Abstract: A rotary knife comprising, an annular blade having a central axis, a blade supporting head assembly supporting the blade for rotation about the axis, a manually grippable handle assembly connected to the head assembly, and a flex shaft drive transmission for driving the blade about the axis. A depth of cut limiting device engages material as an operator moves the rotary knife across a surface to trim material from that surface. The depth of cut limiting device has particular utility in trimming fat from meat while leaving a controlled thickness of fat on the meat.