# EDGAR Filing Document

**Accession Number:** 0000797136
**File Stem:** 0000910472-26-008732
**Filing Date:** 2026-6
**Character Count:** 26836
**Document Hash:** fbd9fde778a8252e563627f02225f965
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-008732.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0000910472-26-008732

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260601

**DATE AS OF CHANGE**: 20260601

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FENIMORE ASSET MANAGEMENT TRUST
- **CENTRAL INDEX KEY:** 0000797136

**ORGANIZATION NAME:**
- **EIN:** 146131155
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04750
- **FILM NUMBER:** 261048988

**BUSINESS ADDRESS:**
- **STREET 1:** 384 N GRAND ST
- **STREET 2:** PO BOX 399
- **CITY:** COBLESKILL
- **STATE:** NY
- **ZIP:** 12043
- **BUSINESS PHONE:** 518-234-7400

**MAIL ADDRESS:**
- **STREET 1:** P O BOX 399
- **CITY:** COBLESKILL
- **STATE:** NY
- **ZIP:** 12043

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FENIMORE ASSET MANAGEMENT TRUST FAM VALUE FUND SERIES
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### FAM Small Cap Fund (Series ID: S000035925)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000110096 | Investor            | FAMFX           |
| C000164667 | Institutional Class | FAMDX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **FAM VALUE FUND** | **FAM VALUE FUND** | **FAM VALUE FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **COMMON STOCKS - 98.3%** | **Shares** | **Value** |
| **Banks - 2.0%** | **Banks - 2.0%** | **Banks - 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | 404977 | $34884718 |
| **Capital Markets - 7.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Brookfield Asset Management Ltd. - Class A | 397940 | 17688433 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brookfield Corporation - Class A | 2087640 | 84486791 |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P Global, Inc. | 72000 | 30624480 |
|  |  | 132799704 |
| **Construction Materials - 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Vulcan Materials Company | 297930 | 81126339 |
| **Diversified Financial Services - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. - Class A <sup>(a)</sup> | 18 | 12926520 |
| **Electronic Equipment, Instruments & Components - 18.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AMETEK, Inc. | 173280 | 37144301 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amphenol Corporation - Class A | 704085 | 88961139 |
| &nbsp;&nbsp;&nbsp;&nbsp;CDW Corporation | 558200 | 67553364 |
| &nbsp;&nbsp;&nbsp;&nbsp;Keysight Technologies, Inc. <sup>(a)</sup> | 310870 | 87780362 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zebra Technologies Corporation - Class A <sup>(a)</sup> | 186510 | 38995511 |
|  |  | 320434677 |
| **Health Care Equipment & Supplies - 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stryker Corporation | 208000 | 68346720 |
| **Hotels, Restaurants & Leisure - 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 11350 | 47787132 |
| **Insurance - 17.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Company | 119200 | 25816336 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 1257292 | 81988011 |
| &nbsp;&nbsp;&nbsp;&nbsp;Markel Group, Inc. <sup>(a)</sup> | 53850 | 103072670 |
| &nbsp;&nbsp;&nbsp;&nbsp;Progressive Corporation (The) | 340000 | 67401600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ryan Specialty Group Holdings, Inc. | 400000 | 13496000 |
|  |  | 291774617 |
| **Life Sciences Tools & Services - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | 293170 | 33415517 |

---

---

| | | |
|:---|:---|:---|
| **FAM VALUE FUND** | **FAM VALUE FUND** | **FAM VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 98.3% (Continued)** | **Shares** | **Value** |
| **Machinery - 11.9%** | **Machinery - 11.9%** | **Machinery - 11.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Graco, Inc. | 670180 | $56730737 |
| &nbsp;&nbsp;&nbsp;&nbsp;IDEX Corporation | 431530 | 81796512 |
| &nbsp;&nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | 242560 | 63135942 |
|  |  | 201663191 |
| **Professional Services - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ExlService Holdings, Inc. <sup>(a)</sup> | 1072900 | 32669805 |
| **Road & Rail - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Landstar System, Inc. | 194800 | 31228388 |
| **Semiconductors & Semiconductor Equipment - 6.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 288610 | 91818385 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 258860 | 16724945 |
|  |  | 108543330 |
| **Specialty Retail - 11.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AutoZone, Inc. <sup>(a)</sup> | 18265 | 61695152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 635848 | 137743752 |
|  |  | 199438904 |
| **Trading Companies & Distributors - 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fastenal Company | 1561800 | 72467520 |
| **Total Common Stocks (Cost $583,562,181)** |  | $1669507082 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 1.7%** | **Shares** | **Value** |
| Invesco Treasury Portfolio - Institutional Class, 3.56% <sup>(b)</sup> <br> (Cost $29,101,057) | 29101057 | $29101057 |
| **Total Investments at Value - 100.0% (Cost $612,663,238)** |  | $1698608139 |
| **Liabilities in Excess of Other Assets - (0.0%) <sup>(c)</sup>** |  | (842270) |
| **Net Assets - 100.0%** |  | $1697765869 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown is the 7-day effective yield as of March 31, 2026.

<sup>(c)</sup> Percentage rounds to less than 0.1%.

---

| | | |
|:---|:---|:---|
| **FAM DIVIDEND FOCUS FUND** | **FAM DIVIDEND FOCUS FUND** | **FAM DIVIDEND FOCUS FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **COMMON STOCKS - 96.7%** | **Shares** | **Value** |
| **Aerospace & Defense - 5.6%** | **Aerospace & Defense - 5.6%** | **Aerospace & Defense - 5.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEICO Corporation - Class A | 166705 | $35189758 |
| **Apparel & Textile Products – 1.0%** | **Apparel & Textile Products – 1.0%** | **Apparel & Textile Products – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gildan Activewear, Inc. | 109000 | 6065850 |
| **Building Products - 8.5%** | **Building Products - 8.5%** | **Building Products - 8.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trane Technologies plc | 128900 | 53717786 |
| **Capital Markets - 1.8%** | **Capital Markets - 1.8%** | **Capital Markets - 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | 81544 | 11711349 |
| **Commercial Services & Supplies - 4.3%** | **Commercial Services & Supplies - 4.3%** | **Commercial Services & Supplies - 4.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cintas Corporation | 159132 | 26915587 |
| **Commercial Support Services - 5.1%** | **Commercial Support Services - 5.1%** | **Commercial Support Services - 5.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic Services, Inc. | 148390 | 32500378 |
| **Construction Materials - 9.4%** | **Construction Materials - 9.4%** | **Construction Materials - 9.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 54614 | 32150169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vulcan Materials Company | 99430 | 27074789 |
|  |  | 59224958 |
| **Containers & Packaging - 2.1%** | **Containers & Packaging - 2.1%** | **Containers & Packaging - 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avery Dennison Corporation | 77207 | 13332105 |
| **Electronic Equipment, Instruments & Components - 4.0%** | **Electronic Equipment, Instruments & Components - 4.0%** | **Electronic Equipment, Instruments & Components - 4.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amphenol Corporation - Class A | 150502 | 19015928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW Corporation | 49610 | 6003802 |
|  |  | 25019730 |
| **Health Care Equipment & Supplies - 9.7%** | **Health Care Equipment & Supplies - 9.7%** | **Health Care Equipment & Supplies - 9.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STERIS plc | 116700 | 25805871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stryker Corporation | 107000 | 35159130 |
|  |  | 60965001 |
| **Insurance - 6.2%** | **Insurance - 6.2%** | **Insurance - 6.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Company | 180350 | 39060203 |
| **IT Services - 8.8%** | **IT Services - 8.8%** | **IT Services - 8.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | 177400 | 28823952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 100670 | 15909886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paychex, Inc. | 115890 | 10675787 |
|  |  | 55409625 |

---

---

| | | |
|:---|:---|:---|
| **FAM DIVIDEND FOCUS FUND**<br>**SCHEDULE OF INVESTMENTS (Continued)**<br>**COMMON STOCKS - 96.7% (Continued)** |<br>**Shares** |<br>**Value** |
| **Machinery - 2.4%** | **Machinery - 2.4%** | **Machinery - 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;IDEX Corporation | 80000 | $15164000 |
| **Medical Equipment & Devices - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | 92988 | 6618886 |
| **Professional Services - 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | 106120 | 20136270 |
| **Real Estate Management & Development - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;FirstService Corporation | 13700 | 1903478 |
| **Semiconductors & Semiconductor Equipment - 8.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Entegris, Inc. | 243000 | 28489320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 373170 | 24110514 |
|  |  | 52599834 |
| **Specialty Retail - 7.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 229376 | 49689723 |
| **Trading Companies & Distributors - 7.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fastenal Company | 675800 | 31357120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Watsco, Inc. | 36460 | 13263783 |
|  |  | 44620903 |
| **Total Common Stocks (Cost $297,862,871)** |  | $609845424 |
| **MONEY MARKET FUNDS - 2.2%** | **Shares** | **Value** |
| Invesco Treasury Portfolio - Institutional Class, 3.56% <sup>(a)</sup> (Cost $14,200,971) | 14200971 | $14200971 |
| **Total Investments at Value - 98.9% (Cost $312,063,842)** |  | $624046395 |
| **Other Assets in Excess of Liabilities - 1.1%** |  | 6786278 |
| **Net Assets - 100.0%** |  | $630832673 |

---

<sup>(a)</sup> The rate shown is the 7-day effective yield as of March 31, 2026. <br>

---

| | | |
|:---|:---|:---|
| **FAM SMALL CAP FUND** | **FAM SMALL CAP FUND** | **FAM SMALL CAP FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **COMMON STOCKS - 95.7%** | **Shares** | **Value** |
| **Banks - 3.6%** | **Banks - 3.6%** | **Banks - 3.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Home BancShares, Inc. | 403785 | $10873930 |
| **Building Products - 2.9%** | **Building Products - 2.9%** | **Building Products - 2.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc. – Class A <sup>(a)</sup> | 111636 | 8857200 |
| **Chemicals - 4.2%** | **Chemicals - 4.2%** | **Chemicals - 4.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Element Solutions, Inc. | 367174 | 12535320 |
| **Diversified Consumer Services - 7.4%** | **Diversified Consumer Services - 7.4%** | **Diversified Consumer Services - 7.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Frontdoor, Inc. <sup>(a)</sup> | 188736 | 9976585 |
| &nbsp;&nbsp;&nbsp;&nbsp;OneSpaWorld Holdings Ltd. | 542222 | 12443995 |
|  |  | 22420580 |
| **Electrical Equipment - 3.5%** | **Electrical Equipment - 3.5%** | **Electrical Equipment - 3.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Novanta, Inc. <sup>(a)</sup> | 86741 | 10244980 |
| **Gas Utilities - 2.9%** | **Gas Utilities - 2.9%** | **Gas Utilities - 2.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Brookfield Infrastructure Corporation - Class A | 221039 | 8735461 |
| **Health Care Facilities & Services - 3.4%** | **Health Care Facilities & Services - 3.4%** | **Health Care Facilities & Services - 3.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Chemed Corporation | 27536 | 10401449 |
| **Hotels, Restaurants & Leisure - 4.3%** | **Hotels, Restaurants & Leisure - 4.3%** | **Hotels, Restaurants & Leisure - 4.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Choice Hotels International, Inc. | 125529 | 12992252 |
| **Insurance - 9.0%** | **Insurance - 9.0%** | **Insurance - 9.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Baldwin Insurance Group, Inc. (The) <sup>(a)</sup> | 552764 | 12127642 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trisura Group Ltd. <sup>(a)</sup> | 482990 | 15117091 |
|  |  | 27244733 |
| **Machinery - 5.8%** | **Machinery - 5.8%** | **Machinery - 5.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;ESAB Corporation | 84130 | 8132006 |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Electric Company, Inc. | 102380 | 9436364 |
|  |  | 17568370 |
| **Media - 6.3%** | **Media - 6.3%** | **Media - 6.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Altus Group Ltd. | 314338 | 10789763 |
| &nbsp;&nbsp;&nbsp;&nbsp;Boston Omaha Corporation - Class A <sup>(a)</sup> | 703635 | 8218457 |
|  |  | 19008220 |
| **Professional Services - 14.9%** | **Professional Services - 14.9%** | **Professional Services - 14.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;CBIZ, Inc. <sup>(a)</sup> | 546866 | 14683352 |
| &nbsp;&nbsp;&nbsp;&nbsp;ExlService Holdings, Inc. <sup>(a)</sup> | 580781 | 17684781 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exponent, Inc. | 195000 | 12723750 |
|  |  | 45091883 |

---

**FAM SMALL CAP FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 95.7% (Continued)** | **Shares** | **Value** |
| **Real Estate Management & Development - 9.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Colliers International Group, Inc. | 152847 | $16337816 |
| &nbsp;&nbsp;&nbsp;&nbsp;FirstService Corporation | 77534 | 10772574 |
|  |  | 27110390 |
| **Road & Rail - 4.6%** | **Road & Rail - 4.6%** | **Road & Rail - 4.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Landstar System, Inc. | 86429 | 13855433 |
| **Software - 5.7%** | **Software - 5.7%** | **Software - 5.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Descartes Systems Group, Inc. (The) <sup>(a)</sup> | 125280 | 8965037 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPS Commerce, Inc. <sup>(a)</sup> | 145584 | 8104661 |
|  |  | 17069698 |
| **Specialty Retail - 3.2%** | **Specialty Retail - 3.2%** | **Specialty Retail - 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc. - Class A <sup>(a)</sup> | 189519 | 9627565 |
| **Trading Companies & Distributors - 5.0%** | **Trading Companies & Distributors - 5.0%** | **Trading Companies & Distributors - 5.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc. <sup>(a)</sup> | 114082 | 15185455 |
| **Total Common Stocks (Cost $242,969,057)** |  | $288822919 |
| **MONEY MARKET FUNDS - 4.4%** | **Shares** | **Value** |
| Invesco Treasury Portfolio - Institutional Class, 3.56% <sup>(b)</sup> <br> (Cost $13,141,793) | 13141793 | $13141793 |
| **Total Investments at Value - 100.1% (Cost $256,110,850)** |  | $301964712 |
| **Liabilities in Excess of Other Assets - (0.1%)** |  | (237222) |
| **Net Assets - 100.0%** |  | $301727490 |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> The rate shown is the 7-day effective yield as of March 31, 2026.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Fenimore Asset Management Trust

- **b. Investment Company Act file number:** 811-04750

- **c. CIK number of Registrant:** 0000797136

- **d. LEI of Registrant:** 5493004VCQ6EILLEK631

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 384 North Grand Street

  - **City:** Cobleskill

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 12043

  - **Telephone number:** 800-932-3271

**Item A.2. Information about the Series.**

- **a. Name of Series:** FAM SMALL CAP FUND

- **b. EDGAR series identifier (if any):** S000035925

- **c. LEI of Series:** 549300MX6ID0BRGEJC17

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $302089247.61

**Total Liabilities:** $361757.18

**Net Assets:** $301727490.43

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000110096 | -0.62%               | -1.60%               | -7.98%               |
| Class ID C000164667 | -0.61%               | -1.58%               | -8.01%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4522939.47              | $-6213618.78                               |
| Month 2  | $3611684.20              | $-9202653.25                               |
| Month 3  | $2305978.47              | $-28749232.93                              |

### Schedule of Portfolio Investments

| Name                                  | Title                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Altus Group Ltd                       | Altus Group Ltd.                               | CUSIP: 02215R107<br>LEI: 54930041VO1EIY4IV355 | Long             | EC               | CORP              | CA        |    314338 | NS      | $10789763.13  | 3.58%             |  |  |  | No            |                  1 | On Loan: No      |
| The Baldwin Insurance Group Inc       | Baldwin Insurance Group, Inc. (The)            | CUSIP: 05589G102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    552764 | NS      | $12127642.16  | 4.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Omaha Corp.                    | Boston Omaha Corporation Class A               | CUSIP: 101044105<br>LEI: 54930002FEWTYF4YFF19 | Long             | EC               | CORP              | US        |    703635 | NS      | $8218456.80   | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Infrastructure Corporation | Brookfield Infrastructure Corporation          | CUSIP: 11276H106<br>LEI: 254900YTMKBFJAKUBO55 | Long             | EC               | CORP              | US        |    221039 | NS      | $8735461.28   | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| CBIZ Inc.                             | CBIZ, Inc.                                     | CUSIP: 124805102<br>LEI: 529900D5X8CFM8O1N813 | Long             | EC               | CORP              | US        |    546866 | NS      | $14683352.10  | 4.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Casella Waste Systems, Inc.           | Casella Waste Systems, Inc.                    | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               | CORP              | US        |    111636 | NS      | $8857200.24   | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemed Corporation                    | Chemed Corporation                             | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               | CORP              | US        |     27536 | NS      | $10401448.64  | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Choice Hotels International, Inc.     | Choice Hotels International, Inc.              | CUSIP: 169905106<br>LEI: 5493003CYRY5RFGTIR97 | Long             | EC               | CORP              | US        |    125529 | NS      | $12992251.50  | 4.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Colliers International Group Inc      | Colliers International Group, Inc.             | CUSIP: 194693107<br>LEI: D3O8K13PHLEXXD1DT480 | Long             | EC               | CORP              | CA        |    152847 | NS      | $16337815.83  | 5.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Descartes Systems Group Inc.          | Descartes Systems Group, Inc. (The)            | CUSIP: 249906108<br>LEI: 875500NEPA7JI5EOMN45 | Long             | EC               | CORP              | CA        |    125280 | NS      | $8965036.80   | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Element Solutions Inc                 | Element Solutions, Inc.                        | CUSIP: 28618M106<br>LEI: 549300FLGN6P5CU20J91 | Long             | EC               | CORP              | US        |    367174 | NS      | $12535320.36  | 4.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ESAB Corp.                            | Esab Corporation                               | CUSIP: 29605J106<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | EC               | CORP              | US        |     84130 | NS      | $8132005.80   | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| ExlService Holdings Inc.              | ExlService Holdings, Inc.                      | CUSIP: 302081104<br>LEI: 81E3DTNF6OSH489ZOV15 | Long             | EC               | CORP              | US        |    580781 | NS      | $17684781.45  | 5.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Exponent Inc                          | Exponent, Inc.                                 | CUSIP: 30214U102<br>LEI: 529900NY3F5Q2NWPUZ42 | Long             | EC               | CORP              | US        |    195000 | NS      | $12723750.00  | 4.22%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstService Corp.                    | FirstService Corporation                       | CUSIP: 33767E202<br>LEI: 5493000XUDIV75BCF118 | Long             | EC               | CORP              | CA        |     77534 | NS      | $10772573.96  | 3.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Floor And Decor Holding Inc.          | Floor & Decor Holdings, Inc. Class A           | CUSIP: 339750101<br>LEI: 549300M5FR3N688XGQ36 | Long             | EC               | CORP              | US        |    189519 | NS      | $9627565.20   | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Electric Co Inc              | Franklin Electric Company, Inc.                | CUSIP: 353514102<br>LEI: RR6AURIKMXUE4Q24G284 | Long             | EC               | CORP              | US        |    102380 | NS      | $9436364.60   | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontdoor Inc                         | Frontdoor, Inc.                                | CUSIP: 35905A109<br>LEI: 5493008RB0JZJI3QGZ06 | Long             | EC               | CORP              | US        |    188736 | NS      | $9976584.96   | 3.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Home BancShares Inc.                  | Home BancShares Inc                            | CUSIP: 436893200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    403785 | NS      | $10873930.05  | 3.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Landstar System Inc.                  | Landstar System, Inc.                          | CUSIP: 515098101<br>LEI: 254900CUQXQRL09MEI52 | Long             | EC               | CORP              | US        |     86429 | NS      | $13855432.99  | 4.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Novanta Inc                           | Novanta, Inc.                                  | CUSIP: 67000B104<br>LEI: 549300NBPHPTUPTS8070 | Long             | EC               | CORP              | US        |     86741 | NS      | $10244979.51  | 3.40%             |  |  |  | No            |                  1 | On Loan: No      |
| SPS Commerce Inc                      | SPS Commerce, Inc.                             | CUSIP: 78463M107<br>LEI: 2549006XVF9GCCETDQ72 | Long             | EC               | CORP              | US        |    145584 | NS      | $8104661.28   | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Short-Term Invts T                    | Invesco Treasury Portfolio Institutional Class | CUSIP: 825252406<br>LEI: 549300UJV6OHYATSFU27 | Long             | STIV             | RF                | US        |  13141793 | PA      | $13141792.93  | 4.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Siteone Landscape Supply Inc          | SiteOne Landscape Supply, Inc.                 | CUSIP: 82982L103<br>LEI: 5299008LX7SBD4HIAU03 | Long             | EC               | CORP              | US        |    114082 | NS      | $15185455.02  | 5.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Trisura Group Ltd                     | Trisura Group Ltd.                             | CUSIP: 89679A209<br>LEI: 549300S7H452RZFP8305 | Long             | EC               | CORP              | CA        |    482990 | NS      | $15117090.49  | 5.01%             |  |  |  | No            |                  1 | On Loan: No      |
| OneSpaWorld Holdings Ltd.             | OneSpaWorld Holdings Ltd.                      | CUSIP: P73684113<br>LEI: 5493007W8PZ8W6UC2X76 | Long             | EC               | CORP              | BS        |    542222 | NS      | $12443994.90  | 4.12%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-31

**Name of Applicant:** Susan McLauchlan

**Signature:** Susan McLauchlan

**Name of Signer:** Susan McLauchlan

**Title:** VP Fund Accounting