- -------------------------------------------------------------------------------
OUR NEWEST FUND!
BRAMWELL
FOCUS FUND
Investment Returns as of 4/30/00
----------------------------------------------------------
YTD Since Inception<F1>
--------- --------------------
FOCUS FUND 3.02% 23.00%
S&P 500/R STOCK INDEX<F2> (0.78) 7.20
(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 capped at 1.75%.
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.
- -------------------------------------------------------------------------------
