Past performance is not indicative of future results. The information provided in this report should not be considered financial advice or a recommendation to buy or sell a particular security. There is not assurance that any securities discussed in these newsletters will be included in or excluded from an account’s portfolio. The securities discussed may not represent an account’s entire portfolio and in the aggregate may represent only a small percentage of an account’s portfolio holdings. It should not be assumed that any of the securities transactions discussed were or will prove to be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the securities discussed. Edgemoor Investment Advisors, Inc. reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs. All recommendations for the last 12 months are available upon request.