THE COMPANY Fiduciary Management, Inc. (“FMI” or “the firm” or “we”) was founded in 1980 and is an independent money management firm based in Milwaukee, Wisconsin. Its principal owners are Ted Kellner and Patrick English. FMI is a registered investment adviser with the SEC. INVESTMENT MANAGEMENT SERVICES FMI’s equity investing strategies apply a value discipline, with a focused approach firmly rooted in fundamental research. FMI manages assets for domestic and international institutions, individual investors, and Registered Investment Advisors through separately managed accounts and the FMI Family of Funds. FMI servers as a sub-adviser to unaffiliated mutual funds and other pooled vehicles. When we act as a sub- adviser, our services will be overseen by a third-party fund manager. In such arrangements, the imposition of specific investment restrictions or tailoring of investment strategies will generally be the responsibility of the fund manager. FMI offers six equity investment strategies, as follows: Large-Cap, Small-Cap, All-Cap, International Equity, Focused Global Equity, and Global Equity. We limit our investment management services to these six equity strategies, and we do not offer financial planning services, or advise clients in the selection of other money managers or mutual funds not managed by us. Upon request from a client, FMI will accommodate restrictions imposed on certain securities or type of securities. Because of capacity limitations, FMI has from time-to-time soft-closed strategies which restricts new investors from investing while allowing existing shareholders of the affected mutual fund and separate account clients to continue to invest in a soft-closed strategy without restriction or exception. Determining the timing of closing a strategy could create related investment risks and potential conflicts of interest. FMI’s equity strategies may include investments in common stocks, whether domestic or from foreign issuers, preferred stocks, warrants, corporate bonds, commercial

paper, certificates of deposit, municipal securities, U.S. government and agency securities, and in mutual fund shares. FMI’s policy is not to participate in Initial Public Offerings (“IPO”), or “hot issues” as these securities generally fail to meet the quality standards established for investment on behalf of our clients. If the quality standards meet our requirements and share availability becomes sufficient to purchase for all clients, FMI may consider such an investment. WRAP FEE PROGRAMS FMI also manages client accounts through “wrap fee” programs sponsored by brokers or other financial intermediaries. These sponsor firms generally enter into contracts with their clients to provide a variety of services for a predetermined, all-inclusive wrap fee. For our investment management services to these accounts, we receive a portion of the wrap fee. Wrap fee accounts are considered directed brokerage accounts. It is the responsibility of the sponsoring organization to notify the client of the services provided by FMI and the portion of the fee attributable to our services. UNIFIED MANAGED ACCOUNT FMI also provides non-discretionary model portfolio recommendations to third parties through “Model Delivery” Wrap Programs or an unified managed account (UMA). In these relationships, FMI delivers a model portfolio designed to satisfy investment objectives established and does not take into consideration or tailor the model portfolios to the investment objectives or risk tolerances of any specific program participant. The third-party retains sole discretion to accept, modify or reject these recommendations, and Form ADV Part 2A – Disclosure Brochure Page 5 execute transactions for underlying clients. FMI’s fees are calculated and paid quarterly based on a percentage of the market value of the accounts managed by the third-party using our model. ASSETS UNDER MANAGEMENT As of December 31, 2023, FMI had $14.9 billion in assets under management. All of these assets were discretionary assets.