HUTNER CAPITAL MANAGEMENT INC.

CRD 107896File 801-79521

APPROVED

Retail clients

Custody

Filing as of Mar 30, 2026

Feed vintage Aug 17, 2026

Regulatory AUM

$271.2M

Below cohort median (national)

Discretionary AUM

$271.2M

Clients

120

122 accounts

Employees

Below cohort median in VT

Identity & registration

ADV Item 1

Organization form: Corporation
Firm type: Registered
SEC region: BRO
Registration date: Apr 9, 2014
Principal office: 3546 MAIN STREET, MANCHESTER, VT, 05254
Phone: 802-366-8157
Website: HTTPS://WWW.HUTNERCAPITAL.COM

Assets & accounts

ADV Item 5F

Total regulatory AUM: $271.2M
Discretionary AUM: $271.2M
Non-discretionary AUM: $0
Discretionary accounts: 122
Non-discretionary accounts: 0
Total accounts: 122
AUM per client: $2.3M

Clients by type

ADV Item 5D

Client type	Clients	AUM
Other	6	$14.3M
Charitable organizations	Fewer than 5	$429K
High net worth individuals	76	$167.6M
Pooled investment vehicles	5	$80.6M
Individuals (other than high net worth individuals)	33	$8.2M

Compensation & activities

ADV Items 5E, 5G

Compensation

Other
Fixed fees
Other (described) — NEGOTIATED FEES FOR LIMITED ADVISORY SERVICES PROVIDED
Performance-based fees
A percentage of assets under your management

Advisory activities

Other advisory activities
Portfolio management for pooled investment vehicles
Portfolio management for individuals and/or small businesses

Custody

ADV Item 9

Firm Custody Cash: No
Firm Custody Assets: No
Firm Custody Clients: Yes
Firm Custody Securities: No
Related Person Custody Cash: No
Related Person Custody Assets: No
Related Person Custody Clients: No
Related Person Custody Securities: Yes

Disclosure events

ADV Item 11

This firm answered no to every Item 11 disclosure question in this filing.

Filed changes

Date	Field	From	To
Aug 12, 2026	Registration	—	APPROVED

Every value above is reproduced from this firm's Form ADV filing. Fields the firm left blank are shown as “Not reported” rather than filled in from other sources.