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U.S. Securities and Exchange Commission

SEC News Digest

Issue 2012-96
May 17, 2012

Commission Announcements

SEC Charges New Jersey Man in Real Estate Investment Scam

The Securities and Exchange Commission today charged a New Jersey man with operating a Ponzi-like scheme involving a series of investment vehicles formed for the purported purpose of purchasing and managing rental apartment buildings in New Jersey and Pennsylvania. 

The SEC alleges that David M. Connolly induced investors to buy shares in real estate investment vehicles he created through his firm Connolly Properties Inc.  He promised investors monthly dividends based on cash-flow profits from rental income at the apartment buildings as well as the growth of their principal from the appreciation of the property.  However, the real estate investments did not produce the projected dividends, and Connolly instead made Ponzi-like dividend payments to earlier investors using money from new investors.  Connolly, who lives in Watchung, N.J., also siphoned off at least $2 million in investor funds for his personal use.

“David Connolly presented himself to investors as a successful real estate investment manager with a track record of paying consistent, high returns,” said George S. Canellos, Director of the SEC’s New York Regional Office.  “In truth, Connolly’s operation was essentially a shell game intended to raise additional funds from new or existing investors in order to perpetuate his fraudulent scheme.”  

The U.S. Attorney’s Office for the District of New Jersey, which conducted a parallel investigation of the matter, today announced that Connolly was indicted on one count of securities fraud among other criminal charges. 

According to the SEC’s complaint filed in federal court in New Jersey, none of Connolly’s securities offerings in the investment vehicles were registered with the SEC as required under the federal securities laws.  Connolly began offering the investments in 1996 and ultimately raised in excess of $50 million from more than 200 investors in more than 25 investment vehicles.  However, beginning in at least 2006, Connolly misrepresented to investors that their funds would be used exclusively for the property related to the particular vehicle in which they invested.  Connolly instead commingled the funds in bank accounts that he alone controlled and used for a variety of purposes that weren’t disclosed to investors, including $2 million in payments he made to himself that vastly exceeded any dividends to which he would be entitled through his ownership stake.  Between 2007 and 2010, Connolly also wrote checks to “cash” in excess of $2.5 million.  Even after Connolly stopped making dividend payments to investors in April 2009, he still continued to pay himself dividends as well as a $250,000 “salary” out of investor funds.

The SEC alleges that Connolly lacked sufficient revenues from rental income at the apartment buildings, so he continued to raise millions of dollars for new investment vehicles.  He used the funds to pay purported monthly cash-flow dividends in excess of 10 percent to investors in older investment vehicles.  Connolly refinanced properties and improperly used the cash proceeds to continue the scheme, which ultimately collapsed in 2009 when new investor funds dried up and rental income was insufficient to support payments on the mortgages.  The properties owned by the investment vehicles were forced into foreclosure, wiping out the equity of the investors.

The SEC’s complaint charges Connolly with violating Sections 5(a), 5(c) and 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.  The SEC’s complaint seeks permanent injunctive relief, disgorgement of ill-gotten gains with prejudgment interest, and financial penalties.

The SEC’s investigation was conducted by Justin Smith and William Edwards in the New York Regional Office.  Jack Kaufman will lead the litigation.

The SEC thanks the U.S. Attorney’s Office for the District of New Jersey, the Federal Bureau of Investigation, and the Internal Revenue Service for their assistance in this matter.

(Press Rel. 2012-94)

SEC Charges Seattle-Based Fund Manager For Secretly Diverting Client Funds to His Own Start-Up Companies

Securities and Exchange Commission today charged a Seattle-based investment adviser and his firm with defrauding clients by secretly investing their money in two risky start-up companies he co-founded.  

The SEC alleges that Mark Spangler, a former chairman of the National Association of Personal Financial Advisors, funneled approximately $47.7 million of client money into these private ventures despite representing that he would invest primarily in publicly-traded securities.  Spangler served as chairman and CEO of one of the companies, which is now bankrupt.  Such risky investments were inconsistent with the investment strategies that Spangler promised his clients and contrary to their investment objectives.

The U.S. Attorney’s Office for the Western District of Washington today announced parallel criminal charges against Spangler.

“Spangler assured his clients he was investing them in publicly-traded equities and bonds, not risky start-ups in which he had a personal interest,” said Marc Fagel, Director of the SEC’s San Francisco Regional Office.  “For an investment adviser to put his self-interest above the best interests of his clients is a disturbing abuse of trust.”

According to the SEC’s complaint filed in federal court in Seattle, Spangler raised more than $56 million from his clients since 1998 for several private investment funds he managed.  Beginning around 2003, without notifying investors in the funds, Spangler and his advisory firm The Spangler Group (TSG) began diverting the majority of client money into two private technology companies he created.  One of the companies received nearly $42 million from the funds before shutting down operations.  It had long been a cash-poor company with a history of net losses, generating less than $100,000 in revenue during its 11-year history.  Yet Spangler continued to treat the funds as the company’s piggy bank.

The SEC alleges that Spangler also did not tell investors that TSG collected fees for “financial and operational support” from these companies, which were essentially paying these fees with the client money they had received from the funds.  Therefore, Spangler and his firm secretly reaped $830,000 from the companies in addition to any management fees that TSG received from clients.

According to the SEC’s complaint, Spangler concealed his diversion of client funds for years.  He disclosed it only after he placed TSG and the funds he managed into state court receivership in 2011.

The SEC’s complaint charges Spangler and TSG with violating, among other things, the antifraud provisions of the Securities Exchange Act of 1934 and the Investment Advisers Act of 1940.  The complaint seeks injunctive relief, disgorgement with prejudgment interest, and financial penalties.

The SEC’s investigation was conducted by Karen Kreuzkamp and Robert S. Leach of the San Francisco Regional Office with assistance from Michael Tomars, Peter Bloom, and Christine Pelham of the investment adviser/investment company examination program.  Robert L. Tashjian will lead the SEC’s litigation. 

The SEC thanks the U.S. Attorney’s Office for the Western District of Washington, Federal Bureau of Investigation, and Internal Revenue Service for their assistance in this matter.  (Press Rel. 2012-95)

James Burns Named Deputy Director in SEC's Division of Trading and Markets

The Securities and Exchange Commission today announced that James R. Burns will become a Deputy Director in the Division of Trading and Markets.

Mr. Burns will oversee several of the Division’s core regulatory functions, including market oversight and operations, derivatives policy and trading practices, and chief counsel and enforcement liaison functions. He also will contribute to the Division’s ongoing implementation of key provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act. In addition, Mr. Burns will assist with the overall management of the Division, working closely with the Division’s Director Robert Cook and other Deputy Director John Ramsay.

Mr. Burns has been a member of Chairman Mary Schapiro’s staff since March 2010, most recently serving as the agency’s Deputy Chief of Staff. Mr. Burns advised the Chairman on the development and execution of the agency’s rulemaking and policy agenda as well as other key agency initiatives. He also served as counsel to Chairman Schapiro on issues involving the Division of Trading and Markets, including the agency’s analysis and response to the Flash Crash on May 6, 2010, and numerous other market structure and Dodd-Frank related rulemakings, studies, and programs.

“Jim has played an instrumental role in the implementation of the financial reform legislation and navigating through complex market structure issues,” said Chairman Schapiro. “In his new position, he will continue to help put in place the new regulatory regime governing complex derivatives as well as critical market structure improvements.”

Mr. Cook said, “At a time when the Division is taking on unprecedented challenges and new responsibilities, I am delighted that we will have the benefit of Jim’s leadership, initiative, and experience. Investors will be well-served by Jim’s dedication to the Commission’s mission and his wide-ranging knowledge of the diverse markets and intermediaries we regulate.”

Mr. Burns said, “I am honored to take on this new role. I have deep respect for Robert and the Division’s staff, who are carrying out tremendous responsibilities on behalf of our markets and investors, and I look forward to working with them to help advance the agency’s mission.”

Mr. Burns is expected to begin his new role in the Division in late May. He fills the Deputy Director position that was vacated by James Brigagliano when he left the agency for the private sector.

Prior to joining the Chairman’s staff, Mr. Burns was a counsel to Commissioner Kathleen Casey, advising her chiefly on investment management and enforcement matters. Before joining the SEC in 2008, Mr. Burns was a securities lawyer in private practice who focused on investment management and broker-dealer regulatory and enforcement matters. He previously served as a law clerk to now-chief Judge William B. Traxler on the U.S. Court of Appeals for the Fourth Circuit. Mr. Burns also worked at the American Council on Education and at Oriel College, Oxford University.

Mr. Burns received his JD, cum laude, from Georgetown University Law Center. He holds masters and doctoral degrees from Oxford University, and graduated with an AB, magna cum laude, from Harvard College. (Press Rel. 2012-96)

Erica Williams Named SEC’s Deputy Chief of Staff

The Securities and Exchange Commission today announced that Erica Williams will become the agency’s Deputy Chief of Staff.

Ms. Williams has been a member of Chairman Schapiro’s staff since February 2011, primarily focusing on enforcement and regulatory issues.  Prior to that, Ms. Williams served as assistant chief litigation counsel in the Enforcement Division’s trial unit for seven years, leading trial teams in a host of successful prosecutions.  

“Erica is well-steeped in the securities laws and has a true grasp of the intricacies of the agency,” said Chairman Schapiro.  “She also fully embraces the agency’s mission and I am thrilled that she is willing to take on this new responsibility.”

 Ms. Williams said, “This is an incredible opportunity that allows me to continue protecting investors and ensuring our markets operate fairly and efficiently.”

Ms. Williams replaces James R. Burns, who will become the Deputy Director of the Division of Trading and Markets.

In 2009, Ms. Williams was selected by U.S. Senator Ted Kaufman as Federal Employee of the Week.  Before coming to the SEC, Ms. Williams was a commercial litigator in private practice.

Ms. Williams received her law degree from the University of Virginia School of Law.  She holds a bachelor’s degree from the University of Virginia. (Press Rel. 2012-97)

Commission Meetings

Closed Meetings on Wednesday, May 16, 2012 at 11:30 a.m., Thursday, May 17, 2012 at 10:00 a.m., and Friday, May 18, 2012 at 11:00 a.m.

The subject matter of the Closed Meetings on May 16 and 18 will be: an examination of a financial institution.

The subject matter of the Closed Meeting on May 17 will be: examination of financial institutions and a personnel matter.

At times, changes in Commission priorities require alterations in the scheduling of meeting items. For further information and to ascertain what, if any, matters have been added, deleted or postponed, please contact the Office of the Secretary at (202) 551-5400.

Enforcement Proceedings

In the Matter of Belal K. Faruki

On May 17, 2012, the Commission issued an Order Instituting Administrative Proceedings Pursuant to Section 203(f) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions (Order) against Belal K. Faruki (Faruki).

The Order finds that from at least January 2010 through August 2011, Faruki operated and was the majority owner of Neural Markets, LLC (Neural Markets), an investment adviser. Faruki and Neural Markets solicited prospective investors to purchase interests in the Evolution Quantitative 1X Fund (Fund), for which Neural Markets served as the manager. In or about September 2010, as a result of the misrepresentations and omissions of Faruki and Neural Markets, an individual wired $1 million into a bank account controlled by Neural Markets and Faruki to purchase interests in the Fund.

On April 11, 2012, a Judgment of Permanent Injunction and Other Relief, was entered against Faruki and Neural Markets, permanently enjoining them from future violations of Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Section 206(4) of the Advisers Act and Rule 206-4(8) thereunder in the civil action entitled Securities and Exchange Commission v. Faruki, et al., No. 11 C 5406, in the United States District Court for the Northern District of Illinois (District Court Litigation).

The Commission’s complaint in the District Court Litigation alleges that beginning as early as January 2010 and continuing through at least the initiation of the District Court Litigation, Faruki and Neural Markets presented themselves as managers of a start-up quantitative hedge fund that began trading in 2009, that was managing millions of dollars on behalf of wealthy investors, and had a track record of sustained success. The complaint further alleges that, through their scheme, Faruki and Neural Markets defrauded at least one investor (Investor) out of a $1 million and solicited other investors as well. The complaint alleges, among other things, that Faruki and Neural Markets made numerous material misrepresentations and omissions to the Investor, including (but not limited to) the following: (a) that Faruki, through Neural Markets, created a quantitative hedge fund that was actively trading and had a successful track record of positive performance since at least December 2009; (b) that Faruki and Neural Markets traded securities for the Fund through prime brokers J.P. Morgan Securities, Inc. and Tradestation Securities, Inc. prior to September 2010; (c) that other wealthy individuals had invested approximately $5 million with Faruki and Neural Markets and those funds were being traded by them, but that they could not reveal the investors’ identities because of confidentiality restrictions; (d) that Faruki had invested his own money in the fund and his interests were aligned with the interests of the other supposed investors; (e) that Neural Markets and Faruki engaged RSM McGladrey, Inc. (McGladrey), to perform audit services for the Fund and that McGladrey would provide quarterly and annual audited financial statements; and (f) that, as of September 2010, Faruki had only been involved in five court or regulatory proceedings when, in fact, Faruki was a party to numerous additional lawsuits. The complaint alleges that many of the misrepresentations and omissions described above were made to the Investor by Faruki and Neural Markets in August and September 2010.

Based on the above, the Order bars Faruki from being associated with an investment adviser, broker, dealer, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization. Faruki consented to the issuance of the Order without admitting or denying any of the findings in the Order. (Rel. IA-3405; File No. 3-14884)

In the Matter of Copeland Wealth Management

On May 17, 2012, the Commission issued an Order Instituting Administrative Proceedings, Pursuant to Section 203(e) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions against Copeland Wealth Management (CWM). The Order finds that on October 19, 2011, a final judgment was entered by consent against CWM permanently enjoining it from future violations of Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Sections 206(1) and 206(2) of the Advisers Act, in the civil action entitled Securities and Exchange Commission v. Charles P. Copeland, Copeland Wealth Management, A Financial Advisory Corporation, and Copeland Wealth Management, A Real Estate Corporation, Civil Action No. 11-08607, in the United States District Court for the Central District of California. The Commission alleged in its complaint that during 2008, in connection with the sale of limited partnership interests, CWM made material misrepresentations regarding the payment of guaranteed returns by the limited partnerships.

Based on the above, the Order revokes CWM’s registration with the Commission as an investment adviser. CWM consented to the issuance of the Order without admitting or denying the findings in the Order, except CWM admitted the entry of the injunction. (Rel. IA-3406; File No. 3-14885)

Investment company act releases

Beverly Hills Bancorp Inc.

An order has been issued on an application filed by Beverly Hills Bancorp Inc. (BHBC). The order under Sections 6(c) and 6(e) of the Investment Company Act of 1940 (Act) exempts BHBC from certain provisions of the Act and the rules thereunder until the earlier of one year from the date of the requested order or such time as BHBC would no longer be required to register as an investment company under the Act. (Rel. IC-30064 – May 15)

self-regulatory organizations

Immediate Effectiveness of Proposed Rule Change

A proposed rule change filed by Chicago Board Options Exchange, Incorporated to amend Rule 3.6A - Qualification and Registration of Trading Permit Holders and Associated Persons (SR-CBOE-2012-039) 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 May 14. (Rel. 34-67000)

Approval of Proposed Rule Change

The Commission granted approval of a proposed rule change (SR-NYSEArca-2012-21), as modified by Amendment No. 1 thereto, submitted by NYSE Arca, Inc. pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4 thereunder relating to the listing and trading of the First Trust North American Infrastructure Fund under NYSE Arca Equities Rule 8.600. Publication is expected in the Federal Register during the week of May 14. (Rel. 34-67001)

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 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.

        DALY CITY, CA, 94015, 650-530-0699 - 19,500,000 ($390,000.00) Equity, 
        (File 333-181449 - May. 16) (BR. 06)

        9252433522 - 0 ($5,519,899.00) Equity, (File 333-181450 - May. 16) 
        (BR. 10A)

        94088-3453, 4087322400 - 23,000,000 ($153,295,000.00) Equity, 
        (File 333-181451 - May. 16) (BR. 10A)

        EC1A 4DD, 7139607640 - 0 ($0.00) Unallocated (Universal) Shelf, 
        (File 333-181455 - May. 16) (BR. 04B)

        2198790211 - 779,073 ($18,834,801.00) Equity, (File 333-181457 - 
        May. 16) (BR. 07B)

        HAIDIAN DISTRICT, BEIJING, F4, 100044, (8610) 8857-5892 - 
        80,000,000 ($11,820,000.00) Equity, (File 333-181459 - May. 16) 
        (BR. 11A)

        GREENWOOD VILLAGE, CO, 80111, 3032200100 - 0 ($10,050,000.00) Equity, 
        (File 333-181460 - May. 16) (BR. 03A)

S-8     NISOURCE INC/DE, 801 EAST 86TH AVE, MERRILLVILLE, IN, 46410-6272, 
        2196475200 - 0 ($10,060,000.00) Equity, (File 333-181461 - May. 16) 
        (BR. 02A)

S-8     TELUS CORP, 3777 KINGSWAY, BURNABY, D1, 00000, 0 ($4,000,000.00) Other, 
        (File 333-181463 - May. 16) (BR. 11C)

S-3     GE Capital Credit Card Master Note Trust, 
        2035852351 - 1,000,000 ($1,000,000.00) Asset-Backed Securities, 
        (File 333-181466 - May. 16) (BR. OSF)

        ATHENS, J3, 10671, 011-30-210-452-8770 - 
        4,442,848 ($3,292,595.00) Equity, (File 333-181467 - May. 16) (BR. 05B)

S-8     DENNYS CORP, 203 E MAIN ST, SPARTANBURG, SC, 29319, 8645978000 - 
        4,500,000 ($17,775,000.00) Equity, (File 333-181468 - May. 16) (BR. 05B)

S-1     Omnitek Engineering Corp, 1945 S. Rancho Santa Fe Road, San Marcos, CA, 
        92078, (760-591-0888 - 5,282,559 ($2,116.27) Equity, (File 333-181469 - 
        May. 16) (BR. 05C)

        NY, 10036, 2129309494 - 0 ($3,500,000,000.00) Equity, 
        (File 333-181470 - May. 16) (BR. 08B)

        TX, 75201, 2149326600 - 
        0 ($250,000,000.00) Unallocated (Universal) Shelf, (File 333-181471 - 
        May. 16) (BR. 07C)

        1015 THIRD AVENUE 12TH FLOOR, SEATTLE, WA, 98104, 2066743400 - 
        3,000,000 ($115,500,000.00) Equity, (File 333-181472 - May. 16) 
        (BR. 05B)

Recent 8K Filings

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


Entry into a Material Definitive Agreement


Termination of a Material Definitive Agreement


Bankruptcy or Receivership


Completion of Acquisition or Disposition of Assets


Results of Operations and Financial Condition


Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant


Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement


Cost Associated with Exit or Disposal Activities


Material Impairments


Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing


Unregistered Sales of Equity Securities


Material Modifications to Rights of Security Holders


Changes in Registrant's Certifying Accountant


Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review


Changes in Control of Registrant


Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officer


Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year


Temporary Suspension of Trading Under Registrant's Employee Benefit Plans


Amendments to the Registrant's Code of Ethics, or Waiver of a Provision of the Code of Ethics


Change in Shell Company Status


ABS Informational and Computational Material.


Change of Servicer or Trustee.


Change in Credit Enhancement or Other External Support.


Failure to Make a Required Distribution.


Securities Act Updating Disclosure.


Regulation FD Disclosure


Other Events


Financial Statements and Exhibits

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.

NAME OF ISSUER                          CODE     8K ITEM NO.          DATE        COMMENT

3D SYSTEMS CORP                         DE       5.07                 05/15/12

8X8 INC /DE/                            DE       2.02,9.01            05/16/12

ABIOMED INC                             DE       2.02,9.01            05/16/12

ADAMS RESOURCES & ENERGY, INC.          DE       5.07                 05/16/12

AFC ENTERPRISES INC                     MN       5.07                 05/15/12

AIR LEASE CORP                          DE       5.07                 05/10/12

ALLBRITTON COMMUNICATIONS CO            DE       5.02                 05/11/12

ALLIANCE FINANCIAL CORP /NY/            NY       5.07,7.01,9.01       05/15/12

Allied Nevada Gold Corp.                DE       1.01,7.01,8.01,9.01  05/11/12

Allied World Assurance Co Holdings, A            7.01,9.01            05/16/12    AMEND

Ally Financial Inc.                     DE       2.01,9.01            05/14/12

ALMOST FAMILY INC                       DE       7.01,9.01            05/16/12

ALTRIA GROUP, INC.                      VA       7.01,8.01,9.01       05/16/12

AMERICAN INTERNATIONAL GROUP INC        DE       5.07                 05/16/12

AMERICAN NATIONAL BANKSHARES INC        VA       8.01,9.01            05/16/12

AMERICAN NATIONAL BANKSHARES INC        VA       5.07                 05/16/12

AMERICAN REALTY INVESTORS INC           NV       2.02,9.01            05/15/12

AMERISOURCEBERGEN CORP                  DE       5.02,8.01,9.01       05/10/12

AMPAL-AMERICAN ISRAEL CORP              NY       2.02,7.01,9.01       05/16/12

AMYLIN PHARMACEUTICALS INC              DE       5.02,5.07,9.01       05/15/12

ANGIODYNAMICS INC                       DE       5.07,8.01,9.01       05/15/12

ANNALY CAPITAL MANAGEMENT INC           MD       3.03,5.03,9.01       05/16/12

APARTMENT INVESTMENT & MANAGEMENT CO    MD       1.01,9.01            05/10/12

APARTMENT INVESTMENT & MANAGEMENT CO    MD       8.01,9.01            05/16/12

APPLETON PAPERS INC/WI                           7.01,8.01,9.01       05/16/12

Archipelago Learning, Inc.              DE       5.07,9.01            05/16/12

ARK RESTAURANTS CORP                    NY       5.07,9.01            05/14/12    AMEND

Ascend Acquisition Corp.                DE       4.01,9.01            05/14/12

AspenBio Pharma, Inc.                   CO       3.01,9.01            05/11/12

ASTORIA FINANCIAL CORP                  DE       8.01,9.01            05/16/12

ATHENA SILVER CORP                      DE       3.02,9.01            05/10/12

Athens Bancshares Corp                           5.07                 05/16/12

AVIV REIT, INC.                         MD       2.02,9.01            05/16/12

AXA EQUITABLE LIFE INSURANCE CO         NY       5.02                 05/15/12

B&G Foods, Inc.                         DE       5.02,5.07            05/15/12

Bancorp, Inc.                                    7.01,9.01            05/16/12

Bank of Commerce Holdings               CA       5.02,5.07,8.01       05/15/12

Bank of New York Mellon CORP            DE       8.01,9.01            05/10/12

BEAM INC                                DE       1.01,2.03,9.01       05/10/12

BERKSHIRE BANCORP INC /DE/              DE       5.07                 05/15/12

BERKSHIRE HATHAWAY INC                  DE       8.01,9.01            05/15/12

BERKSHIRE HILLS BANCORP INC                      5.02,5.03,9.01       05/10/12

BIOLASE TECHNOLOGY INC                  DE       5.03,5.07,7.01,9.01  05/10/12

BIOSHAFT WATER TECHNOLOGY, INC.         NV       4.02                 10/31/11

BLONDER TONGUE LABORATORIES INC         DE       2.02,9.01            05/16/12

BLUE NILE INC                           DE       5.02                 05/15/12

Bonds.com Group, Inc.                   DE       1.01,3.02,5.02,9.01  05/10/12

BOSTON PROPERTIES INC                   DE       5.02,5.07,9.01       05/15/12

BOSTON PROPERTIES LTD PARTNERSHIP       DE       5.02,5.07,9.01       05/15/12

BRADY CORP                              WI       2.02,7.01,9.01       05/16/12

BSD MEDICAL CORP                        DE       7.01,9.01            05/16/12

CAMAC Energy Inc.                       DE       1.01                 05/10/12

CAMCO FINANCIAL CORP                    DE       5.02,9.01            09/01/10

CATALYST PHARMACEUTICAL PARTNERS, INC   DE       8.01,9.01            05/16/12

CBIZ, Inc.                              DE       5.07                 05/10/12

CCFNB BANCORP INC                       PA       5.07                 05/15/12

CEDAR REALTY TRUST, INC.                MD       5.03,8.01,9.01       05/15/12

CERADYNE INC                            DE       7.01,9.01            05/15/12

CHASE BANK USA, NATIONAL ASSOCIATION    DE       8.01,9.01            05/15/12

CHASE CORP                              MA       5.07                 02/06/12    AMEND

CHICOS FAS INC                          FL       2.02,9.01            05/16/12

China Bull Management Inc               NV       8.01                 03/31/12

CHINA EDUCATION ALLIANCE INC.           NC       2.02,9.01            05/15/12

CHIQUITA BRANDS INTERNATIONAL INC       NJ       5.02                 05/14/12

CIRCLE STAR ENERGY CORP.                NV       3.02,7.01,9.01       05/15/12

Citi Trends Inc                                  2.02,9.01            05/16/12

CLAIRES STORES INC                      DE       2.02,9.01            05/16/12

CLOUD PEAK ENERGY INC.                  DE       7.01,9.01            05/15/12

CNL LIFESTYLE PROPERTIES INC            MD       2.02,9.01            05/16/12

COAST DISTRIBUTION SYSTEM INC           DE       2.02,9.01            05/15/12

CODORUS VALLEY BANCORP INC              PA       5.02                 05/16/12

COLGATE PALMOLIVE CO                    DE       5.07                 05/11/12

COLLECTIVE BRANDS, INC.                 DE       8.01                 05/16/12

Colonial Financial Services, Inc.       MD       8.01,9.01            05/15/12

COLONIAL PROPERTIES TRUST               AL       1.01,2.03,9.01       05/11/12

COLUMBIA BANKING SYSTEM INC             WA       5.02                 05/10/12

COMMERCIAL NATIONAL FINANCIAL CORP /P   PA       5.02                 05/15/12

COMMUNITY BANCORP /VT                   VT       5.07                 05/15/12

COMSTOCK RESOURCES INC                  NV       9.01                 05/16/12    AMEND

Conquest Petroleum Inc                  TX       8.01,9.01            05/16/12

CONTINENTAL MATERIALS CORP              DE       2.02,9.01            05/15/12

Corporate Resource Services, Inc.       DE       2.02,9.01            05/16/12

Corridor Ventures I Acquisition Corp.   NV       1.01,3.02,5.01,5.02, 05/02/12
COST PLUS INC/CA/                       CA       2.02,9.01            05/16/12

COSTCO WHOLESALE CORP /NEW              WA       8.01,9.01            05/09/12    AMEND

COVENANT TRANSPORTATION GROUP INC       NV       5.07                 05/15/12

CPS TECHNOLOGIES CORP/DE/               DE       2.02,9.01            03/31/12

CRC Health CORP                         DE       2.02,9.01            05/16/12

Crexendo, Inc.                          DE       5.02,9.01            05/16/12

CROSS BORDER RESOURCES, INC.            NV       1.01                 05/14/12

CRYOLIFE INC                            FL       8.01                 05/16/12

CTD HOLDINGS INC                        FL       2.02,9.01            05/11/12

Cullman Bancorp, Inc.                   X1       5.07,8.01            05/15/12

CVR PARTNERS, LP                        DE       5.02                 05/10/12

DARLING INTERNATIONAL INC               DE       7.01,9.01            05/15/12

DDI CORP                                CA       8.01                 05/15/12

DecisionPoint Systems, Inc.                      2.02,9.01            05/15/12

Deep Down, Inc.                         NV       2.02,9.01            05/15/12

DEERE & CO                              DE       2.02,7.01,8.01,9.01  05/16/12

DEERE JOHN CAPITAL CORP                 DE       2.02,7.01,8.01,9.01  05/16/12

Delek US Holdings, Inc.                          7.01,8.01,9.01       05/15/12

dELiAs, Inc.                            DE       5.02                 05/10/12

DELPHI FINANCIAL GROUP INC/DE           DE       2.01,3.01,3.03,5.01, 05/16/12
Digital Domain Media Group, Inc.        FL       2.02,9.01            05/16/12

DISH Network CORP                       NV       1.01,2.03,9.01       05/16/12

DORAL FINANCIAL CORP                    PR       2.02,7.01,9.01       05/15/12

DORCHESTER MINERALS, L.P.               DE       5.07                 05/16/12

Dorman Products, Inc.                   PA       5.07,7.01,9.01       05/15/12

Dr Pepper Snapple Group, Inc.           DE       7.01,9.01            05/16/12

Dr Pepper Snapple Group, Inc.           DE       8.01,9.01            05/16/12

DRIL-QUIP INC                           DE       5.02,5.07            05/10/12

DUKE REALTY CORP                        IN       7.01,9.01            05/16/12

DUKE REALTY LIMITED PARTNERSHIP/        IN       7.01,9.01            05/16/12

DUNKIN' BRANDS GROUP, INC.              DE       5.02,5.07,9.01       05/15/12

DYNATRONICS CORP                        UT       2.02,9.01            05/15/12

DynaVox Inc.                                     2.02,9.01            05/14/12

EAGLE MATERIALS INC                     DE       2.02,9.01            05/16/12

Eastern Resources, Inc.                 DE       9.01                 04/06/12    AMEND

EASTGROUP PROPERTIES INC                MD       1.01,9.01            05/11/12

EASTMAN CHEMICAL CO                     DE       8.01,9.01            05/16/12

Education Realty Trust, Inc.            MD       5.07                 05/16/12

ELECTRONICS FOR IMAGING INC             DE       5.02,5.07            05/11/12

Ellington Financial LLC                 DE       5.07                 05/15/12

EMMIS COMMUNICATIONS CORP               IN       7.01                 05/15/12

ENCISION INC                            CO       2.02,9.01            05/14/12

ENDO PHARMACEUTICALS HOLDINGS INC       DE       7.01,9.01            05/16/12

ENERGY FOCUS, INC/DE                    DE       2.02,9.01            05/15/12

ENTERPRISE FINANCIAL SERVICES CORP      DE       7.01,9.01            05/16/12

EPOCRATES INC                           DE       5.02                 05/14/12

ESP Resources, Inc.                     NV       1.01,8.01,9.01       05/11/12

FBL FINANCIAL GROUP INC                 IA       5.07                 05/16/12

Federal Home Loan Bank of Seattle                7.01                 05/15/12

FEI CO                                  OR       5.02                 05/14/12

FIFTH THIRD BANCORP                     OH       5.02                 05/10/12

First American Financial Corp           DE       5.07                 05/15/12

FIRST CAPITAL BANCORP, INC.             VA       8.01,9.01            05/14/12

FIRST CAPITAL BANCORP, INC.             VA       1.01,9.01            05/11/12

First Federal of Northern Michigan Ba            5.07,9.01            05/16/12

FIRST FINANCIAL CORP /IN/               IN       8.01,9.01            05/16/12

FIRST FINANCIAL SERVICE CORP            KY       5.02,9.01            05/16/12

FIRST FINANCIAL SERVICE CORP            KY       7.01,9.01            05/16/12

FIRST FINANCIAL SERVICE CORP            KY       7.01,9.01            05/16/12

FIRST MIDWEST BANCORP INC               DE       7.01,9.01            05/16/12

FIRST POTOMAC REALTY TRUST              MD       2.02,7.01,9.01       05/15/12

FIRST POTOMAC REALTY TRUST              MD       1.01,8.01,9.01       05/10/12

FIRSTENERGY CORP                        OH       5.07                 05/15/12

Firsthand Technology Value Fund, Inc.            8.01,9.01            05/15/12

FLUSHING FINANCIAL CORP                 DE       8.01,9.01            05/15/12

FLUSHING FINANCIAL CORP                 DE       5.07                 05/15/12

Fortune Brands Home & Security, Inc.    DE       7.01,9.01            05/16/12

FRONTIER COMMUNICATIONS CORP            DE       7.01                 05/16/12

FS Investment CORP                      MD       2.02,8.01,9.01       05/15/12

FSP 303 East Wacker Drive Corp.                  7.01,9.01            05/16/12

FSP 50 South Tenth Street Corp                   7.01,9.01            05/16/12

FSP GALLERIA NORTH CORP                          7.01,9.01            05/16/12

FSP PHOENIX TOWER CORP                           7.01,9.01            05/16/12

FURMANITE CORP                          DE       5.07                 05/15/12

FUSION TELECOMMUNICATIONS INTERNATION   DE       2.02,7.01,9.01       05/16/12

GAP INC                                 DE       5.07                 05/15/12

Geeknet, Inc                            DE       5.02,5.07,9.01       05/10/12

GENERAL ELECTRIC CAPITAL CORP           CT       8.01                 05/16/12

GENERAL ELECTRIC CO                     NY       8.01                 05/16/12

GENERAL EMPLOYMENT ENTERPRISES INC      IL       2.02,9.01            05/15/12

GEOGLOBAL RESOURCES INC.                DE       2.02                 05/16/12

GeoMet, Inc.                            DE       2.02,9.01            05/16/12

GeoVax Labs, Inc.                       DE       2.02,9.01            05/15/12

GLIMCHER REALTY TRUST                   MD       5.02,5.07,9.01       05/16/12

GLOBAL MOBILETECH, INC.                 NV       2.02,9.01            05/16/12

Globalstar, Inc.                        DE       1.01,8.01,9.01       05/10/12

GLOBALWISE INVESTMENTS INC              NV       2.02,9.01            05/16/12

GOLD HORSE INTERNATIONAL, INC.          FL       2.02,7.01,9.01       05/15/12

GOLDEN STAR RESOURCES LTD                        5.07                 05/10/12

GRANITE CITY FOOD & BREWERY LTD.        MN       8.01,9.01            05/16/12

GREAT WALL BUILDERS LTD.                TX       8.01                 05/14/12

GREENMAN TECHNOLOGIES INC               DE       2.02,9.01            05/15/12

Griffin-American Healthcare REIT II,    MD       1.01,9.01            05/14/12

GSV Capital Corp.                       MD       8.01,9.01            05/16/12

GT Advanced Technologies Inc.           DE       2.02,7.01,9.01       05/16/12

Hallwood Group Inc                      DE       2.02,9.01            05/15/12

HAMPSHIRE GROUP LTD                     DE       2.02,9.01            05/15/12

HANDENI GOLD INC.                       NV       5.02,8.01,9.01       05/15/12

HAWTHORN BANCSHARES, INC.               MO       2.02,9.01            05/15/12

HEALTHCARE TRUST OF AMERICA, INC.       MD       2.02,9.01            05/15/12

Heartland Bridge Capital, Inc.          DE       5.03,9.01            05/16/12

HENRY SCHEIN INC                        DE       5.03,5.07,9.01       05/15/12

Hicks Acquisition CO II, Inc.                    7.01,8.01,9.01       05/16/12

HollyFrontier Corp                      DE       7.01,9.01            05/16/12

HollyFrontier Corp                      DE       5.07                 05/16/12

HOST HOTELS & RESORTS, INC.             MD       5.07                 05/10/12

HOT TOPIC INC /CA/                      CA       2.02,9.01            05/16/12

HUMAN GENOME SCIENCES INC               DE       5.07                 05/16/12

IBERIABANK CORP                         LA       7.01,9.01            05/16/12

INCOME OPPORTUNITY REALTY INVESTORS I   NV       9.01                 05/15/12

INDEPENDENT BANK CORP                   MA       1.01                 05/11/12

Industrial Income Trust Inc.            MD       2.01,9.01            05/10/12

InfuSystem Holdings, Inc                DE       2.02,9.01            05/15/12

INTEGRYS ENERGY GROUP, INC.             WI       5.02,5.03,5.07,9.01  05/10/12

Intermec, Inc.                          DE       2.02,2.06,7.01,9.01  05/16/12

IXIA                                    CA       5.02,5.07,9.01       05/10/12

JACK IN THE BOX INC /NEW/               DE       7.01,9.01            05/16/12

JACK IN THE BOX INC /NEW/               DE       7.01,9.01            05/16/12

KAPSTONE PAPER & PACKAGING CORP         DE       1.01,9.01            05/10/12

KILLBUCK BANCSHARES INC                 OH       5.07                 05/14/12

KIT digital, Inc.                       DE       1.01,2.02,3.02,9.01  05/15/12

Kraton Performance Polymers, Inc.       DE       7.01,9.01            05/16/12

LAKES ENTERTAINMENT INC                 MN       1.01,9.01            05/10/12

LANDSTAR SYSTEM INC                     DE       5.02                 05/16/12

Lantheus Medical Imaging, Inc.          DE       2.02                 05/15/12

LCA VISION INC                          DE       5.07,7.01,9.01       05/15/12

Leaplab Corp                                     5.02                 05/11/12

LEAR CORP                               DE       5.07,8.01,9.01       05/16/12

LEUCADIA NATIONAL CORP                  NY       5.02,5.07            05/15/12

LIBERATOR MEDICAL HOLDINGS, INC.        NV       2.02,9.01            05/16/12

LIONS GATE ENTERTAINMENT CORP /CN/      A1       1.01                 05/11/12

LOCAL.COM                               DE       1.01,9.01            05/14/12

LSB INDUSTRIES INC                      DE       7.01,8.01,9.01       05/15/12

LUFKIN INDUSTRIES INC                   TX       8.01,9.01            05/14/12

MAGELLAN HEALTH SERVICES INC            DE       8.01                 05/14/12

MAGELLAN HEALTH SERVICES INC            DE       5.07                 05/16/12

MAGNUM HUNTER RESOURCES CORP            DE       1.01,2.03,7.01,9.01  05/16/12

MANTECH INTERNATIONAL CORP              DE       5.07                 05/10/12

MARCHEX INC                             DE       7.01                 03/16/12

Marlborough Software Development Hold   DE       2.02,9.01            05/15/12

MCG CAPITAL CORP                        DE       1.02                 05/15/12

Medefile International, Inc.            NV       1.01,3.02,9.01       04/27/12

MEDICIS PHARMACEUTICAL CORP             DE       1.01,2.03,3.02,5.07, 05/10/12
MEDL Mobile Holdings, Inc.              NV       2.02,9.01            05/15/12

MEDTRONIC INC                           MN       8.01,9.01            05/16/12

METLIFE INC                             DE       5.02,9.01            05/11/12

MGT CAPITAL INVESTMENTS INC             DE       1.01,9.01            05/11/12

MIDDLEBY CORP                           DE       4.01,9.01            05/10/12

MILAGRO OIL & GAS, INC.                 DE       2.02,9.01            05/15/12

Momentive Performance Materials Inc.    DE       7.01,9.01            05/16/12

MOMENTUM BIOFUELS, INC.                 CO       1.02,3.02,4.01,5.01, 05/01/12
MORGAN STANLEY                          DE       5.02,5.07,9.01       05/15/12

Morningstar, Inc.                       IL       5.07,8.01,9.01       05/15/12

Motors Liquidation Co                   DE       8.01,9.01            05/15/12

MusclePharm Corp                        NV       4.02                 05/14/12

MVB FINANCIAL CORP                      WV       5.07                 05/15/12

Narnia Corp.                            NV       1.01,5.03,7.01,9.01  05/07/12

NATIONAL OILWELL VARCO INC              DE       5.07                 05/16/12

NATIONAL RESEARCH CORP                  WI       5.07                 05/11/12

Nationstar Mortgage Holdings Inc.       DE       1.01,8.01,9.01       05/13/12

Naugatuck Valley Financial Corp                  2.02,9.01            05/15/12

NB&T FINANCIAL GROUP INC                OH       8.01                 05/16/12

NCR CORP                                MD       7.01,9.01            05/16/12

NDB Energy, Inc.                        NV       5.02,7.01,9.01       05/10/12

New Concept Energy, Inc.                NV       2.02,9.01            05/15/12

NEWS CORP                                        8.01,9.01            05/16/12

NISOURCE INC/DE                         DE       5.02,5.07            05/15/12

NORFOLK SOUTHERN CORP                   VA       8.01,9.01            05/16/12

NORTHEAST BANCORP /ME/                  ME       1.01,8.01,9.01       05/15/12

NORTHEAST COMMUNITY BANCORP INC         X1       5.02                 05/14/12

OHIO LEGACY CORP                        OH       5.07                 05/15/12

OIL STATES INTERNATIONAL, INC           DE       5.07                 05/15/12

OLD SECOND BANCORP INC                  DE       5.07                 05/15/12

OMNICARE INC                            DE       7.01,9.01            05/16/12

OphthaliX, Inc.                         NV       2.02,9.01            05/15/12

OptimumBank Holdings, Inc.              FL       5.07                 04/24/12

ORASURE TECHNOLOGIES INC                DE       5.07,7.01,9.01       05/15/12

ORIENT EXPRESS HOTELS LTD               D0       5.02,9.01            05/15/12

PARAMOUNT GOLD & SILVER CORP.           DE       5.07                 12/02/11    AMEND

PEETS COFFEE & TEA INC                  WA       5.03,5.07,9.01       05/11/12

PENN VIRGINIA RESOURCE PARTNERS L P     DE       1.01,9.01            05/11/12

PENSON WORLDWIDE INC                    DE       2.02,9.01            05/15/12

PETROLEUM DEVELOPMENT CORP              NV       1.01,9.01            05/15/12

PINNACLE WEST CAPITAL CORP              AZ       8.01                 05/15/12

PIXELWORKS, INC                         OR       5.07                 05/15/12

PLEXUS CORP                             WI       1.01,1.02,2.03,9.01  05/15/12

POLYMER GROUP INC                       DE       2.02,9.01            05/15/12

Power REIT                              MD       9.01                 05/15/12

PRAXAIR INC                             DE       8.01,9.01            05/16/12

PREMIER FINANCIAL BANCORP INC           KY       7.01,9.01            05/15/12

PROGRESS ENERGY INC                     NC       7.01,9.01            03/31/12

PROGRESSIVE CORP/OH/                    OH       7.01,9.01            05/16/12

PURADYN FILTER TECHNOLOGIES INC         DE       2.02,7.01,9.01       05/16/12

PYRAMID OIL CO                          CA       2.02,9.01            05/15/12

QEP RESOURCES, INC.                     DE       5.02,5.03,5.07,7.01, 05/14/12
QUANTUM FUEL SYSTEMS TECHNOLOGIES WOR   DE       5.02,7.01,8.01,9.01  05/10/12

QUEST DIAGNOSTICS INC                   DE       5.07                 05/11/12

QUEST DIAGNOSTICS INC                   DE       5.02,9.01            05/10/12

QUESTCOR PHARMACEUTICALS INC            CA       7.01,9.01            05/16/12

QUESTCOR PHARMACEUTICALS INC            CA       5.07                 05/10/12

RADIANT LOGISTICS, INC                  DE       2.02,9.01            05/15/12

RALCORP HOLDINGS INC /MO                MO       2.02,9.01            05/15/12

RARE ELEMENT RESOURCES LTD              A1       2.02,7.01,9.01       05/10/12

RED ROBIN GOURMET BURGERS INC           DE       2.02,9.01            05/16/12

REPROS THERAPEUTICS INC.                DE       8.01,9.01            05/16/12

REPUBLIC BANCORP INC /KY/               KY       7.01,9.01            05/16/12

RETRACTABLE TECHNOLOGIES INC            TX       8.01,9.01            05/16/12

Rock Energy Resources, Inc.             DE       7.01,9.01            05/16/12

ROCKWELL MEDICAL TECHNOLOGIES INC       MI       5.02,9.01            05/14/12

Rouse Properties, Inc.                  DE       2.02,7.01,9.01       05/15/12

ROWAN COMPANIES PLC                     X0       8.01,9.01            05/16/12

ROWAN COMPANIES PLC                     X0       8.01,9.01            05/16/12

RUSH ENTERPRISES INC \TX\               TX       5.07                 05/15/12

RYLAND GROUP INC                        MD       1.01,2.03,9.01       05/10/12

SALISBURY BANCORP INC                   CT       7.01                 05/16/12

SALIX PHARMACEUTICALS LTD                        5.02,9.01            05/14/12

SANUWAVE Health, Inc.                   NV       2.02,9.01            05/14/12

SARATOGA RESOURCES INC /TX              TX       1.01,7.01,9.01       05/14/12

SERVICEMASTER CO                        DE       1.01,9.01            05/11/12

SIGMA ALDRICH CORP                      DE       1.01,1.02,2.03       05/10/12

Silver Dragon Resources Inc.            DE       7.01,9.01            05/16/12

SINCLAIR BROADCAST GROUP INC            MD       1.01,7.01,8.01,9.01  05/14/12

SKY PETROLEUM, INC.                     NV       1.01,3.02,7.01,9.01  05/14/12

SKYWORKS SOLUTIONS, INC.                DE       5.07                 05/10/12

SMARTPAY EXPRESS, INC.                  NV       1.01,5.01,9.01       05/10/12

SMITH MIDLAND CORP                      DE       1.01,2.03,9.01       05/10/12

SMITHFIELD FOODS INC                    VA       2.02,9.01            05/16/12

Snap Interactive, Inc                   DE       7.01                 05/16/12

SOUTHERN FIRST BANCSHARES INC           SC       5.07,7.01,9.01       05/15/12

SPANISH BROADCASTING SYSTEM INC         DE       5.02,9.01            05/10/12

SPARTAN STORES INC                      MI       2.02,8.01,9.01       05/16/12

SPOT MOBILE INTERNATIONAL LTD.          DE       2.01,5.02            05/10/12

STAAR SURGICAL CO                       DE       5.07,8.01            05/14/12

STANDARD PARKING CORP                   DE       8.01,9.01            05/16/12

STAPLES INC                             DE       2.02,9.01            05/16/12

STATE BANK FINANCIAL CORP               GA       7.01,9.01            05/16/12

STATE BANK FINANCIAL CORP               GA       7.01,9.01            05/16/12    AMEND

STATE STREET CORP                       MA       7.01,9.01            05/16/12

STEEL PARTNERS HOLDINGS L.P.            DE       2.02,9.01            05/15/12

StellarOne CORP                         VA       5.02,5.07,9.01       05/16/11

Summit Hotel Properties, Inc.           MD       2.02,9.01            05/15/12

SUNPEAKS VENTURES, INC.                          1.01,3.02,9.01       05/10/12

SUPERTEL HOSPITALITY INC                VA       2.02,9.01            05/15/12

TARGET CORP                             MN       2.02,9.01            05/16/12

TC PIPELINES LP                         DE       7.01,9.01            05/16/12

TEAMSTAFF INC                           NJ       2.02,9.01            05/16/12

TELETECH HOLDINGS INC                   DE       8.01                 05/10/12

TEXAS CAPITAL BANCSHARES INC/TX                  5.07                 05/16/12

THERAVANCE INC                          DE       8.01                 05/15/12

THOMAS & BETTS CORP                     TN       1.02,2.01,3.01,3.03, 05/16/12
Tianli Agritech, Inc.                   D8       7.01,9.01            05/14/12

TIDEWATER INC                           DE       8.01,9.01            05/14/12

Timberline Resources Corp               DE       7.01,8.01,9.01       05/16/12

TOR MINERALS INTERNATIONAL INC          DE       8.01,9.01            05/16/12

TRANSCONTINENTAL REALTY INVESTORS INC   NV       2.02,9.01            05/15/12

TRIMAS CORP                             DE       8.01,9.01            05/11/12

TRIMAS CORP                             DE       7.01,9.01            05/16/12

TRIO TECH INTERNATIONAL                 CA       2.02,9.01            05/14/12

Tropicana Las Vegas Hotel & Casino, I   DE       5.07                 05/15/12

Twin Cities Power Holdings, LLC         MN       2.02,9.01            05/15/12

U.S. Auto Parts Network, Inc.           DE       5.07                 05/15/12

U.S. SILICA HOLDINGS, INC.              DE       7.01,9.01            05/16/12

UDR, Inc.                               MD       5.07                 05/16/12

UIL HOLDINGS CORP                       CT       5.07,8.01,9.01       05/15/12

ULURU INC.                              NV       2.02,9.01            05/16/12

UNITED COMMUNITY BANKS INC              GA       8.01                 05/14/12

UNITED STATES ANTIMONY CORP             MT       5.02                 05/15/12

US AIRWAYS GROUP INC                    DE       1.01,2.03,9.01       05/14/12

USA Mobility, Inc                       DE       5.07,7.01,9.01       05/16/12

VALUEVISION MEDIA INC                   MN       2.02,9.01            05/16/12

Vanguard Energy Corp                    CO       8.01,9.01            05/14/12

Vantiv, Inc.                                     5.02                 05/10/12

VENTRUS BIOSCIENCES INC                 DE       8.01,9.01            05/16/12

Verisk Analytics, Inc.                  DE       5.07                 05/16/12

VERMILLION, INC.                        DE       2.02,7.01,9.01       05/15/12

VERMILLION, INC.                        DE       5.02,9.01            05/15/12

VERMILLION, INC.                        DE       5.03,9.01            05/15/12

VISTA GOLD CORP                         B0       7.01,9.01            05/16/12

VistaGen Therapeutics, Inc.             NV       7.01,8.01,9.01       05/14/12

VOLT INFORMATION SCIENCES, INC.         NY       5.02,9.01            05/09/12

VOXX International Corp                 DE       2.02,8.01,9.01       05/14/12

WebMD Health Corp.                      DE       5.02                 05/16/12

WebXU, Inc.                             DE       1.01,7.01,9.01       05/16/12

WELLPOINT, INC                          IN       5.07                 05/16/12

WESTAR ENERGY INC /KS                   KS       8.01,9.01            05/14/12

WESTELL TECHNOLOGIES INC                DE       2.02,8.01,9.01       05/16/12

Western Refining, Inc.                  DE       7.01,9.01            05/15/12

WEYERHAEUSER CO                         WA       7.01,9.01            05/10/12

Zevotek, Inc                            DE       5.02                 05/07/12

Ziyang Ceramics Corp                    FL       2.02,7.01,9.01       05/16/12



Modified: 05/17/2012