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FAM Small Cap Fund

Investor Share Class (FAMFX)

Summary Prospectus

March 1, 2012

Before you invest, you may want to review the

Expense Example: This Example is intended to

Fund's prospectus, which contains more informa-

help you compare the cost of investing in other mu-

tion about the Fund and its risks. You can find the

tual funds. The Example assumes that you invest

Fund's prospectus and other information about

$10,000 in the Fund for the time periods indicated

the Fund online at http://www.famfunds.com/

and then redeem all of your shares at the end of

fam_funds/reports.cfm. You may also obtain this

those periods. The Example also assumes that your

information about the Fund at no cost by calling

investment has a 5% return each year and that the

800.932.3271 or by sending an email request to

Fund's operating expenses remain the same.

info@famfunds.com. The Fund's full prospectus

Although your actual costs may be higher or lower,

and Statement of Additional Information, dated

based on these assumptions your costs would be:

March 1, 2012, are incorporated by reference into

this summary prospectus.

INVESTOR CLASS - EXPENSE EXAMPLE

Investment Objective

1 YEAR

3 YEARS

$153

$474

FAM Small Cap Fund's investment objective is to

maximize long-term return on capital.

Portfolio Turnover

Fees and Expenses of the Fund

The Fund pays transaction costs, such as commissions,

The tables below describe the fees and expenses

when it buys and sells securities (or "turns over" its port-

that you may pay if you buy and hold shares of the

folio). A higher portfolio turnover rate may indicate higher

Fund.

transaction costs and may result in higher taxes when Fund

shares are held in a taxable account. These costs, which are

SHAREHOLDER FEES

not reﬂected in annual fund operating expenses or in the

Example, affect the Fund's performance. The fund has no

(fees paid directly from your investment)

Investor

Class

portfolio turnover rate to date because it has not yet started

to operate.

Maximum sales charge (load) on purchase

None

Maximum deferred sales charge (load)

None

Principal Investment Strategies

Redemption fee

None

Under normal market conditions, the Fund invests at least

80% of its net assets plus the amount of any borrowings for

ANNUAL FUND OPERATING EXPENSES

investment purposes in securities of small cap companies.

The Fund considers small cap companies to be those issuers

(expenses that you pay each year as a

Investor

having market capitalizations of between $50 million and

percentage of the value of your investment)

Class

$1 billion, measured at the time of purchase. The fund may

Management Fees

1.00%

invest in the securities of both domestic and foreign issuers.

The Fund’s policy of investing at least 80% of its net assets

Distribution and Service (12b-1) Fees

None

in small cap companies may only be changed upon 60 days

Other expenses¹

1.50%

prior notice to shareholders.

Total annual fund operating expenses

2.50%

Fenimore Asset Management, Inc. ("Fenimore"), the in-

Fee waiver and/or expense

1.00%

vestment advisor to the Fund, employs a "value approach"

reimbursement²

in making its common stock selections. This approach

Total Annual Fund Operating Expenses

is based on Fenimore's belief that at any given point in

after Waiver and/or Reimbursement²

1.50%

time the stock price of a company may sell below the

¹_{Based on estimated amounts for the Fund's initial fiscal year of operations.}

company's "true business worth". Factors considered in

²Fenimore Asset Management (FAM) has entered into a contractural agreement

evaluating the true business worth include the company's

with FAM Small Cap Fund to limit the total operating expenses of the Fund's Inves-

_{tor Class shares to 1.50% of its average daily net assets through May 1, 2015. This}

current earnings, cash ﬂow and/or book value, and Feni-

expense limitation agreement may only be amended by the Fund's Board of Trustees.

more's opinion as to its future potential. After identifying a

company whose securities are determined to have a favorable

Fund Management

valuation, Fenimore plans to invest in such securities until

the "true business worth" nears the market price of the

Investment Advisor

company's securities.

Fenimore Asset Management, Inc.

Under normal market conditions, the Fund will attempt

to remain fully invested in common stocks and securities

Portfolio Co-Managers

that are convertible into common stocks, such as convert-

ible bonds and convertible preferred stocks.

Thomas O. Putnam, Chairman and Marc D.

Roberts, CFA of Fenimore Asset Management, Inc.

Principal Risks

serve as co-managers of the Fund. Mr. Putnam

and Mr. Roberts have managed the Fund since its

• Small-Cap Risk - small capitalization companies may not

inception.

have the size, resources or other assets of large capitaliza- Purchase and Sale of Fund Shares

tion companies.

The minimum initial purchase is $5000 for a regu-

• Non-diversification Risk – the Fund is classified as a

lar account and $2000 for an individual retirement

“non-diversified” fund which means that the Fund may

account. The minimum subsequent investment

own larger positions in a smaller number of securities.

is $50. You may redeem shares by mail or fax

A fund that is less diversified, such as the Fund, may be

(518.234.7793). Redemption proceeds will be sent

more susceptible to adverse economic, political, or regu-

by check to the address of record or by electronic

latory developments affecting a single issuer than a fund

bank transfer.

that is more broadly diversified.

Tax Information

• Stock Market Risk - the value of stocks ﬂuctuate in re-

sponse to the activities of individual companies and gen-

Fund distributions are taxable, and will be taxed as

eral stock market and economic conditions. Stock pric-

ordinary income or capital gains, unless you are investing

es may decline over short or extended periods of time.

through a tax-deferred arrangement, such as a 401(k) plan

Stocks are more volatile and riskier than some other

or an individual retirement account. Such tax-deferred

forms of investments.

arrangements may be taxed upon withdrawals made from

these arrangements.

• Stock Selection Risk - the value stocks chosen for the

Fund are subject to the risk that the market may never Financial Intermediary Compensation

realize their intrinsic value or their prices may go down.

If you purchase Fund shares through a broker-dealer or

• Market Risk - the value of your investment will go up and

other financial intermediary (such as a bank), the Fund and

down, which means that you could lose money.

its related companies may pay the intermediary for the sale

of Fund shares and related services. These payments may

• Foreign Investment Risk – the Fund may invest in securi-

create a conﬂict of interest by inﬂuencing the broker-dealer

ties of foreign issuers that are traded in foreign markets

or other intermediary and your salesperson to recommend

or may be represented by American Depository Receipts

Fund shares over another investment. Ask your salesper-

that are traded in the United States. Investments in

son or visit your financial intermediary's Web site for more

non-U.S. securities may involve additional risk including

information.

exchange rate ﬂuctuation, political or economic instabil-

ity, the imposition of exchange controls, expropriation,

limited disclosure and illiquid markets.

Performance

The inception date for the Fund is March 1, 2012. The

Fund's performance will then be compared to the Russell

2000 Index. Updated performance information may be

obtained at the Fund's website www.famfunds.com.