The ELF Report Large Cap Portfolio -4.18% 0.02%   11/29/02   Recommended Stocks Curr Price Percent Gain/Loss Annualized Gain/Loss Buy Dates @ Avg. Price Notes Projected Sell Date 97 shs. of Oracle Corp (ORCL) on 10/26/02 @ $10.2600 $12.1500 18.42% 197.76% 10/26/02 -- 11/30/02 @ $10.7300 04/26/04 35 shs. of Citigroup Inc (C) on 10/05/02 @ $27.9800 $38.8800 38.96% 258.53% 10/05/02 -- 11/30/02 @ $35.3022 04/05/04 15 shs. of Federal National Mortgage Assoc (FNM) on 10/05/02 @ $63.1500 $63.0500 -0.16% -1.05% 10/05/02 -- 11/30/02 @ $64.9133 04/05/04 27 shs. of Pepsico Inc (PEP) on 10/05/02 @ $37.0000 $42.4800 14.81% 98.29% 10/05/02 -- 10/05/02 @ $37.0000 04/05/04 27 shs. of Philip Morris Cos Inc (MO) on 10/05/02 @ $36.5900 $37.7200 3.09% 20.49% 10/05/02 -- 11/30/02 @ $39.6467 04/05/04 22 shs. of Microsoft Corp (MSFT) on 08/03/02 @ $44.4100 $57.6800 29.88% 92.43% 08/03/02 -- 10/12/02 @ $47.3530 02/02/04 29 shs. of Pfizer Inc (PFE) on 07/06/02 @ $33.6500 $31.5300 -6.30% -15.75% 07/06/02 -- 09/28/02 @ $31.0483 01/05/04 28 shs. of Home Depot Inc (HD) on 06/22/02 @ $35.6700 $26.4000 -25.99% -59.29% 06/22/02 -- 09/06/02 @ $31.7717 12/22/03 12 shs. of International Business Machines Corp (IBM) on 05/25/02 @ $83.1000 $86.9200 4.60% 8.92% 05/25/02 -- 08/10/02 @ $73.1842 11/24/03 15 shs. of Eli Lilly & Company (LLY) on 05/12/02 @ $64.4100 $68.3000 6.04% 10.97% 05/12/02 -- 07/27/02 @ $58.0992 11/11/03 31 shs. of General Electric Company (GE) on 04/27/02 @ $31.5000 $27.1200 -13.90% -23.50% 04/27/02 -- 07/13/02 @ $30.5125 10/27/03 27 shs. of BellSouth Corp (BLS) on 03/30/02 @ $36.8600 $27.8000 -24.58% -36.77% 03/30/02 -- 03/30/02 @ $36.8600 09/29/03 21 shs. of MorganStanley DeanWitter (MWD) on 02/23/02 @ $46.6300 $45.2400 -2.98% -3.90% 02/23/02 -- 03/02/02 @ $48.4350 08/25/03 11 shs. of ChevronTexaco Corp (CVX) on 12/01/01 @ $85.0100 $67.0300 -21.15% -21.27% 12/01/01 -- 08/02/02 @ $81.2742 08/02/03 24 shs. of ExxonMobil Corp (XOM) on 08/18/01 @ $40.4700 $34.8000 -14.01% -7.16% 08/18/01 -- 08/02/02 @ $39.0308 08/02/03 18 shs. of Johnson & Johnson (JNJ) on 08/18/01 @ $53.7500 $57.0200 6.08% 3.17% 08/18/01 -- 07/20/02 @ $54.6690 07/20/03 26 shs. of SBC Communications (SBC) on 12/01/01 @ $37.3800 $28.5000 -23.76% -23.89% 12/01/01 -- 11/08/03 @ $37.6858 06/02/03 34 shs. of Intel Corp. (INTC) on 07/28/01 @ $29.2200 $20.8800 -28.54% -19.01% 07/28/01 -- 07/28/01 @ $29.2200 01/27/03 15 shs. of Merck and Co Inc (MRK) on 07/28/01 @ $65.1400 $59.4100 -8.80% -5.86% 07/28/01 -- 01/05/02 @ $63.0800 01/27/03 28 shs. of Schering-Plough Corp (SGP) on 03/17/01 @ $35.2000 $22.6600 -35.63% -20.91% 03/17/01 -- 12/22/01 @ $36.5550 12/22/02 Top of Page

The ELF Report Large Cap Portfolio 1.96% 1.50%   11/29/02   Closed Out Positions Sell Price Percent Gain/Loss Annualized Gain/Loss Buy Dates @ Avg. Price Notes Date Sold 23 shs. of Abbott Laboratories (ABT) on 06/27/98 @ $42.2500 $37.0625 -12.28% -8.22% 06/27/98 -- 08/06/98 @ $42.6429 12/24/99 19 shs. of American Home Products (AHP) on 06/13/98 @ $51.8750 $47.8125 -7.83% -5.24% 06/13/98 -- 08/06/98 @ $52.0000 12/11/99 15 shs. of American International Group (AIG) on 09/12/98 @ $63.2000 $83.0000 31.33% 20.94% 09/12/98 -- 12/11/98 @ $67.3864 Split 5 for 4 03/11/00 21 shs. of Bank of America Corp (BAC) on 12/30/00 @ $45.8750 $70.3600 53.37% 35.68% 12/30/00 -- 03/17/01 @ $50.1377 06/29/02 24 shs. of BellSouth Corp (BLS) on 03/27/99 @ $41.1250 $40.5000 -1.52% -1.00% 03/27/99 -- 05/15/99 @ $43.3516 09/30/00 15 shs. of Bristol-Myers Squibb Co (BMY) on 03/18/99 @ $62.6250 $53.4375 -14.67% -9.77% 03/18/99 -- 03/18/99 @ $62.6250 09/16/00 24 shs. of Cable and Wireless PLC (CWP) on 02/20/99 @ $40.7500 $49.7500 22.09% 14.76% 02/20/99 -- 08/21/99 @ $37.6979 08/19/00 13 shs. of Chase Manhattan Corp (CMB) on 07/03/98 @ $75.4375 $56.5000 -25.10% -160.75% 07/03/98 -- 08/06/98 @ $74.2708 08/29/98 53 shs. of Cisco Systems Inc (CSCO) on 03/24/01 @ $18.6900 $12.0800 -35.37% -23.64% 03/24/01 -- 07/07/01 @ $16.7325 09/21/02 20 shs. of Coca-Cola Company (KO) on 10/02/99 @ $49.0625 $45.1600 -7.95% -5.32% 10/02/99 -- 03/25/00 @ $49.2014 03/31/01 41 shs. of Dell Computer Corp (DELL) on 11/25/00 @ $24.3750 $27.2200 11.67% 7.80% 11/25/00 -- 03/10/01 @ $21.3700 05/25/02 17 shs. of Federal National Mortgage Association (FNM) on 06/17/00 @ $56.7500 $76.7700 35.28% 23.58% 06/17/00 -- 09/02/00 @ $54.6302 12/15/01 35 shs. of Ford Motor Company (F) on 08/14/99 @ $27.8147 $28.4300 2.21% 1.39% 08/14/99 -- 03/18/00 @ $27.0669 Recapitalized 8/2/00 03/17/01 20 shs. of General Electric Company (GE) on 05/27/00 @ $49.5625 $41.0200 -17.24% -11.52% 05/27/00 -- 05/27/00 @ $49.5625 11/24/01 17 shs. of Gillette Company (G) on 06/27/98 @ $57.0000 $41.9375 -26.43% -153.10% 06/27/98 -- 07/17/98 @ $59.1875 08/29/98 19 shs. of Hewlett-Packard Co (HWP) on 08/28/98 @ $51.5000 $124.6250 141.99% 94.75% 08/28/98 -- 12/04/98 @ $55.3542 02/26/00 28 shs. of Hewlett-Packard Company (HPQ) on 11/25/00 @ $35.5625 $18.6900 -47.44% -31.72% 11/25/00 -- 02/10/01 @ $33.1094 05/25/02 26 shs. of Home Depot Inc (HD) on 11/25/00 @ $37.5000 $43.4200 15.79% 10.55% 11/25/00 -- 11/25/00 @ $37.5000 05/25/02 35 shs. of Home Depot Inc (HD) on 08/01/98 @ $27.9167 $55.6250 99.25% 66.35% 08/01/98 -- 08/06/98 @ $27.9583 Split 3 for 2 01/29/00 13 shs. of Honda Motor Company Ltd (HMC) on 02/12/00 @ $73.6250 $88.6500 20.41% 13.64% 02/12/00 -- 06/10/00 @ $71.3125 08/11/01 21 shs. of J P Morgan Chase & Co (JPM) on 09/30/00 @ $46.1875 $35.6500 -22.81% -15.25% 09/30/00 -- 12/30/00 @ $42.6771 CMB merged with JPM 03/30/02 23 shs. of Lucent Technologies Inc (LU) on 08/05/00 @ $42.7500 $6.3300 -85.19% -56.95% 08/05/00 -- 10/21/00 @ $35.8281 02/02/02 22 shs. of McDonald's Corp (MCD) on 03/27/99 @ $44.3750 $28.6875 -35.35% -23.63% 03/27/99 -- 03/27/99 @ $44.3750 09/23/00 12 shs. of Merck & Co. Inc. (MRK) on 03/06/99 @ $82.7500 $69.1875 -16.39% -10.96% 03/06/99 -- 03/13/99 @ $83.3125 09/02/00 20 shs. of Microsoft Corp (MSFT) on 12/16/00 @ $49.1875 $51.9800 5.68% 3.80% 12/16/00 -- 03/03/01 @ $54.7763 06/15/02 71 shs. of Oracle Corp (ORCL) on 03/17/01 @ $14.0600 $9.7300 -30.80% -20.59% 03/17/01 -- 06/23/01 @ $16.0008 09/14/02 28 shs. of Pepsico Inc (PEP) on 06/12/99 @ $35.3750 $47.4375 34.10% 22.80% 06/12/99 -- 11/12/99 @ $34.5677 12/09/00 30 shs. of Pfizer Inc (PFE) on 08/07/99 @ $32.7500 $44.9000 37.10% 24.80% 08/07/99 -- 09/11/99 @ $36.5521 02/03/01 26 shs. of Philip Morris Cos Inc (MO) on 06/13/98 @ $37.3125 $25.2500 -32.33% -15.32% 06/13/98 -- 07/24/99 @ $39.0313 07/22/00 17 shs. of Procter & Gamble Company (PG) on 03/25/00 @ $56.4375 $67.0000 18.72% 12.51% 03/25/00 -- 06/10/00 @ $62.1146 09/22/01 25 shs. of SBC Communications (SBC) on 01/29/00 @ $39.2500 $41.0000 4.46% 2.77% 01/29/00 -- 09/09/00 @ $40.7443 09/08/01 54 shs. of Sun Microsystems Inc (SUNW) on 03/17/01 @ $18.1900 $3.1100 -82.90% -55.42% 03/17/01 -- 05/12/01 @ $22.1485 09/14/02 20 shs. of Verizon Communications (VZ) on 10/21/00 @ $48.4375 $42.0000 -13.29% -8.88% 10/21/00 -- 02/10/01 @ $52.1765 04/20/02 30 shs. of Walt Disney Company (DIS) on 08/06/98 @ $33.3125 $25.8125 -22.51% -222.10% 08/06/98 -- 09/04/98 @ $30.7813 09/12/98 33 shs. of Walt Disney Company (DIS) on 01/02/99 @ $30.0000 $37.8750 26.25% 16.69% 01/02/99 -- 07/31/99 @ $28.8750 07/29/00 15 shs. of Warner-Lambert Co (WLA) on 06/20/98 @ $63.6875 $82.3125 29.24% 19.55% 06/20/98 -- 08/06/98 @ $73.1719 12/18/99 27 shs. of Wells Fargo & Co (WFC) on 04/02/99 @ $36.6875 $46.5625 26.92% 17.73% 04/02/99 -- 05/15/99 @ $41.1339 10/07/00 Top of Page