Document:

EXHIBIT 4.3

                      POLICY MANAGEMENT SYSTEMS CORPORATION
                       1999 BROAD BASED STOCK OPTION PLAN

                                  1.   PURPOSE
                                       -------

The  purpose  of  this  Plan is to enhance the profitability and value of Policy
Management  Systems Corporation ("PMSC") and to promote the interest of PMSC and
its  subsidiaries  by  granting  Options  to purchase PMSC Common Stock ("Common
Stock")  to eligible full-time employees of PMSC in order: (1) to attract and to
retain  such persons; (2) to provide an additional incentive to each such person
to  work  to  increase  the  value of Common Stock; and (3) to provide each such
person with a stake in the future of PMSC which corresponds to the stake of each
of  PMSC's  shareholders.

                          2.  SHARES SUBJECT TO OPTIONS
                              -------------------------

Subject  to  adjustment  pursuant  to the provisions of Article 13 hereof, there
shall  be  100  shares of Common Stock reserved for use under this Plan for each
"Eligible  Person,"  as defined below in Article 4.  Such shares of Common Stock
shall  be reserved to the extent that PMSC deems appropriate from authorized but
unissued  shares  of  Common Stock.  Shares of Common Stock covered by an Option
that shall have been exercised shall not again be available for an Option grant.
If  an  Option  shall  terminate  or  expire for any reason without being wholly
exercised,  the  number of shares to which such Option termination relates shall
not  be  available  for  further  grant  hereunder.

                               3.  EFFECTIVE DATE
                                   --------------

The  effective date of this Plan shall be January 21, 2000 or such later date as
the  Committee  may  specify if such date is specified prior to January 21, 2000
(the  "Effective  Date").

                                 4.  ELIGIBILITY
                                     -----------

An  Eligible Person under this Plan is any individual who, on the Effective Date
of  the  Plan,  is a full-time employee of PMSC or one of its direct or indirect
wholly  owned  subsidiaries and (i) who is not a current or former officer (vice
president  and  above)  or  director  of  PMSC;  (ii)  who  is not employed as a
"Technical  Service  Provider";  and  (iii)  who did not accept a grant of stock
options or bonus units during calendar year 1999. If necessary, as  based on the
advice  of  PMSC's General Counsel, the definition of eligibility under the Plan
will  be  adjusted to comply with the local law of a jurisdiction in which it is
offered.  Individuals  who  become  eligible  based  on  such advice from PMSC's
General  Counsel  will  be  notified  in  writing  of  their  eligibility.

<PAGE>
                             5.  PLAN ADMINISTRATION
                                 -------------------

This  Plan  shall  be administered by the Compensation Committee of the Board of
Directors (the  "Committee").  The Committee, acting in its absolute discretion,
shall  exercise  such  powers and take such action as expressly called for under
this  Plan.  The  Committee  shall  have  the  power  to interpret this Plan and
(subject  to  the  terms  of  this  Plan)  to  take  such  other  action  in the
administration and operation of this Plan as the Committee deems equitable under
the  circumstances.  All  actions  of the Committee shall be binding on PMSC, on
each affected "Optionee"  (being those Eligible Persons who were granted Options
under  this  Plan),  and on each other person directly or indirectly affected by
such  action.

                              6.   GRANT OF OPTIONS
                                   ----------------

The  grant  to  each  Eligible Person of  Options to purchase 100 shares of PMSC
Common  Stock  shall  be  effective  for  each Eligible Person upon the close of
business on the Effective Date.  At the election of the Committee, each grant of
an  Option  may be evidenced by an Option Agreement incorporating such terms and
conditions  as  the Committee acting in its absolute discretion deems consistent
with  the  terms  of  this  Plan.  An  Option  Agreement  may include additional
provisions  and  restrictions  which  are  not  inconsistent  with  this  Plan.

The  Committee  shall  have the authority to revoke the grant of an Option under
the  Plan  if,  based  on the advice of PMSC's General Counsel, it is determined
that  the securities and/or exchange control laws of a given jurisdiction render
the  granting  of  an  Option  adverse  to  the  interests  of  PMSC.

                                7.  OPTION PRICE
                                    ------------

The Option Price for each share of Common Stock subject to an Option shall be no
less  than Fair Market Value of a share of Common Stock on the Effective Date of
the  grant  of  the  Option.  "Fair Market Value" means the closing price on the
Effective  Date  for a share of Common Stock on the national securities exchange
on  which  the Common Stock is listed.  If no such price quotation is available,
"Fair  Market  Value"  shall  mean  the price which the Committee acting in good
faith  determines through any reasonable valuation method that a share of Common
Stock  would  change hands between a willing buyer and a willing seller, neither
being  under  any  compulsion  to  buy  or  to  sell  and both having reasonable
knowledge  of  the  relevant  facts.

                           8.  VESTING/EXERCISE PERIOD
                               -----------------------

8.1  Vesting  of  Option.  Subject  to  the Termination of Service provisions of
     -------------------
Article  10  hereof,  Options  granted under this Plan shall vest in full on the
    -
third  anniversary  of  the  date  they  were  granted  or upon the death of the
Optionee.

8.2  Term  of  Option.  Subject  to  the  terms  of  this  Plan  and any further
     ----------------
restrictions  which  may  be  contained in an Option Agreement, an Option may be
    -----
exercised  in  whole  or  in  part,  with  respect  to

<PAGE>
whole shares only, during the Term commencing on the third anniversary following
the  date such Option is granted or upon the death of the Optionee and ending on
the  earlier  of:

               (1)     the  date  such  Option  is  exercised  in  full;  or

(2)     the  date  which  is  one day prior to the tenth anniversary of the date
such  Option  is  granted.

8.3     Option  Exercise; Withholding .4  Option Exercise; Withholding.  Subject
---     -----------------------------     ----------------------------
to  such  terms  and  conditions  as may be specified in an Option Agreement, an
otherwise  exercisable  Option may be exercised in whole or in part at any time,
with  respect to whole shares only, within the period permitted for the exercise
thereof,  and  shall  be  exercised  by written notice of intent to exercise the
Option  with  respect  to  a specified number of shares delivered to PMSC at its
principal  office,  and  payment in full to PMSC at said office of the amount of
the  Option  Price  for the number of shares of the Common Stock with respect to
which  the Option is then being exercised.  Payment of the Option Price shall be
made:  (i)  in  cash  or  by  cash  equivalent;  (ii)  at  the discretion of the
Committee,  in  Common Stock that has been held by the Optionee for at least six
(6)  months  (or  such  other  period  as the Committee may deem appropriate for
purposes  of  applicable  accounting  rules), valued at the Fair Market Value of
such  shares determined on the date of exercise;  (iii) at the discretion of the
Committee,  by a delivery of a notice that the Optionee has placed a market sell
order  (or  similar  instruction) with a broker with respect to shares of Common
Stock  then  issuable  upon exercise of the Option, and that the broker has been
directed  to pay a sufficient portion of the net proceeds of the sale to PMSC in
satisfaction  of  the  Option  Price  (conditioned  upon the payment of such net
proceeds);  (iv)  at  the  discretion  of the Committee, by a combination of the
methods  described  above; or (v) by such other method as may be approved by the
Committee.  In  addition  to and at the time of payment of the Option Price, the
Optionee  shall pay to PMSC the full amount of all federal and state withholding
and  other  employment  taxes  required  to  be withheld in connection with such
exercise,  in  any  manner consistent with the foregoing that is approved by the
Committee.

                             9.  NONTRANSFERABILITY
                                 ------------------

 .5  Nontransferability  of  OptionAll  Options  shall be nontransferable except
     ------------------------------
upon  the  Optionee's  death,  by the Optionee's will or the laws of descent and
distribution  upon  the  Optionee's  death.

                           10.  TERMINATION OF SERVICE
                                ----------------------
10.1     Death  .1  Death.  If  an Optionee shall die at any time after the date
         -----      -----
of  grant  and  while  an  Eligible Person, the executor or administrator of the
estate  of  the  decedent, or the person or persons to whom an Option shall have
been  validly  transferred  in accordance with this Plan pursuant to will or the
laws of descent and distribution, shall have the right, during the period ending
one  (1) year after the date of the Optionee's death (subject to the term of the
Option), to exercise the Optionee's Option to the extent that it  shall not have
been  previously  exercised.

<PAGE>
10.2   Other  Termination  of  Service  .4  Other Termination of Service. Unless
       -------------------------------      ----------------------------
otherwise  provided  by the Committee or  as set forth in an Option Agreement or
as  set  forth herein, if an Optionee's employment or other service with PMSC or
any  PMSC direct or indirect subsidiary shall be terminated for any reason other
than  death  (including  by  reason  of retirement), the Optionee shall have the
right, during the period ending ninety (90) days after such termination (subject
to  the  term  of  the  Option), to exercise an Option to the extent that it was
exercisable  at  the date of such termination and shall not have been exercised.
10.3  Other  Circumstances. Notwithstanding any other provision of this Plan and
      --------------------
upon  death  or  a termination of employment or service,  the Committee may, but
shall  not  be required to do so, in its sole and absolute discretion, permit an
Optionee  to  exercise  outstanding Options (including Options that have not yet
become  exercisable)  sooner  or later than would otherwise be permitted by this
Plan  and/or  an  Option  Agreement.

                          11.  SECURITIES REGISTRATION
                               -----------------------

Each  Option  Agreement shall provide that, upon the receipt of shares of Common
Stock as a result of the surrender or exercise of an Option, the Optionee shall,
if so requested by PMSC, hold such shares of Common Stock for investment and not
with  a  view  of  resale  or distribution to the public and, if so requested by
PMSC,  shall  deliver  to  PMSC  written  statement satisfactory to PMSC to that
effect.  As  for  Common Stock issued pursuant to this Plan, PMSC at its expense
shall  take  such  action  as  it deems necessary or appropriate to register the
original  issuance  of  such Common Stock to an Optionee under Securities Act of
1933,  as  amended, and under any other applicable securities laws or to qualify
such  Common Stock for an exemption under any such laws prior to the issuance of
such  Common  Stock  to  an  Optionee;  provided,  however,  PMSC  shall have no
obligation  whatsoever  to take any such action in connection with the transfer,
resale  or  other  disposition  of  such  Common  Stock  by  an  Optionee.

                                12.  LIFE OF PLAN
                                     ------------

No  Option shall be granted under this Plan on or after the tenth anniversary of
the  effective  date of this Plan, in which event this Plan otherwise thereafter
shall  continue in effect until all outstanding Options have been surrendered or
exercised  in  full  or  no  longer  are  exercisable.

                                13.   ADJUSTMENT
                                      ----------

 .2  AntidilutionIn  the  event  of  a  reorganization,  recapitalization, stock
     ------------
split,  stock  dividend,  combination of shares, merger or consolidation, or the
sale,  conveyance,  or other transfer by PMSC of all or substantially all of its
property,  or  any  other  change  in the corporate structure or shares of PMSC,
pursuant  to any of which events the then outstanding shares of Common Stock are
split  up  or combined, or are changed into, become exchangeable at the holder's
election  for,  or  entitle the holder thereof to cash, other shares of stock or
any  other  consideration,  or in the case of any other transaction described in
section 424(a) of the Code, the Committee may change in the manner that it shall
deem  to  be
<PAGE>
equitable  and  appropriate  the  number  and  kind  of  shares  (including  by
substitution of shares of another corporation) subject to the Options and/or the
Option  Price  of  such  shares.  An  adjustment  made under this Section by the
Committee  shall be conclusive and binding on all affected persons and, further,
shall  not constitute an increase in the number of shares reserved under Article
2  within  the  meaning  of  Article  14  of  this  Plan.

                               14.  PLAN AMENDMENT
                                    --------------

The  Board  may  at  any time and from time to time and in any respect, amend or
modify this Plan. Notwithstanding the foregoing, no amendment or modification of
this Plan shall in any manner: (i) affect any Option theretofore granted without
the  consent of the Optionee or the permitted transferee of the Option;  or (ii)
reduce  the exercise price at which Options may be granted below the Fair Market
Value  of  the  Common  Stock  on  the  effective  date  of  grant.

                               15.  MISCELLANEOUS
                                    -------------

15.1     No  Shareholder  Rights.  No  Optionee  shall  have  any  right  as  a
         -----------------------
shareholder  of  PMSC  or  any  subsidiary as a result of the grant of an Option
under  this  Plan or the exercise of such Option, pending the actual delivery of
the  Common  Stock  subject  to  such  Option  to  such  Optionee.

15.2     No  Contract  of  Employment.     The grant of an Option to an Optionee
         ----------------------------
under  this  Plan  shall  not  constitute a contract of employment and shall not
confer  on  an  Optionee any rights upon his or her termination of employment in
addition  to  those  rights,  if any, expressly set forth in an Option Agreement
which  evidences  his  or  her  Option.

15.3     Withholding.     The  exercise  of  any  Option granted under this Plan
         -----------
shall  constitute an Optionee's full and complete consent to whatever action the
Committee directs to satisfy the federal and state tax withholding requirements,
if any, which the Committee in its discretion deems applicable to such exercise.

15.4     Data  Privacy.  By  participating  in  this  Plan,  the  Optionee:  (i)
         -------------
authorizes  PMSC  and  any  agents  and  affiliates  administering  the  Plan or
providing  Plan  recordkeeping services to disclose such information and data as
is  necessary  to  facilitate the grant of options and the administration of the
Plan;  (ii)  waives  any  data privacy rights he or she may have with respect to
such  information;  and  (iii)  authorizes  the  storage and transmittal of such
information  in  electronic  form.

<PAGE>
15.5     Construction.     This  Plan  shall  be construed under the laws of the
         ------------
State  of  South  Carolina.

IN  WITNESS WHEREOF, PMSC has caused its duly authorized officer to execute this
Plan  effective as of  _________, _______ to evidence its adoption of this Plan.

                         POLICY  MANAGEMENT  SYSTEMS  CORPORATION

                         BY:     ________________________________________
                                           G.  Larry  Wilson
                                           President<PAGE>

                                                             Executed in 6 Parts
                                                            Counterpart No. (  )

                              NATIONAL EQUITY TRUST

                            LOW FIVE PORTFOLIO SERIES 32

                            REFERENCE TRUST AGREEMENT

            This Reference Trust Agreement dated May 24, 2000 among Prudential
Securities Incorporated, as Depositor and The Chase Manhattan Bank, as Trustee,
sets forth certain provisions in full and incorporates other provisions by
reference to the document entitled "National Equity Trust Low Five Portfolio
Series, Trust Indenture and Agreement" (the "Basic Agreement") dated April 25,
1995. Such provisions as are set forth in full herein and such provisions as are
incorporated by reference constitute a single instrument (the "Indenture").

                                  WITNESSETH THAT:

            In consideration of the premises and of the mutual agreements herein
contained, the Depositor and the Trustee agree as follows:

                                     Part I.

                     STANDARD TERMS AND CONDITIONS OF TRUST

            Subject to the provisions of Part II hereof, all the provisions
contained in the Basic Agreement are herein incorporated by reference in their
entirety and shall be deemed to be a part of this instrument as fully and to the
same extent as though said provisions had been set forth in full in this
instrument except that the Basic Agreement is hereby amended in the following
manner:

      A.    Article I, entitled "Definitions", paragraph 22, shall be amended as
            follows:

<PAGE>

                                       -2-

            "Trustee shall mean The Chase Manhattan Bank or any successor
            trustee appointed as hereinafter provided."

      B.    Article II, entitled "Deposit of Securities; Acceptance of Trust",
            shall be amended as follows:

            The second sentence of Section 2.03 Issue of Units shall be amended
            by deleting the words "on any day on which the Depositor is the only
            Unit Holder."

      C.    Article III, entitled "Administration of Trust", shall be amended as
            follows:

            (i)     Section 3.01 Initial Costs shall be amended to substitute
                    the following language:

                    Section 3.01. Initial Cost The costs of organizing the Trust
                    and sale of the Trust Units shall, to the extent of the
                    expenses reimbursable to the Depositor provided below, be
                    borne by the Unit Holders, provided, however, that, to the
                    extent all of such costs are not borne by Unit Holders, the
                    amount of such costs not borne by Unit Holders shall be
                    borne by the Depositor and, provided further, however, that
                    the liability on the part of the Depositor under this
                    section shall not include any fees or other expenses
                    incurred in connection with the administration of the Trust
                    subsequent to the deposit referred to in Section 2.01. Upon
                    notification from the Depositor that the primary offering
                    period is concluded, the Trustee shall withdraw from the
                    Account or Accounts specified in the Prospectus or, if no
                    Account is therein specified, from the Principal Account,
                    and pay to the Depositor the Depositor's reimbursable
                    expenses of organizing the Trust and sale of the Trust Units
                    in an amount certified to the Trustee by the Depositor. If
                    the balance of the Principal Account is insufficient to make
                    such withdrawal, the Trustee shall, as directed by the
                    Depositor, sell Securities identified by the Depositor, or
                    distribute to the Depositor Securities having a value, as
                    determined under Section 4.01 as of

<PAGE>

                                      -3-

                    the date of distribution, sufficient for such reimbursement.
                    The reimbursement provided for in this section shall be for
                    the account of the Unitholders of record at the conclusion
                    of the primary offering period and shall not be reflected in
                    the computation of the Unit Value prior thereto. As used
                    herein, the Depositor's reimbursable expenses of organizing
                    the Trust and sale of the Trust Units shall include the cost
                    of the initial preparation and typesetting of the
                    registration statement, prospectuses (including preliminary
                    prospectuses), the indenture, and other documents relating
                    to the Trust, SEC and state blue sky registration fees, the
                    cost of the initial valuation of the portfolio and audit of
                    the Trust, the initial fees and expenses of the Trustee, and
                    legal and other out-of-pocket expenses related thereto, but
                    not including the expenses incurred in the printing of
                    preliminary prospectuses and prospectuses, expenses incurred
                    in the preparation and printing of brochures and other
                    advertising materials and any other selling expenses. Any
                    cash which the Depositor has identified as to be used for
                    reimbursement of expenses pursuant to this Section shall be
                    reserved by the Trustee for such purpose and shall not be
                    subject to distribution or, unless the Depositor otherwise
                    directs, used for payment of redemptions in excess of the
                    per-Unit amount allocable to Units tendered for redemption.

            (ii)    The third paragraph of Section 3.05 Distribution shall be
                    amended to add the following sentence at the end thereof:

                    "The Trustee shall make a special distribution of the cash
                    balance in the Income and Principal accounts available for
                    such distribution to Unit Holders of record on such dates as
                    the Depositor shall direct."

            (iii)   The second to the last paragraph of Section 3.08 Sale of
                    Securities shall be amended to replace the word "equal" with
                    the following phrase: "be sufficient to pay."

<PAGE>

                                      -4-

            (iv)    Section 3.14 Deferred Sales Charge shall be amended to add
                    the following sentences at the end thereof:

                    "References to Deferred Sales Charge in this Trust Indenture
                    and Agreement shall include any Creation and Development Fee
                    indicated in the prospectus for a Trust. The Creation and
                    Development Fee shall be payable on each date so designated
                    and in an amount determined as specified in the prospectus
                    for a Trust."

      D.     Reference to United States Trust Company of New York in its
             capacity as Trustee is replaced by the Chase Manhattan Bank
             throughout the Basic Agreement.

      E.     Section 6.05 shall be amended to delete the clause "if the
             Depositor shall determine in good faith that there has occurred
             either (1) a material deterioration in the creditworthiness of the
             Trustee or (2) one or more negligent acts on the part of the
             Trustee having a materially adverse effect, either singly or in the
             aggregate, on the Trust or on one or more Trusts, such that the
             replacement of the Trustee is in the best interest of the Units
             Holders" and insert in place thereof "upon the determination of the
             Depositor to remove the Trustee for any reason, either with or
             without cause, including but not limited to a determination by the
             Depositor that the Trustee has materially failed to perform its
             duties under this Indenture and the interest of Unit Holders has
             been substantially impaired as a result"

                                    Part II.

                      SPECIAL TERMS AND CONDITIONS OF TRUST

            The following special terms and conditions are hereby agreed to:

                  A. The Trust is denominated National Equity Trust, Low Five
             Portfolio Series 32.

                  B. The Units of the Trust shall be subject to a deferred sales
             charge.

<PAGE>

                                       -5-

                  C. The contracts for the purchase of common stock listed in
             Schedule A hereto are those which, subject to the terms of this
             Indenture, have been or are to be deposited in Trust under this
             Indenture as of the date hereof.

                  D. The term "Depositor" shall mean Prudential Securities
             Incorporated.

                  E. The aggregate number of Units referred to in Sections 2.03
             and 9.01 of the Basic Agreement is 125,000 as of the date hereof.

                  F. A Unit of the Trust is hereby declared initially equal to
             1/125,000th of the Trust.

                  G. The term "First Settlement Date" shall mean May 31, 2000.

                  H. The terms "Computation Day" and "Record Date" shall mean on
             the tenth day of August 2000, November 2000, February 2001 and May
             2001.

                  I. The term "Distribution Date" shall mean on the twenty-fifth
             day of August 2000, November 2000, February 2001 and May 2001
             or as soon thereafter as possible.

                  J. The term "Termination Date" shall mean, July 10, 2001.

                  K. The Trustee's Annual Fee shall be $.96 (per 1,000
             Units) for 100,000,000 and above units outstanding; $1.01 (per
             1,000 Units) for 50,000,000 - 99,999,999 units outstanding;
             $1.05 (per 1,000 Units) for 49,999,999 and below units
             outstanding. In calculating the Trustee's annual fee, the fee
             applicable to the number of units outstanding shall apply to all
             units outstanding.

                  L. The Depositor's Portfolio supervisory service fee shall be
             $.25 per 1,000 Units.

                 [Signatures and acknowledgments on separate pages]

<PAGE>

                                      -6-

            The Schedule of Portfolio Securities in Part A of the prospectus
            included in this Registration Statement for National Equity Trust,
            Low Five Portfolio Series 32 is hereby incorporated by reference
            herein as Schedule A hereto.

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