TUTORIAL GUIDE PART 3: PORTFOLIO REPORTS                    PAGE 1 OF 11

Before you can produce any reports, the Master Menu must show the disk
drive and/or sub-directory where your DATA files are located.  If not,
use the PATH function in the Master Menu to correct this.

The Master Menu has two different report functions.  We will try each
of them out in turn.  If needed, refer to the GLOSSARY OF FINANCIAL
TERMINOLOGY at the end of this manual for additional definitions of
financial terms.

1.  From the Master Menu press the M key to invoke the MARKET Value and
    Total Return function.  You will see the Portfolio Select screen for
    Reports.

In all reports, any one or a number of named portfolios can be combined
together.  The purpose of this screen is to select which portfolios are
to be used.  The left-hand column is called TAG.  An "X" in front of a
portfolio name indicates that portfolio is "tagged" and will be included
in reports.



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2.  Use the up- or down-arrow key to select a portfolio and then try
    pressing T a few times.  Note the "X" appears and disappears alter-
    nately.  This function is called a "toggle", as it turns something
    on and off repeatedly.

    Try the A, U and R functions which, along with TAG, provide a flex-
    ible means of selecting any one or several portfolios for reports.
    The program will "remember" these tags for all reports until you
    change them again.

3.  Press U (UNTAG) and then select DEMOFILE.  If no portfolios are
    tagged and the Enter key is pressed, only the selected portfolio
    will be used for reports.  It will also be "tagged" for the next
    time around.  Press the Enter key now to use DEMOFILE for reports.

4.  You can choose which kinds of securities are to appear in any of the
    reports (see Chapter 10).  To choose all securities, press the Enter
    key by itself for now.  In a moment you will see the Market Value/
    Total Return Reports Menu.  This is described in detail in Chapter
    19.

TUTORIAL GUIDE PART 3: PORTFOLIO REPORTS                    PAGE 3 OF 11

5.  The reports menus are divided into three sections:  Detail Reports,
    Summary Reports, and the other functions QUIT, EXIT and HELP.

    Detail reports always show either individual securities or individ-
    ual purchases (tax lots).  These reports have the greatest number
    ber of individual data items.  In most reports, data is sorted by
    security type and name (as opposed to type and ticker symbol in the
    Securities and Transaction registers).

    Summary reports always show totals broken down in some way - such
    as by security type - plus the grand totals for all included items.

    QUIT terminates the Personal Portfolio Analyzer and returns to DOS.
    EXIT returns to the Master Menu, and HELP displays the appropriate
    user manual chapter.  Try typing H; then press Esc to return to the
    Reports menu.

    All reports can be printed; however a report must be displayed be-
    fore it can actually be printed.  Once a report is displayed on the
    screen, you can type H for more information, or see Chapter 21.

TUTORIAL GUIDE PART 3: PORTFOLIO REPORTS                    PAGE 4 OF 11

    In the Market Value reports, all purchases in like securities are
    combined.  Securities will be in order by type and name.  The report
    date is entered in the Current Quote screen after entering current
    price quotes, in Part 2 of the Tutorial.  The beginning date is not
    relevant here.

6.  Type M to see the MARKET VALUATION BY SECURITY report.  The purpose
    of this report is to show the unrealized (or "paper") gains and
    losses, and the annual appreciation, for each security as of the
    ending (and only) report date.  The %ANN APPR caption denotes the
    annualized appreciation based on original purchase cost.

    Try using the up- and down-arrow keys to scan through the data.  The
    PgUp, PgDn, Home and End keys are also active; try using them too.
    Note you can only see securities of the SAME security type.  (The
    security type is shown near the upper left corner of the screen).
    To see DIFFERENT security types, you must press Ctrl-PgUp or Ctrl-
    PgDn.  When you finish, press Esc to return to the Reports menu.



TUTORIAL GUIDE PART 3: PORTFOLIO REPORTS                    PAGE 5 OF 11

7.  Type R to see the RETURN and Yield on Market report.  The purposes
    of this report are to show the allocation within each security type,
    and to show yield on market value and total annualized return.

    The % OF TOTAL column shows the allocation of totals for that secur-
    ity type to each individual security.  Note again you have to use
    PgUp or PgDn to see the other security types.  The % YIELD is the
    annual income as a percentage of market value.  The TOTAL ANN. RET%
    (Total Annual Return percentage) is the algebraic sum of % YIELD and
    %ANN APPR.  %ANN APPR is from the Market Value report seen earlier.

8.  Press Esc to return to the Reports Menu.  We will now examine the
    SUMMARY functions.  Press numeric 1 to see MARKET VALUES BY SECURITY
    TYPE.  The purpose of this report is to show gain/loss, average
    annualized appreciation and Beta for each security type as a whole,
    and also for the grand totals.

    BETA is a measure of price volatility (see GLOSSARY for a more de-
    tailed definition).  It can be entered in the Securities Register
    for each security.  Press Esc when finished viewing.

TUTORIAL GUIDE PART 3: PORTFOLIO REPORTS                    PAGE 6 OF 11

9.  Press 2 to see MARKET VALUES BY CATEGORY.  The purpose of this re-
    port is to show gain/loss, average annualized appreciation and Beta
    for each stock or fund category.  Note that ONLY common stocks and
    mutual funds are shown in this report (even if other security types
    have been selected).

    Categories can be entered in the Securities Register (see Chapter
    11), and can represent either industry categories, or mutual fund
    objectives or families.  Press Esc when finished viewing.












TUTORIAL GUIDE PART 3: PORTFOLIO REPORTS                    PAGE 7 OF 11

10. Press 3 to see RETURN AND MARKET YIELD BY TYPE.  The purpose of this
    report is to show portfolio allocation and total return for each
    security type as a whole, and also the grand totals.

    The % OF TOTAL caption represents allocation of the GRAND TOTALS at
    the bottom of the screen among the types of securities.  Portfolio
    allocation is an important measure of diversification.  % YIELD is
    annual income expressed as a percentage of market value.  % ANNUAL
    APPR. is gain or loss expressed as an average annualized percentage
    based on original purchase cost.  % TOTAL RETURN is the algebraic
    sum of % YIELD and % ANNUAL APPR. and is an important measure of
    investment performance.  Press Esc when finished viewing.

11. Press 4 to see RETURN AND MARKET YIELD BY CATEGORY.  The purpose of
    this report is to show allocation and total return broken down by
    stock or mutual fund category.  Note that it shows ONLY stocks and
    mutual funds, even if other security types were included in the data.

    Press the Esc key twice to return all the way back to Master Menu.


TUTORIAL GUIDE PART 3: PORTFOLIO REPORTS                    PAGE 8 OF 11

12. Now, from the Master Menu type G.  Press Enter by itself twice to
    work with the same portfolio and accept all security types.  You
    should see the Gain/Loss Reports Menu (see Chapter 20).

    The detail reports invoked by this menu differ from previous reports
    in that they show individual purchases rather than grouping them by
    security.  Another difference is that each detail report item occu-
    pies two lines instead of one.  Consequently, there are two column
    heading lines.

13. Type A to see AVERAGE ANNUAL APPRECIATION.  The purpose of this re-
    port is to show the performance of each individual tax lot since it
    was acquired.  The report date in the upper right corner of the dis-
    play is the ending report date, which is set in the Current Quote
    screen after entering security prices.
   
    APPREC./DEPREC. is the gain/loss since purchase expressed as an
    annualized percentage.  MONTHS HELD is the number of months each
    purchase lot has been owned since the original purchase date, ex-
    pressed as a decimal.

TUTORIAL GUIDE PART 3: PORTFOLIO REPORTS                    PAGE 9 OF 11

    Use the up- and down-arrow keys to scan through the data.  Note only
    ONE security type can be displayed at a time.  To see DIFFERENT
    security types, press Ctrl-PgUp or Ctrl-PgDn.  Press Esc to return
    to the Reports menu.

14. Type D to see TAX LOT APPRECIATION between two DATES.  The purpose
    of this report is to show tax lot performance over a defined period.
    The report dates (beginning and ending) are set in the Current Quote
    screen after entering security prices.

    The annual appreciation is the gain/loss for the period expressed as
    an annualized percentage.  If the length of the period is less than
    one month, or there is a large gain in a short period of time, an-
    nual appreciation may not be shown, as it would be meaningless.  You
    can scan through the data just as in the previous report.  Then
    press Esc to return to the Reports menu.





TUTORIAL GUIDE PART 3: PORTFOLIO REPORTS                   PAGE 10 OF 11

15. Type P to see PERCENT Gain/Loss between two dates.  This report is
    identical to the previous one except instead of showing annualized
    percentage (which may be meaningless for short periods of time), it
    shows the gain or loss as a simple percentage of the beginning
    price.  Press Esc to return to the Reports menu.

16. Try out each of the SUMMARY reports in turn.  These reports consoli-
    date the tax lot information in each of the detail reports either by
    security type or by portfolio name.  By associating portfolio names
    with particular brokers or financial managers, their performance can
    be assessed.  Some of the summary reports contain additional infor-
    mation.

    Reports 1 and 2 show the average number of months a group of tax
    lots was owned; this indicates asset turnover.  A very short asset
    turnover could indicate too much "churning" in the account.  These
    reports also show total return since purchase.

    Reports 3 and 4 show both realized (actual) and unrealized ("paper")
    gains and losses for the report period, along with total return.

TUTORIAL GUIDE PART 3: PORTFOLIO REPORTS                   PAGE 11 OF 11

    Reports 5 and 6 are similar to reports 3 and 4 except instead of
    annualized total return they express gains and losses as simple
    percentages.  Simple percentages are more meaningful for shorter
    periods of time.

17. Press Esc until you see the Master Menu.  Press Q or Esc to QUIT and
    return to DOS.  This completes the Tutorial.
