August 10, 2004

Dear Client;

Just a few words about the StockIBond market. The stock market has been doing nothing this summer, which usually is typical year after year that summers go nowhere. The summer of 2003 was an up year due to the tax cuts implemented by the government, but this year we are back to normal.

The bond and preferred stock markets took a hit in June but they are nicely on the way back as is reflected by your monthly statements. I expect the Feds to raise the interest rates another quarter percent this year but it should have little effect on your accounts. These individual securities generally do not regress as much as a bond mutual fund when these increases occur.

I expect that after Labor Day we will start to see the market move in the upward direction. Therefore if you have some extra money laying around that could be invested, now is the time to move it to your account.
If you have any questions concerning your investments/account, please do not hesitate to call me.

A1 Locy

A1 Locy Financial Services

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