portfolio performance second half 2002 portland society of financial analysts psu student managed return since inception march 1997 through december 31 0 00 5 000 10 15 20 25 30 d e c 9 6 7 8 1 sp 500 psfa table contents letter to the board directors executive summary 222 market review 3 investment policy charcteristics atribution 11 buys and sels 12 recomendations 16 conclusion 18 appendix a holdings as 02 b sample buy recommendation checkpoint software 21 sector overviews & current 33 february 2003 po box 434 oregon 97207 usa dear class who participated in management course wishes