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    FAM Small Cap Fund

    Investment Objective

    FAM Small Cap Fund seeks to maximize long-term return on capital.

    • Offering both Investor Shares (FAMFX) with low minimums, as well as Institutional Shares (FAMDX) that require a much higher minimum and are only available through Financial Professionals
    • It is a no-load mutual fund

    Fund Differentiators

    • Focused on small end of the small-cap space and established, quality companies
    • Concentrated = 20 to 30 holdings (many small-cap funds have hundreds of names)
    • One of a limited number of small-cap, concentrated funds with capacity for new investors

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    • Andrew Boord

      Andrew Boord Investment Research Analyst
      Co-Manager, FAM Small Cap Fund

    • Tom Putnam

      Tom Putnam Founder & Chairman
      Co-Manager, FAM Funds

    Performance

    Year-to-Date Returns: + 13.89% as of 08/23/19

    Average Annual Returns: June 30, 2019

    FAMFX Russell 2000 Index
    1 year -0.69% -3.31%
    3 year 8.27% 12.30%
    5 year 6.67% 7.06%
    Inception 3/1/2012 11.04% 10.85%

    The information provided is not based on any particular customer’s financial situation or needs.  As such any products listed or discussed should not be construed as a recommendation to a customer or prospective customer.

    Disclosure: The Fund’s total annual operating expense ratio as stated in the fee table of the Fund’s most recent prospectus is 1.29% after fee recoupment of 0.01% for the investor class. The Fund’s total annual operating expense ratio as stated in the fee table of the Fund’s most recent prospectus is 1.18% after fee recoupment of 0.01% for the Institutional Class. When excluding Acquired Funds Fees and Expenses, which are not direct costs paid by the Fund’s shareholders and fee waivers, the total annual operating expense as reported in the FAM Small Cap Fund’s audited financial statements for the Investor Class is 1.27% and the Institutional Class is 1.16% as of 12/31/18. The Advisor has contractually agreed, until May 1, 2020, to waive fees and/or reimburse the Fund certain expenses (excluding interest, taxes, brokerage costs, Acquired Fund Fees and Expenses, dividend expense and extraordinary expenses) to the extent necessary to maintain Net Fund Operating Expenses for Investor Shares at 1.42% and Institutional Shares at 1.20%.

    Institutional Class shares became available for sale on January 1, 2016. For performance prior to that date, this table includes the actual performance of the Fund's Investor Class (and uses the Fund's Investor Class’ actual expenses), without adjustment. The performance results shown on this and the next page for the periods prior to January 1, 2016, the date of commencement of operations for Institutional Shares, are for the Investor Shares, which are subject to higher fees due to differences in the shareholder administrative services fees and certain other fees paid by each class. Institutional Shares and Investor Shares would have substantially similar performance results because the shares of each class are invested in the same portfolio securities of the Fund. Because of the difference in the level of fees paid by Investor Shares, the returns for the Investor Shares will be lower than the returns of the Institutional Shares.

    Past performance is not indicative of future results, current performance may be higher or lower than the performance date quoted. Investment returns may fluctuate; the value of your investment upon redemption may be more or less than the initial amount invested. All returns are net of expenses.

    Please consider a fund's investment objectives, risks, charges and expenses carefully before investing. The FAM Funds prospectus or summary prospectus contains this and other important information about the FAM Small Cap Fund and should be read carefully before you invest or send money. The principal risks of investing in the fund are: stock market risk (stocks fluctuate in response to the activities of individual companies and to general stock market and economic conditions), stock selection risk (Fenimore utilizes a value approach to stock selection and there is risk that the stocks selected may not realize their intrinsic value, or their price may go down over time), and small-cap risk (prices of small-cap companies can fluctuate more than the stocks of larger companies and may not correspond to changes in the stock market in general).

    To obtain a prospectus or summary prospectus and performance data that is current to the most recent month-end for each fund as well as other information on the FAM Small Cap Fund, please go to famfunds.com or call (800) 932-3271.

    Portfolio Details

    as of 06/30/19

    Fund Facts

    Inception Date

    03/01/12

    Total Net Assets

    $181,283,672.00

    Investor (FAMFX)

    $128,665,235.00

    Ticker Symbol

    FAMFX

    Cusip Number

    314465501

    Top 10 Holdings

    Frontdoor Inc. 6.68%
    Hostess Brands, Inc. 5.84%
    Exlservice Holdings, Inc. 4.96%
    Monro, Inc. 4.71%
    Choice Hotels International, Inc. 4.66%
    Colliers International Group, Inc. 4.50%
    CBIZ, Inc. 4.39%
    Penske Auto Group, Inc. 4.25%
    Centerstate Bank Corp. 4.24%
    Pinnacle Financial Partners 4.19%

    FAM Small Cap Fund Holdings

    Top 5 Sectors

    Consumer Discretionary 26.63%
    Financials 17.27%
    Industrials 15.73%
    Information Technology 10.71%
    Real Estate 8.58%

    Performance

    Year-to-Date Returns: + 14.03% as of 08/23/19

    Average Annual Returns: June 30, 2019

    FAMDX Russell 2000 Index
    1 year -0.58% -3.31%
    3 year 8.42% 12.30%
    5 year 6.77% 7.06%
    Inception 1/1/2016 11.11% 10.85%

    The information provided is not based on any particular customer’s financial situation or needs.  As such any products listed or discussed should not be construed as a recommendation to a customer or prospective customer.

    Disclosure: The Fund’s total annual operating expense ratio as stated in the fee table of the Fund’s most recent prospectus is 1.29% after fee recoupment of 0.01% for the investor class. The Fund’s total annual operating expense ratio as stated in the fee table of the Fund’s most recent prospectus is 1.18% after fee recoupment of 0.01% for the Institutional Class. When excluding Acquired Funds Fees and Expenses, which are not direct costs paid by the Fund’s shareholders and fee waivers, the total annual operating expense as reported in the FAM Small Cap Fund’s audited financial statements for the Investor Class is 1.27% and the Institutional Class is 1.16% as of 12/31/18. The Advisor has contractually agreed, until May 1, 2020, to waive fees and/or reimburse the Fund certain expenses (excluding interest, taxes, brokerage costs, Acquired Fund Fees and Expenses, dividend expense and extraordinary expenses) to the extent necessary to maintain Net Fund Operating Expenses for Investor Shares at 1.42% and Institutional Shares at 1.20%.

    Institutional Class shares became available for sale on January 1, 2016. For performance prior to that date, this table includes the actual performance of the Fund's Investor Class (and uses the Fund's Investor Class’ actual expenses), without adjustment. The performance results shown on this and the next page for the periods prior to January 1, 2016, the date of commencement of operations for Institutional Shares, are for the Investor Shares, which are subject to higher fees due to differences in the shareholder administrative services fees and certain other fees paid by each class. Institutional Shares and Investor Shares would have substantially similar performance results because the shares of each class are invested in the same portfolio securities of the Fund. Because of the difference in the level of fees paid by Investor Shares, the returns for the Investor Shares will be lower than the returns of the Institutional Shares.

    Past performance is not indicative of future results, current performance may be higher or lower than the performance date quoted. Investment returns may fluctuate; the value of your investment upon redemption may be more or less than the initial amount invested. All returns are net of expenses.

    Please consider a fund's investment objectives, risks, charges and expenses carefully before investing. The FAM Funds prospectus or summary prospectus contains this and other important information about the FAM Small Cap Fund and should be read carefully before you invest or send money. The principal risks of investing in the fund are: stock market risk (stocks fluctuate in response to the activities of individual companies and to general stock market and economic conditions), stock selection risk (Fenimore utilizes a value approach to stock selection and there is risk that the stocks selected may not realize their intrinsic value, or their price may go down over time), and small-cap risk (prices of small-cap companies can fluctuate more than the stocks of larger companies and may not correspond to changes in the stock market in general).

    To obtain a prospectus or summary prospectus and performance data that is current to the most recent month-end for each fund as well as other information on the FAM Small Cap Fund, please go to famfunds.com or call (800) 932-3271.

    Portfolio Details

    as of 06/30/19

    Fund Facts

    Inception Date

    01/01/16

    Total Net Assets

    $181,283,672.00

    Institutional (FAMDX)

    $52,618,437.00

    Ticker Symbol

    FAMDX

    Cusip Number

    314465600

    Top 10 Holdings

    Frontdoor Inc. 6.68%
    Hostess Brands, Inc. 5.84%
    Exlservice Holdings, Inc. 4.96%
    Monro, Inc. 4.71%
    Choice Hotels International, Inc. 4.66%
    Colliers International Group, Inc. 4.50%
    CBIZ, Inc. 4.39%
    Penske Auto Group, Inc. 4.25%
    Centerstate Bank Corp. 4.24%
    Pinnacle Financial Partners 4.19%

    FAM Small Cap Fund Holdings

    Top 5 Sectors

    Consumer Discretionary 26.63%
    Financials 17.27%
    Industrials 15.73%
    Information Technology 10.71%
    Real Estate 8.58%