SEC Announces Filing of Limit Up-Limit Down Proposal to Address Extraordinary Market Volatility
On April 5, 2011, the Securities and Exchange Commission announced that national securities exchanges and the Financial Industry Regulatory Authority (FINRA) today filed a proposal to establish a new “limit up-limit down” mechanism to address extraordinary market volatility in U.S. equity markets.
Under the proposal, trades in listed stocks would have to be executed within a range tied to recent prices for that security.
If approved by the Commission, the new limit up-limit down mechanism would replace the existing single stock circuit breakers, which were approved on a pilot basis shortly after the market events of May 6, 2010.
The SEC will seek comment on the proposed plan, which is subject to Commission approval following a 21-day public comment period.
Limit Up-Limit Down Requirements
The proposed “Limit Up-Limit Down” mechanism would prevent trades in listed equity securities from occurring outside of a specified price band, which would be set at a percentage level above and below the average price of the security over the immediately preceding five-minute period. For stocks currently subject to the circuit breaker pilot, the percentage would be 5 percent, and for those not subject to the pilot, the percentage would be 10 percent.
The percentage bands would be doubled during the opening and closing periods, and broader price bands would apply to stocks priced below $1.00. To accommodate more fundamental price moves, there would be a five-minute trading pause – similar to the pause triggered by the current circuit breakers – if trading is unable to occur within the price band for more than 15 seconds.
If approved, all trading centers, including exchanges, ATSs, and broker-dealers executing internally, would have to establish policies and procedures reasonably designed to prevent trades from occurring outside the applicable price bands, to honor any trading pause, and to otherwise comply with the procedures set forth in the plan. The exchanges and FINRA have requested that the SEC approve the plan as a one-year pilot program.
“Upgrading our trading parameters will help our markets retain the confidence of investors and companies,” said SEC Chairman Mary L. Schapiro. “We were focused on improving the structure of our markets before weaknesses were exposed on May 6, and we will continue to be focused on market structure going forward.”
Existing Circuit Breaker Approach
Under the existing circuit breaker pilot, trading in a stock pauses across the U.S. equity markets for a five-minute period if the stock experiences a 10 percent change in price over the preceding five minutes. The pause gives the markets the opportunity to attract new trading interest in an affected stock, establish a reasonable market price, and resume trading in a fair and orderly fashion.
The circuit breaker pilot was initially approved by the SEC on June 16, 2010, and is currently set to expire on Aug. 11, 2011 (or earlier if the limit up-limit down mechanism is implemented before then). The circuit breakers apply to securities in the S&P 500 Index and Russell 1000 Index as well as certain exchange-traded funds.
The circuit breakers reflect a consensus that was achieved after Chairman Schapiro convened a meeting of exchange leaders and FINRA at the SEC shortly following the events of May 6. The Commission, along with the exchanges and FINRA, has been monitoring the operation of the circuit breakers since their implementation.
While the circuit breakers have been effective in moderating potentially extraordinary volatility, they also have been triggered by erroneous trades. As a result, Chairman Schapiro has encouraged the exchanges and FINRA to develop a more sophisticated mechanism that not only would prevent an erroneous trade from triggering a trading pause, but keep the erroneous trade from occurring in the first place.
“The circuit breakers for individual securities across the exchanges helped to limit significant volatility and bring uniformity to decisions regarding trading halts in individual stocks,” added Chairman Schapiro. “But we felt that we could improve upon the system, and have been working with the exchanges and FINRA since the adoption of the single-stock circuit breaker pilot program to develop improved mechanisms, such as a limit up-limit down process, to limit extraordinary market volatility.”
Other Post-May 6 Actions
The SEC has undertaken other initiatives to respond to the events of May 6, 2010, including the approval of exchange rules that eliminate market maker stub quotes and the establishment of a pilot program by the exchanges and FINRA to establish clear and objective standards for breaking erroneous trades.
The SEC staff also is continuing to work with CFTC staff and the markets to consider recalibrating market-wide circuit breakers currently on the books – none of which were triggered on May 6. These circuit breakers apply across the securities and futures markets.
The SEC has adopted other market structure measures including a rule requiring broker-dealers to have risk controls in place before providing their customers with access to the market. And the agency has proposed a rule to establish a consolidated audit trail system to better track orders and trades in securities across the national market system.
The proposed plan will be available on the SEC’s website. The Commission intends to promptly publish the proposed plan in the Federal Register for a 21-day public comment period, and then determine whether to approve it shortly thereafter. (Press Rel. 2011-84)
Jason K. Fifield Enjoined in Connection with a $5.88 million Ponzi Scheme
On March 26, 2011, the United States District Court for the Central District of California enjoined Jason K. Fifield, a resident of Temecula, California, from violations of the antifraud provisions of the federal securities laws. The Final Judgment enjoined Fifield from future violations of Section 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 Securities and Exchange Commission’s Complaint, filed on October 14, 2010, alleged that Fifield, using JJF Management Company, Inc., raised approximately $5.88 million through the sale of unsecured promissory notes issued to more than 70 investors. The Complaint alleged Fifield promised to pay JJF Management’s investors interest at a rate of 7.5% per month, or 90% per year. The Complaint also alleged that Fifield, through offering memoranda, made misrepresentations to investors about how investor funds would be used, and that Fifield misused investor funds by recklessly placing investor funds in “investments” inconsistent with the representations in the offering documents, by making Ponzi-like payments, and by making unauthorized, and exorbitant, payments to himself and to benefit himself and his relatives.
Fifield consented to the entry of the Final Judgment against him without admitting or denying the allegations of the Commission’s Complaint. [SEC v. Jason K. Fifield, Civil Action No. CV10-7709 RGK (OPx) (C.D. Ca.)] (LR-21916)
SEC Charges Corporate Attorney and Wall Street Trader in $32 Million Insider Trading Ring
The Securities and Exchange Commission today charged a corporate attorney and a Wall Street trader with insider trading in advance of at least 11 merger and acquisition announcements involving clients of the law firm where the attorney worked.
The SEC alleges that Matthew H. Kluger, who formerly worked at Wilson Sonsini Goodrich & Rosati, and Garrett D. Bauer did not have a direct relationship with each other, but were linked only through a mutual friend who acted as a middleman to facilitate the illegal scheme. Kluger and Bauer communicated with the middleman using public telephones and prepaid disposable mobile phones in order to avoid detection. According to the SEC’s complaint, Kluger accessed information on 11 mergers and acquisitions involving the law firm’s clients and then tipped the middleman. In at least nine instances, the middleman passed the information on to Bauer, who illegally traded for illicit profits totaling nearly $32 million.
In a parallel criminal action, the U.S. Attorney’s Office for the District of New Jersey today announced the arrests of Kluger and Bauer.
According to the SEC’s complaint filed in federal court in Newark, N.J., Kluger, Bauer and the middleman deliberately structured their communications and trading so that Kluger and the middleman could share in the insider trading proceeds while Bauer could illegally trade and profit without being connected to Kluger as a possible source of information. Bauer withdrew cash from his bank accounts and kicked back hundreds of thousands of dollars to the middleman, who in turn delivered at least $500,000 to Kluger for his role in the scheme.
According to the SEC’s complaint, over the past five years Kluger accessed and then tipped confidential information in advance of the following 11 mergers and acquisitions between April 2006 and March 2011:
The middleman traded in two deals on the basis of information that he received from Kluger and profited at least $690,000.
The SEC alleges that Kluger and Bauer violated Sections 10(b) and 14(e) of the Securities Exchange Act of 1934 and Rules 10b-5 and 14e-3 thereunder. The SEC is seeking permanent injunctions, disgorgement of ill-gotten gains with prejudgment interest, and financial penalties.
The SEC brought this enforcement action in coordination with the U.S. Attorney’s Office for the District of New Jersey. The SEC also appreciates the assistance of the Federal Bureau of Investigation, the Financial Industry Regulatory Authority and the Options Regulatory Surveillance Authority.
The SEC’s investigation is continuing. [SEC v. Matthew H. Kluger and Garrett D. Bauer, Civil Action No. 11-cv-1936, D. N.J.] (LR-21917)
Approval of Proposed Rule Changes
The Commission approved a proposed rule change (SR-OCC-2010-19) under Section 19(b)(1) of the Exchange Act by The Options Clearing Corporation. The proposed rule change will provide OCC’s clearing members with clarification regarding the regulatory treatment under Exchange Act Rule 15c3-1 of collateral and margin posted by clearing members participating in stock loan transactions through OCC’s Stock Loan/Hedge Program or Market Loan Program. Publication is expected in the Federal Register during the week of April 4, 2011. (Rel. 34-64181)
The Commission approved a proposed rule change submitted by the Chicago Board Options Exchange (SR-CBOE-2011-008) pursuant to Rule 19b-4 under the Securities Exchange Act of 1934 to permit the listing of series with $0.50 and $1 strike price increments on certain options used to calculate volatility indexes. Publication is expected in the Federal Register during the week of April 4, 2011. (Rel. 34-64189)
Accelerated Approval of Proposed Rule Changes
The EDGX Exchange has filed, and the Commission has approved on an accelerated basis, a proposed rule change (SR-EDGX-2011-07) pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 to adopt rule 3.22 (Proxy Voting), in accordance with the provisions of Section 957 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. V. Publication is expected in the Federal Register during the week of April 4, 2011. (Rel. 34-64186)
The EDGA Exchange has filed, and the Commission has approved on an accelerated basis, a proposed rule change (SR-EDGA-2011-08) pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 to adopt rule 3.22 (Proxy Voting), in accordance with the provisions of Section 957 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Publication is expected in the Federal Register during the week of April 4, 2011. (Rel. 34-64187)
Immediate Effectiveness of Proposed Rule Changes
A proposed rule change filed by the NASDAQ Stock Market to extend the fee pilot program for NASDAQ Last Sale (SR-NASDAQ-2011-044) has become effective pursuant to Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of April 4, 2011. (Rel. 34-64188)
A Financial Industry Regulatory Authority proposed rule change to extend the effective date of the trading pause pilot (SR-FINRA-2011-015) has become effective. Publication is expected in the Federal Register during the week of April 4, 2011. (Rel. 34-64192)
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 viewed in person in the Commission's Public Reference Branch at 100 F Street, N.E., Washington, D.C. To obtain paper copies, please refer to information on the Commission's Web site at http://www.sec.gov/answers/publicdocs.htm. In most cases, you can view and download this information by using the search function located at http://www.sec.gov/edgar/searchedgar/companysearch.html.
S-1 BABY ALL CORP., 17 HARAV FRANK STREET, JERUSALEM, L3, 96387, 97225021322 - 2,500,000 ($75,000.00) Equity, (File 333-173302 - Apr. 5) (BR. ) S-4 WINDSTREAM CORP, 4001 RODNEY PARHAM RD., LITTLE ROCK, AR, 72212, 5017487000 - 0 ($200,000,000.00) Non-Convertible Debt, (File 333-173305 - Apr. 5) (BR. 11B) S-4 WINDSTREAM CORP, 4001 RODNEY PARHAM RD., LITTLE ROCK, AR, 72212, 5017487000 - 0 ($600,000,000.00) Non-Convertible Debt, (File 333-173307 - Apr. 5) (BR. 11B) S-4 WINDSTREAM CORP, 4001 RODNEY PARHAM RD., LITTLE ROCK, AR, 72212, 5017487000 - 0 ($450,000,000.00) Non-Convertible Debt, (File 333-173308 - Apr. 5) (BR. 11B) S-1 DREWRYS BREWING CO, 5402 BRITTANY DRIVE, MCHENRY, IL, 60050, 815-575-4815 - 3,000,000 ($300,000.00) Debt, (File 333-173309 - Apr. 5) (BR. 09) S-8 FSI INTERNATIONAL INC, 3455 LYMAN BLVD., CHASKA, MN, 55318, 9524485440 - 0 ($6,690,000.00) Equity, (File 333-173310 - Apr. 5) (BR. 10A) S-3 MAXWELL TECHNOLOGIES INC, 9244 BALBOA AVENUE, SAN DIEGO, CA, 92123, 858-503-3300 - 0 ($125,000,000.00) Unallocated (Universal) Shelf, (File 333-173311 - Apr. 5) (BR. 10B) S-1 ImmunoCellular Therapeutics, Ltd., 21900 BURBANK BLVD., 3RD FLOOR, WOODLAND HILLS, CA, 91367, 818-992-2907 - 0 ($18,086,528.00) Equity, (File 333-173312 - Apr. 5) (BR. 01C) S-4 Polypore International, Inc., (704) 588-5310 - 0 ($365,000,000.00) Debt, (File 333-173313 - Apr. 5) (BR. 06A) S-1 MVP Holdings Corp, 99 JOHN STREET, SUITE 223, NEW YORK, NY, 10038, (212) 962-2100 - 29,260,636 ($73,653,824.00) Equity, (File 333-173314 - Apr. 5) (BR. ) S-1 EDIETS COM INC, 1000 CORPORATE DRIVE, SUITE 600, FORT LAUDERDALE, FL, 33334, 954-360-9022 - 9,184,551 ($4,867,812.03) Equity, (File 333-173315 - Apr. 5) (BR. 11C) S-3 EDIETS COM INC, 1000 CORPORATE DRIVE, SUITE 600, FORT LAUDERDALE, FL, 33334, 954-360-9022 - 0 ($17,526,116.85) Equity, (File 333-173316 - Apr. 5) (BR. 11C) S-1 ZBB ENERGY CORP, N93 W14475 WHITTAKER WAY, MENOMONEE FALLS, X1, 53051, 262-253-9800 - 0 ($8,711,323.00) Equity, (File 333-173317 - Apr. 5) (BR. 02A) N-2 Churchill Financial BDC Inc., 400 PARK AVENUE, SUITE 1150, NEW YORK, NY, 10022, (212) 763-4600 - 0 ($150,000,000.00) Equity, (File 333-173318 - Apr. 5) (BR. ) S-8 TRAILER BRIDGE INC, 10405 NEW BERLIN ROAD, EAST, JACKSONVILLE, FL, 32226, 9047517100 - 0 ($3,792,000.00) Equity, (File 333-173319 - Apr. 5) (BR. 05C) S-8 NETLOGIC MICROSYSTEMS INC, 1875 CHARLESTON ROAD, MOUNTAIN VIEW, CA, 94043, 6509616676 - 548,174 ($22,941,081.90) Equity, (File 333-173320 - Apr. 5) (BR. 10B) S-11 PIMCO REIT, Inc., 840 NEWPORT CENTER DRIVE, SUITE 100, NEWPORT BEACH, CA, 92660, 949 720 6000 - 0 ($600,000,000.00) Equity, (File 333-173321 - Apr. 5) (BR. ) S-4 THERMADYNE HOLDINGS CORP /DE, 16052 SWINGLEY RIDGE RD., SUITE 300, CHESTERFIELD, MO, 63017, 636 728 3032 - 0 ($260,000,000.00) Debt, (File 333-173322 - Apr. 5) (BR. 10C)
Form 8-K is used by companies to file current reports on the following events:
8-K reports may be viewed in person in the Commission's Public Reference Branch at 100 F Street, N.E., Washington, D.C. To obtain paper copies, please refer to information on the Commission's Web site at http://www.sec.gov/answers/publicdocs.htm. In most cases, you can view and download this information by using the search function located at http://www.sec.gov/edgar/searchedgar/companysearch.html.
STATE NAME OF ISSUER CODE 8K ITEM NO. DATE COMMENT 'mktg, inc.' DE 5.02,9.01 04/01/11 ABIOMED INC DE 8.01,9.01 04/03/11 ABRAXAS PETROLEUM CORP NV 7.01,9.01 04/05/11 ACORN ENERGY, INC. DE 5.02 03/30/11 ACTIVANT SOLUTIONS INC /DE/ DE 1.01,8.01,9.01 04/04/11 AIRTRAN HOLDINGS INC NV 5.02 03/31/11 ALASKA AIR GROUP INC DE 7.01,8.01,9.01 04/04/11 ALASKA COMMUNICATIONS SYSTEMS GROUP I DE 5.02,8.01,9.01 03/31/11 AlphaMetrix Managed Futures III LLC ( DE 3.02 04/01/11 AlphaMetrix Managed Futures LLC (Aspe DE 3.02 04/01/11 ALSERES PHARMACEUTICALS INC /DE DE 1.01 04/01/11 AMERICA WEST RESOURCES, INC. NV 1.01,3.02,9.01 04/05/11 AMERICAN AIRLINES INC DE 8.01 04/05/11 AMERICAN APPAREL, INC DE 8.01 04/04/11 American Railcar Industries, Inc. ND 7.01,9.01 04/05/11 AMERICAN REALTY INVESTORS INC NV 2.02,9.01 04/01/11 AMERICAN SUPERCONDUCTOR CORP /DE/ DE 2.02,9.01 04/05/11 AMERISOURCEBERGEN CORP DE 8.01,9.01 04/04/11 AMERITRANS CAPITAL CORP DE 1.01,5.02,9.01 03/31/11 AMERON INTERNATIONAL CORP DE 5.02,5.07 03/30/11 AMP PRODUCTIONS LTD NV 1.01,2.01,2.03,3.02, 03/31/11 5.01,5.02,5.03,9.01 AMR CORP DE 8.01 04/05/11 Anacor Pharmaceuticals Inc DE 5.02 03/31/11 ANGIOTECH PHARMACEUTICALS INC 5.02,8.01,9.01 03/30/11 Aquilex Holdings LLC DE 2.02,9.01 03/31/11 ARBOR REALTY TRUST INC MD 5.02 03/30/11 ARCA biopharma, Inc. DE 1.01,9.01 03/30/11 ARCTIC CAT INC MN 5.02,9.01 04/01/11 ARROWHEAD RESEARCH CORP DE 1.01 03/30/11 Ascena Retail Group, Inc. DE 1.01,5.02,9.01 04/01/11 ASHLAND INC. KY 2.01,8.01,9.01 03/31/11 ATHENA SILVER CORP CA 7.01,9.01 04/04/11 Atlas Therapeutics Corp NV 4.01,9.01 04/05/11 Avantair, Inc DE 5.05,9.01 03/30/11 AVATAR HOLDINGS INC DE 8.01 04/01/11 Avatar Ventures Corp. NV 5.02 04/01/11 AVENTINE RENEWABLE ENERGY HOLDINGS IN DE 1.01 04/05/11 AXION INTERNATIONAL HOLDINGS, INC. CO 1.01,3.02 04/01/11 AMEND BCB BANCORP INC 1.01,8.01,9.01 04/04/11 BEACON ENTERPRISE SOLUTIONS GROUP INC NV 1.01,3.02,3.03,5.03 03/30/11 BEESTON ENTERPRISES LTD NV 1.02 03/17/11 BIMINI CAPITAL MANAGEMENT, INC. MD 2.02,9.01 04/05/11 BIODELIVERY SCIENCES INTERNATIONAL IN DE 8.01,9.01 04/05/11 BIOTIME INC CA 5.02,8.01 03/30/11 Black Tusk Minerals Inc. NV 1.01,5.02,7.01,9.01 03/30/11 Blueknight Energy Partners, L.P. DE 1.01,9.01 04/01/11 BOSTON PRIVATE FINANCIAL HOLDINGS INC MA 7.01 03/31/11 BRANDYWINE REALTY TRUST MD 1.01,2.03,8.01,9.01 03/30/11 Builders FirstSource, Inc. DE 8.01,9.01 04/04/11 Builders FirstSource, Inc. DE 7.01 04/04/11 BUTLER NATIONAL CORP DE 8.01,9.01 04/05/11 CALIFORNIA WATER SERVICE GROUP DE 8.01,9.01 04/05/11 CapLease, Inc. 1.01,9.01 03/30/11 CAPSTEAD MORTGAGE CORP MD 1.01,8.01,9.01 04/04/11 Cardiovascular Systems Inc DE 1.01,1.02 03/31/11 CareFusion Corp DE 5.02,9.01 04/05/11 CarePayment Technologies, Inc. OR 1.01,3.02,9.01 03/31/11 CASCADE BANCORP OR 5.02,5.03,9.01 04/05/11 CASCADE CORP OR 2.02,9.01 03/31/11 CASH AMERICA INTERNATIONAL INC TX 1.01,1.02,2.03,9.01 03/30/11 CAVIUM NETWORKS, INC. DE 5.02 04/04/11 CHAMPIONS ONCOLOGY, INC. DE 1.01,8.01,9.01 04/04/11 CHEMBIO DIAGNOSTICS, INC. NV 7.01,9.01 04/05/11 CHESAPEAKE ENERGY CORP OK 2.01,7.01,9.01 03/31/11 China Bio-Energy Corp. DE 4.02 03/31/11 China Golf Group, Inc. DE 1.01,9.01 03/31/11 CHINA MARINE FOOD GROUP LTD NV 5.02,9.01 04/01/11 China Marketing Media Holdings, Inc. TX 4.01,9.01 04/05/11 China SHESAYS Medical Cosmetology Inc NV 2.02,8.01,9.01 04/04/11 China Wind Systems, Inc DE 7.01,9.01 04/01/11 Clark Holdings Inc. DE 1.01,9.01 03/30/11 CNO Financial Group, Inc. DE 7.01,9.01 04/05/11 Cobalt International Energy, Inc. 8.01,9.01 04/05/11 COHERENT INC DE 5.02,5.07 03/31/11 COMMUNITY CAPITAL CORP /SC/ SC 1.01,9.01 03/30/11 COMPUTER SCIENCES CORP NV 1.01,9.01 04/01/11 COMPUTER TASK GROUP INC NY 7.01,9.01 04/05/11 Consumer Capital Group, Inc. 4.01,9.01 04/05/11 AMEND Copano Energy, L.L.C. 1.01,2.03,7.01,9.01 04/05/11 Core-Mark Holding Company, Inc. DE 8.01,9.01 04/05/11 Cornerworld Corp NV 1.01,2.03,9.01 03/30/11 CORPORATE OFFICE PROPERTIES TRUST MD 2.02,2.06,7.01 03/31/11 CORPORATE PROPERTY ASSOCIATES 14 INC MD 7.01,9.01 04/05/11 CORPORATE PROPERTY ASSOCIATES 15 INC MD 7.01,9.01 04/05/11 CORPORATE PROPERTY ASSOCIATES 16 GLOB MD 7.01,9.01 04/05/11 Corporate Property Associates 17 - Gl MD 8.01,9.01 04/05/11 CPEX Pharmaceuticals, Inc. DE 2.01,3.01,3.03,5.01, 04/05/11 5.02,5.03,8.01,9.01 Crestwood Midstream Partners LP DE 1.01,2.01,3.02,5.03, 04/01/11 9.01 CVB FINANCIAL CORP CA 2.02,9.01 04/04/11 CVR ENERGY INC DE 1.01,1.02 03/30/11 DELTA AIR LINES INC /DE/ DE 2.03,8.01,9.01 04/05/11 Diamond Foods Inc DE 1.01,3.03,7.01,8.01, 04/05/11 9.01 DineEquity, Inc DE 1.01,1.02,7.01,9.01 04/04/11 DOLLAR FINANCIAL CORP DE 2.01,9.01 04/01/11 DUCOMMUN INC /DE/ DE 1.01,7.01,9.01 04/03/11 Duke Energy CORP DE 7.01,9.01 04/05/11 ECOSYSTEM CORP 5.02 04/05/11 ELECTRO RENT CORP CA 2.02,9.01 04/04/11 Encore Energy Partners LP DE 4.01,9.01 04/05/11 ENERGY HOLDINGS INTERNATIONAL, INC. NV 8.01 04/05/11 ENTRX CORP DE 8.01 04/05/11 EPOCH HOLDING CORP DE 8.01,9.01 04/05/11 EQUITY LIFESTYLE PROPERTIES INC MD 8.01,9.01 03/31/11 EVERGREEN ENERGY INC DE 1.01 03/30/11 Eworld Interactive, Inc. FL 5.03 03/31/11 ExlService Holdings, Inc. DE 7.01,9.01 04/05/11 FAIRPOINT COMMUNICATIONS INC DE 2.02,9.01 03/31/11 Farm Lands of Guinea, Inc. NV 8.01,9.01 04/05/11 FASTENAL CO MN 7.01,9.01 04/05/11 Federal Home Loan Bank of Atlanta X1 2.03 04/05/11 Federal Home Loan Bank of Boston X1 2.03 04/01/11 Federal Home Loan Bank of Chicago X1 2.03 03/30/11 Federal Home Loan Bank of Cincinnati X1 2.03,9.01 04/01/11 Federal Home Loan Bank of Des Moines X1 2.03,9.01 04/01/11 Federal Home Loan Bank of Indianapoli X1 2.03,9.01 03/30/11 Federal Home Loan Bank of New York X1 2.03,9.01 03/31/11 Federal Home Loan Bank of Pittsburgh PA 2.03,9.01 03/30/11 Federal Home Loan Bank of San Francis X1 2.03 03/30/11 Federal Home Loan Bank of Seattle 2.03 03/30/11 Federal Home Loan Bank of Topeka 2.03,9.01 03/30/11 FERRELLGAS PARTNERS L P DE 8.01,9.01 03/31/11 FIRST POTOMAC REALTY TRUST MD 7.01 04/05/11 FITWAYVITAMINS, INC. NV 4.01,9.01 03/10/11 AMEND FLUSHING FINANCIAL CORP DE 7.01,9.01 04/05/11 FOREST CITY ENTERPRISES INC OH 1.01,2.03,9.01 03/30/11 FRISCHS RESTAURANTS INC OH 2.02,9.01 04/05/11 FRONTIER COMMUNICATIONS CORP DE 8.01,9.01 04/05/11 FUSION TELECOMMUNICATIONS INTERNATION DE 1.01,2.03 04/05/11 FX ENERGY INC NV 7.01,9.01 04/05/11 GENCORP INC OH 5.02,5.07,9.01 03/30/11 GEOKINETICS INC DE 1.01,2.02,7.01,9.01 04/01/11 GEORGIA GULF CORP /DE/ DE 5.02 03/30/11 GIBRALTAR INDUSTRIES, INC. DE 1.01,2.01,8.01,9.01 04/01/11 GLOBAL NUTECH, INC. 7.01,9.01 04/05/11 GLOBE SPECIALTY METALS INC 1.01,2.03,9.01 03/30/11 GRANT PARK FUTURES FUND LIMITED PARTN IL 7.01 04/05/11 Green Technology Solutions, Inc. DE 4.01,9.01 03/31/11 GREENBRIER COMPANIES INC DE 1.01,2.03,3.02,8.01, 03/30/11 9.01 GreenHaven Continuous Commodity Index DE 8.01,9.01 04/05/11 GREENMAN TECHNOLOGIES INC DE 7.01,8.01,9.01 04/05/11 GREENMAN TECHNOLOGIES INC DE 5.07 03/30/11 Grubb & Ellis Healthcare REIT II, Inc MD 7.01,9.01 04/04/11 AMEND GSI COMMERCE INC DE 3.01 03/30/11 GSI GROUP INC A3 5.02,9.01 03/31/11 GXS Worldwide, Inc. DE 2.02,8.01,9.01 04/01/11 HARRIS & HARRIS GROUP INC /NY/ NY 8.01,9.01 04/05/11 HCA Holdings, Inc. 5.02,9.01 03/30/11 HEALTH NET INC DE 8.01 04/01/11 HERCULES OFFSHORE, INC. DE 1.01 04/05/11 Hudson Pacific Properties, Inc. MD 1.01,8.01 04/04/11 IDT CORP DE 3.01,3.03,5.03,5.07, 04/04/11 8.01,9.01 INCOME OPPORTUNITY REALTY INVESTORS I NV 2.02,9.01 04/01/11 Independent Film Development CORP NV 1.01,9.01 03/31/11 Inland American Real Estate Trust, In MD 7.01,9.01 04/05/11 INSIGNIA SYSTEMS INC/MN MN 8.01 03/31/11 INTEGRAMED AMERICA INC DE 5.03,9.01 03/29/11 INTELSAT S.A. N4 1.01,3.03,8.01,9.01 04/01/11 Intermec, Inc. DE 8.01,9.01 04/04/11 AMEND INTERNATIONAL SPEEDWAY CORP FL 2.02,7.01,8.01,9.01 04/05/11 IPC The Hospitalist Company, Inc. DE 5.02,9.01 03/31/11 Iridium Communications Inc. DE 5.02,9.01 03/30/11 IRIS INTERNATIONAL INC DE 5.02,9.01 03/30/11 IVANHOE ENERGY INC 7.01,9.01 04/05/11 KB HOME DE 2.02,9.01 04/05/11 Kearny Financial Corp. X1 5.02,9.01 03/31/11 KEY ENERGY SERVICES INC MD 1.01,1.02,2.03,9.01 03/31/11 KILROY REALTY CORP MD 7.01,8.01,9.01 04/05/11 Kodiak Oil & Gas Corp B0 4.01,9.01 03/30/11 Kopr Resources Corp. DE 5.03,8.01,9.01 04/04/11 KRAFT FOODS INC VA 1.01,2.03 04/01/11 Kraton Performance Polymers, Inc. DE 1.01,9.01 03/31/11 KRATOS DEFENSE & SECURITY SOLUTIONS, DE 2.01,9.01 04/05/11 KV PHARMACEUTICAL CO /DE/ DE 7.01,9.01 03/30/11 LA JOLLA PHARMACEUTICAL CO DE 1.01,2.01,2.03,3.02, 03/30/11 3.03,5.02,5.03,8.01, 9.01 LANDMARK BANCORP INC DE 7.01,9.01 04/05/11 LAYNE CHRISTENSEN CO DE 2.02,9.01 04/05/11 LEHMAN ABS CORP MOTOROLA DEBENTURE BA DE 8.01,9.01 04/01/11 LIGHTING SCIENCE GROUP CORP DE 4.01,5.02,5.03,9.01 03/30/11 Lucky Boy Silver Corp. WY 5.03 03/22/11 MAN SHING AGRICULTURAL HOLDINGS, INC NV 1.01,9.01 03/31/11 MASS MEGAWATTS WIND POWER INC MA 7.01 04/05/11 MAXSYS HOLDINGS, INC. 5.02 04/02/11 MEDICIS PHARMACEUTICAL CORP DE 8.01 03/30/11 MERRILL LYNCH DEPOSITOR INC PREFERRED DE 8.01,9.01 04/01/11 MERRILL LYNCH DEPOSITOR INC PREFERRED DE 8.01,9.01 04/01/11 MGT CAPITAL INVESTMENTS INC DE 8.01,9.01 03/31/11 Midway Gold Corp A1 7.01,9.01 03/28/11 Millburn Multi-Markets Fund L.P. DE 3.02 04/01/11 Millstream Ventures, Inc. NV 3.02,4.01,5.02,9.01 04/04/11 MITCHAM INDUSTRIES INC TX 2.02,9.01 04/05/11 MULTIMEDIA GAMES HOLDING COMPANY, INC TX 3.03,5.03,9.01 04/01/11 NATIONAL PRESTO INDUSTRIES INC WI 8.01,9.01 03/30/11 NAVARRE CORP /MN/ MN 1.01,2.01,2.06,5.02, 03/31/11 7.01,9.01 Neenah Paper Inc DE 1.01 03/31/11 NeoStem, Inc. DE 2.02,7.01,9.01 04/01/11 New Concept Energy, Inc. NV 2.02,9.01 04/01/11 NEW FRONTIER MEDIA INC CO 5.02 03/31/11 NEWS CORP 8.01,9.01 04/05/11 NOBILITY HOMES INC FL 3.01,9.01 03/29/11 NorthStar Real Estate Income Trust, I MD 8.01 03/30/11 NORTHWEST BIOTHERAPEUTICS INC DE 1.01,2.03,3.02 01/06/11 NUMBEER, INC. NV 4.01 04/05/11 OCLARO, INC. DE 2.02,9.01 04/05/11 ON-AIR IMPACT, INC. NV 4.01 03/20/11 Orbitz Worldwide, Inc. DE 1.01 03/29/11 Orient Paper Inc. NV 8.01 04/01/11 Owens Corning DE 2.03,9.01 03/31/11 Pacific Ethanol, Inc. DE 5.02,9.01 04/04/11 PARK OHIO HOLDINGS CORP OH 8.01 03/31/11 Park Sterling Corp NC 1.01,9.01 03/30/11 PATRICK INDUSTRIES INC IN 1.01,2.03,3.02,3.03, 03/31/11 9.01 PEETS COFFEE & TEA INC WA 5.02 03/30/11 PENN VIRGINIA CORP VA 1.01,2.03,7.01,9.01 04/04/11 PENN VIRGINIA CORP VA 1.01,2.03,7.01,9.01 04/05/11 Pepper Rock Resources Corp. 1.01,1.02,9.01 04/04/11 PIONEER NATURAL RESOURCES CO DE 1.01,2.03,9.01 03/31/11 POWERDYNE INTERNATIONAL, INC. DE 2.01,5.01,5.06,9.01 02/07/11 AMEND PRE PAID LEGAL SERVICES INC OK 2.02,9.01 04/04/11 PROCTER & GAMBLE CO OH 7.01 04/05/11 Quanex Building Products CORP DE 2.01,8.01,9.01 03/31/11 QUANTUM CORP /DE/ DE 5.02,9.01 04/01/11 QUESTCOR PHARMACEUTICALS INC CA 2.02,7.01,9.01 04/04/11 QWEST COMMUNICATIONS INTERNATIONAL IN DE 2.01,3.01,3.03,5.01, 04/01/11 5.02,5.03,9.01 Radiation Therapy Services Holdings, DE 1.01,2.03,9.01 03/30/11 RAND WORLDWIDE INC DE 5.02,9.01 03/31/11 RDA Holding Co. 5.02 04/07/10 RED ROBIN GOURMET BURGERS INC DE 1.01,5.02,9.01 04/05/11 RED ROCK PICTURES HOLDINGS, INC 3.02,5.01,9.01 03/30/11 REGEN BIOLOGICS INC DE 8.01 03/30/11 ROBBINS & MYERS, INC. OH 1.01,2.03,9.01 03/31/11 RXI PHARMACEUTICALS CORP 1.01,2.05,3.02,5.02, 03/30/11 9.01 SATCON TECHNOLOGY CORP DE 1.01 03/31/11 SAVVY BUSINESS SUPPORT INC NV 4.01 03/20/11 Secure Luggage Solutions Inc. 5.03,9.01 04/05/11 SemiLEDs Corp 2.02,9.01 04/05/11 SemiLEDs Corp 5.02 04/05/11 SENETEK PLC /ENG/ X0 5.03,5.07,9.01 03/30/11 Silver Dragon Resources Inc. DE 7.01,9.01 04/05/11 SINOBIOMED INC DE 1.01,5.07,9.01 03/30/11 SINOCOKING COAL & COKE CHEMICAL INDUS FL 1.01,8.01,9.01 04/02/11 SMART BALANCE, INC. DE 1.01,2.03,8.01,9.01 03/31/11 Somaxon Pharmaceuticals, Inc. DE 8.01 03/30/11 SOMBRIO CAPITAL CORP NV 1.01,9.01 04/01/11 SOUTHWEST IOWA RENEWABLE ENERGY, LLC IA 1.01,9.01 03/31/11 SPIRE CORP MA 1.01 03/31/11 SRA INTERNATIONAL INC DE 1.01,9.01 03/31/11 STEREO VISION ENTERTAINMENT INC 5.02 04/04/11 STEWART ENTERPRISES INC LA 1.01,2.03,8.01,9.01 04/04/11 STRATEGIC AMERICAN OIL CORP NV 5.02 04/01/11 STRAYER EDUCATION INC MD 1.01,2.03,9.01 04/04/11 Structural Enhancement Technologies C X0 5.02,8.01,9.01 04/01/11 STRUCTURED PROD CORP TIERS CORP BND-B DE 8.01,9.01 04/01/11 STRUCTURED PRODUCTS CORP TIERS R INFL DE 8.01,9.01 04/01/11 SUREWEST COMMUNICATIONS CA 5.02,9.01 03/31/11 SWEET SPOT GAMES INC NV 5.01,5.02,5.03,9.01 03/02/11 Swisher Hygiene Inc. DE 1.01,1.02,2.03,9.01 03/30/11 TACTICAL AIR DEFENSE SERVICES, INC. 1.01,7.01,9.01 04/01/11 TD Auto Finance LLC 8.01,9.01 04/01/11 TEAMSTAFF INC NJ 1.01,3.02,8.01,9.01 03/31/11 TELETECH HOLDINGS INC DE 7.01,9.01 04/05/11 TERADATA CORP /DE/ 9.01 01/21/11 AMEND TEXAS INSTRUMENTS INC DE 8.01,9.01 04/05/11 Thermon Holding Corp. DE 2.04,9.01 03/30/11 THOMAS PROPERTIES GROUP INC DE 7.01,9.01 04/05/11 Thompson Creek Metals CO Inc. A6 1.01,2.03,8.01,9.01 03/30/11 TIFFANY & CO DE 1.01 03/31/11 TNP Strategic Retail Trust, Inc. MD 1.01,2.01,2.03,5.02, 03/30/11 7.01,9.01 TOYS R US INC DE 5.02 04/01/11 TPC Group Inc. DE 7.01,9.01 04/05/11 TRANSATLANTIC HOLDINGS INC DE 7.01,9.01 04/05/11 TRANSCONTINENTAL REALTY INVESTORS INC NV 2.02,9.01 04/01/11 Treaty Energy Corp NV 1.01,9.01 03/31/11 Treaty Energy Corp NV 4.02 03/30/11 AMEND Tupper, Inc. NV 5.02 04/05/11 TUTOR PERINI Corp MA 7.01,9.01 04/01/11 TWO RIVERS WATER Co CO 7.01 04/05/11 Uniontown Energy Inc. NV 2.01,3.02,5.06,9.01 04/05/11 UNITED COMMUNITY FINANCIAL CORP OH 3.01 03/30/11 UniTek Global Services, Inc. DE 1.01,3.02 03/30/11 URS CORP /NEW/ DE 5.02,9.01 03/30/11 AMEND US AIRWAYS GROUP INC DE 2.02,9.01 04/05/11 US AIRWAYS GROUP INC DE 2.02,9.01 04/05/11 USA REAL ESTATE INVESTMENT TRUST /CA CA 5.02 04/01/11 VALIDUS HOLDINGS LTD 2.02,9.01 04/05/11 VALUEVISION MEDIA INC MN 8.01 04/04/11 VERINT SYSTEMS INC DE 2.02,7.01,9.01 04/05/11 VGTel, Inc. 1.01,2.01,3.02,5.01, 03/30/11 5.02,5.03,5.06,8.01, 9.01 WARREN RESOURCES INC MD 5.02 04/05/11 WASTE CONNECTIONS, INC. DE 1.01,2.03,9.01 03/31/11 WELLS FARGO & CO/MN DE 9.01 04/05/11 WESTELL TECHNOLOGIES INC DE 1.01,9.01 03/31/11 Whitestone REIT TX 1.01,2.03,9.01 03/31/11 Whitestone REIT Operating Partnership DE 1.01,2.03,9.01 03/31/11 Winwheel Bullion Inc. DE 4.01,9.01 04/01/11 WIRELESS RONIN TECHNOLOGIES INC MN 5.02,8.01 03/30/11 WISCONSIN ENERGY CORP WI 7.01,9.01 04/05/11 WORTHINGTON INDUSTRIES INC OH 2.02,9.01 03/31/11 WRIGHT MEDICAL GROUP INC DE 2.02,5.02,9.01 04/04/11 XFormity Technologies, Inc. CO 3.02,9.01 02/11/11 XL GROUP PLC L2 8.01,9.01 04/04/11 ZBB ENERGY CORP WI 9.01 01/21/11 AMEND Zep Inc. DE 2.02,9.01 04/05/11