04-17572. Securities Exchange Act of 1934; Order Suspending the Operation of Short Sale Price Provisions for Designated Securities and Time Periods

The Securities and Exchange Commission (“Commission”), by this Order, is establishing a Pilot (“Pilot”) suspending the provisions of Rule 10a-1(a) under the Securities Exchange Act of 1934 (the “Act”) ^[1] and any short sale price test of any exchange or national securities association for: (1) Short sales ^[2] in the stocks identified in Appendix A to this Order; (2) short sales in any security included in the Russell 1000 index effected between 4:15 p.m. EST and the open of the consolidated tape ^[3] on the following day; and (3) short sales in any security not included in paragraphs (1) and (2) above effected in the period between the close of the consolidated tape and the open of the consolidated tape the following day. The Commission is establishing this Pilot for a one-year period commencing on January 3, 2005. The Commission may issue subsequent orders that affect the operation of the Pilot. The Commission finds that the Pilot is necessary and appropriate in the public interest and consistent with the protection of investors.^[4]

I. Short Selling In Designated Securities

During the term of the Pilot, all short selling in the securities identified in Appendix A to this Order shall be effected without regard to the provisions of Rule 10a-1(a) and any short sale price test of any exchange or national securities association. As discussed below, the Commission has selected a subset of stocks from the Russell 3000 index for inclusion in the Pilot, after giving due consideration to the liquidity, volatility, market depth and trading market of these securities.

A pilot that includes a subset of securities from the Russell 3000 provides a balanced and targeted approach to assessing the efficacy of a price test for short sales for a broad range of securities. The average daily dollar volume for the securities in the Russell 3000 index in 2003 was $22.9 million dollars.

We selected the securities to be included in the Pilot by first excluding the 32 securities in the Russell 3000 index as of June 25, 2004 that are not Nasdaq national market securities (“NNM”), listed on the American Stock Exchange (“Amex”), or listed on the New York Stock Exchange (“NYSE”) because short sales in these securities are currently not subject to a price test. We also excluded issuers whose initial public offerings commenced after April 30, 2004.^[5] We then sorted the remaining securities into three groups—Amex, Nasdaq NNM and NYSE—and ranked the securities in each group by average daily dollar volume over the one year prior to the issuance of this order from highest to lowest for the period.^[6] In each group, we then selected every third stock from the remaining stocks.^[7]

The Pilot stocks consist of 50% NYSE listed securities, 2.2% Amex listed securities, and 47.8% Nasdaq NNM securities. The Pilot stocks include stocks that have associated options trading on a registered options exchange or Nasdaq (63.7% of Pilot stocks) and associated securities futures (2.8% of Pilot stocks).^[8]

The Pilot includes securities with varying levels of liquidity, which will enable us to examine whether the absence of a short sale price test affects less liquid and more liquid securities differently. We do not believe that there is sufficient volatility in these securities so as to make them inappropriate for inclusion in the Pilot. In addition, these securities have significant market depth, and are traded on exchanges or other organized markets with high levels of transparency and surveillance, which will enhance the ability of the Commission and self-regulatory organizations (“SROs”) to monitor trading behavior during the Pilot and surveil for manipulative short selling.

The remaining stocks in the Russell 3000 index will function as the control group.^[9] The securities in the control group are similar to the stocks in the Pilot group in terms of the percentage of NYSE, Amex, and Nasdaq securities, as well as securities for which there are associated options and single stock futures.^[10]

We are establishing the Pilot as part of the Commission's review of short sale regulation.^[11] The Pilot is in the public interest because it will assist us in assessing whether changes to short sale regulation are necessary in light of current market practices and the purposes underlying short sale regulation.^[12] The Pilot will enable us to obtain empirical data to help assess whether short sale regulation should be removed, in part or in whole, for actively-traded securities, or if retained, should be applied to additional securities. The Pilot will allow us to study trading behavior in the absence of a short sale price test on the stocks selected by comparing the trading behavior of the control group stocks to that of the Pilot stocks through empirical analysis. We will examine, among other things, the impact of price tests on market quality (including volatility and liquidity), whether any price changes are caused by short selling, costs imposed by a price test, and the use of alternative means to establish short positions.

We do not believe that any variations in prices and trading activity between the Pilot stocks and similar securities not subject to the price test will be problematic. The risk of any adverse impact on the Pilot securities is expected to be small, particularly relative to the benefits of obtaining empirical data regarding trading behavior in the absence of a short sale price test.^[13] A large number of Pilot stocks are actively traded, and as we have previously stated, we believe that actively traded securities are less susceptible to manipulation.^[14] In addition, the Commission and the SROs will monitor trading activity during the Pilot and surveil for manipulative short selling.

We believe that a one-year Pilot will allow the Commission sufficient time to gather and analyze data necessary to reach conclusions regarding trading behavior in the absence of short sale price restrictions. The Commission, however, may, by further order, terminate, extend the period of, or modify the Pilot as it determines necessary or appropriate in the public interest or for the protection of investors. In addition, the Pilot will suspend only the operation of short sale price tests. All other short sale rules, including the other provisions of Rule 10a-1,^[15] the marking, locate and delivery requirements adopted under Regulation SHO,^[16] and applicable SRO rules, will remain in effect.

II. Short Selling During After-Hours Trading

During the Pilot, short sales: (1) In any security included in the Russell 1000 index effected after 4:15 p.m. e.s.t. and the open of the consolidated tape on the following day; and (2) in any security not included either in paragraph (1) or in the designated securities described in Section I above effected between the close of the consolidated tape and the open of the consolidated tape on the following day, shall be effected without regard to the provisions of Rule 10a-1(a) and any short sale price test of any exchange or national securities association.

Securities in the Russell 1000 index are appropriate for inclusion in a Pilot examining short sales between 4:15 p.m. and the close of the consolidated tape.^[17] The Russell 1000 index represents a broad range of securities; it comprises 1,000 of the largest companies in the Russell 3000 index (approximately 92% of the total market capitalization of the Russell 3000 index).^[18] Although there is limited trading volume in these securities after 4:15 p.m., we believe the liquidity is sufficient to allow us to examine the impact of removing short sale price tests.

Moreover, we believe securities in the Russell 1000 index are less susceptible to manipulative short selling in the absence of a price test after 4:15 p.m. than securities of issuers with a lower market capitalization. A subset of the Russell 3000, the Russell 1000 securities generally trade on exchanges or other organized market centers, and we believe that as a result, the investment community widely follows Russell 1000 index securities. Any aberrations in price are likely to be observed and addressed quickly. In addition, while after-hours trading has grown in recent years, the volume is relatively small compared to the volume of trading occurring during regular trading hours when liquidity is greatest and prices reflect active market interest.^[19] Thus, the impact of any manipulative short selling after hours would be less than the effect of such activity during regular market hours because after-hours prices are not widely viewed as indicative of normal market prices. Further, we do not believe that there is sufficient volatility in these securities after hours so as to make them inappropriate for inclusion in the Pilot. The lack of significant market depth in these securities after hours will allow us to examine what effect, if any, removing a short sale price test has where information on buy and sell orders is not as readily available.

This portion of the Pilot will allow us to examine whether removing a price test after the close of regular trading in securities included in the Russell 1000 index would benefit investors and the markets by increasing liquidity and pricing efficiency in these securities in the after-hours market. We will also be able to study whether the absence of a short sale price test enhances a broker-dealer's ability to facilitate customer orders in a security at a specific reference price, such as the closing price or volume weighted average price, that are often executed in the after-market.

For these reasons, we believe that it is appropriate that the Pilot include the suspension of all price tests for all securities included in the Russell 1000 index for short sales effected between 4:15 p.m. and the open of the consolidated tape the following day.^[20]

We are also removing the price tests during the one-year Pilot period for short sales in any other security effected when the consolidated tape is not operating. This portion of the Pilot is important because it will allow us to study the effect of removal of a price test on a broader segment of the market than the other parts of the Pilot while the consolidated tape is not operating. It will also allow us to study whether, and to what extent, removal of the price test after hours will affect regular trading in the security on the following day. Moreover, we do not believe this portion of the Pilot will pose any threat to liquidity or increase volatility in these securities after-hours. Historically, the Commission has found that there is little evidence that significant trading activity occurs when the consolidated tape is not operating,^[21] and there is little transparency or market depth. Nevertheless, the Commission and the SROs will monitor the trading and our analysis of data obtained from the Pilot will also focus on the impact of after-hours short selling.

III. Conclusion

The Commission finds that establishing the Pilot for the reasons stated above is necessary and appropriate in the public interest and consistent with the protection of investors. The Pilot will allow the Commission to obtain empirical data and study the effects of short selling in the absence of price test restrictions.

Accordingly,

A. It is hereby ordered that the suspension of the short sale price tests described below in Paragraph B shall commence on January 3, 2005, and shall terminate on December 31, 2005. The Commission from time to time may issue further orders affecting the operation of this Order.

B. It is further ordered that the provisions of Rule 10a-1(a) and any short sale price test of any exchange or national securities association are suspended with respect to:

(1) Short sales in the securities set forth in Appendix A to this Order;

(2) Short sales in any security included in the Russell 1000 index effected between 4:15 p.m. e.s.t. and the open of the consolidated tape on the following day; and

(3) Short sales in any security not included in paragraphs (1) and (2) above effected between the close of the consolidated tape and the open of the consolidated tape on the following day.

All other provisions of Rule 10a-1 shall remain in effect.

C. It is further ordered that no self-regulatory organization shall have a rule that is not in conformity with or conflicts with the provisions of Paragraph B. All other provisions of the rules of any self-regulatory organization shall remain in effect.

By the Commission.

Jill M. Peterson,

Assistant Secretary.

Appendix A

The following securities are subject to this Order:

Ticker symbol	Company name
A	AGILENT TECHNOLOGIES INC
AAI	AIRTRAN HOLDINGS INC
AAON	AAON INC
ABC	AMERISOURCEBERGEN CORP
ABCO	ADVISORY BOARD CO
ABCW	ANCHOR BANCORP INC
ABGX	ABGENIX INC
ABK	AMBAC FINANCIAL GRP INC
ABMD	ABIOMED INC
ABR	ARBOR REALTY TRUST INC
ABRX	ABLE LABORATORIES INC
ABT	ABBOTT LABORATORIES
ACAI	ATLANTIC COAST AIRLINES
ACAP	AMERICAN PHYSICIANS CAP
ACMR	A C MOORE ARTS & CRAFTS
ACTI	ACTIVCARD CORP
ACV	ALBERTO CULVER CO
AD	ADVO INC
ADIC	ADVANCED DIGITAL INFO
ADLR	ADOLOR CORP
ADVNB	ADVANTA CORP
AEIS	ADVANCED ENERGY INDS INC
AES	AES CORP
AF	ASTORIA FINANCIAL CORP
AFC	ALLMERICA FINANCIAL CORP
AFCO	APPLIED FILMS CORP
AFFX	AFFYMETRIX INC
AFR	AMERICAN FINANCIAL RLTY
AGE	EDWARDS AG INC
AGII	ARGONAUT GROUP INC
AGN	ALLERGAN INC
AGP	AMERIGROUP CORP
AGR.B	AGERE SYSTEMS INC
AGYS	AGILYSYS INC
AHC	AMERADA HESS CORP
AHG	APRIA HEALTHCARE GROUP
AHR	ANTHRACITE CAPITAL INC
AHS	AMN HEALTHCARE SERVICES
AINV	APOLLO INVESTMENT CORP
AIQ	ALLIANCE IMAGING INC
AKAM	AKAMAI TECHNOLOGIES
ALD	ALLIED CAPITAL CORP
ALEX	ALEXANDER & BALDWIN INC
ALGN	ALIGN TECHNOLOGY INC
ALKS	ALKERMES INC
ALL	ALLSTATE CORP
ALOG	ANALOGIC CORP
ALSC	ALLIANCE SEMICONDUCTOR
ALX	ALEXANDERS INC
AMD	ADVANCED MICRO DEVICES
AMED	AMEDISYS INC
AML	AMLI RESIDENTIAL PPTYS
AMMD	AMERICAN MEDICAL SYSTEMS
AMRI	ALBANY MOLECULAR RESRCH
AMTD	AMERITRADE HOLDING CORP
ANDW	ANDREW CORP
ANEN	ANAREN INC
ANH	ANWORTH MORTGAGE ASSET
ANSI	ADVANCED NEUROMODULATION
ANSR	ANSWERTHINK INC
ANSS	ANSYS INC
AOS	SMITH A O CORP
AOT	APOGENT TECHNOLOGIES
APC	ANADARKO PETROLEUM CORP
APCC	AMERICAN PWR CONVERSION
APH	AMPHENOL CORP
APOG	APOGEE ENTERPRISES INC
APOL	APOLLO GROUP INC
APPB	APPLEBEES INTERNATIONAL
APPX	AMERICAN PHARMA PARTNERS
APSG	APPLIED SIGNAL TECH
ARE	ALEXANDRIA REAL ESTATE
ARTC	ARTHROCARE CORP
ARW	ARROW ELECTRONICS INC
ARXX	AEROFLEX INC
ASBC	ASSOCIATED BANC CORP
ASCA	AMERISTAR CASINOS INC
ASGR	AMERICA SERVICE GROUP
ASKJ	ASK JEEVES INC
ASTE	ASTEC INDUSTRIES INC
ATAC	AFTERMARKET TECHNOLOGY
ATG	AGL RESOURCES INC
ATI	ALLEGHENY TECHNOLOGIES
ATK	ALLIANT TECHSYSTEMS
ATMI	ATMI INC
ATML	ATMEL CORP
ATN	ACTION PERFORMANCE COS
ATR	APTARGROUP INC
ATRX	ATRIX LABS INC
AUGT	AUGUST TECHNOLOGY CORP
AV	AVAYA INC
AVID	AVID TECHNOLOGY INC
AVTR	AVATAR HOLDINGS INC
AVX	AVX CORP
AVY	AVERY DENNISON CORP
AWBC	AMERICANWEST BANCORP
AWE	AT&T WIRELESS SERVICES
AWR	AMERICAN STATES WATER CO
AXE	ANIXTER INTERNATIONAL
AYI	ACUITY BRANDS INC
AZR	AZTAR CORP
B	BARNES GROUP INC
BBA	BOMBAY CO INC
BBOX	BLACK BOX CORP
BBT	BB&T CORP
BC	BRUNSWICK CORP
BCSI	BLUE COAT SYSTEMS INC
BDG	BANDAG INC
BDN	BRANDYWINE REALTY TRUST
BEAS	BEA SYSTEMS INC
BEAV	BE AEROSPACE INC
BEBE	BEBE STORES INC
BEC	BECKMAN COULTER INC
BEN	FRANKLIN RESOURCES INC
BF.B	BROWN FORMAN CORP
BFS	SAUL CENTERS INC
BGFV	BIG 5 SPORTING GOODS
BGP	BORDERS GROUP INC
BHS	BROOKFIELD HOMES CORP
BIIB	BIOGEN IDEC INC
BIO	BIO-RAD LABORATORIES INC
BIOV	BIOVERIS CORPORATION
BJ	BJS WHOLESALE CLUB INC
BLC	BELO CORP
BLS	BELLSOUTH CORP
BMC	BMC SOFTWARE INC
BNI	BURLINGTON NORTHERN
BOBE	BOB EVANS FARMS INC
BPOP	POPULAR INC
BR	BURLINGTON RESOURCES INC
BRCD	BROCADE COMMUNICATIONS
BRCM	BROADCOM CORP
BRL	BARR PHARMACEUTICALS IN
BRO	BROWN & BROWN INC
BRW	BRISTOL WEST HLDGS INC
BRY	BERRY PETROLEUM CO
BSBN	BSB BANCORP
BSC	BEAR STEARNS COS INC
BSTE	BIOSITE INC
BSX	BOSTON SCIENTIFIC CO
BTRX	BARRIER THERAPEUTICS INC
BWS	BROWN SHOE INC
BXS	BANCORPSOUTH INC
BYD	BOYD GAMING CORP
CAC	CAMDEN NATIONAL CORP
CACH	CACHE INC
CAH	CARDINAL HEALTH INC
CAI	CACI INTERNATIONAL INC
CAKE	CHEESECAKE FACTORY INC
CAL	CONTINENTAL AIRLINES INC
CALM	CAL MAINE FOODS INC
CAM	COOPER CAMERON CORP
CAMD	CALIFORNIA MICRO DEVICES
CARS	CAPITAL AUTOMOTIVE REIT
CASY	CASEYS GENERAL STORES
CATY	CATHAY GENERAL BANCORP
CB	CHUBB CORP
CBB	CINCINNATI BELL INC
CBSH	COMMERCE BANCSHARES INC
CBSS	COMPASS BANCSHARES INC
CBT	CABOT CORP
CBU	COMMUNITY BANK SYSTEMS
CCCG	CCC INFORMATION SVCS
CCE	COCA COLA ENTERPRISE
CCRN	CROSS COUNTRY HEALTHCARE
CCRT	COMPUCREDIT CORP
CCU	CLEAR CHANNEL COMM INC
CDE	COEUR D ALENE MINES CORP
CDI	CDI CORP
CDIS	CAL DIVE INTERNATIONAL
CDT	CABLE DESIGN TECHNOLOGY
CEG	CONSTELLATION ENERGY GRP
CENT	CENTRAL GARDEN & PET CO
CERN	CERNER CORP
CEY	CERTEGY INC
CFBX	COMMUNITY FIRST BANK
CFC	COUNTRYWIDE FINANCIAL
CG	LOEWS CORP—CAROLINA GR
CGC	CASCADE NATURAL GAS CORP
CGX	CONSOLIDATED GRAPHIC
CHCO	CITY HOLDING CO
CHE	CHEMED CORPORATION
CHFC	CHEMICAL FINANCIAL CORP
CHH	CHOICE HOTELS INTL INC
CHK	CHESAPEAKE ENERGY CORP
CHRD	CHORDIANT SOFTWARE INC
CHRS	CHARMING SHOPPES INC
CHTT	CHATTEM INC
CHUX	O CHARLEYS INC
CI	CIGNA CORP
CIA	CITIZENS INC
CIMA	CIMA LABS INC
CK	CROMPTON CORP
CKEC	CARMIKE CINEMAS INC
CKFR	CHECKFREE CORP
CKH	SEACOR HOLDINGS INC
CKR	CKE RESTAURANTS INC
CL	COLGATE PALMOLIVE CO
CLE	CLAIRES STORES INC
CLFC	CENTER FINANCIAL CORP
CLRS	CLARUS CORP
CLSR	CLOSURE MEDICAL CORP
CLZR	CANDELA CORP
CMLS	CUMULUS MEDIA INC
CMPC	COMPUCOM SYSTEMS INC
CMS	CMS ENERGY CORP
CMTL	COMTECH TELECOMM
CMTY	COMMUNITY BANKS INC
CNA	CNA FINANCIAL CORP
CNB	COLONIAL BANCGROUP INC
CNMD	CONMED CORP
CNT	CENTERPOINT PPTYS TRUST
COCO	CORINTHIAN COLLEGES INC
COKE	COCA COLA BOTTLING
COLB	COLUMBIA BKG SYSTEM INC
COO	COOPER COMPANIES INC
COP	CONOCOPHILLIPS
CORI	CORILLIAN CORP
COSI	COSI INC
COST	COSTCO WHOLESALE CORP
CPB	CAMPBELL SOUP CO
CPHD	CEPHEID INC
CPKI	CALIFORNIA PIZZA KITCHEN
CPRT	COPART INC
CPS	CHOICEPOINT INC
CPWM	COST PLUS INC
CRA	APPLERA CORP CELERA
CRD.B	CRAWFORD & CO
CRN	CORNELL COMPANIES INC
CRS	CARPENTER TECHNOLOGY
CRWN	CROWN MEDIA HOLDINGS INC
CSC	COMPUTER SCIENCES CORP
CSE	CAPITALSOURCE INC
CSS	CSS INDUSTRIES INC
CSTR	COINSTAR INC
CSX	CSX CORP
CTB	COOPER TIRE & RUBBER CO
CTBI	COMMUNITY TRUST BANCORP
CTCO	COMMONWEALTH TEL ENT
CTIC	CELL THERAPEUTICS INC
CTL	CENTURYTEL INC
CTO	CONSOLIDATED TOMOKA LAND
CTR	CATO CORP
CTS	CTS CORP
CTSH	COGNIZANT TECH SOLUTIONS
CTXS	CITRIX SYSTEMS INC
CUB	CUBIC CORP
CUNO	CUNO INC
CUZ	COUSINS PROPERTIES INC
CV	CENTRAL VERMONT PUB SVC
CVTX	CV THERAPEUTICS INC
CYPB	CYPRESS BIOSCIENCES INC
CYTK	CYTOKINETICS INC
DAR	DARLING INTERNATIONAL
DBRN	DRESS BARN INC
DCI	DONALDSON INC
DCLK	DOUBLECLICK INC
DCN	DANA CORP
DDIC	DDI CORP
DDS	DILLARDS INC
DECK	DECKERS OUTDOOR CORP
DGII	DIGI INTL INC
DGIN	DIGITAL INSIGHT CORP
DHC	DANIELSON HOLDING CORP
DIS	DISNEY WALT CO
DJO	DJ ORTHOPEDICS INC
DKS	DICKS SPORTING GOODS INC
DLTR	DOLLAR TREE STORES INC
DMRC	DIGIMARC CORP
DOV	DOVER CORP
DOVP	DOV PHARMACEUTICAL INC
DP	DIAGNOSTIC PRODUCTS CORP
DPMI	DUPONT PHOTOMASKS INC
DPTR	DELTA PETROLEUM CORP
DRE	DUKE REALTY CORP
DRXR	DREXLER TECHNOLOGY CORP
DSS	QUANTUM CORP
DTAS	DIGITAS INC
DTPI	DIAMONDCLUSTER INTL INC
DTSI	DIGITAL THEATRE SYSTEMS
DUSA	DUSA PHARMACEUTICALS INC
DV	DEVRY INC
DVD	DOVER MOTORSPORTS INC
EAC	ENCORE ACQUISITION CO
EAS	ENERGY EAST CORP
EASI	ENGINEERED SUPPORT SYS
EBAY	EBAY INC
EBF	ENNIS BUSINESS FORMS INC
ECLG	ECOLLEGE COM
ECSI	ENDOCARDIAL SOLUTIONS
ED	CONSOLIDATED EDISON INC
EDLG	EDUCATION LENDING GROUP
EDS	ELECTRONIC DATA SYSTEMS
EFD	EFUNDS CORP
EFII	ELECTRONICS FOR IMAGING
EFX	EQUIFAX INC
EGN	ENERGEN CORP
EGOV	NIC INC
EIX	EDISON INTERNATIONAL
EL	ESTEE LAUDER COMPANIES
ELNK	EARTHLINK INC
ELON	ECHELON CORP
ELY	CALLAWAY GOLF CO
EMC	E M C CORP
ENDP	ENDO PHARMACEUTICALS
ENMC	ENCORE MEDICAL CORP
ENTG	ENTEGRIS INC
ENZ	ENZO BIOCHEM INC
EOG	EOG RESOURCES INC
EOP	EQUITY OFFICE PPTYS TR
EPAX	AMBASSADORS GROUP INC
EPEX	EDGE PETROLEUM CORP
EPIC	EPICOR SOFTWARE CORP
EPIX	EPIX MEDICAL INC
EQR	EQUITY RESIDENTIAL
EQT	EQUITABLE RESOURCES INC
ERES	ERESEARCHTECHNOLOGY INC
ESCA	ESCALADE INC
ESIO	ELECTRO SCIENTIFIC INDS
ESL	ESTERLINE TECHNOLOGIES
ESPD	ESPEED INC
ESS	ESSEX PROPERTY TRUST INC
ESST	ESS TECHNOLOGY INC
ESV	ENSCO INTERNATIONAL INC
ET	E TRADE FINANCIAL CORP
ETM	ENTERCOM COMMUNICATIONS
ETR	ENTERGY CORP
EV	EATON VANCE CORP
EXLT	EXULT INC
EYET	EYETECH PHARMACEUTICALS
FAC	FIRST ACCEPTANCE CORP
FADV	FIRST ADVANTAGE CORP
FBC	FLAGSTAR BANCORP INC
FBTX	FRANKLIN BANK CORP
FCE.A	FOREST CITY ENTRPRS
FCH	FELCOR LODGING TRUST INC
FCNCA	FIRST CITIZENS BANCSHRS
FCX	FREEPORT-MCMORAN C&G
FD	FEDERATED DEPT STORE
FDS	FACTSET RESEARCH SYSTEMS
FFFL	FIDELITY BANKSHARES INC
FFIN	FIRST FINL BANKSHARES
FIC	FAIR ISAAC CORP
FIF	FINANCIAL FED CORP
FINL	FINISH LINE INC
FISI	FINANCIAL INSTNS INC
FL	FOOT LOCKER INC
FLB	FIRST NATL BANKSHARES
FLO	FLOWERS FOODS INC
FLR	FLUOR CORP
FLYR	NAVIGANT INTERNATIONAL
FMER	FIRSTMERIT CORP
FMKT	FREEMARKETS INC
FOBB	FIRST OAK BROOK BANCSHRS
FOE	FERRO CORP
FON	SPRINT FON GROUP
FORR	FORRESTER RESEARCH INC
FPIC	FPIC INSURANCE GROUP INC
FPL	FPL GROUP INC
FR	FIRST INDUSTRIAL RLTY TR
FRED	FREDS INC
FRK	FLORIDA ROCK INDUSTRIES
FRME	FIRST MERCHANTS CORP
FRNT	FRONTIER AIRLINES INC
FRT	FEDERAL REALTY INVT
FRX	FOREST LABS INC
FSH	FISHER SCIENTIFIC INTL
FSLA	FIRST SENTINEL BANCORP
FTBK	FRONTIER FINANCIAL CORP
FTI	FMC TECHNOLOGIES INC
FUL	FULLER H B CO
G	GILLETTE CO
GAS	NICOR INC
GBBK	GREATER BAY BANCORP
GBCI	GLACIER BANCORP INC
GBND	GENERAL BINDING CORP
GBP	GABLES RESIDENTIAL TRUST
GBX	GREENBRIER COMPANIES INC
GCO	GENESCO INC
GDI	GARDNER DENVER INC
GDYS	GOODYS FAMILY CLOTHING
GEF	GREIF INC
GERN	GERON CORP
GET	GAYLORD ENTMT CO
GGG	GRACO INC
GGP	GENERAL GROWTH PPTYS INC
GIFI	GULF ISLAND FABRICATION
GISX	GLOBAL IMAGING SYSTEMS
GKSRA	G&K SERVICES INC
GLT	GLATFELTER
GLW	CORNING INC
GMRK	GULFMARK OFFSHORE INC
GMT	GATX CORP
GPC	GENUINE PARTS CO
GPI	GROUP 1 AUTOMOTIVE INC
GPP	GOVERNMENT PPTYS TRUST
GPT	GREENPOINT FINANCIAL
GRC	GORMAN RUPP CO
GS	GOLDMAN SACHS GROUP INC
GT	GOODYEAR TIRE & RUBBER
GTI	GRAFTECH INTL LTD
GTK	GTECH HOLDINGS CORP
GTY	GETTY REALTY CORP
GW	GREY WOLF INC
GWR	GENESEE & WYOMING INC
GWW	GRAINGER W W INC
GY	GENCORP INC
HARB	HARBOR FLORIDA BANCSHRS
HAS	HASBRO INC
HBAN	HUNTINGTON BANCSHARES
HBEK	HUMBOLDT BANCORP
HBHC	HANCOCK HOLDING CO
HC	HANOVER COMPRESSOR CO
HCA	HCA INC
HCP	HEALTH CARE PROPERTY INV
HD	HOME DEPOT INC
HDI	HARLEY DAVIDSON INC
HET	HARRAHS ENTMT INC
HH	HOOPER HOLMES INC
HHS	HARTE HANKS INC
HIH	HIGHLAND HOSPITALITY
HIW	HIGHWOODS PROPERTIES INC
HLR	HOLLINGER INTERNATIONAL
HLTH	WEBMD CORP
HME	HOME PROPERTIES INC
HMX	HARTMARX CORP
HNR	HARVEST NATURAL RES
HOMS	HOMESTORE INC
HOTT	HOT TOPIC INC
HP	HELMERICH & PAYNE INC
HRB	BLOCK H & R INC
HRH	HILB ROGAL & HOBBS CO
HSY	HERSHEY FOODS CORP
HTCH	HUTCHINSON TECHNOLOGY
HTLD	HEARTLAND EXPRESS INC
HUG	HUGHES SUPPLY INC
HVT	HAVERTY FURNITURE INC
HYC	HYPERCOM CORP
IAAI	INSURANCE AUTO AUCTIONS
ICBC	INDEPENDENCE CMNTY BANK
ICCI	INSIGHT COMMUNICATIONS
ICOS	ICOS CORP
ICST	INTEGRATED CIRCUIT SYS
IDA	IDACORP INC
IDC	INTERACTIVE DATA CORP
IDNX	IDENTIX INC
IES	INTEGRATED ELECTRICAL
IFLO	I-FLOW CORP
IFSIA	INTERFACE INC
IGT	INTL GAME TECHNOLOGY
IHI	INFORMATION HOLDINGS INC
ILA	AQUILA INC
ILE	ISOLAGEN INC
ILXO	ILEX ONCOLOGY INC
IMCL	IMCLONE SYSTEMS INC
IMDC	INAMED CORP
IMKTA	INGLES MARKETS INC
IMMC	IMMUNICON CORP
IN	INFONET SVCS CORP
INCY	INCYTE CORP
INDB	INDEPENDENT BANK MA
INET	INET TECHNOLOGIES INC
INHO	INDEPENDENCE HOLDING CO
INSU	INSITUFORM TECHNOLOGIES
INT	WORLD FUEL SVCS CORP
INTC	INTEL CORP
INTU	INTUIT
IO	INPUT/OUTPUT INC
ION	IONICS INC
IPAS	IPASS INC
ISIS	ISIS PHARMACEUTICALS
ISRG	INTUITIVE SURGICAL INC
ISSC	INNOVATIVE SOLUTIONS
IT	GARTNER INC
ITCD	ITC DELTACOM INC
ITLA	ITLA CAPITAL CORP
ITW	ILLINOIS TOOL WORKS INC
IUSA	INFOUSA INC
IVD	IVAX DIAGNOSTICS INC
JBL	JABIL CIRCUIT INC
JBLU	JETBLUE AIRWAYS CORP
JCI	JOHNSON CONTROLS INC
JCOM	J2 GLOBAL COMMUNICATIONS
JEF	JEFFERIES GROUP INC
JJSF	J & J SNACK FOODS CO
JJZ	JACUZZI BRANDS INC
JKHY	HENRY JACK & ASSOCIATES
JLG	JLG INDUSTRIES INC
JNJ	JOHNSON & JOHNSON
JOYG	JOY GLOBAL INC
JUPM	JUPITERMEDIA CORP
KBH	KB HOME
KERX	KERYX BIOPHARMACEUTICALS
KEX	KIRBY CORP
KEYS	KEYSTONE AUTOMOTIVE INDS
KFED	K FED BANCORP
KLAC	KLA-TENCOR CORP
KMRT	KMART HOLDING CORP
KNGT	KNIGHT TRANSN INC
KNTA	KINTERA INC
KO	COCA COLA CO
KOPN	KOPIN CORP
KR	KROGER CO
KRB	MBNA CORP
KRI	KNIGHT RIDDER INC
KROL	KROLL INC
KRT	KRAMONT REALTY TRUST
KSE	KEYSPAN CORP
KSS	KOHLS CORP
KSWS	K-SWISS INC
KTO	K2 INC
KYPH	KYPHON INC
L	LIBERTY MEDIA CORP
LABS	LABONE INC
LACO	LAKES ENTERTAINMENT INC
LAWS	LAWSON PRODUCTS INC
LBY	LIBBEY INC
LCI	LANNETT CO INC
LEG	LEGGETT & PLATT INC
LEND	ACCREDITED HOME LENDERS
LEXG	LEXICON GENETICS INC
LFB	LONGVIEW FIBRE CO
LG	LACLEDE GROUP INC
LHO	LASALLE HOTEL PROPERTIES
LIFC	LIFECELL CORP
LIN	LINENS N THINGS INC
LIZ	LIZ CLAIBORNE INC
LKQX	LKQ CORP
LLY	LILLY ELI & CO
LNET	LODGENET ENTMT CORP
LNR	LNR PROPERTY CORP
LPNT	LIFEPOINT HOSPITALS
LPX	LOUISIANA PACIFIC CORP
LSCC	LATTICE SEMICONDUCTOR
LSCP	LASERSCOPE
LSE	CAPITAL LEASE FUNDING
LSS	LONE STAR TECHNOLOGIES
LSTR	LANDSTAR SYSTEMS INC
LTC	LTC PROPERTIES INC
LTD	LIMITED BRANDS INC
LTRE	LEARNING TREE INTL INC
LUM	LUMINENT MORTGAGE CAP
LXP	LEXINGTON CORP PPTYS
LZ	LUBRIZOL CORP
MAA	MID-AMER APT CMNTYS
MAG	MAGNETEK INC
MAPX	MAPICS INC
MATK	MARTEK BIOSCIENCES CORP
MATW	MATTHEWS INTERNATIONAL
MAY	MAY DEPARTMENT STORES CO
MBTF	MBT FINANCIAL CORP
MCBC	MACATAWA BANK CORP
MCDTA	MCDATA CORP
MCH	MILLENNIUM CHEMICALS
MCRL	MICREL INC
MDC	MDC HOLDINGS INC
MDCO	MEDICINES CO
MEDT	MEDSOURCE TECHNOLOGIES
MERQ	MERCURY INTERACTIVE CORP
METH	METHODE ELECTRS INC
MFA	MFA MORTGAGE INVESTMENTS
MFW	M & F WORLDWIDE CORP
MGG	MGM MIRAGE
MHC	MANUFACTURED HOME  CMNTYS
MHO	M/I HOMES INC
MICU	MICURON PHARMACEUTICALS
MIDD	MIDDLEBY CORP
MIL	MILLIPORE CORP
MIPS	MIPS TECHNOLOGIES INC
MKC	MCCORMICK & CO INC
MKL	MARKEL CORP
MKSI	MKS INSTRUMENTS INC
MLAN	MIDLAND CO
MMC	MARSH & MCLENNAN COS
MNRO	MONRO MUFFLER BRAKE INC
MNST	MONSTER WORLDWIDE INC
MODI	MODINE MANUFACTURING CO
MOGN	MGI PHARMA INC
MON	MONSANTO CO
MONE	MATRIXONE INC
MOV	MOVADO GROUP INC
MPG	MAGUIRE PPTYS INC
MPX	MARINE PRODUCTS CORP
MRD	MACDERMID INC
MRGE	MERGE TECHNOLOGIES INC
MRO	MARATHON OIL CORP
MRX	MEDICIS PHARMACEUTICAL
MSA	MINE SAFETY APPLIANCES
MSCC	MICROSEMI CORP
MSEX	MIDDLESEX WATER CO
MSFG	MAINSOURCE FINANCIAL GRP
MSM	MSC INDL DIRECT INC
MTEX	MANNATECH INC
MTG	MGIC INVESTMENT CORP
MTN	VAIL RESORTS INC
MTRX	MATRIX SERVICE CO
MTW	MANITOWOC CO INC
MUSA	METALS USA INC
MVL	MARVEL ENTERPRISES INC
MW	MENS WEARHOUSE INC
MWD	MORGAN STANLEY
NABC	NEWALLIANCE BANCSHARES
NABI	NABI BIOPHARMACEUTICALS
NAFC	NASH FINCH CO
NATI	NATIONAL INSTRS CORP
NAVG	NAVIGATORS GROUP INC
NBIX	NEUROCRINE BIOSCIENCES
NBL	NOBLE ENERGY INC
NCS	NCI BUILDING SYSTEMS INC
NDC	NDCHEALTH CORP
NEU	NEW MARKET CORPORATION
NFB	NORTH FORK BANCORP
NFP	NATIONAL FINL PARTNERS
NHI	NATIONAL HEALTH INVS INC
NITE	KNIGHT TRADING GROUP INC
NLS	NAUTILUS GROUP INC
NLY	ANNALY MORTAGE MGMT INC
NMG.A	NEIMAN MARCUS GROUP INC
NNBR	NN INC
NNI	NELNET INC
NOVN	NOVEN PHARMACEUTICALS
NPBC	NATIONAL PENN BANCSHARES
NPSP	NPS PHARMACEUTICALS INC
NR	NEWPARK RESOURCES INC
NRGN	NEUROGEN CORP
NSIT	INSIGHT ENTERPRISES INC
NST	NSTAR
NTEC	NEOSE TECHNOLOGIES INC
NTLI	NTL INC
NTY	NBTY INC
NU	NORTHEAST UTILITIES
NUE	NUCOR CORP
NUTR	NUTRACEUTICAL INTL CORP
NVLS	NOVELLUS SYSTEMS INC
NVR	NVR INC
NXST	NEXSTAR BROADCASTING
NYM	NYMAGIC INC
NYT	NEW YORK TIMES CO
OCA	ORTHODONTIC CTRS OF AMER
OCAS	OHIO CASUALTY CORP
OI	OWENS ILLINOIS INC
OIS	OIL STATES INTERNATIONAL
OME	OMEGA PROTEIN CORP
OMEF	OMEGA FINANCIAL CORP
OMI	OWENS & MINOR INC
ONB	OLD NATIONAL BANCORP
ONXX	ONYX PHARMACEUTICALS INC
OPNT	OPNET TECHNOLOGIES INC
ORCL	ORACLE CORP
ORLY	O REILLY AUTOMOTIVE INC
OS	OREGON STEEL MILLS INC
OSBC	OLD SECOND BANCORP INC
OSG	OVERSEAS SHIPHOLDNG GRP
OSI	OUTBACK STEAKHOUSE INC
OSIP	OSI PHARMACEUTICALS
OSTK	OVERSTOCK COM INC
OSUR	ORASURE TECHNOLOGIES INC
OTL	OCTEL CORP
OTTR	OTTER TAIL CORP
OVRL	OVERLAND STORAGE INC
OVTI	OMNIVISION TECHNOLOGIES
OXM	OXFORD INDUSTRIES INC
PACR	PACER INTERNATIONAL INC
PAS	PEPSIAMERICAS INC
PAX	PAXSON COMMUNICATION
PAYX	PAYCHEX INC
PBI	PITNEY BOWES INC
PBKS	PROVIDENT BANKSHARES
PCAR	PACCAR INC
PCCC	P C CONNECTION
PCG	PG&E CORP
PCH	POTLATCH CORP
PCL	PLUM CREEK TIMBER CO INC
PCSA	AIRGATE PCS INC
PCTY	PARTY CITY CORP
PCU	SOUTHERN PERU COPPER
PCYC	PHARMACYCLICS INC
PD	PHELPS DODGE CORP
PDLI	PROTEIN DESIGN LABS INC
PDX	PEDIATRIX MEDICAL GROUP
PEET	PEETS COFFEE & TEA INC
PEG	PUBLIC SVC ENTERPRISE
PEGA	PEGASYSTEMS INC
PENG	PRIMA ENERGY CORP
PENN	PENN NATIONAL GAMING INC
PEP	PEPSICO INC
PER	PEROT SYSTEMS CORP
PETS	PETMED EXPRESS INC
PFE	PFIZER INC
PFGC	PERFORMANCE FOOD GROUP
PFGI	PROVIDENT FINANCIAL GRP
PFS	PROVIDENT FINANCIAL SVCS
PFSB	PENNFED FINANCIAL SVCS
PGNX	PROGENICS PHARMACEUTICAL
PH	PARKER HANNIFIN CORP
PHCC	PRIORITY HEALTHCARE
PHLY	PHILADELPHIA CONS HLDG
PICO	PICO HOLDINGS INC
PII	POLARIS INDUSTRIES INC
PILL	PROXYMED PHARMACY INC
PLAB	PHOTRONICS INC
PLD	PROLOGIS
PLRE	PRICE LEGACY CORP
PLUG	PLUG POWER INC
PLXS	PLEXUS CORP
PLXT	PLX TECHNOLOGY INC
PMCS	PMC-SIERRA INC
PMTI	PALOMAR MEDICAL TECH
PNK	PINNACLE ENTMT INC
PNM	PNM RESOURCES INC
PNR	PENTAIR INC
POP	POPE & TALBOT INC
POS	CATALINA MARKETING CORP
POWL	POWELL INDUSTRIES INC
POZN	POZEN INC
PPC	PILGRIMS PRIDE CORP
PPL	PPL CORP
PPP	POGO PRODUCING CO
PRFS	PENNROCK FINANCIAL SVCS
PRM	PRIMEDIA INC
PRSF	PORTAL SOFTWARE INC
PRSP	PROSPERITY BANCSHARES
PRTR	PARTNERS TRUST FINL GRP
PSA	PUBLIC STORAGE INC
PSB	PS BUSINESS PARKS INC
PSD	PUGET ENERGY INC
PSFT	PEOPLESOFT INC
PSRC	PALMSOURCE INC
PSS	PAYLESS SHOESOURCE INC
PSSI	PSS WORLD MEDICAL INC
PTMK	PATHMARK STORES INC
PVH	PHILLIPS VAN HEUSEN
PVTB	PRIVATEBANCORP INC
PWAV	POWERWAVE TECHNOLOGIES
PWER	POWER-ONE INC
PWR	QUANTA SERVICES INC
PX	PRAXAIR INC
PXLW	PIXELWORKS INC
PXP	PLAINS EXPLORATION & PRO
QSFT	QUEST SOFTWARE INC
QSII	QUALITY SYSTEMS INC
QUIX	QUIXOTE CORP
R	RYDER SYSTEM INC
RA	RECKSON ASSOCS RLTY
RAE	RAE SYSTEMS INC
RAH	RALCORP HOLDINGS INC
RAVN	RAVEN INDUSTRIES INC
RBC	REGAL BELOIT CORP
RBNC	REPUBLIC BANCORP INC MI
RBPAA	ROYAL BANCSHARES OF PENN
RCRC	RC2 CORP
RDC	ROWAN COMPANIES INC
RDI	READING INTERNATIONAL IN
REG	REGENCY CENTERS CORP
RF	REGIONS FINANCIAL CORP
RGLD	ROYAL GOLD INC
RGR	STURM RUGER & CO INC
RGS	REGIS CORP
RHD	R H DONNELLEY CORP
RJR	REYNOLDS R J TOB HLDGS
RKT	ROCK-TENN CO
RL	POLO RALPH LAUREN CO
RLI	RLI CORP
RLRN	RENAISSANCE LEARNING INC
RMBS	RAMBUS INC
RMK	ARAMARK CORP
ROG	ROGERS CORP
ROH	ROHM & HAAS CO
ROL	ROLLINS INC
ROV	RAYOVAC CORP
RRA	RAILAMERICA INC
RRI	RELIANT ENERGY INC
RSG	REPUBLIC SERVICES INC
RSH	RADIOSHACK CORP
RSYS	RADISYS CORP
RTI	RTI INTERNATIONAL METALS
RUSHB	RUSH ENTERPRISES INC
SAFM	SANDERSON FARMS INC
SBAC	SBA COMMUNICATIONS CORP
SBNY	SIGNATURE BANK
SBSE	SBS TECHNOLOGIES INC
SCHL	SCHOLASTIC CORP
SCHN	SCHNITZER STEEL INDS
SCHS	SCHOOL SPECIALTY INC
SCLN	SCICLONE PHARMACEUTICALS
SCMF	SOUTHERN CMNTY FINL CORP
SCS	STEELCASE INC
SEBL	SIEBEL SYSTEMS INC
SECD	SECOND BANCORP INC
SEH	SPARTECH CORP
SEIC	SEI INVESTMENTS CO
SFCC	SFBC INTERNATIONAL INC
SFD	SMITHFIELD FOODS INC
SFE	SAFEGUARD SCIENTIFICS
SFN	SPHERION CORP
SFSW	STATE FINANCIAL SERVICES
SGA	SAGA COMMUNICATIONS
SGEN	SEATTLE GENETICS INC
SHLM	SCHULMAN A INC
SHW	SHERWIN WILLIAMS CO
SIR	SIRVA INC
SJI	SOUTH JERSEY INDUSTRIES
SJW	SJW CORP
SLFI	STERLING FINL CORP PA
SLG	SL GREEN REALTY CORP
SLR	SOLECTRON CORP
SMHG	SANDERS MORRIS HARRIS
SMSC	STANDARD MICROSYSTEM
SMTC	SEMTECH CORP
SNH	SENIOR HOUSING PPTYS TR
SNRR	SUNTERRA CORP
SNS	STEAK N SHAKE CO
SNWL	SONICWALL INC
SO	SOUTHERN CO
SONE	S1 CORPORATION
SORC	SOURCE INTERLINK COS INC
SRCL	STERICYCLE INC
SRDX	SURMODICS INC
SRNA	SERENA SOFTWARE INC
SRP	SIERRA PACIFIC RESOURCES
SRZ	SUNRISE SENIOR LIVING
SSI	SPECTRASITE INC
SSP	SCRIPPS E W CO
STEI	STEWART ENTERPRISES
STFC	STATE AUTO FINANCIAL
STK	STORAGE TECHNOLOGY CORP
STL	STERLING BANCORP
STMP	STAMPS COM INC
STN	STATION CASINOS INC
STRA	STRAYER EDUCATION INC
STRT	STRATTEC SECURITY CORP
STSI	STAR SCIENTIFIC INC
STT	STATE STREET CORP
STZ	CONSTELLATION BRANDS
SUI	SUN COMMUNITIES INC
SUNN	SUNTRON CORP
SUNW	SUN MICROSYSTEMS INC
SUP	SUPERIOR INDUSTRIES INTL
SUPX	SUPERTEX INC
SVM	SERVICEMASTER CO
SWBT	SOUTHWEST BANCORP OF TEX
SWK	STANLEY WORKS
SWW	SITEL CORP
SWX	SOUTHWEST GAS CORP
SWY	SAFEWAY INC
SYD	SYBRON DENTAL SPECIALTIE
SYK	STRYKER CORP
SYX	SYSTEMAX INC
SYY	SYSCO CORP
TARR	TARAGON REALTY INVS INC
TASR	TASER INTL INC
TBCC	TBC CORP
TCC	TRAMMELL CROW CO
TCR	CORNERSTONE RLTY INC TR
TDW	TIDEWATER INC
TDY	TELEDYNE TECHNOLOGIES
TECUA	TECUMSEH PRODS CO
TELK	TELIK INC
TERN	TERAYON COMM SYSTEMS INC
TG	TREDEGAR CORP
TGI	TRIUMPH GROUP INC
TGIC	TRIAD GUARANTY INC
TGT	TARGET CORP
THFF	FIRST FINANCIAL CORP
THO	THOR INDUSTRIES INC
THOR	THORATEC CORP
THX	HOUSTON EXPLORATION CO
TIF	TIFFANY & CO
TKLC	TEKELEC
TKR	TIMKEN CO
TLAB	TELLABS INC
TLB	TALBOTS INC
TLRK	TULARIK INC
TMA	THORNBURG MORTGAGE INC
TMG	TRANSMONTAIGNE INC
TMWD	TUMBLEWEED COMMUNI-  CATION
TOL	TOLL BROTHERS INC
TOY	TOYS R U.S. INC
TPTI	TIPPINGPOINT TECH INC
TQNT	TRIQUINT SEMICONDUCTOR
TR	TOOTSIE ROLL INDUSTRIES
TRCA	TERCICA INC
TRMK	TRUSTMARK CORP
TRST	TRUSTCO BANK CORP NY
TRZ	TRIZEC PROPERTIES INC
TSA	SPORTS AUTHORITY INC
TSFG	SOUTH FINANCIAL GROUP
TTC	TORO CO
TTEC	TELETECH HOLDINGS INC
TTMI	TTM TECHNOLOGIES INC
TWX	TIME WARNER INC
TXI	TEXAS INDUSTRIES INC
TXN	TEXAS INSTRUMENTS INC
TXT	TEXTRON INC
TXU	TXU CORP
UBA	URSTADT BIDDLE PPTYS INS
UCBH	UCBH HOLDINGS INC
UCI	UICI
UCL	UNOCAL CORP
UFPI	UNIVERSAL FOREST PRODS
UGI	UGI CORP
UHAL	AMERCO
UIC	UNITED INDUSTRIAL CORP
ULBI	ULTRALIFE BATTERIES INC
ULCM	ULTICOM INC
UNF	UNIFIRST CORP MASS
UOPX	APOLLO GRP UNIV PHOENIX
URS	URS CORP
USG	U S G CORP
USON	US ONCOLOGY INC
UTHR	UNITED THERAPEUTICS
UVN	UNIVISION COMMUNICATIONS
UVV	UNIVERSAL CORP
VAR	VARIAN MEDICAL SYSTEMS
VARI	VARIAN INC
VCBI	VIRGINIA COMM BANCORP
VECO	VEECO INSTRUMENTS INC
VFC	V F CORP
VGR	VECTOR GROUP LTD
VICR	VICOR CORP
VITA	ORTHOVITA INC
VITL	VITAL SIGNS INC
VLO	VALERO ENERGY CORP
VLY	VALLEY NATIONAL BANCORP
VMSI	VENTANA MEDICAL SYSTEMS
VRC	VARCO INTERNATIONAL INC
VRNT	VERINT SYSTEMS INC
VRTX	VERTEX PHARMACEUTICALS
VSAT	VIASAT INC
VSH	VISHAY INTERTECHNOLOGY
VTA	VESTA INS GROUP INC
VTIV	VENTIV HEALTH INC
VVTV	VALUEVISION MEDIA INC
VXGNE	VAXGEN INC
WAB	WABTEC CORP
WASH	WASHINGTON TRUST  BANCORP
WAT	WATERS CORP
WBS	WEBSTER FINANCIAL CORP
WEBM	WEBMETHODS INC
WEN	WENDYS INTERNATIONAL INC
WEYS	WEYCO GROUP INC
WFR	MEMC ELECTRIC MATERIALS
WFSG	WILSHIRE FINANCIAL SVCS
WHQ	W-H ENERGY SVCS INC
WIND	WIND RIVER SYSTEMS INC
WLT	WALTER INDUSTRIES INC
WMGI	WRIGHT MEDICAL GROUP INC
WMT	WAL MART STORES INC
WNC	WABASH NATIONAL CORP
WON	WESTWOOD ONE INC
WOR	WORTHINGTON INDUSTRIES
WPI	WATSON PHARMACEUTICALS
WPO	WASHINGTON POST CO
WPSC	WHEELING PITTSBURGH CORP
WR	WESTAR ENERGY INC
WRC	WESTPORT RESOURCES CORP
WRE	WASHINGTON REAL ESTATE
WRLD	WORLD ACCEPTANCE CORP
WSBA	WESTERN SIERRA BANCORP
WSBC	WESBANCO INC
WSBK	WILSHIRE STATE BANK
WSO	WATSCO INC
WST	WEST PHARMACEUTICAL SVCS
WSTL	WESTELL TECHNOLOGIES INC
WTBA	WEST BANCORPORATION INC
WW	WATSON WYATT & CO HLDGS
WWE	WORLD WRESTLING ENTMNT
WWY	WRIGLEY WM JR CO
WXH	WINSTON HOTELS INC
WY	WEYERHAEUSER CO
WYE	WYETH
XLNX	XILINX INC
XLTC	EXCEL TECHNOLOGY INC
XRIT	X-RITE INC
XTO	XTO ENERGY INC
Y	ALLEGHANY CORP
YRK	YORK INTERNATIONAL CORP
ZBRA	ZEBRA TECHNOLOGIES CORP
ZGEN	ZYMOGENETICS INC
ZHNE	ZHONE TECHNOLOGIES INC
ZIGO	ZYGO CORP
ZILA	ZILA INC
ZION	ZIONS BANCORPORATION
ZLC	ZALE CORP
ZMH	ZIMMER HOLDINGS INC
ZQK	QUIKSILVER INC

Footnotes

1.  17 CFR 240.10a-1.

2.  “Short sale” is defined in Rule 200 of Regulation SHO, 17 CFR 242.200.

3.  The term “consolidated tape” refers to the effective transaction reporting plan of the Consolidated Tape Association.

4.  In addition, pursuant to Section 3(f) of the Act, the Commission has considered the Pilot's impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f).

5.  Similarly, we excluded spin-offs commencing after April 30, 2004.

6.  Securities selected for inclusion in the Pilot will remain in the Pilot even if during the term of the Pilot they cease being included in the Russell 3000 index.

7.  In each group, we started our selection with the second stock in order to have a more representative daily dollar volume sample. The most representative stock in a group of three stocks ranked by volume would be the middle stock. Thus, to select the most representative sample for the pilot, we would select the second stock of every three stocks; in other words, every third stock starting with the second.

8.  The percentage of the stocks selected for the Pilot that are NYSE or Amex listed, or Nasdaq NNM, or for which there are associated options or securities futures, are representational of the Russell 3000 index as a whole. Specifically, the Russell 3000 index is composed of 49.9% NYSE listed securities, 2.2% Amex listed securities, 47.9% Nasdaq NNM securities, 63% with associated options, and 3.4% with associated single stock futures.

9.  Like the group of pilot stocks, the control group will exclude any securities as to which there is currently no price test (i.e., securities that are not exchange-listed or Nasdaq NNM).

10.  Specifically, the control group is composed of 49.9% NYSE listed securities, 2.2% Amex listed securities, 47.9% Nasdaq securities, 62.7% with associated options, and 3.7% with associated single stock futures.

11.  See Securities Exchange Act Release No. 50103 (July 28, 2004) (“Adopting Release”).

12.  Adopting Release.

13.  The general anti-fraud and anti-manipulation provisions of the federal securities laws will continue to apply to trading in these securities, thus prohibiting trading activity designed to improperly influence the price of a security. See, e.g., Section 17(a) of the Securities Act of 1933, 15 U.S.C. 77q(a), and Sections 9(a), 10(b), and 15(c) of the Act, 15 U.S.C. 78i(a), 78j(b) and 78o(c), and Rules 10b-5 and 15c1-2 thereunder, 17 CFR 240.10b-5 and 240.15c1-2. Moreover, the Commission expects that SROs will actively monitor trading in the Pilot securities to identify any improper or abusive short selling during the course of the Pilot.

14.  See Securities Exchange Act Release No. 38067, 62 FR 520 (Jan. 3, 1997) (adopting anti-manipulation rules including an exception to the rules for trading activity in securities with high average daily trading volume (“ADTV”)).

15.  17 CFR 240.10a-1.

16.  17 CFR 242.200, 242.203.

17.  Regular trading-hours are between 9:30 a.m. and 4:00 p.m. e.s.t. See Electronic Communication Networks and After-Hours Trading Report by the Division of Market Regulation, June 2000, at 4. However, trade reporting can be delayed and continue past 4:00 p.m. Therefore, for purposes of the Pilot we have set 4:15 p.m. as the end of regular trading activity.

18.  Securities selected for inclusion in this portion of the after-hours Pilot will remain in the Pilot even if during the term of the Pilot they cease being included in the Russell 1000 index.

19.  For example, based on a sample of a trading day in January of 2000, only 3% of the share volume in NYSE-listed securities was effected after 4 p.m. Similarly, share volume from post-4:00 p.m. trades in Nasdaq securities for the same date accounted for only 3% of the daily total. A vast majority of this after-hours trading volume in both markets was effected shortly after the regular session closed through market structured after-market execution opportunities, i.e., crossing-sessions. Electronic Communication Networks and After-Hours Trading Report at 12-13.

20.  The consolidated tape operates from 8 a.m. to 8 p.m. e.s.t. See Securities Exchange Act Release No. 44983 (October 25, 2001), 66 FR 55225, 55227 (November 1, 2001). The NASD's short sale rule, Rule 3350, is currently not applicable beyond traditional market hours (9:30 a.m. to 4 p.m. Eastern Time). See NASD Notice to Members 94-68.

21.  Electronic Communication Networks and After-Hours Trading Report at 13.