04-19-1998   15:35:51     SYMBOL RATE OF RETURN REPORT
                              12-31-97 to  3-31-98     *Includes options writing
EMS  Earl's Schwab Account 1111-111
---Initial Value ---  Additional     Net    Realized  ---Final Value ---    ROR%
  Date         Value  Investment   Income          Price Date      Value
AGE       AG Edwards            Stock
 3-30-98       4,450                                  3-31-98      4,400  -98.39
AIT       Ameritech Corp        Stock
12-31-97      16,100                  120             3-31-98     19,775  136.90
JPM       JP Morgan             Stock
12-31-97      12,015        101       101             3-31-98     14,405  108.76
MSFT     *Microsoft             Stock
12-31-97      25,850      1,235                1,465  4-17-98     34,125  226.28
RNE       Russia New Europe     Stock
12-31-97       4,775                  720             3-31-98      4,838    5.42
SCHWAB    Schwab Money Market   Cash-Liquid
12-31-97         590                   35             3-31-98      8,845    4.85
VMFAP     MSFT Jan '99 80 CALL  Call
 1-27-98           0      1,235                1,465  3-31-98     -1,675  Option

Portfolio EMS
12-31-97      58,740      7,021       942      2,930  3-31-98     77,542
From options writing     -1,235                1,465

Type $ (Liquid Cash) Totals
12-31-97         590     12,706        35             3-31-98      8,845