Steve,
It should look like this.
Microsoft (R) Macro Assembler Version 6.14.8444
Copyright (C) Microsoft Corp 1981-1997. All rights reserved.
Assembling: testinst.asm
***********
ASCII build
***********
Volume in drive K is 2tb_k
Volume Serial Number is 88B3-84DA
Directory of K:\masm32\testinst
10/03/2011 06:02 PM 4,832 testinst.asm
03/28/2013 12:40 AM 2,560 testinst.exe
03/10/2006 10:48 AM 2,218 testinst.inc
03/28/2013 12:40 AM 3,184 testinst.obj
09/18/2011 12:02 AM 434 testinst.xml
5 File(s) 13,228 bytes
0 Dir(s) 972,604,796,928 bytes free
Normal questions, what OS version, is POLINK present in the BIN directory ?