The distribution of ctenophora in the Patuxent estuary during the summer of 1958

Investigation of Ctenophores in the Chesapeake Bay area, includes some aspects of their life history, growth, reproduction, feeding and food habits, abundance and distribution. the purpose of the entire project is to supplement and add to the biological knowledge and understanding of ctenophores as a group and of the several individual species found int he area to be studied. Includes possible factors involved and implications also being looked at. (PDF contains 33 pages

The SEC's "Fair Value" Standard for Mutual Fund Investment in Restricted Shares and Other Illiquid Securities

Mutual funds generally do not invest in venture capital, private equity, or restricted shares of public companies. Consequently, individuals who desire to invest in such securities are unable to do so through diversified mutual funds. In this paper, we identify public policies and regulations that discourage mutual fund involvement in the markets for illiquid equity. We also present evidence that changes in SEC policy caused mutual funds to retreat from investing in illiquid equity. Under the Investment Company Act of l940, the SEC requires mutual fund boards to determine and report the “fair value” of their investments in restricted shares and other illiquid equity claims. The SEC interprets fair value to mean value in current sale. Under the Investment Company Act, fair value reporting is a “certification” standard that presumes investors rely on the value representations of the fund board and its auditors. We consider whether alternatives to certification and current sale valuation could reduce barriers to mutual fund investment, without exposing individuals who invest in mutual funds to excessive risk or potential manipulation. To assess the effects of public policies, we analyze recent efforts of the SEC to apply the fair-value standard and examine court decisions arising from subsequent litigation. We also analyze the financial economics literature concerning discounts for illiquidity and the implications for valuing restricted shares. The paper concludes with a discussion of policy alternatives, including allowing funds to rely more on “transparency” in lieu of certification and allowing funds more latitude in determining and reporting the values of their illiquid securities.

Observations on North Dakota Sponges (Haplosclerina: Spongillidae) and Sisyrids (Neuroptera: Sisyridae)

Factors influencing occurrence, distribution, and ecology of sponges and sisyrids are discussed, with emphasis on northeastern North Dakota. New state records for North Dakota sponges, Eunapius Jraguis Leidy and Ephydatia fluviatilis L. and the sisyrids, Sisyra vicaria (Hagen) and Climacia areolaris (Hagen), and new county records for C. areolaris in northwestern Minnesota and Eunapius fragilis in northeastern North Dakota are reported. A rare association of the parasite, S. vicaria with the host, Ephydatia fluviatilis is also reported. Some physicochcmical relations of Eunapius fragilis found in the Forest River, North Dakota, are discussed

Toxic Phenolic Glycosides From \u3ci\u3ePopulus:\u3c/i\u3e Physiological Adaptations of the Western North American Tiger Swallowtail Butterfly, \u3ci\u3ePapilio Rutulus\u3c/i\u3e (Lepidoptera: Papilionidae)

The phenolic glycosides tremulacin and salicortin found in quaking aspen, Populus tremuloides, and other members of the Salicaceae, are known to be toxic to larvae of the Eastern tiger swallowtail butterfly, Papilio glaucus, but not to the Canadian tiger swallowtail, P. canadensis. Larvae of the western tiger swallowtail, P. rutulus, were not killed nor were their growth rates suppressed when fed a mixture of tremulacin and salicortin on black cherry leaves. When the Salicaceae adapted P. rutulus penultimate instar larvae were fed a combination of the two phenolic glycosides and the esterase inhibitor (DEF S,S,S-tributylphosphorotrithioate), growth was reduced more than 50OJo compared to controls, and half of the larvae died before completing the instaL Our results indicate that esterase detoxification mechanisms are involved in the western tiger swallowtail, P. rutulus, as is also known to be the case for the northern tiger swallowtail, P. canadensis. It is not known whether the same esterase isozyme is involved in both species. From an evolutionary perspective such information could help resolve whether the Salicaceae-adapted swallowtails species are a monophyletic group (perhaps due to isolation in the Beringial Pleistocene glacial refuge of Alaska)