Returns   The Elliott Cove Portfolios were formed in 2002.   Therefore, the  returns  shown  above  represent  the hypothetical result of an investment of $100,000 in various DFA funds, do not reflect actual investments of money in any Elliott Cove portfolio, and may not reflect the impact that material economic and market factors might have had on Elliott CoveÃÔ management of the portfolios  if  it were  actually  managing  the portfolios during the time period described.  The hypothetical results assume a quarterly rebalancing of the portfolio, the reinvestment of all dividends and distributions, and the payment of a 1.5% annual management fee and a .25% transaction/custodial fee. As of 09/01/2003, the transactional/custodial fee was increased to .30%.  As of 4/1/2004, the minimum investment was lowered from $100,000 to $25,000 and the payment of 1.65% annual management fee was established for this lower portfolio size.  The minimum account size is subject to waiver by Elliott Cove.  The hypothetical results are based on the actual past performance of the DFA funds. The hypothetical results above are based on simulated data supplied by DFA. Past performance is no guarantee of future results or returns.  The dividend adjusted S&P 500 Index is presented solely to provide a tool for judging the risk and returns of the Portfolios relative to this widely recognized market indicator.  Due to substantial differences between the S&P 500 Index and the PortfolioÃÔ composition, the Index is not intended to be used as a performance benchmark for the Elliott Cove Portfolios. The Elliott Cove All Equity Portfolio invests in international financial instruments, small and micro cap stocks, real estate securities and a money market fund, which are not reflected in the S&P 500. The Elliott Cove Aggressive Portfolio invests in international financial instruments, small and micro cap stocks, real estate securities, bonds and a money market fund, which are not reflected in the S&P 500. The Elliott Cove Moderate, Core Allocation and Balanced Portfolios invest in small cap stocks, real estate securities, bonds and a money market fund, which are not reflected in the S&P 500. The Elliott Cove Conservative and Capital Preservation Portfolios invest in real estate securities, bonds and a money market fund, which are not reflected in the S&P 500. In addition, the equity securities comprising the S&P 500 may differ from the securities held in any particular portfolio.  Fund and S&P 500 data provided by Dimensional Fund Advisors and Morningstar, Inc.  The portfolio is not FDIC insured, and there can be no assurance that the portfolio will not decline in value. The investor may lose some or all of his or her investment in the portfolio. Privacy Policy Elliott Cove Capital Management values the privacy of its clients. We hold confidential all information we obtain from our clients and maintain security processes to protect your personal information, account records and financial transactions. No information about our clients will be shared with others without your consent. We may share information with nonaffiliated third parties as permitted by law or authorized by you. In this case, we will require the third party to sign a confidentiality statement to protect your information. These third parties will be prevented from using your nonpublic information for their own purposes, and must agree to safeguard your information. Examples of these third parties would be a bank employee or other financial professional servicing your account, a broker-dealer holding your account or a servicing agent processing your financial transactions. We do not sell client information to outside companies, and we do not allow outside companies to have access to your information for the purpose of selling their products or services to you. We are committed to preserving your privacy and nonpublic information. However, if you are concerned about your privacy rights or believe that we have not met our commitment to you, please contact us.