Since its inception on April 1, 1996, FAM Equity-Income Fund has been continually managed by Thomas O. Putnam and Paul C. Hogan. Their biographies appear below.

Tom Putnam is the Director of Research and the lead member of the Investment Research Team. He is responsible for the direction of portfolio management for Fenimore Asset Management, FAM Value Fund and FAM Equity-Income Fund. Mr. Putnam received a B.A. from the University of Rochester and a M.B.A. from Tulane University. Mr. Putnam founded the firm in 1974.

Paul Hogan is the co-manager of the FAM Equity-Income Fund. Mr. Hogan received a B.A. from St. Bonaventure University, a M.B.A. from the State University of New York at Binghamton, and earned his Chartered Financial Analyst (CFA) designation in 1995. Prior to joining Fenimore in 1991, Mr. Hogan was an officer in the United States Army.