Fenimore Asset Management Trust
09/08/2026 | Press release | Distributed by Public on 09/08/2026 14:52
Semi-Annual Report by Investment Company (Form N-CSRS)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
| Investment Company Act file number | 811-04750 |
| Fenimore Asset Management Trust |
| (Exact name of registrant as specified in charter) |
| 384 North Grand Street, P.O. Box 399 Cobleskill, New York | 12043 |
| (Address of principal executive offices) | (Zip code) |
| Michael F. Balboa |
| Fenimore Asset Management Trust 384 North Grand Street, P.O. Box 399 Cobleskill, New York, 12043 |
| (Name and address of agent for service) |
| Registrant's telephone number, including area code: | 518-234-7400 |
| Date of fiscal year end: | December 31 |
| Date of reporting period: | June 30, 2026 |
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
(a)
FAM VALUE FUND - INVESTOR SHARES (FAMVX)
Semi-Annual Shareholder Report - June 30, 2026
Fund Overview
This semi-annual shareholder report contains important information about FAM Value Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://fenimoreasset.com/resources/reports/ . You can also request this information by contacting us at (800) 932-3271.
What were the Fund's Annualized costs for the last six months?
(based on a hypothetical $10,000 investment)
Table Summary
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Investor Shares
|
$60
|
1.17%
|
How did the Fund perform during the reporting period?
The Fund delivered strong absolute performance while trailing the Russell Midcap® Index, largely due to the rally in stocks that benefited from AI (Artificial Intelligence) infrastructure. Overall, equity returns were driven by rising earnings expectations, increased AI optimism, and a resurgence of retail investor enthusiasm.
We do not invest based on headlines, market trends, or speculative fads. Instead, we seek excellent businesses with strong balance sheets and capable leaders. Market volatility created opportunities to invest in five new companies that we believe will add to the Fund's quality and expected return.
The Fund's strategy focuses on long-term performance, achieved through a disciplined approach of investing in what we believe are high-quality companies with strong fundamentals and sustainable business models. Since the Fund's inception, the managers continually follow the same strategy.
Average Annual Total Returns
Table Summary
|
6 Months
|
1 Year
|
5 Years
|
10 Years
|
|
|
FAM Value Fund - Investor Shares
|
7.91%
|
8.18%
|
7.31%
|
10.64%
|
|
S&P 500® Index
|
10.21%
|
22.32%
|
13.41%
|
15.51%
|
|
Russell Midcap® Index
|
15.30%
|
21.63%
|
8.50%
|
12.00%
|
In connection with applicable mutual performance disclosure requirements, the Fund has adopted the use of the S&P 500® Index as its primary comparative benchmark performance index and it has adopted the use of the Russell Midcap® Index as an additional comparative benchmark performance index. The Russell Midcap® Index generally reflects the market sectors in which the Fund primarily invests and the S&P 500® Index is a broad-based securities markets index that is generally representative of the overall domestic US equity markets as a whole.
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
Table Summary
|
FAM Value Fund - Investor Shares
|
S&P 500® Index
|
Russell Midcap® Index
|
|
|
Jun-2016
|
$10,000
|
$10,000
|
$10,000
|
|
Jun-2017
|
$11,568
|
$11,790
|
$11,648
|
|
Jun-2018
|
$12,912
|
$13,484
|
$13,084
|
|
Jun-2019
|
$14,517
|
$14,889
|
$14,108
|
|
Jun-2020
|
$13,864
|
$16,006
|
$13,792
|
|
Jun-2021
|
$19,325
|
$22,536
|
$20,660
|
|
Jun-2022
|
$16,716
|
$20,144
|
$17,087
|
|
Jun-2023
|
$19,410
|
$24,091
|
$19,637
|
|
Jun-2024
|
$22,226
|
$30,006
|
$22,165
|
|
Jun-2025
|
$25,415
|
$34,556
|
$25,536
|
|
Jun-2026
|
$27,494
|
$42,271
|
$31,060
|
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call (800) 932-3271 or visit https://fenimoreasset.com/solutions/mutual-funds/fam-value-fund/ for updated performance information.
Fund Statistics
- Net Assets$1,818,087,566
- Number of Portfolio Holdings32
- Advisory Fee (net of waivers)$7,885,151
- Portfolio turnover6%
FAM VALUE FUND - INVESTOR SHARES (FAMVX)
Semi-Annual Shareholder Report - June 30, 2026
Top 10 Holdings (% of net assets)
Table Summary
|
Holding Name
|
% of Net Assets
|
|
Ross Stores, Inc.
|
6.8%
|
|
Amphenol Corporation - Class A
|
6.6%
|
|
Analog Devices, Inc.
|
6.3%
|
|
Markel Group, Inc.
|
5.8%
|
|
IDEX Corporation
|
5.4%
|
|
Keysight Technologies, Inc.
|
5.0%
|
|
Brookfield Corporation - Class A
|
4.9%
|
|
Vulcan Materials Company
|
4.8%
|
|
Brown & Brown, Inc.
|
4.4%
|
|
Fastenal Company
|
4.1%
|
Portfolio Composition (% of net assets)
Table Summary
|
Value
|
Value
|
|
Other
|
0.3%
|
|
Professional Services
|
0.6%
|
|
Diversified Financial Services
|
0.7%
|
|
Software
|
1.0%
|
|
Money Market Funds
|
1.1%
|
|
Banks
|
2.2%
|
|
Road & Rail
|
2.2%
|
|
Life Sciences Tools & Services
|
2.3%
|
|
Hotels, Restaurants & Leisure
|
2.8%
|
|
Health Care Equipment & Supplies
|
3.6%
|
|
Trading Companies & Distributors
|
4.1%
|
|
Construction Materials
|
4.8%
|
|
Capital Markets
|
7.5%
|
|
Semiconductors & Semiconductor Equipment
|
7.6%
|
|
Specialty Retail
|
10.0%
|
|
Machinery
|
11.8%
|
|
Insurance
|
16.9%
|
|
Electronic Equipment, Instruments & Components
|
20.5%
|
Access your account online!
With an online account, you can access your account information anytime.
• Review Account Summary, Account Holdings & Transaction History
• Set up an Automatic Investment Plan or Open a New Account
• Access Statements & Tax Forms
• Manage Your Document Delivery Settings (you can receive your annual shareholder report electronically).
Visit https://fenimoreasset.com/resources/reports/ and select "Account Access" at the top right.
Visit, call, or email us.
Material Fund Changes
No material changes occurred during the period ended June 30, 2026.
Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, visit https://fenimoreasset.com/resources/reports/ or call (800) 932-3271.
TSR-SAR 063026-FAMVX
FAM VALUE FUND - INSTITUTIONAL SHARES (FAMWX)
Semi-Annual Shareholder Report - June 30, 2026
Fund Overview
This semi-annual shareholder report contains important information about FAM Value Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://fenimoreasset.com/resources/reports/ . You can also request this information by contacting us at (800) 932-3271.
What were the Fund's Annualized costs for the last six months?
(based on a hypothetical $10,000 investment)
Table Summary
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Institutional Shares
|
$51
|
0.99%
|
How did the Fund perform during the reporting period?
The Fund delivered strong absolute performance while trailing the Russell Midcap® Index, largely due to the rally in stocks that benefited from AI (Artificial Intelligence) infrastructure. Overall, equity returns were driven by rising earnings expectations, increased AI optimism, and a resurgence of retail investor enthusiasm.
We do not invest based on headlines, market trends, or speculative fads. Instead, we seek excellent businesses with strong balance sheets and capable leaders. Market volatility created opportunities to invest in five new companies that we believe will add to the Fund's quality and expected return.
The Fund's strategy focuses on long-term performance, achieved through a disciplined approach of investing in what we believe are high-quality companies with strong fundamentals and sustainable business models. Since the Fund's inception, the managers continually follow the same strategy.
Average Annual Total Returns
Table Summary
|
6 Months
|
1 Year
|
5 Years
|
10 Years
|
|
|
FAM Value Fund - Institutional Shares
|
7.99%
|
8.36%
|
7.51%
|
10.84%
|
|
S&P 500® Index
|
10.21%
|
22.32%
|
13.41%
|
15.51%
|
|
Russell Midcap® Index
|
15.30%
|
21.63%
|
8.50%
|
12.00%
|
In connection with applicable mutual performance disclosure requirements, the Fund has adopted the use of the S&P 500® Index as its primary comparative benchmark performance index and it has adopted the use of the Russell Midcap® Index as an additional comparative benchmark performance index. The Russell Midcap® Index generally reflects the market sectors in which the Fund primarily invests and the S&P 500® Index is a broad-based securities markets index that is generally representative of the overall domestic US equity markets as a whole.
How has the Fund performed over the last ten years?
Total Return Based on $500,000 Investment
Table Summary
|
FAM Value Fund - Institutional Shares
|
S&P 500® Index
|
Russell Midcap® Index
|
|
|
Jun-2016
|
$500,000
|
$500,000
|
$500,000
|
|
Jun-2017
|
$578,875
|
$589,481
|
$582,419
|
|
Jun-2018
|
$647,274
|
$674,213
|
$654,207
|
|
Jun-2019
|
$728,999
|
$744,449
|
$705,400
|
|
Jun-2020
|
$697,626
|
$800,320
|
$689,600
|
|
Jun-2021
|
$974,110
|
$1,126,804
|
$1,033,012
|
|
Jun-2022
|
$844,281
|
$1,007,185
|
$854,340
|
|
Jun-2023
|
$982,172
|
$1,204,533
|
$981,846
|
|
Jun-2024
|
$1,126,707
|
$1,500,319
|
$1,108,263
|
|
Jun-2025
|
$1,290,885
|
$1,727,822
|
$1,276,779
|
|
Jun-2026
|
$1,398,798
|
$2,113,559
|
$1,552,996
|
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call (800) 932-3271 or visit https://fenimoreasset.com/solutions/mutual-funds/fam-value-fund/ for updated performance information.
Fund Statistics
- Net Assets$1,818,087,566
- Number of Portfolio Holdings32
- Advisory Fee (net of waivers)$7,885,151
- Portfolio turnover6%
FAM VALUE FUND - INSTITUTIONAL SHARES (FAMWX)
Semi-Annual Shareholder Report - June 30, 2026
Top 10 Holdings (% of net assets)
Table Summary
|
Holding Name
|
% of Net Assets
|
|
Ross Stores, Inc.
|
6.8%
|
|
Amphenol Corporation - Class A
|
6.6%
|
|
Analog Devices, Inc.
|
6.3%
|
|
Markel Group, Inc.
|
5.8%
|
|
IDEX Corporation
|
5.4%
|
|
Keysight Technologies, Inc.
|
5.0%
|
|
Brookfield Corporation - Class A
|
4.9%
|
|
Vulcan Materials Company
|
4.8%
|
|
Brown & Brown, Inc.
|
4.4%
|
|
Fastenal Company
|
4.1%
|
Portfolio Composition (% of net assets)
Table Summary
|
Value
|
Value
|
|
Other
|
0.3%
|
|
Professional Services
|
0.6%
|
|
Diversified Financial Services
|
0.7%
|
|
Software
|
1.0%
|
|
Money Market Funds
|
1.1%
|
|
Banks
|
2.2%
|
|
Road & Rail
|
2.2%
|
|
Life Sciences Tools & Services
|
2.3%
|
|
Hotels, Restaurants & Leisure
|
2.8%
|
|
Health Care Equipment & Supplies
|
3.6%
|
|
Trading Companies & Distributors
|
4.1%
|
|
Construction Materials
|
4.8%
|
|
Capital Markets
|
7.5%
|
|
Semiconductors & Semiconductor Equipment
|
7.6%
|
|
Specialty Retail
|
10.0%
|
|
Machinery
|
11.8%
|
|
Insurance
|
16.9%
|
|
Electronic Equipment, Instruments & Components
|
20.5%
|
Access your account online!
With an online account, you can access your account information anytime.
• Review Account Summary, Account Holdings & Transaction History
• Set up an Automatic Investment Plan or Open a New Account
• Access Statements & Tax Forms
• Manage Your Document Delivery Settings (you can receive your annual shareholder report electronically).
Visit https://fenimoreasset.com/resources/reports/ and select "Account Access" at the top right.
Visit, call, or email us.
Material Fund Changes
No material changes occurred during the period ended June 30, 2026.
Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, visit https://fenimoreasset.com/resources/reports/ or call (800) 932-3271.
TSR-SAR 063026-FAMWX
FAM DIVIDEND FOCUS FUND - INVESTOR SHARES (FAMEX)
Semi-Annual Shareholder Report - June 30, 2026
Fund Overview
This semi-annual shareholder report contains important information about FAM Dividend Focus Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://fenimoreasset.com/resources/reports/ . You can also request this information by contacting us at (800) 932-3271.
What were the Fund's Annualized costs for the last six months?
(based on a hypothetical $10,000 investment)
Table Summary
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Investor Shares
|
$62
|
1.23%
|
How did the Fund perform during the reporting period?
The Fund underperformed the Russell Midcap® Index. In a market favoring rapid reinvestment and AI (Artificial Intelligence)-related optionality, characteristics we emphasize - such as durable and growing cash flows, capital discipline, dividend growth, and consistent returns - were shunned.
The Fund's past 30 years reinforce that discipline matters most when we are out of favor. Short-term market leadership changes, but businesses that sustain attractive returns on capital, grow earnings power, and allocate capital wisely have the ability to create long-term shareholder value and compounding.
A key tenet of the Fund's strategy is to invest in what we believe are high-quality companies that consistently grow their dividend over time. Over the past 12 months, 26 of the Fund's 28 holdings increased their dividend. Since the Fund's inception, the managers continually follow the same strategy.
Average Annual Total Returns
Table Summary
|
6 Months
|
1 Year
|
5 Years
|
10 Years
|
|
|
FAM Dividend Focus Fund - Investor Shares
|
2.57%
|
-2.61%
|
5.22%
|
10.71%
|
|
S&P 500® Index
|
10.21%
|
22.32%
|
13.41%
|
15.51%
|
|
Russell Midcap® Index
|
15.30%
|
21.63%
|
8.50%
|
12.00%
|
In connection with applicable mutual performance disclosure requirements, the Fund has adopted the use of the S&P 500® Index as its primary comparative benchmark performance index and it has adopted the use of the Russell Midcap® Index as an additional comparative benchmark performance index. The Russell Midcap® Index generally reflects the market sectors in which the Fund primarily invests and the S&P 500® Index is a broad-based securities markets index that is generally representative of the overall domestic US equity markets as a whole.
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
Table Summary
|
FAM Dividend Focus Fund - Investor Shares
|
S&P 500® Index
|
Russell Midcap® Index
|
|
|
Jun-2016
|
$10,000
|
$10,000
|
$10,000
|
|
Jun-2017
|
$11,696
|
$11,790
|
$11,648
|
|
Jun-2018
|
$13,004
|
$13,484
|
$13,084
|
|
Jun-2019
|
$15,558
|
$14,889
|
$14,108
|
|
Jun-2020
|
$15,246
|
$16,006
|
$13,792
|
|
Jun-2021
|
$21,449
|
$22,536
|
$20,660
|
|
Jun-2022
|
$18,722
|
$20,144
|
$17,087
|
|
Jun-2023
|
$22,799
|
$24,091
|
$19,637
|
|
Jun-2024
|
$26,423
|
$30,006
|
$22,165
|
|
Jun-2025
|
$28,411
|
$34,556
|
$25,536
|
|
Jun-2026
|
$27,668
|
$42,271
|
$31,060
|
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call (800) 932-3271 or visit https://fenimoreasset.com/solutions/mutual-funds/fam-dividend-focus-fund/ for updated performance information.
Fund Statistics
- Net Assets$635,786,114
- Number of Portfolio Holdings29
- Advisory Fee $2,947,937
- Portfolio turnover8%
FAM DIVIDEND FOCUS FUND - INVESTOR SHARES (FAMEX)
Semi-Annual Shareholder Report - June 30, 2026
Top 10 Holdings (% of net assets)
Table Summary
|
Holding Name
|
% of Net Assets
|
|
Trane Technologies plc
|
8.9%
|
|
HEICO Corporation - Class A
|
6.8%
|
|
Ross Stores, Inc.
|
6.6%
|
|
Arthur J. Gallagher & Company
|
6.2%
|
|
Stryker Corporation
|
5.3%
|
|
Microchip Technology, Inc.
|
5.1%
|
|
Republic Services, Inc.
|
5.0%
|
|
Martin Marietta Materials, Inc.
|
5.0%
|
|
Entegris, Inc.
|
4.6%
|
|
Vulcan Materials Company
|
4.6%
|
Portfolio Composition (% of net assets)
Table Summary
|
Value
|
Value
|
|
Other
|
0.2%
|
|
Real Estate Management & Development
|
0.3%
|
|
Communications Equipment
|
1.5%
|
|
Containers & Packaging
|
2.0%
|
|
Textiles, Apparel & Luxury Goods
|
2.3%
|
|
Money Market Funds
|
2.6%
|
|
Professional Services
|
2.8%
|
|
Machinery
|
2.8%
|
|
Capital Markets
|
3.5%
|
|
Trading Companies & Distributors
|
4.5%
|
|
Electronic Equipment, Instruments & Components
|
4.5%
|
|
IT Services
|
5.7%
|
|
Insurance
|
6.2%
|
|
Specialty Retail
|
6.6%
|
|
Aerospace & Defense
|
6.8%
|
|
Building Products
|
8.9%
|
|
Health Care Equipment & Supplies
|
9.2%
|
|
Construction Materials
|
9.6%
|
|
Semiconductors & Semiconductor Equipment
|
9.7%
|
|
Commercial Services & Supplies
|
10.3%
|
Access your account online!
With an online account, you can access your account information anytime.
• Review Account Summary, Account Holdings & Transaction History
• Set up an Automatic Investment Plan or Open a New Account
• Access Statements & Tax Forms
• Manage Your Document Delivery Settings (you can receive your annual shareholder report electronically).
Visit https://fenimoreasset.com/resources/reports/ and select "Account Access" at the top right.
Visit, call, or email us.
Material Fund Changes
No material changes occurred during the period ended June 30, 2026.
Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, visit https://fenimoreasset.com/resources/reports/ or call (800) 932-3271.
TSR-SAR 063026-FAMEX
FAM SMALL CAP FUND - INVESTOR SHARES (FAMFX)
Semi-Annual Shareholder Report - June 30, 2026
Fund Overview
This semi-annual shareholder report contains important information about FAM Small Cap Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://fenimoreasset.com/resources/reports/ . You can also request this information by contacting us at (800) 932-3271.
What were the Fund's Annualized costs for the last six months?
(based on a hypothetical $10,000 investment)
Table Summary
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Investor Shares
|
$63
|
1.27%
|
How did the Fund perform during the reporting period?
The Fund underperformed the Russell 2000® Index due to investors piling into what we view as speculative and low-quality stocks, including various AI (Artificial Intelligence) infrastructure operations, biotech firms, and energy companies that do not satisfy our criteria for businesses that can sustainably compound earnings over time.
In the long run, stock returns should reflect company results. We believe the Fund's holdings are of higher quality compared to the Russell 2000® Index and are optimistic about our long-term return potential.
We prefer to invest in profitable, established, and predictable businesses that possess competitive advantages which allow them to be more profitable and/or grow faster than their peers. We focus on owning what we believe are high-quality, small-cap firms run by top-notch leaders. Since the Fund's inception, the managers continually follow the same strategy.
Average Annual Total Returns
Table Summary
|
6 Months
|
1 Year
|
5 Years
|
10 Years
|
|
|
FAM Small Cap Fund - Investor Shares
|
-1.46%
|
-10.28%
|
2.22%
|
7.25%
|
|
S&P 500® Index
|
10.21%
|
22.32%
|
13.41%
|
15.51%
|
|
Russell 2000® Index
|
22.57%
|
40.78%
|
6.98%
|
11.62%
|
In connection with applicable mutual performance disclosure requirements, the Fund has adopted the use of the S&P 500® Index as its primary comparative benchmark performance index and it has adopted the use of the Russell 2000® Index as an additional comparative benchmark performance index. The Russell 2000® Index generally reflects the market sectors in which the Fund primarily invests and the S&P 500® Index is a broad-based securities markets index that is generally representative of the overall domestic US equity markets as a whole.
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
Table Summary
|
FAM Small Cap Fund - Investor Shares
|
S&P 500® Index
|
Russell 2000® Index
|
|
|
Jun-2016
|
$10,000
|
$10,000
|
$10,000
|
|
Jun-2017
|
$11,585
|
$11,790
|
$12,460
|
|
Jun-2018
|
$12,781
|
$13,484
|
$14,649
|
|
Jun-2019
|
$12,693
|
$14,889
|
$14,164
|
|
Jun-2020
|
$11,710
|
$16,006
|
$13,226
|
|
Jun-2021
|
$18,046
|
$22,536
|
$21,429
|
|
Jun-2022
|
$16,473
|
$20,144
|
$16,029
|
|
Jun-2023
|
$18,974
|
$24,091
|
$18,002
|
|
Jun-2024
|
$20,537
|
$30,006
|
$19,812
|
|
Jun-2025
|
$22,450
|
$34,556
|
$21,334
|
|
Jun-2026
|
$20,141
|
$42,271
|
$30,034
|
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call (800) 932-3271 or visit https://fenimoreasset.com/solutions/mutual-funds/fam-small-cap-fund/ for updated performance information.
Fund Statistics
- Net Assets$310,630,106
- Number of Portfolio Holdings26
- Advisory Fee $1,437,055
- Portfolio turnover11%
FAM SMALL CAP FUND - INVESTOR SHARES (FAMFX)
Semi-Annual Shareholder Report - June 30, 2026
Top 10 Holdings (% of net assets)
Table Summary
|
Holding Name
|
% of Net Assets
|
|
CBIZ, Inc.
|
5.6%
|
|
Baldwin Insurance Group, Inc. (The)
|
5.3%
|
|
Frontdoor, Inc.
|
4.7%
|
|
Colliers International Group, Inc.
|
4.6%
|
|
Novanta, Inc.
|
4.5%
|
|
Floor & Decor Holdings, Inc. - Class A
|
4.4%
|
|
Casella Waste Systems, Inc. - Class A
|
4.3%
|
|
SiteOne Landscape Supply, Inc.
|
4.2%
|
|
Trisura Group Ltd.
|
4.1%
|
|
Chemed Corporation
|
4.1%
|
Portfolio Composition (% of net assets)
Table Summary
|
Value
|
Value
|
|
Other
|
-0.2%
|
|
Hotels, Restaurants & Leisure
|
2.7%
|
|
Media
|
3.2%
|
|
Road & Rail
|
3.3%
|
|
Gas Utilities
|
3.3%
|
|
Banks
|
3.7%
|
|
Chemicals
|
3.9%
|
|
Money Market Funds
|
4.1%
|
|
Health Care Providers & Services
|
4.1%
|
|
Trading Companies & Distributors
|
4.2%
|
|
Specialty Retail
|
4.4%
|
|
Building Products
|
4.4%
|
|
Electrical Equipment
|
4.5%
|
|
Software
|
5.5%
|
|
Machinery
|
6.8%
|
|
Diversified Consumer Services
|
7.9%
|
|
Real Estate Management & Development
|
8.6%
|
|
Insurance
|
12.6%
|
|
Professional Services
|
13.0%
|
Access your account online!
With an online account, you can access your account information anytime.
• Review Account Summary, Account Holdings & Transaction History
• Set up an Automatic Investment Plan or Open a New Account
• Access Statements & Tax Forms
• Manage Your Document Delivery Settings (you can receive your annual shareholder report electronically).
Visit https://fenimoreasset.com/resources/reports/ and select "Account Access" at the top right.
Visit, call, or email us.
Material Fund Changes
No material changes occurred during the period ended June 30, 2026.
Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, visit https://fenimoreasset.com/resources/reports/ or call (800) 932-3271.
TSR-SAR 063026-FAMFX
FAM SMALL CAP FUND - INSTITUTIONAL SHARES (FAMDX)
Semi-Annual Shareholder Report - June 30, 2026
Fund Overview
This semi-annual shareholder report contains important information about FAM Small Cap Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://fenimoreasset.com/resources/reports/ . You can also request this information by contacting us at (800) 932-3271.
What were the Fund's Annualized costs for the last six months?
(based on a hypothetical $10,000 investment)
Table Summary
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Institutional Shares
|
$58
|
1.17%
|
How did the Fund perform during the reporting period?
The Fund underperformed the Russell 2000® Index due to investors piling into what we view as speculative and low-quality stocks, including various AI (Artificial Intelligence) infrastructure operations, biotech firms, and energy companies that do not satisfy our criteria for businesses that can sustainably compound earnings over time.
In the long run, stock returns should reflect company results. We believe the Fund's holdings are of higher quality compared to the Russell 2000® Index and are optimistic about our long-term return potential.
We prefer to invest in profitable, established, and predictable businesses that possess competitive advantages which allow them to be more profitable and/or grow faster than their peers. We focus on owning what we believe are high-quality, small-cap firms run by top-notch leaders. Since the Fund's inception, the managers continually follow the same strategy.
Average Annual Total Returns
Table Summary
|
6 Months
|
1 Year
|
5 Years
|
10 Years
|
|
|
FAM Small Cap Fund - Institutional Shares
|
-1.44%
|
-10.23%
|
2.32%
|
7.37%
|
|
S&P 500® Index
|
10.21%
|
22.32%
|
13.41%
|
15.51%
|
|
Russell 2000® Index
|
22.57%
|
40.78%
|
6.98%
|
11.62%
|
In connection with applicable mutual performance disclosure requirements, the Fund has adopted the use of the S&P 500® Index as its primary comparative benchmark performance index and it has adopted the use of the Russell 2000® Index as an additional comparative benchmark performance index. The Russell 2000® Index generally reflects the market sectors in which the Fund primarily invests and the S&P 500® Index is a broad-based securities markets index that is generally representative of the overall domestic US equity markets as a whole.
How has the Fund performed over the last ten years?
Total Return Based on $500,000 Investment
Table Summary
|
FAM Small Cap Fund - Institutional Shares
|
S&P 500® Index
|
Russell 2000® Index
|
|
|
Jun-2016
|
$500,000
|
$500,000
|
$500,000
|
|
Jun-2017
|
$580,135
|
$589,481
|
$623,004
|
|
Jun-2018
|
$640,944
|
$674,213
|
$732,440
|
|
Jun-2019
|
$637,230
|
$744,449
|
$708,201
|
|
Jun-2020
|
$588,500
|
$800,320
|
$661,282
|
|
Jun-2021
|
$907,501
|
$1,126,804
|
$1,071,446
|
|
Jun-2022
|
$829,378
|
$1,007,185
|
$801,469
|
|
Jun-2023
|
$956,532
|
$1,204,533
|
$900,103
|
|
Jun-2024
|
$1,036,171
|
$1,500,319
|
$990,619
|
|
Jun-2025
|
$1,133,700
|
$1,727,822
|
$1,066,711
|
|
Jun-2026
|
$1,017,723
|
$2,113,559
|
$1,501,703
|
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call (800) 932-3271 or visit https://fenimoreasset.com/solutions/mutual-funds/fam-small-cap-fund/ for updated performance information.
Fund Statistics
- Net Assets$310,630,106
- Number of Portfolio Holdings26
- Advisory Fee $1,437,055
- Portfolio turnover11%
FAM SMALL CAP FUND - INSTITUTIONAL SHARES (FAMDX)
Semi-Annual Shareholder Report - June 30, 2026
Top 10 Holdings (% of net assets)
Table Summary
|
Holding Name
|
% of Net Assets
|
|
CBIZ, Inc.
|
5.6%
|
|
Baldwin Insurance Group, Inc. (The)
|
5.3%
|
|
Frontdoor, Inc.
|
4.7%
|
|
Colliers International Group, Inc.
|
4.6%
|
|
Novanta, Inc.
|
4.5%
|
|
Floor & Decor Holdings, Inc. - Class A
|
4.4%
|
|
Casella Waste Systems, Inc. - Class A
|
4.3%
|
|
SiteOne Landscape Supply, Inc.
|
4.2%
|
|
Trisura Group Ltd.
|
4.1%
|
|
Chemed Corporation
|
4.1%
|
Portfolio Composition (% of net assets)
Table Summary
|
Value
|
Value
|
|
Other
|
-0.2%
|
|
Hotels, Restaurants & Leisure
|
2.7%
|
|
Media
|
3.2%
|
|
Road & Rail
|
3.3%
|
|
Gas Utilities
|
3.3%
|
|
Banks
|
3.7%
|
|
Chemicals
|
3.9%
|
|
Money Market Funds
|
4.1%
|
|
Health Care Providers & Services
|
4.1%
|
|
Trading Companies & Distributors
|
4.2%
|
|
Specialty Retail
|
4.4%
|
|
Building Products
|
4.4%
|
|
Electrical Equipment
|
4.5%
|
|
Software
|
5.5%
|
|
Machinery
|
6.8%
|
|
Diversified Consumer Services
|
7.9%
|
|
Real Estate Management & Development
|
8.6%
|
|
Insurance
|
12.6%
|
|
Professional Services
|
13.0%
|
Access your account online!
With an online account, you can access your account information anytime.
• Review Account Summary, Account Holdings & Transaction History
• Set up an Automatic Investment Plan or Open a New Account
• Access Statements & Tax Forms
• Manage Your Document Delivery Settings (you can receive your annual shareholder report electronically).
Visit https://fenimoreasset.com/resources/reports/ and select "Account Access" at the top right.
Visit, call, or email us.
Material Fund Changes
No material changes occurred during the period ended June 30, 2026.
Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, visit https://fenimoreasset.com/resources/reports/ or call (800) 932-3271.
TSR-SAR 063026-FAMDX
(b) Not applicable
Item 2. Code of Ethics.
Not required
Item 3. Audit Committee Financial Expert.
Not required
Item 4. Principal Accountant Fees and Services.
Not required
Item 5. Audit Committee of Listed Registrants.
Not applicable
Item 6. Investments.
(a) The Registrant(s) schedule(s) of investments is included in the Financial Statements under Item 7 of this form.
(b) Not applicable
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies
(a)
| TABLE OF CONTENTS |
| Schedule of Investments | |
| FAM VALUE FUND | 1 |
| FAM DIVIDEND FOCUS FUND | 3 |
| FAM SMALL CAP FUND | 5 |
| Statements of Assets and Liabilities | 7 |
| Statements of Operations | 8 |
| Statements of Changes in Net Assets | 9 |
| Notes to Financial Statements | 12 |
| Additional Information | 26 |
FAM Funds has adopted a Code of Ethics that applies to its principal executive and principal financial officers. You may obtain a copy of this Code without charge by calling FAM Funds at (800) 932-3271.
| FAM VALUE FUND - Schedule of Investments |
| June 30, 2026 (Unaudited) |
| Shares | Value | |||||||
| COMMON STOCKS - 98.6% | ||||||||
| Banks - 2.2% | ||||||||
| Pinnacle Financial Partners, Inc. | 404,977 | $ | 40,854,080 | |||||
| Capital Markets - 7.5% | ||||||||
| Brookfield Asset Management Ltd. - Class A | 397,940 | 17,847,609 | ||||||
| Brookfield Corporation - Class A | 2,087,640 | 88,912,588 | ||||||
| S&P Global, Inc. | 72,000 | 29,322,720 | ||||||
| 136,082,917 | ||||||||
| Construction Materials - 4.8% | ||||||||
| Vulcan Materials Company | 297,930 | 87,892,329 | ||||||
| Diversified Financial Services - 0.7% | ||||||||
| Berkshire Hathaway, Inc. - Class A(a) | 18 | 13,479,300 | ||||||
| Electronic Equipment, Instruments & Components - 20.5% | ||||||||
| AMETEK, Inc. | 173,280 | 41,923,363 | ||||||
| Amphenol Corporation - Class A | 680,060 | 119,908,179 | ||||||
| CDW Corporation | 499,686 | 70,275,839 | ||||||
| Keysight Technologies, Inc.(a) | 260,870 | 91,322,761 | ||||||
| Zebra Technologies Corporation - Class A(a) | 186,510 | 49,100,623 | ||||||
| 372,530,765 | ||||||||
| Health Care Equipment & Supplies - 3.6% | ||||||||
| Stryker Corporation | 208,000 | 65,486,720 | ||||||
| Hotels, Restaurants & Leisure - 2.8% | ||||||||
| Booking Holdings, Inc. | 283,750 | 50,575,600 | ||||||
| Insurance - 16.9% | ||||||||
| Arthur J. Gallagher & Company | 119,200 | 27,364,744 | ||||||
| Brown & Brown, Inc. | 1,257,292 | 80,655,282 | ||||||
| Markel Group, Inc.(a) | 53,850 | 105,169,588 | ||||||
| Progressive Corporation (The) | 340,000 | 74,273,000 | ||||||
| Ryan Specialty Holdings, Inc. | 504,000 | 19,031,040 | ||||||
| 306,493,654 | ||||||||
| Life Sciences Tools & Services - 2.3% | ||||||||
| Agilent Technologies, Inc. | 293,170 | 38,941,771 | ||||||
| Thermo Fisher Scientific, Inc.(a) | 5,850 | 2,932,956 | ||||||
| 41,874,727 | ||||||||
| Machinery - 11.8% | ||||||||
| Graco, Inc. | 670,180 | 50,672,310 | ||||||
| IDEX Corporation | 431,530 | 97,935,733 | ||||||
| Illinois Tool Works, Inc. | 242,560 | 65,605,203 | ||||||
| 214,213,246 | ||||||||
| Professional Services - 0.6% | ||||||||
| ExlService Holdings, Inc.(a) | 419,383 | 10,845,244 | ||||||
See Notes to Financial Statements
1
| FAM VALUE FUND - Schedule of Investments Continued |
| June 30, 2026 (Unaudited) |
| Shares | Value | |||||||
| COMMON STOCKS - 98.6% (Continued) | ||||||||
| Road & Rail - 2.2% | ||||||||
| Landstar System, Inc. | 194,800 | $ | 40,286,588 | |||||
| Semiconductors & Semiconductor Equipment - 7.6% | ||||||||
| Analog Devices, Inc. | 288,610 | 114,627,234 | ||||||
| Microchip Technology, Inc. | 258,860 | 23,608,032 | ||||||
| 138,235,266 | ||||||||
| Software - 1.0% | ||||||||
| Tyler Technologies, Inc.(a) | 59,000 | 17,255,140 | ||||||
| Specialty Retail - 10.0% | ||||||||
| AutoZone, Inc.(a) | 18,265 | 58,373,844 | ||||||
| Ross Stores, Inc. | 582,916 | 124,073,671 | ||||||
| 182,447,515 | ||||||||
| Trading Companies & Distributors - 4.1% | ||||||||
| Fastenal Company | 1,561,800 | 75,013,254 | ||||||
| Total Common Stocks (Cost $577,435,506) | $ | 1,793,566,345 | ||||||
| MONEY MARKET FUNDS - 1.1% | ||||||||
| Invesco Treasury Portfolio - Institutional Class, 3.56%(b) (Cost $19,582,476) | 19,582,476 | $ | 19,582,476 | |||||
| Total Investments at Value - 99.7% (Cost $597,017,982) | $ | 1,813,148,821 | ||||||
| Other Assets in Excess of Liabilities - 0.3% | 4,938,745 | |||||||
| Net Assets - 100.0% | $ | 1,818,087,566 | ||||||
| (a) | Non-income producing security. |
| (b) | The rate shown is the 7-day effective yield as of June 30, 2026. |
See Notes to Financial Statements
2
| FAM DIVIDEND FOCUS FUND - Schedule of Investments |
| June 30, 2026 (Unaudited) |
| Shares | Value | |||||||
| COMMON STOCKS - 97.2% | ||||||||
| Aerospace & Defense - 6.8% | ||||||||
| HEICO Corporation - Class A | 166,705 | $ | 42,994,887 | |||||
| Building Products - 8.9% | ||||||||
| Trane Technologies plc | 115,100 | 56,532,516 | ||||||
| Capital Markets - 3.5% | ||||||||
| Houlihan Lokey, Inc. | 95,500 | 12,809,415 | ||||||
| Nasdaq, Inc. | 123,360 | 9,723,235 | ||||||
| 22,532,650 | ||||||||
| Commercial Services & Supplies - 10.3% | ||||||||
| Cintas Corporation | 159,132 | 27,065,171 | ||||||
| Republic Services, Inc. | 148,390 | 31,618,941 | ||||||
| UniFirst Corporation | 25,100 | 6,637,946 | ||||||
| 65,322,058 | ||||||||
| Communications Equipment - 1.5% | ||||||||
| Motorola Solutions, Inc. | 22,970 | 9,539,211 | ||||||
| Construction Materials - 9.6% | ||||||||
| Martin Marietta Materials, Inc. | 54,614 | 31,495,894 | ||||||
| Vulcan Materials Company | 99,430 | 29,332,844 | ||||||
| 60,828,738 | ||||||||
| Containers & Packaging - 2.0% | ||||||||
| Avery Dennison Corporation | 77,207 | 12,534,556 | ||||||
| Electronic Equipment, Instruments & Components - 4.5% | ||||||||
| Amphenol Corporation - Class A | 150,502 | 26,536,513 | ||||||
| CDW Corporation | 14,261 | 2,005,667 | ||||||
| 28,542,180 | ||||||||
| Health Care Equipment & Supplies - 9.2% | ||||||||
| STERIS plc | 118,900 | 25,036,773 | ||||||
| Stryker Corporation | 107,000 | 33,687,880 | ||||||
| 58,724,653 | ||||||||
| Insurance - 6.2% | ||||||||
| Arthur J. Gallagher & Company | 171,331 | 39,332,458 | ||||||
| IT Services - 5.7% | ||||||||
| Broadridge Financial Solutions, Inc. | 93,720 | 12,834,954 | ||||||
| Jack Henry & Associates, Inc. | 87,870 | 12,103,214 | ||||||
| Paychex, Inc. | 115,890 | 11,395,463 | ||||||
| 36,333,631 | ||||||||
| Machinery - 2.8% | ||||||||
| IDEX Corporation | 80,000 | 18,156,000 | ||||||
| Professional Services - 2.8% | ||||||||
| Verisk Analytics, Inc. | 98,330 | 17,653,185 | ||||||
See Notes to Financial Statements
3
| FAM DIVIDEND FOCUS FUND - Schedule of Investments Continued |
| June 30, 2026 (Unaudited) |
| Shares | Value | |||||||
| COMMON STOCKS - 97.2% (Continued) | ||||||||
| Real Estate Management & Development - 0.3% | ||||||||
| Landbridge Company, LLC - Class A | 26,000 | $ | 2,060,240 | |||||
| Semiconductors & Semiconductor Equipment - 9.7% | ||||||||
| Entegris, Inc. | 164,200 | 29,533,012 | ||||||
| Microchip Technology, Inc. | 355,970 | 32,464,464 | ||||||
| 61,997,476 | ||||||||
| Specialty Retail - 6.6% | ||||||||
| Ross Stores, Inc. | 195,980 | 41,714,343 | ||||||
| Textiles, Apparel & Luxury Goods - 2.3% | ||||||||
| Gildan Activewear, Inc.(a) | 281,900 | 14,546,040 | ||||||
| Trading Companies & Distributors - 4.5% | ||||||||
| Fastenal Company | 282,556 | 13,571,164 | ||||||
| Watsco, Inc. | 36,460 | 15,193,976 | ||||||
| 28,765,140 | ||||||||
| Total Common Stocks (Cost $299,242,373) | $ | 618,109,962 | ||||||
| MONEY MARKET FUNDS - 2.6% | ||||||||
| Invesco Treasury Portfolio - Institutional Class, 3.56%(b) (Cost $16,547,519) | 16,547,519 | $ | 16,547,519 | |||||
| Total Investments at Value - 99.8% (Cost $315,789,892) | $ | 634,657,481 | ||||||
| Other Assets in Excess of Liabilities - 0.2% | 1,128,633 | |||||||
| Net Assets - 100.0% | $ | 635,786,114 | ||||||
| (a) | Non-income producing security. |
| (b) | The rate shown is the 7-day effective yield as of June 30, 2026. |
See Notes to Financial Statements
4
| FAM SMALL CAP FUND - Schedule of Investments |
| June 30, 2026 (Unaudited) |
| Shares | Value | |||||||
| COMMON STOCKS - 96.1% | ||||||||
| Banks - 3.7% | ||||||||
| Home BancShares, Inc. | 403,785 | $ | 11,528,062 | |||||
| Building Products - 4.3% | ||||||||
| Casella Waste Systems, Inc. - Class A(a) | 139,264 | 13,504,430 | ||||||
| Chemicals - 3.9% | ||||||||
| Element Solutions, Inc. | 251,658 | 12,016,670 | ||||||
| Diversified Consumer Services - 8.0% | ||||||||
| Frontdoor, Inc.(a) | 188,736 | 14,644,026 | ||||||
| OneSpaWorld Holdings Ltd. | 356,403 | 10,064,821 | ||||||
| 24,708,847 | ||||||||
| Electrical Equipment - 4.5% | ||||||||
| Novanta, Inc.(a) | 86,741 | 14,072,860 | ||||||
| Gas Utilities - 3.3% | ||||||||
| Brookfield Infrastructure Corporation - Class A | 265,956 | 10,239,306 | ||||||
| Health Care Providers & Services - 4.1% | ||||||||
| Chemed Corporation | 27,536 | 12,824,617 | ||||||
| Hotels, Restaurants & Leisure - 2.7% | ||||||||
| Choice Hotels International, Inc. | 76,651 | 8,452,306 | ||||||
| Insurance - 12.6% | ||||||||
| Baldwin Insurance Group, Inc. (The) (a) | 623,564 | 16,574,331 | ||||||
| Ryan Specialty Holdings, Inc. | 257,532 | 9,724,408 | ||||||
| Trisura Group Ltd. (a) | 410,756 | 12,850,516 | ||||||
| 39,149,255 | ||||||||
| Machinery - 6.8% | ||||||||
| ESAB Corporation | 102,591 | 10,118,550 | ||||||
| Franklin Electric Company, Inc. | 102,380 | 10,974,112 | ||||||
| 21,092,662 | ||||||||
| Media - 3.2% | ||||||||
| Altus Group Ltd. | 314,338 | 9,987,005 | ||||||
| Professional Services - 13.0% | ||||||||
| CBIZ, Inc.(a) | 546,866 | 17,543,461 | ||||||
| ExlService Holdings, Inc.(a) | 444,687 | 11,499,606 | ||||||
| Exponent, Inc. | 195,000 | 11,458,200 | ||||||
| 40,501,267 | ||||||||
| Real Estate Management & Development - 8.6% | ||||||||
| Colliers International Group, Inc. | 152,847 | 14,335,520 | ||||||
| FirstService Corporation | 86,283 | 12,261,677 | ||||||
| 26,597,197 | ||||||||
| Road & Rail - 3.3% | ||||||||
| Landstar System, Inc. | 49,196 | 10,174,225 | ||||||
See Notes to Financial Statements
5
| FAM SMALL CAP FUND - Schedule of Investments Continued |
| June 30, 2026 (Unaudited) |
| Shares | Value | |||||||
| COMMON STOCKS - 96.1% (Continued) | ||||||||
| Software - 5.5% | ||||||||
| Descartes Systems Group, Inc. (The)(a) | 125,280 | $ | 8,674,387 | |||||
| SPS Commerce, Inc. (a) | 145,584 | 8,323,037 | ||||||
| 16,997,424 | ||||||||
| Specialty Retail - 4.4% | ||||||||
| Floor & Decor Holdings, Inc. - Class A(a) | 227,953 | 13,531,290 | ||||||
| Trading Companies & Distributors - 4.2% | ||||||||
| SiteOne Landscape Supply, Inc.(a) | 114,082 | 13,052,122 | ||||||
| Total Common Stocks (Cost $232,771,467) | $ | 298,429,545 | ||||||
| MONEY MARKET FUNDS - 4.1% | ||||||||
| Invesco Treasury Portfolio - Institutional Class, 3.56%(b) (Cost $12,936,606) | 12,936,606 | $ | 12,936,606 | |||||
| Total Investments at Value - 100.2% (Cost $245,708,073) | $ | 311,366,151 | ||||||
| Liabilities in Excess of Other Assets - (0.2%) | (736,045 | ) | ||||||
| Net Assets - 100.0% | $ | 310,630,106 | ||||||
| (a) | Non-income producing security. |
| (b) | The rate shown is the 7-day effective yield as of June 30, 2026. |
See Notes to Financial Statements
6
| FAM FUNDS - Statements of Assets and Liabilities | June 30, 2026 (Unaudited) |
| FAM | ||||||||||||
| FAM | Dividend | FAM | ||||||||||
| Value | Focus | Small Cap | ||||||||||
| Fund | Fund | Fund | ||||||||||
| Assets | ||||||||||||
| Investments in securities: | ||||||||||||
| Investments in securities, at cost | $ | 597,017,982 | $ | 315,789,892 | $ | 245,708,073 | ||||||
| Investments in securities, at value | $ | 1,813,148,821 | $ | 634,657,481 | $ | 311,366,151 | ||||||
| Receivable for investment securities sold | 7,288,012 | 8,655,736 | - | |||||||||
| Receivable for Fund shares sold | 43,566 | 58,993 | 215,283 | |||||||||
| Dividends receivable | 872,511 | 363,558 | 102,407 | |||||||||
| Other assets | 29,552 | 24,136 | 23,931 | |||||||||
| Total Assets | 1,821,382,462 | 643,759,904 | 311,707,772 | |||||||||
| Liabilities | ||||||||||||
| Payable for investment securities purchased | - | 6,657,868 | - | |||||||||
| Payable for Fund shares redeemed | 1,512,457 | 596,557 | 720,170 | |||||||||
| Accrued investment advisory fees | 1,319,558 | 466,513 | 223,133 | |||||||||
| Accrued shareholder account servicing and administrative service fees | 208,850 | 147,757 | 65,816 | |||||||||
| Accrued business management and fund accounting fees | 148,342 | 52,928 | 26,083 | |||||||||
| Accrued expenses | 105,689 | 52,167 | 42,464 | |||||||||
| Total Liabilities | 3,294,896 | 7,973,790 | 1,077,666 | |||||||||
| Commitments and Contingencies (Note 7) | - | - | - | |||||||||
| Net Assets | 1,818,087,566 | 635,786,114 | 310,630,106 | |||||||||
| Net Assets Consist of: | ||||||||||||
| Paid-in capital | $ | 524,454,869 | $ | 280,900,509 | $ | 232,554,259 | ||||||
| Accumulated earnings | 1,293,632,697 | 354,885,605 | 78,075,847 | |||||||||
| Net Assets | $ | 1,818,087,566 | $ | 635,786,114 | $ | 310,630,106 | ||||||
| Net asset value and offering price per share | ||||||||||||
| Net assets - Investor Shares | $ | 1,776,404,653 | $ | 635,786,114 | $ | 185,262,081 | ||||||
| Net assets - Institutional Shares | $ | 41,682,913 | N/A | $ | 125,368,025 | |||||||
| Shares outstanding - Investor Shares | 16,575,002 | 11,368,477 | 8,294,460 | |||||||||
| Shares outstanding - Institutional Shares | 384,101 | N/A | 5,534,819 | |||||||||
| Net Asset Value, offering and Redemption Price per share (unlimited shares of beneficial interest authorized at $0.001 par value) | ||||||||||||
| Investor Shares | $ | 107.17 | $ | 55.93 | $ | 22.34 | ||||||
| Institutional Shares | $ | 108.52 | N/A | $ | 22.65 | |||||||
See Notes to Financial Statements
7
| FAM FUNDS - Statements of Operations | Six Months Ended June 30, 2026 (Unaudited) |
| FAM | ||||||||||||
| FAM | Dividend | FAM | ||||||||||
| Value | Focus | Small Cap | ||||||||||
| Fund | Fund | Fund | ||||||||||
| Investment Income | ||||||||||||
| Dividends | $ | 14,046,406 | $ | 4,299,331 | $ | 1,442,404 | ||||||
| Foreign withholding taxes on dividends | (173,050 | ) | (22,964 | ) | (51,749 | ) | ||||||
| Total Investment Income | 13,873,356 | 4,276,367 | 1,390,655 | |||||||||
| Expenses | ||||||||||||
| Investment advisory fees (Note 2) | 7,911,927 | 2,947,937 | 1,437,055 | |||||||||
| Shareholder account servicing fees (Note 2) | ||||||||||||
| Investor shares | 715,574 | 184,331 | 73,457 | |||||||||
| Institutional shares | 1,252 | - | 5,555 | |||||||||
| Fund accounting fees (Note 2) | ||||||||||||
| Investor shares | 601,433 | 229,147 | 67,141 | |||||||||
| Institutional shares | 13,689 | - | 44,605 | |||||||||
| Shareholder administrative fees (Note 2) | ||||||||||||
| Investor shares | 411,643 | 377,654 | 96,281 | |||||||||
| Institutional shares | 7,280 | - | 40,352 | |||||||||
| Business management fees (Note 2) | 264,857 | 99,193 | 49,118 | |||||||||
| Trustees fees and expenses | 42,478 | 42,478 | 42,477 | |||||||||
| Legal fees | 72,697 | 33,378 | 16,684 | |||||||||
| Custodian and bank servicing fees | 44,486 | 18,951 | 13,868 | |||||||||
| Registration and filing fees | 24,569 | 22,099 | 23,232 | |||||||||
| ReFlow fees (Note 1) | 23,154 | 31,188 | 14,718 | |||||||||
| Compliance services fees (Note 2) | 11,250 | 11,250 | 11,250 | |||||||||
| Shareholder reporting expenses | 14,149 | 7,867 | 6,181 | |||||||||
| Audit and tax service fees | 14,383 | 6,589 | 6,690 | |||||||||
| Other | 62,687 | 15,756 | 14,244 | |||||||||
| Total Expenses | 10,237,508 | 4,027,818 | 1,962,908 | |||||||||
| Fee reductions by Advisor (Note 2) | (26,776 | ) | - | - | ||||||||
| Net Expenses | 10,210,732 | 4,027,818 | 1,962,908 | |||||||||
| Net Investment Income (Loss) | 3,662,624 | 248,549 | (572,253 | ) | ||||||||
| Realized and Unrealized Gains (Losses) on Investments | ||||||||||||
| Net realized gains on investments | 73,839,234 | 36,024,949 | 12,990,022 | |||||||||
| Net realized gains on in-kind redemptions (Note 1) | 14,238,358 | 18,399,249 | 5,634,493 | |||||||||
| Net change in unrealized appreciation (depreciation) on investments | 43,507,821 | (37,870,519 | ) | (24,361,289 | ) | |||||||
| Net Realized and Unrealized Gains (Losses) | 131,585,413 | 16,553,679 | (5,736,774 | ) | ||||||||
| Net Change in Net Assets From Operations | $ | 135,248,037 | $ | 16,802,228 | $ | (6,309,027 | ) | |||||
See Notes to Financial Statements
8
| FAM FUNDS - Statements of Changes in Net Assets |
| FAM Value Fund | ||||||||
| Six Months Ended | Year Ended | |||||||
| June 30, 2026 | December 31, | |||||||
| (Unaudited) | 2025 | |||||||
| Change in Net Assets | ||||||||
| From Operations | ||||||||
| Net investment income (loss) | $ | 3,662,624 | $ | (1,545,428 | ) | |||
| Net realized gains on investments | 88,077,592 | 84,105,546 | ||||||
| Net change in unrealized appreciation (depreciation) on investments | 43,507,821 | 2,324,227 | ||||||
| Net change in net assets resulting from operations | 135,248,037 | 84,884,345 | ||||||
| Distributions to shareholders from (Note 5): | ||||||||
| Distributable earnings - Investor Shares | - | (80,043,695 | ) | |||||
| Distributable earnings - Institutional Shares | - | (1,982,452 | ) | |||||
| Total distributions | - | (82,026,147 | ) | |||||
| Capital share transactions (Note 3) | (62,151,108 | ) | (22,770,308 | ) | ||||
| Total change in net assets | 73,096,929 | (19,912,110 | ) | |||||
| Net Assets | ||||||||
| Beginning of period | 1,744,990,637 | 1,764,902,747 | ||||||
| End of period | $ | 1,818,087,566 | $ | 1,744,990,637 | ||||
See Notes to Financial Statements
9
| FAM FUNDS - Statements of Changes in Net Assets |
| FAM Dividend Focus Fund | ||||||||
| Six Months Ended | Year Ended | |||||||
| June 30, 2026 | December 31, | |||||||
| (Unaudited) | 2025 | |||||||
| Change in Net Assets | ||||||||
| From Operations | ||||||||
| Net investment income | $ | 248,549 | $ | 646,119 | ||||
| Net realized gains on investments | 54,424,198 | 27,052,383 | ||||||
| Net change in unrealized appreciation (depreciation) on investments | (37,870,519 | ) | (12,517,938 | ) | ||||
| Net change in net assets resulting from operations | 16,802,228 | 15,180,564 | ||||||
| Distributions to shareholders from (Note 5): | ||||||||
| Distributable earnings - Investor Shares | (255,482 | ) | (25,321,948 | ) | ||||
| Capital share transactions (Note 3) | (78,600,802 | ) | (41,817,139 | ) | ||||
| Total change in net assets | (62,054,056 | ) | (51,958,523 | ) | ||||
| Net Assets | ||||||||
| Beginning of period | 697,840,170 | 749,798,693 | ||||||
| End of period | $ | 635,786,114 | $ | 697,840,170 | ||||
See Notes to Financial Statements
10
| FAM FUNDS - Statements of Changes in Net Assets |
| FAM Small Cap Fund | ||||||||
| Six Months Ended | Year Ended | |||||||
| June 30, 2026 | December 31, | |||||||
| (Unaudited) | 2025 | |||||||
| Change in Net Assets | ||||||||
| From Operations | ||||||||
| Net investment loss | $ | (572,253 | ) | $ | (1,358,800 | ) | ||
| Net realized gains on investments | 18,624,515 | 12,150,297 | ||||||
| Net change in unrealized appreciation (depreciation) on investments | (24,361,289 | ) | (59,644,858 | ) | ||||
| Net change in net assets resulting from operations | (6,309,027 | ) | (48,853,361 | ) | ||||
| Distributions to shareholders from (Note 5): | ||||||||
| Distributable earnings - Investor Shares | - | (7,051,124 | ) | |||||
| Distributable earnings - Institutional Shares | - | (4,762,307 | ) | |||||
| Total distributions | - | (11,813,431 | ) | |||||
| Capital share transactions (Note 3) | (40,186,381 | ) | (730,552 | ) | ||||
| Total change in net assets | (46,495,408 | ) | (61,397,344 | ) | ||||
| Net Assets | ||||||||
| Beginning of period | 357,125,514 | 418,522,858 | ||||||
| End of period | $ | 310,630,106 | $ | 357,125,514 | ||||
See Notes to Financial Statements
11
| FAM FUNDS - Notes to Financial Statements |
Note 1. Nature of Business and Summary of Significant Accounting Policies
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 (the 1940 Act).
Each Fund is authorized to issue two classes of shares: Investor Shares and Institutional Shares. The Investor Shares and the Institutional Shares represent interests in the same portfolio of investments in each Fund; however, each class of shares is subject to different expenses and has 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, the 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.
Each Fund is an investment company and accordingly follows accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The following is a summary of each Funds 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.
An operating segment is defined in FASB Accounting Standards Update 2023-07, Segment Reporting Topic 280 Improvements to Reportable Segment Disclosures as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entitys chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the Treasurer of the Funds.
Each Fund operates as an independent entity. Each Funds income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed by the CODM, who is responsible for the oversight functions of each Fund, using the information presented in the financial statements and financial highlights.
| a) | Valuation of Securities |
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. Securities for which no sale was reported, over-the-counter securities, and 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 Fenimore Asset Management, Inc. (the Advisor), as the Funds Valuation Designee, pursuant to Rule 2a-5 under the 1940 Act. Investments in other open-end investment companies, including money market funds, are valued at their net asset value (NAV) 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 Funds investments. These inputs are summarized in the three broad levels listed below:
Level 1 - quoted prices in active markets for identical securities
12
| FAM FUNDS - Notes to Financial Statements |
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 Funds own assumptions in determining the fair value of investments)
When market quotations are not readily available or when events occur that make established valuation methods unreliable, securities of the Fund may be valued in good faith by or under the direction of the Advisor as assigned by the Board of Trustees. Factors which may be considered when determining the value of a security include (a) the fundamental data relating to the investment; (b) an evaluation of the forces which influence the market in which the security is sold, including the liquidity and depth of the market; (c) the market value at date of purchase; (d) information as to any transactions or offers with respect to the security or comparable securities; and (e) any other relevant matters.
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 Funds investments and the inputs used to value the investments as of June 30, 2026:
| FAM Value Fund | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Common Stocks | $ | 1,793,566,345 | $ | - | $ | - | $ | 1,793,566,345 | ||||||||
| Money Market Funds | 19,582,476 | - | - | 19,582,476 | ||||||||||||
| Total | $ | 1,813,148,821 | $ | - | $ | - | $ | 1,813,148,821 | ||||||||
| FAM Dividend Focus Fund | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Common Stocks | $ | 618,109,962 | $ | - | $ | - | $ | 618,109,962 | ||||||||
| Money Market Funds | 16,547,519 | - | - | 16,547,519 | ||||||||||||
| Total | $ | 634,657,481 | $ | - | $ | - | $ | 634,657,481 | ||||||||
| FAM Small Cap Fund | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Common Stocks | $ | 298,429,545 | $ | - | $ | - | $ | 298,429,545 | ||||||||
| Money Market Funds | 12,936,606 | - | - | 12,936,606 | ||||||||||||
| Total | $ | 311,366,151 | $ | - | $ | - | $ | 311,366,151 | ||||||||
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 six months ended June 30, 2026.
Refer to each Funds Schedule of Investments to view securities segregated by industry type.
b) Investment Transactions
Investment transactions are recorded on trade date. Realized gains and losses on investments sold are determined on the basis of identified cost.
13
FAM FUNDS - Notes to Financial Statements
c) Investment Income
Interest income, if any, is accrued as earned, and dividend income is recorded on the ex-dividend date. Withholding taxes on foreign dividends, if any, have been recorded in accordance with the Trusts understanding of the applicable countrys tax rules and tax rates. Non-cash dividends, if any, are included in dividend income on the ex-dividend date at the fair market value of the shares received. The Funds record distributions received in excess of income from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available, and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently its net investment income) as an increase to unrealized appreciation (depreciation) and realized gain (loss) on investments as necessary once the issuers provide information about the character of the distributions.
d) Share Valuation
The NAV per share of each Class of shares of each Fund is calculated daily by dividing the total value of a Funds assets attributable to that Class, less liabilities attributable to that Class, by the number of shares of that Class outstanding.
e) Distributions to Shareholders
Dividends from net investment income are declared and paid quarterly by the FAM Dividend Focus Fund, if applicable. Dividends from net investment income, if any, are declared and paid on an annual basis by each of the FAM Value Fund and FAM Small Cap Fund. Dividends are declared separately for each share class. No share class has preferential dividend rights; differences in per share rates are due to differences in the expenses of each share class.
Net realized capital gains, if any, are distributed at least annually for each of the Funds. Distributions from net investment income and from net realized capital gains are determined in accordance with U.S. income tax regulations, which may differ from GAAP. Permanent book and tax basis differences, if any, are reclassified among the components of net assets. Dividends and distributions to shareholders are recorded on the ex-dividend date.
f) Federal Income Taxes
It is each Funds policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Therefore, no provision for federal income or excise tax is required.
GAAP requires uncertain tax positions to be recognized, measured, presented, and disclosed in the financial statements. For the six months ended June 30, 2026, management has evaluated the tax positions taken or expected to be taken in the course of preparing each Funds tax returns to determine whether the tax positions are more-likely-than-not of being sustained upon review by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense in the current year. Based on its evaluation, management has determined that no liability for unrecognized tax expense is required. The current and all open tax years (generally, three years) remain subject to examination by U.S. and New York taxing authorities. No examination of the Funds tax filings is presently in progress.
g) Common Expenses
Expenses of the Trust not attributable solely to one of the Funds are allocated among the Funds based on relative net assets of each Fund or the nature of the expense and the relative applicability to each Fund.
h) Allocation between Classes
Investment income earned, realized capital gains and losses, and unrealized appreciation and depreciation are allocated daily to each Class of a Fund based upon its proportionate share of total net assets of that Fund. Class-specific expenses are charged directly to the Class incurring the expense.
14
FAM FUNDS - Notes to Financial Statements
i) Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of changes in net assets from operations during the reporting period. Actual results could differ from those estimates.
(j) In-Kind Redemptions
Net capital gains or losses resulting from in-kind redemptions are excluded from the Funds taxable gains and are not distributed to shareholders. A redemption-in-kind is the process of making a distribution to shareholders through assets and cash rather than cash alone. The Funds have reclassified these amounts against paid-in capital on the Statements of Assets and Liabilities. Such reclassification, the result of permanent differences between the financial statements and income tax reporting requirements, had no effect on each Funds net assets or NAV per share. During the six months ended June 30, 2026, the redemptions for securities redeemed in-kind were as follows:
| Realized Gains | ||||||||
| (reflected on the | ||||||||
| Redemptions | Statements of | |||||||
| Fund | at Fair Value | Operations) | ||||||
| FAM Value Fund | $ | 15,504,662 | $ | 14,238,358 | ||||
| FAM Dividend Focus Fund | $ | 21,923,523 | $ | 18,399,249 | ||||
| FAM Small Cap Fund | $ | 9,593,129 | $ | 5,634,493 | ||||
(k) ReFlow Transactions
The Funds may participate in ReFlow, a program designed to provide an alternative liquidity source for mutual funds experiencing redemptions of their shares. In order to pay cash to shareholders who redeem their shares on a given day, a mutual fund typically must hold cash in its portfolio, liquidate portfolio securities, or borrow money, all of which impose certain costs on the fund. ReFlow provides participating mutual funds with another source of cash by standing ready to purchase shares from a fund equal to the amount of the funds net redemptions on a given day. ReFlow then generally redeems those shares when the fund experiences net sales, at the end of a maximum holding period determined by ReFlow or at other times at ReFlows discretion. ReFlow will periodically redeem its entire share position in a Fund and request that such redemption be met in-kind, in which case the redemption is included in the in-kind redemption activity and related recognized realized gains. In return for this service, the fund will pay a fee to ReFlow at a rate determined by a daily auction with other participating mutual funds. The costs to a Fund for participating in ReFlow are generally expected to be influenced by and comparable to the cost of other sources of liquidity, such as the Funds short-term lending arrangements or the costs of selling portfolio securities to meet redemptions. ReFlow is prohibited from acquiring more than 3.00% of the total net assets of any Fund. The Board has adopted certain procedures to govern the Funds participation in ReFlow. ReFlows purchases of Fund shares through the ReFlow Liquidity Program are made on an investment-blind basis without regard to the Funds investment objective, policies or anticipated performance. ReFlow purchases are not subject to any investment minimum applicable to such shares.
For the six months ended June 30, 2026, ReFlow fees incurred pursuant to the program were as follows:
| FAM Value Fund | $ | 23,154 | ||
| FAM Dividend Focus Fund | $ | 31,188 | ||
| FAM Small Cap Fund | $ | 14,718 |
15
FAM FUNDS - Notes to Financial Statements
Note 2. Investment Advisory Fees and Other Transactions with Affiliates
Investment Advisory Agreement
Under an Investment Advisory Agreement, each Fund pays an investment advisory fee to the Advisor equal, on an annual basis, to 0.90% of its average daily net assets. In addition, under a Business Management Agreement, each Fund pays a business management fee to the Advisor equal, on an annual basis, to 0.03% of its average daily net assets. During the six months ended June 30, 2026, the Advisor earned $7,911,927, $2,947,937, and $1,437,055 of fees under the Investment Advisory Agreement for FAM Value Fund, FAM Dividend Focus Fund and FAM Small Cap Fund, respectively and earned $264,857, $99,193, and $49,118 of fees under the Business Management Agreement for FAM Value Fund, FAM Dividend Focus Fund and FAM Small Cap Fund, respectively.
Expense Limitation Agreement
Pursuant to an Expense Limitation Agreement (the ELA) entered into between the Advisor and the Trust, on behalf of each Fund, the Advisor has contractually agreed, until May 1, 2027, to reduce its fees and/or reimburse certain expenses (excluding interest, taxes, brokerage costs, Acquired Fund Fees and Expenses, dividend expense, litigation, indemnification or extraordinary expenses) to the extent necessary to maintain annual operating expenses of each class of shares of each of the Funds as follows: for the Investor Shares: 1.18% for FAM Value Fund, 1.26% for FAM Dividend Focus Fund and 1.42% for FAM Small Cap Fund; and for the Institutional Shares: 0.99% for FAM Value Fund, 1.10% for FAM Dividend Focus Fund and 1.20% for FAM Small Cap Fund.
During the six months ended June 30, 2026, pursuant to the terms of the ELA, the Advisor reduced its fees for FAM Value Fund in the amount of $26,776. The FAM Dividend Focus Fund and the FAM Small Cap Fund did not have any advisory fee reductions during the six months ended June 30, 2026.
The Advisor may be reimbursed by the Funds for any fees waived pursuant to the ELA if such payment is made within three years of the fee waiver and does not cause the total annual Fund operating expenses after fee waiver (excluding interest, taxes, brokerage costs, Acquired Fund Fees and Expenses, dividend expense, litigation, indemnification or extraordinary expenses) of the Funds to exceed the lesser of (i) the then-current expense limit and (ii) the expense limit in place at the time the waiver. The FAM Dividend Focus Fund and FAM Small Cap Fund do not have fees subject to reimbursement to the Advisor. As of June 30, 2026, the amounts of previously reduced fees that the Advisor may recoup from the FAM Value Fund are shown below, along with the expiration dates of such recoupments:
| 2026 | 2027 | 2028 | 2029 | Total | ||||||||||||||||
| FAM Value Fund - Institutional Shares | $ | 55,278 | $ | 63,035 | $ | 59,930 | $ | 26,776 | $ | 205,019 | ||||||||||
During the six months ended June 30, 2026, the Advisor did not recoup any of prior years investment advisory fee reductions under the ELA for the Funds.
Shareholder Administration Services
The Funds have adopted Shareholder Administrative Services Plans (the Plans) for each class of shares pursuant to which each Fund may pay shareholder administrative servicing fees to the Advisor and to financial intermediaries for providing, or arranging for the provision of, certain types of shareholder administrative services to shareholders of each respective class of shares that are serviced by the Advisor, affiliates of the Advisor or the financial intermediary. Pursuant to the Shareholder Administrative Services Plan for Investor Shares, the Investor Shares of each Fund may pay shareholder administrative servicing fees of up to 0.25% per annum of the average daily net assets allocable to Investor Shares of each respective Fund; and pursuant
16
FAM FUNDS - Notes to Financial Statements
to the Shareholder Administrative Services Plan for Institutional Shares, the Institutional Shares of each Fund may pay shareholder administrative servicing fees of up to 0.15% per annum of the average daily net assets allocable to Institutional Shares of each respective Fund.
For the six months ended June 30, 2026, shareholder administrative servicing fees incurred pursuant to the Plans were as follows:
| FAM Value Fund | $ | 418,923 | ||
| FAM Dividend Focus Fund | $ | 377,654 | ||
| FAM Small Cap Fund | $ | 136,633 |
Shareholder Account Services
Pursuant to the terms of the Shareholder Account Services Agreement between the Funds and the Advisor, for the purpose of providing or procuring shareholder account services, with respect to the Investor Shares of the Funds, the Advisor receives a fee at the annual rate of 0.11% of the average daily net assets allocable to the Investor Shares of each Fund, and, pursuant to the terms of the Shareholder Account Services Agreement between the Funds and the Advisor with respect to the Institutional Shares of the Funds, the Advisor receives a fee at the annual rate of 0.03% of the average daily net assets allocable to the Institutional Shares of each Fund. For the six months ended June 30, 2026, shareholder account servicing fees incurred by the Funds to the Advisor were as follows:
| FAM Value Fund | $ | 716,826 | ||
| FAM Dividend Focus Fund | $ | 184,331 | ||
| FAM Small Cap Fund | $ | 79,012 |
Fund Accounting
The Advisor serves as the fund accounting agent and receives a fee at the annual rate of 0.07% of average daily net assets of each Funds Investor Shares and daily net assets of each Funds Institutional Shares. For the six months ended June 30, 2026, the Funds fund accounting fees incurred to the Advisor amounted to:
| FAM Value Fund | $ | 615,122 | ||
| FAM Dividend Focus Fund | $ | 229,147 | ||
| FAM Small Cap Fund | $ | 111,746 |
Distribution Agreement
Fenimore Securities, Inc. (FSI), a company also under common control with the Advisor, acts as distributor of the Funds shares. FSI receives no compensation for providing distribution services from the Funds.
Compliance
Ultimus Fund Solutions, LLC (Ultimus) provides the Chief Compliance Officer to the Funds, as well as certain additional compliance support functions. The Funds pay Ultimus fees in accordance with the agreement for such services. During the six months ended June 30, 2026, the fee paid by each Fund for such services was $11,250.
Other
The Advisor has entered into a Master Services Agreement with Ultimus, pursuant to which Ultimus provides day-to-day operational services to each Fund including, but not limited to, accounting, administrative, co-transfer agency services and recordkeeping services. The fees payable to Ultimus are paid by the Advisor (not the Funds).
A Trustee and certain officers of the Trust are also officers or employees of the Advisor, FSI, or Ultimus, as applicable and are not compensated by the Funds for servicing in such capacities.
17
FAM FUNDS - Notes to Financial Statements
Note 3. Shares of Beneficial Interest
At June 30, 2026, an unlimited number of shares of beneficial interest ($0.001 par value) of each Fund were authorized.
Transactions for each Fund are as follows:
| Six Months Ended | ||||||||||||||||
| June 30, 2026 | Year Ended | |||||||||||||||
| (Unaudited) | December 31, 2025 | |||||||||||||||
| FAM Value Fund | ||||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Investor Shares | ||||||||||||||||
| Shares Sold | 247,704 | $ | 25,622,161 | 500,308 | $ | 51,022,570 | ||||||||||
| Shares Issued on reinvestment of distributions | - | - | 743,657 | 74,618,503 | ||||||||||||
| Shares redeemed | (838,126 | ) | (86,118,442 | ) | (1,381,404 | ) | (140,697,088 | ) | ||||||||
| Investor Share Transactions | (590,422 | ) | $ | (60,496,281 | ) | (137,439 | ) | $ | (15,056,015 | ) | ||||||
| Institutional Shares | ||||||||||||||||
| Shares Sold | 163,944 | $ | 17,111,984 | 24,897 | $ | 2,567,553 | ||||||||||
| Shares Issued on reinvestment of distributions | - | - | 16,308 | 1,655,759 | ||||||||||||
| Shares redeemed | (179,935 | ) | (18,766,811 | ) | (116,167 | ) | (11,937,605 | ) | ||||||||
| Institutional Share Transactions | (15,991 | ) | $ | (1,654,827 | ) | (74,962 | ) | $ | (7,714,293 | ) | ||||||
| Net change from capital transactions | (606,413 | ) | $ | (62,151,108 | ) | (212,401 | ) | $ | (22,770,308 | ) | ||||||
| Six Months Ended | ||||||||||||||||
| June 30, 2026 | Year Ended | |||||||||||||||
| (Unaudited) | December 31, 2025 | |||||||||||||||
| FAM Dividend Focus Fund | ||||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Investor Shares | ||||||||||||||||
| Shares Sold | 742,917 | $ | 40,457,144 | 1,281,060 | $ | 73,984,914 | ||||||||||
| Shares Issued on reinvestment of distributions | 4,419 | 239,110 | 435,395 | 24,030,946 | ||||||||||||
| Shares redeemed | (2,172,149 | ) | (119,297,056 | ) | (2,432,117 | ) | (139,832,999 | ) | ||||||||
| Net change from capital transactions | (1,424,813 | ) | $ | (78,600,802 | ) | (715,662 | ) | $ | (41,817,139 | ) | ||||||
18
FAM FUNDS - Notes to Financial Statements
| Six Months Ended | ||||||||||||||||
| June 30, 2026 | Year Ended | |||||||||||||||
| (Unaudited) | December 31, 2025 | |||||||||||||||
| FAM Small Cap Fund | ||||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Investor Shares | ||||||||||||||||
| Shares Sold | 278,222 | $ | 6,094,984 | 924,263 | $ | 23,181,501 | ||||||||||
| Shares Issued on reinvestment of distributions | - | - | 299,290 | 6,865,724 | ||||||||||||
| Shares redeemed | (1,380,532 | ) | (29,781,319 | ) | (1,438,833 | ) | (35,508,301 | ) | ||||||||
| Investor Share Transactions | (1,102,310 | ) | $ | (23,686,335 | ) | (215,280 | ) | $ | (5,461,076 | ) | ||||||
| Institutional Shares | ||||||||||||||||
| Shares Sold | 709,942 | $ | 15,523,450 | 950,133 | $ | 24,541,596 | ||||||||||
| Shares Issued on reinvestment of distributions | - | - | 173,207 | 4,027,067 | ||||||||||||
| Shares redeemed | (1,446,731 | ) | (32,023,496 | ) | (957,332 | ) | (23,838,139 | ) | ||||||||
| Institutional Share Transactions | (736,789 | ) | $ | (16,500,046 | ) | 166,008 | $ | 4,730,524 | ||||||||
| Net change from capital transactions | (1,839,099 | ) | $ | (40,186,381 | ) | (49,272 | ) | $ | (730,552 | ) | ||||||
Note 4. Investment Transactions
During the six months ended June 30, 2026, purchases and sales of investment securities, other than short-term obligations and in-kind transactions, were:
| Purchases | Sales | |||||||
| FAM Value Fund | $ | 111,804,015 | $ | 124,941,334 | ||||
| FAM Dividend Focus Fund | $ | 53,552,692 | $ | 120,973,720 | ||||
| FAM Small Cap Fund | $ | 33,456,684 | $ | 72,151,311 | ||||
Note 5. Income Taxes and Distributions to Shareholders
The tax composition of dividends and distributions paid to shareholders during the periods ended June 30, 2026 and December 31, 2025 was:
| FAM Dividend | ||||||||||||||||||||||||
| FAM Value Fund | Focus Fund | FAM Small Cap Fund | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Distributions paid from: | ||||||||||||||||||||||||
| Ordinary income | $ | - | $ | - | $ | 255,482 | $ | 646,119 | $ | - | $ | - | ||||||||||||
| Long-term capital gains | - | 82,026,147 | - | 24,675,829 | - | 11,813,431 | ||||||||||||||||||
| Total Distributions | $ | - | $ | 82,026,147 | $ | 255,482 | $ | 25,321,948 | $ | - | $ | 11,813,431 | ||||||||||||
19
FAM FUNDS - Notes to Financial Statements
The following information is computed on a tax basis for each item as of June 30, 2026:
| FAM Dividend | FAM Small | |||||||||||
| FAM Value Fund | Focus Fund | Cap Fund | ||||||||||
| Tax cost of investments | $ | 597,017,982 | $ | 315,789,892 | $ | 245,708,073 | ||||||
| Gross unrealized appreciation | $ | 1,221,722,586 | $ | 329,059,154 | $ | 85,236,267 | ||||||
| Gross unrealized depreciation | (5,591,747 | ) | (10,191,565 | ) | (19,578,189 | ) | ||||||
| Net unrealized appreciation | 1,216,130,839 | 318,867,589 | 65,658,078 | |||||||||
| Accumulated ordinary income (loss) | 3,988,789 | (6,933 | ) | (572,253 | ) | |||||||
| Other gains | 73,839,234 | 36,024,949 | 12,990,022 | |||||||||
| Accumulated earnings | $ | 1,293,958,862 | $ | 354,885,605 | $ | 78,075,847 | ||||||
The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expenses on the Statements of Operations. During the six months ended June 30, 2026, the Funds did not incur any interest or penalties, and there were no federal, state, or local income taxes or income taxes in foreign jurisdictions paid by the Funds.
Note 6. Line of Credit
FAM Value Fund, FAM Dividend Focus Fund and FAM Small Cap Fund participate together in a $200,000,000 line of credit. At any time, the amount available to be borrowed by any one of the three funds is the lesser of (i) 33 1/3% of that funds unencumbered net assets, or (ii) the portion of the $200,000,000 not already borrowed by the other two funds. Collectively, the three funds cannot exceed $200,000,000 in aggregate borrowing from this line of credit.
Borrowings under the agreement bear interest at the prime rate as announced by the lending bank. The line of credit is available through November 17, 2026, when any advances are to be repaid. During the six months ended June 30, 2026, no amounts were drawn from the available lines.
Note 7. Commitments and Contingencies
In the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties which provide general indemnifications. The Funds maximum exposure under these arrangements is unknown as this would involve future claims that might be made against the Funds that have not yet occurred. However, based on experience, the Trust expects the risk of loss to be remote. As of June 30, 2026 there were no commitments and contingencies outstanding.
Note 8. Subsequent Events
Management has evaluated subsequent events through the date these financial statements were available to be issued and has determined that there were no subsequent events requiring recognition or disclosure in these financial statements.
20
FAM FUNDS - Notes to Financial Statements
Note 9. Financial Highlights
FAM Value Fund
(Investor Shares)
| Six Months | ||||||||||||||||||||||||
| Ended | ||||||||||||||||||||||||
| Per share information | June 30, | |||||||||||||||||||||||
| (For a share outstanding | 2026 | Years Ended December 31, | ||||||||||||||||||||||
| throughout each period) | (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 | ||||||||||||||||||
| Net asset value, beginning of period | $ | 99.31 | $ | 99.25 | $ | 91.22 | $ | 82.51 | $ | 99.58 | $ | 83.23 | ||||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||||||
| Net investment income (loss)(a) | 0.21 | (0.09 | ) | (0.11 | ) | 0.13 | 0.14 | 0.02 | ||||||||||||||||
| Net realized and unrealized gains (losses) on investments | 7.65 | 5.02 | 14.37 | 13.15 | (14.18 | ) | 21.30 | |||||||||||||||||
| Total from investment operations | 7.86 | 4.93 | 14.26 | 13.28 | (14.04 | ) | 21.32 | |||||||||||||||||
| Less distributions from: | ||||||||||||||||||||||||
| Net investment income | - | - | - | (0.14 | ) | (0.15 | ) | (0.02 | ) | |||||||||||||||
| Net realized gains | - | (4.87 | ) | (6.23 | ) | (4.43 | ) | (2.88 | ) | (4.95 | ) | |||||||||||||
| Return of Capital | - | - | - | - | - | (0.00 | )(b) | |||||||||||||||||
| Total distributions | - | (4.87 | ) | (6.23 | ) | (4.57 | ) | (3.03 | ) | (4.97 | ) | |||||||||||||
| Change in net asset value for the period | $ | 7.86 | $ | 0.06 | $ | 8.03 | $ | 8.71 | $ | (17.07 | ) | $ | 16.35 | |||||||||||
| Net asset value, end of period | $ | 107.17 | $ | 99.31 | $ | 99.25 | $ | 91.22 | $ | 82.51 | $ | 99.58 | ||||||||||||
| Total return(c) | 7.91 | %(d) | 4.92 | % | 15.57 | % | 16.09 | % | (14.12 | %) | 25.63 | % | ||||||||||||
| Ratios/supplementary data | ||||||||||||||||||||||||
| Net assets, end of period (000) | $ | 1,776,405 | $ | 1,704,783 | $ | 1,717,307 | $ | 1,561,631 | $ | 1,406,047 | $ | 1,681,118 | ||||||||||||
| Ratios to average net assets of: | ||||||||||||||||||||||||
| Expenses, total | 1.17 | %(e) | 1.17 | % | 1.17 | % | 1.17 | % | 1.18 | % | 1.18 | % | ||||||||||||
| Expenses, net (includes fees reduced/recouped by Advisor) | 1.17 | %(e) | 1.17 | % | 1.18 | % | 1.18 | % | 1.18 | % | 1.18 | % | ||||||||||||
| Net investment income (loss) | 0.41 | %(e) | (0.09 | %) | (0.12 | %) | 0.15 | % | 0.17 | % | 0.02 | % | ||||||||||||
| Portfolio turnover rate | 6 | %(d) | 6 | % | 3 | % | 10 | % | 9 | % | 6 | % | ||||||||||||
| (a) | Based on average shares outstanding. |
| (b) | Amount rounds to less than $0.01 per share. |
| (c) | Total return is a measure of the change in value of an investment in the Fund over the periods covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Fund shares. |
| (d) | Not annualized. |
| (e) | Annualized. |
21
FAM FUNDS - Notes to Financial Statements
Note 9. Financial Highlights
FAM Value Fund
(Institutional Shares)
| Six Months | ||||||||||||||||||||||||
| Ended | ||||||||||||||||||||||||
| Per share information | June 30, | |||||||||||||||||||||||
| (For a share outstanding | 2026 | Years Ended December 31, | ||||||||||||||||||||||
| throughout each period) | (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 | ||||||||||||||||||
| Net asset value, beginning of period | $ | 100.49 | $ | 100.19 | $ | 91.86 | $ | 83.04 | $ | 100.20 | $ | 83.71 | ||||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||||||
| Net investment income(a) | 0.31 | 0.10 | 0.08 | 0.30 | 0.30 | 0.20 | ||||||||||||||||||
| Net realized and unrealized gains (losses) on investments | 7.72 | 5.07 | 14.48 | 13.25 | (14.27 | ) | 21.44 | |||||||||||||||||
| Total from investment operations | 8.03 | 5.17 | 14.56 | 13.55 | (13.97 | ) | 21.64 | |||||||||||||||||
| Less distributions from: | ||||||||||||||||||||||||
| Net investment income | - | - | - | (0.30 | ) | (0.31 | ) | (0.16 | ) | |||||||||||||||
| Net realized gains | - | (4.87 | ) | (6.23 | ) | (4.43 | ) | (2.88 | ) | (4.95 | ) | |||||||||||||
| Return of Capital | - | - | - | - | - | (0.04 | ) | |||||||||||||||||
| Total distributions | - | (4.87 | ) | (6.23 | ) | (4.73 | ) | (3.19 | ) | (5.15 | ) | |||||||||||||
| Change in net asset value for the period | $ | 8.03 | $ | 0.30 | $ | 8.33 | $ | 8.82 | $ | (17.16 | ) | $ | 16.49 | |||||||||||
| Net asset value, end of period | $ | 108.52 | $ | 100.49 | $ | 100.19 | $ | 91.86 | $ | 83.04 | $ | 100.20 | ||||||||||||
| Total return(b) | 7.99 | %(c) | 5.11 | % | 15.79 | % | 16.32 | % | (13.96 | %) | 25.86 | % | ||||||||||||
| Ratios/supplementary data | ||||||||||||||||||||||||
| Net assets, end of period (000) | $ | 41,683 | $ | 40,207 | $ | 47,596 | $ | 40,190 | $ | 36,287 | $ | 52,941 | ||||||||||||
| Ratios to average net assets of: | ||||||||||||||||||||||||
| Expenses, total | 1.13 | %(d) | 1.12 | % | 1.13 | % | 1.14 | % | 1.14 | % | 1.11 | % | ||||||||||||
| Expenses, net (includes fees reduced by Advisor) | 0.99 | %(d) | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | ||||||||||||
| Net investment income | 0.60 | %(d) | 0.09 | % | 0.08 | % | 0.34 | % | 0.34 | % | 0.21 | % | ||||||||||||
| Portfolio turnover rate | 6 | %(c) | 6 | % | 3 | % | 10 | % | 9 | % | 6 | % | ||||||||||||
| (a) | Based on average shares outstanding. |
| (b) | Total return is a measure of the change in value of an investment in the Fund over the periods covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Fund shares. The total returns would be lower if the Advisor had not reduced advisory fees (Note 2). |
| (c) | Not annualized. |
| (d) | Annualized. |
22
FAM FUNDS - Notes to Financial Statements
Note 9. Financial Highlights
FAM Dividend Focus Fund
(Investor Shares)
| Six Months | ||||||||||||||||||||||||
| Ended | ||||||||||||||||||||||||
| Per share information | June 30, | |||||||||||||||||||||||
| (For a share outstanding | 2026 | Years Ended December 31, | ||||||||||||||||||||||
| throughout each period) | (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 | ||||||||||||||||||
| Net asset value, beginning of period | $ | 54.55 | $ | 55.50 | $ | 53.29 | $ | 44.83 | $ | 52.48 | $ | 42.35 | ||||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||||||
| Net investment income(a) | 0.02 | 0.05 | 0.08 | 0.20 | 0.08 | 0.01 | ||||||||||||||||||
| Net realized and unrealized gains (losses) on investments | 1.38 | 1.04 | 3.99 | 8.62 | (7.12 | ) | 10.82 | |||||||||||||||||
| Total from investment operations | 1.40 | 1.09 | 4.07 | 8.82 | (7.04 | ) | 10.83 | |||||||||||||||||
| Less distributions from: | ||||||||||||||||||||||||
| Net investment income | (0.02 | ) | (0.05 | ) | (0.08 | ) | (0.20 | ) | (0.09 | ) | - | |||||||||||||
| Net realized gains | - | (1.99 | ) | (1.78 | ) | (0.16 | ) | (0.52 | ) | (0.70 | ) | |||||||||||||
| Total distributions | (0.02 | ) | (2.04 | ) | (1.86 | ) | (0.36 | ) | (0.61 | ) | (0.70 | ) | ||||||||||||
| Change in net asset value for the period | $ | 1.38 | $ | (0.95 | ) | $ | 2.21 | $ | 8.46 | $ | (7.65 | ) | $ | 10.13 | ||||||||||
| Net asset value, end of period | $ | 55.93 | $ | 54.55 | $ | 55.50 | $ | 53.29 | $ | 44.83 | $ | 52.48 | ||||||||||||
| Total return(b) | 2.57 | %(c) | 1.92 | % | 7.58 | % | 19.70 | % | (13.42 | %) | 25.57 | % | ||||||||||||
| Ratios/supplementary data | ||||||||||||||||||||||||
| Net assets, end of period (000) | $ | 635,786 | $ | 697,840 | $ | 749,799 | $ | 674,342 | $ | 559,126 | $ | 664,225 | ||||||||||||
| Ratios to average net assets of: | ||||||||||||||||||||||||
| Expenses, total | 1.23 | %(d) | 1.21 | % | 1.21 | % | 1.21 | % | 1.22 | % | 1.22 | % | ||||||||||||
| Net investment income | 0.08 | %(d) | 0.09 | % | 0.13 | % | 0.41 | % | 0.17 | % | 0.02 | % | ||||||||||||
| Portfolio turnover rate | 8 | %(c) | 5 | % | 7 | % | 10 | % | 4 | % | 4 | % | ||||||||||||
| (a) | Based on average shares outstanding. |
| (b) | Total return is a measure of the change in value of an investment in the Fund over the periods covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Fund shares. |
| (c) | Not annualized. |
| (d) | Annualized. |
23
FAM FUNDS - Notes to Financial Statements
Note 9. Financial Highlights
FAM Small Cap Fund
(Investor Shares)
| Six Months | ||||||||||||||||||||||||
| Ended | ||||||||||||||||||||||||
| Per share information | June 30, | |||||||||||||||||||||||
| (For a share outstanding | 2026 | Years Ended December 31, | ||||||||||||||||||||||
| throughout each period) | (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 | ||||||||||||||||||
| Net asset value, beginning of period | $ | 22.67 | $ | 26.50 | $ | 24.60 | $ | 21.79 | $ | 24.97 | $ | 20.83 | ||||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||||||
| Net investment loss(a) | (0.04 | ) | (0.09 | ) | (0.05 | ) | (0.04 | ) | (0.12 | ) | (0.13 | ) | ||||||||||||
| Net realized and unrealized gains (losses) on investments | (0.29 | ) | (2.97 | ) | 3.13 | 4.43 | (2.98 | ) | 5.90 | |||||||||||||||
| Total from investment operations | (0.33 | ) | (3.06 | ) | 3.08 | 4.39 | (3.10 | ) | 5.77 | |||||||||||||||
| Less distributions from: | ||||||||||||||||||||||||
| Net realized gains | - | (0.77 | ) | (1.18 | ) | (1.58 | ) | (0.08 | ) | (1.63 | ) | |||||||||||||
| Change in net asset value for the period | $ | (0.33 | ) | $ | (3.83 | ) | $ | 1.90 | $ | 2.81 | $ | (3.18 | ) | $ | 4.14 | |||||||||
| Net asset value, end of period | $ | 22.34 | $ | 22.67 | $ | 26.50 | $ | 24.60 | $ | 21.79 | $ | 24.97 | ||||||||||||
| Total return(b) | (1.46 | %)(c) | (11.57 | %) | 12.49 | % | 20.11 | % | (12.42 | %) | 27.72 | % | ||||||||||||
| Ratios/supplementary data | ||||||||||||||||||||||||
| Net assets, end of period (000) | $ | 185,262 | $ | 213,017 | $ | 254,738 | $ | 220,594 | $ | 186,264 | $ | 213,588 | ||||||||||||
| Ratios to average net assets of: | ||||||||||||||||||||||||
| Expenses, total | 1.27 | %(d) | 1.24 | % | 1.23 | % | 1.24 | % | 1.25 | % | 1.26 | % | ||||||||||||
| Net investment loss | (0.40 | %)(d) | (0.38 | %) | (0.20 | %) | (0.17 | %) | (0.52 | %) | (0.54 | %) | ||||||||||||
| Portfolio turnover rate | 11 | %(c) | 18 | % | 11 | % | 16 | % | 15 | % | 23 | % | ||||||||||||
| (a) | Based on average shares outstanding. |
| (b) | Total return is a measure of the change in value of an investment in the Fund over the periods covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Fund shares. |
| (c) | Not annualized. |
| (d) | Annualized. |
24
FAM FUNDS - Notes to Financial Statements
Note 9. Financial Highlights
FAM Small Cap Fund
(Institutional Shares)
| Six Months | ||||||||||||||||||||||||
| Ended | ||||||||||||||||||||||||
| Per share information | June 30, | |||||||||||||||||||||||
| (For a share outstanding | 2026 | Years Ended December 31, | ||||||||||||||||||||||
| throughout each period) | (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 | ||||||||||||||||||
| Net asset value, beginning of period | $ | 22.98 | $ | 26.83 | $ | 24.86 | $ | 21.99 | $ | 25.17 | $ | 20.97 | ||||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||||||
| Net investment loss(a) | (0.03 | ) | (0.07 | ) | (0.03 | ) | (0.02 | ) | (0.09 | ) | (0.11 | ) | ||||||||||||
| Net realized and unrealized gains (losses) on investments | (0.30 | ) | (3.01 | ) | 3.18 | 4.47 | (3.01 | ) | 5.94 | |||||||||||||||
| Total from investment operations | (0.33 | ) | (3.08 | ) | 3.15 | 4.45 | (3.10 | ) | 5.83 | |||||||||||||||
| Less distributions from: | ||||||||||||||||||||||||
| Net realized gains | - | (0.77 | ) | (1.18 | ) | (1.58 | ) | (0.08 | ) | (1.63 | ) | |||||||||||||
| Change in net asset value for the period | $ | (0.33 | ) | $ | (3.85 | ) | $ | 1.97 | $ | 2.87 | $ | (3.18 | ) | $ | 4.20 | |||||||||
| Net asset value, end of period | $ | 22.65 | $ | 22.98 | $ | 26.83 | $ | 24.86 | $ | 21.99 | $ | 25.17 | ||||||||||||
| Total return(b) | (1.44 | %)(c) | (11.50 | %) | 12.65 | % | 20.20 | % | (12.32 | %) | 27.82 | % | ||||||||||||
| Ratios/supplementary data | ||||||||||||||||||||||||
| Net assets, end of period (000) | $ | 125,368 | $ | 144,109 | $ | 163,785 | $ | 142,267 | $ | 100,778 | $ | 104,413 | ||||||||||||
| Ratios to average net assets of: | ||||||||||||||||||||||||
| Expenses, total | 1.17 | %(d) | 1.14 | % | 1.14 | % | 1.14 | % | 1.15 | % | 1.15 | % | ||||||||||||
| Net investment loss | (0.30 | %)(d) | (0.28 | %) | (0.11 | %) | (0.08 | %) | (0.42 | %) | (0.43 | %) | ||||||||||||
| Portfolio turnover rate | 11 | %(c) | 18 | % | 11 | % | 16 | % | 15 | % | 23 | % | ||||||||||||
| (a) | Based on average shares outstanding. |
| (b) | Total return is a measure of the change in value of an investment in the Fund over the periods covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Fund shares. |
| (c) | Not annualized. |
| (d) | Annualized. |
25
FAM FUNDS - Additional Information (Unaudited)
Changes in and/or Disagreements with Accountants
There were no changes in and/or disagreements with accountants during the period covered by this report.
Proxy Disclosures
Not applicable.
Remuneration Paid to Directors, Officers and Others
Refer to the financial statements included herein.
Board Consideration of the Continuation of the Investment Advisory Agreements for the Funds
Not applicable.
26
| 384 North Grand Street |
| PO Box 399 |
| Cobleskill, New York |
| 12043-0399 |
| (800) 932-3271 |
| www.famfunds.com |
(b) Included in (a)
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Included under Item 7
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable [included under Item 7 if applicable]
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable
Item 15. Submission of Matters to a Vote of Security Holders.
The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant's board of trustees.
Item 16. Controls and Procedures.
(a) Based on their evaluation of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the registrant's principal executive officer and principal financial officer have concluded that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to them by others within those entities, particularly during the period in which this report is being prepared, and that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported on a timely basis.
(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable
Item 18. Recovery of Erroneously Awarded Compensation.
(a) Not applicable
(b) Not applicable
Item 19. Exhibits.
File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not required
(a)(2) Not applicable
(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto
(a)(4) Not applicable
(a)(5) Not applicable
(b) Certifications required by Rule 30a-2(b) under the Act 17 CFR 270.30a-2(b)): Attached hereto
Exhibit 99.CERT Certifications required by Rule 30a-2(a) under the Act
Exhibit 99.906CERT Certifications required by Rule 30a-2(b) under the Act
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) | Fenimore Asset Management Trust |
| By (Signature and Title)* | /s/ Thomas O. Putnam | |
| Thomas O. Putnam, President | ||
| and Principal Executive Officer |
| Date | September 8, 2026 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title)* | /s/ Thomas O. Putnam | |
| Thomas O. Putnam, President | ||
| and Principal Executive Officer |
| Date | September 8, 2026 |
| By (Signature and Title)* | /s/ Michael F. Balboa | |
| Michael F. Balboa, Treasurer | ||
| and Principal Financial Officer |
| Date | September 8, 2026 |
| * | Print the name and title of each signing officer under his or her signature. |
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