Fenimore Asset Management Trust NPORT-P Fam Dividend Focus Fund (Mar 2020 report)

FAM VALUE FUND

SCHEDULE OF INVESTMENTS

March 31, 2020 (Unaudited)

COMMON STOCKS - 95.4%	Shares		Value
Banks - 3.9%
M&T Bank Corporation		179,000	$	18,513,970
South State Corporation		388,110		22,793,700
				41,307,670
Building Products - 0.7%
Fortune Brands Home & Security, Inc.		172,000		7,439,000
Capital Markets - 6.6%
Brookfield Asset Management, Inc. - Class A		1,102,500		48,785,625
T. Rowe Price Group, Inc.		214,390		20,935,184
				69,720,809
Chemicals - 3.3%
Air Products & Chemicals, Inc.		175,500		35,031,555
Construction Materials - 2.2%
Vulcan Materials Company		210,800		22,781,156
Containers & Packaging - 1.8%
Avery Dennison Corporation		187,000		19,049,690
Diversified Financial Services - 4.2%
Berkshire Hathaway, Inc. - Class A(a)		165		44,880,000
Electronic Equipment, Instruments & Components - 8.8%
CDW Corporation		558,200		52,063,314
FLIR Systems, Inc.		641,728		20,464,706
Zebra Technologies Corporation - Class A(a)		110,720		20,328,192
				92,856,212
Health Care Equipment & Supplies - 3.2%
STERIS plc		17,500		2,449,475
Stryker Corporation		191,000		31,799,590
				34,249,065
Hotels, Restaurants & Leisure - 1.2%
Marriott International, Inc. - Class A		113,800		8,513,378
Yum! Brands, Inc.		62,600		4,289,978
				12,803,356

FAM VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 95.4% (Continued)	Shares		Value
Household Durables - 1.7%
Mohawk Industries, Inc.(a)		241,100	$	18,381,464
Insurance - 13.5%
Brown & Brown, Inc.		1,919,392		69,520,378
Hanover Insurance Group, Inc. (The)		49,100		4,447,478
Markel Corporation(a)		60,850		56,462,107
White Mountains Insurance Group Ltd.		13,233		12,042,030
				142,471,993
IT Services - 5.5%
Black Knight, Inc.(a)		508,611		29,529,955
Broadridge Financial Solutions, Inc.		72,900		6,913,107
Fidelity National Information Services, Inc.		5,626		684,346
Genpact Ltd.		741,600		21,654,720
				58,782,128
Life Sciences Tools & Services - 2.0%
Waters Corporation(a)		113,702		20,699,449
Machinery - 13.8%
Donaldson Company, Inc.		115,006		4,442,682
Graco, Inc.		716,650		34,922,355
IDEX Corporation		476,750		65,843,942
Illinois Tool Works, Inc.		289,950		41,207,694
				146,416,673
Multi-Line Retail - 2.1%
Dollar General Corporation		146,300		22,092,763
Oil, Gas & Consumable Fuels - 1.6%
EOG Resources, Inc.		473,000		16,990,160
Road & Rail - 2.1%
Landstar System, Inc.		230,721		22,116,915
Semiconductors & Semiconductor Equipment - 2.9%
Analog Devices, Inc.		120,300		10,784,895
Microchip Technology, Inc.		135,000		9,153,000

FAM VALUE FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 95.4% (Continued)	Shares		Value
Semiconductors & Semiconductor Equipment - 2.9% (Continued)
Xilinx, Inc.		144,250	$	11,242,845
				31,180,740
Specialty Retail - 12.0%
AutoZone, Inc.(a)		26,700		22,588,200
CarMax, Inc.(a)		634,900		34,176,667
Ross Stores, Inc.		810,688		70,505,535
				127,270,402
Trading Companies & Distributors - 2.3%
Fastenal Company		780,900		24,403,125
Total Common Stocks (Cost $495,449,754)			$	1,010,924,325

MONEY MARKET FUNDS - 4.5%	Shares		Value
Invesco Short-Term Investments Trust - Treasury Portfolio - Institutional Class, 0.30%(b) (Cost $47,966,587)		47,966,587	$	47,966,587
Total Investments at Value - 99.9% (Cost $543,416,341)			$	1,058,890,912
Other Assets in Excess of Liabilities - 0.1%				858,876
Net Assets - 100.0%			$	1,059,749,788

(a)	Non-income producing security.
(b)	The rate shown is the 7-day effective yield as of March 31, 2020.

See accompanying notes to Schedules of Investments.

FAM DIVIDEND FOCUS FUND

SCHEDULE OF INVESTMENTS

March 31, 2020 (Unaudited)

COMMON STOCKS - 94.5%	Shares		Value
Banks - 2.3%
First Hawaiian, Inc.		162,000	$	2,677,860
South State Corporation		88,000		5,168,240
				7,846,100
Capital Markets - 1.1%
T. Rowe Price Group, Inc.		38,000		3,710,700
Chemicals - 5.9%
Air Products & Chemicals, Inc.		100,500		20,060,805
Commercial Services & Supplies - 0.2%
Republic Services, Inc.		11,100		833,166
Construction Materials - 3.0%
Vulcan Materials Company		94,100		10,169,387
Containers & Packaging - 3.9%
Avery Dennison Corporation		130,000		13,243,100
Distributors - 2.1%
Pool Corporation		37,000		7,280,490
Electronic Equipment, Instruments & Components - 6.0%
CDW Corporation		217,000		20,239,590
Equity Real Estate Investment Trusts (REITs) - 4.2%
Digital Realty Trust, Inc.		104,000		14,446,640
Food Products - 2.1%
McCormick & Company, Inc.		50,500		7,131,105
Health Care Equipment & Supplies - 7.4%
ResMed, Inc.		19,450		2,864,791
STERIS plc		29,730		4,161,308
Stryker Corporation		108,500		18,064,165
				25,090,264

FAM DIVIDEND FOCUS FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 94.5% (Continued)	Shares		Value
Industrial Conglomerates - 2.6%
Roper Technologies, Inc.		28,000	$	8,730,680
Insurance - 8.7%
Arthur J. Gallagher & Company		239,920		19,555,879
Hanover Insurance Group, Inc. (The)		109,000		9,873,220
				29,429,099
IT Services - 11.0%
Broadridge Financial Solutions, Inc.		191,500		18,159,945
Genpact Ltd.		498,000		14,541,600
Jack Henry & Associates, Inc.		30,623		4,753,915
				37,455,460
Machinery - 8.2%
IDEX Corporation		81,174		11,210,941
Trane Technologies plc		200,300		16,542,777
				27,753,718
Oil, Gas & Consumable Fuels - 1.3%
EOG Resources, Inc.		127,000		4,561,840
Professional Services - 1.2%
Robert Half International, Inc.		110,000		4,152,500
Semiconductors & Semiconductor Equipment - 11.4%
Entegris, Inc.		284,000		12,714,680
Microchip Technology, Inc.		226,000		15,322,800
Xilinx, Inc.		137,414		10,710,047
				38,747,527
Specialty Retail - 6.4%
Penske Automotive Group, Inc.		90,000		2,520,000
Ross Stores, Inc.		219,686		19,106,091
				21,626,091
Trading Companies & Distributors - 3.2%
Fastenal Company		349,000		10,906,250

FAM DIVIDEND FOCUS FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 94.5% (Continued)	Shares		Value
Water Utilities - 2.3%
Essential Utilities, Inc.		190,750	$	7,763,525
Total Common Stocks (Cost $256,689,356)			$	321,178,037

MONEY MARKET FUNDS - 5.2%	Shares		Value
Invesco Short-Term Investments Trust - Treasury Portfolio - Institutional Class, 0.30%(a) (Cost $17,600,453)		17,600,453	$	17,600,453
Total Investments at Value - 99.7% (Cost $274,289,809)			$	338,778,490
Other Assets in Excess of Liabilities - 0.3%				1,030,522
Net Assets - 100.0%			$	339,809,012

^(a) The rate shown is the 7-day effective yield as of March 31, 2020.

See accompanying notes to Schedules of Investments.

FAM SMALL CAP FUND

SCHEDULE OF INVESTMENTS

March 31, 2020 (Unaudited)

COMMON STOCKS - 95.0%	Shares		Value
Banks - 7.7%
CenterState Banks Corporation		183,960	$	3,169,631
Pinnacle Financial Partners, Inc.		132,000		4,955,280
South State Corporation		50,500		2,965,865
				11,090,776
Capital Markets - 1.1%
OneSpaWorld Holdings Ltd.		388,000		1,575,280
Commercial Services & Supplies - 3.3%
Healthcare Services Group, Inc.		195,000		4,662,450
Diversified Consumer Services - 8.9%
Carriage Services, Inc.		330,000		5,329,500
frontdoor, inc.(a)		214,000		7,442,920
				12,772,420
Electrical Equipment - 1.7%
Thermon Group Holdings, Inc.(a)		158,846		2,393,809
Food Products - 10.1%
Hostess Brands, Inc.(a)		733,000		7,813,780
Nomad Foods Ltd.(a)		357,100		6,627,776
				14,441,556
Gas Utilities - 2.2%
ONE Gas, Inc.		38,180		3,192,612
Health Care Equipment & Supplies - 3.3%
Natus Medical, Inc.(a)		205,000		4,741,650
Hotels, Restaurants & Leisure - 4.2%
Choice Hotels International, Inc.		97,000		5,941,250
Insurance - 3.1%
Hanover Insurance Group, Inc. (The)		21,700		1,965,586
White Mountains Insurance Group Ltd.		2,650		2,411,500
				4,377,086

FAM SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 95.0% (Continued)	Shares		Value
IT Services - 4.9%
ExlService Holdings, Inc.(a)		136,000	$	7,076,080
Machinery - 3.4%
Franklin Electric Company, Inc.		104,500		4,925,085
Media - 3.7%
Boston Omaha Corporation - Class A(a)		292,500		5,297,175
Oil, Gas & Consumable Fuels - 0.5%
Matador Resources Company(a)		301,300		747,224
Professional Services - 5.9%
CBIZ, Inc.(a)		406,635		8,506,804
Real Estate Management & Development - 7.8%
Colliers International Group, Inc.		114,000		5,473,140
FRP Holdings, Inc.(a)		132,100		5,680,300
				11,153,440
Road & Rail - 4.4%
Landstar System, Inc.		65,700		6,298,002
Semiconductors & Semiconductor Equipment - 4.4%
Entegris, Inc.		140,000		6,267,800
Software - 3.7%
Descartes Systems Group, Inc. (The)(a)		86,500		2,974,735
SPS Commerce, Inc.(a)		50,700		2,358,057
				5,332,792
Specialty Retail - 10.7%
Floor & Decor Holdings, Inc. - Class A(a)		140,700		4,515,063
Monro, Inc.		143,300		6,277,973

FAM SMALL CAP FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 95.0% (Continued)	Shares		Value
Specialty Retail - 10.7% (Continued)
Penske Automotive Group, Inc.		163,000	$	4,564,000
				15,357,036
Total Common Stocks (Cost $153,283,336)			$	136,150,327

MONEY MARKET FUNDS - 4.6%	Shares		Value
Invesco Short-Term Investments Trust - Treasury Portfolio - Institutional Class, 0.30%(b) (Cost $6,546,528)		6,546,528	$	6,546,528
Total Investments at Value - 99.6% (Cost $159,829,864)			$	142,696,855
Other Assets in Excess of Liabilities - 0.4%				604,149
Net Assets - 100.0%			$	143,301,004

(a)	Non-income producing security.
(b)	The rate shown is the 7-day effective yield as of March 31, 2020.

See accompanying notes to Schedules of Investments.

FAM FUNDS

NOTES TO SCHEDULES OF INVESTMENTS

March 31, 2020 (Unaudited)

1. Organization

FAM Value Fund, FAM Dividend Focus Fund and FAM Small Cap Fund (individually, a “Fund” and collectively, the “Funds”) are each a series of Fenimore Asset Management Trust, a diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended. Each Fund is authorized to issue two classes of shares; Investor Shares and Institutional Shares. The Investor Shares and Institutional Shares represent interests in the same portfolio of investments in each Fund, however, each class of shares is subject to different expenses and have different investment minimums. Each share class has exclusive voting rights with respect to matters that affect just that class of shares. As of the date of this report, Institutional Shares of the FAM Dividend Focus Fund are not currently offered.

The investment objective of the FAM Value Fund is to maximize long-term return on capital. The investment objective of the FAM Dividend Focus Fund is to provide current income and long-term capital appreciation from investing primarily in income-producing equity securities. The investment objective of the FAM Small Cap Fund is to maximize long-term return on capital.

2. Significant Accounting Policies

The following is a summary of each Fund’s significant accounting policies, which are in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and followed by the Funds in the preparation of their financial statements.

Each Fund values its portfolio securities at market value as of the close of regular trading on the New York Stock Exchange, Inc. (the “NYSE”) (normally 4:00 p.m. Eastern time) on each business day that the NYSE is open for business. Securities traded on a national securities exchange or admitted to trading on NASDAQ are valued at the last reported sale price or the NASDAQ official closing price. Common stocks for which no sale was reported, and over-the-counter securities, are valued at the last reported bid price. Securities for which market quotations are not readily available or have not traded are valued at fair value as determined by procedures established by the Board of Trustees of Fenimore Asset Management Trust. Investments in other open-end investment companies, including money market funds, are valued at their net asset value as reported by such companies.

GAAP establishes a three-tier framework for measuring fair value based on a hierarchy of inputs. The hierarchy distinguishes between market data obtained from independent sources (observable inputs) and the Funds’ own market assumptions (unobservable inputs). These inputs are used in determining the value of each Fund’s investments. These inputs are summarized in the three broad levels listed below:

• Level 1 – quoted prices in active markets for identical securities

• Level 2 – other significant observable inputs (including quoted prices for identical securities in inactive markets and quoted prices for similar securities)

• Level 3 – significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments)

FAM FUNDS

NOTES TO SCHEDULES OF INVESTMENTS (Continued)

The inputs or methods used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.

The following is a summary of the inputs used to value each Fund’s investments as of March 31, 2020:

FAM Value Fund	Level 1		Level 2		Level 3		Total
Common Stocks	$	1,010,924,325	$	-	$	-	$	1,010,924,325
Money Market Funds		47,966,587		-		-		47,966,587
Total	$	1,058,890,912	$	-	$	-	$	1,058,890,912

FAM Dividend Focus Fund	Level 1		Level 2		Level 3		Total
Common Stocks	$	321,178,037	$	-	$	-	$	321,178,037
Money Market Funds		17,600,453		-		-		17,600,453
Total	$	338,778,490	$	-	$	-	$	338,778,490

FAM Small Cap Fund	Level 1		Level 2		Level 3		Total
Common Stocks	$	136,150,327	$	-	$	-	$	136,150,327
Money Market Funds		6,546,528		-		-		6,546,528
Total	$	142,696,855	$	-	$	-	$	142,696,855

The Funds did not hold any derivative instruments or any assets or liabilities that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of or during the period ended March 31, 2020.

Refer to each Fund’s Schedule of Investments to view securities segregated by industry type.

3. Investment Transactions

Investment transactions are recorded on trade date. Realized gains and losses on investments sold are determined on the basis of identified cost.

FAM FUNDS

NOTES TO SCHEDULES OF INVESTMENTS (Continued)

4. Federal Tax Information

The following information is computed on a tax basis for each item as of March 31, 2020:

	FAM Value			FAM Dividend			FAM Small
	Fund			Focus Fund			Cap Fund
Tax cost of portfolio investments	$	545,840,377		$	274,289,809		$	159,829,864
Gross unrealized appreciation	$	551,683,727		$	92,455,973		$	14,491,667
Gross unrealized depreciation		(38,633,192	)		(27,967,292	)		(31,624,676	)
Net unrealized appreciation (depreciation)	$	513,050,535		$	64,488,681		$	(17,133,009	)

The difference between the federal income tax cost of portfolio investments and the Schedules of Investments cost for FAM Value Fund is due to certain timing differences in the recognition of capital gains or losses under income tax regulations and GAAP. These “book/tax” differences are temporary in nature and are due to losses deferred due to wash sales.