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
- ------------------------------------------------------------------------------
(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, 2007
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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, 2007

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 2007

Dear Shareholder:

The first six months of 2007 have turned out to be much more positive
than expected. And while we would like to predict results for the next six
months, we would only be guessing at best. In the short term, markets can be
perplexing.

Reading The Wall Street Journal headlines gives us an indication of what
is currently troublesome. Homebuilders, mortgage lenders and borrowers have
all felt the effects of the subprime loan and housing downfall. Interest
rates have risen, energy prices remain high, and the record level of
leveraged financing and buyouts coupled with the hedge fund meltdown at Bear
Stearns give us pause as to what the future holds. Each is a warning sign
that markets can be risky. Known factors cited are useful in telling us about
our current environment; however, they in no way predict the future.

Charlie Munger stated at Berkshire Hathaway's Annual Meeting that
investing is about seeing into the future. With that in mind you might ask
what gives us comfort that we are confident about the future of your
investments? I would suggest that there are two subjective attributes and one
investment characteristic that give me comfort for the likelihood of our
success. The two attributes are experience and discipline, and the overriding
investment characteristic is management.

Much of investing is an art and not a science. Therefore, successful
investing is difficult to teach, but it can be learned. Experience is
important. Whether you invest your personal money or have the responsibility
for other people's money, experiencing the results of actual decisions
enhances your ability. Over time, real decisions teach you your circle of
competency and what to avoid as well as which choices will give you a high
probability of success. At Fenimore Asset Management, as advisor to the FAM
Funds, our research team has a combined 93 years of hard-earned experience
through many different economic and stock market cycles.

Secondly, discipline is a good predictor of future success. Those
investors who have discipline are more likely not to be swayed into foolish
decisions when markets get over exuberant, as they did in the 1998-2000 tech
bubble period. Conversely, they are likely to act swiftly on your behalf when
the environment for individual stocks or the market as a whole seems to favor
success. At Fenimore, our discipline has not changed since the day we started
in 1974. We still look for companies that are understandable with a strong
financial foundation (we have a penchant for free cash flow and strong
balance sheets) that can be purchased at a discount to the underlying
economic worth of the company -- our margin of safety.

Management is the one investment characteristic that we believe stands
above all the rest as a predictor of future results. Business is competitive
by its very nature. However, it is uncanny that businesses -- even in
commodity-like industries i.e., insurance, banking, distribution, etc. --
with strong management teams succeed as far superior investments to their
counterparts. But the analysis of management is not easy. Although history
can be useful, it often does not give a clear picture. Our investment
research team spends many hours traveling and

Chairman's Commentary [LOGO]

talking to management teams of the companies we own and those we may wish to
own. We look for some simple things -- people who are intelligent, honest and
have a passion for their business. We want them to tell us the bad things
almost before the good things they will inevitably talk about. We also want
to make sure they understand the difference between wise capital allocation
and capital allocation simply for the sake of growth. In the last six months
our research team has traveled to Chicago, San Francisco, New York, and to
lesser-known locations like Richmond, VA, Carlisle, PA, Austin, TX, San
Mateo, CA, Mount Gilead, NC and Omaha, NE. Identifying good businesses with
exceptional management teams takes experience, discipline and patience. I
believe our research analysts are well qualified and suited to this task. The
quality of the businesses you own is very good, most are reasonably valued
and a few represent bargains. We believe that over time the quality of what
you own will support favorable future returns. What we do not know is when.

We appreciate your confidence and support. If you have any questions,
please do not hesitate to contact us.

Sincerely,

/s/ Thomas O. Putnam

Thomas O. Putnam
Chairman
Fenimore Asset Management, Inc.

P.S. -- Please plan on attending the 21st Annual FAM Funds Shareholder
Informational Meeting. This year we are pleased to offer two options for the
same great meeting. You may choose to attend Tuesday, October 9 at the
Cobleskill-Richmondville High School, or Wednesday, October 10 at The
Marriott Hotel in Albany, NY. For more details, please look for your
invitation in the mail this September. You may also visit www.famfunds.com
for additional information.

FAM Value Fund [LOGO]

Dear Fellow Value Fund Shareholder:

On June 30, 2007 the net asset value of the Investor Class of the FAM
Value Fund was $53.34. This is an increase of $3.69, or +7.43%, from the
beginning of the year. By comparison, the S&P 500 Index increased 6.96% and
the Russell 2000 Index was up 6.45%.

First Half of 2007 in Review

The American economy slowed in the early part of 2007 posting growth of
less than 1% in the first quarter. The housing industry continues to weaken
with declines in both the number of homes sold and prices. In addition,
energy prices remain at elevated levels. Oil sells for $70 a barrel, over
double the price from four years ago.

Despite these headwinds it has been a good year to date for equity
investors. All of the major stock indexes are up for the year. One of the
trends helping stock prices is mergers and acquisitions. Mergers help
increase stock prices because when a company buys another company it must pay
a premium over the current stock price. This premium is usually 20%-50% above
the market price. As a result, a large number of mergers will be good for
stock prices.

Portfolio Activity

We have experienced some merger activity in the Fund with three
companies leaving the Value Fund portfolio as the result of acquisitions. We
sold our entire positions in Florida Rock, Kronos, and OSI Restaurants as
they were taken over by other companies. In non-merger activity, we also sold
our entire positions in CSS Industries and Ethan Allen.

We have made relatively few purchases, but did add a new stock to the
Fund in March, American Express. We originally purchased American Express in
1994 and sold our position at a significant gain in 2000. In March of this
year we repurchased the stock as it was declining due to fears about the
subprime mortgage market.

Performance Detail

Given the increase in the stock market, most of our stocks performed
well with 75% of our holdings up for the first six months of this year.

Best Performers

Once again our construction materials stocks led the pack. Our best
performer was Martin Marietta Materials (57%) and our third best performer
was Vulcan Materials (29%). During the first six months of this year, these
two stocks accounted for combined gains of over $21 million. A third company
in this industry, Florida Rock (57%), generated an additional $4.3 million
prior to the Value Fund selling this security. This brings the total gain
from construction materials to over $25 million. A continued scarcity of
materials and high transportation costs has created excellent pricing power
for these companies. The ability to increase prices for their products has
led to strong earnings growth for Martin and Vulcan.

FAM Value Fund [LOGO}

As noted, Vulcan Materials has reached an agreement to purchase Florida Rock.
This will give Vulcan access to valuable mineral reserves in the fast-growing
state of Florida. While sales in Florida are very weak today, we believe that
this will be a good acquisition over the long-term.

Our second best performer was Kaydon Corporation (32%) with a $9.1
million gain. The company recently announced the election of a new CEO --
James O'Leary. Jim has a successful background in manufacturing and we are
anxious to see him applying his skill at Kaydon. In addition, the company is
a supplier to the wind power industry. As our country searches for an
alternative to oil, the wind turbine business should continue to grow nicely.

A final category of strong performers was technology stocks. We had a
total of $12 million in gains from two technology companies that were
purchased by private equity groups. The first company is Kronos (50%) which
makes software to track employee time and attendance for businesses. Kronos
was purchased for $55 a share by Hellman & Friedman Capital Partners VI LP,
less than one year after we were buying the stock at around $30. The second
company is CDW Corporation (21%) which is being purchased by the private
equity firm Madison Dearborn for $87.75 a share. We expect this deal to close
by year-end.

Worst Performers

Our worst performer was our second largest holding, Brown & Brown
(-10%), which generated a loss of $5.7 million. Brown & Brown is an insurance
broker with headquarters in Daytona Beach, Florida. It is an extremely
well-managed company that has grown its earnings per share at a double digit
rate for 14 consecutive years. That streak may end in 2007 as the company is
experiencing a very difficult environment in its home state. The new governor
of Florida has made significant changes to the state's insurance laws.
Management at Brown & Brown needs some time to digest these changes and
develop a strategy to deal with them. We are confident that once they do this
the company will be back on a growth track.

The second worst performer was Liz Claiborne (-14%) with a loss of $4
million. The company has a new CEO and is going through a major restructuring
of its business. Historically, Liz Claiborne has sold its clothing through
the major department stores. This has been a successful strategy; however, as
department stores have consolidated, this approach has been less profitable.
The company is trying to make the transition to a direct retailer. We are not
sure about the future success of this strategy and have reduced our position
in this stock.

As a group, our bank holdings generated a loss of $4.7 million. Two of
our three bank stocks are down year-to-date. Banking continues to be a very
difficult business given the interest rate environment. We still believe that
we own high quality banks that have excellent management and low exposure to
the credit problems of subprime mortgages. When the interest rate outlook
improves we expect these banks to resume their earnings growth.

FAM Value Fund [LOGO]

Our Investment Philosophy

We try to avoid making predictions about the economy or the stock
market. The experience of the last 12 months is a good lesson on how
difficult it is to make forecasts. Last summer the market, and your Fund,
experienced a temporary decline in price. The reason for this decline was
fear about a recession in the United States. In fact, there has been quite a
bit of bad news since last summer. The housing market has continued to worsen
- -- home sales, home prices, and new construction are all declining and a
number of mortgage lenders have gone bankrupt. In addition, energy costs
remain high with gas selling for well over $3.00 a gallon in our home state
of New York. There have been many pressures on the economy and consumer
spending, so the logical conclusion would be that the stock market has
performed poorly. Well, the opposite is true as the stock market has reached
new highs. The point is this -- if you had predicted these negative events
correctly and stayed out of the stock market, you would have missed a very
good twelve-month return! Instead of declining, the stock market ran to new
record levels. This period of time shows the difficulty of predicting the
market.

This is why we continue to focus on individual businesses and not the
market. We believe that a stock certificate is not just a piece of paper. A
stock certificate gives you ownership in a business. Therefore, the most
important part of investing is understanding the business that you own. We
look for four key characteristics in every investment that we make on your
behalf.The four items are:

1) An understandable business with a 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.

Our strategy is to hold a relatively small number (less than 50) of
superior businesses that we have been able to purchase at attractive prices.
Our desire is to hold these investments for at least five years. During this
time the value of the company grows and that value is normally reflected in
an increased stock price.

Capital Gains

As of June 30, 2007 the Fund has a net realized capital gain of
approximately $2.00 per share. Of this amount, 44 cents will be a short-term
gain resulting from the sale of Kronos. We began purchasing Kronos last
summer during the stock market decline. We were surprised that just six
months after we purchased the stock a private equity company was willing to
buy it at a substantial premium. The Fund's actual capital gain distribution
will be determined and paid in December.

FAM Value Fund [LOGO]

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, 2007

1-Year 3-Year 5-Year 10-Year Life of Fund*

FAM Value Fund
(Investor Shares) 16.73% 10.55% 10.94% 11.22% 12.42%
(Advisor Shares) 15.95% 9.67% N/A N/A 12.15%
S&P 500 Index 20.59% 11.69% 10.70% 7.13% 11.85%
Russell 2000 Index 16.43% 13.45% 13.88% 9.06% 9.28%

*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 us.

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, 2007

COMPOSITION OF TOTAL INVESTMENTS

Property & Casualty Insurance 13.3%
Machinery & Equipment 8.3%
Temporary Investments 8.0%
Banking 6.0%
Retail Stores 5.6%
Construction Materials 5.0%
Healthcare Services 4.8%
Insurance Agency 4.5%
Wholesale Distribution 4.3%
Investment Management 3.9%
Transportation 3.5%
Publishing 3.1%
Diversified Manufacturing 2.8%
Media 2.6%
Restaurants 2.6%
Recreation & Entertainment 2.6%
Electronic Equipment 2.5%
Home Furnishings 2.4%
Real Estate Development 2.4%
Registered Investment Company 2.2%
Life Insurance 2.2%
Other 7.4%

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 on the Advisor Class Shares only) 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 (12/31/2006 to
6/30/2007).

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, 2007

Beginning Ending Expenses
Account Value Account Value Paid
12/31/2006 6/30/2007 During Period

Ongoing Costs Based on Actual Fund Return

A. Investor Share Class $1,000.00 $1,074.30 $ 6.07*
B. Advisor Share Class $1,000.00 $1,069.50 $11.19**

Ongoing Costs Based on Hypothetical
5% Yearly Return
C. Investor Share Class $1,000.00 $1,019.15 $ 5.91*
D. Advisor Share Class $1,000.00 $1,014.19 $10.89**

*Expenses are equal to the Fund's Investor Class Shares annualized
expense ratio of (1.18%), 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 (2.18%), 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, 2007 (Unaudited)

SHARES VALUE

COMMON STOCKS (92.0%)

Automotive (1.5%)

CarMax, Inc.*
o specialty retailer of used cars and
light-trucks in the United States 600,000 $ 15,300,000

Banking (6.0%)

M&T Bank Corporation
o bank holding company that provides
commercial and retail banking services
to individuals, businesses, corporations
and institutions in the Northeast 193,000 20,631,700

TCF Financial Corp.
o holding company that offers various banking
services throughout the United States 796,000 22,128,800

Westamerica Bancorp
o provides banking services to individual
and corporate customers in northern
and central California 436,100 19,293,064

62,053,564

Construction Materials (5.0%)

Martin Marietta Materials
o produces aggregates for the
construction industry 163,443 26,481,035

Vulcan Materials Company
o produces, distributes and sells construction
aggregates and industrial and specialty chemicals 227,065 26,008,025

52,489,060

Diversified Manufacturing (2.8%)

General Electric Company
o diversified industrial manufacturer 763,875 29,241,135

Electronic Equipment (2.5%)

Cognex Corp.
o develops, manufactures and markets
machine vision systems used to
automate manufacturing processes 39,200 882,392

Zebra Technologies Corp.*
o designs, manufactures and supports bar code
label printers 638,502 24,735,567

25,617,959

See Notes to Financial Statements.

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

June 30, 2007 (Unaudited)

SHARES VALUE

Financial Services (1.0%)

American Express
o operates as a payments, network, and
travel company worldwide as well as
offers individual consumer credit cards 177,000 $ 10,828,860

Health Care Services (4.8%)

Amsurg Corp.*
o develops, acquires and operates practice-based
ambulatory surgery centers in partnership with
physician practice groups in the U.S. 696,150 16,805,061

Lincare Holdings*
o provides respiratory therapy services
to patients in the home 565,000 22,515,250

Pediatrix Medical Group, Inc.*
o healthcare services company focused on
physician services for newborn, maternal-fetal
and other pediatric subspecialty care 200,000 11,030,000

50,350,311

Home Furnishings (2.4%)

Mohawk Industries, Inc.*
o produces floor covering products for
residential and commercial applications 248,100 25,005,999

Insurance Agency (4.5%)

Brown & Brown, Inc.
o one of the largest independent general
insurance agencies in the U.S. 1,879,696 47,255,557

Investment Management (3.9%)

Federated Investors, Inc.
o provides investment management products
and services primarily to mutual funds 1,050,000 40,246,500

Life Insurance (2.2%)

Protective Life Corporation
o individual and group life/health insurance
and guaranteed investment contracts 471,400 22,537,634

See Notes to Financial Statements.

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

June 30, 2007 (Unaudited)

SHARES VALUE

Machinery & Equipment (8.3%)

Donaldson Company, Inc.
o designs, manufactures and sells
filtration systems and replacement parts 311,200 $ 11,063,160

Graco Inc.
o supplies systems and equipment for the
management of fluids in industrial,commercial
and vehicle lubrication applications 261,550 10,535,234

IDEX Corporation
o manufactures proprietary, highly engineered
industrial products and pumps 771,750 29,743,245

Kaydon Corporation
o custom-engineers products including bearings,
filters, and piston rings 680,750 35,480,690

86,822,329

Media (2.6%)

Meredith Corporation
o magazine publishing and tv broadcasting 447,450 27,562,920

Pharmaceuticals (1.2%)

Barr Pharmaceuticals*
o specialty pharmaceutical company that
develops, manufactures and markets both
generic and pharmaceutical products 250,000 12,557,500

Property and Casualty Insurance (13.3%)

Berkshire Hathaway Inc.*
o holding company for various insurance
and industrial companies 395 43,242,625

Markel Corporation*
o sells specialty insurance products 61,850 29,970,036

White Mountains Ins. Grp., Ltd.
o personal property and casualty, and reinsurance 108,275 65,616,816

138,829,477

Publishing (3.1%)

John Wiley & Sons, Inc.
o publisher of print and electronic products,
specializing in scientific, technical professional
and medical books and journals 661,700 31,953,493

Real Estate Development (2.4%)

Forest City Enterprises
o ownership, development, management and
acquisition of commercial and residential
real estate properties 400,000 24,592,000

See Notes to Financial Statements.

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

June 30, 2007 (Unaudited)

SHARES VALUE

Real Estate Investment Trust (1.2%)

Plum Creek Timber Co. Inc.
o operates as a real estate investment trust
(REIT) that owns and manages timber lands
in the United States 300,000 $ 12,498,000

Recreation and Entertainment (2.6%)

International Speedway Corporation
o owns and operates auto racing tracks
including Daytona 515,688 27,181,914

Recreation Vehicles (1.6%)

Winnebago Industries
o manufacturer of self-contained recreational
vehicles used primarily in leisure travel 559,000 16,501,680

Registered Investment Company (2.2%)

Allied Capital Corp
o venture capital corporation for entrepreneurs
and management 736,391 22,798,665

Restaurants (2.6%)

YUM! Brands, Inc.
o quick service restaurants including KFC,
Pizza Hut and Taco Bell 833,600 27,275,392

Retail Apparel (0.9%)

Liz Claiborne, Inc.
o designs and markets an extensive range
of branded men's and women's apparel,
accessories and fragrance 254,250 9,483,525

Retail Stores (5.6%)

Bed Bath & Beyond, Inc.*
o national chain of retail stores selling domestic
merchandise such as bed linens, bath items,
kitchen textiles and home furnishings 613,000 22,061,870

Ross Stores, Inc.
o chain of off-price retail apparel and
home accessories stores 921,422 28,379,798

Whole Foods Market, Inc.
o national grocery store selling organic
and natural products 200,000 7,660,000

58,101,668

See Notes to Financial Statements.

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

June 30, 2007 (Unaudited)

SHARES VALUE

Transportation (3.5%)

Forward Air Corporation
o provides surface transportation and
related logistics services to the deferred
air freight market in North America 439,233 $ 14,973,453

Heartland Express, Inc.
o short-to-medium-haul truckload carrier
of general commodities 1,333,333 21,733,328

36,706,781

Wholesale Distribution (4.3%)

CDW Corp.
o direct marketing of multibrand computers
and related technology products and services 402,900 34,234,413

SCP Pool Corp.
o wholesale distributor of swimming pool supplies 275,950 10,770,329

45,004,742

Total Common Stocks (Cost $553,761,256) $ 958,796,665

TEMPORARY INVESTMENTS (8.0%)

Money Market Fund (2.3%)

First American Treasury Fund 23,927,317 23,927,317

U.S. Government Obligations (5.7%) PRINCIPAL

U.S. Treasury Bill, 4.5%,
with maturity to 8/16/07 $60,000,000 59,659,600

Total Temporary Investments (Cost $83,586,917) $ 83,586,917

Total Investments (Cost $637,348,173) (100%) $1,042,383,582

*Non-income producing securities.

See Notes to Financial Statements.

FAM Value Fund [LOGO]

June 30, 2007 (Unaudited)

STATEMENT OF ASSETS AND LIABILITIES

Assets
Investment in securities at value (Cost $637,348,173) $1,042,383,582
Cash 242,614
Dividends and interest receivable 551,988
Receivable for investment securities sold 10,053,446

Total Assets 1,053,231,630

Liabilities
Accrued investment advisory fees 873,812
Accrued shareholder servicing and administrative fee 101,159
Accrued expenses 164,687

Total Liabilities 1,139,658

Net Assets
Source of Net Assets:
Net capital paid in on shares of beneficial interest $ 603,553,443
Undistributed net investment income 4,163,904
Accumulated net realized gain 39,339,216
Net unrealized appreciation 405,035,409

Net Assets $1,052,091,972

Net Asset Value Per Share
Investor Class Shares -- based on net assets of
$1,042,962,636 and 19,551,953 shares outstanding $53.34
Advisor Class Shares -- based on net assets of
$9,129,336 and 174,513 shares outstanding $52.31

See Notes to Financial Statements.

FAM Value Fund [LOGO]

Six Months Ended June 30, 2007 (Unaudited)

STATEMENT OF OPERATIONS

INVESTMENT INCOME

Income
Dividends $ 8,013,705
Interest 1,949,147

Total Investment Income 9,962,852

Expenses
Investment advisory fee (Note 2) 5,246,418
Administrative fee (Note 2) 378,205
Shareholder servicing and related expenses (Note 2) 231,416
Printing and mailing 118,400
Professional fees 59,960
Registration fees 26,159
Custodial fees 57,587
Trustees and Officers 44,880
Distribution and service fees --
Advisor Class Shares (Note 2) 44,441
Other 73,517

Total Expenses 6,280,983
Less: Investment advisory fee waived (Note 2) (14,427)

Net Expenses 6,266,556

Net Investment Income 3,696,296

REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain on investments 39,791,958
Unrealized appreciation of investments 32,373,304

Net Gain on Investments 72,165,262

NET INCREASE IN NET ASSETS FROM OPERATIONS $75,861,558

See Notes to Financial Statements.

FAM Value Fund [LOGO]

Six Months Ended June 30, 2007 (Unaudited) and Year Ended December 31, 2006

STATEMENT OF CHANGES IN NET ASSETS

Six Months Year Ended
Ended June 30, December 31,
2007 2006

CHANGE IN NET ASSETS
FROM OPERATIONS:
Net investment income $ 3,696,296 $ 5,127,249
Net realized gain on investments 39,791,958 45,384,718
Realized gain distributions -- 909,443
Unrealized appreciation
of investments 32,373,304 35,687,415

Net Increase in Net Assets
From Operations 75,861,558 87,108,825

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income
Investor Class -- (6,249,474)
Advisor Class -- --
Net realized gain on investments
Investor Class -- (44,788,894)
Advisor Class -- (373,060)
TRANSACTIONS IN SHARES OF
BENEFICIAL INTEREST (NOTE 3): (74,436,333) (82,391,608)

Total Increase (Decrease) in Net Assets 1,425,225 (46,694,211)

NET ASSETS:
Beginning of period 1,050,666,747 1,097,360,958

End of period $1,052,091,972 $1,050,666,747

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 liablities
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. The Fund records 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 Fund adjusts the estimated amounts

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

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 actual composition of the distributions.
Distributions to shareholders are recorded on the ex-dividend date.
Distributions to shareholders are determined in accordance with income
tax regulations and may differ from those determined for financial
statement purposes. To the extent these differences are permanent such
amounts are reclassified within the capital accounts.

e) New Accounting Pronouncements

In July 2006, the Financial Accounting Standards Board issued
Interpretation No. 48, "Accounting for Uncertainty in Income Taxes -an
Interpretation of FASB Statement No. 109" (the "Interpretation"). The
Interpretation establishes for all entities, including pass-through
entities such as the Fund, a minimum threshold for financial statement
recognition of the benefit of positions taken in filing tax returns
(including whether an entity is taxable in a particular jurisdiction),
and requires certain expanded tax disclosures. The Interpretation is
effective for fiscal years beginning after December 15, 2006, and is to
be applied to all open tax years as of the date of effectiveness.
Management continues to evaluate the application of the Interpretation
to the Fund, and is not in a position at this time to estimate the
significance of its impact, if any, on the Fund's financial statements.

In addition, in September 2006, Statement of Financial Accounting
Standards No. 157, "Fair Value Measurements" (SFAS 157), was issued and
is effective for fiscal years beginning after November 15, 2007. SFAS
157 defines fair value, establishes a framework for measuring fair value
and expands disclosures about fair value measurements. Management is
currently evaluating the impact the adoption of SFAS 157 will have on
the Fund's financial statement disclosures.

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, 2007 to 0.95% of the Fund's
average daily net assets in excess of $1 billion. For the period ended June
30, 2007, the Advisor waived $14,427 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, 2007 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, 2007.

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

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,
2007, shareholder servicing agent fees paid to FSS amounted to $231,416.
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. For the period ended June 30, 2007, Fund
administrative fees amounted to $378,205.

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.

Note 3.Shares of Beneficial Interest

At June 30, 2007 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, 2007, redemption fees amounted
to $300 and were credited to paid in capital. Transactions were as follows:

SIX MONTHS ENDED 6/30/07 YEAR ENDED 12/31/06

Shares Amount Shares Amount

Shares sold
Investor Class 755,544 $ 38,974,936 2,279,435 $ 112,324,360
Advisor Class 9,756 487,826 26,575 1,290,049
Shares issued on
reinvestment of
dividends
Investor Class -- -- 983,049 49,044,308
Advisor Class -- -- 6,976 350,132
Shares redeemed
Investor Class (2,194,303) (113,440,981) (4,969,229) (244,031,112)
Advisor Class (8,885) (458,114) (28,628) (1,369,345)

Net Increase (Decrease)
from Investor Class
Share Transactions (1,438,759) $ (74,466,045) (1,706,745) $ (82,662,444)

Net Increase from
Advisor Class Share 871 $ 29,712 4,923 $ 270,836
Transactions

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

Note 4. Investment Transactions

During the period ended June 30, 2007, purchases and sales of investment
securities, other than short-term obligations were $36,056,798 and
$108,383,230. 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 $410,016,744
Unrealized depreciation (4,981,335)

Net unrealized appreciation $405,035,409

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, 2007 when any advances are to be repaid. During
the period ended June 30, 2007 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) 2007 2006 2005 2004 2003 2002

Net asset value,
beginning of period $ 49.65 $ 48.00 $ 46.65 $ 41.15 $ 33.69 $ 36.17

Income from investment
operations:
Net investment income+ 0.18 0.24 0.39 0.09 0.10 0.11
Net realized and unrealized
gain (loss) on investments 3.51 3.96 2.20 6.84 8.32 (2.04)

Total from investment
operations 3.69 4.20 2.59 6.93 8.42 (1.93)

Less distributions:
Dividends from net
investment income -- (0.31) (0.37) (0.07) (0.09) (0.11)
Distributions from net
realized gains -- (2.24) (0.87) (1.36) (0.87) (0.44)

Total distributions -- (2.55) (1.24) (1.43) (0.96) (0.55)

Change in net asset value
for the period 3.69 1.65 1.35 5.50 7.46 (2.48)

Net asset value, end of period $ 53.34 $ 49.65 $ 48.00 $ 46.65 $ 41.15 $ 33.69

Total Return 7.43%* 8.73% 5.56% 16.86% 24.98% (5.33)%

Ratios/supplemental data
Net assets, end of period (000) $1,042,963 $1,042,174 $1,089,369 $915,742 $578,579 $469,277

Ratios to average net assets of:
Expenses 1.18%** 1.18% 1.18% 1.20% 1.24% 1.21%
Net investment income 0.71%** 0.49% 0.82% 0.20% 0.26% 0.30%
Portfolio turnover rate 3.71% 17.53% 14.25% 10.29% 9.43% 17.51%

+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) 2007 2006 2005 2004 2003+

Net asset value, beginning of period $48.91 $47.37 $46.11 $40.96 $37.10

Income from investment operations:
Net investment income (loss)++ (0.07) (0.25) (0.09) (0.35) 0.00
Net realized and unrealized
gain on investments 3.47 4.03 2.22 6.86 4.82

Total from investment operations 3.40 3.78 2.13 6.51 4.82

Less distributions:
Dividends from net investment income -- -- -- -- (0.09)
Distributions from net realized gains -- (2.24) (0.87) (1.36) (0.87)

Total distributions -- (2.24) (0.87) (1.36) (0.96)

Change in net asset value
for the period 3.40 1.54 1.26 5.15 3.86

Net asset value, end of period $52.31 $48.91 $47.37 $46.11 $40.96

Total Return 6.95%* 7.96% 4.62% 15.91% 12.99%*

Ratios/supplemental data
Net assets, end of period (000) $9,129 $8,494 $7,992 $5,479 $1,562

Ratios to average net assets of:
Expenses 2.18%** 2.18% 2.18% 2.20% 2.25%**
Net investment income (loss) (0.29)%** (0.51)% (0.19)% (0.80)% (0.02)%**
Portfolio turnover rate 3.71% 17.53% 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:

One year ago we reported that we were disappointed with the initial six
months of 2006. Today, we are happy to report that the Fund was off to a
great start for the first half of 2007 and the past 12 months have been very
pleasing. The Investor Class Shares of the Fund are up 10.10% since January
1, which compares favorably to the S&P 500 Index which increased 6.96%, and
the Russell 2000 Index up 6.45%.

We believe we are in a favorable environment for many of our
investments. The global economy continues to grow; the U.S. consumer is still
spending money despite higher gas prices, and interest rates remain near
historically low levels. We also see a rising standard of living around the
world which increases the demand for goods and services. All of these factors
are bullish for stocks. Not to paint too rosy a picture, there are always
things to be concerned about such as the liquidity bubble, subprime
mortgages, the trade deficit, and how the Federal Reserve will fight
inflation. We won't go into detail on these concerns since newspapers do a
fine job of keeping these issues at the forefront. We do believe, however,
that the economy is more resilient to these issues than many people give it
credit. As the saying goes on Wall Street, "A bull market climbs a wall of
worry." This saying has never been truer than it is today.

Portfolio Actions

The Fund has benefited in the short-term from some of our companies
being acquired by other entities. Florida Rock is being acquired by Vulcan
Materials, which is also a current holding in the Fund. Additionally, CDW
Corp. is being acquired by the private equity shop of Madison Dearborn
Partners. We view the CDW deal as bittersweet. It is nice to get the
short-term pop in the stock price; however in the case of CDW, we are losing
a company that we believe could have compounded at greater than 10% per year
for the next several years. When one of our great companies is acquired we
must find a suitable replacement, which is always easier said than done.

Dividends and Stock Buyback Programs

One distinguishing characteristic of the FAM Equity-Income Fund over
many other equity income funds is that every company pays a dividend.
Furthermore, out of the 29 companies in the Fund, 21 have raised their
dividend over the last 12 months. We like companies that generate larger
amounts of cash each year and in turn increase the amount they pay
shareholders. The only thing better than a growing dividend is a special
dividend, which is a one-time dividend paid to shareholders over and above
the regular quarterly dividend. These special dividends tend to be much
larger than ordinary dividends. This year Heartland Express paid a special
dividend of $2.00 per share, in addition to their regular quarterly dividend
of $0.20 per share. We give the management of Heartland high marks for their
capital allocation. It is unusual to find a management team that will return
cash to shareholders rather than spending it foolishly.

FAM Equity-Income Fund [LOGO]

Another way companies increase the value of their shares is through
stock buyback programs. Companies with excess cash will buy shares in the
open market and retire them. Over time, the outstanding share count
decreases, which boosts the earnings growth of the company. Over the past 12
months, 21 of the 29 companies in the Fund have bought back shares and
reduced their shares outstanding. You may be thinking, "How many companies
both increased their dividend and bought back enough stock to reduce the
shares outstanding?" The answer is 14 of 29, or roughly 50% of the companies
in the Fund both increased their dividend and bought back stock. As you may
have guessed, this group of companies performed better than the overall
average for the last six months.

Best and Worst Performers

Martin Marietta Materials (+55.9%) added $2.5 million to the portfolio
during the first half of the year and grew it's earnings by 14% within the
1st quarter. What was even more significant was that crushed rock volume was
down in the quarter, but pricing increased to more than offset the decline in
volume. The company also provided bullish guidance for the remainder of the
year and the stock has rallied on takeover speculation.

John Wiley & Son (+25.5%), a publishing company, contributed $1.65
million to the Fund. During the first half of the year the company completed
the acquisition of Blackwell, Ltd. This acquisition significantly grows their
Scientific, Technical and Medical Journal business which is their most
profitable segment. Furthermore, Wiley has been a very stable company. The
management team has grown the company methodically and supplemented organic
growth with some home run acquisitions along the way. This year Wiley
celebrates its 200th year in business.

Westamerica Bancorp (-12.6%) detracted from performance by $0.75
million. We are in an unfavorable environment for banks because the spread
between short- and long-term interest rates is too narrow. This means that
banks don't earn much money on the loans they make. Some banks try to
compensate for the narrow spread by increasing the volume of loans. This
sounds like a good idea until credit quality deteriorates which then eats
into earnings as the bank increases its reserve. Westamerica is different.
They are very disciplined and are waiting for a better environment before
they grow their loan portfolio. We think the bank is conservatively managed
and we have seen this environment before. Eventually the yield curve will
steepen and banks will be able to make adequate profits on lending money;
when the environment changes, we expect the bank to do very well.

Winnebago (-10.3%) declined by $0.68 million in value. The RV industry
remains weak as interest rates have risen. Orders in the most recent quarter
were up 45% which may be a sign that the industry is coming out of a cyclical
trough. The balance sheet at Winnebago is impeccable, and we believe the
management is top rate. More recently the company has been buying back stock
at prices that we feel are below intrinsic value. We feel Winnebago will be
one of the winners when the industry turn comes.

FAM Equity-Income Fund [LOGO]

Outlook

Overall, we think the portfolio looks well positioned. We are happy to
own this collection of wonderful businesses. Many of the companies in the
Fund are performing well. Some others are not performing as well due to
external market factors; we look at these companies as providing future
returns for the Fund as their environment improves.

As always we continue to work diligently on your behalf. We are spending
a lot of time on the road visiting the companies in the Fund. Seeing first
hand all the good things happening at these companies as well as the
enthusiasm of the management teams gives us great confidence in their
futures.

We look forward to updating you at year end.

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, 2007

1-Year 3-Year 5-Year 10-Year Life of Fund*

FAM Equity-Income Fund
(Investor Shares) 18.33% 10.70% 9.85% 10.13% 11.06%
(Advisor Shares) 17.55% 9.77% N/A N/A 10.82%
S&P 500 Index 20.59% 11.69% 10.70% 7.13% 9.58%
Russell 2000 Index 16.43% 13.45% 13.88% 9.06% 10.02%

*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, 2007

COMPOSITION OF TOTAL INVESTMENTS

Publishing 10.8%
Machinery & Equipment 10.0%
Construction Materials 8.6%
Banking 8.1%
Investment Management 7.3%
Wholesale Distribution 5.9%
Property and Casualty Insurance 5.3%
Commercial Services 5.1%
Transportation 5.1%
Retail Stores 4.6%
Registered Investment Company 4.3%
Recreation Vehicles 4.2%
Temporary Investments 3.9%
Insurance Agency 3.4%
Life Insurance 3.0%
Diversified Manufacturing 2.8%
Financial Services 2.2%
Media 2.1%
Other 3.3%

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 (12/31/2006 to
6/30/2007).

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, 2007

Beginning Ending Expenses
Account Value Account Value Paid
12/31/2006 6/30/2007 During Period

Ongoing Costs Based on Actual Fund Return
A. Investor Share Class $1,000.00 $1,101.00 $ 6.88*
B. Advisor Share Class $1,000.00 $1,096.80 $12.06**

Ongoing Costs Based on Hypothetical
5% Yearly Return
C. Investor Share Class $1,000.00 $1,018.45 $ 6.61*
D. Advisor Share Class $1,000.00 $1,013.50 $11.58**

*Expenses are equal to the Fund's Investor Class Shares annualized expense
ratio of (1.32%), 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 (2.32%), 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, 2007 (Unaudited)

SHARES VALUE

COMMON STOCKS (96.1%)

Banking (8.1%)

TCF Financial Corp.
o holding company that offers various banking
services throughout the United States 223,000 $ 6,199,400

Westamerica Bancorp
o provides banking services to individual
and corporate customers in northern
and central California 118,000 5,220,320

11,419,720

Commercial Services (5.1%)

McGrath RentCorp
o modular building and electronic test equipment
rentals, subsidiary classroom manufacturing 213,600 7,196,184

Construction Materials (8.6%)

Florida Rock Industries
o produces aggregates for the construction industry 21,500 1,451,250

Martin Marietta Materials
o produces aggregates for the construction industry 40,200 6,513,204

Vulcan Materials Company
o produces, distributes and sells construction
materials and industrial and specialty chemicals 36,200 4,146,348

12,110,802

Diversified Manufacturing (2.8%)

General Electric Company
o diversified industrial manufacturer 104,221 3,989,580

Electronic Equipment (0.7%)

Cognex Corp.
o develops, manufactures and markets
machine vision systems used to
automate manufacturing processes 45,700 1,028,707

Financial Services (2.2%)

American Express
o operates as a payments, network, and
travel company worldwide as well as
offers individual consumer credit cards 50,500 3,089,590

Insurance Agency (3.4%)

Brown & Brown, Inc.
o one of the largest independent general
insurance agencies in the U.S. 191,200 4,806,768

See Notes to Financial Statements.

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

June 30, 2007 (Unaudited)

SHARES VALUE

Investment Management (7.3%)

Federated Investors
o provides investment management products
and services primarily to mutual funds 180,700 $ 6,926,231

Franklin Resources, Inc.
o provides investment management and
fund administration services as well as
retail-banking and consumer lending services 25,000 3,311,750

10,237,981

Life Insurance (3.0%)

Protective Life Corporation
o individual and group life/health insurance and
guaranteed investment contracts 88,219 4,217,750

Machinery & Equipment (10.0%)

Donaldson Company, Inc.
o designs, manufactures and sells
filtration systems and replacement parts 88,800 3,156,840

IDEX Corporation
o manufactures proprietary, highly engineered
industrial products and pumps 150,205 5,788,901

Kaydon Corporation
o custom-engineers products including
bearings, filters, and piston rings 100,000 5,212,000

14,157,741

Media (2.1%)

Meredith Corporation
o magazine publishing and tv broadcasting 48,573 2,992,097

Property and Casualty Insurance (5.3%)

White Mountains Ins. Grp., Ltd.
o personal property and casualty, and reinsurance 12,375 7,499,498

Publishing (10.8%)

Courier Corporation
o manufactures and publishes specialty books,
including Dover Publications 189,850 7,594,000

John Wiley & Sons, Inc.
o publisher of print and electronic products,
specializing in scientific, technical professional
and medical books and journals 157,650 7,612,919

15,206,919

See Notes to Financial Statements.

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

June 30, 2007 (Unaudited)

SHARES VALUE

Recreation and Entertainment (1.0%)

International Speedway Corporation
o owns and operates auto racing tracks
including Daytona 25,800 $ 1,359,918

Recreation Vehicles (4.2%)

Winnebago Industries
o manufacturer of self-contained recreational
vehicles used primarily in leisure travel 202,500 5,977,800

Registered Investment Company (4.3%)

Allied Capital Corp.
o venture capital corporation for entrepreneurs
and management 193,714 5,997,385

Retail Apparel (0.6%)

Liz Claiborne, Inc.
o designs and markets an extensive range
of branded men's and women's apparel,
accessories and fragrance 23,074 860,660

Retail Stores (4.6%)

Ross Stores, Inc.
o chain of off-price retail apparel and
home accessories stores 211,641 6,518,543

Transportation (5.1%)

Forward Air Corporation
o provides surface transportation and related
logistics services to the deferred air
freight market in North America 90,000 3,068,100

Heartland Express, Inc.
o short-to-medium-haul truckload carrier
of general commodities 250,533 4,083,687

7,151,787

Travel (1.0%)

Ambassadors Group Inc.
o educational travel company that organizes
and promotes international and domestic
programs for students, athletes, and professionals 39,791 1,413,774

See Notes to Financial Statements.

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

June 30, 2007 (Unaudited)

SHARES VALUE

Wholesale Distribution (5.9%)

CDW Corp.
o direct marketing of multibrand computers
and related technology products and services 97,100 $ 8,250,587

Total Common Stocks (Cost $88,466,588) $135,483,791

TEMPORARY INVESTMENTS (3.9%)

Money Market Fund (3.9%)

First American Treasury Fund 5,535,764 $ 5,535,764

Total Temporary Investments (Cost $5,535,764) $ 5,535,764

Total Investments (Cost $94,002,352) (100%) $141,019,555

See Notes to Financial Statements.

FAM Equity-Income Fund [LOGO]

June 30, 2007 (Unaudited)

STATEMENT OF ASSETS AND LIABILITIES

Assets

Investment in securities at value (Cost $94,002,352) $141,019,555
Cash 70,235
Dividends and interest receivable 97,549
Receivable for investment securities sold 211,322

Total Assets 141,398,661

Liabilities
Accrued investment advisory fee 116,647
Accrued shareholder servicing and administrative fees 14,195
Accrued expenses 57,629

Total Liabilities 188,471

Net Assets
Source of Net Assets:
Net capital paid in on shares of beneficial interest $ 89,639,246
Undistributed net investment income 144,487
Accumulated net realized gain 4,409,254
Net unrealized appreciation 47,017,203

Net Assets $141,210,190

Net Asset Value Per Share
Investor Class Shares -- based on net assets of
$137,134,822 and 5,793,919 shares outstanding $23.67
Advisor Class Shares -- based on net assets of
$4,075,368 and 173,699 shares outstanding $23.46

See Notes to Financial Statements.

FAM Equity-Income Fund [LOGO]

Six Months Ended June 30, 2007 (Unaudited)

STATEMENT OF OPERATIONS

INVESTMENT INCOME

Income
Dividends $ 1,494,346
Interest 181,147

Total Investment Income 1,675,493

Expenses
Investment advisory fee (Note 2) 701,593
Administrative fee (Note 2) 52,619
Shareholder servicing and related expenses (Note 2) 33,684
Printing and mailing 31,029
Professional fees 6,983
Registration fees 21,672
Custodial fees 9,182
Trustees and Officers 44,880
Distribution and service fees --
Advisor Class Shares (Note 2) 19,756
Other 28,750

Total Expenses 950,148

Net Investment Income 725,345

REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain on investments 4,526,704
Unrealized appreciation of investments 8,369,377

Net Gain on Investments 12,896,081

NET INCREASE IN NET ASSETS FROM OPERATIONS $13,621,426

See Notes to Financial Statements.

FAM Equity-Income Fund [LOGO]

Six Months Ended June 30, 2007 (Unaudited) and Year Ended December 31, 2006

STATEMENT OF CHANGES IN NET ASSETS

Six Months Year Ended
Ended June 30, December 31,
2007 2006

CHANGE IN NET ASSETS
FROM OPERATIONS:
Net investment income $ 725,345 $ 841,386
Net realized gain on investments 4,526,704 7,917,576
Realized gain distributions -- 239,237
Unrealized appreciation (depreciation)
of investments 8,369,377 (236,594)

Net Increase in Net Assets
From Operations 13,621,426 8,761,605

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income
Investor Class (703,866) (1,078,611)
Advisor Class -- --
Net realized gain on investments
Investor Class -- (7,253,566)
Advisor Class -- (203,602)
TRANSACTIONS IN SHARES OF
BENEFICIAL INTEREST (NOTE 3): (18,173,869) (35,899,942)

Total Decrease in Net Assets (5,256,309) (35,674,116)

NET ASSETS:
Beginning of period 146,466,499 182,140,615

End of period $141,210,190 $146,466,499

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

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

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

and return of capital may differ from the estimated amounts. The Fund
adjusts 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 actual
composition of the distributions. Distributions to shareholders are
recorded on the ex-dividend date. Distributions to shareholders are
determined in accordance with income tax regulations and may differ from
those determined for financial statement purposes. To the extent these
differences are permanent such amounts are reclassified within the
capital accounts.

e) New Accounting

Pronouncements In July 2006, the Financial Accounting Standards Board
issued Interpretation No. 48, "Accounting for Uncertainty in Income
Taxes -an Interpretation of FASB Statement No. 109" (the
"Interpretation"). The Interpretation establishes for all entities,
including pass-through entities such as the Fund, a minimum threshold
for financial statement recognition of the benefit of positions taken in
filing tax returns (including whether an entity is taxable in a
particular jurisdiction), and requires certain expanded tax disclosures.
The Interpretation is effective for fiscal years beginning after
December 15, 2006, and is to be applied to all open tax years as of the
date of effectiveness. Management continues to evaluate the application
of the Interpretation to the Fund, and is not in a position at this time
to estimate the significance of its impact, if any, on the Fund's
financial statements.

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, 2007 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, 2007. 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, 2007 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, 2007.

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

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,
2007, shareholder servicing agent fees paid to FSS amounted to $33,684.
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. For the period ended June 30, 2007, Fund
administrative fees amounted to $52,619.

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.

Note 3.

Shares of Beneficial Interest At June 30, 2007 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,
2007, redemption fees amounted to $119 and were credited to paid in capital.
Transactions were as follows:

SIX MONTHS ENDED 6/30/07 YEAR ENDED 12/31/06

Shares Amount Shares Amount

Shares sold
Investor Class 245,407 $ 5,509,967 993,318 $ 21,825,426
Advisor Class 2,134 46,851 27,694 607,640
Shares issued on
reinvestment of distributions
Investor Class 27,698 651,056 359,368 7,845,239
Advisor Class -- -- 9,114 197,271
Shares redeemed
Investor Class (1,075,646) (24,121,303) (3,013,950) (65,143,264)
Advisor Class (11,746) (260,440) (59,776) (1,232,254)

Net Decrease from Investor Class
Share Transactions (802,541) $(17,960,280) (1,661,264) $(35,472,599)

Net Decrease from Advisor Class
Share Transactions (9,612) $ (213,589) (22,968) $ (427,343)

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

Note 4. Investment Transactions

During the period ended June 30, 2007, purchases and sales of investment
securities, other than short-term obligations were $7,437,356 and
$20,995,584. 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 $47,915,966
Unrealized depreciation (898,763)

Net unrealized appreciation $47,017,203

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, 2007 when any advances are to be
repaid. During the period ended June 30, 2007 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) 2007 2006 2005 2004 2003 2002

Net asset value,
beginning of period $ 21.61 $ 21.52 $ 20.48 $ 18.27 $ 15.45 $ 16.05

Income from investment operations:
Net investment income+ 0.12 0.12 0.14 0.15 0.12 0.12
Net realized and unrealized
gain (loss) on investments 2.06 1.30 1.03 2.40 3.00 (0.48)

Total from investment
operations 2.18 1.42 1.17 2.55 3.12 (0.36)

Less distributions:
Dividends from net
investment income (0.12) (0.16) (0.13) (0.15) (0.12) (0.12)
Distributions from net
realized gains -- (1.17) -- (0.19) (0.18) (0.12)

Total distributions (0.12) (1.33) (0.13) (0.34) (0.30) (0.24)

Change in net asset value
for the period 2.06 0.09 1.04 2.21 2.82 (0.60)

Net asset value, end of period $ 23.67 $ 21.61 $ 21.52 $ 20.48 $ 18.27 $ 15.45

Total Return 10.10%* 6.57% 5.75% 14.04% 20.30% (2.25)%

Ratios/supplemental data
Net assets, end of period (000) $137,135 $142,546 $177,740 $148,776 $114,194 $73,969

Ratios to average net assets of:
Expenses, total 1.32%** 1.28% 1.26% 1.27% 1.28% 1.37%
Net investment income 1.05%** 0.55% 0.66% 0.79% 0.73% 0.84%
Portfolio turnover rate 5.55% 19.01% 14.11% 17.64% 6.46% 7.11%

+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) 2007 2006 2005 2004 2003+

Net asset value, beginning of period $21.39 $21.33 $20.36 $18.18 $16.77

Income from investment operations:
Net investment income (loss)++ 0.01 (0.10) (0.07) (0.04) 0.10
Net realized and unrealized
gain on investments 2.06 1.33 1.04 2.41 1.54

Total from investment operations 2.07 1.23 0.97 2.37 1.64

Less distributions:
Dividends from net
investment income -- -- -- -- (0.05)
Distributions from net
realized gains -- (1.17) -- (0.19) (0.18)

Total distributions -- (1.17) -- (0.19) (0.23)

Change in net asset value
for the period 2.07 0.06 0.97 2.18 1.41

Net asset value, end of period $23.46 $21.39 $21.33 $20.36 $18.18

Total Return 9.68%* 5.73% 4.76% 13.05% 9.83%*

Ratios/supplemental data
Net assets, end of period (000) $4,075 $3,921 $4,400 $3,017 $1,291

Ratios to average net assets of:
Expenses 2.32%** 2.28% 2.26% 2.27% 2.28%**
Net investment income (loss) 0.06%** (0.45)% (0.34)% (0.21)% 1.10%**
Portfolio turnover rate 5.55% 19.01% 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
John J. McCormack, Jr.
Independent Chairman
Fred "Chico" Lager
Kevin J. McCoy
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

This Schedule of Investments in securities of unaffiliated issuers is
included as part of the Report to Shareholders.

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

Not applicable.

Item 8. Portfolio Managers of Closed-End Management 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 August 6, 2007

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 August 6, 2007

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

Date August 6, 2007

* Print the name and title of each signing officer under his or her signature.