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).