$V-I$ and $I-K$ for $I-K>3.5,$ so the $K$-bright stars could fall anywhere within the broad $V-I$ spread at the top of the $I$-band CM diagram. In contrast, the brightest and bluest stars in the Freedman sample might be expected to fall [*above*]{} the tip of the present $I$-band luminosity function; however, there are only 8 stars with $K<17$ and $J-K<1.1$ in the Freedman sample, giving an expectation of just 2 such stars for the PC field. The interesting problem posed by the Freedman (1992) and Elston & Silva (1992) data is that the majority of their $K$-bright stars actually have $J-K$ colors much redder than the Frogel & Whitford (1987) bulge sequence, making them presumably extremely red in $I-K$, and perhaps also $V-I.$ As noted above, there are 14 stars with $I<22$ that have no $V$ counterparts — perhaps these are stars that correspond to a significant fraction of the $K$-bright sample, and for which it will be very interesting to obtain NICMOS observations.

The Metallicity Distribution
----------------------------

We argue that the composite nature of the giant branch in M32 is due to a wide range in metallicity. Gradients in the spectral index observations (see below) imply that the (light-weighted) 