HUTNER CAPITAL MANAGEMENT INC.

Advisory Business

Type of Organization	Corporation
Fiscal Year End	DECEMBER
Legal Location	New Jersey, United States

Employees

Total Number of Employees	4
Investment Advisory/Research	2
Registered Broker-Dealer Representatives	0
Registered State Investment Advisers	2
Licensed Agents of an Insurance Company	0
No. of Firms/People that Solicit Clients	0

RAUM

Provides Management of Securities Portfolios	Yes

Type	Accounts	RAUM
Discretionary	116	$193.9M
Non-Discretionary	0	$0
Total	116	$193.9M

Clients

Type	Number	RAUM
Individuals	33	$7.7M
HNW Individuals	72	$106.4M
Banking or thrift institutions	0	$0
Investment companies	0	$0
Business development companies	0	$0
Pooled investment vehicles	5	$64.5M
Pension and profit sharing plans	1	$10.6M
Charitable organizations	0	$0
State or municipal gov entities	0	$0
Other investment advisers	0	$0
Insurance companies	0	$0
Sovereign wealth funds and foreign official institutions	0	$0
Corporations or other businesses	5	$4.6M
Other	0	$0

Type	Number
No. of Non-RAUM Clients	0
No. of Non-U.S. Clients	0

Services

Advisory Services	Portfolio management for individuals and/or small businessesPortfolio management for pooled investment vehiclesPORTFOLIO MANAGEMENT FOR PRIVATE FOUNDATIONS AND TRUSTS
Compensation	% of AUMFixed feesPerformance-based feesNEGOTIATED FEES FOR LIMITED ADVISORY SERVICES PROVIDED

Identifiers

SEC RIA File Number	801-79521
SEC ERA File Number	801-79521
SEC CIK Numbers	944733
SEC CRD Numbers	107896
Legal Entity Identifier	None

Principal Office

3546 MAIN STREET
MANCHESTER
VT
United States

Websites

Chief Compliance Officer

No. Employees, Historic

RAUM, Historic

No. Clients, Historic