The ELF Report Speculative Portfolio -2.87% 25.04%   11/29/02   Recommended Stocks Curr Price Percent Gain/Loss Annualized Gain/Loss Buy Dates @ Avg. Price Notes Projected Sell Date 92 shs. of NCO Group Inc (NCOG) on 10/12/02 @ $10.7900 $16.3300 51.34% 390.43% 10/12/02 -- 10/19/02 @ $11.3000 04/12/04 144 shs. of Americredit Corp (ACF) on 10/05/02 @ $6.9000 $8.3200 20.58% 136.57% 10/05/02 -- 10/12/02 @ $6.6650 04/05/04 116 shs. of HPSC Inc (HDR) on 08/24/02 @ $8.6000 $7.9400 -7.67% -28.88% 08/24/02 -- 11/16/02 @ $8.3491 02/23/04 60 shs. of Shaw Group Inc (SGR) on 08/24/02 @ $16.4000 $17.3000 5.49% 20.65% 08/24/02 -- 10/26/02 @ $14.7817 02/23/04 90 shs. of National Home Health Care Corp (NHHC) on 07/27/02 @ $11.0000 $8.2500 -25.00% -73.00% 07/27/02 -- 10/19/02 @ $9.9233 01/26/04 316 shs. of Actrade Financial Technologies Ltd (ACRT) on 07/20/02 @ $3.1600 $2.5200 -20.25% -56.00% 07/20/02 -- 07/20/02 @ $3.1600 01/19/04 70 shs. of GulfMark Offshore Inc (GMRK) on 07/20/02 @ $14.0900 $15.0100 6.53% 18.05% 07/20/02 -- 08/03/02 @ $13.5700 01/19/04 52 shs. of Stewart Information Services Corp (STC) on 05/25/02 @ $19.2000 $20.7000 7.81% 15.17% 05/25/02 -- 08/24/02 @ $18.5175 11/24/03 80 shs. of Tommy Hilfiger Co (TOM) on 02/23/02 @ $12.5000 $8.1600 -34.72% -45.42% 02/23/02 -- 05/12/02 @ $14.6558 08/25/03 32 shs. of Coherent Inc (COHR) on 10/27/01 @ $30.9800 $20.9000 -32.54% -29.84% 10/27/01 -- 01/18/02 @ $29.7956 04/28/03 Top of Page

The ELF Report Speculative Portfolio 24.44% 26.83%   11/29/02   Closed Out Positions Sell Price Percent Gain/Loss Annualized Gain/Loss Buy Dates @ Avg. Price Notes Date Sold 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 83 shs. of Active Voice Corp (ACVC ) on 05/30/97 @ $12.0000 $9.3750 -21.88% -18.97% Not calculated 07/25/98 96 shs. of Applied Signal Technology Inc (APSG) on 09/12/98 @ $10.3750 $8.2500 -20.48% -50.86% Not calculated 02/06/99 106 shs. of Aseco Corp (ASEC ) on 09/07/96 @ $9.3750 $5.1250 -45.33% -26.56% Not calculated 05/23/98 112 shs. of Asyst Technologies Inc (ASYT) on 09/12/98 @ $8.8750 $6.8750 -22.54% -391.68% Not calculated 10/03/98 109 shs. of Aztec Manufacturing Co (AZZ) on 09/12/98 @ $9.1250 $11.6875 28.08% 18.77% 09/12/98 -- 09/26/98 @ $9.0625 03/11/00 266 shs. of Bombay Company (BBA ) on 04/26/97 @ $3.7500 $5.3125 41.67% 24.14% Not calculated 01/16/99 188 shs. of Bancinsurance Corp (BCIS) on 06/05/99 @ $5.3125 $4.2500 -20.00% -23.70% 06/05/99 -- 08/07/99 @ $5.2847 04/08/00 87 shs. of Brooktrout Inc (BRKT) on 11/25/00 @ $11.4375 $8.9375 -21.86% -284.93% 11/25/00 -- 12/16/00 @ $10.6719 12/23/00 179 shs. of BTU International Inc. (BTUI) on 03/24/01 @ $5.5600 $3.6000 -35.25% -71.09% 03/24/01 -- 03/31/01 @ $5.3438 09/21/01 102 shs. of CERBCO, Inc. (CERB ) on 10/25/97 @ $9.7500 $7.7500 -20.51% -23.25% Not calculated 09/12/98 87 shs. of Computer Horizons Corp (CHRZ) on 03/18/99 @ $11.3750 $8.5000 -25.27% -17.05% 03/18/99 -- 03/27/99 @ $11.2500 09/09/00 82 shs. of Columbus McKinnon Corp (CMCO) on 10/30/99 @ $12.0625 $8.8750 -26.42% -22.96% 10/30/99 -- 11/27/99 @ $11.3000 12/23/00 133 shs. of Conso Products Company (CNSO ) on 12/13/97 @ $7.5000 $6.0000 -20.00% -26.74% Not calculated 09/12/98 110 shs. of Coherent Inc (COHR) on 09/12/98 @ $9.0625 $83.0000 815.86% 545.40% 09/12/98 -- 10/17/98 @ $8.8500 03/11/00 41 shs. of Cohu Inc (COHU) on 07/18/98 @ $24.1250 $19.2500 -20.21% -263.42% Not calculated 08/15/98 58 shs. of 3Com Corp (COMS) on 08/26/00 @ $17.0625 $12.9375 -24.18% -90.04% 08/26/00 -- 09/23/00 @ $16.2625 12/02/00 84 shs. of CPAC Inc (CPAK ) on 06/27/97 @ $11.8750 $9.5000 -20.00% -18.58% Not calculated 07/25/98 37 shs. of Cisco Systems Inc (CSCO) on 05/24/97 @ $27.0028 $94.1875 248.81% 156.31% Not calculated Bought out SUMA 12/26/98 46 shs. of Cubic Corp (CUB) on 05/13/00 @ $21.5000 $39.4100 83.30% 55.69% 05/13/00 -- 10/07/00 @ $22.5139 11/10/01 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 43 shs. of Centex Construction Products Inc (CXP) on 10/21/00 @ $22.9375 $41.5000 80.93% 54.10% 10/21/00 -- 10/21/00 @ $22.9375 04/20/02 96 shs. of Dave & Busters Inc (DAB) on 10/16/99 @ $10.3750 $6.0000 -42.17% -274.85% 10/16/99 -- 11/27/99 @ $9.5357 12/11/99 153 shs. of Deckers Outdoor Corp (DECK ) on 03/22/97 @ $6.5000 $5.0625 -22.12% -15.38% Not calculated 08/29/98 200 shs. of Designs Inc (DESI ) on 04/26/97 @ $5.0000 $1.8125 -63.75% -59.36% Not calculated 05/23/98 98 shs. of Dawson Geophysical Co (DWSN) on 10/17/98 @ $10.1250 $8.0000 -20.99% -136.79% Not calculated 12/12/98 326 shs. of EMCEE Broadcast Products (ECIN ) on 09/26/97 @ $3.0625 $2.1250 -30.61% -35.58% Not calculated 08/06/98 60 shs. of Edelbrock Corp (EDEL ) on 11/27/97 @ $16.6250 $13.1875 -20.68% -26.76% Not calculated 09/05/98 316 shs. of Eagle Point Software Corp (EGPT ) on 08/22/97 @ $3.1600 $7.3750 133.39% 89.01% Not calculated 02/20/99 64 shs. of Engle Homes Inc (ENGL) on 09/09/00 @ $15.6250 $19.1000 22.24% 109.70% 09/09/00 -- 11/18/00 @ $17.2727 Buy out by Technical Olympic USA 11/22/00 111 shs. of Finish Line Inc. (FINL) on 08/29/98 @ $8.9375 $6.9063 -22.73% -19.43% 08/29/98 -- 10/03/98 @ $9.2875 10/30/99 73 shs. of Flir Systems Inc (FLIR ) on 11/16/96 @ $13.6250 $20.2500 48.62% 32.09% Not calculated 05/23/98 28 shs. of Fluor Corp (FLR ) on 12/06/97 @ $35.6250 $28.1875 -20.88% -16.32% Not calculated 03/18/99 95 shs. of FSI International Inc (FSII ) on 09/07/96 @ $10.4325 $12.3750 18.62% 12.45% Not calculated 03/07/98 216 shs. of Fulcrum Technologies Inc (FULCF ) on 01/04/97 @ $4.6250 $1.2500 -72.97% -52.85% Not calculated 05/23/98 55 shs. of Gadzooks Inc (GADZ) on 10/03/98 @ $18.1563 $6.3750 -64.89% -3383.45% Not calculated 10/10/98 228 shs. of Galey & Lord Inc (GNL) on 04/17/99 @ $4.3750 $3.1250 -28.57% -165.53% 04/17/99 -- 06/12/99 @ $4.1875 06/19/99 140 shs. of Grist Mill Company (GRST ) on 08/02/97 @ $7.1250 $14.5000 103.51% 146.44% Not calculated Acquired by IHF 04/17/98 68 shs. of Haemonetics Corp (HAE ) on 11/22/97 @ $14.5625 $19.1250 31.33% 20.94% Not calculated 05/22/99 53 shs. of Hampshire Group Ltd. (HAMP) on 02/14/98 @ $18.7500 $14.5000 -22.67% -32.83% Not calculated 10/24/98 166 shs. of Howard B Wolf Inc (HBW ) on 08/16/97 @ $6.0000 $4.7500 -20.83% -18.73% Not calculated 09/26/98 105 shs. of Helen of Troy Limited (HELE) on 10/07/99 @ $9.4375 $7.5000 -20.53% -468.34% 10/07/99 -- 10/16/99 @ $8.8438 10/23/99 95 shs. of Hickok Inc (HICKA ) on 12/25/97 @ $10.5000 $8.2500 -21.43% -28.44% Not calculated 09/26/98 216 shs. of Health Management Systems Inc (HMSY) on 04/17/99 @ $4.6250 $3.5000 -24.32% -20.46% 04/17/99 -- 06/19/99 @ $4.7723 06/24/00 87 shs. of Intercargo Corp (ICAR) on 02/21/98 @ $11.3750 $12.0000 5.49% 4.56% Not calculated Buy out by XL 05/07/99 67 shs. of Rotech Medical Corp (IHS) on 09/07/96 @ $14.8750 $35.9375 141.60% 94.66% Not calculated Acquired by IHS 03/07/98 266 shs. of Intervoice Inc (INTV ) on 12/25/97 @ $3.7500 $12.2500 226.67% 150.97% 12/25/97 -- 01/10/98 @ $3.9375 2 for 1 split 06/26/99 99 shs. of Kendle International Inc (KNDL) on 08/21/99 @ $10.0625 $7.8750 -21.74% -226.71% 08/21/99 -- 09/11/99 @ $10.0938 09/25/99 98 shs. of Key Technologies Inc (KTEC ) on 01/03/98 @ $10.1250 $7.1250 -29.63% -51.50% Not calculated 08/01/98 145 shs. of ShoLodge Inc (LODG) on 12/12/98 @ $6.8750 $5.0000 -27.27% -94.81% Not calculated 03/27/99 27 shs. of LAM Research Corp (LRCX ) on 11/01/97 @ $36.1250 $24.1250 -33.22% -59.73% Not calculated 05/23/98 43 shs. of LAM Research Corp (LRCX ) on 09/07/96 @ $23.1250 $26.5625 14.86% 9.94% Not calculated 03/07/98 104 shs. of Mesaba Holdings Inc (MAIR) on 07/01/00 @ $9.5625 $5.4700 -42.80% -34.95% 07/01/00 -- 07/29/00 @ $9.5375 09/21/01 117 shs. of Maxwell Shoe Co Inc (MAXS) on 10/07/99 @ $8.5000 $15.0600 77.18% 51.40% 10/07/99 -- 12/24/99 @ $8.5807 04/07/01 150 shs. of Medar Inc (MDXR ) on 10/12/96 @ $6.6250 $2.4375 -63.21% -42.25% Not calculated 04/11/98 13 shs. of Magna International Inc (MGA ) on 10/11/97 @ $72.2500 $56.8750 -21.28% -21.76% Not calculated 10/03/98 28 shs. of Marshall Industries (MI ) on 11/01/97 @ $35.0625 $27.7500 -20.86% -32.95% Not calculated 06/20/98 45 shs. of Mueller Industries Inc (MLI) on 10/07/00 @ $22.1875 $35.0900 58.15% 38.87% 10/07/00 -- 10/14/00 @ $22.3125 04/06/02 144.89 shs. of MTS Systems Corp (MTSC) on 04/26/97 @ $6.8707 $7.3750 7.34% 2.42% 04/26/97 -- 05/06/99 @ $7.6045 Bought out DSPT 05/06/00 81 shs. of National Discount Brokers Group (NDB) on 11/27/97 @ $12.2500 $9.5000 -22.45% -29.80% Not calculated Name & Ticker change 08/29/98 166 shs. of National Home Health Care (NHHC ) on 01/18/97 @ $6.0000 $4.3750 -27.08% -20.17% Not calculated 05/23/98 192.2 shs. of Nortel Networks (NT) on 03/27/99 @ $5.1916 $67.5000 1200.19% 803.80% 03/27/99 -- 03/27/99 @ $5.1916 Acquired PERI Split 2 for 1 09/22/00 129 shs. of Coastcast Corp (PAR) on 11/14/98 @ $7.7500 $18.0000 132.26% 88.41% 11/14/98 -- 02/13/99 @ $7.8438 05/13/00 57 shs. of Coastcast Corp (PAR) on 06/20/98 @ $17.3750 $12.8750 -25.90% -270.09% Not calculated 07/25/98 24 shs. of PACCAR Inc (PCAR) on 06/17/00 @ $41.3750 $62.9200 52.07% 34.81% 06/17/00 -- 07/29/00 @ $41.8750 Caution noted on BUY 12/15/01 56 shs. of Precision Drilling Corp (PDS) on 02/14/98 @ $17.6250 $13.9375 -20.92% -41.96% Not calculated 08/15/98 72 shs. of Periphonics Corp (PERI ) on 08/02/97 @ $13.7500 $10.8750 -20.91% -25.96% Not calculated 05/23/98 63 shs. of Park Electrochemical Corp (PKE) on 01/15/00 @ $15.5833 $24.2100 55.36% 37.01% 01/15/00 -- 03/25/00 @ $14.7130 3 for 2 split 07/14/01 130 shs. of Planar Systems Inc (PLNR) on 04/17/99 @ $7.6875 $5.7500 -25.20% -53.17% 04/17/99 -- 04/24/99 @ $7.7969 10/07/99 38 shs. of Penn Treaty American Corp (PTA) on 07/10/99 @ $25.7500 $20.2500 -21.36% -92.81% 07/10/99 -- 09/25/99 @ $24.0341 10/02/99 166 shs. of Phoenix Technologies Ltd (PTEC) on 10/03/98 @ $6.0000 $21.1250 252.08% 168.52% 10/03/98 -- 10/17/98 @ $6.0208 04/01/00 156 shs. of Patterson Energy Inc (PTEN) on 08/06/98 @ $6.3750 $4.5313 -28.92% -162.41% Not calculated 10/10/98 192 shs. of Quad Systems Corp (QSYS ) on 01/03/98 @ $5.1875 $4.1250 -20.48% -53.40% Not calculated 05/23/98 73 shs. of RCM Technologies Inc (RCMT) on 04/24/99 @ $13.6250 $10.5000 -22.94% -52.00% 04/24/99 -- 09/25/99 @ $13.8828 10/02/99 66 shs. of Roanoke Electric Steel Corp (RESC) on 11/19/99 @ $15.0000 $11.7500 -21.67% -36.28% 11/19/99 -- 11/27/99 @ $15.1875 06/24/00 117 shs. of Simon Transportation Services (SIMN) on 04/18/98 @ $8.5000 $6.2500 -26.47% -127.13% Not calculated 07/03/98 74 shs. of Standard Microsystems Corp (SMSC ) on 09/07/96 @ $13.4325 $9.5000 -29.28% -19.57% Not calculated 03/07/98 115 shs. of Standard Microsystems Corp (SMSC ) on 01/10/98 @ $8.6250 $4.8750 -43.48% -58.13% Not calculated 10/10/98 75 shs. of Supertel Hospitality Inc (SPPR) on 05/23/98 @ $13.2500 $9.5000 -28.30% -98.38% Not calculated 09/05/98 41 shs. of Stratus Computer (SRA ) on 11/16/96 @ $24.1250 $37.8750 56.99% 37.62% Not calculated 05/23/98 72 shs. of Software Spectrum Inc (SSPE ) on 07/26/97 @ $13.7500 $17.0000 23.64% 15.80% Not calculated 01/23/99 64 shs. of Stewart Info. Services Corp. (STC) on 03/21/98 @ $15.3438 $18.7500 22.20% 14.84% 03/21/98 -- 03/28/98 @ $15.3438 2 for 1 split 09/18/99 141 shs. of Silverleaf Resorts Inc (SVR) on 07/03/99 @ $7.0625 $4.9375 -30.09% -44.83% 07/03/99 -- 07/31/99 @ $7.7250 03/04/00 231 shs. of Sykes Enterprises Inc (SYKE) on 10/07/00 @ $4.3125 $3.4375 -20.29% -105.80% 10/07/00 -- 12/02/00 @ $5.1719 Caution noted on BUY 12/16/00 150 shs. of Symmetricom Inc. (SYMM) on 04/04/98 @ $6.6250 $4.6250 -30.19% -71.55% Not calculated 09/05/98 68.85 shs. of Thermo Electron Corp (TMO) on 12/18/99 @ $14.4118 $25.0000 73.47% 49.11% 12/18/99 -- 01/15/00 @ $13.5147 Bought out THI 06/16/01 95 shs. of ThermoQuest Corp (TMQ) on 12/18/99 @ $10.5000 $17.0000 61.90% 155.83% 12/18/99 -- 01/22/00 @ $10.4271 Company taken private 05/11/00 102 shs. of Tommy Hilfiger Company (TOM) on 04/08/00 @ $9.7500 $7.2500 -25.64% -267.40% 04/08/00 -- 05/06/00 @ $8.8333 05/13/00 84 shs. of Trident Microsystems Inc (TRID ) on 11/15/97 @ $11.8375 $7.0313 -40.60% -78.41% Not calculated 05/23/98 72 shs. of Tesma International A (TSMA) on 12/26/98 @ $13.8750 $18.0000 29.73% 19.87% 12/26/98 -- 02/13/99 @ $13.4414 Ticker Change 06/24/00 105 shs. of Ultrak Inc (ULTK) on 02/14/98 @ $9.4375 $6.6875 -29.14% -52.39% Not calculated 09/05/98 50 shs. of URS Corp (URS) on 04/17/99 @ $19.8750 $12.4375 -37.42% -44.49% 04/17/99 -- 11/27/99 @ $19.6875 02/18/00 55 shs. of Value Health Inc (VH ) on 11/30/96 @ $18.1250 $20.5000 13.10% 19.21% Not calculated Acquired by Columbia/HCA 08/06/97 42 shs. of Vishay Intertechnologiey Inc (VSH) on 07/28/01 @ $23.6500 $16.7100 -29.34% -194.74% 07/28/01 -- 08/11/01 @ $23.3200 09/21/01 200 shs. of Vitran Corp Inc (VTNA) on 09/26/98 @ $5.0000 $4.0000 -20.00% -14.48% 09/26/98 -- 03/27/99 @ $5.1470 Ticker Change 02/12/00 80 shs. of Willbros Group Inc. (WG) on 08/01/98 @ $12.5000 $9.5625 -23.50% -245.07% Not calculated 09/05/98 112 shs. of Wackenhut Corrections (WHC) on 02/05/00 @ $8.8750 $6.8750 -22.54% -78.34% 02/05/00 -- 02/12/00 @ $8.6563 Caution noted on BUY 05/20/00 32 shs. of Washington Mutual (WM) on 10/07/99 @ $31.0000 $22.5000 -27.42% -93.53% 10/07/99 -- 11/27/99 @ $30.0000 01/22/00 166 shs. of Zoll Medical Corp (ZOLL ) on 12/13/97 @ $6.0000 $12.1250 102.08% 68.24% Not calculated 06/12/99 Top of Page