The Fund's expense ratio is 1%.  The Fund imposes a 2.00% redemption fee on shares redeemed within 60 days.  Performance data does not reflect the redemption fee.  If it had, returns would be lower. Performance information quoted above represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The above chart assumes reinvestment of dividends and capital gains, but does not reflect the effect of any applicable sales charge of redemption fees.  This chart does not imply any future performance.  Current performance may be higher or lower than the performance information quoted above.  Any questions you may have including month-end performance can be answered by calling shareholder services at 866-202-2263.

The index used for comparative purposes herein is included only as an indication of the general state of the markets in which Fairholme invests.  The S&P 500 Index is a broad based measurement of changes in stock market conditions based on the average performance of 500 widely held common stocks. The Fairholme Fund, however, holds considerable fewer than 500 different securities.  Furthermore, securities purchased by The Fund on behalf of its clients may or may not be the securities which comprise the S&P 500.  The index is for comparative purposes only; it is not meant to be indicative of The Fund’s performance, asset composition or volatility.  Given the wide scope of securities held by S&P 500, it should be inherently less volatile. Our results may differ markedly from those of the S&P 500 in either up or down market trends. The performance of the S&P 500 is shown with all dividends reinvested into the index and does not reflect any reduction in performance for the effects of transaction costs or management fees.  An investment cannot be made in an index.