Advisors Asset Management, Inc.

$1.4B reported client assets across 1 advisory firms in FY2025 annual amendments

Advisory firm	RAUM at custodian	Firm total AUM	Share	As of
Pence Capital Management, Llc	$1.4B	$1.5B	88.4%	03/30/2026

From Form ADV Schedule D 5.K.(3): custodians named at the 10%-of-SMA-assets threshold, with reported dollar amounts. "Share" is reported amount as a share of the firm's total regulatory AUM.