(PHOTO)
ELIZABETH R. BRAMWELL, CFA
President and
Chief Investment Officer
A non-diversified
portfolio of
companies
chosen for their
above average
growth potential
BRAMWELL
FOCUS FUND
Investment Returns as of 3/31/00
--------------------------------
March Since
Quarter Inception<F1>
------- ------------
Focus Fund 5.95% 26.50%
S&P 500/R Stock Index<F2> 2.29 10.52
(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.
