Summer Client Letter {Footnotes}

Christopher R. English is the President and founder of Lumen Capital Management, LLC-a Registered Investment Advisor regulated by the State of Illinois. A copy of our ADV Part II is available upon request. We manage portfolios for investors and also manage a private partnership currently closed to outside investors. The information derived in these reports is taken from sources deemed reliable but cannot be guaranteed. Mr. English may write about stocks or other assets in which he or his immediate family in accounts he controls has an investment. In such cases appropriate disclosure is made. Lumen Capital Management, LLC only provides investment advice for its clientele. As such the information contained herein is designed solely for the clients or contacts of Lumen Capital Management, LLC and is not meant to be considered general investment advice.

**Discussions on the performance of the ETF strategies discussed in this letter are taken from sources we deem to be reliable but cannot be guaranteed.  Performance does not include dividends returns.  Dividends would have likely improved the total return of all strategies listed in this letter. Information on these indices is available upon request.

~We have not named the security discussed in this article so as to not be seen as providing a recommendation of investment.  We are happy to discuss this ETF individually with clients as to its identity and how it fits into our portfolio strategies.  Information taken about the historical dividends related to this ETF and prices comes from sources deemed to be reliable but cannot be guaranteed.  We will happily provide the information on the dividend and price history upon request.