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.

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.

LOCATIONS: Albany and Cobleskill, NY

CALL: (800) 932-3271

EMAIL: info@fenimoreasset.com

Material Fund Changes

No material changes occurred during the period ended June 30, 2026.

Additional Information

An image of a QR code that, when scanned, navigates the user to the following URL: https://fenimoreasset.com/resources/reports/

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

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?

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%

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

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.

LOCATIONS: Albany and Cobleskill, NY

CALL: (800) 932-3271

EMAIL: info@fenimoreasset.com

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%

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

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.

LOCATIONS: Albany and Cobleskill, NY

CALL: (800) 932-3271

EMAIL: info@fenimoreasset.com

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

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.

LOCATIONS: Albany and Cobleskill, NY

CALL: (800) 932-3271

EMAIL: info@fenimoreasset.com

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

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?

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%

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

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.

LOCATIONS: Albany and Cobleskill, NY

CALL: (800) 932-3271

EMAIL: info@fenimoreasset.com

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

(a) The Registrant(s) schedule(s) of investments is included in the Financial Statements under Item 7 of this form.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

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, 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 Fund’s significant accounting policies, which are in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and followed by the Funds in the preparation of their financial statements.

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 entity’s 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 Fund’s 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.

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 Fund’s investments. These inputs are summarized in the three broad levels listed below:

Level 2 – other significant observable inputs (including quoted prices for identical securities in inactive markets and quoted prices for similar securities)

Level 3 – significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments)

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 Fund’s investments and the inputs used to value the investments as of June 30, 2026:

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 Fund’s Schedule of Investments to view securities segregated by industry type.

Investment transactions are recorded on trade date. Realized gains and losses on investments sold are determined on the basis of identified cost.

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 Trust’s understanding of the applicable country’s 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.

The NAV per share of each Class of shares of each Fund is calculated daily by dividing the total value of a Fund’s assets attributable to that Class, less liabilities attributable to that Class, by the number of shares of that Class outstanding.

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.

It is each Fund’s 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 Fund’s 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.

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.

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.

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.

Net capital gains or losses resulting from in-kind redemptions are excluded from the Fund’s 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 Fund’s net assets or NAV per share. During the six months ended June 30, 2026, the redemptions for securities redeemed in-kind were as follows:

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 fund’s 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 ReFlow’s 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 Fund’s 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. ReFlow’s purchases of Fund shares through the ReFlow Liquidity Program are made on an investment-blind basis without regard to the Fund’s 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:

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.

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:

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.

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

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:

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:

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 Fund’s Investor Shares and daily net assets of each Fund’s Institutional Shares. For the six months ended June 30, 2026, the Funds’ fund accounting fees incurred to the Advisor amounted to:

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.

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.

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.

At June 30, 2026, an unlimited number of shares of beneficial interest ($0.001 par value) of each Fund were authorized.

During the six months ended June 30, 2026, purchases and sales of investment securities, other than short-term obligations and in-kind transactions, were:

The tax composition of dividends and distributions paid to shareholders during the periods ended June 30, 2026 and December 31, 2025 was:

The following information is computed on a tax basis for each item as of June 30, 2026:

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.

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 fund’s 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.

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.

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.

There were no changes in and/or disagreements with accountants during the period covered by this report.

Board Consideration of the Continuation of the Investment Advisory Agreements for the Funds

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

(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.

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)(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

(b) Certifications required by Rule 30a-2(b) under the Act 17 CFR 270.30a-2(b)): Attached hereto

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.

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.

384 North Grand Street, P.O. Box 399 Cobleskill, New York	12043
(Address of principal executive offices)	(Zip code)


	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

	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

	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

	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

Date of fiscal year end:	December 31

Date of reporting period:	June 30, 2026

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

	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

	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

			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

	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

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

			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

FAM Value Fund	$	23,154

FAM Dividend Focus Fund	$	31,188

FAM Small Cap Fund	$	14,718

	2026		2027		2028		2029		Total

FAM Value Fund - Institutional Shares	$	55,278	$	63,035	$	59,930	$	26,776	$	205,019

FAM Value Fund	$	418,923

FAM Dividend Focus Fund	$	377,654

FAM Small Cap Fund	$	136,633

FAM Value Fund	$	716,826

FAM Dividend Focus Fund	$	184,331

FAM Small Cap Fund	$	79,012

FAM Value Fund	$	615,122

FAM Dividend Focus Fund	$	229,147

FAM Small Cap Fund	$	111,746

	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

					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

				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

	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	%

By (Signature and Title)*	/s/ Thomas O. Putnam
	Thomas O. Putnam, President
	and Principal Executive Officer

By (Signature and Title)*	/s/ Michael F. Balboa
	Michael F. Balboa, Treasurer
	and Principal Financial Officer