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SIGNATURE BARBARA A. DWYER
TITLE EDGAR DEPT. HEAD
MCGLADREY & PULLEN, LLP
- -----------------------
CERTIFIED PUBLIC ACCOUNTANTS AND CONSULTANTS RSM
-------------
INTERNATIONAL
REPORT OF CERTIFIED PUBLIC ACCOUNTANTS
To the Shareholders and
Boards of Trustees of
FAM Value Fund and FAM Equity-Income Fund
In planning and performing our audits of the financial statements of FAM Value
Fund and FAM Equity-Income Fund, series of Fenimore Asset Management Trust, for
the year ended December 31, 1998, we considered their internal control,
including control activities for safeguarding securities, in order to determine
our auditing procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form N-SAR, not to
provide assurance on internal control.
The management of FAM Value Fund and FAM Equity-Income Fund is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls that are
relevant to an audit pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in conformity with
generally accepted accounting principles. Those controls include the
safeguarding of assets against unauthorized acquisitions, use, or disposition.
Because of inherent limitations in internal control, error or fraud may occur
and may not be detected. Also, projection of any evaluation of internal control
to future periods is subject to the risk that it may become inadequate because
of changes in conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in amounts that would be
material in relation to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1998.
This report is intended solely for the information and use of management, the
Boards of Trustees of FAM Value Fund and FAM Equity-Income Fund, and the
Securities and Exchange Commission.
/S/ MCGLADREY & PULLEN, LLP
------------------------------
McGladrey & Pullen, LLP
New York, New York
January 11, 1999
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