The ELF Report Total Return Portfolio 0.19% 13.53%   11/29/02   Recommended Stocks Curr Price Percent Gain/Loss Annualized Gain/Loss Buy Dates @ Avg. Price Notes Projected Sell Date 75 shs. of Archer-Daniels Midland Co (ADM) on 11/30/02 @ $13.3300 $13.3300 0.00% -0.00% 11/30/02 -- 11/30/02 @ $13.3300 05/31/04 32 shs. of Banta Corp (BN) on 11/30/02 @ $30.6500 $30.6500 0.00% -0.00% 11/30/02 -- 11/30/02 @ $30.6500 05/31/04 27 shs. of Washington Mutual Inc (WM) on 11/09/02 @ $35.8400 $35.9800 0.39% 7.13% 11/09/02 -- 11/16/02 @ $35.4000 05/10/04 39 shs. of Charter One Financial Inc (CF) on 10/05/02 @ $25.4300 $30.1000 18.36% 121.87% 10/05/02 -- 10/26/02 @ $28.9350 04/05/04 36 shs. of Fidelity National Financial Inc (FNF) on 10/05/02 @ $27.7700 $32.3500 16.49% 109.45% 10/05/02 -- 11/30/02 @ $30.2017 04/05/04 65 shs. of Wolverine World Wide Inc (WWW) on 10/05/02 @ $15.2000 $16.7200 10.00% 66.36% 10/05/02 -- 10/12/02 @ $14.4150 04/05/04 20 shs. of Household International Inc (HI) on 06/22/02 @ $49.6800 $28.7000 -42.23% -96.34% 06/22/02 -- 07/27/02 @ $45.4833 12/22/03 47 shs. of Sara Lee Corp (SLE) on 05/25/02 @ $20.9000 $23.3300 11.63% 22.57% 05/25/02 -- 06/22/02 @ $20.6780 11/24/03 51 shs. of Cooper Tire & Rubber Co (CTB) on 03/02/02 @ $19.4700 $15.9000 -18.34% -24.61% 03/02/02 -- 03/09/02 @ $19.4650 09/01/03 29 shs. of FleetBoston Financing Corp (FBF) on 01/18/02 @ $33.8100 $27.1300 -19.76% -22.89% 01/18/02 -- 02/02/02 @ $34.2633 07/20/03 51 shs. of Nordstrom Inc (JWN) on 12/08/01 @ $19.4400 $20.0000 2.88% 2.95% 12/08/01 -- 02/09/02 @ $20.9856 06/09/03 34 shs. of Newhall Land & Farming Co (NHL) on 12/01/01 @ $29.4000 $27.1500 -7.65% -7.70% 12/01/01 -- 12/15/01 @ $29.0500 06/02/03 69 shs. of Pier 1 Imports Inc (PIR) on 12/01/01 @ $14.4600 $19.5100 34.92% 35.12% 12/01/01 -- 12/01/01 @ $14.4600 06/02/03 16 shs. of United Technologies Corp (UTX) on 12/01/01 @ $60.2000 $62.4700 3.77% 3.79% 12/01/01 -- 01/18/02 @ $62.3217 06/02/03 15 shs. of SunTrust Banks Inc (STI) on 11/17/01 @ $63.7800 $58.6600 -8.03% -7.77% 11/17/01 -- 02/23/02 @ $62.5075 05/19/03 Top of Page

The ELF Report Total Return Portfolio 15.69% 14.58%   11/29/02   Closed Out Positions Sell Price Percent Gain/Loss Annualized Gain/Loss Buy Dates @ Avg. Price Notes Date Sold 61 shs. of A Schulman Inc (SHLM) on 02/13/99 @ $16.2500 $13.0000 -20.00% -20.05% 02/13/99 -- 04/17/99 @ $15.0313 02/12/00 46 shs. of ABM Industries Inc (ABM) on 11/27/99 @ $21.4375 $31.7000 47.87% 32.00% 11/27/99 -- 11/27/99 @ $21.4375 05/26/01 32 shs. of AFLAC Inc. (AFL) on 06/27/98 @ $30.9375 $45.1250 45.86% 30.71% 06/27/98 -- 08/01/98 @ $34.7500 12/24/99 29 shs. of Air Products and Chemical (APD) on 11/18/00 @ $33.6875 $51.5900 53.14% 35.53% 11/18/00 -- 02/24/01 @ $35.2267 05/18/02 45 shs. of Alberto-Culver Co Cl A (ACV.A) on 04/08/00 @ $22.0000 $34.3500 56.14% 37.53% 04/08/00 -- 05/06/00 @ $22.3750 10/06/01 32 shs. of Alcoa Inc (AA) on 07/29/00 @ $31.0000 $23.5625 -23.99% -104.25% 07/29/00 -- 09/30/00 @ $30.8439 10/21/00 56 shs. of Alfa Corp (ALFA) on 08/14/99 @ $17.8125 $18.7500 5.26% 3.52% 08/14/99 -- 11/05/99 @ $16.9896 02/10/01 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 35 shs. of American Greetings (AM) on 01/04/97 @ $28.1250 $50.9375 81.11% 54.32% Not calculated Ticker change 07/03/98 94 shs. of Analysts International Corp (ANLY) on 02/20/99 @ $10.5625 $8.2188 -22.19% -17.01% 02/20/99 -- 03/27/99 @ $11.7344 06/10/00 144 shs. of Apogee Enterprises Inc (APOG) on 10/07/99 @ $6.9375 $5.5000 -20.72% -105.04% 10/07/99 -- 11/27/99 @ $6.8516 12/18/99 59 shs. of Applied Industrial Technologies Inc (AIT) on 12/18/99 @ $16.8125 $18.2700 8.67% 5.80% 12/18/99 -- 02/18/00 @ $16.1786 Ticker Change 06/16/01 60 shs. of A. H. Belo Corp (BLC) on 12/16/00 @ $16.5000 $24.0100 45.52% 30.43% 12/16/00 -- 01/06/01 @ $16.7550 06/15/02 19 shs. of Bandag Inc. (BDG.A) on 03/28/98 @ $52.3750 $33.0000 -36.99% -107.16% Not calculated 08/01/98 19 shs. of Bank of Boston Corp. (BKB) on 09/07/96 @ $52.3750 $89.8750 71.60% 47.86% Not calculated 03/07/98 17 shs. of BankBoston Corp (BKB) on 07/11/98 @ $57.1875 $45.3125 -20.77% -216.55% Not calculated 08/15/98 24 shs. of Becton Dickinson & Company (BDX) on 09/07/96 @ $41.5000 $45.2500 9.04% 6.04% Not calculated 03/07/98 98 shs. of Blessing Corp. (BCO) on 11/16/96 @ $10.1250 $21.0000 107.41% 71.80% Not calculated 05/16/98 41 shs. of Cabot Corp (CBT) on 06/26/99 @ $23.9375 $18.6250 -22.19% -64.29% 06/26/99 -- 06/26/99 @ $23.9375 10/30/99 96 shs. of Cato Corp. (CACOA) on 04/17/99 @ $10.3750 $10.7500 3.61% 2.42% 04/17/99 -- 04/24/99 @ $10.4688 10/14/00 57 shs. of Charter One Financial Inc (CF) on 02/12/00 @ $17.4375 $31.5000 80.65% 53.91% 02/12/00 -- 03/04/00 @ $16.5938 08/11/01 80 shs. of Chiquita Brands International (CQB) on 09/07/96 @ $12.5000 $17.1875 37.50% 25.07% Not calculated 03/07/98 31 shs. of Commercial Metals Company (CMC) on 10/26/96 @ $31.5000 $32.0000 1.59% 1.06% Not calculated 04/25/98 29 shs. of Dayton Hudson Corp. (DH) on 09/07/96 @ $33.7500 $87.6875 159.81% 106.84% Not calculated 03/07/98 33 shs. of Dean Witter Discover & Co (MWD) on 09/07/96 @ $29.3939 $56.0000 90.52% 60.51% Not calculated Bought out MS 03/07/98 61 shs. of Donnelly Corp (DON) on 09/11/99 @ $16.1875 $12.8750 -20.46% -56.16% 09/11/99 -- 12/04/99 @ $14.3333 01/22/00 43 shs. of Englehard Corp (EC) on 06/19/99 @ $22.8125 $18.0625 -20.82% -63.87% 06/19/99 -- 07/31/99 @ $22.2768 10/16/99 34 shs. of Federal Screw Works (FSCR) on 01/04/97 @ $29.0000 $50.0000 72.41% 48.50% Not calculated 07/03/98 25 shs. of Federal Screw Works (FSCR) on 09/09/00 @ $39.5000 $36.2600 -8.20% -5.48% 09/09/00 -- 10/14/00 @ $40.6667 03/09/02 57 shs. of Fidelity National Financial Inc (FNF) on 03/13/99 @ $17.3125 $13.6875 -20.94% -25.48% 03/13/99 -- 03/27/99 @ $16.4167 01/07/00 40 shs. of First Financial Holdings (FFCH) on 04/18/98 @ $24.5000 $18.3750 -25.00% -68.61% Not calculated 08/29/98 48 shs. of Gap, Inc. (The) (GPS) on 09/07/96 @ $20.4167 $44.6875 118.88% 79.47% Not calculated 3 for 2 split 03/07/98 153 shs. of General Magnaplate Corp (GMCC) on 01/16/99 @ $6.5000 $5.0000 -23.08% -171.90% Not calculated 03/06/99 21 shs. of Goodyear Tire and Rubber Co (GT) on 02/27/99 @ $46.0625 $34.1250 -25.92% -34.65% 02/27/99 -- 07/24/99 @ $52.2917 11/27/99 39 shs. of Graco Inc (GGG) on 03/17/01 @ $25.1000 $26.2500 4.58% 3.06% 03/17/01 -- 03/31/01 @ $26.1400 09/14/02 52 shs. of Hasbro Inc (HAS) on 01/01/00 @ $18.9375 $15.0625 -20.46% -177.82% 01/01/00 -- 02/05/00 @ $16.4792 02/12/00 39 shs. of Hon Industries Inc (HNI) on 06/03/00 @ $25.5000 $19.9600 -21.73% -16.69% 06/03/00 -- 11/11/00 @ $24.4167 09/21/01 74 shs. of Huffy Corp. (HUF) on 09/07/96 @ $13.3750 $15.9375 19.16% 12.81% Not calculated 03/07/98 67 shs. of Hunt Manufacturing Company (HUN) on 09/07/96 @ $14.7500 $24.5000 66.10% 44.19% Not calculated 03/07/98 25 shs. of H.B. Fuller Company (FULL) on 05/27/00 @ $39.5000 $30.0625 -23.89% -73.28% 05/27/00 -- 08/12/00 @ $41.2500 09/23/00 125 shs. of Insteel Industries Inc. (III) on 11/30/96 @ $8.0000 $7.1875 -10.16% -6.79% Not calculated 05/30/98 21 shs. of J P Morgan Chase & Co (JPM) on 07/01/00 @ $46.0625 $30.8200 -33.09% -27.02% 07/01/00 -- 07/01/00 @ $46.0625 09/21/01 32 shs. of La-Z-Boy Inc. (LZB) on 09/07/96 @ $30.8750 $39.2500 27.13% 18.13% Not calculated 03/07/98 66 shs. of La-Z-Boy Inc. (LZB) on 05/13/00 @ $15.0000 $19.1400 27.60% 18.45% 05/13/00 -- 06/10/00 @ $15.3875 11/10/01 39 shs. of Legg Mason Inc. (LM) on 10/17/98 @ $25.3750 $36.6250 44.33% 29.64% 10/17/98 -- 10/17/98 @ $25.3750 04/15/00 26 shs. of Liberty Corp (LC) on 10/17/98 @ $38.2500 $34.5000 -9.80% -6.55% 10/17/98 -- 10/17/98 @ $38.2500 04/15/00 31 shs. of Liqui-Box Corp. (LIQB) on 11/09/96 @ $32.2500 $44.5000 37.98% 25.39% Not calculated 05/09/98 76 shs. of Loral Space & Communications Ltd. (LOR) on 09/07/96 @ $13.1250 $28.5000 117.14% 78.31% Not calculated 03/07/98 59 shs. of LSI Industries Inc (LYTS) on 02/12/00 @ $16.9375 $26.4200 55.99% 37.43% 02/12/00 -- 03/04/00 @ $16.7656 08/11/01 40 shs. of McClatchy Newspapers Inc. (MNI) on 02/22/97 @ $24.7500 $34.1875 38.13% 25.49% Not calculated 08/22/98 16 shs. of Merrill Lynch & Co., Inc. (MER) on 06/27/97 @ $60.7500 $46.0000 -24.28% -19.14% Not calculated 10/03/98 89 shs. of Met-Pro Corp (MPR) on 03/24/01 @ $11.1400 $13.9000 24.78% 16.56% 03/24/01 -- 01/09/00 @ $12.1550 09/21/02 78 shs. of Mitchell Energy & Development A (MND.A) on 09/26/98 @ $12.8125 $21.7500 69.76% 46.63% 09/26/98 -- 12/05/98 @ $13.0341 03/25/00 102 shs. of MTS Systems Corp. (MTSC) on 09/07/96 @ $9.6875 $19.3438 99.68% 66.63% Not calculated 2 for 1 split 03/07/98 61 shs. of MTS Systems Corp. (MTSC) on 02/21/98 @ $16.1875 $11.5000 -28.96% -45.76% Not calculated 10/10/98 66.15 shs. of National Commerce Financial Corp (NCF) on 03/04/00 @ $14.9235 $25.3600 69.93% 46.75% 03/04/00 -- 03/04/00 @ $14.9235 Name and Ticker Change Merged with CCB 09/01/01 44 shs. of Nordson Corp (NDSN) on 04/29/00 @ $22.3438 $23.0700 3.25% 2.15% 04/29/00 -- 10/21/00 @ $25.1667 2 for 1 split 11/03/01 82 shs. of Olsten Corp (OLS) on 06/27/98 @ $12.0625 $9.1875 -23.83% -248.56% Not calculated 08/01/98 24 shs. of Orion Capital Corp. (OC) on 07/25/97 @ $41.3125 $32.0000 -22.54% -18.61% Not calculated 10/10/98 28 shs. of Pentair Inc (PNR) on 07/01/00 @ $35.5000 $25.2500 -28.87% -136.87% 07/01/00 -- 09/09/00 @ $31.9659 09/16/00 43 shs. of Pitt-Des Moines Inc (PDM) on 10/07/99 @ $23.0000 $19.0000 -17.39% -23.69% 10/07/99 -- 10/30/99 @ $15.2500 07/01/00 33 shs. of Price (T. Rowe) Associates (TROW) on 09/07/96 @ $29.4375 $66.2500 125.05% 83.60% Not calculated 03/07/98 26 shs. of Quaker Oats Company (OAT) on 11/16/96 @ $37.3750 $56.8750 52.17% 34.88% Not calculated 05/16/98 63 shs. of Raven Industries Inc (RAVN) on 10/02/99 @ $15.7500 $11.1250 -29.37% -58.89% 10/02/99 -- 11/27/99 @ $14.7708 04/01/00 64 shs. of Republic Group Inc (RGC) on 12/18/99 @ $15.4375 $11.8750 -23.08% -150.41% 12/18/99 -- 02/05/00 @ $14.7969 02/12/00 14 shs. of Republic New York Corp (RNB) on 09/28/96 @ $69.8750 $106.6250 52.59% 35.16% Not calculated 03/28/98 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 05/12/01 139 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 29 shs. of RLI Corp (RLI) on 12/18/99 @ $33.9375 $26.8125 -20.99% -91.23% 12/18/99 -- 03/04/00 @ $29.4583 03/11/00 74 shs. of Rollins Truck Leasing Corp (RLC) on 04/11/98 @ $13.5000 $10.5000 -22.22% -57.94% Not calculated 08/29/98 113 shs. of Rowe Companies (ROW) on 10/07/99 @ $8.8125 $7.0000 -20.57% -48.12% 10/07/99 -- 01/22/00 @ $8.8281 03/11/00 44 shs. of Rubbermaid Inc. (RBD) on 09/07/96 @ $22.5000 $28.3750 26.11% 17.46% Not calculated 03/07/98 35 shs. of Russell Corp. (RML) on 11/09/96 @ $28.3750 $26.3125 -7.27% -4.86% Not calculated 05/09/98 68 shs. of Shaw Industries Inc (SHX) on 09/07/96 @ $14.6250 $13.2500 -9.40% -6.29% Not calculated 03/07/98 39 shs. of Sherwin Williams Company (SHW) on 05/20/00 @ $25.3750 $21.1875 -16.50% -143.41% 05/20/00 -- 06/24/00 @ $23.7604 07/01/00 64 shs. of Standex International Corp (SXI) on 05/20/00 @ $15.5000 $21.7800 40.52% 27.08% 05/20/00 -- 08/05/00 @ $16.7500 11/17/01 137 shs. of Steel Technologies Inc (STTX) on 04/08/00 @ $7.2500 $6.6250 -8.62% -20.43% 04/08/00 -- 04/29/00 @ $7.6563 09/09/00 48 shs. of Stepan Co (SCL) on 11/11/00 @ $20.5000 $27.3000 33.17% 22.13% 11/11/00 -- 02/10/01 @ $22.0054 05/12/02 40 shs. of Stepan Company (SCL) on 06/05/99 @ $24.9375 $22.1250 -11.28% -9.80% 06/05/99 -- 07/24/99 @ $24.6875 07/29/00 54 shs. of Stephan Co (SCL) on 11/16/96 @ $18.5000 $31.5000 70.27% 46.98% Not calculated 05/16/98 23 shs. of Student Loan Marketing Assoc (SLM) on 01/31/98 @ $42.1250 $33.5000 -20.47% -33.36% Not calculated 09/12/98 37 shs. of Superior Industries International CA (SUP) on 08/07/99 @ $26.6875 $35.6000 33.40% 22.33% 08/07/99 -- 10/30/99 @ $27.5469 02/03/01 76 shs. of Superior Surgical Mfg. Company, Inc. (SGC) on 03/22/97 @ $13.0000 $13.8750 6.73% 4.50% Not calculated 09/19/98 17 shs. of Textron Inc (TXT) on 06/17/00 @ $56.8125 $45.0625 -20.68% -63.44% 06/17/00 -- 09/02/00 @ $57.6042 10/14/00 33 shs. of Travelers Group Inc. (TRV) on 09/07/96 @ $29.1667 $49.7500 70.57% 47.18% Not calculated 3 for 2 split 03/07/98 31 shs. of Trinity Industries Inc. (TRN) on 09/07/96 @ $31.7500 $50.8750 60.24% 36.52% Not calculated 05/02/98 106 shs. of TSI Inc (TSII) on 09/14/96 @ $9.3750 $10.7500 14.67% 9.80% Not calculated 03/14/98 29 shs. of United Fire & Casualty Co (UFCS) on 09/12/98 @ $34.0938 $26.1250 -23.37% -42.23% Not calculated 04/02/99 46 shs. of Wallace Computer Services Inc (WCS) on 10/07/99 @ $21.4375 $15.6875 -26.82% -135.97% 10/07/99 -- 10/23/99 @ $21.5208 12/18/99 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 30 shs. of Westamerica Bancorporation (WABC) on 03/14/98 @ $33.7500 $26.6250 -21.11% -45.87% Not calculated 08/29/98 30 shs. of Williams Companies Inc (WMB) on 07/28/01 @ $33.0900 $24.3100 -26.53% -69.18% 07/28/01 -- 10/27/01 @ $31.7325 12/15/01 23 shs. of Xtra Corp (XTR) on 10/24/98 @ $43.3750 $45.0000 3.75% 2.50% 10/24/98 -- 02/20/99 @ $41.1779 04/22/00 Top of Page