# EDGAR Filing Document

**Accession Number:** 0000797136
**File Stem:** 0000910472-25-005282
**Filing Date:** 2025-12
**Character Count:** 34733
**Document Hash:** 3227fbd9dd0325ebea9ab94b83b8d344
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-005282.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0000910472-25-005282

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**PERIOD START**: 20251231

**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:** 251537552

**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 Dividend Focus Fund (Series ID: S000010873)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000030128 | Investor Class | FAMEX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **FAM VALUE FUND** | **FAM VALUE FUND** | **FAM VALUE FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS** - **97.7%** | **Shares** | **Value** |
| **Banks** - **2.1%** | **Banks** - **2.1%** | **Banks** - **2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;404977 | &nbsp;&nbsp;$37982793 |
| **Capital Markets** - **7.3%** | **Capital Markets** - **7.3%** | **Capital Markets** - **7.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Asset Management Ltd. - Class A | &nbsp;&nbsp;397940 | &nbsp;&nbsp;22658703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Corporation - Class A | &nbsp;&nbsp;1591760 | &nbsp;&nbsp;109162901 |
|  |  | &nbsp;&nbsp;131821604 |
| **Construction Materials** - **5.1%** | **Construction Materials** - **5.1%** | **Construction Materials** - **5.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vulcan Materials Company | &nbsp;&nbsp;297930 | &nbsp;&nbsp;91649227 |
| **Diversified Financial Services** - **1.2%** | **Diversified Financial Services** - **1.2%** | **Diversified Financial Services** - **1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;28 | &nbsp;&nbsp;21117600 |
| **Electronic Equipment, Instruments & Components** - **20.4%** | **Electronic Equipment, Instruments & Components** - **20.4%** | **Electronic Equipment, Instruments & Components** - **20.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMETEK, Inc. | &nbsp;&nbsp;173280 | &nbsp;&nbsp;32576640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amphenol Corporation - Class A | &nbsp;&nbsp;1009465 | &nbsp;&nbsp;124921294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW Corporation | &nbsp;&nbsp;558200 | &nbsp;&nbsp;88910096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keysight Technologies, Inc. <sup>(a)</sup> | &nbsp;&nbsp;383770 | &nbsp;&nbsp;67129048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zebra Technologies Corporation - Class A <sup>(a)</sup> | &nbsp;&nbsp;186510 | &nbsp;&nbsp;55423312 |
|  |  | &nbsp;&nbsp;368960390 |
| **Health Care Equipment & Supplies** - **4.3%** | **Health Care Equipment & Supplies** - **4.3%** | **Health Care Equipment & Supplies** - **4.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stryker Corporation | &nbsp;&nbsp;208000 | &nbsp;&nbsp;76891360 |
| **Hotels, Restaurants & Leisure** - **3.4%** | **Hotels, Restaurants & Leisure** - **3.4%** | **Hotels, Restaurants & Leisure** - **3.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;11350 | &nbsp;&nbsp;61281714 |
| **Insurance** - **16.9%** | **Insurance** - **16.9%** | **Insurance** - **16.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | &nbsp;&nbsp;1257292 | &nbsp;&nbsp;117921417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Markel Group, Inc. <sup>(a)</sup> | &nbsp;&nbsp;53850 | &nbsp;&nbsp;102926736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive Corporation (The) | &nbsp;&nbsp;340000 | &nbsp;&nbsp;83963000 |
|  |  | &nbsp;&nbsp;304811153 |
| **Life Sciences Tools & Services** - **1.5%** | **Life Sciences Tools & Services** - **1.5%** | **Life Sciences Tools & Services** - **1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | &nbsp;&nbsp;215170 | &nbsp;&nbsp;27617070 |
| **Machinery** - **10.5%** | **Machinery** - **10.5%** | **Machinery** - **10.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graco, Inc. | &nbsp;&nbsp;670180 | &nbsp;&nbsp;56938493 |

---

---

| | | |
|:---|:---|:---|
| **FAM VALUE FUND** | **FAM VALUE FUND** | **FAM VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS** - **97.7% (Continued)** | **Shares** | **Value** |
| **Machinery** - **10.5% (Continued)** | **Machinery** - **10.5% (Continued)** | **Machinery** - **10.5% (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDEX Corporation | &nbsp;&nbsp;431530 | &nbsp;&nbsp;$70235823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | &nbsp;&nbsp;242560 | &nbsp;&nbsp;63249945 |
|  |  | &nbsp;&nbsp;190424261 |
| **Oil, Gas & Consumable Fuels** - **1.5%** | **Oil, Gas & Consumable Fuels** - **1.5%** | **Oil, Gas & Consumable Fuels** - **1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;233500 | &nbsp;&nbsp;26180020 |
| **Professional Services** - **2.6%** | **Professional Services** - **2.6%** | **Professional Services** - **2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ExlService Holdings, Inc. <sup>(a)</sup> | &nbsp;&nbsp;1072900 | &nbsp;&nbsp;47239787 |
| **Road & Rail** - **0.7%** | **Road & Rail** - **0.7%** | **Road & Rail** - **0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Landstar System, Inc. | &nbsp;&nbsp;107918 | &nbsp;&nbsp;13226430 |
| **Semiconductors & Semiconductor Equipment** - **4.8%** | **Semiconductors & Semiconductor Equipment** - **4.8%** | **Semiconductors & Semiconductor Equipment** - **4.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;288610 | &nbsp;&nbsp;70911477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;258860 | &nbsp;&nbsp;16623989 |
|  |  | &nbsp;&nbsp;87535466 |
| **Specialty Retail** - **11.2%** | **Specialty Retail** - **11.2%** | **Specialty Retail** - **11.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone, Inc. <sup>(a)</sup> | &nbsp;&nbsp;18265 | &nbsp;&nbsp;78361234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;810688 | &nbsp;&nbsp;123540744 |
|  |  | &nbsp;&nbsp;201901978 |
| **Trading Companies & Distributors** - **4.2%** | **Trading Companies & Distributors** - **4.2%** | **Trading Companies & Distributors** - **4.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastenal Company | &nbsp;&nbsp;1561800 | &nbsp;&nbsp;76590672 |
| **Total Common Stocks** (Cost $531,051,696) | **Total Common Stocks** (Cost $531,051,696) | &nbsp;&nbsp;$1765231525 |
| **MONEY MARKET FUNDS** - **2.4%** | **Shares** | **Value** |
| Invesco Treasury Portfolio - Institutional Class, 3.984% <sup>(b)</sup> (Cost $43,624,859) | &nbsp;&nbsp;43624859 | &nbsp;&nbsp;$43624859 |
| **Total Investments at Value - 100.1%** (Cost $574,676,555) | **Total Investments at Value - 100.1%** (Cost $574,676,555) | &nbsp;&nbsp;$1808856384 |
| **Liabilities in Excess of Other Assets - (0.1%)** | **Liabilities in Excess of Other Assets - (0.1%)** | &nbsp;&nbsp; (1233860) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$1807622524 |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> The rate shown is the 7-day effective yield as of September 30, 2025.

---

| | | |
|:---|:---|:---|
| **FAM DIVIDEND FOCUS FUND** | **FAM DIVIDEND FOCUS FUND** | **FAM DIVIDEND FOCUS FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS** - **96.0%** | **Shares** | **Value** |
| **Aerospace & Defense** - **5.5%** | **Aerospace & Defense** - **5.5%** | **Aerospace & Defense** - **5.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEICO Corporation - Class A | &nbsp;&nbsp;166705 | &nbsp;&nbsp;$42358074 |
| **Building Products** - **8.8%** | **Building Products** - **8.8%** | **Building Products** - **8.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trane Technologies plc | &nbsp;&nbsp;160172 | &nbsp;&nbsp;67586177 |
| **Capital Markets** - **1.8%** | **Capital Markets** - **1.8%** | **Capital Markets** - **1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | &nbsp;&nbsp;66174 | &nbsp;&nbsp;13586846 |
| **Commercial Services & Supplies** - **4.3%** | **Commercial Services & Supplies** - **4.3%** | **Commercial Services & Supplies** - **4.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cintas Corporation | &nbsp;&nbsp;159132 | &nbsp;&nbsp;32663434 |
| **Commercial Support Services** - **4.6%** | **Commercial Support Services** - **4.6%** | **Commercial Support Services** - **4.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic Services, Inc. | &nbsp;&nbsp;152890 | &nbsp;&nbsp;35085197 |
| **Construction Materials** - **8.8%** | **Construction Materials** - **8.8%** | **Construction Materials** - **8.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | &nbsp;&nbsp;56194 | &nbsp;&nbsp;35417954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vulcan Materials Company | &nbsp;&nbsp;102830 | &nbsp;&nbsp;31632565 |
|  |  | &nbsp;&nbsp;67050519 |
| **Containers & Packaging** - **1.7%** | **Containers & Packaging** - **1.7%** | **Containers & Packaging** - **1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avery Dennison Corporation | &nbsp;&nbsp;81357 | &nbsp;&nbsp;13193665 |
| **Electronic Equipment, Instruments & Components** - **5.4%** | **Electronic Equipment, Instruments & Components** - **5.4%** | **Electronic Equipment, Instruments & Components** - **5.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amphenol Corporation - Class A | &nbsp;&nbsp;150502 | &nbsp;&nbsp;18624622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW Corporation | &nbsp;&nbsp;142070 | &nbsp;&nbsp;22628910 |
|  |  | &nbsp;&nbsp;41253532 |
| **Health Care Equipment & Supplies** - **8.9%** | **Health Care Equipment & Supplies** - **8.9%** | **Health Care Equipment & Supplies** - **8.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STERIS plc | &nbsp;&nbsp;116700 | &nbsp;&nbsp;28876248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stryker Corporation | &nbsp;&nbsp;107000 | &nbsp;&nbsp;39554690 |
|  |  | &nbsp;&nbsp;68430938 |
| **Industrial Conglomerates** - **1.6%** | **Industrial Conglomerates** - **1.6%** | **Industrial Conglomerates** - **1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | &nbsp;&nbsp;25200 | &nbsp;&nbsp;12566988 |
| **Insurance** - **7.3%** | **Insurance** - **7.3%** | **Insurance** - **7.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Company | &nbsp;&nbsp;180350 | &nbsp;&nbsp;55861609 |

---

---

| | | |
|:---|:---|:---|
| **FAM DIVIDEND FOCUS FUND** | **FAM DIVIDEND FOCUS FUND** | **FAM DIVIDEND FOCUS FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS** - **96.0% (Continued)** | **Shares** | **Value** |
| **IT Services** - **11.4%** | **IT Services** - **11.4%** | **IT Services** - **11.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;168400 | &nbsp;&nbsp;$40107828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | &nbsp;&nbsp;121800 | &nbsp;&nbsp;18139674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paychex, Inc. | &nbsp;&nbsp;226340 | &nbsp;&nbsp;28690858 |
|  |  | &nbsp;&nbsp;86938360 |
| **Life Sciences Tools & Services** - **1.6%** | **Life Sciences Tools & Services** - **1.6%** | **Life Sciences Tools & Services** - **1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | &nbsp;&nbsp;93205 | &nbsp;&nbsp;11962861 |
| **Machinery** - **2.9%** | **Machinery** - **2.9%** | **Machinery** - **2.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDEX Corporation | &nbsp;&nbsp;135165 | &nbsp;&nbsp;21999456 |
| **Medical Equipment & Devices** - **1.0%** | **Medical Equipment & Devices** - **1.0%** | **Medical Equipment & Devices** - **1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | &nbsp;&nbsp;102688 | &nbsp;&nbsp;7711869 |
| **Professional Services** - **2.5%** | **Professional Services** - **2.5%** | **Professional Services** - **2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | &nbsp;&nbsp;76120 | &nbsp;&nbsp;19144941 |
| **Real Estate Management & Development** - **0.5%** | **Real Estate Management & Development** - **0.5%** | **Real Estate Management & Development** - **0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstService Corporation | &nbsp;&nbsp;18600 | &nbsp;&nbsp;3543114 |
| **Semiconductors & Semiconductor Equipment** - **6.4%** | **Semiconductors & Semiconductor Equipment** - **6.4%** | **Semiconductors & Semiconductor Equipment** - **6.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entegris, Inc. | &nbsp;&nbsp;285750 | &nbsp;&nbsp;26420445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;347500 | &nbsp;&nbsp;22316450 |
|  |  | &nbsp;&nbsp;48736895 |
| **Specialty Retail** - **4.7%** | **Specialty Retail** - **4.7%** | **Specialty Retail** - **4.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;233876 | &nbsp;&nbsp;35640364 |
| **Trading Companies & Distributors** - **6.3%** | **Trading Companies & Distributors** - **6.3%** | **Trading Companies & Distributors** - **6.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastenal Company | &nbsp;&nbsp;698000 | &nbsp;&nbsp;34229920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watsco, Inc. | &nbsp;&nbsp;35600 | &nbsp;&nbsp;14393080 |
|  |  | &nbsp;&nbsp;48623000 |
| **Total Common Stocks** (Cost $344,363,064) | **Total Common Stocks** (Cost $344,363,064) | &nbsp;&nbsp;$733937839 |

---

---

| | | |
|:---|:---|:---|
| **FAM DIVIDEND FOCUS FUND** | **FAM DIVIDEND FOCUS FUND** | **FAM DIVIDEND FOCUS FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **MONEY MARKET FUNDS** - **4.0%** | **Shares** | **Value** |
| Invesco Treasury Portfolio - Institutional Class, 3.984% <sup>(a)</sup> (Cost $31,136,571) | &nbsp;&nbsp;31136571 | &nbsp;&nbsp;$31136571 |
| **Total Investments at Value - 100.0%** (Cost $375,499,635) | **Total Investments at Value - 100.0%** (Cost $375,499,635) | &nbsp;&nbsp;$765074410 |
| **Liabilities in Excess of Other Assets - (0.0%) <sup>(b)</sup>** | **Liabilities in Excess of Other Assets - (0.0%) <sup>(b)</sup>** | &nbsp;&nbsp; (305295) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$764769115 |

---

<sup>(a)</sup> The rate shown is the 7-day effective yield as of September 30, 2025.

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

---

| | | |
|:---|:---|:---|
| **FAM SMALL CAP FUND** | **FAM SMALL CAP FUND** | **FAM SMALL CAP FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS** - **96.7%** | **Shares** | **Value** |
| **Banks** - **5.0%** | **Banks** - **5.0%** | **Banks** - **5.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home BancShares, Inc. | &nbsp;&nbsp;412135 | &nbsp;&nbsp;$11663420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;85450 | &nbsp;&nbsp;8014356 |
|  |  | &nbsp;&nbsp;19677776 |
| **Building Products** - **2.2%** | **Building Products** - **2.2%** | **Building Products** - **2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;91770 | &nbsp;&nbsp;8707137 |
| **Chemicals** - **3.1%** | **Chemicals** - **3.1%** | **Chemicals** - **3.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Element Solutions, Inc. | &nbsp;&nbsp;485730 | &nbsp;&nbsp;12225824 |
| **Diversified Consumer Services** - **8.6%** | **Diversified Consumer Services** - **8.6%** | **Diversified Consumer Services** - **8.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frontdoor, Inc. <sup>(a)</sup> | &nbsp;&nbsp;264913 | &nbsp;&nbsp;17825996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneSpaWorld Holdings Ltd. | &nbsp;&nbsp;743428 | &nbsp;&nbsp;15716068 |
|  |  | &nbsp;&nbsp;33542064 |
| **Gas Utilities** - **4.6%** | **Gas Utilities** - **4.6%** | **Gas Utilities** - **4.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Infrastructure Corporation - Class A | &nbsp;&nbsp;434345 | &nbsp;&nbsp;17860266 |
| **Health Care Facilities & Services** - **3.2%** | **Health Care Facilities & Services** - **3.2%** | **Health Care Facilities & Services** - **3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemed Corporation | &nbsp;&nbsp;28106 | &nbsp;&nbsp;12584181 |
| **Hotels, Restaurants & Leisure** - **7.0%** | **Hotels, Restaurants & Leisure** - **7.0%** | **Hotels, Restaurants & Leisure** - **7.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Choice Hotels International, Inc. | &nbsp;&nbsp;115350 | &nbsp;&nbsp;12332069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dutch Bros, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;284101 | &nbsp;&nbsp;14869846 |
|  |  | &nbsp;&nbsp;27201915 |
| **Insurance** - **6.4%** | **Insurance** - **6.4%** | **Insurance** - **6.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baldwin Insurance Group, Inc. (The) <sup>(a)</sup> | &nbsp;&nbsp;407701 | &nbsp;&nbsp;11501245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trisura Group Ltd. <sup>(a)</sup> | &nbsp;&nbsp;492980 | &nbsp;&nbsp;13591753 |
|  |  | &nbsp;&nbsp;25092998 |
| **IT Services** - **2.2%** | **IT Services** - **2.2%** | **IT Services** - **2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cass Information Systems, Inc. | &nbsp;&nbsp;222645 | &nbsp;&nbsp;8756628 |
| **Machinery** - **5.0%** | **Machinery** - **5.0%** | **Machinery** - **5.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESAB Corporation | &nbsp;&nbsp;85870 | &nbsp;&nbsp;9595114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franklin Electric Company, Inc. | &nbsp;&nbsp;104500 | &nbsp;&nbsp;9948400 |
|  |  | &nbsp;&nbsp;19543514 |

---

---

| | | |
|:---|:---|:---|
| **FAM SMALL CAP FUND** | **FAM SMALL CAP FUND** | **FAM SMALL CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS** - **96.7% (Continued)** | **Shares** | **Value** |
| **Media** - **5.8%** | **Media** - **5.8%** | **Media** - **5.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altus Group Ltd. | &nbsp;&nbsp;314338 | &nbsp;&nbsp;$13425487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Omaha Corporation - Class A <sup>(a)</sup> | &nbsp;&nbsp;718195 | &nbsp;&nbsp;9393991 |
|  |  | &nbsp;&nbsp;22819478 |
| **Professional Services** - **15.1%** | **Professional Services** - **15.1%** | **Professional Services** - **15.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBIZ, Inc. <sup>(a)</sup> | &nbsp;&nbsp;364757 | &nbsp;&nbsp;19317531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ExlService Holdings, Inc. <sup>(a)</sup> | &nbsp;&nbsp;634470 | &nbsp;&nbsp;27935714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exponent, Inc. | &nbsp;&nbsp;168927 | &nbsp;&nbsp;11737048 |
|  |  | &nbsp;&nbsp;58990293 |
| **Real Estate Management & Development** - **10.6%** | **Real Estate Management & Development** - **10.6%** | **Real Estate Management & Development** - **10.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colliers International Group, Inc. | &nbsp;&nbsp;167455 | &nbsp;&nbsp;26158145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstService Corporation | &nbsp;&nbsp;79134 | &nbsp;&nbsp;15074236 |
|  |  | &nbsp;&nbsp;41232381 |
| **Real Estate Owners & Developers** - **3.7%** | **Real Estate Owners & Developers** - **3.7%** | **Real Estate Owners & Developers** - **3.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dream Finders Homes, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;550804 | &nbsp;&nbsp;14276840 |
| **Road & Rail** - **2.9%** | **Road & Rail** - **2.9%** | **Road & Rail** - **2.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Landstar System, Inc. | &nbsp;&nbsp;91471 | &nbsp;&nbsp;11210686 |
| **Software** - **5.4%** | **Software** - **5.4%** | **Software** - **5.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Descartes Systems Group, Inc. (The) <sup>(a)</sup> | &nbsp;&nbsp;101200 | &nbsp;&nbsp;9536076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPS Commerce, Inc. <sup>(a)</sup> | &nbsp;&nbsp;109193 | &nbsp;&nbsp;11371359 |
|  |  | &nbsp;&nbsp;20907435 |
| **Specialty Retail** - **2.1%** | **Specialty Retail** - **2.1%** | **Specialty Retail** - **2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;108832 | &nbsp;&nbsp;8020918 |
| **Trading Companies & Distributors** - **3.8%** | **Trading Companies & Distributors** - **3.8%** | **Trading Companies & Distributors** - **3.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc. <sup>(a)</sup> | &nbsp;&nbsp;116442 | &nbsp;&nbsp;14997729 |
| **Total Common Stocks** (Cost $262,377,246) | **Total Common Stocks** (Cost $262,377,246) | &nbsp;&nbsp;$377648063 |

---

---

| | | |
|:---|:---|:---|
| **FAM SMALL CAP FUND** | **FAM SMALL CAP FUND** | **FAM SMALL CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **MONEY MARKET FUNDS** - **3.4%** | **Shares** | **Value** |
| Invesco Treasury Portfolio - Institutional Class, 3.984% <sup>(b)</sup> (Cost $13,054,138) | &nbsp;&nbsp;13054138 | &nbsp;&nbsp;$13054138 |
| **Total Investments at Value - 100.1%** (Cost $275,431,384) | **Total Investments at Value - 100.1%** (Cost $275,431,384) | &nbsp;&nbsp;$390702201 |
| **Liabilities in Excess of Other Assets - (0.1%)** | **Liabilities in Excess of Other Assets - (0.1%)** | &nbsp;&nbsp; (295228) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$390406973 |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> The rate shown is the 7-day effective yield as of September 30, 2025.

## 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 DIVIDEND FOCUS FUND

- **b. EDGAR series identifier (if any):** S000010873

- **c. LEI of Series:** 549300YKLHC8OPI53R12

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**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:** $765516377.57

**Total Liabilities:** $747262.41

**Net Assets:** $764769115.16

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000030128 | -1.01%               | 0.63%                | -0.29%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-7990713.60                               |
| Month 2  | $5772121.95              | $-747168.42                                |
| Month 3  | $0.00                    | $-2667056.60                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Ross Stores Inc                     | Ross Stores, Inc.                              | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |    233876 | NS      | $35640363.64  | 4.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Steris PLC                          | STERIS plc                                     | CUSIP: G8473T100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    116700 | NS      | $28876248.00  | 3.78%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Healthcare Technologies Inc.     | GE HealthCare Technologies, Inc.               | CUSIP: 36266G107<br>LEI: 549300OI9J7XOWZMUN85 | Long             | EC               | CORP              | US        |    102688 | NS      | $7711868.80   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CDW Corp                            | CDW Corporation                                | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               | CORP              | US        |    142070 | NS      | $22628909.60  | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co.                        | Fastenal Company                               | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |    698000 | NS      | $34229920.00  | 4.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Company            | Vulcan Materials Company                       | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |    102830 | NS      | $31632564.60  | 4.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex Inc                         | Paychex, Inc.                                  | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |    226340 | NS      | $28690858.40  | 3.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Martin Marietta Materials Inc       | Martin Marietta Materials, Inc.                | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |     56194 | NS      | $35417954.32  | 4.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corporation                | Amphenol Corporation Class A                   | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |    150502 | NS      | $18624622.50  | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics, Inc.              | Verisk Analytics, Inc.                         | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |     76120 | NS      | $19144941.20  | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Heico Corp                          | HEICO Corporation Class A                      | CUSIP: 422806208<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |    166705 | NS      | $42358073.45  | 5.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Short-Term Invts T                  | Invesco Treasury Portfolio Institutional Class | CUSIP: 825252406<br>LEI: 549300UJV6OHYATSFU27 | Long             | STIV             | RF                | US        |  31136571 | PA      | $31136570.86  | 4.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services, Inc.             | Republic Services, Inc.                        | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |    152890 | NS      | $35085197.20  | 4.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies Inc              | Roper Technologies, Inc.                       | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |     25200 | NS      | $12566988.00  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corporation                 | Stryker Corporation                            | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |    107000 | NS      | $39554690.00  | 5.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies PLC              | Trane Technologies plc                         | CUSIP: G8994E103<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |    160172 | NS      | $67586177.12  | 8.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Gallagher Aj &Co                    | Arthur J. Gallagher & Company                  | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |    180350 | NS      | $55861609.00  | 7.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corporation          | Avery Dennison Corporation                     | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |     81357 | NS      | $13193664.69  | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Watsco Inc                          | Watsco, Inc.                                   | CUSIP: 942622200<br>LEI: 549300F1Y3LN5BX5WN75 | Long             | EC               | CORP              | US        |     35600 | NS      | $14393080.00  | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstService Corp.                  | FIRSTSERVICE CORPORATION                       | CUSIP: 33767E202<br>LEI: 5493000XUDIV75BCF118 | Long             | EC               | CORP              | CA        |     18600 | NS      | $3543114.00   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Idex Corporation                    | IDEX Corporation                               | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | EC               | CORP              | US        |    135165 | NS      | $21999455.40  | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Microchip Technology Incorporated   | Microchip Technology, Inc.                     | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |    347500 | NS      | $22316450.00  | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Houlihan Lokey Inc.                 | HOULIHAN LOKEY, INC.                           | CUSIP: 441593100<br>LEI: 549300S3CNGTQ1QZVY46 | Long             | EC               | CORP              | US        |     66174 | NS      | $13586845.68  | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Entegris Inc                        | Entegris, Inc.                                 | CUSIP: 29362U104<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | EC               | CORP              | US        |    285750 | NS      | $26420445.00  | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corporation                  | Cintas Corporation                             | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    159132 | NS      | $32663434.32  | 4.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilent Technologies Inc.           | Agilent Technologies, Inc.                     | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |     93205 | NS      | $11962861.75  | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Henry Jack & Associates Inc.        | Jack Henry & Associates, Inc.                  | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |    121800 | NS      | $18139674.00  | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions Inc. | Broadridge Financial Solutions, Inc.           | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |    168400 | NS      | $40107828.00  | 5.24%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-28

**Name of Applicant:** Susan McLauchlan

**Signature:** Susan McLauchlan

**Name of Signer:** Susan McLauchlan

**Title:** VP Fund Accounting