Stock Investor Pro 3.7 Readme.txt - Updated 2/2/2007

AAII Technical Support:

Web:    www.aaii.com/simember
E-mail: techsupport@aaii.com  
Phone:  (312) 280-0170 (M - F, 9 a.m. - 5 p.m. central time)
FAX:    (312) 280-1625

*******************************************************************
Contents of ReadMe.txt:
- Data fields no longer offered by data vendor (2/2/2007 Release)
- Revisions and deletions of shadow stock screens (05/28/2004 Release)
- New screen and field (1/30/2004 Release)
- New screens (10/31/2003 Release)
- New screen (9/30/2003 release)
- Data field no longer offered by data vendor (8/1/2003 Release)
- New screens (5/30/2003 Release)
- SI Upgraded to Version 3.7 (11/01/2002 Release)
  New feature: Number of custom fields expanded from 60 to 253,
  backup of user-defined fields after update, enhanced help file.
- Addition of weekly update section in the Help system 
 (11/01/2002 Release)
- Revision to existing screen (05/03/2002 Release)
- New screens, fields, and revisions of existing screens
(03/01/2002 Release)
- New screen, fields, and field changes (12/28/2001 Release)
- New fields and revisions of existing screens (9/28/2001 Release)
- New screens (8/3/2001 Release)
- New fields and screen (4/27/2001 Release)
- New fields and screens (3/30/2001 Release)
- ADR - adjusted shares outstanding (9/29/2000 Release)
- New fields and screens (9/1/2000 Release)
- Weekly data updates (7/28/2000 Release)
- Error #: 1733 or 1426 at start of program (6/30/2000 Release)
- Revisions (6/2/2000 Release)
- Changes, Upgrades, and Open Issues (4/28/2000 Release)
- New Feature and Changes to Version 3.5 (3/31/2000 Release)

*******************************************************************
(2/2/2007 Release)
- Data fields no longer offered by data vendor 

Reuters, the primary data provider for Stock Investor, has announced 
that it will stop providing short interest data as of March 2, 2007.
Several data fields--all part of the Price and Share Statistics data
category--will no longer be populated. The fields are:

- Short interest % change M2 to M1
- Short interest % of float M1
- Short interest % of float M2
- Short interest % of shares M1
- Short interest % of shares M2
- Short interest date M1
- Short interest date M2
- Short interest M1
- Short interest M2
- Short interest ratio M1
- Short interest ratio M2

The fields will appear as "NA" in Stock Investor until they are
removed from the database.

In addition, three screens will no longer generate accurate results:

- *Short Interest % Shares Out.
- *Short Interest Change--Up
- *Short Interest Ratio

*******************************************************************
(05/28/2004 Release)
- Revisions and Deletions of Shadow Stock Screens

- Shadow Stocks-Growth & Shadow Stocks-Value screens removed
The Shadow Stocks have evolved from a simply a starting list of micro-cap
Stocks with limited institutional following to a smaller group of value-
oriented micro-cap stocks. Since the large list of Shadow Stocks has been 
eliminated, the Shadow Stocks-Growth & Shadow Stocks-Value screens that are 
dependant upon the larger starting universe are also being eliminated.

- Individual Investors Shadow Stock Portfolio Screen Revised
The *IISSP screen. The price-to-book value and market cap elements of the
*IISSP screen have been revised upward in correlation with market activity.
For additional information, review the Pre-Defined Stock Screening Strategies
segment of Stock Investor’s help section and the Model Portfolio segment of
AAII.com.

*******************************************************************
(1/30/2004 Release)
- New Screen - Foolish Small Cap 8 Revised
- New Data Field - PFCF to FCF growth 12m

- New Screen:
Foolish Small Cap 8 Revised

The "*Foolish Small Cap 8 Revised" builds upon the "*Foolish Small
Cap 8" screen by adding elements of valuation and management
effectiveness. Overall the screen looks for profitable and rapidly
growing small companies that are priced reasonably given their free-
cash flow growth. 


- New Data Field:
PFCF to FCF growth 12m
Data Category: Multiples

The price-to-free-cash-flow ratio divided by the free-cash-flow growth
rate over the last 12 months to match valuation levels to growth rates.
The logic being that a company with higher growth deserves to trade at
a higher multiple than a slower growing firm. This field is used in the
*Foolish Small Cap 8 Revised screen.

PFCF to FCF growth 12m =
iif([Free Cash Flow-Growth 12m] > 0,
    [Price/FCFPS] / [Free Cash Flow-Growth 12m],
    null)


*******************************************************************
(10/31/2003 Release)
- New screens - 5% Downward Earnings Revision, 5% Upward Earnings
Revision, Individual Investors Shadow Stock Portfolio

- New screen - 5% Downward Earnings Revision

The *EPS Est Rev Down 5% screen looks for companies whose annual
earnings estimates for the current and next fiscal year have been
lowered by at least 5% over the last month. The screen seeks out
companies that are tracked by at least five analysts. Companies
cannot have had any upward revisions in their current or next
fiscal year earnings estimates. For additional information, review
the Pre-Defined Stock Screening Strategies segment of Stock
Investor’s help section.

- New screen - 5% Upward Earnings Revision

The *EPS Est Rev Up 5% screen looks for companies whose annual
earnings estimates for the current and next fiscal year have been
raised by at least 5% over the last month. The screen seeks out
companies that are tracked by at least five analysts. Companies
cannot have had any downward revisions in their current or next
fiscal year earnings estimates. For additional information, review
the Pre-Defined Stock Screening Strategies segment of Stock
Investor’s help section.

- Individual Investors Shadow Stock Portfolio

The *IISSP screen captures the selection methodology used to
create the Individual Investors Shadow Stock Portfolio (formerly 
the Beginner's Portfolio). The screen seeks out companies with a
share price under $4 and a market capitalization between $17
million and $125 million, inclusive. The screen also requires
companies to have positive earnings for the last fiscal quarter
and over the trailing four quarters (12 months). In addition,
passing companies must have a price-to-book ratio that is less
than 0.7 and a price-to-sales ratio under 1.2. The screen also
excludes companies in the financial sector, as well as those that
trade as ADRs and that trade over the counter. For additional
information, review the Pre-Defined Stock Screening Strategies
segment of Stock Investor’s help section.

*******************************************************************
(9/30/2003 Release)
- New screen - Investor's Business Daily's Stable 70

The *IBD Stable 70 screen is based upon the screening methodology
developed by the analysts and editors of Investor's Business Daily
to identify potentially "recession proof" stocks. The screen seeks
out companies that have grown earnings on a year-to-year basis as
well have exhibited stable growth in earnings over the long term.
For additional information, review the Pre-Defined Stock
Screening Strategies segment of Stock Investor’s help section.

*******************************************************************
(8/1/2003 Release)
- Data field no longer offered by data vendor

Market Guide, the primary data provider for Stock Investor, is no
longer providing its average senior debt rating. Market Guide is
in the process of trying to renogiate its contract with the ratings
agencies that provide the underlying data for the field. The
field--MG average senior debt rating--is part of the Company
Information data category and is found inthe Description sub-tab of
the Overview tab in the Stock Notebook. The field will appear as
"NA" in Stock Investor until either the data is again provided or
the field is removed from the database.

*******************************************************************
(5/30/2003 Release)
- New screens - O'Neil's Revised CAN SLIM, Muhlenkamp High ROE

- New Screen - O'Neil's Revised CAN SLIM

The *O'Neil (CAN SLIM Revised) screen is based upon the latest
edition of William O'Neil's book "How to Make Money in Stocks:
A Winning System in Good Times or Bad." The screen seeks out
companies with a proven record of earnings and sales growth that
are showing strong relative price strength and support from leading
institutions. As compared to the *O'Neil (CANSLIM) screen that is
also in Stock Investor, the revised CAN SLIM screen looks for strong
quarter-on-quarter sales growth, annual increases in earnings per
share for each of the last four years instead of five, strong
earnings growth over the last three years instead of five, an
increased number of institutional sponsors, requires a stronger
relative price strength over the last year, and no longer caps the
number of shares outstanding a company can have in order to pass the
screen. For additional information, review the Pre-Defined Stock
Screening Strategies segment of Stock Investor’s help section.

- New Screen - Muhlenkamp High ROE

The *Muhlenkamp, Ronald screen seeks companies with high return on
equity (ROE) ratios that are also trading at reasonable prices. The
screen begins by isolating companies with high current and
historical ROE values and then sets a ceiling for the current
price-earnings (PE) ratio. The screen also looks for positive sales
and earnings growth, profit margins above industry norms, a 
percentage of liabilities to assets that is lower than industry
norms, and positive free cash flow. For additional information,
review the Pre-Defined Stock Screening Strategies segment of Stock
Investor’s help section.

*******************************************************************
(11/01/2002 Release)
- SI Upgraded to Version 3.7
  New feature: Number of custom fields expanded from 60 to 253,
  backup of user-defined fields after update, enhanced help file.

- Stock Investor and Stock Investor Pro users can now create as
many as 253 custom fields. Some changes to data files and the
program were required for this upgrade; therefore user files
created in version 3.7 of the program are not compatible with
previous versions of Stock Investor and Stock Investor Pro. 

When you first run the program after the upgrade your user files
Will be automatically backed up, packed, and converted to version
3.7 format. A new folder is created within the User folder called
Backup. The first time you run version 3.7.x, the backup files will
still be for version 3.6. You may also wish to copy these files to
a new location on your hard drive or to a floppy disk. This is a
good idea if you do any back testing with previous releases of
Stock Investor or Stock Investor Pro. The next time you install a
3.7.x update, these files will be over written with your new 
3.7.x user files. The program will then ask you if you want to
load the pre-defined data. As a reminder, this is how the updated
screens, views, and custom fields supplied by AAII are loaded.

- Addition of weekly update section in the Help system. Topics for
finding and installing the weekly udpates have been added to the
help. Topics explaining the differences between the full and
partial updates have also been added.

*******************************************************************
(05/03/2002 Release)
- Revision to Oberweis Smallcap Growth

- Revised Screen - Oberweis Smallcap Growth

 The *Oberweis screen was revised to correctly screen for small-cap
 stocks whose price-earnings ratio (PE) is less than one-half their
 estimated one-year growth rate in earnings.

*******************************************************************
(03/01/2002 Release)
- New screens - Oberweis Smallcap Growth, Piotroski Low Price-to-
Book
- New fields - Operating margin - 3 year Avg., EPS Growth-Hist Y1
to Est Y0, EPS Growth-Est Y0 to Est Y1, EPS Growth-Est Y1 to est Y2,
F Score TTM, F Score Y1, Pre-tax Income-Growth
- Revisions to Wanger Smallcap Growth and Value, Shadow Stock Value

- New screen - Oberweis Smallcap Growth

The *Overweis screen uses an eight-point system to seek out
rapidly growing that are attractively priced. The elements the
screen uses include rapid annual growth in revenue and pre-tax
income, reasonably low price-earnings (PE) ratio in relation to the
underlying growth rate, favorable quarterly trends in revenue
and earnings growth, reasonable (low) price-sales ratio, and strong
price strength relative to the market. For additional information,
review the Pre-Defined Stock Screening Strategies segment of Stock
Investor’s help section.

- New screen - Piotroski Low Price-to-Book

The *Piotroski, Joseph screen begins by looking for low price-to-book
value stocks and then applies a nine-point scale of financial
strength that assesses the financial strength of the company by
examining profitability, financial leverage, liquidity, and 
operating efficiency. For additional information, review the
Pre-Defined Stock Screening Strategies segment of Stock Investor’s
help section.

- New field - Operating margin - 3 year Avg.

Category: Ratios

Operating margin - 3 year Avg.
  The average operating margin for the last three fiscal years.
  This field is used in the *wanger, Ralph screen.


- New field - EPS Growth-Hist Y1 to Est Y0

Category: Earnings Estimates

EPS Growth-Hist Y1 to Est Y0
  The percentage difference between the average consensus earnings
  estimate for the current fiscal year and the last reported annual
  earnings. This field is used in the *Oberweis screen.

- New field - EPS Growth-Est Y0 to Est Y1

Category: Earnings Estimates

EPS Growth-Est Y0 to Est Y1
  The percentage difference between the average consensus earnings
  estimate for the next fiscal year and the average consensus
  earnings estimate for the current fiscal year.

- New field - EPS Growth-Est Y1 to Est Y2

Category: Earnings Estimates

EPS Growth-Est Y1 to Est Y2
  The percentage difference between the average consensus earnings
  estimate for two years forward and the average consensus
  earnings estimate for the next fiscal year.

- New field - F Score TTM

Category: Ratios

F Score TTM
  A measure of financial strength adapted from the work of Joseph
  Piotroski. Piotroski created a nine-point scale to identify
  stocks with solid and improving financials. The elements of this
  scale are minimum profitability, return on assets, operating
  cash flow, accrual accounting check, capital structure,
  financial leverage, liquidity, equity, and operating efficiency;
  each of which are examined for changes over the trailing 12
  months. A company is awarded a point for each of the elements it
  satisfy and the cumulative number of points for the company is
  reflected in this field.

- New field - F Score Y1

Category: Ratios

F Score Y1
  A measure of financial strength adapted from the work of Joseph
  Piotroski. Piotroski created a nine-point scale to identify
  stocks with solid and improving financials. The elements of this
  scale are minimum profitability, return on assets, operating
  cash flow, accrual accounting check, capital structure,
  financial leverage, liquidity, equity, and operating efficiency;
  each of which are examined for changes over the trailing 12
  months. A company is awarded a point for each of the elements it
  satisfy and the cumulative number of points for the company is
  reflected in this field. This field is used in the *Piotroski,
  Joseph screen.

- New field - Pre-tax Income-Growth

Category: Growth Rates

  The growth in pre-tax income over the last 12-month periods and 
  one-, three-, five-, and seven-year periods. Also same-quarter
  growth in pre-tax income for each of the last four fiscal quarters.
  Pre-tax Income-Growth 12m is used in the *Oberweis screen.

- Revised Screen - Wanger Smallcap Growth and Value

The *Wanger, Ralph screen has been revised, but still captures the
spirit of Wanger's approach. The revised screen expands the small-
cap universe and looks for companies strong growth potential, 
financial strength, and fundamental value. For additional information,
review the Pre-Defined Stock Screening Strategies segment of Stock
Investor’s help section.

- Revised Screen - Shadow Stock Value

The *Shadow Stock-Value screen begins with the AAII Shadow Stock
universe and applies a value-oriented methodology inspired by
Joseph Piotroski that examines a company's financial strength such
as profitability, return on assets, operating cash flow, capital
structure, financial leverage, liquidity, equity, and operating
efficiency.



*******************************************************************
(12/28/2001 Release)
- New screen - Martin Zweig Growth and Value
- New field - EPS DC (Diluted continuing)-Growth from Q6-Q8 to Q2-Q4
- Revisions made to a number of ratios in Stock Investor


- New screen - Martin Zweig Growth and Value

The *Zweig, Martin screen seeks out companies with positive and
accelerating growth in sales and earnings as well as those with
earnings growth that is in line with sales growth. It then looks for
companies with "reasonable" price-earnings ratios, eliminating
troubled forms with low PEs as well as those that are overpriced
relative to the overall market. Finally, it requires that the
relative price strength is greater than that of the overall market.
For additional information review the Pre-Defined Stock Screening
Strategies segment of Stock Investor’s help section.


- New Field - EPS DC (Diluted continuing)-Growth from Q6-Q8 to Q2-Q4

Category: Growth Rates

EPS DC (Diluted continuing)-Growth from Q6-Q8 to Q2-Q4
  The growth in earnings between the sum total of the prior three
  fiscal quarters and the same three quarters one year ago. This 
  field is used in the *Zweig, Martin screen.


- Revisions to existing fields

We have revised the calculations of a number of ratios relying upon
balance sheet data to the reflect the average level for the period
instead of the ending value. This methodology more closely follows
the methodology used by the investment community. The new formulas
can be found in the Field Definitions section of the Stock Investor
Help System.

Revised fields include:
- Asset Turnover
- Inventory Turnover
- Receivables turnover
- Return on assets
- Return on equity

*******************************************************************
(9/28/2001 Release)
- New Fields
- Revisions to existing screens

- New Fields

Earnings Estimates

EPS Est Q0-% Rev-Last Month
  The percentage change (over the last month) of the average 
  consensus earnings estimate for the current fiscal quarter.

EPS Est Q1-% Rev-Last Month
  The percentage change (over the last month) of the average
  consensus earnings estimate for the next fiscal quarter.

EPS Est Y0-% Rev-Last Month
  The percentage change (over the last month) of the average
  consensus earnings estimate for the current fiscal year.

EPS Est Y1-% Rev-Last Month
  The percentage change (over the last month) of the average
  consensus earnings estimate for the next fiscal year.
 
EPS Est Y2-% Rev-Last Month
  The percentage change (over the last month) of the average 
  consensus earnings estimate for the fiscal year two years 
  from now.

Growth Rates

Dividend Increases-Y7 to Y1
  The sum total of the number of times the paid annual 
  dividend per share of a company has increased over 
  the last seven years.

EPS Increases-Y7 to Y1
  The sum total of the number of times the annual basic earnings
  per share of a company has increased over the last seven years.

Multiples

Yield High-Avg 7 year
  The average of the high dividend yields for each of the last 
  seven years. The high dividend yield for a given year is the 
  ratio of the annual dividend for the year to the low stock 
  price for that same year.

Price and Share Statistics

Price as % of 2 Year High
  The ratio of the current stock price to the maximum price at 
  which the stock has traded over the last 24 months.

Revisions to existing screens (9/28/2001 Release)

The following screens have been slightly modified to better match 
the screens used for the monthly screening results posted to our
Web site. Detailed information on changes to the screens is located 
within the "Program Information" link found within the "SI Links"
box of Stock Investor section of AAII.com.

Buffettology-EPS Growth
Buffettology-Sustain Growth
Cash Rich Firms
DRPs with High Yield
Dreman with EPS Est Revisions
Fisher, Philip
Free Cash Flow
Graham (Defensive-Industrial)
Graham (Defensive-Utility)
Insider Net Buys
O'Neil (CANSLIM)
ROE
Stock Market Winners
T. Rowe Price
Weiss (Blue Chip Yield)


*******************************************************************
New Screens (8/3/2001 Release)

- Screening ADRs
An investor looking for an aggressive, high-growth portfolio would 
have to look beyond the world of ADRs. However, applying a screen 
searching for steady growth at a reasonable price coupled with strong
price momentum may highlight some foreign companies in this group that 
warrant further research and analysis.

- Shadow Stock Growth Screen
The *Shadow Stock-Growth screen has three simple earnings momentum
filters. First, earnings per share (EPS) for the recent most twelve
months is greater than or equal to the EPS a year ago. Second, over
the last three fiscal years, earnings per share in each year were 
greater than the previous year. Third, earnings in the two most recent
quarters were greater than or equal to the earnings per share figures
for the same periods one year ago.

- Shadow Stock Value Screen
The first criteria for the *Shadow Stock-Value screen looks for current
price-earnings ratios lower than historical averages-a potential 
sign that a stock is undervalued. While a current price-earnings ratio
that is low indicates a potentially undervalued stock, a high 
price-earnings ratio compared to its historical average might indicate
an overvalued firm. Models that examine historical averages assume that 
the growth prospects of the firm have not changed fundamentally over
time and, based on historical relationships of price to earnings, 
the market is incorrectly discounting the future earnings potential
of the firm.

- Return on Equity
Return on equity is a popular measure of profitably and corporate
management excellence. The *ROE screen attempts to locate companies
with consistently high ROE. It also weeds out firms with high levels of
debt, low margins, and low asset turnover.

- Josef Lakonishok
The *Lakonishok, Josef screen identifies stocks trading at a discount to
their industry norms but showing recent price strength and upward
earnings revisions. It incorporates the common value measure of price-
earnings ratio, price-sales ratio, price-book ratio, and price-cash flow
ratio, as well as relative price strength, and upward revisions in
estimated earnings.

- John Templeton
The *Templeton, John value screen is based on the principles of John 
Templeton. It seeks companies with price-earnings ratios below their
historical averages, positive earnings growth over both the near- and
long-term, year-on-year earnings growth, positive operating margins
that are greater than the industry median, and acceptable levels of
debt.


*******************************************************************
New fields and screen (4/27/2001 Release)

New Screen

- Price-Earnings Relative Screen
The relative price-earnings ratio approach looks back at the
relationship of the price-earnings ratio of a stock to the price-
earnings ratio of the overall market. Any given stock trades with
a normal price-earnings level depending upon its growth and risk
expectations. A firm with lower expected growth will trade with
lower price earnings ratios compared to a firm with higher and
more certain earnings growth expectations. Changes in the relative
levels of the price-earnings ratio may signal that the market, for
whatever reason, is changing its expectations about the future
earnings potential of a firm, or not paying attention and mis-
pricing the security. The price-earnings relative screen seeks out
stocks trading a low valuation levels based upon their past price-
earnings relationship to the overall market. 

New fields

- Multiples

PE High Y1-Y5
  The high price-earnings ratio for each of the last five years.
  Calculated by taking the highest price at which a stock traded
  in a given year and dividing it by the fully diluted earnings per
  share from continuing operations for the same year. Note that only
  those companies with positive earnings will have a PE ratio.

PE Low Y1-Y5
  The low price-earnings ratio for each of the last five years.
  Calculated by taking the lowest price at which a stock traded
  in a given year and dividing it by the fully diluted earnings per
  share from continuing operations for the same year. Note that only
  those companies with positive earnings will have a PE ratio.

PE Relative High-Avg 5 year
  The average PE Relative figure over the last five years calculated
  using the High PE for each of the last five years relative the high
  median PE for all stocks in Stock Investor.

PE Relative Low-Avg 5 year
  The average PE Relative figure over the last five years calculated
  using the Low PE for each of the last five years relative the high
  median PE for all stocks in Stock Investor.

PE Relative Avg-5 year
  The PE Relative Avg-5 year figure is calculated by taking the
  Average of the PE Relative High-Avg 5 year and PE Relative Low-Avg
  5 year values. A PE Relative Average above 1.00 would indicate that
  a company's price-earnings ratio is typically above the database's
  median price-earnings ratio, while a price-earnings relative average
  below 1.0 would indicate that a company's ratio tends to be lower
  that the database median. Changes in the price-earnings relatives may
  indicate misvaluation. Used in the PE Relative Valuation process.

PE Relative Adjusted P/E
  The adjusted price-earnings ratio calculated by multiplying the
  current median price-earnings ratio for the entire database by the
  PE Relative Avg-5 year figure for a given stock. Used in the PE 
  Relative Valuation process.

PE Relative Valuation
  The PE Relative Valuation is calculated by multiplying the PE
  Relative Adjusted P/E by fully diluted earnings per share from
  continuing operations over the last 12 months. Used in the PE
  Relative Valuation process.

PE Relative Valuation % Price
  The PE Relative Valuation % price is calculated by dividing the
  current market price by the PE Relative Valuation. A value of
  1.0 or 100% indicates that the PE Relative Valuation value and
  current stock price may be equal. Figures above 100% may point
  to stock prices above valuation estimates, while figures below
  100% may highlight under-valued companies. Used in the PE
  Relative Valuation process.

To learn more about these new fields and screen, refer to the
Price-Earnings Relative Screen the Pre-Defined Stock Screening
section of the Help system.

*******************************************************************

New fields and screens (3/30/2001 Release)

New Screens

- Dual Cash Flow Method
Screen following dual cash flow method that differentiates between
the cash flow a company is generating from its operations and the
changes in cash on the balance sheet. It is considered desirable 
for a company to show increasing cash flow from operations while
cash flow from balance sheet changes declines.

- A Basic Value Rule of Thumb for Screening Stocks
Screen that combines earnings yield, dividend yield, earnings
retention levels, and return on equity. All of these elements
are well known and well used by value investors. 

New fields

- Multiples

Earnings Yield 12m
  Earnings Yield value used in the Fundamental Rule of Thumb
  screen. Earnings yield relates to generation of earnings to
  the stock price. It is the inverse of the price-earnings ratio.

Fundamental Rule of Thumb
  The Fundamental Rule of Thumb value used in the Fundamental
  Rule of Thumb screen. It combines earnings yield, dividend
  yield, and earnings retention and is calculated as:

  Earnings Yield 12m + Earnings Retained to Book + Yield

  Firms with higher numbers are considered to potentially
  be priced more attractively.

- Ratios

Earnings Retained to Book
  The Earnings Retained to Book value used in the Fundamental
  Rule of Thumb screen. Earnings retained are annual earnings
  after the annual dividends to preferred and common
  shareholders have been paid. They are reinvested in the
  company and determine the growth in book value. Book value
  consists of all the assets of the firm, less all debt and
  other obligations.

- Cash Flow - Quarterly

DCF Q1-Q4
  The Dual Cash Flow (DCF) figure for each of the last four
  fiscal quarters used in the Dual Cash Flow screen. Dual
  cash flow analysis differentiates between the cash flow
  a company is generating from its operations and the
  changes in cash on the balance sheet. DCF helps measure
  the strength and quality of a firm's cash flow. Dual cash
  flow is calculated by taking Operating Dual Cash Flow and
  subtracting from it the Balance Sheet Dual Cash Flow.

DCF: BSCF Q1-Q4
  The balance sheet dual cash flow used in the Dual Cash
  Flow Screen for each of the last four fiscal quarters.
  
DCF: OCF Q1-Q4
  The operating dual cash flow used in the Dual Cash Flow
  Screen for each of the last four fiscal quarters. There
  is a belief that operating cash flow acts as an indicator
  of company performance and profitability.

To learn more about these new fields and screen, refer to
the A Basic Value Rule of Thumb for Screening Stocks and
Dual Cash Flow articles in the Pre-Defined Stock Screening
section of the Help system.

*******************************************************************

ADR - adjusted shares outstanding (9/29/2000 Release)

Beginning with the October release of Stock Investor, shares 
outstanding for ADRs (American Depository Receipts) are reported on
an ADR-adjusted basis. The calculation involves taking shares
outstanding as reported by the company and dividing it by the
company's 'shares per ADR' number, which can be found on the Share
Statistics set tab of the Overview tab within Stock Investor.

*******************************************************************

New fields and screens (9/1/2000 Release)

New fields

- Multiples

PE to Div Adj EPS Est growth

- Price and Share Statistics

Insiders-net shares purchased
Net Insider Buys % Shares Out.
Short Interest % Change

New Screens

- Neff, John
- Insider Net Buys
- Short Interest % Shares Out.
- Short Interest Change-Up
- Short Interest Ratio

*******************************************************************

Weekly data update through our Web site

We now offer weekly updates of earnings estimates and price sensitive
data in Stock Investor Pro through the Web site. The weekly update
program should be available every Monday by 12:00 P.M. Central time.

The following program groups are updated:
- Earnings estimates
- Growth rates
- Multiples
- Price and share statistics
- Valuations
- Averages and medians for the complete universe
- Sector and industry medians
- Percentile ranks

You will still need to install your monthly CDs to update the complete
 program database. 

The update program can be downloaded from the AAII Web site at:
www.aaii.com/simember/downloads/

Instructions for downloading and running the update program can be
found at the Stock Investor download page on the Web site.

Web Site Login

When prompted, enter your entire 10-digit member number (found on your
Stock Investor mailing label or membership card) as your user name and
password. 

Note that there are NO spaces, NO alphabetic characters and NO 
punctuation. See the following example: 

*********************AUTO**5-DIGIT 30342
MBR	00123456 78   SEPTEMBER-  2000
MEMBER NAME	          AV1
STREET ADDRESS
CITY	STATE  01234-5678
 
If you look at the above sample label, you would enter the number
0012345678 (as one number) for your user name and password.

If you have saved your user name and password in the past, you will
be automatically logged in.

*******************************************************************

One of the following errors are displayed when you try to 
run Stock Investor:

Error #: 1733
Message: Class Definition crcont.CrystalReportsContainer
Line #: 6
Method: init
Object: DMSCrystalReport

Error #: 1426
Message: OLE error code Ox80040154
Class not registered
Line #: 27
Method: Init
Object:  application

These are open issues with some Windows 95 systems. If you receive
one of these messages, please contact technical support at
techsupport@aaii.com. When contacting us please indicate the version
numbers of both Windows and Internet Explorer that you have installed
on your computer. Also indicate if your computer shut down correctly
after installation.

If you have Internet Explorer 4 with service pack 2 or higher, you
can try the following:

For error 1733:

- Click Start-Run.
- In the open box, type the following line exactly as it appears:
c:\windows\system\regsvr32.exe crcont.dll
- Click ok.
You should receive a message saying "DllRegisterServer in crcont.dll
succeeded."
- Click ok.
- Run Stock Investor.

For error 1426:

- Click Start-Run.
- In the open box, type the following line exactly as it appears:
c:\windows\system\regsvr32.exe flpgrf.ocx
- Click ok.
You should receive a message saying "DllRegisterServer in
flpgrf.ocx succeeded."
- Click ok.
- Run Stock Investor.

*******************************************************************

Revisions (6/2/2000 Release)


* Monthly price and volume data extended to 10 years
* Field name change: Monthly price and volume data fields
* Revised DRP data
* Utilities: Report of companies deleted from portfolio fixed
* SSG files report 10 years of annual high and low prices


* Monthly price and volume data extended to 10 years
Monthly high price, low price, close price and volume data extended
from five years to ten years. Views for the monthly price data were
adjusted to deal with the additional data.

* Field name change: Monthly price and volume data fields
The field names of the monthly high price, low price, close price,
volume and price date slightly modified to deal with 120 months of
reported periods. Three digits, an increase from two, are used to 
identify each period. For example, the close for the most month end 
was change from Price M01 to Price M001. The change allows the 
fields to be displayed in chronological order with the most recent 
data listed first. A conversion program updates any user files to 
deal with the change.

* Revised DRP data
The dividend reinvestment plan (DRP) data for Stock Investor was 
updated in connection with the June 2000 AAII Journal DRP guide.

* Utilities: Report of companies deleted from portfolio fixed
The Check Portfolios function of the Stock Investor Utilities 
program removes company entries that are no longer tracked by 
Stock Investor from user portfolios. The report that lists deleted
entries has been fixed. 

* SSG files report 10 years of annual high and low prices


*******************************************************************

Changes and Upgrades, and Open Issues (4/28/2000 Release)

* Partial installation option fixed

* Missing report file included with installation
The report file that allows users to print the company summary report
for all stocks in the active notebook was not included on the 
3/31/2000 release disk. The file is now included.

* Ranking system fix regarding sorting of industry, S&P membership &
Dow membership Ranking the notebook by industry, S&P membership, 
& Dow membership did not work with 3/31/2000 release. This issue has 
been corrected with 4/28/2000 release.


* Screen editor fix regarding use of enter key
The screen editor did not accept the use of the <Enter> key to select
fields. It has been upgraded to accept the use of the <Enter> key 
when selecting fields.

* Notebook save fix
The save notebook function was fixed to save modified notebooks. 
Saved notebooks can be used to automatically apply a portfolio, 
screen, view and rank order.

* View report: Adjustment in display of fields 
View report adjusted to better display the column headers.


* Field name change: Flash - EPS (diluted continuing)
"Flash - EPS (diluted continuing)" name changed to 
"Flash - EPS-Diluted Continuing" This change corrects problems users
had trying to make use of the field in custom fields. 


Features and Changes to Version 3.5 (3/31/2000 Release)

Installation:
* User has option to add Stock Investor program and Utilities 
icon to the desktop

Help System:
The help system should answer all of your basic questions about the
program and its data.

You can open the Help System while in Stock Investor by:
* Pressing the  <F1> key
* Clicking on the Help menu and then selecting Contents and Index

The help system can also be opened by clicking the Start button 
(from the Taskbar) and selecting 
Programs > AAII > Stock Investor Pro > Help.

Changes and new features to the Help system include:
* Field definitions are now listed categorically (growth rates, price 
and share statistics, etc.) as well as alphabetically.

* Sector and industry classifications have been restructured and allow
you added flexibility in locating specific industries or sectors.

* Animated Demonstrations. Responding to user requests for demonstrations
of the various functions of Stock Investor, we have developed animated 
demonstrations that walk you though such areas as:

   - Finding a particular company in the database
   - Creating a Screen
   - Creating a Portfolio
   - Creating a View
   - Creating a Custom Field
You will find links to these demonstrations at the related Help topic area
of the Help system.

* Linked Help Topics. If you require assistance while using a part of 
Stock Investor 3.5, users are now given links to specific help topics 
for selected areas. Direct links to the Help System can be found at the 
following locations:


   - Custom Field Editor
   - Delete Section
   - Export Data Section
   - Import Portfolio 
   - Open Notebook
   - Rename Section
   - Rank Section

Program Start-up
* Editors for portfolios, screens, views, and custom fields are not 
initialized when the program first starts up. This should help to improve
the speed of the initial program start-up, but there will be a wait the 
first time an editor is called during a Stock Investor session.

Stock Notebook
* Stock notebook module was rewritten for added stability.
* Notebook should not exhibit an automatic close on selection of financials 
tab for certain companies.
* A single company should not be repeated throughout the view display as 
the notebook is initiated after a load.
* Maximized notebook automatically adjusts to the resize of the program window.

Find Company Dialog
* Rewritten to show cursor in the find company box.

Portfolios
* Import module will correctly handle lower case tickers.
* Export adds the fixed width file type to allow exporting of tickers without 
addition of quotes around text fields.

Views
* Views allow inclusion of industry and sector data. Views are used for display,
printing, and exporting so users can compare company and industry data more closely.
* Right click on column header brings up menu to change rank order.

Screening
* Users can now compare fields against the universal average. For example a 
screen for companies with a market cap above the overall database average. We have
kept the option to screen against the universal, industry, and sector median.
* The collapse all button has been added to the field picker within the screening 
editor. Clicking on this button will collapse or close all open branches within the 
field picker.

Custom Fields
* Tool tip is displayed when cursor is over function in picker.
* The list of identified functions now includes:
  - ABS()
  - Between()
  - Ceiling()
  - Exp()
  - FV()
  - GrowthRate()
  - Floor()
  - IIF()
  - Int()
  - IsFieldNull()
  - Max()
  - Min()
  - Payment()
  - PV()
  - Sign()

Reports
* Reporting module has been completely rewritten.
* Report Now Include:

- Company Summary - Selected Company: 
One-page snapshot of company including a monthly high-low price 
chart, company description, percentage-change price data, 
earnings surprise data, quarterly earnings per share and sales 
data in tabular form for easy, same-quarter comparison, growth
rates, earnings estimates, multiples and ratios for the most 
recent twelve-month period and for each of the last five fiscal 
years and, lastly, selected income statement, cash flow statement, 
and balance sheet items for the most recent twelve-month period 
and for each of the last five fiscal years.


- Company Summary - All Companies in Active Notebook:
New feature that will print a company summary for all companies 
within the active notebook. One item to note is that when you are 
printing multiple company summary reports, the price chart is 
replaces with additional company data. 

- Comprehensive Company Report - New Report that allows user to 
select which detailed notebook tabs to print for a given company.

- Comprehensive Company Report - All Companies in Active Notebook: 
New feature that will allow user to select sections of data to print 
for all companies within the active notebook.

- View Report - Selected company: Traditional view report but 
printed for only the selected company. User has the option of 
printing company items down the page or across the page.

- View Report - All Companies in Active Notebook: Traditional view 
report for all companies in the active notebook. User has the option 
of printing company items down the page (with companies spread out 
horizontally) or across the page (with companies going down the page).

- Statistical Summary - Entire Database: Reports on average, median, 
high, low, and count for all companies in database. Reported fields 
are determined by the selected view report. 


- Statistical Summary - Active Notebook: Reports on average, median, 
high, low, and count for active companies in database. Reported fields 
are determined by the selected view report.

- Industry Medians: Reports medians for all available industry and 
sector median fields.


New data fields

*In response to user requests and to improve the program, the 
following data fields were added to 3.5:

- % Rank

% Rank-EPS Dil Cont-Growth 12m, 1yr, 3yr, 5yr, 7yr
% Rank-Operating margin 12m, Y1-Y7
% Rank-Receivables turnover 12, Y1-Y7
% Rank-Rel Strength-Weight 4Qs
% Rank-Times interest earned 12m, Y1-Y7

- Balance Sheet - Quarterly

Flash - Cash
Flash - Equity (common)
Flash - Long-term debt

- Company Information

Analyst's footnotes
MG average senior debt rating
Number of employees
Web address

- Earnings Estimates

Date--Latest Quarterly EPS
EPS Est Last week Q0, Q1, Y0, Y1, Y2
EPS Est Std. dev. Q0, Q1, Y0, Y1, Y2
EPS Growth Est-Std. dev.
EPS-Latest Reported Qtrly.
Quarterly Surprise-Date
Quarterly Surprise-Difference
Quarterly Surprise-EPS
Quarterly Surprise-Est
Quarterly Surprise-Percent
Quarterly Surprise-Std. dev.
Quarterly Surprise-SUE Q1

- Growth Rates
 
EPS Cont-Growth from Y3 to Y2, Y4 to Y3
EPS Cont-Growth LS 3yr, 5yr
EPS Cont-Growth R2 7yr
EPS Dil Cont-Growth 12m, 1yr, 3yr, 5yr, 7yr
EPS Dil Cont-Growth from Q5 to Q1, Q6 to Q2, Q7 to Q3, Q8 to Q4
EPS Dil-Growth 12m, 1yr, 3yr, 5yr, 7yr
EPS Dil-Growth from Q5 to Q1, Q6 to Q2, Q7 to Q3, Q8 to Q4
Gross Income-Growth 12m
Gross Income-Growth from Q5 to Q1, Q6 to Q2, Q7 to Q3, Q8 to Q4
Net Income-Growth 12m, Q5 to Q1, Q6 to Q2, Q7 to Q3, Q8 to Q4
Sales-Growth LS 3yr, 5yr
Sales-Growth R2 7yr


- Income Statement - Annual

Depreciation 12M, Y1-Y7

EPS-Continuing Diluted 12m, Y1-Y7
EPS-Diluted 12m, Y1-Y7
Gross income 12M, Y1-Y7
Interest expense-non-op. 12m, Y1-Y7
Unusual income 12m, Y1-Y7

- Income Statement - Quarterly

Depreciation Q1-Q8
EPS-Continuing Diluted Q1-Q8
EPS-Diluted Q1-Q8

Flash - Date
Flash - EPS (diluted continuing)
Flash - Gross operating income
Flash - Income for primary EPS
Flash - Pre-tax income
Gross income Q1-Q8
Interest expense-non-op. Q1-Q8
Unusual income Q1-Q8

- Price and Statistics

Price Change 3yr Annual
Price Change 3yr Mean
Price Change 3yr Std. Dev.
Price Change 4 week, 13 week, 26 week, 52 week
Price Date
Short interest % of float M1, M2
Short interest % of shares M1, M2
Short interest M1, M2

- Prices - Annual

Price--Volume Y1-Y7


- Prices - Monthly Volume

Price--Volume M01-M60

- Ratios

Operating margin - 5 year avg.
Operating margin 12m, Y1-Y7
Receivables turnover 12m, Y1-Y7
Times interest earned 12m, Y1-Y7

Removed data fields
*The following data fields have been removed from the program

- % Rank

% Rank-EPS Growth Est-High
% Rank-EPS Growth Est-Last month
% Rank-EPS Growth Est-Low
% Rank-Short interest ratio M3, M4
% Rank-Total assets Q2-Q8

- Company Information

Optionable

- Income Statement - Quarterly

Flash - EPS (continuing)
Flash - quarter

- Price and Share Statistics

Moving Average 200 day
Short interest date M3, M4
Short interest ratio M3, M4

************************************************
