Portfolio Information

Links to Portfolio Holdings	Detailed Portfolio Rankings
General Portfolio Features	Detailed Portfolio Results
This Week's Featured Portfolio	Disclaimers

The ELF Report Portfolios This Month In spite the recent strength in the market, the S&P 500 is still down over 18 percent year-to-date. By contrast, the nine ELF Report portfolios cumulatively are down only slightly more than three percent. Three portfolios actually have shown gains year-to-date. The Stable Growth Portfolio is up about eight percent. The Mid Cap Portfolio has rallied strongly and is up about seven percent. The Speculative Portfolio is up less than one percent. Three ELF Report Portfolios have shown annualized returns of over 25 percent since we launched the ELF Report Market Timing Strategy on April 17, 1999. The Mid Cap Portfolio has an annualized return of 27 percent. While this is down considerably over the last 18 months, the portfolio has actually raised its annualized return about 10 percent since September 11, 2001. The Undervalued Portfolio has an annualized return of almost 26 percent, and the Speculative Portfolio's return is slightly over 25 percent. While the Mid Cap Portfolio has been fairly volatile, the other two have been remarkably consistent.
FEATURED PORTFOLIO
	The Mid Cap Portfolio has made a strong recovery from the bear market, adding many new holdings during the last two months, and those holding have done quite well. The portfolio is close to surpassing the level at which the BUY signal was given in February. If it accomplishes that, it will maintain a perfect record of going up under an ELF Report short-term BUY signal and going down under a short-term SELL signal. This is a good portfolio to follow under the ELF Report's Market Timing Strategy.
	The S&P 500 Index chart tracks the stock market's performance during the last 18 months. The green portions of the graph are periods during which the ELF Report's Short-Term Strategy was under a BUY signal. The red portions are periods under a SELL signal. In all but one case since April 17, 1999 (the terrorist attacks in the fall of 2001), the ELF Report's Short-Term Strategy has registered a gain under BUY signals and has avoided loses under SELL signals. Of course, the current BUY signal has a long way to go to maintain that good record.

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THE ELF REPORT PORTFOLIOS Rank Portfolio Links Launched Focus 9 Large Cap June 13, 1998 Undervalued large capitalization stocks with long-term growth prospects 1 Mid Cap August 1, 1998 Stocks with $5-10 billion capitalization, above average growth rates, and low prices compared to their historical valuations 5 Modified Dow Dogs May 31, 1995 Closed 12/30/00 - 3/1/02 Currently Closed Stocks that are among the highest yielding and lowest priced Dow Jones Industrial companies 8 Quality Growth September 7, 1996 Stocks with low price/earnings ratios, low price/sales ratios, low debt/equity ratios, and high relative strength in earnings per share 7 Select September 7, 1996 Stocks that show strong fundamental value characteristics that should grow in recognition over time. 6 Speculative September 7, 1996 Stocks with low price/sales and adjusted price/sales ratios, low price/earnings ratios, low price/book ratios, and low multiples of price/cash flow 3 Stable Growth September 7, 1996 Stocks with low price/sales ratios, high relative strength in earnings per share, and growth in earnings per share and in sales for the last five years 4 Total Return September 7, 1996 Stocks that have paid dividends for at least 10 years and are priced below a relative value limit, have relatively low dividend payout ratios, and relatively high strength in earnings per share. 2 Undervalued October 19, 1996 Stocks with low price/earnings ratios, low price/sales ratios, high return on assets, and high growth in sales, earnings per share, and cash flow Top of Page

Each portfolio is ranked each week from 1 (best) to 9 (worst) in six performance areas (only four reported here). A weighted ranking is then calculated to yield the overall portfolio rankings. Ranking moved up this month.Ranking moved down this month. OVERALL PORTFOLIOS ANNUAL. RETURN SAFETY SUCCESS HIGH SUCCESS 1 Mid Cap 1 2 2 2 2 Undervalued 2 1 4 4 3 Stable Growth 4 3 5 5 4 Total Return 5 4 3 3 5 Modified Dow Dogs 7 5 1 1 6 Speculative 3 7 7 7 7 Select 9 6 9 8 8 Quality Growth 6 9 6 6 9 Large Cap 8 8 8 9 Top of Page

PORTFOLIOS % GAIN TO DATE ANNUAL. RETURN % UP % UP 30% OR MORE AVG. RISK Large Cap -4.18% 0.02% 45.61% 14.04% 15.98% Mid Cap 19.11% 27.29% 53.03% 34.85% 42.02% Modified Dow Dogs -23.88% 6.70% 61.11% 34.92% 23.88% Quality Growth -25.03% 7.50% 34.62% 23.08% 38.84% Select 1.31% -1.04% 37.50% 15.63% 4.40% Speculative -2.87% 25.04% 34.86% 21.10% 24.04% Stable Growth 32.36% 17.83% 50.00% 28.95% -0.00% Total Return 0.22% 13.53% 52.83% 31.13% 19.20% Undervalued -1.57% 25.90% 50.00% 30.65% 21.55% Top of Page "% GAIN TO DATE" is based on the current dollar value and the dollar cost basis for the current holdings in the portfolio. Commissions and dividends have not been considered. Because some portfolios give a SELL signal when a stock in the portfolio drops 20% from the original BUY price, the reported "Gain" can fluctuate considerably from week to week. "ANNUALIZED RETURN" is calculated for all stocks that have received a BUY signal since the portfolio's inception. The portfolio's "Annualized Return" is calculated from the percent each stock's individual holding period is of the total holding period for all stocks together. Because both current and closed out positions are considered in this calculation, long-term portfolios will show less fluctuation in reported returns. Comparing "% Gain to Date" with "Annualized Return" will show whether a portfolio is currently performing better or worse than the portfolio's long-term record. "% UP" is the percent of all stocks that have received BUY signals in this portfolio that are currently up from the original BUY price or that were closed out above the original BUY price. "UP 30% OR MORE" is the percent of all stocks that have received BUY signals in this portfolio that are currently up 30% or more from the original BUY price or that were closed out 30% or more above the original BUY price. "AVERAGE RISK" is a calculation based on the stocks in the current portfolio that are below their original BUY prices adjusted for the long-term record of the portfolio. The higher the risk percentage, the higher is the likelihood that the portfolio's performance will be less than the current "Annualized Return." Top of Page

GENERAL FEATURES BUY Signals Stocks receive BUY signals in most portfolios only during periods when the ELF Report Short-Term Market Timing Strategy is not under a SELL signal. Stocks are screened weekly. A BUY signal is given when a stock passes the screen three weeks in a row (Select uses first occurrence). Each portfolio assumes a purchase of about $1,000 of each selected stock at the closing price on the last market day preceding the ELF Report in which the original BUY signal appeared. Confirming BUY Signals After a BUY signal has been given for a stock, that stock receives a "confirming BUY signal" each week it passes the portfolio's criteria. The price of the stock on each confirming BUY signal becomes part of the average price shown in the portfolio tables along with the dates on which BUY or confirming BUY signals were given. We limit the number of BUY and confirming BUY signals to 12. Holding Period Stocks are held for 18 months from the first BUY signal or for 12 months after the last confirming BUY signal (if that extends the holding period) and then are sold. Stocks in most portfolios also are sold if they drop 20 percent from the original BUY price. Stop Loss Orders After holding a stock for 12 months, the ELF Report recommends that you place a stop loss order on each stock at 20% below its highest price since the original BUY signal. The ELF Report does not track these results but reports them when a SELL signal is given based on the prescribed holding period. Exceptions Many ELF Report Portfolios utilize an proprietary screen, and some portfolios have peculiar characteristics that have been developed over time to improve performance. Such exceptions will not always be noted. You may want to adopt your own guidelines for using various portfolio and stock recommendations from the ELF Report. Top of Page

DISCLAIMERS Information in the ELF Report is based on sources believed to be reliable. Historical figures and projections are not guaranteed, and past performance cannot be used as a predictor of future results. Investigate carefully and make your own responsible decisions before making any investment choices based on the ELF Report's recommendations. Good sources for investigating before you invest can be found on the Stock Picks page as well as at Yahoo and the Wall Street Research Network. Persons associated with the ELF Report may own securities and/or options of issues described in the Report and may make purchases or sales before or while this Report is in circulation. No person associated with the ELF Report holds a substantial interest in the stock of any company mentioned in the Report or receives any compensation for recommending the purchase or sale of any stock or mutual fund mentioned. As a newsletter publisher, the ELF Report does not manage investments as a registered investment advisor nor does it engaged in the brokerage business; and thus, this newsletter is not an offer to sell or a solicitation of an offer to buy securities.

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