At Holt Portfolio Services the comfort of our clients is as important to us as the quality of the portfolios we develop. We offer no company-owned investment products -- investments are recommended solely on merit.

HPS is a registered investment advisor and privately owned, family-operated independent financial services firm based in Fairfax, Virginia. Originally foreign-service-client oriented, HPS specializes today in providing affordable fee-only portfolio management services to all investors. HPS' business continues to be based on long-term relationships established one client at a time.

Phil Holt is the founder and president of Holt Portfolio Services. He makes all investment recommendations to clients. Before founding HPS, Phil was an investment advisor representative and a general securities representative of Linsco/Private Ledger (NASD Series 7 and 65). And previously he was a general securities representative of Merrill Lynch.

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Investment Advisor Phillip Holt wants to know your goals and feelings about risk. His task is to help you identify a financial destination and establish a comfortable course to get there.

Phil employs for you a wide range of online research resources to identify a mix of asset classes (large stocks, small stocks, foreign stocks, bonds, etc.) that should provide the maximum returns at the given level of risk -- and then he hand-picks no-load mutual funds and stocks that correlate to the asset classes.

After establishing the portfolio, Phil uses a variety of resources to supervise the investments -- and rebalance the portfolio when the market and economic circumstances dictate or your needs change.

A former career Foreign Service Officer, Phil regularly appears in the Department of State and USAID Retirement Transition Program. He holds an MBA concentrated in investments and worked 5 years for the nation's largest securities firm. His article on using the price-volume relationship of a stock market index to increase equity returns was featured in the June 1996 issue of TechnicalAnalysis of Stocks &Commodities magazine.

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If a program that offers you access to many of the country's most distinguished mutual fund families, as well as individual stocks and bonds -- on a fee basis instead of commissions -- sounds like a good way to invest over time, the Ambassador Program could serve as your ideal investment resource.

You'll enjoy these benefits in the Ambassador Program:

Professional Management through Asset Allocation

Uses a wide range of asset classes to ensure your portfolio enjoys the greatest potential for return while helping to reduce overall risk through true diversification.

Fee-based Compensation

Aligns your advisor's objectives with your own: superior long-term performance for your account.

Ability to Switch Between Funds and Fund Families

As your objectives or the economic climate changes, you will be able to rebalance your investment portfolio without paying commissions. Your advisor is able to take advantage of more than 3250 mutual funds with varying investment objectives to help meet your needs.

No Fee IRA

The annual IRA maintenance fee is waived on all IRAs in the Ambassador Program.

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Stocks were relatively stable in the third quarter, but slipped in October as rising oil prices, higher short-term interest rates and hurricane costs troubled investors. Year-to-date through October, the large-cap Vanguard S&P 500 Index Fund gained 0.2%, the Vanguard Small Cap Index Fund gained 0.9%, and the Vanguard Total Bond Market Index Fund gained 0.9%.

Retiring Fed Chairman Greenspan commented recently that oil supply problems should not have the severe economic impact of the 1970s oil shock. Nevertheless, economists noted that the fallout from the hurricanes could shave as much as a full percentage point of growth in the second half of this year as consumers, forced to pay higher energy prices, cut back on spending in other areas.

The hurricanes did not alter the longer-term economy's underlying fundamentals, which remain supportive of growth. For example, interest rates are still relatively low, and businesses are healthy, with lean inventories and strong productivity. Additionally, the reconstruction of hurricane-ravaged cities should give the economy a boost next year. So, although the hurricanes did create uncertainties about the near-term outlook, we believe the economy will remain resilient, and will continue expanding at a slightly above-average rate at least through the first half of 2006.

The many problems facing the stock market are probably factored into current prices. More problems may emerge, but sentiment already reflects a great deal of pessimism, so we believe the likelihood of a severe drop in stock prices is low. Although no one can say when the troubles facing the financial markets will begin to be resolved, it seems safe to say that standing on the sidelines will not be the place to be when signs start to point to better times.

Although bonds continue to offer important defensive advantages for investors, Fed tightening and potential energy-induced inflation suggest the need to continue a cautious approach.

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Holt Portfolio Services' Client Account
(password protected link to online account information)
Big Charts
(quotes and charts)
Calvin and Hobbes
(a bit of fun)
CBS MarketWatch
(investment news megasite)
Investopedia.com
(investing glossary)
Investor Home
(investing link collection -- if you want to dig in, start here)
Investor Education Center
(investing lessons from Vanguard)
Smart Money Pundit Watch
(pick your guru)
TD Waterhouse Institutional Services
(about our support team)
USA Today
(quick, clean, understandable -- like the hard copy)
Quicken Retirement Planner
(a nifty retirement planning tool!)

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Holt Portfolio Services does not take custody of or handle client securities or cash.

Each client provides Holt Portfolio Services with written authorization to buy or sell securities in their securities accounts.

TD Waterhouse provides Ambassador Program accounts with custody, execution and record-keeping services.

TD Waterhouse was chosen based on its reputation as one of America's leading nationwide discount brokerage firms -- that choice was confirmed by SmartMoney magazine's ranking TD Waterhouse the #1 Discount Brokerage Firm in the country two years in a row.

TD Waterhouse is a member of the New York Stock Exchange, National Association of Securities Dealers (NASD) and Securities Investor Protection Corp. (SIPC).

At TD Waterhouse your securities are protected up to $50,000,000 by SIPC and National Union, a subsidiary of American International, one of the world's largest insurance companies.

TD Waterhouse Investment Advisor Services provides Holt Portfolio Services with duplicate statements and confirmations as well as online executions and status of account information.

DISCLOSURE

Regulatory and Disclosure Information: Holt Portfolio Services is a Registered Investment Advisor providing fee based investment management services to high net worth individuals. Holt Portfolio Services is registered with the State Corporation Commission, Division of Securities, Commonwealth of Virginia. Holt Portfolio Services' sole place of business is 5407 Quincy Marr Drive, Fairfax, Virginia 22032. The information in this web site is designed to provide a general overview with regard to the subject matter covered and is not state or client specific. Holt Portfolio Services is not providing legal, accounting, or other advice specific to your situation.