SEC NEWS DIGEST

Issue 2003-61                                                  April 1, 2003

     
COMMISSION ANNOUNCEMENTS

 PUBLIC APPEARANCES OF SENIOR COMMISSION OFFICIALS - APRIL 2003

     The following is a schedule for April 2003 of the public appearances  of
     SEC  officials, including the Chairman, Commissioners, and senior  staff
     members.   For  additional information on events hosted by groups  other
     than  the Commission, please call the contact numbers listed.  As events
     are  subject  to  change, please confirm them with the SEC's  Office  of
     Public Affairs or the sponsoring organizations.
     
     
     When:     Wednesday, April 2
     Who:      Lori A. Richards, Director, Office of Compliance Inspections
               and Examinations
     What:     The 2003 Mutual Funds and Investment Management Conference
     Where:    Marriott's Desert Springs Hotel, Palm Desert, California
     Contact:  Gail Robinson, (202) 371-5405

     When:     Wednesday, April 2
     Who:      Annette Nazareth, Director, Division of Market Regulation
     What:     Fordham University School of Law Lecture -- Celebrating 30 Years
               of Market Regulation
     Where:    New York, New York
     Contact:  Ken Rosen, (212) 636-7985
     
     When:     Thursday, April 3
     Who:      Commissioner Harvey J. Goldschmid
     What:     Corporate Governance and the Sarbanes-Oxley Act of 2002
     Where:    Baruch College, New York, New York
     Contact:  Linda Lach, (646) 312-2133
     
     When:     Friday, April 4
     Who:      Commissioner Harvey J. Goldschmid
     What:     Duke-ILEP Conference, "Complex Litigation
     Where:    Hotel Del Coronado, San Diego, California
     Contact:  James D. Cox, (919) 613-7056
     
     When:     Friday, April 4
     Who:      Commissioner Cynthia A. Glassman
     What:     American Bar Association
     Where:    Washington, DC
     Contact:  Michael B. Mierzewski, (202) 942-5995
     
     When:     Friday, April 4
     Who       Lawrence Harris, Chief Economist, Office of Economic Analysis
     What:     ABA Anti-Trust Conference, Speaker
     Where:    Washington, DC
     Contact:  Michael Mierzewski, (202) 942-5995
     
     When:     Friday, April 4
     Who:      Alan Beller, Director, Division of Corporation Finance
     What:     American Bar Association, Section of Business Law
               Spring Meeting
     Where:    St Regis Hotel, Los Angeles, California
     Contact:  Diane Babal, Meeting Planner, (312) 988-6187
     
     When:     Sunday, April 6 - Wednesday, April 9
     Who:      Giovanni Prezioso, General Counsel, Office of the General Counsel
     What:     SIA Compliance & Legal Division Annual Seminar
     Where:    Walt Disney World Dolphin
               Lake Buena Vista, Florida
     Contact:  Irene Saulsbury, (518) 785-0721

     When:     Monday, April 7
     Who:      Commissioner Paul Atkins
     What:     SIA Compliance & Legal Division Annual Seminar
     Where:    Walt Disney World Dolphin
               Lake Buena Vista, Florida
     Contact:  Paul Merolla, (212) 526-0657
          
     When:     Monday, April 7
     Who:      Commissioner Cynthia A. Glassman
     What:     National Economics Club
     Where:    Washington, DC
     Contact:  Barbara Fraumeni, (202) 606-9603
     
     When:     Monday, April 7 - Tuesday, April 8
     Who:      Annette Nazareth
     What:     SIA Compliance & Legal Division Annual Seminar
     Where:    Walt Disney World Dolphin
               Lake Buena Vista, Florida
     Contact:  Dan Goldstein, (518) 785-0721

     When:     Tuesday, April 8
     Who:      Chairman Donaldson
     What:     Senate Appropriations Hearing for Fiscal 2004
     Where:    Capitol Building, Senate-146
     Contact:  Contact: Brian Gross, 202-942-0100
     
     When:     Tuesday, April 8
     Who:      Alan Beller, Director, Division of Corporation Finance; Paul Roye,
               Director, Division of Investment Management
     What:     SIA Compliance & Legal Division Annual Seminar
     Where:    Walt Disney World Dolphin
               Lake Buena Vista, Florida
     Contact:  Paul A. Merolla, (212) 310-7548
     
     When:     Wednesday, April 9
     Who:      Stephen M. Cutler, Director, Division of Enforcement
     What:     SIA Compliance & Legal Division Annual Seminar
     Where:    Walt Disney World Dolphin
               Lake Buena Vista, Florida
     Contact:  Irene Saulsbury, (518) 785-0721

     When:     Thursday, April 10
     Who:      Chairman William H. Donaldson
     What:     Senate Committee on Banking, Housing and Urban Affairs
     Where:    Washington, DC
     Contact:  Brian Gross, (202) 942-0100
     
     When:     Thursday, April 10
     Who:      Alan Beller, Director, Division of Corporation Finance
     What:     The Bond Market Association
     Where:    Waldorf Astoria, New York City
     Contact:  Michele C. David, (646) 637-9220
     
     When:     Thursday, April 10
     Who:      Commissioner Harvey J. Goldschmid
     What:     Corporate Behavior and Financial Markets
     Where:    Vanderbilt University, Nashville Tennessee
     Contact:  Pat Scott, (615) 322-3671
     
     When:     Thursday, April 10
     Who:      Jackson M. Day, Acting Chief Accountant, Office of the Chief
               Accountant
     What:     Crucial Issues on the Commission's Agenda
     Where:    Ray Garrett Jr. Corporate & Securities Law Institute
               Northwest University School of Law, Chicago, Illinois
     Contact:  David S. Ruder, (312) 503-8444

     When:     Thursday, April 10
     Who:      Commissioner Cynthia A. Glassman
     What:     23rd Annual Ray Garrett, Jr. Corporate and Securities Law Conference
     Where:    Chicago, Illinois
     Contact:  R.A. Pete Wentz or Juliann Cecchi, (312) 503-1828
     
     When:     Friday, April 11
     Who:      Commissioner Paul Atkins
     What:     Annual Conference of the Investment Counsel Association of America
     Where:    Four Seasons Hotel, San Francisco, California
     Contact:  Diedre Schremp, (202) 293-4222
     
     When:     Friday, April 11
     Who:      Lawrence Harris, Chief Economist, Office of Economic Analysis
     What:     Vanderbilt University Conference, Corporate Behavior and
               Financial    Markets, Session participant
     Where:    Nashville, Tennessee
     Contact:  Pat Scott, (615) 322-3671
     
     When:     Tuesday, April 15
     Who:      Annette Nazareth, Director, Division of Market Regulation
     What:     SIA Compliance & Legal Division Monthly Luncheon
     Where:    New York, New York
     Contact:  Joseph Castro, (617) 563-8557

     When:     Friday, April 25
     Who:      Commissioner Harvey J. Goldschmid
     What:     Legislating Corporate Ethics
     Where:    Notre Dame Law School, Notre Dame, Indiana
     Contact:  Julian Velasco, (574) 631-4965
          
     When:     Monday, April 28
     Who:      Lori A. Richards, Director, Office of Compliance Inspections
               and Examinations
     What:     ICAA-IA Week Investment Adviser Conference
     Where:    The Fairmont Hotel, Washington, DC
     Contact:  Cathie Saadeh, (301) 287-2213

     When:     Tuesday, April 29
     Who:      Lawrence Harris, Chief Economist, Office of Economic Analysis
     What:     Baruch College Conference, Coping with Institutional Order
               Flow, Session participant
     Where:    New York, New York
     Contact:  Toni Colaninno, (646) 312-3512

     When:     Wednesday, April 30
     Who:      Jackson M. Day, Acting Chief Accountant, Office of the Chief
               Accountant
     What:     The Conference of Accountants
     Where:    The University of Tulsa, Tulsa Oklahoma
     Contact:  Bodil Mills or George Schulz, (918) 631-2217
     
SEC REQUIRES EXCHANGE LISTING STANDARDS FOR AUDIT COMMITTEES

     The  Securities  and  Exchange Commission today  voted  to  adopt  rules
     directing  the  national  securities exchanges and  national  securities
     associations to prohibit the listing of any security of an  issuer  that
     is  not  in compliance with the audit committee requirements established
     by  the  Sarbanes-Oxley  Act  of 2002.  The  new  rules  and  amendments
     implement  the  requirements  of Section  10A(m)(1)  of  the  Securities
     Exchange Act of 1934, as added by Section 301 of the Sarbanes-Oxley  Act
     of 2002.

     Under   the  new  rules,  national  securities  exchanges  and  national
     securities associations will be prohibited from listing any security  of
     an issuer that is not in compliance with the following requirements.

       *  Each member of the audit committee of the issuer must be independent
          according to the specified criteria in Section 10A(m).

       *  The audit committee must be directly responsible for the appointment,
          compensation, retention and oversight of the work of any registered public
          accounting firm engaged for the purpose of preparing or issuing an audit
          report or performing other audit, review or attest services for the issuer,
          and the registered public accounting firm must report directly to the audit
          committee.

       *  The audit committee must establish procedures for the receipt, retention
          and treatment of complaints regarding accounting, internal accounting
          controls or auditing matters, including procedures for the confidential,
          anonymous submission by employees of concerns regarding questionable
          accounting or auditing matters.

       *  The audit committee must have the authority to engage independent
          counsel and other advisors, as it determines necessary to carry out its
          duties.

       *  The issuer must provide appropriate funding for the audit committee.

     The  new  rules will establish Section 10A(m)'s two criteria  for  audit
     committee member independence.

       *  Audit committee members must be barred from accepting any consulting,
          advisory or compensatory fee from the issuer or any subsidiary, other than in
          the member's capacity as a member of the board or any board committee.

       *  An audit committee member must not be an affiliated person of the issuer
          or any subsidiary apart from capacity as a member of the board or any board
          committee.

     The  new  rules will apply to both domestic and foreign listed  issuers.
     It  is  important  to  note that, based on significant  input  from  and
     dialogue with foreign regulators and foreign issuers and their advisers,
     several  provisions,  applicable only to foreign private  issuers,  have
     been  included  that  seek  to  address  the  special  circumstances  of
     particular foreign jurisdictions.  These provisions include

       *  allowing non-management employees to serve as audit committee members,
          consistent with "co-determination" and similar requirements in some
          countries;

       *  allowing shareholders to select or ratify the selection of auditors,
          also consistent with requirements in many foreign countries;

       *  allowing alternative structures such as boards of auditors to perform
          auditor oversight functions where such structures are provided for under
          local law; and

       *  addressing the issue of foreign government shareholder representation on
          audit committees.

     The  new  rules  also  will  make several updates  to  the  Commission's
     disclosure requirements regarding audit committees, including updates to
     the audit committee financial expert disclosure requirements for foreign
     private issuers.

     The  Commission voted to establish two sets of implementation dates  for
     listed  issuers.  Generally, listed issuers will be required  to  comply
     with   the  new  listing  rules  by  the  date  of  their  first  annual
     shareholders  meetings after Jan. 15, 2004, but in any  event  no  later
     than  Oct. 31, 2004.  Foreign private issuers and small business issuers
     will be required to comply by July 31, 2005.
  
     The  full text of the detailed release concerning the new rule  will  be
     posted to the SEC Web site as soon as possible.  (Press Rel. 2003-43)
  
PUBLIC AFFAIRS DIRECTOR CHRISTI HARLAN TO LEAVE COMMISSION, JOIN PCAOB STAFF
  
     Securities  and Exchange Commission Chairman William H. Donaldson  today
     announced that Christi Harlan will be leaving the SEC after 15 months as
     director of public affairs.
     
     Harlan,  45,  joined  the  SEC  in January  2002  and  worked  with  the
     Commission  on  announcements  of  significant  new  rules  for   public
     companies,  including expansion of disclosure requirements,  executives'
     certification  of  financial statements and the  implementation  of  the
     Sarbanes-Oxley  Act. Harlan will join the staff of  the  Public  Company
     Accounting Oversight Board as public affairs director.
     
     "Christi  played an important role in helping inform the  public  during
     the  most intensive period of rulemaking and enforcement activity in the
     Commission's  history,"  Donaldson said. "I am  pleased  that  she  will
     continue  that  role  as the new accounting board undertakes  its  vital
     work."
     
     Prior  to  joining  the Commission, she served as director  of  external
     affairs at the Federal Emergency Management Agency and as communications
     director for the Senate Committee on Banking, Housing and Urban Affairs.
     Harlan  spent 20 years as a reporter, including six years  at  The  Wall
     Street Journal.  (Press Rel. 2003-44)
  
     
ENFORCEMENT PROCEEDINGS
     
     
SEC BARS STOCK PROMOTER FROM ASSOCIATION WITH ANY BROKER OR DEALER

     On  March  31, the Commission filed a settled administrative  proceeding
     against  Niko G. Efstathiou of Monarch Beach, California today,  barring
     him  from  the  brokerage industry.  The bar was based on the  entry  on
     March 18, 2003 of a fraud injunction against Efstathiou arising from his
     participation  in  an  offering of the stock in North  American  Medical
     Products, Inc. (NAMP) that occurred from 1997 to 2000.

     The  Commission's  complaint alleged that Efstathiou, along  with  other
     defendants,  made misrepresentations and omissions in the sale  of  NAMP
     stock, including failing to disclose a 50% commission being paid to  the
     boilerroom  operators selling the stock.  Efstathiou  consented  to  the
     entry of an order enjoining him from violating the antifraud, securities
     registration,  and  broker  registration  provisions  of   the   federal
     securities  laws.  Efstathiou was also required to return  to  NAMP  for
     cancellation approximately a million shares of NAMP stock he received as
     compensation  for  his  role  in the securities  offering.   No  further
     monetary relief was required of Efstathioiu based on his sworn financial
     statements.  (Rel. 34-47601; File No. 3-11079)
     
SEC   FILES  ENFORCEMENT  ACTION  AGAINST  FIVE  INDIVIDUALS  FOR  FRAUDULENT
INVESTMENT SCHEME

     The  Commission  announced  today that it filed  a  civil  fraud  action
     against five individuals involved in a fraudulent investment scheme that
     raised at least $2.8 million from more than 120 investors.  According to
     the Commission's complaint, Jack Calvin of Ozark, Missouri organized the
     fraudulent scheme.  The complaint alleges that defendants Byron  Nernoff
     of  Roslyn  Heights, New York; James Proffitt of Tomkinsville, Kentucky;
     Daniel  Wayne  Adams of Sandwich, Massachusetts; and Charles  Timson  of
     Greenlawn,   New   York  each  solicited  investors  in   exchange   for
     commissions.
     
     According to the complaint, Calvin, Nernoff, Proffitt, Adams and  Timson
     violated the antifraud, securities registration, and broker registration
     provisions  of  the  federal securities laws, including  Sections  5(a),
     5(c),  and  17(a) of the Securities Act of 1933, and Sections 10(b)  and
     15(a)  of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.
     The Commission seeks disgorgement of all funds fraudulently received  by
     the  defendants  and by Jack Calvin's daughter Shannon Calvin,  who  was
     named  as  a  relief  defendant, plus prejudgment  interest,  and  civil
     monetary penalties from each of the defendants.  [SEC v. Jack Calvin, et
     al., Civil Action No. 03-10586-MEL, USDC, District of Massachusetts] (LR-
     18056)

COMMISSION  OBTAINS  TEMPORARY RESTRAINING ORDER,  ASSET  FREEZES  AND  OTHER
EMERGENCY  RELIEF  IN  PENNY STOCK SCHEME ORCHESTRATED  BY  RECIDIVIST  FRANK
CUSTABLE, JR.

     On March 28, the Commission obtained a Temporary Restraining Order (TRO)
     from  the  United  States District Court for the  Northern  District  of
     Illinois, temporarily restraining
     Frank  J. Custable, Jr., of Glendale Heights, Illinois, Suburban Capital
     Corp.,  Sara Wetzel, of Glenview, Illinois, and Francis Scott  Widen  of
     Buffalo Grove, Illinois, from violating the anti-fraud, registration and
     reporting  provisions of the federal securities  laws.   Custable  is  a
     recidivist  who,  in 1994, was permanently enjoined from  violating  the
     anti-fraud provisions of the federal securities laws as part of a  prior
     Commission  enforcement  action.  As part of the  TRO,  the  Court  also
     entered  orders  freezing  the  assets of  Custable,  Suburban  Capital,
     Wetzel,  Widen  and  Pine Services, Ltd., a relief defendant,  requiring
     Custable,  Suburban  Capital,  Wetzel and Widen  to  repatriate  assets,
     temporarily prohibiting Custable and Suburban Capital from participating
     in  penny  stock offerings and from trading in any securities, requiring
     all   defendants   to  give  an  accounting  and  prohibiting   document
     destruction.
     
     The  Commission's  complaint alleged that Custable has  orchestrated  an
     ongoing  scheme  to  violate the registration, antifraud  and  reporting
     violations  of the federal securities laws.  The scheme, as  alleged  in
     the  complaint, began in at least November 2001, has involved  at  least
     seven different penny stocks and has generated at least $4.3 million  in
     ill-gotten  gains.   According to the complaint,  Custable  fraudulently
     concealed  his  ownership interest in the seven penny stocks  by  having
     Suburban Capital, Wetzel, Widen and various other individuals engage  in
     a  host of securities transactions on his behalf.  The complaint further
     alleged  that Custable, Wetzel and Suburban Capital have obtained  stock
     through  fraudulent Form S-8 registrations (normally intended  to  allow
     distribution of securities to employees and consultants) and  through  a
     scheme  to  counterfeit nearly half of the outstanding stock in  Blagman
     Media  International, Inc., a company whose stock is quoted on  the  OTC
     Electronic Bulletin Board.  The complaint alleged that Custable and  the
     other  defendants illegally dumped massive quantities of the  improperly
     registered shares on the general public.
     
     The   Commission's  complaint  also  names  as  defendants  four  public
     companies  whose  stock is quoted on the OTC Electronic  Bulletin  Board
     (Bulletin  Board  Companies) and four officers  of  the  Bulletin  Board
     Companies.  The other defendants named in the Commission's complaint are
     Thermo  Elastic Technologies, Inc., Wasatch Pharmaceutical, Inc.,  David
     Giles  and Gary Heesch, who are two of Wasatch's officers, Pacel  Corp.,
     David  Calkins, who is an officer of Pacel, Gateway Distributors,  Ltd.,
     and  Richard  Bailey, an officer of Gateway.  The complaint  also  named
     Pine  Services  as  a  relief  defendant.  The  Complaint  alleged  that
     Custable,  Suburban Capital and Wetzel violated the antifraud provisions
     of  the  Securities  Act  of 1933 (Securities Act)  and  the  Securities
     Exchange  Act  of 1934 (Exchange Act).  The complaint also alleged  that
     Custable  violated  the  reporting provisions of  the  Exchange  Act  by
     failing to report his ownership interest in the penny stocks involved in
     his  scheme.   The  Commission alleged in its complaint  that  Custable,
     Wetzel,  Widen and Suburban Capital violated the registration provisions
     of  the Securities Act.  The complaint also alleged that Wasatch, Heesch
     and  Giles  violated the antifraud and registration  provisions  of  the
     Securities  Act  the  Exchange  Act, by engaging  in  several  sham  S-8
     transactions with Custable and Suburban Capital.  The complaint  alleged
     that ThermoElastic, Gateway, Pacel, Bailey and Calkins violated the anti-
     fraud  provisions of the Securities Act and the Exchange Act by engaging
     in fraudulent S-8 transactions with Custable and Suburban Capital.
     
     Apart  from  emergency  relief,  the  Commission  seeks  the  entry   of
     preliminary   and  permanent  injunctive  relief,  disgorgement,   civil
     penalties, a penny stock bar against Custable, Suburban Capital, Wetzel,
     Widen,  Heesch,  Giles, Calkins and Bailey and an order barring  Heesch,
     Giles,  Calkins and Bailey from serving as an officer or director  of  a
     public company.
     
     The  Commission wishes to acknowledge the assistance of the NASD in this
     matter.   [SEC v. Frank J. Custable, Jr., Sara Wetzel, Suburban  Capital
     Corp.,  Francis Scott Widen, Wasatch Pharmaceutical, Inc., David  Giles,
     Gary  Heesch,  Pacel  Corp., David Calkins, Gateway Distributors,  Ltd.,
     Richard  Bailey and ThermoElastic Technologies, Inc., USDC, ND Illinois,
     Civil Action No. 03-C-2182 (Gottschall, J.)] (LR-18057)
     
SEC  FILES SETTLED ACCOUNTING CHARGES AGAINST THOMAS & BETTS CORPORATION  AND
THREE INDIVIDUALS
     
     On  April 1, the Commission filed a settled accounting case in the  U.S.
     District  Court  for  the District of Columbia against  Thomas  &  Betts
     Corporation  (T&B), a publicly-traded electrical components manufacturer
     headquartered  in  Memphis,  Tennessee,  and  three  individuals.    The
     individual  defendants  are Neil W. Parker, former  President  of  T&B's
     Electrical  Components Group, Robin B. Gregersen, former Vice  President
     and  Controller  of  T&B's Electrical Components Group,  and  Robert  C.
     Calhoun,  former Vice President of T&B's National Accounts  Sales  Group
     and   current  Vice  President  of  T&B's  Distributor  Marketing.   The
     Commission  charged Parker and Gregersen with violating  the  anti-fraud
     provisions  of the Securities Exchange Act of 1934 and the  Commission's
     rules  thereunder, and charged all of the defendants with violating,  or
     aiding and abetting violations of, the reporting, books-and-records, and
     internal  controls provisions of the Exchange Act and  the  Commission's
     rules thereunder.
     
     The  Commission's complaint alleges that, from late 1998  through  early
     2000,  officers  at  T&B's Electrical Components  Group  -  specifically
     defendants Parker, Gregersen, and Calhoun - knowingly engaged in conduct
     that  circumvented  T&B's internal controls and falsified  T&B's  books,
     records, and accounts.  As a result, the complaint further alleges,  T&B
     materially  overstated its pre-tax income in earnings  releases  and  in
     public  filings  with the Commission.  In March 2001, according  to  the
     complaint,  T&B  restated  its 1999 fiscal  year  financial  statements,
     including  the  interim  quarters, to materially reduce  its  previously
     reported pre-tax income.
     
     In particular, the Commission's complaint alleges that:
     
     * In 1998, T&B's Electrical Components Group began a new sales initiative
       involving large transactions called "Power Buys," which all featured some
       combination of the following characteristics:  abnormally large volume of
       product; abnormally large price discounts; extended payment terms; negotiated
       near fiscal quarter-end; shipment of product to third-party warehouses,
       storage of product at these warehouses, and insurance for product stored at
       these warehouses, all at T&B's expense; T&B's customer having an unqualified
       right to return product or, in some instances, automatic reversion of unsold
       inventory to T&B on a date certain; and assistance by T&B in bringing about
       resale of the product by the customer to the end user.  According to the
       complaint,  T&B's accounting for these Power Buys did not comply  with
       generally accepted accounting principles (GAAP) because, in several instances
       during its 1999 fiscal year, T&B immediately recognized revenue from Power
       Buys that were subject to side agreements that excused the buyer from paying
       for product until it was resold to end users.  The complaint alleges that
       Parker, Gregersen and Calhoun approved or were aware of many of these side
       agreements.
  
     * After unsuccessfully attempting to convince Power Buy customers to pay
       for products not yet resold to end users, Parker and Gregersen directed
       Calhoun to solicit "prepayments" from customers which were, in essence, loans
       to T&B to be applied toward the customers' future purchases of product
       outside  the  Power Buy program.  According to the complaint,  Parker,
       Gregersen, and Calhoun knew that T&B agreed to pay these customers interest
       on the prepayments, and Parker and Gregersen failed to take appropriate
       action to prevent T&B from improperly allocating the prepayments to reduce
       outstanding accounts receivable balances on prior Power Buys.
     
     * On at least two occasions during 1999, T&B improperly recorded revenue
       on Power Buys after Parker and Calhoun knowingly shipped Power Buy products
       to  a third-party warehouse that they knew were not reflective of  the
       customer's actual orders.
     
     * During February 2000, while T&B's outside auditors were auditing the
       company's financial statements for the fiscal year ended January 2, 2000,
       representatives of T&B made materially false and misleading statements to the
       auditors about certain Power Buy transactions.  According to the complaint,
       Parker, Gregersen and Calhoun were aware that incorrect information was being
       provided to the auditors but made no effort to correct it, and Gregersen
       prepared  a  memorandum for T&B's auditors that  contained  inaccurate
       information.
     
     * During the relevant period, T&B failed to devise and maintain adequate
       internal accounting controls, and failed to make and keep accurate books,
       records, and accounts.
     
     * In March 2001, T&B restated its financial statements for the first and
       second quarters of its 2000 fiscal year, for the interim quarters of its 1999
       fiscal year, and for its 1996 through 1999 fiscal years.  The total amount of
       the restatements for all periods reduced T&B's previously reported pre-tax
       income by $114.1 million, of which approximately $18.9 million resulted from
       the reversal of Power Buys that had originally been recorded as sales during
       T&B's 1999 fiscal year.
     
     Without  admitting or denying the Commission's allegations, all  of  the
     defendants consented to the entry of final judgments against them.   T&B
     agreed  to  be  enjoined  from violating Exchange  Act  Sections  13(a),
     13(b)(2)(A), and 13(b)(2)(B) and Exchange Act Rules 12b-20,  13a-1,  and
     13a-13.
     
     Parker agreed to be enjoined from violating Exchange Act Sections  10(b)
     and 13(b)(5), and Exchange Act Rules 10b-5, 13b2-1, and 13b2-2, and from
     aiding   and  abetting  violations  of  Exchange  Act  Sections   13(a),
     13(b)(2)(A), and 13(b)(2)(B) and Exchange Act Rules 12b-20,  13a-1,  and
     13a-13.   Parker also agreed to be prohibited from acting as an  officer
     or  director of any public company, to pay a total of $62,384, comprised
     of $9,741 in disgorgement, $2,643 in prejudgment interest, and a $50,000
     civil penalty.
     
     Gregersen  agreed  to be enjoined from violating Exchange  Act  Sections
     10(b)  and 13(b)(5), and Exchange Act Rules 10b-5 and 13b2-1,  and  from
     aiding   and  abetting  violations  of  Exchange  Act  Sections   13(a),
     13(b)(2)(A), and 13(b)(2)(B) and Exchange Act Rules 12b-20, 13a-1,  13a-
     13,  and  13b2-2.   Gregersen also agreed to pay  a  total  of  $31,535,
     comprised  of  $13,769 in disgorgement, $2,766 in prejudgment  interest,
     and a $15,000 civil penalty, the amount of which was based, in part,  on
     Gregersen's demonstrated inability to pay more than that.
     
     Calhoun  agreed  to  be  enjoined from violating  Exchange  Act  Section
     13(b)(5)  and  Exchange Act Rule 13b2-1, and from  aiding  and  abetting
     violations  of Exchange Act Sections 13(a), 13(b)(2)(A) and  13(b)(2)(B)
     and  Exchange Act Rules 12b-20, 13a-1, 13a-13, and 13b2-2.  Calhoun also
     agreed  to  pay  a  $25,000 civil penalty.    [SEC  v.  Thomas  &  Betts
     Corporation, et al., No. 1:03CV00784 (Lamberth, J.) (D.D.C.)] (LR-18058;
     AAE Rel. 1747)

SEC CHARGES THREE HEALTHSOUTH OFFICIALS IN CONNECTION WITH ACCOUNTING FRAUD
     
     The  Commission  filed  complaints March 31 charging  HealthSouth  Corp.
     officials  William  T.  Owens, Weston L. Smith, and  Emery  Harris  with
     violating  and/or  aiding  and  abetting violations  of  the  antifraud,
     reporting,  books-and-records, and internal controls provisions  of  the
     federal securities laws.
     
     Since   February  2000,  Owens  has,  at  different  times,  served   as
     HealthSouth's   Chief  Financial  Officer,  Executive  Vice   President,
     President,   and  Chief  Operating  Officer.   Smith  was  HealthSouth's
     Controller  from  March  2000 to August 2001  and  its  Chief  Financial
     Officer  from August 2001 to August 2002. Harris held various  positions
     in HealthSouth's accounting department from 1992 through 2003. He was  a
     Group  Vice  President, Accounting, and Assistant Controller from  March
     2000 to March 2003.
     
     The  complaints allege that since at least as early as 1999, HealthSouth
     has  been  systematically  overstating its earnings  by  at  least  $1.4
     billion  in  order to meet or exceed Wall Street earnings  expectations.
     The  false  increases  in earnings were matched by  false  increases  in
     HealthSouth's assets. By the third quarter of 2002, HealthSouth's assets
     were overstated by at least $800 million, or approximately 10 percent.
     
     The complaints charge that, Owens, Smith, and Harris, in furtherance  of
     the  above scheme, made or directed other HealthSouth employees to  make
     false  accounting  entries to inflate reported  operating  results.  The
     Commission also charged that Owens and Smith engaged in insider  trading
     by selling substantial amounts of HealthSouth stock while they knew that
     HealthSouth's  financial  statements  grossly  misstated  the  company's
     earnings and assets.
     
     Finally,   the   complaint  charges  that  Owens  signed  a   management
     certification  when  he  knew  that the report  he  certified  contained
     misleading  financial  statements. The Commission is  seeking  permanent
     injunctions,  civil money penalties and disgorgement of  all  ill-gotten
     gains  or  losses  avoided by the defendants, and an  order  prohibiting
     Owens, Smith and Harris from ever serving as an officer or director of a
     public company.
     
     On   March   19,  2003,  the  Commission  filed  a  complaint   charging
     HealthSouth,  the  nation's  largest  provider  of  outpatient  surgery,
     diagnostic  and  rehabilitative  healthcare  services,  and  its   Chief
     Executive  Officer  and  Chairman Richard M. Scrushy  with  the  massive
     accounting fraud. (Lit. Rel. 18,044) [SEC v. William T. Ownes and Weston
     L.  Smith,  Civil Action No. CV-03-C-0720-S] (LR-18059; AAE Rel.  1750);
     [SEC  v. Emery Harris, Civil Action No. CV-03-AR-0715-S] (LR-18060;  AAE
     Rel. 1749)

INVESTMENT COMPANY ACT RELEASES

POWERSHARES EXCHANGE-TRADED FUND TRUST, ET AL.

     An  order  has  been  issued  on an application  filed  by  PowerShares
     Exchange-Traded  Fund  Trust, et al.  The  order  permits  an  open-end
     management  investment  company, whose  series  would  consist  of  the
     component securities of certain domestic equity securities indices,  to
     issue shares of limited redeemability that would trade in the secondary
     market  at  negotiated  prices.  The order  also  permits  (a)  certain
     affiliated  persons  of  the  series to deposit  securities  into,  and
     receive securities from, the series, and (b) dealers to sell shares  of
     the  series in the secondary market unaccompanied by a prospectus, when
     the Securities Act of 1933 does not require prospectus delivery.  (Rel.
     IC-25985 - March 28)

FSA CAPITAL MANAGEMENT SERVICES LLC

     A  notice  has been issued giving interested persons until April  22  to
     request  a  hearing  on an application filed by FSA  Capital  Management
     Services  LLC  (FSA  Capital) for an order under  Section  6(c)  of  the
     Investment  Company Act exempting applicant from all provisions  of  the
     Act.   The order would permit FSA Capital to issue and sell certain debt
     securities  and use the proceeds to finance the business  activities  of
     Financial  Security Assurance Holdings Ltd. and its direct and  indirect
     subsidiaries.   (Rel. IC-25986 - March 28)

HOLDING COMPANY ACT RELEASES

GULF POWER COMPANY
     
     A  notice  has been issued giving interested persons until April  23  to
     request  a  hearing  on  a  proposal by Gulf Power  Company  (Gulf),  an
     electric  utility  wholly owned subsidiary of The  Southern  Company,  a
     registered holding company under the Act, to issue and sell from time-to-
     time,  prior  to  March 31, 2006 (Authorization Period), obligations  in
     connection with the issuance and sale of one or more series of pollution
     control  revenue  bonds  in an aggregate principal  amount  up  to  $180
     million.   Gulf  also proposes to issue during the Authorization  Period
     one  or  more series of:  senior debentures, senior promissory notes  or
     other senior debt instruments; first mortgage bonds; and preferred stock
     in  an  aggregate  amount  up  to $450 million  in  any  combination  of
     issuance.  (Rel. 35-27661)

SELF-REGULATORY ORGANIZATIONS

IMMEDIATE EFFECTIVENESS OF PROPOSED RULE CHANGE

     A  proposed rule change filed by the Cincinnati Stock Exchange to extend
     its liquidity provider fee and rebate pilot program (SR-CSE-2003-03) has
     become  effective  under Section 19(b)(3)(A) of the Securities  Exchange
     Act  of  1934.   Publication of the notice is expected  in  the  Federal
     Register during the week of March 31.  (Rel. 34-47596)
     
     
SECURITIES ACT REGISTRATIONS
     

     The following registration statements have been filed with the SEC under
     the  Securities  Act  of  1933.   The reported  information  appears  as
     follows:   Form,  Name, Address and Phone Number (if available)  of  the
     issuer  of the security; Title and the number and/or face amount of  the
     securities being offered; Name of the managing underwriter or  depositor
     (if  applicable);  File number and date filed; Assigned  Branch;  and  a
     designation if the statement is a New Issue.

     Registration statements may be obtained in person or by writing  to  the
     Commission's  Public  Reference  Branch  at  450  Fifth  Street,   N.W.,
     Washington,  D.C.  20549  or  at  the  following  e-mail  box   address:
     <publicinfo@sec.gov>.  In most cases, this information is also available
     on the Commission's website: <www.sec.gov>.
     
     

SB-2    BENACQUISTA GALLERIES INC, 2,030,900 ($2,030,900.00) Equity,
        (File 333-104132 - Mar. 31) (BR. )

S-3     ESTEE LAUDER COMPANIES INC, 767 FIFTH AVE, NEW YORK, NY, 10153,
        2125724200 - 1 ($500,000,000.00) Non-Convertible Debt,
        (File 333-104133 - Mar. 31) (BR. 02)

S-8     AOL TIME WARNER INC, 75 ROCKEFELLER PLAZA, NEW YORK, NY, 10019,
        2124848000 - 300,000 ($3,333,000.00) Equity, (File 333-104134 -
        Mar. 31) (BR. 05)

S-8     AOL TIME WARNER INC, 75 ROCKEFELLER PLAZA, NEW YORK, NY, 10019,
        2124848000 - 300,000,000 ($300,000,000.00) Non-Convertible Debt,
        (File 333-104135 - Mar. 31) (BR. 05)

S-8     PRINCETON REVIEW INC, 2315 BROADWAY, NEW YORK CITY, NY, 10024,
        2128748282 - 1,000,000 ($4,240,000.00) Equity, (File 333-104136 -
        Mar. 31) (BR. 08)

S-8     YAHOO INC, 4087313300 - 0 ($28,029,928.13) Equity, (File 333-104137 -
        Mar. 31) (BR. 03)

S-4     GSLI CORP, 39 MANNING ROAD, BILLERICA, MA, 01821, 9784395511 -
        0 ($181,504,188.00) Equity, (File 333-104138 - Mar. 31) (BR. )

S-8     SOUTHERN MICHIGAN BANCORP INC, 51 W PEARL ST, COLDWATER, MI, 49036,
        5172795500 - 0 ($1,993,200.00) Equity, (File 333-104139 - Mar. 31)
        (BR. 07)

F-6     MITCHELLS & BUTLERS PLC, 100,000,000 ($5,000,000.00) ADRs/ADSs,
        (File 333-104140 - Mar. 31) (BR. )

S-4     REMINGTON ARMS CO INC/, 1011 CENTRE RD, 2ND FL, WILMINGTON, DE,
        19805-1270, 3029938500 - 0 ($200,000,000.00) Non-Convertible Debt,
        (File 333-104141 - Mar. 31) (BR. 06)

S-8     TOTAL SYSTEM SERVICES INC, 1600 FIRST AVENUE, P O BOX 1755, COLUMBUS,
        GA, 31901, 7066492267 - 9,355,299 ($139,393,955.00) Equity,
        (File 333-104142 - Mar. 31) (BR. 03)

S-8     MID ATLANTIC MEDICAL SERVICES INC, 4 TAFT COURT, ROCKVILLE, MD, 20850,
        3012945140 - 2,000,000 ($78,460,000.00) Equity, (File 333-104143 -
        Mar. 31) (BR. 01)

S-8     FIRST SOUTH BANCORP INC /VA/, 1311 CAROLINA AVE, WASHINGTON, NC, 27889,
        2529464178 - 961,918 ($21,013,475.00) Equity, (File 333-104144 -
        Mar. 31) (BR. 07)

S-8     DIAMOND DISCOVERIES INTERNATIONAL CORP, 119 WEST 23RD ST, STE 508,
        NEW YORK, NY, 10011, 6464863900 - 0 ($1,164,800.00) Equity,
        (File 333-104146 - Mar. 31) (BR. 09)

F-3     METALINK LTD, YAKUM BUSINESS PARK, YAKUM ISRAEL, L3, 60972,
        97299605388 - 10,565,651 ($36,451,496.00) Equity, (File 333-104147 -
        Mar. 31) (BR. 36)

N-2     ALLIED CAPITAL CORP, 1919 PENNSYLVANIA AVENUE NW, WASHINGTON, DC,
        20006, 2023311112 - 0 ($359,100,000.00) Equity, (File 333-104149 -
        Mar. 31) (BR. 16)

S-3     MDU RESOURCES GROUP INC, 918 EAST DIVIDE AVENUE, BISMARCK, ND,
        58506-5650, 7012227900 - 0 ($500,000,000.00) Other, (File 333-104150 -
        Mar. 31) (BR. 02)

S-3     BANK OF AMERICA CORP /DE/, BANK OF AMERICA CORPORATE CENTER,
        100 N TRYON ST, CHARLOTTE, NC, 28255, 7043868486 -
        0 ($2,000,000,000.00) Other, (File 333-104151 - Mar. 31) (BR. 07)

S-8     ENGAGE INC, 100 BRICKSTONE SQUARE, ANDOVER, MA, 01810, 9786843884 -
        0 ($264,000.00) Equity, (File 333-104152 - Mar. 31) (BR. 08)

S-3     FINANCIAL ASSET SECURITIES CORP, 600 STEAMBOAT ROAD, GREENWICH, CT,
        92618, 2036252700 - 1,000,000 ($1,000,000.00) Asset-Backed Securities,
        (File 333-104153 - Mar. 31) (BR. 05)

S-8     LIBERTY MEDIA CORP /DE/, 12300 LIBERTY BLVD., ENGLEWOOD, CO, 80112,
        7208755400 - 0 ($494,000.00) Equity, (File 333-104154 - Mar. 31)
        (BR. 37)

S-8     PENTON MEDIA INC, 1300 EAST NINTH STREET, CLEVELAND, OH, 44114,
        2166967000 - 6,000,000 ($3,000,000.00) Equity, (File 333-104155 -
        Mar. 31) (BR. 05)

S-8     CATUITY INC, 2711 EAST JEFFERSON AVE, DETROIT, MI, 48207, 3135674348 -
        0 ($225,000.00) Equity, (File 333-104157 - Mar. 31) (BR. 03)

S-8     HEXCEL CORP /DE/, TWO STAMFORD PLAZA, 281 TRESSER BLVD., 16TH FLOOR,
        STAMFORD, CT, 06901, 203-969-0666 - 0 ($600,000.00) Equity,
        (File 333-104158 - Mar. 31) (BR. 06)

S-8     HEXCEL CORP /DE/, TWO STAMFORD PLAZA, 281 TRESSER BLVD., 16TH FLOOR,
        STAMFORD, CT, 06901, 203-969-0666 - 0 ($16,500,000.00) Equity,
        (File 333-104159 - Mar. 31) (BR. 06)

S-8     HEXCEL CORP /DE/, TWO STAMFORD PLAZA, 281 TRESSER BLVD., 16TH FLOOR,
        STAMFORD, CT, 06901, 203-969-0666 - 0 ($450,000.00) Equity,
        (File 333-104160 - Mar. 31) (BR. 06)

S-8     TERAYON COMMUNICATION SYSTEMS, 2952 BUNKER HILL LN, SANTA CLARA, CA,
        95054, 4087274400 - 0 ($4,950,000.00) Equity, (File 333-104161 -
        Mar. 31) (BR. 37)

S-8     COMERICA INC /NEW/, 500 WOODWARD AVENUE MC 3391,
        COMERICA TOWER AVE1ST FL, DETROIT, MI, 48226-3509, 313 222-9743 -
        0 ($620,160,000.00) Equity, (File 333-104163 - Mar. 31) (BR. 07)

S-8     COMERICA INC /NEW/, 500 WOODWARD AVENUE MC 3391,
        COMERICA TOWER AVE1ST FL, DETROIT, MI, 48226-3509, 313 222-9743 -
        0 ($3,488,400.00) Equity, (File 333-104164 - Mar. 31) (BR. 07)

S-3     UNIT CORP, 1000 KENSINGTON TOWER, 7130 SO LEWIS  STE 1000, TULSA, OK,
        74136, 9184937700 - 0 ($250,000,000.00) Other, (File 333-104165 -
        Mar. 31) (BR. 04)

S-8     AT&T CORP, 900 ROUTE 202/206 NORTH, BEDMINSTER, NJ, 07921, 9085321900 -
        2,000,000 ($16.56) Equity, (File 333-104166 - Mar. 31) (BR. 37)

S-4     DENDREON CORP, 3005 FIRST AVENUE, SEATTLE, WA, 98121, 206254545 -
        15,800,000 ($63,726,667.00) Equity, (File 333-104167 - Mar. 31) (BR. 01)

S-3     VIXEL CORP, 11911 NORTH CREEK PARKWAY SOUTH, BOTHELL, WA, 98011,
        4248065509 - 1,286,560 ($4,104,126.40) Equity, (File 333-104168 -
        Mar. 31) (BR. 03)

S-8     F5 NETWORKS INC, 401 ELLIOT AVE WEST, STE 500, SEATTLE, WA, 98119,
        2062725555 - 1,000,000 ($13,120,000.00) Equity, (File 333-104169 -
        Mar. 31) (BR. 03)

S-8     PROTEIN DESIGN LABS INC/DE, 34801 CAMPUS DR, FREMONT, CA, 94555,
        5105741400 - 3,480,000 ($24,907,440.00) Equity, (File 333-104170 -
        Mar. 31) (BR. 01)

S-8     CNH GLOBAL N V, 100 SOUTH SAUNDERS ROAD, LAKE FOREST, IL, 60045,
        10,000,000 ($16,500,000.00) Equity, (File 333-104171 - Mar. 31) (BR. 36)

S-8     SONY CORP, 7-35 KITASHINAGAWA, 6-CHOME SHINAGAWA-KU, TOKYO 141 JAPAN,
        M0, 0354482180 - 0 ($57,752,995.00) Equity, (File 333-104172 - Mar. 31)
        (BR. 02)

S-8     EXUS NETWORKS  INC, 212-514-6600 - 10,900,000 ($76,300.00) Equity,
        (File 333-104174 - Mar. 31) (BR. 37)

S-8     LANDRYS  RESTAURANTS INC, 1510 WEST LOOP SOUTH, ,, HOUSTON, TX, 77027,
        7138501010 - 0 ($50,224,612.50) Equity, (File 333-104175 - Mar. 31)
        (BR. 05)

S-8     IMANAGE INC, 2121 SOUTH EL CAMINO REAL 4TH FLOOR, SAN MATEO, CA, 94403,
        6503561166 - 4,282,005 ($12,433,581.67) Equity, (File 333-104176 -
        Mar. 31) (BR. 03)

S-4     ANDREW CORP, 10500 W 153RD ST, ORLAND PARK, IL, 60462, 7083493300 -
        0 ($492,428,887.00) Equity, (File 333-104177 - Mar. 31) (BR. 06)

S-8     INSIGHTFUL CORP, 1700 WESTLAKE AVENUE NORTH, SUITE 500, SEATTLE, WA,
        98109-3044, 6175771017 - 0 ($3,945,000.00) Equity, (File 333-104178 -
        Mar. 31) (BR. 03)

S-8     COX COMMUNICATIONS INC /DE/, 1400 LAKE HEARN DR NE, ATLANTA, GA, 30319,
        4048435000 - 0 ($92,385,000.00) Equity, (File 333-104179 - Mar. 31)
        (BR. 37)

S-8     SUB SURFACE WASTE MANAGEMENT OF DELAWARE INC, 5922-B FARNSWORTH COURT,
        CARLSBAD, CA, 92008, 760-918-1860 - 0 ($500,000.00) Equity,
        (File 333-104180 - Mar. 31) (BR. 09)

S-3     BAYVIEW FINANCIAL SECURITIES CO LLC, 4425 PONCE DE LEON BLVD 4TH FLOOR,
        CORAL GABLES, FL, 33134, 3058548880 -
        0 ($1,000,000.00) Asset-Backed Securities, (File 333-104181 - Mar. 31)
        (BR. )

S-3     ADVANCED NEUROMODULATION SYSTEMS INC, 6501 WINDCREST DRIVE SUITE 100,
        PLANO, TX, 75024, 9723098000 - 0 ($2,898,000.00) Equity,
        (File 333-104182 - Mar. 31) (BR. 36)

S-8     GABLES RESIDENTIAL TRUST, 2859 PACES FERRY RD, STE 1450, ATLANTA, GA,
        30339, 7704364600 - 46,692 ($1,260,217.08) Equity, (File 333-104183 -
        Mar. 31) (BR. 08)

S-3     VECTREN UTILITY HOLDINGS INC, 20 NW 4TH ST, EVANSVILLE, IN, 47708,
        8124914000 - 0 ($350,000,000.00) Unallocated (Universal) Shelf,
        (File 333-104186 - Mar. 31) (BR. 04)

     

RECENT 8K FILINGS

Form 8-K is used by companies to file current reports on the following events:

    Item 1.  Changes in Control of Registrant.
    Item 2.  Acquisition or Disposition of Assets.
    Item 3.  Bankruptcy or Receivership.
    Item 4.  Changes in Registrant's Certifying Accountant.
    Item 5.  Other Materially Important Events.
    Item 6.  Resignations of Registrant's Directors.
    Item 7.  Financial Statements and Exhibits.
    Item 8.  Change in Fiscal Year.
    Item 9.  Regulation FD Disclosure.

The  following companies have filed 8-K reports for the date indicated and/or
amendments to 8-K reports previously filed, responding to the item(s) of  the
form  specified.  8-K reports may be obtained in person or by writing to  the
Commission's  Public Reference Branch at 450 Fifth Street, N.W.,  Washington,
D.C. 20549 or at the following e-mail box address:  <publicinfo@sec.gov>.  In
most  cases, this information is also available on the Commission's  website:
<www.sec.gov>.

                                       STATE     8K ITEM NO.
NAME OF ISSUER                         CODE   1 2 3 4 5 6 7 8 9     DATE     COMMENT
------------------------------------------------------------------------------------
ADAIR INTERNATIONAL OIL & GAS INC       TX          X             03/28/03

ADAMS RESOURCES & ENERGY INC            DE                X   X   03/28/03

ADVOCAT INC                             DE                X       12/31/02

AGATE TECHNOLOGIES INC DE               DE    X X       X X       11/15/02     AMEND

AHL SERVICES INC                        GA            X   X       03/28/03

AIMS WORLDWIDE INC                      NV                X       03/31/03     AMEND

ALLIED WASTE INDUSTRIES INC             DE                    X   03/31/03

ALMOST FAMILY INC                       DE                X       12/31/02

AMBAC FINANCIAL GROUP INC               DE            X   X       03/25/03

AMERICA SERVICE GROUP INC /DE           DE            X   X       03/31/03

AMERICAN COMMUNITY PROPERTIES TRUST     MD                    X   03/31/03

AMERICAN ECOLOGY CORP                   DE            X   X       03/26/03

AMERICAN GENERAL FINANCE CORP           IN            X   X       03/28/03

AMERICAN RESTAURANT GROUP INC           DE            X   X       03/24/03

AMERICAN STATES WATER CO                CA                    X   03/31/03

ANADARKO PETROLEUM CORP                 DE            X   X   X   03/31/03

APA OPTICS INC /MN/                     MN      X         X       03/28/03

ARCADIA RECEIVABLES FINANCE CORP        DE            X           03/17/03

ARCADIA RECEIVABLES FINANCE CORP        DE            X           03/17/03

ARCADIA RECEIVABLES FINANCE CORP        DE            X           03/17/03

ARCADIA RECEIVABLES FINANCE CORP        DE            X           03/17/03

ARCADIA RECEIVABLES FINANCE CORP        DE            X           03/17/03

ARCADIA RECEIVABLES FINANCE CORP        DE            X           03/17/03

ARCADIA RECEIVABLES FINANCE CORP        DE            X           03/17/03

ARCADIA RECEIVABLES FINANCE CORP        DE            X           03/17/03

ARCH CAPITAL GROUP LTD                  DE                X   X   03/31/03

ARRAY BIOPHARMA INC                     DE                    X   03/31/03

ASTEA INTERNATIONAL INC                 DE            X   X       03/31/03

ASTRALIS LTD                            CO                X       03/31/03

ATCHISON CASTING CORP                   KS            X   X       03/31/03

AVICI SYSTEMS INC                       DE                X   X   03/28/03

AXSYS TECHNOLOGIES INC                  DE            X   X       03/28/03

BA MASTER CREDIT CARD TRUST /                             X       03/17/03

BANK OF AMERICA CORP /DE/               DE            X   X       03/26/03

BANK OF AMERICA MORT SEC INC MORT PAS   DE            X   X       03/20/03

BARD C R INC /NJ/                       NJ            X           03/28/03

BAYWOOD INTERNATIONAL INC               NV            X   X       03/28/03

BEAR STEARNS COMPANIES INC              DE            X   X       03/26/03

BECTON DICKINSON & CO                   NJ            X           03/31/03

BMW VEHICLE OWNER TRUST 2001-A          DE                X       06/25/02

BMW VEHICLE OWNER TRUST 2002-A                            X       02/25/02

BOMBARDIER CAPITAL MORTGAGE SECURITIZ   DE                X       02/28/03

BOMBARDIER CAPITAL MORTGAGE SECURITIZ   DE                X       02/28/03

BOMBARDIER CAPITAL MORTGAGE SECURITIZ   DE                X       02/28/03

BOMBARDIER CAPITAL MORTGAGE SECURITIZ   DE                X       02/28/03

BOMBARDIER CAPITAL MORTGAGE SECURITIZ   DE                X       02/28/03

BOMBARDIER CAPITAL MORTGAGE SECURITIZ   DE                X       02/28/03

BOMBARDIER CAPITAL MORTGAGE SECURITIZ   DE                X       02/28/03

BOMBARDIER CREDIT RECEIVABLES CORP SE   DE                X       02/28/03

BOSTON LIFE SCIENCES INC /DE            DE                X   X   03/25/03

BRANDAID MARKETING CORP                 DE            X X         03/31/03

CABLETEL COMMUNICATIONS CORP                          X   X       03/31/03

CAPITAL ONE AUTO FINANCE TRUST 2002-A   VA            X           09/11/02

CAVALIER HOMES INC                      DE                    X   12/31/02

CAVALIER HOMES INC                      DE                    X   12/31/02

CHECKPOINT SYSTEMS INC                  PA            X           03/28/03

CHINA WIRELESS COMMUNICATIONS INC       NV            X   X       03/22/03

CHINDEX INTERNATIONAL INC               DE                  X X   12/31/02

COASTAL BANKING CO INC                  SC                    X   03/31/03

COCA COLA BOTTLING CO CONSOLIDATED /D   DE            X   X       03/28/03

COMPUDYNE CORP                          NV            X           03/31/03

CONSTAR INTERNATIONAL INC               DE                X   X   03/31/03

CPI AEROSTRUCTURES INC                  NY                X   X   03/31/03

CROWN CASTLE INTERNATIONAL CORP         DE            X           03/28/03

CROWN CORK & SEAL CO INC                PA                    X   03/31/03

CROWN HOLDINGS INC                      PA                    X   03/31/03

CSFB MORT SEC CORP MORT BACKED PASS T   DE            X   X       03/25/03

CSFB MORTGAGE SEC CORP COMM MORT PS T   DE            X   X       03/31/03

CULP INC                                NC            X           03/31/03

CWMBS INC                               DE                X       03/31/03

CWMBS INC                               DE                X       03/31/03

CWMBS INC                               DE                X       03/31/03

CWMBS INC                               DE                X       03/31/03

CWMBS INC                               DE                X       03/31/03

CWMBS INC                               DE                X       03/31/03

CWMBS INC                               DE                X       03/31/03

CWMBS INC                               DE            X   X       03/25/03

CWMBS INC                               DE                X       03/31/03

CYPOST CORP                             DE      X         X       03/22/03

CYTRX CORP                              DE      X     X   X       07/19/02     AMEND

D & K HEALTHCARE RESOURCES INC          DE            X   X       03/28/03

DCB FINANCIAL CORP                      OH          X     X       03/13/03     AMEND

DIAMOND HILL INVESTMENT GROUP INC       OH                    X   03/28/03

DIGITAL BROADBAND NETWORKS INC          CO                    X   03/31/03

DOBSON COMMUNICATIONS CORP              OK                    X   03/28/03

DORAL FINANCIAL CORP                    PR                X   X   03/28/03

DSL NET INC                             DE                    X   03/31/03

EBAY INC                                DE                    X   03/31/03

EBS LITIGATION LLC                      DE                    X   03/28/03

EBS PENSION LLC                         DE                    X   03/28/03

EFUNDS CORP                             DE          X             12/01/02

EL PASO CORP/DE                         DE                X   X   03/31/03

ELUTION TECHNOLOGIES INC                NV          X     X       03/19/03

EMPIRE FINANCIAL HOLDING CO             FL            X   X       03/28/03

EMPIRE RESOURCES INC /NEW/              DE                    X   03/31/03

ENDOVASC INC                            NV    X X                 03/31/03

ENRON CORP/OR/                          OR            X   X       03/31/03

ENSCO INTERNATIONAL INC                 DE            X           03/31/03

ENSCO INTERNATIONAL INC                 DE            X           03/28/03

EPIC FINANCIAL  CORP                    NV    X X     X   X       03/31/03

EQCC TRUST 2002-1                       NY                X       06/25/02     AMEND

EXELON CORP                             PA            X           03/28/03

FAIRCHILD SEMICONDUCTOR INTERNATIONAL   DE            X   X       03/27/03

FARMERS CAPITAL BANK CORP               KY          X             03/28/03

FEDERATED DEPARTMENT STORES INC /DE/    DE                    X   03/31/03

FIBERMARK INC                           DE            X   X       03/27/03

FIRST CAPITAL BANK HOLDING CORP         FL                    X   03/31/03

FIRST CITIZENS BANCORPORATION OF SOUT   SC            X   X       03/31/03

FIRST NATIONAL BANCSHARES INC /SC/      SC                    X   03/28/03

FIRST SOUTHERN BANCORP                  GA                    X   03/28/03

FRONTLINE COMMUNICATIONS CORP           DE                X   X   03/31/03

GBC BANCORP                             CA                    X   03/26/03

GENAERA CORP                            DE            X   X       03/28/03

GENERAL CHEMICAL GROUP INC              DE                X   X   03/31/03

GENERAL CHEMICAL INDUSTRIAL PRODUCTS    DE                X   X   03/31/03

GEORGIA PACIFIC CORP                    GA            X   X       03/28/03

GP STRATEGIES CORP                      DE                X   X   03/31/03

GRAFTECH INTERNATIONAL LTD              DE                    X   03/28/03

GRAPHIC PACKAGING INTERNATIONAL CORP    CO            X           03/21/03     AMEND

GRAPHON CORP/DE                         DE                    X   12/31/02

GROUP MANAGEMENT CORP                   DE        X   X       X   03/31/03

GUILFORD PHARMACEUTICALS INC            DE                X   X   03/31/03

HEALTHSOUTH CORP                        DE            X           03/31/03

HFC REVOLVING CORP  HOUSEHOLD HOME EQ   DE                X       03/20/03

HFC REVOLVING CORP HOUSEHOLD HOME EQU   DE                X       03/20/02

HOMEGOLD FINANCIAL INC                  SC        X       X       03/31/03

HORIZON PCS INC                         DE            X   X       03/31/03

HOUSEHOLD AUTO RECEIVABLES CORP ASSET   NV                X       03/18/03

HOUSEHOLD HOME EQUITY LOAN TRUST 1999   DE                X       03/20/03

HOUSEHOLD HOME EQUITY LOAN TRUST 2002                     X       03/20/03

HOUSEHOLD HOME EQUITY LOAN TRUST 2002   DE                X       03/20/03

HOUSEHOLD REVOLVING HOME EQUITY LOAN    DE                X       03/20/03

HOUSEHOLD REVOLVING HOME EQUITY LOAN    DE                X       03/20/03

HOUSEHOLD REVOLVING HOME EQUITY LOAN    DE                X       03/20/03

I SECTOR CORP                           DE            X           12/31/02

IMCO RECYCLING INC                      DE      X     X   X       03/14/03

IMH ASSETS CORP                         DE            X   X       03/28/03

IMMULABS CORP                           CO    X X     X           03/17/03

IMPAX LABORATORIES INC                  DE                    X   03/28/03

IMPAX LABORATORIES INC                  DE                    X   03/28/03

IMPAX LABORATORIES INC                  DE                    X   03/28/03

INPUT OUTPUT INC                        DE            X   X       03/31/03

INSIGNIA FINANCIAL GROUP INC /DE/       DE      X         X       03/14/03

INSILCO HOLDING CO                      DE            X           03/31/03

INSITE VISION INC                       DE                X   X   03/31/03

INTERCEPT INC                           GA                X   X   03/31/03

INTERGOLD CORP                          NV    X           X       03/28/03

INTERNET CAPITAL GROUP INC              DE                X   X   03/31/03

INTERPLAY ENTERTAINMENT CORP            DE            X   X       03/14/03

INTERVOICE INC                          TX            X   X       03/28/03

INVERNESS MEDICAL INNOVATIONS INC       DE                    X   03/31/03

KANSAS CITY LIFE INSURANCE CO           MO            X   X       03/31/03

KAW ACQUISITION CORP                    NV          X             03/27/03

KAYDON CORP                             DE                X   X   03/31/03

KEY3MEDIA GROUP INC                     DE            X   X       03/26/03

LAS VEGAS SANDS INC                     NV                    X   12/31/02

LEVEL 8 SYSTEMS INC                     DE            X   X       03/31/03

LIFECORE BIOMEDICAL INC                 MN                X   X   03/27/03

LOTUS PACIFIC INC                       DE            X           03/24/03

LUBYS INC                               DE                    X   03/31/03

LUBYS INC                               DE                    X   03/31/03

M WAVE INC                              DE            X   X       03/31/03

MAGNOLIA VENTURES INC                   NV    X X     X   X       01/15/03     AMEND

MAVERICK TUBE CORPORATION               DE                X       03/31/03     AMEND

MAXCOR FINANCIAL GROUP INC              DE                X   X   03/31/03

MCMORAN EXPLORATION CO /DE/             DE            X           03/31/02

MCSI INC                                MD            X           03/31/03

MDSI MOBILE DATA SOLUTIONS INC /CAN/    A1                    X   03/31/03

MEDI HUT CO INC                         DE          X X   X       03/28/03

MEDIACOM  BROADBAND LLC                 DE                    X   12/31/02

MEDIACOM COMMUNICATIONS CORP            DE                    X   12/31/02

MEDIACOM LLC                            NY                    X   12/31/02

MEREDITH ENTERPRISES INC                DE                X   X   03/31/03

MERRILL LYNCH DEPOSITOR INC PREFERRED   DE            X   X       03/28/03     AMEND

MERRILL LYNCH DEPOSITOR INC PREFERRED   DE            X   X       03/28/03     AMEND

MERRILL LYNCH DEPOSITOR INC PREFERRED   DE            X   X       03/28/03     AMEND

MERRILL LYNCH DEPOSITOR INC PREFERRED   DE            X   X       03/28/03     AMEND

MERRILL LYNCH DEPOSITOR INC PREFERRED   DE            X   X       03/28/03     AMEND

MERRILL LYNCH DEPOSITOR INC PREFERRED   DE            X   X       03/28/03     AMEND

MERRILL LYNCH DEPOSITOR INC PREFERRED   NY            X   X       03/28/03     AMEND

MERRILL LYNCH DEPOSITOR INC PREFERRED   DE            X   X       03/28/03     AMEND

MERRILL LYNCH DEPOSITOR INC PREFERRED   NY            X   X       03/28/03     AMEND

MERRILL LYNCH DEPOSITOR INC PREFERRED   DE            X   X       03/28/03     AMEND

MERRILL LYNCH DEPOSITOR INC PREFERRED   DE            X   X       03/28/03     AMEND

MERRILL LYNCH DEPOSITOR INC PREFERRED   DE            X   X       03/28/03     AMEND

MERRILL LYNCH DEPOSITOR INC PREFERRED   DE            X           03/28/03     AMEND

MERRILL LYNCH DEPOSITOR INC PREFERRED   DE            X   X       03/28/03     AMEND

MERRILL LYNCH DEPOSITOR INC PREFERRED   DE            X   X       03/28/03     AMEND

MERRILL LYNCH DEPOSITOR PREFERREDPLUS   DE            X   X       03/28/03     AMEND

METALDYNE CORP                          DE            X   X       12/08/02     AMEND

MILLENNIUM CAPITAL VENTURE HOLDINGS I   DE      X   X             03/24/03

MILLENNIUM CHEMICALS INC                DE                X   X   03/31/03

MISSION BANCORP                         CA            X           03/28/03

MISSION RESOURCES CORP                  DE                X   X   03/31/03

MONMOUTH CAPITAL CORP                   NJ                    X   03/28/03

MORGAN GROUP HOLDING CO                                       X   03/31/03

MORTGAGE ASSET SECURITIZATION TRANSAC   DE            X           03/31/03

MPAC CORP                               NV          X     X       03/04/03

MS STRUCTURED ASSET CORP                DE                X       03/31/03

MS STRUCTURED ASSET CORP                DE                X       03/20/03

MW MEDICAL INC                          NV      X     X           03/15/03

NATIONAL STEEL CORP                     DE            X   X       03/26/03

NATIONSBANK OF DELAWARE NA              DE            X   X       03/17/03

NETGURU INC                             DE            X   X       03/27/03

NISSAN AUTO RECEIVABLES 2002 B  OWNER   DE            X           03/17/03

NISSAN AUTO RECEIVABLES 2002 C OWNER    DE            X           03/17/03

NISSAN AUTO RECEIVABLES 2003-A OWNER    DE            X           03/17/03

NORDSTROM INC                           WA                    X   03/31/03

NORDSTROM INC                           WA            X           03/31/03

NTL INC                                 DE                X   X   03/31/03

NUCO2 INC /FL                           FL            X   X       03/27/03

OCEANEERING INTERNATIONAL INC           DE                    X   03/31/03

OIL DRI CORPORATION OF AMERICA          DE            X           03/28/03

OLYMPUS COMMUNICATIONS LP               DE                    X   03/25/03

ONYX ACCEPTANCE FINANCIAL CORP          DE            X           03/17/03

ONYX ACCEPTANCE OWNER TRUST 2002-D      DE            X           02/28/03

ORTHOFIX INTERNATIONAL N V                                    X   03/28/03

OWENS ILLINOIS INC /DE/                 DE                    X   03/28/03

PACIFIC TECHNOLOGY INC                  DE    X X       X X       03/28/03

PANAMERICAN BANCORP                     DE            X           03/28/03

PAREXEL INTERNATIONAL CORP              MA                X       03/31/03     AMEND

PCD INC                                 MA            X           03/31/03

PENNSYLVANIA REAL ESTATE INVESTMENT T   PA                X   X   03/31/03

PERSONNEL GROUP OF AMERICA INC          DE            X   X       12/31/03

PFIZER INC                              DE      X                 03/31/03

PHOENIX GOLD INTERNATIONAL INC          OR            X   X       03/27/03

PICO HOLDINGS INC /NEW                  CA                    X   03/31/03

PMI GROUP INC                           DE                    X   03/28/03

POWERWAVE TECHNOLOGIES INC              DE            X   X       03/31/03

PREFERREDPLUS TRUST SERIES BLC-2        DE            X   X       03/28/03     AMEND

PREFERREDPLUS TRUST SERIES MSD-1        DE            X   X       03/28/03     AMEND

PREMIER DEVELOPMENT & INVESTMENT INC    NV            X           03/31/03

PRIMEPLAYER INC                         NV            X   X       03/24/03

PRODUCTIVITY TECHNOLOGIES CORP /        DE          X     X       03/24/03

PUBLICARD INC                           PA            X   X   X   03/25/03

QLT INC/BC                              A1            X   X       03/28/03

QLT INC/BC                              A1            X   X       03/28/03

R&G FINANCIAL CORP                      PR                X   X   03/31/03

RENT WAY INC                            PA            X           02/08/03

RESTORAGEN INC                          DE        X       X       03/24/03

RUDOLPH TECHNOLOGIES INC                DE                    X   12/31/02

SALIX PHARMACEUTICALS LTD                             X   X       03/31/03

SCHERING PLOUGH CORP                    NJ                X   X   03/31/03

SCOTTS LIQUID GOLD INC                  CO            X           03/31/03

SCP POOL CORP                           DE                X   X   03/31/03

SI INTERNATIONAL INC                                      X   X   03/28/03

SILGAN HOLDINGS INC                     DE                    X   03/31/03

SILGAN HOLDINGS INC                     DE            X           03/28/03

SIMULA INC                              AZ                X   X   03/31/03

SINGLE SOURCE FINANCIAL SERVICES CORP                         X   10/31/02

SPEEDCOM WIRELESS CORP                  DE            X           03/26/03

SPIEGEL INC                             DE            X           03/31/03

ST JUDE MEDICAL INC                     MN                    X   03/27/03

ST MARY LAND & EXPLORATION CO           DE            X   X       03/31/03

STAAR SURGICAL COMPANY                  DE            X   X   X   03/26/03

STAR MULTI CARE SERVICES INC            NY    X                   01/25/03

STERLING BANCORP                        NY                    X   03/31/03

STOCKGROUP INFORMATION SYSTEMS INC      CO            X           12/31/02

STONERIDGE INC                          OH                    X   03/28/03

STRUCTURED ASSET MORT INV INC MORT PA   DE            X   X       03/19/03

STRUCTURED ASSET MORT INV INC MORT PS   DE            X           03/19/03

STRUCTURED ASSET MORTGAGE INVEST MORT                 X   X       03/19/03

STRUCTURED ASSET MORTGAGE INVESTMENTS   DE                X       01/25/02     AMEND

STRUCTURED ASSET MORTGAGE INVESTMENTS   DE                X       02/25/02     AMEND

STRUCTURED ASSET MORTGAGE INVESTMENTS   DE                X       03/25/02     AMEND

STRUCTURED ASSET MORTGAGE INVESTMENTS   DE                X       04/25/02     AMEND

STRUCTURED ASSET MORTGAGE INVESTMENTS   DE                X       05/28/02     AMEND

STRUCTURED ASSET MORTGAGE INVESTMENTS   DE                X       06/25/02     AMEND

STRUCTURED ASSET MORTGAGE INVESTMENTS   DE                X       07/25/02     AMEND

STRUCTURED ASSET MORTGAGE INVESTMENTS   DE                X       08/26/02     AMEND

STRUCTURED ASSET MORTGAGE INVESTMENTS   DE                X       09/25/02     AMEND

STRUCTURED ASSET MORTGAGE INVESTMENTS   DE                X       10/25/02     AMEND

STRUCTURED ASSET MORTGAGE INVESTMENTS   DE                X       11/25/02     AMEND

STRUCTURED ASSET MORTGAGE INVESTMENTS   DE                X       12/26/02     AMEND

STRUCTURED ASSET MORTGAGE INVESTMENTS   DE                X       01/27/03     AMEND

STRUCTURED ASSET SECURITIES CORP        DE            X           03/28/03

STRUCTURED ASSET SECURITIES CORP        DE            X           03/27/03

STRUCTURED ASSET SECURITIES CORP        DE            X   X       02/25/03

STRUCTURED PRODUCTS CORP                DE                X       03/15/03

STRUCTURED PRODUCTS CORP                DE            X   X       01/15/03     AMEND

SUPERIOR ENERGY SERVICES INC            DE            X   X       03/26/03

SUTTER HOLDING CO INC                   DE      X         X       01/14/03     AMEND

SYNAPTICS INC                           CA          X     X       03/25/03

TIDEWATER INC                           DE                    X   03/31/03

TOYOTA MOTOR CREDIT CORP                CA            X   X       03/17/03

TOYOTA MOTOR CREDIT CORP                CA            X   X       03/17/03

TRAMMELL CROW CO                        DE                    X   03/31/03

TRANSKARYOTIC THERAPIES INC             DE                X   X   03/31/03

UNITED AUTO GROUP INC                   DE                X   X   03/31/02

UNITED MOBILE HOMES INC                 NJ                    X   03/28/03

UNITED STATES STEEL CORP                DE            X   X       03/31/03

UNITED STATES STEEL CORP                DE            X   X       03/31/03

UNITEDGLOBALCOM INC                     DE                X   X   03/31/03

UNIVERSAL DISPLAY CORP \PA\             PA                X       03/31/03

UNUMPROVIDENT CORP                      DE                X   X   03/31/03

UWHARRIE CAPITAL CORP                   NC            X           04/07/03

VALLEY FINANCIAL CORP /VA/              VA                    X   03/31/03

VALLEY NATIONAL GASES INC               WV          X             03/28/03

VECTREN CORP                            IN            X           03/31/03

VERTEL CORP                             CA            X   X       03/26/03

VERTEX PHARMACEUTICALS INC / MA         MA            X           03/31/03

VERTICALNET INC                         PA                    X   03/04/03     AMEND

VIISAGE TECHNOLOGY INC                  DE            X   X       03/31/03

VION PHARMACEUTICALS INC                DE            X   X       03/31/03

WACHOVIA CORP NEW                       NC            X   X   X   03/31/03

WATERFORD GAMING FINANCE CORP           DE            X           03/31/03

WATERFORD GAMING LLC                    DE            X           03/31/03

WATERMARK INVESTORS REALTY TRUST        TX                X   X   03/30/03     AMEND

WEATHERFORD INTERNATIONAL LTD           D0                    X   03/31/03

WEST MARINE INC                         DE      X         X       01/14/03     AMEND

WESTAR ENERGY INC /KS                   KS            X   X       03/28/03

WPB FINANCIERS LTD                      DE    X           X       03/24/03     AMEND

WWBROADCAST NET INC                     WY      X         X       03/31/03

XTREME COMPANIES INC                    NV            X           03/28/03