Steven expanded his business through the use of new technology, computers and software. When Charles Schwab & Co. offered investment advisors in 1992 the opportunity to consolidate all their mutual funds in one account and the ability to buy a large array of mutual funds from many mutual fund families for a small transaction fee, he moved his accounts to Schwab. When Schwab offered the "One Source" program, which provided 90 mutual funds at no-load and no transaction fee, he purchased "One Source" mutual funds. In 1993, Schwab offered Schwablink and the Centerpiece program management system, Cowen started making trades electronically, downloaded transactions over the Internet and providing total portfolio management. Since 1993, Cowen has implemented all upgrades to trading and portfolio management and purchased new computers and software to reduce cost and improve efficiency at Cowen & Associates. These upgrades have allowed Steven to concentrate on mutual fund and stock research and economic analysis of sectors of the market. We also reduce cost to our clients by getting broker commissions waived on certain investments such as unit investment trusts. Cowen graduated from Bryant College in Providence, RI in 1969 with a BS in Business Administration, from George Washington University in Washington, DC in 1972 with an MBA in Finance and Investments, and from San Diego State University in 1993 with an MS in Financial & Tax Planning. He was relocated to San Diego by United Technologies in 1983 and lives with his wife Lily in the University City area. Mr. Cowen is licensed to use the professional designation of Certified Financial Planner (CFP) and by the Certified Financial Planner Board of Standards. Mr. Cowen worked for United Technologies Corporation (UTC) for eighteen years and was promoted to financial executive status in 1980. He held the following positions for various UTC Divisions and Subsidiaries: Vice President - Finance; Director - Financial Planning and Pricing; Manager - Finance and Administration; Supervisor - Investment Analysis. Mr. Cowen's specialties at UTC were corporate profit plans, capital investment analysis, cash flow management, lease and contract negotiations and start-up operations. Mr. Cowen wrote several UTC manuals concerning capital investment and subsidiary start-up and managed financial departments with up to 30 employees.

Lily A. Cowen lacowen@sbcglobal.net Lily is the administration coordinator at Cowen & Associates. She graduated from San Diego State in 1980 with a BA degree in Psychology and worked many years in the medical administration field in San Diego. In 1995, Lily joined Cowen & Associates and took control of administration duties on all of our accounts. This required her to go through extensive computer training, operational Centerpiece training, and Schwablink transaction downloading and trading training. Lily has upgraded Centerpiece from the DOS version to the latest Windows version and implemented numerous interim changes. She has upgraded Schwablink and moved from a direct link Internet system to a web based system. Lily is the person to contact concerning accounts or administration.

IMPORTANT!

Certified Financial Planner (CFP) - An experienced financial planner who has completed courses of study and passed examinations in areas such as insurance, securities and taxes. Additionally, CFP's are required to disclose ethical standing and comply with the CFP Board Code of Ethics. The designation is awarded by the Certified Financial Planner Board of Standards. Registered Investment Adviser ( RIA) - A person who, for compensation, engages in the business of advising others as to the value of securities or the advisability of purchasing or selling securities. RIAs are required to register with the Securities and Exchange Commission or with the State where they are located. Form ADV - The uniform form for use by investment advisors to register and update registrations with the Securities and Exchange Commission and the jurisdictions that require advisors to register. The form is also used to comply with SEC Rule 206(4)-4, which obligates investment advisors to disclose relevant financial and disciplinary information to clients. Professional Investment Manager - A person who, for a fee, offers professional advice on the development of an investment plan and buys and sells securities on behalf of the customer to implement that plan. A professional investment manager may hold qualifications such as Certified Financial Planner, Registered Investment Adviser and/or Registered Broker.