If the bond's 'Calculation Price ,%Par' is entered, the Accrued Interest, if any is calculated.

If the 'Invest' check box is not checked the Benchmark performance is the rate of return of the selected Benchmarks over the time period defined by the graph beginning and ending dates.

If the 'Invest' check box is checked the Benchmark performance is that which would have resulted if the Portfolio balance value on the Beginning Date had been invested in the Benchmark, Portfolio Deposits had been used to buy additional Benchmark shares and Benchmark shares had been sold to match Portfolio Withdrawals within the calculation period and the Ending Date value of the theoretical Benchmark holding is calculated as the product of the theoretical Benchmark quantity times the Ending Date Benchmark price. If the Portfolio Beginning Date value, Portfolio Deposit/Withdrawal activity and Benchmark prices are such that the calculated Ending Date Benchmark quantity is negative and the sum of the Portfolio Beginning Date value plus the sum of the Withdrawal amounts minus the sum of the Deposit amounts is a less negative value a Benchmark performance value cannot be calculated.

The 'Invest' check box is not available if more than 1 Portfolio is selected unless

Select the After Tax Check Box (Check Box includes an "X") to cause the portfolio rate of return values to include the effect of the tax records. For the after-tax normal rate of return calculation, the Program adjusts the beginning and closing balances by the values in the Tax Amount fields (if any) on the Beginning and Ending Date Balance records; in addition, Tax records during the calculation period are treated as portfolio deposits in calculating the after-tax rate of return.

Select the Net of Fees Check Box (Check Box includes an "X") to cause the portfolio rate of return values to include the effect of the fee records. For the net of fees rate of return calculation, the Program treats Fee records during the calculation period as portfolio deposits.

Clicking on the graph causes 'cross-hairs' to be displayed on the graph and the Date and Total Return values corresponding to the mouse pointer location to be displayed at the top of the graph.

Select the Logarithmic Graph Check Box (Check Box includes an "X") to cause the rate of return values to be plotted on a logarithmic scale.

Click on the graph with the right mouse button and drag the mouse pointer to cause the graph to be redrawn to the new date range indicated by the mouse. The new graph beginning date will be the date of the Balance record with a Date equal to or prior to the leftmost date of the range defined by the mouse sweep. The new graph ending date will be the date of the Balance record with a Date equal to or later than the rightmost date of the range defined by the mouse sweep. Click the UnZoom button to redraw the graph with the previous date range. The UnZoom button is available only when the original graph has been 'zoomed'.

The Links selection provides the ability to save and use Web Browser links. After the Links>Add function has been used to create a Link the Link Name is displayed in the Links menu. The Links>Change/Delete function is enabled when the Links menu includes at least one Link Name. Clicking a Link Name opens the Web Browser to the site identified by the Link URL.

Add

Enter a Link Name, required.
Enter a Link URL, required. This is most easily accomplished by copying the desired URL from your browser and pasting it into the Link URL field.
The Memo field is optional.

Select the desired Link Name from the list and click OK to open the Change/Delete Link screen. Click Delete to delete the link or edit the Name, URL and/or Memo entries and click Save to save the amended entries.

To copy databases to a floppy or different directory, select the Backup Database command from the File menu. Select the names of the files to be backed up from the Database list. Hold down the Shift or Ctrl key while selecting files to select multiple files.

To create Graph, click the Graph selection and then Total Return from the Performance menu or press Ctrl+R. A combination of as many as 10 Portfolios and/or Benchmarks may be selected for inclusion on a graph. If a group of Portfolios has been selected and the 'Composite Only' check box is checked, as many as 9 Benchmarks may also be graphed; if the 'Show Each Portfolio' check box is checked, as many as 8 Benchmarks may also be graphed. You may also select the Beginning and Ending Dates for the graph. If with Account Number was selected, the graph represents all Portfolios which share the selected Account Number.

The resulting graph is a plot of the Internal Rate of Return performance of the selected Portfolios and Benchmarks from the Beginning Date to the date of each Balance record within the graph date range. The Rate of Return value plotted may be either Total or Annualized. If an 'ROR Type' of Total is selected the plotted values are the performance over each calculation period. If an 'ROR Type' of Annualized is selected the plotted values are the annualized performance over each calculation period, assuming an average year of 365.25 days. Both values are "Total Return" values in that they include the effect of both the change in balance value from the Beginning balance date to Ending balance date and also the effect of deposit and withdrawal activity within the calculation period. The graph may be maximized or resized by dragging the sides.

Portfolios/Accounts included in the list include those which have at least 2 Balance records. If a Portfolio has only 2 Balance records, the earlier Balance record must have a non-zero value to be included in the list. The Beginning Date and Ending Date drop down lists contain the Balance record dates pertaining to the currently selected portfolio(s). Beginning Dates listed are those earlier than the currently selected Ending Date. Ending Dates listed are those later than the currently selected Beginning Date. Only those Portfolios/Accounts having Balance records for the selected Beginning Date can be included on the graph.

The Benchmarks included in the Active Benchmark Selection list are those which have been marked as 'Active'.

If the 'Invest' check box is not checked the Benchmark performance is the rate of return of the selected Benchmarks over the time period defined by the graph beginning and ending dates.

If the 'Invest' check box is checked the Benchmark performance is that which would have resulted if the Portfolio balance value on the Beginning Date had been invested in the Benchmark, Portfolio Deposits had been used to buy additional Benchmark shares and Benchmark shares had been sold to match Portfolio Withdrawals within the calculation period and the Ending Date value of the theoretical Benchmark holding is calculated as the product of the theoretical Benchmark quantity times the Ending Date Benchmark price. If the Portfolio Beginning Date value, Portfolio Deposit/Withdrawal activity and Benchmark prices are such that the calculated Ending Date Benchmark quantity is negative and the sum of the Portfolio Beginning Date value plus the sum of the Withdrawal amounts minus the sum of the Deposit amounts is a less negative value a Benchmark performance value cannot be calculated.

Select the After Tax Check Box (Check Box includes an "X") to cause the portfolio rate of return values to include the effect of the tax records. For the after-tax normal rate of return calculation, the Program adjusts the beginning and closing balances by the values in the Tax Amount fields (if any) on the Beginning and Ending Date Balance records; in addition, Tax records during the calculation period are treated as portfolio deposits in calculating the after-tax rate of return.

Select the Net of Fees Check Box (Check Box includes an "X") to cause the portfolio rate of return values to include the effect of the fee records. For the net of fees rate of return calculation, the Program treats Fee records during the calculation period as portfolio deposits.

Clicking on the graph causes 'cross-hairs' to be displayed on the graph and the Date and Total Return values corresponding to the mouse pointer location to be displayed at the top of the graph.

Select the Logarithmic Graph Check Box (Check Box includes an "X") to cause the rate of return values to be plotted on a logarithmic scale.

Total Return graphs can be created for a single specified portfolio or for each of a group of specified portfolios. Select from the Portfolio Selection List Box the portfolio(s) you want included on the graph. Double-clicking any Portfolio ID causes all portfolios to be selected for inclusion on the graph. Multiple portfolios can be selected by depressing the Ctrl key while clicking on a portfolio entry in the Portfolio Selection List Box. The sort order of the list is determined by selecting the desired ID, Name, Account Number or 1^st Balance Record Date option button located above the list.

Portfolio ID Wild Card Entrywildcard Text Box may be used to cause all portfolios whose ID’s match the wild card entry to be selected.  The Portfolio Type Selection List may be used to cause all portfolios having the selected Portfolio Type to be selected.  Select the Type option to toggle the Portfolio ID Wild Card Entry frame to Portfolio Type Selection or Select the Wild option to toggle the Portfolio Type Selection to Portfolio ID Wild Card Entry frame.

A previously saved Portfolio Group selection may be used to select portfolios/Accounts by clicking on the Drop-Down Text Box control button and then clicking on the desired Group Name.

The Benchmark Performance graph is a plot of the percentage gain/loss a Benchmark has experienced from the Beginning Date to the date of each Benchmark price value within the graph date range. Up to 5 Benchmarks may be included on a graph. The performance value plotted may be either Total or Annualized. If an 'ROR Type' of Total is selected the plotted values are the performance over each calculation period. If an 'ROR Type' of Annualized is selected the plotted values are the annualized performance over each calculation period, assuming an average year of 365.25 days. The graph may be maximized or resized by dragging the sides. The Benchmarks included in the Benchmark list are those which have at least 2 price values. The graph may be maximized or resized by dragging the sides.

Select the Logarithmic Graph Check Box (Check Box includes an "X") to cause the rate of performance values to be plotted on a logarithmic scale.

Clicking on the graph causes 'cross-hairs' to be displayed on the graph and the Date and Total Return values corresponding to the mouse pointer location to be displayed at the top of the graph.

Click on the graph with the right mouse button and drag the mouse pointer to cause the graph to be redrawn to the new date range indicated by the mouse. The new graph beginning date will be the leftmost date of the range defined by the mouse sweep. The new graph ending date will be the rightmost date of the range defined by the mouse sweep. Click the UnZoom button to redraw the graph with the previous date range. The UnZoom button is available only when the original graph has been 'zoomed'.

A Balance record contains the Portfolio value (accrued interest on bonds should be included) on a stated date (at 11:59 PM). Rate of return calculations consider that the Balance value on a given day includes the effect of deposits and withdrawals made on that date. A Balance record is required for both the Beginning Date and the Ending Date when creating a Rate of Return Report. This record also includes a field for the Portfolio's theoretical tax liability on accrued interest and unrealized capital gains. This value is used only when after-tax ROR values are calculated.

Fee records are used only if net of fees Rate of Return reports are needed. If funds are withdrawn from a portfolio to pay fees and net of fee reports are to be generated, a Withdrawal record reflecting the withdrawal must be entered in addition to the Fee record. If the 'Create Withdrawal record in amount of Fee record also' check box is checked when a new Fee record is created, a Withdrawal record in the same amount will also be created. When calculating an after-fee ROR, the Program treats Fee records as deposits thus resulting in a lower performance value.

If fees are deducted from portfolio funds (thus reducing the portfolio value), but a Withdrawal record reflecting the deduction is not entered, ROR values calculated will actually be "net of fees" even when the "Net of Fees" check box on the report entry screen is unchecked.

Use the Portfolio>Portfolio Type>Add New Type function to add Portfolio Type entries into the Portfolio Type list.

To create a new Portfolio Type, enter a Type Code in the Code box and the desired Type Name in the Name box and click Save. If the entered Code is already in use you will be advised to change it or to leave it blank in which a Code will be created by Investor's Accountant.

Use the Portfolio>Portfolio Type>Add/Change/Delete Types function to edit or delete Portfolio Type entries in the Portfolio Type list.

To delete an existing Type, select that Type and click Delete.

To edit an existing Type Code or Name, make the desired change and click Save.

The Portfolio>Portfolio Type> Assign Type to Portfolio function generates a list of all portfolios to enable the assignment, replacement or removal of Portfolio Type entries. The Type assignment for a single portfolio may also be made when a portfolio is initially created using the Portfolio> Add Portfolio function and also by using the Portfolio> Change/Delete Portfolio function.

A list of the currently existing Portfolio Types is located at the top of the portfolio list. To add or change the current Type entry for a Portfolio, select the desired Type from the Portfolio Type list and then click the Portfolio Type cell of a portfolio to assign that Portfolio Type selection to the portfolio. To eliminate, rather than replace an existing Type entry, select 'None' as the Portfolio Type.

The Portfolio Type property of a Portfolio ID may be used to identify the type of assets in the 'portfolio' such as equities, fixed income, etc.

The Portfolio Type property may also be used as a 'sub-account' identifier if the Account Number is your primary identifier. For example, a single Account Number may pertain to a group of mutual funds or other assets. In this case, Deposit, Withdrawal, Balance, etc values would be recorded for the various sub accounts (Account Number-Portfolio Type pairs) which would all have unique 'Portfolio ID' values which are the key identifiers used by Investor's Accountant to identify the entity to which the Deposit, Withdrawal, Balance, etc. values apply.

To create a portfolio data listing, select the Portfolio ID's command from the Listings menu. Select the portfolio(s) to be included in the listing, select a Report Mode of either Display or Print and then click the OK command button.

To restrict Portfolio records listed based on Memo field entries, check the 'Screen by Memo' box. To base the restriction on the total Memo entry, select 'Total Memo' and enter that Memo entry in the text box. To base the restriction on a single character string, select 'String' and enter the string in the text box. To base the restriction on a two or more character strings, select 'String(s)' and enter the strings, separated by spaces, in the text box.

A character string of 'gi' or 'if' or 'ft' would cause records having the word 'Gift' in the Memo field to be listed. The Screen function is not case sensitive.

A Portfolio Listing can be created for a single specified portfolio or for each of a group of specified portfolios. Select from the Portfolio Selection List Box the portfolio(s) you want included in the report. Double-clicking any Portfolio ID causes all portfolios to be selected for inclusion in the report. Multiple portfolios can be selected by depressing the Ctrl key while clicking on a portfolio entry in the Portfolio Selection List Box.

The Portfolio ID Wild Card Entry Text Box may be used to cause all portfolios whose ID's match the wild card entry to be selected. The Portfolio Type Selection List may be used to cause all portfolios having the selected Portfolio Type to be selected. Select the Type option to toggle the Portfolio ID Wild Card Entry frame to Portfolio Type Selection or Select the Wild option to toggle the Portfolio Type Selection to Portfolio ID Wild Card Entry frame.

A previously saved Portfolio Group selection may be used to select portfolios by clicking on the Drop-Down Text Box control button and then clicking on the desired Group Name.

To print the displayed report or to write it to an ASCII file, click the Print Command Button to display the Windows Print Dialog Box. To write the report to an ASCII file, select the Print to File Check Box and then enter or select a file name and path in the Windows Save As Dialog Box.

To select all portfolios having the same Portfolio Type assignment, select that Type from the Portfolio Type Selection list.

Use the Portfolio>Portfolio Type function to edit the Portfolio Type Selection list. Use the Portfolio>Change/Delete Portfolio function to enter or change the Portfolio Type assignment of a Portfolio.

A group of selected portfolios may be saved for future use by clicking the New command button to create a blank text field in the Portfolio Group Text Box, entering a name (up to 9 characters) in the blank field and then clicking the Save command button. A previously saved Portfolio Group selection may be used by clicking on the Drop-Down Text Box control button and then clicking on the desired Group Name. Clicking the Portfolio Group Delete command button deletes a Portfolio Group from the list. To change the portfolios included in an existing group, select that group, make the desired changes to the portfolio selections and then click the Save command button.

If more than one Portfolio Group has been created a Print Multiple Groups check box is present. When this check box is checked the Drop-Down Text Box is replaced by two Option Buttons: Select Group and All Groups.

If the Select Group button is selected a list of all Portfolio Groups is displayed from which one or more Groups may be selected. Click the OK button on the Select list to select the highlighted Groups.

Click the ROR Entry OK button to print the ROR report(s) for the selected Groups.

Portfolio Group

Select Display to have the listing displayed or select Print to have the listing printed to file or to a printer without first being displayed. Displayed listings can be printed by clicking the Print command button on the display window.

The maximum length of the listing is 2000 lines. If the displayed listing will exceed the length limitation, you are given the option of displaying the top portion up to the limit or canceling the listing generation.

The Beginning Date and Ending Date drop down lists contain the Balance record dates pertaining to the currently selected portfolio(s). Beginning Dates listed are those earlier than the currently selected Ending Date. Ending Dates listed are those later than the currently selected Beginning Date.

Since a Balance record is interpreted as the value of a portfolio at the end of the day on the record date, to obtain a report for the calendar year 2004, the Beginning and Ending Dates should be 12-31-2003 and 12-31-2004, respectively.

If multiple portfolios are selected and each has a Balance record recorded for both the Beginning and Ending Date and Single is selected as the Report Period, a Grand Total is included at the bottom of the report.

If the After Tax option button is selected the Portfolio Gain/Loss values will include the effect of recorded Tax values. Displayed Balance values are net of Unrealized Tax values on those records and Tax values are displayed in the Tax column.

If the After Net of Fees option button is selected the Portfolio Gain/Loss values will include the effect of recorded Fee values. Fee values are displayed in the Fee column.

Select Detail to cause the report to display the date and amount of all Deposit and Withdrawal values. If multiple Deposit and/or Withdrawal values exist on a single date the net of the values is displayed. If After Tax or Net of Fees is selected, the Tax and/or Fee values are displayed by date.

Select Summary to cause the sum of the Deposit/Withdrawal, Tax and Fee values over the Gain/Loss period to be displayed.

To open the ROR Report Entry screen, either select Analysis>Portfolio Rate of Return, press Ctrl+R or click the Percent icon. The ROR Report Entry window contains selections which determine the nature of the Rate of Return Report to be generated. The selections to be made include:

ROR Type - Daily Valuation, Modified Dietz, IRR
Period Returns - Single, Yearly, Quarterly or Monthly
Calendar Periods - Yes or No
Cumulative Returns - From Beginning Date
Cumulative Returns - To Ending Date
Cumulative Returns - Geometrically Linked Cumulative Returns.
Report Type - Summary or Detail
Extended Report - Yes or No
Multi-Year Report - Yes or No
Portfolio Selection - ALL, Single ID, Multiple ID's, Wild Card Entry, Portfolio Group
Benchmark Selection -ALL, Single or Multiple Benchmarks, Benchmark Type Entry,Benchmark Group
Beginning Date - Report Beginning Date
Ending Date - Report Ending Date
Composite Report - Yes or No
Compounding Frequency - Daily or Annual
Report Width - 80 characters or 132 characters
Report Mode - Display or Print
Before/After Tax - Yes or No
Net of Fees - Yes or No
Include Cents - Yes or No

Note that rate of return values are calculated from the Balance record value on a beginning date to the Balance record value on an ending date, therefore, a minimum of two Balance record values are required to calculate a rate of return. Note also that the program does not interpret a Deposit record as a Balance record, even if it is a portfolio's first record. Since a portfolio whose value is zero cannot grow, regardless of the growth rate, a rate of return cannot be calculated for a period in which the beginning date Balance record value is zero.

The 'Invest' check box is not available when a Special Report selection is made.

After report selections have been made click the OK button. If the Period Returns selection is "Single" and the Composite Report selection is not checked, the rate of return calculated for each of the selected portfolios is based on a portfolio's oldest Balance record having a date later than the Beginning Date entry and the portfolio's latest Balance record having a date prior to the Ending Date entry.

After the report is displayed, the font used to display the report may be changed by selecting the desired font from the drop-down list at the upper left corner of the display. The selected font will be the default font for subsequent reports. Most available fonts have more than one available font size. When such a font has been selected, changing the report width by maximizing or by dragging a report left or right edge will cause the font size to adapt to the new report width.

After the report is displayed, it may be printed or written to an ASCII file by clicking the Print Button. After clicking the OK Button on the Report Setup Dialog, the Windows Print Dialog is displayed. To write the report to an ASCII file, select the Print to File Check Box and then enter or select a file name and path in the Windows Save As Dialog. If the report is an 80-character, multi-portfolio, non- composite report, the option to have each portfolio begin on a new page is available only by Selecting "Print" as the Print Mode in the report entry window.

Two performance values, Total Return and Annual Return, are calculated. The Total Return value is the performance over the period defined by the Beginning Balance date and the Ending Balance date. The Annual Return is the annualized performance assuming an average year of 365.25 days. Both values are "Total Return" values in that they include the effect of both the change in balance value from the Beginning balance date to Ending balance date and also the effect of deposit and withdrawal activity within the calculation period.

If the report was created using a 'Period Returns' selection of 'Single', a Total Return graph of up to 5 Portfolios and 5 Benchmarks may be created by selecting the desired portfolios from the Rate of Return Report and then clicking the Graph button. Select or de-select a Portfolio by clicking any row related to that Portfolio on the report.

For reports covering more than one portfolio and for which each portfolio has a Balance record for the Ending Date, click the Chart button to create a pie chart representing the Ending Date Balance values of the portfolios. If the pie chart is created from an after- tax report, option buttons are provided to cause the depicted balance values to be either before-tax or after-tax values. The after-tax value is the Ending Date Balance value minus the Balance record tax value.

Select the 'Period Returns' Single Option Button to calculate the performance over the 'single' period defined by the selected Beginning and Ending Dates. Select either the Monthly, Quarterly or Yearly Option Button in the Period Returns frame to obtain "period" results. If the Calendar Periods check box is checked, a Monthly period is the interval from the last day of one month through the last day of the succeeding month, a Quarterly period is the 3-month interval following December 31, March 31, June 30 and September 30 and a Yearly period is the interval from December 31 of one year through December 31 of the succeeding year; if the Beginning Date is not the end of a calendar period, the first period extends from the Beginning Date through the normal period end date. If the Calendar Periods check box is not checked, the period begin and end dates are determined by the selected Beginning Date; a Monthly, Quarterly or Yearly period is the interval from the beginning day of a period through that day one month, three months or twelve months later.

If cumulative return values are also desired, check either the Cumulative From Beginning Date or Cumulative To Ending Date Check Box. Calculation of multiple period ROR values requires that Balance records in the Transaction File exist for the affected portfolios for each needed anniversary date.

If the Beginning and Ending Dates encompass multiple periods, rate of return values are calculated for each period for which beginning and ending Balance records exist; however, if a Balance record is not available for the end of the first period for a portfolio, no period returns are calculated for that portfolio.

The Annual Return is the performance over a period of an average year consisting of 365.25 days.

Select Extended Report to generate a performance report which lists for each portfolio the performance during up to eight different periods. All periods end on the Ending Date. The Beginning Date of the calculation periods is determined by the selected Ending Date and the length of the Period except for the 'YTD' period for which the Beginning Date is December 31 of the year preceding the Ending Date. An 'N/A' is displayed for periods for which Balance records for both the Beginning and Ending dates do not exist.

Three Performance Annualization options are available. Select "All Periods" to cause the performance values for all periods to be annualized. Select "No Periods" to cause none of the performance values to be annualized. Select "Periods => 1 Year" to cause the performance values for only those periods equal to or greater than one year to be annualized.

When "Periods => 1 Year" is selected for Performance Annualization, the Last Month, Last Qtr and YTD periods are not available. Note that an 'N/A' will be displayed as the Since Inception time period performance value for a portfolio if the period is less than one year.

Performance for each period may be calculated by geometrically linking the performance of linking periods. Three Link Interval options are available: month, quarter and year. Each Period performance is calculated by geometrically linking the performance values of the intervals within the Period. Linking Balance record requirement is determined by the Link Interval selection. If "Month" "Quarter" or "Year" is selected, Balance records must be available for the last day of each monthly, quarterly or yearly period as determined by the Ending Date. An end-of-Link Period Balance record is not required if there was no cash flow activity in either that Link Period or the Link period immediately following that date. Balance records are also required for the beginning date of each period included in the Report. For example if the Ending Date selected is September 30, 2004, and the Report is to include the most recent quarter, current year-to-date and 1-year periods, Balance records for June 30, 2004, December 31, 2003 and September 30, 2003 must be available; if Quarterly linking is to be used, Balance records for 1/31/2004 and 10/31/2003 would also be required. An entry of "N/A" is displayed for performance periods for which insufficient Balance records are available to calculate the return.

When the Extended Report selection is made, the Beginning Date selection is disabled and the Period Returns and Report Type selections are replaced by the Report Design selection.

If more than one Portfolio is selected for the report, a Composite Report is selected and the Internal ROR calculation method is selected, the data for all selected portfolios are combined and the composite rate of return for each period is calculated as if the portfolio group were a single portfolio.

If more than one Portfolio is selected for the report, a Composite Report is selected, the composite rate of return for each period may be calculated as the weighted average of the individual portfolio rate of return values. The weighting factor may be either the beginning date portfolio value of the individual portfolios (Asset Weighted) or the beginning date portfolio value plus the sum of time-discounted cash flow (Asset + Cash Flow Weighted). Cash flow amounts included in the Asset + Cash Flow weighting factor are discounted to account for the portion of the period the deposit or withdrawal amount was effective. If the time period is 1000 days and a portfolio had a $100 deposit made on the 100th day of the period, $90 is added to the weighting factor since the $100 affected 90 percent of the period. If 'Aggregate' is selected as the Composite Calculation Method, the data for all selected portfolios are combined and the composite rate of return for each period is calculated as if the portfolio group were a single portfolio.

On multi-Portfolio Composite reports, Dispersion values are displayed below the Composite return values.

The 'Invest' check box is disabled if either the Extended or Multi-Year Report is selected.

Select Multi-Year Report to generate a performance report which lists for each portfolio the performance during each calendar year within the period defined by the Beginning and Ending Date selections. Since the performance periods are calendar years, the performance calculation requires Balance records for December 31 of the year prior to the report year and for December 31 of the report year. When the Multi-Year Report check box is clicked, only December 31 values are included in the Beginning and Ending Date lists.

Data included on the report is determined by the selections made in the Report Design frame. Either or both of the 'Gross of Fees ROR' and/or the 'Net of Fees ROR' is/are included on all Multi-Year reports. The end-of year Balance value is included for the selected portfolios if the 'Total Assets' check box is checked. If the 'Benchmark' check box is checked the annual performance of the selected Benchmark is included.

If more than one Portfolio has been selected for the report and the 'Composite Only' check box in the Composite Report frame is not checked, the 'Percent of Total Assets' selection may be checked to cause the report to include the percent each Portfolio's Balance value is of the total Balance value for each year. If either the 'Show Each Portfolio' or the 'Composite Only' check box in the Composite Report frame is checked the 'Dispersion' check box in the Report Design frame may be checked to cause the Dispersion values to be included in the Composite portion of the report.

Check the 'After Tax' check box to cause the Portfolio ROR calculations to include the effect of existing Tax records and Tax values on Balance records.

The 'Invest' check box is disabled if either the Extended or Multi-Year Report is selected.

Select Extended Report to generate a performance report which lists for each Benchmark the performance during up to seven different periods. All periods end on the Ending Date. The Beginning Date of the calculation periods is determined by the selected Ending Date and the length of the Period except for the 'YTD' period for which the Beginning Date is December 31 of the year preceding the Ending Date. An 'N/A' is displayed for periods for which Balance records for both the Beginning and Ending dates do not exist.

Three Performance Annualization options are available. Select "All Periods" to cause the performance values for all periods to be annualized. Select "No Periods" to cause none of the performance values to be annualized. Select "Periods => 1 Year" to cause the performance values for only those periods equal to or greater than one year to be annualized. When "Periods => 1 Year" is chosen the report columns which contain annualized values are indicated by an asterisk in the column heading.

When the Extended Report selection is made, the Beginning Date selection is disabled and the Period Returns selections are replaced by the Report Design selection.

The Dispersion value is the standard deviation which is reformulated 'to achieve a meaningful statistic to apply to an asset-weighted' Composite return value as described by AIMR. It is square root of the sum of the balance weighted squares of the difference between the Composite return and the individual Portfolio return. The 'balance weighting factor' is the Portfolio beginning Balance value plus the time-weighted value of Deposits and Withdrawals during the period; if the Composite Calculation Method is 'Asset Weighted' the 'balance weighting factor' is the Portfolio beginning Balance value.

The dispersion value is a measure of the deviation of the individual portfolio performance values from the composite performance. Dispersion values are not calculated if any Portfolio in the group did not have a Balance value on the Beginning Date or if a Portfolio had a zero balance on the Ending Date and did not have a Withdrawal record on that date.

The Extended Portfolio Rate of Return Report may display the performance during the most recent month, most recent quarter, current year-to-date, 1-year, 3- year, 5-year, 10-year and "Since Inception" periods. Periods checked in the Report Design frame will be included in the report. The available dates are the dates of the Balance records recorded for the selected portfolio(s). If all 8 Report Design selections are checked the 80 character report width option is disabled and the 132 character report width is selected. If 'Periods>= 1 Year' is selected for 'Performance Annualization' only those Report Design selections for periods of 1 year or greater are available.

The Extended Benchmark Rate of Return Report may display the Benchmark performance during the most recent month, most recent quarter, current year-to-date, 1-year, 3-year, 5-year and 10-year periods. Periods checked in the Report Design frame will be included in the report. The available dates are the dates for which Benchmark values have been recorded for the currently selected Benchmark(s). If 'Periods>= 1 Year' is selected for 'Performance Annualization' only those Report Design selections for periods of 1 year or greater are available.

Select either the Report Type Summary or Detail Option Button to indicate the report type wanted. The Summary report lists only the portfolio value on the beginning and ending dates and the portfolio rate of return. The Detail report lists the Portfolio cash deposit and withdrawal activity and tax and/or fee amounts in addition to the data listed on the Summary report.

After-Tax Summary type Rate of Return reports can be created in either an 80 or 132 character format. The wide format uses one line to display the same data displayed on two lines in the 80-character format. The Extended Report is available in only the 132- character format if all 9 Report Design selections are checked. When printing a wide- format report on 8-1/2 inch wide paper, be sure to use a condensed print (16 to 17 cpi) fixed pitch font to prevent the report from scrolling.

The preset selections enable you to save up to three Report Entry settings layouts for future use. The Report Entry settings saved are all selections other than those in the Portfolio and Active Benchmark Selection frames and Beginning and Ending Date frames.

To save the current Report Entry settings check either the A, B or C check box in the Report Entry Preset frame and then click Save.

If either the A, B or C check box is checked when the Report Entry screen is closed that check box will be checked the next time the Report Entry screen is opened and the settings will be set as saved for that preset selection. Un-checking a Preset check box causes the Report Entry settings to be set to a basic layout.

A previously saved Portfolio Group selection may be used to select portfolios/Accounts by clicking on the Drop-Down Text Box control button and then clicking on the desired Group Name.

The Rate of Return Report includes the performance of selected Benchmarks for comparison against the performance of each selected portfolio. Double-clicking the list causes all Benchmarks to be selected for inclusion in the report. Multiple Benchmarks can be selected by depressing the Ctrl key while clicking on a portfolio entry in the Benchmark Selection List Box. Click the Clear Selections command button to clear all Benchmark selections.

The Benchmark Type list may be used to cause all Benchmarks to which the selected Type has been assigned to be selected.

A previously saved Benchmark Group selection may be used to select Benchmarks by clicking on the Drop-Down Text Box control button and then clicking on the desired Group Name.

Clicking the Amend List button causes the Benchmark Selection list to be displayed to enable you to change the Active/Inactive settings of the Benchmarks.

Benchmarks included in the Benchmark Selection are those are marked as 'Active'.

If the 'Invest' check box is not checked the Benchmark performance calculated for the report is the rate of return of the selected Benchmarks over the time period defined by the Portfolio beginning and ending dates.

If the 'Invest' check box is checked the Benchmark performance calculated for the report is that which would have resulted if the Portfolio balance value on the Beginning Date had been invested in the Benchmark, Portfolio Deposits had been used to buy additional Benchmark shares and Benchmark shares had been sold to match Portfolio Withdrawals within the calculation period and the Ending Date value of the theoretical Benchmark holding is calculated as the product of the theoretical Benchmark quantity times the Ending Date Benchmark price. If the Portfolio Beginning Date value, Portfolio Deposit/Withdrawal activity and Benchmark prices are such that the calculated Ending Date Benchmark quantity is negative and the sum of the Portfolio Beginning Date value plus the sum of the Withdrawal amounts minus the sum of the Deposit amounts is a less negative value a Benchmark performance value cannot be calculated; performance values of 'N/A' are therefore displayed.

When the 'Invest' check box is checked the Special Report selections are not available and the 'Graph' buttons are not included on the Rate of Return report.

The 'Invest' check box is not available when a Special Report selection is made.

The beginning and ending dates for the Benchmark performance calculation are the same as the dates of the beginning and ending date Balance records used for the portfolio performance calculation. If Benchmark values for those dates are not available in the Benchmark Value file, Investor's Accountant will use the value of the next prior date, up to 3 days prior to the beginning and ending dates. The purpose for the Benchmark value substitution is to recognize that the report beginning and/or ending date could be a weekend or holiday. If a necessary Benchmark value is not available, you will be prompted that Investor's Accountant will download the needed values from Yahoo.com.

This function is accessed from the Main Menu Benchmark>Benchmark>Add Benchmark selection.

To create a new Benchmark enter a Benchmark Symbol of up to 9 characters and a Benchmark Name of up to 30 characters and click Save.

To be effective, the Benchmark Symbol must be a symbol that Yahoo!® recognizes as a valid symbol. Whether it represents a stock, mutual fund or an Index, Investor's Accountant will refer to it as a 'Benchmark'.

Indexes for which Yahoo!® provides price values may be added by using the Benchmark>Benchmark>Add Yahoo Index selection. Note that Yahoo!® index values may not include the effect of dividends.

Exchange Traded Funds for which Yahoo!® provides price values may be added by using the Benchmark>Benchmark>Add Yahoo ETF selection

The Type and Memo entries are optional fields.

This function is accessed from the Main Menu Benchmark>Benchmark> Add Yahoo Index. Indexes whose values may be downloaded from Yahoo.com may be selected to be included as Benchmarks. Note that Index values downloaded from Yahoo!® include effect of splits but not the effect of distributions. Highlight the desired Index(es) and click the 'Add to Benchmark List' button to include them as Benchmarks.

Use the Benchmark>Benchmark>Add Benchmark function to add other securities, mutual funds, etc. for use as Benchmarks. Use the Benchmark>Benchmark>Change/Delete Benchmark function to delete a Benchmark from the Benchmark list.

This function is accessed from the Main Menu Benchmark>Benchmark> Add Yahoo ETF. The name, symbol, family and category of Exchange Traded Funds whose values may be downloaded from Yahoo.com are displayed in name order. The display order may be changed by clicking the desired 'Display Order' button. The list may be limited to ETF's in a single ETF Category by selecting that category from the drop down list. To select all ETF's whose Name, Symbol, Family and/or Category contains a particular alpha-numeric string, enter that string (case-sensitive) in the 'Search String' text box and click 'Search'. ETF(s) may also be selected by clicking, Shift-clicking or Ctrl- clicking ETF's. Click the 'Add to Benchmark List' button to include selected ETF's as Benchmarks.

Use the Benchmark>Benchmark>Add Benchmark function to add other securities, mutual funds, etc. for use as Benchmarks. Use the Benchmark>Benchmark>Change/Delete Benchmark function to delete a Benchmark from the Benchmark list.

This function is accessed from the Main Menu Benchmark>Benchmark>Change/Delete selection.

Select an existing Benchmark and then click OK to open the Change/Delete Benchmark screen. All Benchmark values except the Benchmark Symbol may be edited. Click Save to new settings or click Delete to delete Benchmark.

You may create a 'Blended' Benchmark which represents the composite performance of two to ten Benchmarks.

To create a new Blended Benchmark, select Benchmark>Blended Benchmark>Add from the Main Menu. To create a blended Benchmark, enter percent values (which must total 100) for the desired Benchmarks, enter a name (up to 30 characters) for the Blended Benchmark and click 'Save'.

To edit an existing Blended Benchmark, select Benchmark>Blended Benchmark>Change from the Main Menu. All properties of the blended Benchmark may be changed including the Benchmark Name, Benchmarks included in the Blended Benchmark and the percent values of the included Benchmarks.

Timed Benchmark - Add / Change

You may create a 'Timed' Benchmark: a single Benchmark composed of group of individual Benchmarks (including Blended Benchmarks), each of which is in effect for a specified date range.

To create a new Timed Benchmark, select Benchmark>Add/Change Benchmark>Timed Benchmark>Add from the Main Menu. The first entered Benchmark is in effect from the beginning of a report period through the end of the entered End Date. Succeeding Benchmarks are effective for the period defined by it's End Date and the previous Benchmark's End Date. Designate the last Benchmark for the Timed Benchmark group by entering "Final" as it's End Date. Enter a name (up to 30 characters) for the Timed Benchmark and click 'Save'.

To edit an existing Timed Benchmark, select Benchmark>Add/Change Benchmark>Timed Benchmark>Change from the Main Menu. All properties of the Timed Benchmark may be changed including the Benchmark Name, Benchmarks included in the Timed Benchmark, and the End Date entries for the included Benchmarks.

Selecting a Benchmark Type causes all Benchmarks in the Benchmark Selection list to be selected (highlighted). Selecting 'None' causes selection of those Benchmarks to which no Type has been assigned. The Main Menu Benchmark>Name, Type, Active/Inactive Settings selection opens a function in which the Type setting for Benchmarks to be set or changed. This function can also be accessed by clicking the Amend List command button in the Benchmark Selection frame.

If desired, a Benchmark Type may be assigned to a Benchmark. Two Investor's Accountant functions use the Benchmark Type assignments. When using the Main Menu Benchmark>Name, Type, Active/Inactive Settings selection, the Benchmark listing may be sorted by Benchmark Type. Selecting a Benchmark Type from the Benchmark Type list in the Benchmark Selection frame in the ROR Report Entry window causes all Benchmarks having the selected Benchmark Type assignment to be selected.

Up to 43 different Benchmark Types may be created using the Main Menu Benchmark>Benchmark>Add Benchmark function.

The Main Menu Benchmark>Name, Type, Active/Inactive Settings selection generates a grid containing the Benchmark Name, Benchmark Type and Active/Inactive setting of all Benchmarks. The list is initially sorted in Name order but can also be sorted in Type and Active/Inactive setting order by indicating the desired sort order in the Grid Display Order frame. Double-clicking a selected order causes the alphabetic order to be reversed.

To assign a Benchmark Type to a Benchmark or to change the Benchmark Type setting of a Benchmark, select the desired Benchmark Type from the Benchmark Type dropdown list at the top of the screen and then click in the Benchmark Type cell of a Benchmark to assign that Type to the selected Benchmark. If the Benchmark Type in the dropdown list is blank, a blank will be assigned as the Benchmark Type.

To change the Active/Inactive setting of a Benchmark, click the Benchmark Name cell or the Active/Inactive cell of that Benchmark to toggle the setting.

To edit a Benchmark name in the list open the Benchmark>Benchmark>Change/Delete Benchmark function, select the Benchmark in question, click OK, edit the Benchmark Name in the Change/Delete Benchmark screen and then click Save.

Click the Remove button to remove from the list Benchmarks marked with an "X" in the Remove column. Click the Remove cell for a Benchmark to insert or erase an "X" in the cell. Click Remove column heading for option to either mark all Remove cells with an "X" or to erase all marks from Remove cells. A Benchmark can also be removed from the list by opening the Benchmark>Benchmark>Change/Delete Benchmark function, select the Benchmark to be removed, click OK and then click Delete on the Change/Delete Benchmark window. The initially loaded Benchmarks cannot be removed from the list.

A Benchmark group selection may be saved for future use by clicking the New button to create a blank text field in the Benchmark Group Text Box, entering a name (up to 9 characters) in the blank field and then clicking the Save command button. A previously saved Benchmark Group selection may be used by clicking on the Drop-Down Text Box control button and then clicking on the desired Group Name. Clicking the Benchmark Group Delete button deletes a Benchmark Group from the list. To change the Benchmarks included in an existing group, select that group, make the desired changes to the Benchmark selections and then click the Save button.

The Benchmark List displays those Benchmarks which have been indicated as 'Active'. To cause a Benchmark to be included in the list, you must change its Active/Inactive setting to 'Active' and to remove a Benchmark from the list you must change its setting to 'Inactive'. To edit a Benchmark's Active/Inactive setting, click the Amend List button in the Active Benchmark Selection frame or select Benchmark>Name, Type, Active/Inactive Settings from the Main Menu.

The Volatility Report calculates the volatility of the selected portfolios against that of each selected Benchmark. Double-clicking the list causes all Benchmarks to be selected for inclusion in the report. Multiple Benchmarks can be selected by depressing the Ctrl key while clicking on a portfolio entry in the Benchmark Selection List Box. Click the Clear Selections command button to clear all Benchmark selections.

The Benchmark Type list may be used to cause all Benchmarks to which the selected Type has been assigned to be selected.

A previously saved Benchmark Group selection may be used to select Benchmarks by clicking on the Drop-Down Text Box control button and then clicking on the desired Group Name.

Benchmarks included in the Benchmark Selection list are those which have been marked as 'Active'.

The beginning and ending dates for the Benchmark performance calculation are the same as the dates of the beginning and ending date Balance records used for the portfolio performance calculation. If Benchmark values for those dates are not available in the Benchmark Value file, Investor's Accountant will use the value of the next prior date, up to 3 days prior to the beginning and ending dates. The purpose for the Benchmark value substitution is to recognize that the report beginning and/or ending date could be a weekend or holiday. If a necessary Benchmark value is not available, you will be prompted that Investor's Accountant will download the needed values from Yahoo.com.

The Beginning Date and Ending Date drop down lists contain the Balance record dates pertaining to the currently selected portfolio(s). Beginning Dates listed are those earlier than the currently selected Ending Date. Ending Dates listed are those later than the currently selected Beginning Date.

Since a Balance record is interpreted by Investor's Accountant to be the value of a portfolio at the end of the day on the record date, to obtain the portfolio volatility for the calendar year 2005, the Beginning and Ending Dates should be 12-31-2004 and 12-31-2005, respectively.

The OK button is enabled when the Beginning and Ending Date selections are compatible with the Performance Data period (Monthly, Quarterly or Weekly) selection. If Monthly is selected, the OK button is enabled when the date span is at least 3 months and either the day of the month of the Beginning Date is the same as the day of the month of the Ending Date or both dates are end-of-month dates. If Quarterly is selected, the OK button is enabled when the date span is exactly 3 or more quarters, i.e. 9 months, 12 months, 15 months, etc. and either the day of the month of the Beginning Date is the same as the day of the month of the Ending Date or both dates are end-of-month dates. If Weekly is selected, the OK button is enabled when the date span is at least 3 weeks and the day of the week of the Beginning Date is the same as the day of the week of the Ending Date.

If more than one portfolio has been selected for the report, you may check the Composite Report check box to cause the report to calculate volatility values for the selected portfolios as a composite group rather than individually. Each portfolio selected must have Balance records recorded for both the beginning and ending dates of each calculation period within the report period. Select either Asset Weighted, Asset Plus Cash Flow or Aggregate as the method for calculating the composite performance.

If with Portfolio ID was selected, a Composite Volatility report can be generated only if all selected portfolios existed during the entire selected date range.

If with Account Number was selected, a Volatility report can be generated even if all portfolios comprising the Account did not exist throughout the report date range, however, the volatility values will be based on only those periods (Actual Performance Periods) during which all portfolios existed; the Portfolio ROR (Pf ROR) value will be the return over the total report date range.

The composite performance is calculated as the weighted average of the individual portfolio performance values using the beginning date portfolio value of the individual portfolios as the weighting factor.

The composite performance is calculated as the weighted average of the individual portfolio performance values using the beginning date portfolio value of the individual portfolios plus the time weighted cash flows as the weighting factor. Cash flow amounts included in the Asset + Cash Flow weighting factor are discounted to account for the portion of the calculation period the deposit or withdrawal amount was effective. If the time period covered by a calculation is 30 days and a portfolio had a $100 deposit made on the 27th day of the period, $10 is added to the weighting factor since the $100 was in the portfolio for 3 days or 10 percent of the period.

The composite performance calculations are made using the Transaction and Portfolio records of the selected portfolios as though they were in a single composite portfolio.

If the Composite Report check box has been checked, you must select the method to be used to calculate the composite performance of the selected portfolios. Select either Asset Weighted, Asset Plus Cash Flow or Aggregate as the method for calculating composite performance.

Portfolio volatility over the Beginning to Ending Date range is calculated by calculating the portfolio performance over intermediate periods within the overall report date range. The intermediate periods may be weekly, monthly or quarterly.

If a Performance Data selection of 'Monthly' is made, the first possible monthly period begins on the report Beginning Date. The second possible monthly period begins at end of the first period. If the report date range encompasses 2 years, a maximum of 24 calculation periods is possible. The Actual number of calculation periods used for the Beta, R-Squared, Average Portfolio ROR and Average ROR Standard Deviation values depends on portfolio Balance record and Benchmark value availability. For a calculation period to be usable, portfolio Balance and Benchmark values must be available for both the beginning and ending dates of that period. If a calculation period beginning or ending date is a Saturday or Sunday and a value is not available for that date, the previous Friday or Saturday value, if available, is used. If a calculation period beginning and/or ending date is a holiday* and a value is not available for that date, the previous weekday value, if available, is used.

*Holidays for which previous trading day values are used, if necessary, include New Year's Day, Martin Luther King Jr. Day, Presidents Day, Good Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving and Christmas.

The Sharpe Ratio is calculated by comparing the portfolio performance over the various intermediate periods within the report date range with the return on a risk-free investment as of the beginning date of each intermediate period. The 3-month and 6- month Treasury Bills are commonly used to represent the return on a risk-free investment. These rates are obtained from the Board of Governors of the Federal Reserve System.

Select the Net of Fees Check Box (Check Box includes an "X") to cause the report to use net of fees rate of return values. For the net of fees rate of return calculation, the Program treats Fee records during the report period as portfolio deposits.

Select Display to have the report displayed or select Print to have the report printed to file or to a printer without first being displayed. Displayed reports can be printed by clicking the Print command button on the display window.

Use the Main Menu Benchmark>Benchmark Types selection to add, change or delete Benchmark Types. You may create as many as 43 Benchmark Types.

To create a new Benchmark Type, click New, enter the desired Benchmark Type in the blank text field and then click Save.

To change an existing Benchmark Type, select it from the list, edit the list entry and then click Save.

To delete an existing Benchmark Type, select it from the list and click Delete.

Use the Main Menu Benchmark>Download Benchmark Values selection to download Benchmark values. All  benchmark data is downloaded from Yahoo.Com. Use of this data must comply with terms set by Yahoo! Inc.

Use of this function is generally unnecessary since, when a Rate of Return Report is created and you have selected one or more Benchmarks whose performance is to be included in the report and the necessary Benchmark values are not already in your computer, Investor's Accountant will ask if you want to download the necessary values and, if so, will download them.

Individual stock values downloaded from Yahoo.com have been adjusted for subsequent splits and distributions. Benchmark performance calculated from these values, therefore, include the effect of distributions as well as capital gain. Index values available at Yahoo.com may not have been adjusted for distributions.

Use the Main Menu Reports>Data Listings>Benchmarks selection to create a report which lists the Benchmark Name, Benchmark ID, Benchmark Type, Active/Inactive setting and Comments of all Benchmarks.

This function lists Benchmark values recorded in the {BenchMark}.MDB data file, for the selected Benchmarks during the selected date range.

The purpose of this function is for displaying or printing only. To edit or delete records, use the Benchmark>Manual Pricing function.

Benchmark Values for a single specified Benchmark or for each of a group of specified Benchmarks can be listed. Select from the Benchmark Selection List Box the Benchmark(s) whose data you want to list. Double-clicking any Benchmark causes all Benchmarks to be selected. Multiple Benchmarks can be selected by depressing the Ctrl key while clicking on a Benchmark entry in the Benchmark Selection List Box.

The Benchmark Type list may be used to cause all Benchmarks to which the selected Type has been assigned to be selected.

A previously saved Benchmark Group selection may be used to select Benchmarks by clicking on the Drop-Down Text Box control button and then clicking on the desired Group Name.

Benchmarks included in the Benchmark Selection list are only those Benchmarks for which values have been either downloaded or entered manually.

This report shows the rate of return of the selected Benchmarks over the selected time range. The report shows both the 'Total Return', the total percentage gain/loss over the selected time range and the annualized value of that performance, 'Annual ROR'. Note that the term 'Total Return' on this report indicates the values represent the non- annualized performance over a 'total' date range and not that they necessarily include the effect of distributions. Index values obtained from Yahoo!®, including those for Russell® indexes, do not include the effect of distributions.

Benchmarks included in the list are those which have at least two values recorded in the data file. The dates available in the Beginning and Ending Date lists are dates for which values are recorded for the selected Benchmarks.

Click the Name option button above the list to cause the list to sorted alphabetically in Benchmark Name order or click the Type option button to cause the list to sorted in Type order. Double-clicking any Index causes all Benchmarks to be selected. Multiple Benchmarks can be selected by depressing the Ctrl key while clicking on a Benchmark entry in the Benchmark Selection List Box.

When more than one Benchmark is selected for the report, only those Benchmarks which have values recorded for both the Beginning and Ending Dates are included in the report.

The Benchmark Type list may be used to cause all Benchmarks to which the selected Type has been assigned to be selected.

A previously saved Benchmark Group selection may be used to select Benchmarks by clicking on the Drop-Down Text Box control button and then clicking on the desired Group Name.

The Beginning Date and Ending Date drop down lists contain the Balance record dates pertaining to the currently selected portfolio(s). Beginning Dates listed are those earlier than the currently selected Ending Date. Ending Dates listed are those later than the currently selected Beginning Date.

Since a Balance record is interpreted by Investor's Accountant to be the value of a portfolio at the end of the day on the record date, to obtain the rate of return for the calendar year 2004, the Beginning and Ending Dates should be 12-31-2003 and 12-31-2004, respectively.

The Beginning Date entry also establishes Period Returns anniversary dates.

Select the Before/After Tax Check Box (Check Box includes an "X") to cause the report to include rate of return values both before and after taxes; if the Before/After Tax Check Box is not selected, the report calculates only before-tax values. For the after-tax normal rate of return calculation, the Program adjusts the beginning and closing balances by the values in the Tax Amount fields (if any) on the Beginning and Ending Date Balance records; in addition, Tax records during the report period are treated as portfolio deposits in calculating the after-tax rate of return.

Select the Net of Fees Check Box (Check Box includes an "X") to cause the report to calculate net of fees rate of return values. For the net of fees rate of return calculation, the Program treats Fee records during the report period as portfolio deposits.

In addition to Beginning and Ending Date Balance values and performance values, the 80-character Detail report includes Deposit/Withdrawal and Fee records; the 132- character report includes these values and also includes the portfolio Net of Fees Gain/Loss value.

Select the Include Cents Check Box (Check Box includes an "X") to cause currency values in the report to include cents. If the Include Cents Check Box is not selected, currency values are rounded to the nearest whole number for display.

Select from the Compounding Freq Option Buttons the desired compounding frequency to be used in rate of return calculations. Rate of return values may be calculated using compounding frequencies of daily or annual. For compounding calculations, the number of days in a time period is the actual number of days including the effect of leap years and a year is assumed to contain 365.25 days. The period defined by beginning and ending dates of 12-31-93 and 12-31-94 contains 365 days but in annual compounding calculations is considered to comprise .9993 years (365/365.25); the period defined by 12-31-90 and 12-31-94 comprises 4.0000 years (1461/365.25).

When either the Monthly, Quarterly or Yearly Period Return button is selected rather than Single, the Cumulative From Beginning Date and Cumulative To End Date check boxes are enabled. If either of these is checked, two methods are available for calculating the cumulative performance values.

If the Check Box captioned Geometrically Linked Cumulative Returns is checked, the Cumulative "Total Return" values are calculated by geometrically combining the intermediate (Monthly, Quarterly or Yearly) values; the cumulative "Total Return" values are annualized to determine the cumulative "Annual ROR" values. If a 'Period Return' selection of 'Yearly' has been made and the Geometrically Linked Cumulative Returns box is checked, 'Average Annualized' ROR values are calculated for the "cumulative" period intervals, i.e. the intervals starting on the beginning date of the period and ending on the report "Ending Date". The 'Average Annualized' values are the arithmetic average of the "Annualized ROR" values since the period beginning date.

If the 'Geometrically Linked' Check Box is not checked, the Cumulative "Annualized ROR" values are calculated using the transaction data between the beginning date and the intermediate dates; the cumulative "Annualized ROR" values are used to calculate the cumulative "Total Return" values.

When a Period Returns selection other than "Single" has been made, the performance of each period (month, quarter or year) within the selected date span is calculated. Check the Cumulative From Beginning Date Check Box to also calculate the rate of return from the initial period Beginning Date to the end of each period (month, quarter or year).

If the performance of a single portfolio is being calculated and a Period Returns selection of "Annual" has been made, "Average Annual" return values are calculated for the "cumulative" period intervals, i.e. the intervals starting on the "Beginning Date" and ending on the end-of-period date of the current interval. The "Average Annual" values are the arithmetic average of the "Annual ROR" values since the Beginning Date. "Total Return" (the return over the total period) and "Annual ROR" (the annualized return for the period) values are calculated for all reports.

When a Period Returns selection other than "Single" has been made, the performance of each period (month, quarter or year) within the selected date span is calculated. Check the Cumulative To Ending Date Check Box to also calculate the rate of return from the beginning date of each period (month, quarter or year) to the end date of the latest period in the report.

If the performance of a single portfolio is being calculated and a Period Returns selection of "Annual" has been made, "Average Annual" return values are calculated for the "cumulative" period intervals, i.e. the intervals starting on the beginning date of the period and ending on the report "Ending Date". The "Average Annual" values are the arithmetic average of the "Annual ROR" values since the beginning date of the period. "Total Return" (the return over the total period) and "Annual ROR" (the annualized return for the period) values are calculated for all reports.

When multiple portfolios have been selected and either the Show Each Portfolio or Composite Only Check Box is marked, depending on Balance record requirements, rate of return values are calculated for a composite of the selected portfolios. If the Show Each Portfolio Check Box is marked the report also includes rate of return values for each selected portfolio. If the Composite Only Check Box is marked, only the composite rate of return value is displayed. If the Balance record requirements are not met, no report is generated since a composite performance cannot be calculated.

Composite "Asset-weighted" Rate of Return Report

The composite rate of return may be calculated as the weighted average of the individual portfolio rate of return values. The weighting factor may be either the beginning date portfolio value of the individual portfolios (Asset Weighted) or the beginning date portfolio value plus the sum of time-discounted cash flow (Asset + Cash Flow Weighted). Cash flow amounts included in the Asset + Cash Flow weighting factor are discounted to account for the portion of the report period the deposit or withdrawal amount was effective. If the time period covered by a report is 1000 days and a portfolio had a $100 deposit made on the 100th day of the period, $90 is added to the weighting factor since the $100 affected 90 percent of the period.

Composite Aggregate Rate of Return Report

Select Aggregate in the Composite Calculation Method frame to calculate the composite rate of return for a group of portfolios when using a "time-weighted" method by treating the group as a single composite portfolio.

To obtain a composite internal rate of return report, one or more of the selected portfolios must have a Balance value (greater than zero) on the Beginning date and also a Balance record for the Ending date.

The composite rate of return is calculated as if the selected group of portfolios were a single portfolio; the composite beginning and ending date balances are the sums of the individual portfolio balances and the individual portfolio deposit and withdrawal activity is treated as if it all applied to a single composite portfolio.

Since Investor's Accountant never assumes the value of a portfolio, a portfolio which does not have Balance values on either or both the Beginning and Ending dates will be included in the composite report only if its data records indicate it did not exist on either or both the Beginning or Ending dates but did exist during the report date span.

A portfolio which does not have a Balance value on the Beginning date may be included in the composite report if it has a Balance record for a date later than the Beginning date and has no earlier data records (other than a Deposit record having the same amount and date as the initial Balance record) thus indicating the portfolio was initiated during the report time span.

A portfolio which does not have a Balance value on the Ending date would not be included in the report unless it has a zero value Balance record whose date is prior to the Ending date indicating that the portfolio was either liquidated (as evidenced by a Withdrawal record having the same date as the zero Balance record) or became worthless during the report time span. The portfolio would not be included if it has other later transaction records.

All three composite methods are accepted by AIMR and GIPS as asset-weighted approaches. If when using a Time-weighted calculation method to calculate the composite performance of a group of portfolios and one or more of which came into being after the report beginning date and/or was liquidated prior to the report ending date, only the Aggregate selection will cause a composite performance to be calculated.

If the 'Include Dispersion Calculation' check box is checked, Dispersion values are displayed near the Composite return values. Dispersion values are calculated only if all portfolios in the composite group had non-zero balance values on both the report beginning and ending dates.

Select Display to have the report displayed or select Print to have the report printed to file or to a printer without first being displayed. Displayed reports can be printed by clicking the Print command button on the display window.

The maximum length of a displayed 132-character report is 142 lines; the maximum length of a displayed 80-character report is 2000 lines. If the displayed report will exceed the length limitation, you are given the option of displaying the top portion up to the limit or canceling the report generation.

The program considers a Portfolio to have become active on the day of its earliest non-zero Balance record and to have ceased to be active on the date of a later zero Balance record. If a Portfolio is closed or liquidated, create a Withdrawal record in the amount of the Portfolio value on its closing date and also create a zero Balance record for that day. It the Portfolio became worthless, simply create a zero Balance record for that day. Transaction records should not be created for a Portfolio for dates prior to the date on which it became active nor for dates later than the date on which it became inactive.

If no Header Title is wanted on the printed report or report written to an ASCII file, enter 0 in the Report Title Lines Text Box in the Report Setup Dialog. If a Header Title is wanted, enter the number of header lines desired and make Report Title Placement and Report Title Pages selections. The Report Title Placement Drop-Down List selections provide for the Header Title to be centered (left-right) on the page or left-justified. The Report Title Pages Drop-Down List selections provide for the Header Title to be placed on only the first page of the report, on only the even-numbered pages, on only the odd-numbered pages or on all pages of the report.

Enter a Left Margin Adjustment value to increase the left margin. The top margin can be increased by increasing the Report Title Lines value if a number of blank lines has been saved at the top of the Report Title.

For 80-character, multi-portfolio, non-composite reports, check the "Page Break on Portfolio" Check Box to cause the report for each portfolio to begin on a new page.

The currently selected Printer Font Name, Italic/Oblique, Bold and Size selections are shown. Click the 'Change Font Setting' option button if you want to change the font setting before printing the report or click the 'Use Current Font Setting' button to retain the current settings. The Font Setting options do not apply if you select the 'Print to file' check box in the Print dialog box to print the report to a text file.

After the desired entries have been made, click the OK Button.

A report header title can be included at the top of reports sent to file or printed. A Header Title would likely be a name and address but could be only blank lines which could be used to create a top margin. To create a new header title or to edit an existing one, select Report Title from the Listings menu. After entering or editing a header title, click the OK command button to save the entries made in the Report Title text box. When you elect to print a report, you are given the opportunity to use from zero to all of the lines established for the Header Title. If seven lines of Header Title have been saved and you elect to use three lines as a Header Title, the top three lines are used.

After entering a Header line, press Enter to advance the insertion point to the next line.

To create a transaction data listing, select the portfolio(s) whose transaction data is to be listed. The transactions included in the listing can be limited to those of a given Type by selecting that Type from the Type drop-down list box; select All to include all transaction types in the listing. The transaction date range is limited by the Beginning Date and Ending Date selections. Select a Report Mode of either Display or Print and then click the OK command button.

Total Fee, Tax, Deposit, Withdrawal and Net Deposit/Withdrawal values are shown for listed transactions for each Portfolio included in the listing. Grand total values are also shown for all listed portfolios. Balance record totals are also shown if multiple portfolios are selected to be included in the report and the Beginning and Ending Dates are the same.

A Transaction Listing can be created for a single specified portfolio or for each of a group of specified portfolios. Select from the Portfolio Selection List Box the portfolio(s) you want included in the listing. Double-clicking any Portfolio ID causes all portfolios to be selected for inclusion in the listing. Multiple portfolios can be selected by depressing the Ctrl key while clicking on a portfolio entry in the Portfolio Selection List Box.

The Portfolio ID Wild Card Entry Text Box may be used to cause all portfolios whose ID's match the wild card entry to be selected. The Portfolio Type Selection List may be used to cause all portfolios having the selected Portfolio Type to be selected. Select the Type option to toggle the Portfolio ID Wild Card Entry frame to Portfolio Type Selection or Select the Wild option to toggle the Portfolio Type Selection to Portfolio ID Wild Card Entry frame.

A previously saved Portfolio Group selection may be used to select portfolios by clicking on the Drop-Down Text Box control button and then clicking on the desired Group Name.

To print the displayed listing or to write it to an ASCII file, click the Print Button to display the Windows Print Dialog. To write the listing to an ASCII file, select the Print to File Check Box and then enter or select a file name and path in the Windows Save As Dialog Box.

Select Display to have the listing displayed or select Print to have the listing printed to file or to a printer without first being displayed. Displayed listings can be printed by clicking the Print command button on the display window.

The maximum length of the listing is 2000 lines. If the displayed listing will exceed the length limitation, you are given the option of displaying the top portion up to the limit or canceling the listing generation.

To delete a portfolio, select the Change/Delete Portfolio function from the Portfolio menu. Either enter in the Portfolio ID text box the portfolio ID of the portfolio to be deleted or select the portfolio by selecting it from the drop-down list box. The portfolio data for the selected portfolio is displayed in the Change/Delete Portfolio ID window. To delete the portfolio and all transactions for the portfolio, click on the Delete command button.

To delete transaction data, select the Transactions>Single Portfolio>Add/Change/Delete function from the Transactions menu or press Ctrl+T. Select from the drop-down list box the portfolio ID of the portfolio for which a transaction is to be deleted. Click on any cell (clicking on the Type cell of a Deposit or Withdrawal transaction causes a 'Type-change' option to appear) of the transaction which is to be deleted and then click the Delete command button. The record is then highlighted and you are asked in a dialog box to confirm that you wish to delete the highlighted record. Click the Yes command button in the dialog box to cause the record to be deleted.

To delete a block of records, highlight the block by clicking on a cell in one record and then shift-click a cell in another record. Click the Delete button to cause the highlighted block of records to be deleted.

To duplicate a portfolio, select the Duplicate Portfolio function from the Portfolio menu. Enter the portfolio ID of the portfolio (source) to be duplicated in the Portfolio ID text box and the portfolio ID of the target portfolio in the Target Portfolio ID text box. The Portfolio ID/Name drop-down list can also be used to select the source portfolio. Click the OK command button to cause the transactions of the source portfolio to be duplicated in the target portfolio.

To edit portfolio ID data, select the Change/Delete Portfolio function from the Portfolio menu. Enter in the Portfolio ID text box the Portfolio ID of the desired portfolio and press Enter, or enter in the Account Number text box the Account Number of the desired portfolio and press Enter or select the portfolio by selecting it from the drop- down list box. After making the desired changes to the portfolio data, click on the OK command button.

The Change/Delete Portfolio ID Record window also provides the means to delete a portfolio and all of its transactions.

To edit transaction data, select the Single Portfolio>Add/Change/Delete function from the Transactions menu or press Ctrl+T. Select from the drop-down list box the portfolio ID of the portfolio for which transaction data is to be edited. Click on the cell containing the data which is to be edited and enter the desired change(s). Press the Enter key on the keyboard to record the change on the grid. Click on the Save command button to save the edited record. Each row of the transaction data grid represents a record.

The transaction Type field cannot be edited except that Deposit records can be changed to Withdrawal records and vice versa. Otherwise, if the Type field on a record is incorrect, delete the record and re-enter it with the correct Type.

Entry of a 'Datafile Path' is optional. If a 'Datafile Path' is saved as a part of the Description, that path is the default 'Look in:' path when the 'Select Import File' window is opened by clicking either Test or Import. If no Datafile Path' is a part of the Description, the default 'Look in:' path when the 'Select Import File' window is opened is the path to the folder in which Investor's Accountant is installed.

A comment related to the Import File Description may be entered; an entry is not required. This comment field is provided for your use to enter text or numbers which you might find useful regarding the file description; the field is not used by the Import function.

Indicate whether the data fields on the Import File are separated by Commas or Tabs or are Not Separated. When the import file is displayed or printed, tab characters (ASCII value of 9) may appear as an open circle ( ).

The location of comma or tab delimited data fields is described by identifying the position sequence of each data field in the data record. For example, if the record date appears in the third field on each record, enter a "3" in the Position field for "Date".

If the data fields are not separated by commas or tabs then the location of data fields is described by identifying the length of each data record and identifying the location of the left-most character of each data field and the length of each data field. For example, if the first character in the field containing the Portfolio ID in each record is located above 42 on the scale and the last character in the field is located above the 52 on the scale, enter "42" in the Location field for "Portfolio" and enter "11" in the Length field. If each record does not begin on a separate line when the Import file is printed or displayed in an Editor program such as Windows Notepad, you must cause the "One Record/Line" check box to be blank and you must enter the total number of characters in an individual record in the "Record Length" field.

Check to indicate the top record in the import file consists of column headings. If checked, the import routine will not attempt to import values on that record as transaction data.

Do not check this option if the type of value is determined by the position of the value on the record. Check to indicate that a Transaction Type code is included on each record which identifies the type of value on the record. If the Transaction Type code on the record must be converted to the Investor's Accountant Type code, select the Type Correlation to be used from the Type Correlation list.

If checked the field values relevant to the import routine are Date, Type, Amount and Memo. If the Portfolio(s) 'Multiple' option is selected, Portfolio ID, Account Number and Portfolio Type are also included.

If not checked enter the position on the record of the type(s) of value(s) to be imported.

A group of data fields (Portfolio ID, Data Type, Date, etc.) which contain data for a single day is a data record. Indicate if each record in the file begins on a new line, ie. one record per line. Whether or not each record begins on a new line can be determined by printing the Import file or by displaying it in an Editor program such as Windows Notepad.

If the "Fields separated by" choice is "Not Separated" and the records in the data file are not "One Record/Line", but instead, one record follows another on the same line, you must enter a value for Record Length. The Record Length is the number of characters and spaces in a single record. If the "Fields separated by" choice is commas or tabs then a value must be entered for the Number of Fields. The Number of Fields is the number of possible data fields in each record; the correct value is usually one more than the number of commas (or tabs) in the record.

If the data fields are separated by commas or tabs you are required to indicate the Position (or sequence) of the various data fields in the data record. If the data fields are not separated by commas or tabs you are required to indicate the starting location and length of the various data fields in the data record.

Portfolio - If the data being imported pertains to Multiple portfolios, rather than to a single portfolio, each data record must include an alpha-numeric field containing the portfolio ID. The Import function reads the first three characters in the Portfolio ID field.

Type - Each import data record must include an alphabetic field which identifies the record Type as either Balance, Deposit, Withdrawal, Fee or Tax. Since the Import function reads only the first character of the Type entry, a single-character entry (B, D, W, F or T) is sufficient.

Date & Format - Each import data record must include a numeric field containing the record date. The date format may be either mmddyy, mmddyyyy, mm/dd/yy, mm/dd/yyyy or serial; specify the "Serial" notation when the date is represented by the number of days occurring between December 30, 1899 and the record date, eg. January 1, 1900 is day 2.

Amount - An import data record must include a numeric field containing the record Amount value, eg. the portfolio value on a Type B record, the deposit amount on a Type D record, etc.

Tax Amount - An import Balance Type data record may include a numeric field containing a Tax Amount. The tax value is the approximate tax liability (not actual payment) on accrued interest and unrealized capital gains included in the Balance value; these tax values are needed only if you want Investor's Accountant to calculate after-tax performance. Use record Type T to record actual tax payment amounts.

Memo - An import data record may include an alpha-numeric field containing a comment or memo.

To save the data entries and selections on the User-Defined Import window as an "Import Description", enter a name (up to 9 alpha-numeric characters) in the "Import Description" list box and click the Save command button. To select a previously saved Description, click on the list box control button and then click on the Description name. A displayed Description may be deleted by clicking the Delete Command button.

The Import Descriptions may be exported to enable importing them into a different database. To export the Import Descriptions select the File>Export>User Defined Export/Import Descriptions function. To import this data into a different database which does not include some or all of the Import Descriptions which have previously been exported select the File>Import>User Defined Export/Import Descriptions function.

Investor's Accountant transaction record types are B, D, W, T and F which identify Balance, Deposit, Withdrawal, Tax and Fee records. If records on a transaction import file include a field in which a record type code or text description which identifies the type of value on that record and the code is not the Investor's Accountant set, you may create a Type Correlation table which matches the Import File Record Type Entry with the appropriate Investor's Accountant Record Type. If an Import File Record Type identifies a 'fee' amount and the fee amount is withdrawn from the portfolio, you may enter a 'FW' or 'WF' as the Investor's Accountant Record Type to cause the Import routine to create both a Fee record and a Withdrawal record. Enter a Type Correlation Name for the correlation table. Click Save to save the entered data to be saved.

The Type Correlation Name is included for use in the Type Correlation list on the Transaction Data Import-User Defined, with Account Number Import screen when the Transaction Type Code in Record check box is checked.

The Undo Transaction Data Import function is used to delete records from the current transaction database which had previously been imported from an import file.

Easy ROR Format

Select the desired import file from the 'Select Import File' window and click 'Open' to initiate the Undo operation.

User Defined

Select from the drop-down list the Import Description which describes the import file. Click the Undo button to open the 'Select Import File' window, select the desired import file, and click 'Open' to initiate the Undo operation.

The main use of this function is to delete duplicate records which were mistakenly added to the database by importing data from a file from which data had already been imported. Since the database does not allow a Portfolio to have more than one Balance record for a given day, importing data from a file from which data had previously been imported results in duplicate records of all types except Balance records. Since duplicate Balance records are not created, the Undo function does not delete Balance records.

To change the ID of a portfolio, select the Change Portfolio ID function from the Portfolio menu. Select the portfolio to be renamed from the Portfolio ID/Name drop- down list or enter its ID or Account No. in the Portfolio ID or Account No. text box and enter the new portfolio ID in the New Portfolio ID text box. Click the OK command button to cause the portfolio ID to be replaced on the Portfolio record and on all Transaction records.

The New Portfolio ID must indicate a portfolio which does not already exist.

To load the Sample data, select Load Sample Data from the File menu. This causes the sample.mdb file to be the active datafile.

The Site Map is a complete outline of all Investor's Accountant menu functions and serves as an alternative to the menus. You can activate functions by clicking on them in the Site Map.

The Site Map is obtained by clicking 'Help' on the Main Menu and then clicking 'Site Map'.

The Calendar Periods check box is included in the Period Returns frame and is enabled when a Period Return other than Single is selected. Select either the Monthly, Quarterly or Yearly Option Button to obtain "period" results. If the Calendar Periods check box is checked, a Monthly period is the interval from the last day of one month through the last day of the succeeding month, a Quarterly period is the 3-month interval following December 31, March 31, June 30 and September 30 and a Yearly period is the interval from December 31 of one year through December 31 of the succeeding year; if the Beginning Date is not the end of a calendar period, the first period extends from the Beginning Date through the normal period end date. The last 'period' on the report is the period from the end of the last 'calendar period' date through Ending Date.

If the Calendar Periods check box is not checked, the period begin and end dates are determined by the selected Beginning Date; a Monthly, Quarterly or Yearly period is the interval from the beginning day of a period through that day one month, three months or twelve months later. The last 'period' on the report is the period from the end of the last 'period' date through Ending Date.