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Economic Overview

Hoisington Investment Management Co. (“HIMCo”) is a federally registered investment adviser located in Austin, Texas. HIMCo may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. HIMCo’s website is limited to the dissemination of general information about its management services and its quarterly market commentary. Accordingly, the publication of HIMCo’s website on the internet should not be construed as a solicitation to effect, or attempt to effect transactions in securities, or the rendering of investment advice for compensation. Any subsequent, direct communication by HIMCo with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides. For information pertaining to the registration status of HIMCo, a copy of HIMCo’s current written disclosure statement (Form ADV) discussing HIMCo’s business operations, services, and fees is available from HIMCo upon written request, and is available on adviserinfo.sec.gov.

Certain portions of HIMCo’s website (i.e. Quarterly Review and Outlook commentary) may contain a discussion of positions as of a specific prior date. Due to various factors, including changing market conditions, such discussion may no longer be reflective of current positions. Moreover, no client or prospective client should assume that any such discussion serves as the receipt of, or a substitute for, personalized advice from HIMCo, or from any other investment professional. HIMCo is neither an attorney nor an accountant, and no portion of the web site content should be interpreted as legal, accounting or tax advice.

HIMCo is not affiliated with any third-party social media websites. We do not expressly or implicitly adopt or endorse any of the expressions, opinions or content posted on any-third party’s social media sites regarding HIMCo. HIMCo does not control, serve, adopt or endorse any content that may be published on a social media site. No part of any social media site is intended to make a recommendation or state a testimonial for or about a security, service or product, or to provide investment, tax or any other advice.

Please remember that different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment or investment strategy (including those undertaken or recommended by HIMCo), will be profitable or equal any historical performance level(s).

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