New York, New York 10151
1-800-BRAMCAP
1-800-272-6227
www.bramwell.com
<PAGE>
NEW!
(PHOTO)
ELIZABETH R. BRAMWELL, CFA
President and
Chief Investment Officer
A Non-Diversified Portfolio of Companies Chosen
for Their Above Average Growth Prospects
BRAMWELL
FOCUS FUND
OBJECTIVE:
Seeks long-term capital appreciation
COMPARATIVE INVESTMENT RETURNS (5/31/00)
--------------------------------------------------------------------------------
Since
Inception<F1>
--------------------------------------------------------------------------------
FOCUS FUND 17.10%
S&P 500/R Stock Index 5.00
<F1> From October 31, 1999. The annual expense ratio of the Focus Fund is
capped at 1.75% which favorably affected performance to date. Returns for
the Fund include the reinvestment of all dividends and are net of expenses.
Past performance is not predictive of future results. Investment returns
and principal value will fluctuate, so that shares, when redeemed, may be
worth more or less than their original cost. 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.
(LOGO)
Bramwell
Funds
745 Fifth Avenue - New York, New York 10151
1-800-BRAMCAP
1-800-272-6227
www.bramwell.com
This report is authorized for use only if accompanied or preceded
by an effective Bramwell Funds prospectus.
<PAGE>
Bramwell Focus Funds
--------------------------------------------------------------------------------
PORTFOLIO CHARACTERISTICS
--------------------------------------------------------------------------------
March 31, 2000
VALUATIONS
BRAMWELL FOCUS FUND
P/E RATIO GROWTH RATE P/E TO GROWTH
--------------------------------------------------------------------------------
2000E P/E 36.0X 27.4% 132%
2001E P/E 29.8 20.7 144
--------------------------------------------------------------------------------
S&P 500/R STOCK INDEX
P/E RATIO GROWTH RATE P/E TO GROWTH
--------------------------------------------------------------------------------
2000E P/E 26.1X 10.0% 261%
2001E P/E 22.6 10.0 226
--------------------------------------------------------------------------------
MARKET CAPITALIZATIONS
--------------------------------------------------------------------------------
Median (weighted) $ 14.0 billion Median (weighted) $ 94.4 billion
Average (weighted) 29.0 billion Average (weighted) 155.7 billion
--------------------------------------------------------------------------------
DISTRIBUTION OF
MARKET CAPITALIZATIONS
MKT CAP ($M) # ISSUES % ISSUES % PORTFOLIO
--------------------------------------------------------------------------------
1-1,000 2 7.1% 7.7%
1,000-5,000 3 10.7 5.5
5,000-25,000 13 46.4 48.5
25,000-50,000 5 17.9 20.3
50,000+ 5 17.9 18.0
--------------------------------------------------------------------------------
28 100.0% 100.0%
--------------------------------------------------------------------------------
MKT CAP ($M) # ISSUES % ISSUES % PORTFOLIO
--------------------------------------------------------------------------------
1-1,000 20 4.0% 0.1%
1,000-5,000 165 33.0 3.9
5,000-25,000 209 41.8 18.3
25,000-50,000 41 8.2 11.0
50,000+ 65 13.0 66.7
--------------------------------------------------------------------------------
500 100.0% 100.0%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
--------------------------------------------------------------------------------
March 31, 2000
MAJOR INDUSTRY SECTORS
AS % OF ASSETS
Electronics.......................22.4%
Information Processing............16.2
Communications....................14.3
MAJOR EQUITY HOLDINGS
AS % OF ASSETS
Computer Sciences..................7.5%
Molex..............................6.7
Jabil Circuits.....................5.9
Tiffany............................5.7
Analog Devices.....................5.5
(LOGO)
Bramwell
Funds
745 Fifth Avenue - New York, New York 10151
1-800-BRAMCAP
1-800-272-6227
www.bramwell.com
