Stanley E. Rulapaugh, a Scottsdale, Arizona-based investment counselor has been working with investment clients since 1966. Stan joined Detroit Bank & Trust (now Comerica) as a trainee in the bank and Trust Investment areas after two years at Ford Motor Company. During twenty-three years in several trust and bank investment functions, he served as a research analyst, portfolio manager to individuals, corporations and foundations, and, as Senior Vice President of Security Pacific Bank Arizona, managed the people who performed those activities on behalf of clients. From 1990 to 1993 he was a Senior Vice President and Regional Manager for the Arizona office of Stein Roe & Farnham, a leading investment counseling firm, where he advised individual clients and managed part of the Arizona Community Foundation's equity portfolio. On leaving Stein Roe & Farnham on September 1, 1993 Stan registered with the Securities and Exchange Commission to become a Registered Investment Adviser. He is currently registered with the SEC and licensed by the Arizona Corporation Commission. His professional qualifications include training as an arbitrator for The American Arbitration Association and the National Association of Securities Dealers, completion of Series 52 and Series 53 examinations as a municipal securities sales representative and supervisor of sales representatives, and passing the NASD Series 2, Series 63, and Series 65 examinations for Registered Investment Advisers. Stan is a graduate of Albion College and holds an MBA from Wayne State University. He is also a Chartered Financial Analyst and held the Chartered Investment Counselor designation. He is a past president and board member of both the Phoenix CFA Society and the Arizona Economic Round Table. Therese Houle, Investment Administration, holds an AA Degree with an emphasis in accounting from Bryant College in Rhode Island. Tree's experience includes fifteen years with Providence Investors Company and three years with Investment Planning and Management in Scottsdale prior to joining Stanley E. Rulapaugh, CFA in 1995.