| FAM VALUE FUND |
| SCHEDULE OF INVESTMENTS |
| March 31, 2021 (Unaudited) |
| |
| COMMON STOCKS - 96.8% | Shares | Value |
| Aerospace & Defense - 0.1% |
| HEICO Corporation - Class A | 19,200 | $ 2,181,120 |
| | | |
| Banks - 5.5% |
| First Hawaiian, Inc. | 284,000 | 7,773,080 |
| Home BancShares, Inc. | 355,000 | 9,602,750 |
| M&T Bank Corporation | 179,000 | 27,138,190 |
| Pinnacle Financial Partners, Inc. | 105,000 | 9,309,300 |
| South State Corporation | 388,110 | 30,470,516 |
| | | 84,293,836 |
| Building Products - 1.2% |
| Fortune Brands Home & Security, Inc. | 200,000 | 19,164,000 |
| | | |
| Capital Markets - 7.2% |
| Brookfield Asset Management, Inc. - Class A | 1,653,750 | 73,591,875 |
| T. Rowe Price Group, Inc. | 214,390 | 36,789,324 |
| | | 110,381,199 |
| Chemicals - 3.2% |
| Air Products & Chemicals, Inc. | 175,500 | 49,375,170 |
| | | |
| Construction Materials - 3.3% |
| Vulcan Materials Company | 297,930 | 50,275,688 |
| | | |
| Containers & Packaging - 2.2% |
| Avery Dennison Corporation | 187,000 | 34,342,550 |
| | | |
| Diversified Financial Services - 4.1% |
| Berkshire Hathaway, Inc. - Class A (a) | 165 | 63,640,830 |
| | | |
| Electronic Equipment, Instruments & Components - 8.0% |
| CDW Corporation | 558,200 | 92,521,650 |
| Zebra Technologies Corporation - Class A (a) | 63,720 | 30,915,670 |
| | | 123,437,320 |
| Health Care Equipment & Supplies - 3.5% |
| STERIS plc | 17,500 | 3,333,400 |
| FAM VALUE FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| |
| COMMON STOCKS - 96.8% (Continued) | Shares | Value |
| Health Care Equipment & Supplies - 3.5% (Continued) |
| Stryker Corporation | 208,000 | $ 50,664,640 |
| | | 53,998,040 |
| Household Durables - 0.6% |
| NVR, Inc. (a) | 1,890 | 8,903,658 |
| | | |
| Insurance - 10.7% |
| Brown & Brown, Inc. | 1,919,392 | 87,735,408 |
| Hanover Insurance Group, Inc. (The) | 61,100 | 7,910,006 |
| Markel Corporation (a) | 60,850 | 69,345,877 |
| | | 164,991,291 |
| IT Services - 7.4% |
| Black Knight, Inc. (a) | 508,611 | 37,632,128 |
| Broadridge Financial Solutions, Inc. | 72,900 | 11,160,990 |
| Fidelity National Information Services, Inc. | 233,400 | 32,818,374 |
| Genpact Ltd. | 741,600 | 31,755,312 |
| | | 113,366,804 |
| Machinery - 14.0% |
| Graco, Inc. | 716,650 | 51,326,473 |
| IDEX Corporation | 476,750 | 99,793,310 |
| Illinois Tool Works, Inc. | 289,950 | 64,229,724 |
| | | 215,349,507 |
| Multi-Line Retail - 1.9% |
| Dollar General Corporation | 146,300 | 29,643,306 |
| | | |
| Oil Gas & Consumable Fuels - 2.3% |
| EOG Resources, Inc. | 483,000 | 35,031,990 |
| | | |
| Road & Rail - 2.5% |
| Landstar System, Inc. | 230,721 | 38,082,808 |
| | | |
| Semiconductors & Semiconductor Equipment - 3.0% |
| Analog Devices, Inc. | 222,950 | 34,575,086 |
| Microchip Technology, Inc. | 80,000 | 12,417,600 |
| | | 46,992,686 |
| Specialty Retail - 13.6% |
| AutoZone, Inc. (a) | 26,700 | 37,494,810 |
| FAM VALUE FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| |
| COMMON STOCKS - 96.8% (Continued) | Shares | Value |
| Specialty Retail - 13.6% (Continued) |
| CarMax, Inc. (a) | 559,944 | $ 74,282,171 |
| Ross Stores, Inc. | 810,688 | 97,209,598 |
| | | 208,986,579 |
| Trading Companies & Distributors - 2.5% |
| Fastenal Company | 780,900 | 39,263,652 |
| | | |
| Total Common Stocks (Cost $494,239,577) | $ 1,491,702,034 |
| | | |
| | | |
| MONEY MARKET FUNDS - 3.3% | Shares | Value |
| Invesco Short-Term Investments Trust - Institutional Class, 0.01% (b) (Cost $50,450,394) | 50,450,394 | $ 50,450,394 |
| | | |
| Total Investments at Value - 100.1% (Cost $544,689,971) | $ 1,542,152,428 |
| | |
| Liabilities in Excess of Other Assets - (0.1%) | (1,599,299 ) |
| | |
| Net Assets - 100.0% | $ 1,540,553,129 |
| |
| (a) | Non-income producing security. |
| (b) | The rate shown is the 7-day effective yield as of March 31, 2021. |
| See accompanying notes to Schedules of Investments. |
| |
| FAM DIVIDEND FOCUS FUND |
| SCHEDULE OF INVESTMENTS |
| March 31, 2021 (Unaudited) |
| |
| COMMON STOCKS - 94.4% | Shares | Value |
| Aerospace & Defense - 1.9% |
| HEICO Corporation - Class A | 90,305 | $ 10,258,648 |
| | | |
| Banks - 2.7% |
| First Hawaiian, Inc. | 535,800 | 14,664,846 |
| | | |
| Building Products - 6.1% |
| Trane Technologies plc | 200,300 | 33,161,668 |
| | | |
| Capital Markets - 1.0% |
| T. Rowe Price Group, Inc. | 32,400 | 5,559,840 |
| | | |
| Chemicals - 5.2% |
| Air Products & Chemicals, Inc. | 100,500 | 28,274,670 |
| | | |
| Commercial Services & Supplies - 1.7% |
| Cintas Corporation | 26,950 | 9,198,305 |
| | | |
| Commercial Support Services - 0.9% |
| Republic Services, Inc. | 50,550 | 5,022,142 |
| | | |
| Construction Materials - 3.2% |
| Vulcan Materials Company | 102,830 | 17,352,563 |
| | | |
| Containers & Packaging - 4.1% |
| Avery Dennison Corporation | 120,500 | 22,129,825 |
| | | |
| Distributors - 3.5% |
| Pool Corporation | 53,900 | 18,608,436 |
| | | |
| Electronic Equipment, Instruments & Components - 6.7% |
| CDW Corporation | 217,000 | 35,967,750 |
| | | |
| Equity Real Estate Investment Trusts (REITs) - 2.7% |
| Digital Realty Trust, Inc. | 104,000 | 14,647,360 |
| | | |
| FAM DIVIDEND FOCUS FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| |
| COMMON STOCKS - 94.4% (Continued) | Shares | Value |
| Food Products - 0.4% |
| McCormick & Company, Inc. | 26,700 | $ 2,380,572 |
| | | |
| Health Care Equipment & Supplies - 6.5% |
| STERIS plc | 40,765 | 7,764,917 |
| Stryker Corporation | 111,000 | 27,037,380 |
| | | 34,802,297 |
| Industrial Conglomerates - 2.1% |
| Roper Technologies, Inc. | 28,000 | 11,293,520 |
| | | |
| Insurance - 8.8% |
| Arthur J. Gallagher & Company | 239,920 | 29,934,818 |
| Hanover Insurance Group, Inc. (The) | 137,200 | 17,761,912 |
| | | 47,696,730 |
| IT Services - 13.4% |
| Broadridge Financial Solutions, Inc. | 159,400 | 24,404,140 |
| Genpact Ltd. | 508,300 | 21,765,406 |
| Jack Henry & Associates, Inc. | 90,008 | 13,656,014 |
| Paychex, Inc. | 128,450 | 12,590,669 |
| | | 72,416,229 |
| Machinery - 4.1% |
| Graco, Inc. | 74,450 | 5,332,109 |
| IDEX Corporation | 81,174 | 16,991,342 |
| | | 22,323,451 |
| Semiconductors & Semiconductor Equipment - 11.0% |
| Entegris, Inc. | 253,000 | 28,285,400 |
| Microchip Technology, Inc. | 201,000 | 31,199,220 |
| | | 59,484,620 |
| Specialty Retail - 5.1% |
| Ross Stores, Inc. | 228,686 | 27,421,738 |
| | | |
| FAM DIVIDEND FOCUS FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| |
| COMMON STOCKS - 94.4% (Continued) | Shares | Value |
| Trading Companies & Distributors - 3.3% |
| Fastenal Company | 349,000 | $ 17,547,720 |
| | | |
| Total Common Stocks (Cost $275,801,419) | $ 510,212,930 |
| | | |
| | | |
| MONEY MARKET FUNDS - 5.6% | Shares | Value |
| Invesco Short-Term Investments Trust - Institutional Class, 0.01% (a) (Cost $30,104,740) | 30,104,740 | $ 30,104,740 |
| | | |
| Total Investments at Value - 100.0% (Cost $305,906,159) | $ 540,317,670 |
| | |
| Liabilities in Excess of Other Assets - (0.0%) (b) | (57,392 ) |
| | |
| Net Assets - 100.0% | $ 540,260,278 |
| |
| (a) | The rate shown is the 7-day effective yield as of March 31, 2021. |
| (b) | Percentage rounds to less than 0.1%. |
| See accompanying notes to Schedules of Investments. |
| |
| FAM SMALL CAP FUND |
| SCHEDULE OF INVESTMENTS |
| March 31, 2021 (Unaudited) |
| |
| COMMON STOCKS - 91.7% | Shares | Value |
| Banks - 13.4% |
| Cambridge Bancorp | 76,031 | $ 6,410,934 |
| Home BancShares, Inc. | 250,000 | 6,762,500 |
| Pinnacle Financial Partners, Inc. | 168,000 | 14,894,880 |
| South State Corporation | 121,606 | 9,547,287 |
| | | 37,615,601 |
| Commercial Services & Supplies - 2.4% |
| Healthcare Services Group, Inc. | 238,455 | 6,683,894 |
| | | |
| Diversified Consumer Services - 8.8% |
| Carriage Services, Inc. | 235,000 | 8,269,650 |
| frontdoor, inc. (a) | 214,000 | 11,502,500 |
| OneSpaWorld Holdings Ltd. (a) | 476,283 | 5,072,414 |
| | | 24,844,564 |
| Food Products - 6.1% |
| Hostess Brands, Inc. (a) | 553,000 | 7,930,020 |
| Nomad Foods Ltd. (a) | 338,000 | 9,281,480 |
| | | 17,211,500 |
| Gas Utilities - 4.3% |
| Brookfield Infrastructure Corporation - Class A | 157,610 | 12,036,675 |
| | | |
| Health Care Equipment & Supplies - 1.9% |
| Natus Medical, Inc. (a) | 205,000 | 5,250,050 |
| | | |
| Health Care Providers & Services - 1.8% |
| U.S. Physical Therapy, Inc. | 50,000 | 5,205,000 |
| | | |
| Hotels, Restaurants & Leisure - 3.7% |
| Choice Hotels International, Inc. | 97,000 | 10,407,130 |
| | | |
| Insurance - 4.9% |
| Trisura Group Ltd. (a) | 94,620 | 9,085,412 |
| White Mountains Insurance Group Ltd. | 4,150 | 4,626,835 |
| | | 13,712,247 |
| FAM SMALL CAP FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| |
| COMMON STOCKS - 91.7% (Continued) | Shares | Value |
| IT Services - 5.0% |
| ExlService Holdings, Inc. (a) | 156,000 | $ 14,064,960 |
| | | |
| Machinery - 2.9% |
| Franklin Electric Company, Inc. | 104,500 | 8,249,230 |
| | | |
| Media - 2.8% |
| Boston Omaha Corporation - Class A (a) | 265,000 | 7,833,400 |
| | | |
| Multi-Line Retail - 2.2% |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 71,000 | 6,177,000 |
| | | |
| Professional Services - 5.2% |
| CBIZ, Inc. (a) | 449,135 | 14,668,749 |
| | | |
| Real Estate Management & Development - 6.5% |
| Colliers International Group, Inc. | 120,000 | 11,788,800 |
| FRP Holdings, Inc. (a) | 132,100 | 6,501,962 |
| | | 18,290,762 |
| Real Estate Owners & Developers - 2.8% |
| Dream Finders Homes, Inc. - Class A (a) | 325,000 | 7,822,750 |
| | | |
| Road & Rail - 3.9% |
| Landstar System, Inc. | 65,700 | 10,844,442 |
| | | |
| Software - 4.8% |
| Descartes Systems Group, Inc. (The) (a) | 96,500 | 5,877,815 |
| SPS Commerce, Inc. (a) | 77,700 | 7,716,387 |
| | | 13,594,202 |
| Specialty Retail - 8.3% |
| Floor & Decor Holdings, Inc. - Class A (a) | 28,700 | 2,740,276 |
| Monro, Inc. | 172,000 | 11,317,600 |
| FAM SMALL CAP FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| |
| COMMON STOCKS - 91.7% (Continued) | Shares | Value |
| Specialty Retail - 8.3% (Continued) |
| Penske Automotive Group, Inc. | 114,000 | $ 9,147,360 |
| | | 23,205,236 |
| | | |
| Total Common Stocks (Cost $165,324,767) | $ 257,717,392 |
| | | |
| | | |
| MONEY MARKET FUNDS - 8.3% | Shares | Value |
| Invesco Short-Term Investments Trust - Institutional Class, 0.01% (b) (Cost $23,489,729) | 23,489,729 | $ 23,489,729 |
| | | |
| Total Investments at Value - 100.0% (Cost $188,814,496) | $ 281,207,121 |
| | |
| Liabilities in Excess of Other Assets - (0.0%) (c) | (79,496 ) |
| | |
| Net Assets - 100.0% | $ 281,127,625 |
| |
| (a) | Non-income producing security. |
| (b) | The rate shown is the 7-day effective yield as of March 31, 2021. |
| (c) | Percentage rounds to less than 0.1%. |
| See accompanying notes to Schedules of Investments. |
| |
FAM FUNDS
NOTES TO SCHEDULES OF INVESTMENTS
March 31, 2021 (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 each Fund’s investments and the inputs used to value the investments as of March 31, 2021:
| FAM Value Fund | | Level 1 | | Level 2 | | Level 3 | | Total |
| | | | | | | | | |
| Common Stocks | | $ 1,491,702,034 | | $ - | | $ - | | $ 1,491,702,034 |
| Money Market Funds | | 50,450,394 | | - | | - | | 50,450,394 |
| | | | | | | | | |
| Total | | $ 1,542,152,428 | | $ - | | $ - | | $ 1,542,152,428 |
| | | | | | | | | |
| FAM Dividend Focus Fund | | Level 1 | | Level 2 | | Level 3 | | Total |
| | | | | | | | | |
| Common Stocks | | $ 510,212,930 | | $ - | | $ - | | $ 510,212,930 |
| Money Market Funds | | 30,104,740 | | - | | - | | 30,104,740 |
| | | | | | | | | |
| Total | | $ 540,317,670 | | $ - | | $ - | | $ 540,317,670 |
| | | | | | | | | |
| FAM Small Cap Fund | | Level 1 | | Level 2 | | Level 3 | | Total |
| | | | | | | | | |
| Common Stocks | | $ 257,717,392 | | $ - | | $ - | | $ 257,717,392 |
| Money Market Funds | | 23,489,729 | | - | | - | | 23,489,729 |
| | | | | | | | | |
| Total | | $ 281,207,121 | | $ - | | $ - | | $ 281,207,121 |
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, 2021.
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 March 31, 2021:
| | | | | | | |
| | | FAM Value | | FAM Dividend | | FAM Small |
| | | Fund | | Focus Fund | | Cap Fund |
| | | | | | | |
| Tax cost of portfolio investments | | $ 544,689,971 | | $ 305,906,159 | | $ 188,814,496 |
| | | | | | | |
| Gross unrealized appreciation | | $ 998,838,395 | | $ 235,550,875 | | $ 97,398,428 |
| Gross unrealized depreciation | | (1,375,938) | | (1,139,364) | | (5,005,803) |
| | | | | | | |
| Net unrealized appreciation | | $ 997,462,457 | | $ 234,411,511 | | $ 92,392,625 |
