21.   Of course, if the funds sell many stocks at a loss, any gains going forward under their new manager may be offset.

22.   Pincus begs to differ, noting that the fund has sold shares in the Huffy Corp. and in Morgan Foods, a Cleveland company not related to Morgan.

23.   President Fidel Ramos said Wednesday he was unaware if government pension funds have sold San Miguel shares.

24.   Richter added his fund has sold longer-dated securities and built up holdings in cash recently.

25.   Remember, the tax liability comes only when the fund sells securities and thus realizes a gain or loss.

26.   Richter added his fund has sold longer-dated securities and build up holdings in cash recently.

27.   Still, the Germany funds are selling at big discounts to their net asset value.

28.   Some pension funds have been selling their holdings.

29.   Such funds often sell some stocks short, a bet that they will decline in value, to provide some insurance if the market declines.

30.   Technically linked selling and commodity fund selling in Chicago were blamed.