We (Arthur and Steven) have a policy of meeting with Investment Managers on a regular basis. We always do this with the managers that we recommend, as well as with new managers who have contacted us for our consideration. Various members of these organizations come out to see us, but we like to meet with the "decision makers" which most often has to be done at their offices. It also gives us an opportunity to see the whole operation, as it pertains to the investment of our clients' money.

On Friday, August 17th, 2007 we flew to Pittsburgh to meet with Walter Bean who is the Director of Invesments for separately managed accounts for Federated Investment Counseling. There were others at the meeting as well, as shown in the picture below. Federated's separately managed accounts invests with an "Equity Income" style with an emphasis on dividend paying companies. Most of our questions (and we had many, as usual) were addressed to, and answered by Walter Bean and Debbie Bickerstaff. Debby specializes in Quantitative Analysis.

We were very pleased with the meeting and felt good about Federated's style and process. We look forward to continuing to work with them, as well as constantly following their operation as well. This is most important. Many people invest with a "company" or particular "mutual fund" not only without knowing the person or persons making the investment decisions, but also not knowing when these people change. Keep in mind. Investment decisions are made by individuals, not by companies. Call it "kicking the tires" or "smelling the weeds" or "whatever" but we feel this is an important part of what we do.

We have other meetings planned and will keep you informed. If you would like to discuss Federated or any other manager with Steven and Arthur, please give us a call. We will be glad to fill you in.