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
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Fenimore Asset Management Trust
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(Exact name of registrant as specified in charter)

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

Thomas O. Putnam
Fenimore Asset Management Trust
384 North Grand Street
Cobleskill, New York 12043
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(Name and address of agent for service)

Registrant's telephone number, including area code: 1-800-453-4392
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Date of fiscal year end: December 31
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Date of reporting period: June 30, 2006
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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. ss. 3507.

Item 1. Reports to Stockholders.

The semi-annual report to stockholders is filed herewith.

FAM

VALUE FUND [LOGO] EQUITY-INCOME FUND

Investor Share Class and Advisor Share Class

SEMI-ANNUAL REPORT

June 30, 2006

Table of Contents

Chairman's Commentary 1

FAM Value Fund 3
Letter to Shareholders 3
Portfolio Data 7
Expense Data 8
Statement of Investments 10
Statement of Assets and Liabilities 15
Statement of Operations 16
Statement of Changes in Net Assets 17
Notes to Financial Statements 18

FAM Equity-Income Fund 24
Letter to Shareholders 24
Performance Summary 27
Portfolio Data 28
Expense Data 29
Statement of Investments 31
Statement of Assets and Liabilities 35
Statement of Operations 36
Statement of Changes in Net Assets 37
Notes to Financial Statements 38

Supplemental Information 44

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, upon request by calling FAM Funds at (800) 932-3271.

Chairman's Commentary [LOGO]

July 2006

Dear Shareholder:

Each year our research analysts trek to Omaha, Nebraska for the Berkshire
Hathaway annual meeting and some good investment mentoring. Mentors are
important in investing and in life. By our measure, with Warren Buffett and
Charlie Munger (Warren's "partner" and Vice Chairman of Berkshire Hathaway)
you receive the best of both worlds. If you are seeking to learn more about
their wit and wisdom, pick up a copy of Poor Charlie's Almanac. It contains a
great deal of advice on life and investing. Incidentally, it is my belief
that you do not have to be on a first-name basis with all your mentors. This
is clearly the case with Warren and Charlie, who have mentored us and many
other investors from afar.

At this year's annual meeting, Charlie Munger had this to say about
investors (especially professional advisors); "We have a high moral
responsibility to be rational." I would like you to think about that
statement because in this chaotic investment environment, it is easy to get
sidetracked.

Our current investment environment reflects the polarized nature of
uncertainty. Investors have been laboring over the current rise in interest
rates and fear that we may be closer to a recession. In contrast, many of our
corporate visits indicate that most of our companies are experiencing strong
demand and growing backlogs, and they are cautiously optimistic about future
results. At the end of June, large company indexes -- the Dow Jones
Industrial Average and the S&P 500 -- were modestly up while the NASDAQ
composite was down. In this contrasting short-term environment, it is easy to
get distracted unless you maintain a longer-term perspective on realistic
investment objectives.

Common sense must prevail

In this period of uncertainty, we are ever so mindful of our circle of
competency. When we founded Fenimore Asset Management in 1974, we recognized
that we knew little about how to predict the stock market and even less about
how to forecast macro-economic events like interest rate movements.
Incidentally, this predictive deficiency still holds true today. Where we did
feel proficient, however, was in our ability to discover good businesses and
make reasonable judgments about their economic valuations --a discipline we
still practice today. That being said, during this unsettled market time, we
are doing only what seems sensible. Earlier in the year, we were trimming
positions in those companies where valuations appeared to be a little ahead
of their economic prospects. We also eliminated weaker holdings that had
become disappointments and added newer investment ideas that appeared to have
far superior long-term prospects. To provide you with some perspective of our
efforts on your behalf, the stocks that have been eliminated had a return on
capital of 9% on average and historic earnings growth rate of 5%. Our newer
selections have an average of 18% to 21% returns on capital and historic
growth rates of 13% to 15%. If our analysis is correct, we have potentially
improved the long-term future returns of our shareholders.

Chairman's Commentary [LOGO]

Ben Graham, the father of value investing and author of The Intelligent
Investor, once said, "You are right because your facts and reasoning are
right." The casino investment environment is still with us and may be a
factor that creates volatility in the marketplace for some period of time.
People will still try to do the impossible by extrapolating the past into the
future. The environment has given false credibility to the beauty contest of
chasing value, growth, international, small caps, large caps, hedge funds,
private equity, distressed debt, etc, etc, when each sector has risen to
extremes. In an environment where interest rates are rising, inflation is
creeping upward, energy prices have gone up substantially, consumer credit
may be overextended and the housing bubble is showing cracks at the seams, it
is wise to be cautious, use common sense and pick your spots wisely.

It is a difficult market. There is no panacea and thus, investors
should temper their expectations. We have a very talented team of research
analysts whose full efforts are focused on what we know how to do best:
finding good businesses with strong balance sheets and generous free cash
flow that are managed by capable, honest and forthright people who are
passionate about their business. We purchase these gems only when they can be
reasonably bought at a discount to their true economic worth. The companies
represented in your mutual funds exhibit these characteristics and we feel
confident that price will ultimately reflect value. For your benefit, we are
committed to this disciplined approach even in the most uncertain of times.

Thank you for your continued confidence in our service to you.

Sincerely,

/s/ Thomas O. Putnam

Thomas O. Putnam
Chairman
Fenimore Asset Management, Inc.

P.S. -- Please plan to attend the 20th Annual FAM Funds Shareholder
Informational Meeting scheduled for Tuesday, October 10, 2006 at 4:00 PM.
Information on the meeting, including directions to its location may be found
at www.famfunds.com. This year promises to be very interesting with updates
on our stewardship of your assets and an exhibition from some of our
portfolio holdings, including a group from International Speedway Corp for
you NASCAR fans.

FAM Value Fund [LOGO]

Dear Fellow Value Fund Shareholder:

On June 30, 2006 the net asset value of the Investor Class of the FAM Value
Fund was $48.03. This is an increase of 3 cents, or +.06%, from the beginning
of the year. By comparison, the S&P 500 increased 2.71% and the Russell 2000
index was up 8.21%.

In Review, 2006 YTD

"It was the best of times, it was the worst of times" is the famous opening
line to A Tale of Two Cities by Charles Dickens. It is also an accurate
description of the stock market in the first half of the year. The first
quarter of the year was terrific. Stocks posted strong performance and the
FAM Value Fund was up 6.7% on March 31, 2006. However, this success was short
lived as the market peaked in May. Since May 9, the market indexes have
declined across the board erasing some of the first quarter gains.

The catalyst for this decline was an increase in inflationary
indicators and comments from the Federal Reserve that led investors to
believe there would be more interest rate increases. Interestingly, it seemed
that people went from fearing inflation to worrying about a recession in a
matter of a few days. Neither situation is good for stock prices so investors
have been heading for the exits.

The American economy continues to be plagued by challenges such as high
energy prices and a possible slowdown in consumer spending. The housing
market is slowing as speculative buyers have left the market resulting in
fewer buyers and more homes for sale. Despite these challenges, the American
economy continues to amaze with growth in excess of 5% in the first quarter.

Portfolio Activity

We have made a number of changes in the portfolio which we outline below.
Given the strong performance early in the year we trimmed back some of our
holdings that we felt were trading at inflated prices. We trimmed Barr Labs,
Ethan Allen, Martin Marietta, OSI Restaurants, and Vulcan Materials. Each of
these stocks sell at prices below where we sold them earlier in the year.

We had three stocks that were acquired by other companies. The stocks
are Golden West Financial, North Fork Bank, and Scientific Atlanta. The
Scientific Atlanta deal was announced last year, but we received our $43 a
share in cash in March. The other two deals were surprises. We first
purchased North Fork Bancorp during the internet bubble of 1999 below $14 a
share. We always believed the company would sell to a bigger bank but we were
surprised that it happened this year. Golden West was a brand new holding
first purchased in April of 2006. We are very disappointed to see this great
company go after realizing a small gain.

Finally, we have sold a handful of stocks that we judge to be
disappointments or feel no longer meet our investment standards.

On the buy side we have purchased two new ideas and added capital to
many existing holdings. One new idea was mentioned above, Golden West
Financial. The other new idea is the well known retailer, Bed Bath and
Beyond. Bed Bath, as we call it, is a world class retailer with approximately
740 stores. The company has an excellent growth record and a very strong
balance sheet with $1 billion of cash and zero debt. We expect the company
will continue to grow by opening new stores. We expect earnings to grow
faster than sales through intelligent use of the company's $650 million a
year of cash flow.

FAM Value Fund [LOGO]

Performance Detail

We experienced a mix of performance with a little more than half of our
stocks down for the year. Our timely trims of over-valued stocks and high
cash position have cushioned the recent decline and increased our
performance.

Best Performers

Once again our construction materials stocks lead the pack. In dollar terms
for the period, our best performer was Martin Marietta Materials (+19.4%) and
our third best performer was Vulcan Materials (+16.2%). These two stocks
accounted for over $12 million in gains. A continued scarcity of materials,
high transportation costs, and strong demand has generated healthy earnings
growth. These companies do sell about 25% of their product to the home
building industry. We expect sales to homebuilders will decline in 2006 and
that the decline can be offset by increased demand by other customers.
However, we are watching this situation carefully.

Our second best performer was Cleveland-based real estate developer
Forest City Enterprises (+31.9%) which accounted for $6 million in gains.
Forest City is a national real estate developer with a focus on urban areas.
They are very active in New York City and Washington D.C. If you are in New
York City, you can see Forest City's newest project -- the New York Times
headquarters building on Eighth Avenue.

The final category of strong performers is industrial stocks. We had a
total of $9 million in gains coming from three stocks: Kaydon (+16.8%), IDEX
(+15.5%), and Graco (+26.8%). Our industrial holdings are benefiting from the
boom in the worldwide economy. These companies make parts that go into new
factories and new equipment all around the world. For example, when a new
plant is built in China it is very possible that the factory is using an IDEX
pump and Graco spray equipment.

Worst Performers

In dollar terms for the period, our worst performing stock was White
Mountains Insurance Group (-12.1%) which generated a loss of almost $8
million. The insurance industry continues to receive bad news from last
year's hurricane season. The first quarter results of many insurance
companies included additional expenses from last year's events. White
Mountains experienced these expenses and announced on June 16 an additional
$197 million of hurricane losses. This is very disappointing to us and to the
management at White Mountains. However, we continue to believe that this
company will be an excellent investment going forward. To put the hurricane
losses in perspective, in 2005 the company lost approximately one year's
worth of earnings. Losses at that level, while disappointing, leave the
company in very strong financial shape with $3.8 billion in net worth. The
current management team has an excellent long-term track record growing net
worth per share at 14.8% and 14.6% over the last five and ten years,
respectively.

We have been asked numerous times why we own insurance stocks going
into hurricane season. The best analogy we can think of is flying on a
commercial flight today versus in 2001. After the terrorist attacks of 2001,
people became aware of the risks of flying and were afraid to fly. However,
the risk was always there -- we just weren't aware of it. Today, it is safer
to fly than at any time in the past. We have better security screening, the
no-fly list, air marshals, and reinforced cockpit doors. After becoming aware
of the risk -- the industry put in changes to address it.

FAM Value Fund [LOGO]

Like the airline industry, the insurance industry is making changes to
reduce the losses incurred in natural disasters. Insurance companies are
writing less coverage, charging more, and using new techniques to measure
losses. These changes should result in lower losses going forward.

Our second worst performer was auto supplier Gentex (-27.3%) with a
loss of almost $7 million. Gentex is a unique company in that it is a
financially strong and highly profitable auto supplier. The company has been
hurt by the well-publicized problems at General Motors. However, offsetting
this challenge is very good news about non-GM sales and new products. We
believe that GM will continue to be a declining percent of Gentex sales.
Offsetting this will be growth in sales to other manufacturers, like Honda
and Toyota.

The third weakest holding was Federated Investors (-14.1%) with a loss
of almost $6 million. Federated is the leading investment management firm in
money market funds. The company reported a poor first quarter in April. This
poor performance was a surprise to many investors, including us. We continue
to believe that when the Fed stops increasing interest rates, money market
mutual funds will receive much more investor attention. This is the
historical pattern that we have observed in studying the company. The
increased interest in money funds will generate good asset and profit growth
at Federated. In addition, the company has recently announced an acquisition
which can lead to substantial growth in its equity business.

Our Investment Outlook

A few weeks ago we received a phone call from a broker at a major Wall Street
firm. In the ensuing conversation he mentioned that in fifteen years of
working on Wall Street, he had never heard so much confusion from his clients
about the future of the economy. We agree. It is a very confusing time with a
lot of contradicting data. On the one hand, the economy is very good with
solid growth, low unemployment and historically low interest rates. On the
other hand, (as economists like to say) there are challenges, such as
possibly higher inflation and a slowdown in consumer spending.

We do not know how these events will unfold. Even in this uncertain
environment we continue to look for investment opportunities that have four
characteristics:

1) An understandable business with strong competitive position,

2) Financial strength exhibited by cash flow, low debt, and high
return on capital,

3) Honest and capable management,

4) A low price relative to the company's value -- a margin of safety.

If we cannot find opportunities that meet all four criteria, we will
hold cash reserves until such time that investments are available.

One subtle change you may have noticed in this letter is we are
investing in some larger companies. Both new ideas mentioned in this report,
Bed Bath and Golden West, have total market capitalizations in excess of $10
billion. We are very close to purchasing two additional ideas that have
market capitalizations greater than $6 billion.

For the last six years small company stocks have outperformed large
company stocks. There have been many articles in the press over the years
with various experts trying to pick the time when this trend will reverse,
and large company stocks will do better. We have no opinion on

FAM Value Fund [LOGO]

this broad trend. However, we are seeing a number of excellent large
companies selling at price earnings ratios of 11 to 15 times earnings.
Historically, buying great companies at these multiples of earnings has been
very rewarding.

Capital Gains Distribution

Given our successful sales of highly-valued stocks and three substantial
acquisitions this year, we have an above average capital gain, based on
6/30/06 shares outstanding, of $1.85 per share. The actual distribution will
be determined at the end of December. While it is our desire to hold stocks
for long periods of time and pay out long-term gains, we have no control over
the timing of merger announcements. Therefore, due to the timing of the SFA
and Golden West deals approximately $.47 a share is a short-term gain. We are
aware of the fact that shareholders do not like a capital gains distribution
in a "flat" year. However, we believe selling over-valued securities and
preserving capital is of primary importance.

Long Term Returns

Below is a comparison of the FAM Value Fund's returns to two market indexes
over various time periods.

Average Annual Total Returns as of June 30, 2006

1-Year 3-Year 5-Year 10-Year Life of Fund*
(1/2/87)

FAM Value Fund
(Investor Shares) 3.84% 12.05% 8.48% 11.33% 12.21%
(Advisor Shares) 2.91% 10.91% N/A N/A 10.91%
S&P 500 Index 8.63% 11.21% 2.49% 8.31% 11.42%
Russell 2000 Index 14.58% 18.70% 8.50% 9.05% 9.00%

*FAM Value Fund Investor Shares were launched on January 2, 1987.
FAM Value Fund Advisor Shares were launched on July 1, 2003.

The performance table does not reflect the deduction of taxes that a
shareholder would pay on Fund distributions or the redemption of Fund shares.

Thank you for your trust and confidence in FAM Value Fund.

Sincerely,

/s/ John D. Fox /s/ Thomas O. Putnam

John D. Fox, CFA Thomas O. Putnam
Co-Manager Co-Manager

FAM Value Fund -- Portfolio Data (Unaudited) [LOGO]

As of June 30, 2006

COMPOSITION OF NET ASSETS

Temporary Investments 16.0%
Property & Casualty Insurance 10.6%
Machinery & Equipment 7.3%
Banking 6.0%
Construction Materials 5.4%
Insurance Agency 5.3%
Retail Stores 4.9%
Restaurants 3.7%
Healthcare Services 3.7%
Home Furnishings 3.3%
Investment Management 3.2%
Wholesale Distribution 3.2%
Real Estate Development 2.9%
Electronic Equipment 2.4%
Recreation & Entertainment 2.3%
Transportation 2.3%
Retail Apparel 2.3%
Media 2.1%
Life Insurance 2.1%
Registered Investment Company 2.0%
Pharmaceuticals 2.0%
Other 7.0%

Statement Regarding Availability of Quarterly Portfolio Schedule. Please note
that (i) the Fund files its complete schedule of portfolio holdings with the
Securities and Exchange Commission for the first and third quarters of each
fiscal year on Form N-Q; (ii) the Fund's Forms N-Q are available on the
Commission's website at http://www.sec.gov; (iii) the Fund's Form N-Q may be
reviewed and copied at the Commission's Public Reference Room in Washington,
DC, and that information on the operation of the Public Reference Room may be
obtained by calling 1-800-SEC-0330; and (iv) the Fund makes the information
on Form N-Q available to shareholders upon request, by calling FAM Funds at
1-800-932-3271.

FAM Value Fund -- Expense Data (Unaudited) [LOGO]

As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including redemption fees on the Advisor Class Shares; and (2) ongoing
costs, including management fees; distribution (and/or service) (12b-1) fees;
and other Fund expenses. This Example is intended to help you understand your
ongoing costs (in dollars) of investing in the Fund and to compare these
costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the
beginning of the period and held for the entire period (12/31/2005 to
6/30/2006).

Actual Expenses

Lines (A) and (B) of the following table provides information about actual
account values and actual expenses for Investor Class Shares and Advisor
Class Shares, respectively. You may use the information in this line,
together with the amount you invested, to estimate the expenses that you paid
over the period. Simply divide your account value by $1,000 (for example, an
$8,600 account value divided by $1,000 = 8.6), then multiply the result by
the number in the line for your share class under the heading entitled
"Expenses Paid During Period" to estimate the expenses you paid on your
account during this period.

Hypothetical Example for Comparison Purposes

Lines (C) and (D) of the following table provides information about
hypothetical account values and hypothetical expenses based on the Fund's
actual expense ratio and an assumed rate of return of 5% per year before
expenses, which is not the Fund's actual return for the Investor Class Shares
and Advisor Class Shares, respectively. The hypothetical account values and
expenses may not be used to estimate the actual ending account balance or
expenses you paid for the period. You may use this information to compare the
ongoing costs of investing in the Fund and other funds. To do so, compare
this 5% hypothetical example with the 5% hypothetical examples that appear in
the shareholder report of other funds.

Please note that the expenses shown in the table are meant to highlight
your ongoing costs only and do not reflect any transactional costs, such as
redemptions fees. Therefore, lines (C) and (D) of the table are useful in
comparing ongoing costs only, and will not help you determine the relative
costs of owning different funds. In addition, if these transactional costs
were included, your costs would have been higher.

FAM Value Fund -- Expense Data (Unaudited) [LOGO]

SIX MONTHS ENDED JUNE 30, 2006

Beginning Ending Expenses
Account Value Account Value Paid
12/31/2005 6/30/2006 During Period

Ongoing Costs Based on Actual Fund Return
A. Investor Share Class $1,000.00 $1,000.60 $ 5.80*
B. Advisor Share Class $1,000.00 $ 995.80 $10.69**

Ongoing Costs Based on Hypothetical
5% Yearly Return
C. Investor Share Class $1,000.00 $1,019.20 $ 5.86*
D. Advisor Share Class $1,000.00 $1,014.29 $10.79**

*Expenses are equal to the Fund's Investor Class Shares annualized
expense ratio of (1.17%), multiplied by the average account value over the
period, multiplied by 181/365 (to reflect the one-half-year period).

**Expenses are equal to the Fund's Advisor Class Shares annualized expense
ratio of (2.16%), multiplied by the average account value over the period,
multiplied by 181/365 (to reflect the one-half-year period).

FAM Value Fund -- Statement of Investments [LOGO]

June 30, 2006 (Unaudited)

SHARES VALUE

COMMON STOCKS (83.9%)

Auto Parts & Equipment (1.7%)

Gentex Corp.
o designs, develops, manufactures
and markets electro-optic products,
including automatic-dimming
rearview mirrors for the automotive industry 1,240,000 $ 17,360,000

Automotive (1.0%)

CarMax, Inc.*
o specialty retailer of used cars and
light-trucks in the United States 300,000 10,638,000

Banking (6.0%)

Golden West Financial Corp.
o bank holding company located in Oakland, CA 100,000 7,420,000

M&T Bank Corporation
o bank holding company located in Buffalo, NY 143,000 16,862,560

TCF Financial Corp.
o holding company for TCF National Bank,
operating throughout the Midwest 796,000 21,054,200

Westamerica Bancorp
o provides banking services to individual
and corporate customers in California 350,100 17,144,397

62,481,157

Construction Materials (5.4%)

Florida Rock Industries
o basic construction materials company 177,075 8,795,315

Martin Marietta Materials
o produces aggregates for the
construction industry 253,443 23,101,329

Vulcan Materials Company
o produces, distributes and sells construction
materials and industrial and specialty chemicals 306,165 23,880,870

55,777,514

Consumer Products (0.5%)

CSS Industries, Inc.
o giftware, bows, Halloween and Easter
novelty products 188,475 5,418,656

Electronic Equipment (2.4%)

American Power Conversion
o manufactures power protection equipment
for computers 449,055 8,752,082

See Notes to Financial Statements.

FAM Value Fund -- Statement of Investments continued [LOGO]

June 30, 2006 (Unaudited)

SHARES VALUE

Electronic Equipment (2.4%) continued

Cognex Corp.
o develops, manufactures and markets
machine vision systems used to
automate manufacturing processes 39,200 $ 1,020,376

Zebra Technologies Corp.*
o designs, manufactures and supports bar code
label printers 442,202 15,105,620

24,878,078

Health Care Services (3.7%)

Amsurg Corp.*
o develops, acquires and operates practice-based
ambulatory surgery centers in partnership with
physician practice groups in the U.S. 696,150 15,837,413

Lincare Holdings*
o provides respiratory therapy services
to patients in the home 350,000 13,244,000

Pediatrix Medical Group, Inc.*
o healthcare services company focused on physician
services for newborn, maternal-fetal and other
pediatric subspecialty care 200,000 9,060,000

38,141,413

Home Furnishings (3.3%)

Ethan Allen Interiors, Inc.
o manufactures and retails home furnishings 469,175 17,148,346

Mohawk Industries, Inc.*
o produces floor covering products for
residential and commercial applications 240,000 16,884,000

34,032,346

Insurance Agency (5.3%)

Brown & Brown, Inc.
o one of the largest independent general
insurance agencies in the U.S. 1,879,696 54,924,717

Investment Management (3.2%)

Federated Investors, Inc.
o provides investment management products
and services primarily to mutual funds 1,050,000 33,075,000

Life Insurance (2.1%)

Protective Life Corporation
o individual and group life/health insurance
and guaranteed investment contracts 471,400 21,976,668

See Notes to Financial Statements.

FAM Value Fund -- Statement of Investments continued [LOGO]

June 30, 2006 (Unaudited)

SHARES VALUE

Machinery & Equipment (7.3%)

Donaldson Company, Inc.
o designs, manufactures and sells
filtration systems and replacement parts 311,200 $ 10,540,344

Graco
o supplies systems and equipment for the
management of fluids in industrial, commercial
and vehicle lubrication applications 261,550 12,026,069

IDEX Corporation
o manufactures proprietary, highly engineered
industrial products and pumps 514,500 24,284,400

Kaydon Corporation
o custom-engineers products including bearings,
filters, and piston rings 780,750 29,129,783

75,980,596

Media (2.1%)

Meredith Corporation
o magazine publishing and tv broadcasting 447,450 22,166,673

Pharmaceuticals (2.0%)

Barr Pharmaceuticals*
o specialty pharmaceutical company that
develops, manufactures and markets both
generic and pharmaceutical products 250,000 11,922,500

Forest Laboratories, Inc.*
o develops, manufactures and sells prescription
and non-prescription pharmaceutical products 226,000 8,743,940

20,666,440

Property and Casualty Insurance (10.6%)

Berkshire Hathaway Inc.*
o holding company for various insurance
and industrial companies 395 36,205,305

Markel Corporation*
o sells specialty insurance products 61,850 21,461,950

White Mountains Ins. Grp., Ltd.
o personal property and casualty, and reinsurance 107,275 52,242,925

109,910,180

Publishing (1.9%)

John Wiley & Sons, Inc.
o publisher of print and electronic products,
specializing in scientific, technical professional
and medical books and journals 599,583 19,906,156

See Notes to Financial Statements.

FAM Value Fund -- Statement of Investments continued [LOGO]

June 30, 2006 (Unaudited)

SHARES VALUE

Real Estate Development (2.9%)

Forest City Enterprises
o ownership, development, management and
acquisition of commercial and residential
real estate properties 600,000 $ 29,946,000

Recreation and Entertainment (2.3%)

International Speedway Corporation
o owns and operates auto racing tracks
including Daytona 515,688 23,912,453

Recreation Vehicles (1.7%)

Winnebago Industries
o manufacturer of self-contained recreational
vehicles used primarily in leisure travel 559,000 17,351,360

Registered Investment Company (2.0%)

Allied Capital Corp
o venture capital corporation for entrepreneurs
and management 736,391 21,185,969

Restaurants (3.7%)

Outback Steakhouse
o operates a diversified restaurant system including
Outback Steakhouse, Carrabba's Italian Grill,
Roy's and Bonefish Grill 509,700 17,635,620

YUM! Brands, Inc.
o quick service restaurants including KFC,
Pizza Hut and Taco Bell 416,800 20,952,536

38,588,156

Retail Apparel (2.3%)

Liz Claiborne, Inc.
o designs and markets an extensive range
of branded men's and women's apparel,
accessories and fragrance 635,150 23,538,659

Retail Stores (4.9%)

Bed Bath & Beyond, Inc.*
o national chain of retail stores selling domestic
merchandise such as bed linens, bath items,
kitchen textiles and home furnishings 553,000 18,343,010

Ross Stores, Inc.
o chain of off-price retail apparel and
home accessories stores 921,422 25,845,887

See Notes to Financial Statements.

FAM Value Fund -- Statement of Investments continued [LOGO]

June 30, 2006 (Unaudited)

SHARES VALUE

Retail Stores (4.9%) continued

Whole Foods Market, Inc.
o national grocery store selling organic
and natural products 100,000 $ 6,464,000

50,652,897

Telecommunications Services (0.1%)

Hickory Tech Corp.
o small local telephone company in Minnesota 232,480 1,627,360

Transportation (2.3%)

Heartland Express, Inc.
o short-to-medium-haul truckload carrier
of general commodities 1,333,333 23,853,327

Wholesale Distribution (3.2%)

CDW Corp.
o direct marketing of multibrand computers
and related technology products and services 383,900 20,980,135

SCP Pool Corp.
o wholesale distributor of
swimming pool supplies 275,950 12,039,699

33,019,834

Total Common Stocks (Cost $575,682,548) $ 871,009,609

TEMPORARY INVESTMENTS (16.1%)

Money Market Fund (2.7%)

First American Treasury Fund 27,509,105 27,509,105

U.S. Government Obligations (13.4%) PRINCIPAL

U.S. Treasury Bill, 4.8%,
with maturity to 8/17/06 $70,000,000 69,572,300

U.S. Treasury Bill, 4.8%,
with maturity to 8/24/06 $70,000,000 69,511,750

139,084,050

Total Temporary Investments (Cost $166,593,155) $ 166,593,155

Total Investments (Cost $742,275,703) (100%) $1,037,602,764

*Non-income producing securities.

See Notes to Financial Statements.

FAM Value Fund [LOGO]

June 30, 2006 (Unaudited)

STATEMENT OF ASSETS AND LIABILITIES

Assets
Investment in securities at value (Cost $742,275,703) $1,037,602,764
Cash 171,229
Receivable for investment securities sold 4,323,592
Dividends and interest receivable 365,651

Total Assets 1,042,463,236

Liabilities
Payable for investment securities purchased 2,873,758
Accrued investment advisory fees 851,552
Accrued shareholder servicing and administrative fee 101,190
Accrued expenses 143,155

Total Liabilities 3,969,655

Net Assets
Source of Net Assets:
Net capital paid in on shares of beneficial interest $ 699,811,355
Undistributed net investment income 3,362,203
Accumulated net realized gain 39,992,962
Net unrealized appreciation 295,327,061

Net Assets $1,038,493,581

Net Asset Value Per Share
Investor Class Shares -- based on net assets of
$1,030,429,913 and 21,454,340 shares outstanding $48.03
Advisor Class Shares -- based on net assets of
$8,063,668 and 170,946 shares outstanding $47.17

See Notes to Financial Statements.

FAM Value Fund [LOGO]

Six Months Ended June 30, 2006 (Unaudited)

STATEMENT OF OPERATIONS

INVESTMENT INCOME

Income
Dividends $ 6,123,952
Interest 3,611,566

Total Investment Income 9,735,518

Expenses
Investment advisory fee (Note 2) 5,395,440
Administrative fee (Note 2) 387,899
Shareholder servicing and related expenses (Note 2) 234,796
Printing and mailing 101,163
Professional fees 38,123
Registration fees 55,263
Custodial fees 54,787
Trustees and Officers 41,069
Distribution and Service Fees --
Advisor Class Shares (Note 2) 41,288
Other 50,131

Total Expenses 6,399,959
Less: Investment advisory fee waived (Note 2) (21,760)

Net Expenses 6,378,199

Net Investment Income 3,357,319

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investments 39,992,962
Unrealized depreciation of investments (41,647,629)

Net Loss on Investments (1,654,667)

NET INCREASE IN NET ASSETS FROM OPERATIONS $ 1,702,652

See Notes to Financial Statements.

FAM Value Fund [LOGO]

Six Months Ended June 30, 2006 (Unaudited) and Year Ended December 31, 2005

STATEMENT OF CHANGES IN NET ASSETS

Six Months Year Ended
Ended June 30, December 31,
2006 2005

CHANGE IN NET ASSETS
FROM OPERATIONS:
Net investment income $ 3,357,319 $ 8,306,764
Net realized gain on investments 39,992,962 19,557,451
Unrealized appreciation (depreciation)
of investments (41,647,629) 30,224,842

Net Increase in Net Assets
From Operations 1,702,652 58,089,057

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income
Investor Class -- (8,305,767)
Advisor Class -- --
Net realized gain on investments
Investor Class -- (19,411,954)
Advisor Class -- (143,905)
TRANSACTIONS IN SHARES OF
BENEFICIAL INTEREST (NOTE 3): (60,570,029) 145,912,510

Total Increase (Decrease) in Net Assets (58,867,377) 176,139,941

NET ASSETS:
Beginning of period 1,097,360,958 921,221,017

End of period $1,038,493,581 $1,097,360,958

See Notes to Financial Statements.

FAM Value Fund -- Notes to Financial Statements (Unaudited) [LOGO]

Note 1. Nature of Business and Summary of Significant Accounting Policies

FAM Value Fund (the "Fund") is a series of Fenimore Asset Management Trust, a
diversified, open-end management investment company registered under the
Investment Company Act of 1940. The Fund offers two classes of shares
(Investor Class and Advisor Class since January 2, 1987 and July 1, 2003,
respectively). Each class of shares has equal rights as to earnings and
assets except the Advisor Class bears its own distribution expenses. Each
class of shares has exclusive voting rights with respect to matters that
affect just that class. Income, expenses (other than expenses attributable to
a specific class), and realized and unrealized gains or losses on investments
are allocated to each class of shares based on its relative net assets. The
investment objective of the Fund is to maximize long-term total return on
capital. The following is a summary of significant accounting policies
followed in the preparation of its financial statements.

a) Valuation of Securities

Securities traded on a national securities exchange or admitted to
trading on NASDAQ are valued at the last reported sale price or the
NASDAQ official closing price. Common stocks for which no sale was
reported, and over-the-counter securities, are valued at the last
reported bid price. Short-term securities are carried at amortized cost,
which approximates value. Securities for which market quotations are not
readily available or have not traded are valued at fair value as
determined by procedures established by the Board of Trustees.
Investments in First American Treasury Fund are valued at that fund's net
asset value.

b) Federal Income Taxes

It is the 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 tax is required.

c) Use of Estimates

The preparation of financial statements in conformity with generally
accepted accounting principles 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 increases and decreases
in net assets from operations during the reporting period. Actual results
could differ from those estimates.

d) Other

Securities transactions are recorded on trade date. Realized gains and
losses on securities sold are determined on the basis of identified cost.
Interest income is accrued as earned and dividend income is recorded on
the ex-dividend date. Distributions to shareholders, which are determined
in accordance with income tax regulations, are recorded on the
ex-dividend date.

FAM Value Fund -- Notes to Financial Statements (Unaudited) [LOGO]

Note 2. Investment Advisory Fees and Other Transactions with Affiliates

Under the Investment Advisory Contract, the Fund pays an investment advisory
fee to Fenimore Asset Management, Inc. (the "Advisor") equal, on an annual
basis, to 1% of the Fund's average daily net assets. The Advisor has entered
into a voluntary agreement with the Fund to reduce the investment advisory
fee for the Fund through December 31, 2006 to 0.95% of the Fund's average
daily net assets in excess of $1 billion. For the period ended June 30, 2006,
the Advisor waived $21,760 as a result of this investment advisory fee
limitation agreement. Thomas Putnam is an officer and trustee of the Fund and
also an officer and director of the Advisor.

The Investment Advisory Contract requires the Advisor to reimburse the
Investor Class for its expenses to the extent that such expenses, including
the advisory fee, for the fiscal year exceed 2.00% of the average daily net
assets. For the period ended June 30, 2006 the Advisor contractually agreed
to reimburse the Fund for its expenses to the extent such expenses exceed
1.28% and 2.28% of the average daily net assets of the Investor Class and
Advisor Class, respectively. No such reimbursement was required for the
period ended June 30, 2006.

FAM Shareholder Services, Inc. (FSS), a company under common control
with the Advisor, serves as shareholder servicing agent and receives a
monthly fee of $2.00 per shareholder account. For the period ended June 30,
2006, shareholder servicing agent fees paid to FSS amounted to $234,796.
Additionally, FSS serves as the Fund administrative agent and receives an
annual fee of 0.075% on the first $750,000,000 of the Fund's average daily
net assets, 0.065% thereafter.

Fenimore Securities, Inc. (FSI), a company also under common control
with the Advisor, acts as distributor of the Fund's shares. On July 1, 2003,
the Fund adopted a distribution plan pursuant to Rule 12b-1 under the
Investment Company Act of 1940 for the Advisor Class of shares. Under the
plan the Fund pays FSI a total of 1.00% per annum of the Advisor Class
shares' average daily net assets.

FAM Value Fund -- Notes to Financial Statements (Unaudited) [LOGO]

Note 3. Shares of Beneficial Interest

At June 30, 2006 an unlimited number of $.001 par value shares of beneficial
interest were authorized. The Advisor Class of shares that are redeemed
within the first eighteen months of purchase are subject to a 1.00%
redemption fee. For the period ended June 30, 2006, redemption fees amounted
to $1,343 and were credited to paid in capital. Transactions were as follows:

SIX MONTHS ENDED 6/30/06 YEAR ENDED 12/31/05

Shares Amount Shares Amount

Shares sold
Investor Class 1,431,340 $ 70,671,292 5,895,231 $ 276,728,327
Advisor Class 15,887 779,551 59,170 2,743,877
Shares issued on
reinvestment of dividends
Investor Class -- -- 555,383 26,769,471
Advisor Class -- -- 2,839 139,222
Shares redeemed
Investor Class (2,674,457) (131,357,959) (3,381,827) (159,900,125)
Advisor Class (13,660) (662,913) (12,121) (568,262)

Net Increase (Decrease) from
Investor Class Share Transactions (1,243,117) $ (60,686,667) 3,068,787 $ 143,597,673

Net Increase from Advisor Class
Share Transactions 2,227 $ 116,638 49,888 $ 2,314,837

FAM Value Fund -- Notes to Financial Statements (Unaudited) [LOGO]

Note 4. Investment Transactions

During the period ended June 30, 2006, purchases and sales of investment
securities, other than short term obligations were $86,253,745 and
$151,841,353. The cost of securities for federal income tax purposes is
substantially the same as shown in the investment portfolio. Realized gains
and losses are reported on an identified cost basis.

The aggregate gross unrealized appreciation and depreciation of portfolio
securities, based on cost for federal income tax purposes, was as follows:

Unrealized appreciation $309,160,496
Unrealized depreciation (13,833,435)

Net unrealized appreciation $295,327,061

Note 5. Line of Credit

FAM Value Fund has a line of credit up to 33 1/3% of total net assets or a
maximum of $200,000,000. Borrowings under the agreement bear interest at the
prime rate as announced by the lending bank. The line of credit is available
until December 1, 2006 when any advances are to be repaid. During the period
ended June 30, 2006 no amounts were drawn from the available line.

Note 6. Commitments and Contingencies

In the normal course of business, the Fund enters into contracts that contain
a variety of representations and warranties which provide general
indemnifications. The Fund's maximum exposure under these arrangements is
unknown as this would involve future claims that might be made against the
Fund that have not yet occurred. However, based on experience of the Advisor,
the Fund expects the risk of loss to be remote.

FAM Value Fund -- Notes to Financial Statements [LOGO]

Note 7. Financial Highlights

FAM VALUE FUND -- INVESTOR CLASS SHARES

Six Months
Ended June 30,
(Unaudited) Years Ended December 31,

Per share information
(For a share outstanding
throughout the period) 2006 2005 2004 2003 2002 2001

Net asset value,
beginning of period $ 48.00 $ 46.65 $ 41.15 $ 33.69 $ 36.17 $ 32.70

Income from investment operations:
Net investment income+ 0.15 0.39 0.09 0.10 0.11 0.17
Net realized and unrealized
gain (loss) on investments (0.12) 2.20 6.84 8.32 (2.04) 4.77

Total from investment
operations 0.03 2.59 6.93 8.42 (1.93) 4.94

Less distributions:
Dividends from net
investment income -- (0.37) (0.07) (0.09) (0.11) (0.17)
Distributions from net
realized gains -- (0.87) (1.36) (0.87) (0.44) (1.30)

Total distributions -- (1.24) (1.43) (0.96) (0.55) (1.47)

Change in net asset value
for the period 0.03 1.35 5.50 7.46 (2.48) 3.47

Net asset value, end of period $ 48.03 $ 48.00 $ 46.65 $ 41.15 $ 33.69 $ 36.17

Total Return 0.06%* 5.56% 16.86% 24.98% (5.33)% 15.07%

Ratios/supplemental data
Net assets, end of period (000) $1,030,430 $1,089,369 $915,742 $578,579 $469,277 $501,417

Ratios to average net assets of:
Expenses 1.17%** 1.18% 1.20% 1.24% 1.21% 1.21%
Net investment income 0.63%** 0.82% 0.20% 0.26% 0.30% 0.56%
Portfolio turnover rate 9.39% 14.25% 10.29% 9.43% 17.51% 9.62%

+Based on average shares outstanding.

*Not Annualized

**Annualized

FAM Value Fund -- Notes to Financial Statements [LOGO]

Note 7. Financial Highlights (continued)

FAM VALUE FUND -- ADVISOR CLASS SHARES

Six Months
Ended June 30, Period Ended
(Unaudited) Years Ended December 31, December 31,

Per share information
(For a share outstanding throughout the period) 2006 2005 2004 2003+

Net asset value, beginning of period $47.37 $46.11 $40.96 $37.10

Income from investment operations:
Net investment income (loss)++ (0.09) (0.09) (0.35) 0.00
Net realized and unrealized gain on investments (0.11) 2.22 6.86 4.82

Total from investment operations (0.20) 2.13 6.51 4.82

Less distributions:
Dividends from net investment income -- -- -- (0.09)
Distributions from net realized gains -- (0.87) (1.36) (0.87)

Total distributions -- (0.87) (1.36) (0.96)

Change in net asset value for the period (0.20) 1.26 5.15 3.86

Net asset value, end of period $47.17 $47.37 $46.11 $40.96

Total Return (0.42)%* 4.62% 15.91% 12.99%*

Ratios/supplemental data
Net assets, end of period (000) $8,064 $7,992 $5,479 $1,562

Ratios to average net assets of:
Expenses 2.16%** 2.18% 2.20% 2.25%**
Net investment income (loss) (0.37)%** (0.19)% (0.80)% (0.02)%**
Portfolio turnover rate 9.39% 14.25% 10.29% 9.43%

+Beginning of period reflects Advisor Class Shares inception date of 7/1/03.

++Based on average shares outstanding.

*Not Annualized.

**Annualized.

FAM Equity-Income Fund [LOGO]

Dear Fellow Equity-Income Fund Shareholder:

The Fund's performance was disappointing for the first half of the year. The
Fund got off to a good start in the first quarter, but the market correction
during the second quarter left the Fund down 0.85% for the first half. This
is below the performance of both the S&P 500 (+2.71%) and the Russell 2000
(+8.21%) over the same time period.

While we are disappointed with the investment return for the first six
months of the year, we are still very up-beat about the portfolio. We are
focused on our long-term process which has endured through many a choppy
market. This is a good time for a refresher on how we invest your money and
how we manage the Fund.

FAM Investment Process 101 -- Summer School

First, we strive to generate a consistent absolute performance while taking
on as little risk as possible. We do this by using a rigorous time-tested
research process. We look for good businesses that are growing and leaders in
their industry. We want them to have solid financial characteristics such as
strong cash flow, little or no debt, cash in the bank, and high returns on
their invested capital. It's also important to have a management team that is
honest, ethical, and forthright. We want them to have an exceptional
understanding of the economics of their industry and a proven ability to
execute their strategy.

Once we find such a company, we build financial models that concentrate
not only on the earnings of the company but the financial strength of the
balance sheet as well as the cash flow generation. We use these models to
make estimates of what the company is worth today and what the company will
be worth five years from today. This disciplined valuation process helps us
to not overpay for an investment. It also gives us a concrete way to know if
a stock is ahead of itself and if we should take money off the table.

A key component of our investment approach is visiting with the
management of the companies we own at least once a year. We spend a lot of
time on the road checking the story, and reaffirming our investment thesis.
These management meetings have proven invaluable to our unique investment
process as we tend to gain additional insight into how management thinks.
Throughout the years, this has served us extremely well. Odd as it may sound,
there are many disastrous examples of companies with managements that have
not necessarily behaved rationally or economically. We feel our onsite visits
tend to limit our exposure to these types of management.

Once a company makes it past all the hurdles of the research process
and into the portfolio, we would like to hold that investment for at least
five years. Our goal is for that investment to double. We are not looking for
a quick 15% or 20% return. This timeframe gives management plenty of time to
execute their strategy. This buy-and-hold strategy also helps minimize the
taxes the Fund passes on to shareholders. Paying less in taxes is a good
thing.

Finally, this process leads us to running a fairly concentrated
portfolio. Currently, the Fund is invested in twenty-nine companies that we
feel meet all our investment criteria. Again, our goal is to generate
long-term consistent results, not to look like the market.

FAM Equity-Income Fund [LOGO]

One last note on our process -- don't read the newspapers. Of course
you have to read the newspapers to know what is going on, but you must
realize that the newspapers are overly gloomy and pessimistic. Remember the
old adage, bad news sells. If we just stayed in the office and read the
newspaper we, too, may be scared into selling even the most attractive of
investments. The real trick is to read the newspaper for informational
content and skip over much of the negative stuff.

Best and Worst Performing Companies

The best performing group in the portfolio was the Aggregates. Vulcan
Materials (+16.2%) and Martin Marietta Materials (+19.4%) both benefited from
continued strong demand as well as higher selling prices for their product.
We trimmed both of these positions as their stock prices rose to peak levels
during the period.

Another strong area in the portfolio was the Industrial sector. Kaydon
Corp. (+16.8%), IDEX Corp. (+15.5%), and Donaldson (+7.0%) all performed
nicely in the first half of the year. These companies all participate in the
robust economy as companies invest in their infrastructure. We think this
trend will continue for several years; however, we took the opportunity to
trim IDEX and Kaydon as the market was peaking because the near-term
valuations started to look just a little too rich to our liking.

Finally, Courier Corp. (+17.2%) continues to increase the value of its
franchise by adding four-color capacity to its book manufacturing operations,
acquiring a high-end book cover company and acquiring a specialty
do-it-yourself book publisher. This is one of the best-performing companies
in the Fund since we took our initial position back in 2002.

The worst performing company in the Fund for the first six months of
the year was Gentex (-27.3%). This company has one of the highest returns on
invested capital in the industry and has a fortress-like balance sheet with
$4 per share in cash and no long-term debt. Historically, the profitability
of Gentex has also led the industry, but more recently the company has
struggled with margin compression. Part of this is due to unscheduled price
concessions to one particularly large customer. Margins were also negatively
impacted from lower unit shipments to General Motors. We expect the situation
will improve over the next twelve months as international sales become a
larger piece of total sales. We also expect that some of the current
uncertainty surrounding General Motors will abate.

The next largest negative impact on the portfolio was Federated
Investors (-14.1%). The company reported lower than expected money market
fund inflows in the quarter. This was due to losing the business of a large
customer which was acquired by another institution that already had its own
money funds in place. On the positive side, flows into bond funds and equity
funds were ahead of our expectations. Federated was the largest holding in
the Fund at the end of the year, which magnified Federated's impact on the
Fund.

Portfolio Actions

During the first quarter there were several companies that we thought were
hitting the higher limits of their valuation range. While we like the
long-term prospects of these companies, we felt

FAM Equity-Income Fund [LOGO]

it prudent to at least sell some shares to reduce the downside risk. These
sales have worked out nicely and helped to preserve capital. In general, the
aggregates and industrial companies fall into this category.

Additionally, we sold our position in two companies that are being sold
to other companies. In the case of Scientific Atlanta, we realized a nice
increase in price; however, we were sorry to see the company go because they
have so many great opportunities ahead of them. In the case of North Fork
Bancorp, we didn't want to hold shares of the acquiring company so we exited
the position.

We also sold shares of an underperforming company and reduced our
position in another. We view this activity as upgrading the portfolio
quality.

During the second quarter, once the market sold off precipitously, we
put the proceeds of the above sales to work. We were able to add to seven of
our high-quality names at very attractive prices. We also added a new
holding, Franklin Resources, which is a premiere investment management
company.

Outlook

Over the past year we have upgraded the quality of the holdings in the
portfolio. We have sold the weaker holdings, added to the strongest holdings,
and invested in new opportunities which have brought the cash balance down to
a comfortable level. We are enthusiastic about the prospects of the companies
in the Fund and happy with the way the portfolio is structured. We also have
a number of companies we would like to add to the portfolio if they hit our
buy price.

The one constant from year-to-year is the consistent application of our
investment approach. We want to invest in the best companies where the odds
of success are solidly in our favor.

If you are on the fence about adding money to your account given the
uncertainties of the world, let us give you some perspective. Since the
inception of the Fund just over ten years ago, we have seen the Asian
currency crisis in '97, the Russian default on debt in '98, along with the
failure of the company Long-Term Capital Management, the bursting of the
technology bubble in '00, the terrorist attacks in '01, a war in Afghanistan,
a war in Iraq, and the corporate scandals of Enron and MCI WorldCom, just to
name a few. Despite all these events, the markets have moved higher. The
ten-year compound return of your Fund during this period is 10.41%. Looking
at the world through this lens, now could be a good time to add more money to
your account given the investment opportunities we see today.

Sincerely,

/s/ Paul Hogan

Paul Hogan, CFA
Co-Manager

/s/ Thomas O. Putnam

Thomas O. Putnam
Co-Manager

FAM Equity-Income Fund -- Performance Summary (Unaudited) [LOGO]

Average Annual Total Returns as of June 30, 2006

1-Year 3-Year 5-Year 10-Year Life of Fund*
(4/1/96)

FAM Equity-Income Fund
(Investor Shares) 1.32% 9.77% 8.85% 10.41% 10.37%
(Advisor Shares) 0.33% 8.67% N/A N/A 8.67%
S&P 500 Index 8.63% 11.21% 2.49% 8.31% 8.56%
Russell 2000 Index 14.58% 18.70% 8.50% 9.05% 9.42%

*FAM Equity-Income Fund Investor Shares were launched on April 1, 1996.
FAM Equity-Income Fund Advisor Shares were launched on July 1, 2003.

The performance table does not reflect the deduction of taxes that a
shareholder would pay on Fund distributions or the redemption of Fund shares.

FAM Equity-Income Fund -- Portfolio Data (Unaudited) [LOGO]

As of June 30, 2006

COMPOSITION OF NET ASSETS

Publishing 9.4%
Construction Materials 7.7%
Machinery & Equipment 7.2%
Temporary Investments 6.9%
Banking 6.8%
Retail Stores 6.1%
Investment Management 5.5%
Retail Apparel 4.7%
Recreation Vehicles 4.6%
Auto Parts & Equipment 4.5%
Recreation & Entertainment 4.1%
Wholesale Distribution 4.1%
Registered Investment Companies 3.5%
Media 3.2%
Commercial Services 3.0%
Restaurants 2.9%
Transportation 2.8%
Life Insurance 2.6%
Insurance Agency 2.2%
Home Furnishings 2.0%
Other 1.7%

FAM Equity-Income Fund -- Expense Data (Unaudited) [LOGO]

The Example is based on an investment of $1,000 invested at the
beginning of the period and held for the entire period (12/31/2005 to
6/30/2006).

Actual Expenses

Hypothetical Example for Comparison Purposes

Please note that the expenses shown in the table are meant to highlight
your ongoing costs only and do not reflect any transactional costs, such as
redemptions fees. Therefore, the second line of the table is useful in
comparing ongoing costs only, and will not help you determine the relative
costs of owning different funds. In addition, if these transactional costs
were included, your costs would have been higher.

FAM Equity-Income Fund -- Expense Data (Unaudited) [LOGO]

SIX MONTHS ENDED JUNE 30, 2006

Beginning Ending Expenses
Account Value Account Value Paid
12/31/2005 6/30/2006 During Period

Ongoing Costs Based on Actual Fund Return
A. Investor Share Class $1,000.00 $ 991.50 $ 6.27*
B. Advisor Share Class $1,000.00 $ 986.40 $11.13**

Ongoing Costs Based on Hypothetical
5% Yearly Return
C. Investor Share Class $1,000.00 $1,018.70 $ 6.36*
D. Advisor Share Class $1,000.00 $1,013.79 $11.28**

*Expenses are equal to the Fund's Investor Class Shares annualized expense
ratio of (1.27%), multiplied by the average account value over the period,
multiplied by 181/365 (to reflect the one-half-year period).

**Expenses are equal to the Fund's Advisor Class Shares annualized expense
ratio of (2.26%), multiplied by the average account value over the period,
multiplied by 181/365 (to reflect the one-half-year period).

FAM Equity-Income Fund -- Statement of Investments [LOGO]

June 30, 2006 (Unaudited)

SHARES VALUE

COMMON STOCKS (93.1%)

Auto Parts & Equipment (4.5%)

Gentex Corp.
o designs, develops, manufactures
and markets electro-optic products,
including automatic-dimming
rearview mirrors for the automotive industry 510,000 $ 7,140,000

Banking (6.8%)

TCF Financial Corp.
o holding company for TCF National Bank,
operating throughout the Midwest 193,000 5,104,850

Westamerica Bancorp
o provides banking services to individual
and corporate customers in California 118,000 5,778,460

10,883,310

Commercial Services (2.9%)

McGrath RentCorp
o modular building and electronic test equipment
rentals, subsidiary classroom manufacturing 170,000 4,727,700

Construction Materials (7.6%)

Florida Rock Industries
o basic construction materials company 42,000 2,086,140

Martin Marietta Materials
o produces aggregates for the
construction industry 55,000 5,013,250

Vulcan Materials Company
o produces, distributes and sells construction
materials and industrial and specialty chemicals 66,200 5,163,600

12,262,990

Electronic Equipment (0.7%)

Cognex Corp.
o develops, manufactures and markets
machine vision systems used to
automate manufacturing processes 45,700 1,189,571

Home Furnishings (2.0%)

Ethan Allen Interiors
o manufactures and retails home furnishings 88,191 3,223,381

Insurance Agency (2.2%)

Brown & Brown, Inc.
o one of the largest independent general
insurance agencies in the U.S. 121,200 3,541,464

See Notes to Financial Statements.

FAM Equity-Income Fund -- Statement of Investments continued [LOGO]

June 30, 2006 (Unaudited)

SHARES VALUE

Investment Management (5.4%)

Federated Investors
o provides investment management products
and services primarily to mutual funds 221,900 $ 6,989,850

Franklin Resources, Inc.
o provides investment management and
fund administration services as well as
retail-banking and consumer lending services 20,000 1,736,200

8,726,050

Life Insurance (2.6%)

Protective Life Corporation
o individual and group life/health insurance and
guaranteed investment contracts 88,219 4,112,770

Machinery & Equipment (7.1%)

Donaldson Company, Inc.
o designs, manufactures and sells
filtration systems and replacement parts 88,800 3,007,656

IDEX Corporation
o manufactures proprietary, highly engineered
industrial products and pumps 100,137 4,726,466

Kaydon Corporation
o custom-engineers products including bearings,
filters, and piston rings 100,000 3,731,000

11,465,122

Media (3.2%)

Meredith Corporation
o magazine publishing and tv broadcasting 103,800 5,142,252

Property and Casualty Insurance (4.5%)

White Mountains Ins. Grp., Ltd.
o personal property and casualty, and reinsurance 14,775 7,195,425

Publishing (9.4%)

Courier Corporation
o manufactures and publishes specialty books,
including Dover Publications 197,250 7,893,945

John Wiley & Sons, Inc.
o publisher of print and electronic products,
specializing in scientific, technical professional
and medical books and journals 214,650 7,126,380

15,020,325

See Notes to Financial Statements.

FAM Equity-Income Fund -- Statement of Investments continued [LOGO]

June 30, 2006 (Unaudited)

SHARES VALUE

Recreation and Entertainment (4.1%)

International Speedway Corporation
o owns and operates auto racing tracks
including Daytona 142,500 $ 6,607,725

Recreation Vehicles (4.6%)

Winnebago Industries
o manufacturer of self-contained recreational
vehicles used primarily in leisure travel 239,500 7,434,080

Registered Investment Company (3.5%)

Allied Capital Corp.
o venture capital corporation for entrepreneurs
and management 193,714 5,573,152

Restaurants (2.9%)

Outback Steakhouse
o operates a diversified restaurant system including
Outback Steakhouse, Carrabba's Italian Grill,
Roy's and Bonefish Grill 134,850 4,665,810

Retail Apparel (4.7%)

Liz Claiborne, Inc.
o designs and markets an extensive range
of branded men's and women's apparel,
accessories and fragrance 204,025 7,561,167

Retail Stores (6.1%)

Ross Stores, Inc.
o chain of off-price retail apparel and
home accessories stores 349,041 9,790,600

Telecommunications Services (1.4%)

Hickory Tech Corp.
o small local telephone company in Minnesota 310,026 2,170,182

Transportation (2.8%)

Heartland Express, Inc.
o short-to-medium-haul truckload carrier
of general commodities 250,533 4,482,035

Wholesale Distribution (4.1%)

CDW Corp.
o direct marketing of multibrand computers
and related technology products and services 119,100 6,508,815

Total Common Stocks (Cost $121,363,484) $149,423,926

See Notes to Financial Statements.

FAM Equity-Income Fund -- Statement of Investments continued [LOGO]

June 30, 2006 (Unaudited)

SHARES VALUE

TEMPORARY INVESTMENTS (6.9%)

Money Market Fund (1.9%)

First American Treasury Fund 3,109,148 $ 3,109,148

U.S. Government Obligations (5.0%) PRINCIPAL

U.S. Treasury Bill, 4.8%,
with maturity to 8/24/06 $8,000,000 7,944,200

Total Temporary Investments (Cost $11,053,348) $ 11,053,348

Total Investments (Cost $132,416,832) (100%) $160,477,274

See Notes to Financial Statements.

FAM Equity-Income Fund [LOGO]

June 30, 2006 (Unaudited)

STATEMENT OF ASSETS AND LIABILITIES

Assets
Investment in securities at value (Cost $132,416,832) $160,477,274
Cash 107,757
Dividends and interest receivable 81,591
Receivable for investment securities sold 26,679

Total Assets 160,693,301

Liabilities
Payable for investment securities purchased 599,331
Accrued investment advisory fee 131,878
Accrued shareholder servicing and administrative fees 16,315
Accrued expenses 53,863

Total Liabilities 801,387

Net Assets
Source of Net Assets:
Net capital paid in on shares of beneficial interest $123,196,854
Undistributed net investment income 25,952
Accumulated net realized gain 8,608,666
Net unrealized appreciation 28,060,442

Net Assets $159,891,914

Net Asset Value Per Share
Investor Class Shares -- based on net assets of
$155,145,399 and 7,297,394 shares outstanding $21.26
Advisor Class Shares -- based on net assets of
$4,746,515 and 225,586 shares outstanding $21.04

See Notes to Financial Statements.

FAM Equity-Income Fund [LOGO]

Six Months Ended June 30, 2006 (Unaudited)

STATEMENT OF OPERATIONS

INVESTMENT INCOME

Income
Dividends $ 1,393,983
Interest 338,290

Total Investment Income 1,732,273

Expenses
Investment advisory fee (Note 2) 858,547
Administrative fee (Note 2) 64,391
Shareholder servicing and related expenses (Note 2) 38,586
Printing and mailing 23,885
Professional fees 2,507
Registration fees 24,745
Custodial fees 10,182
Trustees and Officers 41,069
Distribution and Service Fees --
Advisor Class Shares (Note 2) 23,606
Other 31,803

Total Expenses 1,119,321

Net Investment Income 612,952

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investments 9,068,923
Unrealized depreciation of investments (10,823,978)

Net Loss on Investments (1,755,055)

NET DECREASE IN NET ASSETS FROM OPERATIONS $ (1,142,103)

See Notes to Financial Statements.

FAM Equity-Income Fund [LOGO]

Six Months Ended June 30, 2006 (Unaudited) and Year Ended December 31, 2005

STATEMENT OF CHANGES IN NET ASSETS

Six Months Year Ended
Ended June 30, December 31,
2006 2005

CHANGE IN NET ASSETS
FROM OPERATIONS:
Net investment income $ 612,952 $ 1,093,947
Net realized gain (loss) on investments 9,068,923 (460,257)
Unrealized appreciation (depreciation)
of investments (10,823,978) 8,641,649

Net Increase (Decrease) in Net Assets
From Operations (1,142,103) 9,275,339

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income
Investor Class (590,395) (1,092,959)
Advisor Class -- --
Net realized gain on investments
Investor Class -- --
Advisor Class -- --
TRANSACTIONS IN SHARES OF
BENEFICIAL INTEREST (NOTE 3): (20,516,203) 22,165,381

Total Increase (Decrease) in Net Assets (22,248,701) 30,347,761

NET ASSETS:
Beginning of period 182,140,615 151,792,854

End of period $159,891,914 $182,140,615

See Notes to Financial Statements.

FAM Equity-Income Fund -- Notes to Financial Statements (Unaudited) [LOGO]

Note 1. Nature of Business and Summary of Significant Accounting Policies

FAM Equity-Income Fund (the "Fund") is a series of Fenimore Asset Management
Trust, a diversified, open-end management investment company registered under
the Investment Company Act of 1940. The Fund offers two classes of shares
(Investor Class and Advisor Class since April 1, 1996 and July 1, 2003,
respectively). Each class of shares has equal rights as to earnings and
assets except the Advisor Class bears its own distribution expenses. Each
class of shares has exclusive voting rights with respect to matters that
affect just that class. Income, expenses (other than expenses attributable to
a specific class), and realized and unrealized gains or losses on investments
are allocated to each class of shares based on its relative net assets. The
investment objective of the Fund is to provide current income and long term
capital appreciation from investing primarily in income-producing equity
securities. The following is a summary of significant accounting policies
followed in the preparation of its financial statements.

a) Valuation of Securities

b) Federal Income Taxes

c) Use of Estimates

d) Other

FAM Equity-Income Fund -- Notes to Financial Statements (Unaudited) [LOGO]

Note 2. Investment Advisory Fees and Other Transactions with Affiliates

Under the Investment Advisory Contract, the Fund pays an investment advisory
fee to Fenimore Asset Management, Inc. (the "Advisor") equal, on an annual
basis, to 1% of the Fund's average daily net assets. The Advisor has entered
into a voluntary agreement with the Fund to reduce the investment advisory
fee for the Fund through December 31, 2006 to 0.95% of the Fund's average
daily net assets in excess of $1 billion. No such waiver was required for the
period ended June 30, 2006. Thomas Putnam is an officer and trustee of the
Fund and also an officer and director of the Advisor.

The Investment Advisory Contract requires the Advisor to reimburse the
Investor Class for its expenses to the extent that such expenses, including
the advisory fee, for the fiscal year exceed 2% of the average daily net
assets. For the period ended June 30, 2006 the Advisor contractually agreed
to reimburse the Fund for its expenses to the extent such expenses exceed
1.40% and 2.40% of the average daily net assets of the Investor Class and
Advisor Class, respectively. No such reimbursement was required for the
period ended June 30, 2006.

FAM Shareholder Services, Inc. (FSS), a company under common control
with the Advisor, serves as shareholder servicing agent and receives a
monthly fee of $2.00 per shareholder account. For the period ended June 30,
2006, shareholder servicing agent fees paid to FSS amounted to $38,586.
Additionally, FSS serves as the Fund administrative agent and receives an
annual fee of 0.075% on the first $750,000,000 of the Fund's average daily
net assets, 0.065% thereafter.

Fenimore Securities, Inc. ("FSI"), a company also under common control
with the Advisor, acts as distributor of the Fund's shares. On July 1, 2003,
the Fund adopted a distribution plan pursuant to Rule 12b-1 under the
Investment Company Act of 1940 for the Advisor Class of shares. Under the
plan the Fund pays FSI a total of 1.00% per annum of the Advisor Class
shares' average daily net assets.

FAM Equity-Income Fund -- Notes to Financial Statements (Unaudited) [LOGO]

Note 3. Shares of Beneficial Interest

At June 30, 2006 an unlimited number of $.001 par value shares of beneficial
interest were authorized. The Advisor Class of shares that are redeemed
within the first eighteen months of purchase are subject to a 1.00%
redemption fee. For the period ended June 30, 2006, redemption fees amounted
to $326 and were credited to paid in capital. Transactions were as follows:

SIX MONTHS ENDED 6/30/06 YEAR ENDED 12/31/05

Shares Amount Shares Amount

Shares sold
Investor Class 649,149 $ 14,412,836 3,164,629 $ 65,903,167
Advisor Class 24,945 549,410 67,528 1,402,122
Shares issued on
reinvestment of distributions
Investor Class 25,118 550,292 49,603 1,040,432
Advisor Class -- -- -- --
Shares redeemed
Investor Class (1,634,597) (35,903,645) (2,220,586) (45,981,892)
Advisor Class (5,638) (125,096) (9,444) (198,448)

Net Increase (Decrease) from
Investor Class Share Transactions (960,330) $(20,940,517) 993,646 $ 20,961,707

Net Increase from Advisor Class
Share Transactions 19,307 $ 424,314 58,084 $ 1,203,674

FAM Equity-Income Fund -- Notes to Financial Statements (Unaudited) [LOGO]

Note 4. Investment Transactions

During the period ended June 30, 2006, purchases and sales of investment
securities, other than short term obligations were $20,989,465 and
$36,189,215. The cost of securities for federal income tax purposes is
substantially the same as shown in the investment portfolio.

The aggregate gross unrealized appreciation and depreciation of portfolio
securities, based on cost for federal income tax purposes, was as follows:

Unrealized appreciation $32,302,703
Unrealized depreciation (4,242,261)

Net unrealized appreciation $28,060,442

Note 5. Line of Credit

FAM Equity-Income Fund has a line of credit up to 33 1/3% of total net assets
or a maximum of $50,000,000. Borrowings under the agreement bear interest at
the prime rate as announced by the lending bank. The line of credit is
available until December 1, 2006 when any advances are to be repaid. During
the period ended June 30, 2006 no amounts were drawn from the available line.

Note 6. Commitments and Contingencies

FAM Equity-Income Fund -- Notes to Financial Statements [LOGO]

Note 7. Financial Highlights

FAM EQUITY-INCOME FUND -- INVESTOR CLASS SHARES

Six Months
Ended June 30,
(Unaudited) Years Ended December 31,
Per share information
(For a share outstanding
throughout the period) 2006 2005 2004 2003 2002 2001

Net asset value,
beginning of period $ 21.52 $ 20.48 $ 18.27 $ 15.45 $ 16.05 $ 13.47

Income from investment operations:
Net investment income+ 0.08 0.14 0.15 0.12 0.12 0.19
Net realized and unrealized
gain (loss) on investments (0.26) 1.03 2.40 3.00 (0.48) 2.58

Total from investment
operations (0.18) 1.17 2.55 3.12 (0.36) 2.77

Less distributions:
Dividends from net
investment income (0.08) (0.13) (0.15) (0.12) (0.12) (0.19)
Distributions from net
realized gains -- -- (0.19) (0.18) (0.12) --

Total distributions (0.08) (0.13) (0.34) (0.30) (0.24) (0.19)

Change in net asset value
for the period (0.26) 1.04 2.21 2.82 (0.60) 2.58

Net asset value, end of period $ 21.26 $ 21.52 $ 20.48 $ 18.27 $ 15.45 $ 16.05

Total Return (0.85)%* 5.75% 14.04% 20.30% (2.25)% 20.79%

Ratios/supplemental data
Net assets, end of period (000) $155,145 $177,740 $148,776 $114,194 $73,969 $31,194

Ratios to average net assets of:
Expenses, total 1.27%** 1.26% 1.27% 1.28% 1.37% 1.56%
Expenses, net of fees waived and
expenses assumed by advisor 1.27%** 1.26% 1.27% 1.28% 1.37% 1.50%
Net investment income 0.74%** 0.66% 0.79% 0.73% 0.84% 1.29%
Portfolio turnover rate 13.24% 14.11% 17.64% 6.46% 7.11% 2.79%

+Based on average shares outstanding.

*Not Annualized

**Annualized

FAM Equity-Income Fund -- Notes to Financial Statements [LOGO]

Note 7. Financial Highlights (continued)

FAM EQUITY-INCOME FUND -- ADVISOR CLASS SHARES

Six Months
Ended June 30, Period Ended
(Unaudited) Years Ended December 31, December 31,
Per share information
(For a share outstanding throughout the period) 2006 2005 2004 2003+

Net asset value, beginning of period $21.33 $20.36 $18.18 $16.77

Income from investment operations:
Net investment income (loss)++ (0.03) (0.07) (0.04) 0.10
Net realized and unrealized gain on investments (0.26) 1.04 2.41 1.54

Total from investment operations (0.29) 0.97 2.37 1.64

Less distributions:
Dividends from net investment income -- -- -- (0.05)
Distributions from net realized gains -- -- (0.19) (0.18)

Total distributions -- -- (0.19) (0.23)

Change in net asset value for the period (0.29) 0.97 2.18 1.41

Net asset value, end of period $21.04 $21.33 $20.36 $18.18

Total Return (1.36)%* 4.76% 13.05% 9.83%*

Ratios/supplemental data
Net assets, end of period (000) $4,747 $4,400 $3,017 $1,291

Ratios to average net assets of:
Expenses 2.26%** 2.26% 2.27% 2.28%**
Net investment income (loss) (0.26)%** (0.34)% (0.21)% 1.10%**
Portfolio turnover rate 13.24% 14.11% 17.64% 6.46%

+Beginning of period reflects Advisor Class Shares inception date of 7/1/03.

++Based on average shares outstanding.

*Not Annualized.

**Annualized.

FAM Funds -- Supplemental Information (Unaudited) [LOGO]

Statement Regarding Availability of Proxy Voting Policies and Procedures.
Please note that a description of the policies and procedures the Funds use
to determine how to vote proxies relating to portfolio securities is
available (i) without charge, upon request, by calling FAM Funds at
1-800-932-3271; (ii) and on the Securities and Exchange Commission's website
at http://www.sec.gov.

Statement Regarding Availability of Proxy Voting Record. Please note that
information regarding how the Funds voted proxies relating to portfolio
securities during the most recent 12-month period ended June 30 is available
(i) without charge, upon request, by calling FAM Funds at 1-800-932-3271; or
on the FAM Funds' Website at http://www.famfunds.com; (ii) or on the
Securities and Exchange Commission's website at http://www.sec.gov.

Investment Advisor
Fenimore Asset
Management, Inc.
Cobleskill, NY

Custodian
U.S. Bank, N.A.
Cincinnati, OH

Trustees
David A. Hughey,
Independent Chairman
Fred "Chico" Lager
John J. McCormack, Jr.
C. Richard Pogue
Thomas O. Putnam
Barbara V. Weidlich

Legal Counsel
Dechert, LLP
Washington, DC

Shareholder Servicing Agent
FAM Shareholder Services, Inc.
Cobleskill, NY

Distributor
Fenimore Securities, Inc.
Cobleskill, NY

[LOGO] FAM Funds

384 North Grand Street
PO Box 399
Cobleskill, New York 12043-0399
(800) 932-3271
www.famfunds.com

[LOGO] FAM Funds

384 North Grand Street
PO Box 399
Cobleskill, New York 12043-0399
(800) 932-3271
www.famfunds.com

FINANCIAL PEACE OF MIND THROUGH A VALUE APPROACH TO INVESTING

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not Applicable.

Item 6. Schedule of Investments

Included as part of Report to Shareholders filed under item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedures for
Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

Not applicable.

Item 11. Controls and Procedures.

(a) The registrant's principal executive officer and principal financial
officer have concluded that the registrant's disclosure controls and
procedures (as defined in Rule 30a-3(c)) under the Investment Company
Act of 1940, as amended (the "Act") are effective based on their
evaluation of these controls and procedures as of a date within 90 days
of the filing date of this document.

(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the Act that
occurred during the registrant's first fiscal half-year of the period
covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over
financial reporting.

Item 12. Exhibits.

File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.

(a) A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2
under the Act (17 CFR 270.30a-2) in the exact form set forth below:

(Attached hereto).

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

Date July 28, 2006
------------------------------------------------------------------------

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

Date July 28, 2006
------------------------------------------------------------------------

By (Signature and Title)* /s/ Joseph A. Bucci
---------------------------------------------------
Joseph A. Bucci, Treasurer

Date July, 28, 2006
------------------------------------------------------------------------