FAM Value Fund's investment objective is to maximize long-term total return on capital. The Fund seeks both appreciation and, to a lesser degree, dividend income, which constitute the two principle components of a common stock’s investment return. This may be appropriate for a long-term shareholder whose focus is capital appreciation. A distribution is paid annually which may be automatically reinvested should you choose. It is an open-end,
no-load mutual fund.

FAM Equity-Income Fund's investment objective is to provide current income as well as long-term capital appreciation. Every company in which we invest must pay a dividend. This Fund distributes its income on a quarterly basis and may be appropriate for a shareholder primarily seeking income in addition to capital appreciation. It is an open-end, no-load mutual fund.

Notify us in writing or call to change your address. For your protection, we do require that all requests to redeem shares made within 30 days of our receipt of your address change be accompanied by a signature guarantee.

If you would like to change the distribution option on your account, we require that you send us written instructions. Such instructions must be received at least seven business days prior to the distribution date.

To change the beneficiary designation on your retirement account, you must complete a Change of Beneficiary Form and return the form to our office. Change of Beneficiary Forms can be accessed under “Forms.”

If you wish to wire funds to your account, please use the following instructions. Please note, we must have receipt of the wire transfer by 4:00 p.m. Eastern Standard Time in order for the purchase to be made that same business day.

US Bank ABA #042 000 013  Credit account #821601499 Fund investment for: (your name and account number and Fund name)

All requests for redemption, either full or partial, must be received in writing. We do not offer telephone redemptions. Please be sure to include your name, social security number, account number, and amount of transaction (in dollars or shares). Redemption requests must be signed by all account owners registered on the account. Additionally, signature guarantees will be required if:

• the value of shares being redeemed exceeds $25,000 
• payment is requested payable to a payee other than the shareholder of record 
• payment is to be sent to an address other than the address of record 
• an address change accompanies the redemption request or there has been a change of address on the account during the last 30 days

If you need to change your account registration, please call our office at 800-453-4392, option 2 for instructions.

Value Investing is an investment system that comes from concepts that Ben Graham & David Dodd taught at Columbia Business School beginning in 1928. Later they refined their teachings and published them in their 1934 book Security Analysis. In general, value investing involves some form of fundamental analysis and buying securities at apparent bargain prices. This discount of the market price to the economic value (also intrinsic value or true business worth) is what Benjamin Graham called the "margin of safety."

Fenimore looks at a stock purchase as if we were going to buy the entire company. We believe that following a consistent process is vital before buying stock shares. When we look for outstanding companies, they must fit all four of these criteria:

1. Good businesses that we understand, have a competitive advantage and possess high profit margins.
2. Companies that have little or no debt and significant free cash flow, and deploy capital wisely.
3. Enterprises with superior management teams; leaders who are honest, ethical, energetic and have a strong track record of increasing the economic value of their organizations.
4. Businesses we can buy at a discount to our estimate of economic value – this is our margin of safety.