Horrell Capital Management, Inc. (herein referred to as “HCM”) provides primarily investment supervisory services for its Clients as well as manages investment advisory accounts not involving investment supervisory services for a small percentage of our Clients. HCM manages Clients’ assets utilizing both equity and fixed income strategies. All accounts are advised and managed by Scott Horrell who has overall responsibility for policy, strategy and security selection. HCM has discretion to invest Client funds in investment company securities. HCM does not furnish investment advice through consultations not included in its investment supervisory services at the present time. HCM does not issue periodicals about securities by subscription; does not provide special reports about securities as a part of its investment supervisory services; does not issue any charts, graphs, formulas or other devices which Clients may use to evaluate securities; does not, on more than an occasional basis, furnish advice to Clients on matters not involving securities; does not provide a timing service nor does HCM furnish advice about securities in any manner not described above. We offer investment advisory services for:
• a percentage of assets under management,
• hourly charges if a Client requests such and
• fixed fees [not including subscription fees] We offer advice on the following:
• Equity Securities: exchange-listed securities, securities traded over-the-counter and foreign issues
• Warrants
• Corporate debt

securities (other than commercial paper)
• Certificates of deposit
• Municipal securities
• Investment company securities (mutual fund shares)
• United States government securities
• Option contracts on securities and
• ETFs As of December 31st, 2021, HCM currently manages 165 portfolios for 77 Clients with $459,577,041.39 in assets under management. Our average portfolio size we manage is $2,457,631.24. HCM consists of one Advisor, Scott Horrell, the President and owner of HCM. In addition, there is one office manager, Kim Horrell, who does not provide investment advice on behalf of HCM. Kim’s primary duties consist of answering phones, reconciling Portfolio Connect daily, updating various HCM reports to the SEC such as the Form 13F-HR Report, updating the ADV Forms I, ADV II and ADV Part III (the Client Relationship Summary (“CRS”), and updating the Sudan Task Force Report for one of our accounts required to do so by the Arkansas Legislature Senate Concurrent Resolution 20 and updating and filing IARD fees. In addition, Kim’s duties include providing Clients with quarterly and year-end reports for HCM to assist Clients in comparing with their reports they receive from their chosen Custodian. In May of 2016, Brad Horrell was added to provide analyst and IT services for the Advisor. Brad does not provide investment advice on behalf of HCM. Brad’s current title is the Assistant to the Advisor (Scott L. Horrell). The professional staff at HCM must have attained a bachelor’s degree or the equivalent in relevant work experience.