processing sequence.

Discussion \[sec:discussion\]
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Morphology of the Color-Magnitude Diagram
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The CM diagrams for the POS1 and POS2 fields are shown in Figures \[fig:cm\] and \[fig:m31cm\]. For stars bluer than = 3 the magnitudes have been transformed from F555W and F814W to Johnson-Cousins [*V*]{} and [*I*]{} using the coefficients of Holtzman (1995). The color terms determined by Holtzman are poorly constrained for [*very*]{} red stars. They are approximately zero at = 2.5 (the reddest color for which good measurements exist) and we have consequently adopted zero color terms for all stars with $ > 3.0$. The magnitudes have also been dereddened assuming E([*B-V*]{}) = 0.08 (Burstein & Heiles 1982) and using the absorptions tabulated by Holtzman (1995) for stars of K5 spectral type. An electronic version of the photometry table is available on request from CJG.

The most striking feature in Figure \[fig:cm\] is the obviously composite nature of the CM diagram — there is a wide spread in the colors of the giants. Particularly interesting is the strongly enhanced red sequence that bends over at $I\approx 21.2,$ and extends to extremely red ($V-I> 4$) colors. While Freedman (1989) and Davidge & Jones (1992) showed that the giant branch 