The Federal Trade Commission and US Department of Justice Antitrust Division have released their Annual Report on the Hart-Scott-Rodino Act for Fiscal Year 2009, covering the period from October 1, 2008, through September 30, 2009. According to the Report, filings were down from the prior year both in number and in total value and, while fewer investigations were conducted, that number was proportionately higher due to the lower number of filings. Using revealing historical data, we explain the implications of the trends shown in the report.