Advisory Business A. General Description of Advisory Firm Pecaut Wealth Management is a federally registered investment advisor. We provide financial planning and portfolio management services. We manage the investment and reinvestment of our clients’ assets. Asset portfolios are composed primarily of stocks, bonds, ETFs (exchange traded funds) and mutual funds. We design and manage client portfolios according to their personal financial goals. Pecaut has been providing investment services since its founding in 1960 by Russell Pecaut and his sons. Originally a broker dealer, Pecaut Wealth Management added investment advisory services in 1995, and now operates exclusively as an investment advisor. The principal owners of Pecaut Wealth Management are Daniel Pecaut (Chairman and Chief Investment Officer), Corey Wrenn (Chief Executive Officer and President), John Pecaut (Vice President, Chief Operating Officer and Chief Compliance Officer), and Michael Gallagher (Vice President and Financial Advisor). B. Description of Advisory Services Services Offered Pecaut Wealth Management works with clients to guide them through their financial life. We provide financial advice to our clients in two primary ways: financial planning and portfolio management. Our financial planning services help clients identify their current financial situation and goals for the future and build a path via a financial plan to achieve those goals. Portfolios can be designed to address the specific needs of the plan. Our portfolio management strategy seeks to grow and preserve our clients’ capital. Pecaut Wealth Management manages investments for clients and provides continuous supervision of client portfolios. Client accounts are tailored to meet our clients’ investment needs and objectives. We generally

find a portfolio of stocks, bonds, ETFs, and/or mutual funds suitable for most clients. However, Pecaut Wealth Management may recommend any of the following types of investments:
• Stocks
• Exchange Traded Funds (ETFs)
• Mutual Funds
• Bonds
• Warrants and Rights
• Money Market Funds
• Cash
• Time Deposits Client portfolios are composed of these types of investments and are constructed using a combination of strategies as appropriate for each client’s financial plan and situation. See Item 8 for more information on our investment strategy. While we seek to manage portfolios with similar risk objectives in the same way, holdings in each such account may be different due to timing of client deposits, cash availability, liquidity of securities traded for client accounts, security prices, certain limited investment restrictions, and tax matters, among other things. Other Services Pecaut Wealth Management also offers the following services:
• Investment consulting services, which consists of investment advice without continuous supervision or management.
• Stand alone financial planning services, which consists of preparation of an initial financial plan without investment advice and continuous supervision and management. C. Availability of Customized Services for Individual Clients Clients may impose reasonable restrictions on investing in certain securities or security types. D. Wrap Fee Program Pecaut Wealth Management does not have a wrap fee program. E. Assets Under Management As of August 31, 2023, Pecaut Wealth Management had assets under management in the amounts below: Assets managed on a discretionary basis $295,411,721 Assets managed on a non-discretionary basis $11,176,084