It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the securities in this list. Closed Transactions From 01-01-03 Through 12-31-03

Lemley, Yarling & Co.
REALIZED GAINS AND LOSSES
Lemley Yarling Mgt Co Money Pur Plan Model Portfolio
From 01-01-03 Through 12-31-03
Gain Or Loss
------------------
Open Close Cost
Date Date Quantity Security Basis Proceeds Short Term Long Term
-------- -------- ---------- ------------------------ -------------- -------------- ------------- -------------
12-18-02 01-02-03 500 Brocade Communications 2503.6 2260.18 -243.42
12-27-02 01-02-03 500 Brocade Communications 2241.85 2260.18 18.33
12-10-02 01-02-03 500 Tellabs Inc. 3805.95 3884.63 78.68
12-19-02 01-03-03 500 Cisco Systems 6767.35 6843.79 76.44
12-19-02 01-03-03 500 Hewlett Packard 9493.05 9299.71 -193.34
12-10-02 01-03-03 500 Tellabs Inc. 3805.95 4023.22 217.27
12-30-02 01-03-03 500 Texas Instruments 7519.6 8068.75 549.15
12-19-02 01-03-03 500 Walgreen Co. 14455.25 15686.62 1231.37
12-31-02 01-06-03 1000 A T & T Wireless 5811 6439 628
12-17-02 01-06-03 1000 Brocade Communications 5085.2 4960.25 -124.95
12-27-02 01-06-03 500 Brocade Communications 2241.85 2480.12 238.27
12-30-02 01-06-03 1000 Brocade Communications 4309.4 4960.25 650.85
10-29-02 01-06-03 500 Delphi Auto System 3564.5 4259.37 694.87
12-04-02 01-06-03 500 Delphi Auto System 4260.55 4259.37 -1.18
12-18-02 01-06-03 1000 EMC Corp. 6460.5 6597.39 136.89
12-09-02 01-06-03 1000 Ford Motor Co 10286.1 9938.69 -347.41
12-17-02 01-06-03 2200 Sun Microsystems Inc. 7918.26 7828.78 -89.48
12-18-02 01-06-03 500 Tellabs Inc. 3428.05 4164.02 735.97
12-31-02 01-06-03 500 Texas Instruments 7952.15 8186.25 234.1
12-30-02 01-07-03 1000 EMC Corp. 5981 7344.47 1363.47
12-30-02 01-07-03 500 Hewlett Packard 8735.55 9886.2 1150.65
12-31-02 01-07-03 2000 Lucent Technologies 2601 3138.9 537.9
10-14-02 01-07-03 500 Rite Aid Corp. 1082 1515.1 433.1
12-11-02 01-07-03 2000 Siebel Systems 15766.4 17070.88 1304.48
12-20-02 01-07-03 1500 Sector Spdr Trust 23951 24628.83 677.83
12-30-02 01-07-03 1000 Sector Spdr Trust 14945 16419.21 1474.21
12-30-02 01-07-03 1000 Sector Spdr Trust 14944 16419.22 1475.22
12-04-02 01-08-03 500 Elan Corp. 1226.85 1455.52 228.67
12-09-02 01-08-03 500 Elan Corp. 1489.85 1455.52 -34.33
12-10-02 01-08-03 500 Elan Corp. 1450.47 1455.52 5.05
11-04-02 01-08-03 500 Goodyear Tire & Rubber Co 4243.35 3469.94 -773.41
11-05-02 01-08-03 500 Goodyear Tire & Rubber Co 3626.5 3469.94 -156.56
12-27-02 01-08-03 500 Interstate Bakeries Corp. 7314 7558.77 244.77
12-16-02 01-08-03 1500 JDS Uniphase 4289.75 4484.51 194.76
12-26-02 01-08-03 1500 JDS Uniphase 3563 4484.51 921.51
12-16-02 01-08-03 1500 Sprint PCS 7414.2 7048.78 -365.42
12-18-02 01-08-03 250 Sony Corp. 10441.95 10371.83 -70.12
12-23-02 01-08-03 250 Sony Corp. 10499.5 10371.84 -127.66
11-14-02 01-08-03 1000 Sector Spdr Trust Utilities 17672 20189.19 2517.19
12-20-02 01-08-03 4000 Sector Spdr Trust Utilities 77522 80756.76 3234.76
11-20-02 01-09-03 500 CTS Corp. 3348.5 4108.17 759.67
11-15-02 01-09-03 400 Wild Oats Markets Inc. 3565.6 4097.43 531.83
11-27-02 01-09-03 100 Wild Oats Markets Inc. 997.83 1024.36 26.53
12-10-02 01-13-03 1000 Elan Corp. 2900.93 3450.19 549.26
01-15-03 01-15-03 500 Applied Materials 7284.2 7219.48 -64.72
11-15-02 01-15-03 500 Goodyear Tire & Rubber Co 3372 3500.09 128.09
01-15-03 01-15-03 500 Intel Corp 8811.15 8765.33 -45.82
12-30-02 01-16-03 1500 Elan Corp. 3526 5467.38 1941.38
10-23-02 01-16-03 1000 Rite Aid Corp. 1951.5 2999.5 1048
11-27-02 01-17-03 500 Wild Oats Markets Inc. 4989.17 4906.3 -82.87
11-20-02 01-21-03 500 CTS Corp. 3348.5 3762.48 413.98
12-16-02 01-23-03 500 Sprint PCS 2471.4 2187.18 -284.22
01-21-03 01-23-03 1500 Sprint PCS 6284.1 6561.55 277.45
01-24-03 01-24-03 250 Diamonds Trust 20381.25 20418.21 36.96
01-24-03 01-24-03 500 Diamonds Trust 41258.8 40836.42 -422.38
01-23-03 01-24-03 1000 Tellabs Inc. 7907.7 7577.47 -330.23
01-24-03 01-27-03 2000 Lucent Technologies 3991 3676.28 -314.72
12-24-02 01-27-03 1000 Sprint PCS 4632 3974.21 -657.79
01-21-03 01-27-03 500 Sprint PCS 2094.7 1987.1 -107.6
02-18-03 02-18-03 300000 U S Treasury Note 299391.89 301354 1962.11
3.000 % Due  02-15-08
02-27-03 02-27-03 500 Diamonds Trust 39581 39462.81 -118.19
02-27-03 02-27-03 2000 Nasdaq 100 49993.4 49511.7 -481.7
03-05-03 03-05-03 2500 First Horizon 5228.5 5463.83 235.33
03-05-03 03-06-03 500 Eastman Kodak Co 15038 15048.54 10.54
03-05-03 03-06-03 2500 First Horizon 5228.5 5400.33 171.83
03-05-03 03-06-03 250 Kraft Foods 7456.4 7386.27 -70.13
03-05-03 03-06-03 250 PepsiCo 9631.5 9561.86 -69.64
03-05-03 03-07-03 200 Gap Inc 2710.11 2598.92 -111.19
03-05-03 03-07-03 500 Hewlett Packard 8013 7874.01 -138.99
03-05-03 03-07-03 250 PepsiCo 9631.5 9527.04 -104.46
03-05-03 03-10-03 500 Gap Inc 6775.27 6370.15 -405.12
03-05-03 03-10-03 250 Kraft Foods 7456.4 7014.16 -442.24
03-13-03 03-14-03 500 Diamonds Trust 38289.9 38051.85 -238.05
03-05-03 03-21-03 700 A T & T Wireless 4105.9 4583.53 477.63
03-14-03 03-21-03 300 A T & T Wireless 1596 1964.37 368.37
03-20-03 03-21-03 500 Eastman Kodak Co 14439.4 15094.34 654.94
03-21-03 03-21-03 500 Rowan Companies Inc 9358.65 9847.8 489.15
03-19-03 03-24-03 700 Baxter Travenol Labs 14440.84 14515.56 74.72
03-21-03 03-24-03 500 Bristol Myers Co. 11303.75 11242.66 -61.09
03-20-03 03-24-03 500 Home Depot Inc. 11466.7 12017.63 550.93
03-20-03 03-24-03 500 J P Morgan & Co Inc. 10680.95 11517.65 836.7
03-20-03 03-24-03 500 McDonalds Corp. 6738.5 7192.78 454.28
03-20-03 03-24-03 500 SBC Communications 10938.15 10835.67 -102.48
03-05-03 03-24-03 700 Sector Spdr Trust Financial 14914.93 15076.72 161.79
03-13-03 03-24-03 500 Sector Spdr Trust Financial 10198 10769.09 571.09
03-20-03 03-24-03 500 Sector Spdr Trust Financial 10307 10769.08 462.08
03-21-03 03-25-03 500 Norfolk Southern Corp 9317.2 9592.71 275.51
03-24-03 03-25-03 400000 U S Treasury Note 399802 400488 686
3.000 % Due  02-15-08
03-14-03 03-26-03 400 A T & T Wireless 2128 2628.12 500.12
03-05-03 03-26-03 700 Sector Spdr Trust 10254.19 10764.58 510.39
03-13-03 03-26-03 500 Sector Spdr Trust 6981 7688.98 707.98
03-27-03 03-27-03 1000 Diamonds Trust 83037.7 82405.02 -632.68
04-01-03 04-01-03 500 Diamonds Trust 40669.35 40994.46 325.11
04-02-03 04-02-03 250 Biogen 7383.45 7460.81 77.36
04-03-03 04-03-03 500 Diamonds Trust 39968.25 40383.23 414.98
03-21-03 04-03-03 500 Interstate Bakeries Corp. 5031.55 5283.11 251.56
04-02-03 04-07-03 500 AOL Time Warner 5519.58 5513.84 -5.74
03-31-03 04-07-03 500 Biogen 15616.5 16684.71 1068.21
04-04-03 04-07-03 1000 Cisco Systems 12958 13357.47 399.47
03-21-03 04-07-03 700 SBC Communications 15076.57 15621.26 544.69
04-01-03 04-07-03 2000 Sector Spdr Trust 29703 29976.59 273.59
03-05-03 04-07-03 1400 Sector Spdr Trust Utilities 25126.58 26037.3 910.72
03-13-03 04-07-03 500 Sector Spdr Trust Utilities 8926 9299.04 373.04
04-02-03 04-08-03 700 AOL Time Warner 7727.42 7895.44 168.02
04-03-03 04-08-03 1200 Sector Spdr Trust 17375.84 18129.14 753.3
04-08-03 04-09-03 500 Cerner Corp. 9139.3 8740.99 -398.31
03-19-03 04-10-03 700 Ionics Inc. 11456.46 11670.29 213.83
04-16-03 04-17-03 700 SBC Communications 14646.77 14685.97 39.2
04-14-03 04-22-03 1000 Cisco Systems 13416.5 13722.25 305.75
04-23-03 04-23-03 1000 Sector Spdr Trust 14974.8 15177.28 202.48
04-14-03 04-23-03 3000 Sector Spdr Trust 43990.1 45446.06 1455.96
04-24-03 04-29-03 500 Albertsons Inc. 9413.6 9688.24 274.64
04-25-03 04-29-03 1000 Schering-Plough 17502 17772.16 270.16
04-23-03 04-30-03 3000 Sun Microsystems Inc. 9632.9 10019.32 386.42
04-29-03 05-01-03 500 Sara Lee 8915.85 8567.59 -348.26
04-28-03 05-01-03 500 Sony Corp. 15687.6 11757.09 -3930.51
04-29-03 05-12-03 250 BP PLC 9654.08 9945.03 290.95
05-07-03 05-12-03 1500 Sun Microsystems Inc. 5409.85 5691.63 281.78
05-06-03 05-12-03 500 Sector Spdr Trust Energy 11182 11425.96 243.96
05-07-03 05-12-03 500 Sector Spdr Trust Energy 11312 11425.96 113.96
04-28-03 05-12-03 1500 Sector Spdr Trust 23411 24267.66 856.66
05-01-03 05-12-03 500 Sector Spdr Trust 7696 8089.22 393.22
05-02-03 05-12-03 500 Sector Spdr Trust 7875.5 8089.22 213.72
04-28-03 05-13-03 500 Hewlett Packard 8024.9 8489.05 464.15
05-01-03 05-13-03 500 Hewlett Packard 7847 8489.05 642.05
05-07-03 05-13-03 500 May Dept. Stores 10769.8 10748.29 -21.51
04-29-03 05-13-03 1500 Sprint PCS 5779.1 5654.43 -124.67
05-01-03 05-13-03 1000 Sprint PCS 3832 3769.62 -62.38
04-29-03 05-13-03 500 Sara Lee 8916.85 8667.79 -249.06
04-28-03 05-14-03 500 Honeywell Inc 11548.25 11985.93 437.68
05-01-03 05-14-03 500 Honeywell Inc 11431.8 11985.94 554.14
05-06-03 05-14-03 1000 Intel Corp 19066.9 19222.09 155.19
05-02-03 05-14-03 250 SBC Communications 5703.25 5848.9 145.65
05-08-03 05-14-03 250 SBC Communications 5920.38 5848.9 -71.48
05-08-03 05-16-03 1500 JDS Uniphase 4873.6 5135.95 262.35
05-12-03 05-16-03 2000 JDS Uniphase 6878.8 6847.93 -30.87
04-28-03 05-16-03 500 Sun Microsystems Inc. 1719.7 2104.4 384.7
05-15-03 05-16-03 1500 Sun Microsystems Inc. 5850.8 6313.2 462.4
04-24-03 05-16-03 1000 Tellabs Inc. 5813.9 6974.07 1160.17
04-25-03 05-16-03 1000 Tellabs Inc. 5847.3 6974.07 1126.77
04-28-03 05-16-03 500 Tellabs Inc. 2926.55 3487.03 560.48
05-13-03 05-19-03 1000 Wild Oats Markets Inc. 9299 9897.53 598.53
05-02-03 05-19-03 250 Banc One Corp 9008.08 9382.56 374.48
05-02-03 05-19-03 1000 Safeway 17102.8 18837.11 1734.31
05-12-03 05-20-03 500 AOL Time Warner 6709.7 6818.42 108.72
04-29-03 05-20-03 500 Sara Lee 8916.85 8736.09 -180.76
04-30-03 05-20-03 500 Sara Lee 8554 8736.09 182.09
05-12-03 05-20-03 1000 Sector Spdr Trust Utilities 19967 20352.04 385.04
05-21-03 05-27-03 500 Alliant Energy Corp. 9367 9967.53 600.53
05-13-03 05-30-03 500 AOL Time Warner 6612 7449.25 837.25
05-29-03 05-30-03 250 General Motors 8258.25 8616.34 358.09
05-21-03 05-30-03 500 Schering-Plough 8964.2 9285.06 320.86
05-27-03 05-30-03 1000 Sector Spdr Trust 15877 16447.32 570.32
05-21-03 06-02-03 500 Duke Power 8851 9597.54 746.54
05-30-03 06-02-03 500 Eastman Chemical 15915 16138.74 223.74
05-30-03 06-09-03 250 Andrew Corp. 2401.57 2397.88 -3.69
06-04-03 06-09-03 250 Bristol Myers Co. 6451.15 6502.29 51.14
06-05-03 06-09-03 750 3Com Corp. 3788.95 3702.82 -86.13
05-02-03 06-09-03 250 Eastman Kodak Co 7495.38 7781.81 286.43
05-21-03 06-09-03 250 Eastman Kodak Co 7529.61 7781.81 252.2
06-03-03 06-09-03 1000 QWest Comm 4926.5 4723.27 -203.23
04-24-03 06-11-03 500 Albertsons Inc. 9413.6 9689.69 276.09
06-06-03 06-11-03 750 Hewlett Packard 15032 16786.21 1754.21
06-03-03 06-11-03 500 Microsoft Corp. 12244.35 12203.82 -40.53
06-10-03 06-11-03 750 Schering-Plough 13757 14384.82 627.82
06-10-03 06-16-03 750 AOL Time Warner 11577.43 11562.38 -15.05
06-17-03 06-17-03 1500 Rowan Companies Inc 37924.85 37550.39 -374.46
06-10-03 06-18-03 500 AOL Time Warner 7607 7740.13 133.13
06-09-03 06-18-03 500 Hewlett Packard 10131.7 10334.96 203.26
06-16-03 06-18-03 750 Hewlett Packard 15961.1 15502.45 -458.65
05-30-03 06-19-03 250 Andrew Corp. 2401.57 2373.88 -27.69
06-06-03 06-19-03 250 Andrew Corp. 2431.52 2373.89 -57.63
06-05-03 06-19-03 750 3Com Corp. 3788.95 3729.87 -59.08
06-06-03 06-19-03 500 3Com Corp. 2539.45 2486.58 -52.87
06-17-03 06-19-03 500 Duke Power 9474.45 9335.56 -138.89
05-29-03 06-19-03 500 Gap Inc 8445.25 8500.1 54.85
06-04-03 06-19-03 1000 QWest Comm 4629.8 4872.87 243.07
06-17-03 06-19-03 500 SBC Communications 12927.95 12785 -142.95
06-17-03 06-19-03 2500 Sector Spdr Trust 43702 43029.56 -672.44
06-18-03 06-19-03 500 Sector Spdr Trust 8578.1 8605.91 27.81
06-06-03 06-24-03 500 Andrew Corp. 4863.03 5080.11 217.08
07-01-03 07-01-03 500 Diamonds Trust 45120.75 45383.87 263.12
07-02-03 07-02-03 500 AOL Time Warner 7994.75 7899.57 -95.18
07-02-03 07-02-03 500 Diamonds Trust 45346.5 45008.89 -337.61
07-02-03 07-03-03 500 AOL Time Warner 7994.75 8035.62 40.87
07-01-03 07-03-03 500 Hewlett Packard 10496.4 10610.95 114.55
07-07-03 07-07-03 500 Andrew Corp. 4563.45 4960.71 397.26
07-07-03 07-07-03 500 Banc One Corp 18547.95 18685.12 137.17
07-01-03 07-07-03 500 Schering-Plough 9522 9485.55 -36.45
07-02-03 07-08-03 1000 Andrew Corp. 9463.1 9526.25 63.15
07-07-03 07-08-03 500 Hewlett Packard 10482.4 10786.69 304.29
07-07-03 07-09-03 1500 JDS Uniphase 5183.95 5511.39 327.44
07-07-03 07-11-03 500 Walgreen Co. 15014 15267.28 253.28
07-14-03 07-14-03 1000 AOL Time Warner 16716.1 16621.82 -94.28
07-14-03 07-14-03 500 Schering-Plough 8843 8748.99 -94.01
07-11-03 07-15-03 500 Delphi Auto System 4445.4 4231.9 -213.5
07-11-03 07-15-03 500 Hain Celestial Group 7955.35 7997.67 42.32
07-14-03 07-15-03 500 Schering-Plough 8843 8623.19 -219.81
07-14-03 07-15-03 1000 Sector Spdr Trust 18382 17847.16 -534.84
07-11-03 07-16-03 500 Hain Celestial Group 7955.35 8097.17 141.82
07-09-03 07-18-03 750 Sprint PCS 4449.5 4428.54 -20.96
07-11-03 07-18-03 500 Sprint PCS 2981.35 2952.36 -28.99
07-11-03 07-18-03 1000 Rite Aid Corp. 4851.1 4491.58 -359.52
07-22-03 07-22-03 1000 Std & Poors Spdr's 98521 98318.39 -202.61
07-22-03 07-22-03 1000 Sector Spdr Trust 17484.1 17397.08 -87.02
07-29-03 07-29-03 1000 Biogen 39017.7 39046.17 28.47
07-29-03 07-30-03 500 SBC Communications 11832 11774.04 -57.96
07-29-03 08-01-03 500 AOL Time Warner 7821.75 7828.28 6.53
07-30-03 08-01-03 300 AOL Time Warner 4585.93 4696.97 111.04
07-29-03 08-01-03 500 Duke Power 9258.7 9135.07 -123.63
07-29-03 08-01-03 1000 Elan Corp. 4905.4 4340.39 -565.01
09-02-03 09-03-03 500 Newell Corp 12063.65 12072.43 8.78
09-03-03 09-03-03 150000 U S Treasury Note 148583 148839.45 256.45
3.000 % Due  11-15-07
09-03-03 09-08-03 150000 U S Treasury Note 149943.35 150550.5 607.15
2.000 % Due  08-31-05
09-02-03 09-09-03 500 Duke Power 8814.15 8735.09 -79.06
09-04-03 09-09-03 2000 JDS Uniphase 7357.4 8417.6 1060.2
09-02-03 09-15-03 500 AOL Time Warner 8207.5 7892.63 -314.87
09-15-03 09-18-03 500 AOL Time Warner 7957 8160.21 203.21
09-02-03 09-18-03 500 Hewlett Packard 10162.6 10435.01 272.41
09-10-03 09-18-03 500 National City Corp. 15320.6 15384.77 64.17
08-29-03 09-18-03 500 SBC Communications 11301.6 11890.44 588.84
08-27-03 09-19-03 500 Schering-Plough 7409.65 8110.26 700.61
09-04-03 09-22-03 500 Gap Inc 9701.75 9035.22 -666.53
09-05-03 09-22-03 500 JDS Uniphase 1893.9 2000.6 106.7
09-10-03 09-22-03 1500 JDS Uniphase 6027.3 6001.82 -25.48
09-03-03 09-22-03 500 Newell Corp 12316.2 10984.98 -1331.22
09-03-03 09-23-03 500 Hain Celestial Group 9027.55 8833.88 -193.67
10-06-03 10-15-03 500 Sector Spdr Trust 9679.5 9911.03 231.53
10-09-03 10-15-03 500 Sector Spdr Trust 9897 9911.04 14.04
10-07-03 10-17-03 250 Advent Software 4392 4732.37 340.37
10-06-03 10-17-03 500 Darden Restaurants 9663.35 10265.31 601.96
10-16-03 10-17-03 500 Maytag Co 12742.75 12840.19 97.44
10-09-03 10-17-03 250 Sara Lee 4777 4735.77 -41.23
10-06-03 10-17-03 1000 Sun Microsystems Inc. 3401.4 3573.49 172.09
10-13-03 10-17-03 500 Sun Microsystems Inc. 1882 1786.75 -95.25
10-13-03 10-20-03 500 Delphi Auto System 4642 4438.24 -203.76
10-16-03 10-20-03 500 Hewlett Packard 10962.5 10585 -377.5
10-06-03 10-20-03 500 SBC Communications 11364.15 11007.88 -356.27
10-06-03 10-20-03 250 Verizon Communication 8402 8037.27 -364.73
10-09-03 10-20-03 250 Verizon Communication 8159.73 8037.27 -122.46
10-09-03 10-22-03 250 Sara Lee 4777 4644.73 -132.27
10-10-03 10-22-03 250 Sara Lee 4745.75 4644.73 -101.02
10-15-03 10-27-03 500 Limited Inc. 8755.65 8558.44 -197.21
10-09-03 10-27-03 500 Wild Oats Markets Inc. 5381.15 5706.03 324.88
10-22-03 10-30-03 300 Merck & Co Inc 13753.27 13368.45 -384.82
11-03-03 11-03-03 500 First Health Group 9453.85 9097.57 -356.28
10-30-03 11-05-03 200 American Eagle Outfitters 3274.93 3102.31 -172.62
10-30-03 11-05-03 100 American Eagle Outfitters 1637.46 1574.26 -63.2
11-03-03 11-05-03 200 American Eagle Outfitters 3068.24 3148.51 80.27
11-07-03 11-10-03 500 General Electric Co 14264.3 14085.34 -178.96
10-29-03 11-11-03 250 Zoran Corp. 4118.1 3834.54 -283.56
10-31-03 11-11-03 250 Zoran Corp. 4236.3 3834.55 -401.75
10-31-03 11-13-03 500 American Tel & Tel 9348.8 9497.55 148.75
11-07-03 11-14-03 500 AON Corp. 10680.65 10642.85 -37.8
10-29-03 11-14-03 500 Wild Oats Markets Inc. 4829.1 5523.33 694.23
10-15-03 11-14-03 500 Schering-Plough 8084.6 8046.71 -37.89
10-22-03 11-14-03 400 Schering-Plough 6101.4 6437.37 335.97
10-06-03 11-18-03 500 Time Warner Inc. 7798.1 7736.3 -61.8
10-22-03 11-18-03 400 Time Warner Inc. 6108.72 6189.04 80.32
10-23-03 11-18-03 300 Time Warner Inc. 4483.4 4641.78 158.38
10-29-03 11-24-03 500 Wild Oats Markets Inc. 4829.1 5518.44 689.34
12-02-03 12-03-03 500 Gap Inc 10782.2 10657 -125.2
09-15-03 12-04-03 500 A T & T Wireless 4336.05 3629.51 -706.54
09-18-03 12-04-03 500 A T & T Wireless 4400.55 3629.51 -771.04
10-08-03 12-04-03 500 A T & T Wireless 4247.7 3629.51 -618.19
10-22-03 12-04-03 250 A T & T Wireless 2035.85 1814.75 -221.1
12-02-03 12-04-03 500 Hewlett Packard 11179 11240.22 61.22
11-28-03 12-04-03 500 Charles Schwab Corp. 5860.8 5673.28 -187.52
12-02-03 12-08-03 500 Duke Power 9017 9242.56 225.56
12-01-03 12-08-03 500 Microsoft Corp. 12957 12934.84 -22.16
11-26-03 12-08-03 500 Schering-Plough 7718.3 8518.84 800.54
12-02-03 12-09-03 500 Time Warner Inc. 8379 8222.61 -156.39
10-30-03 12-15-03 500 Andrew Corp. 6590.1 5733.58 -856.52
11-25-03 12-15-03 500 Andrew Corp. 5831.9 5733.58 -98.32
10-22-03 12-19-03 150 A T & T Wireless 1221.51 1098.3 -123.21
10-23-03 12-19-03 500 A T & T Wireless 3758.3 3660.99 -97.31
11-04-03 12-19-03 100 A T & T Wireless 705.33 732.2 26.87
12-29-03 12-30-03 500 Micron Technology 7024.95 6808.17 -216.78
11-26-03 12-31-03 500 Sycamore Networks 2703.2 2636.52 -66.68
12-16-03 12-31-03 500 Sycamore Networks 2179.5 2636.53 457.03
12-29-03 12-31-03 1000 Sycamore Networks 4652.3 5273.05 620.75
-------------
TOTAL GAINS  78015.82 0
TOTAL LOSSES  -29489.99 0
--------------
3912737.24 3961263.08 48525.84 0
============== ============== ============= =============
TOTAL REALIZED GAIN/LOSS  48,525.84

The market value of the Model Portfolio is net of advisory fees, brokerage commissions and other related expenses. Model Portfolio results reflect reinvestment of dividends and other earnings. The Model Portfolio column is the overall return of the portfolio for the period shown.

The S & P 500 is an unmanaged S & P composite of 500 stocks widely regarded as representative of the stock market in general. Unless otherwise indicated, index results include reinvested dividends and do not reflect sales charges.

Past performance is not indicative of future results. Other methods may produce different results for individual portfolios and for different periods and may vary depending on market conditions and the composition of an individual portfolio. Care should be used when comparing these results to those published by other investment advisors, other investment vehicles and unmanaged indices due to possible differences in calculation methods. A list of all recommendations made by Lemley, Yarling Management Co. for the preceding one-year period is available to advisory clients upon request.

PAST PERFORMANCE IS NO INDICATION OF FUTURE PERFORMANCE

The factual statements herein have been taken from sources we believe to be reliable but such statements are made without any representation as to accuracy or completeness or otherwise. From time to time the Lemley Letter, or one or more of its officers or employees, may buy and sell as agent the securities referred to herein or options relating thereto, and may have a long or short position in such securities or options. This report should not be construed as a solicitation or offer of the purchase or sale of securities. Prices shown are approximate. Past performance is no indication of future performance.