NOTE: An error was made in calculating the annualized return for this portfolio that adversely affected the 11/3/01 - 12/15/01 reports. The calculation was corrected on 12/22/01; but as this chart suggests, we have not backdated the correction. The ELF Report Quality Growth Portfolio -25.03% 7.50%   11/29/02   Recommended Stocks Curr Price Percent Gain/Loss Annualized Gain/Loss Buy Dates @ Avg. Price Notes Projected Sell Date 91 shs. of Azz Inc (AZZ) on 10/12/02 @ $10.9500 $12.7500 16.44% 125.00% 10/12/02 -- 10/26/02 @ $11.1733 04/12/04 56 shs. of Granite Construction Inc (GVA) on 09/14/02 @ $17.8100 $17.0000 -4.55% -21.84% 09/14/02 -- 09/21/02 @ $17.3900 03/15/04 20 shs. of MDC Holdings Inc (MDC) on 06/22/02 @ $49.7000 $35.7000 -28.17% -64.26% 06/22/02 -- 07/20/02 @ $48.2920 12/22/03 60 shs. of Williams Companies Inc (WMB) on 02/16/02 @ $16.6200 $2.6900 -83.81% -106.97% 02/16/02 -- 03/16/02 @ $18.8340 08/18/03 Top of Page

 

The ELF Report Quality Growth Portfolio 8.18% 10.40%   11/29/02   Closed Out Positions Sell Price Percent Gain/Loss Annualized Gain/Loss Buy Dates @ Avg. Price Notes Date Sold 49 shs. of American Biltrite Inc (ABL) on 07/17/99 @ $20.2500 $16.0000 -20.99% -78.17% 07/17/99 -- 08/07/99 @ $20.7813 10/23/99 113 shs. of Arctic Cat Inc. (ACAT) on 09/12/98 @ $8.8125 $10.0000 13.48% 9.01% 09/12/98 -- 11/01/98 @ $8.9152 03/11/00 47 shs. of Advanta Corp (ADVNA) on 06/13/98 @ $21.0000 $16.7500 -20.24% -150.75% Not calculated 08/01/98 32 shs. of AFLAC Inc (AFL) on 06/27/98 @ $30.9375 $45.1250 45.86% 30.71% 06/27/98 -- 07/25/98 @ $34.8250 12/24/99 93 shs. of Avado Brands Inc (AVDO) on 10/03/98 @ $10.7500 $7.8750 -26.74% -336.61% Not calculated Name and ticker change 11/01/98 65 shs. of Bergen Brunswig Corp (BBC) on 07/24/99 @ $15.3125 $10.6250 -30.61% -177.36% 07/24/99 -- 09/11/99 @ $15.3438 09/25/99 81 shs. of Bush Industries Inc (BSH) on 07/28/01 @ $12.3400 $9.8300 -20.34% -134.99% 07/28/01 -- 08/18/01 @ $11.6133 09/21/01 121 shs. of Cavalier Homes Inc (CAV) on 06/19/99 @ $8.2500 $6.5000 -21.21% -368.69% 06/19/99 -- 07/03/99 @ $7.7292 07/10/99 97 shs. of Cavalier Homes, Inc. (CAV) on 05/02/97 @ $10.2500 $7.9375 -22.56% -15.66% Not calculated 10/10/98 88 shs. of Commercial Bank of New York (CBNY) on 12/18/99 @ $11.2500 $31.9500 184.00% 123.00% 12/18/99 -- 03/04/00 @ $10.7448 06/16/01 63 shs. of Columbus McKinnon Corp (CMCO) on 09/12/98 @ $15.7500 $12.0625 -23.41% -20.69% 09/12/98 -- 07/03/99 @ $20.1563 10/30/99 30 shs. of Chicago Rivet & Machine Co (CVR) on 06/27/98 @ $32.8750 $25.6250 -22.05% -114.99% Not calculated 09/05/98 121 shs. of Danka Business Systems PLC (DANKY) on 08/15/98 @ $8.2500 $6.4375 -21.97% -190.93% Not calculated 09/26/98 33 shs. of Donaldson, Lufkin & Jenrette Inc (DLJ) on 09/12/98 @ $29.4375 $51.5000 74.95% 50.10% 09/12/98 -- 10/17/98 @ $27.7250 03/11/00 61 shs. of Donnelly Corp (DON) on 09/11/99 @ $16.1875 $12.8750 -20.46% -56.16% 09/11/99 -- 10/07/99 @ $14.7031 01/22/00 56 shs. of Fluke Corporation (FLK) on 09/21/96 @ $17.6250 $23.4375 32.98% 22.05% Not calculated 2 for 1 split 03/21/98 96 shs. of Fidelity National Financial, Inc. (FNF) on 03/15/97 @ $10.4338 $19.1875 83.90% 26.84% 03/15/97 -- 04/27/99 @ $20.6404 10% stock div. twice 04/29/00 51 shs. of Gap, Inc. (The) (GPS) on 11/02/96 @ $19.2500 $51.0625 165.26% 110.48% Not calculated 3 for 2 split 05/02/98 41 shs. of Harleysville Group Inc (HGIC) on 08/06/98 @ $24.3125 $19.2500 -20.82% -116.93% Not calculated 10/10/98 79 shs. of Hollinger International Inc (HLR) on 07/10/99 @ $12.5625 $9.8125 -21.89% -27.84% 07/10/99 -- 10/02/99 @ $11.4167 04/22/00 101 shs. of Intercargo Corp. (ICAR) on 03/22/97 @ $9.8750 $12.0000 21.52% 10.12% Not calculated Buy Out by XL 05/07/99 66 shs. of IMCO Recycling Inc (IMR) on 08/06/98 @ $15.0000 $11.5000 -23.33% -283.89% Not calculated 09/05/98 44 shs. of Mark IV Industries Inc. (IV) on 05/09/98 @ $22.4375 $17.5000 -22.01% -81.96% Not calculated 08/15/98 17 shs. of Johnson Controls Inc (JCI) on 11/27/99 @ $55.6875 $72.6200 30.41% 20.33% 11/27/99 -- 11/27/99 @ $55.6875 05/26/01 34 shs. of LandAmerica Financial Group (LFG) on 05/06/99 @ $28.9375 $22.8750 -20.95% -106.21% 05/06/99 -- 07/03/99 @ $28.4444 07/17/99 45 shs. of MDC Holdings Inc (MDC) on 07/17/99 @ $21.8750 $15.0000 -31.43% -163.88% 07/17/99 -- 09/11/99 @ $20.3819 09/25/99 55 shs. of Midcoast Energy Resources Inc. (MRS) on 10/07/99 @ $17.8750 $26.5000 48.25% 32.14% 10/07/99 -- 11/27/99 @ $18.2344 04/07/01 66 shs. of Nature's Sunshine Products, Inc. (NATR) on 03/15/97 @ $15.0000 $16.1250 7.50% 5.01% Not calculated 09/12/98 72 shs. of Northstar Computer Forms (NSCF) on 04/18/98 @ $13.6667 $8.0000 -41.46% -144.14% Not calculated 3 for 2 split 08/01/98 18 shs. of Orion Capital Corp (OC) on 05/23/98 @ $55.4375 $39.5000 -28.75% -124.92% Not calculated 08/15/98 17 shs. of Paccar Inc. (PCAR) on 05/23/98 @ $56.1250 $44.7500 -20.27% -105.68% Not calculated 08/01/98 76 shs. of Pittsburgh Home Financial Corp (PHFC) on 08/07/99 @ $13.1250 $10.5000 -20.00% -34.76% 08/07/99 -- 10/30/99 @ $12.5990 03/04/00 31 shs. of Polaris Industries Inc (PII) on 06/10/00 @ $31.6250 $54.8400 73.41% 49.07% 06/10/00 -- 08/26/00 @ $31.3125 12/08/01 79 shs. of Pioneer-Standard Electronics (PIOS) on 04/25/98 @ $12.6250 $8.9375 -29.21% -108.78% Not calculated 08/01/98 28 shs. of Pentair Inc (PNR) on 07/01/00 @ $35.5000 $25.2500 -28.87% -136.87% 07/01/00 -- 09/09/00 @ $31.9886 09/16/00 253 shs. of Providian Financial Corp (PVN) on 10/27/01 @ $3.9400 $2.5900 -34.26% -2084.39% 10/27/01 -- 10/27/01 @ $3.9400 11/02/01 26 shs. of Paine Webber Group Inc (PWJ) on 12/18/99 @ $37.1875 $73.5000 97.65% 111.03% 12/18/99 -- 03/04/00 @ $37.4948 Bought out by UBS 11/03/00 139 shs. of Rite Aid Corp (RAD) on 02/12/00 @ $7.1875 $5.7500 -20.00% -173.81% 02/12/00 -- 03/04/00 @ $6.9219 03/25/00 62 shs. of Roanoke Electric Steel Corp (RESC) on 09/11/99 @ $15.8750 $12.5000 -21.26% -27.71% 09/11/99 -- 11/27/99 @ $15.9318 06/17/00 54 shs. of Reynolds & Reynolds Co (REY) on 11/12/99 @ $18.1875 $21.9800 20.85% 13.91% 11/12/99 -- 11/12/99 @ $18.1875 05/12/01 92 shs. of Raymond James Financial Inc. (RJF) on 09/21/96 @ $10.6111 $24.4375 130.30% 68.63% Not calculated 3 for 2 split twice 08/15/98 68.4 shs. of Spherion Corp (SFN) on 04/10/99 @ $14.5833 $11.3125 -22.43% -14.99% 04/10/99 -- 06/26/99 @ $18.4663 NRL merger, Name & Ticker change 10/07/00 56 shs. of Schult Homes Corp. (SHC) on 04/26/97 @ $17.7500 $22.5000 26.76% 28.73% Not calculated Buy out by OH 04/01/98 46 shs. of SuperValu Inc (SVU) on 07/10/99 @ $21.3914 $16.7500 -21.70% -37.71% 07/10/99 -- 08/21/99 @ $21.8365 Acquired RFH 02/05/00 38 shs. of Southwest Securities Group (SWS) on 10/07/99 @ $26.3125 $20.4375 -22.33% -905.52% 10/07/99 -- 10/07/99 @ $26.3125 10/16/99 104 shs. of Thornburg Mortgage Asset Corp (TMA) on 11/11/00 @ $9.5625 $20.2800 112.08% 74.79% 11/11/00 -- 02/03/01 @ $9.9205 05/12/02 82 shs. of Terra Industries Inc (TRA) on 02/14/98 @ $12.0625 $6.8750 -43.01% -93.43% Not calculated 08/01/98 62 shs. of Wausau Mosinee Paper Corp (WMO) on 02/27/99 @ $15.8750 $12.1250 -23.62% -39.73% 02/27/99 -- 03/27/99 @ $15.2500 10/02/99 Top of Page