Compliance June 14, 2007

Second PBHG Fair Fund Distribution Announced

Yesterday, the Securities and Exchange Commission (SEC) announced the distribution of $73 million to a second group of investors harmed by fraudulent market timing in the PBHG Funds between June 1998 and December 2001.
Reported by
This was the second in a series of three disbursements from a Fair Fund to those affected by the market timing in the affected PBHG funds, for which Pilgrim Baxter & Associates, Ltd. was the investment adviser. Ultimately, this group of more than 384,000 account holders will receive $267 million.
The first $125 million Fair Fund distribution to more than 254,000 investors who were harmed by fraudulent market timing in the PBHG Funds between June 1998 and December 2001 was announced in April (See SEC Announces PBHG Fund Market-Timing Distribution)
The third disbursement will be made to the remaining eligible account holders before Sept. 30, 2007, according to the SEC.
Investors can obtain additional information about the distribution process, including a copy of the Distribution Plan, by visiting http://www.pbafairfundsettlements.com or by calling the Administrator of the Distribution Plan at (800) 920-5408.
Data & Research June 13, 2007

Commuting Sentences

If you drive to work, you’re not alone.
Reported by
Actually, according to a new analysis by the U.S. Census Bureau, you probably are.
That’s right, despite rising fuel costs, commuters continued to drive their cars to work in 2005, according to the analysis of data from the American Community Survey. The survey, gathered over the course of the year, found that driving to work was the favored means of commuting of nearly nine out of 10 workers (87.7%). Most – 77% – drove to work alone.
Approximately one in 10 of us (10.7%) car pools to work, though about three-quarters of car poolers ride with just one other person.
Public Transportation
Not that public transportation didn’t enjoy a boost over 2000 levels – albeit an infinitesimally small 0.1% to just 4.7% of all commuters. And about half of those public transportation commuters can be found in 10 of the nation’s 50 cities (the ones with the most workers age 16 or over): Baltimore, Boston, Chicago, Houston, Los Angeles, New York, Philadelphia, San Francisco, Seattle, and Washington, D.C. These cities account for 2.9 million of the nation’s 6.2 million users of public transportation.
While those cities had relatively high rates of public transportation usage, Los Angeles and Houston, with rates of 10.3% and 5.1%, respectively, had lower rates than many other smaller cities, including Minneapolis (12.5%), Oakland, California (16.5%), Portland, Oregon (13.3%), and Seattle (a whopping 17%).
Pedal Mettle
By the way, Portland, Oregon, has the distinction among these large cities as having the highest percentage of bicycle commuters – approximately 3.5% of Portland’s workers pedal to work, about eight times the national average (0.4%).
Another popular option was no commute at all, since approximately 3.6% of us worked from home in 2005. Large cities with high rates of home-based workers included Austin, Texas (5%), Colorado Springs, Colorado (4.9%), Portland, Oregon (5.3%), San Francisco (6.3%), and Seattle (5.1%).
As for short commutes, Boston had the highest percentage among large cities of employees who walk to work (13%), but nationally, 2.5% of us walked to work.

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