INFORMATION ABOUT SECURITY SALES           PA3.00            PAGE 1 OF 4

To SELL a security, type B from the Master Menu.  Select the portfolio
from which you want to sell and press Enter.  You should see the Trans-
action Register.  Select a tax lot you wish to sell, then type S to
invoke the SELL function.  You cannot "sell" a cash-equivalent trans-
action because that represents an account BALANCE as of a particular
date.

Unless there are two or more saleable tax lots for that security, the
program will then ask you for the number of shares to sell, the date of
sale, and the proceeds.  Use the net proceeds of sale, after deduction
of commission and other expenses.  This information comes from your
brokerage firm or mutual fund statement.  You can sell part of a tax
lot, in which case the program will automatically divide the selected
tax lot into two parts and sell the appropriate portion.

If there are two or more saleable tax lots for the selected security,
a choice must be made.  The way in which shares (or other units) to be
sold are allocated to shares you purchased on different dates is impor-
tant not only to you, but also to the taxing authorities (both Federal
and State).

INFORMATION ABOUT SECURITY SALES                             PAGE 2 OF 4

Several different methods can be used to perform this allocation.  Your
tax advisor should be consulted as to which method is to be used.  In
general, you should probably pick one method and stick to it for all
sales of securities.

The methods are: SELECTED tax lot, ENTIRE holding, LIFO or FIFO.  To
choose the method of allocating shares sold to existing tax lots, type
one of the keys S, E, L or F.  Or, press the Esc key to cancel the SELL
function.  (If there is only one tax lot, the program chooses the S op-
tion for you automatically.)

After you make your choice, the program will first ask you for the num-
ber of shares to sell (if you typed E the program will fill this in for
you).  Next come the date and proceeds of sale.  Use the net proceeds of
sale, after deduction of commission and other expenses.

Sales of any securities in this portfolio will not affect any other
portfolios.  If you want to sell all of your IBM stock in all port-
folios, you will have to sell from each portfolio separately.


INFORMATION ABOUT SECURITY SALES                             PAGE 3 OF 4

Here is further explanation of each of the allocation methods:

S = SELECTED purchase.  This function allows you to sell all or part of
    just the selected purchase (tax lot).  You can select any individual
    purchase which has not already been sold.  If you specify a number
    of shares (or other units) less than the number of shares in the
    selected purchase, the program will automatically divide the exist-
    ing purchase into two parts and sell just the appropriate portion.

E = ENTIRE holding.  This function allows you to sell all purchases of
    the selected security in this portfolio (other portfolios are not
    affected).  The program will automatically calculate the total num-
    ber of shares on hand, and allocate the sale proceeds among the dif-
    ferent purchases according to the number of shares in each.  It will
    also handle rounding errors to insure the individual proceeds of
    sale all add up to the specified total amount.  Of course, purchases
    that had already been sold are left intact.




INFORMATION ABOUT SECURITY SALES                             PAGE 4 OF 4

F = FIFO (First-In, First-Out).  The shares you are selling are alloca-
    ted to existing purchases starting with the first (earliest) one.
    If all of that purchase is to be sold, remaining shares will be
    allocated to the next (later) one, and so on.

L = LIFO (Last-In, First-Out).  The shares you are selling are allocated
    to existing purchases starting with the last (most recent) one. If
    all of that purchase is to be sold, remaining shares will be allo-
    cated to the previous (earlier) one, and so on.

For example, assume you own 200 shares purchased on each of these three
dates: Jan. 2, 1991; Feb. 6, 1991; and March 6, 1991; for a total of 600
shares.  Now, assume you wish to sell 350 shares.

On a FIFO basis, you will be selling all of the shares purchased on Jan.
2 and 150 of the shares purchased on Feb. 6.  On a LIFO basis, you will
be selling all of the shares purchased on March 6 and 150 of the shares
purchased on Feb. 6.  In either case, the program will automatically
divide the Feb. 6 purchase into two separate parts, one with 150 shares
to be sold and the other with the remaining 50 shares.
