Firm Overview Fenimore Asset Management, Inc. (“Fenimore” or the “Firm”) provides investment advisory services on a discretionary basis to its clients, including: (1) Fenimore Asset Management Trust (the “Trust”), an investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”), consisting of three separate investment series, FAM Value Fund, FAM Dividend Focus Fund, and FAM Small Cap Fund (the “Registered Funds”); (2) separately managed investment advisory accounts, each subject to the Firm’s Investment Advisory Agreement (“IAA”), for individuals, corporations, trusts, pension and profit sharing plans, and non-profit organizations, (“SMA Clients”); and (3) a privately placed pooled investment vehicle organized as a Delaware limited liability company (the “Private Fund” and, together with the Registered Funds, the “Funds”). Thomas O. Putnam, who founded Fenimore in 1974, is the majority shareholder and principal owner of Fenimore. Fenimore offers investment advisory services on a non-discretionary basis to unaffiliated investment advisers ("Advisers"). Such services include the delivery of model portfolios to Advisers. Advisers may use such model portfolios as part of their own investment recommendations and in the management of their own client accounts. Fenimore also manages its corporate account and accounts for certain employees and related family members. Fenimore receives no advisory fee for these accounts. In some instances, Fenimore has agreed to provide at no charge certain services such as reporting and order placement on securities owned by clients or their related persons, which Fenimore does not manage on a supervisory basis. Fenimore offers these services in its sole discretion. Fenimore also manages a small number of accounts related to a charitable organization without payment of a fee, but no longer offers such services. In connection with the management of each account, Fenimore seeks to establish an understanding of each SMA Client’s individual investment objectives and restrictions through, in the case of separate accounts, communications with the SMA Client or the SMA Client’s agent or representative (e.g., the sponsor of a wrap fee program through which the SMA Client obtains Fenimore’s services). Fenimore formulates an investment program structured to achieve each SMA Client’s goals consistent with established investment guidelines and restrictions. However, advice is generally limited to the specific mandate for the account and Fenimore does not take into account other assets that might be owned by the SMA Client (except to the extent such assets could bear on, and could be made a part of, the

SMA Client’s stated investment guidelines and restrictions); Fenimore’s only responsibility with respect to diversification is to diversify the account in accordance with established investment guidelines. Fenimore may, as an accommodation and in its sole discretion, furnish certain SMA Clients with financial planning services. Such services will be delivered in writing and are generally responsive to such SMA Client’s individual financial goals and needs. Planning services may cover areas including investment planning, retirement planning, education planning, charitable planning, cash flow planning, and estate planning. Planning services will generally vary according to many factors, including SMA Client circumstances. Where Fenimore, in its sole discretion, elects to provide financial planning services, such services are advisory only. Neither Fenimore, nor its representatives provide tax, legal, or accounting advice. Furthermore, SMA Clients are under no obligation to implement any recommendations through Fenimore or otherwise. Each Fund is managed only in accordance with its relevant and stated investment objectives, guidelines, and restrictions and is not tailored to the individualized needs of any particular investor in the Fund (with respect to the Private Fund, each an “Investor” and, with respect to the Registered Funds, each a “Shareholder”). Accordingly, current and potential Shareholders or Investors must consider whether a Fund meets their investment objectives and risk tolerance prior to investing. Each Registered Fund’s investment objectives, guidelines, and restrictions are set forth in the Trust’s prospectus and statement of additional information (the “Registration Statement”), which is available through Fenimore Securities, Inc. (“FSI”), the distributor of the shares of the Registered Funds, or another authorized party and publicly through the SEC’s EDGAR website. Similar information about the Private Fund is set forth in the Private Fund’s Private Placement Memorandum (“PPM”) and limited liability company operating agreement (together with the PPM, the “Governing Documents”), which are available to current and prospective Investors only through FSI or another authorized party. While this Brochure can be provided or otherwise made available to Shareholders or Investors, and includes information about the Funds, this Brochure is intended solely to provide information about Fenimore and is not an offer of interests or shares in any Fund. Assets Under Management As of September 30, 2023, Fenimore managed approximately $4,194,642,675in assets on a discretionary basis. Fenimore does not currently manage any assets on a nondiscretionary basis.