ASSET MANAGEMENT ADVISORS, LLC

Firm Brochure (Part 2A of Form ADV) Asset Management Advisors, LLC 6307 Waterford Blvd., Suite 200 Oklahoma City, Oklahoma 73118 TELEPHONE - 405-842-1881 FAX – 405-842-1413 This brochure provides information about the qualifications and business practices of ASSET MANAGEMENT ADVISORS, LLC. If you have any questions about the contents of this brochure, please contact us at: 405/842-1881. The information in this brochure has not been approved or verified by the United States Securities and Exchange Commission, or by any state securities authority. Additional information about ASSET MANAGEMENT ADVISORS, LLC is available on the SEC’s website at www.adviserinfo.sec.gov February 18, 2026 Asset Management Advisors LLC  Item 2. Material Changes Annual Update The Material Changes section of this brochure will be updated annually when material changes occur since the previous release of the Firm Brochure. Material Changes since the Last Update There are no material changes since the last filing and distribution of this report. Assets under management have been updated. Please see Item 4. Full Brochure Available Whenever you would like to receive a complete copy of our Firm Brochure, please contact us by mail at 6307 Waterford Blvd., Suite 200, Oklahoma City, OK 73118 or by telephone at: 405/842-1881. i Asset Management Advisors LLC  Table of Contents Item 2. Material Changes .............................................................................................. i Annual Update ............................................................................................................ i Material Changes since the Last Update .................................................................... i Full Brochure Available ............................................................................................... i Item 3. Table of Contents TOC 1-3 Item 4. Advisory Business ........................................................................................... 1 Firm Description ......................................................................................................... 1 Principal Owners ........................................................................................................ 2 Types of Advisory Services ........................................................................................ 2 Tailored Relationships ............................................................................................... 2 Types of Agreements ................................................................................................. 2 Investment Management ........................................................................................... 3 Termination of Agreement ......................................................................................... 3 Item 5. Fees and Compensation.................................................................................. 3 Description ................................................................................................................. 3 Fee Billing .................................................................................................................. 4 Other Fees ................................................................................................................. 4 Expense Ratios .......................................................................................................... 4 Item 6. Performance-Based Fees ................................................................................ 5 Item 7. Types of Clients ............................................................................................... 5 Description ................................................................................................................. 5 Account Minimums ..................................................................................................... 5 Item 8. Methods of Analysis, Investment Strategies and Risk of Loss .................... 5 Methods of Analysis ................................................................................................... 5 Investment Strategies ................................................................................................ 6 Risk of Loss ............................................................................................................... 7 Item 9. Disciplinary Information ................................................................................... 8 Legal and Disciplinary ................................................................................................ 8 Item 10. Other Financial Industry Activities and Affiliations ..................................... 8 Financial Industry Activities ........................................................................................ 8 TOC 1 Asset Management Advisors LLC  Affiliations .................................................................................................................. 8 Item 11. Code of Ethics, Participation or Interest in Client Transactions and Personal Trading ........................................................................................................... 8 Code of Ethics ........................................................................................................... 8 Participation or Interest in Client Transactions ........................................................... 9 Personal Trading ........................................................................................................ 9 Item 12. Brokerage Practices ....................................................................................... 9 Selecting Brokerage Firms ......................................................................................... 9 Best Execution ......................................................................................................... 10 Soft Dollars .............................................................................................................. 10 Order Aggregation ................................................................................................... 10 Item 13. Review of Accounts ...................................................................................... 11 Periodic Reviews ..................................................................................................... 11 Review Triggers ....................................................................................................... 11 Regular Reports ....................................................................................................... 11 Item 14. Client Referrals and Other Compensation .................................................. 11 Incoming Referrals ................................................................................................... 11 Referrals Out ........................................................................................................... 12 Other Compensation ................................................................................................ 12 Item 15. Custody ......................................................................................................... 12 Account Statements ................................................................................................. 12 Performance Reports ............................................................................................... 12 Item 16. Investment Discretion .................................................................................. 13 Discretionary Authority for Trading ........................................................................... 13 Limited Power of Attorney ........................................................................................ 13 Item 17. Voting Client Securities ................................................................................ 13 Proxy Votes ............................................................................................................. 13 Item 18. Financial Information .................................................................................... 13 Financial Condition .................................................................................................. 13 Brochure Supplement (Part 2B of Form ADV) .......................................................... 14 Education and Business Standards ......................................................................... 14 TOC 2 Asset Management Advisors LLC  Professional Certifications ....................................................................................... 14 LAURA ANN ROY, CPA .......................................................................................... 14 JERRY MILTON WILLIAMS, JD .............................................................................. 15 TOC 3 Asset Management Advisors LLC  Item 4. Advisory Business Firm Description ASSET MANAGEMENT ADVISORS, LLC, (“AMA”) was founded in 1996. Jerry M. Williams and Scott G. Davis formed AMA for the purpose of providing “Family Office” services to an inter-generational group of related families requiring centralized financial management. As previously reported in “Material Changes”, Scott G. Davis retired at the end of 2017. AMA serves not only related family groups but also unrelated individual investors. AMA provides these services to individuals, families, limited liability companies, trusts, corporations and retirement plans. As of December 31, 2025, AMA manages approximately $221,273,000 in assets for approximately 101 clients. Approximately $221,273,000 is managed on a discretionary basis, and $000 is managed on a non- discretionary basis. AMA is a “Fee Only” advisor. AMA requires a minimum of $1,000,000 per relationship in investable assets. All accounts are managed on a full discretion basis with a total return objective. INVESTMENT MANAGEMENT AMA invests in stocks, bonds, exchange-traded funds, mutual funds and like securities. Client securities are held in their individual accounts at Charles Schwab & Co., Inc. Clients authorize AMA to trade the securities they hold by the use of a Limited Power of Attorney which enables AMA to place and settles trades in the client’s Schwab account. AMA also manages the investable securities owned by irrevocable trusts that are held by corporate trustees. Trades for the benefit of the trusts are made through Charles Schwab & Co., Inc. but settle using a system called “Delivery vs. Payment” (DVP). The corporate trustees have their own custodians and Schwab settles the trade with those custodians via the DVP system. FAMILY OFFICE SERVICES AMA provides accounting and recordkeeping services to individuals, families, limited liability companies, and trusts. The services include assistance with wealth management, bill paying and other administrative services. AMA works with its clients and their attorneys to develop and implement comprehensive estate plans. AMA also works with its clients and their CPA’s to review and implement tax strategies and support the preparation of income, gift and estate tax returns. - 1 - Asset Management Advisors LLC  OIL AND GAS MANAGEMENT AMA manages both royalty and non-operated working interests for the benefit of clients. AMA collects oil and gas revenue and pays working interest billings for the clients. AMA uses a specialized accounting system to maintain records of revenue and expense by property. Family Office and Oil and Gas Management clients maintain bank accounts with a bank or banks in Oklahoma City. AMA has signature authority on these accounts. AMA contracts with a CPA firm to conduct annual audits of these accounts. AMA prepares and distributes reports to clients at the end of each calendar quarter. The reports, which are prepared in a “year to date” fashion, include all of the activities AMA is performing for the client. Principal Owners Jerry M. Williams is a 50% owner. Laura A. Roy is a 50% owner. Types of Advisory Services AMA provides investment supervisory and management services; issues quarterly letters to clients discussing various investment topics; and issues special reports to clients when market conditions warrant. On more than an occasional basis, AMA furnishes advice to clients on wealth management issues that often include gift and estate planning. Tailored Relationships Investment policy statements are created that reflect the client’s stated goals and objective. Clients may impose restrictions on investing in certain securities, or classes of securities. Types of Agreements The following agreement defines the typical client relationships. Managerial Agency Agreement: A Managerial Agency relationship may include: Investment Management (including performance reporting); Family Office Services; and or Oil and Gas Management as discussed in the “Firm Description” on page 1. Although the Managerial Agency Agreement is an ongoing agreement, the length of service to the client is at the client’s discretion. The client or the investment manager may terminate the relationship by written notice to the other party. - 2 - Asset Management Advisors LLC  Managerial Agency Agreements may not be assigned without client consent. Investment Management Assets are invested primarily in equity securities of financially strong, well- managed companies at market prices significantly below their business value. Investments may include: equities (stocks), exchange-traded funds, warrants, corporate debt securities, commercial paper, certificates of deposit, municipal securities, investment company securities (mutual funds shares), U. S. government securities, options contracts, futures contracts, and interests in partnerships. Initial public offerings (IPOs) are not available through AMA. Stocks and bonds will be purchased or sold through the client’s brokerage account. Other than the services received from Schwab as described on page 10, AMA does not receive compensation, in any form, from brokerage firms or fund companies. Termination of Agreement The managerial agency agreement may be terminated by either the client or AMA at any time with written notice. The termination is effective no later than thirty (30) days from receipt of the notice. Upon termination, all unearned prepaid fees will be promptly refunded to the client. In the event AMA is managing a family office or oil & gas properties for the client at the time of termination, the time period for completion of the termination of services will be negotiated with the client in order to facilitate an orderly transfer of the management to the client or designated successor. Should the client terminate the agreement within five (5) days of its execution there will be no fee assessed for any advisory services rendered before the agreement was terminated. Item 5. Fees and Compensation Description AMA is a “fee only” investment advisor. AMA bases its Investment Management fees on a percentage of assets under management The annual Managerial Agency Agreement fee for Investment Management is based on a percentage of the investable assets according to the following tiered schedule: 1.00% on the first $1,000,000 - 3 - Asset Management Advisors LLC  0.80% on the next $2,000,000 (from 1,000,001 to 3,000,000); and 0.50% on the assets above $3,000,000. AMA does not charge a minimum annual fee. AMA’s fees are negotiable. Current client relationships may exist where the fees differ from the fee schedule above. Fees for Family Office activities and Oil and Gas Management are a combination of fixed fees, percentage of revenues and hourly charges. Fee schedules are available upon request. Fee Billing Investment management fees are taken quarterly in advance. The fee is based on the market value of the account as of the calculation date. The securities pricing is the same as is used by Schwab for their monthly client statements. The value used by AMA will differ from the value reported by Schwab should a trade be made that will settle after the calculation date. AMA uses “trade date” for its reports while Schwab uses “settlement date” for its reports. AMA also includes the accrued interest on bonds while Schwab does not. When clients complete the Limited Power of Attorney for trading they also authorizes Schwab to pay AMA’s fee directly from the client’s account. At the time the fee is taken, AMA sends a copy of the fee invoice to the client. Schwab also notifies the client that a fee has been taken. The fees for Family Office and Oil & Gas Management are computed monthly and quarterly. The fee is taken from the client bank account maintained by AMA for operation of the Family Office and or Oil and Gas Management relationship. AMA sends a copy of the fee invoice to the client when fees are taken. Fees for all other services are taken quarterly from either the client’s account at Schwab or the client bank account maintained by AMA. Other Fees Custodians may charge transaction fees on purchases or sales of certain mutual funds and exchange-traded funds. These transaction charges are usually small and incidental to the purchase or sale of a security. The selection of the security is more important than the nominal fee that the custodian charges to buy or sell the security. Expense Ratios Mutual funds and exchange-traded funds charge a management fee for their services as investment managers. The management fee is a part of the costs that are reported as an expense ratio. For example, an expense ratio of 0.50 - 4 - Asset Management Advisors LLC  means that the mutual fund company charges 0.5% for their services. These fees are in addition to the fees paid by the client to AMA. Item 6. Performance-Based Fees AMA does not use a performance-based fee structure because of the potential conflict of interest. Performance-based compensation may create an incentive for the adviser to recommend an investment that may carry a higher degree of risk to the client. Item 7. Types of Clients Description AMA generally provides investment advice and management to individuals, family limited liability companies, trusts, corporations and retirement plans. As stated on page 1, AMA provides a full range of services to its clients. Client relationships vary in scope and length of service. Account Minimums The minimum relationship size is $1,000,000 of assets under management, which equates to an annual fee of $10,000. AMA has the discretion to waive the relationship minimum. Relationships of less than $1,000,000 may be set up if AMA and the client believe they can attain a mutually beneficial relationship comparable to those relationships with AMA clients having investable assets greater than $1,000,000. Other exceptions will apply to employees of AMA and their relatives, or relatives of existing clients. Account Minimums do not apply to Family Office and Oil & Gas Management clients. Potential Family Office and Oil & Gas Management clients enter into negotiations with AMA to determine both the extent of the relationship and the fee to be charged for those services. Item 8. Methods of Analysis, Investment Strategies and Risk of Loss Methods of Analysis AMA uses fundamental analysis when analyzing securities. The main sources of information include financial newspapers and magazines, research materials prepared by others, corporate rating services, - 5 - Asset Management Advisors LLC  annual reports, prospectuses, filings with the Securities and Exchange Commission, and company press releases. Other sources of information that AMA may use include Morningstar, Seeking Alpha Premium, Value Line, Charles Schwab & Company's research services, and other like services or publications. Investment Strategies All client accounts are managed on a full discretion basis with a total return (income plus capital gain) objective. AMA is a value investor. AMA views equity investment as ownership in a business enterprise. AMA seeks to achieve superior long term performance primarily by acquiring equity securities of financially strong, well-managed companies at market prices significantly below their business value. AMA also invests in bonds and preferred stock to provide a more steady source of cash for the portfolio. At certain times AMA may invest in a mutual fund or exchange-traded fund that offers a specific opportunity consistent with our strategy but which we are unable to effectively capture in a portfolio of individual securities. AMA may also use margin transactions and option writing (covered calls) when investment opportunities warrant. In making investment decisions, AMA distinguishes between two types of risk which are stock price volatility and permanent loss of capital. Since AMA’s focus is on long-term total return it is not concerned with the risk of short-term volatility, however AMA is very concerned with the risk of permanent loss of capital. AMA believes that the risk of permanent loss of capital is also reduced by limiting the number of holdings or positions in a portfolio. Broad diversification is commonly viewed as a means of reducing risk, and it does reduce short term price volatility risk. However, AMA believes it is a poor surrogate for knowledgeable, careful stock selection that is focused on limiting the risk of permanent loss of capital. AMA applies its views by constructing portfolios invested in 15 to 25 securities representing several reasonably non-correlated sectors of the market. The investments are closely monitored and always represent AMA’s best investment ideas. AMA will begin to sell a security, when in its opinion, the security has become fully valued and or there are other more compelling investment opportunities available in the market. AMA will also sell a security when there has been a fundamental change in the business that changes the long term outlook or when AMA determines that it made a mistake in its valuation of the business. Each client executes an Investment Policy Statement that documents their objectives and their desired investment strategy. - 6 - Asset Management Advisors LLC  While exercising its investment discretion in planning trades, AMA takes into consideration several factors including but not limited to: Income tax impact of a trade   Legacy holdings and possible related restrictions  Client imposed restrictions  Cash available for investment  Stock Market Environment Individual security weighting within the portfolio  The effect of one or more of these limitations could result in a client not being added to either a block purchase or sale of securities. The client’s performance will differ from that of other clients as a result of the constraints placed on the portfolio. Risk of Loss All investment programs have certain risks that are borne by the investor. As stated above, AMA’s investment approach constantly keeps the risk of loss in mind. Investors face the following investment risks:  Interest-rate Risk: Fluctuations in interest rates may cause investment prices to fluctuate. For example, when interest rates rise, yields on existing bonds become less attractive, causing their market values to decline.  Market Risk: The price of a security, bond, or mutual fund may drop in reaction to tangible and intangible events and conditions. This type of risk is caused by external factors independent of a security’s particular underlying circumstances. For example, political, economic and social conditions may trigger market events.  Inflation Risk: When any type of inflation is present, a dollar next year will not buy as much as a dollar today, because purchasing power is eroding at the rate of inflation.  Currency Risk: Overseas investments are subject to fluctuations in the value of the dollar against the currency of the investment’s originating country. This is also referred to as exchange rate risk.  Reinvestment Risk: This is the risk that future proceeds from investments may have to be reinvested at a potentially lower rate of return (i.e. interest rate). This primarily relates to fixed income securities.  Business Risk: These risks are associated with a particular industry or a particular company within an industry. For example, oil & gas drilling and exploration companies depend on finding and producing oil & gas, a lengthy process, before they can generate a profit. They carry a - 7 - Asset Management Advisors LLC  higher risk of profitability than an electric utility company, which generates its income from a steady stream of customers who buy electricity no matter what the economic environment is like.  Liquidity Risk: Liquidity is the ability to readily convert an investment into cash. Generally, assets are more liquid if many traders are interested in a standardized product. For example, Treasury Bills are highly liquid, while real estate properties are not.  Financial Risk: Excessive borrowing to finance a business’ operations increases the risk of profitability, because the company must meet the terms of its obligations in good times and bad. During periods of financial stress, the inability to meet loan obligations may result in bankruptcy and/or a declining market value. Item 9. Disciplinary Information Legal and Disciplinary The firm and its employees have not been involved in legal or disciplinary events related to past or present investment clients. Item 10. Other Financial Industry Activities and Affiliations Financial Industry Activities None. Affiliations AMA is an independent firm. It does not have arrangements with a broker-dealer, investment company, other investment advisor, financial planning firm, commodity pool operator, commodity trading adviser or futures commission merchant, banking or thrift institution, accounting firm, law firm, insurance company or agency, pension consultant, real estate broker or dealer, or an entity that creates or packages limited partnerships. Item 11. Code of Ethics, Participation or Interest in Client Transactions and Personal Trading Code of Ethics The employees of AMA have committed to a Code of Ethics that specifically addresses their fiduciary duty to AMA’s clients. A copy is available for review by clients and prospective clients upon request. - 8 - Asset Management Advisors LLC  Participation or Interest in Client Transactions AMA anticipates that, in appropriate circumstances, consistent with clients’ investment objectives, it will cause accounts over which AMA has management authority to purchase or sell securities in which AMA’s members and employees have a position of interest. AMA’s members and employees are required to follow AMA’s Code of Ethics. Subject to satisfying this policy and applicable laws, members and employees of AMA may trade for their own accounts in securities which are purchased for AMA’s clients. The Code of Ethics is designed to assure that the personal securities transactions, activities and interests of the members and employees of AMA do not interfere with (i) making decisions in the best interest of advisory clients and (ii) implementing such decisions while, at the same time, allowing members and employees to invest for their own accounts. Member and employee trading is continually monitored under the Code of Ethics to reasonably prevent conflicts of interest between AMA and its clients. Employees accounts may be traded along with client accounts when making “Block Trades”. See discussion at “Order Aggregation”. Personal Trading The Chief Compliance Officer of AMA is Laura A. Roy. She reviews all employee trades each quarter. Her trades are reviewed by Jerry M. Williams. The personal trading reviews ensure that the personal trading of employees is in compliance with AMA’s Code of Ethics, and a conflict of interest between the clients of AMA and its members and employees has not occurred. Item 12. Brokerage Practices Selecting Brokerage Firms AMA does not have any affiliation with product sales firms. Specific custodian recommendations are made to Clients based on their need for such services. AMA recommends custodians based on the proven integrity and financial responsibility of the firm and the best execution of orders at reasonable commission rates. AMA request that its clients use Charles Schwab & Co., Inc. (Schwab) a registered broker-dealer, member SIPC, as their broker / custodian. Should its clients require a corporate trustee, AMA requests that they use The Trust Company of Oklahoma. Should a client or potential client choose another broker / custodian or trust company than Schwab or Trust Company of Oklahoma, AMA may choose not to manage the account. AMA does not receive fees or commissions from any of these arrangements. - 9 - Asset Management Advisors LLC  Best Execution AMA reviews the execution of trades each quarter. The review is documented as specified in the AMA Policy and Procedure Manual. AMA does not receive any portion of the brokerage commissions. Soft Dollars AMA does not receive “Soft Dollars”. AMA does receive a benefit from Schwab Advisor Services. Schwab Advisor Services provides AMA and its clients with access to institutional brokerage and support services, many of which are not typically available to Schwab retail customers. Some of the services provided by Schwab help AMA manage or administer its client’s accounts, while other services help AMA manage its business. The availability of these services from Schwab benefits AMA because it does not have to purchase them. The receipt of these services gives AMA an incentive to request that clients maintain their accounts with Schwab, based on AMA’s interest in receiving Schwab’s services that benefit AMA’s business rather than based on the clients’ interest in receiving the best value in custody services and the most favorable execution for their transactions. This creates a conflict of interest. AMA believes, however, that its selection of Schwab as custodian and broker is in the best interest of its clients. AMA’s selection is primarily supported by the scope, quality and price of Schwab’s services and not Schwab’s services that benefit only AMA. Order Aggregation AMA will usually aggregate trade orders if a particular security is being purchased or sold by numerous accounts at the same time. The practice of order aggregation, also known as block trading, is done for convenience and to facilitate best execution. AMA may use “limit orders” to help achieve best execution when conducting block trades. All of the trading accounts share in the aggregated price of the security. When trading in thinly traded securities and or multi-million dollar transactions, at AMA’s request, Charles Schwab & Co. will work the trade over the course of the trading day to achieve the best price. As stated previously, the members and employees of AMA may participate in “Block Trades” along with the clients of AMA. - 10 - Asset Management Advisors LLC  Item 13. Review of Accounts Periodic Reviews Accounts are reviewed continuously and in detail on a monthly basis. The accounts are reviewed by Mr. Williams and Mrs. Roy. Mr. Williams reviews all accounts with a particular focus on the securities held in each client account or group as well as any significant additions or withdrawals planned by the client. Mrs. Roy reviews all accounts with her focus being the daily and monthly flow of funds into and out of each client group as well as special transactions being undertaken by clients. Mrs. Roy also reviews all of the client reports at the end of each calendar quarter. Review Triggers Reviews of securities held in the client’s portfolios are triggered by news releases, conference calls, articles in business publications and economic or political events affecting a particular company. Other reviews are triggered by a change in the client’s financial objectives or condition. Regular Reports Clients receive year to date reports at the end of each calendar quarter. The reports provide an account snapshot “Portfolio Summary”, a detail listing of security and cash positions “Portfolio Appraisal”, a year to date “Performance Report”, an analysis of realized gains and losses “Realized Gain / Loss Report”, a recap of the cash activity in the account and a detail report of the income received and expenses paid from the account. The annual report contains all of the reports listed above and a report of “Historical Performance” which computes the account performance from the inception of AMA’s management of the account. Clients with multiple accounts received combined reports. The combined reports are “Combined Portfolio Summary”, “Combined Portfolio Appraisal” and “Combined Performance Report”. AMA produces a more extensive set of reports for Family Office and Oil and Gas Management clients. An example of those statements is available upon request. Item 14. Client Referrals and Other Compensation Incoming Referrals AMA has been fortunate to receive many client referrals over the years. The referrals come from clients, estate planning attorneys, accountants, - 11 - Asset Management Advisors LLC  employees, personal friends of employees and other similar sources. The firm does not compensate referring parties for these referrals. Referrals Out AMA does not accept referral fees or any form of remuneration from other professionals when a prospect or client is referred to them. Other Compensation AMA does not receive any type of compensation from third parties nor does it pay any type of compensation to third parties. Item 15. Custody AMA, Jerry M. Williams and Laura A. Roy have Custody of client assets in the following instances: AMA has been named Manager of a Limited Liability Company Jerry M. Williams and or Laura A. Roy have been named Manager of a Limited Liability Company. Jerry M. Williams and or Laura A. Roy has been named Trustee or Co- Trustee of a Trust. Jerry M. Williams and or Laura A. Roy have been made an officer of a Corporation. Jerry M. Williams and or Laura A. Roy have control of a bank account for a Family Office and or Oil and Gas Management client. Account Statements When the above named have Custody of a Client’s assets, all assets are held at qualified custodians, i.e. Charles Schwab & Co., Inc. or a bank. The custodians provide account statements directly to clients at their address of record. Clients are urged to compare the statements provided by the custodians to the statements AMA provides at the end of each calendar quarter. In all situations described above, as required by regulations, AMA retains a CPA firm to perform an annual surprise audit of the client accounts controlled by AMA, Jerry M. Williams or Laura A. Roy. The CPA firm reports the result of their audit to the US Securities and Exchange Commission and to the Oklahoma Department of Securities. Performance Reports Clients are urged to compare the account statements received directly from their custodians to the quarterly and annual performance reports in the statements provided by AMA. - 12 - Asset Management Advisors LLC  Item 16. Investment Discretion Discretionary Authority for Trading All client accounts are managed on a full discretion basis. AMA has the authority to determine, without obtaining specific client consent, the securities to be bought or sold and the amount of the securities to be bought or sold. AMA does not receive any portion of the transaction fees or commissions paid by the client to the brokerage firm. Discretionary trading authority facilitates placing trades in the client’s accounts on their behalf so that AMA can promptly implement the investment policy that the client has approved. Limited Power of Attorney The client executes a “Limited Power of Attorney” authorizing Schwab to accept AMA’s instructions to make and settle trades in the client’s accounts. Item 17. Voting Client Securities Proxy Votes Unless the client designates otherwise, AMA votes proxies for securities over which it maintains discretionary authority consistent with its proxy voting policy. A copy of AMA‘s proxy voting policy is available upon request. Item 18. Financial Information Financial Condition AMA does not have any financial impairment that will preclude the firm from meeting contractual commitments to clients. - 13 - Asset Management Advisors LLC  Brochure Supplement (Part 2B of Form ADV) Education and Business Standards At present, Mr. Williams and Mrs. Roy (previously named Ms. Hackler) are the only individuals giving investment advice to the clients of AMA. In the event additional individuals are hired and they provide investment advice, a standard of appropriate education and experience in the financial services industry will be put in place. Professional Certifications Employees have earned certifications and credentials that are required to be explained in further detail. Juris Doctor (JD): The Juris Doctor is the designation awarded upon the successful completion of law school. Certified Public Accountant (CPA): Certified Public Accountants are licensed and regulated by their state boards of accountancy. CPA certification requirements include:  A Bachelor’s degree from an accredited college or university with a concentration in accounting and a total of 150 hours of college credit.  At least one year of experience providing services that involve the use of accounting, attest, compilation, management advisory, financial advisory, tax or consulting skills, all of which must be achieved under the supervision of or verification by a CPA.  The successful passage of the Uniform CPA examination. The requirements to maintain certification as a CPA are:  The completion of a minimum of 120 hours of continuing professional education (CPE) every three years. Four of the 120 hours must be in courses teaching professional ethics.  Adhere to the “Professional Code of Conduct.” Laura Ann Roy, CPA  Previously named Laura Ann Hackler, married December 2022.  Year of birth: 1983 Educational Background:  EDUCATION AFTER HIGH SCHOOL: Mrs. Roy graduated from University of Oklahoma in May 2006 with a Bachelor of Business Administration and Master of Accountancy. She was awarded her Certified Public Accountant certificate in January 2008. - 14 - Asset Management Advisors LLC  Business Experience:  Mrs. Roy became a manager of Asset Management Advisors, LLC in January 2018, after joining the firm in May 2017. Previously, she was a Tax Specialist at Chesapeake Energy Corporation for five years. Prior to that, she practiced public accounting as a Tax Manager at Peters & Chandler, PC. Disciplinary Information: None Other Business Activities: None Additional Compensation: None JERRY MILTON WILLIAMS, JD  Year of birth: 1941 Educational Background:  EDUCATION AFTER HIGH SCHOOL: Mr. Williams graduated from the University of Nebraska, Lincoln in May 1964 with a B.S. degree in Business. He earned his Juris Doctor degree from the University of Nebraska Law School in May 1967. Business Experience:  Mr. Williams joined with Mr. Davis to form Asset Management Advisors, LLC in March 1996 and began operation of the firm in May 1996. Mr. Williams has been a manager of the firm from its inception to the current time. Disciplinary Information: None Other Business Activities: None Additional Compensation: None - 15 - Asset Management Advisors LLC