PORTFOLIO MARKET VALUE ANALYSIS               SM3.11                PAGE 1 OF 6

These report formats are used to analyze both realized and unrealized gains and
losses.  Realized gains and losses are profits and losses on securities which
you had already sold on or before the ending report date.  Unrealized gains and
losses are "paper" profits and losses on securities which you still own as of
the ending report date.

In these screens, multiple purchases in the same security are shown separately.
Purchase lots (sometimes called "tax lots") which had already been sold before
the beginning report date (if a beginning report date was specified) are not
included; purchase lots which have been acquired after the ending (or only)
report date are not included either.

Note that each individual security purchase is shown on two lines.  The first
line of the column headings (which is actually the second line down from the
top of the screen) corresponds to the top line of each purchase entry; the
second line of column headings corresponds to the bottom line of each purchase
entry.  The topmost line on the screen is the report heading.




PORTFOLIO MARKET VALUE ANALYSIS                                     PAGE 2 OF 6

Two different display formats are available.  GAINS/LOSSES SINCE PURCHASE shows
gains and losses on each individual tax lot from purchase date through ending
report date.  PORTFOLIO PERFORMANCE shows gains and losses from the close of
the DAY BEFORE the beginning report date through the close of the ending report
date.  Thus, if you wanted to see how well your portfolio did during May 1991,
you would have entered 050191 for the beginning date and 053191 for the ending
date.

If you specified a beginning report date, you can alternate between the two
display formats by pressing the TAB key.  If a beginning report date was not
specified, only the GAINS/LOSSES SINCE PURCHASE display is available.

In the column headings, # OF UNITS is the face value of bonds in hundreds, or
the number of shares of a stock or mutual fund.  BEG.VALUE is beginning-of-
period market value; END.VALUE or MKT.VALUE is end-of-period market value.

The market value of a purchase lot is usually # OF UNITS x PRICE.  If the entry
is a cash-equivalent account or if PRICE is not specified, market value will be
set equal to COST BASIS - what you paid for that security.


PORTFOLIO MARKET VALUE ANALYSIS                                     PAGE 3 OF 6

In the GAINS/LOSSES SINCE PURCHASE report, MO.HELD is the decimal number of
months that security has been held as of the ending (or only) report date,
and it takes into account the varying number of days in each individual month.
ANN. APPR is the annual appreciation (Internal Rate of Return) since purchase,
and TOTAL RET (total return) is annual appreciation plus the EXPECTED annual
dividend or interest rate.  Internal Rate of Return is equivalent to compounded
annual interest rate, for individual purchase lots.

In the PORTFOLIO PERFORMANCE report, (G)AIN OR (L)OSS includes both realized
and unrealized gains and losses; if the entry is marked "item sold" then the
realized gain or loss is included.  AN.APPR is the annual appreciation (Inter-
nal Rate of Return) over the time each tax lot was held during the report per-
iod, and TOT.RET is annual appreciation plus the EXPECTED annual dividend or
interest rate.

*** WARNING *** The Annual Appreciation and Total Return may not be shown, or
the values shown may be meaningless, if the holding period or the report period
is short (less than one month) or there is an unusually large gain or loss.
For example, this would occur if the report period were only one week and a
stock increased or decreased in value by 25% during that week.

PORTFOLIO MARKET VALUE ANALYSIS                                     PAGE 4 OF 6

The display can be "scrolled" up and down by using the up- and down-arrow keys.
Also the PgUp, PgDn, Home and End keys are active.  Using these keys, you can
scan through the portfolio data and see the status of each individual purchase
lot.  No data can be changed.  Use the TAB key to switch alternately between
the two different display formats.

Entries are displayed in order by security type, ticker symbol and purchase
date.  Thus, all purchases of the same security are next to each other with
the earliest dates first within each security.

Aside from inspecting your holdings on the screen, the following menu choices
are available:

F = FIND the specified symbol.  You will be prompted to type in an existing
    stock symbol or other security identifier.  The program will re-display the
    screen in such a manner that the last purchase lot in the specified secur-
    ity will be shown nearest the bottom of the screen. Thus, you can see up to
    five purchase lots at one time.



PORTFOLIO MARKET VALUE ANALYSIS                                     PAGE 5 OF 6

T = display the TOTALS.  In the GAINS/LOSSES SINCE PURCHASE display, BETA is
    a market-value weighted average of individual Betas.

    In the totals for both report formats, ANNUAL APPR. is an approximation of
    the aggregate Internal Rate of Return for each security type and for the
    entire portfolio grouping.  It gives higher weighting to securities held
    for a longer period of time, and is calculated in such a way as to ignore
    the effects of any funds added to or withdrawn from the portfolio grouping.

    In both report formats, TOTAL RETURN is ANNUAL APPR. plus the EXPECTED
    dividend or interest yield.  Use the TAB key to switch alternately between
    the two report formats at any time.

*** WARNING ***  Annual Appreciation and Total Return are not computed if the
average report or holding period is less than one month.  They may be meaning-
less if the report period is short (such as one or two months), or if there is
an unusually large gain or loss involved relative to the report period.

Q = QUIT the Stock Charting System and go directly back to DOS.
X or Esc = EXIT and go back to the Master Menu.

PORTFOLIO MARKET VALUE ANALYSIS                                     PAGE 6 OF 6

P = Print the entire portfolio, as of the report date which was specified when
    this program started.  The format will be identical to what you see on the
    screen.  In addition to listing the portfolio entries, the printout will
    include totals broken down by security type (as for the "T" function).

    After pressing P you will be asked if you want to pause between pages.
    Reply (Y)es if you are using single sheets or if you want an opportunity to
    adjust the printer after each page is printed; otherwise reply N (for No).
    Printing begins on the line where the print head is at, so first make sure
    the paper is loaded the way you want.  Pagination is automatic and assumes
    8 1/2 x 11-inch paper.  No special printer features are used or required.

    You can press the Esc key at any time to stop the process.  Printing should
    stop after a few lines.  However if your printer has a large buffer, press-
    ing the Esc key may not stop the printer.

    If there is a mechanical printer fault, the program should detect this and
    flash an error message.  However if the computer "hangs up", try pressing
    Ctrl-Break.  If you have just printed a bar chart, you may have to manually
    re-set your printer before printing textual material.
