As we reach the midpoint of 2007, it is hard to believe that it will be three years this coming September that our group of investment professionals founded Covington Capital Management. 

You recently received an announcement about two additions to our professional staff. Craig Burger and Jeff Glassman both add significant depth and expertise in serving the wealth management needs of our clients. As a result of their clients joining our firm, we now have $1.1 billion in assets under management. This success in large measure is based on our commitment to a high level of service while achieving consistent investment returns. 

Enclosed is our quarterly letter, which deals with the subject of change. Webster’s Dictionary describes change as follows: to pass from one phase to another; something of the same kind, but new and fresh; to cause to become different.

Covington, with our staff of investment and management professionals, recognizes that change is a major ingredient to successfully managing client assets in this ever changing world.

Change Happens