| FAM VALUE FUND |
| SCHEDULE OF INVESTMENTS |
| September 30, 2020 (Unaudited) |
| |
| COMMON STOCKS - 94.6% | Shares | Value |
| Asset Management - 6.4% |
| Brookfield Asset Management, Inc. - Class A | 1,653,750 | $ 54,672,975 |
| T. Rowe Price Group, Inc. | 214,390 | 27,489,086 |
| | | 82,162,061 |
| Banking - 2.7% |
| M&T Bank Corporation | 179,000 | 16,484,110 |
| South State Corporation | 388,110 | 18,687,496 |
| | | 35,171,606 |
| Chemicals - 5.9% |
| Air Products & Chemicals, Inc. | 175,500 | 52,274,430 |
| Avery Dennison Corporation | 187,000 | 23,906,080 |
| | | 76,180,510 |
| Construction Materials - 3.1% |
| Vulcan Materials Company | 297,930 | 40,381,432 |
| | | |
| Diversified Industrials - 4.3% |
| Illinois Tool Works, Inc. | 289,950 | 56,021,240 |
| | | |
| Home Construction - 2.0% |
| Fortune Brands Home & Security, Inc. | 200,000 | 17,304,000 |
| NVR, Inc. (a) | 1,890 | 7,717,097 |
| | | 25,021,097 |
| Industrial Support Services - 2.7% |
| Fastenal Company | 780,900 | 35,210,781 |
| | | |
| Insurance - 16.6% |
| Berkshire Hathaway, Inc. - Class A (a) | 165 | 52,800,165 |
| Brown & Brown, Inc. | 1,919,392 | 86,890,876 |
| Hanover Insurance Group, Inc. (The) | 61,100 | 5,693,298 |
| Markel Corporation (a) | 60,850 | 59,249,645 |
| White Mountains Insurance Group Ltd. | 13,233 | 10,308,507 |
| | | 214,942,491 |
| Machinery - 10.1% |
| Graco, Inc. | 716,650 | 43,966,478 |
| IDEX Corporation | 476,750 | 86,963,967 |
| | | 130,930,445 |
| FAM VALUE FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| |
| COMMON STOCKS - 94.6% (Continued) | Shares | Value |
| Medical Equipment & Devices - 3.6% |
| STERIS plc | 17,500 | $ 3,083,325 |
| Stryker Corporation | 208,000 | 43,340,960 |
| | | 46,424,285 |
| Oil & Gas Producers - 1.3% |
| EOG Resources, Inc. | 473,000 | 16,999,620 |
| | | |
| Retail - Consumer Staples - 2.4% |
| Dollar General Corporation | 146,300 | 30,667,406 |
| | | |
| Retail - Discretionary - 12.8% |
| AutoZone, Inc. (a) | 26,700 | 31,442,988 |
| CarMax, Inc. (a) | 634,900 | 58,353,659 |
| Ross Stores, Inc. | 810,688 | 75,653,404 |
| | | 165,450,051 |
| Semiconductors - 3.8% |
| Analog Devices, Inc. | 222,950 | 26,027,183 |
| Microchip Technology, Inc. | 80,000 | 8,220,800 |
| Xilinx, Inc. | 144,250 | 15,036,620 |
| | | 49,284,603 |
| Software - 3.4% |
| Black Knight, Inc. (a) | 508,611 | 44,274,587 |
| | | |
| Technology Hardware - 2.3% |
| Zebra Technologies Corporation - Class A (a) | 116,720 | 29,467,131 |
| | | |
| Technology Services - 8.9% |
| Broadridge Financial Solutions, Inc. | 72,900 | 9,622,800 |
| CDW Corporation | 558,200 | 66,721,646 |
| Fidelity National Information Services, Inc. | 63,800 | 9,391,998 |
| Genpact Ltd. | 741,600 | 28,885,320 |
| | | 114,621,764 |
| FAM VALUE FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| |
| COMMON STOCKS - 94.6% (Continued) | Shares | Value |
| Transportation & Logistics - 2.3% |
| Landstar System, Inc. | 230,721 | $ 28,953,178 |
| | | |
| Total Common Stocks (Cost $472,353,865) | $ 1,222,164,288 |
| | | |
| | | |
| MONEY MARKET FUNDS - 5.5% | Shares | Value |
Invesco Short-Term Investments Trust - Institutional Class, 0.02% (b) (Cost $70,726,680) | 70,726,680 | $ 70,726,680 |
| | | |
| Total Investments at Value - 100.1% (Cost $543,080,545) | $ 1,292,890,968 |
| | |
| Liabilities in Excess of Other Assets - (0.1%) | (849,781 ) |
| | |
| Net Assets - 100.0% | $ 1,292,041,187 |
| |
| (a) | Non-income producing security. |
| (b) | The rate shown is the 7-day effective yield as of September 30, 2020. |
| See accompanying notes to Schedules of Investments. |
| |
| FAM DIVIDEND FOCUS FUND |
| SCHEDULE OF INVESTMENTS |
| September 30, 2020 (Unaudited) |
| |
| COMMON STOCKS - 92.7% | Shares | Value |
| Aerospace & Defense - 0.9% |
| HEICO Corporation - Class A | 47,205 | $ 4,185,195 |
| | | |
| Asset Management - 1.1% |
| T. Rowe Price Group, Inc. | 38,000 | 4,872,360 |
| | | |
| Chemicals - 10.4% |
| Air Products & Chemicals, Inc. | 100,500 | 29,934,930 |
| Avery Dennison Corporation | 130,000 | 16,619,200 |
| | | 46,554,130 |
| Commercial Support Services - 1.9% |
| Cintas Corporation | 21,400 | 7,122,562 |
| Republic Services, Inc. | 17,500 | 1,633,625 |
| | | 8,756,187 |
| Construction Materials - 3.1% |
| Vulcan Materials Company | 102,830 | 13,937,578 |
| | | |
| Electrical Equipment - 7.9% |
| Roper Technologies, Inc. | 28,000 | 11,063,080 |
| Trane Technologies plc | 200,300 | 24,286,375 |
| | | 35,349,455 |
| Food - 2.2% |
| McCormick & Company, Inc. | 50,500 | 9,802,050 |
| | | |
| Industrial Support Services - 3.5% |
| Fastenal Company | 349,000 | 15,736,410 |
| | | |
| Insurance - 7.9% |
| Arthur J. Gallagher & Company | 239,920 | 25,330,754 |
| Hanover Insurance Group, Inc. (The) | 109,000 | 10,156,620 |
| | | 35,487,374 |
| Machinery - 3.3% |
| IDEX Corporation | 81,174 | 14,806,950 |
| | | |
| Medical Equipment & Devices - 6.5% |
| STERIS plc | 34,230 | 6,030,984 |
| FAM DIVIDEND FOCUS FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| |
| COMMON STOCKS - 92.7% (Continued) | Shares | Value |
| Medical Equipment & Devices - 6.5% (Continued) |
| Stryker Corporation | 111,000 | $ 23,129,070 |
| | | 29,160,054 |
| REITs - 3.4% |
| Digital Realty Trust, Inc. | 104,000 | 15,263,040 |
| | | |
| Retail - Discretionary - 4.6% |
| Ross Stores, Inc. | 219,686 | 20,501,097 |
| | | |
| Semiconductors - 13.0% |
| Entegris, Inc. | 284,000 | 21,112,560 |
| Microchip Technology, Inc. | 226,000 | 23,223,760 |
| Xilinx, Inc. | 137,414 | 14,324,036 |
| | | 58,660,356 |
| Technology Services - 19.0% |
| Broadridge Financial Solutions, Inc. | 159,400 | 21,040,800 |
| CDW Corporation | 217,000 | 25,938,010 |
| Genpact Ltd. | 498,000 | 19,397,100 |
| Jack Henry & Associates, Inc. | 60,858 | 9,894,902 |
| Paychex, Inc. | 111,600 | 8,902,332 |
| | | 85,173,144 |
| Wholesale - Discretionary - 4.0% |
| Pool Corporation | 53,900 | 18,031,706 |
| | | |
| Total Common Stocks (Cost $252,328,687) | $ 416,277,086 |
| | | |
| | | |
| FAM DIVIDEND FOCUS FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| |
| MONEY MARKET FUNDS - 7.3% | Shares | Value |
Invesco Short-Term Investments Trust - Institutional Class, 0.02% (a) (Cost $33,000,314) | 33,000,314 | $ 33,000,314 |
| | | |
| Total Investments at Value - 100.0% (Cost $285,329,001) | $ 449,277,400 |
| | |
| Other Assets in Excess of Liabilities - 0.0% (b) | 16,737 |
| | |
| Net Assets - 100.0% | $ 449,294,137 |
| |
| (a) | The rate shown is the 7-day effective yield as of September 30, 2020. |
| (b) | Percentage rounds to less than 0.1%. |
| See accompanying notes to Schedules of Investments. |
| |
| FAM SMALL CAP FUND |
| SCHEDULE OF INVESTMENTS |
| September 30, 2020 (Unaudited) |
| |
| COMMON STOCKS - 97.7% | Shares | Value |
| Banking - 7.7% |
| Home BancShares, Inc. | 250,000 | $ 3,790,000 |
| Pinnacle Financial Partners, Inc. | 143,500 | 5,107,165 |
| South State Corporation | 121,606 | 5,855,329 |
| | | 14,752,494 |
| Commercial Support Services - 7.0% |
| CBIZ, Inc. (a) | 406,635 | 9,299,743 |
| Healthcare Services Group, Inc. | 195,000 | 4,198,350 |
| | | 13,498,093 |
| Consumer Services - 2.7% |
| Carriage Services, Inc. | 235,000 | 5,242,850 |
| | | |
| Engineering & Construction - 4.3% |
| frontdoor, inc. (a) | 214,000 | 8,326,740 |
| | | |
| Food - 7.6% |
| Hostess Brands, Inc. (a) | 553,000 | 6,818,490 |
| Nomas Foods Ltd. (a) | 305,100 | 7,773,948 |
| | | 14,592,438 |
| Gas & Water Utilities - 3.7% |
| Brookfield Infrastructure Corporation - Class A | 80,750 | 4,472,742 |
| ONE Gas, Inc. | 38,180 | 2,634,802 |
| | | 7,107,544 |
| Health Care Facilities & Services - 2.3% |
| U.S. Physical Therapy, Inc. | 50,000 | 4,344,000 |
| | | |
| Insurance - 5.8% |
| Hanover Insurance Group, Inc. (The) | 21,700 | 2,022,006 |
| Trisura Group Ltd. (a) | 94,620 | 5,988,500 |
| White Mountains Insurance Group Ltd. | 4,150 | 3,232,850 |
| | | 11,243,356 |
| Leisure Facilities & Services - 5.6% |
| Choice Hotels International, Inc. | 97,000 | 8,338,120 |
| OneSpaWorld Holdings Ltd. | 388,000 | 2,522,000 |
| | | 10,860,120 |
| FAM SMALL CAP FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| |
| COMMON STOCKS - 97.7% (Continued) | Shares | Value |
| Machinery - 3.2% |
| Franklin Electric Company, Inc. | 104,500 | $ 6,147,735 |
| | | |
| Medical Equipment & Devices - 1.8% |
| Natus Medical, Inc. (a) | 205,000 | 3,511,650 |
| | | |
| Publishing & Broadcasting - 2.9% |
| Boston Omaha Corporation - Class A (a) | 355,000 | 5,680,000 |
| | | |
| Real Estate Owners & Developers - 2.9% |
| FRP Holdings, Inc. (a) | 132,100 | 5,504,607 |
| | | |
| Real Estate Services - 4.1% |
| Colliers International Group, Inc. | 120,000 | 8,002,800 |
| | | |
| Retail - Consumer Staples - 3.2% |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 71,000 | 6,201,850 |
| | | |
| Retail - Discretionary - 12.5% |
| Floor & Decor Holdings, Inc. - Class A (a) | 140,700 | 10,524,360 |
| Monro, Inc. | 143,300 | 5,813,681 |
| Penske Automotive Group, Inc. | 163,000 | 7,768,580 |
| | | 24,106,621 |
| Semiconductors - 5.4% |
| Entegris, Inc. | 140,000 | 10,407,600 |
| | | |
| Software - 6.0% |
| Descartes Systems Group, Inc. (The) (a) | 96,500 | 5,498,570 |
| SPS Commerce, Inc. (a) | 77,700 | 6,050,499 |
| | | 11,549,069 |
| Technology Services - 4.7% |
| ExlService Holdings, Inc. (a) | 136,000 | 8,971,920 |
| | | |
| FAM SMALL CAP FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| |
| COMMON STOCKS - 97.7% (Continued) | Shares | Value |
| Transportation & Logistics - 4.3% |
| Landstar System, Inc. | 65,700 | $ 8,244,693 |
| | |
| Total Common Stocks (Cost $161,147,034) | $ 188,296,180 |
| | | |
| | | |
| MONEY MARKET FUNDS - 2.4% | Shares | Value |
Invesco Short-Term Investments Trust - Institutional Class, 0.02% (b) (Cost $4,646,546) | 4,646,546 | $ 4,646,546 |
| | | |
| Total Investments at Value - 100.1% (Cost $165,793,580) | $ 192,942,726 |
| | |
| Liabilities in Excess of Other Assets - (0.1%) | (195,402 ) |
| | |
| Net Assets - 100.0% | $ 192,747,324 |
| |
| (a) | Non-income producing security. |
| (b) | The rate shown is the 7-day effective yield as of September 30, 2020. |
| See accompanying notes to Schedules of Investments. |
| |
FAM FUNDS
NOTES TO SCHEDULES OF INVESTMENTS
September 30, 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 September 30, 2020:
| FAM Value Fund | | Level 1 | | Level 2 | | Level 3 | | Total |
| | | | | | | | | |
| Common Stocks | | $1,222,164,288 | | $- | | $- | | $1,222,164,288 |
| Money Market Funds | | 70,726,680 | | - | | - | | 70,726,680 |
| Total | | $1,292,890,968 | | $- | | $- | | $1,292,890,968 |
| | | | | | | | | |
| FAM Dividend Focus Fund | | Level 1 | | Level 2 | | Level 3 | | Total |
| | | | | | | | | |
| Common Stocks | | $416,277,086 | | $- | | $- | | $416,277,086 |
| Money Market Funds | | 33,000,314 | | - | | - | | 33,000,314 |
| Total | | $449,277,400 | | $- | | $- | | $449,277,400 |
| | | | | | | | | |
| FAM Small Cap Fund | | Level 1 | | Level 2 | | Level 3 | | Total |
| | | | | | | | | |
| Common Stocks | | $188,296,180 | | $- | | $- | | $188,296,180 |
| Money Market Funds | | 4,646,546 | | - | | - | | 4,646,546 |
| Total | | $192,942,726 | | $- | | $- | | $192,942,726 |
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 September 30, 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.
4. Federal Tax Information
The following information is computed on a tax basis for each item as of September 30, 2020:
| | | | | | | |
| | | | | | | |
| | | FAM Value | | FAM Dividend | | FAM Small |
| | | Fund | | Focus Fund | | Cap Fund |
| | | | | | | |
| Tax cost of portfolio investments | | $543,080,545 | | $285,329,001 | | $165,793,580 |
| Gross unrealized appreciation | | $764,348,926 | | $168,969,149 | | $44,245,638 |
| Gross unrealized depreciation | | (14,538,503) | | (5,020,750) | | (17,096,492) |
| Net unrealized appreciation | | $749,810,423 | | $163,948,399 | | $27,149,146 |
