Fenimore Disclosure

Fenimore Asset Management, the investment advisor to FAM Funds, does not endorse and is not responsible and assumes no liability for content, products, or services posted by third-parties on this or any Internet or social media site. Past performance is not indicative of future results, current performance may be lower or higher 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.

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 Value Fund, FAM Dividend Focus Fund, and FAM Small Cap Fund, and should be read carefully before you invest or send money. The principal risks of investing in the Funds 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).

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

In part, the purpose of this presentation is to provide investors with an update on financial market conditions. The description of certain aspects of the market herein is a condensed summary only. This summary does not purport to be complete and no obligation to update or otherwise revise such information is being assumed. These materials are provided for informational purposes only and are not otherwise intended as an offer to sell, or the solicitation of an offer to purchase, any security or other financial instrument. This summary is not advice, a recommendation or an offer to enter into any transaction with Fenimore or any of their affiliated funds.

These materials contain information that is subject to change and that is not intended to be complete or to constitute all of the information necessary to evaluate adequately the consequences of investing in any securities or other financial instruments described herein. These materials also include information obtained from sources believed to be reliable, but Fenimore does not warrant its completeness or accuracy. In no event shall Fenimore be liable for any use by any party of, for any decision made or action taken by any party in reliance upon, or for any inaccuracies or errors in, or omissions from, the information contained herein and such information may not be relied upon by you in evaluating the merits of participating in any transaction.

We undertake no duty or obligation to publicly update or revise the information contained in this presentation. In addition, information related to past performance, while helpful as an evaluative tool, is not necessarily indicative of future results, the achievement of which cannot be assured. You should not view the past performance of Fenimore funds, or information about the market, as indicative of future results.

All projections, forecasts and estimates of returns and other “forward-looking” information not purely historical in nature are based on assumptions, which are unlikely to be consistent with, and may differ materially from, actual events or conditions. Such forward-looking information only illustrates hypothetical results under certain assumptions and does not reflect actual investment results and is not a guarantee of future results. Actual results will vary with each use and over time, and the variations may be material. Nothing herein should be construed as an investment recommendation or as legal, tax, investment or accounting advice.

Clients or prospective clients should consider the investment objectives, risks, and charges and expenses carefully before investing. You may obtain a copy of the most recent mutual fund prospectus by calling 800-932-3271 and/ or visiting www.famfunds.com.

There is no guarantee that any of the estimates, targets or projections illustrated in this summary will be achieved. Any references herein to any of Fenimore’s past or present investments, portfolio characteristics, or performance, have been provided for illustrative purposes only. It should not be assumed that these investments were or will be profitable or that any future investments will be profitable or will equal the performance of these investments. There can be no guarantee that the investment objectives of Fenimore will be achieved. Any investment entails a risk of loss. An investor could lose all or substantially all of his or her investment. Unless otherwise noted, information included herein is presented as of the date indicated on the cover page and may change at any time without notice.

Fenimore Asset Management Inc. is an SEC registered investment adviser; however, such registration does not imply a certain level of skill or training and no inference to the contrary should be made.

Securities offered through Fenimore Securities, Inc., Member FINRA/SIPC and advisory services offered through Fenimore Asset Management, Inc.

FAM Value Fund – Investor Shares (FAMVX)
FAM Value Fund – Institutional Shares (FAMWX)
TOP 10 HOLDINGS as of 12/31/19

Ross Stores 6.69%
IDEX Corp. 5.81%
CDW Corp. 5.65%
Brown & Brown 5.37%
Markel Corp. 4.93%
Brookfield Asset Management 4.52%
Berkshire Hathaway 3.92%
CarMax 3.82%
Illinois Tool Works 3.69%
FLIR Systems 2.93%

FAM Dividend Focus Fund – FAMEX
TOP 10 HOLDINGS as of  12/31/19

CDW Corp. 6.82%
Microchip Technology 5.21%
Stryker Corp. 5.01%
Air Products & Chemicals 4.99%
Ross Stores 4.99%
Arthur J Gallagher & Co. 4.97%
Ingersoll Rand 4.86%
Genpact 4.44%
Broadridge Fin Solutions 4.31%
Avery Dennison Corp. 3.74%

FAM Small Cap Fund – Investor Shares (FAMFX)
FAM Small Cap Fund – Institutional Shares (FAMDX)
TOP 10 HOLDINGS as of 12/31/19

CBIZ 5.45%
Hostess Brands 5.30%
Frontdoor 5.04%
Choice Hotels International 4.99%
ExlService Holdings 4.69%
Colliers International Group 4.42%
Carriage Services 4.20%
Pinnacle Financial Partners 4.20%
Centerstate Bank Corp. 4.15%
Monro 4.13%