FAM Value Fund
Annual Report
December 31, 1996
A 100% No-Load Fund
FAM Value Fund
Dear Shareholder: January 1997
The close of 1996 marked a milestone for the FAM Value Fund - 10 years of
performance history. As a result, we are providing you with more information
regarding the Fund's long term performance and investment style. (Please see
the following and the profile on page 4). 1996 was also a year in which our
mutual Fund organization added a second Fund to our "Fund family" with the
opening of the FAM Equity-Income Fund in April.
Over the past ten-year period, we have consistently applied our investment
philosophy to managing the FAM Value Fund and seen it through some tremendous
market movements. Since its inception on January 2, 1987, your Fund grew
from $10/share to $26.53/share through December 31, 1996. In addition,
distributions totaled $4.38. For the same time period, the Dow Jones
Industrial Average moved from 1895.95 to 6448.27. Not only did the stock
market experience the second largest correction of its history in 1987, it
also soared to record new highs during 1996. It was certainly an exciting
time period for investors.
Even with all the changes that have occurred around us, we can assure you that
we have made NO CHANGES in our investment philosophy or the way that we manage
your Fund. We continue to focus on achieving long term, conservative
investment returns by utilizing a value approach. We look for good businesses
in industry groups that we can understand and evaluate, ones that are run by
able management teams, and those which are financially strong and selling at
a reasonable price. Together these elements comprise Fenimore's investment
philosophy. It is an approach that we have found consistently beneficial over
long periods of time and one which we will adhere to in the future as well.
- -------------------------------------------------
Total Return
10 Years Ended December 31, 1996
--------------------------------
Average Final Value
Annual of a $10,000
Rate Initial Investment
- -------------------------------------------------
FAM Value Fund 12.9% $33,626
- -------------------------------------------------
Russell 2000 Index 12.4% $32,195
- -------------------------------------------------
S&P 500 Index 15.3% $41,464
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1996
Performance for 1996 can best be summarized by saying that not everyone
invited went to the ball. Your Fund increased 11.2% during the 12 months
ending December 31, 1996 - much less than the 23.0% rise of the S&P 500
composite index which is weighted with companies considerably larger than
those in FAM Value Fund. Our return compares more favorably to the 16.6% gain
of the Russell 2000 index - a composite of companies with smaller market
capitalizations like ours. While we are not fully satisfied with our short
term performance, we are confident that our objective of providing you with
long term superior results will occur.
A review of 1996 also indicates that what may be good in one year may not
always be helpful in the next. The Fund was negatively impacted in 1996 by
two outstanding performers for the year 1995. CONMED, which gained 88% in
1995, dropped back -18.0% in 1996, and Sage Laboratories was off -35.2% after
being up 92% in 1995. Also, C-COR Electronics, which has been a stellar
performer in the past, hurt your Fund in 1996, -43.6%. We still hold these
stocks because the businesses are on track and, we believe, much more
valuable than what current prices reflect.
On the positive side, your Fund was impacted favorably by Mailboxes Etc.
(+80.0%), Kaydon (+57.1%), and American Express (+39.8%). Occasionally, we
will invest in a large company if we feel it is severely undervalued. This
year those decisions paid off for your Fund. Since it is unusual for the
investment climate to remain the same year after year, we will stick to our
long term approach of finding value. Normally, this occurs in the smaller
company arena.
Going forward, we continue to feel very strongly about our investments in the
financial sector, particularly banks and insurance companies. Banks, which
represent 12% of the portfolio, were trimmed a bit during the year because of
takeovers. Fourth Financial was purchased by Boatman's, and Hawkeye by
Mercantile. Another good performer for us, Transworld Bancorp, will be taken
over in 1997 for $18.25 per share in cash by Glendale Federal. Transworld is
a bank that was an original purchase for the Fund in 1987. It has a topnotch
management team. We didn't see a lot of performance in the early years, but it
has compounded at 23% for the time we have held it. (With those results, we
could make a good case for a ten-year holding period!) A lot of people ask us
how we are going to get out of some of these small company positions. The
cases mentioned above illustrate that, with patience, value generally flows to
the top, either by takeover or by market recognition. We still own a lot of
financials, and feel the consolidation process is going to continue in the
future.
In the insurance area, niche players - whether that's property and casualty
insurers or life insurers - seem to have the same kind of financial and
economic fundamentals that you would find in a very good industrial or
technology company, yet sell at much lower multiples. For example, we have
held a company in the insurance area, Allied Group, for a long period of time
and it has performed very well. Allied Group's return on equity has been in
excess of 16% for many years and its growth rate has been in the double
digits. It's a well managed niche property and casualty company, yet right now
it's selling at 9-10x estimated 1997 earnings. Here is a company that in other
marketplaces would sell at 14-15x earnings at least. We know that earnings are
strong and that the fundamentals are very positive.
1997 and Beyond
What gives us confidence about the future is partially based on the past. Our
long term performance record of 12.9% compounded over ten years is favorable
when compared to the Russell 2000 index. However, over the past decade we,
along with many of our competitors, have been bested by the S&P 500 index.
There is much talk about return today, but few investors seem very concerned
about risk. This is where your Fund shines! Based on our estimations, the
median P/E ratio for the companies owned in your Fund is 12x. This is a 28%
discount from 17x, the median P/E for S&P 500 index based on expected
earnings for 1997.
Your Fund owns many good businesses and most sell at a bargain price. All
share strong financial promise. While there may be some disappointments along
the way, we assure you that we will keep our focus on our niche -
understandable, highly profitable businesses managed by extraordinarily able
people. Eventually, we believe the investment pendulum will swing in our favor
and reward you handsomely.
We thank you for your patience and the confidence you have entrusted in us.
Sincerely,Thomas O. Putnam Diane C. Van Buren
Performance Summary
Annual Total Investment Returns: 1/2/87-12/31/96
- -------------------------------------------------------------
FAM Value Fund Russell 2000 Index S&P 500 Index
Fiscal Total Total Total
Year Return Return Return
- -------------------------------------------------------------
1987 -17.2% -8.8% 5.3%
1988 35.5% 24.9% 16.6%
1989 20.3% 16.2% 31.7%
1990 -5.4% -19.5% -3.1%
1991 47.3% 46.1% 30.5%
1992 25.1% 18.4% 7.6%
1993 0.2% 18.9% 10.1%
1994 6.8% -1.8% 1.3%
1995 19.7% 28.4% 37.5%
1996 11.2% 16.6% 22.9%
- -------------------------------------------------------------
Comparison of Change in Value of $10,000 Investment in FAM Value Fund, The
S&P 500, and the Russell 2000 Index
(graphic)
Past performance is not indicative of future results. Investment return and
principal value fluctuate; the value of your investment upon redemption may be
more or less than the initial amount invested.
Average Annual Total Returns for the period ended 12/31/96
1 year 11.2%
5 year 12.3%
10 year 12.9%
Portfolio Profile
As of December 31, 1996
This profile is designed to provide you with information regarding the
portfolio characteristics of the FAM Value Fund in comparison with the S&P 500
and the Russell 2000 Indices. For an explanation of the terms used, please see
page 5.
- -----------------------------------------------------------
Portfolio Characteristics
- -----------------------------------------------------------
FAM S&P Russell
Value 500 2000
- -----------------------------------------------------------
Number of Stocks 50 500 1947
Median Market Cap $404M $5.36B $360M
Price/Earnings Ratio 14.4X 20.6X 24.5M
Price/Book Ratio 2.0X 4.3X 3.7X
Yield .64% 2.0% 1.5X
Return on Equity 16.5% 13.7% 12.0%
Earnings Growth Rate 14.0% 13.3% 11.2%
Foreign Holdings 0 3.8% N/A
Turnover Rate 12.5% N/A N/A
Expense Ratio 1.27% N/A N/A
Investment Focus
- -----------------------------------------------------
(graphic)
Volatility Measures
- -----------------------------------------------------
FAM S&P Russell
Value 500 2000
- -----------------------------------------------------
R-Squared 0.35 1.00 1.00
Beta 0.52 1.00 1.00
FAM VALUE FUND
(Composition of Assets)
Financials: 46%
Insurance 21%
Financial Services 13%
Banking 12%
Other 15%
Healthcare 12%
Machinery/Equipment 11%
Diversified Manufacturing 7%
Postage & Bus. Services 5%
Cash 4%
TOP TEN HOLDINGS
(% of Total Net Assets)
1) CONMED Corporation 6.5%
2) Kaydon Corporation 5.5%
3) ReliaStar Financial 5.3%
4) American Express 4.9%
5) Mailboxes Etc. 4.9%
6) Fund America Ent. 4.2%
7) Allied Group, Inc. 4.1%
8) Bard CR, Inc. 3.3%
9) Salomon, Inc. 2.9%
10) Hannaford Brothers 2.8%
FAM Value Fund
Beta. Beta is a measure of a fund's sensitivity to market movements. It
measures the relationship between a fund's excess return over T-bills and the
excess return of the benchmark index.
Earnings Growth Rate. The earnings growth rate is the annual average rate of
growth in earnings over the past five years for the stocks currently in a
portfolio.
Expense Ratio. The expense ratio is the percentage of a portfolio's average
net assets used to pay its annual administrative and advisory expenses.
Foreign Holdings. This is the percentage of a portfolio's investments
represented by stocks or American Depository Receipts (ADRs) of companies
based outside the United States.
Investment Focus. The grid indicates a portfolio's characteristics in terms
of market capitalization and relative valuations (growth, value, or a blend).
For example, if the bottom left box is shaded, this indicates that a
portfolio's emphasis is on small cap value stocks.
Median Market Cap. The median market cap is the midpoint of market
capitalization (market price times shares outstanding) of stocks in a
portfolio.
Number of Stocks. This is an indication of diversification. The more stocks
a portfolio holds, the more diversified, and the more likely it is to perform
in line with the overall stock market.
Price/Book Ratio. The share price of a stock, divided by its net worth, or
book value, per share. For a portfolio, the weighted average price/book ratio
of the stocks it holds.
Price/Earnings Ratio (P/E). The ratio of a stock's current price to its
per-share earnings over the past year. P/E is an indicator of market
expectations about corporate prospects. Typically, the higher the P/E, the
greater the expectations for a company's future growth. For a portfolio, the
weighted average P/E of the stocks it holds.
Return on Equity. The average rate of return generated by a company during the
past five years for each dollar of shareholder's equity (net income for the
year divided by shareholder's equity). For a portfolio, the five-year average
return on equity for the companies represented in the portfolio.
R-Squared. R-Squared reflects the percentage of a fund's movements that are
explained by movements in its benchmark index.
Turnover Rate. Indicates the trading activity during the past year. Portfolios
with high turnover rates incur higher transaction costs and are more likely to
realize and distribute capital gains (which are taxable to investors).
Yield. This is the portfolio's income from interest and dividends. The yield,
expressed as a percentage of a portfolio's net asset value, is based on income
earned by the portfolio over the past 30 days and is annualized, or projected
forward for the coming year.
FAM Value Fund
Statement of Investments
December 31,1996
COMMON STOCKS (97.2%) Shares Value
------ -------
Banking (12.5%)
Bank North Group 2,000 $ 83,000
*Centennial Bancorp 34,190 547,040
Centura Banks, Inc 146,250 6,526,406
First Bank System, Inc 20,924 1,428,063
First Empire State Corporation 17,300 4,982,400
ONBANCorp, Inc 71,500 2,654,438
One Valley Bancorp, Inc 116,875 4,338,984
*Plumas Bank Quincy California 57,024 748,440
SouthTrust Corporation 142,000 4,952,250
*Transworld Bancorp California 69,615 1,226,964
TrustCo Bank Corporation NY 141,213 3,018,428
----------
30,506,413
----------
Chemical (1.1%)
WD-40 Company 50,400 2,571,186
----------
Consumer Products (3.8%)
Jostens, Inc 238,300 5,034,087
Stanhome, Inc 155,000 4,107,500
----------
9,141,587
----------
Consumer Services (1.1%)
*Franklin Quest Company 133,000 2,793,000
----------
Diversified Manufacturing (7.6%)
CLARCOR, Inc. 182,500 4,037,813
+*ESSEF Corporation. 299,850 5,172,412
*Environment One Corporation 10,000 56,250
Raven Industries, Inc 203,300 4,625,075
+Versa Technologies, Inc 355,758 4,624,854
----------
18,516,404
----------
Electrical/Electronics (4.0%)
*C-Cor Electronics, Inc 420,600 5,572,950
*IFR Systems 220,400 3,471,300
Sage Laboratories, Inc 45,500 585,813
----------
9,630,063
----------
Financial Services (13.7%)
+*Allied Capital Advisers, Inc 500,000 $2,875,000
American Express Company 219,500 12,401,750
Fund America Enterprises Hldgs., Inc 111,975 10,721,606
Salomon, Inc. 157,000 7,398,625
----------
33,396,981
----------
Grocery Stores (3.0%)
Hannaford Brothers Company 211,400 7,187,600
----------
Health Care (12.0%)
Bard CR, Inc. 300,000 8,400,000
+*CONMED Corporation 807,562 16,555,021
*Copley Pharmaceuticals, Inc 149,100 1,379,175
+*Hycor Biomedical, Inc 800,000 2,400,000
+*Scherer Healthcare, Inc 287,025 645,806
----------
29,380,002
----------
Insurance (21.9%)
+Allied Life Financial Corporation 246,800 4,319,000
Allied Group, Inc. 315,525 10,294,003
Financial Secs Assurance Hldgs. Ltd. 43,900 1,443,212
+Intercargo Corporation 588,800 5,041,600
Poe & Brown, Inc. 125,275 3,319,788
Protective Life Corporation 167,200 6,667,100
ReliaStar Financial Corporation 233,100 13,461,525
UNUM Corporation. 73,380 5,301,705
Vesta Insurance Group, Inc. 112,000 3,514,000
----------
53,361,933
----------
Machinery & Equipment (11.4%)
IDEX Corporation 104,400 4,162,950
Kaydon Corporation 297,500 14,019,688
+Modern Controls, Inc. 277,812 2,917,026
Regal-Beloit Corporation 53,300 1,046,013
Tennant Corporation 201,400 5,538,500
----------
27,684,177
----------
Postage & Business Services (5.1%)
*Mailboxes Etc 549,600 $12,366,000
----------
Printing (2.8%)
*CSS Industries, Inc 241,500 6,279,000
Deluxe Corporation 16,700 546,925
----------
6,825,925
----------
Total Investments (Cost $171,969,071) $243,361,271
----------
----------
* Non-income producing
+ See Note 5
See Notes to Financial Statements
FAM Value Fund
Statement of Assets and Liabilities
December 31, 1996
ASSETS
Investment in securities at market value
(Cost $171, 969,071 $ 243,361,271
Cash at interest 10,649,453
Dividends and interest receivable 377,602
-------------
Total Assets 254,388,326
-------------
LIABILITIES
Payable for investment securities purchased 288,240
Payable for shares redeemed 399,281
Accrued management fees 212,444
Accrued expenses 109,992
-------------
Total Liabilities 1,009,957
-------------
NET ASSETS
Source of Net Assets:
Net capital paid in on shares of
beneficial interest $181,985,267
Undistributed net investment income 283
Accumulated net realized gains 619
Net unrealized appreciation 71,392,200
------------
Net Assets $ 253,378,369
-------------
-------------
Net asset value per share; 9,549,315 shares of
beneficial interest outstanding (Note 3) $ 26.53
-------
-------
See Notes to Financial Statements
FAM Value Fund
Statement of Operations
Year Ended December 31, 1996
Investment Income
Income:
Dividends $4,277,862
Interest 655,543
----------
Total Income 4,933,405
----------
Expenses:
Investment advisory fee (Note 2) 2,578,433
Administrative fee (Note 2) 64,461
Shareholder servicing and related expenses (Note 2) 351,689
Printing and mailing 106,028
Professional fees 77,112
Registration fees 29,092
Custodian fees 38,425
Trustees 10,285
Other 30,755
---------
Total Expenses 3,286,280
---------
Net Investment Income 1,647,125
---------
Realized and unrealized gain on investments
Net realized gain on investments 5,833,011
Unrealized appreciation of investments 19,714,649
----------
Net Gain on Investments 25,547,660
----------
Net Increase in net assets from operations $ 27,194,785
----------
----------
See Notes to Financial Statements
FAM Value Fund
Statements of Changes in Net Assets
Years Ended December 31, 1996 and 1995
1996 1995
----------- -----------
Change in net assets from operations:
Net investment income $1,647,125 $2,208,847
Net realized gain on investments 5,833,011 4,211,001
Unrealized appreciation of investments 19,714,649 37,399,564
----------- -----------
Net Increase in Net Assets
From Operations 27,194,785 43,819,412
Distributions to shareholders from:
Net investment income (1,647,567) (2,209,176)
Net realized gain on investments (5,832,424) (4,210,980)
Capital share transactions (Note 3): (33,494,361) 19,179,600
----------- -----------
Total Increase (Decrease) in Net Assets (13,779,567) 56,578,856
Net Assets:
Beginning of year 267,157,936 210,579,080
----------- -----------
End of year $253,378,369 $267,157,936
----------- -----------
----------- -----------
See Notes to Financial Statements
FAM Value Fund
Notes to Financial Statements
Note 1. Summary of Accounting Policies
FAM Value Fund (the "Fund") is a series of Fenimore Asset Management Trust, a
no-load, diversified, open-end management investment company registered under
the Investment Company Act of 1940. The investment objective of the Fund is
to seek a high long term total return, consisting of appreciation and dividend
income from investments in equity related securities. The following is a
summary of significant accounting policies followed in the preparation of its
financial statements.
a) Valuation of Securities
Securities traded on a national securities exchange or admitted to
trading on NASDAQ are valued at the last reported sales price. Common
stocks for which no sale was reported, and over-the-counter securities,
are valued at the last reported bid price. Short term securities are
carried at amortized cost, which approximates market value.
b) Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to
distribute all of its taxable income to its shareholders. Therefore, no
provision for federal income tax is required.
c) Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of increases and decreases
in net assets from operations during the reporting period. Actual results
could differ from those estimates.
d) Other
Securities transactions are recorded on the trade date basis. Interest
income is accrued as earned and dividend income is recorded on the
ex-dividend date. Distributions to shareholders, which are determined in
accordance with income tax regulations, are recorded on the ex-dividend
date.
Note 2. Investment Advisory Fees and Other Transactions with Affiliates
Under the Investment Advisory Contract, the Fund pays an investment advisory
fee to Fenimore Asset Management, Inc. (the "Advisor") equal, on an annual
basis, to 1% of the Fund's average daily net assets. Certain officers and
trustees of the Fund are also officers and directors of the Advisor. The
Advisor is required to reimburse the Fund for its expenses to the extent that
such expenses, including the advisory fee, for any fiscal year exceed 2% of
the average daily net assets. No such reimbursement was required for the
year ended December 31, 1996. FAM Shareholder Services, Inc. (FSS), a company
under common control with the Advisor, serves as a shareholder servicing
agent for which it received a monthly fee of $1.75 per shareholder account.
Additionally, FSS serves as the fund administrative agent for which it
received a fee equal, on an annual basis, to .025% of the Fund's average
daily net assets.
Note 3. Shares of Beneficial Interest
At December 31, 1996, an unlimited number of $.001 par value shares of
beneficial interest were authorized. Transactions were as follows:
Year Ended December 31,
1996 1995
-------------------------- ---------------------------
Shares Amount Shares Amount
----------- ------------ ----------- ------------
Shares sold 1,100,612 $ 27,944,994 2,306,111 $ 51,452,609
Shares issued on
reinvestment
of dividends 272,279 7,209,938 251,458 6,135,577
Shares redeemed (2,691,657) (68,649,293) (1,696,462) (38,408,586)
----------- ------------ ----------- ------------
Net increase
(decrease) (1,318,766) $(33,494,361) 861,107 $19,179,600
----------- ------------ ----------- ------------
----------- ------------ ----------- ------------
Note 4. Investment Transactions
During the year ended December 31, 1996, purchases and sales of investment
securities, other than short term obligations, were $30,522,284 and
$60,755,209. The cost of securities for federal income tax purposes is the
same as shown in the investment portfolio. Realized gains and losses are
reported on an identified cost basis.
The aggregate gross unrealized appreciation and depreciation of portfolio
securities, based on cost for federal income tax purposes, was as follows:
Unrealized appreciation $84,068,601
Unrealized depreciation (12,676,401)
-----------
Net unrealized appreciation $71,392,200
-----------
-----------
Note 5. Holdings of 5% Voting Securities of Portfolio Companies
Investments in portfolio companies, 5% or more of whose outstanding voting
securities are held by the Fund, are defined in the Investment Company Act
of 1940 as affiliated companies. Investments in affiliated companies as of
December 31, 1996, amounted to $44,550,720. For the year ended
December 31, 1996, dividend income of $489,505 was received from affiliated
companies, as well as realized gains of $1,939,646 from the sale of such
companies.
Note 6. Selected Financial Information
Per share information Years Ended December 31,
(For a share outstanding throughout 1996 1995 1994 1993 1992
the year) ------- ------- -------- ------- --------
Net asset value, beginning of year $24.58 $21.04 $20.40 $20.50 $16.87
------ ------ ------ ------ ------
Income from investment operations:
Net investment income 0.18 0.21 0.12 0.09 0.10
Net realized and unrealized
gain (loss)on investments 2.58 3.94 1.27 (0.05) 4.11
------ ------ ------ ------ ------
Total from investment operations 2.76 4.15 1.39 0.04 4.21
------ ------ ------ ------ ------
Less distributions:
Dividends from net
investment income (0.18) (0.21) (0.12) (0.09) (0.10)
Distributions from
net realized gains (0.63) (0.40) (0.63) (0.05) (0.48)
------ ------ ------ ------ ------
Total distributions (0.81) (0.61) (0.75) (0.14) (0.58)
------ ------ ------ ------ ------
Change in net asset
value for the year 1.95 3.54 0.64 (0.10) 3.63
------ ------ ------ ------ ------
Net asset value, end
of year $26.53 $24.58 $21.04 $20.40 $20.50
------ ------ ------ ------ ------
------ ------ ------ ------ ------
Total Return 11.23% 19.71% 6.82% 0.21% 25.08%
Ratios/supplemental data
Net assets, end of year (000) $253,378 $267,158 $210,579 $220,138 $44,694
Ratios to average net
assets of:
Expenses 1.27% 1.25% 1.39% 1.39% 1.50%
Net investment income 0.64% 0.92% 0.58% 0.57% 0.81%
Portfolio turnover rate 12.48% 9.67% 2.15% 4.83% 9.84%
Average commission rate
paid (per share)* $0.0497
* For fiscal years beginning on or after September 1, 1995, a fund is
required to disclose its average commission rate paid per share for
security trades on which commissions are charged.
Independent Auditor's Report
The Board of Trustees and Shareholders
FAM Value Fund:
We have audited the accompanying statement of assets and liabilities,
including the statement of investments, of FAM Value Fund, a series of
Fenimore Asset Management Trust, as of December 31,
1996, the related statement of operations for the year then ended, the
statement of changes in net assets for each of the two years in the period
then ended and the selected financial information for each of the five years
in the period then ended. These financial statements and selected financial
information are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
selected financial information based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
selected financial information are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included confirmation
of securities owned as of December 31, 1996, by correspondence with the
custodian. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements and selected financial information
referred to above present fairly, in all material respects, the financial
position of FAM Value Fund, as of December 31, 1996, the results of its
operations, the changes in its net assets and the selected financial
information for the periods indicated, in conformity with generally accepted
accounting principles.
New York, New York
January 10, 1997
Investment Advisor
Fenimore Asset Management, Inc.
Cobleskill, NY
Custodian
Chase Manhattan Bank, N.A.
New York, NY
Accounting Firm
McGladrey & Pullen, LLP
New York, NY
Trustees
Joseph J. Bulmer
Roger A. Hannay
John W. Krueger, CLU
Thomas O. Putnam
Diane C. Van Buren
Bernard H. Zais, CLU
Legal Counsel
Dechert Price & Rhoads
Washington, DC
Shareholder Servicing Agent
FAM Shareholder Services, Inc.
Cobleskill, NY
Fam Funds
111 North Grand Street
P.O. Box 399
Cobleskill, NY 12043
(800) 932-3271
